# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001752724-25-195833
**Filing Date:** 2025-8
**Character Count:** 227803
**Document Hash:** 6342dc84421e63c44c16126550d9aef2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-195833.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-195833

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**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:** 251238616

**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 Investment Income Builder Fund (Series ID: S000011851)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000032380 | Thornburg Investment Income Builder Fund - Class A  | TIBAX           |
| C000032381 | Thornburg Investment Income Builder Fund - Class C  | TIBCX           |
| C000032382 | Thornburg Investment Income Builder Fund - Class I  | TIBIX           |
| C000042675 | Thornburg Investment Income Builder Fund - Class R3 | TIBRX           |
| C000047041 | Thornburg Investment Income Builder Fund - Class R5 | TIBMX           |
| C000058461 | Thornburg Investment Income Builder Fund - Class R4 | TIBGX           |
| C000177479 | Thornburg Investment Income Builder Fund - Class R6 | TIBOX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Investment Income Builder Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Common Stock — 82.6%** |  |  |
|  | &nbsp;&nbsp;**Automobiles & Components — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobiles — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | &nbsp;&nbsp; 1241000 | &nbsp;&nbsp;$72638668 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 72638668 |
|  | &nbsp;&nbsp;**Banks — 10.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 10.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Bank of Ireland Group plc | &nbsp;&nbsp; 19129250 | &nbsp;&nbsp;&nbsp;&nbsp; 272315081 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp; 7431300 | &nbsp;&nbsp;&nbsp;&nbsp; 668082739 |
|  | &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp; 6986967 | &nbsp;&nbsp;&nbsp;&nbsp; 594730631 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp; 89331 | &nbsp;&nbsp;&nbsp;&nbsp; 25897950 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp; 4391438 | &nbsp;&nbsp;&nbsp;&nbsp; 103286622 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1664313023 |
|  | &nbsp;&nbsp;**Capital Goods — 2.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;BAE Systems plc | &nbsp;&nbsp; 11749400 | &nbsp;&nbsp;&nbsp;&nbsp; 304251139 |
|  | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 19897000 | &nbsp;&nbsp;&nbsp;&nbsp; 122424359 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 426675498 |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Specialty Retail — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp; 505482 | &nbsp;&nbsp;&nbsp;&nbsp; 185329920 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 185329920 |
|  | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 3.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 3.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;BIM Birlesik Magazalar AS | &nbsp;&nbsp; 5157800 | &nbsp;&nbsp;&nbsp;&nbsp; 64087538 |
|  | &nbsp;&nbsp;&nbsp;Tesco plc | &nbsp;&nbsp; 83026330 | &nbsp;&nbsp;&nbsp;&nbsp; 457345820 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 521433358 |
|  | &nbsp;&nbsp;**Energy — 7.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 7.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp; 3309521 | &nbsp;&nbsp;&nbsp;&nbsp; 150073745 |
|  | &nbsp;&nbsp;&nbsp;Eni SpA | &nbsp;&nbsp; 4369900 | &nbsp;&nbsp;&nbsp;&nbsp; 70829965 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Foresea Holdings SA | &nbsp;&nbsp; 147823 | &nbsp;&nbsp;&nbsp;&nbsp; 2897331 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;LUKOIL PJSC | &nbsp;&nbsp; 314000 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **<sup>a,b,c</sup>** | &nbsp;&nbsp;&nbsp;Malamute Energy, Inc. | &nbsp;&nbsp; 12439 | &nbsp;&nbsp;&nbsp;&nbsp; 12439 |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA Sponsored ADR | &nbsp;&nbsp; 7310155 | &nbsp;&nbsp;&nbsp;&nbsp; 91450039 |
|  | &nbsp;&nbsp;&nbsp;Shell plc | &nbsp;&nbsp; 3035600 | &nbsp;&nbsp;&nbsp;&nbsp; 106399630 |
|  | &nbsp;&nbsp;&nbsp;South Bow Corp. | &nbsp;&nbsp; 1624408 | &nbsp;&nbsp;&nbsp;&nbsp; 42168403 |
|  | &nbsp;&nbsp;&nbsp;TC Energy Corp. | &nbsp;&nbsp; 3702454 | &nbsp;&nbsp;&nbsp;&nbsp; 180752078 |
|  | &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp; 8285200 | &nbsp;&nbsp;&nbsp;&nbsp; 508472905 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1153056535 |
|  | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Residential REITs — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Elme Communities | &nbsp;&nbsp; 2004592 | &nbsp;&nbsp;&nbsp;&nbsp; 31873013 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31873013 |
|  | &nbsp;&nbsp;**Financial Services — 4.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp; 967364 | &nbsp;&nbsp;&nbsp;&nbsp; 266624866 |
|  | &nbsp;&nbsp;&nbsp;MidCap Financial Investment Corp. | &nbsp;&nbsp; 2937783 | &nbsp;&nbsp;&nbsp;&nbsp; 37074821 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;SLR Investment Corp. | &nbsp;&nbsp; 4307900 | &nbsp;&nbsp;&nbsp;&nbsp; 69529506 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp; 4814078 | &nbsp;&nbsp;&nbsp;&nbsp; 270069776 |
|  | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts — 0.4%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Chimera Investment Corp. | &nbsp;&nbsp; 4947862 | &nbsp;&nbsp;&nbsp;&nbsp; 68626846 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 711925815 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 1.0%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Investment Income Builder Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp; 1829695 | &nbsp;&nbsp;$159494513 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 159494513 |
|  | &nbsp;&nbsp;**Insurance — 6.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 6.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;ASR Nederland NV | &nbsp;&nbsp; 1051300 | &nbsp;&nbsp;&nbsp;&nbsp; 69819837 |
|  | &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp; 2359200 | &nbsp;&nbsp;&nbsp;&nbsp; 115801812 |
|  | &nbsp;&nbsp;&nbsp;Generali | &nbsp;&nbsp; 4533547 | &nbsp;&nbsp;&nbsp;&nbsp; 161330301 |
|  | &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp; 9463916 | &nbsp;&nbsp;&nbsp;&nbsp; 628971626 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 975923576 |
|  | &nbsp;&nbsp;**Materials — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV Class A | &nbsp;&nbsp; 1867909 | &nbsp;&nbsp;&nbsp;&nbsp; 108077215 |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Glencore plc | &nbsp;&nbsp; 43016400 | &nbsp;&nbsp;&nbsp;&nbsp; 167455726 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO | &nbsp;&nbsp; 35140000 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 275532941 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 6.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp; 288658 | &nbsp;&nbsp;&nbsp;&nbsp; 53580698 |
|  | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 6.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | &nbsp;&nbsp; 1649800 | &nbsp;&nbsp;&nbsp;&nbsp; 229177261 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp; 4569254 | &nbsp;&nbsp;&nbsp;&nbsp; 361702147 |
|  | &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp; 641308 | &nbsp;&nbsp;&nbsp;&nbsp; 77729649 |
|  | &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp; 9881257 | &nbsp;&nbsp;&nbsp;&nbsp; 239521670 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp; 464300 | &nbsp;&nbsp;&nbsp;&nbsp; 151206907 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1112918332 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 8.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 8.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp; 2616633 | &nbsp;&nbsp;&nbsp;&nbsp; 721274887 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 17649261 | &nbsp;&nbsp;&nbsp;&nbsp; 640429161 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1361704048 |
|  | &nbsp;&nbsp;**Software & Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;HCL Technologies Ltd. | &nbsp;&nbsp; 2092600 | &nbsp;&nbsp;&nbsp;&nbsp; 42261931 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42261931 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 2.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Communications Equipment — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp; 2242346 | &nbsp;&nbsp;&nbsp;&nbsp; 155573965 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 6955559 | &nbsp;&nbsp;&nbsp;&nbsp; 308196820 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 463770785 |
|  | &nbsp;&nbsp;**Telecommunication Services — 17.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 15.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp; 24063518 | &nbsp;&nbsp;&nbsp;&nbsp; 696398211 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp; 4269800 | &nbsp;&nbsp;&nbsp;&nbsp; 155767136 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Digicel Holdings Ltd. | &nbsp;&nbsp; 220592 | &nbsp;&nbsp;&nbsp;&nbsp; 200066 |
|  | &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | &nbsp;&nbsp; 40858000 | &nbsp;&nbsp;&nbsp;&nbsp; 199060335 |
|  | &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp; 69866380 | &nbsp;&nbsp;&nbsp;&nbsp; 1062893492 |
|  | &nbsp;&nbsp;&nbsp;Singapore Telecommunications Ltd. | &nbsp;&nbsp; 56926000 | &nbsp;&nbsp;&nbsp;&nbsp; 171024239 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Zegona Communications plc | &nbsp;&nbsp; 28443000 | &nbsp;&nbsp;&nbsp;&nbsp; 274076769 |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Vodafone Group plc | &nbsp;&nbsp;299095524 | &nbsp;&nbsp;&nbsp;&nbsp; 319328415 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2878748663 |
|  | &nbsp;&nbsp;**Transportation — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp; 4817600 | &nbsp;&nbsp;&nbsp;&nbsp; 222512635 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Investment Income Builder Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 222512635 |
|  | &nbsp;&nbsp;**Utilities — 7.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 5.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp; 11805557 | &nbsp;&nbsp;$373942115 |
|  | &nbsp;&nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp; 60348731 | &nbsp;&nbsp;&nbsp;&nbsp; 572683533 |
|  | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp; 15827000 | &nbsp;&nbsp;&nbsp;&nbsp; 95864491 |
|  | &nbsp;&nbsp;&nbsp;**Multi-Utilities — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp; 8053300 | &nbsp;&nbsp;&nbsp;&nbsp; 148224843 |
|  | &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp; 1047372 | &nbsp;&nbsp;&nbsp;&nbsp; 24582519 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1215297501 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stock (Cost $8,698,214,344) |  | &nbsp;&nbsp;&nbsp;&nbsp;13475410755 |
|  | **Preferred Stock — 0.2%** |  |  |
|  | &nbsp;&nbsp;**Banks — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 0.0%** |  |  |
| **<sup>d,e,f</sup>** | &nbsp;&nbsp;&nbsp;First Horizon Bank 5.322% (TSFR3M + 1.11%), 7/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 8880000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8880000 |
|  | &nbsp;&nbsp;**Energy — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 0.2%** |  |  |
| **<sup>e</sup>** | &nbsp;&nbsp;&nbsp;Summit Midstream Corp. Series A, 12.284%, 7/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 160970 | &nbsp;&nbsp;&nbsp;&nbsp; 26009209 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26009209 |
|  | &nbsp;&nbsp;**Financial Services — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 0.0%** |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;Morgan Stanley Series A, 5.218% (TSFR3M + 0.96%), 7/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 2559600 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2559600 |
|  | &nbsp;&nbsp;&nbsp;Total Preferred Stock (Cost $39,114,250) |  | &nbsp;&nbsp;&nbsp;&nbsp; 37448809 |
|  | **Asset Backed Securities — 0.9%** |  |  |
|  | &nbsp;&nbsp;**Auto Receivables — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4A Class R, due 10/15/2026 | &nbsp;&nbsp;$32000 | &nbsp;&nbsp;&nbsp;&nbsp; 4756706 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P1 Class R, due 12/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 1608850 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P2 Class R, due 5/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150098 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P4 Class R, due 9/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 17500 | &nbsp;&nbsp;&nbsp;&nbsp; 2363007 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-P1 Class R, due 1/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 5095848 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;CPS Auto Securitization Trust, Series 2021-1A Class A, 7.86% due 6/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11702516 | &nbsp;&nbsp;&nbsp;&nbsp; 11628666 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;FHF Trust, Series 2022-2A Class A, 6.14% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1198577 | &nbsp;&nbsp;&nbsp;&nbsp; 1202919 |
|  | &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class R, due 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 3236455 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class R, due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 3523948 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN, Series 2021-1 Class R, 28.348% due 9/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1616014 | &nbsp;&nbsp;&nbsp;&nbsp; 1620781 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust Series 2022-1 Class R, due 11/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 1325438 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37512716 |
|  | &nbsp;&nbsp;**Credit Card — 0.1%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2024-A Class D, 9.42% due 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 9342000 | &nbsp;&nbsp;&nbsp;&nbsp; 9445364 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Perimeter Master Notes Business Trust, 8.55% due 9/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5072992 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14518356 |
|  | &nbsp;&nbsp;**Other Asset Backed — 0.3%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 6537801 | &nbsp;&nbsp;&nbsp;&nbsp; 6449857 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9951045 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;FAT Brands Fazoli's Native I LLC, Series 2021-1 Class A2, 7.00% due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 13690455 | &nbsp;&nbsp;&nbsp;&nbsp; 12684457 |
| **<sup>a,d</sup>** | &nbsp;&nbsp;&nbsp;Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2 Class R, due 6/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 1761096 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;LendingPoint Asset Securitization Trust, Series 2020-REV1 Class C, 7.699% due 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7701904 | &nbsp;&nbsp;&nbsp;&nbsp; 7757885 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Investment Income Builder Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class R, due 6/16/2031 | &nbsp;&nbsp;$9550 | &nbsp;&nbsp;$136540 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class R, due 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 456483 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class R, due 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 23881 | &nbsp;&nbsp;&nbsp;&nbsp; 395624 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class R, due 8/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 6374937 | &nbsp;&nbsp;&nbsp;&nbsp; 2567576 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class R, due 12/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 809863 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class R, due 4/22/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 893625 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Oportun Funding LLC Series 2022-1 Class CERT, due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11604 | &nbsp;&nbsp;&nbsp;&nbsp; 277079 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4964269 |
|  | &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST8 Class CERT, due 10/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4150000 | &nbsp;&nbsp;&nbsp;&nbsp; 822165 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST9 Class CERT, due 11/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 370134 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 50297698 |
|  | &nbsp;&nbsp;**Student Loan — 0.3%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;College Ave Student Loans LLC Series 2023-A Class R, due 5/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 16900985 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;MPOWER Education Trust, Series 2025-A Class A, 6.62% due 7/21/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 14381221 | &nbsp;&nbsp;&nbsp;&nbsp; 14472420 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, Series 2007-2 Class A4, 4.724% (TSFR1M + 0.40%) due 1/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6563982 | &nbsp;&nbsp;&nbsp;&nbsp; 6353480 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program Trust Series 2021-B Class R1, due 2/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 617762 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38344647 |
|  | &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $129,816,001) |  | &nbsp;&nbsp;&nbsp;&nbsp; 140673417 |
|  | **Corporate Bonds — 5.2%** |  |  |
|  | &nbsp;&nbsp;**Banks — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.625% (TSFR3M + 3.39%) due 9/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp;&nbsp; 1923854 |
| **<sup>e,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series I, 3.75% (5-Yr. CMT + 2.630%) due 12/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11400000 | &nbsp;&nbsp;&nbsp;&nbsp; 11135292 |
|  | &nbsp;&nbsp;&nbsp;KeyBank NA, 5.00% due 1/26/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 10250000 | &nbsp;&nbsp;&nbsp;&nbsp; 10106500 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23165646 |
|  | &nbsp;&nbsp;**Capital Goods — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.1%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 6/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7333050 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.75% due 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6345000 | &nbsp;&nbsp;&nbsp;&nbsp; 6480339 |
|  | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;LKQ Corp., 6.25% due 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5840000 | &nbsp;&nbsp;&nbsp;&nbsp; 6161550 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 8.50% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7470000 | &nbsp;&nbsp;&nbsp;&nbsp; 8005375 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27980314 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.2%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;ACCO Brands Corp., 4.25% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6630150 |
|  | &nbsp;&nbsp;&nbsp;CoreCivic, Inc., 8.25% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 12869000 | &nbsp;&nbsp;&nbsp;&nbsp; 13656196 |
|  | &nbsp;&nbsp;&nbsp;GEO Group, Inc., 8.625% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8975000 | &nbsp;&nbsp;&nbsp;&nbsp; 9501025 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29787371 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Durables — 0.1%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11475000 | &nbsp;&nbsp;&nbsp;&nbsp; 9410189 |
|  | &nbsp;&nbsp;&nbsp;**Leisure Products — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Polaris, Inc., 6.95% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5256450 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14666639 |
|  | &nbsp;&nbsp;**Consumer Services — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Marriott International, Inc., 4.50% due 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4497000 | &nbsp;&nbsp;&nbsp;&nbsp; 4316400 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4316400 |
|  | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.2%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 24136000 | &nbsp;&nbsp;&nbsp;&nbsp; 25003207 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;U.S. Foods, Inc., 4.75% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5880000 | &nbsp;&nbsp;&nbsp;&nbsp; 5783744 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Investment Income Builder Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30786951 |
|  | &nbsp;&nbsp;**Energy — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 0.0%** |  |  |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;Empresa Generadora de Electricidad Haina SA, 5.625% due 11/8/2028 | &nbsp;&nbsp;$7850000 | &nbsp;&nbsp;$7483091 |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 1.1%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 13230000 | &nbsp;&nbsp;&nbsp;&nbsp; 13736577 |
|  | &nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd., |  |  |
| **<sup>g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.375% due 3/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6193590 |
| **<sup>g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.50% due 9/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 12410941 | &nbsp;&nbsp;&nbsp;&nbsp; 12704460 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 7.555% (TSFR3M + 3.28%) due 11/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 13820000 | &nbsp;&nbsp;&nbsp;&nbsp; 13744819 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 3/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8903200 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.80% due 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10341800 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.30% due 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 23630000 | &nbsp;&nbsp;&nbsp;&nbsp; 23676315 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.55% due 6/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4725750 |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;Medco Maple Tree Pte. Ltd., 8.96% due 4/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7284970 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, |  |  |
| **<sup>g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.95% due 1/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9029400 |
| **<sup>g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.70% due 2/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2785860 |
| **<sup>g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.69% due 1/23/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 5650000 | &nbsp;&nbsp;&nbsp;&nbsp; 4444516 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Sunoco LP, 7.25% due 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4892000 | &nbsp;&nbsp;&nbsp;&nbsp; 5137725 |
|  | &nbsp;&nbsp;&nbsp;Sunoco LP/Sunoco Finance Corp., 5.875% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5008600 |
|  | &nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co. LLC, 7.85% due 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 32700000 | &nbsp;&nbsp;&nbsp;&nbsp; 33041061 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos., Inc., 5.75% due 6/24/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 14198000 | &nbsp;&nbsp;&nbsp;&nbsp; 13941868 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 182183602 |
|  | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 0.1%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 7.00% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7757775 |
|  | &nbsp;&nbsp;&nbsp;Vornado Realty LP, 2.15% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8186500 | &nbsp;&nbsp;&nbsp;&nbsp; 7952694 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15710469 |
|  | &nbsp;&nbsp;**Financial Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp., 7.75% due 9/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2621200 |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.75% due 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12745070 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.75% due 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13250000 | &nbsp;&nbsp;&nbsp;&nbsp; 13181100 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC, 9.25% due 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 11500000 | &nbsp;&nbsp;&nbsp;&nbsp; 12112720 |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;FORESEA Holding SA, 7.50% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1520371 | &nbsp;&nbsp;&nbsp;&nbsp; 1450677 |
|  | &nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 2.625% due 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4098000 | &nbsp;&nbsp;&nbsp;&nbsp; 3970143 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Antares Holdings LP, |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.75% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2887380 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.35% due 10/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5049650 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.95% due 8/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3169710 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.50% due 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4997000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 62184650 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 0.0%** |  |  |
| **<sup>d,g</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; 10443000 | &nbsp;&nbsp;&nbsp;&nbsp; 10163545 |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 0.1%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc., 6.00% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4050000 | &nbsp;&nbsp;&nbsp;&nbsp; 4104594 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Post Holdings, Inc., 5.50% due 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9960300 |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 0.1%** |  |  |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;Imperial Brands Finance plc, 6.125% due 7/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5157300 |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;JT International Financial Services BV, 6.875% due 10/24/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5522900 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34908639 |
|  | &nbsp;&nbsp;**Insurance — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 0.3%** |  |  |
| **<sup>g</sup>** | &nbsp;&nbsp;&nbsp;Enstar Group Ltd., 3.10% due 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8354000 | &nbsp;&nbsp;&nbsp;&nbsp; 7427124 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Investment Income Builder Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.45% due 3/15/2031 | &nbsp;&nbsp;$1617000 | &nbsp;&nbsp;$1403362 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.40% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8383000 | &nbsp;&nbsp;&nbsp;&nbsp; 7835087 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp., 7.25% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10676100 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;MetLife, Inc., 9.25% due 4/8/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14243160 |
|  | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp., 3.60% due 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8101000 | &nbsp;&nbsp;&nbsp;&nbsp; 7246020 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48830853 |
|  | &nbsp;&nbsp;**Materials — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 0.1%** |  |  |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2794200 |
|  | &nbsp;&nbsp;&nbsp;OCP SA, |  |  |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.75% due 6/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1735000 | &nbsp;&nbsp;&nbsp;&nbsp; 1554334 |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.50% due 10/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4977450 |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 0.0%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Matthews International Corp., 8.625% due 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7670000 | &nbsp;&nbsp;&nbsp;&nbsp; 7981095 |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.1%** |  |  |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;Navoi Mining & Metallurgical Combinat, 6.70% due 10/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7669125 |
|  | &nbsp;&nbsp;&nbsp;WE Soda Investments Holding plc, |  |  |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.375% due 2/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4150000 | &nbsp;&nbsp;&nbsp;&nbsp; 4340610 |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.50% due 10/6/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2086460 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31403274 |
|  | &nbsp;&nbsp;**Media & Entertainment — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.1%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.75% due 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7583440 |
|  | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.125% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4908000 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7436025 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19927465 |
|  | &nbsp;&nbsp;**Real Estate Management & Development — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 0.0%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3025410 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Greystar Real Estate Partners LLC, 7.75% due 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2490000 | &nbsp;&nbsp;&nbsp;&nbsp; 2641915 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5667325 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.0%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 9800000 | &nbsp;&nbsp;&nbsp;&nbsp; 8837248 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8837248 |
|  | &nbsp;&nbsp;**Software & Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 0.1%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC, 7.50% due 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5310500 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6890520 |
|  | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.2%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Arches Buyer, Inc., 4.25% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6222515 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC, 7.00% due 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10048000 |
|  | &nbsp;&nbsp;&nbsp;Prosus NV, |  |  |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.061% due 7/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 11800000 | &nbsp;&nbsp;&nbsp;&nbsp; 10438398 |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.832% due 2/8/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3212550 |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.027% due 8/3/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3324500 |
|  | &nbsp;&nbsp;&nbsp;**Software — 0.1%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., 4.00% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6812960 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;GoTo Group, Inc.,5.50% due 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4354350 | &nbsp;&nbsp;&nbsp;&nbsp; 2340478 |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;Open Text Corp., 3.875% due 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9422200 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 64022621 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., 4.25% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4958950 |
|  | &nbsp;&nbsp;&nbsp;Vontier Corp., 2.40% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5832000 | &nbsp;&nbsp;&nbsp;&nbsp; 5499576 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10458526 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Investment Income Builder Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;**Telecommunication Services — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.8%** |  |  |
| **<sup>g</sup>** | &nbsp;&nbsp;&nbsp;Deutsche Telekom International Finance BV (Guaranty: Deutsche Telekom AG), 8.75% due 6/15/2030 | &nbsp;&nbsp;$26150000 | &nbsp;&nbsp;$30878181 |
| **<sup>g</sup>** | &nbsp;&nbsp;&nbsp;Telefonica Emisiones SA (Guaranty: Telefonica SA), 7.045% due 6/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 85390000 | &nbsp;&nbsp;&nbsp;&nbsp; 94869144 |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.3%** |  |  |
| **<sup>g,h</sup>** | &nbsp;&nbsp;&nbsp;Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl U.S., 12.00% due 5/25/2027 PIK | &nbsp;&nbsp;&nbsp;&nbsp; 37599546 | &nbsp;&nbsp;&nbsp;&nbsp; 37965014 |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS, 7.45% due 1/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10177300 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 173889639 |
|  | &nbsp;&nbsp;**Transportation — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Passenger Airlines — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-3 Class B, 3.75% due 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6218246 | &nbsp;&nbsp;&nbsp;&nbsp; 6144249 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B, 3.85% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5303523 | &nbsp;&nbsp;&nbsp;&nbsp; 5041370 |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;Pegasus Hava Tasimaciligi AS, 8.00% due 9/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 14750000 | &nbsp;&nbsp;&nbsp;&nbsp; 14784957 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25970576 |
|  | &nbsp;&nbsp;**Utilities — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 0.1%** |  |  |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;AES Espana BV, 5.70% due 5/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4850000 | &nbsp;&nbsp;&nbsp;&nbsp; 4652120 |
|  | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad, |  |  |
| **<sup>g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 9/29/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 9296000 | &nbsp;&nbsp;&nbsp;&nbsp; 8311368 |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.45% due 1/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7884320 |
|  | &nbsp;&nbsp;&nbsp;**Multi-Utilities — 0.1%** |  |  |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;Aegea Finance SARL, 9.00% due 1/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp;&nbsp; 10034945 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30882753 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $789,138,607) |  | &nbsp;&nbsp;&nbsp;&nbsp; 845580961 |
|  | **Other Government — 0.1%** |  |  |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah, 3.625% due 3/10/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6016430 |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;Nigeria Government International Bonds, 7.625% due 11/28/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4786260 |
|  | &nbsp;&nbsp;&nbsp;Total Other Government (Cost $9,530,677) |  | &nbsp;&nbsp;&nbsp;&nbsp; 10802690 |
|  | **Mortgage Backed — 2.2%** |  |  |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-6 Class A3, 4.30% due 7/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 3817883 | &nbsp;&nbsp;&nbsp;&nbsp; 3628041 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Barclays Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A3, 4.53% due 2/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 12612656 | &nbsp;&nbsp;&nbsp;&nbsp; 12050548 |
|  | &nbsp;&nbsp;&nbsp;Barclays Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL1 Class A, 5.00% due 11/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5445429 | &nbsp;&nbsp;&nbsp;&nbsp; 5430135 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-RPL1 Class A, 4.25% due 2/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10500636 | &nbsp;&nbsp;&nbsp;&nbsp; 10398438 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 7.326% due 8/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 18343 | &nbsp;&nbsp;&nbsp;&nbsp; 18277 |
|  | &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B4, 3.885% due 3/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 967170 | &nbsp;&nbsp;&nbsp;&nbsp; 834940 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B5, 3.885% due 3/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 452464 | &nbsp;&nbsp;&nbsp;&nbsp; 353737 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B6, 3.658% due 3/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 745503 | &nbsp;&nbsp;&nbsp;&nbsp; 475396 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, Series 2016-SH2 Class M4, 3.75% due 12/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 590591 | &nbsp;&nbsp;&nbsp;&nbsp; 541387 |
|  | &nbsp;&nbsp;&nbsp;CIM Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class AIO1, 0.44% due 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 49878396 | &nbsp;&nbsp;&nbsp;&nbsp; 1090132 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class AIO2, 0.50% due 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 44487457 | &nbsp;&nbsp;&nbsp;&nbsp; 1215362 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class AIOS, 0.20% due 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 61913023 | &nbsp;&nbsp;&nbsp;&nbsp; 644366 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B4, 3.44% due 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1289881 | &nbsp;&nbsp;&nbsp;&nbsp; 1092115 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B5, 3.44% due 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 652512 | &nbsp;&nbsp;&nbsp;&nbsp; 381685 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J1 Class B6, 3.44% due 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1145464 | &nbsp;&nbsp;&nbsp;&nbsp; 498738 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class AX1, 0.254% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 96224680 | &nbsp;&nbsp;&nbsp;&nbsp; 1438107 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class AXS, 0.21% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;102835639 | &nbsp;&nbsp;&nbsp;&nbsp; 1229205 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B4, 2.754% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 491000 | &nbsp;&nbsp;&nbsp;&nbsp; 224357 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B5, 2.754% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 73890 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-J2 Class B6, 2.754% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 242492 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-I1 Class M1, 7.06% due 4/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000132 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-HYB2 Class B1, 6.379% due 3/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 129131 | &nbsp;&nbsp;&nbsp;&nbsp; 64599 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B1, 4.467% due 5/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1827000 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B2, 4.467% due 5/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1162819 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class B3, 4.467% due 5/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 464353 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Investment Income Builder Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>d,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP1 Class XS, due 5/25/2060 | &nbsp;&nbsp;$31257572 | &nbsp;&nbsp;$997301 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP2 Class B5, 4.095% due 8/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 339753 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-EXP2 Class B6, 4.095% due 8/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 693301 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B4, 2.609% due 4/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 429000 | &nbsp;&nbsp;&nbsp;&nbsp; 195011 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B5, 2.609% due 4/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 269767 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J1 Class B6, 2.609% due 4/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 509528 | &nbsp;&nbsp;&nbsp;&nbsp; 181119 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B4, 2.861% due 9/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1033000 | &nbsp;&nbsp;&nbsp;&nbsp; 539619 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B6, 2.861% due 9/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 573149 | &nbsp;&nbsp;&nbsp;&nbsp; 209691 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC, CMBS, Series 2024-1A Class A2, 7.924% due 5/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4385000 | &nbsp;&nbsp;&nbsp;&nbsp; 4646899 |
|  | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-AFC1 Class M1, 2.841% due 2/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3808500 | &nbsp;&nbsp;&nbsp;&nbsp; 3026780 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class AIOS, 0.25% due 3/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 69543069 | &nbsp;&nbsp;&nbsp;&nbsp; 683935 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class B3, 4.319% due 3/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 148509 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AFC1 Class XS, 3.242% due 3/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 69543069 | &nbsp;&nbsp;&nbsp;&nbsp; 11857093 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM5 Class A3, 5.169% due 5/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 3208710 | &nbsp;&nbsp;&nbsp;&nbsp; 3240711 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3025000 | &nbsp;&nbsp;&nbsp;&nbsp; 2763562 |
|  | &nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class AX1, 0.659% due 8/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 92421539 | &nbsp;&nbsp;&nbsp;&nbsp; 3167231 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class AX2, 0.50% due 8/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 15840571 | &nbsp;&nbsp;&nbsp;&nbsp; 440452 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B4, 3.659% due 8/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 799156 | &nbsp;&nbsp;&nbsp;&nbsp; 670157 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B5, 3.659% due 8/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2397468 | &nbsp;&nbsp;&nbsp;&nbsp; 1988183 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class B6C, 3.352% due 8/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3196625 | &nbsp;&nbsp;&nbsp;&nbsp; 1752492 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX1, 0.174% due 12/30/2051 | &nbsp;&nbsp;&nbsp;&nbsp;152529429 | &nbsp;&nbsp;&nbsp;&nbsp; 1497564 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX17, 0.18% due 12/30/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 12644927 | &nbsp;&nbsp;&nbsp;&nbsp; 140823 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class AX4, 0.50% due 12/30/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 11538496 | &nbsp;&nbsp;&nbsp;&nbsp; 356944 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B4, 3.354% due 12/30/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2315051 | &nbsp;&nbsp;&nbsp;&nbsp; 1880983 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B5, 3.354% due 12/30/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 453750 | &nbsp;&nbsp;&nbsp;&nbsp; 340574 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13IN Class B6C, 3.252% due 12/30/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3981755 | &nbsp;&nbsp;&nbsp;&nbsp; 2504329 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Galton Funding Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-H1 Class B1, 3.386% due 1/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 4379900 | &nbsp;&nbsp;&nbsp;&nbsp; 3045126 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Glebe Funding Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 8.099% due 11/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 27166628 | &nbsp;&nbsp;&nbsp;&nbsp; 27454603 |
|  | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A11X, 3.392% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1216151 | &nbsp;&nbsp;&nbsp;&nbsp; 184717 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class A12X, 2.908% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 14561301 | &nbsp;&nbsp;&nbsp;&nbsp; 1895724 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AIOS, 0.189% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 81034999 | &nbsp;&nbsp;&nbsp;&nbsp; 577099 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX1, due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 52649115 | &nbsp;&nbsp;&nbsp;&nbsp; 526 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX2, 0.408% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2624327 | &nbsp;&nbsp;&nbsp;&nbsp; 34674 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class AX4, 0.921% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2825312 | &nbsp;&nbsp;&nbsp;&nbsp; 86753 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B4, 3.828% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1787845 | &nbsp;&nbsp;&nbsp;&nbsp; 1541709 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B5, 3.828% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1792077 | &nbsp;&nbsp;&nbsp;&nbsp; 1566354 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class B6, 3.828% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4401081 | &nbsp;&nbsp;&nbsp;&nbsp; 2899178 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-INV1 Class BX, 0.328% due 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 20404661 | &nbsp;&nbsp;&nbsp;&nbsp; 321594 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class B3, 6.357% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14481433 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, Series 2024-RTL1 Class A1, 7.12% due 7/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 14900000 | &nbsp;&nbsp;&nbsp;&nbsp; 14971061 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, CMBS, Series 2025-BHR5 Class B, 6.454% (TSFR1M + 2.14%) due 3/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9986725 |
|  | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class AX1, 0.132% due 8/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 12216669 | &nbsp;&nbsp;&nbsp;&nbsp; 67104 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class A11X, 0.811% (5.14% - TSFR1M) due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2376802 | &nbsp;&nbsp;&nbsp;&nbsp; 76096 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class A3X, 0.50% due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 10774837 | &nbsp;&nbsp;&nbsp;&nbsp; 254703 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX1, 0.095% due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 39798365 | &nbsp;&nbsp;&nbsp;&nbsp; 114325 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX3, 3.50% due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1101120 | &nbsp;&nbsp;&nbsp;&nbsp; 184534 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class AX4, 0.55% due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2541198 | &nbsp;&nbsp;&nbsp;&nbsp; 66007 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B4, 3.645% due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1849713 | &nbsp;&nbsp;&nbsp;&nbsp; 1597681 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B5, 3.645% due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 853850 | &nbsp;&nbsp;&nbsp;&nbsp; 657701 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class B6, 3.531% due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1582548 | &nbsp;&nbsp;&nbsp;&nbsp; 740459 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B4, 3.50% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2250626 | &nbsp;&nbsp;&nbsp;&nbsp; 1934980 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B5, 3.50% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1577210 | &nbsp;&nbsp;&nbsp;&nbsp; 873317 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-7 Class B6, 3.395% due 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2289984 | &nbsp;&nbsp;&nbsp;&nbsp; 1028521 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11 Class B5, 3.019% due 1/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3551597 | &nbsp;&nbsp;&nbsp;&nbsp; 2767066 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11 Class B6, 2.455% due 1/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4032817 | &nbsp;&nbsp;&nbsp;&nbsp; 2016019 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B4, 3.125% due 8/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3109028 | &nbsp;&nbsp;&nbsp;&nbsp; 2324276 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B5, 3.125% due 8/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1651383 | &nbsp;&nbsp;&nbsp;&nbsp; 1041677 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B6, 1.833% due 8/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1795512 | &nbsp;&nbsp;&nbsp;&nbsp; 689428 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B4, 3.096% due 8/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2554523 | &nbsp;&nbsp;&nbsp;&nbsp; 1949270 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B5, 3.096% due 8/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1625858 | &nbsp;&nbsp;&nbsp;&nbsp; 739778 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class B6, 1.70% due 8/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1459907 | &nbsp;&nbsp;&nbsp;&nbsp; 559670 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Investment Income Builder Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class AX1, 0.11% due 8/25/2051 | &nbsp;&nbsp;$91166662 | &nbsp;&nbsp;$393940 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class AX4, 0.70% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 6246577 | &nbsp;&nbsp;&nbsp;&nbsp; 262423 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class B5, 3.31% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 302521 | &nbsp;&nbsp;&nbsp;&nbsp; 229488 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class B6, 3.18% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1469729 | &nbsp;&nbsp;&nbsp;&nbsp; 755903 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class AX1, 0.158% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;111327837 | &nbsp;&nbsp;&nbsp;&nbsp; 776745 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class AX4, 0.55% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 9015987 | &nbsp;&nbsp;&nbsp;&nbsp; 242828 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class B5, 3.208% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 421863 | &nbsp;&nbsp;&nbsp;&nbsp; 318117 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class B6, 3.208% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1865123 | &nbsp;&nbsp;&nbsp;&nbsp; 986036 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 5.254% due 8/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 546997 | &nbsp;&nbsp;&nbsp;&nbsp; 514022 |
| **<sup>f</sup>** | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, Series 2024-NPL1 Class A1, 6.33% due 9/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 9032136 | &nbsp;&nbsp;&nbsp;&nbsp; 9056376 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9792621 | &nbsp;&nbsp;&nbsp;&nbsp; 10282171 |
|  | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class AX1, 0.744% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 88519055 | &nbsp;&nbsp;&nbsp;&nbsp; 3213277 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.244% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1039289 | &nbsp;&nbsp;&nbsp;&nbsp; 839861 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B6, 2.999% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1865090 | &nbsp;&nbsp;&nbsp;&nbsp; 1108740 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1 Class A1, 6.664% due 3/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5038364 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;NRM FHT1 Excess Owner LLC, Whole Loan Securities Trust CMO, Series 2025-FHT1 Class A, 6.545% due 3/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8356066 | &nbsp;&nbsp;&nbsp;&nbsp; 8383682 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;NYC Commercial Mortgage Trust, CMBS, Series 2021-909 Class A, 2.941% due 4/10/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4286010 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, Series 2021-NQM4 Class A1, 1.957% due 10/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 16392671 | &nbsp;&nbsp;&nbsp;&nbsp; 13851849 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;PRET LLC, Whole Loan Securities Trust CMO, Series 2025-NPL3 Class A1, 6.708% due 4/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 24702173 | &nbsp;&nbsp;&nbsp;&nbsp; 24916617 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;PRPM Trust, Whole Loan Securities Trust CMO, Series 2022-NQM1 Class A1, 5.50% due 8/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 7570126 | &nbsp;&nbsp;&nbsp;&nbsp; 7541028 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Redwood Funding Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 7.745% due 12/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 6885839 | &nbsp;&nbsp;&nbsp;&nbsp; 6932277 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class B1, 3.81% due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1433821 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-7 Class B3, 3.724% due 10/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1864022 | &nbsp;&nbsp;&nbsp;&nbsp; 1655162 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.576% (TSFR1M + 1.26%) due 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 5212000 | &nbsp;&nbsp;&nbsp;&nbsp; 5177904 |
|  | &nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class AIOS, 0.375% due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 42651587 | &nbsp;&nbsp;&nbsp;&nbsp; 550184 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class B2, 5.663% due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 7910000 | &nbsp;&nbsp;&nbsp;&nbsp; 7328293 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class B3, 6.284% due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 3366214 | &nbsp;&nbsp;&nbsp;&nbsp; 2863757 |
| **<sup>a,d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class C, due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp; 950 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class XS1, due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 41977708 | &nbsp;&nbsp;&nbsp;&nbsp; 420 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class XS2, due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 39878421 | &nbsp;&nbsp;&nbsp;&nbsp; 2402089 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.90% (TSFR1M + 2.59%) due 4/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 9765614 | &nbsp;&nbsp;&nbsp;&nbsp; 9741214 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2019-INV1 Class B1, 3.657% due 9/27/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9160033 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, Series 2025-R1 Class A1, 4.00% due 11/27/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 9466976 | &nbsp;&nbsp;&nbsp;&nbsp; 8604817 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;Visio Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class M1, 5.937% due 8/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 5351000 | &nbsp;&nbsp;&nbsp;&nbsp; 5329200 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class AIO1, 0.176% due 6/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;136179450 | &nbsp;&nbsp;&nbsp;&nbsp; 1251230 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class B5, 3.176% due 6/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1046000 | &nbsp;&nbsp;&nbsp;&nbsp; 541713 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class B6, 3.176% due 6/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1912755 | &nbsp;&nbsp;&nbsp;&nbsp; 842129 |
| **<sup>d,f,i</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class AIO2, 0.50% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;161351582 | &nbsp;&nbsp;&nbsp;&nbsp; 4780928 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B4, 3.309% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3231791 | &nbsp;&nbsp;&nbsp;&nbsp; 2632176 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.309% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2493096 | &nbsp;&nbsp;&nbsp;&nbsp; 1980182 |
| **<sup>d,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B6, 3.309% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1898410 | &nbsp;&nbsp;&nbsp;&nbsp; 860171 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $354,934,634) |  | &nbsp;&nbsp;&nbsp;&nbsp; 360709049 |
|  | **Loan Participations — 0.3%** |  |  |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.1%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;Imagefirst Holdings LLC, 7.574% (SOFR + 3.25%) due 3/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 19900000 | &nbsp;&nbsp;&nbsp;&nbsp; 19875125 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19875125 |
|  | &nbsp;&nbsp;**Consumer Services — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.0%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;GEO Group, Inc., 9.577% (SOFR + 5.25%) due 4/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3298517 | &nbsp;&nbsp;&nbsp;&nbsp; 3302640 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3302640 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 0.1%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc., 7.548% (SOFR + 3.25%) due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8038000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8038000 |
|  | &nbsp;&nbsp;**Household & Personal Products — 0.1%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Investment Income Builder Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Household Products — 0.1%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 6.321% (SOFR + 2.00%) due 3/19/2032 | &nbsp;&nbsp;$7250000 | &nbsp;&nbsp;$7256815 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7256815 |
|  | &nbsp;&nbsp;**Media & Entertainment — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.0%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;Century De Buyer LLC, 7.78% (SOFR + 3.50%) due 10/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1485038 | &nbsp;&nbsp;&nbsp;&nbsp; 1493087 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1493087 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Communications Equipment — 0.0%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;GoTo Group, Inc., 9.162% (SOFR + 4.75%) due 4/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2246387 | &nbsp;&nbsp;&nbsp;&nbsp; 1279581 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.0%** |  |  |
| **<sup>j</sup>** | &nbsp;&nbsp;&nbsp;Xerox Holdings Corp., 8.217% - 8.296% (SOFR + 4.00%) due 11/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6118182 | &nbsp;&nbsp;&nbsp;&nbsp; 5890647 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7170228 |
|  | &nbsp;&nbsp;&nbsp;Total Loan Participations (Cost $48,146,925) |  | &nbsp;&nbsp;&nbsp;&nbsp; 47135895 |
|  | **Short-Term Investments — 8.5%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;&nbsp;&nbsp;138073247 | &nbsp;&nbsp;&nbsp;&nbsp; 1380732468 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $1,380,732,468) |  | &nbsp;&nbsp;&nbsp;&nbsp; 1380732468 |
|  | **Total Investments — 100.0% (Cost $11,449,627,906)** |  | &nbsp;&nbsp;$16298494044 |
|  | **Other Assets Less Liabilities — 0.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662529 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$16305156573 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At June 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** |
| Swiss Franc | SSB | &nbsp;&nbsp;Sell | &nbsp;&nbsp;18275100 | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;23268812 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(593584) |
| Euro | BBH | &nbsp;&nbsp;Sell | &nbsp;&nbsp;2409296500 | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;2853394051 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (68608691) |
| Great Britain Pound | SSB | &nbsp;&nbsp;Sell | &nbsp;&nbsp;347993000 | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;477923494 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9921280) |
| Total |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$(79123555) |
| Net unrealized appreciation (depreciation) |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(79123555) |

---

\* Counterparties include State Street Bank and Trust Company ("SSB") and Brown Brothers Harriman & Co. ("BBH").

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Investment Income Builder Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Security currently fair valued by Thornburg Investment Management, Inc.'s Valuation and Pricing Committee. |
| b | Non-income producing. |
| c | Investment in Affiliates. |
| d | 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 June 30, 2025, the aggregate value of these securities in the Fund's portfolio was $897,241,275, representing 5.50% of the Fund's net assets. |
| e | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| f | 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 June 30, 2025. |
| g | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| h | Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at June 30, 2025. |
| i | Interest only. |
| j | The stated coupon rate represents the greater of the SOFR or the SOFR floor rate plus a spread at June 30, 2025. |

---

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

---

| | |
|:---|:---|
| ABS | Asset Backed Securities |
| ADR | American Depositary Receipt |
| ARM | Adjustable Rate Mortgage |
| CMBS | Commercial Mortgage-Backed Securities |
| CMO | Collateralized Mortgage Obligation |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate |
| PIK | Payment-in-kind |
| SOFR | Secured Overnight Financing Rate |
| TSFR1M | Term SOFR 1 Month |
| TSFR3M | Term SOFR 3 Month |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Investment Income Builder Fund** | *June 30, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg Investment Income Builder Fund (the "Fund") is a diversified series of Thornburg Investment Trust (the "Trust"). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is currently one of twenty-six separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers seven classes of shares of beneficial interest: Class A, Class C, Institutional Class ("Class I"), and Retirement Classes ("Class R3", "Class R4", "Class R5", and "Class R6").

#### 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. The Committee customarily obtains valuations in those instances from pricing service providers approved by the Committee. Such pricing service providers ordinarily calculate valuations using multi-factor models to adjust market prices based upon various inputs, including exchange data, depository receipt prices, futures, index data, and other data.

------

NOTES TO SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Investment Income Builder Fund** | *June 30, 2025 (Unaudited)* |

---

------

Investments in U.S. mutual funds are valued at net asset value ("NAV") each business day.

Forward currency contracts are valued by a third-party pricing service provider.

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.

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> 9/30/24** | &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> 6/30/25** | &nbsp;&nbsp;**Dividend<br> Income** |
| Chimera Investment Corp. | &nbsp;&nbsp;$78324655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$(9697809) | &nbsp;&nbsp;&nbsp;&nbsp;$68626846 | &nbsp;&nbsp;$5492127 |
| Malamute Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| SLR Investment Corp. | &nbsp;&nbsp;&nbsp;64833895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;4695611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69529506 | &nbsp;&nbsp;&nbsp;&nbsp;5298717 |
| Thornburg Capital Mgmt. Fund | &nbsp;&nbsp;687343444 | &nbsp;&nbsp;&nbsp;2199682830 | &nbsp;&nbsp;&nbsp;(1506293806) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1380732468 | &nbsp;&nbsp;&nbsp;28114737 |
| Total | $830514433 | &nbsp;&nbsp;$2199682830 | &nbsp;&nbsp;$(1506293806) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$(5002198) | &nbsp;&nbsp;$1518901259 | &nbsp;&nbsp;$38905581 |

---

## 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 Investment Income Builder Fund

- **b. EDGAR series identifier (if any):** S000011851

- **c. LEI of Series:** 549300TMVK6SMZQZYS83

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $16433122068.66

**Total Liabilities:** $132053013.57

**Net Assets:** $16301069055.09

**Cash Not Reported:** $10815279.36

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032380 | 1.29%                | 4.74%                | 3.60%                |
| Class ID C000058461 | 1.27%                | 4.72%                | 3.55%                |
| Class ID C000042675 | 1.26%                | 4.75%                | 3.54%                |
| Class ID C000047041 | 1.29%                | 4.76%                | 3.59%                |
| Class ID C000032382 | 1.30%                | 4.76%                | 3.60%                |
| Class ID C000177479 | 1.31%                | 4.78%                | 3.61%                |
| Class ID C000032381 | 1.23%                | 4.72%                | 3.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $190951621.36            | $90944798.03                               |
| Month 2  | $33227358.54             | $517081015.83                              |
| Month 3  | $48112120.69             | $525692384.52                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HCL Technologies Ltd                                    | HCL Technologies Ltd                                                            | CUSIP: 000000000<br>LEI: 549300C1F8OLYSOQYB65 | Long             | EC               | CORP              | IN        |   2092600 | NS      | $42261930.97   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Home Lending Mortgage Trust 2019-1                                        | CUSIP: 16159WBZ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    967170 | PA      | $834939.58     | 0.01%             | 2050-03-25      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2021-13INV                                              | CUSIP: 33853HBM2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 152529429 | PA      | $1497564.44    | 0.01%             | 2051-12-30      | Variable      | 0.17%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J2                                                               | CUSIP: 12568PBA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  96224680 | PA      | $1438106.71    | 0.01%             | 2051-01-25      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| DIG HLDNG/DIG FIN/DIFL                                  | Digicel Intermediate Holdings Ltd / Digicel International Finance Ltd / Difl US | CUSIP: 000000000<br>LEI: 5493007V023VOEW4FK27 | Long             | DBT              | CORP              | XX        |  37599546 | PA      | $37965013.59   | 0.23%             | 2027-05-25      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| United Auto Credit Securitization Trust                 | United Auto Credit Securitization Trust 2022-1                                  | CUSIP: 90944DAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37000 | PA      | $1325438.19    | 0.01%             | 2028-11-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NAVOI MINING METALLURGIC                                | Navoi Mining & Metallurgical Combinat                                           | CUSIP: 63890CAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |   7500000 | PA      | $7669125.00    | 0.05%             | 2028-10-17      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3366214 | PA      | $2863757.08    | 0.02%             | 2059-09-25      | Variable      | 6.28%                 | No            |                  2 | On Loan: No      |
| Equitable Holdings Inc                                  | Equitable Holdings Inc                                                          | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |   4814078 | NS      | $270069775.80  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                                       | Cisco Systems Inc                                                               | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |   2242346 | NS      | $155573965.48  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MidCap Financial Investment Corp                        | MidCap Financial Investment Corp                                                | CUSIP: 03761U502<br>LEI: 5493005P14I7WFB3FW47 | Long             | EC               | CORP              | US        |   2937783 | NS      | $37074821.46   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| QORVO INC                                               | Qorvo Inc                                                                       | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |   9800000 | PA      | $8837248.00    | 0.05%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    590591 | PA      | $541387.31     | 0.00%             | 2045-12-25      | Variable      | 3.75%                 | 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        |  24136000 | PA      | $25003206.48   | 0.15%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Foresea Holding SA                                      | Foresea Holding SA                                                              | CUSIP: 262051105<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |     14782 | NS      | $289727.20     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Foresea Holding SA                                      | Foresea Holdings SA                                                             | CUSIP: 262051204<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |    133041 | NS      | $2607603.60    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Social Professional Loan Program LLC                    | SoFi Professional Loan Program 2021-B Trust                                     | CUSIP: 83405N106<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     23000 | PA      | $617762.08     | 0.00%             | 2047-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2021-INV1                                   | CUSIP: 64829WAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  88519055 | PA      | $3213277.09    | 0.02%             | 2051-06-25      | Variable      | 0.74%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP                                            | Vontier Corp                                                                    | CUSIP: 928881AD3<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   5832000 | PA      | $5499576.00    | 0.03%             | 2028-04-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| COGENT COMM GROUP LLC                                   | Cogent Communications Group LLC                                                 | CUSIP: 19240CAE3<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10048000.00   | 0.06%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC                                 | WE Soda Investments Holding PLC                                                 | CUSIP: 92943TAA1<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $2086460.00    | 0.01%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC                                 | WE Soda Investments Holding PLC                                                 | CUSIP: 92943TAC7<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |   4150000 | PA      | $4340609.50    | 0.03%             | 2031-02-14      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J1                                                               | CUSIP: 12559YBL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    652512 | PA      | $381684.90     | 0.00%             | 2049-10-25      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KBN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1787845 | PA      | $1541708.66    | 0.01%             | 2050-10-25      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                  | Marlette Funding Trust 2021-1                                                   | CUSIP: 57110N106<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9550 | PA      | $136539.82     | 0.00%             | 2031-06-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2022-NQM5 Trust                                                            | CUSIP: 12663DAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3208710 | PA      | $3240710.89    | 0.02%             | 2067-05-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J2                                                               | CUSIP: 12568PCK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    164000 | PA      | $73890.07      | 0.00%             | 2051-01-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                      | Aqua Finance Trust 2020-A                                                       | CUSIP: 038413AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6537801 | PA      | $6449856.99    | 0.04%             | 2046-07-17      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| MALAMUTE ENERGY, INC.                                   | MALAMUTE ENERGY, INC.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12439 | NS      | $12439.00      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ENSTAR GROUP LTD                                        | Enstar Group Ltd                                                                | CUSIP: 29359UAC3<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |   8354000 | PA      | $7427123.70    | 0.05%             | 2031-09-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                         | BAE Systems PLC                                                                 | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |  11749400 | NS      | $304251138.61  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Snam SpA                                                | Snam SpA                                                                        | CUSIP: 000000000<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |  15827000 | NS      | $95864490.91   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J1                                                               | CUSIP: 12559YAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  49878396 | PA      | $1090132.25    | 0.01%             | 2049-10-25      | Variable      | 0.44%                 | No            |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust                     | Homeward Opportunities Fund I Trust 2020-2                                      | CUSIP: 43789XAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $14481433.50   | 0.09%             | 2065-05-25      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                 | Kinder Morgan Energy Partners LP                                                | CUSIP: 494550BP0<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $8903200.00    | 0.05%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   5650000 | PA      | $4444516.00    | 0.03%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                       | Kinder Morgan Inc                                                               | CUSIP: 49456BAH4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4725750.00    | 0.03%             | 2045-06-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KAX6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2825312 | PA      | $86752.89      | 0.00%             | 2050-10-25      | Variable      | 0.92%                 | No            |                  2 | On Loan: No      |
| SKY1 Trust                                              | SKY Trust 2025-LINE                                                             | CUSIP: 830941AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9765614 | PA      | $9741213.97    | 0.06%             | 2042-04-15      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| NUFARM AUSTRALIA/AMERICA                                | Nufarm Australia Ltd / Nufarm Americas Inc                                      | CUSIP: 67052NAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   3000000 | PA      | $2794200.00    | 0.02%             | 2030-01-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2021-P4                                          | CUSIP: 14687KAK2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17500 | PA      | $2363006.56    | 0.01%             | 2028-09-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM                                        | Summit Midstream Corp                                                           | CUSIP: 86614G200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    160970 | NS      | $26009209.05   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KBQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4401081 | PA      | $2899178.46    | 0.02%             | 2050-10-25      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| Singapore Telecommunications Ltd                        | Singapore Telecommunications Ltd                                                | CUSIP: 000000000<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |  56926000 | NS      | $171024239.09  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2017-7                                                   | CUSIP: 81746GCD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1864022 | PA      | $1655162.23    | 0.01%             | 2047-10-25      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| Tesco PLC                                               | Tesco PLC                                                                       | CUSIP: 000000000<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |  83026330 | NS      | $457345820.27  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2020-AFC1 Trust                                                            | CUSIP: 12597MAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3808500 | PA      | $3026779.59    | 0.02%             | 2050-02-25      | Variable      | 2.84%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                              | AbbVie Inc                                                                      | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    288658 | NS      | $53580697.96   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                          | Morgan Stanley                                                                  | CUSIP: 61747S504<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    120000 | NS      | $2559600.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J2                                                               | CUSIP: 12568PCL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    655000 | PA      | $242492.33     | 0.00%             | 2051-01-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| HERCULES CAPITAL INC                                    | Hercules Capital Inc                                                            | CUSIP: 427096AH5<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |   4098000 | PA      | $3970142.40    | 0.02%             | 2026-09-16      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| LKQ CORP                                                | LKQ Corp                                                                        | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |   5840000 | PA      | $6161550.40    | 0.04%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AEGEA FINANCE SARL                                      | Aegea Finance Sarl                                                              | CUSIP: 00775CAC0<br>LEI: 213800V6WTKUT1XWIZ47 | Long             | DBT              | CORP              | LU        |   9500000 | PA      | $10034945.00   | 0.06%             | 2031-01-20      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                          | CUSIP: 95003KAX0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 161351582 | PA      | $4780928.05    | 0.03%             | 2051-08-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                          | CUSIP: 67091TAC9<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |   5000000 | PA      | $4977450.00    | 0.03%             | 2025-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                          | CUSIP: 95003KBL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3231791 | PA      | $2632176.42    | 0.02%             | 2051-08-25      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-7                                                 | CUSIP: 46591XCM5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2289984 | PA      | $1028520.87    | 0.01%             | 2051-01-25      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2021-13INV                                              | CUSIP: 33853HBV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12644927 | PA      | $140822.76     | 0.00%             | 2051-12-30      | Variable      | 0.18%                 | No            |                  2 | On Loan: No      |
| AMER AIRLINE 19-1B PTT                                  | American Airlines 2019-1 Class B Pass Through Trust                             | CUSIP: 02379DAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5303523 | PA      | $5041369.61    | 0.03%             | 2028-02-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Galton Funding Mortgage Trust 2020-H1                   | Galton Funding Mortgage Trust 2020-H1                                           | CUSIP: 36418HAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4379900 | PA      | $3045125.96    | 0.02%             | 2060-01-25      | Variable      | 3.39%                 | 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        |  13230000 | PA      | $13736576.70   | 0.08%             | 2029-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV2                                     | CUSIP: 58549XBQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  91166662 | PA      | $393940.26     | 0.00%             | 2051-08-25      | Variable      | 0.11%                 | No            |                  2 | On Loan: No      |
| ASR Nederland NV                                        | ASR Nederland NV                                                                | CUSIP: 000000000<br>LEI: 7245000G0HS48PZWUD53 | Long             | EC               | CORP              | NL        |   1051300 | NS      | $69819837.16   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                 | Energean Israel Finance Ltd                                                     | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |   6500000 | PA      | $6193590.00    | 0.04%             | 2028-03-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2021-13INV                                              | CUSIP: 33853HBE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2315051 | PA      | $1880983.12    | 0.01%             | 2051-12-30      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2020-2                                                  | CUSIP: 33851KBG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  92421539 | PA      | $3167230.70    | 0.02%             | 2050-08-25      | Variable      | 0.66%                 | No            |                  2 | On Loan: No      |
| Endesa SA                                               | Endesa SA                                                                       | CUSIP: 000000000<br>LEI: 549300LHK07F2CHV4X31 | Long             | EC               | CORP              | ES        |  11805557 | NS      | $373942115.19  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent IPv4 LLC                                         | Cogent Ipv4 LLC                                                                 | CUSIP: 19240JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4385000 | PA      | $4646898.95    | 0.03%             | 2054-05-25      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV3                                     | CUSIP: 585491BZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1865123 | PA      | $986035.75     | 0.01%             | 2051-10-25      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  39878421 | PA      | $2402088.66    | 0.01%             | 2059-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | BNP Paribas SA                                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |   7431300 | NS      | $668082739.25  | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                               | Shell PLC                                                                       | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |   3035600 | NS      | $106399630.48  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                       | CUSIP: 74365PAE8<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |   5000000 | PA      | $3212550.00    | 0.02%             | 2051-02-08      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  41977708 | PA      | $419.78        | 0.00%             | 2059-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE TELEKOM INT FIN                                | Deutsche Telekom International Finance BV                                       | CUSIP: 25156PAC7<br>LEI: 529900ERDFHS6C1M4U58 | Long             | DBT              | CORP              | NL        |  26150000 | PA      | $30878181.50   | 0.19%             | 2030-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Chimera Investment Corp                                 | Chimera Investment Corp                                                         | CUSIP: 16934Q802<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EC               |  | US        |   4947862 | NS      | $68626845.94   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD GBP                                                        | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-9921280.50   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc                                           | Citigroup Inc                                                                   | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |   6986967 | NS      | $594730631.04  | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Visio Trust                                             | Visio 2022-1 Trust                                                              | CUSIP: 92838CAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5351000 | PA      | $5329199.60    | 0.03%             | 2057-08-25      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                          | Open Text Corp                                                                  | CUSIP: 683715AD8<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |  10000000 | PA      | $9422200.00    | 0.06%             | 2029-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                       | CUSIP: 74365PAF5<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |  11800000 | PA      | $10438398.00   | 0.06%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust                  | Merrill Lynch Mortgage Investors Trust Series MLMI 2004-A4                      | CUSIP: 59020ULT0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    546997 | PA      | $514021.87     | 0.00%             | 2034-08-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-2                                                 | CUSIP: 46655DCT7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1795512 | PA      | $689428.35     | 0.00%             | 2052-08-25      | Variable      | 1.83%                 | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                              | Samsung Electronics Co Ltd                                                      | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   6955559 | NS      | $308196819.95  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1216151 | PA      | $184716.62     | 0.00%             | 2050-10-25      | Variable      | 3.39%                 | No            |                  2 | On Loan: No      |
| BIM Birlesik Magazalar AS                               | BIM Birlesik Magazalar AS                                                       | CUSIP: 000000000<br>LEI: 7890001GCDJQD8DJKE29 | Long             | EC               | CORP              | TR        |   5157800 | NS      | $64087537.59   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2020-2                                                  | CUSIP: 33851KBH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15840571 | PA      | $440451.83     | 0.00%             | 2050-08-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                                  | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL       | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |  10443000 | PA      | $10163545.32   | 0.06%             | 2029-04-27      | Fixed         | 5.25%                 | 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        |   9466976 | PA      | $8604816.57    | 0.05%             | 2057-11-27      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2020-EXP1                                         | CUSIP: 17328JAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  31257572 | PA      | $997300.98     | 0.01%             | 2060-05-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2020-3 Trust                             | CUSIP: 95002TAW4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 136179450 | PA      | $1251230.40    | 0.01%             | 2050-06-25      | Variable      | 0.18%                 | No            |                  2 | On Loan: No      |
| Brown Brothers Harriman & Co.                           | PURCHASED USD / SOLD EUR                                                        | CUSIP: 000000000<br>LEI: 5493006KMX1VFTPYPW14 | N/A              | DFE              |  | US        |         1 | NC      | $-68608690.95  | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2021-13INV                                              | CUSIP: 33853HBN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11538496 | PA      | $356944.52     | 0.00%             | 2051-12-30      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-2                                                 | CUSIP: 46655DCS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1651383 | PA      | $1041677.38    | 0.01%             | 2052-08-25      | Variable      | 3.13%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                             | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   3000000 | PA      | $2785860.00    | 0.02%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust             | Goldman Home Improvement Trust 2021-GRN2 Issuer Trust                           | CUSIP: 38149XAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42000 | PA      | $1761096.12    | 0.01%             | 2051-06-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Orange SA                                               | Orange SA                                                                       | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |  69866380 | NS      | $1062893491.70 | 6.52%             |  |  |  | No            |                  1 | On Loan: No      |
| HORACE MANN EDUCATORS CO                                | Horace Mann Educators Corp                                                      | CUSIP: 440327AL8<br>LEI: 254900G5YAV3A2YK8T32 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10676100.00   | 0.07%             | 2028-09-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                        | Antares Holdings LP                                                             | CUSIP: 03666HAE1<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2887380.00    | 0.02%             | 2027-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                         | Fair Isaac Corp                                                                 | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6812960.00    | 0.04%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Medtronic PLC                                           | Medtronic PLC                                                                   | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |   1829695 | NS      | $159494513.15  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Xerox Holdings Corp                                     | Xerox Holdings Corp 2023 Term Loan B                                            | CUSIP: 98415LAY2<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | LON              | CORP              | US        |   6118182 | PA      | $5890646.64    | 0.04%             | 2029-11-17      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                        | Antares Holdings LP                                                             | CUSIP: 03666HAH4<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5049650.00    | 0.03%             | 2029-10-23      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-4                                                 | CUSIP: 46652FCF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1582548 | PA      | $740459.11     | 0.00%             | 2050-11-25      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| Continental Finance Credit Credit Card ABS Master Trust | Continental Finance Credit Card ABS Master Trust                                | CUSIP: 66981PAT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9342000 | PA      | $9445363.62    | 0.06%             | 2032-12-15      | Fixed         | 9.42%                 | No            |                  2 | On Loan: No      |
| CME Group Inc                                           | CME Group Inc                                                                   | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |    967364 | NS      | $266624865.68  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2020-2                                                  | CUSIP: 61946PAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6374937 | PA      | $2567575.93    | 0.02%             | 2046-08-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                                  | Blue Owl Credit Income Corp                                                     | CUSIP: 69120VAP6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2621200.00    | 0.02%             | 2027-09-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-BHR5                | CUSIP: 46649WAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $9986724.70    | 0.06%             | 2040-03-15      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc                                            | Enbridge Inc                                                                    | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |   3309521 | NS      | $150073744.63  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                        | Roche Holding AG                                                                | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |    464300 | NS      | $151206906.55  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| PERIMETER MASTER NT                                     | PERIMETER MASTER NT                                                             | CUSIP: 71384PAU5<br>LEI: 5493005H6EB040833X54 | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5072992.00    | 0.03%             | 2029-09-17      | Fixed         | 8.55%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                                | Comision Federal de Electricidad                                                | CUSIP: 000000000<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |   9296000 | PA      | $8311367.68    | 0.05%             | 2036-09-29      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| TotalEnergies SE                                        | TotalEnergies SE                                                                | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |   8285200 | NS      | $508472904.78  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSCONT GAS PIPE LINE                                 | Transcontinental Gas Pipe Line Co LLC                                           | CUSIP: 893574AH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  32700000 | PA      | $33041061.00   | 0.20%             | 2026-02-01      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer LLC                                     | DataBank Issuer                                                                 | CUSIP: 23802WAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10000000 | PA      | $9951044.70    | 0.06%             | 2054-01-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, NA - CACLN                         | JPMorgan Chase Bank NA - CACLN                                                  | CUSIP: 46591HBW9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1616013 | PA      | $1620780.69    | 0.01%             | 2028-09-25      | Fixed         | 28.35%                | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KBP2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1792077 | PA      | $1566353.71    | 0.01%             | 2050-10-25      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                  | Marlette Funding Trust 2021-2                                                   | CUSIP: 57108T107<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     26000 | PA      | $456483.25     | 0.00%             | 2031-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STEWART INFORMATION SERV                                | Stewart Information Services Corp                                               | CUSIP: 86038AAA0<br>LEI: 529900TV1XI0PLKENU10 | Long             | DBT              | CORP              | US        |   8101000 | PA      | $7246020.46    | 0.04%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV2                                     | CUSIP: 58549XBZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1469729 | PA      | $755902.75     | 0.00%             | 2051-08-25      | Variable      | 3.18%                 | No            |                  2 | On Loan: No      |
| South Bow Corp                                          | South Bow Corp                                                                  | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |   1624408 | NS      | $42168403.01   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                                | United Wholesale Mortgage LLC                                                   | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4997000.00    | 0.03%             | 2025-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                            | US Foods Inc                                                                    | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   5880000 | PA      | $5783744.40    | 0.04%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Enel SpA                                                | Enel SpA                                                                        | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |  60348731 | NS      | $572683532.89  | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2020-3 Trust                             | CUSIP: 95002TBN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1912755 | PA      | $842128.57     | 0.01%             | 2050-06-25      | Variable      | 3.18%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV2                                     | CUSIP: 58549XBY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    302521 | PA      | $229488.55     | 0.00%             | 2051-08-25      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2021-J3                                           | CUSIP: 17330BDR8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    573149 | PA      | $209690.89     | 0.00%             | 2051-09-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                               | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |   7500000 | PA      | $7757775.00    | 0.05%             | 2029-02-15      | Fixed         | 7.00%                 | 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        |   1039289 | PA      | $839861.40     | 0.01%             | 2051-06-25      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2020-2                                                  | CUSIP: 33851KCA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2397468 | PA      | $1988182.81    | 0.01%             | 2050-08-25      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7910000 | PA      | $7328293.06    | 0.04%             | 2059-09-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| AXA SA                                                  | AXA SA                                                                          | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |   2359200 | NS      | $115801812.16  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW LLC/CDW FINANCE                                     | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4958950.00    | 0.03%             | 2028-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Thornburg Capital Management Fund                       | Thornburg Capital Management Fund                                               | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        | 137537637 | NS      | $1375376370.22 | 8.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust Inc                                               | CUSIP: 17328PCE1<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $693300.72     | 0.00%             | 2050-08-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust Inc                                               | CUSIP: 17328PCD3<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |    585000 | PA      | $339753.49     | 0.00%             | 2050-08-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| PEGASUS HAVA TASIMACILIG                                | Pegasus Hava Tasimaciligi AS                                                    | CUSIP: 705567AB1<br>LEI: 789000B1MW5PQ58A8T03 | Long             | DBT              | CORP              | TR        |  14750000 | PA      | $14784957.50   | 0.09%             | 2031-09-11      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                                  | Cushman & Wakefield US Borrower LLC                                             | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3025410.00    | 0.02%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J1                                                               | CUSIP: 12559YBK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1289881 | PA      | $1092115.03    | 0.01%             | 2049-10-25      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD CHF                                                        | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-593584.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2021-2                                                  | CUSIP: 61946RAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10000000 | PA      | $893625.30     | 0.01%             | 2047-04-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J1                                                               | CUSIP: 12559YAT2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  44487457 | PA      | $1215361.73    | 0.01%             | 2049-10-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| Proper Pass-Thru Trust II                               | Prosper Pass-Thru Trust II Series 2019-St2                                      | CUSIP: 74361EAB3<br>LEI: 549300DCN6PLVC4QVK93 | Long             | ABS-O            | CORP              | US        |  17477134 | PA      | $0.17          | 0.00%             | 2025-11-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2021-J3                                           | CUSIP: 17330BDP2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1033000 | PA      | $539619.37     | 0.00%             | 2051-09-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                                | Comision Federal de Electricidad                                                | CUSIP: 200447AP5<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |   8000000 | PA      | $7884320.00    | 0.05%             | 2035-01-24      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| FIRST HORIZON BANK                                      | First Horizon Bank                                                              | CUSIP: 337158208<br>LEI: COOWI3L2W9TPYR3WJX37 | Long             | EP               | CORP              | US        |     12000 | NS      | $8880000.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J2                                                               | CUSIP: 12568PCM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 102835639 | PA      | $1229204.68    | 0.01%             | 2051-01-25      | Variable      | 0.21%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                              | Upstart Pass-Through Trust Series 2021-ST8                                      | CUSIP: 91683LAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4150000 | PA      | $822164.80     | 0.01%             | 2029-10-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-3                                                 | CUSIP: 46592ABL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12216669 | PA      | $67103.72      | 0.00%             | 2050-08-25      | Variable      | 0.13%                 | 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        |  11475000 | PA      | $9410188.50    | 0.06%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| POLARIS INC                                             | Polaris Inc                                                                     | CUSIP: 731068AA0<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5256450.00    | 0.03%             | 2029-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-4                                                 | CUSIP: 46652FAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10774837 | PA      | $254703.14     | 0.00%             | 2050-11-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| EMPRESA GEN ELEC HAINA                                  | Empresa Generadora de Electricidad Haina SA                                     | CUSIP: 29249FAA4<br>LEI: 549300Y36L5LRW5RH373 | Long             | DBT              | CORP              | DO        |   7850000 | PA      | $7483091.00    | 0.05%             | 2028-11-08      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | CITIGROUP MORTGAGE LOAN TRUST 2021-J1                                           | CUSIP: 17329EBZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    509528 | PA      | $181119.42     | 0.00%             | 2051-04-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                  | Marriott International Inc/MD                                                   | CUSIP: 571903AX1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   4497000 | PA      | $4316400.48    | 0.03%             | 2034-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-NPL3 LLC                                                              | CUSIP: 74143HAA3<br>LEI: 254900UGRYVHG7BY6M45 | Long             | ABS-O            | CORP              | US        |  24702173 | PA      | $24916617.29   | 0.15%             | 2055-04-25      | Variable      | 6.71%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                              | Flagship Credit Auto Trust 2019-3                                               | CUSIP: 33846A106<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60000 | PA      | $3236455.47    | 0.02%             | 2026-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL FINANCIAL                                 | Fidelity National Financial Inc                                                 | CUSIP: 31620RAK1<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |   1617000 | PA      | $1403361.96    | 0.01%             | 2031-03-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2022-NQM1 Trust                                                            | CUSIP: 69378KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7570126 | PA      | $7541028.06    | 0.05%             | 2067-08-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KAQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14561301 | PA      | $1895724.13    | 0.01%             | 2050-10-25      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| DC Office Trust                                         | DC Office Trust 2019-MTC                                                        | CUSIP: 23312BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3025000 | PA      | $2763561.71    | 0.02%             | 2045-09-15      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| GREYSTAR REAL ESTATE PAR                                | Greystar Real Estate Partners LLC                                               | CUSIP: 39807UAD8<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |   2490000 | PA      | $2641914.90    | 0.02%             | 2030-09-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J2                                                               | CUSIP: 12568PCJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    491000 | PA      | $224356.87     | 0.00%             | 2051-01-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Engie SA                                                | Engie SA                                                                        | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |   1047372 | NS      | $24582519.09   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN INC                                       | Kinder Morgan Inc                                                               | CUSIP: 49456BAG6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |  23630000 | PA      | $23676314.80   | 0.15%             | 2034-12-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Elme Communities                                        | Elme Communities                                                                | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               |  | US        |   2004592 | NS      | $31873012.80   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NY MELLON CORP                                  | Bank of New York Mellon Corp/The                                                | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |  11400000 | PA      | $11135292.00   | 0.07%             | 2026-12-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                            | Barclays Mortgage Trust 2021-NPL1                                               | CUSIP: 06744JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5445429 | PA      | $5430135.18    | 0.03%             | 2051-11-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                | FHF Trust 2022-2                                                                | CUSIP: 31568EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1198577 | PA      | $1202919.44    | 0.01%             | 2027-12-15      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| GMK Norilskiy Nickel PAO                                | GMK Norilskiy Nickel PAO                                                        | CUSIP: 000000000<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |  35140000 | NS      | $0.45          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-11                                                | CUSIP: 46654KCH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4032817 | PA      | $2016018.72    | 0.01%             | 2052-01-25      | Variable      | 2.46%                 | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                         | AstraZeneca PLC                                                                 | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |   1649800 | NS      | $229177261.23  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke KPN NV                                      | Koninklijke KPN NV                                                              | CUSIP: 000000000<br>LEI: 549300YO0JZHAL7FVP81 | Long             | EC               | CORP              | NL        |  40858000 | NS      | $199060334.63  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-3                                                 | CUSIP: 46654UCW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2554523 | PA      | $1949270.39    | 0.01%             | 2052-08-25      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| JT INTL FIN SERVICES BV                                 | JT International Financial Services BV                                          | CUSIP: 480914AA8<br>LEI: 549300U2F0PG10VZUN93 | Long             | DBT              | CORP              | NL        |   5000000 | PA      | $5522900.00    | 0.03%             | 2032-10-24      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Bank of Ireland Group PLC                               | Bank of Ireland Group PLC                                                       | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |  19129250 | NS      | $272315080.89  | 1.67%             |  |  |  | No            |                  1 | 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        |   5000000 | PA      | $5038364.50    | 0.03%             | 2039-03-25      | Variable      | 6.66%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                | AT&T Inc                                                                        | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |  24063518 | NS      | $696398210.92  | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                            | Broadcom Inc                                                                    | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |   2616633 | NS      | $721274886.45  | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TRISTATE INSURED CASH SWEEP                             | TRISTATE INSURED CASH SWEEP                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |       538 | NS      | $538.42        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IMAGEFIRST HOLDINGS LLC                                 | Imagefirst Holdings LLC 2025 Term Loan B                                        | CUSIP: 45249TAR3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  19900000 | PA      | $19875125.00   | 0.12%             | 2032-03-12      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| SLR Investment Corp                                     | SLR Investment Corp                                                             | CUSIP: 83413U100<br>LEI: BJOT6DX9ML6BR3Z0O636 | Long             | EC               | CORP              | US        |   4307900 | NS      | $69529506.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-3                                                 | CUSIP: 46654UCX1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1625858 | PA      | $739778.51     | 0.00%             | 2052-08-25      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                                     | Deutsche Telekom AG                                                             | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |   4269800 | NS      | $155767135.65  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2020-EXP1                                         | CUSIP: 17328JAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1450000 | PA      | $1162818.80    | 0.01%             | 2060-05-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                          | GoTo Group Inc                                                                  | CUSIP: 38349YAA3<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |   1828827 | PA      | $1506221.92    | 0.01%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                                      | Home Depot Inc/The                                                              | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |    505482 | NS      | $185329920.48  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CELSIUS HOLDINGS INC                                    | Celsius Holdings Inc Term Loan                                                  | CUSIP: 15118XAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   8000000 | PA      | $8038000.00    | 0.05%             | 2032-04-01      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Zegona Communications plc                               | Zegona Communications plc                                                       | CUSIP: 000000000<br>LEI: 213800ASI1VZL2ED4S65 | Long             | EC               | CORP              | GB        |  28443000 | NS      | $274076769.55  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Century De Buyer LLC                                    | Century De Buyer LLC 2024 Term Loan B                                           | CUSIP: 15651FAD8<br>LEI: 254900PQRPPYRTQIDX74 | Long             | LON              | CORP              | US        |   1485038 | PA      | $1493086.40    | 0.01%             | 2030-10-30      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | CITIGROUP MORTGAGE LOAN TRUST 2021-J1                                           | CUSIP: 17329EBX4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    429000 | PA      | $195011.13     | 0.00%             | 2051-04-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                     | Oportun Funding 2022-1 LLC                                                      | CUSIP: 68377X109<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11604 | PA      | $277078.83     | 0.00%             | 2029-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                                | Science Applications International Corp                                         | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6890520.00    | 0.04%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       950 | PA      | $950.00        | 0.00%             | 2059-09-25      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                           | CUSIP: 65412JAB9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |   6000000 | PA      | $4786260.00    | 0.03%             | 2047-11-28      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                | Burford Capital Global Finance LLC                                              | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |  11500000 | PA      | $12112720.00   | 0.07%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                             | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4908000.00    | 0.03%             | 2026-09-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2022-6                                                 | CUSIP: 03465VAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3817883 | PA      | $3628040.65    | 0.02%             | 2067-07-25      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                                | Turkcell Iletisim Hizmetleri AS                                                 | CUSIP: 900111AC9<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |  10000000 | PA      | $10177300.00   | 0.06%             | 2030-01-24      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KBT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20404661 | PA      | $321593.79     | 0.00%             | 2050-10-25      | Variable      | 0.33%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2021-P2                                          | CUSIP: 14687TAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8000 | PA      | $1150097.92    | 0.01%             | 2028-05-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2024-BPR2                                        | CUSIP: 61776EAA1<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |   9792621 | PA      | $10282171.26   | 0.06%             | 2029-05-05      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-AFC1 Trust                                                            | CUSIP: 12657LAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    215000 | PA      | $148508.78     | 0.00%             | 2056-03-25      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                  | Sunoco LP / Sunoco Finance Corp                                                 | CUSIP: 86765LAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5008600.00    | 0.03%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KBU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  81034999 | PA      | $577098.85     | 0.00%             | 2050-10-25      | Variable      | 0.19%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2021-1                                                  | CUSIP: 61947DAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8500000 | PA      | $809863.00     | 0.00%             | 2046-12-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2022-P1                                          | CUSIP: 14688DAM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24000 | PA      | $5095847.59    | 0.03%             | 2029-01-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2020-2                                                  | CUSIP: 33851KBZ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    799156 | PA      | $670157.39     | 0.00%             | 2050-08-25      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers Issuer, LLC               | Retained Vantage Data Centers Issuer LLC                                        | CUSIP: 76134KAA2<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4964268.55    | 0.03%             | 2048-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                     | Starwood Mortgage Residential Trust 2019-INV1                                   | CUSIP: 85572JAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $9160032.60    | 0.06%             | 2049-09-27      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                          | CUSIP: 95003KBN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1898410 | PA      | $860170.60     | 0.01%             | 2051-08-25      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                                | Blue Owl Technology Finance Corp                                                | CUSIP: 691205AC2<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |  13250000 | PA      | $13181100.00   | 0.08%             | 2025-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-4                                                 | CUSIP: 46652FBT6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2541198 | PA      | $66006.60      | 0.00%             | 2050-11-25      | Variable      | 0.55%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2023-I1                                                               | CUSIP: 12570DAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5000131.90    | 0.03%             | 2058-04-25      | Variable      | 7.06%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                 | Kinder Morgan Energy Partners LP                                                | CUSIP: 494550AT3<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10341800.00   | 0.06%             | 2035-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                          | CUSIP: 95003KBM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2493096 | PA      | $1980181.95    | 0.01%             | 2051-08-25      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                              | CUSIP: 29273RBA6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |  13820000 | PA      | $13744819.20   | 0.08%             | 2066-11-01      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-4                                                 | CUSIP: 46652FCD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1849713 | PA      | $1597681.44    | 0.01%             | 2050-11-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                  | Williams Cos Inc/The                                                            | CUSIP: 969457BV1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |  14198000 | PA      | $13941868.08   | 0.09%             | 2044-06-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REMIC FUNDING TRUST 98-1                                | Redwood Funding Trust 2024-1                                                    | CUSIP: 75806FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6885839 | PA      | $6932277.35    | 0.04%             | 2054-12-25      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| FORESEA HOLDING SA                                      | FORESEA Holding SA                                                              | CUSIP: 262051AA3<br>LEI: 254900BAD50AKYGIMV79 | Long             | DBT              | CORP              | LU        |   1520371 | PA      | $1450677.19    | 0.01%             | 2030-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2021-13INV                                              | CUSIP: 33853HBG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3981755 | PA      | $2504328.62    | 0.02%             | 2051-12-30      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY LP                                       | Vornado Realty LP                                                               | CUSIP: 929043AK3<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              |  | US        |   8186500 | PA      | $7952693.56    | 0.05%             | 2026-06-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc                                              | Pfizer Inc                                                                      | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |   9881257 | NS      | $239521669.68  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                                 | E.ON SE                                                                         | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |   8053300 | NS      | $148224843.10  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Residential Mortgage Loan Trust                         | Residential Mortgage Loan Trust 2019-3                                          | CUSIP: 76119NAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1433820.77    | 0.01%             | 2059-09-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-4                                                 | CUSIP: 46652FBD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2376802 | PA      | $76095.70      | 0.00%             | 2050-11-25      | Floating      | 0.81%                 | No            |                  2 | On Loan: No      |
| Generali                                                | Generali                                                                        | CUSIP: 000000000<br>LEI: 549300X5UKJVE386ZB61 | Long             | EC               | CORP              | IT        |   4533547 | NS      | $161330300.74  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                                 | Eni SpA                                                                         | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |   4369900 | NS      | $70829965.18   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                             | MetLife Inc                                                                     | CUSIP: 59156RBS6<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $14243160.00   | 0.09%             | 2038-04-08      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MEDCO MAPLE TREE PTE LTD                                | Medco Maple Tree Pte Ltd                                                        | CUSIP: 58407HAA7<br>LEI: 254900T5AQZNR0THA508 | Long             | DBT              | CORP              | SG        |   7000000 | PA      | $7284970.00    | 0.04%             | 2029-04-27      | Fixed         | 8.96%                 | No            |                  2 | On Loan: No      |
| Glebe Funding Trust                                     | Glebe Funding Trust 2024-1/The                                                  | CUSIP: 37735RAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  27166628 | PA      | $27454602.78   | 0.17%             | 2028-11-29      | Variable      | 8.10%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                                | Blue Owl Technology Finance Corp                                                | CUSIP: 691205AE8<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |  13000000 | PA      | $12745070.00   | 0.08%             | 2026-06-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                             | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |  10000000 | PA      | $9029400.00    | 0.06%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2021-NQM4 Trust                                                             | CUSIP: 67115DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  16392671 | PA      | $13851849.33   | 0.08%             | 2061-10-25      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| AES ESPANA BV                                           | AES Espana BV                                                                   | CUSIP: 00109YAA3<br>LEI: 7245003VZ59682IZLJ86 | Long             | DBT              | CORP              | NL        |   4850000 | PA      | $4652120.00    | 0.03%             | 2028-05-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J1                                                               | CUSIP: 12559YBN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  61913023 | PA      | $644365.98     | 0.00%             | 2049-10-25      | Variable      | 0.20%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-4                                                 | CUSIP: 46652FBQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  39798365 | PA      | $114324.78     | 0.00%             | 2050-11-25      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                               | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9960300.00    | 0.06%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Telefonica Emisiones SAU                                | Telefonica Emisiones SA                                                         | CUSIP: 87938WAC7<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |  85390000 | PA      | $94869143.90   | 0.58%             | 2036-06-20      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                               | Sunoco LP                                                                       | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   4892000 | PA      | $5137725.16    | 0.03%             | 2032-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LyondellBasell Industries NV                            | LyondellBasell Industries NV                                                    | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |   1867909 | NS      | $108077214.74  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                   | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   6345000 | PA      | $6480338.85    | 0.04%             | 2028-08-15      | Fixed         | 6.75%                 | 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        |   5212000 | PA      | $5177903.77    | 0.03%             | 2038-05-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                                        | Arches Buyer Inc                                                                | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6222515.00    | 0.04%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LUKOIL PJSC                                             | LUKOIL PJSC                                                                     | CUSIP: 000000000<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |    314000 | NS      | $0.00          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2020-3 Trust                             | CUSIP: 95002TBM5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1046000 | PA      | $541712.75     | 0.00%             | 2050-06-25      | Variable      | 3.18%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                  | Marlette Funding Trust 2021-3                                                   | CUSIP: 57108Q103<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     23881 | PA      | $395623.34     | 0.00%             | 2031-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TC Energy Corp                                          | TC Energy Corp                                                                  | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |   3702454 | NS      | $180752077.78  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-11                                                | CUSIP: 46654KCG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3551597 | PA      | $2767065.94    | 0.02%             | 2052-01-25      | Variable      | 3.02%                 | No            |                  2 | On Loan: No      |
| LendingPoint Asset Securitization Trust                 | LendingPoint 2020-REV1 Asset Securitization Trust                               | CUSIP: 52606YAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7701905 | PA      | $7757885.24    | 0.05%             | 2028-10-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                 | Energean Israel Finance Ltd                                                     | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |  12410941 | PA      | $12704459.75   | 0.08%             | 2033-09-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                       | GEO Group Inc/The                                                               | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   8975000 | PA      | $9501024.75    | 0.06%             | 2029-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2021-13INV                                              | CUSIP: 33853HBF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    453750 | PA      | $340573.95     | 0.00%             | 2051-12-30      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2024-NPL1 Trust                                                             | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9032136 | PA      | $9056376.53    | 0.06%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2020-EXP1                                         | CUSIP: 17328JAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2150000 | PA      | $1827000.56    | 0.01%             | 2060-05-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| CK Hutchison Holdings Ltd                               | CK Hutchison Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | KY        |  19897000 | NS      | $122424359.39  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagship Credit Auto Trust                              | Flagship Credit Auto Trust 2019-4                                               | CUSIP: 33845F106<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60000 | PA      | $3523948.48    | 0.02%             | 2027-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-2                                                 | CUSIP: 46655DCR1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3109028 | PA      | $2324275.65    | 0.01%             | 2052-08-25      | Variable      | 3.13%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                            | Barclays Mortgage Loan Trust 2022-INV1                                          | CUSIP: 06744YAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12612656 | PA      | $12050547.68   | 0.07%             | 2062-02-25      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| DIGICEL HOLDINGS LIMITED                                | DIGICEL HOLDINGS LIMITED                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    220592 | NS      | $200065.91     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV3                                     | CUSIP: 585491BQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 111327837 | PA      | $776745.45     | 0.00%             | 2051-10-25      | Variable      | 0.16%                 | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras                      | Petroleo Brasileiro SA - Petrobras                                              | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |   7310155 | NS      | $91450039.05   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Homeward Opportunities Fund I Trust                     | Homeward Opportunities Fund Trust 2024-RTL1                                     | CUSIP: 43789FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14900000 | PA      | $14971061.08   | 0.09%             | 2029-07-25      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL C                                | Matthews International Corp                                                     | CUSIP: 577128AC5<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |   7670000 | PA      | $7981095.20    | 0.05%             | 2027-10-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV3                                     | CUSIP: 585491BY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    421863 | PA      | $318117.29     | 0.00%             | 2051-10-25      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| NN Group NV                                             | NN Group NV                                                                     | CUSIP: 000000000<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |   9463916 | NS      | $628971626.37  | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-4                                                 | CUSIP: 46652FBS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1101120 | PA      | $184533.89     | 0.00%             | 2050-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL FINANCIAL                                 | Fidelity National Financial Inc                                                 | CUSIP: 31620RAJ4<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |   8383000 | PA      | $7835087.12    | 0.05%             | 2030-06-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                                | Windsor Holdings III LLC                                                        | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |   7470000 | PA      | $8005374.90    | 0.05%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                          | GoTo Group Inc                                                                  | CUSIP: 38349YAB1<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |   2525523 | PA      | $834256.01     | 0.01%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Post AG                                        | Deutsche Post AG                                                                | CUSIP: 000000000<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |   4817600 | NS      | $222512634.70  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| National Collegiate Student Loan Trust                  | National Collegiate Student Loan Trust 2007-2                                   | CUSIP: 63543LAD7<br>LEI: 635400VQIBXGEB9ZUC59 | Long             | ABS-O            | CORP              | US        |   6563982 | PA      | $6353480.58    | 0.04%             | 2033-01-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Glencore PLC                                            | Glencore PLC                                                                    | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |  43016400 | NS      | $167455725.73  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                       | CUSIP: 74365PAD0<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |   5000000 | PA      | $3324500.00    | 0.02%             | 2050-08-03      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Home Lending Mortgage Trust 2019-1                                        | CUSIP: 16159WCB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    745503 | PA      | $475396.40     | 0.00%             | 2050-03-25      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| Regions Financial Corp                                  | Regions Financial Corp                                                          | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |   4391438 | NS      | $103286621.76  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCO BRANDS CORP                                        | ACCO Brands Corp                                                                | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $6630150.00    | 0.04%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  42651587 | PA      | $550184.14     | 0.00%             | 2059-09-25      | Variable      | 0.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | CITIGROUP MORTGAGE LOAN TRUST 2021-J1                                           | CUSIP: 17329EBY2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    665000 | PA      | $269767.16     | 0.00%             | 2051-04-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-7                                                 | CUSIP: 46591XCL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1577210 | PA      | $873317.08     | 0.01%             | 2051-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                                 | Darling Ingredients Inc                                                         | CUSIP: 237266AJ0<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |   4050000 | PA      | $4104594.00    | 0.03%             | 2030-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd               | Taiwan Semiconductor Manufacturing Co Ltd                                       | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |  17649261 | NS      | $640429161.30  | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-3                                                 | CUSIP: 46654UCY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1459907 | PA      | $559669.75     | 0.00%             | 2052-08-25      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KAV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2624327 | PA      | $34673.92      | 0.00%             | 2050-10-25      | Variable      | 0.41%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                      | Vodafone Group PLC                                                              | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        | 299095524 | NS      | $319328415.45  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                             | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7436025.00    | 0.05%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                           | CoreCivic Inc                                                                   | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |  12869000 | PA      | $13656196.73   | 0.08%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-AFC1 Trust                                                            | CUSIP: 12657LAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  69543069 | PA      | $683935.22     | 0.00%             | 2056-03-25      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-INV1                                   | CUSIP: 36258KAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  52649115 | PA      | $526.49        | 0.00%             | 2050-10-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust 2021-909                  | NYC Commercial Mortgage Trust 2021-909                                          | CUSIP: 67076XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4286010.20    | 0.03%             | 2043-04-10      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Home Lending Mortgage Trust 2019-1                                        | CUSIP: 16159WCA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    452464 | PA      | $353736.59     | 0.00%             | 2050-03-25      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                          | CPS Auto Securitization Trust 2021-1                                            | CUSIP: 12657TAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11702516 | PA      | $11628666.30   | 0.07%             | 2026-06-16      | Fixed         | 7.86%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                              | Upstart Pass-Through Trust Series 2021-ST9                                      | CUSIP: 91683MAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1415000 | PA      | $370134.29     | 0.00%             | 2029-11-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes                  | NRM FHT1 Excess Owner LLC                                                       | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8356066 | PA      | $8383681.91    | 0.05%             | 2032-03-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Adjustable Rate Mortgage Trust             | Bear Stearns ARM Trust 2003-6                                                   | CUSIP: 07384MXJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18343 | PA      | $18276.74      | 0.00%             | 2033-08-25      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                        | Antares Holdings LP                                                             | CUSIP: 03666HAF8<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3169710.00    | 0.02%             | 2028-08-11      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                          | CUSIP: 67091TAD7<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |   1735000 | PA      | $1554334.45    | 0.01%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GoTo Group Inc                                          | GoTo Group Inc 2024 Second Out Term Loan                                        | CUSIP: 38349FAD8<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |   1302904 | PA      | $461449.68     | 0.00%             | 2028-04-28      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                                    | BWX Technologies Inc                                                            | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7333050.00    | 0.04%             | 2028-06-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Novartis AG                                             | Novartis AG                                                                     | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    641308 | NS      | $77729649.45   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2020-J1                                                               | CUSIP: 12559YBM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1145464 | PA      | $498737.64     | 0.00%             | 2049-10-25      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2021-P1                                          | CUSIP: 14687B106<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24000 | PA      | $1608849.65    | 0.01%             | 2027-12-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7583440.00    | 0.05%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                  | Bank of New York Mellon Corp/The                                                | CUSIP: 064058AF7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1935000 | PA      | $1923854.40    | 0.01%             | 2026-09-20      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2021-INV1                                   | CUSIP: 64829WBB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1865090 | PA      | $1108740.15    | 0.01%             | 2051-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Geo Group Inc (The)                                     | Geo Group Inc (The) 2024 Term Loan B                                            | CUSIP: 36170EAC1<br>LEI: 54930024XOXET7NQVZ63 | Long             | LON              | CORP              | US        |   3298517 | PA      | $3302640.35    | 0.02%             | 2029-04-13      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                | Boost Newco Borrower LLC                                                        | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5310500.00    | 0.03%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV2                                     | CUSIP: 58549XBT9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6246577 | PA      | $262423.05     | 0.00%             | 2051-08-25      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                 | Flagstar Mortgage Trust 2020-2                                                  | CUSIP: 33851KCB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3196625 | PA      | $1752492.29    | 0.01%             | 2050-08-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV3                                     | CUSIP: 585491BT9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9015987 | PA      | $242827.57     | 0.00%             | 2051-10-25      | Variable      | 0.55%                 | No            |                  2 | On Loan: No      |
| Merck & Co Inc                                          | Merck & Co Inc                                                                  | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |   4569254 | NS      | $361702146.64  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FIN DEPT GOVT SHARJAH                                   | Finance Department Government of Sharjah                                        | CUSIP: 38381CAC6<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |   7000000 | PA      | $6016430.00    | 0.04%             | 2033-03-10      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2020-EXP1                                         | CUSIP: 17328JAH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    725000 | PA      | $464353.08     | 0.00%             | 2060-05-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2023-A LLC                                            | CUSIP: 193938107<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35000 | PA      | $16900985.18   | 0.10%             | 2055-05-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                                             | KeyBank NA/Cleveland OH                                                         | CUSIP: 49327M3H5<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |  10250000 | PA      | $10106500.00   | 0.06%             | 2033-01-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2004-HYB2                                         | CUSIP: 17307GEF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    129131 | PA      | $64598.62      | 0.00%             | 2034-03-25      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2019-4                                           | CUSIP: 14686YAK3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     32000 | PA      | $4756705.98    | 0.03%             | 2026-10-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                     | JPMorgan Chase & Co                                                             | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     89331 | NS      | $25897950.21   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                 | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAF0<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |   5000000 | PA      | $5157300.00    | 0.03%             | 2027-07-27      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Proper Pass-Thru Trust II                               | Prosper Pass-Thru Trust II Series 2019-St2                                      | CUSIP: 74361EAC1<br>LEI: 549300DCN6PLVC4QVK93 | Long             | ABS-O            | CORP              | US        |   8738067 | PA      | $0.09          | 0.00%             | 2025-11-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ENERGIZER HOLDINGS INC                                  | Energizer Holdings Inc 2025 Term Loan B                                         | CUSIP: 29267YAW2<br>LEI: 5493000D6NN0V57UME20 | Long             | LON              | CORP              | US        |   7250000 | PA      | $7256815.00    | 0.04%             | 2032-03-19      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Fat Brands Fazoli's Native I, LLC                       | FAT Brands Fazoli's Native I LLC                                                | CUSIP: 31200BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13690455 | PA      | $12684457.09   | 0.08%             | 2051-07-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Group AG                                  | Mercedes-Benz Group AG                                                          | CUSIP: 000000000<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |   1241000 | NS      | $72638668.35   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Mortgage Loan Trust                            | Barclays Mortgage Trust 2022-RPL1                                               | CUSIP: 06745CAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10500636 | PA      | $10398437.83   | 0.06%             | 2028-02-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-AFC1 Trust                                                            | CUSIP: 12657LAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  69543069 | PA      | $11857093.28   | 0.07%             | 2056-03-25      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| AMER AIRLINE 16-3 B PTT                                 | American Airlines 2016-3 Class B Pass Through Trust                             | CUSIP: 023771S41<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6218246 | PA      | $6144248.87    | 0.04%             | 2025-10-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                              | Flagship Credit Auto Trust 2019-2                                               | CUSIP: 33845W109<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     33000 | PA      | $0.00          | 0.00%             | 2026-12-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MPOWER Education Trust                                  | MPOWER Education Trust 2025-A                                                   | CUSIP: 624930AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14381221 | PA      | $14472419.63   | 0.09%             | 2042-07-21      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GoTo Group Inc                                          | GoTo Group Inc 2024 First Out Term Loan                                         | CUSIP: 38349FAC0<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |    943483 | PA      | $818131.67     | 0.01%             | 2028-04-28      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-4                                                 | CUSIP: 46652FCE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    853850 | PA      | $657700.69     | 0.00%             | 2050-11-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-7                                                 | CUSIP: 46591XCK9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2250625 | PA      | $1934980.19    | 0.01%             | 2051-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-22

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin