# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001752724-25-195811
**Filing Date:** 2025-8
**Character Count:** 106549
**Document Hash:** 59b0793acb5890dddc8d3f17a3daa489
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-195811.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-195811

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THORNBURG INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000816153

**ORGANIZATION NAME:**
- **EIN:** 061158764
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 251238593

**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 High Income Bond Managed Account Fund (Series ID: S000091427)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000259092 | Class SMA    | THIBX           |

## Nport-Ex

Schedule of Investments

---

| | |
|:---|:---|
| **Thornburg High Income Bond Managed Account Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Asset Backed Securities — 20.8%** |  |  |
|  | &nbsp;&nbsp;**Auto Receivables — 2.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | &nbsp;&nbsp;$26343 | &nbsp;&nbsp;$26695 |
|  | &nbsp;&nbsp;&nbsp;DT Auto Owner Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3A Class C, 7.69% due 7/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 16701 | &nbsp;&nbsp;&nbsp;&nbsp; 16812 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C, 5.79% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25167 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C, 6.40% due 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25414 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Hyundai Auto Lease Securitization Trust, Series 2023-B Class A3, 5.15% due 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23946 | &nbsp;&nbsp;&nbsp;&nbsp; 23951 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust VII, Series 2022-3A Class A, 5.38% due 11/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 26527 | &nbsp;&nbsp;&nbsp;&nbsp; 26532 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 144571 |
|  | &nbsp;&nbsp;**Other Asset Backed — 9.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-X1 Class A, 6.27% due 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 21268 | &nbsp;&nbsp;&nbsp;&nbsp; 21286 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;BHG Securitization Trust, Series 2023-B Class A, 6.92% due 12/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 39551 | &nbsp;&nbsp;&nbsp;&nbsp; 41333 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Dell Equipment Finance Trust, Series 2024-1 Class A2, 5.58% due 3/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 39313 | &nbsp;&nbsp;&nbsp;&nbsp; 39394 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2021-1A Class A, 1.27% due 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 40147 | &nbsp;&nbsp;&nbsp;&nbsp; 37540 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;FREED ABS Trust, Series 2022-1FP Class D, 3.35% due 3/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 32951 | &nbsp;&nbsp;&nbsp;&nbsp; 32746 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 54245 | &nbsp;&nbsp;&nbsp;&nbsp; 44728 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;GoodLeap Sustainable Home Solutions Trust, Series 2022-1GS Class A, 2.70% due 1/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 35161 | &nbsp;&nbsp;&nbsp;&nbsp; 30082 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Marlette Funding Trust, Series 2023-2A Class B, 6.54% due 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 26792 | &nbsp;&nbsp;&nbsp;&nbsp; 26845 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, Series 2020-2A Class B, 2.21% due 8/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 39438 | &nbsp;&nbsp;&nbsp;&nbsp; 32301 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2023-A Class A2, 6.57% due 6/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 35617 | &nbsp;&nbsp;&nbsp;&nbsp; 35860 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2022-5 Class A, 8.096% due 6/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 15113 | &nbsp;&nbsp;&nbsp;&nbsp; 15148 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Reach ABS Trust, Series 2024-1A Class A, 6.30% due 2/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 33705 | &nbsp;&nbsp;&nbsp;&nbsp; 33824 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust, Series 2021-A Class A, 2.30% due 12/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 30995 | &nbsp;&nbsp;&nbsp;&nbsp; 30777 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Series 2024-1A Class A2, 4.992% due 9/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24703 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC, Series 2022-3A Class B, 6.32% due 7/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 43145 | &nbsp;&nbsp;&nbsp;&nbsp; 43665 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Theorem Funding Trust, Series 2022-3A Class A, 7.60% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 19794 | &nbsp;&nbsp;&nbsp;&nbsp; 19835 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 510067 |
|  | &nbsp;&nbsp;**Student Loan — 8.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;College Avenue Student Loans LLC, Series 2017-A Class A2, 3.75% due 11/26/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 47430 | &nbsp;&nbsp;&nbsp;&nbsp; 45824 |
|  | &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AGS Class A1, 2.55% due 5/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 32969 | &nbsp;&nbsp;&nbsp;&nbsp; 31757 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A, 1.69% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 21097 | &nbsp;&nbsp;&nbsp;&nbsp; 19316 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Education Funding Trust, Series 2020-A Class A, 2.79% due 7/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 49745 | &nbsp;&nbsp;&nbsp;&nbsp; 46961 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, Series 2005-1 Class B, 4.814% (TSFR1M + 0.49%) due 3/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 21453 | &nbsp;&nbsp;&nbsp;&nbsp; 19530 |
|  | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GA Class A, 2.40% due 10/15/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 26492 | &nbsp;&nbsp;&nbsp;&nbsp; 25559 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-FA Class A, 1.22% due 7/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 15481 | &nbsp;&nbsp;&nbsp;&nbsp; 14473 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-HA Class A, 1.31% due 1/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 25274 | &nbsp;&nbsp;&nbsp;&nbsp; 23883 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Series 2019-BA Class A2B, 5.406% (TSFR1M + 1.09%) due 12/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 32748 | &nbsp;&nbsp;&nbsp;&nbsp; 32645 |
|  | &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-9 Class B, 4.925% (SOFR90A + 0.56%) due 1/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 72139 | &nbsp;&nbsp;&nbsp;&nbsp; 68139 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-7 Class B, 4.825% (SOFR90A + 0.46%) due 1/27/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 38207 | &nbsp;&nbsp;&nbsp;&nbsp; 35249 |
|  | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC, |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B Class A2FX, 3.34% due 8/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 29638 | &nbsp;&nbsp;&nbsp;&nbsp; 29502 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C Class A2FX, 2.37% due 11/16/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 24418 | &nbsp;&nbsp;&nbsp;&nbsp; 23503 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Wachovia Student Loan Trust, Series 2005-1 Class B, 4.925% (SOFR90A + 0.56%) due 10/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 21037 | &nbsp;&nbsp;&nbsp;&nbsp; 19153 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 435494 |
|  | &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $1,079,235) |  | &nbsp;&nbsp;&nbsp;&nbsp;1090132 |
|  | **Corporate Bonds — 58.7%** |  |  |
|  | &nbsp;&nbsp;**Capital Goods — 5.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 2.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc., 4.125% due 6/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 53776 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.75% due 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56173 |
|  | &nbsp;&nbsp;&nbsp;**Machinery — 3.0%** |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;ATS Corp., 4.125% due 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33465 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc., 6.125% due 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36006 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Esab Corp., 6.25% due 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56332 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., 4.00% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33673 |

