# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001410368-26-015722
**Filing Date:** 2026-2
**Character Count:** 92921
**Document Hash:** 4e27d16b4192193855828ac364b79d5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-015722.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001410368-26-015722

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 26659396

**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 Short Duration Municipal Fund (Series ID: S000043669)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000135383 | Thornburg Short Duration Municipal Fund Class A | TLMAX           |
| C000135384 | Thornburg Short Duration Municipal Fund Class I | TLMIX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Short Duration Municipal Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | **Long-Term Municipal Bonds — 93.8%** |  |  |
|  | &nbsp;&nbsp;**Alabama — 5.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), Series B, 5.25% due 12/1/2053 (put 12/1/2030) | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;$268650 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Chatom (PowerSouth Energy Cooperative; SPA National Rural Utilities Cooperative Finance) IDB, Series A, 3.375% due 8/1/2037 (put 2/2/2026) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999944 |
|  | &nbsp;&nbsp;&nbsp;City of Mobile Alabama (Alabama Power Co.) IDB, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series A, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30% due 7/15/2034 (put 3/12/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000598 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% due 6/1/2034 (put 6/26/2029) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010002 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 3.78% due 6/1/2034 (put 6/16/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1118150 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series A-1, 5.50% due 1/1/2053 (put 12/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 255749 |
|  | &nbsp;&nbsp;**Arizona — 2.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Arizona (Gunsmoke Ranch Apartments LP) IDA, 5.00% due 3/1/2058 (put 11/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1526141 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Arizona HFA, Series B, 3.57% (MUNIPSA + 0.25%) due 1/1/2046 (put 11/4/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp; 802635 |
|  | &nbsp;&nbsp;**California — 8.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;California (PIH Health, Inc. Obligated Group) HFFA, Series A, 5.00% due 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 374708 |
|  | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: American General Life) (Green Bond), Series C, 5.00% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1881715 |
|  | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00% due 5/1/2053 (put 8/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015386 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 5.00% due 7/1/2053 (put 8/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050473 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, Series A, 3.45% due 12/1/2044 (put 12/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001063 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 3.80% due 7/1/2043 (put 2/17/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 996053 |
|  | &nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports (Green Bond) AMT, Series A, 5.00% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2197008 |
|  | &nbsp;&nbsp;&nbsp;Tulare Public Financing Authority (BAM), 5.00% due 4/1/2027 - 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1055000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060939 |
|  | &nbsp;&nbsp;**Colorado — 1.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Adams County Housing Authority (647 Oat LLLP), 4.50% due 5/1/2042 (put 5/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001383 |
|  | &nbsp;&nbsp;&nbsp;Denver Convention Center Hotel Authority, 5.00% due 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 354692 |
|  | &nbsp;&nbsp;**Florida — 4.7%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Charlotte County (Town & Country Utilities Projects) IDA AMT, 5.00% due 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 278895 |
|  | &nbsp;&nbsp;&nbsp;City of Tampa (State of Florida Cigarette Tax Revenue), Series A, 5.00% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 304045 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;City of Venice (Southwest Florida Retirement Center, Inc. Obligated Group), Series B-2, 4.50% due 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 575285 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. (GNMA), Series B, 3.35% due 10/1/2027 (put 10/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003185 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. (Southward Village Phase 2 LP), Series T, 3.20% due 12/1/2044 (put 12/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008499 |
|  | &nbsp;&nbsp;&nbsp;Lee County (Shell Point Obligated Group) IDA, Series B-2, 4.375% due 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006157 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Miami-Dade County Housing Finance Authority (St. Mary Towers Apartments LLLP) (HUD), 3.40% due 4/1/2041 (put 10/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000249 |
|  | &nbsp;&nbsp;**Georgia — 7.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Atlanta Urban Residential Finance Authority (Trinity Flats Redevelopment LP) (FHA, GNMA), 3.20% due 2/1/2030 (put 2/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000414 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Bartow County Development Authority (Georgia Power Co.), 3.95% due 12/1/2032 (put 3/8/2028) | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1320927 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Development Authority of Burke County (Georgia Power Co.), Series 1994, 3.80% due 10/1/2032 (put 5/21/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001544 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Development Authority of Burke County (Oglethorpe Power Corp.), Series A, 3.60% due 1/1/2040 (put 2/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 629193 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00% due 6/1/2053 (put 6/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 843169 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00% due 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp; 859024 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), Series C, 5.00% due 9/1/2053 (put 9/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1590332 |
|  | &nbsp;&nbsp;&nbsp;Private Colleges & Universities Authority (Corp. of Mercer University), 5.00% due 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 502098 |
|  | &nbsp;&nbsp;**Illinois — 6.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport AMT, Series E, 5.00% due 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1404121 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Chicago (New City Redevelopment LP), 3.50% due 8/1/2027 (put 8/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1269567 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago (Water System), 5.00% due 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 568537 |
|  | &nbsp;&nbsp;&nbsp;City of Chicago Waterworks Revenue, 5.00% due 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 390979 |
|  | &nbsp;&nbsp;&nbsp;Greene Jersey & Macoupin Counties Community Unit School District No. 9 Southwest (BAM) GO, 5.00% due 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 377164 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority (Ascension Health Credit Group), Series C, 5.00% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 280883 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Knox Warren Etc Counties Community College District No. 518 Carl Sandburg GO, 3.375% due 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000569 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, Series A, 5.00% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 455675 |
|  | &nbsp;&nbsp;&nbsp;State of Illinois GO, Series B, 5.00% due 3/1/2027 - 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 1537829 |
|  | &nbsp;&nbsp;**Indiana — 2.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Rockport (Indiana Michigan Power Co.), Series A, 3.70% due 6/1/2047 (put 6/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1223189 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Republic Services, Inc.) AMT, Series A, 3.45% due 5/1/2028 (put 3/2/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000124 |
|  | &nbsp;&nbsp;&nbsp;Westfield-Washington Schools (State Intercept) GO, Series C, 6.00% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 340348 |
|  | &nbsp;&nbsp;**Iowa — 2.7%** |  |  |
| **<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;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3027192 |
|  | &nbsp;&nbsp;**Kentucky — 3.1%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Short Duration Municipal Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;County of Boone (Duke Energy Kentucky, Inc.), Series A, 3.70% due 8/1/2027 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1004711 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), Series A, 5.25% due 6/1/2055 (put 12/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2432800 |
|  | &nbsp;&nbsp;**Louisiana — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Shreveport (AG) GO, Series A, 5.00% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501337 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Louisiana Housing Corp. (NSAEB 603 LLC) (FHA), 3.15% due 4/1/2030 (put 4/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 900215 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Louisiana Offshore Terminal Authority (Loop LLC), Series A-R, 4.20% due 9/1/2033 (put 9/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014042 |
|  | &nbsp;&nbsp;**Massachusetts — 2.3%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Massachusetts (Mass General Brigham, Inc.) DFA, Series T-1, 3.92% (MUNIPSA + 0.60%) due 7/1/2049 (put 1/29/2026) | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2494535 |
|  | &nbsp;&nbsp;**Michigan — 0.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Michigan Strategic Fund (Consumers Energy Co.) AMT, 3.35% due 10/1/2049 (put 10/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 109560 |
|  | &nbsp;&nbsp;**Montana — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Forsyth (NorthWestern Corp.), 3.875% due 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016996 |
|  | &nbsp;&nbsp;**Nebraska — 2.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series 1, 5.00% due 5/1/2053 (put 10/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1043681 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Central Plains Energy Project (Guaranty: Royal Bank of Canada), Series A-1, 5.00% due 8/1/2055 (put 8/1/2031) | &nbsp;&nbsp;&nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 980429 |
|  | &nbsp;&nbsp;&nbsp;Gretna Public Schools GO, Series B, 5.00% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501038 |
|  | &nbsp;&nbsp;**Nevada — 1.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;County of Clark (Nevada Power Co.), 3.75% due 1/1/2036 (put 3/31/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000566 |
|  | &nbsp;&nbsp;&nbsp;Reno-Tahoe Airport Authority AMT, Series A, 5.00% due 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 529530 |
|  | &nbsp;&nbsp;**New Jersey — 0.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency (Rowan Preservation LLC) (HUD), 3.10% due 7/1/2029 (put 7/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999861 |
|  | &nbsp;&nbsp;**New Mexico — 1.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Farmington (Public Service Co. of New Mexico), Series B, 3.875% due 6/1/2040 (put 6/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015300 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (San Juan Regional Medical Center, Inc.), 5.00% due 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 566295 |
|  | &nbsp;&nbsp;**New York — 3.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (FHA) (Green Bond), Series F-2A, 3.40% due 11/1/2062 (put 12/22/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098758 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (Green Bond), Series A, 3.25% due 11/1/2065 (put 2/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1195980 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency (HUD, SONYMA) (Green Bond), Series A-2, 3.65% due 11/1/2062 (put 11/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400066 |
|  | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue), |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B2, 5.00% due 5/15/2050 (put 5/15/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 503976 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series C1B, 5.00% due 5/15/2051 (put 5/15/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 700026 |
|  | &nbsp;&nbsp;&nbsp;Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 274110 |
|  | &nbsp;&nbsp;**North Carolina — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Maryfield, Inc. Obligated Group), 5.00% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 533825 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (United Methodist Retirement Homes Inc Obligated Group), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024B-1, 4.25% due 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150094 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024B-2, 3.75% due 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500158 |
|  | &nbsp;&nbsp;**Ohio — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Akron, Bath & Copley Joint Township Hospital District (Summa Health System Obligated Group) ETM, 5.00% due 11/15/2027 - 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 535982 |
|  | &nbsp;&nbsp;&nbsp;Northeast Ohio Medical University (BAM), 5.00% due 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 281729 |
|  | &nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority (American Electric Power Co., Inc.) AMT, Series A, 3.75% due 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002629 |
|  | &nbsp;&nbsp;**Oklahoma — 2.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, 5.00% due 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012102 |
|  | &nbsp;&nbsp;&nbsp;Cushing Educational Facilities Authority (Payne County No. 67 Cushing) ISD, 5.00% due 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 523005 |
|  | &nbsp;&nbsp;&nbsp;Muskogee Industrial Trust (Muskogee County No. 20) ISD, 5.00% due 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 485530 |
|  | &nbsp;&nbsp;&nbsp;Oklahoma County Finance Authority (Oklahoma County ISD No. 41 Western Heights), 5.00% due 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049852 |
|  | &nbsp;&nbsp;**Pennsylvania — 4.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Chester County Health & Education Facilities Authority (Tel Hai Retirement Community Obligated Group), 5.00% due 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 474961 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Montgomery County (Constellation Energy Generation LLC) IDA, Series A, 4.10% due 4/1/2053 (put 4/3/2028) | &nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1251586 |
|  | &nbsp;&nbsp;&nbsp;Northeastern Pennsylvania Hospital & Education Authority (King's College), 5.00% due 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 486776 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania (UPMC Obligated Group) EDFA, 5.00% due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 220838 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pennsylvania (Waste Management Obligated Group; Guaranty: Waste Management, Inc.) EDFA AMT, 4.25% due 7/1/2041 (put 7/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 773226 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pennsylvania (Waste Management, Inc.; Guaranty: Waste Management Holdings) EDFA AMT, Series A, 3.875% due 8/1/2037 (put 8/3/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502663 |
|  | &nbsp;&nbsp;**South Carolina — 0.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;South Carolina Jobs-EDA (Guaranty: International Paper Co.) AMT, Series A, 4.00% due 4/1/2033 (put 4/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001416 |
|  | &nbsp;&nbsp;**Tennessee — 4.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Artist Lofts LP), 3.20% due 12/1/2059 (put 12/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1505876 |
|  | &nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facility Board (Methodist Le Bonheur Healthcare) (AG), Series A, 5.00% due 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086691 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Tennergy Corp. (Guaranty: Royal Bank of Canada), Series A, 5.00% due 10/1/2054 (put 12/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;2040000 | &nbsp;&nbsp;&nbsp;&nbsp; 2146188 |
|  | &nbsp;&nbsp;**Texas — 14.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Boerne School District (PSF-GTD) ISD GO, 3.125% due 2/1/2053 (put 2/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp;&nbsp; 983608 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Short Duration Municipal Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Central Texas Turnpike System, Series B, 5.00% due 8/15/2042 (put 8/15/2030) | &nbsp;&nbsp;$105000 | &nbsp;&nbsp;$113354 |
|  | &nbsp;&nbsp;&nbsp;City of Austin Airport System Revenue AMT, 5.00% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096808 |
|  | &nbsp;&nbsp;&nbsp;City of Georgetown Utility System Revenue (BAM), 5.00% due 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 405804 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Dickinson (PSF-GTD) ISD GO, 3.10% due 8/1/2037 (put 8/2/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 825258 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Fort Bend (PSF-GTD) ISD GO, Series B, 3.80% due 8/1/2055 (put 8/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 769224 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center Central Heating & Cooling Services Corp.), 5.00% due 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 337445 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center), Series A, 5.00% due 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2054248 |
|  | &nbsp;&nbsp;&nbsp;Hays Consolidated (PSF-GTD) ISD GO, 5.00% due 8/15/2027 (pre-refunded 8/15/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 390823 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Houston Housing Finance Corp. (Cordova Apartments), 3.65% due 2/1/2048 (put 2/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009840 |
|  | &nbsp;&nbsp;&nbsp;Main Street Market Square Redevelopment Authority (Houston Reinvestment Zone No. 3) (BAM), 5.00% due 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001426 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;North East (PSF-GTD) ISD GO, 3.75% due 8/1/2049 (put 8/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp; 972975 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Northside (PSF-GTD) ISD GO, Series B, 3.45% due 8/1/2054 (put 8/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 996732 |
|  | &nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2026 - 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1693423 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Texas State Affordable Housing Corp. (AHFC-FC Norman Housing LP), 3.625% due 1/1/2045 (put 1/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004084 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Travis County Housing Finance Corp. (Austin Gateway Apartments LP), 4.125% due 6/1/2045 (put 6/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp;2120000 | &nbsp;&nbsp;&nbsp;&nbsp; 2121251 |
|  | &nbsp;&nbsp;**Virginia — 1.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Halifax County (Virginia Electric & Power Co.) IDA, Series A, 3.80% due 12/1/2041 (put 5/28/2027) | &nbsp;&nbsp;&nbsp;&nbsp;1610000 | &nbsp;&nbsp;&nbsp;&nbsp; 1628811 |
|  | &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 408233 |
|  | &nbsp;&nbsp;**Washington — 1.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Ardea Twg LLLP), 5.00% due 12/1/2043 (put 2/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007948 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Josephine Caring Community Obligated Group), Series B-1, 4.50% due 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501154 |
|  | &nbsp;&nbsp;**West Virginia — 0.5%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;West Virginia (Appalachian Power Co.) EDA AMT, Series A, 3.30% due 1/1/2041 (put 9/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 597607 |
|  | &nbsp;&nbsp;**Wisconsin — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Peshtigo School District, 4.75% due 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 976304 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (Renown Regional Medical Center), Series A, 5.00% due 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 359059 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 4.00% due 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 301180 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA (Flats at Bishops Woods LP), Series F, 5.00% due 12/1/2027 (put 12/1/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 356700 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA Housing Revenue (HUD), Series E, 3.875% due 11/1/2054 (put 5/1/2027) | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 415129 |
|  | &nbsp;&nbsp;&nbsp;Total Long-Term Municipal Bonds — 93.8% (Cost $103,107,253) |  | &nbsp;&nbsp;&nbsp;&nbsp;103851849 |
|  | **SHORT-TERM INVESTMENTS — 3.6%** |  |  |
|  | **Municipal Bonds — 3.6%** |  |  |
|  | &nbsp;&nbsp;**New York — 3.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of New York (SPA Barclays Bank plc) GO, Series B-5, 2.50% due 10/1/2046 (put 1/2/2026) | &nbsp;&nbsp;&nbsp;&nbsp;1535000 | &nbsp;&nbsp;&nbsp;&nbsp; 1535000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JP Morgan Chase Bank NA), Series C-4, 2.50% due 11/1/2036 (put 1/2/2026) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
|  | &nbsp;&nbsp;**North Carolina — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group; SPA JP Morgan Chase Bank NA), Series B, 2.55% due 1/15/2038 (put 1/2/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 |
|  | &nbsp;&nbsp;**Texas — 0.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Port of Port Arthur Navigation District (Motiva Enterprises LLC), 2.57% due 4/1/2040 (put 1/2/2026) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 |
|  | &nbsp;&nbsp;&nbsp;Total Municipal Bonds — 3.6% (Cost $3,995,000) |  | &nbsp;&nbsp;&nbsp;&nbsp; 3995000 |
|  | **Mutual Fund — 0.0%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 3.70% | &nbsp;&nbsp;&nbsp;&nbsp; 3394 | &nbsp;&nbsp;&nbsp;&nbsp; 3394 |
|  | &nbsp;&nbsp;&nbsp;Total Mutual Fund — 0.0% (Cost $3,394) |  | &nbsp;&nbsp;&nbsp;&nbsp; 3394 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments — 3.6% (Cost $3,998,394) |  | &nbsp;&nbsp;&nbsp;&nbsp; 3998394 |
|  | **Total Investments — 97.4% (Cost $107,105,647)** |  | &nbsp;&nbsp;$107850243 |
|  | **Other Assets Less Liabilities — 2.6%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2886017 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$110736260 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Short Duration Municipal Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | |
|:---|:---|
| **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, 2025. |
| 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, 2025, the aggregate value of these securities in the Fund's portfolio was $4,845,922, representing 4.38% of the Fund's net assets. |
| c | When-issued security. |
| d | Rate represents the money market fund annualized seven-day yield at December 31, 2025. |

---

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

---

| | |
|:---|:---|
| AG | Insured by Assured Guaranty, Inc. |
| AMT | Alternative Minimum Tax |
| BAM | Insured by Build America Mutual Insurance Co. |
| DFA | Development Finance Authority/Agency |
| EDA | Economic Development Authority |
| EDFA | Economic Development Financing Authority |
| ETM | Escrowed to Maturity |
| FHA | Insured by Federal Housing Administration |
| GNMA | Collateralized by Government National Mortgage Association |
| GO | General Obligation |
| HFA | Health Facilities Authority |

---

---

| | |
|:---|:---|
| HFFA | Health Facilities Financing Authority |
| HUD | Insured by Housing and Urban Development |
| IDA | Industrial Development Authority/Agency |
| IDB | Industrial Development Board |
| ISD | Independent School District |
| MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index |
| PSF-GTD | Guaranteed by Permanent School Fund |
| SONYMA | State of New York Mortgage Agency |
| SPA | Stand-by Purchase Agreement |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Short Duration Municipal Fund** | *December 31, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg Short Duration 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-six separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers two classes of shares of beneficial interest: Class A and Institutional Class ("Class I").

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

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

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

<u>Valuation of Securities:</u> 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 Short Duration Municipal Fund

- **b. EDGAR series identifier (if any):** S000043669

- **c. LEI of Series:** 549300420UUQ3HF48O75

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $112152184.56

**Total Liabilities:** $1578387.86

**Net Assets:** $110573796.70

**Delayed Delivery Securities:** $1200000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -774.00000000 | **1-Year:** -7961.22000000 | **5-Year:** -10993.36000000 | **10-Year:** -3246.92000000 | **30-Year:** -2304.22000000

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

- **3-Month:** -15.09000000 | **1-Year:** -204.31000000 | **5-Year:** -385.13000000 | **10-Year:** -40.55000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000135383 | 0.00%                | 0.17%                | 0.33%                |
| Class ID C000135384 | 0.02%                | 0.18%                | 0.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-18994.74               | $-275709.52                                |
| Month 2  | $53.29                   | $-83076.97                                 |
| Month 3  | $0.00                    | $64416.20                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Akron Bath Copley Joint Township Hospital District                               | AKRON BATH COPLEY JT TWP OH HOSP DIST                        | CUSIP: 009730PJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $186745.50    | 0.17%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | AKRON BATH COPLEY JT TWP OH HOSP DIST                        | CUSIP: 009730PK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $349236.36    | 0.32%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                              | ARIZONA ST HLTH FACS AUTH                                    | CUSIP: 040507QT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $802635.48    | 0.73%             | 2046-01-01      | Floating      | 3.57%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH MF HSG REVENUE                      | CUSIP: 04062PCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526140.50   | 1.38%             | 2058-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Residential Finance Authority                                      | ATLANTA GA URBAN RSDL FIN AUTH MF HSG REVENUE                | CUSIP: 04785VCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000414.00   | 0.90%             | 2030-02-01      | Floating      | 3.20%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | AUSTIN TX ARPT SYS REVENUE                                   | CUSIP: 052398JD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096808.00   | 0.99%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bartow County Development Authority                                              | BARTOW CNTY GA DEV AUTH                                      | CUSIP: 069643BN3<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1320927.40   | 1.19%             | 2032-12-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE               | CUSIP: 09182NCT5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074602.00   | 0.97%             | 2053-12-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Boerne Independent School District                                               | BOERNE TX INDEP SCH DIST                                     | CUSIP: 097067NL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $983608.36    | 0.89%             | 2053-02-01      | Floating      | 3.13%                 | No            |                  2 | On Loan: No      |
| County of Boone KY                                                               | BOONE CNTY KY POLL CONTROL REVENUE                           | CUSIP: 098792AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004711.00   | 0.91%             | 2027-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                        | BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | CUSIP: 121342NR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $629193.36    | 0.57%             | 2040-01-01      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                        | BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | CUSIP: 121342QG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001544.00   | 0.91%             | 2032-10-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015386.00   | 0.92%             | 2053-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050473.00   | 0.95%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JGX8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1881715.50   | 1.70%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UVY1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    365000 | PA      | $374707.91    | 0.34%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001063.00   | 0.91%             | 2044-12-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996053.00    | 0.90%             | 2043-07-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| Canadian County Educational Facilities Authority                                 | CANADIAN CNTY OK EDUCTNL FACS AUTH EDUC FACS LEASE REVENUE   | CUSIP: 135521CM2<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012102.00   | 0.92%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043681.00   | 0.94%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS SPLY REVENUE                | CUSIP: 154872AY1<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    920000 | PA      | $980429.28    | 0.89%             | 2055-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte County Industrial Development Authority/FL                             | CHARLOTTE CNTY FL INDL DEV AUTH UTILITY SYS REVENUE          | CUSIP: 16080TAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $278895.38    | 0.25%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                                     | CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE     | CUSIP: 160853MR5<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |    335000 | PA      | $335000.00    | 0.30%             | 2038-01-15      | Floating      | 2.55%                 | No            |                  2 | On Loan: No      |
| Chatom Industrial Development Board                                              | CHATOM AL INDL DEV BRD REVENUE                               | CUSIP: 162296AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999944.00   | 1.81%             | 2037-08-01      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                         | CHESTER CNTY PA HLTH & EDU FACS AUTH REVENUE                 | CUSIP: 165579HG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $474961.23    | 0.43%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL MF HSG REVENUE                                    | CUSIP: 167570TV2<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1269566.93   | 1.15%             | 2027-08-01      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 1675937F3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1404121.02   | 1.27%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736E37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $390979.44    | 0.35%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736F77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $568537.20    | 0.51%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | CLARK CNTY NV POLL CONTROL REVENUE                           | CUSIP: 181008BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000566.00   | 0.90%             | 2036-01-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Cushing Educational Facilities Authority                                         | CUSHING OK EDUCTNL FACS AUTH EDUCTNL FACS LEASE REVENUE      | CUSIP: 231634AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523005.00    | 0.47%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver Convention Center Hotel Authority                                         | DENVER CO CONVENTION CENTER HOTEL AUTH REVENUE               | CUSIP: 249189DJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $354691.75    | 0.32%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dickinson Independent School District                                            | DICKINSON TX INDEP SCH DIST                                  | CUSIP: 253363UD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $825257.40    | 0.75%             | 2037-08-01      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| Main Street Market Square Redevelopment Authority                                | DOWNTOWN REDEV AUTH TX TAX INCREMENT CONTRACT REVENUE        | CUSIP: 26118RAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001426.00   | 0.91%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                            | FARMINGTON NM POLL CONTROL REVENUE                           | CUSIP: 311450GD6<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015300.00   | 0.92%             | 2040-06-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp                                                     | FLORIDA ST HSG FIN CORP MF MTGE REVENUE                      | CUSIP: 34074HHA3<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003185.00   | 0.91%             | 2027-10-01      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp                                                     | FLORIDA ST HSG FIN CORP MF MTGE REVENUE                      | CUSIP: 34074HHS4<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008499.00   | 0.91%             | 2044-12-01      | Floating      | 3.20%                 | No            |                  2 | On Loan: No      |
| City of Forsyth MT                                                               | FORSYTH MT POLL CONTROL REVENUE                              | CUSIP: 346668DN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016996.00   | 0.92%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                            | FORT BEND TX INDEP SCH DIST                                  | CUSIP: 346843WS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $769224.00    | 0.70%             | 2055-08-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| City of Georgetown TX Utility System Revenue                                     | GEORGETOWN TX UTILITY SYS REVENUE                            | CUSIP: 373064Q80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $405804.40    | 0.37%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greene Jersey & Macoupin Counties Community Unit School District No 9 Southweste | GREENE JERSEY & MACOUPIN CNTYS IL CMNTY UNITED SCH DIST #9   | CUSIP: 394700CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $377163.85    | 0.34%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Halifax County Industrial Development Authority                                  | HALIFAX CNTY VA INDL DEV AUTH REVENUE                        | CUSIP: 40579PAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1628811.24   | 1.47%             | 2041-12-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | CUSIP: 414009NF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2054248.00   | 1.86%             | 2027-05-15      | 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: 41401PCL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $337444.90    | 0.31%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hays Consolidated Independent School District                                    | HAYS TX CONSOL INDEP SCH DIST                                | CUSIP: 421110W86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $390823.13    | 0.35%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Housing Finance Corp                                                     | HOUSTON TX HSG FIN CORP MF HSG REVENUE                       | CUSIP: 442396EN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009840.00   | 0.91%             | 2048-02-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EEV6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    275000 | PA      | $280882.80    | 0.25%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521524T5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    495000 | PA      | $512740.80    | 0.46%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153DG1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025088.00   | 0.93%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH ECON DEV REVENUE                         | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000124.00   | 0.90%             | 2028-05-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| Knox Warren Etc Counties Community College District No 518 Carl Sandburg         | KNOX WARREN ETC CNTYS IL CMNTY CLG DIST #518                 | CUSIP: 499635CU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000569.00   | 0.90%             | 2035-12-01      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE                | CUSIP: 52349EES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006157.00   | 0.91%             | 2029-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444452K4<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2197008.00   | 1.99%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Housing Corp                                                           | LOUISIANA ST HSG CORP MF HSG REVENUE                         | CUSIP: 54627CCH4<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900215.10    | 0.81%             | 2030-04-01      | Floating      | 3.15%                 | No            |                  2 | On Loan: No      |
| Louisiana Offshore Terminal Authority                                            | LOUISIANA ST OFFSHORE TERMINAL AUTH DEEPWATER PORT REVENUE   | CUSIP: 546510FT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014042.00   | 0.92%             | 2033-09-01      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| Adams County Housing Authority                                                   | MAIKER HSG PARTNERS CO MF HSG REV                            | CUSIP: 56031AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001383.00   | 0.91%             | 2042-05-01      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    800000 | PA      | $843168.80    | 0.76%             | 2053-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1590331.50   | 1.44%             | 2053-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DKB7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    810000 | PA      | $859024.44    | 0.78%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YPF0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2494535.00   | 2.26%             | 2049-07-01      | Floating      | 3.92%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD | CUSIP: 592113CV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505875.50   | 1.36%             | 2059-12-01      | Floating      | 3.20%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250FH2<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    440000 | PA      | $455675.00    | 0.41%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                      | MIAMI-DADE CNTY FL HSG FIN AUTH MF HSG REVENUE               | CUSIP: 593344BU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000249.00   | 0.90%             | 2041-04-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698TK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $109559.56    | 0.10%             | 2049-10-01      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                       | MOBILE AL INDL DEV BRD POLL CONTROL REVENUE                  | CUSIP: 607167DW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1118149.88   | 1.01%             | 2034-06-01      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                       | MOBILE AL INDL DEV BRD POLL CONTROL REVENUE                  | CUSIP: 607167DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000598.00   | 0.90%             | 2034-07-15      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                       | MOBILE AL INDL DEV BRD POLL CONTROL REVENUE                  | CUSIP: 607167EA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010002.00   | 0.91%             | 2034-06-01      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                            | MONTGOMERY CNTY PA INDL DEV AUTH EXEMPT FACS REVENUE         | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1251585.80   | 1.13%             | 2053-04-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| Muskogee Industrial Trust                                                        | MUSKOGEE OK INDL TRUST EDUCTNL FACS LEASE REVENUE            | CUSIP: 62813NAX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $485530.28    | 0.44%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                     | NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE          | CUSIP: 646127FW5<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999861.00    | 0.90%             | 2029-07-01      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                       | NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL HOSP REVENUE       | CUSIP: 647370KF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $566294.93    | 0.51%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966MSD2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1535000.00   | 1.39%             | 2046-10-01      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE FUTURE TAX    | CUSIP: 64971QV26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.81%             | 2036-11-01      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | CUSIP: 64972E3D9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1098758.10   | 0.99%             | 2062-11-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REV                     | CUSIP: 64972KNM3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1195980.00   | 1.08%             | 2065-11-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE               | CUSIP: 64987JA43<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400066.40    | 0.36%             | 2062-11-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YSZ0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150093.60    | 0.14%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YTA4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500158.00    | 0.45%             | 2028-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YUB0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533825.00    | 0.48%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Independent School District/TX                                        | NORTH EAST TX INDEP SCH DIST                                 | CUSIP: 659155QL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $972975.36    | 0.88%             | 2049-08-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                | N E OHIO MED UNIV GEN RECPTS                                 | CUSIP: 66433RCL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $281729.24    | 0.25%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Pennsylvania Hospital and Education Authority                       | N ESTRN PA HOSP & EDU AUTH                                   | CUSIP: 664551DD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $486776.07    | 0.44%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northside Independent School District                                            | NORTHSIDE TX INDEP SCH DIST                                  | CUSIP: 66702RK92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $996732.00    | 0.90%             | 2054-08-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WZ6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002629.00   | 0.91%             | 2029-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                                | OKLAHOMA CNTY OK FIN AUTH EDUCTNL FACS LEASE REVENUE         | CUSIP: 67868UKE2<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049852.00   | 0.95%             | 2030-09-01      | 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        |   3000000 | PA      | $3027192.00   | 2.74%             | 2049-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | CUSIP: 708692BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $773226.05    | 0.70%             | 2041-07-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | CUSIP: 708692BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502662.50   | 1.36%             | 2037-08-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PLG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $220838.42    | 0.20%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peshtigo School District                                                         | PESHTIGO WI SCH DIST                                         | CUSIP: 715777FE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $976303.58    | 0.88%             | 2027-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Port of Port Arthur Navigation District                                          | PORT OF PORT ARTHUR TX NAV DIST                              | CUSIP: 735220AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.11%             | 2040-04-01      | Floating      | 2.57%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                        | PRIV CLGS & UNIVS AUTH GA                                    | CUSIP: 74265LW46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $502097.81    | 0.45%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2432799.70   | 2.20%             | 2055-06-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI HOSP REVENUE                              | CUSIP: 74442CCM4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    350000 | PA      | $359059.05    | 0.32%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VBG4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301179.60    | 0.27%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Reno-Tahoe Airport Authority                                                     | RENO-TAHOE NV ARPT AUTH ARPT REVENUE                         | CUSIP: 759874BT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529530.50    | 0.48%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rockport IN                                                              | ROCKPORT IN POLL CONTROL REVENUE                             | CUSIP: 773835BY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1223188.80   | 1.11%             | 2047-06-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| Gretna Public Schools                                                            | SARPY CNTY NE SCH DIST #37                                   | CUSIP: 803770XB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501037.50    | 0.45%             | 2027-12-15      | 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: 821697Y78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086691.00   | 0.98%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA                                                            | SHREVEPORT LA                                                | CUSIP: 8254345K5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501337.00    | 0.45%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA JOBS-ECON DEV AUTH ENVRNMNTL IMPT REVENUE     | CUSIP: 83703DAA5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001416.00   | 0.91%             | 2033-04-01      | Floating      | 4.00%                 | 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        |    240000 | PA      | $255748.80    | 0.23%             | 2053-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| State Street Institutional Treasury Money Market Fund                            | State Street Institutional Treasury Money Market Fund        | CUSIP: 857492888<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | EC               | RF                | US        |      3394 | NS      | $3394.11      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| City of Tampa FL                                                                 | TAMPA FL CAPITAL IMPT CIGARETTE TAX ALLOCATION               | CUSIP: 875146AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304044.90    | 0.27%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397CJ1<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2146188.12   | 1.94%             | 2054-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBB3<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    625000 | PA      | $634405.63    | 0.57%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBE7<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059017.00   | 0.96%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State Affordable Housing Corp                                              | TEXAS ST AFFORDABLE HSG CORP MF HSG REVENUE                  | CUSIP: 88271FFR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004084.00   | 0.91%             | 2045-01-01      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                    | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX TURNPIKE SYS REVENU | CUSIP: 88283KBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $113354.33    | 0.10%             | 2042-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Travis County Housing Finance Corp                                               | TRAVIS CNTY TX HSG FIN CORP MF HSG REVENUE                   | CUSIP: 89438UBM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2121250.80   | 1.92%             | 2045-06-01      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HAV9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503975.50    | 0.46%             | 2050-05-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HBG1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    695000 | PA      | $700026.24    | 0.63%             | 2051-05-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulare Public Financing Authority                                                | TULARE CA PUBLIC FING AUTH                                   | CUSIP: 899111CQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $553113.00    | 0.50%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulare Public Financing Authority                                                | TULARE CA PUBLIC FING AUTH                                   | CUSIP: 899111CR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $507825.98    | 0.46%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Venice FL                                                                | VENICE FL                                                    | CUSIP: 922687AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $575285.20    | 0.52%             | 2030-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104MM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $408233.20    | 0.37%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783Y34<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501153.50    | 0.45%             | 2031-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION MF HSG REVENUE              | CUSIP: 93978PPU5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007948.00   | 0.91%             | 2043-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                     | WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS             | CUSIP: 95648VBY4<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    600000 | PA      | $597606.60    | 0.54%             | 2041-01-01      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp                                        | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE                   | CUSIP: 95737TEE2<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    270000 | PA      | $274109.67    | 0.25%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westfield-Washington Schools                                                     | WESTFIELD-WASHINGTON IN SCHS                                 | CUSIP: 960242DH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $340348.50    | 0.31%             | 2026-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRISTATE INSURED CASH SWEEP                                                      | TRISTATE INSURED CASH SWEEP                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |       421 | PA      | $420.68       | 0.00%             | 2050-10-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority                               | WISCONSIN ST HSG & ECON DEV AUTH MF HSG                      | CUSIP: 97689RFC3<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |    350000 | PA      | $356700.40    | 0.32%             | 2027-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Housing Revenue               | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE                 | CUSIP: 9769044P4<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |    415000 | PA      | $415129.07    | 0.38%             | 2054-11-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-21

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin