# EDGAR Filing Document

**Accession Number:** 0001820378
**File Stem:** 0001410368-25-029200
**Filing Date:** 2025-11
**Character Count:** 85978
**Document Hash:** fbeef33ac05eba0ac66fae9a5d13e7f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-029200.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001410368-25-029200

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thornburg Income Builder Opportunities Trust
- **CENTRAL INDEX KEY:** 0001820378

**ORGANIZATION NAME:**
- **EIN:** 852281958
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23600
- **FILM NUMBER:** 251510275

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD, SANTA FE
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506
- **BUSINESS PHONE:** (505) 984-0200

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

## 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 Income Builder Opportunities Trust

- **b. Investment Company Act file number:** 811-23600

- **c. CIK number of Registrant:** 0001820378

- **d. LEI of Registrant:** 5493002O2SJJPEDP7413

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

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

  - **City:** Santa Fe

  - **State:** NM

  - **Foreign country:** US

  - **Zip / Postal Code:** 87506

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

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

- **a. Name of Series:** Thornburg Income Builder Opportunities Trust

- **c. LEI of Series:** 5493002O2SJJPEDP7413

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $685221914.56

**Total Liabilities:** $4694215.70

**Net Assets:** $680527698.86

**Cash Not Reported:** $598353.10

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -228.87000000 | **1-Year:** -2695.09000000 | **5-Year:** -6102.84000000 | **10-Year:** -11525.22000000 | **30-Year:** -7254.05000000

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

- **3-Month:** -976.58000000 | **1-Year:** -5276.19000000 | **5-Year:** -8431.00000000 | **10-Year:** -9888.56000000 | **30-Year:** -4387.95000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.05%                | 3.03%                | -0.16%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $375798.22               | $-5595697.12                               |
| Month 2  | $2010217.45              | $15455041.97                               |
| Month 3  | $-1219018.98             | $10850104.66                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SUNOCO LP                                               | Sunoco LP                                                                 | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |      500000 | PA      | $508910.00    | 0.07%             | 2030-09-18      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitization Trust                 | United Auto Credit Securitization Trust 2022-1                            | CUSIP: 90944DAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        6000 | PA      | $208957.00    | 0.03%             | 2028-11-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Severstal PAO                                           | Severstal PAO                                                             | CUSIP: 818150302<br>LEI: 213800OKDPTV6K4ONO53 | Long             | EC               | CORP              | RU        |      236300 | NS      | $0.24         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ANGLOGOLD HOLDINGS PLC                                  | AngloGold Ashanti Holdings PLC                                            | CUSIP: 03512TAB7<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |     2000000 | PA      | $2125180.00   | 0.31%             | 2040-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Cisco Systems Inc                                       | Cisco Systems Inc                                                         | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      174100 | NS      | $11911922.00  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                | J.P. Morgan Mortgage Trust 2023-3                                         | CUSIP: 46656RAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1272929 | PA      | $1280474.11   | 0.19%             | 2053-10-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140JP5N1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      354536 | PA      | $362210.47    | 0.05%             | 2047-11-01      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Capital Power Corp                                      | Capital Power Corp                                                        | CUSIP: 14042M102<br>LEI: 549300QRKTEXGXYVPO80 | Long             | EC               | CORP              | CA        |       82619 | NS      | $3879537.01   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                                | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc     | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2000000 | PA      | $2104220.00   | 0.31%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-NQM8                                                            | CUSIP: 12659FAD7<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     3000000 | PA      | $2323662.57   | 0.34%             | 2066-10-25      | Variable      | 3.26%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                          | CUSIP: 3132DWJS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     3084999 | PA      | $3158038.57   | 0.46%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2021-INV1                             | CUSIP: 64829WAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    28774599 | PA      | $1042990.02   | 0.15%             | 2051-06-25      | Variable      | 0.74%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                  | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC     | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1499880.00   | 0.22%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140K7V26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       98362 | PA      | $99162.03     | 0.01%             | 2049-07-01      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912834KP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     8000000 | PA      | $3744811.20   | 0.55%             | 2041-08-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2022-NQM5 Trust                                                      | CUSIP: 12663DAE4<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     1234513 | PA      | $1229430.43   | 0.18%             | 2067-05-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2025-1 LLC                                                           | CUSIP: 69382GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1884239 | PA      | $1883905.77   | 0.28%             | 2030-04-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                    | Republic of Uzbekistan International Bond                                 | CUSIP: 91824PAD9<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        | 13000000000 | PA      | $1094009.98   | 0.16%             | 2028-02-25      | Fixed         | 15.50%                | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                      | Aqua Finance Trust 2020-A                                                 | CUSIP: 038413AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      553888 | PA      | $541156.21    | 0.08%             | 2046-07-17      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                             | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     2500000 | PA      | $2476300.00   | 0.36%             | 2026-02-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Snam SpA                                                | Snam SpA                                                                  | CUSIP: 000000000<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |     2051611 | NS      | $12327702.31  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CALAMOS STRATEGIC TOTAL RETURN                          | CALAMOS STRATEGIC TOTAL RETURN                                            | CUSIP: 000000000<br>LEI: 54930048NQ2YBS3TXW78 | Long             | EP               | CORP              | US        |      106000 | NS      | $2676500.00   | 0.39%             |  |  |  | No            |                  3 | On Loan: No      |
| Homeward Opportunities Fund I Trust                     | Homeward Opportunities Fund I Trust 2020-2                                | CUSIP: 43789XAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3000000 | PA      | $2947374.00   | 0.43%             | 2065-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2023-3                                             | CUSIP: 816943BF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1100696 | PA      | $1117558.85   | 0.16%             | 2053-09-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| BECLE SA DE CV                                          | Becle SAB de CV                                                           | CUSIP: 07586PAA9<br>LEI: 529900JY55CZKMJLCE09 | Long             | DBT              | CORP              | MX        |     2500000 | PA      | $2156150.00   | 0.32%             | 2031-10-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SKY1 Trust                                              | SKY Trust 2025-LINE                                                       | CUSIP: 830941AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1932895 | PA      | $1928239.61   | 0.28%             | 2042-04-15      | Floating      | 6.74%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC                                        | TKC Holdings Inc                                                          | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2000000 | PA      | $2017340.00   | 0.30%             | 2028-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | ES12531370 THORNBURGOPT                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | DE        |     -157464 | NC      | $-120991.78   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| AbbVie Inc                                              | AbbVie Inc                                                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       25123 | NS      | $5816979.42   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Homeward Opportunities Fund I Trust                     | Homeward Opportunities Fund Trust 2022-1                                  | CUSIP: 43789KAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1112331 | PA      | $1108127.14   | 0.16%             | 2067-07-25      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| GABELLI DVD & INC TR                                    | Gabelli Dividend & Income Trust/The                                       | CUSIP: 36242H872<br>LEI: 549300082N1MHBT8NI60 | Long             | EP               | CORP              | US        |         152 | NS      | $3690712.00   | 0.54%             |  |  |  | No            |                  3 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                    | CUSIP: 95003KAX0<br>LEI: 549300EZH20KSD9JD814 | Long             | ABS-MBS          | CORP              | US        |    24483461 | PA      | $700577.08    | 0.10%             | 2051-08-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                    | CUSIP: 95003KBL5<br>LEI: 549300EZH20KSD9JD814 | Long             | ABS-MBS          | CORP              | US        |      481733 | PA      | $395127.32    | 0.06%             | 2051-08-25      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV2                               | CUSIP: 58549XBQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    89212322 | PA      | $375012.91    | 0.06%             | 2051-08-25      | Variable      | 0.11%                 | No            |                  2 | On Loan: No      |
| SONY FINANCIAL GROUP INC                                | SONY FINANCIAL GROUP INC                                                  | CUSIP: 83571B100<br>LEI: 353800O7BDSU41WOZA60 | Long             | EC               | CORP              | JP        |       26625 | NS      | $98512.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Inflation-Indexed Bonds                                     | CUSIP: 912810UH9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     3071130 | PA      | $3000230.08   | 0.44%             | 2055-02-15      | Fixed         | 2.38%                 | No            |                  1 | On Loan: No      |
| Upstart Pass Through Trust                              | Upstart Pass-Through Trust Series 2020-ST5                                | CUSIP: 91679XAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       28026 | PA      | $27946.73     | 0.00%             | 2027-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                           | Lendbuzz Securitization Trust 2022-1                                      | CUSIP: 52607KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      274611 | PA      | $274256.00    | 0.04%             | 2027-05-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Endesa SA                                               | Endesa SA                                                                 | CUSIP: 000000000<br>LEI: 549300LHK07F2CHV4X31 | Long             | EC               | CORP              | ES        |      514135 | NS      | $16424514.82  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent IPv4 LLC                                         | Cogent Ipv4 LLC                                                           | CUSIP: 19240JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1000000 | PA      | $1038306.57   | 0.15%             | 2054-05-25      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV3                               | CUSIP: 585491BZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      401048 | PA      | $224724.89    | 0.03%             | 2051-10-25      | Variable      | 3.09%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                              | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2000000 | PA      | $1820360.00   | 0.27%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                              | NLT 2023-1 Trust                                                          | CUSIP: 62917MAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3000000 | PA      | $1872609.00   | 0.28%             | 2062-10-25      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                           | Citigroup Inc                                                             | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |       50610 | NS      | $5136915.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                                 | Sea Ltd                                                                   | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |       15400 | NS      | $2752442.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                              | Samsung Electronics Co Ltd                                                | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      262525 | NS      | $15698547.81  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CNTL AMR BOTTLING CORP                                  | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     2000000 | PA      | $1974960.00   | 0.29%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2025-R1                                         | CUSIP: 89183DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1884252 | PA      | $1677627.57   | 0.25%             | 2057-11-27      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                   | Tenet Healthcare Corp                                                     | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     3000000 | PA      | $3107400.00   | 0.46%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-BPNY                                                            | CUSIP: 12659XAA4<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     1849057 | PA      | $1760124.57   | 0.26%             | 2026-08-15      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | ES12515282 THORNBURGOPT                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | DE        |     -353000 | NC      | $-86081.24    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                    | Cleveland-Cliffs Inc                                                      | CUSIP: 000000000<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      100000 | PA      | $100000.00    | 0.01%             | 2027-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust             | Goldman Home Improvement Trust 2021-GRN2 Issuer Trust                     | CUSIP: 38149XAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       12500 | PA      | $529028.13    | 0.08%             | 2051-06-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Akzo Nobel NV                                           | Akzo Nobel NV                                                             | CUSIP: 000000000<br>LEI: 724500XYIJUGXAA5QD70 | Long             | EC               | CORP              | NL        |       64367 | NS      | $4579549.21   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                                               | Orange SA                                                                 | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |     1986323 | NS      | $32205525.35  | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Vend Marketplaces ASA                                   | Vend Marketplaces ASA                                                     | CUSIP: 000000000<br>LEI: 5967007LIEEXZXHT0O36 | Long             | EC               | CORP              | NO        |       78389 | NS      | $2786941.01   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                           | Medtronic PLC                                                             | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |       55600 | NS      | $5295344.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Continental Finance Credit Credit Card ABS Master Trust | Continental Finance Credit Card ABS Master Trust                          | CUSIP: 66981PAT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2000000 | PA      | $2010911.78   | 0.30%             | 2032-12-15      | Fixed         | 9.42%                 | No            |                  2 | On Loan: No      |
| CME Group Inc                                           | CME Group Inc                                                             | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       49000 | NS      | $13239310.00  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912834DV7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     2500000 | PA      | $1332305.93   | 0.20%             | 2039-05-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                              | CUSIP: 1248EPCJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1357000 | PA      | $1235114.26   | 0.18%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc                                            | Enbridge Inc                                                              | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |      250870 | NS      | $12656163.47  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Telkom Indonesia Persero Tbk PT                         | Telkom Indonesia Persero Tbk PT                                           | CUSIP: 000000000<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |    20618500 | NS      | $3785935.19   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Legal & General Group PLC                               | Legal & General Group PLC                                                 | CUSIP: 000000000<br>LEI: 213800JH9QQWHLO99821 | Long             | EC               | CORP              | GB        |     1643600 | NS      | $5260934.71   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                        | Roche Holding AG                                                          | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |       49031 | NS      | $16007985.55  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| COMISION FEDERAL DE ELEC                                | Comision Federal de Electricidad                                          | CUSIP: 000000000<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |     3110000 | PA      | $2890185.20   | 0.42%             | 2036-09-29      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140JP5P6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      267656 | PA      | $273586.58    | 0.04%             | 2048-04-01      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                        | TotalEnergies SE                                                          | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      183632 | NS      | $11152639.92  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| IRON MOUNTAIN INFO MGMT                                 | Iron Mountain Information Management Services Inc                         | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |     3000000 | PA      | $2890650.00   | 0.42%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OCI NV                                                  | OCI NV                                                                    | CUSIP: 000000000<br>LEI: 549300NCMRGIBJYUOE57 | Long             | EC               | CORP              | NL        |      279469 | NS      | $1292756.41   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV2                               | CUSIP: 58549XBZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1461700 | PA      | $798758.06    | 0.12%             | 2051-08-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140H54H1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      229495 | PA      | $226462.17    | 0.03%             | 2048-01-01      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                              | Affirm Asset Securitization Trust 2023-X1                                 | CUSIP: 00834KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      655000 | PA      | $655000.00    | 0.10%             | 2028-11-15      | Fixed         | 9.55%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                              | Upstart Pass-Through Trust Series 2021-ST7                                | CUSIP: 91683KAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3000000 | PA      | $322227.00    | 0.05%             | 2029-09-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Bow Corp                                          | South Bow Corp                                                            | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |       26474 | NS      | $749116.99    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                                | United Wholesale Mortgage LLC                                             | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     3000000 | PA      | $3000420.00   | 0.44%             | 2025-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                          | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     2500000 | PA      | $2477175.00   | 0.36%             | 2026-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                                          | Microsoft Corp                                                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       10700 | NS      | $5542065.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                                | Enel SpA                                                                  | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |     2250635 | NS      | $21313271.83  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellantis NV                                           | Stellantis NV                                                             | CUSIP: 000000000<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | EC               | CORP              | NL        |      278210 | NS      | $2598481.40   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV2                               | CUSIP: 58549XBY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      300653 | PA      | $239011.88    | 0.04%             | 2051-08-25      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2021-J3                                     | CUSIP: 17330BDR8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      194288 | PA      | $78248.90     | 0.01%             | 2051-09-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2021-INV1                             | CUSIP: 64829WBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      346621 | PA      | $281351.61    | 0.04%             | 2051-06-25      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| Adyen NV                                                | Adyen NV                                                                  | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |        1025 | NS      | $1642643.63   | 0.24%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC                                 | ES12569658 THORNBURG                                                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       -7100 | NC      | $-72420.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912834MT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     5000000 | PA      | $2082589.45   | 0.31%             | 2043-08-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Thornburg Capital Management Fund                       | Thornburg Capital Management Fund                                         | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |     2940375 | NS      | $29403749.87  | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                                  | Cushman & Wakefield US Borrower LLC                                       | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $2018940.00   | 0.30%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                        | Antares Holdings LP                                                       | CUSIP: 03666HAC5<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $1986120.00   | 0.29%             | 2026-07-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2021-J3                                     | CUSIP: 17330BDP2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      350000 | PA      | $191579.96    | 0.03%             | 2051-09-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| LP LMS 2021-2 Asset Securitization Trust                | LP LMS 2021-2 Asset Securitization Trust                                  | CUSIP: 50214JAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1000000 | PA      | $525274.70    | 0.08%             | 2029-01-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2021-P3                                    | CUSIP: 14687JAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        2500 | PA      | $248647.87    | 0.04%             | 2028-09-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                              | Upstart Pass-Through Trust Series 2021-ST8                                | CUSIP: 91683LAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3000000 | PA      | $442287.00    | 0.06%             | 2029-10-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CD&R SMOKEY / RADIO SYS                                 | CD&R Smokey Buyer Inc / Radio Systems Corp                                | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1181820.00   | 0.17%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Keyence Corp                                            | Keyence Corp                                                              | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |       11000 | NS      | $4104405.45   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                                | BX Trust 2025-LIFE                                                        | CUSIP: 05616HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2000000 | PA      | $2059526.46   | 0.30%             | 2047-06-13      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                           | FirstCash Inc                                                             | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     3750000 | PA      | $3879337.50   | 0.57%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                  | Bank of New York Mellon Corp/The                                          | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $1956120.00   | 0.29%             | 2026-12-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                            | Barclays Mortgage Trust 2021-NPL1                                         | CUSIP: 06744JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1674659 | PA      | $1674134.48   | 0.25%             | 2051-11-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GMK Norilskiy Nickel PAO                                | GMK Norilskiy Nickel PAO                                                  | CUSIP: 000000000<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |     3070000 | NS      | $0.04         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TransDigm Group Inc                                     | TransDigm Group Inc                                                       | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        2425 | NS      | $3196198.50   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-11                                          | CUSIP: 46654KCH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      809243 | PA      | $408246.56    | 0.06%             | 2052-01-25      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| Bacardi Ltd                                             | Bacardi Ltd                                                               | CUSIP: 067316AG4<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |     3000000 | PA      | $2836260.00   | 0.42%             | 2038-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| COMCAST HOLDINGS CORP                                   | Comcast Holdings Corp                                                     | CUSIP: 200300507<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2100000 | PA      | $1260504.00   | 0.19%             | 2029-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                | AT&T Inc                                                                  | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      841453 | NS      | $23762632.72  | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC                                 | ES12569649 THORNBURG                                                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       -2366 | NC      | $-202293.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Fertiglobe plc                                          | Fertiglobe plc                                                            | CUSIP: 000000000<br>LEI: 984500A99D1B4CPBF744 | Long             | EC               | CORP              | AE        |     2294190 | NS      | $1536517.99   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BOF URSA FUNDING                                        | BOF VII AL Funding Trust I                                                | CUSIP: 097093AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      643997 | PA      | $653742.26    | 0.10%             | 2032-07-26      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                                | Science Applications International Corp                                   | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |     3000000 | PA      | $2973450.00   | 0.44%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2024-BPR2                                  | CUSIP: 61776EAA1<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |     1973502 | PA      | $2081228.09   | 0.31%             | 2029-05-05      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                  | Sunoco LP / Sunoco Finance Corp                                           | CUSIP: 86765LAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2000000 | PA      | $2002600.00   | 0.29%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REMIC FUNDING TRUST 98-1                                | RFT 2025-RR1 Trust                                                        | CUSIP: 749433AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1948992 | PA      | $1952272.83   | 0.29%             | 2028-06-27      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| BASF SE                                                 | BASF SE                                                                   | CUSIP: 000000000<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |      157464 | NS      | $7836669.55   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2022-P1                                    | CUSIP: 14688DAM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        3000 | PA      | $632512.25    | 0.09%             | 2029-01-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                    | CUSIP: 95003KBN1<br>LEI: 549300EZH20KSD9JD814 | Long             | ABS-MBS          | CORP              | US        |      292320 | PA      | $142199.53    | 0.02%             | 2051-08-25      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                    | Cleveland-Cliffs Inc                                                      | CUSIP: 185899AM3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     3000000 | PA      | $3000000.00   | 0.44%             | 2027-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO                                    | Stillwater Mining Co                                                      | CUSIP: 86074QAQ5<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1398930.00   | 0.21%             | 2029-11-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ServiceNow Inc                                          | ServiceNow Inc                                                            | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |        5000 | NS      | $4601400.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2023-1                                       | CUSIP: 91679AAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1729574 | PA      | $1759301.10   | 0.26%             | 2033-02-20      | Fixed         | 11.10%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 31418EW48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1041647 | PA      | $1066388.77   | 0.16%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                    | CUSIP: 95003KBM3<br>LEI: 549300EZH20KSD9JD814 | Long             | ABS-MBS          | CORP              | US        |      380798 | PA      | $307294.85    | 0.05%             | 2051-08-25      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                      | Meta Platforms Inc                                                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       15200 | NS      | $11162576.00  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                              | Pfizer Inc                                                                | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      433052 | NS      | $11034164.96  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                                 | E.ON SE                                                                   | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |      546538 | NS      | $10276237.77  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                                           | BHP Group Ltd                                                             | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      370500 | NS      | $10426647.58  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Generali                                                | Generali                                                                  | CUSIP: 000000000<br>LEI: 549300X5UKJVE386ZB61 | Long             | EC               | CORP              | IT        |       46287 | NS      | $1815609.09   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondi PLC                                               | Mondi PLC                                                                 | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |      290908 | NS      | $4006318.23   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinetic Advantage Master Owner Trust                    | Kinetic Advantage Master Owner Trust                                      | CUSIP: 49462DAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1500000 | PA      | $1502242.05   | 0.22%             | 2027-11-15      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                 | CUSIP: 31342WA43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      290283 | PA      | $282981.52    | 0.04%             | 2047-11-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Eni SpA                                                 | Eni SpA                                                                   | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |      362100 | NS      | $6319889.59   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Glebe Funding Trust                                     | Glebe Funding Trust 2024-1/The                                            | CUSIP: 37735RAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1831339 | PA      | $1851797.98   | 0.27%             | 2028-11-29      | Variable      | 8.10%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                                | Blue Owl Technology Finance Corp                                          | CUSIP: 691205AE8<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |     3000000 | PA      | $2972760.00   | 0.44%             | 2026-06-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AES ESPANA BV                                           | AES Espana BV                                                             | CUSIP: 00109YAA3<br>LEI: 7245003VZ59682IZLJ86 | Long             | DBT              | CORP              | NL        |     2000000 | PA      | $1951600.00   | 0.29%             | 2028-05-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                         | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     3000000 | PA      | $2993340.00   | 0.44%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LyondellBasell Industries NV                            | LyondellBasell Industries NV                                              | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |       82904 | NS      | $4065612.16   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SFO Commerical Mortgage Trust                           | SFO Commercial Mortgage Trust 2021-555                                    | CUSIP: 78432WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1043000 | PA      | $1034137.25   | 0.15%             | 2038-05-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                 | ES12515791 THORNBURGOPT                                                   | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      -13600 | NC      | $-7238.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                  | Marlette Funding Trust 2021-3                                             | CUSIP: 57108Q103<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       14510 | PA      | $219785.83    | 0.03%             | 2031-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TC Energy Corp                                          | TC Energy Corp                                                            | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |      132373 | NS      | $7197431.13   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                                          | Open Text Corp                                                            | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |      128100 | NS      | $4788217.29   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                 | CUSIP: 31288QTU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     2969464 | PA      | $2691700.98   | 0.40%             | 2052-07-01      | Floating      | 2.16%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-11                                          | CUSIP: 46654KCG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      682063 | PA      | $536270.02    | 0.08%             | 2052-01-25      | Variable      | 3.02%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                       | GEO Group Inc/The                                                         | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $2118200.00   | 0.31%             | 2029-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2024-NPL1 Trust                                                       | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1322457 | PA      | $1324066.70   | 0.19%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912834VV7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     5000000 | PA      | $1486737.10   | 0.22%             | 2050-05-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| B&M European Value Retail SA                            | B&M European Value Retail SA                                              | CUSIP: 000000000<br>LEI: 213800UK7ZRLY2K1X530 | Long             | EC               | CORP              | LU        |      767245 | NS      | $2700396.97   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                               | Shell PLC                                                                 | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      173200 | NS      | $6194922.94   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Mortgage Loan Trust                            | Barclays Mortgage Loan Trust 2022-INV1                                    | CUSIP: 06744YAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1380559 | PA      | $1337134.77   | 0.20%             | 2062-02-25      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| Realtek Semiconductor Corp                              | Realtek Semiconductor Corp                                                | CUSIP: 000000000<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |      230000 | NS      | $4150534.81   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2021-9                                             | CUSIP: 81748CAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2033040 | PA      | $1688339.80   | 0.25%             | 2052-01-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                     | CUSIP: 25714PFA1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   170000000 | PA      | $2954088.98   | 0.43%             | 2036-06-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV3                               | CUSIP: 585491BQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    23632453 | PA      | $154943.81    | 0.02%             | 2051-10-25      | Variable      | 0.15%                 | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras                      | Petroleo Brasileiro SA - Petrobras                                        | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |      302585 | NS      | $3830726.10   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                               | Alibaba Group Holding Ltd                                                 | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      202000 | NS      | $4594478.25   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Homeward Opportunities Fund I Trust                     | Homeward Opportunities Fund Trust 2024-RTL1                               | CUSIP: 43789FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2455000 | PA      | $2464234.73   | 0.36%             | 2029-07-25      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Shopify Inc                                             | Shopify Inc                                                               | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |       17500 | NS      | $2600675.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MATTHEWS INTERNATIONAL C                                | Matthews International Corp                                               | CUSIP: 577128AC5<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |     1750000 | PA      | $1810637.50   | 0.27%             | 2027-10-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV3                               | CUSIP: 585491BY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       91108 | PA      | $71268.69     | 0.01%             | 2051-10-25      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| NN Group NV                                             | NN Group NV                                                               | CUSIP: 000000000<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |      264961 | NS      | $18633550.49  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                                        | Deutsche Post AG                                                          | CUSIP: 000000000<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |      136709 | NS      | $6089494.90   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| National Collegiate Student Loan Trust                  | National Collegiate Student Loan Trust 2007-2                             | CUSIP: 63543LAD7<br>LEI: 635400VQIBXGEB9ZUC59 | Long             | ABS-O            | CORP              | US        |     1530522 | PA      | $1504577.66   | 0.22%             | 2033-01-25      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                     | Starwood Mortgage Residential Trust 2021-6                                | CUSIP: 85573RAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1110080.06   | 0.16%             | 2066-11-25      | Variable      | 3.39%                 | No            |                  2 | On Loan: No      |
| Glencore PLC                                            | Glencore PLC                                                              | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |      475000 | NS      | $2182233.88   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                 | CUSIP: 74365PAD0<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     3000000 | PA      | $2097930.00   | 0.31%             | 2050-08-03      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                       | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     3000000 | PA      | $2492760.00   | 0.37%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Regions Financial Corp                                  | Regions Financial Corp                                                    | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |      184100 | NS      | $4854717.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCO BRANDS CORP                                        | ACCO Brands Corp                                                          | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |      500000 | PA      | $451905.00    | 0.07%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                          | CUSIP: 3132DWMS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     3356539 | PA      | $3386822.48   | 0.50%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2021-3                                            | CUSIP: 61946TAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     8500000 | PA      | $357612.00    | 0.05%             | 2052-06-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Harvest SBA Loan Trust                                  | Harvest SBA Loan Trust 2024-1                                             | CUSIP: 41756NAA7<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     1813235 | PA      | $1822898.91   | 0.27%             | 2051-12-25      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                      | Vodafone Group PLC                                                        | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |     3450000 | NS      | $3997740.57   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                                         | Sony Group Corp                                                           | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |      133125 | NS      | $3832668.75   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| GCAT                                                    | GCAT 2021-CM2 Trust                                                       | CUSIP: 36167AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      563824 | PA      | $527506.14    | 0.08%             | 2066-08-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | TRISTATE INSURED CASH SWEEP                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | Long             | STIV             | CORP              | US        |         889 | PA      | $888.83       | 0.00%             | 2050-10-01      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                           | CoreCivic Inc                                                             | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |     1867000 | PA      | $1973026.93   | 0.29%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| APA CORP                                                | APA Corp                                                                  | CUSIP: 03743QAW8<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $1977140.00   | 0.29%             | 2027-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd               | Taiwan Semiconductor Manufacturing Co Ltd                                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |       58182 | NS      | $16249650.78  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                                        | MercadoLibre Inc                                                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        4300 | NS      | $10048842.00  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes                  | NRM FHT1 Excess Owner LLC                                                 | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1802452 | PA      | $1817439.13   | 0.27%             | 2032-03-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| KKR REIGN I LTD                                         | KKR Reign I LLC                                                           | CUSIP: 49836MAA6<br>LEI: N/A                  | Long             | SN               | CORP              | US        |     3500000 | PA      | $2380000.00   | 0.35%             | 2049-05-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Novartis AG                                             | Novartis AG                                                               | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |       42500 | NS      | $5345267.26   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140QMN83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2325062 | PA      | $2184188.94   | 0.32%             | 2051-11-01      | Floating      | 1.53%                 | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                    | Tencent Holdings Ltd                                                      | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |       59500 | NS      | $5069230.72   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2021-INV1                             | CUSIP: 64829WBB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      621249 | PA      | $373574.95    | 0.05%             | 2051-06-25      | Variable      | 3.18%                 | No            |                  2 | On Loan: No      |
| ASP WHCO PARTN 2025 2 LP                                | ASP WHCO PARTN 2025 2 LP                                                  | CUSIP: 00218YAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     2500000 | PA      | $2500000.00   | 0.37%             | 2029-03-29      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2018-2-GS                                         | CUSIP: 61946LAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1706047 | PA      | $1499143.71   | 0.22%             | 2044-02-22      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2022-P1                                    | CUSIP: 14688DAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    36104565 | PA      | $118123.31    | 0.02%             | 2029-01-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                       | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     2500000 | PA      | $2500200.00   | 0.37%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV2                               | CUSIP: 58549XBT9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6112669 | PA      | $248929.87    | 0.04%             | 2051-08-25      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                 | Mello Mortgage Capital Acceptance 2021-INV3                               | CUSIP: 585491BT9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1918219 | PA      | $51657.05     | 0.01%             | 2051-10-25      | Variable      | 0.55%                 | No            |                  2 | On Loan: No      |
| Merck & Co Inc                                          | Merck & Co Inc                                                            | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |       98411 | NS      | $8259635.23   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC                                 | ES12573684 THORNBURG                                                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | DE        |       -1025 | NC      | $-28039.26    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INDUSTRIALIZADORA INTEGRAL DEL                          | INDUSTRIALIZADORA INTEGRAL DEL                                            | CUSIP: 45646HAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     2000000 | PA      | $2022600.00   | 0.30%             | 2031-11-26      | Fixed         | 9.25%                 | No            |                  3 | On Loan: No      |
| Equinor ASA                                             | Equinor ASA                                                               | CUSIP: 000000000<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |      256946 | NS      | $6266881.41   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| FIN DEPT GOVT SHARJAH                                   | Finance Department Government of Sharjah                                  | CUSIP: 38381CAB8<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |     3500000 | PA      | $2402085.00   | 0.35%             | 2050-07-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2022-INV1 Trust                                                       | CUSIP: 55284TAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      750000 | PA      | $698961.00    | 0.10%             | 2066-04-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co                                 | Bristol-Myers Squibb Co                                                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |       38400 | NS      | $1731840.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Fat Brands Fazoli's Native I, LLC                       | FAT Brands Fazoli's Native I LLC                                          | CUSIP: 31200BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2412001 | PA      | $2236399.95   | 0.33%             | 2051-07-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Group AG                                  | Mercedes-Benz Group AG                                                    | CUSIP: 000000000<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |      133563 | NS      | $8384616.19   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Mortgage Loan Trust                            | Barclays Mortgage Trust 2022-RPL1                                         | CUSIP: 06745CAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1633671 | PA      | $1626087.99   | 0.24%             | 2028-02-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Thornburg Income Builder Opportunities Trust

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin