# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001410368-25-029176
**Filing Date:** 2025-11
**Character Count:** 62929
**Document Hash:** f1c3c10a683d51617d78414fdc88f965
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-029176.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001410368-25-029176

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 251510251

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506-8361
- **BUSINESS PHONE:** 5059840200

**MAIL ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506-8361

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THORNBURG INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIMITED TERM TRUST
- **DATE OF NAME CHANGE:** 19870816

## Series and Classes Contracts Data

### Thornburg Short Duration Municipal Fund (Series ID: S000043669)

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** THORNBURG INVESTMENT TRUST

- **b. Investment Company Act file number:** 811-05201

- **c. CIK number of Registrant:** 0000816153

- **d. LEI of Registrant:** 5493001XM52H8S4WYY82

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2300 NORTH RIDGETOP ROAD

  - **City:** SANTA FE

  - **State:** NM

  - **Foreign country:** US

  - **Zip / Postal Code:** 87506-8361

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

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

- **a. Name of Series:** Thornburg Short Duration Municipal Fund

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $115709464.89

**Total Liabilities:** $1490377.39

**Net Assets:** $114219087.50

**Delayed Delivery Securities:** $1036285.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -867.85000000 | **1-Year:** -8131.41000000 | **5-Year:** -11125.23000000 | **10-Year:** -3265.14000000 | **30-Year:** -2707.74000000

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

- **3-Month:** -17.59000000 | **1-Year:** -146.04000000 | **5-Year:** -416.34000000 | **10-Year:** -216.06000000 | **30-Year:** -107.93000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000135383 | 0.42%                | 0.59%                | 0.17%                |
| Class ID C000135384 | 0.52%                | 0.52%                | 0.27%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11179.24                | $251327.43                                 |
| Month 2  | $-290.74                 | $339015.00                                 |
| Month 3  | $21511.76                | $-44704.93                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Charlotte County Industrial Development Authority/FL                             | CHARLOTTE CNTY FL INDL DEV AUTH UTILITY SYS REVENUE          | CUSIP: 16080TAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $278171.58    | 0.24%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698TK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $109146.29    | 0.10%             | 2049-10-01      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| Peshtigo School District                                                         | PESHTIGO WI SCH DIST                                         | CUSIP: 715777FE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $976400.10    | 0.85%             | 2027-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION MF HSG REVENUE              | CUSIP: 93978PPU5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010704.00   | 0.88%             | 2043-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UVY1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    365000 | PA      | $378539.31    | 0.33%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                       | MOBILE AL INDL DEV BRD POLL CONTROL REVENUE                  | CUSIP: 607167DW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1120247.19   | 0.98%             | 2034-06-01      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061882.00   | 0.93%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000891.40   | 1.75%             | 2044-12-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250FH2<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    440000 | PA      | $460118.12    | 0.40%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                                | UTAH ST HSG CORP MF REVENUE                                  | CUSIP: 917434DL3<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    590000 | PA      | $586806.33    | 0.51%             | 2045-09-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | CUSIP: 414009NF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2077496.00   | 1.82%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444452K4<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2191532.00   | 1.92%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Manatee FL Public Utilities Revenue                                    | MANATEE CNTY FL PUBLIC UTILITIES REVENUE                     | CUSIP: 561851HP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $370668.96    | 0.32%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBE7<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067623.00   | 0.93%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Housing Revenue               | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE                 | CUSIP: 9769044P4<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |    970000 | PA      | $970500.52    | 0.85%             | 2054-11-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| North East Independent School District/TX                                        | NORTH EAST TX INDEP SCH DIST                                 | CUSIP: 659155QL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $976123.20    | 0.85%             | 2049-08-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                                | OKLAHOMA CNTY OK FIN AUTH EDUCTNL FACS LEASE REVENUE         | CUSIP: 67868UKE2<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059707.00   | 0.93%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Orlando FL Tourist Development Tax Revenue                               | ORLANDO FL TOURIST DEV TAX REVENUE                           | CUSIP: 686499BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001687.00   | 0.88%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL MF HSG REVENUE                                    | CUSIP: 167570TV2<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1272853.69   | 1.11%             | 2027-08-01      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                | N E OHIO MED UNIV GEN RECPTS                                 | CUSIP: 66433RCL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $284549.20    | 0.25%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gretna Public Schools                                                            | SARPY CNTY NE SCH DIST #37                                   | CUSIP: 803770XB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502326.00    | 0.44%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Forsyth MT                                                               | FORSYTH MT POLL CONTROL REVENUE                              | CUSIP: 346668DN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020259.00   | 0.89%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                            | FORT BEND TX INDEP SCH DIST                                  | CUSIP: 346843WS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $769692.75    | 0.67%             | 2055-08-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                        | BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | CUSIP: 121342QG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003529.00   | 0.88%             | 2032-10-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| State Street Institutional Treasury Money Market Fund                            | State Street Institutional Treasury Money Market Fund        | CUSIP: 857492888<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | EC               | RF                | US        |    130236 | NS      | $130236.37    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021666.00   | 0.89%             | 2053-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | AKRON BATH COPLEY JT TWP OH HOSP DIST                        | CUSIP: 009730PJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $189129.42    | 0.17%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Quincy MA                                                                | QUINCY MA                                                    | CUSIP: 7485082N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510904.00    | 0.45%             | 2026-09-29      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521524T5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    495000 | PA      | $516443.40    | 0.45%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990365.00    | 0.87%             | 2043-07-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YUB0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534947.50    | 0.47%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chatom Industrial Development Board                                              | CHATOM AL INDL DEV BRD REVENUE                               | CUSIP: 162296AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024874.00   | 1.77%             | 2037-08-01      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| Denver Convention Center Hotel Authority                                         | DENVER CO CONVENTION CENTER HOTEL AUTH REVENUE               | CUSIP: 249189DJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $355266.10    | 0.31%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                    | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX TURNPIKE SYS REVENU | CUSIP: 88283KBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $113208.06    | 0.10%             | 2042-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Canadian County Educational Facilities Authority                                 | CANADIAN CNTY OK EDUCTNL FACS AUTH EDUC FACS LEASE REVENUE   | CUSIP: 135521CM2<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018373.00   | 0.89%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | CUSIP: 64972E3D9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1096353.50   | 0.96%             | 2062-11-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA                                                            | SHREVEPORT LA                                                | CUSIP: 8254345K5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503959.00    | 0.44%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1609854.00   | 1.41%             | 2053-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736E37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $393503.50    | 0.34%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Travis County Housing Finance Corp                                               | TRAVIS CNTY TX HSG FIN CORP MF HSG REVENUE                   | CUSIP: 89438UBM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2124227.28   | 1.86%             | 2045-06-01      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Houston Housing Finance Corp                                                     | HOUSTON TX HSG FIN CORP MF HSG REVENUE                       | CUSIP: 442396EN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012333.00   | 0.89%             | 2048-02-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| PEFA Inc                                                                         | PEFA INC IA GAS PROJ REVENUE                                 | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3051567.00   | 2.67%             | 2049-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE                | CUSIP: 52349EES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006383.00   | 0.88%             | 2029-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    240000 | PA      | $260433.36    | 0.23%             | 2053-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Bartow County Development Authority                                              | BARTOW CNTY GA DEV AUTH                                      | CUSIP: 069643BN3<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1330446.00   | 1.16%             | 2032-12-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY MF HSG REVENUE                   | CUSIP: 708797BC8<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500834.50    | 0.44%             | 2026-11-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                     | WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS             | CUSIP: 95648VBY4<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    600000 | PA      | $596313.00    | 0.52%             | 2041-01-01      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| Broward County Housing Finance Authority                                         | BROWARD CNTY FL HSG FIN AUTH MF HSG REVENUE                  | CUSIP: 115027RA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502443.00    | 0.44%             | 2056-09-01      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YTA4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500169.00    | 0.44%             | 2028-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                        | BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | CUSIP: 121342NR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $633770.82    | 0.55%             | 2040-01-01      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VBF6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    290000 | PA      | $290007.25    | 0.25%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Market Square Redevelopment Authority                                | DOWNTOWN REDEV AUTH TX TAX INCREMENT CONTRACT REVENUE        | CUSIP: 26118RAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001593.00   | 0.88%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YSZ0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150099.30    | 0.13%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                            | CHICAGO IL PARK DIST                                         | CUSIP: 167615WS8<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    825000 | PA      | $829304.03    | 0.73%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp                                                     | FLORIDA ST HSG FIN CORP MF MTGE REVENUE                      | CUSIP: 34074HHA3<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004373.00   | 0.88%             | 2027-10-01      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District/The                                                   | LOWER AL GAS DIST GAS PROJ REVENUE                           | CUSIP: 547804AM6<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |    825000 | PA      | $826249.05    | 0.72%             | 2050-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                            | HAMILTON CNTY OH HLTH CARE REVENUE                           | CUSIP: 40727RCR7<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    750000 | PA      | $797547.75    | 0.70%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                       | NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL HOSP REVENUE       | CUSIP: 647370KF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $566987.93    | 0.50%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reno-Tahoe Airport Authority                                                     | RENO-TAHOE NV ARPT AUTH ARPT REVENUE                         | CUSIP: 759874BT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527355.00    | 0.46%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                      | SHELBY CNTY TN HLTH EDUCTNL &HSG FACS BRD REVENUE            | CUSIP: 821697Y78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085577.00   | 0.95%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                       | MOBILE AL INDL DEV BRD POLL CONTROL REVENUE                  | CUSIP: 607167EA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014377.00   | 0.89%             | 2034-06-01      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH ECON DEV REVENUE                         | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 3.06%             | 2028-05-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI HOSP REVENUE                              | CUSIP: 74442CCM4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    350000 | PA      | $362834.50    | 0.32%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBA5<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501605.00    | 0.44%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State Affordable Housing Corp                                              | TEXAS ST AFFORDABLE HSG CORP MF HSG REVENUE                  | CUSIP: 88271FFR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006318.00   | 0.88%             | 2045-01-01      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HAV9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506928.00    | 0.44%             | 2050-05-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Harrisonburg Redevelopment & Housing Authority                                   | HARRISONBURG VA REDEV & HSG AUTH MF HSG REVENUE              | CUSIP: 415690NX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $910592.41    | 0.80%             | 2027-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                  | LOUISIANA ST GAS & FUELS TAX REVENUE                         | CUSIP: 546475VU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $963024.65    | 0.84%             | 2043-05-01      | Floating      | 3.41%                 | No            |                  2 | On Loan: No      |
| Tulare Public Financing Authority                                                | TULARE CA PUBLIC FING AUTH                                   | CUSIP: 899111CQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $556462.50    | 0.49%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA JOBS-ECON DEV AUTH ENVRNMNTL IMPT REVENUE     | CUSIP: 83703DAA5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001783.00   | 0.88%             | 2033-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                 | TAMPA FL CAPITAL IMPT CIGARETTE TAX ALLOCATION               | CUSIP: 875146AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306070.50    | 0.27%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulare Public Financing Authority                                                | TULARE CA PUBLIC FING AUTH                                   | CUSIP: 899111CR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $510787.81    | 0.45%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YPF0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2490347.50   | 2.18%             | 2049-07-01      | Floating      | 3.49%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH MF HSG REVENUE                      | CUSIP: 04062PCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1535242.50   | 1.34%             | 2058-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397CJ1<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2161681.92   | 1.89%             | 2054-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Boone KY                                                               | BOONE CNTY KY POLL CONTROL REVENUE                           | CUSIP: 098792AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004909.00   | 0.88%             | 2027-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority                               | WISCONSIN ST HSG & ECON DEV AUTH MF HSG                      | CUSIP: 97689RFC3<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |    350000 | PA      | $358692.95    | 0.31%             | 2027-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp                                        | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE                   | CUSIP: 95737TEE2<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    270000 | PA      | $275965.38    | 0.24%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP THERMAL UTILITY RE | CUSIP: 41401PCL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $339228.18    | 0.30%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WZ6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003157.00   | 0.88%             | 2029-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Cushing Educational Facilities Authority                                         | CUSHING OK EDUCTNL FACS AUTH EDUCTNL FACS LEASE REVENUE      | CUSIP: 231634AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528947.50    | 0.46%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE               | CUSIP: 64987JA43<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    400000 | PA      | $399122.40    | 0.35%             | 2062-11-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| Greene Jersey & Macoupin Counties Community Unit School District No 9 Southweste | GREENE JERSEY & MACOUPIN CNTYS IL CMNTY UNITED SCH DIST #9   | CUSIP: 394700CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $379531.25    | 0.33%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boerne Independent School District                                               | BOERNE TX INDEP SCH DIST                                     | CUSIP: 097067NL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $985095.02    | 0.86%             | 2053-02-01      | Floating      | 3.13%                 | No            |                  2 | On Loan: No      |
| County of Lake OH                                                                | LAKE CNTY OH                                                 | CUSIP: 5094266V9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $767286.12    | 0.67%             | 2026-09-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                            | FARMINGTON NM POLL CONTROL REVENUE                           | CUSIP: 311450GD6<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021548.00   | 0.89%             | 2040-06-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| Adams County Housing Authority                                                   | MAIKER HSG PARTNERS CO MF HSG REV                            | CUSIP: 56031AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001815.00   | 0.88%             | 2042-05-01      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Dallas Housing Finance Corp                                              | DALLAS TX HSG FIN CORP                                       | CUSIP: 235298BS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501190.50    | 0.44%             | 2026-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PLG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $222157.10    | 0.19%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | CLARK CNTY NV POLL CONTROL REVENUE                           | CUSIP: 181008BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002190.00   | 0.88%             | 2036-01-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    800000 | PA      | $849920.80    | 0.74%             | 2053-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                              | ARIZONA ST HLTH FACS AUTH                                    | CUSIP: 040507QQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $154987.35    | 0.14%             | 2046-01-01      | Floating      | 3.14%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                       | MOBILE AL INDL DEV BRD POLL CONTROL REVENUE                  | CUSIP: 607167DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000506.00   | 0.88%             | 2034-07-15      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| Halifax County Industrial Development Authority                                  | HALIFAX CNTY VA INDL DEV AUTH REVENUE                        | CUSIP: 40579PAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1634810.10   | 1.43%             | 2041-12-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EEV6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    275000 | PA      | $282056.78    | 0.25%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                            | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775HD83<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185134.31    | 0.16%             | 2066-05-15      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| City of Rockport IN                                                              | ROCKPORT IN POLL CONTROL REVENUE                             | CUSIP: 773835BY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1229301.60   | 1.08%             | 2047-06-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH                         | CUSIP: 6069014N3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    535000 | PA      | $535000.00    | 0.47%             | 2035-10-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| City of Georgetown TX Utility System Revenue                                     | GEORGETOWN TX UTILITY SYS REVENUE                            | CUSIP: 373064Q80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $408758.40    | 0.36%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westfield-Washington Schools                                                     | WESTFIELD-WASHINGTON IN SCHS                                 | CUSIP: 960242DH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $343074.96    | 0.30%             | 2026-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Dickinson Independent School District                                            | DICKINSON TX INDEP SCH DIST                                  | CUSIP: 253363UD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $827117.78    | 0.72%             | 2037-08-01      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | CUSIP: 708692BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $753263.02    | 0.66%             | 2041-07-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH HLTH SYS REVENUE               | CUSIP: 49126VCG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $124989.88    | 0.11%             | 2025-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Capital Area Housing Finance Corp                                                | CAPITAL AREA HSG FIN CORP TX                                 | CUSIP: 139726CX9<br>LEI: 549300XICE1XLI0VXV87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000300.00   | 0.88%             | 2041-01-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783Y34<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498760.50    | 0.44%             | 2031-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Northeastern Pennsylvania Hospital and Education Authority                       | N ESTRN PA HOSP & EDU AUTH                                   | CUSIP: 664551DD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $488872.24    | 0.43%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2465494.20   | 2.16%             | 2055-06-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Venice FL                                                                | VENICE FL                                                    | CUSIP: 922687AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $573744.78    | 0.50%             | 2030-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hays Consolidated Independent School District                                    | HAYS TX CONSOL INDEP SCH DIST                                | CUSIP: 421110W86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $393552.01    | 0.34%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                      | MIAMI-DADE CNTY FL HSG FIN AUTH MF HSG REVENUE               | CUSIP: 593344BU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000286.00   | 0.88%             | 2041-04-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VBG4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303266.40    | 0.27%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas State Affordable Housing Corp                                              | TEXAS ST AFFORDABLE HSG CORP MF HSG REVENUE                  | CUSIP: 88271FFQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001213.00   | 0.88%             | 2043-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                    | TRISTATE INSURED CASH SWEEP                                  | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | Long             | STIV             | CORP              | US        |       416 | PA      | $416.23       | 0.00%             | 2050-10-01      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBB3<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    625000 | PA      | $637976.88    | 0.56%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | CUSIP: 708692BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505875.50   | 1.32%             | 2037-08-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104MM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $410720.00    | 0.36%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northside Independent School District                                            | NORTHSIDE TX INDEP SCH DIST                                  | CUSIP: 66702RK92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $1004634.18   | 0.88%             | 2054-08-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                              | ARIZONA ST HLTH FACS AUTH                                    | CUSIP: 040507QT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $809286.39    | 0.71%             | 2046-01-01      | Floating      | 3.14%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053913.00   | 0.92%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                        | PRIV CLGS & UNIVS AUTH GA                                    | CUSIP: 74265LW46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $505919.70    | 0.44%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Offshore Terminal Authority                                            | LOUISIANA ST OFFSHORE TERMINAL AUTH DEEPWATER PORT REVENUE   | CUSIP: 546510FT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018776.00   | 0.89%             | 2033-09-01      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                              | ARIZONA ST HLTH FACS AUTH                                    | CUSIP: 040507QS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $34924.09     | 0.03%             | 2046-01-01      | Floating      | 3.14%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS SPLY REVENUE                | CUSIP: 154872AY1<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    920000 | PA      | $994902.72    | 0.87%             | 2055-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | AKRON BATH COPLEY JT TWP OH HOSP DIST                        | CUSIP: 009730PK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $354035.55    | 0.31%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                          | KNOX CNTY TN HLTH EDUCTNL & HSG FAC BRD MF HSG REVENUE       | CUSIP: 499652AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002520.00   | 1.75%             | 2027-12-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                            | MONTGOMERY CNTY PA INDL DEV AUTH EXEMPT FACS REVENUE         | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1251371.08   | 1.10%             | 2053-04-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DKB7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    810000 | PA      | $867200.58    | 0.76%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 1675937F3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1412565.24   | 1.24%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736F77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $573161.12    | 0.50%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153DG1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032209.00   | 0.90%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Muskogee Industrial Trust                                                        | MUSKOGEE OK INDL TRUST EDUCTNL FACS LEASE REVENUE            | CUSIP: 62813NAX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $490290.73    | 0.43%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JGX8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1884221.50   | 1.65%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE               | CUSIP: 09182NCT5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084432.00   | 0.95%             | 2053-12-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin