# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001752724-25-195830
**Filing Date:** 2025-8
**Character Count:** 192412
**Document Hash:** c4cfa410d4dce693ccce8b12c7ff1d78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-195830.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-195830

**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:** 251238611

**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 Ultra Short Income Fund (Series ID: S000043670)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000135385 | Thornburg Ultra Short Income Fund Class A | TLDAX           |
| C000135386 | Thornburg Ultra Short Income Fund Class I | TLDIX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **U.S. Treasury Securities — 5.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.258% due 9/18/2025 | &nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$2972926 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;0.75% due 4/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1459336 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.875% due 7/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2496484 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.75% due 8/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2045035 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% due 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 998711 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.125% due 1/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3014063 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% due 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001484 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Securities (Cost $14,949,169) |  | &nbsp;&nbsp;&nbsp;&nbsp; 14988039 |
|  | **U.S. Government Agencies — 0.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Small Business Administration Participation Certificates, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-20K Class 1, 5.36% due 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp;&nbsp; 598 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2009-20E Class 1, 4.43% due 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8005 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Government Agencies (Cost $8,642) |  | &nbsp;&nbsp;&nbsp;&nbsp; 8598 |
|  | **Mortgage Backed — 2.2%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-A Class A1, 3.50% due 10/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp;1063926 | &nbsp;&nbsp;&nbsp;&nbsp; 1029642 |
|  | &nbsp;&nbsp;&nbsp;Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class A1, 3.805% due 1/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 12810 | &nbsp;&nbsp;&nbsp;&nbsp; 12399 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1, 2.962% due 10/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 13062 | &nbsp;&nbsp;&nbsp;&nbsp; 12273 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;COLT Mortgage Pass-Through Certificates, Whole Loan Securities Trust CMO, Series 2021-1R Class A1, 0.857% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 183367 | &nbsp;&nbsp;&nbsp;&nbsp; 157504 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;CSMC Trust, CMBS, Series 2021-BPNY Class A, 8.141% (TSFR1M + 3.83%) due 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 288679 | &nbsp;&nbsp;&nbsp;&nbsp; 270940 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, Series 2020-NQM1 Class A1, 2.208% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 57213 | &nbsp;&nbsp;&nbsp;&nbsp; 54625 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3 Class HA, 3.25% due 7/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 22795 | &nbsp;&nbsp;&nbsp;&nbsp; 21423 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class HA, 3.00% due 5/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 15996 | &nbsp;&nbsp;&nbsp;&nbsp; 14930 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class HA, 3.00% due 11/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 58951 | &nbsp;&nbsp;&nbsp;&nbsp; 55798 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., Pool BZ3061, 5.26% due 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 668173 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, Pool MA3557, 4.00% due 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 14487 | &nbsp;&nbsp;&nbsp;&nbsp; 14413 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 7888 | &nbsp;&nbsp;&nbsp;&nbsp; 7315 |
|  | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM1 Class A, 2.469% due 4/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 142139 | &nbsp;&nbsp;&nbsp;&nbsp; 135030 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 89258 | &nbsp;&nbsp;&nbsp;&nbsp; 82742 |
| **<sup>a,b,c</sup>** | &nbsp;&nbsp;&nbsp;Greystone Commercial Real Estate Notes Ltd., CMBS, Series 2021-FL3 Class A, 5.446% (TSFR1M + 1.13%) due 7/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 46103 | &nbsp;&nbsp;&nbsp;&nbsp; 46074 |
|  | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, CMBS, Series 2015-C31 Class A3, 3.801% due 8/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 180626 | &nbsp;&nbsp;&nbsp;&nbsp; 179806 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 36544 | &nbsp;&nbsp;&nbsp;&nbsp; 35922 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, Series 2022-CHM1 Class A1, 4.875% due 9/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 430155 | &nbsp;&nbsp;&nbsp;&nbsp; 422110 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2017-5A Class A1, 5.934% (TSFR1M + 1.61%) due 6/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 9911 | &nbsp;&nbsp;&nbsp;&nbsp; 10045 |
| **<sup>a,b</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; 596773 | &nbsp;&nbsp;&nbsp;&nbsp; 600797 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class A1, 2.703% due 9/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 45703 | &nbsp;&nbsp;&nbsp;&nbsp; 45439 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-SH1 Class M1, 3.223% due 1/28/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 686127 | &nbsp;&nbsp;&nbsp;&nbsp; 672330 |
|  | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6 Class A1, 2.75% due 10/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 87238 | &nbsp;&nbsp;&nbsp;&nbsp; 85443 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1, 3.25% due 3/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 9141 | &nbsp;&nbsp;&nbsp;&nbsp; 9013 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6 Class A1A, 3.75% due 3/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 297043 | &nbsp;&nbsp;&nbsp;&nbsp; 293985 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-INV3 Class A1B, 3.192% due 11/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 84562 | &nbsp;&nbsp;&nbsp;&nbsp; 83490 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A3, 3.201% due 3/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 820094 | &nbsp;&nbsp;&nbsp;&nbsp; 807871 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $5,888,544) |  | &nbsp;&nbsp;&nbsp;&nbsp; 5829532 |
|  | **Asset Backed Securities — 33.9%** |  |  |
|  | &nbsp;&nbsp;**Auto Receivables — 17.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;ACM Auto Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B, 11.40% due 1/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 217600 | &nbsp;&nbsp;&nbsp;&nbsp; 221597 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.06% due 2/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 166442 | &nbsp;&nbsp;&nbsp;&nbsp; 166690 |
|  | &nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class D, 2.46% due 3/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 463765 | &nbsp;&nbsp;&nbsp;&nbsp; 463008 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C, 5.59% due 4/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 410008 | &nbsp;&nbsp;&nbsp;&nbsp; 410616 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class B, 6.63% due 2/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 632553 | &nbsp;&nbsp;&nbsp;&nbsp; 633570 |
|  | &nbsp;&nbsp;&nbsp;AmeriCredit Automobile Receivables Trust, |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class B, 1.17% due 8/18/2027 | &nbsp;&nbsp;$140885 | &nbsp;&nbsp;$140630 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class B, 4.81% due 4/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1469870 |
|  | &nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A, 3.93% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 108328 | &nbsp;&nbsp;&nbsp;&nbsp; 108128 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 6.46% due 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 793338 | &nbsp;&nbsp;&nbsp;&nbsp; 798070 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;AutoNation Finance Trust, Series 2025-1A Class A2, 4.72% due 4/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2604547 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A Class A, 2.33% due 8/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 498826 |
|  | &nbsp;&nbsp;&nbsp;BOF URSA VI Funding Trust I, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR1 Class B, 6.029% due 10/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 88731 | &nbsp;&nbsp;&nbsp;&nbsp; 89554 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CAR2 Class B, 6.029% due 10/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 248635 | &nbsp;&nbsp;&nbsp;&nbsp; 250277 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 470413 | &nbsp;&nbsp;&nbsp;&nbsp; 476688 |
|  | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-N1A Class E, 5.20% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 481529 | &nbsp;&nbsp;&nbsp;&nbsp; 481315 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P1 Class A4, 0.86% due 1/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 47621 | &nbsp;&nbsp;&nbsp;&nbsp; 47543 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N3 Class A, 6.41% due 9/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 69325 | &nbsp;&nbsp;&nbsp;&nbsp; 69434 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N3 Class B, 6.45% due 5/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1159426 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-P2 Class A3, 5.42% due 4/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 617380 | &nbsp;&nbsp;&nbsp;&nbsp; 619149 |
|  | &nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class D, 2.84% due 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 936106 | &nbsp;&nbsp;&nbsp;&nbsp; 926280 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-D Class B, 6.78% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 939132 | &nbsp;&nbsp;&nbsp;&nbsp; 943098 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C Class A, 5.88% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1444380 | &nbsp;&nbsp;&nbsp;&nbsp; 1449087 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust, Series 2021-3 Class D, 1.94% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 523573 | &nbsp;&nbsp;&nbsp;&nbsp; 513867 |
|  | &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class D, 1.31% due 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1463431 | &nbsp;&nbsp;&nbsp;&nbsp; 1443375 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C, 5.79% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 363000 | &nbsp;&nbsp;&nbsp;&nbsp; 365428 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing LLC, Series 2022-2 Class A2, 4.65% due 5/21/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11789 | &nbsp;&nbsp;&nbsp;&nbsp; 11782 |
|  | &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D, 1.08% due 11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 31112 | &nbsp;&nbsp;&nbsp;&nbsp; 31064 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 4.56% due 7/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 498660 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class C, 5.30% due 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 325149 | &nbsp;&nbsp;&nbsp;&nbsp; 325425 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A Class D, 5.98% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 750274 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5A Class C, 6.51% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 354209 | &nbsp;&nbsp;&nbsp;&nbsp; 355414 |
|  | &nbsp;&nbsp;&nbsp;FHF Issuer Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2, 5.69% due 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 550537 | &nbsp;&nbsp;&nbsp;&nbsp; 554415 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 4.94% due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 530630 | &nbsp;&nbsp;&nbsp;&nbsp; 531832 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;FHF Trust, Series 2022-2A Class A, 6.14% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 226147 | &nbsp;&nbsp;&nbsp;&nbsp; 226966 |
|  | &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class F, 2.50% due 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 384515 | &nbsp;&nbsp;&nbsp;&nbsp; 382930 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4 Class B, 6.78% due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055887 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A2, 5.64% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 963275 | &nbsp;&nbsp;&nbsp;&nbsp; 966188 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Foursight Capital Automobile Receivables Trust, Series 2022-2 Class B, 5.19% due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 181335 | &nbsp;&nbsp;&nbsp;&nbsp; 181348 |
|  | &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D, 1.68% due 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35723 | &nbsp;&nbsp;&nbsp;&nbsp; 35676 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4A Class D, 2.48% due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 343445 | &nbsp;&nbsp;&nbsp;&nbsp; 338861 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D, 3.97% due 1/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 738769 | &nbsp;&nbsp;&nbsp;&nbsp; 734407 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 5.35% due 8/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 332860 | &nbsp;&nbsp;&nbsp;&nbsp; 333371 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust, Series 2023-1A Class A3, 5.96% due 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 504745 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Kinetic Advantage Master Owner Trust, Series 2024-1A Class A, 6.954% (SOFR30A + 2.65%) due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1354371 |
|  | &nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A, 4.22% due 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 171627 | &nbsp;&nbsp;&nbsp;&nbsp; 170914 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2, 4.97% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 850626 | &nbsp;&nbsp;&nbsp;&nbsp; 850459 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Lobel Automobile Receivables Trust, Series 2023-2 Class A, 7.59% due 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 467581 | &nbsp;&nbsp;&nbsp;&nbsp; 468338 |
|  | &nbsp;&nbsp;&nbsp;Octane Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class A, 5.11% due 2/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 220830 | &nbsp;&nbsp;&nbsp;&nbsp; 220859 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class A2, 6.44% due 3/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 578723 | &nbsp;&nbsp;&nbsp;&nbsp; 582519 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A2, 5.80% due 7/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1146593 | &nbsp;&nbsp;&nbsp;&nbsp; 1154531 |
|  | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A, 3.63% due 9/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 438660 | &nbsp;&nbsp;&nbsp;&nbsp; 437690 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A, 0.87% due 7/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 397252 | &nbsp;&nbsp;&nbsp;&nbsp; 394753 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A1, 4.65% due 3/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 806684 | &nbsp;&nbsp;&nbsp;&nbsp; 805728 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XIV LLC, Series 2022-1A Class A4, 2.82% due 4/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1033454 | &nbsp;&nbsp;&nbsp;&nbsp; 1016984 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XV LLC, Series 2023-1A Class A2, 6.07% due 9/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 58964 | &nbsp;&nbsp;&nbsp;&nbsp; 58988 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust, Series 2025-1A Class A2, 4.87% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 480228 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class A, 7.13% due 1/26/2032 | &nbsp;&nbsp;$609929 | &nbsp;&nbsp;$612525 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class A, 7.54% due 3/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1312931 | &nbsp;&nbsp;&nbsp;&nbsp; 1322655 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust, Series 2024-1A Class A, 7.09% due 6/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 145847 | &nbsp;&nbsp;&nbsp;&nbsp; 147221 |
|  | &nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 6.51% due 3/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 185380 | &nbsp;&nbsp;&nbsp;&nbsp; 185804 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 5.46% due 9/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 603987 | &nbsp;&nbsp;&nbsp;&nbsp; 608299 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes, Series 2022-B Class F, 11.91% due 8/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 565516 | &nbsp;&nbsp;&nbsp;&nbsp; 569902 |
|  | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4 Class B, 4.42% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1892204 | &nbsp;&nbsp;&nbsp;&nbsp; 1891086 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4 Class A2, 5.41% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 397501 | &nbsp;&nbsp;&nbsp;&nbsp; 397870 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SBNA Auto Receivables Trust, 5.12% due 3/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp;2620000 | &nbsp;&nbsp;&nbsp;&nbsp; 2620358 |
|  | &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.80% due 7/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1257654 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 8.56% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 796235 | &nbsp;&nbsp;&nbsp;&nbsp; 802495 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.36% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 365474 | &nbsp;&nbsp;&nbsp;&nbsp; 366542 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A, 5.22% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 229872 | &nbsp;&nbsp;&nbsp;&nbsp; 230126 |
|  | &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 6.28% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 496186 | &nbsp;&nbsp;&nbsp;&nbsp; 498006 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.31% due 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1837570 | &nbsp;&nbsp;&nbsp;&nbsp; 1840636 |
|  | &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class D, 1.23% due 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 191890 | &nbsp;&nbsp;&nbsp;&nbsp; 191452 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class D, 2.12% due 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 524018 | &nbsp;&nbsp;&nbsp;&nbsp; 520980 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D, 5.48% due 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1227620 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 47456911 |
|  | &nbsp;&nbsp;**Credit Card — 0.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust, Series 2023-B Class A, 7.69% due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500435 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 500435 |
|  | &nbsp;&nbsp;**Other Asset Backed — 15.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-Z2 Class A, 1.17% due 11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4183 | &nbsp;&nbsp;&nbsp;&nbsp; 4184 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X2 Class A, 5.22% due 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 692680 | &nbsp;&nbsp;&nbsp;&nbsp; 693153 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;AMCR ABS Trust, Series 2024-A Class A, 6.26% due 8/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 907064 | &nbsp;&nbsp;&nbsp;&nbsp; 910598 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2020-AA Class A, 1.90% due 7/17/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 333622 | &nbsp;&nbsp;&nbsp;&nbsp; 308257 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Auxilior Term Funding LLC, Series 2024-1A Class A2, 5.84% due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 869611 | &nbsp;&nbsp;&nbsp;&nbsp; 874013 |
|  | &nbsp;&nbsp;&nbsp;BHG Securitization Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class B, 1.67% due 10/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 447938 | &nbsp;&nbsp;&nbsp;&nbsp; 437424 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C Class B, 5.93% due 10/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1952940 | &nbsp;&nbsp;&nbsp;&nbsp; 1953780 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CCG Receivables Trust, Series 2022-1 Class A2, 3.91% due 7/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 64224 | &nbsp;&nbsp;&nbsp;&nbsp; 64143 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 362954 | &nbsp;&nbsp;&nbsp;&nbsp; 359221 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ClickLease Equipment Receivables Trust, Series 2024-1 Class B, 7.34% due 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;1167316 | &nbsp;&nbsp;&nbsp;&nbsp; 1171690 |
|  | &nbsp;&nbsp;&nbsp;Crossroads Asset Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class A, 6.35% due 4/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 121435 | &nbsp;&nbsp;&nbsp;&nbsp; 121724 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A2, 4.91% due 2/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1303888 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class A, 5.63% due 6/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1258850 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Dell Equipment Finance Trust, Series 2023-1 Class A3, 5.65% due 9/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 570532 | &nbsp;&nbsp;&nbsp;&nbsp; 571732 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Dext ABS LLC, Series 2023-2 Class A2, 6.56% due 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 238370 | &nbsp;&nbsp;&nbsp;&nbsp; 240177 |
|  | &nbsp;&nbsp;&nbsp;Foundation Finance Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class B, 4.22% due 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 699593 | &nbsp;&nbsp;&nbsp;&nbsp; 697615 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A Class A, 3.54% due 7/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 290363 | &nbsp;&nbsp;&nbsp;&nbsp; 289105 |
|  | &nbsp;&nbsp;&nbsp;FREED ABS Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1FP Class D, 3.35% due 3/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 659020 | &nbsp;&nbsp;&nbsp;&nbsp; 654929 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3FP Class D, 7.36% due 8/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1886063 | &nbsp;&nbsp;&nbsp;&nbsp; 1887877 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Gracie Point International Funding LLC, Series 2023-2A Class A, 6.598% (SOFR90A + 2.25%) due 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 161650 | &nbsp;&nbsp;&nbsp;&nbsp; 161908 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, Series 2024-2 Class A2, 5.25% due 10/27/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 270429 | &nbsp;&nbsp;&nbsp;&nbsp; 270769 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Trust, Series 2024-1 Class A2, 5.88% due 6/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 295234 | &nbsp;&nbsp;&nbsp;&nbsp; 296952 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 19468 | &nbsp;&nbsp;&nbsp;&nbsp; 19158 |
|  | &nbsp;&nbsp;&nbsp;LendingPoint Pass-Through Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ST1 Class A, 2.50% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 17783 | &nbsp;&nbsp;&nbsp;&nbsp; 17765 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ST2 Class A, 3.25% due 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 17438 | &nbsp;&nbsp;&nbsp;&nbsp; 17420 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-ST3 Class A, 4.00% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 32941 | &nbsp;&nbsp;&nbsp;&nbsp; 32918 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;LL ABS Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D, 7.83% due 11/15/2029 | &nbsp;&nbsp;$1150000 | &nbsp;&nbsp;$1151665 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class C, 8.40% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 190990 | &nbsp;&nbsp;&nbsp;&nbsp; 191217 |
|  | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class C, 1.81% due 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 101629 | &nbsp;&nbsp;&nbsp;&nbsp; 101629 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class C, 6.89% due 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1352102 | &nbsp;&nbsp;&nbsp;&nbsp; 1356988 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B, 6.54% due 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 401874 | &nbsp;&nbsp;&nbsp;&nbsp; 402670 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 5.95% due 7/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 154184 | &nbsp;&nbsp;&nbsp;&nbsp; 154374 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NetCredit Combined Receivables LLC, Series 2024-A Class A, 7.43% due 10/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 304171 | &nbsp;&nbsp;&nbsp;&nbsp; 305466 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2022-A Class C, 3.86% due 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1984941 |
|  | &nbsp;&nbsp;&nbsp;Oportun Issuance Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class A, 1.47% due 5/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 302378 | &nbsp;&nbsp;&nbsp;&nbsp; 296047 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class A, 2.18% due 10/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1294390 | &nbsp;&nbsp;&nbsp;&nbsp; 1267874 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class B, 5.25% due 6/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 770072 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust, Series 2021-HG1 Class A, 1.22% due 1/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35047 | &nbsp;&nbsp;&nbsp;&nbsp; 34806 |
|  | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5 Class C, 9.099% due 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 989403 | &nbsp;&nbsp;&nbsp;&nbsp; 995860 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-7 Class B, 7.549% due 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 26579 | &nbsp;&nbsp;&nbsp;&nbsp; 26592 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 6.66% due 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 230416 | &nbsp;&nbsp;&nbsp;&nbsp; 231470 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pawneee Equipment Receivables LLC, Series 2021-1 Class D, 2.75% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 987882 |
|  | &nbsp;&nbsp;&nbsp;Prosper Marketplace Issuance Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class B, 7.48% due 7/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 514856 | &nbsp;&nbsp;&nbsp;&nbsp; 515679 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class C, 8.29% due 7/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1314396 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A, 6.12% due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 294351 | &nbsp;&nbsp;&nbsp;&nbsp; 294727 |
|  | &nbsp;&nbsp;&nbsp;Reach ABS Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 5.88% due 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 536866 | &nbsp;&nbsp;&nbsp;&nbsp; 538927 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A, 4.96% due 8/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 179320 | &nbsp;&nbsp;&nbsp;&nbsp; 179085 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Series 2022-1 Class A, 3.07% due 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2638192 | &nbsp;&nbsp;&nbsp;&nbsp; 2618550 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust, Series 2021-A Class A, 2.30% due 12/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1131314 | &nbsp;&nbsp;&nbsp;&nbsp; 1123357 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 805430 | &nbsp;&nbsp;&nbsp;&nbsp; 787276 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust, 4.82% due 6/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502153 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 169833 | &nbsp;&nbsp;&nbsp;&nbsp; 160649 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;1660000 | &nbsp;&nbsp;&nbsp;&nbsp; 1638294 |
|  | &nbsp;&nbsp;&nbsp;Theorem Funding Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class A, 6.06% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 325366 | &nbsp;&nbsp;&nbsp;&nbsp; 325455 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class A, 7.60% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 241482 | &nbsp;&nbsp;&nbsp;&nbsp; 241985 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Upgrade Master Pass-Thru Trust, Series 2025-ST4 Class A, 5.495% due 8/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Upgrade Receivables Trust, Series 2024-1A Class A, 5.37% due 2/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;1246472 | &nbsp;&nbsp;&nbsp;&nbsp; 1247435 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2021-ST4 Class A, 2.00% due 7/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35852 | &nbsp;&nbsp;&nbsp;&nbsp; 35591 |
|  | &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.22% due 6/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400704 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class C, 3.28% due 7/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 280871 | &nbsp;&nbsp;&nbsp;&nbsp; 278092 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A, 6.90% due 10/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 685714 | &nbsp;&nbsp;&nbsp;&nbsp; 690083 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A, 5.33% due 11/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 209513 | &nbsp;&nbsp;&nbsp;&nbsp; 209896 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A, 5.45% due 4/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 667030 | &nbsp;&nbsp;&nbsp;&nbsp; 667840 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Upstart Structured Pass-Through Trust, Series 2022-4A Class B, 8.54% due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 210792 | &nbsp;&nbsp;&nbsp;&nbsp; 212014 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 40860991 |
|  | &nbsp;&nbsp;**Student Loan — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Laurel Road Prime Student Loan Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class A2FX, 2.73% due 10/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 27749 | &nbsp;&nbsp;&nbsp;&nbsp; 27749 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-A Class A2FX, 1.40% due 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 340764 | &nbsp;&nbsp;&nbsp;&nbsp; 316095 |
|  | &nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-1 Class A5, 4.784% (TSFR1M + 0.46%) due 3/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 645985 | &nbsp;&nbsp;&nbsp;&nbsp; 634757 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-4 Class A4, 4.744% (TSFR1M + 0.42%) due 5/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 91476 | &nbsp;&nbsp;&nbsp;&nbsp; 90671 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Navient Private Education Loan Trust, Series 2018-BA Class A2B, 5.146% (TSFR1M + 0.83%) due 12/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 11692 | &nbsp;&nbsp;&nbsp;&nbsp; 11670 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Series 2019-BA Class A2B, 5.406% (TSFR1M + 1.09%) due 12/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 360223 | &nbsp;&nbsp;&nbsp;&nbsp; 359092 |
|  | &nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-2A Class A, 5.22% (SOFR30A + 0.91%) due 12/26/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 41672 | &nbsp;&nbsp;&nbsp;&nbsp; 41310 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-3A Class A2, 5.02% (SOFR30A + 0.71%) due 2/27/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 9979 | &nbsp;&nbsp;&nbsp;&nbsp; 9953 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA Class AFL, 5.122% (TSFR1M + 0.80%) due 4/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 87758 | &nbsp;&nbsp;&nbsp;&nbsp; 87016 |
| **<sup>a,b,c</sup>** | &nbsp;&nbsp;&nbsp;Prodigy Finance DAC, Series 2021-1A Class A, 5.684% (TSFR1M + 1.36%) due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 34868 | &nbsp;&nbsp;&nbsp;&nbsp; 34870 |
|  | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4 Class A, 4.97% (SOFR30A + 0.66%) due 6/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 15598 | &nbsp;&nbsp;&nbsp;&nbsp; 15209 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-6 Class A3, 5.07% (SOFR30A + 0.76%) due 6/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 101118 | &nbsp;&nbsp;&nbsp;&nbsp; 99561 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-A Class A2B, 5.326% (TSFR1M + 1.01%) due 9/15/2034 | &nbsp;&nbsp;$16947 | &nbsp;&nbsp;$16944 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-B Class A2B, 5.176% (TSFR1M + 0.86%) due 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 275129 | &nbsp;&nbsp;&nbsp;&nbsp; 274518 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B Class A2B, 5.146% (TSFR1M + 0.83%) due 1/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 215082 | &nbsp;&nbsp;&nbsp;&nbsp; 214463 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C Class A2B, 5.176% (TSFR1M + 0.86%) due 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 54173 | &nbsp;&nbsp;&nbsp;&nbsp; 53928 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Towd Point Asset Trust, Series 2021-SL1 Class A2, 5.132% (TSFR1M + 0.81%) due 11/20/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 58066 | &nbsp;&nbsp;&nbsp;&nbsp; 57947 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2345753 |
|  | &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $91,114,904) |  | &nbsp;&nbsp;&nbsp;&nbsp; 91164090 |
|  | **Corporate Bonds — 45.6%** |  |  |
|  | &nbsp;&nbsp;**Automobiles & Components — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobiles — 0.8%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;American Honda Finance Corp., 5.016% (SOFR + 0.62%) due 12/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 569000 | &nbsp;&nbsp;&nbsp;&nbsp; 569410 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 6/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 502835 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.45% due 6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008040 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2080285 |
|  | &nbsp;&nbsp;**Banks — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 0.4%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Bank of New York Mellon, 4.587% (SOFR + 0.69%) due 4/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002620 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1002620 |
|  | &nbsp;&nbsp;**Capital Goods — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Systems Corp., 7.875% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1272538 |
|  | &nbsp;&nbsp;&nbsp;RTX Corp., 3.95% due 8/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1747427 |
|  | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Lennox International, Inc., 1.35% due 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1495230 |
|  | &nbsp;&nbsp;&nbsp;**Machinery — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp., 6.05% due 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1256962 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5772157 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.5%** |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Element Fleet Management Corp., 6.271% due 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1267713 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1267713 |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Specialty Retail — 0.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Genuine Parts Co., 4.684% due 8/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2240225 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2240225 |
|  | &nbsp;&nbsp;**Consumer Services — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp., 4.75% due 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000360 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2000360 |
|  | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.2%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;7-Eleven, Inc., 0.95% due 2/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2199915 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.25% due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 927084 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3126999 |
|  | &nbsp;&nbsp;**Energy — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Boardwalk Pipelines LP, 5.95% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260388 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.625% due 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000460 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC, 2.60% due 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2321000 | &nbsp;&nbsp;&nbsp;&nbsp; 2300970 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Gulfstream Natural Gas System LLC, 6.19% due 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1755547 |
|  | &nbsp;&nbsp;&nbsp;NuStar Logistics LP, 6.00% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003940 |
|  | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP/PAA Finance Corp., 4.65% due 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1498905 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8820210 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp., 1.60% due 4/15/2026 | &nbsp;&nbsp;$1250000 | &nbsp;&nbsp;$1221900 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle, Inc., 1.35% due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1218000 | &nbsp;&nbsp;&nbsp;&nbsp; 1216270 |
|  | &nbsp;&nbsp;&nbsp;Equinix, Inc., 1.25% due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2245883 |
|  | &nbsp;&nbsp;&nbsp;SBA Tower Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.631% due 5/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 479721 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.884% due 7/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 344283 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5508057 |
|  | &nbsp;&nbsp;**Financial Services — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ares Capital Corp., 3.25% due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1498485 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 4.75% due 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1243500 |
|  | &nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 2.625% due 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1453200 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 4.625% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 997230 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5192415 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 3.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 1.0%** |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Bacardi Ltd., Series 2025-SF1 Class B, 2.75% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 978970 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc., 4.949% (SOFR + 0.58%) due 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1752380 |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Conagra Brands, Inc., 5.30% due 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 505115 |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Altria Group, Inc., 4.40% due 2/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497765 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;BAT International Finance plc, 1.668% due 3/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2202750 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Imperial Brands Finance plc, 3.50% due 7/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1728650 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8665630 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;HCA, Inc., 5.25% due 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1702431 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1454055 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3156486 |
|  | &nbsp;&nbsp;**Insurance — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 3.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, 1.30% due 7/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 970780 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;F&G Global Funding, 5.15% due 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;GA Global Funding Trust, 1.625% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1966700 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp., 4.50% due 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1980000 | &nbsp;&nbsp;&nbsp;&nbsp; 1976376 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc., 5.061% (SOFRINDX + 0.70%) due 11/8/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 751000 | &nbsp;&nbsp;&nbsp;&nbsp; 751631 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Prudential Insurance Co. of America, 8.30% due 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Reliance Standard Life Global Funding II, 5.243% due 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 851632 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9017119 |
|  | &nbsp;&nbsp;**Materials — 3.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc., 1.23% due 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 966000 | &nbsp;&nbsp;&nbsp;&nbsp; 956726 |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ball Corp., 4.875% due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1323595 |
|  | &nbsp;&nbsp;&nbsp;Berry Global, Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.57% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 735765 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.875% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1749930 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 1.512% due 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 973620 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sealed Air Corp., 1.573% due 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1198888 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1946000 |
|  | &nbsp;&nbsp;&nbsp;Sonoco Products Co., 4.45% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999050 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9883574 |
|  | &nbsp;&nbsp;**Media & Entertainment — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908% due 7/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1749808 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 3.125% due 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 957060 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2706868 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Biotechnology — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Amgen, Inc., 5.507% due 3/2/2026 | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;$250010 |
|  | &nbsp;&nbsp;&nbsp;Illumina, Inc., 4.65% due 9/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 850986 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Royalty Pharma plc, 1.20% due 9/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1985860 |
|  | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 1.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Bayer U.S. Finance II LLC, 4.25% due 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1745065 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CVS Health Corp., 5.268% due 9/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1976345 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;PRA Health Sciences, Inc., 2.875% due 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 488020 |
|  | &nbsp;&nbsp;&nbsp;Viatris, Inc., 2.30% due 6/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 714802 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8011088 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Intel Corp., 3.70% due 7/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497930 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc., 1.80% due 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1215387 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2713317 |
|  | &nbsp;&nbsp;**Software & Services — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Software — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Activision Blizzard, Inc., Series 2020-3 Class D, 3.40% due 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1355000 | &nbsp;&nbsp;&nbsp;&nbsp; 1330298 |
|  | &nbsp;&nbsp;&nbsp;CA, Inc., 4.70% due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1188000 | &nbsp;&nbsp;&nbsp;&nbsp; 1187145 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., 5.25% due 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000120 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc., 1.15% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1242000 | &nbsp;&nbsp;&nbsp;&nbsp; 1214167 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4731730 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Hubbell, Inc., 3.35% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1248000 | &nbsp;&nbsp;&nbsp;&nbsp; 1237105 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp., 6.02% due 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1514385 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2751490 |
|  | &nbsp;&nbsp;**Telecommunication Services — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.8%** |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;NBN Co. Ltd., 1.45% due 5/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 975600 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;TELUS Corp., due 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 998611 |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 2.25% due 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1969620 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3943831 |
|  | &nbsp;&nbsp;**Transportation — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Transportation Infrastructure — 0.5%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 5.75% due 5/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260913 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1260913 |
|  | &nbsp;&nbsp;**Utilities — 10.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 10.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AES Corp., 1.375% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp; 1633365 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC, 1.40% due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 693314 |
|  | &nbsp;&nbsp;&nbsp;Ameren Illinois Co., 4.662% due 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2490140 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., Series N, 1.00% due 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1742000 | &nbsp;&nbsp;&nbsp;&nbsp; 1720138 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Avangrid, Inc., 4.585% due 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1496054 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., Series A, 1.45% due 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp;&nbsp; 922415 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Electricite de France SA, 3.625% due 10/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2479000 | &nbsp;&nbsp;&nbsp;&nbsp; 2469431 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Enel Finance International NV, 7.05% due 10/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005260 |
|  | &nbsp;&nbsp;&nbsp;Entergy Corp., 0.90% due 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 868000 | &nbsp;&nbsp;&nbsp;&nbsp; 861117 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy, Series Q, 0.80% due 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1740847 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co., 5.15% due 3/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2255512 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp., 3.25% due 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 738908 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 4.727% due 8/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2484245 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NRG Energy, Inc., 2.00% due 12/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1269683 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co., 5.339% (SOFRINDX + 0.95%) due 9/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1324457 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/PRINCIPAL<br> AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc., 0.80% due 8/15/2025 | &nbsp;&nbsp;$1750000 | &nbsp;&nbsp;$1740462 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Southern Co., Series B, 4.00% (5-Yr. CMT + 3.730%) due 1/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 994650 |
|  | &nbsp;&nbsp;&nbsp;Southern Power Co., 0.90% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 979210 |
|  | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co., 3.407% due 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 989870 |
|  | &nbsp;&nbsp;&nbsp;Spire, Inc., 5.30% due 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003470 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28812548 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $122,619,276) |  | &nbsp;&nbsp;&nbsp;&nbsp;122665635 |
|  | **Convertible Bonds — 0.5%** |  |  |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Broadline Retail — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Airbnb, Inc., Series 2025-1A Class D, Zero Coupon due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1446690 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1446690 |
|  | &nbsp;&nbsp;&nbsp;Total Convertible Bonds (Cost $1,446,659) |  | &nbsp;&nbsp;&nbsp;&nbsp; 1446690 |
|  | **Short-Term Investments — 14.3%** |  |  |
|  | **Mutual Fund — 10.1%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;&nbsp;&nbsp;2700691 | &nbsp;&nbsp;&nbsp;&nbsp; 27006908 |
|  | &nbsp;&nbsp;&nbsp;Total Mutual Fund (Cost $27,006,908) |  | &nbsp;&nbsp;&nbsp;&nbsp; 27006908 |
|  | **U.S. Treasury Securities — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Bills, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.235% due 10/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4931223 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.291% due 11/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2950968 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.462% due 8/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3479175 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Securities (Cost $11,361,366) |  | &nbsp;&nbsp;&nbsp;&nbsp; 11361366 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $38,368,274) |  | &nbsp;&nbsp;&nbsp;&nbsp; 38368274 |
|  | **Total Investments — 102.1% (Cost $274,395,468)** |  | &nbsp;&nbsp;$274470858 |
|  | **Liabilities Net of Other Assets — (2.1)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5623143) |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$268847715 |

---

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the aggregate value of these securities in the Fund's portfolio was $145,638,530, representing 54.17% of the Fund's net assets. |
| b | 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. |
| c | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| d | Investment in Affiliates. |

---

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

---

| | |
|:---|:---|
| ABS | Asset Backed Securities |
| CMBS | Commercial Mortgage-Backed Securities |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Rate |
| DAC | Designated Activity Company |
| Mtg | Mortgage |

---

---

| | |
|:---|:---|
| SOFR | Secured Overnight Financing Rate |
| SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| SOFR90A | Secured Overnight Financing Rate 90-Day Average |
| SOFRINDX | Secured Overnight Financing Rate Index |
| TSFR1M | Term SOFR 1 Month |
| UMBS | Uniform Mortgage-Backed Securities |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Ultra Short Income Fund** | *June 30, 2025 (Unaudited)* |

---

------

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

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

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

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

<u>Valuation of Securities:</u> Investments in U.S. mutual funds are valued at net asset value ("NAV") each business day.

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.

#### 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** |
| Thornburg Capital Mgmt. Fund | $24144899 | &nbsp;&nbsp;$240271420 | &nbsp;&nbsp;$(237409411) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$27006908 | &nbsp;&nbsp;$833779 |

---

## 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 Ultra Short Income Fund

- **b. EDGAR series identifier (if any):** S000043670

- **c. LEI of Series:** 5493008QZFA48DAOHN91

**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:** $268994935.62

**Total Liabilities:** $2250445.20

**Net Assets:** $266744490.42

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -2606.14000000 | **1-Year:** -5536.49000000 | **5-Year:** -679.21000000 | **10-Year:** -122.21000000 | **30-Year:** -0.37000000

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

- **3-Month:** -734.02000000 | **1-Year:** -1640.84000000 | **5-Year:** -705.06000000 | **10-Year:** -321.89000000 | **30-Year:** -93.51000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000135385 | 0.32%                | 0.40%                | 0.47%                |
| Class ID C000135386 | 0.33%                | 0.50%                | 0.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-337.03                 | $-174905.03                                |
| Month 2  | $11238.62                | $53498.83                                  |
| Month 3  | $322.88                  | $174109.81                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2017-6                                                | CUSIP: 89175JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     87238 | PA      | $85442.95     | 0.03%             | 2057-10-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Prosper Marketplace Issuance Trust                | Prosper Marketplace Issuance Trust Series 2023-1                                | CUSIP: 74390NAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    514856 | PA      | $515679.40    | 0.19%             | 2029-07-16      | Fixed         | 7.48%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                      | Entergy Corp                                                                    | CUSIP: 29364GAM5<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    868000 | PA      | $861116.76    | 0.32%             | 2025-09-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| SKYWORKS SOLUTIONS INC                            | Skyworks Solutions Inc                                                          | CUSIP: 83088MAK8<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1215387.50   | 0.46%             | 2026-06-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Estate Notes            | Greystone CRE Notes 2021-FL3 Ltd                                                | CUSIP: 39809PAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     46103 | PA      | $46073.93     | 0.02%             | 2039-07-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Prosper Marketplace Issuance Trust                | Prosper Marketplace Issuance Trust Series 2024-1                                | CUSIP: 74363CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    294351 | PA      | $294726.61    | 0.11%             | 2029-08-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                  | SoFi Consumer Loan Program 2025-2 Trust                                         | CUSIP: 83407HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1502153.03   | 0.56%             | 2034-06-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Ball Corp                                         | Ball Corp                                                                       | CUSIP: 058498AV8<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1323595.50   | 0.50%             | 2026-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust          | AmeriCredit Automobile Receivables Trust 2021-3                                 | CUSIP: 03066JAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    140885 | PA      | $140629.72    | 0.05%             | 2027-08-18      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Enva 2018-A, LLC                                  | NetCredit Combined Receivables 2024 LLC                                         | CUSIP: 64113EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    304172 | PA      | $305465.96    | 0.11%             | 2030-10-21      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| SPRUCE HILL MORTGAGE LOAN TRUST                   | Spruce Hill Mortgage Loan Trust 2020-SH1                                        | CUSIP: 85209FAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    686127 | PA      | $672329.53    | 0.25%             | 2050-01-28      | Variable      | 3.22%                 | No            |                  2 | On Loan: No      |
| National Collegiate Student Loan Trust            | National Collegiate Student Loan Trust 2006-4                                   | CUSIP: 63543WAD3<br>LEI: 635400VHKJCABQGBTP36 | Long             | ABS-O            | CORP              | US        |     91476 | PA      | $90670.71     | 0.03%             | 2032-05-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2023-2                                                   | CUSIP: 57109LAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    401874 | PA      | $402669.65    | 0.15%             | 2033-06-15      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2022-3                                                   | CUSIP: 57109NAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1352102 | PA      | $1356988.24   | 0.51%             | 2032-11-15      | Fixed         | 6.89%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                           | Fidelity National Information Services Inc                                      | CUSIP: 31620MBR6<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |   1242000 | PA      | $1214166.78   | 0.46%             | 2026-03-01      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Receivables Trust      | Arivo Acceptance Auto Loan Receivables Trust 2022-1                             | CUSIP: 04047EAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    108328 | PA      | $108128.00    | 0.04%             | 2028-05-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust     | BHG Securitization Trust 2022-C                                                 | CUSIP: 08860DAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1952940 | PA      | $1953780.07   | 0.73%             | 2035-10-17      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Altria Group Inc                                  | Altria Group Inc                                                                | CUSIP: 02209SBC6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1497765.00   | 0.56%             | 2026-02-14      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                      | Upstart Securitization Trust 2021-3                                             | CUSIP: 91679LAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    280871 | PA      | $278092.11    | 0.10%             | 2031-07-20      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Berry Global Inc                                  | Berry Global Inc                                                                | CUSIP: 085770AA3<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1749930.00   | 0.66%             | 2026-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust             | Westlake Automobile Receivables Trust 2022-2                                    | CUSIP: 96042VAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1225000 | PA      | $1227620.07   | 0.46%             | 2027-09-15      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                               | Reach ABS Trust 2025-1                                                          | CUSIP: 75525PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    179320 | PA      | $179084.48    | 0.07%             | 2032-08-16      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Boardwalk Pipelines LP                            | Boardwalk Pipelines LP                                                          | CUSIP: 096630AE8<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1260387.50   | 0.47%             | 2026-06-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                          | Octane Receivables Trust 2024-2                                                 | CUSIP: 67578YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1146593 | PA      | $1154530.96   | 0.43%             | 2032-07-20      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                    | ACM Auto Trust 2024-1                                                           | CUSIP: 00161CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    217600 | PA      | $221596.88    | 0.08%             | 2031-01-21      | Fixed         | 11.40%                | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                     | Lendbuzz Securitization Trust 2024-3                                            | CUSIP: 52609YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850626 | PA      | $850459.38    | 0.32%             | 2029-10-15      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Crossroads Asset Trust                            | Crossroads Asset Trust 2022-A                                                   | CUSIP: 22767DAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    121435 | PA      | $121724.30    | 0.05%             | 2031-04-21      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                      | Veros Auto Receivables Trust 2025-1                                             | CUSIP: 92511BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1837570 | PA      | $1840636.00   | 0.69%             | 2028-09-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-1                   | CUSIP: 35563PDU0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     15996 | PA      | $14929.96     | 0.01%             | 2057-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Freed ABS Trust                                   | FREED ABS Trust 2022-1FP                                                        | CUSIP: 35633KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    659020 | PA      | $654928.82    | 0.25%             | 2029-03-19      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                                | F&G Global Funding                                                              | CUSIP: 30321L2E1<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1500000.00   | 0.56%             | 2025-07-07      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust        | JPMBB Commercial Mortgage Securities Trust 2015-C31                             | CUSIP: 46644YAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    180626 | PA      | $179806.04    | 0.07%             | 2048-08-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC          | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RDU5<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $498825.73    | 0.19%             | 2026-08-20      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                | Tricolor Auto Securitization Trust 2023-1                                       | CUSIP: 89616KAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    796235 | PA      | $802495.03    | 0.30%             | 2027-07-15      | Fixed         | 8.56%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                             | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12810 | PA      | $12398.97     | 0.00%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                  | T-Mobile USA Inc                                                                | CUSIP: 87264ABR5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1969620.00   | 0.74%             | 2026-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| AMCR ABS Trust                                    | AMCR ABS TRUST 2024-A                                                           | CUSIP: 00178EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    907064 | PA      | $910597.94    | 0.34%             | 2031-08-18      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| NBN CO LTD                                        | NBN Co Ltd                                                                      | CUSIP: 62878U2A9<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $975600.00    | 0.37%             | 2026-05-05      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| ACTIVISION BLIZZARD                               | Activision Blizzard Inc                                                         | CUSIP: 00507VAK5<br>LEI: 549300TPQQDBP9GNOF40 | Long             | DBT              | CORP              | US        |   1355000 | PA      | $1330298.35   | 0.50%             | 2026-09-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables Trust                | Lobel Automobile Receivables Trust 2023-2                                       | CUSIP: 53949FAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    467581 | PA      | $468337.68    | 0.18%             | 2029-04-16      | Fixed         | 7.59%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                              | Keurig Dr Pepper Inc                                                            | CUSIP: 49271VAY6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1752380.00   | 0.66%             | 2026-11-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                             | CUSIP: 91282CLH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2050000 | PA      | $2045035.17   | 0.77%             | 2026-08-31      | Fixed         | 3.75%                 | No            |                  1 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2017-B                                         | CUSIP: 83189DAC4<br>LEI: 549300NWENTZ8X7JUC78 | Long             | ABS-O            | CORP              | US        |    275128 | PA      | $274517.96    | 0.10%             | 2035-10-15      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                        | Affirm Asset Securitization Trust 2024-X2                                       | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    692680 | PA      | $693152.83    | 0.26%             | 2029-12-17      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| HORACE MANN EDUCATORS CO                          | Horace Mann Educators Corp                                                      | CUSIP: 440327AK0<br>LEI: 254900G5YAV3A2YK8T32 | Long             | DBT              | CORP              | US        |   1980000 | PA      | $1976376.60   | 0.74%             | 2025-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RELIANCE STAND LIFE II                            | Reliance Standard Life Global Funding II                                        | CUSIP: 75951ACY2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    850000 | PA      | $851632.00    | 0.32%             | 2026-02-02      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                               | Oportun Issuance Trust 2021-C                                                   | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1294390 | PA      | $1267873.68   | 0.48%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                          | RTX Corp                                                                        | CUSIP: 913017DD8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1747427.50   | 0.66%             | 2025-08-16      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| HERCULES CAPITAL INC                              | Hercules Capital Inc                                                            | CUSIP: 427096AH5<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1453200.00   | 0.54%             | 2026-09-16      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| CA Inc                                            | CA Inc                                                                          | CUSIP: 12673PAJ4<br>LEI: Y7ET3D9SDOFUZ515FE28 | Long             | DBT              | CORP              | US        |   1188000 | PA      | $1187144.64   | 0.45%             | 2027-03-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2018-B                                         | CUSIP: 78449LAC2<br>LEI: 549300INMCHM7L5O6M41 | Long             | ABS-O            | CORP              | US        |    215082 | PA      | $214463.44    | 0.08%             | 2037-01-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                            | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 013092AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    940000 | PA      | $927084.40    | 0.35%             | 2026-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                     | Lendbuzz Securitization Trust 2022-1                                            | CUSIP: 52607KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    171627 | PA      | $170914.38    | 0.06%             | 2027-05-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                      | SAFCO Auto Receivables Trust 2024-1                                             | CUSIP: 78637EAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185380 | PA      | $185804.07    | 0.07%             | 2028-03-20      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                                      | Illumina Inc                                                                    | CUSIP: 452327AQ2<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    850000 | PA      | $850986.00    | 0.32%             | 2026-09-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| TELUS Corp                                        | TELUS Corp                                                                      | CUSIP: 87974PUB7<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | STIV             | CORP              | CA        |   1000000 | PA      | $998611.11    | 0.37%             | 2025-07-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bills                                                             | CUSIP: 912797QK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   3500000 | PA      | $3479174.66   | 1.30%             | 2025-08-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                               | Oportun Issuance Trust 2021-B                                                   | CUSIP: 68377GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    302378 | PA      | $296047.38    | 0.11%             | 2031-05-08      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                       | Equinix Inc                                                                     | CUSIP: 29444UBF2<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |   2250000 | PA      | $2245882.50   | 0.84%             | 2025-07-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                    | Pagaya AI Debt Trust 2023-5                                                     | CUSIP: 69546PAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    989403 | PA      | $995860.37    | 0.37%             | 2031-04-15      | Fixed         | 9.10%                 | No            |                  2 | On Loan: No      |
| National Collegiate Student Loan Trust            | National Collegiate Student Loan Trust 2006-1                                   | CUSIP: 63543PCD6<br>LEI: 635400ZLDAQQL4PJBJ98 | Long             | ABS-O            | CORP              | US        |    645985 | PA      | $634756.85    | 0.24%             | 2033-03-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                   | Sealed Air Corp                                                                 | CUSIP: 81211KAZ3<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1198887.50   | 0.45%             | 2026-10-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                               | Reach ABS Trust 2024-2                                                          | CUSIP: 75525HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    536866 | PA      | $538927.18    | 0.20%             | 2031-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust            | Santander Drive Auto Receivables Trust 2024-4                                   | CUSIP: 802919AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    397501 | PA      | $397870.06    | 0.15%             | 2027-07-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                          | Public Service Enterprise Group Inc                                             | CUSIP: 744573AP1<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1740462.50   | 0.65%             | 2025-08-15      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                      | METLIFE SECURITIZATION TRUST 2019-1                                             | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     36544 | PA      | $35921.49     | 0.01%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Service Experts Issuer                            | Service Experts Issuer 2021-1 LLC                                               | CUSIP: 81758VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    805430 | PA      | $787275.74    | 0.30%             | 2032-02-02      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| TOWD POINT ASSET TRUST                            | Towd Point Asset Trust 2021-SL1                                                 | CUSIP: 89179XAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     58065 | PA      | $57947.00     | 0.02%             | 2061-11-20      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                    | CPS Auto Receivables Trust 2022-A                                               | CUSIP: 12659WAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    936106 | PA      | $926280.08    | 0.35%             | 2029-04-16      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                          | Ajax Mortgage Loan Trust 2022-A                                                 | CUSIP: 009695AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1063926 | PA      | $1029641.98   | 0.39%             | 2061-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                           | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAB9<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |   1750000 | PA      | $1728650.00   | 0.65%             | 2026-07-26      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Receivables Trust      | Arivo Acceptance Auto Loan Receivables Trust 2024-1                             | CUSIP: 039943AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    793338 | PA      | $798069.85    | 0.30%             | 2028-04-17      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                          | Octane Receivables Trust 2022-2                                                 | CUSIP: 67578XAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220830 | PA      | $220859.37    | 0.08%             | 2028-02-22      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2021-BPNY                                                                  | CUSIP: 12659XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    288679 | PA      | $270940.03    | 0.10%             | 2026-08-15      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust            | GreenSky Home Improvement Issuer Trust 2024-2                                   | CUSIP: 39571XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270429 | PA      | $270768.80    | 0.10%             | 2059-10-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GULFSTREAM NATURAL GAS                            | Gulfstream Natural Gas System LLC                                               | CUSIP: 402740AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1755547.50   | 0.66%             | 2025-11-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| NuStar Logistics LP                               | NuStar Logistics LP                                                             | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1003940.00   | 0.38%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-2                   | CUSIP: 35563PFB0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     58951 | PA      | $55798.25     | 0.02%             | 2057-11-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                | Regional Management Issuance Trust 2022-1                                       | CUSIP: 75907DAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2638192 | PA      | $2618549.79   | 0.98%             | 2032-03-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                      | Hilton Grand Vacations Trust 2019-A                                             | CUSIP: 43284HAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19468 | PA      | $19157.57     | 0.01%             | 2033-07-25      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust             | Westlake Automobile Receivables Trust 2021-3                                    | CUSIP: 96043JAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    524018 | PA      | $520979.93    | 0.20%             | 2027-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust      | American Credit Acceptance Receivables Trust 2022-1                             | CUSIP: 02530WAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    463765 | PA      | $463007.75    | 0.17%             | 2028-03-13      | Fixed         | 2.46%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust          | AmeriCredit Automobile Receivables Trust 2022-2                                 | CUSIP: 03065WAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1470000 | PA      | $1469869.67   | 0.55%             | 2028-04-18      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                      | Pawneee Equipment Receivables Series 2021-1 LLC                                 | CUSIP: 704100AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $987882.42    | 0.37%             | 2027-07-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                                    | Starbucks Corp                                                                  | CUSIP: 855244BE8<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2000360.00   | 0.75%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                               | Dominion Energy Inc                                                             | CUSIP: 25746UDJ5<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    945000 | PA      | $922414.50    | 0.35%             | 2026-04-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                          | Electricite de France SA                                                        | CUSIP: 268317AS3<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |   2479000 | PA      | $2469431.06   | 0.93%             | 2025-10-13      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY PENN ELECTRI                          | FirstEnergy Pennsylvania Electric Co                                            | CUSIP: 708696CA5<br>LEI: O1PLQWO3TX952VMBJ146 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2255512.50   | 0.85%             | 2026-03-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                             | Brooklyn Union Gas Co/The                                                       | CUSIP: 114259AN4<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $989870.00    | 0.37%             | 2026-03-10      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                    | NRG Energy Inc                                                                  | CUSIP: 629377CN0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1269682.50   | 0.48%             | 2025-12-02      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                    | CPS Auto Receivables Trust 2023-D                                               | CUSIP: 12598VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    939132 | PA      | $943098.31    | 0.35%             | 2028-03-15      | Fixed         | 6.78%                 | No            |                  2 | On Loan: No      |
| AutoNation Finance Trust 2025-1                   | AutoNation Finance Trust 2025-1                                                 | CUSIP: 05330QAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2600000 | PA      | $2604547.45   | 0.98%             | 2028-04-10      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                      | Dell Equipment Finance Trust 2023-1                                             | CUSIP: 24702HAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    570532 | PA      | $571731.63    | 0.21%             | 2028-09-22      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs | United States Small Business Administration                                     | CUSIP: 83162CPX5<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |       597 | PA      | $597.50       | 0.00%             | 2025-11-01      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2020-NQM1 Trust                                                            | CUSIP: 126401AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     57214 | PA      | $54625.25     | 0.02%             | 2065-05-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2021-3                                                   | CUSIP: 57108QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    101629 | PA      | $101629.18    | 0.04%             | 2031-12-15      | Fixed         | 1.81%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I        | Research-Driven Pagaya Motor Trust 2024-1                                       | CUSIP: 76088YAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145848 | PA      | $147221.11    | 0.06%             | 2032-06-25      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                             | CUSIP: 91282CBW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1459335.95   | 0.55%             | 2026-04-30      | Fixed         | 0.75%                 | No            |                  1 | On Loan: No      |
| SPIRE INC                                         | Spire Inc                                                                       | CUSIP: 84857LAC5<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1003470.00   | 0.38%             | 2026-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GRAY OAK PIPELINE LLC                             | Gray Oak Pipeline LLC                                                           | CUSIP: 38937LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2321000 | PA      | $2300969.77   | 0.86%             | 2025-10-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                          | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1749807.50   | 0.66%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                              | BAT International Finance PLC                                                   | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |   2250000 | PA      | $2202750.00   | 0.83%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust               | Exeter Automobile Receivables Trust 2022-2                                      | CUSIP: 30166QAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $498660.40    | 0.19%             | 2028-07-17      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| AIRBNB INC                                        | Airbnb Inc                                                                      | CUSIP: 009066AB7<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1446690.00   | 0.54%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                 | Eversource Energy                                                               | CUSIP: 30040WAJ7<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1740847.50   | 0.65%             | 2025-08-15      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trust                   | Prestige Auto Receivables Trust 2025-1                                          | CUSIP: 74113UAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    480000 | PA      | $480228.03    | 0.18%             | 2027-12-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                        | GLS Auto Receivables Issuer Trust 2024-3                                        | CUSIP: 37989AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    332860 | PA      | $333371.27    | 0.12%             | 2027-08-16      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                        | Flagship Credit Auto Trust 2024-1                                               | CUSIP: 33843VAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    963275 | PA      | $966187.64    | 0.36%             | 2028-03-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                    | Upgrade Master Pass-Thru Trust Series 2025-ST4                                  | CUSIP: 91533MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.37%             | 2032-08-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                               | LL ABS Trust 2022-1                                                             | CUSIP: 50203YAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1150000 | PA      | $1151665.14   | 0.43%             | 2029-11-15      | Fixed         | 7.83%                 | No            |                  2 | On Loan: No      |
| Bacardi Ltd                                       | Bacardi Ltd                                                                     | CUSIP: 067316AD1<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $978970.00    | 0.37%             | 2026-07-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                      | Upstart Securitization Trust 2025-2                                             | CUSIP: 91679EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $400703.66    | 0.15%             | 2035-06-20      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                         | Amgen Inc                                                                       | CUSIP: 031162DN7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250010.00    | 0.09%             | 2026-03-02      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                       | Southern Co/The                                                                 | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994650.00    | 0.37%             | 2051-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust            | Santander Drive Auto Receivables Trust 2022-4                                   | CUSIP: 80286FAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1892204 | PA      | $1891086.07   | 0.71%             | 2027-11-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                    | Carvana Auto Receivables Trust 2020-NP1                                         | CUSIP: 14687PAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    481529 | PA      | $481314.94    | 0.18%             | 2027-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                  | BOF URSA VI Funding Trust I                                                     | CUSIP: 05603LAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    248635 | PA      | $250277.19    | 0.09%             | 2031-10-27      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs | United States Small Business Administration                                     | CUSIP: 83162CSN4<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |      8005 | PA      | $8000.10      | 0.00%             | 2029-05-01      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Thornburg Capital Management Fund                 | Thornburg Capital Management Fund                                               | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |   2691087 | NS      | $26910871.51  | 10.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Drive Auto Receivables Trust                      | Drive Auto Receivables Trust 2021-3                                             | CUSIP: 262081AF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    523573 | PA      | $513866.56    | 0.19%             | 2029-06-15      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC                                      | 7-Eleven Inc                                                                    | CUSIP: 817826AC4<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2199915.00   | 0.82%             | 2026-02-10      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| LENNOX INTERNATIONAL INC                          | Lennox International Inc                                                        | CUSIP: 526107AE7<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1495230.00   | 0.56%             | 2025-08-01      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust               | Exeter Automobile Receivables Trust 2022-5                                      | CUSIP: 30167FAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    354209 | PA      | $355413.84    | 0.13%             | 2027-12-15      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                          | Equitable Financial Life Global Funding                                         | CUSIP: 29449W7M3<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $970780.00    | 0.36%             | 2026-07-12      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Hubbell Inc                                       | Hubbell Inc                                                                     | CUSIP: 443510AG7<br>LEI: 54930088VDQ6840Y6597 | Long             | DBT              | CORP              | US        |   1248000 | PA      | $1237104.96   | 0.46%             | 2026-03-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                    | CFMT 2021-GRN1 Issuer Trust                                                     | CUSIP: 12529KAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    362954 | PA      | $359221.24    | 0.13%             | 2041-03-20      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                      | Upstart Securitization Trust 2023-3                                             | CUSIP: 91684MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    685714 | PA      | $690083.39    | 0.26%             | 2033-10-20      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2024-1                                                   | CUSIP: 57108VAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    154184 | PA      | $154373.90    | 0.06%             | 2034-07-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                           | GA Global Funding Trust                                                         | CUSIP: 36143L2A2<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1966700.00   | 0.74%             | 2026-01-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| SPS Servicer Advance Receivables Trust            | SPS Servicer Advance Receivables Trust                                          | CUSIP: 78472JAE3<br>LEI: 549300W6RZ3B25O0SH56 | Long             | ABS-O            | CORP              | US        |   1660000 | PA      | $1638293.84   | 0.61%             | 2055-11-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                         | Nelnet Student Loan Trust 2012-2                                                | CUSIP: 64031CAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     41672 | PA      | $41310.29     | 0.02%             | 2033-12-26      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                        | MFA 2022-CHM1 Trust                                                             | CUSIP: 552758AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    430155 | PA      | $422110.07    | 0.16%             | 2056-09-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                             | Theorem Funding Trust 2022-2                                                    | CUSIP: 88339FAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325366 | PA      | $325455.16    | 0.12%             | 2028-12-15      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                  | Vista Point Securitization Trust 2020-1                                         | CUSIP: 92838WAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    820094 | PA      | $807871.15    | 0.30%             | 2065-03-25      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| DailyPay Securitization Trust                     | DailyPay Securitization Trust 2025-1                                            | CUSIP: 233824AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1258850.25   | 0.47%             | 2028-06-25      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                          | Plains All American Pipeline LP / PAA Finance Corp                              | CUSIP: 72650RBJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1498905.00   | 0.56%             | 2025-10-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust             | Onemain Direct Auto Receivables Trust 2022-1                                    | CUSIP: 68269DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    806685 | PA      | $805727.90    | 0.30%             | 2029-03-14      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                               | DT Auto Owner Trust 2021-3                                                      | CUSIP: 23344QAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1463431 | PA      | $1443374.78   | 0.54%             | 2027-05-17      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| HIGHMARK INC                                      | Highmark Inc                                                                    | CUSIP: 431116AD4<br>LEI: 549300B6868ZXXEB2Y57 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1454055.00   | 0.55%             | 2026-05-10      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO                                | Sonoco Products Co                                                              | CUSIP: 835495AQ5<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999050.00    | 0.37%             | 2026-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                               | Silgan Holdings Inc                                                             | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1946000.00   | 0.73%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                               | DT Auto Owner Trust 2023-2                                                      | CUSIP: 23346CAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    363000 | PA      | $365428.14    | 0.14%             | 2029-02-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                   | CVS Health Corp                                                                 | CUSIP: 12665JWN5<br>LEI: 549300EJG376EN5NQE29 | Long             | STIV             | CORP              | US        |   2000000 | PA      | $1976345.00   | 0.74%             | 2025-09-22      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                    | CPS Auto Receivables Trust 2024-C                                               | CUSIP: 223920AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1444380 | PA      | $1449087.43   | 0.54%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                | Tricolor Auto Securitization Trust 2022-1                                       | CUSIP: 89616BAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1257654.50   | 0.47%             | 2029-07-16      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                            | Pacific Gas and Electric Co                                                     | CUSIP: 694308KS5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1324456.75   | 0.50%             | 2025-09-04      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                      | Upstart Securitization Trust                                                    | CUSIP: 91684NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    209513 | PA      | $209896.37    | 0.08%             | 2034-11-20      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                    | ACM Auto Trust 2024-2                                                           | CUSIP: 00461WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    166442 | PA      | $166689.73    | 0.06%             | 2029-02-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                          | FHF Trust 2022-2                                                                | CUSIP: 31568EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    226147 | PA      | $226965.94    | 0.09%             | 2027-12-15      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                         | Nelnet Student Loan Trust 2021-D                                                | CUSIP: 64034YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     87758 | PA      | $87015.77     | 0.03%             | 2062-04-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                  | Crown Castle Inc                                                                | CUSIP: 22822VAS0<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |   1218000 | PA      | $1216270.44   | 0.46%             | 2025-07-15      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I        | Research-Driven Pagaya Motor Asset Trust 2023-3                                 | CUSIP: 76089RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    609929 | PA      | $612524.56    | 0.23%             | 2032-01-26      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                      | SAFCO Auto Receivables Trust 2025-1                                             | CUSIP: 785923AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    603987 | PA      | $608298.91    | 0.23%             | 2029-09-10      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| TRISTATE INSURED CASH SWEEP                       | TRISTATE INSURED CASH SWEEP                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |       575 | NS      | $575.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust      | American Credit Acceptance Receivables Trust 2023-4                             | CUSIP: 02530CAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    632553 | PA      | $633569.90    | 0.24%             | 2028-02-14      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Laurel Road Prime Student Loan Trust              | Laurel Road Prime Student Loan Trust 2020-A                                     | CUSIP: 51889CAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    340764 | PA      | $316094.86    | 0.12%             | 2050-11-25      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile Receivables Trust    | Foursight Capital Automobile Receivables Trust 2022-2                           | CUSIP: 34660DAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    181335 | PA      | $181348.41    | 0.07%             | 2027-10-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                  | BOF VII AL Funding Trust I                                                      | CUSIP: 097093AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    470413 | PA      | $476688.46    | 0.18%             | 2032-07-26      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bills                                                             | CUSIP: 912797PX9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   3000000 | PA      | $2972926.04   | 1.11%             | 2025-09-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ClickLease Equipment Receivables 2024-1 Trust     | ClickLease Equipment Receivables 2024-1 Trust                                   | CUSIP: 18682FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1167316 | PA      | $1171690.37   | 0.44%             | 2030-02-15      | Fixed         | 7.34%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bills                                                             | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   5000000 | PA      | $4931223.27   | 1.85%             | 2025-10-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                        | Affirm Asset Securitization Trust 2021-Z2                                       | CUSIP: 00834TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4183 | PA      | $4183.46      | 0.00%             | 2026-11-16      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                        | Verus Securitization Trust 2019-INV3                                            | CUSIP: 92537MAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     84562 | PA      | $83489.73     | 0.03%             | 2059-11-25      | Variable      | 3.19%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                  | Berry Global Inc                                                                | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    750000 | PA      | $735765.00    | 0.28%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                          | Dext ABS 2023-2 LLC                                                             | CUSIP: 25216CAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    238370 | PA      | $240177.10    | 0.09%             | 2034-05-15      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                    | Pagaya AI Debt Selection Trust 2021-HG1                                         | CUSIP: 69547PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35047 | PA      | $34805.91     | 0.01%             | 2029-01-16      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                      | Veros Auto Receivables Trust 2024-1                                             | CUSIP: 92512WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    496186 | PA      | $498005.86    | 0.19%             | 2027-11-15      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust             | OneMain Direct Auto Receivables Trust 2019-1                                    | CUSIP: 68267EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    438660 | PA      | $437689.85    | 0.16%             | 2027-09-14      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                    | Enterprise Fleet Financing 2022-2 LLC                                           | CUSIP: 29374JAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11789 | PA      | $11781.91     | 0.00%             | 2029-05-21      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                        | Flagship Credit Auto Trust 2020-3                                               | CUSIP: 33844TAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    384515 | PA      | $382929.69    | 0.14%             | 2026-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                        | GLS Auto Receivables Issuer Trust 2022-1                                        | CUSIP: 36263XAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    738769 | PA      | $734406.59    | 0.28%             | 2028-01-18      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust     | BHG Securitization Trust 2021-B                                                 | CUSIP: 08862BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    447938 | PA      | $437424.09    | 0.16%             | 2034-10-17      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                 | GLS Auto Select Receivables Trust 2023-1                                        | CUSIP: 36267FAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $504745.34    | 0.19%             | 2028-10-16      | Fixed         | 5.96%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                               | Sirius XM Radio LLC                                                             | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    975000 | PA      | $957060.00    | 0.36%             | 2026-09-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                   | SBA Tower Trust                                                                 | CUSIP: 78403DAP5<br>LEI: N/A                  | Long             | DBT              |  | US        |    350000 | PA      | $344282.86    | 0.13%             | 2026-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                 | Ares Capital Corp                                                               | CUSIP: 04010LAY9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1498485.00   | 0.56%             | 2025-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                           | HCA Inc                                                                         | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1702431.00   | 0.64%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                             | CUSIP: 912828Y79<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2496484.38   | 0.94%             | 2025-07-31      | Fixed         | 2.88%                 | No            |                  1 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                          | International Flavors & Fragrances Inc                                          | CUSIP: 459506AN1<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    966000 | PA      | $956726.40    | 0.36%             | 2025-10-01      | Fixed         | 1.23%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                               | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     45703 | PA      | $45439.32     | 0.02%             | 2059-09-25      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                    | Carvana Auto Receivables Trust 2023-N3                                          | CUSIP: 14686RAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1150000 | PA      | $1159425.78   | 0.43%             | 2028-05-10      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2018-C                                         | CUSIP: 78449QAC1<br>LEI: 549300V1P5RKG8RJI005 | Long             | ABS-O            | CORP              | US        |     54173 | PA      | $53928.60     | 0.02%             | 2035-11-15      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                          | Blue Owl Technology Finance Corp                                                | CUSIP: 691205AC2<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1243500.00   | 0.47%             | 2025-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    297043 | PA      | $293985.23    | 0.11%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                    | Carvana Auto Receivables Trust 2021-P1                                          | CUSIP: 14687BAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     47621 | PA      | $47542.58     | 0.02%             | 2027-01-11      | Fixed         | 0.86%                 | No            |                  2 | On Loan: No      |
| PRA Health Sciences Inc                           | PRA Health Sciences Inc                                                         | CUSIP: 45569KAA1<br>LEI: 549300R1HR1VWWHIAK47 | Long             | DBT              | CORP              | US        |    500000 | PA      | $488020.00    | 0.18%             | 2026-07-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                          | Foundation Finance Trust 2019-1                                                 | CUSIP: 35041JAB1<br>LEI: 5493002KPTN6JUQ40J20 | Long             | ABS-O            | CORP              | US        |    699593 | PA      | $697615.35    | 0.26%             | 2034-11-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                | Aqua Finance Trust 2020-A                                                       | CUSIP: 038413AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    333622 | PA      | $308257.06    | 0.12%             | 2046-07-17      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                              | Enel Finance International NV                                                   | CUSIP: 29278GAZ1<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $1005260.00   | 0.38%             | 2025-10-14      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Upgrade Receivables Trust                         | Upgrade Receivables Trust 2024-1                                                | CUSIP: 91533NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1246472 | PA      | $1247434.57   | 0.47%             | 2031-02-18      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                      | AES Corp/The                                                                    | CUSIP: 00130HCE3<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   1665000 | PA      | $1633365.00   | 0.61%             | 2026-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Student Loan Trust 2019-B                                               | CUSIP: 63941LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    360223 | PA      | $359091.82    | 0.13%             | 2059-12-15      | Floating      | 5.41%                 | 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        |    596773 | PA      | $600797.41    | 0.23%             | 2054-12-25      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                        | Flagship Credit Auto Trust 2022-4                                               | CUSIP: 33843XAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $1055887.01   | 0.40%             | 2027-10-15      | Fixed         | 6.78%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                             | Theorem Funding Trust 2022-3                                                    | CUSIP: 882925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    241482 | PA      | $241985.06    | 0.09%             | 2029-04-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS INC                                | Conagra Brands Inc                                                              | CUSIP: 205887CJ9<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505115.00    | 0.19%             | 2026-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GCAT                                              | GCAT 2021-CM1 Trust                                                             | CUSIP: 36168AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    142139 | PA      | $135030.15    | 0.05%             | 2065-04-25      | Variable      | 2.47%                 | No            |                  2 | On Loan: No      |
| Kinetic Advantage Master Owner Trust              | Kinetic Advantage Master Owner Trust                                            | CUSIP: 49462DAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1354371.30   | 0.51%             | 2027-11-15      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                           | Flagstar Mortgage Trust 2017-1                                                  | CUSIP: 33850BAT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7888 | PA      | $7314.75      | 0.00%             | 2047-03-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                   | SBA Tower Trust                                                                 | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | DBT              |  | US        |    500000 | PA      | $479721.30    | 0.18%             | 2026-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2017-3                   | CUSIP: 35563PBY4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     22795 | PA      | $21423.20     | 0.01%             | 2056-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                            | American Honda Finance Corp                                                     | CUSIP: 02665WGA3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    569000 | PA      | $569409.68    | 0.21%             | 2026-12-11      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                          | Octane Receivables Trust 2023-3                                                 | CUSIP: 67571CAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    578723 | PA      | $582519.02    | 0.22%             | 2029-03-20      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                             | CUSIP: 91282CHV6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2001484.38   | 0.75%             | 2025-08-31      | Fixed         | 5.00%                 | No            |                  1 | On Loan: No      |
| Westlake Automobile Receivables Trust             | Westlake Automobile Receivables Trust 2021-2                                    | CUSIP: 96042RAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    191890 | PA      | $191452.27    | 0.07%             | 2026-12-15      | Fixed         | 1.23%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust                       | SBNA Auto Receivables Trust 2025-SF1                                            | CUSIP: 78437XAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2620000 | PA      | $2620358.42   | 0.98%             | 2031-03-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                          | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1260912.50   | 0.47%             | 2026-05-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LendingPoint Pass-Through Trust                   | LendingPoint Pass-Through Trust Series 2022-ST3                                 | CUSIP: 52607TAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     32941 | PA      | $32917.97     | 0.01%             | 2028-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                    | Carvana Auto Receivables Trust 2023-N3                                          | CUSIP: 14686RAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     69325 | PA      | $69433.89     | 0.03%             | 2027-09-10      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                          | Element Fleet Management Corp                                                   | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   1250000 | PA      | $1267712.50   | 0.48%             | 2026-06-26      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                | Regal Rexnord Corp                                                              | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1256962.50   | 0.47%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 31418C5T7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14487 | PA      | $14413.40     | 0.01%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Private Education Loan Trust 2018-B                                     | CUSIP: 63940QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11692 | PA      | $11669.63     | 0.00%             | 2059-12-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| NY STATE ELECTRIC & GAS                           | New York State Electric & Gas Corp                                              | CUSIP: 649840CQ6<br>LEI: 549300GEC6J0YHUXA160 | Long             | DBT              | CORP              | US        |    750000 | PA      | $738907.50    | 0.28%             | 2026-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2017-A                                         | CUSIP: 78448WAC9<br>LEI: 5493000RGRVHYZAIY180 | Long             | ABS-O            | CORP              | US        |     16947 | PA      | $16944.57     | 0.01%             | 2034-09-15      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE                            | Alliant Energy Finance LLC                                                      | CUSIP: 01882YAC0<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |    715000 | PA      | $693314.05    | 0.26%             | 2026-03-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I        | Research-Driven Pagaya Motor Asset Trust 2023-4                                 | CUSIP: 76088UAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1312931 | PA      | $1322655.50   | 0.50%             | 2032-03-25      | Fixed         | 7.54%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                             | Arroyo Mortgage Trust 2019-3                                                    | CUSIP: 04285AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13062 | PA      | $12272.67     | 0.00%             | 2048-10-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| LendingPoint Pass-Through Trust                   | LendingPoint Pass-Through Trust Series 2022-ST2                                 | CUSIP: 52607QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17438 | PA      | $17420.02     | 0.01%             | 2028-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corp                                   | Fair Isaac Corp                                                                 | CUSIP: 303250AE4<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000120.00   | 0.37%             | 2026-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                  | BOF URSA VI Funding Trust I                                                     | CUSIP: 05603KAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     88731 | PA      | $89553.68     | 0.03%             | 2031-10-27      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                               | LL ABS Trust 2022-2                                                             | CUSIP: 75526GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190990 | PA      | $191217.34    | 0.07%             | 2030-05-15      | Fixed         | 8.40%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW YORK MELLON                           | Bank of New York Mellon/The                                                     | CUSIP: 06405LAF8<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002620.00   | 0.38%             | 2027-04-20      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust               | Exeter Automobile Receivables Trust 2022-4                                      | CUSIP: 30166BAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    745000 | PA      | $750274.07    | 0.28%             | 2028-12-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                         | Nelnet Student Loan Trust 2015-3                                                | CUSIP: 64033TAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9979 | PA      | $9953.20      | 0.00%             | 2051-02-27      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust            | GreenSky Home Improvement Trust 2024-1                                          | CUSIP: 39571MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    295234 | PA      | $296952.17    | 0.11%             | 2059-06-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                          | Foundation Finance Trust 2020-1                                                 | CUSIP: 35041KAA0<br>LEI: 549300QVJKB4ZVR88F06 | Long             | ABS-O            | CORP              | US        |    290363 | PA      | $289105.31    | 0.11%             | 2040-07-16      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                           | Hyundai Capital America                                                         | CUSIP: 44891ADA2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1008040.00   | 0.38%             | 2026-06-24      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Laurel Road Prime Student Loan Trust              | Laurel Road Prime Student Loan Trust 2019-A                                     | CUSIP: 51889RAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27749 | PA      | $27749.25     | 0.01%             | 2048-10-25      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                            | SLM Student Loan Trust 2013-6                                                   | CUSIP: 78448CAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    101118 | PA      | $99560.74     | 0.04%             | 2028-06-26      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                | Royalty Pharma PLC                                                              | CUSIP: 78081BAH6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $1985860.00   | 0.74%             | 2025-09-02      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Intel Corp                                        | Intel Corp                                                                      | CUSIP: 458140AS9<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1497930.00   | 0.56%             | 2025-07-29      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                       | Viatris Inc                                                                     | CUSIP: 92556VAC0<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |    750000 | PA      | $714802.50    | 0.27%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| LendingPoint Pass-Through Trust                   | LendingPoint Pass-Through Trust Series 2022-ST1                                 | CUSIP: 52607NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17783 | PA      | $17764.90     | 0.01%             | 2028-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                        | GLS Auto Receivables Issuer Trust 2021-4                                        | CUSIP: 36263DAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    343445 | PA      | $338860.60    | 0.13%             | 2027-10-15      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                    | Carvana Auto Receivables Trust 2023-P2                                          | CUSIP: 14686TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    617380 | PA      | $619149.39    | 0.23%             | 2028-04-10      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                | Energy Transfer LP                                                              | CUSIP: 226373AQ1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000460.00   | 0.38%             | 2027-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                               | Oportun Issuance Trust 2022-3                                                   | CUSIP: 68378NAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    770000 | PA      | $770072.35    | 0.29%             | 2031-06-09      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                      | Upstart Securitization Trust 2025-1                                             | CUSIP: 91684PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    667030 | PA      | $667839.45    | 0.25%             | 2035-04-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                | Tricolor Auto Securitization Trust 2024-3                                       | CUSIP: 89617AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    229872 | PA      | $230125.90    | 0.09%             | 2028-06-15      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Freedom Financial                                 | FREED ABS Trust 2022-3FP                                                        | CUSIP: 35634EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1886063 | PA      | $1887877.01   | 0.71%             | 2029-08-20      | Fixed         | 7.36%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                    | Pagaya AI Debt Trust 2023-7                                                     | CUSIP: 69548RAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     26579 | PA      | $26591.51     | 0.01%             | 2031-07-15      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                           | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAD8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1514385.00   | 0.57%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 3140NXMK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    650000 | PA      | $668172.77    | 0.25%             | 2030-02-01      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                         | Auxilior Term Funding 2024-1 LLC                                                | CUSIP: 05335FAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    869611 | PA      | $874013.06    | 0.33%             | 2027-03-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Prosper Marketplace Issuance Trust                | Prosper Marketplace Issuance Trust Series 2023-1                                | CUSIP: 74390NAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1314396.11   | 0.49%             | 2029-07-16      | Fixed         | 8.29%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                             | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3014062.50   | 1.13%             | 2027-01-31      | Fixed         | 4.13%                 | No            |                  1 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                           | Hyundai Capital America                                                         | CUSIP: 44891ADU8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502835.00    | 0.19%             | 2027-06-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Springcastle SPV                                  | SpringCastle America Funding LLC                                                | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    169833 | PA      | $160649.38    | 0.06%             | 2037-09-25      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                  | NMEF Funding 2022-A LLC                                                         | CUSIP: 62920KAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1984941.00   | 0.74%             | 2028-10-16      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust               | Exeter Automobile Receivables Trust 2022-3                                      | CUSIP: 30166YAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325149 | PA      | $325424.78    | 0.12%             | 2027-09-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                            | SLM Student Loan Trust 2013-4                                                   | CUSIP: 78448AAA1<br>LEI: 5493004WA7G168XIR344 | Long             | ABS-O            | CORP              | US        |     15598 | PA      | $15208.61     | 0.01%             | 2043-06-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Funding                | GRACIE POINT INTERNATIONAL FUNDING 2023-2                                       | CUSIP: 38410JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    161650 | PA      | $161908.21    | 0.06%             | 2027-03-01      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                             | CCG Receivables Trust 2022-1                                                    | CUSIP: 12511JAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64224 | PA      | $64142.49     | 0.02%             | 2029-07-16      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust             | Mission Lane Credit Card Master Trust                                           | CUSIP: 60510MAT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500434.84    | 0.19%             | 2028-11-15      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| GCAT                                              | GCAT 2021-CM2 Trust                                                             | CUSIP: 36167AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89258 | PA      | $82742.35     | 0.03%             | 2066-08-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes           | Santander Bank Auto Credit-Linked Notes Series 2022-B                           | CUSIP: 80290CBB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    565516 | PA      | $569901.62    | 0.21%             | 2032-08-16      | Fixed         | 11.91%                | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                | Tricolor Auto Securitization Trust 2024-2                                       | CUSIP: 89616PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    365474 | PA      | $366542.33    | 0.14%             | 2027-12-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust               | Exeter Automobile Receivables Trust 2021-2                                      | CUSIP: 30166RAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     31112 | PA      | $31063.68     | 0.01%             | 2026-11-16      | Fixed         | 1.08%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                          | FHF Issuer Trust 2024-3                                                         | CUSIP: 30339EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    530630 | PA      | $531831.77    | 0.20%             | 2030-11-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                        | GLS Auto Receivables Issuer Trust 2021-1                                        | CUSIP: 36261AAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35723 | PA      | $35676.18     | 0.01%             | 2027-01-15      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                           | Bayer US Finance II LLC                                                         | CUSIP: 07274NAJ2<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1745065.00   | 0.65%             | 2025-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                   | Republic Finance Issuance Trust 2021-A                                          | CUSIP: 76042UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1131315 | PA      | $1123357.12   | 0.42%             | 2031-12-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc               | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339MVK9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | STIV             | CORP              | US        |   2500000 | PA      | $2484245.14   | 0.93%             | 2025-08-19      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN SYSTEMS                          | Northrop Grumman Systems Corp                                                   | CUSIP: 666807AQ5<br>LEI: 549300KYOZYCZII5OX23 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1272537.50   | 0.48%             | 2026-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust      | American Credit Acceptance Receivables Trust 2023-1                             | CUSIP: 02530UAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    410008 | PA      | $410616.06    | 0.15%             | 2029-04-12      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                           | American Electric Power Co Inc                                                  | CUSIP: 025537AR2<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   1742000 | PA      | $1720137.90   | 0.64%             | 2025-11-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                               | American Tower Corp                                                             | CUSIP: 03027XBL3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |   1250000 | PA      | $1221900.00   | 0.46%             | 2026-04-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                            | Oscar US Funding XV LLC                                                         | CUSIP: 68785CAB7<br>LEI: 353800KY84862IDYBM21 | Long             | ABS-O            | CORP              | JP        |     58964 | PA      | $58988.03     | 0.02%             | 2026-09-10      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                  | LPL Holdings Inc                                                                | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $997230.00    | 0.37%             | 2027-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2018-2                                                | CUSIP: 89175VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9141 | PA      | $9012.72      | 0.00%             | 2058-03-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Upstart Structured Pass-Through Trust             | Upstart Structured Pass-Through Trust Series 2022-4A                            | CUSIP: 91680YBE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210792 | PA      | $212013.71    | 0.08%             | 2030-11-15      | Fixed         | 8.54%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                          | Graphic Packaging International LLC                                             | CUSIP: 38869PAP9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $973620.00    | 0.37%             | 2026-04-15      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust             | OneMain Direct Auto Receivables Trust 2021-1                                    | CUSIP: 682687AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    397252 | PA      | $394752.98    | 0.15%             | 2028-07-14      | Fixed         | 0.87%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL INSURANCE CO                           | Prudential Insurance Co of America/The                                          | CUSIP: 743917AH9<br>LEI: X574KRZ6V5A7UBU45C31 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.37%             | 2025-07-01      | Fixed         | 8.30%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2017-5                                      | CUSIP: 64828NAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9911 | PA      | $10044.75     | 0.00%             | 2057-06-25      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bills                                                             | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   3000000 | PA      | $2950968.59   | 1.11%             | 2025-11-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN POWER CO                                 | Southern Power Co                                                               | CUSIP: 843646AW0<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $979210.00    | 0.37%             | 2026-01-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                             | CUSIP: 91282CGL9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $998710.94    | 0.37%             | 2026-02-15      | Fixed         | 4.00%                 | No            |                  1 | On Loan: No      |
| Crossroads Asset Trust                            | Crossroads Asset Trust 2025-A                                                   | CUSIP: 22767VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1303887.83   | 0.49%             | 2032-02-20      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                    | Pagaya AI Debt Trust 2024-1                                                     | CUSIP: 69548AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230416 | PA      | $231470.16    | 0.09%             | 2031-07-15      | Fixed         | 6.66%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                  | COLT 2021-1RMortgage Pass-Through Certificates                                  | CUSIP: 19688BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    183367 | PA      | $157503.63    | 0.06%             | 2065-05-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                          | FHF Issuer Trust 2024-1                                                         | CUSIP: 31568AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550537 | PA      | $554414.73    | 0.21%             | 2030-02-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance Designated Activity Co            | Prodigy Finance CM2021-1 DAC                                                    | CUSIP: 742855AA7<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |     34868 | PA      | $34870.21     | 0.01%             | 2051-07-25      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                        | Upstart Pass-Through Trust Series 2021-ST4                                      | CUSIP: 91534HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35852 | PA      | $35590.68     | 0.01%             | 2027-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                          | Marsh & McLennan Cos Inc                                                        | CUSIP: 571748BZ4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    751000 | PA      | $751630.84    | 0.28%             | 2027-11-08      | Floating      | 5.06%                 | 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