---

------

Schedule of Investments, Continued

---

| | |
|:---|:---|
| **Thornburg High Income Bond Managed Account Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC, 8.50% due 6/15/2030 | &nbsp;&nbsp;$18000 | &nbsp;&nbsp;$19290 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 288715 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 1.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ACCO Brands Corp., 4.25% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 15912 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Clean Harbors, Inc., 5.125% due 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54280 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;VT Topco, Inc., 8.50% due 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 19118 |
|  | &nbsp;&nbsp;&nbsp;**Professional Services — 1.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Gartner, Inc., 3.625% due 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33304 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Korn Ferry, 4.625% due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34812 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 157426 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Durables — 0.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 14761 |
|  | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Champ Acquisition Corp., 8.375% due 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 38385 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 53146 |
|  | &nbsp;&nbsp;**Consumer Services — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 1.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Aramark Services, Inc., 5.00% due 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54755 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33983 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 88738 |
|  | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.875% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54943 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18647 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;U.S. Foods, Inc., 4.75% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54099 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 127689 |
|  | &nbsp;&nbsp;**Energy — 6.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 6.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35161 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36340 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Ecopetrol SA, 7.75% due 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14716 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;El Paso Natural Gas Co. LLC, 3.50% due 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 31482 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Global Partners LP/GLP Finance Corp., 7.125% due 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25347 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC, 3.45% due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34271 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Parkland Corp., 5.875% due 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35010 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 5.95% due 1/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13544 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35111 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC, 8.625% due 10/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18357 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sunoco LP, 7.00% due 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36451 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC, 5.70% due 9/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35709 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 351499 |
|  | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified REITs — 1.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 5.25% due 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54227 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 54227 |
|  | &nbsp;&nbsp;**Financial Services — 4.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 1.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp., 3.75% due 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34313 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC, 8.25% due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18646 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 4.00% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34008 |
|  | &nbsp;&nbsp;&nbsp;**Consumer Finance — 0.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;FirstCash, Inc., 5.625% due 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34930 |
|  | &nbsp;&nbsp;&nbsp;**Financial Services — 1.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.375% due 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36783 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.50% due 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54967 |

---

------

Schedule of Investments, Continued

---

| | |
|:---|:---|
| **Thornburg High Income Bond Managed Account Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 213647 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Beverages — 0.7%** |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | &nbsp;&nbsp;$35000 | &nbsp;&nbsp;$34063 |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 1.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc., 5.25% due 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34968 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Post Holdings, Inc., 6.25% due 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56577 |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 0.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc., 7.625% due 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36702 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 162310 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 3.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 1.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Hologic, Inc., 3.25% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 52441 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Medline Borrower LP, 3.875% due 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33605 |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc., 3.75% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 32835 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Select Medical Corp., 6.25% due 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30181 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.125% due 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35607 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 184669 |
|  | &nbsp;&nbsp;**Household & Personal Products — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Products — 1.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 4.75% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17524 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc., 5.125% due 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34761 |
|  | &nbsp;&nbsp;&nbsp;**Personal Care Products — 1.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co., 5.50% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54741 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 107026 |
|  | &nbsp;&nbsp;**Insurance — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 2.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;American National Group, Inc., 6.144% due 6/13/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35924 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., 4.40% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33998 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sammons Financial Group, Inc., 6.875% due 4/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37484 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 107406 |
|  | &nbsp;&nbsp;**Materials — 6.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 1.4%** |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., 9.00% due 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37797 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 32599 |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 4.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc., 5.50% due 3/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35520 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 3.50% due 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 32999 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Matthews International Corp., 8.625% due 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36420 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;OI European Group BV, 4.75% due 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14411 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S., 7.25% due 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57859 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., 1.40% due 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34055 |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.6%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Novelis Corp., 3.875% due 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 31417 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 313077 |
|  | &nbsp;&nbsp;**Media & Entertainment — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 2.3%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 51325 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875% due 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34880 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 4.00% due 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33613 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 119818 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 1.0%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Avantor Funding, Inc., 4.625% due 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54020 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 54020 |
|  | &nbsp;&nbsp;**Real Estate Management & Development — 1.4%** |  |  |

---

------

Schedule of Investments, Continued

---

| | |
|:---|:---|
| **Thornburg High Income Bond Managed Account Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 1.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | &nbsp;&nbsp;$35000 | &nbsp;&nbsp;$35297 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Greystar Real Estate Partners LLC, 7.75% due 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37135 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 72432 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.9%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.187% due 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 29012 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18035 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 47047 |
|  | &nbsp;&nbsp;**Software & Services — 6.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 1.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc., 6.625% due 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36068 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54139 |
|  | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.7%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Arches Buyer, Inc., 4.25% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17232 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC, 7.00% due 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18086 |
|  | &nbsp;&nbsp;&nbsp;**Software — 4.0%** |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Constellation Software, Inc., 5.158% due 2/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35665 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., 4.00% due 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 53531 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;MSCI, Inc., 3.875% due 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 32992 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Open Text Corp., 3.875% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 53343 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc., 5.50% due 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35013 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 336069 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 2.1%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Sensata Technologies, Inc., 4.375% due 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19082 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc., 6.375% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56629 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., 6.50% due 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35989 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 111700 |
|  | &nbsp;&nbsp;**Telecommunication Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 0.3%** |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Videotron Ltd., 5.125% due 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15002 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15002 |
|  | &nbsp;&nbsp;**Utilities — 2.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 1.4%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;ITC Holdings Corp., 5.65% due 5/9/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35883 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Kentucky Power Co., 7.00% due 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37651 |
|  | &nbsp;&nbsp;&nbsp;**Gas Utilities — 0.7%** |  |  |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;APA Infrastructure Ltd., 5.125% due 9/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34322 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 107856 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $3,043,950) |  | &nbsp;&nbsp;&nbsp;&nbsp;3073519 |
|  | **Convertible Bonds — 0.9%** |  |  |
|  | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Broadline Retail — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Airbnb, Inc., Series 2025-1A Class D, Zero Coupon due 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48223 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48223 |
|  | &nbsp;&nbsp;&nbsp;Total Convertible Bonds (Cost $48,222) |  | &nbsp;&nbsp;&nbsp;&nbsp; 48223 |
|  | **Other Government — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic Central Bank Notes (DOP), 12.00% due 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp; 15848 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Panama Bonos del Tesoro, 3.362% due 6/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12318 |
|  | &nbsp;&nbsp;&nbsp;U.K. Gilts (GBP), 4.125% due 7/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 16632 |
|  | &nbsp;&nbsp;&nbsp;Total Other Government (Cost $43,013) |  | &nbsp;&nbsp;&nbsp;&nbsp; 44798 |

---

------

Schedule of Investments, Continued

---

| | |
|:---|:---|
| **Thornburg High Income Bond Managed Account Fund** | *June 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | **Mortgage Backed — 12.3%** |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2019-F Class A1, 2.86% due 7/25/2059 | &nbsp;&nbsp;$41295 | &nbsp;&nbsp;$40075 |
| **<sup>a,b</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; 53778 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2013-A Class A, 3.00% due 5/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 27050 | &nbsp;&nbsp;&nbsp;&nbsp; 24845 |
|  | &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-6 Class B1, 4.267% due 12/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 50865 | &nbsp;&nbsp;&nbsp;&nbsp; 46622 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-HYB1 Class B4, 4.97% due 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 48162 | &nbsp;&nbsp;&nbsp;&nbsp; 48105 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-INV1 Class B3, 4.905% due 9/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 51244 | &nbsp;&nbsp;&nbsp;&nbsp; 49527 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Legacy Mortgage Asset Trust, Whole Loan Securities Trust CMO, Series 2021-GS4 Class A1, 4.65% due 11/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 58663 | &nbsp;&nbsp;&nbsp;&nbsp; 58653 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;OBX Trust, Whole Loan Securities Trust CMO, Series 2020-EXP3 Class 1A8, 3.00% due 1/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 54199 | &nbsp;&nbsp;&nbsp;&nbsp; 46559 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Oceanview Mortgage Loan Trust, Whole Loan Securities Trust CMO, 1.733% due 5/28/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 21441 | &nbsp;&nbsp;&nbsp;&nbsp; 19777 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2021-1R Class A1, 0.859% due 1/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 33986 | &nbsp;&nbsp;&nbsp;&nbsp; 32135 |
|  | &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4 Class B1, 3.434% due 4/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 49161 | &nbsp;&nbsp;&nbsp;&nbsp; 47508 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-CH2 Class A1, 4.50% due 8/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 20538 | &nbsp;&nbsp;&nbsp;&nbsp; 20396 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;VOLT CVI LLC, Whole Loan Securities Trust CMO, Series 2021-NP12 Class A1, 5.734% due 12/26/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 47108 | &nbsp;&nbsp;&nbsp;&nbsp; 46962 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;VOLT XCIX LLC, Whole Loan Securities Trust CMO, Series 2021-NPL8 Class A1, 6.116% due 4/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 16512 | &nbsp;&nbsp;&nbsp;&nbsp; 16503 |
|  | &nbsp;&nbsp;&nbsp;WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-1 Class A2, 3.50% due 6/20/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 48843 | &nbsp;&nbsp;&nbsp;&nbsp; 46291 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-1 Class B4, 3.783% due 1/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 52449 | &nbsp;&nbsp;&nbsp;&nbsp; 47016 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $639,765) |  | &nbsp;&nbsp;&nbsp;&nbsp; 644752 |
|  | **Short-Term Investments — 4.7%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;&nbsp;&nbsp; 24430 | &nbsp;&nbsp;&nbsp;&nbsp; 244299 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $244,299) |  | &nbsp;&nbsp;&nbsp;&nbsp; 244299 |
|  | **Total Investments — 98.3% (Cost $5,098,484)** |  | &nbsp;&nbsp;$5145723 |
|  | **Other Assets Less Liabilities — 1.7%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89274 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$5234997 |

---

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the aggregate value of these securities in the Fund's portfolio was $4,554,957, representing 87.01% of the Fund's net assets. |
| b | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on June 30, 2025. |
| c | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| d | Investment in Affiliates. |

---

#### Portfolio Abbreviations<br> To simplify the listings of securities, abbreviations are used per the table below:
ABS Asset Backed Securities <br> CMO Collateralized Mortgage Obligation <br> DOP Denominated in Dominican Peso

GBP Denominated in Pound Sterling <br> SOFR90A Secured Overnight Financing Rate 90-Day Average <br> TSFR1M Term SOFR 1 Month

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg High Income Bond Managed Account Fund** | *June 30, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg High Income Bond Managed Account 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 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> 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 High Income Bond Managed Account Fund** | *June 30, 2025 (Unaudited)* |

---

------

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market Value<br> 9/30/24** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appr./(Depr.)** | &nbsp;&nbsp;**Market Value<br> 6/30/25** | &nbsp;&nbsp;**Dividend<br> Income** |
| Thornburg Capital Mgmt. Fund | $- | &nbsp;&nbsp;$5540552 | &nbsp;&nbsp;$(5296253) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$244299 | &nbsp;&nbsp;$11312 |

---

## 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 High Income Bond Managed Account Fund

- **b. EDGAR series identifier (if any):** S000091427

- **c. LEI of Series:** 254900ZWVRXZRTELMS47

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $5248459.42

**Total Liabilities:** $41563.56

**Net Assets:** $5206895.86

**Cash Not Reported:** $0.26

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -7.46000000 | **1-Year:** -98.76000000 | **5-Year:** -266.82000000 | **10-Year:** -246.19000000 | **30-Year:** -21.87000000

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

- **3-Month:** -17.17000000 | **1-Year:** -233.03000000 | **5-Year:** -297.37000000 | **10-Year:** -66.87000000 | **30-Year:** -12.04000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259092 | 0.93%                | 0.59%                | 1.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $286.15                  | $19649.51                                  |
| Month 2  | $-1622.79                | $782.49                                    |
| Month 3  | $294.09                  | $31994.14                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EL PASO NATURAL GAS                              | El Paso Natural Gas Co LLC                                                | CUSIP: 283695BQ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $31481.80     | 0.60%             | 2032-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                              | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29011.85     | 0.56%             | 2036-11-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                    | Parkland Corp                                                             | CUSIP: 70137TAP0<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     35000 | PA      | $35009.80     | 0.67%             | 2027-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| QORVO INC                                        | Qorvo Inc                                                                 | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18035.20     | 0.35%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                           | Marlette Funding Trust 2023-2                                             | CUSIP: 57109LAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     26792 | PA      | $26844.64     | 0.52%             | 2033-06-15      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                         | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc     | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $18646.74     | 0.36%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CHAMP ACQUISITION CORP                           | Champ Acquisition Corp                                                    | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     36000 | PA      | $38385.36     | 0.74%             | 2031-12-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Inc                            | SS&C Technologies Inc                                                     | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35012.95     | 0.67%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION SOFTWARE                           | Constellation Software Inc/Canada                                         | CUSIP: 21037XAC4<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | CORP              | CA        |     35000 | PA      | $35665.00     | 0.68%             | 2029-02-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co LLC                | Sierra Timeshare 2022-3 Receivables Funding LLC                           | CUSIP: 826934AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     43145 | PA      | $43665.42     | 0.84%             | 2039-07-20      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| COGENT COMM GROUP LLC                            | Cogent Communications Group LLC                                           | CUSIP: 19240CAE3<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18086.40     | 0.35%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                         | Summit Midstream Holdings LLC                                             | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $18356.76     | 0.35%             | 2029-10-31      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                           | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC     | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $54942.80     | 1.06%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE                           | Edgewell Personal Care Co                                                 | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54741.50     | 1.05%             | 2028-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freed ABS Trust                                  | FREED ABS Trust 2022-1FP                                                  | CUSIP: 35633KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     32951 | PA      | $32746.44     | 0.63%             | 2029-03-19      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                              | DT Auto Owner Trust 2023-3                                                | CUSIP: 23345WAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25000 | PA      | $25413.91     | 0.49%             | 2029-05-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                | Citigroup Mortgage Loan Trust 2013-A                                      | CUSIP: 17320XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27050 | PA      | $24845.24     | 0.48%             | 2042-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                | Post Holdings Inc                                                         | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56577.40     | 1.09%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                              | Avantor Funding Inc                                                       | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54019.90     | 1.04%             | 2028-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NUFARM AUSTRALIA/AMERICA                         | Nufarm Australia Ltd / Nufarm Americas Inc                                | CUSIP: 67052NAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |     35000 | PA      | $32599.00     | 0.63%             | 2030-01-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KORN/FERRY INTERNATIONAL                         | Korn Ferry                                                                | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34812.40     | 0.67%             | 2027-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Education Funding Trust                          | Education Funding Trust Trust                                             | CUSIP: 28141PAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     49745 | PA      | $46960.74     | 0.90%             | 2041-07-25      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC             | Sofi Professional Loan Program 2018-B Trust                               | CUSIP: 83404RAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29638 | PA      | $29501.92     | 0.57%             | 2047-08-25      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                           | Delek Logistics Partners LP / Delek Logistics Finance Corp                | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $36340.15     | 0.70%             | 2029-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trust                  | Residential Mortgage Loan Trust 2021-1R                                   | CUSIP: 76090NAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     33986 | PA      | $32134.75     | 0.62%             | 2065-01-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| DOM REP CB NOTES                                 | Dominican Republic Central Bank Notes                                     | CUSIP: 000000000<br>LEI: 549300DTVR57NON7XL66 | Long             | DBT              | NUSS              | DO        |    950000 | PA      | $15848.42     | 0.30%             | 2025-10-03      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| SUNOCO LP                                        | Sunoco LP                                                                 | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36451.10     | 0.70%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                | Iron Mountain Inc                                                         | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     55000 | PA      | $54226.70     | 1.04%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                    | FirstCash Inc                                                             | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34930.00     | 0.67%             | 2030-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                         | Angel Oak Mortgage Trust 2020-5                                           | CUSIP: 03464WAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     60000 | PA      | $53777.84     | 1.03%             | 2065-05-25      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                           | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     35000 | PA      | $34063.40     | 0.65%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                 | NMEF Funding 2023-A LLC                                                   | CUSIP: 62890QAB1<br>LEI: 549300LKWL3P0UPHKL72 | Long             | ABS-O            | CORP              | US        |     35617 | PA      | $35859.70     | 0.69%             | 2030-06-17      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                           | SLM Student Loan Trust 2006-7                                             | CUSIP: 78443GAJ4<br>LEI: 5493001BOLT10TUVAD70 | Long             | ABS-O            | CORP              | US        |     38207 | PA      | $35249.31     | 0.68%             | 2042-01-27      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                   | Pagaya AI Debt Trust 2022-5                                               | CUSIP: 69548HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15113 | PA      | $15148.31     | 0.29%             | 2030-06-17      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                              | Medline Borrower LP                                                       | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33604.90     | 0.65%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                           | Sequoia Mortgage Trust 2019-CH2                                           | CUSIP: 81747CAA9<br>LEI: 549300RES143ZXEZ6T39 | Long             | ABS-MBS          | CORP              | US        |     20538 | PA      | $20395.54     | 0.39%             | 2049-08-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust 2019-HYB1                                        | CUSIP: 46651FAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     48162 | PA      | $48104.84     | 0.92%             | 2049-10-25      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                          | American National Group Inc                                               | CUSIP: 02772AAA7<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35923.65     | 0.69%             | 2032-06-13      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                  | Fair Isaac Corp                                                           | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     55000 | PA      | $53530.40     | 1.03%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                              | Prestige Brands Inc                                                       | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34760.95     | 0.67%             | 2028-01-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| VIDEOTRON LTD / LTEE                             | Videotron Ltd                                                             | CUSIP: 92660FAK0<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |     15000 | PA      | $15001.65     | 0.29%             | 2027-04-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                            | Directv Financing LLC / Directv Financing Co-Obligor Inc                  | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $34880.30     | 0.67%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                          | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34007.75     | 0.65%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                         | Graphic Packaging International LLC                                       | CUSIP: 38869AAC1<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32998.70     | 0.63%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GROUP                          | Sammons Financial Group Inc                                               | CUSIP: 79588TAF7<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |     35000 | PA      | $37483.95     | 0.72%             | 2034-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                              | DT Auto Owner Trust 2022-3                                                | CUSIP: 23345RAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16701 | PA      | $16812.48     | 0.32%             | 2028-07-17      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| ITC HOLDINGS CORP                                | ITC Holdings Corp                                                         | CUSIP: 465685AT2<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35883.05     | 0.69%             | 2034-05-09      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                 | Insight Enterprises Inc                                                   | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36067.85     | 0.69%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                                        | Esab Corp                                                                 | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56332.10     | 1.08%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2024-X1                                 | CUSIP: 00834XAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21268 | PA      | $21285.74     | 0.41%             | 2029-05-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| SENSATA TECH INC                                 | Sensata Technologies Inc                                                  | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19082.20     | 0.37%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                         | United Wholesale Mortgage LLC                                             | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54967.00     | 1.06%             | 2025-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                     | US Foods Inc                                                              | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54099.65     | 1.04%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM                         | Amcor Flexibles North America Inc                                         | CUSIP: 02344AAE8<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35520.45     | 0.68%             | 2035-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                       | Navient Private Education Refi Loan Trust 2020-F                          | CUSIP: 63941XAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15481 | PA      | $14473.16     | 0.28%             | 2069-07-15      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| AIRBNB INC                                       | Airbnb Inc                                                                | CUSIP: 009066AB7<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48223.00     | 0.93%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                                     | VT Topco Inc                                                              | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |     18000 | PA      | $19117.62     | 0.37%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                        | College Avenue Student Loans LLC                                          | CUSIP: 194204AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     47430 | PA      | $45824.21     | 0.88%             | 2046-11-26      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                           | Sequoia Mortgage Trust 2013-4                                             | CUSIP: 81744YAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     49161 | PA      | $47507.98     | 0.91%             | 2043-04-25      | Variable      | 3.43%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                    | Commonbond Student Loan Trust 2020-1                                      | CUSIP: 20268BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21097 | PA      | $19315.94     | 0.37%             | 2051-10-25      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                      | Legacy Mortgage Asset Trust 2021-GS4                                      | CUSIP: 52475WAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     58663 | PA      | $58652.57     | 1.13%             | 2060-11-25      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| Thornburg Capital Management Fund                | Thornburg Capital Management Fund                                         | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |     24338 | NS      | $243384.97    | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| WHISTLER PIPELINE LLC                            | Whistler Pipeline LLC                                                     | CUSIP: 96337RAB8<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35708.75     | 0.69%             | 2031-09-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                           | Cushman & Wakefield US Borrower LLC                                       | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35296.45     | 0.68%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                         | Foundation Finance Trust 2021-1                                           | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |     40147 | PA      | $37540.16     | 0.72%             | 2041-05-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                              | Axon Enterprise Inc                                                       | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36006.25     | 0.69%             | 2030-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                       | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33612.95     | 0.65%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                           | SLM Student Loan Trust 2005-9                                             | CUSIP: 78442GRC2<br>LEI: SCSW2GRYW6ZPGKE5DL61 | Long             | ABS-O            | CORP              | US        |     72139 | PA      | $68138.70     | 1.31%             | 2041-01-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I       | Research-Driven Pagaya Motor Asset Trust VII                              | CUSIP: 76088TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     26527 | PA      | $26531.97     | 0.51%             | 2030-11-25      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CD&R SMOKEY / RADIO SYS                          | CD&R Smokey Buyer Inc / Radio Systems Corp                                | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $14761.08     | 0.28%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP                          | Zebra Technologies Corp                                                   | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35988.40     | 0.69%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers Issuer, LLC        | Retained Vantage Data Centers Issuer LLC                                  | CUSIP: 76134KAH7<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |     25000 | PA      | $24702.49     | 0.47%             | 2049-09-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                              | Silgan Holdings Inc                                                       | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34055.00     | 0.65%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                              | DT Auto Owner Trust 2023-2                                                | CUSIP: 23346CAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25000 | PA      | $25167.23     | 0.48%             | 2029-02-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                              | NOVA Chemicals Corp                                                       | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     35000 | PA      | $37797.55     | 0.73%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GREYSTAR REAL ESTATE PAR                         | Greystar Real Estate Partners LLC                                         | CUSIP: 39807UAD8<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |     35000 | PA      | $37135.35     | 0.71%             | 2030-09-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HOLOGIC INC                                      | Hologic Inc                                                               | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |     55000 | PA      | $52440.85     | 1.01%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MUELLER WATER PRODUCTS                           | Mueller Water Products Inc                                                | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33672.80     | 0.65%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust 2019-INV1                                        | CUSIP: 46591DAZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     51244 | PA      | $49527.52     | 0.95%             | 2049-09-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                           | APA Infrastructure Ltd                                                    | CUSIP: 00188LAA5<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |     35000 | PA      | $34322.05     | 0.66%             | 2034-09-16      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Panama Bonos del Tesoro                          | Panama Bonos del Tesoro                                                   | CUSIP: 000000000<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     15000 | PA      | $12317.70     | 0.24%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                            | Tenet Healthcare Corp                                                     | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35607.60     | 0.68%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                           | WESCO Distribution Inc                                                    | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56629.10     | 1.09%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                 | BOF VII AL Funding Trust I                                                | CUSIP: 097093AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     26343 | PA      | $26694.54     | 0.51%             | 2032-07-26      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                              | Reach Abs Trust 2024-1                                                    | CUSIP: 75526PAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     33705 | PA      | $33824.36     | 0.65%             | 2031-02-18      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                                                | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     12000 | PA      | $16631.74     | 0.32%             | 2029-07-22      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                         | Science Applications International Corp                                   | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54139.80     | 1.04%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                       | Navient Private Education Refi Loan Trust 2020-H                          | CUSIP: 63935BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25274 | PA      | $23883.32     | 0.46%             | 2069-01-15      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                           | Energizer Holdings Inc                                                    | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17524.08     | 0.34%             | 2028-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust                     | WinWater Mortgage Loan Trust 2014-1                                       | CUSIP: 97652PAB7<br>LEI: 5493002CYMIHYUBDIR84 | Long             | ABS-MBS          | CORP              | US        |     48843 | PA      | $46291.51     | 0.89%             | 2044-06-20      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP                              | Select Medical Corp                                                       | CUSIP: 816196AV1<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30181.20     | 0.58%             | 2032-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                       | Navient Student Loan Trust 2019-B                                         | CUSIP: 63941LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     32748 | PA      | $32644.72     | 0.63%             | 2059-12-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                         | Columbia Pipelines Holding Co LLC                                         | CUSIP: 19828AAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $35160.65     | 0.68%             | 2031-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                            | Theorem Funding Trust 2022-3                                              | CUSIP: 882925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19794 | PA      | $19834.86     | 0.38%             | 2029-04-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                           | Mosaic Solar Loan Trust 2020-2                                            | CUSIP: 61946PAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39439 | PA      | $32301.48     | 0.62%             | 2046-08-20      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| Darling Ingredients Inc                          | Darling Ingredients Inc                                                   | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34967.45     | 0.67%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY POWER CO                                | Kentucky Power Co                                                         | CUSIP: 491386AP3<br>LEI: JHOZYZ5WPEXWR477VH72 | Long             | DBT              | CORP              | US        |     35000 | PA      | $37650.90     | 0.72%             | 2033-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fund                  | Oceanview Mortgage Loan Trust 2020-1                                      | CUSIP: 676477AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21441 | PA      | $19776.88     | 0.38%             | 2050-05-28      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                         | Blue Owl Technology Finance Corp                                          | CUSIP: 691205AE8<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34313.65     | 0.66%             | 2026-06-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                              | Petroleos Mexicanos                                                       | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     15000 | PA      | $13544.10     | 0.26%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust | GoodLeap Sustainable Home Solutions Trust 2022-1                          | CUSIP: 38237JAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35161 | PA      | $30081.57     | 0.58%             | 2049-01-20      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                             | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56173.15     | 1.08%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                                 | Arches Buyer Inc                                                          | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17231.58     | 0.33%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                              | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $51324.35     | 0.99%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                             | Aramark Services Inc                                                      | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54754.70     | 1.05%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                   | Open Text Corp                                                            | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     55000 | PA      | $53343.40     | 1.02%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                                  | Goodgreen 2021-1 Trust                                                    | CUSIP: 38217UAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54245 | PA      | $44728.33     | 0.86%             | 2056-10-15      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                         | Jefferson Capital Holdings LLC                                            | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $18645.84     | 0.36%             | 2030-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Winwater Mortgage Loan Trust                     | WinWater Mortgage Loan Trust 2016-1                                       | CUSIP: 97655JCE0<br>LEI: 5493007FSEV8PHXVE122 | Long             | ABS-MBS          | CORP              | US        |     52449 | PA      | $47016.21     | 0.90%             | 2046-01-20      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US                         | Sealed Air Corp/Sealed Air Corp US                                        | CUSIP: 812127AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $57858.90     | 1.11%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                     | Dell Equipment Finance Trust 2024-1                                       | CUSIP: 24702GAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39313 | PA      | $39393.75     | 0.76%             | 2030-03-22      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL C                         | Matthews International Corp                                               | CUSIP: 577128AC5<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36419.60     | 0.70%             | 2027-10-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| OI EUROPEAN GROUP BV                             | OI European Group BV                                                      | CUSIP: 67777LAD5<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |     15000 | PA      | $14411.40     | 0.28%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                         | Windsor Holdings III LLC                                                  | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |     18000 | PA      | $19290.06     | 0.37%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                          | Global Partners LP / GLP Finance Corp                                     | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25347.50     | 0.49%             | 2033-07-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ACCO BRANDS CORP                                 | ACCO Brands Corp                                                          | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |     18000 | PA      | $15912.36     | 0.31%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ATS CORP                                         | ATS Corp                                                                  | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |     35000 | PA      | $33464.55     | 0.64%             | 2028-12-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC             | Sofi Professional Loan Program 2019-C LLC                                 | CUSIP: 83401CAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24418 | PA      | $23502.67     | 0.45%             | 2048-11-16      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                     | Novelis Corp                                                              | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31416.70     | 0.60%             | 2031-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Commonbond Student Loan Trust                    | Commonbond Student Loan Trust 2017-A-GS                                   | CUSIP: 20267VAA5<br>LEI: 549300LRCNJYVPZRKK63 | Long             | ABS-O            | CORP              | US        |     32969 | PA      | $31756.96     | 0.61%             | 2041-05-25      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                | Clean Harbors Inc                                                         | CUSIP: 184496AP2<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54280.05     | 1.04%             | 2029-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| GRAY OAK PIPELINE LLC                            | Gray Oak Pipeline LLC                                                     | CUSIP: 38937LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $34271.30     | 0.66%             | 2027-10-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                         | OBX 2020-EXP3 Trust                                                       | CUSIP: 67448WAP3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     54199 | PA      | $46558.89     | 0.89%             | 2060-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                         | Charles River Laboratories International Inc                              | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32834.90     | 0.63%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust    | BHG Securitization Trust 2023-B                                           | CUSIP: 08862GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39552 | PA      | $41332.77     | 0.79%             | 2036-12-17      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                             | BWX Technologies Inc                                                      | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     55000 | PA      | $53775.70     | 1.03%             | 2028-06-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                         | Ajax Mortgage Loan Trust 2019-F                                           | CUSIP: 00969PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     41295 | PA      | $40074.97     | 0.77%             | 2059-07-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                         | MSCI Inc                                                                  | CUSIP: 55354GAL4<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32992.05     | 0.63%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                      | Gartner Inc                                                               | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33303.90     | 0.64%             | 2029-06-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                     | Ecopetrol SA                                                              | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     15000 | PA      | $14715.75     | 0.28%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                  | Republic Finance Issuance Trust 2021-A                                    | CUSIP: 76042UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30995 | PA      | $30776.91     | 0.59%             | 2031-12-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                         | Turning Point Brands Inc                                                  | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36701.70     | 0.70%             | 2032-03-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust 2019-6                                           | CUSIP: 46651BAY6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50866 | PA      | $46621.92     | 0.90%             | 2049-12-25      | Variable      | 4.27%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                         | South Bow USA Infrastructure Holdings LLC                                 | CUSIP: 83007CAC6<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35111.30     | 0.67%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| National Collegiate Student Loan Trust           | National Collegiate Student Loan Trust 2005-1                             | CUSIP: 63543PBK1<br>LEI: 635400YFCYTJSI5XDJ17 | Long             | ABS-O            | CORP              | US        |     21453 | PA      | $19530.62     | 0.38%             | 2035-03-26      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA                         | Papa John's International Inc                                             | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33983.25     | 0.65%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Transferee            | VOLT CVI LLC                                                              | CUSIP: 92873KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     47108 | PA      | $46962.32     | 0.90%             | 2051-12-26      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                       | Navient Private Education Refi Loan Trust 2019-G                          | CUSIP: 63941JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     26492 | PA      | $25558.87     | 0.49%             | 2068-10-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Wachovia Student Loan Trust                      | Wachovia Student Loan Trust 2005-1                                        | CUSIP: 92977HAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21037 | PA      | $19152.63     | 0.37%             | 2040-10-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Transferee            | VOLT XCIX LLC                                                             | CUSIP: 92872VAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16512 | PA      | $16502.61     | 0.32%             | 2051-04-25      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                                       | EZCORP Inc                                                                | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36782.90     | 0.71%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust          | Hyundai Auto Lease Securitization Trust 2023-B                            | CUSIP: 448980AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     23946 | PA      | $23950.75     | 0.46%             | 2026-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                           | Global Atlantic Fin Co                                                    | CUSIP: 37959GAA5<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33998.30     | 0.65%             | 2029-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** THORNBURG INVESTMENT TRUST

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin