# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001410368-25-029178
**Filing Date:** 2025-11
**Character Count:** 76510
**Document Hash:** ec780ec7d390afd3f811f8aa4296137c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-029178.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001410368-25-029178

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 251510253

**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 Summit Fund (Series ID: S000064930)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000210187 | Thornburg Summit Fund - Class A | TSAMX           |
| C000210188 | Thornburg Summit Fund - Class I | TSUMX           |

## 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 Summit Fund

- **b. EDGAR series identifier (if any):** S000064930

- **c. LEI of Series:** 549300HH8GRQINTDIM06

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $96603707.84

**Total Liabilities:** $194247.14

**Net Assets:** $96409460.70

**Cash Not Reported:** $46263.45

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -71.23000000 | **1-Year:** -418.67000000 | **5-Year:** -1034.34000000 | **10-Year:** -662.20000000 | **30-Year:** -437.44000000

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

- **3-Month:** -41.95000000 | **1-Year:** -566.34000000 | **5-Year:** -773.40000000 | **10-Year:** -332.35000000 | **30-Year:** -57.37000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000210188 | 1.73%                | 2.98%                | 1.81%                |
| Class ID C000210187 | 1.81%                | 2.91%                | 1.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $38116.62                | $1736559.98                                |
| Month 2  | $510147.57               | $1991899.19                                |
| Month 3  | $-378329.29              | $1886045.63                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Freddie Mac                                       | Freddie Mac Pool                                              | CUSIP: 3133SKBP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     225793 | PA      | $199290.78    | 0.21%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                              | CUSIP: 3132DWEP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     543419 | PA      | $478796.50    | 0.50%             | 2052-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies Inc                         | L3Harris Technologies Inc                                     | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |       2371 | NS      | $724127.11    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corp                                       | ITOCHU Corp                                                   | CUSIP: 000000000<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |      10000 | NS      | $569767.05    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust     | BHG Securitization Trust 2022-C                               | CUSIP: 08860DAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     110013 | PA      | $110307.13    | 0.11%             | 2035-10-17      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| CPT MORTGAGE TRUST                                | Century Plaza Towers 2019-CPT                                 | CUSIP: 12654YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     245000 | PA      | $225101.54    | 0.23%             | 2039-11-13      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                           | CUSIP: 912810TA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1230000 | PA      | $834478.13    | 0.87%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| WE SODA INV HOLDING PLC                           | WE Soda Investments Holding PLC                               | CUSIP: 92943TAC7<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $191556.00    | 0.20%             | 2031-02-14      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Varun Beverages Ltd                               | Varun Beverages Ltd                                           | CUSIP: 000000000<br>LEI: 33580058NWEMWBDNMD48 | Long             | EC               | CORP              | IN        |      95568 | NS      | $477792.91    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| EDvestinU Private Education Loan Issue No. 1, LLC | EDvestinU Private Education Loan Issue No 3 LLC               | CUSIP: 28166LAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     229066 | PA      | $211340.81    | 0.22%             | 2045-11-25      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                   | SBA Tower Trust                                               | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              |  | US        |      13000 | PA      | $13348.16     | 0.01%             | 2028-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2021-1                                 | CUSIP: 57110N106<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       1200 | PA      | $16313.05     | 0.02%             | 2031-06-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                            | CUSIP: 36179W7K8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     285554 | PA      | $255129.06    | 0.26%             | 2052-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC              | SoFi Professional Loan Program 2021-B Trust                   | CUSIP: 83405NAA4<br>LEI: 5493002WMPR84WZ75V46 | Long             | ABS-O            | CORP              | US        |     242436 | PA      | $212577.53    | 0.22%             | 2047-02-15      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                           | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     995000 | PA      | $1001374.22   | 1.04%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  1 | On Loan: No      |
| ASML Holding NV                                   | ASML Holding NV                                               | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |        748 | NS      | $727229.05    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Tricolor Auto Securitization Trust                | Tricolor Auto Securitization Trust 2023-1                     | CUSIP: 89616KAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     169625 | PA      | $157303.66    | 0.16%             | 2027-07-15      | Fixed         | 8.56%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                               | Petroleos Mexicanos                                           | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     315000 | PA      | $286294.05    | 0.30%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| AMCR ABS Trust                                    | AMCR ABS TRUST 2024-A                                         | CUSIP: 00178EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      65698 | PA      | $65909.00     | 0.07%             | 2031-08-18      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Inflation-Indexed Notes                         | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     524389 | PA      | $526908.65    | 0.55%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 3140XCWX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     357895 | PA      | $301873.57    | 0.31%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SKY1 Trust                                        | SKY Trust 2025-LINE                                           | CUSIP: 830941AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     232939 | PA      | $232377.60    | 0.24%             | 2042-04-15      | Floating      | 6.74%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                 | Clean Harbors Inc                                             | CUSIP: 184496AN7<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199658.00    | 0.21%             | 2027-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Australia Government Bonds                        | Australia Government Bonds                                    | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |     500000 | PA      | $304501.08    | 0.32%             | 2033-11-21      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED EUR / SOLD USD                                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |          1 | NC      | $42062.18     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Education Funding Trust                           | Education Funding Trust Trust                                 | CUSIP: 28141PAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      73056 | PA      | $71614.01     | 0.07%             | 2041-07-25      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| Schlumberger NV                                   | Schlumberger NV                                               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      34100 | NS      | $1172017.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTARES HOLDINGS                                  | Antares Holdings LP                                           | CUSIP: 03666HAG6<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |     250000 | PA      | $255547.50    | 0.27%             | 2029-02-08      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Inflation-Indexed Notes                         | CUSIP: 91282CGK1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     238579 | PA      | $231244.56    | 0.24%             | 2033-01-15      | Fixed         | 1.13%                 | No            |                  1 | On Loan: No      |
| HERCULES CAPITAL INC                              | Hercules Capital Inc                                          | CUSIP: 427096AH5<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |     250000 | PA      | $245592.50    | 0.25%             | 2026-09-16      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| AEGEA FINANCE SARL                                | Aegea Finance Sarl                                            | CUSIP: 00775CAC0<br>LEI: 213800V6WTKUT1XWIZ47 | Long             | DBT              | CORP              | LU        |     250000 | PA      | $264857.50    | 0.27%             | 2031-01-20      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                      | Ecopetrol SA                                                  | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     117000 | PA      | $126795.24    | 0.13%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SAP SE                                            | SAP SE                                                        | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |        881 | NS      | $235725.77    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| One Bryant Park Trust                             | One Bryant Park Trust 2019-OBP                                | CUSIP: 68236JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $230051.15    | 0.24%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                      | Hudson Yards 2019-55HY Mortgage Trust                         | CUSIP: 44421MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     245000 | PA      | $229441.88    | 0.24%             | 2041-12-10      | Variable      | 3.04%                 | No            |                  2 | On Loan: No      |
| Constellation Software Inc/Canada                 | Constellation Software Inc/Canada                             | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |        129 | NS      | $350190.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                           | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1055000 | PA      | $1090935.94   | 1.13%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                    | BNP Paribas SA                                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |      15194 | NS      | $1379453.20   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust    | Morgan Stanley Residential Mortgage Loan Trust 2024-RPL1      | CUSIP: 61776YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     304523 | PA      | $297946.73    | 0.31%             | 2064-06-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                     | Citigroup Inc                                                 | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      18874 | NS      | $1915711.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                        | Samsung Electronics Co Ltd                                    | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      40534 | NS      | $2423864.15   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Angel Oak Mortgage Trust                          | Angel Oak Mortgage Trust 2020-5                               | CUSIP: 03464WAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      60000 | PA      | $55022.42     | 0.06%             | 2065-05-25      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                    | CPS Auto Receivables Trust 2022-A                             | CUSIP: 12659WAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     157501 | PA      | $156257.34    | 0.16%             | 2029-04-16      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2025-R1                             | CUSIP: 89183DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     235531 | PA      | $209703.47    | 0.22%             | 2057-11-27      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                              | CUSIP: 3132E0T85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     991650 | PA      | $839660.72    | 0.87%             | 2052-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Tenaris SA                                        | Tenaris SA                                                    | CUSIP: 88031M109<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |      23649 | NS      | $845924.73    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Regional Management Issuance Trust                | Regional Management Issuance Trust 2022-1                     | CUSIP: 75907DAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     142405 | PA      | $141783.38    | 0.15%             | 2032-03-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust       | Goldman Home Improvement Trust 2021-GRN2 Issuer Trust         | CUSIP: 38149XAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       2000 | PA      | $84644.50     | 0.09%             | 2051-06-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Orange SA                                         | Orange SA                                                     | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |     119713 | NS      | $1940983.44   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TIAA Bank Mortgage Loan Trust                     | TIAA Bank Mortgage Loan Trust 2018-2                          | CUSIP: 886312CD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     140743 | PA      | $128620.43    | 0.13%             | 2048-07-25      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| American Tower Trust I                            | American Tower Trust #1                                       | CUSIP: 03027WAK8<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | DBT              |  | US        |     300000 | PA      | $294896.88    | 0.31%             | 2028-03-23      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Medtronic PLC                                     | Medtronic PLC                                                 | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      11804 | NS      | $1124212.96   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AVANTOR FUNDING INC                               | Avantor Funding Inc                                           | CUSIP: 000000000<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |      38462 | PA      | $45138.62     | 0.05%             | 2025-11-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc                        | Advanced Micro Devices Inc                                    | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |       4737 | NS      | $766399.23    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                          | Brazil Notas do Tesouro Nacional Serie F                      | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    1000000 | PA      | $177421.73    | 0.18%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BXP Trust                                         | BXP Trust 2021-601L                                           | CUSIP: 05607TAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     325000 | PA      | $281580.89    | 0.29%             | 2044-01-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury STRIPS Coupon                                   | CUSIP: 912834MZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2550000 | PA      | $1046963.78   | 1.09%             | 2043-11-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| CME Group Inc                                     | CME Group Inc                                                 | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       4088 | NS      | $1104536.72   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Arivo Acceptance Auto Loan Receivables Trust      | Arivo Acceptance Auto Loan Receivables Trust 2022-2           | CUSIP: 04047JAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     250000 | PA      | $255030.56    | 0.26%             | 2029-02-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                                      | Alphabet Inc                                                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |       9110 | NS      | $2214641.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTENERGY PENN ELECTRI                          | FirstEnergy Pennsylvania Electric Co                          | CUSIP: 708696CA5<br>LEI: O1PLQWO3TX952VMBJ146 | Long             | DBT              | CORP              | US        |     275000 | PA      | $275992.75    | 0.29%             | 2026-03-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                          | Visa Inc                                                      | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       4166 | NS      | $1422189.08   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 31418EBS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     489023 | PA      | $413854.20    | 0.43%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Roche Holding AG                                  | Roche Holding AG                                              | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |       4735 | NS      | $1545916.09   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                                        | Zoetis Inc                                                    | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |       5816 | NS      | $850997.12    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                  | TotalEnergies SE                                              | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      12107 | NS      | $735302.19    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| DataBank Issuer LLC                               | DataBank Issuer                                               | CUSIP: 23802WAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     200000 | PA      | $200050.19    | 0.21%             | 2054-01-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                                  | Novo Nordisk A/S                                              | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |       8204 | NS      | $444713.17    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2021-2                                 | CUSIP: 57108T107<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       1150 | PA      | $16658.38     | 0.02%             | 2031-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1 | CUSIP: 35563PJF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      34597 | PA      | $33021.85     | 0.03%             | 2058-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 3140QMRX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     428295 | PA      | $376381.87    | 0.39%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                                    | Microsoft Corp                                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       2909 | NS      | $1506716.55   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Inflation-Indexed Bonds                         | CUSIP: 912810SV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     570745 | PA      | $316495.94    | 0.33%             | 2051-02-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust           | Freddie Mac Whole Loan Securities Trust 2017-SC02             | CUSIP: 3137G1BS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      59251 | PA      | $50919.48     | 0.05%             | 2047-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                               | LL ABS Trust 2022-1                                           | CUSIP: 50203YAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     185645 | PA      | $185645.45    | 0.19%             | 2029-11-15      | Fixed         | 7.83%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                                  | Black Hills Corp                                              | CUSIP: 092113AW9<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     250000 | PA      | $266935.00    | 0.28%             | 2034-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                       | Southern Co/The                                               | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199272.00    | 0.21%             | 2051-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Inflation-Indexed Notes                         | CUSIP: 91282CKL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     161877 | PA      | $167081.45    | 0.17%             | 2029-04-15      | Fixed         | 2.13%                 | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                       | NVIDIA Corp                                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      10463 | NS      | $1952186.54   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kalyan Jewellers India Ltd                        | Kalyan Jewellers India Ltd                                    | CUSIP: 000000000<br>LEI: 335800EP35CO1QHM9P33 | Long             | EC               | CORP              | IN        |      51807 | NS      | $265661.21    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Thornburg Capital Management Fund                 | Thornburg Capital Management Fund                             | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |     193434 | NS      | $1934343.15   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DailyPay Securitization Trust                     | DailyPay Securitization Trust 2025-1                          | CUSIP: 233824AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     250000 | PA      | $252526.45    | 0.26%             | 2028-06-26      | Fixed         | 8.53%                 | No            |                  2 | On Loan: No      |
| PEGASUS HAVA TASIMACILIG                          | Pegasus Hava Tasimaciligi AS                                  | CUSIP: 705567AB1<br>LEI: 789000B1MW5PQ58A8T03 | Long             | DBT              | CORP              | TR        |     200000 | PA      | $206406.00    | 0.21%             | 2031-09-11      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| IMPERIAL FUND LLC                                 | Imperial Fund Mortgage Trust 2021-NQM2                        | CUSIP: 452761AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     162551 | PA      | $138170.14    | 0.14%             | 2056-09-25      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED JPY / SOLD USD                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |          1 | NC      | $-7624.95     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                            | Mosaic Solar Loan Trust 2021-2                                | CUSIP: 61946RAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1150000 | PA      | $95680.36     | 0.10%             | 2047-04-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                | Energy Transfer LP                                            | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     225000 | PA      | $226363.50    | 0.23%             | 2026-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 3140XMY42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     187018 | PA      | $158353.67    | 0.16%             | 2052-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Linde PLC                                         | Linde PLC                                                     | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |       1675 | NS      | $795625.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Servicer Advance Receivables Trust            | SPS Servicer Advance Receivables Trust                        | CUSIP: 78472JAE3<br>LEI: 549300W6RZ3B25O0SH56 | Long             | ABS-O            | CORP              | US        |     300000 | PA      | $299267.22    | 0.31%             | 2055-11-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 3140MHSH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     575206 | PA      | $487000.43    | 0.51%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                        | MFA 2022-CHM1 Trust                                           | CUSIP: 552758AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     223447 | PA      | $221821.61    | 0.23%             | 2056-09-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Under Armour Inc                                  | Under Armour Inc                                              | CUSIP: 904311AA5<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |     300000 | PA      | $296598.00    | 0.31%             | 2026-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| EMPRESA GEN ELEC HAINA                            | Empresa Generadora de Electricidad Haina SA                   | CUSIP: 29249FAA4<br>LEI: 549300Y36L5LRW5RH373 | Long             | DBT              | CORP              | DO        |     350000 | PA      | $343280.00    | 0.36%             | 2028-11-08      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd                    | Galaxy Entertainment Group Ltd                                | CUSIP: 000000000<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |     205000 | NS      | $1129588.34   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyence Corp                                      | Keyence Corp                                                  | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |       1719 | NS      | $641406.63    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHMARK INC                                      | Highmark Inc                                                  | CUSIP: 431116AD4<br>LEI: 549300B6868ZXXEB2Y57 | Long             | DBT              | CORP              | US        |     250000 | PA      | $245165.00    | 0.25%             | 2026-05-10      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| DC Office Trust                                   | DC Office Trust 2019-MTC                                      | CUSIP: 23312BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $228904.11    | 0.24%             | 2045-09-15      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                            | CUSIP: 36179WFH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     218798 | PA      | $195745.52    | 0.20%             | 2051-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust            | Santander Drive Auto Receivables Trust 2022-7                 | CUSIP: 80287FAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     106404 | PA      | $106689.72    | 0.11%             | 2028-01-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                         | Prosus NV                                                     | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     285000 | PA      | $312978.95    | 0.32%             | 2029-07-13      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                   | AstraZeneca PLC                                               | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |       7047 | NS      | $1059774.78   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                    | Mastercard Inc                                                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       2211 | NS      | $1257638.91   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                          | AT&T Inc                                                      | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      54682 | NS      | $1544219.68   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                          | ICON PLC                                                      | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |       6010 | NS      | $1051750.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | Broadcom Inc                                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |       4694 | NS      | $1548597.54   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAGEFIRST HOLDINGS LLC                           | Imagefirst Holdings LLC 2025 Term Loan B                      | CUSIP: 45249TAR3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     200000 | PA      | $200000.00    | 0.21%             | 2032-03-12      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Panama Bonos del Tesoro                           | Panama Bonos del Tesoro                                       | CUSIP: 000000000<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     100000 | PA      | $89221.00     | 0.09%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| ECAF LTD                                          | ECAF I Ltd                                                    | CUSIP: 26827EAC9<br>LEI: 635400SSRNQERTYCWK57 | Long             | ABS-O            | CORP              | KY        |      74085 | PA      | $66861.91     | 0.07%             | 2040-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Colliers International Group Inc                  | Colliers International Group Inc                              | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |       1668 | NS      | $260872.95    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| EGYPT GOVERNMENT BOND                             | Egypt Government Bond                                         | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    7075000 | PA      | $147835.71    | 0.15%             | 2027-06-04      | Fixed         | 23.87%                | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                    | GoTo Group Inc                                                | CUSIP: 38349YAA3<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |      77292 | PA      | $62625.84     | 0.06%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                                | Home Depot Inc/The                                            | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |        801 | NS      | $324557.19    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ClickLease Equipment Receivables 2024-1 Trust     | ClickLease Equipment Receivables 2024-1 Trust                 | CUSIP: 18682FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      78429 | PA      | $78616.32     | 0.08%             | 2030-02-15      | Fixed         | 7.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 31418EAN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     677487 | PA      | $573559.00    | 0.59%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Kansas City Ltd                  | Canadian Pacific Kansas City Ltd                              | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      16986 | NS      | $1265287.14   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Zegona Communications plc                         | Zegona Communications plc                                     | CUSIP: 000000000<br>LEI: 213800ASI1VZL2ED4S65 | Long             | EC               | CORP              | GB        |     211381 | NS      | $3496720.19   | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BERRY GLOBAL INC                                  | Berry Global Inc                                              | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     275000 | PA      | $272629.50    | 0.28%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                | Aqua Finance Trust 2019-A                                     | CUSIP: 038370AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      88347 | PA      | $85086.24     | 0.09%             | 2040-07-16      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                          | Burford Capital Global Finance LLC                            | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     250000 | PA      | $265712.50    | 0.28%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                          | Turkcell Iletisim Hizmetleri AS                               | CUSIP: 900111AC9<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     250000 | PA      | $260422.50    | 0.27%             | 2030-01-24      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                  | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     500000 | PA      | $472265.00    | 0.49%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust                          | Momnt Technologies Trust 2023-1                               | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      30848 | PA      | $31481.04     | 0.03%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| ServiceNow Inc                                    | ServiceNow Inc                                                | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |        967 | NS      | $889910.76    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                          | Blue Owl Technology Finance Corp                              | CUSIP: 691205AC2<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |     179000 | PA      | $178511.33    | 0.19%             | 2025-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                              | CUSIP: 3132DN2A0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     250050 | PA      | $210830.88    | 0.22%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp/The                           | Charles Schwab Corp/The                                       | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      10362 | NS      | $989260.14    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2022-NQM3                 | CUSIP: 64831QAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     300614 | PA      | $284742.58    | 0.30%             | 2062-04-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                | Meta Platforms Inc                                            | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       3031 | NS      | $2225905.78   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                        | Pfizer Inc                                                    | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      19654 | NS      | $500783.92    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinetic Advantage Master Owner Trust              | Kinetic Advantage Master Owner Trust                          | CUSIP: 49462DAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     250000 | PA      | $250373.68    | 0.26%             | 2027-11-15      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                   | SBA Tower Trust                                               | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | DBT              |  | US        |     200000 | PA      | $194160.50    | 0.20%             | 2026-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Inflation-Indexed Notes                         | CUSIP: 91282CBF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     936895 | PA      | $879875.78    | 0.91%             | 2031-01-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| SBNA Auto Receivables Trust                       | SBNA Auto Receivables Trust 2025-SF1                          | CUSIP: 78437XAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     152958 | PA      | $153190.01    | 0.16%             | 2031-03-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                               | Petroleos Mexicanos                                           | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     120000 | PA      | $116233.20    | 0.12%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Round One Corp                                    | Round One Corp                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     135500 | NS      | $1197542.01   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 31418EE30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     482230 | PA      | $424940.31    | 0.44%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                           | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     505000 | PA      | $516757.03    | 0.54%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  1 | On Loan: No      |
| SFO Commerical Mortgage Trust                     | SFO Commercial Mortgage Trust 2021-555                        | CUSIP: 78432WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     174000 | PA      | $172521.46    | 0.18%             | 2038-05-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2021-3                                 | CUSIP: 57108Q103<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       1200 | PA      | $18176.64     | 0.02%             | 2031-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                           | CUSIP: 912810TC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     400000 | PA      | $280875.00    | 0.29%             | 2041-11-15      | Fixed         | 2.00%                 | No            |                  1 | On Loan: No      |
| Open Text Corp                                    | Open Text Corp                                                | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |      42879 | NS      | $1602763.22   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagship Credit Auto Trust                        | Flagship Credit Auto Trust 2019-4                             | CUSIP: 33845F106<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       5000 | PA      | $303004.15    | 0.31%             | 2027-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| B&M European Value Retail SA                      | B&M European Value Retail SA                                  | CUSIP: 000000000<br>LEI: 213800UK7ZRLY2K1X530 | Long             | EC               | CORP              | LU        |     163416 | NS      | $575159.26    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                         | Shell PLC                                                     | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      39413 | NS      | $1409702.65   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bond                         | CUSIP: 25714PFA1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   13000000 | PA      | $225900.92    | 0.23%             | 2036-06-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| SLG Office Trust                                  | SLG Office Trust 2021-OVA                                     | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $222068.88    | 0.23%             | 2041-07-15      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| Shopify Inc                                       | Shopify Inc                                                   | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |       6334 | NS      | $941295.74    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                          | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV          | CUSIP: 000000000<br>LEI: 894500GLVOTVRGS68C28 | Long             | DBT              | CORP              | XX        |     250000 | PA      | $361542.60    | 0.38%             | 2031-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| LendingPoint Pass-Through Trust                   | LendingPoint Pass-Through Trust Series 2022-ST1               | CUSIP: 52607NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       3496 | PA      | $3491.93      | 0.00%             | 2028-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                    | GoTo Group Inc                                                | CUSIP: 38349YAB1<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |     106737 | PA      | $34818.68     | 0.04%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Glencore PLC                                      | Glencore PLC                                                  | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |     149403 | NS      | $686383.77    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Emera Inc                                         | Emera Inc                                                     | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |     200000 | PA      | $201226.00    | 0.21%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freedom Financial                                 | FREED ABS Trust 2022-3FP                                      | CUSIP: 35634EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     118308 | PA      | $118444.53    | 0.12%             | 2029-08-20      | Fixed         | 7.36%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 3140XMZX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     919506 | PA      | $810587.47    | 0.84%             | 2052-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                           | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     150000 | PA      | $150468.75    | 0.16%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  1 | On Loan: No      |
| Apple Inc                                         | Apple Inc                                                     | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |       3103 | NS      | $790116.89    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                           | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     690000 | PA      | $697978.13    | 0.72%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| UZBEKISTAN INTL BOND                              | Republic of Uzbekistan International Bond                     | CUSIP: 91824PAB3<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        | 4500000000 | PA      | $389857.36    | 0.40%             | 2027-05-29      | Fixed         | 16.63%                | No            |                  2 | On Loan: No      |
| Instar Leasing III, LLC                           | InStar Leasing III LLC                                        | CUSIP: 45783NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     287739 | PA      | $265393.80    | 0.28%             | 2054-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | Taiwan Semiconductor Manufacturing Co Ltd                     | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      54792 | NS      | $2346071.26   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2021-3                                 | CUSIP: 57108QAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      75668 | PA      | $75297.36     | 0.08%             | 2031-12-15      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| DEPOSITORY TRUST & CLEAR                          | Depository Trust & Clearing Corp/The                          | CUSIP: 249670AB6<br>LEI: MLDY5N6PZ58ZE60QU102 | Long             | DBT              | CORP              | US        |     250000 | PA      | $245550.00    | 0.25%             | 2026-06-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Builders FirstSource Inc                          | Builders FirstSource Inc                                      | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |       6219 | NS      | $754053.75    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| GCAT                                              | GCAT 2021-CM2 Trust                                           | CUSIP: 36167AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     133908 | PA      | $125282.70    | 0.13%             | 2066-08-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                  | MercadoLibre Inc                                              | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        445 | NS      | $1039938.30   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes            | NRM FHT1 Excess Owner LLC                                     | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     225307 | PA      | $227179.91    | 0.24%             | 2032-03-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                | Tricolor Auto Securitization Trust 2024-2                     | CUSIP: 89616PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      44707 | PA      | $43202.03     | 0.04%             | 2027-12-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Sunbit Asset Securitization Trust                 | Sunbit Asset Securitization Trust 2025-1                      | CUSIP: 86709SAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     225000 | PA      | $225965.75    | 0.23%             | 2030-07-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                      | Ecopetrol SA                                                  | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     125000 | PA      | $129230.00    | 0.13%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                            | Bank of New York Mellon Corp/The                              | CUSIP: 064058AF7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99301.00     | 0.10%             | 2026-09-20      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                   | Republic Finance Issuance Trust 2021-A                        | CUSIP: 76042UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      21974 | PA      | $21919.72     | 0.02%             | 2031-12-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Liberty Energy Inc                                | Liberty Energy Inc                                            | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      74495 | NS      | $919268.30    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                    | Merck & Co Inc                                                | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |       5273 | NS      | $442562.89    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Sustainable Energy Trust                    | Tesla Sustainable Energy Trust 2024-1                         | CUSIP: 88164AAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     217459 | PA      | $220264.36    | 0.23%             | 2050-06-21      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                               | JPMorgan Chase & Co                                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       2415 | NS      | $761763.45    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                    | Amazon.com Inc                                                | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      10937 | NS      | $2401437.09   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2021-RPL4 Trust                                          | CUSIP: 12662GAC2<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     120731 | PA      | $120404.20    | 0.12%             | 2060-12-27      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                           | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     800000 | PA      | $798000.00    | 0.83%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  1 | On Loan: No      |
| Crossroads Asset Trust                            | Crossroads Asset Trust 2025-A                                 | CUSIP: 22767VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     200000 | PA      | $201665.87    | 0.21%             | 2032-02-20      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Teleperformance SE                                | Teleperformance SE                                            | CUSIP: 000000000<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |       2904 | NS      | $215954.13    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| U.K. Gilts                                        | U.K. Gilts                                                    | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     140000 | PA      | $176299.64    | 0.18%             | 2028-10-22      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 3140QLRJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     489799 | PA      | $415861.69    | 0.43%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-17

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin