# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001410368-26-015731
**Filing Date:** 2026-2
**Character Count:** 60181
**Document Hash:** fd64bdab5804b5967cd8776b75c42364
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-015731.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001410368-26-015731

**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:** 26659405

**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 Municipal Managed Account Fund (Series ID: S000079976)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241473 | Class SMA    | THMMX           |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Municipal Managed Account Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | **Long-Term Municipal Bonds — 97.8%** |  |  |
|  | &nbsp;&nbsp;**Alabama — 9.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Alabama Housing Finance Authority (FHLMC, FNMA, GNMA), Series B, 5.05% due 10/1/2045 | &nbsp;&nbsp;$150000 | &nbsp;&nbsp;$154489 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Goldman Sachs Group, Inc.), Series D-1, 5.50% due 6/1/2049 (put 2/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 158221 |
|  | &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), Series B, 5.00% due 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 265788 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Energy Southeast A Cooperative District (Guaranty: Morgan Stanley Group), Series B, 5.25% due 7/1/2054 (put 6/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 324609 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Southeast Alabama Gas Supply District (Guaranty: Pacific Life Insurance Co.), Series A, 5.00% due 8/1/2054 (put 4/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 268570 |
|  | &nbsp;&nbsp;**Arizona — 2.5%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Chandler (Intel Corp.) IDA AMT, 4.10% due 12/1/2037 (put 6/15/2028) | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151163 |
|  | &nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp. (Phoenix Airport Revenue) AMT, 5.00% due 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150460 |
|  | &nbsp;&nbsp;**California — 5.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), Series A-1, 5.00% due 5/1/2054 (put 4/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 267116 |
|  | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority (Greenfield Commons Eah LP) (FNMA) (Green Bond), Series A, 5.28% due 9/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 158323 |
|  | &nbsp;&nbsp;&nbsp;Norman Y Mineta San Jose International Airport SJC AMT, Series A, 5.00% due 3/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199544 |
|  | &nbsp;&nbsp;**Colorado — 2.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority (Addenbrooke Classical Academy, Inc.) (BAM, State Aid Withholding), Series A, 5.00% due 6/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153608 |
|  | &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority (Roosevelt Charter Academy) (BAM), Series A, 5.00% due 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152002 |
|  | &nbsp;&nbsp;**Florida — 6.5%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Capital Projects Finance Authority (Kissimmee Charter Academy), 6.625% due 6/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp; 148216 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Capital Trust Agency, Inc. (Southeastern University Obligated Group), Series A, 6.25% due 5/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102209 |
|  | &nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), Series A, 5.00% due 6/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 149178 |
|  | &nbsp;&nbsp;&nbsp;Greater Orlando Aviation Authority AMT, Series A, 5.00% due 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp; 206721 |
|  | &nbsp;&nbsp;&nbsp;Miami-Dade County Housing Finance Authority (RGC Phase I LLC) (FNMA, HUD), Series A, 4.88% due 3/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199207 |
|  | &nbsp;&nbsp;**Georgia — 4.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Bartow County Development Authority (Georgia Power Co.), 3.95% due 12/1/2032 (put 3/8/2028) | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101610 |
|  | &nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series B, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 7/1/2053 (put 3/1/2030) | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 158205 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/1/2054 (put 3/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 215249 |
|  | &nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia (BAM), Series A, 5.00% due 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100210 |
|  | &nbsp;&nbsp;**Illinois — 3.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Chicago Wastewater Transmission Revenue (AG), Series A, 5.25% due 1/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 156681 |
|  | &nbsp;&nbsp;&nbsp;Northeastern Illinois University (BAM) COP, 5.00% due 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 155293 |
|  | &nbsp;&nbsp;&nbsp;State of Illinois GO, Series B, 4.00% due 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 145381 |
|  | &nbsp;&nbsp;**Indiana — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Indiana Masonic Home, Inc. Obligated Group), Series B, 5.00% due 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 262133 |
|  | &nbsp;&nbsp;&nbsp;Indiana Finance Authority (Westminster Village Greenwood, Inc. Obligated Group), Series A, 5.75% due 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 206510 |
|  | &nbsp;&nbsp;**Iowa — 1.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Iowa Finance Authority (Iowa Fertilizer Co. LLC; Guaranty: OCI NV), 5.00% due 12/1/2050 (pre-refunded 12/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 171714 |
|  | &nbsp;&nbsp;**Kentucky — 4.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;County of Owen (American Water/Kentucky-American Water Co. Obligated Group), 3.875% due 6/1/2040 (put 9/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153110 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), Series A-1, 5.25% due 4/1/2054 (put 2/1/2032) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 269139 |
|  | &nbsp;&nbsp;&nbsp;Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group), Series A, 5.00% due 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151423 |
|  | &nbsp;&nbsp;**Michigan — 3.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Detroit GO, Series C, 6.00% due 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 277113 |
|  | &nbsp;&nbsp;&nbsp;Michigan Strategic Fund (Waste Management of Michigan, Inc.; Guaranty: Waste Management, Inc.) AMT, 4.125% due 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201870 |
|  | &nbsp;&nbsp;**Missouri — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group), Series A, 5.25% due 2/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100892 |
|  | &nbsp;&nbsp;**Nevada — 2.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Carson City (Carson Tahoe Regional Healthcare), Series A, 5.00% due 9/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98532 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;County of Washoe (Sierra Pacific Power Co.) AMT, Series F, 4.125% due 3/1/2036 (put 10/1/2029) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 253398 |
|  | &nbsp;&nbsp;**New Hampshire — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority (Presbyterian Homes Obligated Group), Series A, 5.25% due 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp; 175682 |
|  | &nbsp;&nbsp;**New Jersey — 2.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority AMT, Series C, 5.25% due 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp; 140266 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency (Riverview Towers Preservation LLC) (FHA, GNMA), Series B, 5.25% due 12/20/2065 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp; 189573 |
|  | &nbsp;&nbsp;**New Mexico — 5.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of Farmington (Public Service Co. of New Mexico), Series D, 3.90% due 6/1/2040 (put 6/1/2028) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 252802 |
|  | &nbsp;&nbsp;&nbsp;City of Santa Fe (El Castillo Retirement Residences Obligated Group), 4.00% due 5/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 83196 |
|  | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Series A, 5.00% due 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 137457 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Municipal Managed Account Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority (FHLMC, FNMA, GNMA), Series C, 4.60% due 9/1/2044 | &nbsp;&nbsp;$245000 | &nbsp;&nbsp;$251045 |
|  | &nbsp;&nbsp;**North Carolina — 3.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (Penick Village Obligated Group), Series A, 5.50% due 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp; 160872 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (United Methodist Retirement Homes Inc Obligated Group), Series 2024B-1, 4.25% due 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150094 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 5.125% due 10/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp; 137859 |
|  | &nbsp;&nbsp;**North Dakota — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;City of Horace GO, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series C, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 5/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97356 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99339 |
|  | &nbsp;&nbsp;**Ohio — 4.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series B-2, 5.00% due 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 121349 |
|  | &nbsp;&nbsp;&nbsp;County of Hamilton (Life Enriching Communities Obligated Group), 5.50% due 1/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102130 |
|  | &nbsp;&nbsp;&nbsp;Madison-Plains Local School District (BAM) COP, 5.50% due 12/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 159113 |
|  | &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency (Yorktown Preservation LLC) (FNMA, HUD), 4.55% due 4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp; 163848 |
|  | &nbsp;&nbsp;**Oklahoma — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Muskogee Industrial Trust (Muskogee County No. 20) ISD, 4.00% due 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99564 |
|  | &nbsp;&nbsp;**Pennsylvania — 4.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Chester County Health & Education Facilities Authority (Tel Hai Retirement Community Obligated Group), 5.25% due 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99367 |
|  | &nbsp;&nbsp;&nbsp;Geisinger Authority (Kaiser Obligated Group), Series A, 5.00% due 4/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp; 196874 |
|  | &nbsp;&nbsp;&nbsp;Northeastern Pennsylvania Hospital & Education Authority (King's College), 5.00% due 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp; 153092 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series C 5.00% due 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 155926 |
|  | &nbsp;&nbsp;**South Dakota — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group), 5.00% due 9/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152640 |
|  | &nbsp;&nbsp;**Tennessee — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Chattanooga Health Educational & Housing Facility Board (CommonSpirit Health Obligated Group), Series A-2, 5.00% due 8/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150125 |
|  | &nbsp;&nbsp;**Texas — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Agua Dulce (PSF-GTD) ISD GO, 5.00% due 8/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 157690 |
|  | &nbsp;&nbsp;&nbsp;Matagorda County Navigation District No. 1 (AEP Texas, Inc.) AMT, 4.25% due 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153668 |
|  | &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC) AMT, 5.50% due 12/31/2058 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 155355 |
|  | &nbsp;&nbsp;**Utah — 2.5%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Black Desert Public Infrastructure District (Black Desert Assessment Area No. 1), 5.625% due 12/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200939 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority (Freedom Academy Foundation), Series A, 5.00% due 6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp; 110312 |
|  | &nbsp;&nbsp;**Washington — 2.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Camas Flats Oak Harbor 1 LLLP) (FNMA), Series A FN, 4.55% due 8/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100200 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Josephine Caring Community Obligated Group), Series A, 6.25% due 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151208 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 6.125% due 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102659 |
|  | &nbsp;&nbsp;**West Virginia — 2.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;West Virginia (Kentucky Power Co.) EDA AMT, Series 2014-A, 4.70% due 4/1/2036 (put 6/17/2026) | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp; 291252 |
|  | &nbsp;&nbsp;**Wisconsin — 6.5%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Public Finance Authority (Liberty Classical Schools Educational Services, Inc.), Series A, 6.75% due 6/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100272 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (SR 400 Peach Partners LLC) AMT, Series 2025, 5.75% due 6/30/2060 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 154767 |
|  | &nbsp;&nbsp;&nbsp;Public Finance Authority (WakeMed Obligated Group), Series A 5.00% due 10/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202494 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority (Hospital Sisters Services Obligated Group) (AG), Series A, 5.25% due 8/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 162117 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & EDA (Flats at Bishops Woods LP) (FNMA), Series E, 4.75% due 6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp; 180133 |
|  | &nbsp;&nbsp;&nbsp;Total Long-Term Municipal Bonds — 97.8% (Cost $11,674,711) |  | &nbsp;&nbsp;&nbsp;&nbsp;12040522 |
|  | **SHORT-TERM INVESTMENTS — 1.2%** |  |  |
|  | **Municipal Bonds — 1.1%** |  |  |
|  | &nbsp;&nbsp;**New York — 1.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;City of New York (SPA JP Morgan Chase Bank NA) GO, Series I-2 2.50% due 3/1/2040 (put 1/2/2026) | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 |
|  | &nbsp;&nbsp;&nbsp;Total Municipal Bonds — 1.1% (Cost $140,000) |  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Municipal Managed Account Fund** | *December 31, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **ISSUER-DESCRIPTION** | &nbsp;&nbsp;**Shares/Principal<br> Amount** | &nbsp;&nbsp;**VALUE** |
|  | **Mutual Fund — 0.1%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class, 3.70% | &nbsp;&nbsp; 7714 | &nbsp;&nbsp;$7714 |
|  | &nbsp;&nbsp;&nbsp;Total Mutual Fund — 0.1% (Cost $7,714) |  | &nbsp;&nbsp;&nbsp;&nbsp; 7714 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments — 1.2% (Cost $147,714) |  | &nbsp;&nbsp;&nbsp;&nbsp; 147714 |
|  | **Total Investments — 99.0% (Cost $11,822,425)** |  | &nbsp;&nbsp;$12188236 |
|  | **Other Assets Less Liabilities — 1.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117623 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$12305859 |

---

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | 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. |
| 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 $915,815, representing 7.44% of the Fund's net assets. |
| c | Rate represents the money market fund annualized seven-day yield at December 31, 2025. |

---

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

---

| | |
|:---|:---|
| AG | Insured by Assured Guaranty, Inc. |
| AMT | Alternative Minimum Tax |
| BAM | Insured by Build America Mutual Insurance Co. |
| COP | Certificates of Participation |
| EDA | Economic Development Authority |
| FHA | Insured by Federal Housing Administration |
| FHLMC | Collateralized by Federal Home Loan Mortgage Corp. |
| FNMA | Collateralized by Federal National Mortgage Association |

---

---

| | |
|:---|:---|
| GNMA | Collateralized by Government National Mortgage Association |
| GO | General Obligation |
| HUD | Insured by Housing and Urban Development |
| IDA | Industrial Development Authority/Agency |
| ISD | Independent School District |
| PSF-GTD | Guaranteed by Permanent School Fund |
| SPA | Stand-by Purchase Agreement |

---

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NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Municipal Managed Account Fund** | *December 31, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg Municipal Managed Account Fund (the "Fund") is a non-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 one class of shares of beneficial interest: Class SMA.

#### 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> 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.

## 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 Municipal Managed Account Fund

- **b. EDGAR series identifier (if any):** S000079976

- **c. LEI of Series:** 549300LHVOKZPWTJXV07

**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:** $12342637.56

**Total Liabilities:** $85634.49

**Net Assets:** $12257003.07

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -22.85000000 | **1-Year:** -507.68000000 | **5-Year:** -2014.97000000 | **10-Year:** -3521.89000000 | **30-Year:** -1447.32000000

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

- **3-Month:** -1.53000000 | **1-Year:** -43.12000000 | **5-Year:** -233.51000000 | **10-Year:** -611.10000000 | **30-Year:** -277.27000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241473 | 1.28%                | 0.30%                | 0.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2.00                    | $105297.57                                 |
| Month 2  | $1551.83                 | $-16286.01                                 |
| Month 3  | $0.00                    | $-51734.12                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Agua Dulce Independent School District                             | AGUA DULCE TX INDEP SCH DIST                                | CUSIP: 008560EE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $157689.90    | 1.29%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                  | ALABAMA ST HSG FIN AUTH SF MTGE REVENUE                     | CUSIP: 01030RPV8<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154489.05    | 1.26%             | 2045-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Bartow County Development Authority                                | BARTOW CNTY GA DEV AUTH                                     | CUSIP: 069643BN3<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101609.80    | 0.83%             | 2032-12-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                     | BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE              | CUSIP: 09182NCS7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265788.50    | 2.17%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                     | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE           | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    150000 | PA      | $158220.75    | 1.29%             | 2049-06-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                        | BLACK DESERT PUB INFRASTRUCTURE DIST UT SPL ASSMNT          | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200939.20    | 1.64%             | 2053-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                     | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                     | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $121349.25    | 0.99%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                    | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267116.50    | 2.18%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                             | CALIFORNIA MUNI FIN AUTH MF                                 | CUSIP: 130489AA5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    150000 | PA      | $158322.90    | 1.29%             | 2046-09-01      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                              | CAPITAL PROJS FIN AUTH FL EDUCTNL FACS REVENUE              | CUSIP: 14043FAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $148215.81    | 1.21%             | 2059-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                           | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                   | CUSIP: 14054CFK0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102208.90    | 0.83%             | 2048-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Carson City NV                                                     | CARSON CITY NV HOSP REVENUE                                 | CUSIP: 145810DV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98531.90     | 0.80%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                          | CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE                  | CUSIP: 158862CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151163.40    | 1.23%             | 2037-12-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board            | CHATTANOOGA TN HLTH EDUCTNL &HSG FAC BRD REVENUE            | CUSIP: 162410FF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150125.10    | 1.22%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority           | CHESTER CNTY PA HLTH & EDU FACS AUTH REVENUE                | CUSIP: 165579HT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99367.30     | 0.81%             | 2055-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                 | CHICAGO IL WSTWTR TRANSMISSION REVENUE                      | CUSIP: 167727C46<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    150000 | PA      | $156681.15    | 1.28%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority               | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                    | CUSIP: 19645UUL6<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152002.05    | 1.24%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority               | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                    | CUSIP: 19645UVJ0<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    150000 | PA      | $153607.65    | 1.25%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                 | DETROIT MI                                                  | CUSIP: 2510936E5<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    250000 | PA      | $277113.25    | 2.26%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                            | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE        | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    300000 | PA      | $324608.70    | 2.65%             | 2054-07-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                              | FARMINGTON NM POLL CONTROL REVENUE                          | CUSIP: 311450GC8<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252802.25    | 2.06%             | 2040-06-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                   | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                | CUSIP: 34061UKL1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    150000 | PA      | $149178.30    | 1.22%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                | GEISINGER PA AUTH HLTH SYS REVENUE                          | CUSIP: 368497JU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $196874.15    | 1.61%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                 | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE              | CUSIP: 392274X35<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    205000 | PA      | $206721.18    | 1.69%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                              | HAMILTON CNTY OH HLTH CARE REVENUE                          | CUSIP: 40727RDH8<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102130.40    | 0.83%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                  | HORACE ND                                                   | CUSIP: 440365JN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97356.00     | 0.79%             | 2044-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                  | HORACE ND                                                   | CUSIP: 440365JP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99338.60     | 0.81%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                  | ILLINOIS ST                                                 | CUSIP: 4521525U1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $145381.50    | 1.19%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                          | INDIANA ST FIN AUTH REVENUE                                 | CUSIP: 45506ENF6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262132.75    | 2.14%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                          | INDIANA ST FIN AUTH REVENUE                                 | CUSIP: 45506EPB3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    200000 | PA      | $206510.20    | 1.68%             | 2055-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                             | IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REVENUE             | CUSIP: 46246SAV7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    150000 | PA      | $171713.70    | 1.40%             | 2050-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                | LOUISVILLE & JEFFERSON CNTY KY MET GOVT HLTH SYS REVENUE    | CUSIP: 54659LBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151422.90    | 1.24%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison-Plains Local School District                               | MADISON-PLAINS OH LOCAL SCH DIST COPS                       | CUSIP: 558187AV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $159112.50    | 1.30%             | 2049-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                        | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE           | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    150000 | PA      | $158205.30    | 1.29%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                        | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE           | CUSIP: 56035DHK1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    200000 | PA      | $215248.60    | 1.76%             | 2054-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No 1                          | MATAGORDA CNTY TX NAV DIST #1                               | CUSIP: 576528DV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153668.40    | 1.25%             | 2030-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                        | MIAMI-DADE CNTY FL HSG FIN AUTH MF HSG REVENUE              | CUSIP: 593344BZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199206.60    | 1.63%             | 2046-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                            | MICHIGAN ST STRATEGIC FUND EXEMPT FACS REVENUE              | CUSIP: 59468PAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201870.00    | 1.65%             | 2027-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri | MISSOURI ST HLTH & EDUCTNL FACS AUTH                        | CUSIP: 60635H4B2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100892.10    | 0.82%             | 2048-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                            | MUNI ELEC AUTH OF GA                                        | CUSIP: 62620HDH2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100209.90    | 0.82%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Muskogee Industrial Trust                                          | MUSKOGEE OK INDL TRUST EDUCTNL FACS LEASE REVENUE           | CUSIP: 62813NBC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99564.20     | 0.81%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                           | NATIONAL FIN AUTH NH REVENUE                                | CUSIP: 63607YBJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175682.33    | 1.43%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority           | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE  | CUSIP: 646080YC9<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    140000 | PA      | $140266.14    | 1.14%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                       | NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE         | CUSIP: 646127FN5<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    175000 | PA      | $189573.04    | 1.55%             | 2065-12-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                              | NEW MEXICO ST MTGE FIN AUTH                                 | CUSIP: 647201J94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $251045.13    | 2.05%             | 2044-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                         | NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL 1ST MTGE REVENUE  | CUSIP: 647377AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $137456.85    | 1.12%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                | NEW YORK NY                                                 | CUSIP: 64966LLS8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    140000 | PA      | $140000.00    | 1.14%             | 2040-03-01      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                             | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE   | CUSIP: 65820YSZ0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150093.60    | 1.22%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                             | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE   | CUSIP: 65820YTP1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    165000 | PA      | $160872.36    | 1.31%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                             | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE   | CUSIP: 65820YVF0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    140000 | PA      | $137858.84    | 1.12%             | 2056-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Northeastern Illinois University                                   | N ESTRN IL UNIV COPS                                        | CUSIP: 66442RDQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155292.75    | 1.27%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Pennsylvania Hospital and Education Authority         | N ESTRN PA HOSP & EDU AUTH                                  | CUSIP: 664551DJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $153091.73    | 1.25%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                        | OHIO ST HSG FIN AGY MF HSG REVENUE                          | CUSIP: 676900XL2<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    160000 | PA      | $163848.04    | 1.34%             | 2041-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| County of Owen KY                                                  | OWEN CNTY KY WTR FACS REVENUE                               | CUSIP: 69068WAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153109.80    | 1.25%             | 2040-06-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                   | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE        | CUSIP: 709225ET9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    150000 | PA      | $155925.45    | 1.27%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                             | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                     | CUSIP: 71883MNV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150459.45    | 1.23%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                           | PUBLIC FIN AUTH WI CHRT SCH REVENUE                         | CUSIP: 744396KR2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100272.70    | 0.82%             | 2055-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                   | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE             | CUSIP: 74440DEC4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269139.25    | 2.20%             | 2054-04-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                           | PUBLIC FIN AUTH WI HOSP REVENUE                             | CUSIP: 74442CBY9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $202494.40    | 1.65%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                           | PUBLIC FIN AUTH WI TOLL REVENUE                             | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154766.85    | 1.26%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                 | SAN JOSE CA ARPT REVENUE                                    | CUSIP: 798136VU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199543.60    | 1.63%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                | SANTA FE NM RETMNT FAC REVENUE                              | CUSIP: 802170AK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $83196.10     | 0.68%             | 2042-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority             | SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH                    | CUSIP: 83755VE26<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152639.70    | 1.25%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District/The                          | S E ALABAMA ST GAS SPLY DIST GAS SPLY REVENUE               | CUSIP: 84131TBA9<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    250000 | PA      | $268570.50    | 2.19%             | 2054-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State Street Institutional Treasury Money Market Fund              | State Street Institutional Treasury Money Market Fund       | CUSIP: 857492888<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | EC               | RF                | US        |      7714 | NS      | $7713.85      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp            | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE  | CUSIP: 882667BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155354.85    | 1.27%             | 2058-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                              | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 91754TH22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $110312.16    | 0.90%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                        | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE      | CUSIP: 939783X92<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151207.65    | 1.23%             | 2046-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                        | WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE          | CUSIP: 93978LGP5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102659.10    | 0.84%             | 2053-07-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                        | WASHINGTON ST HSG FIN COMMISSION MF TAX-EXEMPT MTGE-BACKED  | CUSIP: 93979AAD1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100200.37    | 0.82%             | 2043-08-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                | WASHOE CNTY NV WTR FAC REVENUE                              | CUSIP: 940865BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253397.75    | 2.07%             | 2036-03-01      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                       | WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS            | CUSIP: 95648VBP3<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    290000 | PA      | $291251.64    | 2.38%             | 2036-04-01      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| TRISTATE INSURED CASH SWEEP                                        | TRISTATE INSURED CASH SWEEP                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |       225 | PA      | $225.04       | 0.00%             | 2050-10-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority                 | WISCONSIN ST HSG & ECON DEV AUTH MF HSG                     | CUSIP: 97689RFB5<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |    175000 | PA      | $180132.71    | 1.47%             | 2043-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE               | CUSIP: 97712JPG2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    150000 | PA      | $162116.85    | 1.32%             | 2045-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-27

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Senior Manager - Fund Administration