# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001410368-26-015712
**Filing Date:** 2026-2
**Character Count:** 136156
**Document Hash:** 08fa9944cdecab4ac0ccc347605d7e86
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-015712.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001410368-26-015712

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**PERIOD START**: 20260930

**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:** 26659384

**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 Summit Fund (Series ID: S000064930)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000210187 | Thornburg Summit Fund - Class A | TSAMX           |
| C000210188 | Thornburg Summit Fund - Class I | TSUMX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Common Stock — 63.0%** |  |  |
|  | &nbsp;&nbsp;**Banks — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp; 15194 | &nbsp;&nbsp;$1442585 |
|  | &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp; 18874 | &nbsp;&nbsp;&nbsp;&nbsp; 2202407 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp; 1949 | &nbsp;&nbsp;&nbsp;&nbsp; 628007 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4272999 |
|  | &nbsp;&nbsp;**Capital Goods — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp; 2371 | &nbsp;&nbsp;&nbsp;&nbsp; 696054 |
|  | &nbsp;&nbsp;&nbsp;**Building Products — 0.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. | &nbsp;&nbsp; 6219 | &nbsp;&nbsp;&nbsp;&nbsp; 639873 |
|  | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 631841 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1967768 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Professional Services — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Teleperformance SE | &nbsp;&nbsp; 2904 | &nbsp;&nbsp;&nbsp;&nbsp; 211046 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 211046 |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 4.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Broadline Retail — 3.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp; 10748 | &nbsp;&nbsp;&nbsp;&nbsp; 2480853 |
|  | &nbsp;&nbsp;&nbsp;B&M European Value Retail SA | &nbsp;&nbsp; 163416 | &nbsp;&nbsp;&nbsp;&nbsp; 371827 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | &nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp; 896346 |
|  | &nbsp;&nbsp;&nbsp;**Specialty Retail — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp; 801 | &nbsp;&nbsp;&nbsp;&nbsp; 275624 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4024650 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 34357 | &nbsp;&nbsp;&nbsp;&nbsp; 185280 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 185280 |
|  | &nbsp;&nbsp;**Consumer Services — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009367 |
|  | &nbsp;&nbsp;&nbsp;Round One Corp. | &nbsp;&nbsp; 143400 | &nbsp;&nbsp;&nbsp;&nbsp; 1023888 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2033255 |
|  | &nbsp;&nbsp;**Energy — 5.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 3.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. Class A | &nbsp;&nbsp; 62882 | &nbsp;&nbsp;&nbsp;&nbsp; 1160802 |
|  | &nbsp;&nbsp;&nbsp;SLB Ltd. | &nbsp;&nbsp; 35406 | &nbsp;&nbsp;&nbsp;&nbsp; 1358882 |
|  | &nbsp;&nbsp;&nbsp;Tenaris SA ADR | &nbsp;&nbsp; 21297 | &nbsp;&nbsp;&nbsp;&nbsp; 818870 |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Shell plc | &nbsp;&nbsp; 42255 | &nbsp;&nbsp;&nbsp;&nbsp; 1562988 |
|  | &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp; 12107 | &nbsp;&nbsp;&nbsp;&nbsp; 790942 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5692484 |
|  | &nbsp;&nbsp;**Financial Services — 5.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp; 10362 | &nbsp;&nbsp;&nbsp;&nbsp; 1035267 |
|  | &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp; 4088 | &nbsp;&nbsp;&nbsp;&nbsp; 1116351 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Roko AB | &nbsp;&nbsp; 1930 | &nbsp;&nbsp;&nbsp;&nbsp; 360890 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Mastercard, Inc. Class A | &nbsp;&nbsp; 2211 | &nbsp;&nbsp;&nbsp;&nbsp; 1262216 |
|  | &nbsp;&nbsp;&nbsp;Visa, Inc. Class A | &nbsp;&nbsp; 4166 | &nbsp;&nbsp;&nbsp;&nbsp; 1461058 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5235782 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 0.2%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Varun Beverages Ltd. | &nbsp;&nbsp; 33300 | &nbsp;&nbsp;$181543 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 181543 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp; 11804 | &nbsp;&nbsp;&nbsp;&nbsp; 1133892 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1133892 |
|  | &nbsp;&nbsp;**Materials — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp; 1675 | &nbsp;&nbsp;&nbsp;&nbsp; 714203 |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Glencore plc | &nbsp;&nbsp; 149403 | &nbsp;&nbsp;&nbsp;&nbsp; 818743 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1532946 |
|  | &nbsp;&nbsp;**Media & Entertainment — 4.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Interactive Media & Services — 4.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Alphabet, Inc. Class A | &nbsp;&nbsp; 7060 | &nbsp;&nbsp;&nbsp;&nbsp; 2209780 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp; 3031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000733 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4210513 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 6.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 1.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ICON plc ADR | &nbsp;&nbsp; 6010 | &nbsp;&nbsp;&nbsp;&nbsp; 1095142 |
|  | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 5.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | &nbsp;&nbsp; 6780 | &nbsp;&nbsp;&nbsp;&nbsp; 1260283 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp; 5273 | &nbsp;&nbsp;&nbsp;&nbsp; 555036 |
|  | &nbsp;&nbsp;&nbsp;Novo Nordisk AS Class B | &nbsp;&nbsp; 8204 | &nbsp;&nbsp;&nbsp;&nbsp; 416094 |
|  | &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp; 19654 | &nbsp;&nbsp;&nbsp;&nbsp; 489385 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp; 4611 | &nbsp;&nbsp;&nbsp;&nbsp; 1904205 |
|  | &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp; 5816 | &nbsp;&nbsp;&nbsp;&nbsp; 731769 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6451914 |
|  | &nbsp;&nbsp;**Real Estate Management & Development — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Colliers International Group, Inc. | &nbsp;&nbsp; 7439 | &nbsp;&nbsp;&nbsp;&nbsp; 1093398 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1093398 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 6.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 6.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp; 2277 | &nbsp;&nbsp;&nbsp;&nbsp; 487642 |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 563 | &nbsp;&nbsp;&nbsp;&nbsp; 609633 |
|  | &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp; 3894 | &nbsp;&nbsp;&nbsp;&nbsp; 1347713 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 9203 | &nbsp;&nbsp;&nbsp;&nbsp; 1716360 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 54792 | &nbsp;&nbsp;&nbsp;&nbsp; 2702936 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6864284 |
|  | &nbsp;&nbsp;**Software & Services — 6.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 1.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Shopify, Inc. Class A | &nbsp;&nbsp; 6334 | &nbsp;&nbsp;&nbsp;&nbsp; 1019584 |
|  | &nbsp;&nbsp;&nbsp;**Software — 5.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp; 986175 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Lumine Group, Inc. | &nbsp;&nbsp; 39849 | &nbsp;&nbsp;&nbsp;&nbsp; 787951 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 2909 | &nbsp;&nbsp;&nbsp;&nbsp; 1406850 |
|  | &nbsp;&nbsp;&nbsp;Open Text Corp. | &nbsp;&nbsp; 40349 | &nbsp;&nbsp;&nbsp;&nbsp; 1314051 |
|  | &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp; 881 | &nbsp;&nbsp;&nbsp;&nbsp; 214055 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp; 4835 | &nbsp;&nbsp;&nbsp;&nbsp; 740674 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6469340 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp; 1719 | &nbsp;&nbsp;&nbsp;&nbsp; 621805 |
|  | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp; 1329 | &nbsp;&nbsp;&nbsp;&nbsp; 361302 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 39825 | &nbsp;&nbsp;$3337928 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4321035 |
|  | &nbsp;&nbsp;**Telecommunication Services — 7.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 7.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 54682 | &nbsp;&nbsp;&nbsp;&nbsp; 1358301 |
|  | &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp; 119713 | &nbsp;&nbsp;&nbsp;&nbsp; 1997751 |
|  | &nbsp;&nbsp;&nbsp;Zegona Communications plc | &nbsp;&nbsp;&nbsp;&nbsp; 208813 | &nbsp;&nbsp;&nbsp;&nbsp; 3926501 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7282553 |
|  | &nbsp;&nbsp;**Transportation — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Ground Transportation — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 16986 | &nbsp;&nbsp;&nbsp;&nbsp; 1250679 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1250679 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stock (Cost $41,340,698) |  | &nbsp;&nbsp;&nbsp;&nbsp; 64415361 |
|  | **Asset Backed Securities — 5.4%** |  |  |
|  | &nbsp;&nbsp;**Auto Receivables — 1.5%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2022-2A Class B, 7.70% due 2/15/2029 | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;&nbsp;&nbsp; 256331 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, Series 2022-A Class D, 2.84% due 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 108117 | &nbsp;&nbsp;&nbsp;&nbsp; 107679 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;FHF Issuer Trust, Series 2025-2A Class A2, 5.75% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202690 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust Series 2019-4 Class R, due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 310071 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust, Series 2025-6A Class A2, 4.705% due 8/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200098 |
|  | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-7 Class B, 5.95% due 1/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 32955 | &nbsp;&nbsp;&nbsp;&nbsp; 32988 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class B, 5.55% due 9/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202054 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;SBNA Auto Receivables Trust, Series 2025-SF1 Class B, 5.12% due 3/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 58048 | &nbsp;&nbsp;&nbsp;&nbsp; 58086 |
|  | &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D, 8.56% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 169625 | &nbsp;&nbsp;&nbsp;&nbsp; 156814 |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A, 6.36% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 44707 | &nbsp;&nbsp;&nbsp;&nbsp; 43976 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1570787 |
|  | &nbsp;&nbsp;**Credit Card — 0.2%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Fortiva Retail Credit Master Note Business Trust, Series 2025-ONE Class A, 5.55% due 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199386 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 199386 |
|  | &nbsp;&nbsp;**Other Asset Backed — 3.0%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;AMCR ABS Trust, Series 2024-A Class A, 6.26% due 8/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 32387 | &nbsp;&nbsp;&nbsp;&nbsp; 32432 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;AMDR ABS Trust, Series 2025-1A Class A, 6.378% due 12/19/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 174516 | &nbsp;&nbsp;&nbsp;&nbsp; 174804 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2019-A Class B, 3.47% due 7/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 81358 | &nbsp;&nbsp;&nbsp;&nbsp; 78392 |
|  | &nbsp;&nbsp;&nbsp;BHG Securitization Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C Class B, 5.93% due 10/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 67863 | &nbsp;&nbsp;&nbsp;&nbsp; 68069 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A Class B, 6.35% due 4/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202279 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Crossroads Asset Trust, Series 2025-A Class A2, 4.91% due 2/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 196209 | &nbsp;&nbsp;&nbsp;&nbsp; 197816 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;DailyPay Securitization Trust, Series 2025-1A Class D, 8.53% due 6/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 252664 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199347 |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 62987 | &nbsp;&nbsp;&nbsp;&nbsp; 58420 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;FREED ABS Trust, Series 2022-3FP Class D, 7.36% due 8/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 72760 | &nbsp;&nbsp;&nbsp;&nbsp; 72853 |
| **<sup>b,e</sup>** | &nbsp;&nbsp;&nbsp;Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2 Class R, due 6/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 82222 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 283698 | &nbsp;&nbsp;&nbsp;&nbsp; 270204 |
|  | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class R, due 6/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 11195 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class R, due 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 16598 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class D, 2.53% due 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 53833 | &nbsp;&nbsp;&nbsp;&nbsp; 53796 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class R, due 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 17068 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 21929 | &nbsp;&nbsp;&nbsp;&nbsp; 22032 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust Series 2021-2A Class R, due 4/22/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 74767 |
|  | &nbsp;&nbsp;&nbsp;Oportun Issuance Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class A, 5.86% due 2/9/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 196254 | &nbsp;&nbsp;&nbsp;&nbsp; 196294 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A, 5.01% due 2/8/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200143 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Regional Management Issuance Trust, Series 2022-1 Class A, 3.07% due 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 49568 | &nbsp;&nbsp;&nbsp;&nbsp; 49492 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Sunbit Asset Securitization Trust, Series 2025-1 Class A, 5.36% due 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 227203 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 198121 | &nbsp;&nbsp;&nbsp;&nbsp; 198844 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class B, 7.92% due 6/20/2033 | &nbsp;&nbsp;$193333 | &nbsp;&nbsp;$194274 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class A, 6.90% due 10/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 95018 | &nbsp;&nbsp;&nbsp;&nbsp; 95198 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3046406 |
|  | &nbsp;&nbsp;**Student Loan — 0.7%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Education Funding Trust, Series 2020-A Class A, 2.79% due 7/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 68282 | &nbsp;&nbsp;&nbsp;&nbsp; 67158 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A Class A, 1.80% due 11/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 215733 | &nbsp;&nbsp;&nbsp;&nbsp; 204682 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Series 2020-A Class A2A, 2.23% due 9/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 203307 | &nbsp;&nbsp;&nbsp;&nbsp; 197762 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, Series 2021-B Class AFX, 1.14% due 2/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 231940 | &nbsp;&nbsp;&nbsp;&nbsp; 204212 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 673814 |
|  | &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $5,319,100) |  | &nbsp;&nbsp;&nbsp;&nbsp; 5490393 |
|  | **Corporate Bonds — 8.3%** |  |  |
|  | &nbsp;&nbsp;**Banks — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| **<sup>f,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.625% (TSFR3M + 3.39%) due 9/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99407 |
| **<sup>f,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 196964 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 296371 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Leisure Products — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Polaris, Inc., 5.60% due 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202132 |
|  | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Under Armour, Inc., 3.25% due 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 298266 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 500398 |
|  | &nbsp;&nbsp;**Energy — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 0.3%** |  |  |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;Empresa Generadora de Electricidad Haina SA, 5.625% due 11/8/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 344855 |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA, |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.75% due 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 128169 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.875% due 1/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 117000 | &nbsp;&nbsp;&nbsp;&nbsp; 124971 |
| **<sup>f,g</sup>** | &nbsp;&nbsp;&nbsp;Energy Transfer LP, Series H, 6.50% (5-Yr. CMT + 5.69%) due 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 226132 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.95% due 1/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 116114 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.69% due 1/23/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 282190 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1222431 |
|  | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 0.5%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;American Tower Trust #1, 3.652% due 3/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 297019 |
|  | &nbsp;&nbsp;&nbsp;SBA Tower Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.631% due 5/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195678 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.599% due 11/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13312 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 506009 |
|  | &nbsp;&nbsp;**Financial Services — 1.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 1.1%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV (GBP), 8.50% due 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 360186 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., 4.653% due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 226717 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC, 9.25% due 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 257547 |
|  | &nbsp;&nbsp;&nbsp;Hercules Capital, Inc., 2.625% due 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 246383 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 0.7%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Antares Holdings LP, 6.50% due 2/8/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 255402 |
| **<sup>b,f,g</sup>** | &nbsp;&nbsp;&nbsp;Depository Trust & Clearing Corp., Series D, 3.375% (5-Yr. CMT + 2.61%) due 6/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 246320 |
| **<sup>f,g</sup>** | &nbsp;&nbsp;&nbsp;Northern Trust Corp., Series D, 4.60% (TSFR3M + 3.46%) due 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 249133 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1841688 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 0.2%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.2%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Highmark, Inc., 1.45% due 5/10/2026 | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;$247200 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 247200 |
|  | &nbsp;&nbsp;**Materials — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AptarGroup, Inc., 4.75% due 3/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 146076 |
|  | &nbsp;&nbsp;&nbsp;Berry Global, Inc., 1.57% due 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 274601 |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.2%** |  |  |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;WE Soda Investments Holding plc, 9.375% due 2/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200652 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 621329 |
|  | &nbsp;&nbsp;**Media & Entertainment — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 0.5%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.50% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 471050 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 471050 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Biotechnology — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Illumina, Inc., 4.75% due 12/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 242000 | &nbsp;&nbsp;&nbsp;&nbsp; 244405 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 244405 |
|  | &nbsp;&nbsp;**Software & Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.3%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Prosus NV (EUR), 1.288% due 7/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 312689 |
|  | &nbsp;&nbsp;&nbsp;**Software — 0.1%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;GoTo Group, Inc., 5.50% due 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 184029 | &nbsp;&nbsp;&nbsp;&nbsp; 103972 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 416661 |
|  | &nbsp;&nbsp;**Telecommunication Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.3%** |  |  |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS, 7.45% due 1/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 262428 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 262428 |
|  | &nbsp;&nbsp;**Transportation — 0.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Ground Transportation — 0.3%** |  |  |
| **<sup>g</sup>** | &nbsp;&nbsp;&nbsp;BNSF Funding Trust I, 6.613% (SOFR 3 Month + 2.35%) due 12/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300198 |
|  | &nbsp;&nbsp;&nbsp;**Passenger Airlines — 0.2%** |  |  |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;Pegasus Hava Tasimaciligi AS, 8.00% due 9/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 210626 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 510824 |
|  | &nbsp;&nbsp;**Utilities — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Black Hills Corp., 6.15% due 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 268280 |
| **<sup>f,g</sup>** | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., Series C, 4.35% (5-Yr. CMT + 3.200%) due 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 148830 |
| **<sup>d,g</sup>** | &nbsp;&nbsp;&nbsp;Emera, Inc., Series 16-A, 6.75% (SOFR 3 Month + 5.44%) due 6/15/2076 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201184 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co., 5.15% due 3/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 275577 |
| **<sup>g</sup>** | &nbsp;&nbsp;&nbsp;Southern Co., Series B, 4.00% (5-Yr. CMT + 3.73%) due 1/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199926 |
|  | &nbsp;&nbsp;&nbsp;**Multi-Utilities — 0.2%** |  |  |
| **<sup>b,d</sup>** | &nbsp;&nbsp;&nbsp;Aegea Finance SARL, 9.00% due 1/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 263188 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1356985 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $8,290,896) |  | &nbsp;&nbsp;&nbsp;&nbsp; 8497779 |
|  | **Other Government — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Australia Government Bonds (AUD), Series 166, 3.00% due 11/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 298766 |
|  | &nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional (BRL), Series F, 10.00% due 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 169224 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Dominican Republic International Bonds (DOP), 10.75% due 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 223645 |
|  | &nbsp;&nbsp;&nbsp;Egypt Government Bonds (EGP), Series 3Y, 23.865% due 6/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7075000 | &nbsp;&nbsp;&nbsp;&nbsp; 149821 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Panama Bonos del Tesoro, 3.362% due 6/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 89322 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan International Bonds (UZS), 16.625% due 5/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4500000000 | &nbsp;&nbsp;&nbsp;&nbsp; 392286 |
|  | &nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 1.625% due 10/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 178540 |
|  | &nbsp;&nbsp;&nbsp;Total Other Government (Cost $1,452,117) |  | &nbsp;&nbsp;&nbsp;&nbsp; 1501604 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **U.S. Treasury Securities — 8.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bonds, 0.125%, 2/15/2051 | &nbsp;&nbsp;$575244 | &nbsp;&nbsp;$310587 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 944278 | &nbsp;&nbsp;&nbsp;&nbsp; 880687 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 1/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 240460 | &nbsp;&nbsp;&nbsp;&nbsp; 230823 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 528526 | &nbsp;&nbsp;&nbsp;&nbsp; 525718 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 163153 | &nbsp;&nbsp;&nbsp;&nbsp; 166671 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp;&nbsp; 831211 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 279563 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 798000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 697870 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 516520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089947 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/15/2045 - 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 1138840 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Strip Coupon, 8.297%, 11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041292 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Securities (Cost $8,420,061) |  | &nbsp;&nbsp;&nbsp;&nbsp; 8507729 |
|  | **U.S. Government Agencies — 0.2%** |  |  |
| **<sup>f,g</sup>** | &nbsp;&nbsp;&nbsp;CoBank ACB, Series I, 6.25% (TSFR3M + 4.66%), 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200804 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Government Agencies (Cost $200,796) |  | &nbsp;&nbsp;&nbsp;&nbsp; 200804 |
|  | **Mortgage Backed — 9.9%** |  |  |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2021-A Class A1, 1.065% due 9/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 210299 | &nbsp;&nbsp;&nbsp;&nbsp; 191270 |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-5 Class M1, 2.97% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 56465 |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;Bunker Hill Loan Depositary Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class M1, 3.269% due 11/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 246771 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;BXP Trust, CMBS, Series 2021-601L Class A, 2.618% due 1/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 286198 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 226981 |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, Series 2021-RPL4 Class A1, 4.15% due 12/27/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 117693 | &nbsp;&nbsp;&nbsp;&nbsp; 121269 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 227006 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Pool SE9046, 3.00% due 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 221457 | &nbsp;&nbsp;&nbsp;&nbsp; 196011 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, Series 2019-1 Class MA, 3.50% due 7/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 33282 | &nbsp;&nbsp;&nbsp;&nbsp; 32423 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD1669, 2.50% due 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 244037 | &nbsp;&nbsp;&nbsp;&nbsp; 206509 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD4175, 2.50% due 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 973486 | &nbsp;&nbsp;&nbsp;&nbsp; 828096 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool SD8242, 3.00% due 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 533859 | &nbsp;&nbsp;&nbsp;&nbsp; 474024 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 57770 | &nbsp;&nbsp;&nbsp;&nbsp; 49757 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mtg Assoc., UMBS Collateral, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool BV4119, 2.50% due 3/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 567394 | &nbsp;&nbsp;&nbsp;&nbsp; 482610 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB1388, 2.50% due 8/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 480887 | &nbsp;&nbsp;&nbsp;&nbsp; 409925 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool CB2301, 3.00% due 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 415384 | &nbsp;&nbsp;&nbsp;&nbsp; 367562 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FM8761, 2.50% due 9/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 351349 | &nbsp;&nbsp;&nbsp;&nbsp; 297406 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS6130, 2.50% due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 183521 | &nbsp;&nbsp;&nbsp;&nbsp; 156112 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool FS6157, 3.00% due 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 900726 | &nbsp;&nbsp;&nbsp;&nbsp; 800191 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4512, 2.50% due 1/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 664415 | &nbsp;&nbsp;&nbsp;&nbsp; 565313 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4548, 2.50% due 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 479175 | &nbsp;&nbsp;&nbsp;&nbsp; 407554 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA4653, 3.00% due 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 474168 | &nbsp;&nbsp;&nbsp;&nbsp; 421078 |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 117154 | &nbsp;&nbsp;&nbsp;&nbsp; 111820 |
|  | &nbsp;&nbsp;&nbsp;Government National Mtg Assoc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA7368, 3.00% due 5/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 213762 | &nbsp;&nbsp;&nbsp;&nbsp; 192537 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Pool MA8098, 3.00% due 6/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 278669 | &nbsp;&nbsp;&nbsp;&nbsp; 250793 |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 2.943% due 12/10/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 230849 |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-NQM2 Class A1, 1.073% due 9/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 155116 | &nbsp;&nbsp;&nbsp;&nbsp; 132636 |
| **<sup>b,g</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; 207931 | &nbsp;&nbsp;&nbsp;&nbsp; 206811 |
| **<sup>g</sup>** | &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 4.00% due 6/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 293973 | &nbsp;&nbsp;&nbsp;&nbsp; 290464 |
|  | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-2A Class A1, 3.75% due 11/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 113111 | &nbsp;&nbsp;&nbsp;&nbsp; 110162 |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 293015 | &nbsp;&nbsp;&nbsp;&nbsp; 278311 |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;NRM FHT1 Excess Owner LLC, Whole Loan Securities Trust CMO, Series 2025-FHT1 Class A, 6.545% due 3/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 215745 | &nbsp;&nbsp;&nbsp;&nbsp; 217908 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 232077 |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.015% (TSFR1M + 1.26%) due 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp;&nbsp; 172721 |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;SKY Trust, CMBS, Series 2025-LINE Class A, 6.339% (TSFR1M + 2.59%) due 4/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 97438 | &nbsp;&nbsp;&nbsp;&nbsp; 97928 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041 | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;$223018 |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2018-2 Class B3, 3.657% due 7/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 139205 | &nbsp;&nbsp;&nbsp;&nbsp; 128789 |
| **<sup>b,g</sup>** | &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, Series 2025-R1 Class A1, 4.00% due 11/27/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 234459 | &nbsp;&nbsp;&nbsp;&nbsp; 210617 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $9,877,825) |  | &nbsp;&nbsp;&nbsp;&nbsp; 10137972 |
|  | **Loan Participations — 0.2%** |  |  |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 0.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.2%** |  |  |
| **<sup>h</sup>** | &nbsp;&nbsp;&nbsp;Imagefirst Holdings LLC, 6.733% (SOFR + 3.00%) due 3/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 199500 | &nbsp;&nbsp;&nbsp;&nbsp; 199376 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 199376 |
|  | &nbsp;&nbsp;&nbsp;Total Loan Participations (Cost $199,044) |  | &nbsp;&nbsp;&nbsp;&nbsp; 199376 |
|  | **Short-Term Investments — 2.7%** |  |  |
| **<sup>i</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;&nbsp;&nbsp; 270540 | &nbsp;&nbsp;&nbsp;&nbsp; 2705402 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $2,705,402) |  | &nbsp;&nbsp;&nbsp;&nbsp; 2705402 |
|  | **Total Investments — 99.5% (Cost $77,805,939)** |  | &nbsp;&nbsp;$101656420 |
|  | **Other Assets Less Liabilities — 0.5%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522733 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$102179153 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2025** | **Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2025** |
| **Contract<br> Description** | **Contract<br> Party\*** | &nbsp;&nbsp;**Buy/Sell** | &nbsp;&nbsp;**Contract<br> Amount** | &nbsp;&nbsp;**Contract<br> Value Date** | &nbsp;&nbsp;**Value<br> USD** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| Euro | SSB | &nbsp;&nbsp;Buy | &nbsp;&nbsp;2862000 | &nbsp;&nbsp;1/30/2026 | &nbsp;&nbsp;3367408 | &nbsp;&nbsp;$14031 | &nbsp;&nbsp;$— |
| Japanese Yen | MSC | &nbsp;&nbsp;Buy | &nbsp;&nbsp;351500000 | &nbsp;&nbsp;1/30/2026 | &nbsp;&nbsp;2248817 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (82949) |
| Total |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$14031 | &nbsp;&nbsp;&nbsp;&nbsp;$(82949) |
| Net unrealized appreciation (depreciation) |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(68918) |

---

\* Counterparties include State Street Bank and Trust Company ("SSB") and Morgan Stanely & Co. Inc. ("MSC").

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Non-income producing. |
| b | 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 December 31, 2025, the aggregate value of these securities in the Fund's portfolio was $13,898,590, representing 13.60% of the Fund's net assets. |
| c | Bond in default. |
| d | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| e | Security currently fair valued by Thornburg Investment Management, Inc.'s Valuation and Pricing Committee. |
| f | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| g | 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 December 31, 2025. |
| h | The stated coupon rate represents the greater of the SOFR or the SOFR floor rate plus a spread at December 31, 2025. |
| i | Investment in Affiliates. |

---

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

---

| | |
|:---|:---|
| ABS | Asset Backed Securities |
| ACB | Agricultural Credit Bank |
| ADR | American Depositary Receipt |
| AUD | Denominated in Australian Dollar |
| BRL | Denominated in Brazilian Real |
| CMBS | Commercial Mortgage-Backed Securities |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Rate |
| DOP | Denominated in Dominican Peso |

---

---

| | |
|:---|:---|
| EGP | Denominated in Egyptian Pound |
| EUR | Denominated in Euro |
| GBP | Denominated in Pound Sterling |
| Mtg | Mortgage |
| SOFR | Secured Overnight Financing Rate |
| TSFR1M | Term SOFR 1 Month |
| TSFR3M | Term SOFR 3 Month |
| UMBS | Uniform Mortgage-Backed Securities |
| UZS | Denominated in Uzbekistani Som |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg Summit 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> Securities and other portfolio investments which are listed or traded on a United States securities exchange are generally valued at the last reported sale price on the valuation date or, if there has been no sale of the investment on that date, at the mean between the last reported bid and asked prices for the investment on that date. Portfolio investments reported by NASDAQ are valued at the official closing price on the valuation date. If an investment is traded on more than one exchange, the investment is considered traded on the exchange that is normally the primary market for that investment. For securities and other portfolio investments which are primarily listed or traded on an exchange outside the United States, the time for determining the investment's value in accordance with the first sentence of this paragraph will be the close of that investment's primary exchange preceding the Fund's valuation time.

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

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

------

NOTES TO SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Summit Fund** | *December 31, 2025 (Unaudited)* |

---

------

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

Debt obligations held by the Fund which are not listed or traded on exchanges or for which no reported market exists are ordinarily valued at the valuation obtained from a pricing service provider approved by the Committee.

In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Fund, the Committee may calculate a fair value for the obligation using alternative methods selected and approved by the Committee. Additionally, in cases when the Committee believes that a valuation obtained from a pricing service provider is stale, does not reflect material factors affecting the valuation of the investment, is significantly different than the value the Fund is likely to obtain if it sought a bid for the investment, or is otherwise unreliable, the Committee may calculate a fair value for the obligation using an alternative method selected and approved by the Committee.

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market Value<br> 9/30/25** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appr./(Depr.)** | &nbsp;&nbsp;**Market Value<br> 12/31/25** | &nbsp;&nbsp;**Dividend<br> Income** |
| Thornburg Capital Mgmt. Fund | $1943173 | &nbsp;&nbsp;$6314074 | &nbsp;&nbsp;$(5551845) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$2705402 | &nbsp;&nbsp;$32982 |

---

## 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 Summit Fund

- **b. EDGAR series identifier (if any):** S000064930

- **c. LEI of Series:** 549300HH8GRQINTDIM06

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $102362839.56

**Total Liabilities:** $215809.69

**Net Assets:** $102147029.87

**Cash Not Reported:** $61.75

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -81.83000000 | **1-Year:** -536.72000000 | **5-Year:** -1351.57000000 | **10-Year:** -631.04000000 | **30-Year:** -418.37000000

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

- **3-Month:** -46.33000000 | **1-Year:** -567.87000000 | **5-Year:** -775.57000000 | **10-Year:** -299.16000000 | **30-Year:** -45.17000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000210187 | 1.77%                | 0.70%                | 1.32%                |
| Class ID C000210188 | 1.77%                | 0.70%                | 1.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $396308.52               | $1345471.31                                |
| Month 2  | $990702.10               | $-461973.95                                |
| Month 3  | $265042.73               | $840741.91                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMCR ABS Trust                                    | AMCR ABS TRUST 2024-A                                         | CUSIP: 00178EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      32387 | PA      | $32431.73     | 0.03%             | 2031-08-18      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                          | AT&T Inc                                                      | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      54682 | NS      | $1358300.88   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| AEGEA FINANCE SARL                                | Aegea Finance Sarl                                            | CUSIP: 00775CAC0<br>LEI: 213800V6WTKUT1XWIZ47 | Long             | DBT              | CORP              | LU        |     250000 | PA      | $263187.50    | 0.26%             | 2031-01-20      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc                        | Advanced Micro Devices Inc                                    | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |       2277 | NS      | $487642.32    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Ajax Mortgage Loan Trust                          | Ajax Mortgage Loan Trust 2021-A                               | CUSIP: 00971AAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     210299 | PA      | $191270.33    | 0.19%             | 2065-09-25      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                                      | Alphabet Inc                                                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |       7060 | NS      | $2209780.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                    | Amazon.com Inc                                                | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      10748 | NS      | $2480853.36   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| AMDR ABS Trust                                    | AMDR ABS TRUST 2025-1                                         | CUSIP: 02342WAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     174516 | PA      | $174803.56    | 0.17%             | 2033-12-19      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER TRUST I                            | American Tower Trust #1                                       | CUSIP: 03027WAK8<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | DBT              |  | US        |     300000 | PA      | $297019.56    | 0.29%             | 2028-03-23      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                          | Angel Oak Mortgage Trust 2020-5                               | CUSIP: 03464WAD4<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |      60000 | PA      | $56464.83     | 0.06%             | 2065-05-25      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                  | Antares Holdings LP                                           | CUSIP: 03666HAG6<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |     250000 | PA      | $255402.50    | 0.25%             | 2029-02-08      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                         | Apple Inc                                                     | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |       1329 | NS      | $361301.94    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| APTARGROUP INC                                    | AptarGroup Inc                                                | CUSIP: 038336AB9<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | DBT              | CORP              | US        |     145000 | PA      | $146075.90    | 0.14%             | 2031-03-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                | Aqua Finance Trust 2019-A                                     | CUSIP: 038370AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      81358 | PA      | $78391.78     | 0.08%             | 2040-07-16      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Receivables Trust      | Arivo Acceptance Auto Loan Receivables Trust 2022-2           | CUSIP: 04047JAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     250000 | PA      | $256331.31    | 0.25%             | 2029-02-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| BNSF FUNDING TRUST I                              | BNSF Funding Trust I                                          | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     300000 | PA      | $300198.00    | 0.29%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| BXP Trust                                         | BXP Trust 2021-601L                                           | CUSIP: 05607TAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     325000 | PA      | $286198.20    | 0.28%             | 2044-01-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                            | Bank of New York Mellon Corp/The                              | CUSIP: 064058AF7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99407.00     | 0.10%             | 2026-09-20      | Fixed         | 4.63%                 | 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        |     200000 | PA      | $196964.00    | 0.19%             | 2026-12-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                  | Berry Global Inc                                              | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     275000 | PA      | $274601.25    | 0.27%             | 2026-01-15      | Fixed         | 1.57%                 | 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        |      67863 | PA      | $68069.08     | 0.07%             | 2035-10-17      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust     | BHG Securitization Trust 2023-A                               | CUSIP: 08860FAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     200000 | PA      | $202278.65    | 0.20%             | 2036-04-17      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                                  | Black Hills Corp                                              | CUSIP: 092113AW9<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     250000 | PA      | $268280.00    | 0.26%             | 2034-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                   | AstraZeneca PLC                                               | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |       6780 | NS      | $1260282.50   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | Broadcom Inc                                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |       3894 | NS      | $1347713.40   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD ASSET MANAGEM                          | Brookfield Asset Management Ltd                               | CUSIP: 113004AB1<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |     225000 | PA      | $226716.75    | 0.22%             | 2030-11-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Builders FirstSource Inc                          | Builders FirstSource Inc                                      | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |       6219 | NS      | $639872.91    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunker Hill Loan Depositary Trust                 | Bunker Hill Loan Depositary Trust 2019-3                      | CUSIP: 12062BAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $246771.22    | 0.24%             | 2059-11-25      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                          | Burford Capital Global Finance LLC                            | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     250000 | PA      | $257547.50    | 0.25%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                  | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     500000 | PA      | $471050.00    | 0.46%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CME Group Inc                                     | CME Group Inc                                                 | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       4088 | NS      | $1116351.04   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CPT MORTGAGE TRUST                                | Century Plaza Towers 2019-CPT                                 | CUSIP: 12654YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     245000 | PA      | $226980.94    | 0.22%             | 2039-11-13      | Fixed         | 2.87%                 | 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        |     108117 | PA      | $107679.52    | 0.11%             | 2029-04-16      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2021-RPL4 Trust                                          | CUSIP: 12662GAC2<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     117693 | PA      | $121268.74    | 0.12%             | 2060-12-27      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Kansas City Ltd                  | Canadian Pacific Kansas City Ltd                              | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      16986 | NS      | $1250679.18   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                     | Citigroup Inc                                                 | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      18874 | NS      | $2202407.06   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| COBANK ACB                                        | CoBank ACB                                                    | CUSIP: 19075QAC6<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGA              | US        |     200000 | PA      | $200804.00    | 0.20%             | 2026-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Colliers International Group Inc                  | Colliers International Group Inc                              | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |       7439 | NS      | $1093398.32   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc/Canada                 | Constellation Software Inc/Canada                             | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |        410 | NS      | $986174.64    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Crossroads Asset Trust                            | Crossroads Asset Trust 2025-A                                 | CUSIP: 22767VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     196210 | PA      | $197816.49    | 0.19%             | 2032-02-20      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| DC Office Trust                                   | DC Office Trust 2019-MTC                                      | CUSIP: 23312BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $227006.18    | 0.22%             | 2045-09-15      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| DailyPay Securitization Trust                     | DailyPay Securitization Trust 2025-1                          | CUSIP: 233824AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     250000 | PA      | $252663.60    | 0.25%             | 2028-06-26      | Fixed         | 8.53%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer LLC                               | DataBank Issuer                                               | CUSIP: 23802WAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     200000 | PA      | $199347.32    | 0.20%             | 2054-01-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| DEPOSITORY TRUST & CLEAR                          | Depository Trust & Clearing Corp/The                          | CUSIP: 249670AB6<br>LEI: MLDY5N6PZ58ZE60QU102 | Long             | DBT              | CORP              | US        |     250000 | PA      | $246320.00    | 0.24%             | 2026-06-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bond                         | CUSIP: 25714PFA1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   13000000 | PA      | $223644.94    | 0.22%             | 2036-06-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                               | Dominion Energy Inc                                           | CUSIP: 25746UDM8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     150000 | PA      | $148830.00    | 0.15%             | 2027-01-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED JPY / SOLD USD                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |          1 | NC      | $-82949.08    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED EUR / SOLD USD                                      | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |          1 | NC      | $14030.82     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ECAF LTD                                          | ECAF I Ltd                                                    | CUSIP: 26827EAC9<br>LEI: 635400SSRNQERTYCWK57 | Long             | ABS-O            | CORP              | KY        |      62987 | PA      | $58420.28     | 0.06%             | 2040-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                      | Ecopetrol SA                                                  | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     117000 | PA      | $124971.21    | 0.12%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                      | Ecopetrol SA                                                  | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     125000 | PA      | $128168.75    | 0.13%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Education Funding Trust                           | Education Funding Trust Trust                                 | CUSIP: 28141PAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      68282 | PA      | $67158.38     | 0.07%             | 2041-07-25      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| EDvestinU Private Education Loan Issue No. 1, LLC | EDvestinU Private Education Loan Issue No 3 LLC               | CUSIP: 28166LAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     215733 | PA      | $204681.47    | 0.20%             | 2045-11-25      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| EMERA INC                                         | Emera Inc                                                     | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |     200000 | PA      | $201184.00    | 0.20%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EMPRESA GEN ELEC HAINA                            | Empresa Generadora de Electricidad Haina SA                   | CUSIP: 29249FAA4<br>LEI: 549300Y36L5LRW5RH373 | Long             | DBT              | CORP              | DO        |     350000 | PA      | $344855.00    | 0.34%             | 2028-11-08      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                | Energy Transfer LP                                            | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     225000 | PA      | $226131.75    | 0.22%             | 2026-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                | Meta Platforms Inc                                            | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       3031 | NS      | $2000732.79   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| First Help Financial LLC                          | FHF Issuer Trust 2025-2                                       | CUSIP: 30343DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     200000 | PA      | $202690.30    | 0.20%             | 2030-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                              | CUSIP: 3132DN2A0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     244037 | PA      | $206508.82    | 0.20%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                              | CUSIP: 3132DWEP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     533859 | PA      | $474023.56    | 0.46%             | 2052-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                              | CUSIP: 3132E0T85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     973486 | PA      | $828095.85    | 0.81%             | 2052-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                              | CUSIP: 3133SKBP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     221457 | PA      | $196011.26    | 0.19%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust           | Freddie Mac Whole Loan Securities Trust 2017-SC02             | CUSIP: 3137G1BS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      57770 | PA      | $49756.86     | 0.05%             | 2047-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 3140MHSH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     567394 | PA      | $482610.07    | 0.47%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 3140QLRJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     480887 | PA      | $409925.27    | 0.40%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 3140QMRX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     415384 | PA      | $367562.54    | 0.36%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 3140XCWX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     351349 | PA      | $297406.03    | 0.29%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 3140XMY42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     183521 | PA      | $156112.48    | 0.15%             | 2052-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 3140XMZX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     900725 | PA      | $800190.92    | 0.78%             | 2052-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 31418EAN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     664415 | PA      | $565313.06    | 0.55%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 31418EBS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     479175 | PA      | $407554.50    | 0.40%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                               | CUSIP: 31418EE30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     474168 | PA      | $421077.77    | 0.41%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                        | Flagship Credit Auto Trust 2019-4                             | CUSIP: 33845F106<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       5000 | PA      | $310070.60    | 0.30%             | 2027-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fortiva Retail Credit Master Note Business Trust  | Fortiva Retail Credit Master Note Business Trust              | CUSIP: 34962AAZ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     200000 | PA      | $199386.08    | 0.20%             | 2031-01-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1 | CUSIP: 35563PJF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      33282 | PA      | $32422.80     | 0.03%             | 2058-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freedom Financial                                 | FREED ABS Trust 2022-3FP                                      | CUSIP: 35634EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      72760 | PA      | $72852.82     | 0.07%             | 2029-08-20      | Fixed         | 7.36%                 | No            |                  2 | On Loan: No      |
| GCAT                                              | GCAT 2021-CM2 Trust                                           | CUSIP: 36167AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     117154 | PA      | $111820.29    | 0.11%             | 2066-08-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                            | CUSIP: 36179W7K8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     278669 | PA      | $250792.95    | 0.25%             | 2052-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                            | CUSIP: 36179WFH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     213762 | PA      | $192536.86    | 0.19%             | 2051-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust       | Goldman Home Improvement Trust 2021-GRN2 Issuer Trust         | CUSIP: 38149XAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       2000 | PA      | $82222.48     | 0.08%             | 2051-06-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| GOTO GROUP INC                                    | GoTo Group Inc                                                | CUSIP: 38349YAA3<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |      77292 | PA      | $65070.59     | 0.06%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                    | GoTo Group Inc                                                | CUSIP: 38349YAB1<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |     106737 | PA      | $38901.37     | 0.04%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HERCULES CAPITAL INC                              | Hercules Capital Inc                                          | CUSIP: 427096AH5<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |     250000 | PA      | $246382.50    | 0.24%             | 2026-09-16      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| HIGHMARK INC                                      | Highmark Inc                                                  | CUSIP: 431116AD4<br>LEI: 549300B6868ZXXEB2Y57 | Long             | DBT              | CORP              | US        |     250000 | PA      | $247200.00    | 0.24%             | 2026-05-10      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                                | Home Depot Inc/The                                            | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |        801 | NS      | $275624.10    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Yards                                      | Hudson Yards 2019-55HY Mortgage Trust                         | CUSIP: 44421MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     245000 | PA      | $230849.05    | 0.23%             | 2041-12-10      | Variable      | 2.94%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                                      | Illumina Inc                                                  | CUSIP: 452327AR0<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |     242000 | PA      | $244405.48    | 0.24%             | 2030-12-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Imagefirst Holdings LLC                           | Imagefirst Holdings LLC 2025 Term Loan B                      | CUSIP: 45249TAR3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     199500 | PA      | $199376.31    | 0.20%             | 2032-03-12      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                 | Imperial Fund Mortgage Trust 2021-NQM2                        | CUSIP: 452761AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     155116 | PA      | $132635.68    | 0.13%             | 2056-09-25      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| Instar Leasing III, LLC                           | InStar Leasing III LLC                                        | CUSIP: 45783NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     283698 | PA      | $270204.52    | 0.26%             | 2054-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                               | JPMorgan Chase & Co                                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       1949 | NS      | $628006.78    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                            | SAP SE                                                        | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |        881 | NS      | $214055.27    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc                         | L3Harris Technologies Inc                                     | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |       2371 | NS      | $696054.47    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                                         | Orange SA                                                     | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |     119713 | NS      | $1997751.37   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc                                | Liberty Energy Inc                                            | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      62882 | NS      | $1160801.72   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumine Group Inc                                  | Lumine Group Inc                                              | CUSIP: 55027C106<br>LEI: 984500E3C44B9D44M738 | Long             | EC               | CORP              | CA        |      39849 | NS      | $787950.79    | 0.77%             |  |  |  | Yes           |                  1 | On Loan: No      |
| MFRA Trust                                        | MFA 2022-CHM1 Trust                                           | CUSIP: 552758AA2<br>LEI: 2549007EHG79GWD49I44 | Long             | ABS-MBS          | CORP              | US        |     207931 | PA      | $206811.46    | 0.20%             | 2056-09-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2021-3                                 | CUSIP: 57108Q103<br>LEI: 549300JRCMNFIBT50883 | Long             | ABS-O            | CORP              | US        |       1200 | PA      | $17067.73     | 0.02%             | 2031-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2021-3                                 | CUSIP: 57108QAD5<br>LEI: 549300JRCMNFIBT50883 | Long             | ABS-O            | CORP              | US        |      53833 | PA      | $53795.72     | 0.05%             | 2031-12-15      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2021-2                                 | CUSIP: 57108T107<br>LEI: 549300JRCMNFIBT50883 | Long             | ABS-O            | CORP              | US        |       1150 | PA      | $16597.66     | 0.02%             | 2031-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2021-1                                 | CUSIP: 57110N106<br>LEI: 549300JRCMNFIBT50883 | Long             | ABS-O            | CORP              | US        |       1200 | PA      | $11194.57     | 0.01%             | 2031-06-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mastercard Inc                                    | Mastercard Inc                                                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       2211 | NS      | $1262215.68   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                                  | MercadoLibre Inc                                              | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        445 | NS      | $896345.70    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                    | Merck & Co Inc                                                | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |       5273 | NS      | $555035.98    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                    | Microsoft Corp                                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       2909 | NS      | $1406850.58   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleperformance SE                                | Teleperformance SE                                            | CUSIP: 000000000<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |       2904 | NS      | $211046.36    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Momnt Technologies Trust                          | Momnt Technologies Trust 2023-1                               | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      21929 | PA      | $22032.42     | 0.02%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust    | Morgan Stanley Residential Mortgage Loan Trust 2024-RPL1      | CUSIP: 61776YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     293973 | PA      | $290464.06    | 0.28%             | 2064-06-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                            | Mosaic Solar Loan Trust 2021-2                                | CUSIP: 61946RAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1150000 | PA      | $74766.81     | 0.07%             | 2047-04-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Round One Corp                                    | Round One Corp                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     143400 | NS      | $1023888.30   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd                    | Galaxy Entertainment Group Ltd                                | CUSIP: 000000000<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |     205000 | NS      | $1009366.93   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corp                                       | ITOCHU Corp                                                   | CUSIP: 000000000<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |      50000 | NS      | $631840.50    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2016-2                    | CUSIP: 64829GAA7<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |     113111 | PA      | $110161.70    | 0.11%             | 2035-11-26      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2022-NQM3                 | CUSIP: 64831QAA1<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |     293015 | PA      | $278310.70    | 0.27%             | 2062-04-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes            | NRM FHT1 Excess Owner LLC                                     | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     215745 | PA      | $217907.88    | 0.21%             | 2032-03-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Keyence Corp                                      | Keyence Corp                                                  | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |       1719 | NS      | $621804.78    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN TRUST CORP                               | Northern Trust Corp                                           | CUSIP: 665859AQ7<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |     250000 | PA      | $249132.50    | 0.24%             | 2026-10-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                       | NVIDIA Corp                                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |       9203 | NS      | $1716359.50   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                        | Samsung Electronics Co Ltd                                    | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      39825 | NS      | $3337927.99   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| One Bryant Park Trust                             | One Bryant Park Trust 2019-OBP                                | CUSIP: 68236JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $232076.85    | 0.23%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Open Text Corp                                    | Open Text Corp                                                | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |      40349 | NS      | $1314050.71   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Oportun Funding LLC                               | Oportun Issuance Trust 2024-2                                 | CUSIP: 68377KAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     196254 | PA      | $196293.53    | 0.19%             | 2032-02-09      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                               | Oportun Issuance Trust 2025-A                                 | CUSIP: 68377TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     200000 | PA      | $200143.30    | 0.20%             | 2033-02-08      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | Taiwan Semiconductor Manufacturing Co Ltd                     | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      54792 | NS      | $2702935.98   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| PEGASUS HAVA TASIMACILIG                          | Pegasus Hava Tasimaciligi AS                                  | CUSIP: 705567AB1<br>LEI: 789000B1MW5PQ58A8T03 | Long             | DBT              | CORP              | TR        |     200000 | PA      | $210626.00    | 0.21%             | 2031-09-11      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY PENN ELECTRI                          | FirstEnergy Pennsylvania Electric Co                          | CUSIP: 708696CA5<br>LEI: O1PLQWO3TX952VMBJ146 | Long             | DBT              | CORP              | US        |     275000 | PA      | $275577.50    | 0.27%             | 2026-03-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Roche Holding AG                                  | Roche Holding AG                                              | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |       4611 | NS      | $1904205.38   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROLEOS MEXICANOS                               | Petroleos Mexicanos                                           | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     315000 | PA      | $282189.60    | 0.28%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                               | Petroleos Mexicanos                                           | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     120000 | PA      | $116114.40    | 0.11%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc                                        | Pfizer Inc                                                    | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      19654 | NS      | $489384.60    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                    | BNP Paribas SA                                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |      15194 | NS      | $1442585.32   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| POLARIS INC                                       | Polaris Inc                                                   | CUSIP: 731068AB8<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |     200000 | PA      | $202132.00    | 0.20%             | 2031-03-01      | Fixed         | 5.60%                 | 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        |      49568 | PA      | $49492.17     | 0.05%             | 2032-03-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I        | Research-Driven Pagaya Motor Trust 2025-6                     | CUSIP: 76100JAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     200000 | PA      | $200097.81    | 0.20%             | 2034-08-25      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                   | SBA Tower Trust                                               | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | DBT              |  | US        |     200000 | PA      | $195678.20    | 0.19%             | 2026-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                   | SBA Tower Trust                                               | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              |  | US        |      13000 | PA      | $13311.62     | 0.01%             | 2028-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| SFO Commerical Mortgage Trust                     | SFO Commercial Mortgage Trust 2021-555                        | CUSIP: 78432WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     174000 | PA      | $172720.54    | 0.17%             | 2038-05-15      | Floating      | 5.01%                 | 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        |      58048 | PA      | $58085.69     | 0.06%             | 2031-03-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                  | SLG Office Trust 2021-OVA                                     | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $223018.33    | 0.22%             | 2041-07-15      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust 2020-A                       | CUSIP: 78449UAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     203307 | PA      | $197762.39    | 0.19%             | 2037-09-15      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust            | Santander Drive Auto Receivables Trust 2022-7                 | CUSIP: 80287FAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      32954 | PA      | $32988.28     | 0.03%             | 2028-01-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust            | Santander Drive Auto Receivables Trust 2024-3                 | CUSIP: 80287LAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     200000 | PA      | $202053.88    | 0.20%             | 2029-09-17      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| SLB Ltd                                           | SLB Ltd                                                       | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      35406 | NS      | $1358882.28   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                           | Charles Schwab Corp/The                                       | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      10362 | NS      | $1035267.42   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                    | ServiceNow Inc                                                | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       4835 | NS      | $740673.65    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                       | Shopify Inc                                                   | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |       6334 | NS      | $1019583.98   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SKY1 Trust                                        | SKY Trust 2025-LINE                                           | CUSIP: 830941AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      97438 | PA      | $97928.07     | 0.10%             | 2042-04-15      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC              | SoFi Professional Loan Program 2021-B Trust                   | CUSIP: 83405NAA4<br>LEI: 5493002WMPR84WZ75V46 | Long             | ABS-O            | CORP              | US        |     231940 | PA      | $204211.55    | 0.20%             | 2047-02-15      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                       | Southern Co/The                                               | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199926.00    | 0.20%             | 2051-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sunbit Asset Securitization Trust                 | Sunbit Asset Securitization Trust 2025-1                      | CUSIP: 86709SAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     225000 | PA      | $227203.35    | 0.22%             | 2030-07-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| Tenaris SA                                        | Tenaris SA                                                    | CUSIP: 88031M109<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |      21297 | NS      | $818869.65    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Sustainable Energy Trust                    | Tesla Sustainable Energy Trust 2024-1                         | CUSIP: 88164AAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     198121 | PA      | $198843.73    | 0.19%             | 2050-06-21      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Thornburg Capital Management Fund                 | Thornburg Capital Management Fund                             | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |     269465 | NS      | $2694650.38   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| TIAA Bank Mortgage Loan Trust                     | TIAA Bank Mortgage Loan Trust 2018-2                          | CUSIP: 886312CD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     139205 | PA      | $128788.60    | 0.13%             | 2048-07-25      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2025-R1                             | CUSIP: 89183DAA1<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-MBS          | CORP              | US        |     234459 | PA      | $210616.62    | 0.21%             | 2057-11-27      | Variable      | 4.00%                 | 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        |     169625 | PA      | $156813.78    | 0.15%             | 2027-07-15      | Fixed         | 8.56%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                | Tricolor Auto Securitization Trust 2024-2                     | CUSIP: 89616PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      44707 | PA      | $43976.51     | 0.04%             | 2027-12-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                          | Turkcell Iletisim Hizmetleri AS                               | CUSIP: 900111AC9<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     250000 | PA      | $262427.50    | 0.26%             | 2030-01-24      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                                  | Under Armour Inc                                              | CUSIP: 904311AA5<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |     300000 | PA      | $298266.00    | 0.29%             | 2026-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Inflation-Indexed Bonds                         | CUSIP: 912810SV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     575244 | PA      | $310586.71    | 0.30%             | 2051-02-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                           | CUSIP: 912810TA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1230000 | PA      | $831210.94    | 0.81%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                           | CUSIP: 912810TC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     400000 | PA      | $279562.50    | 0.27%             | 2041-11-15      | Fixed         | 2.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                           | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     995000 | PA      | $991113.28    | 0.97%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                           | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     150000 | PA      | $147726.56    | 0.14%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Inflation-Indexed Notes                         | CUSIP: 91282CBF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     944278 | PA      | $880687.24    | 0.86%             | 2031-01-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Inflation-Indexed Notes                         | CUSIP: 91282CGK1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     240460 | PA      | $230822.82    | 0.23%             | 2033-01-15      | Fixed         | 1.13%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                           | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1055000 | PA      | $1089946.88   | 1.07%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Inflation-Indexed Notes                         | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     528526 | PA      | $525718.04    | 0.51%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                           | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     800000 | PA      | $798000.00    | 0.78%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Inflation-Indexed Notes                         | CUSIP: 91282CKL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     163153 | PA      | $166670.99    | 0.16%             | 2029-04-15      | Fixed         | 2.13%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                           | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     505000 | PA      | $516520.31    | 0.51%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                           | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     690000 | PA      | $697870.31    | 0.68%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury STRIPS Coupon                                   | CUSIP: 912834MZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2550000 | PA      | $1041291.79   | 1.02%             | 2043-11-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Upstart Securitization Trust                      | Upstart Securitization Trust 2023-2                           | CUSIP: 91683VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     193333 | PA      | $194274.16    | 0.19%             | 2033-06-20      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                      | Upstart Securitization Trust 2023-3                           | CUSIP: 91684MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      95018 | PA      | $95198.29     | 0.09%             | 2033-10-20      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                              | Republic of Uzbekistan International Bond                     | CUSIP: 91824PAB3<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        | 4500000000 | PA      | $392286.32    | 0.38%             | 2027-05-29      | Fixed         | 16.63%                | No            |                  2 | On Loan: No      |
| Visa Inc                                          | Visa Inc                                                      | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       4166 | NS      | $1461057.86   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| WE SODA INV HOLDING PLC                           | WE Soda Investments Holding PLC                               | CUSIP: 92943TAC7<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $200652.00    | 0.20%             | 2031-02-14      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc                                        | Zoetis Inc                                                    | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |       5816 | NS      | $731769.12    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                                   | ASML Holding NV                                               | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |        563 | NS      | $609632.88    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                          | Brazil Notas do Tesouro Nacional Serie F                      | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    1000000 | PA      | $169224.43    | 0.17%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Panama Bonos del Tesoro                           | Panama Bonos del Tesoro                                       | CUSIP: 000000000<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     100000 | PA      | $89322.00     | 0.09%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                         | Prosus NV                                                     | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     285000 | PA      | $312689.16    | 0.31%             | 2029-07-13      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                          | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV          | CUSIP: 000000000<br>LEI: 894500GLVOTVRGS68C28 | Long             | DBT              | CORP              | XX        |     250000 | PA      | $360185.86    | 0.35%             | 2031-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                             | Egypt Government Bond                                         | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    7075000 | PA      | $149820.91    | 0.15%             | 2027-06-04      | Fixed         | 23.87%                | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                  | TotalEnergies SE                                              | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      12107 | NS      | $790942.65    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                      | Glencore PLC                                                  | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |     149403 | NS      | $818742.31    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| U.K. Gilts                                        | U.K. Gilts                                                    | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     140000 | PA      | $178539.55    | 0.17%             | 2028-10-22      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| Australia Government Bonds                        | Australia Government Bonds                                    | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |     500000 | PA      | $298765.94    | 0.29%             | 2033-11-21      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| B&M European Value Retail SA                      | B&M European Value Retail SA                                  | CUSIP: 000000000<br>LEI: 213800UK7ZRLY2K1X530 | Long             | EC               | CORP              | LU        |     163416 | NS      | $371827.04    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Kalyan Jewellers India Ltd                        | Kalyan Jewellers India Ltd                                    | CUSIP: 000000000<br>LEI: 335800EP35CO1QHM9P33 | Long             | EC               | CORP              | IN        |      34357 | NS      | $185279.81    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                                  | Novo Nordisk A/S                                              | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |       8204 | NS      | $416094.23    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                         | Shell PLC                                                     | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      42255 | NS      | $1562987.93   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Varun Beverages Ltd                               | Varun Beverages Ltd                                           | CUSIP: 000000000<br>LEI: 33580058NWEMWBDNMD48 | Long             | EC               | CORP              | IN        |      33300 | NS      | $181543.27    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Roko AB                                           | Roko AB                                                       | CUSIP: 000000000<br>LEI: 549300X76X1DK285JB13 | Long             | EC               | CORP              | SE        |       1930 | NS      | $360889.62    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Zegona Communications plc                         | Zegona Communications plc                                     | CUSIP: 000000000<br>LEI: 213800ASI1VZL2ED4S65 | Long             | EC               | CORP              | GB        |     208813 | NS      | $3926500.77   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                          | ICON PLC                                                      | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |       6010 | NS      | $1095142.20   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                         | Linde PLC                                                     | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |       1675 | NS      | $714203.25    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                     | Medtronic PLC                                                 | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      11804 | NS      | $1133892.24   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-21

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin