# EDGAR Filing Document

**Accession Number:** 0002038383
**File Stem:** 0001410368-26-007183
**Filing Date:** 2026-1
**Character Count:** 280424
**Document Hash:** d284eaebb9465ae4e5a040bebbf0e1fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-007183.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001410368-26-007183

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thornburg ETF Trust
- **CENTRAL INDEX KEY:** 0002038383

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24005
- **FILM NUMBER:** 26558935

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506
- **BUSINESS PHONE:** 617-235-4739

**MAIL ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506

## Series and Classes Contracts Data

### Thornburg Multi Sector Bond ETF (Series ID: S000089220)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000255735 | Thornburg Multi Sector Bond ETF | TMB             |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *November 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Asset Backed Securities — 12.6%** |  |  |
|  | &nbsp;&nbsp;**Auto Receivables — 4.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;ACM Auto Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 9.85% due 6/20/2030 | &nbsp;&nbsp;$106224 | &nbsp;&nbsp;$107351 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B, 11.40% due 1/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 42609 | &nbsp;&nbsp;&nbsp;&nbsp; 42872 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, Series 2023-1 Class C, 5.59% due 4/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7810 | &nbsp;&nbsp;&nbsp;&nbsp; 7812 |
|  | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-P3 Class A3, 4.61% due 11/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 99060 | &nbsp;&nbsp;&nbsp;&nbsp; 99147 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N3 Class B, 6.45% due 5/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 110704 | &nbsp;&nbsp;&nbsp;&nbsp; 111236 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, Series 2024-B Class B, 6.04% due 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 256481 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, Series 2023-2A Class C, 5.79% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 160104 | &nbsp;&nbsp;&nbsp;&nbsp; 160779 |
|  | &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6A Class C, 6.32% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 78830 | &nbsp;&nbsp;&nbsp;&nbsp; 79102 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C, 5.75% due 7/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 85187 | &nbsp;&nbsp;&nbsp;&nbsp; 85541 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2025-2A Class A2, 5.75% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200052 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;FHF Trust, Series 2023-1A Class A2, 6.57% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 305724 | &nbsp;&nbsp;&nbsp;&nbsp; 307187 |
|  | &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class C, 3.06% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 103206 | &nbsp;&nbsp;&nbsp;&nbsp; 102474 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B, 4.76% due 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55166 | &nbsp;&nbsp;&nbsp;&nbsp; 55146 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A2, 5.64% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55778 | &nbsp;&nbsp;&nbsp;&nbsp; 55834 |
|  | &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D, 3.97% due 1/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 97945 | &nbsp;&nbsp;&nbsp;&nbsp; 97716 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 6.15% due 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 97904 | &nbsp;&nbsp;&nbsp;&nbsp; 98649 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class D, 6.42% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201818 |
|  | &nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class A2, 7.09% due 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 114560 | &nbsp;&nbsp;&nbsp;&nbsp; 116115 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2, 6.19% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 141080 | &nbsp;&nbsp;&nbsp;&nbsp; 141933 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2023-1 Class C, 8.31% due 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 67386 | &nbsp;&nbsp;&nbsp;&nbsp; 67433 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, Series 2023-1A Class A, 5.41% due 11/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 246544 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust, Series 2025-6A Class A2, 4.705% due 8/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 204000 | &nbsp;&nbsp;&nbsp;&nbsp; 204036 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, Series 2025-1A Class A, 5.46% due 9/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 131765 | &nbsp;&nbsp;&nbsp;&nbsp; 132238 |
|  | &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 8.56% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 225240 | &nbsp;&nbsp;&nbsp;&nbsp; 204953 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.36% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 74512 | &nbsp;&nbsp;&nbsp;&nbsp; 72417 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2025-1 Class A, 5.31% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 122070 | &nbsp;&nbsp;&nbsp;&nbsp; 122265 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, Series 2022-2A Class D, 5.48% due 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 204921 | &nbsp;&nbsp;&nbsp;&nbsp; 205530 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3582661 |
|  | &nbsp;&nbsp;**Other Asset Backed — 6.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;ACHV ABS Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4CP Class E, 10.50% due 11/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 123590 | &nbsp;&nbsp;&nbsp;&nbsp; 125363 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3AL Class B, 5.45% due 12/26/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 221237 | &nbsp;&nbsp;&nbsp;&nbsp; 222066 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2023-X1 Class D, 9.55% due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 99928 | &nbsp;&nbsp;&nbsp;&nbsp; 99928 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;AMDR ABS Trust, Series 2025-1A Class A, 6.378% due 12/19/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199919 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2024-1A Class A2, 5.84% due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 34129 | &nbsp;&nbsp;&nbsp;&nbsp; 34231 |
|  | &nbsp;&nbsp;&nbsp;BHG Securitization Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B Class B, 4.84% due 6/18/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3826 | &nbsp;&nbsp;&nbsp;&nbsp; 3826 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A Class B, 6.35% due 4/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202364 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class D, 8.53% due 6/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202131 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 135434 | &nbsp;&nbsp;&nbsp;&nbsp; 112269 |
|  | &nbsp;&nbsp;&nbsp;HPEFS Equipment Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C, 6.48% due 1/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 341191 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C, 5.33% due 5/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 306578 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 261349 | &nbsp;&nbsp;&nbsp;&nbsp; 248255 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Lending Funding Trust, Series 2020-2A Class A, 2.32% due 4/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200440 | &nbsp;&nbsp;&nbsp;&nbsp; 196896 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 224156 | &nbsp;&nbsp;&nbsp;&nbsp; 185975 |
|  | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class D, 2.53% due 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 83969 | &nbsp;&nbsp;&nbsp;&nbsp; 83770 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class C, 7.20% due 4/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 122018 | &nbsp;&nbsp;&nbsp;&nbsp; 122382 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C, 7.06% due 9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 155364 | &nbsp;&nbsp;&nbsp;&nbsp; 156046 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;MMP Capital LLC, Series 2025-A Class A, 5.36% due 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 83200 | &nbsp;&nbsp;&nbsp;&nbsp; 83745 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A Class A, 4.01% due 6/22/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 202356 | &nbsp;&nbsp;&nbsp;&nbsp; 193097 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class B, 2.21% due 8/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 165553 | &nbsp;&nbsp;&nbsp;&nbsp; 135369 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *November 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NetCredit Combined Receivables A LLC, Series 2025-A Class A, 7.29% due 10/20/2031 | &nbsp;&nbsp;$61763 | &nbsp;&nbsp;$63032 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2025-B Class A2, 4.64% due 1/18/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250709 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2021-C Class A, 2.18% due 10/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 187071 | &nbsp;&nbsp;&nbsp;&nbsp; 183676 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-10 Class ABC, 5.631% due 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 208944 | &nbsp;&nbsp;&nbsp;&nbsp; 209779 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-3 Class A, 6.258% due 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150665 | &nbsp;&nbsp;&nbsp;&nbsp; 151200 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;RCKT Trust, Series 2025-1A Class A, 4.90% due 7/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 74079 | &nbsp;&nbsp;&nbsp;&nbsp; 74403 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Theorem Funding Trust, Series 2022-3A Class B, 8.95% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 233152 | &nbsp;&nbsp;&nbsp;&nbsp; 236587 |
|  | &nbsp;&nbsp;&nbsp;Upgrade Master Pass-Thru Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST4 Class A, 5.495% due 8/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 142809 | &nbsp;&nbsp;&nbsp;&nbsp; 143538 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST5 Class A, 4.794% due 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 214919 | &nbsp;&nbsp;&nbsp;&nbsp; 214913 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2023-2 Class B, 7.92% due 6/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 165328 | &nbsp;&nbsp;&nbsp;&nbsp; 166451 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4949689 |
|  | &nbsp;&nbsp;**Student Loan — 1.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Education Funding Trust, Series 2020-A Class A, 2.79% due 7/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 172074 | &nbsp;&nbsp;&nbsp;&nbsp; 168814 |
|  | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class A2A, 3.42% due 1/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 40119 | &nbsp;&nbsp;&nbsp;&nbsp; 39953 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-FA Class A2, 2.60% due 8/15/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 176073 | &nbsp;&nbsp;&nbsp;&nbsp; 170270 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GA Class A, 2.40% due 10/15/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 76354 | &nbsp;&nbsp;&nbsp;&nbsp; 74101 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-HA Class A, 1.31% due 1/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 32246 | &nbsp;&nbsp;&nbsp;&nbsp; 30680 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2021-A Class APT1, 1.36% due 4/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 336440 | &nbsp;&nbsp;&nbsp;&nbsp; 317854 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Series 2012-1 Class A3, 5.136% (SOFR30A + 1.06%) due 9/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 105655 | &nbsp;&nbsp;&nbsp;&nbsp; 104521 |
|  | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-B Class A2B, 4.823% (TSFR1M + 0.86%) due 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 115857 | &nbsp;&nbsp;&nbsp;&nbsp; 115744 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-PTB Class A2A, 1.60% due 9/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 118421 | &nbsp;&nbsp;&nbsp;&nbsp; 112025 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2020-C Class AFX, 1.95% due 2/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 95052 | &nbsp;&nbsp;&nbsp;&nbsp; 90181 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Series 2021-SL1 Class D, 5.774% (TSFR1M + 1.81%) due 11/20/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 280493 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1504636 |
|  | &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $10,033,332) |  | &nbsp;&nbsp;&nbsp;&nbsp;10036986 |
|  | **Corporate Bonds — 47.1%** |  |  |
|  | &nbsp;&nbsp;**Automobiles & Components — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobiles — 1.1%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;American Honda Finance Corp., 4.776% (SOFR + 0.62%) due 12/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp;&nbsp; 144232 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC, 5.00% due 10/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 303153 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Harley-Davidson Financial Services, Inc., 3.05% due 2/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49333 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.15% due 3/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153834 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.45% due 6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50332 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC, 4.45% due 9/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200586 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 901470 |
|  | &nbsp;&nbsp;**Banks — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 0.8%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 237000 | &nbsp;&nbsp;&nbsp;&nbsp; 232713 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 6.124% (SOFR + 1.23%) due 5/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 76584 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;U.S. Bancorp, 5.10% (SOFR + 1.25%) due 7/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 145509 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Wells Fargo & Co., Series BB, 3.90% (5-Yr. CMT + 3.45%) due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 149312 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 604118 |
|  | &nbsp;&nbsp;**Capital Goods — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 6/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 260021 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.75% due 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 209502 |
|  | &nbsp;&nbsp;&nbsp;**Machinery — 1.0%** |  |  |
| **<sup>a,e</sup>** | &nbsp;&nbsp;&nbsp;ATS Corp., 4.125% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 160210 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Esab Corp., 6.25% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 226664 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;John Deere Capital Corp., 4.772% (SOFR + 0.60%) due 6/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 71219 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;nVent Finance SARL, 2.75% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 114922 |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp., 6.05% due 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 213000 | &nbsp;&nbsp;&nbsp;&nbsp; 213460 |
|  | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;LKQ Corp., 6.25% due 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 233000 | &nbsp;&nbsp;&nbsp;&nbsp; 249179 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 8.50% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 154981 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *November 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1660158 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 1.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ACCO Brands Corp., 4.25% due 3/15/2029 | &nbsp;&nbsp;$75000 | &nbsp;&nbsp;$68017 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Clean Harbors, Inc., 5.125% due 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 262000 | &nbsp;&nbsp;&nbsp;&nbsp; 262524 |
|  | &nbsp;&nbsp;&nbsp;CoreCivic, Inc., 8.25% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 252588 |
| **<sup>a,e</sup>** | &nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 6.271% due 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 142000 | &nbsp;&nbsp;&nbsp;&nbsp; 143524 |
|  | &nbsp;&nbsp;&nbsp;GEO Group, Inc., 8.625% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 137195 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Rentokil Terminix Funding LLC, 5.00% due 4/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 418065 |
|  | &nbsp;&nbsp;&nbsp;UL Solutions, Inc., 6.50% due 10/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 68626 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;VT Topco, Inc., 8.50% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 91657 |
|  | &nbsp;&nbsp;&nbsp;**Professional Services — 0.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Gartner, Inc., 3.625% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 192288 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Korn Ferry, 4.625% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 215398 |
|  | &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc., 5.75% due 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53199 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1903081 |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Specialty Retail — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc., 4.35% due 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; 247737 |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co., 4.95% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 77172 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 324909 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Durables — 0.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 37309 |
|  | &nbsp;&nbsp;&nbsp;**Leisure Products — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Mattel, Inc., 5.00% due 11/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 79766 |
|  | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Champ Acquisition Corp., 8.375% due 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 191567 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Levi Strauss & Co. (EUR), 4.00% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 235447 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Under Armour, Inc., 7.25% due 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199242 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 743331 |
|  | &nbsp;&nbsp;**Consumer Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Service Corp. International, 5.75% due 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 219833 |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 115555 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 335388 |
|  | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.875% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 136357 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.25% due 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 119261 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 83719 |
|  | &nbsp;&nbsp;&nbsp;U.S. Foods, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.75% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 104480 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.75% due 4/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 114028 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 557845 |
|  | &nbsp;&nbsp;**Energy — 2.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 277000 | &nbsp;&nbsp;&nbsp;&nbsp; 282507 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 162000 | &nbsp;&nbsp;&nbsp;&nbsp; 169935 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Ecopetrol SA, 7.75% due 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 174315 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd., 8.50% due 9/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 133267 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Energy Transfer LP, Series H, 6.50% (5-Yr. CMT + 5.69%) due 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200578 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Global Partners LP/GLP Finance Corp., 7.125% due 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 131920 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC, 3.45% due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49360 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 105682 |
|  | &nbsp;&nbsp;&nbsp;MPLX LP, 4.95% due 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 107841 |
|  | &nbsp;&nbsp;&nbsp;NuStar Logistics LP, 6.00% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150372 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *November 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 5.95% due 1/28/2031 | &nbsp;&nbsp;$160000 | &nbsp;&nbsp;$154587 |
|  | &nbsp;&nbsp;&nbsp;Sunoco LP, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.875% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150114 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.00% due 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 111000 | &nbsp;&nbsp;&nbsp;&nbsp; 115539 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, 5.40% due 9/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 259000 | &nbsp;&nbsp;&nbsp;&nbsp; 266462 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2192479 |
|  | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.90% due 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 109000 | &nbsp;&nbsp;&nbsp;&nbsp; 111536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.80% due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52227 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;American Tower Trust #1, 3.652% due 3/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 78912 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle, Inc., 5.00% due 1/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 83237 |
|  | &nbsp;&nbsp;&nbsp;Extra Space Storage LP, 5.70% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 186000 | &nbsp;&nbsp;&nbsp;&nbsp; 192229 |
|  | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP, 4.25% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 159818 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 7.00% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 220966 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp., 4.70% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 83566 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SBA Tower Trust, 1.631% due 5/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 146201 |
|  | &nbsp;&nbsp;&nbsp;Vornado Realty LP, 2.15% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp;&nbsp; 76981 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1205673 |
|  | &nbsp;&nbsp;**Financial Services — 5.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp., 7.75% due 9/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 155073 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 6.10% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 207000 | &nbsp;&nbsp;&nbsp;&nbsp; 207619 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., 5.795% due 4/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 151000 | &nbsp;&nbsp;&nbsp;&nbsp; 158595 |
|  | &nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 3.375% due 1/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 214000 | &nbsp;&nbsp;&nbsp;&nbsp; 210518 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC, 8.25% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 146538 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 4.625% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 227000 | &nbsp;&nbsp;&nbsp;&nbsp; 227036 |
|  | &nbsp;&nbsp;&nbsp;Main Street Capital Corp., 6.50% due 6/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 276000 | &nbsp;&nbsp;&nbsp;&nbsp; 281967 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq, Inc., 5.55% due 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 163397 |
|  | &nbsp;&nbsp;&nbsp;**Consumer Finance — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;FirstCash, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.625% due 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 191085 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.875% due 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 75898 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 2.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Antares Holdings LP, 6.35% due 10/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 255495 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Bank of America Corp., 4.948% (SOFR + 2.04%) due 7/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50706 |
| **<sup>c,e</sup>** | &nbsp;&nbsp;&nbsp;Barclays plc, 4.476% (SOFR + 1.08%) due 11/11/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201176 |
|  | &nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.462% (SOFR + 0.77%) due 6/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49289 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.952% (SOFR + 1.46%) due 5/7/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61507 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.643% (SOFR + 1.14%) due 5/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 199000 | &nbsp;&nbsp;&nbsp;&nbsp; 200477 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series W, 4.00% (5-Yr. CMT + 3.60%) due 12/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 114811 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series X, 3.875% (5-Yr. CMT + 3.42%) due 2/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 79630 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.375% due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 209958 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.937% (SOFR + 1.32%) due 4/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 56628 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.976% (SOFR + 0.82%) due 9/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50089 |
| **<sup>c,e</sup>** | &nbsp;&nbsp;&nbsp;HSBC Holdings plc, 4.755% (SOFR + 2.11%) due 6/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 211737 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.88% (SOFR + 0.77%) due 9/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 71157 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., 5.852% due 7/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 224414 |
|  | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Lineage OP LP, 5.25% due 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 284329 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Prologis Targeted U.S. Logistics Fund LP, 5.25% due 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 182000 | &nbsp;&nbsp;&nbsp;&nbsp; 187966 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4127095 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 0.3%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 161898 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.35% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20061 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70318 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *November 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 0.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc., 5.25% due 4/15/2027 | &nbsp;&nbsp;$214000 | &nbsp;&nbsp;$214017 |
|  | &nbsp;&nbsp;&nbsp;Flowers Foods, Inc., 5.75% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 223000 | &nbsp;&nbsp;&nbsp;&nbsp; 225031 |
|  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 105332 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.375% due 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 61881 |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Altria Group, Inc., 2.45% due 2/4/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 192000 | &nbsp;&nbsp;&nbsp;&nbsp; 170024 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp., 4.625% due 3/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 193000 | &nbsp;&nbsp;&nbsp;&nbsp; 192425 |
| **<sup>a,e</sup>** | &nbsp;&nbsp;&nbsp;Imperial Brands Finance plc, 6.125% due 7/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 216123 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1437110 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 0.8%** |  |  |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;Baxter International, Inc., 4.90% due 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 119000 | &nbsp;&nbsp;&nbsp;&nbsp; 119724 |
|  | &nbsp;&nbsp;&nbsp;Hologic, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.25% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 121000 | &nbsp;&nbsp;&nbsp;&nbsp; 119801 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.625% due 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 139000 | &nbsp;&nbsp;&nbsp;&nbsp; 139015 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc., 6.25% due 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 170615 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;VSP Optical Group, Inc., 5.45% due 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 119000 | &nbsp;&nbsp;&nbsp;&nbsp; 120778 |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Centene Corp., 4.625% due 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 232296 |
|  | &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.75% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 142061 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.25% due 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 123730 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49343 |
|  | &nbsp;&nbsp;&nbsp;IQVIA, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.70% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 216642 |
|  | &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings, 4.55% due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 242000 | &nbsp;&nbsp;&nbsp;&nbsp; 242782 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.125% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 168889 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., 4.625% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 101654 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2147354 |
|  | &nbsp;&nbsp;**Household & Personal Products — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Products — 0.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 4.75% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 193000 | &nbsp;&nbsp;&nbsp;&nbsp; 190844 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc., 3.75% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 223000 | &nbsp;&nbsp;&nbsp;&nbsp; 207573 |
|  | &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.375% due 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 67339 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 94869 |
|  | &nbsp;&nbsp;&nbsp;**Personal Care Products — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co., 5.50% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 234929 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 795554 |
|  | &nbsp;&nbsp;**Insurance — 6.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 6.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;American National Global Funding, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 6/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 178000 | &nbsp;&nbsp;&nbsp;&nbsp; 181362 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.55% due 1/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 129000 | &nbsp;&nbsp;&nbsp;&nbsp; 133239 |
|  | &nbsp;&nbsp;&nbsp;Aon North America, Inc., 5.45% due 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 133000 | &nbsp;&nbsp;&nbsp;&nbsp; 139095 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding, 2.00% due 6/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 153594 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown, Inc., 5.65% due 6/11/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 207512 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc., 6.45% due 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 333995 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CNO Global Funding, 4.95% due 9/9/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50974 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Constellation Global Funding, 4.85% due 10/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199324 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Corebridge Global Funding, 5.75% due 7/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65646 |
| **<sup>a,e</sup>** | &nbsp;&nbsp;&nbsp;DaVinciRe Holdings Ltd., 5.95% due 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 259000 | &nbsp;&nbsp;&nbsp;&nbsp; 267112 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Enstar Group Ltd., 3.10% due 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 278000 | &nbsp;&nbsp;&nbsp;&nbsp; 250650 |
|  | &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.40% due 8/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47810 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 109000 | &nbsp;&nbsp;&nbsp;&nbsp; 111789 |
|  | &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc., 7.40% due 1/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 187000 | &nbsp;&nbsp;&nbsp;&nbsp; 196101 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd., 4.625% due 4/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 278000 | &nbsp;&nbsp;&nbsp;&nbsp; 279273 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc., 2.45% due 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 242000 | &nbsp;&nbsp;&nbsp;&nbsp; 216295 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *November 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;First American Financial Corp., 2.40% due 8/15/2031 | &nbsp;&nbsp;$244000 | &nbsp;&nbsp;$213869 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, 6.25% due 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 251000 | &nbsp;&nbsp;&nbsp;&nbsp; 261138 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, 4.50% due 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp; 154195 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp., 4.70% due 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 239268 |
|  | &nbsp;&nbsp;&nbsp;Lincoln National Corp., 5.35% due 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 199000 | &nbsp;&nbsp;&nbsp;&nbsp; 199738 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York Life Global Funding, 4.55% due 1/28/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49992 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Protective Life Corp., 4.70% due 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 119000 | &nbsp;&nbsp;&nbsp;&nbsp; 119576 |
|  | &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc., 6.00% due 9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 228000 | &nbsp;&nbsp;&nbsp;&nbsp; 244022 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, 5.243% due 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 51047 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd., 5.75% due 6/5/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 283684 |
|  | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 312000 | &nbsp;&nbsp;&nbsp;&nbsp; 279337 |
|  | &nbsp;&nbsp;&nbsp;Willis North America, Inc., 5.35% due 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 67524 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4997161 |
|  | &nbsp;&nbsp;**Materials — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 0.3%** |  |  |
| **<sup>a,e</sup>** | &nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., 5.25% due 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 165688 |
| **<sup>a,e</sup>** | &nbsp;&nbsp;&nbsp;Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 58273 |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 2.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.50% due 3/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 202254 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Amcor Group Finance plc, 5.45% due 5/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 115968 |
|  | &nbsp;&nbsp;&nbsp;AptarGroup, Inc., 4.75% due 3/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80770 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 163000 | &nbsp;&nbsp;&nbsp;&nbsp; 162668 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 106838 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.00% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 81413 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Crown Americas LLC, 5.875% due 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204826 |
|  | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.512% due 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 131000 | &nbsp;&nbsp;&nbsp;&nbsp; 129467 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.50% due 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 236000 | &nbsp;&nbsp;&nbsp;&nbsp; 225104 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Matthews International Corp., 8.625% due 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56816 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 136907 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.50% due 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp;&nbsp; 120089 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 174892 |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Novelis Corp., 3.875% due 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 146168 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2168141 |
|  | &nbsp;&nbsp;**Media & Entertainment — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 221105 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;News Corp., 3.875% due 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 157000 | &nbsp;&nbsp;&nbsp;&nbsp; 151558 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 5.00% due 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 191000 | &nbsp;&nbsp;&nbsp;&nbsp; 191325 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 563988 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Illumina, Inc., 4.65% due 9/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp; 156485 |
|  | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Viatris, Inc., 2.30% due 6/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 106206 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 262691 |
|  | &nbsp;&nbsp;**Real Estate Management & Development — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 0.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 131358 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 131358 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Micron Technology, Inc., 5.65% due 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 67362 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 253000 | &nbsp;&nbsp;&nbsp;&nbsp; 231682 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc., 1.80% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 109000 | &nbsp;&nbsp;&nbsp;&nbsp; 107540 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 406584 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *November 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;**Software & Services — 3.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 1.5%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc., 3.875% due 9/1/2028 | &nbsp;&nbsp;$273000 | &nbsp;&nbsp;$268659 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Genpact UK Finco plc / Genpact USA, Inc., 4.95% due 11/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 199000 | &nbsp;&nbsp;&nbsp;&nbsp; 200427 |
|  | &nbsp;&nbsp;&nbsp;Global Payments, Inc., 5.30% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 307000 | &nbsp;&nbsp;&nbsp;&nbsp; 314251 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc., 6.625% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 188000 | &nbsp;&nbsp;&nbsp;&nbsp; 192531 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 206000 | &nbsp;&nbsp;&nbsp;&nbsp; 204884 |
|  | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc., 7.00% due 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54411 |
|  | &nbsp;&nbsp;&nbsp;VeriSign, Inc., 5.25% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 207000 | &nbsp;&nbsp;&nbsp;&nbsp; 212827 |
|  | &nbsp;&nbsp;&nbsp;**Software — 1.4%** |  |  |
| **<sup>a,e</sup>** | &nbsp;&nbsp;&nbsp;Constellation Software, Inc., 5.158% due 2/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 101328 |
|  | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 147837 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 68114 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;MSCI, Inc., 4.00% due 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp;&nbsp; 227963 |
|  | &nbsp;&nbsp;&nbsp;Open Text Corp., |  |  |
| **<sup>a,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.875% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 166153 |
| **<sup>a,e</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.90% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51861 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp., |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.813% (SOFR + 0.76%) due 8/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 71133 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.25% due 2/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 61601 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.50% due 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 105042 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.50% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 119769 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2568791 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., 4.25% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 273658 |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Flex Ltd., 6.00% due 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 191114 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Molex Electronic Technologies LLC, 4.75% due 4/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 139000 | &nbsp;&nbsp;&nbsp;&nbsp; 140653 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc., 6.375% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 212000 | &nbsp;&nbsp;&nbsp;&nbsp; 219189 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., 6.50% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 213000 | &nbsp;&nbsp;&nbsp;&nbsp; 220027 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co., 4.15% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 192000 | &nbsp;&nbsp;&nbsp;&nbsp; 192038 |
|  | &nbsp;&nbsp;&nbsp;NetApp, Inc., 5.50% due 3/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 262000 | &nbsp;&nbsp;&nbsp;&nbsp; 274055 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1510734 |
|  | &nbsp;&nbsp;**Telecommunication Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 5.125% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 268000 | &nbsp;&nbsp;&nbsp;&nbsp; 277401 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 277401 |
|  | &nbsp;&nbsp;**Transportation — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ryder System, Inc., 5.65% due 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51686 |
|  | &nbsp;&nbsp;&nbsp;**Ground Transportation — 0.3%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;BNSF Funding Trust I, 6.613% (SOFR + 2.35%) due 12/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 240158 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 291844 |
|  | &nbsp;&nbsp;**Utilities — 6.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 6.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC, 5.95% due 3/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 78573 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp., 5.375% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 184000 | &nbsp;&nbsp;&nbsp;&nbsp; 189728 |
|  | &nbsp;&nbsp;&nbsp;Arizona Public Service Co., 5.70% due 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 262000 | &nbsp;&nbsp;&nbsp;&nbsp; 276745 |
|  | &nbsp;&nbsp;&nbsp;Black Hills Corp., 2.50% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 118000 | &nbsp;&nbsp;&nbsp;&nbsp; 109093 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Cleco Power LLC, 5.30% due 1/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 119000 | &nbsp;&nbsp;&nbsp;&nbsp; 120674 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.60% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20249 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 167000 | &nbsp;&nbsp;&nbsp;&nbsp; 172060 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.35% (5-Yr. CMT + 3.20%) due 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 217265 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50896 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *November 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.05% due 10/1/2035 | &nbsp;&nbsp;$74000 | &nbsp;&nbsp;$74285 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.20% due 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 131000 | &nbsp;&nbsp;&nbsp;&nbsp; 135499 |
| **<sup>a,e</sup>** | &nbsp;&nbsp;&nbsp;Electricite de France SA, 5.75% due 1/13/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp;&nbsp; 107298 |
| **<sup>c,e</sup>** | &nbsp;&nbsp;&nbsp;Emera, Inc., Series 16-A, 6.75% (SOFR + 5.44%) due 6/15/2076 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 176117 |
|  | &nbsp;&nbsp;&nbsp;Entergy Arkansas LLC, 5.45% due 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 187000 | &nbsp;&nbsp;&nbsp;&nbsp; 196561 |
|  | &nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc., 5.25% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 118000 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.55% due 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 72426 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.45% due 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 77827 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp., 5.125% due 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 186000 | &nbsp;&nbsp;&nbsp;&nbsp; 192493 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., 5.65% due 5/9/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 148000 | &nbsp;&nbsp;&nbsp;&nbsp; 155137 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Monongahela Power Co., 3.55% due 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 52604 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp., 4.647% due 10/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 208000 | &nbsp;&nbsp;&nbsp;&nbsp; 209693 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NorthWestern Corp., 5.073% due 3/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 186000 | &nbsp;&nbsp;&nbsp;&nbsp; 191468 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Ohio Edison Co., 4.95% due 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 109902 |
|  | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc., 5.25% due 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 279000 | &nbsp;&nbsp;&nbsp;&nbsp; 287415 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;PSEG Power LLC, 5.20% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 215628 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma, 5.45% due 1/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 288501 |
|  | &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co., 5.20% due 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 76146 |
|  | &nbsp;&nbsp;&nbsp;Puget Energy, Inc., 4.10% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 346000 | &nbsp;&nbsp;&nbsp;&nbsp; 338700 |
|  | &nbsp;&nbsp;&nbsp;Southern Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.25% due 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49761 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00% (5-Yr. CMT + 3.73%) due 1/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 153000 | &nbsp;&nbsp;&nbsp;&nbsp; 152486 |
|  | &nbsp;&nbsp;&nbsp;Union Electric Co., 2.95% due 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 69730 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy, Inc., 5.45% due 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 269000 | &nbsp;&nbsp;&nbsp;&nbsp; 279580 |
|  | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.7%** |  |  |
| **<sup>a,e</sup>** | &nbsp;&nbsp;&nbsp;APA Infrastructure Ltd., 5.125% due 9/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 72173 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co., 3.407% due 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 51852 |
|  | &nbsp;&nbsp;&nbsp;Piedmont Natural Gas Co., Inc., 5.40% due 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 134000 | &nbsp;&nbsp;&nbsp;&nbsp; 140212 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp., 5.15% due 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 179000 | &nbsp;&nbsp;&nbsp;&nbsp; 184621 |
|  | &nbsp;&nbsp;&nbsp;Southwest Gas Corp., 5.80% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 78244 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5389642 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $37,082,798) |  | &nbsp;&nbsp;&nbsp;&nbsp;37503900 |
|  | **Convertible Bonds — 0.2%** |  |  |
|  | &nbsp;&nbsp;**Financial Services — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 0.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Repay Holdings Corp., Zero Coupon due 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 147849 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 147849 |
|  | &nbsp;&nbsp;&nbsp;Total Convertible Bonds (Cost $148,357) |  | &nbsp;&nbsp;&nbsp;&nbsp; 147849 |
|  | **Other Government — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Australia Government Bonds (AUD), Series 166, 3.00% due 11/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 193158 |
|  | &nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional (BRL), Series F, 10.00% due 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 90465 |
|  | &nbsp;&nbsp;&nbsp;New Zealand Government Bonds (NZD), 3.50% due 4/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 129000 | &nbsp;&nbsp;&nbsp;&nbsp; 71469 |
|  | &nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 3.25% due 1/31/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 262000 | &nbsp;&nbsp;&nbsp;&nbsp; 326736 |
|  | &nbsp;&nbsp;&nbsp;Total Other Government (Cost $645,847) |  | &nbsp;&nbsp;&nbsp;&nbsp; 681828 |
|  | **U.S. Treasury Securities — 14.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 2/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 268200 | &nbsp;&nbsp;&nbsp;&nbsp; 149605 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 723597 | &nbsp;&nbsp;&nbsp;&nbsp; 730890 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 258855 | &nbsp;&nbsp;&nbsp;&nbsp; 260402 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 2/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 163090 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1968750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 147084 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 - 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2816000 | &nbsp;&nbsp;&nbsp;&nbsp; 2877146 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;3794000 | &nbsp;&nbsp;&nbsp;&nbsp; 3987257 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;1055000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072474 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.264%, 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 162593 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *November 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.39%, 5/15/2037 | &nbsp;&nbsp;$325000 | &nbsp;&nbsp;$197755 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Securities (Cost $11,382,731) |  | &nbsp;&nbsp;&nbsp;&nbsp;11717046 |
|  | **U.S. Government Agencies — 0.1%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;CoBank ACB, Series I, 6.25% (TSFR3M + 4.66%), 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 105293 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Government Agencies (Cost $105,457) |  | &nbsp;&nbsp;&nbsp;&nbsp; 105293 |
|  | **Mortgage Backed — 23.7%** |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-B Class A1, 1.698% due 5/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 504671 | &nbsp;&nbsp;&nbsp;&nbsp; 478519 |
|  | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5 Class M1, 2.97% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 205643 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1, 2.881% due 12/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 155995 | &nbsp;&nbsp;&nbsp;&nbsp; 149260 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1, 3.805% due 1/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 18748 | &nbsp;&nbsp;&nbsp;&nbsp; 18317 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;ATLX Trust, Whole Loan Securities Trust CMO, Series 2024-RPL2 Class A1, 3.85% due 4/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 313490 | &nbsp;&nbsp;&nbsp;&nbsp; 302547 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 5.757% due 1/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 154611 | &nbsp;&nbsp;&nbsp;&nbsp; 154222 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Bunker Hill Loan Depositary Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class M1, 3.269% due 11/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 271457 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;BX Trust, CMBS, Series 2025-LIFE Class A, 6.08% due 6/13/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103322 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 240972 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 369000 | &nbsp;&nbsp;&nbsp;&nbsp; 389148 |
|  | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 399677 | &nbsp;&nbsp;&nbsp;&nbsp; 398125 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM5 Class A1, 5.169% due 5/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 267331 | &nbsp;&nbsp;&nbsp;&nbsp; 266429 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class B3, 6.409% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 177094 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Pool 841733, 2.09% (2.19% - SOFR30A) due 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 81342 | &nbsp;&nbsp;&nbsp;&nbsp; 76975 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., CMO REMIC, Series 4204 Class AD, 1.50% due 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 124879 | &nbsp;&nbsp;&nbsp;&nbsp; 119504 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, Series KJ45 Class A2, 4.66% due 1/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 184715 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, Series 2024-1 Class MT, 3.00% due 11/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 90242 | &nbsp;&nbsp;&nbsp;&nbsp; 76584 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool RQ0014, 6.00% due 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 609200 | &nbsp;&nbsp;&nbsp;&nbsp; 623630 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD2278, 3.00% due 8/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 717130 | &nbsp;&nbsp;&nbsp;&nbsp; 639576 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD2601, 2.50% due 2/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 532649 | &nbsp;&nbsp;&nbsp;&nbsp; 455797 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8218, 2.00% due 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 146909 | &nbsp;&nbsp;&nbsp;&nbsp; 120254 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8255, 3.50% due 10/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 357610 | &nbsp;&nbsp;&nbsp;&nbsp; 331540 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Pool BM7605, 1.983% (2.28% - SOFR30A) due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 115535 | &nbsp;&nbsp;&nbsp;&nbsp; 109362 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BS3483, 2.26% due 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 114848 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., CMO REMIC, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-134 Class MX, 3.50% due 5/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 391877 | &nbsp;&nbsp;&nbsp;&nbsp; 388377 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-28 Class V, 3.50% due 2/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 143541 | &nbsp;&nbsp;&nbsp;&nbsp; 142875 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB4555, 4.50% due 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 134459 | &nbsp;&nbsp;&nbsp;&nbsp; 132248 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FA1110, 4.50% due 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 520602 | &nbsp;&nbsp;&nbsp;&nbsp; 512108 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS4713, 2.50% due 5/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 733237 | &nbsp;&nbsp;&nbsp;&nbsp; 627557 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS6122, 3.00% due 9/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 737287 | &nbsp;&nbsp;&nbsp;&nbsp; 656954 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS9660, 5.50% due 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp;1214795 | &nbsp;&nbsp;&nbsp;&nbsp; 1232867 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS9716, 2.00% due 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 351509 | &nbsp;&nbsp;&nbsp;&nbsp; 309405 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4698, 3.00% due 8/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 913053 | &nbsp;&nbsp;&nbsp;&nbsp; 813993 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA5611, 4.00% due 2/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 139506 | &nbsp;&nbsp;&nbsp;&nbsp; 132897 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA6283, 3.00% due 11/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 341752 | &nbsp;&nbsp;&nbsp;&nbsp; 309972 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA7706, 3.00% due 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 570939 | &nbsp;&nbsp;&nbsp;&nbsp; 515645 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA8098, 3.00% due 6/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;1176327 | &nbsp;&nbsp;&nbsp;&nbsp; 1062053 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., CMO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-83 Class AE, 3.50% due 11/20/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 298491 | &nbsp;&nbsp;&nbsp;&nbsp; 297280 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-27 Class ED, 1.00% due 2/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 224446 | &nbsp;&nbsp;&nbsp;&nbsp; 175648 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-139 Class DT, 5.00% due 3/20/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 253942 | &nbsp;&nbsp;&nbsp;&nbsp; 254673 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, Series 2019-PJ2 Class B4, 4.362% due 11/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 89821 | &nbsp;&nbsp;&nbsp;&nbsp; 84760 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, Series 2024-RPL2 Class A1, 3.75% due 7/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 374463 | &nbsp;&nbsp;&nbsp;&nbsp; 368271 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;HOMES Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 6.182% due 1/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 100143 | &nbsp;&nbsp;&nbsp;&nbsp; 99988 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 3.041% due 12/10/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 80249 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-NQM7 Class A1, 7.369% due 11/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 131990 | &nbsp;&nbsp;&nbsp;&nbsp; 131785 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, CMBS, Series 2025-BHR5 Class A, 5.652% (TSFR1M + 1.69%) due 3/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 24138 | &nbsp;&nbsp;&nbsp;&nbsp; 24125 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Legacy Mortgage Asset Trust, Whole Loan Securities Trust CMO, Series 2021-GS4 Class A1, 5.65% due 11/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 281491 | &nbsp;&nbsp;&nbsp;&nbsp; 287643 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *November 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039 | &nbsp;&nbsp;$225000 | &nbsp;&nbsp;$215727 |
|  | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV3 Class A1, 6.00% due 10/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 216787 | &nbsp;&nbsp;&nbsp;&nbsp; 216205 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL1 Class A1, 6.33% due 9/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 137933 | &nbsp;&nbsp;&nbsp;&nbsp; 138132 |
|  | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A Class A1, 4.00% due 2/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 177613 | &nbsp;&nbsp;&nbsp;&nbsp; 173786 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-NQM4 Class A1, 2.492% due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 217739 | &nbsp;&nbsp;&nbsp;&nbsp; 206403 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.243% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 89555 | &nbsp;&nbsp;&nbsp;&nbsp; 74172 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1 Class A1, 6.664% due 3/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 392175 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 286000 | &nbsp;&nbsp;&nbsp;&nbsp; 265623 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;PRET LLC, Whole Loan Securities Trust CMO, Series 2021-RN4 Class A1, 6.487% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 59582 | &nbsp;&nbsp;&nbsp;&nbsp; 59637 |
|  | &nbsp;&nbsp;&nbsp;PRKCM Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class A1, 1.51% due 8/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 148174 | &nbsp;&nbsp;&nbsp;&nbsp; 127606 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 153097 | &nbsp;&nbsp;&nbsp;&nbsp; 155208 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;PRPM LLC, Whole Loan Securities Trust CMO, Series 2025-1 Class A1, 5.993% due 4/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 96714 | &nbsp;&nbsp;&nbsp;&nbsp; 96727 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ROCK Trust, CMBS, Series 2024-CNTR Class A, 5.388% due 11/13/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103202 |
|  | &nbsp;&nbsp;&nbsp;Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A2D, 2.00% due 7/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 58755 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.224% (TSFR1M + 1.26%) due 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 79383 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.548% (TSFR1M + 2.59%) due 4/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 98772 | &nbsp;&nbsp;&nbsp;&nbsp; 99389 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 134704 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-SH2 Class B1, 5.00% due 6/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 249534 | &nbsp;&nbsp;&nbsp;&nbsp; 249042 |
|  | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6 Class A1, 2.75% due 10/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 127831 | &nbsp;&nbsp;&nbsp;&nbsp; 125799 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.25% due 3/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 65983 | &nbsp;&nbsp;&nbsp;&nbsp; 65342 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A2A, 3.10% due 1/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 91491 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1A, 1.636% due 4/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 196596 | &nbsp;&nbsp;&nbsp;&nbsp; 179424 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R1 Class A1, 4.00% due 11/27/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 93784 | &nbsp;&nbsp;&nbsp;&nbsp; 84246 |
|  | &nbsp;&nbsp;&nbsp;UWM Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class A15, 2.50% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 271584 | &nbsp;&nbsp;&nbsp;&nbsp; 219649 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV5 Class A14, 3.00% due 1/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 163297 | &nbsp;&nbsp;&nbsp;&nbsp; 141853 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Visio Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class M1, 3.26% due 11/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 155354 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;VOLT CII LLC, Whole Loan Securities Trust CMO, Series 2021-NP11 Class A1, 5.868% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 83536 | &nbsp;&nbsp;&nbsp;&nbsp; 83520 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, CMBS, Series 2017-C40 Class A2, 2.495% due 10/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 81309 | &nbsp;&nbsp;&nbsp;&nbsp; 78879 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2016-1 Class B3, 3.781% due 1/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 132395 | &nbsp;&nbsp;&nbsp;&nbsp; 128659 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $18,529,763) |  | &nbsp;&nbsp;&nbsp;&nbsp;18849305 |
|  | **Short-Term Investments — 0.3%** |  |  |
| **<sup>g</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;&nbsp;&nbsp; 24599 | &nbsp;&nbsp;&nbsp;&nbsp; 245995 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $245,995) |  | &nbsp;&nbsp;&nbsp;&nbsp; 245995 |
|  | **Total Investments — 99.5% (Cost $78,174,280)** |  | &nbsp;&nbsp;$79288202 |
|  | **Other Assets Less Liabilities — 0.5%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378410 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$79666612 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Outstanding Forward Currency Contracts To Buy Or Sell At November 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At November 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At November 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At November 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At November 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At November 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At November 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At November 30, 2025** |
| **Contract<br> Description** | **Contract<br> Party\*** | &nbsp;&nbsp;**Buy/Sell** | &nbsp;&nbsp;**Contract<br> Amount** | &nbsp;&nbsp;**Contract<br> Value Date** | &nbsp;&nbsp;**Value<br> USD** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| Euro | SSB | &nbsp;&nbsp;Sell | &nbsp;&nbsp;194200 | &nbsp;&nbsp;3/25/2026 | &nbsp;&nbsp;226552 | &nbsp;&nbsp;$4892 | &nbsp;&nbsp;$— |
| Net unrealized appreciation (depreciation) |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4892 |  |

---

\* Counterparty includes State Street Bank and Trust Company ("SSB"). <br>

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *November 30, 2025 (Unaudited)* |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Outstanding Centrally Cleared Credit Default Swap Agreements At November 30, 2025** | **Outstanding Centrally Cleared Credit Default Swap Agreements At November 30, 2025** | **Outstanding Centrally Cleared Credit Default Swap Agreements At November 30, 2025** | **Outstanding Centrally Cleared Credit Default Swap Agreements At November 30, 2025** | **Outstanding Centrally Cleared Credit Default Swap Agreements At November 30, 2025** | **Outstanding Centrally Cleared Credit Default Swap Agreements At November 30, 2025** | **Outstanding Centrally Cleared Credit Default Swap Agreements At November 30, 2025** |
| **Reference<br> Entity** | &nbsp;&nbsp;**Fixed<br> Rate<br> (Pay)/<br> Receive** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Expiration<br> Date** | **Notional<br> Amount** | &nbsp;&nbsp;**Upfront<br> Premiums<br> (Received)/<br> Paid** | &nbsp;&nbsp;**Value and<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Protection Sold Contracts** |  |  |  |  |  |  |
| CDX North America High Yield Index Series 45 ICE | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;12/20/2030 | $365000 | &nbsp;&nbsp;&nbsp;&nbsp;$26820 | &nbsp;&nbsp;$3909 |

---

\* Clearinghouse includes Intercontinental Exchange ("ICE").

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025, the aggregate value of these securities in the Fund's portfolio was $36,009,165, representing 45.20% of the Fund's net assets. |
| b | Bond in default. |
| c | 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 November 30, 2025. |
| d | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| e | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| f | When-issued security. |
| g | Investment in Affiliates. |

---

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

---

| | |
|:---|:---|
| ABS | Asset Backed Securities |
| ACB | Agricultural Credit Bank |
| AUD | Denominated in Australian Dollar |
| BRL | Denominated in Brazilian Real |
| CMBS | Commercial Mortgage-Backed Securities |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Rate |
| EUR | Denominated in Euro |
| GBP | Denominated in Pound Sterling |

---

---

| | |
|:---|:---|
| Mtg | Mortgage |
| NZD | Dominated in New Zealand Dollar |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| TSFR1M | Term SOFR 1 Month |
| TSFR3M | Term SOFR 3 Month |
| UMBS | Uniform Mortgage-Backed Securities |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *November 30, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg Multi Sector Bond ETF (the "Fund") is a series of Thornburg ETF Trust (the "Trust"). The Trust was organized as a Massachusetts Business Trust on September 9, 2024 and is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as an open-end management investment company. The Fund is non-diversified within the meaning of the 1940 Act. The shares of the Fund are bought and sold through exchange trading at market prices (not net asset value ("NAV")), and are not individually redeemable with the Fund. Shares may trade at a premium or discount to their NAV in the secondary market. The Fund is considered to be a separate entity for financial reporting and tax purposes and bears expenses directly attributable to it.

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

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

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

<u>Valuation of Securities:</u> Securities and other portfolio investments which are listed or traded on a United States securities exchange are generally valued at the last reported sale price on the valuation date or, if there has been no sale of the investment on that date, at the mean between the last reported bid and asked prices for the investment on that date. Portfolio investments reported by NASDAQ are valued at the official closing price on the valuation date. If an investment is traded on more than one exchange, the investment is considered traded on the exchange that is normally the primary market for that investment. For securities and other portfolio investments which are primarily listed or traded on an exchange outside the United States, the time for determining the investment's value in accordance with the first sentence of this paragraph will be the close of that investment's primary exchange preceding the Fund's valuation time.

In any case when a market quotation is not readily available for a portfolio investment ordinarily valued by market quotation, the Committee calculates a fair value for the investment using methodologies selected and approved by the Committee as described in the Valuation Policy and Procedures, subject to changes or additions by the Committee. For this purpose, a market quotation is considered to be readily available if it is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date. Pursuant to the Valuation Policy and Procedures, the Committee shall monitor for circumstances that may necessitate the use of fair valuation methodologies, including circumstances in which a market quotation for an investment is no longer reliable or is otherwise not readily available. For that purpose, a market quotation is not readily available when the primary market or exchange for the applicable investment is not open for the entire scheduled day of trading. A market quotation may also not be readily available if: (a) developments occurring after the most recent close of the applicable investment's primary exchange, but prior to the close of business on any business day; or (b) an unusual event or significant period of time occurring since the availability of the market quotation, create a serious question concerning the reliability of that market quotation. Additionally, a market quotation will be considered unreliable if it would require adjustment under GAAP, or where GAAP would require consideration of additional inputs in determining the value of the investment.

Investments in U.S. exchange-traded funds are valued at the exchange-traded price if they are listed.

------

NOTES TO SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Multi Sector Bond ETF** | *November 30, 2025 (Unaudited)* |

---

------

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.

Credit default swap agreements cleared on a clearinghouse or on an exchange which the swap is traded may be valued using the closing price provided by the clearinghouse or exchange on which the swap is traded.

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market Value<br> 8/31/25** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appr./(Depr.)** | &nbsp;&nbsp;**Market Value<br> 11/30/25** | &nbsp;&nbsp;**Dividend<br> Income** |
| Thornburg Capital Mgmt. Fund | $569032 | &nbsp;&nbsp;$5242766 | &nbsp;&nbsp;$(5565803) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$245995 | &nbsp;&nbsp;$4915 |

---

## 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 ETF Trust

- **b. Investment Company Act file number:** 811-24005

- **c. CIK number of Registrant:** 0002038383

- **d. LEI of Registrant:** 254900IY5G5O8L5LH268

- **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

  - **Telephone number:** 505-984-0200

**Item A.2. Information about the Series.**

- **a. Name of Series:** Thornburg Multi Sector Bond ETF

- **b. EDGAR series identifier (if any):** S000089220

- **c. LEI of Series:** 254900SERZKX0FH34T15

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $80025330.94

**Total Liabilities:** $358739.58

**Net Assets:** $79666591.36

**Delayed Delivery Securities:** $118792.94

**Cash Not Reported:** $10850.37

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -168.58000000 | **1-Year:** -2121.92000000 | **5-Year:** -6219.67000000 | **10-Year:** -3322.84000000 | **30-Year:** -236.73000000

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

- **3-Month:** -168.21000000 | **1-Year:** -1037.44000000 | **5-Year:** -1693.18000000 | **10-Year:** -563.22000000 | **30-Year:** -220.05000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255735 | 0.66%                | 0.52%                | 0.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-346.75                 | $214738.18                                 |
| Month 2  | $9901.07                 | $86738.53                                  |
| Month 3  | $3700.13                 | $186429.41                                 |

**Designated Index Information**

- **Index Name:** Bloomberg US Universal

- **Index Identifier:** LC07TRUU Index

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACCO BRANDS CORP                                 | ACCO Brands Corp                                                                                                   | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68016.75     | 0.09%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                                   | ACHV ABS TRUST 2023-4CP                                                                                            | CUSIP: 00092CAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    123590 | PA      | $125362.95    | 0.16%             | 2030-11-25      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                                   | ACHV ABS Trust 2024-3AL                                                                                            | CUSIP: 00092KAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    221237 | PA      | $222065.76    | 0.28%             | 2031-12-26      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING                          | Corebridge Global Funding                                                                                          | CUSIP: 00138CAU2<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65645.45     | 0.08%             | 2026-07-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                   | ACM Auto Trust 2023-2                                                                                              | CUSIP: 00161AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    106224 | PA      | $107351.20    | 0.13%             | 2030-06-20      | Fixed         | 9.85%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                   | ACM Auto Trust 2024-1                                                                                              | CUSIP: 00161CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42609 | PA      | $42871.97     | 0.05%             | 2031-01-21      | Fixed         | 11.40%                | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                           | APA Infrastructure Ltd                                                                                             | CUSIP: 00188LAA5<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |     71000 | PA      | $72172.92     | 0.09%             | 2034-09-16      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ATS CORP                                         | ATS Corp                                                                                                           | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |    165000 | PA      | $160210.05    | 0.20%             | 2028-12-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2023-X1                                                                          | CUSIP: 00834KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99928 | PA      | $99927.80     | 0.13%             | 2028-11-15      | Fixed         | 9.55%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                         | Ajax Mortgage Loan Trust 2020-B                                                                                    | CUSIP: 00969YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    504671 | PA      | $478518.46    | 0.60%             | 2059-05-25      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                           | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC                                              | CUSIP: 013092AB7<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |    136000 | PA      | $136356.32    | 0.17%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                           | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC                                              | CUSIP: 01309QAB4<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |    115000 | PA      | $119260.75    | 0.15%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE                           | Alliant Energy Finance LLC                                                                                         | CUSIP: 01882YAE6<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78573.00     | 0.10%             | 2029-03-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                 | Altria Group Inc                                                                                                   | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    192000 | PA      | $170023.68    | 0.21%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| AMDR ABS Trust                                   | AMDR ABS TRUST 2025-1                                                                                              | CUSIP: 02342WAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $199919.20    | 0.25%             | 2033-12-19      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM                         | Amcor Flexibles North America Inc                                                                                  | CUSIP: 02344AAH1<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |    195000 | PA      | $202254.00    | 0.25%             | 2035-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMCOR GROUP FINANCE                              | Amcor Group Finance PLC                                                                                            | CUSIP: 02344BAA4<br>LEI: 2549008XHB8M1L64J275 | Long             | DBT              | CORP              | GB        |    112000 | PA      | $115968.16    | 0.15%             | 2029-05-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP                                      | Ameren Corp                                                                                                        | CUSIP: 023608AR3<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |    184000 | PA      | $189727.92    | 0.24%             | 2035-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust     | American Credit Acceptance Receivables Trust 2023-1                                                                | CUSIP: 02530UAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7810 | PA      | $7812.34      | 0.01%             | 2029-04-12      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                           | American Honda Finance Corp                                                                                        | CUSIP: 02665WGA3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    144000 | PA      | $144231.84    | 0.18%             | 2026-12-11      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GF                             | American National Global Funding                                                                                   | CUSIP: 02771D2A1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    129000 | PA      | $133238.94    | 0.17%             | 2030-01-28      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GF                             | American National Global Funding                                                                                   | CUSIP: 02771D2B9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    178000 | PA      | $181362.42    | 0.23%             | 2030-06-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER TRUST I                           | American Tower Trust #1                                                                                            | CUSIP: 03027WAK8<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | DBT              |  | US        |     80000 | PA      | $78912.14     | 0.10%             | 2028-03-23      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                              | American Tower Corp                                                                                                | CUSIP: 03027XCE8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     50000 | PA      | $52226.50     | 0.07%             | 2028-11-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                              | American Tower Corp                                                                                                | CUSIP: 03027XCN8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    109000 | PA      | $111536.43    | 0.14%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                         | Angel Oak Mortgage Trust 2022-1                                                                                    | CUSIP: 03464BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    155995 | PA      | $149260.17    | 0.19%             | 2066-12-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                         | Angel Oak Mortgage Trust 2020-5                                                                                    | CUSIP: 03464WAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220000 | PA      | $205643.25    | 0.26%             | 2065-05-25      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                 | Antares Holdings LP                                                                                                | CUSIP: 03666HAH4<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255495.00    | 0.32%             | 2029-10-23      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                            | Aon North America Inc                                                                                              | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    133000 | PA      | $139095.39    | 0.17%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| APTARGROUP INC                                   | AptarGroup Inc                                                                                                     | CUSIP: 038336AB9<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80770.40     | 0.10%             | 2031-03-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE                           | Arizona Public Service Co                                                                                          | CUSIP: 040555DH4<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |    262000 | PA      | $276745.36    | 0.35%             | 2034-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                            | Arroyo Mortgage Trust 2019-1                                                                                       | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18748 | PA      | $18317.16     | 0.02%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| ATLX Trust                                       | ATLX 2024-RPL2 Trust                                                                                               | CUSIP: 049919AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    313490 | PA      | $302546.55    | 0.38%             | 2063-04-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                        | Auxilior Term Funding 2024-1 LLC                                                                                   | CUSIP: 05335FAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     34128 | PA      | $34230.69     | 0.04%             | 2027-03-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                 | BAT Capital Corp                                                                                                   | CUSIP: 054989AF5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    193000 | PA      | $192424.86    | 0.24%             | 2033-03-22      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust    | BHG Securitization Trust 2022-B                                                                                    | CUSIP: 05553DAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3826 | PA      | $3825.59      | 0.00%             | 2035-06-18      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| BNSF FUNDING TRUST I                             | BNSF Funding Trust I                                                                                               | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $240158.40    | 0.30%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                             | BWX Technologies Inc                                                                                               | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |    265000 | PA      | $260020.65    | 0.33%             | 2028-06-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BX Trust                                         | BX Trust 2025-LIFE                                                                                                 | CUSIP: 05616HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $103321.75    | 0.13%             | 2047-06-13      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                        | Ball Corp                                                                                                          | CUSIP: 058498AV8<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    163000 | PA      | $162667.48    | 0.20%             | 2026-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                        | Ball Corp                                                                                                          | CUSIP: 058498AZ9<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     79000 | PA      | $81412.66     | 0.10%             | 2029-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                        | Ball Corp                                                                                                          | CUSIP: 058498BA3<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    105000 | PA      | $106837.50    | 0.13%             | 2033-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                                                               | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50706.00     | 0.06%             | 2028-07-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                           | Bank of New York Mellon Corp/The                                                                                   | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    237000 | PA      | $232712.67    | 0.29%             | 2026-12-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                     | Barclays PLC                                                                                                       | CUSIP: 06738EDD4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201176.00    | 0.25%             | 2029-11-11      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC                         | Baxter International Inc                                                                                           | CUSIP: 071813DD8<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |    119000 | PA      | $119724.71    | 0.15%             | 2030-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust    | BHG Securitization Trust 2023-A                                                                                    | CUSIP: 08860FAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $202364.58    | 0.25%             | 2036-04-17      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                                 | Black Hills Corp                                                                                                   | CUSIP: 092113AT6<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |    118000 | PA      | $109093.36    | 0.14%             | 2030-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                         | Blue Owl Technology Finance Corp                                                                                   | CUSIP: 095924AA4<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |    207000 | PA      | $207618.93    | 0.26%             | 2028-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                          | Booz Allen Hamilton Inc                                                                                            | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    273000 | PA      | $268659.30    | 0.34%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                  | BRAVO Residential Funding Trust 2023-NQM1                                                                          | CUSIP: 10568MAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    154611 | PA      | $154221.73    | 0.19%             | 2063-01-25      | Variable      | 5.76%                 | No            |                  2 | On Loan: No      |
| BRIGHTHSE FIN GLBL FUND                          | Brighthouse Financial Global Funding                                                                               | CUSIP: 10921U2E7<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |    164000 | PA      | $153594.20    | 0.19%             | 2028-06-28      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD ASSET MANAGEM                         | Brookfield Asset Management Ltd                                                                                    | CUSIP: 113004AA3<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |    151000 | PA      | $158595.30    | 0.20%             | 2035-04-24      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                            | Brooklyn Union Gas Co/The                                                                                          | CUSIP: 114259AN4<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |     52000 | PA      | $51852.32     | 0.07%             | 2026-03-10      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                | Brown & Brown Inc                                                                                                  | CUSIP: 115236AG6<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207512.00    | 0.26%             | 2034-06-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Bunker Hill Loan Depositary Trust                | Bunker Hill Loan Depositary Trust 2019-3                                                                           | CUSIP: 12062BAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $271456.99    | 0.34%             | 2059-11-25      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                                                                       | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $221104.80    | 0.28%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                              | CDW LLC / CDW Finance Corp                                                                                         | CUSIP: 12513GBD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $273658.00    | 0.34%             | 2028-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CD&R SMOKEY / RADIO SYS                          | CD&R Smokey Buyer Inc / Radio Systems Corp                                                                         | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $37309.25     | 0.05%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CNO FINANCIAL GROUP INC                          | CNO Financial Group Inc                                                                                            | CUSIP: 12621EAM5<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | DBT              | CORP              | US        |    315000 | PA      | $333994.50    | 0.42%             | 2034-06-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                   | CPS Auto Receivables Trust 2024-B                                                                                  | CUSIP: 12627SAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    255000 | PA      | $256480.47    | 0.32%             | 2028-10-16      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                              | COMM 2024-277P Mortgage Trust                                                                                      | CUSIP: 12654FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    369000 | PA      | $389148.31    | 0.49%             | 2044-08-10      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| CPT MORTGAGE TRUST                               | Century Plaza Towers 2019-CPT                                                                                      | CUSIP: 12654YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $240971.57    | 0.30%             | 2039-11-13      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                     | CSMC 2022-NQM5 Trust                                                                                               | CUSIP: 12663DAC8<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    267331 | PA      | $266429.37    | 0.33%             | 2067-05-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                     | CSMC 2022-ATH2                                                                                                     | CUSIP: 12665WAC4<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    399677 | PA      | $398124.56    | 0.50%             | 2067-05-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                   | Carvana Auto Receivables Trust 2022-P3                                                                             | CUSIP: 14686MAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99061 | PA      | $99147.10     | 0.12%             | 2027-11-10      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                   | Carvana Auto Receivables Trust 2023-N3                                                                             | CUSIP: 14686RAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110705 | PA      | $111235.91    | 0.14%             | 2028-05-10      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                     | Centene Corp                                                                                                       | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    240000 | PA      | $232296.00    | 0.29%             | 2029-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CHAMP ACQUISITION CORP                           | Champ Acquisition Corp                                                                                             | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $191566.80    | 0.24%             | 2031-12-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                         | Charles River Laboratories International Inc                                                                       | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123730.00    | 0.16%             | 2028-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                         | Charles River Laboratories International Inc                                                                       | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    147000 | PA      | $142060.80    | 0.18%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                                                      | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    115000 | PA      | $114811.40    | 0.14%             | 2025-12-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                                                      | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79629.60     | 0.10%             | 2026-02-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                                                      | CUSIP: 172967NA5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49289.50     | 0.06%             | 2027-06-09      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                                                      | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    199000 | PA      | $200476.58    | 0.25%             | 2028-05-07      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                                                                      | CUSIP: 172967QA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61506.60     | 0.08%             | 2031-05-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                | Clean Harbors Inc                                                                                                  | CUSIP: 184496AP2<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    262000 | PA      | $262524.00    | 0.33%             | 2029-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CLECO POWER LLC                                  | Cleco Power LLC                                                                                                    | CUSIP: 185508AJ7<br>LEI: TM1ZH54SJKLNHFCBFK92 | Long             | DBT              | CORP              | US        |    119000 | PA      | $120674.33    | 0.15%             | 2036-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                               | CNO Global Funding                                                                                                 | CUSIP: 18977W2F6<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50974.00     | 0.06%             | 2029-09-09      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| COBANK ACB                                       | CoBank ACB                                                                                                         | CUSIP: 19075QAC6<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGA              | US        |    105000 | PA      | $105292.95    | 0.13%             | 2026-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                           | Cogent Communications Group LLC / Cogent Finance Inc                                                               | CUSIP: 19240CAE3<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54410.95     | 0.07%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                         | Columbia Pipelines Holding Co LLC                                                                                  | CUSIP: 19828AAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    277000 | PA      | $282506.76    | 0.35%             | 2031-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION SOFTWARE                           | Constellation Software Inc/Canada                                                                                  | CUSIP: 21037XAC4<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | CORP              | CA        |     99000 | PA      | $101328.48    | 0.13%             | 2029-02-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION GLO FNDG                           | Constellation Global Funding                                                                                       | CUSIP: 21038N2A8<br>LEI: 254900OP9HLIALC2HZ12 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199324.00    | 0.25%             | 2030-10-22      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                    | CoreCivic Inc                                                                                                      | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    240000 | PA      | $252588.00    | 0.32%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CROWN AMERICAS LLC                               | Crown Americas LLC                                                                                                 | CUSIP: 228180AC9<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204826.00    | 0.26%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                 | Crown Castle Inc                                                                                                   | CUSIP: 22822VBA8<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     82000 | PA      | $83236.56     | 0.10%             | 2028-01-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                           | Cushman & Wakefield US Borrower LLC                                                                                | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131358.50    | 0.16%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                    | DTE Energy Co                                                                                                      | CUSIP: 233331BJ5<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50896.00     | 0.06%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                    | DTE Energy Co                                                                                                      | CUSIP: 233331BN6<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    131000 | PA      | $135498.54    | 0.17%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                    | DTE Energy Co                                                                                                      | CUSIP: 233331BP1<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     74000 | PA      | $74284.90     | 0.09%             | 2035-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                              | DT Auto Owner Trust 2023-2                                                                                         | CUSIP: 23346CAE8<br>LEI: 549300XVMF0FUK76JG97 | Long             | ABS-O            | CORP              | US        |    160104 | PA      | $160779.11    | 0.20%             | 2029-02-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| DailyPay Securitization Trust                    | DailyPay Securitization Trust 2025-1                                                                               | CUSIP: 233824AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $202130.82    | 0.25%             | 2028-06-26      | Fixed         | 8.53%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                           | Daimler Truck Finance North America LLC                                                                            | CUSIP: 233853BJ8<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    300000 | PA      | $303153.00    | 0.38%             | 2032-10-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                          | Darling Ingredients Inc                                                                                            | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |    214000 | PA      | $214017.12    | 0.27%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DAVINCIRE HOLDINGS LTD                           | DaVinciRe Holdings Ltd                                                                                             | CUSIP: 23879AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    259000 | PA      | $267111.88    | 0.34%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust             | Deephaven Residential Mortgage Trust 2020-2                                                                        | CUSIP: 24380NAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    175000 | PA      | $177094.26    | 0.22%             | 2065-05-25      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                          | John Deere Capital Corp                                                                                            | CUSIP: 24422EXS3<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     71000 | PA      | $71218.68     | 0.09%             | 2027-06-11      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                           | Delek Logistics Partners LP / Delek Logistics Finance Corp                                                         | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    162000 | PA      | $169934.76    | 0.21%             | 2029-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                              | Dominion Energy Inc                                                                                                | CUSIP: 25746UDM8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    220000 | PA      | $217265.40    | 0.27%             | 2027-01-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                              | Dominion Energy Inc                                                                                                | CUSIP: 25746UDW6<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    167000 | PA      | $172060.10    | 0.22%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                              | Dominion Energy Inc                                                                                                | CUSIP: 25746UDY2<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20248.60     | 0.03%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED USD / SOLD EUR                                                                                           | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $4892.02      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                     | Ecopetrol SA                                                                                                       | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    170000 | PA      | $174314.60    | 0.22%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE                           | Edgewell Personal Care Co                                                                                          | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    235000 | PA      | $234929.50    | 0.29%             | 2028-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Education Funding Trust                          | Education Funding Trust Trust                                                                                      | CUSIP: 28141PAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    172074 | PA      | $168814.06    | 0.21%             | 2041-07-25      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                         | Electricite de France SA                                                                                           | CUSIP: 28504DAF0<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    102000 | PA      | $107297.88    | 0.13%             | 2035-01-13      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                         | Element Fleet Management Corp                                                                                      | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    142000 | PA      | $143523.66    | 0.18%             | 2026-06-26      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| EMERA INC                                        | Emera Inc                                                                                                          | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |    175000 | PA      | $176116.50    | 0.22%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                           | Energizer Holdings Inc                                                                                             | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    193000 | PA      | $190844.19    | 0.24%             | 2028-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                                                                 | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200578.00    | 0.25%             | 2026-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                                 | Enstar Group Ltd                                                                                                   | CUSIP: 29359UAC3<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |    278000 | PA      | $250650.36    | 0.31%             | 2031-09-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| ENTERGY ARKANSAS LLC                             | Entergy Arkansas LLC                                                                                               | CUSIP: 29366MAF5<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |    187000 | PA      | $196561.31    | 0.25%             | 2034-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                         | Equitable Financial Life Global Funding                                                                            | CUSIP: 29449WAB3<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47810.00     | 0.06%             | 2027-08-27      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                         | Equitable Financial Life Global Funding                                                                            | CUSIP: 29449WAT4<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |    109000 | PA      | $111789.31    | 0.14%             | 2030-03-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                                        | Esab Corp                                                                                                          | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |    220000 | PA      | $226663.80    | 0.28%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL                            | Evergy Kansas Central Inc                                                                                          | CUSIP: 30036FAD3<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |    115000 | PA      | $118000.35    | 0.15%             | 2035-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                | Eversource Energy                                                                                                  | CUSIP: 30040WAL2<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     80000 | PA      | $72425.60     | 0.09%             | 2031-03-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                | Eversource Energy                                                                                                  | CUSIP: 30040WAT5<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     76000 | PA      | $77827.04     | 0.10%             | 2028-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                      | Exelon Corp                                                                                                        | CUSIP: 30161NBR1<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    186000 | PA      | $192493.26    | 0.24%             | 2031-03-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust              | Exeter Automobile Receivables Trust 2022-6                                                                         | CUSIP: 30168AAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     78830 | PA      | $79101.57     | 0.10%             | 2028-05-15      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust              | Exeter Automobile Receivables Trust 2023-2                                                                         | CUSIP: 30168CAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     85187 | PA      | $85541.46     | 0.11%             | 2028-07-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                         | F&G Annuities & Life Inc                                                                                           | CUSIP: 30190AAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    187000 | PA      | $196101.29    | 0.25%             | 2028-01-13      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                           | Extra Space Storage LP                                                                                             | CUSIP: 30225VAJ6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |    186000 | PA      | $192229.14    | 0.24%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                                       | EZCORP Inc                                                                                                         | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    200000 | PA      | $209958.00    | 0.26%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                  | Fair Isaac Corp                                                                                                    | CUSIP: 303250AE4<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     68000 | PA      | $68113.56     | 0.09%             | 2026-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                  | Fair Isaac Corp                                                                                                    | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147837.00    | 0.19%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                         | FHF Trust 2023-1                                                                                                   | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    305724 | PA      | $307186.61    | 0.39%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                         | FHF Issuer Trust 2025-2                                                                                            | CUSIP: 30343DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $200051.90    | 0.25%             | 2030-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                           | Fairfax Financial Holdings Ltd                                                                                     | CUSIP: 303901BF8<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    278000 | PA      | $279273.24    | 0.35%             | 2030-04-29      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Non Gold Pool                                                                                          | CUSIP: 31288Q4S6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     81342 | PA      | $76974.55     | 0.10%             | 2052-06-01      | Floating      | 2.09%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                   | CUSIP: 3132DP3J5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    532649 | PA      | $455796.71    | 0.57%             | 2053-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                   | CUSIP: 3132DPQ76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    717130 | PA      | $639575.72    | 0.80%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                   | CUSIP: 3132DWDX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    146909 | PA      | $120254.39    | 0.15%             | 2052-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                   | CUSIP: 3132DWE41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    357610 | PA      | $331539.91    | 0.42%             | 2052-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                  | CUSIP: 3136AATT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    391877 | PA      | $388377.40    | 0.49%             | 2042-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                  | CUSIP: 3136B9RS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    143541 | PA      | $142874.98    | 0.18%             | 2048-02-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                                 | CUSIP: 3137B1WB4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    124879 | PA      | $119504.08    | 0.15%             | 2042-08-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                       | CUSIP: 3137HA4L7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    180000 | PA      | $184715.36    | 0.23%             | 2031-01-25      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                    | CUSIP: 3140JCNX8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    115536 | PA      | $109362.39    | 0.14%             | 2052-07-01      | Floating      | 1.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                    | CUSIP: 3140LD2R9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    160000 | PA      | $114847.96    | 0.14%             | 2041-10-01      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                    | CUSIP: 3140QQBZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    134459 | PA      | $132248.42    | 0.17%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                    | CUSIP: 3140W1GU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    520602 | PA      | $512108.30    | 0.64%             | 2054-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                    | CUSIP: 3140XLGX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    733237 | PA      | $627557.19    | 0.79%             | 2053-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                    | CUSIP: 3140XMYU4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    737288 | PA      | $656953.52    | 0.82%             | 2053-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                    | CUSIP: 3140XRWW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1214795 | PA      | $1232867.05   | 1.55%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                    | CUSIP: 3140XRYN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    351509 | PA      | $309405.10    | 0.39%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                    | CUSIP: 31418EGG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    913053 | PA      | $813992.70    | 1.02%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                    | CUSIP: 31418FGV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    139506 | PA      | $132897.33    | 0.17%             | 2055-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                   | CUSIP: 3142J6AQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    609200 | PA      | $623629.98    | 0.78%             | 2055-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FERGUSON ENTERPRISES INC                         | Ferguson Enterprises Inc                                                                                           | CUSIP: 31488VAB3<br>LEI: 2138003JYQMRP3SLX189 | Long             | DBT              | CORP              | US        |    248000 | PA      | $247737.12    | 0.31%             | 2031-03-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL FINANCIAL                          | Fidelity National Financial Inc                                                                                    | CUSIP: 31620RAK1<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |    242000 | PA      | $216294.76    | 0.27%             | 2031-03-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| FIRST AMERICAN FINANCIAL                         | First American Financial Corp                                                                                      | CUSIP: 31847RAH5<br>LEI: 549300B6VEZK3N0A1P55 | Long             | DBT              | CORP              | US        |    244000 | PA      | $213868.44    | 0.27%             | 2031-08-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                    | FirstCash Inc                                                                                                      | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    190000 | PA      | $191084.90    | 0.24%             | 2030-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                    | FirstCash Inc                                                                                                      | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     73000 | PA      | $75898.10     | 0.10%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                       | Flagship Credit Auto Trust 2024-1                                                                                  | CUSIP: 33843VAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     55778 | PA      | $55834.35     | 0.07%             | 2028-03-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                       | Flagship Credit Auto Trust 2022-2                                                                                  | CUSIP: 33844XAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     55166 | PA      | $55145.79     | 0.07%             | 2027-05-17      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                       | Flagship Credit Auto Trust 2022-1                                                                                  | CUSIP: 33845VAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    103206 | PA      | $102474.39    | 0.13%             | 2028-03-15      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                                         | Flex Ltd                                                                                                           | CUSIP: 33938XAE5<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |    185000 | PA      | $191114.25    | 0.24%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FLOWERS FOODS INC                                | Flowers Foods Inc                                                                                                  | CUSIP: 343498AD3<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |    223000 | PA      | $225031.53    | 0.28%             | 2035-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FORTITUDE GROUP HOLDINGS                         | Fortitude Group Holdings LLC                                                                                       | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |    251000 | PA      | $261137.89    | 0.33%             | 2030-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                               | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2024-1                                                      | CUSIP: 35563PR43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     90243 | PA      | $76583.80     | 0.10%             | 2063-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SLST                               | Seasoned Loans Structured Transaction Trust Series 2020-1                                                          | CUSIP: 35564CEZ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     65000 | PA      | $58755.18     | 0.07%             | 2030-07-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                          | GA Global Funding Trust                                                                                            | CUSIP: 36143L2V6<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    156000 | PA      | $154195.08    | 0.19%             | 2030-09-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                | GEO Group Inc/The                                                                                                  | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    130000 | PA      | $137195.50    | 0.17%             | 2029-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                                 | CUSIP: 36179U6U1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    341752 | PA      | $309971.93    | 0.39%             | 2049-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                                 | CUSIP: 36179W7K8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1176327 | PA      | $1062053.02   | 1.33%             | 2052-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                                 | CUSIP: 36179WR34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    570939 | PA      | $515644.80    | 0.65%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust              | GS Mortgage-Backed Securities Corp Trust 2019-PJ2                                                                  | CUSIP: 36257LAT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89821 | PA      | $84759.60     | 0.11%             | 2049-11-25      | Variable      | 4.36%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                       | GLS Auto Receivables Issuer Trust 2022-1                                                                           | CUSIP: 36263XAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     97945 | PA      | $97716.05     | 0.12%             | 2028-01-18      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                       | GLS Auto Receivables Issuer Trust 2022-2                                                                           | CUSIP: 36265NAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     97904 | PA      | $98649.08     | 0.12%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust              | GS Mortgage-Backed Securities Trust 2024-RPL2                                                                      | CUSIP: 36269MAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    374463 | PA      | $368271.38    | 0.46%             | 2061-07-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                      | Gartner Inc                                                                                                        | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192288.00    | 0.24%             | 2029-06-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| GENUINE PARTS CO                                 | Genuine Parts Co                                                                                                   | CUSIP: 372460AF2<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |     76000 | PA      | $77171.92     | 0.10%             | 2029-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GENPACT UK/USA INC                               | Genpact UK Finco plc / Genpact USA Inc                                                                             | CUSIP: 37256EAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    199000 | PA      | $200426.83    | 0.25%             | 2030-11-18      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                              | Global Payments Inc                                                                                                | CUSIP: 37940XAN2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    307000 | PA      | $314251.34    | 0.39%             | 2029-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                          | Global Partners LP / GLP Finance Corp                                                                              | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $131920.10    | 0.17%             | 2033-07-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                       | GLS Auto Receivables Issuer Trust 2022-3                                                                           | CUSIP: 38014QAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $201817.98    | 0.25%             | 2028-06-15      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                                                        | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     56000 | PA      | $56627.76     | 0.07%             | 2028-04-23      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                                                        | CUSIP: 38141GYH1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50089.50     | 0.06%             | 2027-09-10      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                                  | Goodgreen 2021-1 Trust                                                                                             | CUSIP: 38217UAA0<br>LEI: 549300X0P2BXCQULUH20 | Long             | ABS-O            | CORP              | US        |    135434 | PA      | $112268.90    | 0.14%             | 2056-10-15      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                           | CUSIP: 38380XAV9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    298491 | PA      | $297280.02    | 0.37%             | 2044-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                           | CUSIP: 38381QG96<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    253942 | PA      | $254673.05    | 0.32%             | 2065-03-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                           | CUSIP: 38382NKQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    224446 | PA      | $175647.94    | 0.22%             | 2051-02-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                         | Graphic Packaging International LLC                                                                                | CUSIP: 38869AAC1<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    236000 | PA      | $225103.88    | 0.28%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                         | Graphic Packaging International LLC                                                                                | CUSIP: 38869PAP9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    131000 | PA      | $129467.30    | 0.16%             | 2026-04-15      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| GRAY OAK PIPELINE LLC                            | Gray Oak Pipeline LLC                                                                                              | CUSIP: 38937LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49360.00     | 0.06%             | 2027-10-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                            | HPEFS Equipment Trust 2024-1                                                                                       | CUSIP: 403963AE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    305000 | PA      | $306578.20    | 0.38%             | 2031-05-20      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                | HSBC Holdings PLC                                                                                                  | CUSIP: 404280DF3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    210000 | PA      | $211736.70    | 0.27%             | 2028-06-09      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| HARLEY-DAVIDSON FINL SER                         | Harley-Davidson Financial Services Inc                                                                             | CUSIP: 41283LBA2<br>LEI: RLUFFFFW4GRYU77BTS24 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49333.00     | 0.06%             | 2027-02-14      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| HERCULES CAPITAL INC                             | Hercules Capital Inc                                                                                               | CUSIP: 427096AJ1<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |    214000 | PA      | $210518.22    | 0.26%             | 2027-01-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                 | Hewlett Packard Enterprise Co                                                                                      | CUSIP: 42824CBZ1<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    192000 | PA      | $192038.40    | 0.24%             | 2028-09-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| HIGHMARK INC                                     | Highmark Inc                                                                                                       | CUSIP: 431116AD4<br>LEI: 549300B6868ZXXEB2Y57 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49342.50     | 0.06%             | 2026-05-10      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| HOLOGIC INC                                      | Hologic Inc                                                                                                        | CUSIP: 436440AM3<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |    139000 | PA      | $139015.29    | 0.17%             | 2028-02-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| HOLOGIC INC                                      | Hologic Inc                                                                                                        | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |    121000 | PA      | $119800.89    | 0.15%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                      | HOMES 2023-NQM1 Trust                                                                                              | CUSIP: 43761JAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100144 | PA      | $99987.89     | 0.13%             | 2068-01-25      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| HORACE MANN EDUCATORS CO                         | Horace Mann Educators Corp                                                                                         | CUSIP: 440327AM6<br>LEI: 254900G5YAV3A2YK8T32 | Long             | DBT              | CORP              | US        |    240000 | PA      | $239268.00    | 0.30%             | 2030-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                         | Host Hotels & Resorts LP                                                                                           | CUSIP: 44107TBE5<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |    160000 | PA      | $159817.60    | 0.20%             | 2028-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                            | HPEFS Equipment Trust 2023-2                                                                                       | CUSIP: 44328UAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    340000 | PA      | $341191.26    | 0.43%             | 2031-01-21      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                     | Hudson Yards 2019-55HY Mortgage Trust                                                                              | CUSIP: 44421MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     85000 | PA      | $80249.30     | 0.10%             | 2041-12-10      | Variable      | 3.04%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                          | Hyundai Capital America                                                                                            | CUSIP: 44891ADA2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50332.50     | 0.06%             | 2026-06-24      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                          | Hyundai Capital America                                                                                            | CUSIP: 44891ADQ7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153834.00    | 0.19%             | 2030-03-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                                     | Illumina Inc                                                                                                       | CUSIP: 452327AQ2<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    156000 | PA      | $156485.16    | 0.20%             | 2026-09-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                          | Imperial Brands Finance PLC                                                                                        | CUSIP: 45262BAF0<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    210000 | PA      | $216123.60    | 0.27%             | 2027-07-27      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                | Imperial Fund Mortgage Trust 2022-NQM7                                                                             | CUSIP: 452763AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    131990 | PA      | $131785.07    | 0.17%             | 2067-11-25      | Variable      | 7.37%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                 | Insight Enterprises Inc                                                                                            | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |    188000 | PA      | $192530.80    | 0.24%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Instar Leasing III, LLC                          | InStar Leasing III LLC                                                                                             | CUSIP: 45783NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    261349 | PA      | $248255.52    | 0.31%             | 2054-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                        | IQVIA Inc                                                                                                          | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200024.00    | 0.25%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                        | IQVIA Inc                                                                                                          | CUSIP: 46266TAC2<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    210000 | PA      | $216642.30    | 0.27%             | 2028-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                | Iron Mountain Inc                                                                                                  | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    215000 | PA      | $220966.25    | 0.28%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ITC HOLDINGS CORP                                | ITC Holdings Corp                                                                                                  | CUSIP: 465685AT2<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |    148000 | PA      | $155136.56    | 0.19%             | 2034-05-09      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                                                                | CUSIP: 46647PCQ7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     71000 | PA      | $71156.91     | 0.09%             | 2027-09-22      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust    | J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-BHR5                                                   | CUSIP: 46649WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24138 | PA      | $24124.71     | 0.03%             | 2040-03-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                         | Jefferson Capital Holdings LLC                                                                                     | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $146538.00    | 0.18%             | 2030-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                         | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc                                              | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $83719.20     | 0.11%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                             | Keurig Dr Pepper Inc                                                                                               | CUSIP: 49271VAZ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20060.60     | 0.03%             | 2028-05-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                             | Keurig Dr Pepper Inc                                                                                               | CUSIP: 49271VBA7<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70317.80     | 0.09%             | 2030-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                          | Kinder Morgan Energy Partners LP                                                                                   | CUSIP: 494550AT3<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105682.00    | 0.13%             | 2035-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| KORN/FERRY INTERNATIONAL                         | Korn Ferry                                                                                                         | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |    215000 | PA      | $215397.75    | 0.27%             | 2027-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| LKQ CORP                                         | LKQ Corp                                                                                                           | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |    233000 | PA      | $249179.52    | 0.31%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                                                                   | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    227000 | PA      | $227036.32    | 0.28%             | 2027-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| LABORATORY CORP OF AMER                          | Laboratory Corp of America Holdings                                                                                | CUSIP: 50540RBA9<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |    242000 | PA      | $242781.66    | 0.30%             | 2032-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                           | Lending Funding Trust 2020-2                                                                                       | CUSIP: 51507KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200440 | PA      | $196895.81    | 0.25%             | 2031-04-21      | Fixed         | 2.32%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                      | Legacy Mortgage Asset Trust 2021-GS4                                                                               | CUSIP: 52475WAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    281491 | PA      | $287642.93    | 0.36%             | 2060-11-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                    | Lendbuzz Securitization Trust 2024-1                                                                               | CUSIP: 525935AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    141080 | PA      | $141932.46    | 0.18%             | 2029-08-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                    | Lendbuzz Securitization Trust 2023-2                                                                               | CUSIP: 52608MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    114560 | PA      | $116115.19    | 0.15%             | 2028-10-16      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP                            | Lincoln National Corp                                                                                              | CUSIP: 534187BZ1<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    199000 | PA      | $199738.29    | 0.25%             | 2035-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| LINEAGE OP LP                                    | Lineage OP LP                                                                                                      | CUSIP: 53567YAA7<br>LEI: 254900CSRDL1G4SRQE89 | Long             | DBT              |  | US        |    280000 | PA      | $284328.80    | 0.36%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables Trust               | Lobel Automobile Receivables Trust 2023-1                                                                          | CUSIP: 53946XAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67386 | PA      | $67433.16     | 0.08%             | 2028-10-16      | Fixed         | 8.31%                 | No            |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.                          | Loanpal Solar Loan 2021-1 Ltd                                                                                      | CUSIP: 53948PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    224156 | PA      | $185974.61    | 0.23%             | 2048-01-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                       | MFA 2022-INV3 Trust                                                                                                | CUSIP: 55285KAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    216787 | PA      | $216205.00    | 0.27%             | 2057-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| MMP Capital                                      | MMP Capital 2025-A LLC                                                                                             | CUSIP: 55317QAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     83200 | PA      | $83744.71     | 0.11%             | 2031-12-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                          | MPLX LP                                                                                                            | CUSIP: 55336VBU3<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    107000 | PA      | $107841.02    | 0.14%             | 2032-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                         | MSCI Inc                                                                                                           | CUSIP: 55354GAH3<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    232000 | PA      | $227963.20    | 0.29%             | 2029-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET CAPITAL CORP                         | Main Street Capital Corp                                                                                           | CUSIP: 56035LAJ3<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |    276000 | PA      | $281967.12    | 0.35%             | 2027-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Manhattan West                                   | Manhattan West 2020-1MW Mortgage Trust                                                                             | CUSIP: 563136AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $215726.97    | 0.27%             | 2039-09-10      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                           | Marlette Funding Trust 2021-3                                                                                      | CUSIP: 57108QAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     83969 | PA      | $83769.73     | 0.11%             | 2031-12-15      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                           | Marlette Funding Trust 2023-3                                                                                      | CUSIP: 57109RAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155364 | PA      | $156045.95    | 0.20%             | 2033-09-15      | Fixed         | 7.06%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                           | Marlette Funding Trust 2023-1                                                                                      | CUSIP: 57110PAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    122018 | PA      | $122382.36    | 0.15%             | 2033-04-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| MATTEL INC                                       | Mattel Inc                                                                                                         | CUSIP: 577081BG6<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |     79000 | PA      | $79765.51     | 0.10%             | 2030-11-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL C                         | Matthews International Corp                                                                                        | CUSIP: 577128AC5<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56816.10     | 0.07%             | 2027-10-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                       | MFA 2024-NPL1 Trust                                                                                                | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    137933 | PA      | $138132.00    | 0.17%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                         | Medline Borrower LP/Medline Co-Issuer Inc                                                                          | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $170614.95    | 0.21%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                            | Micron Technology Inc                                                                                              | CUSIP: 595112CG6<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     64000 | PA      | $67361.92     | 0.08%             | 2032-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| MOLEX ELECTRONICS TECH                           | Molex Electronic Technologies LLC                                                                                  | CUSIP: 60856BAE4<br>LEI: 549300WTBVUFUPSIWI20 | Long             | DBT              | CORP              | US        |    139000 | PA      | $140652.71    | 0.18%             | 2028-04-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MONONGAHELA POWER CO                             | Monongahela Power Co                                                                                               | CUSIP: 610202BR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     53000 | PA      | $52604.09     | 0.07%             | 2027-05-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                           | Mosaic Solar Loan Trust 2018-1                                                                                     | CUSIP: 61946FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    202356 | PA      | $193096.58    | 0.24%             | 2043-06-22      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                           | Mosaic Solar Loan Trust 2020-2                                                                                     | CUSIP: 61946PAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165553 | PA      | $135368.69    | 0.17%             | 2046-08-20      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                 | NMEF Funding 2025-B LLC                                                                                            | CUSIP: 62919WAB5<br>LEI: 549300LKWL3P0UPHKL72 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250709.09    | 0.31%             | 2033-01-18      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| NASDAQ INC                                       | Nasdaq Inc                                                                                                         | CUSIP: 63111XAJ0<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |    155000 | PA      | $163396.35    | 0.21%             | 2034-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                       | Navient Private Education Refi Loan Trust 2020-H                                                                   | CUSIP: 63935BAA1<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |     32246 | PA      | $30679.66     | 0.04%             | 2069-01-15      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                       | Navient Private Education Refi Loan Trust 2019-F                                                                   | CUSIP: 63935CAB7<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |    176073 | PA      | $170270.29    | 0.21%             | 2068-08-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                       | Navient Private Education Refi Loan Trust 2019-A                                                                   | CUSIP: 63941BAB1<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |     40119 | PA      | $39953.23     | 0.05%             | 2043-01-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                       | Navient Private Education Refi Loan Trust 2019-G                                                                   | CUSIP: 63941JAA6<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |     76354 | PA      | $74101.42     | 0.09%             | 2068-10-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                        | Nelnet Student Loan Trust 2021-A                                                                                   | CUSIP: 64035DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    336440 | PA      | $317854.19    | 0.40%             | 2062-04-20      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| NETAPP INC                                       | NetApp Inc                                                                                                         | CUSIP: 64110DAM6<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |    262000 | PA      | $274054.62    | 0.34%             | 2032-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Enva 2018-A, LLC                                 | NetCredit Combined Receivables A LLC                                                                               | CUSIP: 64112RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     61763 | PA      | $63032.08     | 0.08%             | 2031-10-20      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust              | New Residential Mortgage Loan Trust 2019-NQM4                                                                      | CUSIP: 64828EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    217739 | PA      | $206402.95    | 0.26%             | 2059-09-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust              | New Residential Mortgage Loan Trust 2017-1                                                                         | CUSIP: 64829JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    177613 | PA      | $173785.54    | 0.22%             | 2057-02-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust              | New Residential Mortgage Loan Trust 2021-INV1                                                                      | CUSIP: 64829WBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89555 | PA      | $74172.44     | 0.09%             | 2051-06-25      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust              | New Residential Mortgage Loan Trust 2024-RTL1                                                                      | CUSIP: 64831PAA3<br>LEI: 213800CVLC5IFCJL6C96 | Long             | ABS-MBS          | CORP              | US        |    390000 | PA      | $392175.38    | 0.49%             | 2039-03-25      | Variable      | 6.66%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG                         | New York Life Global Funding                                                                                       | CUSIP: 64952WEZ2<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49992.00     | 0.06%             | 2033-01-28      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NEWS CORP                                        | News Corp                                                                                                          | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |    157000 | PA      | $151558.38    | 0.19%             | 2029-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NIAGARA MOHAWK POWER                             | Niagara Mohawk Power Corp                                                                                          | CUSIP: 653522DT6<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |    208000 | PA      | $209693.12    | 0.26%             | 2030-10-03      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN CORP                                | NorthWestern Corp                                                                                                  | CUSIP: 66807TAA0<br>LEI: 3BPWMBHR1R9SHUN7J795 | Long             | DBT              | CORP              | US        |    186000 | PA      | $191468.40    | 0.24%             | 2030-03-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                              | NOVA Chemicals Corp                                                                                                | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    165000 | PA      | $165688.05    | 0.21%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                     | Novelis Corp                                                                                                       | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    160000 | PA      | $146168.00    | 0.18%             | 2031-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NUFARM AUSTRALIA/AMERICA                         | Nufarm Australia Ltd / Nufarm Americas Inc                                                                         | CUSIP: 67052NAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |     65000 | PA      | $58273.15     | 0.07%             | 2030-01-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                              | NuStar Logistics LP                                                                                                | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150372.00    | 0.19%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NVENT FINANCE SARL                               | nVent Finance Sarl                                                                                                 | CUSIP: 67078AAE3<br>LEI: 549300KO1OQ4MVFB6X02 | Long             | DBT              | CORP              | LU        |    127000 | PA      | $114922.30    | 0.14%             | 2031-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| OHIO EDISON CO                                   | Ohio Edison Co                                                                                                     | CUSIP: 677347CJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    107000 | PA      | $109901.84    | 0.14%             | 2029-12-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| One Bryant Park Trust                            | One Bryant Park Trust 2019-OBP                                                                                     | CUSIP: 68236JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    286000 | PA      | $265623.03    | 0.33%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust            | OneMain Direct Auto Receivables Trust 2023-1                                                                       | CUSIP: 682685AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    245000 | PA      | $246544.44    | 0.31%             | 2029-11-14      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                   | Open Text Corp                                                                                                     | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    170000 | PA      | $166152.90    | 0.21%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                   | Open Text Corp                                                                                                     | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $51861.00     | 0.07%             | 2027-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                              | Oportun Issuance Trust 2021-C                                                                                      | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    187071 | PA      | $183676.20    | 0.23%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                                                        | CUSIP: 68389XCX1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     71000 | PA      | $71133.48     | 0.09%             | 2028-08-03      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                                                                        | CUSIP: 68389XCZ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     61000 | PA      | $61600.85     | 0.08%             | 2032-02-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                           | Blue Owl Credit Income Corp                                                                                        | CUSIP: 69120VAP6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    149000 | PA      | $155073.24    | 0.19%             | 2027-09-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING INC                          | PPL Capital Funding Inc                                                                                            | CUSIP: 69352PAT0<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |    279000 | PA      | $287414.64    | 0.36%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                      | PRKCM 2021-AFC1 Trust                                                                                              | CUSIP: 69357TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    148174 | PA      | $127605.70    | 0.16%             | 2056-08-25      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC             | PRET 2021-RN4 LLC                                                                                                  | CUSIP: 69359QAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     59582 | PA      | $59637.19     | 0.07%             | 2051-10-25      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| PSEG POWER LLC                                   | PSEG Power LLC                                                                                                     | CUSIP: 69362BBD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $215628.00    | 0.27%             | 2030-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                | PRPM 2025-1 LLC                                                                                                    | CUSIP: 69382GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     96714 | PA      | $96726.84     | 0.12%             | 2030-04-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                      | PRKCM 2024-HOME1 Trust                                                                                             | CUSIP: 69391XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    153097 | PA      | $155208.41    | 0.19%             | 2059-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                   | Pagaya AI Debt Grantor Trust 2024-10                                                                               | CUSIP: 69544MAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    208944 | PA      | $209779.14    | 0.26%             | 2032-06-15      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                   | Pagaya AI Debt Trust 2024-3                                                                                        | CUSIP: 69547XAA0<br>LEI: 254900ULYEY0HX0PKA54 | Long             | ABS-O            | CORP              | US        |    150665 | PA      | $151200.41    | 0.19%             | 2031-10-15      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA                         | Papa John's International Inc                                                                                      | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |    120000 | PA      | $115555.20    | 0.15%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                              | Petroleos Mexicanos                                                                                                | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    160000 | PA      | $154587.20    | 0.19%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PIEDMONT NATURAL GAS CO                          | Piedmont Natural Gas Co Inc                                                                                        | CUSIP: 720186AQ8<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |    134000 | PA      | $140212.24    | 0.18%             | 2033-06-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                | Post Holdings Inc                                                                                                  | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105331.80    | 0.13%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                | Post Holdings Inc                                                                                                  | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     61000 | PA      | $61880.84     | 0.08%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                              | Prestige Brands Inc                                                                                                | CUSIP: 74112BAM7<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |    223000 | PA      | $207572.86    | 0.26%             | 2031-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PROLOGIS TARGETED US                             | Prologis Targeted US Logistics Fund LP                                                                             | CUSIP: 74350LAA2<br>LEI: 5493004DTBWUQ9F2VJ87 | Long             | DBT              |  | US        |    182000 | PA      | $187965.96    | 0.24%             | 2029-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE CORP                             | Protective Life Corp                                                                                               | CUSIP: 743674BF9<br>LEI: 549300ZWIT8J8Y2EXL07 | Long             | DBT              | CORP              | US        |    119000 | PA      | $119575.96    | 0.15%             | 2031-01-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE OKLAHOMA                          | Public Service Co of Oklahoma                                                                                      | CUSIP: 744533BS8<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |    280000 | PA      | $288500.80    | 0.36%             | 2036-01-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                          | Public Service Electric and Gas Co                                                                                 | CUSIP: 74456QCN4<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |     73000 | PA      | $76146.30     | 0.10%             | 2033-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                 | Puget Energy Inc                                                                                                   | CUSIP: 745310AK8<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    346000 | PA      | $338699.40    | 0.43%             | 2030-06-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| QORVO INC                                        | Qorvo Inc                                                                                                          | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |    253000 | PA      | $231682.22    | 0.29%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                                       | RCKT Trust 2025-PL1                                                                                                | CUSIP: 74939RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     74079 | PA      | $74402.64     | 0.09%             | 2034-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                       | ROCK Trust 2024-CNTR                                                                                               | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $103201.80    | 0.13%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                               | Realty Income Corp                                                                                                 | CUSIP: 756109BS2<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |     82000 | PA      | $83566.20     | 0.10%             | 2028-12-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                               | Regal Rexnord Corp                                                                                                 | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    213000 | PA      | $213460.08    | 0.27%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER                          | Reinsurance Group of America Inc                                                                                   | CUSIP: 759351AR0<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    228000 | PA      | $244021.56    | 0.31%             | 2033-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RELIANCE STAND LIFE II                           | Reliance Standard Life Global Funding II                                                                           | CUSIP: 75951ACY2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     51000 | PA      | $51047.43     | 0.06%             | 2026-02-02      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| RENAISSANCERE HOLDINGS L                         | RenaissanceRe Holdings Ltd                                                                                         | CUSIP: 75968NAE1<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | BM        |    270000 | PA      | $283683.60    | 0.36%             | 2033-06-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RENTOKIL TERMINIX LLC                            | Rentokil Terminix Funding LLC                                                                                      | CUSIP: 760130AA2<br>LEI: 984500D5BAA7560EKJ44 | Long             | DBT              | CORP              | US        |    410000 | PA      | $418064.70    | 0.52%             | 2030-04-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPAY HOLDINGS                                   | Repay Holdings Corp                                                                                                | CUSIP: 76029LAA8<br>LEI: 2549006EJ42T73ZKUI98 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147849.00    | 0.19%             | 2026-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I       | Research-Driven Pagaya Motor Trust 2025-6                                                                          | CUSIP: 76100JAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    204000 | PA      | $204036.05    | 0.26%             | 2034-08-25      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                 | Ryder System Inc                                                                                                   | CUSIP: 78355HKV0<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51686.00     | 0.06%             | 2028-03-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                  | SBA Tower Trust                                                                                                    | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | DBT              |  | US        |    150000 | PA      | $146200.55    | 0.18%             | 2026-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| SFO Commerical Mortgage Trust                    | SFO Commercial Mortgage Trust 2021-555                                                                             | CUSIP: 78432WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80000 | PA      | $79382.74     | 0.10%             | 2038-05-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                           | SLM Student Loan Trust 2012-1                                                                                      | CUSIP: 78446WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    105655 | PA      | $104520.98    | 0.13%             | 2028-09-25      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                 | SMB Private Education Loan Trust 2020-PTB                                                                          | CUSIP: 78449DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    118421 | PA      | $112025.08    | 0.14%             | 2054-09-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                 | SLG Office Trust 2021-OVA                                                                                          | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $134703.88    | 0.17%             | 2041-07-15      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                            | SS&C Technologies Inc                                                                                              | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105042.00    | 0.13%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                            | SS&C Technologies Inc                                                                                              | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    115000 | PA      | $119769.05    | 0.15%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                     | SAFCO Auto Receivables Trust 2025-1                                                                                | CUSIP: 785923AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    131765 | PA      | $132237.64    | 0.17%             | 2029-09-10      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                           | Santander Holdings USA Inc                                                                                         | CUSIP: 80282KBK1<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |     76000 | PA      | $76584.44     | 0.10%             | 2027-05-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                         | Science Applications International Corp                                                                            | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    206000 | PA      | $204883.48    | 0.26%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                            | Scotts Miracle-Gro Co/The                                                                                          | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     95000 | PA      | $94868.90     | 0.12%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                            | Scotts Miracle-Gro Co/The                                                                                          | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     72000 | PA      | $67338.72     | 0.08%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                  | Sealed Air Corp                                                                                                    | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    136000 | PA      | $136907.12    | 0.17%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                  | Sealed Air Corp                                                                                                    | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    116000 | PA      | $120089.00    | 0.15%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                | Service Corp International/US                                                                                      | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    215000 | PA      | $219833.20    | 0.28%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                              | Silgan Holdings Inc                                                                                                | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |    177000 | PA      | $174891.93    | 0.22%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                                                                | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    191000 | PA      | $191324.70    | 0.24%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SKYWORKS SOLUTIONS INC                           | Skyworks Solutions Inc                                                                                             | CUSIP: 83088MAK8<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |    109000 | PA      | $107539.40    | 0.13%             | 2026-06-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| SKY1 Trust                                       | SKY Trust 2025-LINE                                                                                                | CUSIP: 830941AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     98772 | PA      | $99389.28     | 0.12%             | 2042-04-15      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                 | SMB Private Education Loan Trust 2017-B                                                                            | CUSIP: 83189DAC4<br>LEI: 549300NWENTZ8X7JUC78 | Long             | ABS-O            | CORP              | US        |    115857 | PA      | $115743.74    | 0.15%             | 2035-10-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC             | SoFi Professional Loan Program 2020-C Trust                                                                        | CUSIP: 83390UAF4<br>LEI: 5493002WMPR84WZ75V46 | Long             | ABS-O            | CORP              | US        |     95052 | PA      | $90180.55     | 0.11%             | 2046-02-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                      | Southern Co/The                                                                                                    | CUSIP: 842587CV7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49761.00     | 0.06%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                      | Southern Co/The                                                                                                    | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    153000 | PA      | $152485.92    | 0.19%             | 2051-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL                          | Southern Co Gas Capital Corp                                                                                       | CUSIP: 8426EPAF5<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |    179000 | PA      | $184620.60    | 0.23%             | 2032-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST GAS CORP                               | Southwest Gas Corp                                                                                                 | CUSIP: 845011AF2<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |     76000 | PA      | $78244.28     | 0.10%             | 2027-12-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Spruce Hill Mortgage Acquisition Company, LLC    | Spruce Hill Mortgage Loan Trust 2020-SH2                                                                           | CUSIP: 85214RAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    249534 | PA      | $249042.33    | 0.31%             | 2055-06-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| STEWART INFORMATION SERV                         | Stewart Information Services Corp                                                                                  | CUSIP: 86038AAA0<br>LEI: 529900TV1XI0PLKENU10 | Long             | DBT              | CORP              | US        |    312000 | PA      | $279336.72    | 0.35%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                         | Sumitomo Mitsui Financial Group Inc                                                                                | CUSIP: 86562MDC1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    210000 | PA      | $224414.40    | 0.28%             | 2030-07-13      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                        | Sunoco LP                                                                                                          | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    111000 | PA      | $115538.79    | 0.15%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                        | Sunoco LP                                                                                                          | CUSIP: 86765KAH2<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150114.00    | 0.19%             | 2027-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                                                   | CUSIP: 87264ADS1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    268000 | PA      | $277401.44    | 0.35%             | 2032-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                            | Tenet Healthcare Corp                                                                                              | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    165000 | PA      | $168889.05    | 0.21%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                            | Theorem Funding Trust 2022-3                                                                                       | CUSIP: 882925AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    233152 | PA      | $236587.27    | 0.30%             | 2029-04-15      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| Thornburg Capital Management Fund                | Thornburg Capital Management Fund                                                                                  | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |     24495 | NS      | $244951.59    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Towd Point Mortgage Trust                        | Towd Point Mortgage Trust 2017-6                                                                                   | CUSIP: 89175JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    127832 | PA      | $125798.63    | 0.16%             | 2057-10-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                        | Towd Point Mortgage Trust 2018-2                                                                                   | CUSIP: 89175VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     65983 | PA      | $65341.73     | 0.08%             | 2058-03-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                        | Towd Point Mortgage Trust 2020-2                                                                                   | CUSIP: 89176UAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    196596 | PA      | $179423.44    | 0.23%             | 2060-04-25      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                        | Towd Point Mortgage Trust 2020-1                                                                                   | CUSIP: 89178WBB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $91490.68     | 0.11%             | 2060-01-25      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Towd Point Asset Trust                           | Towd Point Asset Trust 2021-SL1                                                                                    | CUSIP: 89179XAD7<br>LEI: 54930022FYEFQVX02P24 | Long             | ABS-O            | CORP              | US        |    285000 | PA      | $280492.61    | 0.35%             | 2061-11-20      | Floating      | 5.77%                 | 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        |     93784 | PA      | $84246.04     | 0.11%             | 2057-11-27      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                                                                      | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    205000 | PA      | $209501.80    | 0.26%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust               | Tricolor Auto Securitization Trust 2023-1                                                                          | CUSIP: 89616KAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225240 | PA      | $204953.15    | 0.26%             | 2027-07-15      | Fixed         | 8.56%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust               | Tricolor Auto Securitization Trust 2024-2                                                                          | CUSIP: 89616PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     74512 | PA      | $72416.91     | 0.09%             | 2027-12-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                     | US Foods Inc                                                                                                       | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104480.25    | 0.13%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                     | US Foods Inc                                                                                                       | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    112000 | PA      | $114028.32    | 0.14%             | 2033-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| United Wholesale Mortgage LLC                    | UWM Mortgage Trust 2021-INV1                                                                                       | CUSIP: 90354XAV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    271584 | PA      | $219649.11    | 0.28%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| United Wholesale Mortgage LLC                    | UWM Mortgage Trust 2021-INV5                                                                                       | CUSIP: 90355DAY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    163297 | PA      | $141853.21    | 0.18%             | 2052-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| UL SOLUTIONS INC                                 | UL Solutions Inc                                                                                                   | CUSIP: 903731AC1<br>LEI: 549300F7CUV5ESKV9P71 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68625.70     | 0.09%             | 2028-10-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                                 | Under Armour Inc                                                                                                   | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199242.00    | 0.25%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UNION ELECTRIC CO                                | Union Electric Co                                                                                                  | CUSIP: 906548CR1<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     73000 | PA      | $69730.33     | 0.09%             | 2030-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                       | US Bancorp                                                                                                         | CUSIP: 91159HJS0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    141000 | PA      | $145509.18    | 0.18%             | 2030-07-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                                                                                                | CUSIP: 912810RK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    225000 | PA      | $163089.84    | 0.20%             | 2045-02-15      | Fixed         | 2.50%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                                                                                                | CUSIP: 912810RM2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $1968750.00   | 2.47%             | 2045-05-15      | Fixed         | 3.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                                                              | CUSIP: 912810SV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    268200 | PA      | $149605.09    | 0.19%             | 2051-02-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                                                                                                | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1055000 | PA      | $1072473.44   | 1.35%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                                                              | CUSIP: 91282CFR7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    723598 | PA      | $730890.11    | 0.92%             | 2027-10-15      | Fixed         | 1.63%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                                                              | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    258855 | PA      | $260401.81    | 0.33%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                                | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1716000 | PA      | $1755146.25   | 2.20%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                                | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3794000 | PA      | $3987256.88   | 5.00%             | 2035-02-15      | Fixed         | 4.63%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                                | CUSIP: 91282CNJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    145000 | PA      | $147084.38    | 0.18%             | 2032-06-30      | Fixed         | 4.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                                | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1100000 | PA      | $1122000.00   | 1.41%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury STRIPS Coupon                                                                                        | CUSIP: 912833Y38<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    260000 | PA      | $162593.06    | 0.20%             | 2036-11-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury STRIPS Coupon                                                                                        | CUSIP: 912833Y46<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    325000 | PA      | $197754.84    | 0.25%             | 2037-05-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                            | Universal Health Services Inc                                                                                      | CUSIP: 913903BB5<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    101000 | PA      | $101654.48    | 0.13%             | 2029-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                   | Upgrade Master Pass-Thru Trust Series 2025-ST4                                                                     | CUSIP: 91533MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    142809 | PA      | $143537.60    | 0.18%             | 2032-08-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                   | Upgrade Master Pass-Thru Trust Series 2025-ST5                                                                     | CUSIP: 91535BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    214919 | PA      | $214913.11    | 0.27%             | 2032-09-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                     | Upstart Securitization Trust 2023-2                                                                                | CUSIP: 91683VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165328 | PA      | $166451.21    | 0.21%             | 2033-06-20      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| VSP OPTICAL GROUP INC                            | VSP Optical Group Inc                                                                                              | CUSIP: 91836LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    119000 | PA      | $120777.86    | 0.15%             | 2035-12-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                                     | VT Topco Inc                                                                                                       | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |     88000 | PA      | $91657.28     | 0.12%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                     | VeriSign Inc                                                                                                       | CUSIP: 92343EAQ5<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |    207000 | PA      | $212827.05    | 0.27%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VERISK ANALYTICS INC                             | Verisk Analytics Inc                                                                                               | CUSIP: 92345YAH9<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53199.50     | 0.07%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                     | Veros Auto Receivables Trust 2025-1                                                                                | CUSIP: 92511BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    122070 | PA      | $122264.96    | 0.15%             | 2028-09-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                      | Viatris Inc                                                                                                        | CUSIP: 92556VAC0<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |    110000 | PA      | $106206.10    | 0.13%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Visio 2019-2 Trust                               | Visio 2019-2 Trust                                                                                                 | CUSIP: 92837DAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    160000 | PA      | $155354.42    | 0.20%             | 2054-11-25      | Variable      | 3.26%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                         | Volkswagen Group of America Finance LLC                                                                            | CUSIP: 928668CV2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200586.00    | 0.25%             | 2027-09-11      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Transferee            | VOLT CII LLC                                                                                                       | CUSIP: 92873HAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     83536 | PA      | $83520.41     | 0.10%             | 2051-08-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY LP                                | Vornado Realty LP                                                                                                  | CUSIP: 929043AK3<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              |  | US        |     78000 | PA      | $76981.32     | 0.10%             | 2026-06-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                                                   | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149311.50    | 0.19%             | 2026-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust            | Wells Fargo Commercial Mortgage Trust 2017-C40                                                                     | CUSIP: 95000YAV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     81309 | PA      | $78878.96     | 0.10%             | 2050-10-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                           | WESCO Distribution Inc                                                                                             | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    212000 | PA      | $219188.92    | 0.28%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust            | Westlake Automobile Receivables Trust 2022-2                                                                       | CUSIP: 96042VAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    204921 | PA      | $205530.10    | 0.26%             | 2027-09-15      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| WHISTLER PIPELINE LLC                            | Whistler Pipeline LLC                                                                                              | CUSIP: 96337RAA0<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |    259000 | PA      | $266461.79    | 0.33%             | 2029-09-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC                         | Willis North America Inc                                                                                           | CUSIP: 970648AM3<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67523.95     | 0.08%             | 2033-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                         | Windsor Holdings III LLC                                                                                           | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |    147000 | PA      | $154980.63    | 0.19%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust                     | WinWater Mortgage Loan Trust 2016-1                                                                                | CUSIP: 97655JCD2<br>LEI: 5493007FSEV8PHXVE122 | Long             | ABS-MBS          | CORP              | US        |    132395 | PA      | $128659.42    | 0.16%             | 2046-01-20      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                  | Xcel Energy Inc                                                                                                    | CUSIP: 98389BBA7<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |    269000 | PA      | $279579.77    | 0.35%             | 2033-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP                          | Zebra Technologies Corp                                                                                            | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |    213000 | PA      | $220026.87    | 0.28%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: SPDX0BBS  CDS USD R F  5.00000 SPDX0BBSFEE CCPCDX / Short: SPDX0BBS  CDS USD P V 03MEVENT SPDX0BBSPRO CCPCDX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    365000 | OU      | $27180.82     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| New Zealand Government Bonds                     | New Zealand Government Bonds                                                                                       | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |    129000 | PA      | $71469.44     | 0.09%             | 2033-04-14      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                         | Brazil Notas do Tesouro Nacional Serie F                                                                           | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    495000 | PA      | $90464.82     | 0.11%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                                                                                         | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    262000 | PA      | $326735.69    | 0.41%             | 2033-01-31      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                          | Energean Israel Finance Ltd                                                                                        | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |    125000 | PA      | $133267.50    | 0.17%             | 2033-09-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| LEVI STRAUSS & CO                                | Levi Strauss & Co                                                                                                  | CUSIP: 000000000<br>LEI: MB0UERO0RDFKU8258G77 | Long             | DBT              | CORP              | US        |    200000 | PA      | $235447.51    | 0.30%             | 2030-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Australia Government Bonds                       | Australia Government Bonds                                                                                         | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    325000 | PA      | $193158.46    | 0.24%             | 2033-11-21      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                           | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    165000 | PA      | $161898.00    | 0.20%             | 2029-04-27      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-16

**Name of Applicant:** Thornburg ETF Trust

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin