UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05201
Thornburg Investment Trust
(Exact name of registrant as specified in charter)
c/o Thornburg Investment Management, Inc.
2300 North Ridgetop Road, Santa Fe, New Mexico 87506
(Address of principal executive offices) (Zip code)
Garrett Thornburg, 2300 North Ridgetop Road, Santa Fe, New Mexico 87506
(Name and address of agent for service)
Registrant’s telephone number, including area code: 505-984-0200
Date of fiscal year end: September 30, 2019
Date of reporting period: September 30, 2019
Item 1.Reports to Stockholders
The following annual reports are attached hereto, in order:
Thornburg Low Duration Municipal Fund
Thornburg Limited Term Municipal Fund
Thornburg Intermediate Municipal Fund
Thornburg Strategic Municipal Income Fund
Thornburg California Limited Term Municipal Fund
Thornburg New Mexico Intermediate Municipal Fund
Thornburg New York Intermediate Municipal Fund
Thornburg Limited Term U.S. Government Fund
Thornburg Limited Term Income Fund
Thornburg Low Duration Income Fund
Thornburg Strategic Income Fund
Thornburg Value Fund
Thornburg International Value Fund
Thornburg Core Growth Fund
Thornburg International Growth Fund
Thornburg Investment Income Builder Fund
Thornburg Global Opportunities Fund
Thornburg Developing World Fund
Thornburg Better World International Fund
Thornburg Capital Management Fund
Thornburg Long/Short Equity Fund
Thornburg Summit Fund
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class A | TLMAX | 885-216-788 |
Class I | TLMIX | 885-216-770 |
Thornburg Low Duration Municipal Fund | September 30, 2019 (Unaudited)
Christopher Ryon,cfa Portfolio Manager Managing Director | Nicholos Venditti,cfa Portfolio Manager Managing Director |
David Ashley,cfa Portfolio Manager Managing Director |
Thornburg Low Duration Municipal Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | 5-YR | SINCE INCEP. | |
Class A Shares(Incep: 12/30/13) | ||||
Without sales charge | 2.02% | 1.00% | 0.68% | 0.66% |
With sales charge | 0.46% | 0.49% | 0.37% | 0.39% |
Class I Shares(Incep: 12/30/13) | 2.22% | 1.20% | 0.87% | 0.85% |
Annualized Distribution Yield | 1.21% |
SEC Yield | 0.85% |
FINAL VALUE |
Thornburg Low Duration Municipal Fund | September 30, 2019 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 159 |
Effective Duration | 0.9 Yrs |
Average Maturity | 1.5 Yrs |
22% | 32% | 20% | 16% | 6% | 5% |
Thornburg Low Duration Municipal Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Municipal Bonds — 95.3% | |||
Alabama — 0.8% | |||
a | City of Mobile Industrial Development Board (Alabama Power Company Barry Plant), 1.85% due 6/1/2034 (put 3/24/2020) | $1,000,000 | $ 1,001,090 |
Southeast Alabama Gas Supply District, Series A, 4.00% due 6/1/2020 | 1,000,000 | 1,015,840 | |
Alaska — 2.3% | |||
Alaska Industrial Development & Export Authority, Series A, 5.25% due 4/1/2024 (pre-refunded 4/1/2020) (put 10/1/2019) | 3,780,000 | 3,851,480 | |
City of Valdez (BP Pipelines (Alaska), Inc. Project), Series B, 5.00% due 1/1/2021 | 1,725,000 | 1,799,503 | |
Arizona — 1.6% | |||
b | Arizona (Banner Health Obligated Group; LOC Bank of America, N.A.) HFA, Series C, 1.77% due 1/1/2046 (put 10/1/2019) | 800,000 | 800,000 |
c | Maricopa County (Banner Health Obligated Group) IDA, Series B, 1.96% (MUNIPSA + 0.38%) due 1/1/2035 (put 10/18/2022) | 2,000,000 | 2,003,660 |
d | Mesa Utility System Revenue, 4.00% due 7/1/2020 | 915,000 | 933,639 |
California — 2.5% | |||
c | California Infrastructure and Economic Development Bank (California Academy of Sciences), Series D, 1.806% (LIBOR 1 Month + 0.38%) due 8/1/2047 (put 8/1/2021) | 2,000,000 | 2,000,060 |
c | California Infrastructure and Economic Development Bank (Los Angeles County Museum of Art), Series A, 2.088% (LIBOR 1 Month + 0.65%) due 12/1/2050 (put 2/1/2021) | 1,000,000 | 1,002,730 |
a,e | California Municipal Finance Authority, Series A, 2.00% due 2/1/2039 (put 2/3/2020) | 2,000,000 | 2,003,320 |
California Statewide Communities Development Authority (Irvine East Campus Apartments), 5.00% due 5/15/2020 | 565,000 | 577,633 | |
State of California GO, 2.00% due 12/1/2019 | 500,000 | 500,715 | |
Colorado — 5.4% | |||
City & County of Denver (SPA JPMorgan Chase Bank, N.A.), | |||
b | Series A1, 1.75% due 12/1/2029 (put 10/1/2019) | 4,370,000 | 4,370,000 |
b | Series A3, 1.75% due 12/1/2031 (put 10/1/2019) | 3,070,000 | 3,070,000 |
City of Aurora (Sports Park and E-911 Projects) COP, 5.00% due 12/1/2019 | 365,000 | 367,227 | |
Colorado (Catholic Health Initiatives) HFA ETM, Series A, 5.00% due 2/1/2020 | 2,885,000 | 2,919,245 | |
Interlocken Metropolitan District (Insured: AGM) GO, Series A-1, 5.00% due 12/1/2020 - 12/1/2023 | 2,000,000 | 2,212,191 | |
Connecticut — 1.5% | |||
State of Connecticut GO, | |||
Series C, 5.00% due 6/15/2022 | 1,715,000 | 1,877,685 | |
Series F, 5.00% due 9/15/2023 | 1,000,000 | 1,134,970 | |
State of Connecticut Special Tax Revenue, Series B, 5.00% due 10/1/2021 | 525,000 | 561,346 | |
Florida — 5.5% | |||
City of Jacksonville, Series C, 5.00% due 10/1/2019 - 10/1/2020 | 1,500,000 | 1,536,440 | |
City of Orlando (Insured: AGM), Series A, 4.00% due 11/1/2021 | 900,000 | 947,664 | |
City of Orlando (Senior Tourist Development; Insured: AGM), Series A, 4.00% due 11/1/2020 | 850,000 | 872,865 | |
a,f | Escambia County (International Paper Co.) 2.00% due 11/1/2033 (put 10/1/2024) | 775,000 | 776,038 |
b | Manatee County (Florida Power & Light Co.), 1.78% due 9/1/2024 (put 10/1/2019) | 4,300,000 | 4,300,000 |
b | Miami-Dade County (Florida Power & Light Co.) IDA, 1.78% due 6/1/2021 (put 10/1/2019) | 4,800,000 | 4,800,000 |
Georgia — 3.4% | |||
City of Atlanta (Atlantic Station Project), 5.00% due 12/1/2019 - 12/1/2021 | 1,000,000 | 1,048,332 | |
Main Street Natural Gas, Inc, Series A, 5.00% due 5/15/2022 | 1,000,000 | 1,082,050 | |
a | Monroe County Development Authority (Gulf Power Co.), 2.00% due 9/1/2037 (put 6/25/2020) | 3,000,000 | 3,008,220 |
c | Private Colleges & Universities Authority (Emory University), Series B, 2.00% (MUNIPSA + 0.42%) due 10/1/2039 (put 8/16/2022) | 3,000,000 | 3,005,910 |
Guam — 0.5% | |||
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2019 - 10/1/2020 | 1,200,000 | 1,210,143 | |
Hawaii — 0.4% | |||
c | City and County of Honolulu (Rail Transit Project) GO, 1.90% (MUNIPSA + 0.32%) due 9/1/2028 (put 9/1/2020) | 1,000,000 | 1,000,080 |
Illinois — 7.8% | |||
Chicago Park District (Capital Improvement Plan) GO, Series D, 5.00% due 1/1/2020 | 500,000 | 504,175 | |
Chicago Park District GO, Series B, 5.00% due 1/1/2022 | 400,000 | 427,248 | |
City of Chicago (Water System), | |||
5.00% due 11/1/2020 | 600,000 | 621,762 | |
Series 2017-2, 5.00% due 11/1/2019 - 11/1/2022 | 2,200,000 | 2,263,664 | |
Series A, 5.00% due 11/1/2019 | 3,250,000 | 3,258,807 | |
City of Chicago ETM, 5.00% due 1/1/2020 | 600,000 | 605,400 | |
Cook County Community College District No. 508 (City Colleges of Chicago) GO, 5.00% due 12/1/2023 | 500,000 | 547,035 | |
Cook County School District No. 170 Chicago Heights (Insured: AGM) GO, Series D, 5.00% due 12/1/2022 | 1,500,000 | 1,628,955 | |
County of Cook (Capital Improvement Plan) GO, Series A, 5.00% due 11/15/2019 | 615,000 | 617,552 | |
County of Cook GO, Series C, 4.25% due 11/15/2019 | 200,000 | 200,652 | |
Du Page County High School District No. 88 (Addison Trail and Willowbrook High Schools GO, 3.00% due 1/15/2020 | 1,245,000 | 1,250,752 |
PRINCIPAL AMOUNT | VALUE | ||
a | Illinois Finance Authority (Peoples Gas Light & Coke Co.), Series B, 1.875% due 2/1/2033 (put 8/1/2020) | $3,600,000 | $ 3,604,248 |
State of Illinois (Build Illinois Program), 5.00% due 6/15/2020 | 535,000 | 546,283 | |
State of Illinois (State Facilities Improvements) GO, | |||
5.00% due 7/1/2021 - 3/1/2022 | 1,575,000 | 1,660,116 | |
Series A, 5.00% due 10/1/2022 | 1,000,000 | 1,078,350 | |
Indiana — 3.9% | |||
b | Indiana Finance Authority (Franciscan Alliance, Inc. Obligated Group; LOC Barclays Bank Plc), 1.77% due 11/1/2037 (put 10/1/2019) | 4,700,000 | 4,700,000 |
c | Indiana Finance Authority (Indiana University Health, Inc. Obligated Group), Series L, 2.13% (MUNIPSA + 0.55%) due 12/1/2046 (put 7/2/2021) | 4,800,000 | 4,801,296 |
Kentucky — 1.6% | |||
Commonwealth of Kentucky State Property and Buildings Commission (Project No. 112), Series B, 5.00% due 11/1/2019 - 11/1/2021 | 2,600,000 | 2,718,522 | |
a | Louisville/Jefferson County Metropolitan Government (Louisville Gas & Electric Co.), 1.85% due 10/1/2033 (put 4/1/2021) | 1,200,000 | 1,207,260 |
Louisiana — 2.8% | |||
Louisiana Energy & Power Authority (Rodemacher Unit No. 2 Power), 5.00% due 1/1/2021 | 600,000 | 624,090 | |
a | Parish of St. Charles (Valero Energy Corp. Refinery), 4.00% due 12/1/2040 (put 6/1/2022) | 1,925,000 | 2,028,988 |
Shreveport Water & Sewer Revenue (Insured: BAM), Series C, 5.00% due 12/1/2023 | 860,000 | 977,519 | |
State of Louisiana GO, Series C, 5.00% due 8/1/2021 | 2,960,000 | 3,154,650 | |
Maryland — 0.3% | |||
Washington County (Diakon Lutheran Social Ministries Obligated Group), Series B, 5.00% due 1/1/2020 - 1/1/2023 | 770,000 | 820,455 | |
Massachusetts — 1.3% | |||
a | Commonwealth of Massachusetts GO, Series D-1, 1.05% due 8/1/2043 (put 7/1/2020) | 2,000,000 | 1,993,920 |
Massachusetts Development Finance Agency (Beth Israel Lahey Health Obligated Group) 3.00% due 7/1/2020 | 1,000,000 | 1,011,840 | |
Michigan — 3.4% | |||
Detroit Downtown Development Authority (Catalyst Development Project; Insured: AGM), Series A, 5.00% due 7/1/2021 - 7/1/2022 | 500,000 | 537,971 | |
Detroit Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue; Insured: AGM), Series A, 5.25% due 7/1/2020 | 2,800,000 | 2,879,800 | |
Livonia Public Schools School District (Insured: BAM) GO, 5.00% due 5/1/2021 - 5/1/2022 | 985,000 | 1,054,882 | |
Michigan Strategic Fund (Detroit Edison Company; Insured: AMBAC), 7.00% due 5/1/2021 | 2,000,000 | 2,166,880 | |
Northern Michigan University, Series A, 5.00% due 12/1/2019 - 12/1/2021 | 1,535,000 | 1,592,720 | |
Minnesota — 1.9% | |||
b | City of Minneapolis/St. Paul Housing & Redevelopment Authority (Allina Health Obligated Group; LOC JPMorgan Chase Bank, N.A.), Series B-2, 1.77% due 11/15/2035 (put 10/1/2019) | 2,400,000 | 2,400,000 |
c | Minnesota Housing Finance Agency (Residential Single Family Development; Collateralized: GNMA, FNMA, FHLMC), 2.13% (MUNIPSA + 0.55%) due 7/1/2041 (put 12/12/2023) | 2,150,000 | 2,148,796 |
Mississippi — 0.5% | |||
Mississippi Development Bank (Jackson Public School District), 4.00% due 10/1/2019 | 750,000 | 750,000 | |
Mississippi Development Bank (Jackson Public School District; Insured: BAM), 5.00% due 10/1/2022 | 375,000 | 413,550 | |
Montana — 0.3% | |||
Montana Facility Finance Authority (Sisters of Charity of Leavenworth Health System, Inc.) Series B, 5.00% due 1/1/2021 | 800,000 | 807,304 | |
Nebraska — 0.9% | |||
a | Central Plains Energy Project, 5.00% due 3/1/2050 (put 1/1/2024) | 2,000,000 | 2,236,520 |
Nevada — 1.0% | |||
Clark County Department of Aviation, Series A, 5.00% due 7/1/2021 | 2,000,000 | 2,127,380 | |
Clark County School District (School Facilities Improvements) GO, Series C, 5.00% due 6/15/2021 | 250,000 | 265,088 | |
New Hampshire — 2.0% | |||
b | New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA Wells Fargo Bank, N.A.), Series B-1, 1.77% due 7/1/2033 (put 10/1/2019) | 4,700,000 | 4,700,000 |
New Jersey — 3.0% | |||
City of Trenton (Various Capital Improvements; Insured: AGM) (State Aid Withholding) GO, 5.00% due 7/15/2020 | 500,000 | 513,735 | |
Hudson County Improvement Authority GO, Series B-1, 3.00% due 5/22/2020 | 1,350,000 | 1,363,999 | |
New Jersey (School Facilities Construction; Insured: AMBAC) EDA, Series K, 5.50% due 12/15/2019 | 200,000 | 201,542 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), 5.00% due 6/15/2020 | 500,000 | 511,965 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements; Insured: Natl-Re), Series B, 5.50% due 12/15/2020 | 2,000,000 | 2,091,020 | |
Passaic Valley Sewer Commissioners (Sewer System) GO, Series G, 5.75% due 12/1/2021 | 500,000 | 543,855 | |
Tobacco Settlement Financing Corp., Series A, 5.00% due 6/1/2021 | 1,790,000 | 1,891,511 | |
New Mexico — 2.7% | |||
a | City of Farmington (Southern California Edison Co.-Four Corners Project), 2.125% due 6/1/2040 (put 6/1/2022) | 2,500,000 | 2,521,700 |
b | New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA Wells Fargo Bank, N.A.), Series D, 1.77% due 8/1/2034 (put 10/1/2019) | 2,175,000 | 2,175,000 |
New Mexico Municipal Energy Acquisition Authority, Series A, 4.00% due 11/1/2021 - 11/1/2022 | 1,750,000 | 1,860,597 |
Thornburg Low Duration Municipal Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
New York — 10.0% | |||
b | City of New York (SPA Barclays Bank plc) GO, Series B-4, 1.77% due 10/1/2046 (put 10/1/2019) | $ 500,000 | $ 500,000 |
b | City of New York, (SPA JPMorgan Chase Bank, N.A.) GO, Series 1, 1.75% due 3/1/2040 (put 10/1/2019) | 2,000,000 | 2,000,000 |
Metropolitan Transportation Authority (Transit and Commuter System), Series C-1, 5.00% due 9/1/2020 | 2,350,000 | 2,425,012 | |
Metropolitan Transportation Authority, | |||
Series A, 4.00% due 2/3/2020 | 1,000,000 | 1,008,700 | |
Series D-1, 5.00% due 9/1/2022 | 3,000,000 | 3,285,600 | |
New York City Housing Development Corp., 2.00% due 11/1/2020 | 2,500,000 | 2,500,550 | |
b | New York City Transitional Finance Authority Future Tax Secured Revenue, (SPA JPMorgan Chase Bank, N.A.), Series 1, 1.75% due 11/1/2022 (put 10/1/2019) | 4,600,000 | 4,600,000 |
b | New York City Water & Sewer System, (SPA JPMorgan Chase Bank, N.A.), 1.75% due 6/15/2050 (put 10/1/2019) | 1,505,000 | 1,505,000 |
New York State Dormitory Authority (NYSARC, Inc. Developmental Disability Programs; Insured: State Intercept), Series A, 5.00% due 7/1/2020 | 1,175,000 | 1,207,559 | |
b | New York State Housing Finance Agency (160 Madison Ave, LLC; LOC Lands Bank Hessen-Thrgn) 1.76% due 11/1/2046 (put 10/1/2019) | 400,000 | 400,000 |
Tobacco Settlement Asset Securitization Corp., Series A, 5.00% due 6/1/2021 | 1,000,000 | 1,057,880 | |
Town of Oyster Bay GO, Series B, 3.00% due 2/1/2020 - 3/13/2020 | 3,150,000 | 3,165,511 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Assoc.), 5.00% due 7/1/2023 | 425,000 | 479,498 | |
North Carolina — 0.4% | |||
North Carolina Turnpike Authority, | |||
4.00% due 1/1/2020 | 400,000 | 402,308 | |
5.00% due 1/1/2021 - 1/1/2022 | 415,000 | 439,100 | |
North Dakota — 1.6% | |||
County of McKenzie, 5.00% due 8/1/2022 | 2,000,000 | 2,190,320 | |
Ward County (Insured: AGM), 3.00% due 4/1/2021 | 1,680,000 | 1,691,357 | |
Ohio — 2.5% | |||
City of Cleveland (Parking Facility; Insured: AGM), 5.25% due 9/15/2021 | 500,000 | 536,145 | |
a | County of Franklin (Trinity Health Corp. Obligated Group), 1.35% due 12/1/2046 (put 11/1/2019) | 2,000,000 | 1,999,700 |
County of Scioto (Southern Ohio Medical Center), 5.00% due 2/15/2022 - 2/15/2023 | 3,130,000 | 3,437,383 | |
Pennsylvania — 1.6% | |||
City of Philadelphia (Pennsylvania Gas Works), 5.00% due 10/1/2020 | 500,000 | 518,270 | |
Coatesville Area School District (Insured: AGM) (State Aid Withholding) GO, 5.00% due 8/1/2021 | 1,000,000 | 1,061,070 | |
East Penn School District (State Aid Withholding) GO, 2.00% due 9/15/2020 | 555,000 | 555,283 | |
Luzerne County Industrial Development Authority (Insured: AGM) GO, 5.00% due 12/15/2019 - 12/15/2020 | 1,000,000 | 1,020,655 | |
Philadelphia Authority for Industrial Development, 5.00% due 5/1/2020 - 5/1/2022 | 745,000 | 788,121 | |
Rhode Island — 0.7% | |||
State of Rhode Island and Providence Plantations (Training School) COP, Series B, 5.00% due 10/1/2019 | 1,575,000 | 1,575,000 | |
South Carolina — 1.0% | |||
c | City of Charleston Waterworks & Sewer System Revenue (Capital Improvement), Series B, 1.807% (LIBOR 1 Month + 0.37%) due 1/1/2035 (put 1/1/2022) | 2,500,000 | 2,502,250 |
Tennessee — 0.6% | |||
Tennessee Energy Acquisition Corp. (The Gas Project), Series C, 5.00% due 2/1/2023 | 1,310,000 | 1,439,323 | |
Texas — 17.6% | |||
City of Brownsville (Water, Wastewater & Electric Utilities Systems), 5.00% due 9/1/2020 | 1,000,000 | 1,032,750 | |
City of Dallas (Trinity River Corridor Infrastructure) GO, 5.00% due 2/15/2021 | 1,000,000 | 1,050,750 | |
c | City of Houston (Combined Utility System), Series C, 1.792% (LIBOR 1 Month + 0.36%) due 5/15/2034 (put 8/1/2021) | 3,200,000 | 3,200,160 |
City of Olmos Park Higher Education Facilities Corp. (University of the Incarnate Word), 5.00% due 12/1/2022 | 1,000,000 | 1,098,520 | |
City of San Antonio (Electric and Gas Systems), | |||
a | Series A, 2.25% due 2/1/2033 (put 12/1/2019) | 1,000,000 | 1,001,290 |
a | Series C, 3.00% due 12/1/2045 (put 12/1/2019) | 265,000 | 265,665 |
City of Texas City Industrial Development Corp. (ARCO Pipe Line Co. Project), 7.375% due 10/1/2020 | 1,000,000 | 1,057,520 | |
County of La Salle (Insured: AGM) GO, 5.00% due 3/1/2020 - 3/1/2021 | 1,900,000 | 1,962,387 | |
a | Cypress-Fairbanks Independent School District (Insured: PSF-GTD), Series B, 1.25% due 2/15/2036 (put 8/15/2022) | 4,425,000 | 4,396,459 |
a | Dallas Independent School District (School District Buildings Renovations; Insured: PSF-GTD) GO, Series B-4, 5.00% due 2/15/2036 (put 2/15/2020) | 325,000 | 329,144 |
c,e | Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series B-REM, 1.955% (MUNIPSA + 0.38%) due 6/1/2032 (put 4/1/2021) | 4,825,000 | 4,823,166 |
Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center Central Heating & Cooling Service Corp.), 5.00% due 11/15/2020 | 1,145,000 | 1,189,953 | |
Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center; LOC JPMorgan Chase Bank, N.A.), | |||
b | Series A, 1.77% due 9/1/2031 (put 10/1/2019) | 1,350,000 | 1,350,000 |
b | Series B-1, 1.77% due 9/1/2031 (put 10/1/2019) | 2,315,000 | 2,315,000 |
Houston Airport System Revenue, Series B, 5.00% due 7/1/2022 - 7/1/2023 | 780,000 | 862,035 | |
a | Houston Independent School District (Insured: PSF-GTD) GO, Series B-REM, 2.40% due 6/1/2036 (put 6/1/2021) | 3,275,000 | 3,323,241 |
North Texas Tollway Authority, Series A, 5.00% due 1/1/2022 | 1,000,000 | 1,081,700 | |
Red River Authority (Insured: Natl-Re), 4.45% due 6/1/2020 | 2,650,000 | 2,697,488 |
PRINCIPAL AMOUNT | VALUE | ||
Sam Rayburn Municipal Power Agency, 5.00% due 10/1/2021 | $ 510,000 | $ 544,078 | |
State of Texas (Trans), 4.00% due 8/27/2020 | 4,000,000 | 4,095,760 | |
b | Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Obligated Group; LOC TD Bank, N.A.), 1.77% due 11/15/2050 (put 10/1/2019) | 4,800,000 | 4,800,000 |
Utah — 1.0% | |||
b | City of Murray (IHC Health Services, Inc. Obligated Group; SPA JPMorgan Chase Bank, N.A.), Series A, 1.75% due 5/15/2037 (put 10/1/2019) | 2,400,000 | 2,400,000 |
West Virginia — 1.0% | |||
Mason County (Appalachian Power Co.), Series L, 2.75% due 10/1/2022 | 1,000,000 | 1,032,910 | |
a | West Virginia Economic Development Authority, (Appalachian Power Co.), Series A, 2.625% due 12/1/2042 (put 6/1/2022) | 1,425,000 | 1,465,413 |
Total Investments — 95.3%(Cost $228,436,868) | $229,866,414 | ||
Other Assets Less Liabilities — 4.7% | 11,375,359 | ||
Net Assets — 100.0% | $241,241,773 |
Footnote Legend | |
a | Variable Rate Demand Obligations are instruments whose interest rates change on a mandatory date (demand date) or whose interest rates will vary with changes in a designated base rate. The rate disclosed is the rate at September 30, 2019. |
b | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
c | Floating Rate Security. Stated interest/floor rate was in effect at September 30, 2019. |
d | Segregated as collateral for a when-issued security. |
e | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2019, the aggregate value of these securities in the Fund’s portfolio was $6,826,486, representing 2.83% of the Fund’s net assets. |
f | When-issued security. |
To simplify the listings of securities, abbreviations are used per the table below:
AGM | Insured by Assured Guaranty Municipal Corp. |
AMBAC | Insured by American Municipal Bond Assurance Corp. |
BAM | Insured by Build America Mutual Insurance Co. |
COP | Certificates of Participation |
EDA | Economic Development Authority |
ETM | Escrowed to Maturity |
FHLMC | Insured by Federal Home Loan Mortgage Corp. |
FNMA | Collateralized by Federal National Mortgage Association |
GNMA | Collateralized by Government National Mortgage Association |
GO | General Obligation |
HFA | Health Facilities Authority |
IDA | Industrial Development Authority |
LIBOR | London Interbank Offered Rates |
LOC | Letter of Credit |
MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index |
Natl-Re | Insured by National Public Finance Guarantee Corp. |
SPA | Stand-by Purchase Agreement |
Thornburg Low Duration Municipal Fund | September 30, 2019
ASSETS | |
Investments at value (cost $228,436,868) (Note 3) | $ 229,866,414 |
Cash | 39,495 |
Receivable for investments sold | 10,154,838 |
Interest receivable | 2,011,023 |
Prepaid expenses and other assets | 134,925 |
Total Assets | 242,206,695 |
Liabilities | |
Payable for investments purchased | 775,000 |
Payable for fund shares redeemed | 38,214 |
Payable to investment advisor and other affiliates (Note 4) | 56,857 |
Accounts payable and accrued expenses | 84,990 |
Dividends payable | 9,861 |
Total Liabilities | 964,922 |
Net Assets | $ 241,241,773 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 1,208,081 |
Net capital paid in on shares of beneficial interest | 240,033,692 |
$ 241,241,773 | |
NET ASSET VALUE | |
Class A Shares: | |
Net asset value and redemption price per share ($16,898,465 applicable to 1,366,876 shares of beneficial interest outstanding - Note 5) | $ 12.36 |
Maximum sales charge, 1.50% of offering price | 0.19 |
Maximum offering price per share | $ 12.55 |
Class I Shares: | |
Net asset value, offering and redemption price per share ($224,343,308 applicable to 18,152,714 shares of beneficial interest outstanding - Note 5) | $ 12.36 |
Thornburg Low Duration Municipal Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Interest income (net of premium amortized of $2,908,970) | $ 4,364,265 |
EXPENSES | |
Investment advisory fees (Note 4) | 885,421 |
Administration fees (Note 4) | |
Class A Shares | 18,237 |
Class I Shares | 176,209 |
Distribution and service fees (Note 4) | |
Class A Shares | 41,555 |
Transfer agent fees | |
Class A Shares | 34,276 |
Class I Shares | 171,306 |
Registration and filing fees | |
Class A Shares | 18,097 |
Class I Shares | 32,696 |
Custodian fees | 36,987 |
Professional fees | 45,196 |
Trustee and officer fees (Note 4) | 9,317 |
Other expenses | 26,367 |
Total Expenses | 1,495,664 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (347,334) |
Net Expenses | 1,148,330 |
Net Investment Income | $ 3,215,935 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on investments | (169,603) |
Net change in unrealized appreciation (depreciation) on investments | 1,829,461 |
Net Realized and Unrealized Gain | 1,659,858 |
Net Increase in Net Assets Resulting from Operations | $ 4,875,793 |
Thornburg Low Duration Municipal Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 3,215,935 | $ 1,224,067 |
Net realized gain (loss) on investments | (169,603) | (10,655) |
Net change in unrealized appreciation (depreciation) on investments | 1,829,461 | (744,589) |
Net Increase in Net Assets Resulting from Operations | 4,875,793 | 468,823 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (262,793) | (166,761) |
Class I Shares | (2,953,142) | (1,057,306) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | (2,770,805) | 3,245,973 |
Class I Shares | 60,596,807 | 109,088,169 |
Net Increase in Net Assets | 59,485,860 | 111,578,898 |
NET ASSETS | ||
Beginning of Year | 181,755,913 | 70,177,015 |
End of Year | $ 241,241,773 | $ 181,755,913 |
Thornburg Low Duration Municipal Fund | September 30, 2019
Thornburg Low Duration Municipal Fund | September 30, 2019
Cost of investments for tax purposes | $ 228,436,869 |
Gross unrealized appreciation on a tax basis | 1,497,420 |
Gross unrealized depreciation on a tax basis | (67,875) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 1,429,545 |
2019 | 2018 | |
Distributions from: | ||
Tax exempt income | $ 3,204,635 | $ 1,219,984 |
Ordinary income | 11,300 | 4,083 |
Total | $ 3,215,935 | $ 1,224,067 |
Thornburg Low Duration Municipal Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
Municipal Bonds | $ 229,866,414 | $ — | $ 229,866,414 | $ — |
Total Investments in Securities | $229,866,414 | $— | $229,866,414 | $— |
Total Assets | $229,866,414 | $— | $229,866,414 | $— |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $1 billion | 0.400% |
Next $500 million | 0.300 |
Next $500 million | 0.250 |
Over $2 billion | 0.225 |
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 985,212 | $ 12,093,230 | 1,063,545 | $ 13,097,781 |
Shares issued to shareholders in reinvestment of dividends | 21,204 | 261,359 | 12,892 | 158,574 |
Shares repurchased | (1,228,414) | (15,125,394) | (813,563) | (10,010,382) |
Net increase (decrease) | (221,998) | $ (2,770,805) | 262,874 | $ 3,245,973 |
Class I Shares | ||||
Shares sold | 8,234,527 | $ 101,374,617 | 10,776,875 | $ 132,406,952 |
Shares issued to shareholders in reinvestment of dividends | 230,292 | 2,839,589 | 82,245 | 1,011,086 |
Shares repurchased | (3,539,014) | (43,617,399) | (1,977,745) | (24,329,869) |
Net increase | 4,925,805 | $ 60,596,807 | 8,881,375 | $ 109,088,169 |
Thornburg Low Duration Municipal Fund | September 30, 2019
Thornburg Low Duration Municipal Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | ||||||||
2019 | $ 12.27 | 0.16 | 0.09 | 0.25 | (0.16) | — | (0.16) | $ 12.36 |
2018 | $ 12.38 | 0.11 | (0.11) | —(c) | (0.11) | — | (0.11) | $ 12.27 |
2017 | $ 12.34 | 0.08 | 0.04 | 0.12 | (0.08) | — | (0.08) | $ 12.38 |
2016 | $ 12.35 | 0.03 | (0.01) | 0.02 | (0.03) | — | (0.03) | $ 12.34 |
2015 | $ 12.34 | 0.02 | 0.01 | 0.03 | (0.02) | — | (0.02) | $ 12.35 |
CLASS I SHARES | ||||||||
2019 | $ 12.27 | 0.18 | 0.09 | 0.27 | (0.18) | — | (0.18) | $ 12.36 |
2018 | $ 12.37 | 0.14 | (0.10) | 0.04 | (0.14) | — | (0.14) | $ 12.27 |
2017 | $ 12.34 | 0.10 | 0.03 | 0.13 | (0.10) | — | (0.10) | $ 12.37 |
2016 | $ 12.35 | 0.05 | (0.01) | 0.04 | (0.05) | — | (0.05) | $ 12.34 |
2015 | $ 12.34 | 0.04 | 0.01 | 0.05 | (0.04) | — | (0.04) | $ 12.35 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Total from investment operations was less than $0.01 per share. |
+ | Based on weighted average shares outstanding. |
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
1.26 | 0.70 | 0.99 | 2.02 | 33.60 | $ 16,899 | |
0.92 | 0.70 | 1.06 | 0.02 | 35.36 | $ 19,497 | |
0.72 | 0.67 | 1.16 | 0.98 | 42.94 | $ 16,412 | |
0.24 | 0.70 | 2.19 | 0.15 | 21.17 | $ 4,241 | |
0.15 | 0.67 | 2.85 | 0.22 | 15.75 | $ 3,273 | |
1.47 | 0.50 | 0.64 | 2.22 | 33.60 | $ 224,343 | |
1.12 | 0.50 | 0.64 | 0.30 | 35.36 | $ 162,259 | |
0.85 | 0.49 | 0.67 | 1.09 | 42.94 | $ 53,765 | |
0.43 | 0.50 | 0.72 | 0.36 | 21.17 | $ 38,572 | |
0.32 | 0.50 | 0.82 | 0.40 | 15.75 | $ 41,755 |
Thornburg Low Duration Municipal Fund
Thornburg Low Duration Municipal Fund | September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS A SHARES | |||
Actual | $1,000.00 | $1,008.03 | $3.52 |
Hypothetical* | $1,000.00 | $1,021.56 | $3.55 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,009.87 | $2.52 |
Hypothetical* | $1,000.00 | $1,022.56 | $2.54 |
† | Expenses are equal to the annualized expense ratio for each class (A: 0.70%; I: 0.50%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg Low Duration Municipal Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg Low Duration Municipal Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg Low Duration Municipal Fund | September 30, 2019 (Unaudited)
Thornburg Low Duration Municipal Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH3172 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class A | LTMFX | 885-215-459 |
Class C | LTMCX | 885-215-442 |
Class I | LTMIX | 885-215-434 |
Thornburg Limited Term Municipal Fund | September 30, 2019 (Unaudited)
Christopher Ryon,cfa Portfolio Manager Managing Director | Nicholos Venditti,cfa Portfolio Manager Managing Director |
David Ashley,cfa Portfolio Manager Managing Director |
Thornburg Limited Term Municipal Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. | |
Class A Shares(Incep: 9/28/84) | |||||
Without sales charge | 4.41% | 1.32% | 1.48% | 2.26% | 4.67% |
With sales charge | 2.88% | 0.81% | 1.18% | 2.11% | 4.62% |
Class C Shares(Incep: 9/1/94) | |||||
Without sales charge | 4.16% | 1.05% | 1.24% | 2.00% | 3.15% |
With sales charge | 3.66% | 1.05% | 1.24% | 2.00% | 3.15% |
Class I Shares(Incep: 7/5/96) | 4.67% | 1.57% | 1.78% | 2.58% | 3.72% |
Annualized Distribution Yield | 1.77% |
SEC Yield | 0.84% |
FINAL VALUE |
Thornburg Limited Term Municipal Fund | September 30, 2019 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 1,644 |
Effective Duration | 2.8 Yrs |
Average Maturity | 3.4 Yrs |
8% | 16% | 14% | 15% | 10% | 12% | 10% | 6% | 5% | 3% | 3% |
Thornburg Limited Term Municipal Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Municipal Bonds — 99.2% | |||
Alabama — 0.7% | |||
Alabama Public School & College Authority (Education System Capital Improvements), | |||
Series A, 5.00% due 6/1/2020 - 6/1/2022 | $ 16,025,000 | $ 17,026,347 | |
Series B, 5.00% due 6/1/2023 | 735,000 | 831,454 | |
Alabama State Board of Education (Calhoun Community College), 4.00% due 5/1/2020 - 5/1/2022 | 3,230,000 | 3,361,101 | |
East Alabama Health Care Authority GO, Series A, 5.00% due 9/1/2021 - 9/1/2022 | 2,045,000 | 2,181,580 | |
Lower Alabama Gas District, Series A, 5.00% due 9/1/2029 | 3,625,000 | 4,499,060 | |
UAB Medicine Finance Authority (University Hospital), Series B, 5.00% due 9/1/2025 - 9/1/2027 | 8,915,000 | 10,868,581 | |
Water Works Board of the City of Birmingham, 5.00% due 1/1/2029 | 2,230,000 | 2,810,536 | |
Alaska — 0.4% | |||
Alaska Energy Authority (Bradley Lake Hydroelectric Project; Insured: AGM), 6.00% due 7/1/2020 | 1,790,000 | 1,850,950 | |
City of Valdez (BP Pipelines (Alaska), Inc. Project), | |||
Series B, 5.00% due 1/1/2021 | 6,485,000 | 6,765,087 | |
Series C, 5.00% due 1/1/2021 | 12,000,000 | 12,518,280 | |
Arizona — 2.1% | |||
a | Arizona (Banner Health Obligated Group; LOC Bank of America, N.A.) HFA, Series C, 1.77% due 1/1/2046 (put 10/1/2019) | 17,985,000 | 17,985,000 |
Arizona (Scottsdale Lincoln Hospitals) HFA, 5.00% due 12/1/2022 - 12/1/2024 | 3,100,000 | 3,529,822 | |
Arizona Board of Regents (Arizona State University) COP, | |||
Series A, 5.00% due 9/1/2020 - 9/1/2023 | 17,150,000 | 18,773,063 | |
Series C, 5.00% due 6/1/2022 | 6,080,000 | 6,662,038 | |
Arizona Board of Regents (Northern Arizona University Projects) COP, 5.00% due 9/1/2020 - 9/1/2023 | 6,825,000 | 7,429,035 | |
Arizona Board of Regents (University of Arizona) COP, 5.00% due 6/1/2022 - 6/1/2028 | 1,690,000 | 1,991,396 | |
Arizona Board of Regents (University of Arizona), 5.00% due 8/1/2020 - 8/1/2024 | 1,925,000 | 2,148,602 | |
Arizona Transportation Board, Series A, 5.00% due 7/1/2021 - 7/1/2022 | 12,465,000 | 13,266,683 | |
City of Phoenix Civic Improvement Corp., Series A, 5.00% due 7/1/2022 - 7/1/2025 | 8,580,000 | 10,025,709 | |
City of Tucson (Street and Highway Projects), Series A, 5.00% due 7/1/2022 | 2,135,000 | 2,348,073 | |
b | Maricopa County (Banner Health Obligated Group) IDA, Series B, 1.96% (MUNIPSA + 0.38%) due 1/1/2035 (put 10/18/2022) | 8,000,000 | 8,014,640 |
Pima County (Ina & Roger Road Wastewater Reclamation Facilities), | |||
Series A, | |||
3.00% due 7/1/2021 - 7/1/2022 | 2,525,000 | 2,622,705 | |
5.00% due 7/1/2020 - 7/1/2022 | 1,400,000 | 1,489,953 | |
Pima County (Sewer System & Fleet Services Facilities Expansion) COP, Series A, 5.00% due 12/1/2019 - 12/1/2022 | 4,760,000 | 5,042,812 | |
Pinal County (Detention and Training Facilities), Series A, 5.00% due 8/1/2021 - 8/1/2025 | 5,075,000 | 5,762,941 | |
Pinal County (Hunt Highway (Phases III-V), Ironwood Drive, Public Safety Radio & Court Buildings), 5.00% due 8/1/2025 | 3,000,000 | 3,505,350 | |
Salt River Project Agricultural Improvement and Power District (Salt River Electric System), 5.00% due 1/1/2026 - 1/1/2028 | 7,000,000 | 8,768,580 | |
State of Arizona Department of Administration (State Lottery; Insured: AGM), Series A, 5.00% due 7/1/2020 | 8,705,000 | 8,941,602 | |
Arkansas — 0.0% | |||
Board of Trustees of the University of Arkansas (Fayetteville Campus Athletic Facilities), 3.00% due 11/1/2023 | 615,000 | 654,046 | |
City of Fort Smith (Water and Sewer System Construction; Insured: AGM), 4.00% due 10/1/2019 | 1,670,000 | 1,670,000 | |
California — 5.2% | |||
Alameda County Joint Powers Authority (Alameda County Medical Center Highland Hospital), Series A, 5.00% due 12/1/2021 - 12/1/2023 | 6,200,000 | 7,030,208 | |
Anaheim Public Financing Authority (Public Improvements; Insured: AGM), Series C, Zero Coupon due 9/1/2022 | 3,250,000 | 3,105,180 | |
Brentwood Infrastructure Financing Authority (Redevelopment Agency of the City of Brentwood; Insured: AGM), 5.25% due 11/1/2019 | 725,000 | 727,393 | |
Cabrillo (Educational Facilities; Insured: AMBAC) USD GO, Series A, Zero Coupon due 8/1/2021 | 1,000,000 | 973,700 | |
California (Community Developmental Disabilities Program; Insured: California Mtg Insurance) HFFA, 5.75% due 2/1/2020 - 2/1/2021 | 3,670,000 | 3,800,946 | |
California (Dignity Health) HFFA, | |||
Series A, | |||
5.00% due 3/1/2020 - 3/1/2021 | 7,850,000 | 8,082,485 | |
5.25% due 3/1/2022 | 7,020,000 | 7,405,047 | |
c,d | California (Providence St. Joseph Health Obligated Group) HFFA, 5.00% due 10/1/2039 (put 10/1/2027) | 4,670,000 | 5,908,531 |
c | California (St. Joseph Health System) HFFA, Series D, 5.00% due 7/1/2043 (put 10/15/2020) | 5,000,000 | 5,184,500 |
California Educational Facilities Authority (Chapman University), 5.00% due 4/1/2021 | 4,870,000 | 5,146,762 | |
b | California Infrastructure and Economic Development Bank (Los Angeles County Museum of Art), Series A, 2.088% (LIBOR 1 Month + 0.65%) due 12/1/2050 (put 2/1/2021) | 5,000,000 | 5,013,650 |
California State Public Works Board (California School for the Deaf Riverside Campus), Series H, 5.00% due 4/1/2020 - 4/1/2021 | 2,475,000 | 2,553,562 | |
California State Public Works Board (California State University), Series A, 5.00% due 10/1/2020 | 1,000,000 | 1,036,850 | |
California State Public Works Board (Coalinga State Hospital), Series H, 5.00% due 6/1/2020 - 6/1/2022 | 22,240,000 | 23,809,430 | |
California State Public Works Board (Laboratory Facility and San Diego Courthouse), Series I, 5.00% due 11/1/2021 - 11/1/2022 | 10,825,000 | 12,010,346 | |
California State Public Works Board (Various Capital Projects), | |||
Series A, 5.00% due 10/1/2021 | 1,000,000 | 1,073,540 |
PRINCIPAL AMOUNT | VALUE | ||
Series G, 5.00% due 11/1/2020 - 11/1/2021 | $ 3,250,000 | $ 3,443,885 | |
Castaic Lake Water Agency (Water System Improvement; Insured: AMBAC) COP, Zero Coupon due 8/1/2023 | 10,125,000 | 9,561,341 | |
County of Los Angeles Redevelopment Refunding Authority (Bunker Hill Project), | |||
5.00% due 12/1/2020 - 12/1/2024 | 26,635,000 | 30,015,893 | |
Series C, 5.00% due 6/1/2020 - 6/1/2024 | 8,960,000 | 10,106,443 | |
Escondido Union High School District (Insured: Natl-Re) GO, Zero Coupon due 11/1/2020 | 2,655,000 | 2,615,892 | |
e | Los Angeles (Educational Facilities and Information Technology Infrastructure) USD COP, Series B-2, 5.50% due 12/1/2019 | 7,040,000 | 7,088,224 |
Los Angeles (Educational Facilities and Information Technology Infrastructure) USD GO, | |||
Series A, 5.00% due 7/1/2023 | 8,950,000 | 10,171,317 | |
Series B, 5.00% due 7/1/2023 | 11,950,000 | 13,580,697 | |
Series D, 5.00% due 7/1/2022 - 7/1/2024 | 22,900,000 | 25,959,960 | |
Needles (Insured: Natl-Re) USD GO, Series B, Zero Coupon due 8/1/2023 | 1,005,000 | 942,941 | |
North City West School Facilities Financing Authority (Carmel Valley Educational Facilities; Insured: AGM), Series A, 5.00% due 9/1/2023 | 4,545,000 | 5,024,225 | |
c | Northern California Energy Authority (Commodity Supply Revenue), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 35,000,000 | 38,054,450 |
Palomar Community College District GO, Series B, Zero Coupon due 8/1/2021 | 2,560,000 | 2,498,560 | |
Rocklin (Insured: Natl-Re) USD GO, Zero Coupon due 8/1/2022 | 3,910,000 | 3,750,159 | |
Sacramento City (Educational Facilities Improvements) USD GO, 5.00% due 7/1/2021 | 3,265,000 | 3,445,554 | |
Sacramento City Financing Authority (Merged Downtown & Oak Park; Insured: Natl-Re), Zero Coupon due 12/1/2019 - 12/1/2021 | 4,520,000 | 4,456,014 | |
San Diego (Educational System Capital Projects; Insured: Natl-Re) USD GO, Series D-1, 5.50% due 7/1/2020 | 10,000,000 | 10,327,100 | |
San Diego Convention Center Expansion Financing Authority, Series A, 5.00% due 4/15/2020 - 4/15/2022 | 15,000,000 | 16,038,650 | |
Santa Fe Springs Community Development Commission (Consolidated Redevelopment Project; Insured: Natl-Re), Zero Coupon due 9/1/2024 | 7,000,000 | 6,399,960 | |
State of California (Various Purposes) GO, 5.00% due 9/1/2020 - 9/1/2021 | 15,000,000 | 15,703,650 | |
West Contra Costa (Educational Facilities; Insured: AGC) USD GO, Series C-1, Zero Coupon due 8/1/2022 | 4,000,000 | 3,831,080 | |
West Covina Redevelopment Agency (Fashion Plaza), 6.00% due 9/1/2022 | 4,070,000 | 4,406,508 | |
Colorado — 1.3% | |||
City & County of Denver (Buell Theatre Property) COP, 5.00% due 12/1/2020 - 12/1/2023 | 8,610,000 | 9,302,247 | |
City & County of Denver (SPA JPMorgan Chase Bank, N.A.), | |||
a | Series A1, 1.75% due 12/1/2029 (put 10/1/2019) | 5,520,000 | 5,520,000 |
a | Series A3, 1.75% due 12/1/2031 (put 10/1/2019) | 6,620,000 | 6,620,000 |
City & County of Denver School District No. 1 (Eastbridge Elementary and Conservatory Green K-8 Schools) COP, | |||
Series C, | |||
4.00% due 12/15/2019 - 12/15/2020 | 1,000,000 | 1,021,838 | |
5.00% due 12/15/2021 - 12/15/2023 | 3,210,000 | 3,582,030 | |
c | Colorado (Adventist Health System/Sunbelt Obligated Group) HFA, 5.00% due 11/15/2049 (put 11/19/2026) | 16,100,000 | 19,808,796 |
Colorado (Northern Colorado Medical Center) HFA, 5.00% due 5/15/2025 - 5/15/2026 | 1,305,000 | 1,563,304 | |
Colorado Educational & Cultural Facilities Authority (National Conference of State Legislatures), 5.00% due 6/1/2020 - 6/1/2021 | 1,925,000 | 2,000,439 | |
El Paso County (Judicial Complex; Insured: AGM) COP, 5.00% due 12/1/2022 - 12/1/2028 | 2,500,000 | 3,036,518 | |
El Paso County (Pikes Peak Regional Development Center) COP, | |||
4.00% due 12/1/2021 | 1,000,000 | 1,056,570 | |
5.00% due 12/1/2023 | 1,330,000 | 1,523,887 | |
El Paso County Falcon School District No. 49 COP, 5.00% due 12/15/2020 - 12/15/2024 | 1,950,000 | 2,216,703 | |
Interlocken Metropolitan District (Insured: AGM) GO, Series A-1, 5.00% due 12/1/2024 - 12/1/2026 | 2,375,000 | 2,826,811 | |
Park Creek Metropolitan District (Insured: AGC) ETM, 5.50% due 12/1/2019 | 1,000,000 | 1,006,860 | |
Regional Transportation District (FasTracks Transportation System) COP, Series A, 5.00% due 6/1/2020 | 3,655,000 | 3,744,548 | |
Regional Transportation District (North Metro Rail Line) COP, Series A, 5.00% due 6/1/2023 - 6/1/2024 | 8,000,000 | 9,017,680 | |
Regional Transportation District COP, | |||
Series A, | |||
5.50% due 6/1/2021 | 205,000 | 210,724 | |
5.50% due 6/1/2021 (pre-refunded 6/1/2020) | 2,165,000 | 2,225,902 | |
State of Colorado COP, Series A, 5.00% due 9/1/2024 - 9/1/2028 | 4,610,000 | 5,627,616 | |
Connecticut — 1.1% | |||
City of Hartford (Various Public Improvements; Insured: AGM) GO, | |||
Series A, 5.00% due 7/1/2024 - 7/1/2025 | 1,820,000 | 2,140,066 | |
Series B, 5.00% due 10/1/2022 | 1,765,000 | 1,950,290 | |
State of Connecticut (Educational Facilities) GO, | |||
Series B, 5.00% due 6/15/2024 - 6/15/2025 | 30,400,000 | 35,450,198 | |
Series E, 5.00% due 9/1/2023 | 5,550,000 | 6,291,979 | |
State of Connecticut (Various Capital Projects) GO, | |||
Series B, 5.00% due 5/15/2027 | 5,000,000 | 6,020,150 | |
Series E, 5.00% due 8/15/2024 | 1,845,000 | 2,088,208 | |
State of Connecticut GO, | |||
Series C, 5.00% due 6/15/2028 | 1,855,000 | 2,327,116 | |
Series E, 5.00% due 9/15/2028 | 2,560,000 | 3,227,008 |
Thornburg Limited Term Municipal Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
State of Connecticut Special Tax Revenue, Series B, 5.00% due 10/1/2021 | $ 2,200,000 | $ 2,352,306 | |
State of Connecticut, Series C, 5.00% due 6/15/2023 - 6/15/2027 | 4,825,000 | 5,817,877 | |
Delaware — 0.0% | |||
Delaware Transportation Authority (Transportation System), 5.00% due 7/1/2020 - 7/1/2022 | 1,940,000 | 2,100,522 | |
District of Columbia — 0.2% | |||
District of Columbia (Insured: Syncora) GO, Series B, 5.25% due 6/1/2020 | 3,005,000 | 3,084,182 | |
District of Columbia (National Public Radio), Series A, 5.00% due 4/1/2020 | 1,890,000 | 1,923,888 | |
District of Columbia, Series A, 5.00% due 12/1/2027 | 925,000 | 947,598 | |
Washington Metropolitan Area Transit Authority, 5.00% due 7/1/2020 - 7/1/2028 | 6,705,000 | 7,816,952 | |
Florida — 6.5% | |||
Alachua County School Board (Educational Facilities) COP, 5.00% due 7/1/2022 - 7/1/2023 | 3,850,000 | 4,292,278 | |
Broward County (Airport, Marina & Port Improvements), | |||
Series Q-1, | |||
4.00% due 10/1/2020 | 1,660,000 | 1,703,924 | |
5.00% due 10/1/2019 - 10/1/2020 | 3,000,000 | 3,072,680 | |
Broward County School Board (Educational Facilities) COP, | |||
Series A, 5.00% due 7/1/2021 - 7/1/2025 | 22,580,000 | 25,717,997 | |
Series B, 5.00% due 7/1/2023 - 7/1/2025 | 9,000,000 | 10,580,930 | |
Series C, 5.00% due 7/1/2025 - 7/1/2026 | 12,830,000 | 15,578,341 | |
Broward County School Board COP, | |||
Series A 5.00% due 7/1/2028 | 8,590,000 | 10,920,725 | |
Series B 5.00% due 7/1/2029 | 8,920,000 | 11,543,015 | |
Central Florida Expressway Authority, 5.00% due 7/1/2022 - 7/1/2026 | 4,100,000 | 4,717,521 | |
City of Cape Coral (Water and Sewer System Improvements), 5.00% due 10/1/2022 - 10/1/2026 | 5,435,000 | 6,581,730 | |
City of Jacksonville, Series C, 5.00% due 10/1/2023 | 1,105,000 | 1,261,766 | |
City of Lakeland (Energy System; Insured: AGM), 5.00% due 10/1/2019 - 10/1/2020 | 6,695,000 | 6,757,274 | |
City of Lakeland (Lakeland Regional Health Systems), 5.00% due 11/15/2019 - 11/15/2026 | 7,580,000 | 8,015,400 | |
City of Miami (Stormwater Management Utility System), 5.00% due 9/1/2026 - 9/1/2028 | 2,675,000 | 3,335,267 | |
City of North Miami Beach (North Miami Beach Water Project), 5.00% due 8/1/2020 - 8/1/2021 | 1,780,000 | 1,870,816 | |
City of Orlando (Senior Tourist Development; Insured: AGM), 5.00% due 11/1/2023 - 11/1/2027 | 3,545,000 | 4,222,537 | |
Florida Higher Educational Facilities Financing Authority (Nova Southeastern University), 5.00% due 4/1/2020 | 1,190,000 | 1,210,670 | |
Florida Higher Educational Facilities Financing Authority (University of Tampa), Series A, 5.00% due 4/1/2022 | 620,000 | 671,255 | |
Florida State Board of Governors (University System Capital Improvements), Series A, 4.00% due 7/1/2020 - 7/1/2022 | 12,655,000 | 13,248,769 | |
Fort Myers Utility System Revenue, | |||
5.00% due 10/1/2023 | 990,000 | 1,060,003 | |
5.00% due 10/1/2023 (pre-refunded 10/1/2021) | 2,370,000 | 2,540,877 | |
Highlands County HFA, ETM, 5.00% due 11/15/2019 | 3,000,000 | 3,013,229 | |
Hillsborough County (Court Facilities), Series B, 5.00% due 11/1/2019 - 11/1/2021 | 13,945,000 | 14,510,384 | |
Hillsborough County (Jail and Storm Water Projects), Series A, 5.00% due 11/1/2021 - 11/1/2022 | 5,305,000 | 5,810,804 | |
Hillsborough County School Board (Master Lease Program) COP, 5.00% due 7/1/2027 - 7/1/2028 | 10,035,000 | 12,632,437 | |
Jacksonville Electric Authority (Electric System) ETM, Series A, 5.00% due 10/1/2023 | 1,395,000 | 1,595,420 | |
Jacksonville Electric Authority (Electric System), Series A, 5.00% due 10/1/2024 (pre-refunded 10/1/2023) | 1,200,000 | 1,372,404 | |
Lee County School Board (School Facilities Improvements) COP, 5.00% due 8/1/2023 - 8/1/2024 | 3,000,000 | 3,464,680 | |
Manatee County (County Capital Projects), 5.00% due 10/1/2021 | 2,775,000 | 2,975,633 | |
a | Manatee County (Florida Power & Light Co.), 1.78% due 9/1/2024 (put 10/1/2019) | 8,200,000 | 8,200,000 |
Manatee County (Public Utilities Improvements), 5.00% due 10/1/2024 - 10/1/2025 | 970,000 | 1,147,560 | |
Manatee County School District (School Facilities Improvements; Insured: AGM), 5.00% due 10/1/2025 - 10/1/2027 | 2,900,000 | 3,567,338 | |
Marion County School Board (Insured: BAM) COP, Series B, 5.00% due 6/1/2020 - 6/1/2024 | 8,330,000 | 9,007,265 | |
Miami Beach GO, | |||
4.00% due 9/1/2021 | 1,015,000 | 1,068,013 | |
5.00% due 9/1/2020 - 9/1/2022 | 4,720,000 | 4,916,441 | |
a | Miami-Dade County (Florida Power & Light Co.) IDA, 1.78% due 6/1/2021 (put 10/1/2019) | 23,700,000 | 23,700,000 |
Miami-Dade County (Miami International Airport), Series B, 5.00% due 10/1/2025 | 2,500,000 | 2,936,500 | |
Miami-Dade County (Professional Sports Franchise Facilities; Insured: AGC), Series C, Zero Coupon due 10/1/2019 | 2,170,000 | 2,170,000 | |
Miami-Dade County (Transit System), 5.00% due 7/1/2023 - 7/1/2025 | 10,215,000 | 12,011,488 | |
Miami-Dade County Expressway Authority (Toll System), Series B, 5.00% due 7/1/2024 - 7/1/2025 | 4,000,000 | 4,609,260 | |
Miami-Dade County School Board (Educational Facilities Improvements) COP, | |||
Series A, | |||
5.00% due 5/1/2022 - 5/1/2024 | 15,535,000 | 17,636,647 | |
c | 5.00% due 5/1/2031 (put 5/1/2024) | 2,550,000 | 2,920,643 |
Series C, 5.00% due 5/1/2025 | 15,000,000 | 17,862,450 | |
Orange County (Orlando Health, Inc.) HFA, ETM, 5.25% due 10/1/2019 | 6,050,000 | 6,050,000 | |
Orange County (Orlando Health, Inc.; Insured: Natl-Re) HFA ETM, 6.25% due 10/1/2021 | 820,000 | 859,557 |
PRINCIPAL AMOUNT | VALUE | ||
Orange County School Board (Educational Facilities) COP, Series D, 5.00% due 8/1/2020 - 8/1/2025 | $ 9,795,000 | $ 10,861,198 | |
d | Palm Beach County (Baptist Health South Florida Obligated Group) HFA, 5.00% due 8/15/2024 - 8/15/2027 | 1,145,000 | 1,376,314 |
Palm Beach County (Boca Raton Regional Hospital) HFA, ETM, 5.00% due 12/1/2020 | 600,000 | 624,978 | |
Palm Beach County School Board (Educational Facilities) COP, | |||
Series B, 5.00% due 8/1/2022 - 8/1/2024 | 10,095,000 | 11,599,368 | |
Series C, | |||
4.00% due 8/1/2021 | 3,835,000 | 4,021,649 | |
5.00% due 8/1/2020 - 8/1/2022 | 2,750,000 | 2,953,122 | |
Palm Beach County School District COP, Series C, 5.00% due 8/1/2021 - 8/1/2026 | 10,130,000 | 11,673,878 | |
Polk County (Water and Wastewater Utility Systems), 5.00% due 10/1/2023 | 1,420,000 | 1,573,928 | |
Polk County (Water and Wastewater Utility Systems; Insured: AGM), | |||
3.00% due 10/1/2021 | 3,125,000 | 3,227,531 | |
4.00% due 10/1/2020 | 3,100,000 | 3,184,227 | |
Reedy Creek Improvement District (Buena Vista Drive Corridor Improvements) GO, Series A, 5.00% due 6/1/2023 | 1,940,000 | 2,197,554 | |
Reedy Creek Improvement District (Walt Disney World Resort Complex Utility Systems) GO, Series A, 5.00% due 6/1/2021 - 6/1/2025 | 4,210,000 | 4,887,295 | |
Reedy Creek Improvement District (Walt Disney World Resort Complex Utility Systems), Series 1, 5.00% due 10/1/2021 - 10/1/2023 | 2,575,000 | 2,831,839 | |
South Florida Water Management District (Everglades Restoration Plan) COP, 5.00% due 10/1/2019 - 10/1/2022 | 7,030,000 | 7,440,347 | |
South Lake County Hospital District, 5.00% due 10/1/2025 (pre-refunded 4/1/2020) | 4,140,000 | 4,215,058 | |
Sunshine State Governmental Financing Commission (Miami-Dade County Program), Series B-1, 5.00% due 9/1/2021 - 9/1/2024 | 7,275,000 | 8,092,181 | |
Sunshine State Governmental Financing Commission (Miami-Dade County Program; Insured: AGM), Series A, 5.00% due 9/1/2021 | 5,000,000 | 5,352,450 | |
Tampa Bay Regional Water Supply Authority, 5.00% due 10/1/2019 | 3,000,000 | 3,000,000 | |
Volusia County Educational Facilities Authority (Embry-Riddle Aeronautical University, Inc.), Series B, 5.00% due 10/15/2023 - 10/15/2025 | 1,750,000 | 2,024,055 | |
Volusia County Educational Facilities Authority (Embry-Riddle Aeronautical University, Inc.; Insured: AGM) ETM, 5.00% due 10/15/2019 | 2,350,000 | 2,353,126 | |
Volusia County School Board (University High School, River Springs Middle School) COP, 5.00% due 8/1/2024 | 1,000,000 | 1,162,420 | |
Georgia — 1.6% | |||
Athens-Clarke County Unified Government Development Authority (UGAREF Bolton Commons, LLC), 4.00% due 6/15/2020 | 395,000 | 402,572 | |
Athens-Clarke County Unified Government Development Authority (UGAREF Central Precinct, LLC), 5.00% due 6/15/2022 - 6/15/2023 | 1,270,000 | 1,408,445 | |
City of Atlanta (Airport Passenger Facility), | |||
5.00% due 1/1/2024 - 1/1/2025 | 3,850,000 | 4,424,928 | |
Series B, 5.00% due 1/1/2023 - 1/1/2025 | 2,645,000 | 3,006,588 | |
City of Atlanta (Atlantic Station Project), 5.00% due 12/1/2020 - 12/1/2024 | 4,290,000 | 4,767,034 | |
City of Atlanta (BeltLine Project), Series A, 5.00% due 1/1/2020 - 1/1/2021 | 585,000 | 590,037 | |
City of Atlanta (Hartsfield-Jackson Atlanta International Airport), | |||
Series B, 5.00% due 1/1/2020 - 1/1/2021 | 13,000,000 | 13,119,690 | |
Series C, | |||
5.25% due 1/1/2020 | 5,000,000 | 5,048,950 | |
5.50% due 1/1/2021 | 3,525,000 | 3,710,203 | |
City of Atlanta (Water & Wastewater System), | |||
5.00% due 11/1/2021 - 11/1/2025 | 6,630,000 | 7,472,332 | |
Series A, 6.00% due 11/1/2019 | 5,650,000 | 5,671,470 | |
Fulton County Development Authority (Georgia Tech Athletic Association) ETM, 5.00% due 10/1/2022 | 4,550,000 | 5,033,301 | |
Fulton County Facilities Corp. (Public Purpose Project) COP, 5.00% due 11/1/2019 | 6,600,000 | 6,619,470 | |
Main Street Natural Gas, Inc., Series A, 5.00% due 5/15/2023 - 5/15/2029 | 14,265,000 | 16,969,208 | |
c | Monroe County Development Authority (Gulf Power Co.), 2.00% due 9/1/2037 (put 6/25/2020) | 1,300,000 | 1,303,562 |
b | Private Colleges & Universities Authority (Emory University), Series B, 2.00% (MUNIPSA + 0.42%) due 10/1/2039 (put 8/16/2022) | 16,400,000 | 16,432,308 |
d | Savannah Economic Development Authority (International Paper Co.), 1.90% due 8/1/2024 | 4,000,000 | 4,010,760 |
Guam — 0.5% | |||
Government of Guam (Layon Solid Waste Disposal Facility ETM, Series A, 5.50% due 12/1/2019 | 2,000,000 | 2,014,000 | |
Government of Guam (Various Capital Projects), Series D, 5.00% due 11/15/2019 - 11/15/2024 | 12,170,000 | 13,205,667 | |
Guam Government Waterworks Authority (Water & Wastewater System Improvements), 5.25% due 7/1/2020 - 7/1/2023 | 1,995,000 | 2,169,820 | |
Guam Government, Series A, 5.00% due 1/1/2025 | 305,000 | 323,712 | |
Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2023 - 10/1/2026 | 4,330,000 | 4,916,632 | |
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2019 - 10/1/2022 | 8,840,000 | 9,518,945 | |
Hawaii — 1.2% | |||
City and County of Honolulu (Capital Improvements) GO ETM, Series A, 5.00% due 11/1/2022 | 1,750,000 | 1,947,697 | |
City and County of Honolulu (Capital Improvements) GO, | |||
Series A, 5.00% due 11/1/2020 | 8,265,000 | 8,596,509 | |
Series B, 5.00% due 11/1/2019 - 11/1/2022 | 13,085,000 | 14,070,099 | |
b | City and County of Honolulu (Rail Transit Project) GO, 1.90% (MUNIPSA + 0.32%) due 9/1/2025 - 9/1/2028 (put 9/1/2020) | 17,075,000 | 17,076,366 |
County of Hawaii (Capital Improvements) GO, | |||
Series A, 5.00% due 9/1/2023 | 800,000 | 913,184 | |
Series B, 5.00% due 9/1/2023 | 1,500,000 | 1,712,220 | |
Series C, 5.00% due 9/1/2021 - 9/1/2026 | 5,250,000 | 5,966,693 |
Thornburg Limited Term Municipal Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Series D, 5.00% due 9/1/2023 - 9/1/2026 | $ 3,085,000 | $ 3,691,998 | |
Series E, 5.00% due 9/1/2021 - 9/1/2026 | 4,665,000 | 5,178,953 | |
State of Hawaii (Hawaiian Home Lands Settlement) GO ETM, | |||
Series DZ, 5.00% due 12/1/2019 | 1,545,000 | 1,554,224 | |
Series DZ-2017, 5.00% due 12/1/2019 | 60,000 | 60,368 | |
State of Hawaii (Hawaiian Home Lands Settlement) GO, | |||
Series DZ, 5.00% due 12/1/2022 (pre-refunded 12/1/2021) | 4,000,000 | 4,313,256 | |
Series DZ-2017, 5.00% due 12/1/2019 | 1,395,000 | 1,403,509 | |
Series EA, 5.00% due 12/1/2020 - 12/1/2021 | 5,500,000 | 5,847,470 | |
State of Hawaii Airports System Revenue, Series A, 5.25% due 7/1/2027 | 2,400,000 | 2,468,400 | |
Idaho — 0.3% | |||
Idaho (Trinity Health Credit Group) HFA, Series D, 5.00% due 12/1/2022 - 12/1/2024 | 4,200,000 | 4,806,124 | |
c | Regents of the University of Idaho, 5.25% due 4/1/2041 (put 4/1/2021) | 12,295,000 | 12,927,209 |
Illinois — 6.8% | |||
Board of Education of the City of Chicago (Educational Facilities; Insured: BHAC) GO, Series B-1, Zero Coupon due 12/1/2020 | 12,000,000 | 11,737,920 | |
Board of Trustees of Southern Illinois University (Housing & Auxiliary Facilities; Insured: Natl-Re), Series A, 5.25% due 4/1/2020 | 1,000,000 | 1,014,950 | |
Chicago Midway International Airport, Series B, 5.00% due 1/1/2022 - 1/1/2024 | 3,700,000 | 4,119,914 | |
Chicago O’Hare International Airport (2015 Airport Projects), Series B, 5.00% due 1/1/2020 - 1/1/2021 | 5,350,000 | 5,505,825 | |
Chicago O’Hare International Airport (2016 Airport Projects), Series C, 5.00% due 1/1/2027 | 1,750,000 | 2,103,815 | |
Chicago O’Hare International Airport (Capital Development Programs), Series B, 5.00% due 1/1/2022 (pre-refunded 1/1/2021) | 5,835,000 | 6,106,327 | |
Chicago Park District (Capital Improvement Plan) GO, | |||
4.00% due 1/1/2020 | 815,000 | 819,809 | |
Series A, 5.00% due 1/1/2024 - 1/1/2025 | 1,915,000 | 2,170,593 | |
Series B, | |||
4.00% due 1/1/2020 | 2,730,000 | 2,746,107 | |
5.00% due 1/1/2021 - 1/1/2024 | 7,270,000 | 7,811,940 | |
Series C, 5.00% due 1/1/2022 - 1/1/2023 | 5,155,000 | 5,602,448 | |
Series D, 5.00% due 1/1/2020 - 1/1/2024 | 3,965,000 | 4,356,949 | |
Chicago Park District GO, Series D, 5.00% due 1/1/2021 - 1/1/2024 | 2,850,000 | 3,055,936 | |
Chicago Park District, Series B 5.00% due 1/1/2020 | 3,185,000 | 3,211,595 | |
Chicago School Reform Board of Trustees of the Board of Education (School District Capital Improvement Program; Insured: Natl-Re) GO, Series A, 5.25% due 12/1/2021 | 1,500,000 | 1,590,285 | |
City of Chicago (Chicago Midway Airport), Series B, 5.00% due 1/1/2023 - 1/1/2024 | 22,275,000 | 24,776,597 | |
City of Chicago (Project Fund), Series A, 5.00% due 1/1/2024 - 1/1/2027 (pre-refunded 1/1/2020) | 17,850,000 | 18,010,650 | |
City of Chicago (Riverwalk Expansion Project; Insured: AGM), | |||
e | 5.00% due 1/1/2021 | 1,410,000 | 1,452,258 |
5.00% due 1/1/2023 | 1,000,000 | 1,068,430 | |
City of Chicago (Wastewater Transmission System), Series C-REMK-10/, 5.00% due 1/1/2020 - 1/1/2025 | 17,750,000 | 19,775,482 | |
City of Chicago (Wastewater Transmission System; Insured: BHAC), Series A, 5.50% due 1/1/2020 | 1,400,000 | 1,404,970 | |
City of Chicago (Water System), | |||
Series 2017-2, 5.00% due 11/1/2020 - 11/1/2024 | 4,150,000 | 4,512,309 | |
Series A, 5.00% due 11/1/2019 - 11/1/2027 | 7,250,000 | 8,441,585 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2028 | 2,000,000 | 2,441,120 | |
City of Mount Vernon (Various Municipal Capital Improvements; Insured: AGM) GO, 4.00% due 12/15/2019 - 12/15/2021 | 3,425,000 | 3,501,526 | |
City of Waukegan (Lakehurst Redevelopment Project; Insured: AGM) GO, Series A, 5.00% due 12/30/2019 - 12/30/2022 | 6,035,000 | 6,363,366 | |
Community College District No. 503 (Black Hawk College; Insured: AGM) GO, 5.00% due 12/1/2021 - 12/1/2024 | 10,935,000 | 12,323,374 | |
Community College District No. 516 (Waubonsee Community College) GO, | |||
Series A, | |||
4.50% due 12/15/2020 | 1,325,000 | 1,374,277 | |
5.00% due 12/15/2021 | 6,175,000 | 6,658,441 | |
Community High School District No. 127 (Lake County-Grayslake Educational Facilities.; Insured: Syncora) GO, 7.375% due 2/1/2020 | 1,000,000 | 1,019,700 | |
Community Unit School District No. 302 (Kane & DeKalb County Educational Facilities; Insured: Natl-Re) GO, Zero Coupon due 2/1/2021 | 3,165,000 | 3,090,749 | |
Community Unit School District No. 428 (DeKalb County Educational Facilities) GO, Zero Coupon due 1/1/2021 | 6,140,000 | 5,916,443 | |
Community Unit School District No. 5 (Insured: BAM) GO, 5.00% due 4/15/2024 - 4/15/2026 | 1,650,000 | 1,943,828 | |
Cook County Community College District No. 508 (City Colleges of Chicago) GO, | |||
5.00% due 12/1/2020 - 12/1/2024 | 8,020,000 | 8,622,088 | |
5.25% due 12/1/2025 - 12/1/2026 | 3,365,000 | 3,691,311 | |
Cook County School District No.170 (Insured: AGM) GO, Series D, 5.00% due 12/1/2024 | 1,190,000 | 1,351,471 | |
County of Cook (Capital Improvement Plan) GO, | |||
Series A, 5.00% due 11/15/2021 | 5,000,000 | 5,350,250 | |
Series C, | |||
4.00% due 11/15/2020 - 11/15/2022 | 3,925,000 | 4,117,686 | |
5.00% due 11/15/2020 - 11/15/2022 | 9,195,000 | 9,582,897 |
PRINCIPAL AMOUNT | VALUE | ||
Series D, 5.00% due 11/15/2019 | $ 3,690,000 | $ 3,705,313 | |
County of Cook Sales Tax Revenue, 5.00% due 11/15/2028 | 2,250,000 | 2,768,850 | |
Du Page County High School District No. 88 (Addison Trail and Willowbrook High Schools GO, 3.00% due 1/15/2020 | 2,630,000 | 2,642,151 | |
Forest Preserve District of Cook County GO, Series A, 5.00% due 11/15/2021 | 1,500,000 | 1,590,390 | |
Forest Preserve District of DuPage County GO, 5.00% due 11/1/2020 - 11/1/2024 | 9,455,000 | 10,782,311 | |
a | Illinois Development Finance Authority (NorthShore University HealthSystem; SPA JP Morgan Chase Bank N.A.), Series C, 1.75% due 5/1/2031 (put 10/1/2019) | 7,085,000 | 7,085,000 |
Illinois Finance Authority (Advocate Health Care), | |||
5.00% due 8/1/2023 - 8/1/2024 | 1,365,000 | 1,571,048 | |
c | Series A-1, 5.00% due 11/1/2030 (put 1/15/2020) | 1,575,000 | 1,591,096 |
Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group; SPA JP Morgan Chase Bank N.A.), | |||
a | Series A-1, 1.77% due 8/15/2042 (put 10/1/2019) | 34,880,000 | 34,880,000 |
a | Series A-3, 1.77% due 8/15/2042 (put 10/1/2019) | 12,245,000 | 12,245,000 |
Illinois Finance Authority (Rush University Medical Center), Series A, 5.00% due 11/15/2020 - 11/15/2025 | 3,020,000 | 3,479,001 | |
Illinois Finance Authority (Trinity Health), Series L, 4.00% due 12/1/2021 | 1,000,000 | 1,055,250 | |
Illinois State Toll Highway Authority, | |||
Series A-1, 5.00% due 1/1/2025 | 6,500,000 | 6,557,525 | |
Series D, 5.00% due 1/1/2023 - 1/1/2024 | 10,500,000 | 11,878,120 | |
Kane McHenry Cook & DeKalb Counties Unit School District No. 300 (Insured: AMBAC) GO ETM, Zero Coupon due 12/1/2021 | 765,000 | 741,453 | |
Kane McHenry Cook & DeKalb Counties Unit School District No. 300 (Insured: AMBAC) GO, Zero Coupon due 12/1/2021 | 1,235,000 | 1,185,020 | |
Kane McHenry Cook & DeKalb Counties Unit School District No. 300 GO, 5.00% due 1/1/2024 | 7,150,000 | 8,123,544 | |
Knox & Warren Counties Community Unit School District No 205 Galesburg GO, | |||
Series B | |||
d | 4.00% due 12/1/2020 - 12/1/2024 | 4,850,000 | 5,236,615 |
d | 5.00% due 12/1/2025 - 12/1/2029 | 7,400,000 | 9,005,513 |
McHenry County Conservation District GO, 5.00% due 2/1/2021 - 2/1/2025 | 4,325,000 | 4,791,287 | |
Metropolitan Pier & Exposition Authority (McCormick Place Expansion) (State Aid Withholding), Series B, 5.00% due 12/15/2020 | 4,000,000 | 4,145,680 | |
Metropolitan Water Reclamation District of Greater Chicago (Green Bond), GO, Series E, 5.00% due 12/1/2025 | 1,000,000 | 1,200,220 | |
Peoria Metropolitan Airport Authority GO, Series D, 5.00% due 12/1/2027 | 1,000,000 | 1,210,600 | |
State of Illinois (State Facilities Improvements) GO, 5.00% due 7/1/2021 | 1,735,000 | 1,819,286 | |
State of Illinois GO, Series A, 5.00% due 12/1/2021 | 4,500,000 | 4,767,840 | |
State of Illinois, Series B, 5.00% due 6/15/2026 - 6/15/2029 | 20,000,000 | 23,325,900 | |
Town of Cicero Cook County (Cicero and Laramie Development Areas; Insured: AGM) GO, Series A, 5.00% due 1/1/2020 - 1/1/2021 | 2,700,000 | 2,759,731 | |
University of Illinois Board of Trustees (Insured: AGM) COP, Series B, 5.00% due 10/1/2019 | 955,000 | 955,000 | |
Village of Tinley Park GO, 4.00% due 12/1/2022 | 625,000 | 671,431 | |
Will & Kendall Counties Plainfield Community Consolidated School District 202 (Capital Improvements; Insured: BAM) GO, Series A, 5.00% due 1/1/2023 - 1/1/2025 | 21,125,000 | 24,035,475 | |
Indiana — 1.9% | |||
Avon Community School Building Corp (Educational Facilities; Insured: State Intercept), 5.00% due 7/15/2021 - 7/15/2027 | 6,730,000 | 7,696,627 | |
Board of Trustees for the Vincennes University, Series J, 5.00% due 6/1/2020 | 1,000,000 | 1,024,500 | |
City of Carmel Redevelopment Authority (Road and Intersection Improvements), 5.00% due 8/1/2021 - 8/1/2022 | 4,915,000 | 5,278,306 | |
City of Carmel Redevelopment District (CFP Energy Center, LLC Installment Purchase Agreement) COP, Series C, 5.75% due 7/15/2022 (pre-refunded 1/15/2021) | 1,610,000 | 1,676,525 | |
Duneland School Building Corp. (State Aid Withholding), Zero Coupon due 2/1/2020 - 8/1/2021 | 12,480,000 | 12,257,231 | |
Hamilton Southeastern Consolidated School Building Corp. (Educational Facilities; Insured: State Intercept), Series D, 5.00% due 7/15/2021 - 1/15/2024 | 3,210,000 | 3,530,079 | |
Indiana Bond Bank (Columbus Learning Center), 5.00% due 8/1/2021 | 1,300,000 | 1,375,465 | |
Indiana Finance Authority (Community Health Network), Series A, 5.00% due 5/1/2020 - 5/1/2022 | 4,340,000 | 4,593,563 | |
Indiana Finance Authority (CWA Authority, Inc. Wastewater System Project), Series A, 5.00% due 10/1/2021 - 10/1/2024 | 2,000,000 | 2,261,435 | |
a | Indiana Finance Authority (Franciscan Alliance, Inc. Obligated Group; LOC Barclays Bank Plc), 1.77% due 11/1/2037 (put 10/1/2019) | 11,935,000 | 11,935,000 |
Indiana Finance Authority (Indiana University Health System), | |||
Series N, | |||
5.00% due 3/1/2020 - 3/1/2021 | 14,880,000 | 15,455,022 | |
5.00% due 3/1/2022 (pre-refunded 3/1/2021) | 3,240,000 | 3,405,953 | |
Indiana Finance Authority (Indiana University Health, Inc. Obligated Group), | |||
b | Series L, 2.13% (MUNIPSA + 0.55%) due 12/1/2046 (put 7/2/2021) | 5,200,000 | 5,201,404 |
b | Series M, 1.86% (MUNIPSA + 0.28%) due 12/1/2046 (put 7/2/2021) | 6,000,000 | 6,001,560 |
Indiana Finance Authority (Marian University Health Sciences) ETM, 5.00% due 9/15/2020 - 9/15/2021 | 4,565,000 | 4,802,884 | |
a | Indiana Finance Authority (Marion County Capital Improvement Board; SPA U.S. Bank, N.A.), Series A-3-RMKT, 1.77% due 2/1/2037 (put 10/1/2019) | 8,400,000 | 8,400,000 |
Indiana Finance Authority (Parkview Health System), 5.00% due 5/1/2022 | 1,135,000 | 1,237,641 | |
Indiana Municipal Power Agency (Power Supply System), Series A, 5.00% due 1/1/2026 - 1/1/2028 | 4,235,000 | 5,240,649 | |
Knox Middle School Building Corp. (Insured: Natl-Re) (State Aid Withholding), Zero Coupon due 1/15/2020 | 1,295,000 | 1,287,191 |
Thornburg Limited Term Municipal Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Lake Central Multi-District School Building Corp. (Educational Facilities) (State Aid Withholding), | |||
Series B, | |||
4.00% due 1/15/2020 - 1/15/2022 | $ 4,050,000 | $ 4,184,732 | |
5.00% due 7/15/2020 - 7/15/2022 | 3,420,000 | 3,627,199 | |
Perry Township Multischool Building Corp. (Educational Facilities) (State Aid Withholding), 5.00% due 7/10/2020 - 7/10/2021 | 3,090,000 | 3,208,605 | |
Iowa — 0.3% | |||
Des Moines Independent Community School District (School Infrastructure; Insured: AGM), 4.00% due 6/1/2020 - 6/1/2022 | 10,255,000 | 10,441,567 | |
Iowa Finance Authority (Genesis Health System), 5.00% due 7/1/2022 - 7/1/2024 | 6,085,000 | 6,771,417 | |
Kansas — 1.0% | |||
Kansas (National Bio and Agro-Defense Facility) DFA, Series G, 5.00% due 4/1/2020 - 4/1/2025 | 39,450,000 | 43,074,919 | |
Kansas (New Jobs Training; Insured: BAM) DFA, Series K, 5.00% due 12/1/2020 | 1,500,000 | 1,508,925 | |
Seward County No. 480 USD GO, Series B, 5.00% due 9/1/2024 - 9/1/2027 | 6,120,000 | 7,293,912 | |
Unified Government of Wyandotte County/Kansas City (Utility Systems Improvement), Series A, 5.00% due 9/1/2022 - 9/1/2024 | 3,600,000 | 4,032,928 | |
Wyandotte County No. 500 (General Improvement) USD GO, Series A, 5.00% due 9/1/2025 - 9/1/2026 | 5,675,000 | 6,924,880 | |
Kentucky — 2.1% | |||
Kentucky Economic (Norton Healthcare, Inc.; Insured: Natl-Re) DFA, Series B, Zero Coupon due 10/1/2019 - 10/1/2023 | 21,680,000 | 20,993,129 | |
c | Kentucky Public Energy Authority (Gas Supply System), Series C-1, 4.00% due 12/1/2049 (put 6/1/2025) | 77,500,000 | 85,719,650 |
Lexington-Fayette Urban County Government Public Facilities Corp. (Eastern State Hospital), Series A, 5.00% due 6/1/2022 | 6,165,000 | 6,513,446 | |
c | Louisville/Jefferson County Metropolitan Government (Louisville Gas & Electric Co.), 1.85% due 10/1/2033 (put 4/1/2021) | 6,500,000 | 6,539,325 |
Louisville/Jefferson County Metropolitan Government (Norton Healthcare, Inc.), 5.00% due 10/1/2026 | 3,000,000 | 3,666,990 | |
Turnpike Authority of Kentucky (Revitalization Projects), Series B, 5.00% due 7/1/2025 - 7/1/2026 | 5,615,000 | 6,712,259 | |
Louisiana — 2.6% | |||
City of Bossier (Public Improvements; Insured: AGM), Series ST-2010, 4.50% due 12/1/2021 | 2,240,000 | 2,384,077 | |
City of Lafayette (Utilities System Improvements), 5.00% due 11/1/2019 | 1,000,000 | 1,002,910 | |
City of New Orleans (Public Improvements) GO, | |||
4.00% due 12/1/2019 | 750,000 | 753,165 | |
5.00% due 12/1/2020 - 12/1/2021 | 2,515,000 | 2,658,565 | |
City of New Orleans (Public Improvements; Insured: AGM) GO, 5.00% due 12/1/2019 - 12/1/2021 | 12,030,000 | 12,605,907 | |
City of Shreveport (Water and Sewer System; Insured: BAM), | |||
Series A, | |||
5.00% due 12/1/2020 - 12/1/2024 | 26,905,000 | 29,276,890 | |
e | 5.00% due 12/1/2023 | 4,245,000 | 4,821,386 |
East Baton Rouge Sewerage Commission (Wastewater System Improvements), Series B, 5.00% due 2/1/2023 - 2/1/2025 | 2,150,000 | 2,482,400 | |
Ernest N. Morial - New Orleans Exhibition Hall Authority (Convention Center), 5.00% due 7/15/2020 - 7/15/2023 | 3,780,000 | 4,047,810 | |
Jefferson Sales Tax District (Insured: AGM), | |||
Series A, 5.00% due 12/1/2023 - 12/1/2027 | 4,700,000 | 5,674,475 | |
Series B, 5.00% due 12/1/2027 - 12/1/2028 | 4,690,000 | 5,912,231 | |
Louisiana Energy & Power Authority (LEPA Unit No. 1 Power; Insured: AGM), Series A, 5.00% due 6/1/2022 - 6/1/2023 | 1,750,000 | 1,942,443 | |
Louisiana Energy & Power Authority (Rodemacher Unit No. 2 Power), 5.00% due 1/1/2020 - 1/1/2023 | 4,240,000 | 4,490,912 | |
Louisiana Local Govt Environmental Facilities & Community Development Authority (Bossier Parish Community College - Campus Facilities, Inc. Project), | |||
4.00% due 12/1/2019 | 1,310,000 | 1,315,568 | |
5.00% due 12/1/2020 | 1,200,000 | 1,249,104 | |
Louisiana Local Govt Environmental Facilities & Community Development Authority (LCTCS Act 391 Project; Insured: BAM), 5.00% due 10/1/2022 - 10/1/2027 | 15,565,000 | 18,446,597 | |
Louisiana Local Govt Environmental Facilities & Community Development Authority (Town of Vinton Public Power Authority; Insured: AGM) ETM, 4.50% due 10/1/2019 | 1,000,000 | 1,000,000 | |
Louisiana Public Facilities Authority (Hurricane Recovery Program), 5.00% due 6/1/2022 - 6/1/2023 | 7,945,000 | 8,834,332 | |
Louisiana State Office Facilities Corp. (State Capitol), Series A, 5.00% due 5/1/2021 | 4,595,000 | 4,689,427 | |
New Orleans Regional Transit Authority (Streetcar Rail Lines; Insured: AGM), 5.00% due 12/1/2019 - 12/1/2022 | 3,110,000 | 3,202,384 | |
Parish of LaFourche (Roads, Highways & Bridges), 5.00% due 1/1/2022 - 1/1/2023 | 930,000 | 1,021,253 | |
Parish of Orleans School District (Insured: AGM) GO, 5.00% due 9/1/2020 | 3,840,000 | 3,969,331 | |
c | Parish of St. Charles (Valero Energy Corp. Refinery), 4.00% due 12/1/2040 (put 6/1/2022) | 16,395,000 | 17,280,658 |
Parish of Terrebonne Hospital Service District No. 1 (Terrebonne General Medical Center), | |||
5.00% due 4/1/2021 | 1,485,000 | 1,510,200 | |
5.00% due 4/1/2021 (pre-refunded 4/1/2020) | 835,000 | 850,139 | |
Shreveport Water & Sewer Revenue (Insured: BAM), Series C, 5.00% due 12/1/2024 - 12/1/2026 | 2,420,000 | 2,865,839 | |
State of Louisiana GO, Series C, 5.00% due 8/1/2021 | 11,175,000 | 11,909,868 | |
Maine — 0.1% | |||
Maine Governmental Facilities Authority (Augusta & Machias Courthouses), | |||
Series A, |
PRINCIPAL AMOUNT | VALUE | ||
5.00% due 10/1/2020 - 10/1/2022 | $ 3,735,000 | $ 4,005,180 | |
e | 5.00% due 10/1/2023 | 1,445,000 | 1,652,416 |
Maryland — 0.6% | |||
Maryland Economic Development Corp. (Public Health Laboratory), | |||
4.00% due 6/1/2022 | 8,245,000 | 8,617,179 | |
5.00% due 6/1/2021 | 8,725,000 | 9,263,507 | |
Prince County George’s GO, 5.00% due 9/15/2026 | 6,110,000 | 7,596,868 | |
State of Maryland GO, Series B, 5.00% due 8/1/2024 | 6,955,000 | 8,162,597 | |
Massachusetts — 1.2% | |||
Berkshire Wind Power Cooperative Corp., Series 1, 5.00% due 7/1/2020 (pre-refunded 1/1/2020) | 2,965,000 | 2,991,685 | |
Commonwealth of Massachusetts GO, | |||
c | Series D-1, 1.05% due 8/1/2043 (put 7/1/2020) | 6,150,000 | 6,131,304 |
Series G, 5.00% due 9/1/2029 | 5,000,000 | 6,584,900 | |
Massachusetts (Insured: BHAC-CR FGIC), 5.50% due 1/1/2029 | 8,300,000 | 11,177,361 | |
Massachusetts Development Finance Agency (Beth Israel Lahey Health Obligated Group), 5.00% due 7/1/2027 - 7/1/2028 | 2,000,000 | 2,501,260 | |
Massachusetts Development Finance Agency (CareGroup Healthcare System), | |||
Series H-1, 5.00% due 7/1/2020 | 5,000,000 | 5,131,350 | |
Series I, 5.00% due 7/1/2023 - 7/1/2026 | 11,020,000 | 12,957,095 | |
Massachusetts Development Finance Agency (CareGroup Obligated Group), Series I, 5.00% due 7/1/2027 | 450,000 | 547,772 | |
Massachusetts Development Finance Agency (Mount Auburn Hospital Health Records System), Series H-1, 5.00% due 7/1/2022 - 7/1/2025 | 15,415,000 | 17,665,224 | |
Massachusetts Development Finance Agency (Simmons College), Series J, 5.25% due 10/1/2023 | 595,000 | 676,717 | |
Massachusetts Educational Financing Authority, Series I, 5.75% due 1/1/2020 | 7,500,000 | 7,580,775 | |
Michigan — 2.4% | |||
Board of Governors of Wayne State University (Educational Facilities and Equipment), Series A, 5.00% due 11/15/2022 - 11/15/2025 | 1,870,000 | 2,156,859 | |
Byron Center Michigan Public Schools (Insured: AGM/Q-SBLF) GO, 4.00% due 5/1/2020 | 1,000,000 | 1,015,730 | |
County of Genesee (Water Supply System; Insured: BAM) GO, 5.00% due 11/1/2022 | 600,000 | 661,614 | |
County of Livingston (Howell Public Schools; Insured: Q-SBLF) GO, 4.00% due 5/1/2020 - 5/1/2021 | 2,000,000 | 2,056,440 | |
Kalamazoo Hospital Finance Authority (Bronson Methodist Hospital; Insured: AGM) ETM, 5.00% due 5/15/2020 | 1,735,000 | 1,774,124 | |
Kalamazoo Hospital Finance Authority (Bronson Methodist Hospital; Insured: AGM), | |||
5.00% due 5/15/2021 | 1,050,000 | 1,073,677 | |
5.00% due 5/15/2021 (pre-refunded 5/15/2020) | 1,300,000 | 1,328,912 | |
Livonia Public Schools School District (School Building & Site) GO, | |||
Series I, | |||
4.00% due 5/1/2020 | 800,000 | 812,024 | |
5.00% due 5/1/2021 | 900,000 | 950,895 | |
Michigan Finance Authority ((McLaren Health Care Corp. Obligated Group), 5.00% due 2/15/2029 | 1,000,000 | 1,281,490 | |
Michigan Finance Authority (Beaumont Health Credit Group), 5.00% due 8/1/2023 - 8/1/2025 | 18,800,000 | 21,784,588 | |
Michigan Finance Authority (Henry Ford Health System), 5.00% due 11/15/2027 | 1,000,000 | 1,219,160 | |
Michigan Finance Authority (LOC JPMorgan Chase Bank, N.A.) (State Aid Withholding), Series A-2, 2.00% due 8/20/2020 | 3,800,000 | 3,822,002 | |
Michigan Finance Authority (McLaren Health Care Corp. Obligated Group), 5.00% due 2/15/2028 | 1,000,000 | 1,258,740 | |
Michigan Finance Authority (Trinity Health Credit Group), 5.00% due 12/1/2022 - 12/1/2028 | 10,500,000 | 12,484,435 | |
Michigan Finance Authority (Ypsilanti Community Schools), 5.00% due 8/1/2020 - 8/1/2022 | 3,890,000 | 4,130,271 | |
Michigan Municipal Bond Authority (Clean Water Fund), 5.00% due 10/1/2020 | 35,000 | 35,106 | |
Michigan State Building Authority (Facilities Program), Series I, 5.00% due 4/15/2023 - 4/15/2026 | 1,750,000 | 2,047,282 | |
c | Michigan State Hospital Finance Authority (Ascension Health), Series F-2-REMK, 1.90% due 11/15/2047 (put 4/1/2021) | 5,170,000 | 5,209,706 |
Michigan Strategic Fund (Detroit Edison Company; Insured: AMBAC), 7.00% due 5/1/2021 | 4,115,000 | 4,458,356 | |
Plymouth-Canton Community Schools (Insured: Q-SBLF) GO, Series A, 5.00% due 5/1/2020 | 1,000,000 | 1,021,500 | |
Royal Oak Hospital Finance Authority (William Beaumont Hospital), 5.00% due 9/1/2020 - 9/1/2024 | 6,940,000 | 7,624,767 | |
School District of the City of Dearborn (Insured: Q-SBLF) (State Aid Withholding) GO, | |||
4.00% due 5/1/2020 - 5/1/2023 | 1,510,000 | 1,606,095 | |
e | 4.00% due 5/1/2021 | 570,000 | 593,535 |
School District of the City of Detroit (Wayne County School Building & Site; Insured: Q-SBLF) GO, Series A, 5.00% due 5/1/2020 - 5/1/2022 | 9,200,000 | 9,727,854 | |
Sparta Area Schools, Counties of Kent and Ottawa (School Building & Site; Insured: Q-SBLF) GO, 5.00% due 5/1/2020 | 1,335,000 | 1,362,915 | |
St. Johns Public Schools (Insured: Natl-Re/FGIC/Q-SBLF) GO, 5.00% due 5/1/2021 | 665,000 | 690,576 | |
State Building Authority of the State of Michigan (Higher Education Facilities Program), Series I-A, 5.00% due 10/15/2020 - 10/15/2023 | 12,715,000 | 14,279,817 | |
Warren Consolidated School District (Insured: Q-SBLF) GO, 5.00% due 5/1/2020 - 5/1/2021 | 2,000,000 | 2,075,260 | |
Wayne County Airport Authority (Detroit Metropolitan Airport), | |||
Series C, | |||
5.00% due 12/1/2019 | 12,645,000 | 12,721,123 | |
5.50% due 12/1/2020 | 4,395,000 | 4,607,454 | |
Series D, 5.50% due 12/1/2019 - 12/1/2020 | 5,715,000 | 5,883,337 | |
Wayne State University, Series A, 5.00% due 11/15/2023 - 11/15/2026 | 12,640,000 | 15,061,001 |
Thornburg Limited Term Municipal Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Minnesota — 0.5% | |||
a | City of Minneapolis/St. Paul Housing & Redevelopment Authority (Allina Health Obligated Group; LOC JPMorgan Chase Bank, N.A.), Series B-2, 1.77% due 11/15/2035 (put 10/1/2019) | $ 2,000,000 | $ 2,000,000 |
City of St. Cloud (CentraCare Health System), Series A, 5.00% due 5/1/2020 | 3,310,000 | 3,379,212 | |
Le Sueur-Henderson No. 2397 (Minnesota School District Credit Enhancement Program) (State Aid Withholding) ISD, 3.00% due 4/1/2021 | 1,125,000 | 1,154,453 | |
Minnesota Higher Education Facilities Authority, 5.00% due 10/1/2029 | 300,000 | 385,755 | |
Minnesota Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), | |||
Series F, | |||
1.75% due 7/1/2027 | 920,000 | 902,860 | |
1.80% due 1/1/2028 | 1,020,000 | 999,967 | |
1.85% due 7/1/2028 | 1,205,000 | 1,180,551 | |
1.90% due 1/1/2029 | 365,000 | 357,817 | |
1.95% due 7/1/2029 | 885,000 | 867,096 | |
b | Minnesota Housing Finance Agency (Residential Single Family Development; Collateralized: GNMA, FNMA, FHLMC), 2.13% (MUNIPSA + 0.55%) due 7/1/2041 (put 12/12/2023) | 6,375,000 | 6,371,430 |
Northern Municipal Power Agency (Electric System), Series A1, 5.00% due 1/1/2020 | 3,500,000 | 3,531,430 | |
Port Authority of the City of St. Paul (Minnesota Andersen Office Building), Series 3, 5.00% due 12/1/2021 - 12/1/2022 | 2,215,000 | 2,434,174 | |
Port Authority of the City of St. Paul (Minnesota Freeman Office Building), Series 2, 5.00% due 12/1/2019 - 12/1/2020 | 4,675,000 | 4,802,707 | |
St. Paul Housing and Redevelopment Authority (HealthPartners), 5.00% due 7/1/2023 - 7/1/2025 | 1,850,000 | 2,122,445 | |
Mississippi — 0.3% | |||
Mississippi Development Bank (MDOT-Harrison County Highway), Series A-GA, 5.00% due 1/1/2020 - 1/1/2023 | 6,500,000 | 6,877,930 | |
Mississippi Development Bank (MDOT-Madison County Highway), 5.00% due 1/1/2020 - 1/1/2023 | 5,250,000 | 5,572,098 | |
Mississippi Development Bank, 5.00% due 10/1/2024 - 10/1/2028 | 2,400,000 | 2,919,500 | |
Missouri — 0.7% | |||
Cass County COP, | |||
e | 5.00% due 5/1/2020 | 2,255,000 | 2,302,152 |
5.00% due 5/1/2021 | 1,750,000 | 1,786,173 | |
Jackson County (Parking Facility Projects), 4.00% due 12/1/2019 - 12/1/2021 | 1,500,000 | 1,556,955 | |
Kansas City Municipal Assistance Corp. (H. Roe Bartle Convention Center & Infrastructure Project; Insured: AMBAC), Series B-1, Zero Coupon due 4/15/2021 - 4/15/2022 | 15,095,000 | 14,562,242 | |
Missouri Development Finance Board (City of Independence Electric System), | |||
Series B, 5.00% due 6/1/2020 | 1,000,000 | 1,023,890 | |
Series F, 4.00% due 6/1/2020 - 6/1/2022 | 6,885,000 | 7,174,230 | |
Platte County (Community & Resource Centers), 5.00% due 4/1/2021 | 2,440,000 | 2,362,213 | |
Southeast Missouri State University (City of Cape Girardeau Campus System Facilities), Series A, 5.00% due 4/1/2020 | 2,825,000 | 2,875,652 | |
Special Administrative Board of the Transitional School District of the City of St. Louis (State Aid Withholding) GO, 4.00% due 4/1/2020 - 4/1/2022 | 6,955,000 | 7,277,549 | |
Nebraska — 1.0% | |||
c | Central Plains Energy Project, 5.00% due 3/1/2050 (put 1/1/2024) | 49,000,000 | 54,794,740 |
Douglas County Hospital Authority No. 3 (Nebraska Methodist Health System), 5.00% due 11/1/2022 - 11/1/2025 | 6,980,000 | 8,014,193 | |
Nevada — 3.2% | |||
Carson City (Carson Tahoe Regional Healthcare), 5.00% due 9/1/2020 - 9/1/2027 | 5,155,000 | 5,693,701 | |
Clark County Department of Aviation, Series A, 5.00% due 7/1/2021 | 1,855,000 | 1,973,145 | |
Clark County School District (Acquisition of Transportation & Technology Equipment) GO, | |||
Series C, 5.00% due 6/15/2022 | 2,560,000 | 2,804,992 | |
Series D, 5.00% due 6/15/2021 - 6/15/2022 | 47,150,000 | 50,955,255 | |
Series E, 5.00% due 6/15/2021 | 21,405,000 | 22,696,792 | |
Las Vegas Convention and Visitors Authority, Series C, 5.00% due 7/1/2023 - 7/1/2026 | 3,050,000 | 3,620,562 | |
Las Vegas Valley Water District GO, | |||
Series A, 5.00% due 6/1/2023 - 6/1/2026 | 55,955,000 | 65,572,448 | |
Series B, 5.00% due 12/1/2025 | 20,000,000 | 24,005,800 | |
Series C, 5.00% due 6/1/2020 - 6/1/2021 | 9,255,000 | 9,667,501 | |
Series D, 5.00% due 6/1/2020 | 5,080,000 | 5,205,120 | |
Washoe County (Reno-Sparks Convention & Visitors Authority) GO, 5.00% due 7/1/2021 - 7/1/2022 | 4,200,000 | 4,469,803 | |
New Hampshire — 0.4% | |||
New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA State Street Bank and Trust Co.), | |||
a | Series A-1, 1.77% due 7/1/2035 (put 10/1/2019) | 6,930,000 | 6,930,000 |
a | Series A-2-RMKT 1.75% due 7/1/2035 (put 10/1/2019) | 2,000,000 | 2,000,000 |
New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA Wells Fargo Bank, N.A.), | |||
a | Series B, 1.75% due 7/1/2033 (put 10/1/2019) | 9,615,000 | 9,615,000 |
a | Series B-1, 1.77% due 7/1/2033 (put 10/1/2019) | 1,965,000 | 1,965,000 |
New Hampshire Municipal Bond Bank (Educational Facilities; Insured: State Intercept), Series C, 5.25% due 8/15/2020 - 8/15/2022 | 3,770,000 | 4,114,101 | |
New Hampshire Turnpike System, Series B, 5.00% due 2/1/2020 - 2/1/2021 | 2,260,000 | 2,332,797 |
PRINCIPAL AMOUNT | VALUE | ||
New Jersey — 2.3% | |||
City of Jersey City (Qualified General Improvement; Insured: BAM) (State Aid Withholding) GO, | |||
Series A, | |||
4.00% due 8/1/2020 - 8/1/2021 | $ 5,455,000 | $ 5,645,848 | |
5.00% due 8/1/2022 - 8/1/2023 | 4,985,000 | 5,553,157 | |
Essex County Improvement Authority (County Correctional Facilities & Gibraltar Facilities; Insured: Natl-Re), 5.50% due 10/1/2024 | 5,000,000 | 6,022,850 | |
Hudson County Improvement Authority (Hudson County Lease; Insured: AGM), | |||
4.75% due 10/1/2019 | 4,390,000 | 4,390,000 | |
5.375% due 10/1/2020 | 2,020,000 | 2,098,214 | |
New Jersey (New Jersey Transit Corporation) (State Aid Withholding) EDA, Series B, 5.00% due 11/1/2024 | 8,000,000 | 9,185,520 | |
New Jersey (School Facilities Construction) EDA ETM, 5.00% due 9/1/2020 | 365,000 | 376,954 | |
New Jersey (School Facilities Construction) EDA, | |||
5.00% due 9/1/2020 | 135,000 | 139,070 | |
Series G, 5.75% due 9/1/2023 (pre-refunded 3/1/2021) | 4,955,000 | 5,260,674 | |
Series GG, 5.75% due 9/1/2023 | 550,000 | 581,697 | |
Series UU, 5.00% due 6/15/2028 | 7,930,000 | 8,915,223 | |
New Jersey (School Facilities Construction; Insured: AMBAC) EDA, Series K, 5.50% due 12/15/2019 | 5,525,000 | 5,567,598 | |
New Jersey Health Care Facilities Financing Authority (Virtua Health Issue), 5.00% due 7/1/2023 - 7/1/2024 | 1,535,000 | 1,751,624 | |
New Jersey Higher Educational Assistance Authority, Series 1A, 5.25% due 12/1/2019 | 5,650,000 | 5,686,216 | |
New Jersey Transit Corp. (Urban Public Transportation Capital Improvement), Series A, 5.00% due 9/15/2021 | 3,395,000 | 3,620,088 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), | |||
b | 2.78% (MUNIPSA + 1.20%) due 6/15/2034 (put 12/15/2021) | 6,250,000 | 6,288,062 |
5.00% due 6/15/2020 - 6/15/2028 | 43,525,000 | 50,993,313 | |
Series A, 5.25% due 12/15/2022 | 2,000,000 | 2,221,460 | |
Series B, 5.00% due 6/15/2020 - 6/15/2021 | 3,570,000 | 3,737,577 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements; Insured: AMBAC), Series B, 5.25% due 12/15/2023 | 3,545,000 | 4,038,606 | |
Passaic Valley Sewer Commissioners (Sewer System) GO, Series G, 5.75% due 12/1/2019 - 12/1/2021 | 10,750,000 | 11,359,305 | |
New Mexico — 1.7% | |||
Carlsbad Municipal School District (Educational Facilities) (State Aid Withholding) GO, 5.00% due 8/1/2023 | 1,650,000 | 1,876,000 | |
e | City of Albuquerque (City Infrastructure Improvements) GO, Series A, 5.00% due 7/1/2023 | 1,360,000 | 1,545,042 |
City of Farmington (Arizona Public Service Co.-Four Corners Project), Series A, 4.70% due 5/1/2024 | 2,375,000 | 2,450,715 | |
City of Farmington (Southern California Edison Co.-Four Corners Project), | |||
c | 1.875% due 4/1/2029 (put 4/1/2020) | 3,000,000 | 3,001,560 |
c | 2.125% due 6/1/2040 (put 6/1/2022) | 2,000,000 | 2,017,360 |
City of Santa Fe (El Castillo Retirement Residences), 4.50% due 5/15/2022 | 1,615,000 | 1,705,198 | |
New Mexico Educational Assistance Foundation (Student Loans), Series A-1, 5.00% due 12/1/2021 | 3,000,000 | 3,126,030 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA Wells Fargo Bank, N.A.), | |||
a | Series C, 1.77% due 8/1/2034 (put 10/1/2019) | 8,245,000 | 8,245,000 |
a | Series D, 1.77% due 8/1/2034 (put 10/1/2019) | 19,825,000 | 19,825,000 |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services), 5.00% due 8/1/2024 - 8/1/2025 | 1,780,000 | 2,099,157 | |
New Mexico Municipal Energy Acquisition Authority, | |||
Series A, | |||
4.00% due 5/1/2020 - 11/1/2024 | 5,790,000 | 6,163,758 | |
c | 5.00% due 11/1/2039 (put 5/1/2025) | 30,600,000 | 35,674,704 |
New Mexico State University ETM, Series B, 5.00% due 4/1/2020 - 4/1/2022 | 3,175,000 | 3,320,353 | |
New Mexico State University, Series B, 5.00% due 4/1/2020 - 4/1/2022 | 3,015,000 | 3,142,280 | |
Rio Rancho Public School District No. 94 (State Aid Withholding) GO, Series A, 5.00% due 8/1/2026 | 1,085,000 | 1,324,188 | |
Santa Fe County (County Buildings & Facilities) GRT, Series A, 5.00% due 6/1/2025 | 1,250,000 | 1,498,662 | |
State of New Mexico (Educational Facilities), Series A, 5.00% due 7/1/2020 | 4,000,000 | 4,110,240 | |
New York — 13.8% | |||
City of Long Beach School District (Insured: AGM) (State Aid Withholding) GO, 3.50% due 5/1/2022 | 1,600,000 | 1,621,680 | |
City of New York (City Budget Financial Management) GO, | |||
Series D, 5.00% due 8/1/2021 - 8/1/2022 | 6,000,000 | 6,513,630 | |
Series G, 5.00% due 8/1/2021 - 8/1/2023 | 25,145,000 | 27,765,907 | |
Series J, 5.00% due 8/1/2021 - 8/1/2024 | 80,480,000 | 91,833,586 | |
Series K, 5.00% due 8/1/2021 - 8/1/2022 | 20,850,000 | 22,732,092 | |
a | City of New York (SPA Barclays Bank plc) GO, Series F-5, 1.77% due 6/1/2044 (put 10/1/2019) | 500,000 | 500,000 |
Metropolitan Transportation Authority (Green Bond), Series A2, 5.00% due 11/15/2025 - 11/15/2027 | 44,520,000 | 54,605,824 | |
Metropolitan Transportation Authority, | |||
Series A, | |||
4.00% due 2/3/2020 | 18,000,000 | 18,156,600 | |
5.00% due 11/15/2020 | 2,000,000 | 2,085,840 | |
Series C, 5.00% due 9/1/2021 | 14,500,000 | 15,450,910 |
Thornburg Limited Term Municipal Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
c | Series C-2B, 5.00% due 11/15/2034 (put 2/15/2020) | $ 550,000 | $ 556,826 |
Series D, 5.00% due 11/15/2020 - 11/15/2021 | 37,280,000 | 39,616,177 | |
Series D-1, 5.00% due 9/1/2022 | 75,000,000 | 82,140,000 | |
Monroe County Industrial Development Corp. (St. John Fisher College), Series A, 5.00% due 6/1/2022 | 2,000,000 | 2,188,700 | |
Nassau County (New York Institute of Technology) IDA ETM, Series A, 5.25% due 3/1/2020 | 1,715,000 | 1,743,212 | |
New York City Health and Hospital Corp. (Healthcare Facilities Improvements) GO, Series A, 5.00% due 2/15/2020 - 2/15/2021 | 12,615,000 | 12,789,270 | |
New York City Housing Development Corp., 2.00% due 11/1/2020 | 6,900,000 | 6,901,518 | |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA Barclays Bank plc), Series B3, 1.77% due 11/1/2042 (put 10/1/2019) | 3,620,000 | 3,620,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JP Morgan Chase Bank, N.A), | |||
a | Series A-4, 1.75% due 8/1/2039 (put 10/1/2019) | 3,705,000 | 3,705,000 |
a | Series B-4, 1.75% due 8/1/2042 (put 10/1/2019) | 41,890,000 | 41,890,000 |
a | Series C-4, 1.75% due 11/1/2036 (put 10/1/2019) | 7,215,000 | 7,215,000 |
a | Series E-3, 1.75% due 2/1/2045 (put 10/1/2019) | 10,500,000 | 10,500,000 |
a | Series E-4, 1.75% due 2/1/2045 (put 10/1/2019) | 2,600,000 | 2,600,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue (SPA Landesbank Hessen-Thuringen), | |||
a | Series 1-SUB 1D, 1.75% due 11/1/2022 (put 10/1/2019) | 9,700,000 | 9,700,000 |
a | Series C-2, 1.75% due 8/1/2031 (put 10/1/2019) | 27,060,000 | 27,060,000 |
New York City Trust for Cultural Resources (Lincoln Center for the Performing Arts, Inc.), 5.00% due 12/1/2026 | 2,500,000 | 3,114,600 | |
a | New York City Water & Sewer System (SPA JP Morgan Chase Bank, N.A.), 1.75% due 6/15/2043 - 6/15/2050 (put 10/1/2019) | 6,695,000 | 6,695,000 |
a | New York City Water & Sewer System (SPA Landesbank Hessen-Thuringen), 1.75% due 6/15/2044 (put 10/1/2019) | 71,250,000 | 71,250,000 |
New York City Water & Sewer System (SPA Mizuho Bank, Ltd.), | |||
a | Series A-1, 1.77% due 6/15/2044 (put 10/1/2019) | 3,555,000 | 3,555,000 |
a | Series AA-6, 1.77% due 6/15/2048 (put 10/1/2019) | 5,425,000 | 5,425,000 |
New York City Water & Sewer System (SPA State Street Bank and Trust Co.), | |||
a | Series B-3, 1.76% due 6/15/2045 (put 10/1/2019) | 10,300,000 | 10,300,000 |
a | Series B-4, 1.76% due 6/15/2045 (put 10/1/2019) | 8,665,000 | 8,665,000 |
a | New York City Water & Sewer System, (SPA JPMorgan Chase Bank, N.A.), 1.75% due 6/15/2050 (put 10/1/2019) | 13,400,000 | 13,400,000 |
New York State Dormitory Authority (Metropolitan Transportation Authority Service Contract), Series A, 5.00% due 12/15/2019 | 60,000,000 | 60,450,600 | |
New York State Dormitory Authority (NYSARC, Inc. Developmental Disability Programs; Insured: State Intercept), Series A, 5.00% due 7/1/2020 | 1,000,000 | 1,027,710 | |
New York State Dormitory Authority (School Districts Financing Program) (State Aid Withholding), | |||
Series G, 5.00% due 4/1/2020 - 10/1/2022 | 1,750,000 | 1,826,728 | |
Series H, 5.00% due 10/1/2019 - 10/1/2021 | 3,335,000 | 3,429,100 | |
Series J, 5.00% due 10/1/2019 - 10/1/2020 | 5,420,000 | 5,521,676 | |
New York State Dormitory Authority (School Districts Financing Program; Insured: AGC) (State Aid Withholding), | |||
5.25% due 10/1/2023 | 140,000 | 151,495 | |
5.25% due 10/1/2023 (pre-refunded 10/1/2021) | 1,860,000 | 2,010,920 | |
New York State Dormitory Authority (School Districts Financing Program; Insured: AGM) (State Aid Withholding), | |||
Series A, | |||
5.00% due 10/1/2020 - 10/1/2024 | 6,850,000 | 7,725,495 | |
e | 5.00% due 10/1/2022 | 1,800,000 | 2,004,678 |
Series F, 5.00% due 10/1/2019 - 10/1/2021 | 5,450,000 | 5,619,894 | |
New York State Thruway Authority (Governor Thomas E. Dewey Thruway), | |||
Series I, 5.00% due 1/1/2020 - 1/1/2022 | 7,500,000 | 7,882,865 | |
Series K, 5.00% due 1/1/2024 - 1/1/2025 | 3,000,000 | 3,516,040 | |
New York State Thruway Authority (Highway, Bridge, Multi-Modal and MTA Projects), Series A, 5.00% due 3/15/2024 | 18,300,000 | 19,293,141 | |
Suffolk County Economic Development Corp. (Catholic Health Services), 5.00% due 7/1/2020 - 7/1/2022 | 15,000,000 | 15,710,900 | |
Town of Oyster Bay GO, Series B, 3.00% due 2/1/2020 - 3/13/2020 | 81,635,000 | 82,057,393 | |
Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels), | |||
5.00% due 11/15/2026 | 4,000,000 | 5,012,040 | |
Series A, 5.00% due 11/15/2021 | 5,140,000 | 5,551,097 | |
West Seneca Central School District (Insured: BAM) (State Aid Withholding) GO, 5.00% due 11/15/2022 | 1,000,000 | 1,116,900 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), | |||
5.00% due 7/1/2024 - 7/1/2028 | 1,125,000 | 1,329,809 | |
e | 5.00% due 7/1/2027 | 270,000 | 320,833 |
North Carolina — 2.5% | |||
a | Charlotte-Mecklenburg Hospital Authority (Carolinas Healthcare System Obligated Group; SPA JP Morgan Chase Bank, N.A), Series C, 1.77% due 1/15/2037 (put 10/1/2019) | 31,360,000 | 31,360,000 |
Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), | |||
Series A, | |||
3.00% due 1/15/2021 | 1,595,000 | 1,627,809 | |
4.00% due 1/15/2022 | 845,000 | 895,261 | |
5.00% due 1/15/2023 - 1/15/2024 | 4,255,000 | 4,738,723 |
PRINCIPAL AMOUNT | VALUE | ||
City of Charlotte (Equipment Acquisition & Public Facilities) COP, Series C, 5.00% due 12/1/2020 - 12/1/2025 | $ 8,940,000 | $ 10,155,778 | |
County of Buncombe (Primary, Middle School & Community College Facilities), Series A, 5.00% due 6/1/2022 - 6/1/2024 | 2,350,000 | 2,645,071 | |
County of Dare (Educational Facility Capital Projects), | |||
Series A, | |||
4.00% due 6/1/2020 - 6/1/2022 | 1,255,000 | 1,301,232 | |
5.00% due 6/1/2021 - 6/1/2024 | 1,925,000 | 2,089,890 | |
County of Randolph, | |||
Series B, 5.00% due 10/1/2021 - 10/1/2023 | 3,560,000 | 3,923,922 | |
Series C, 5.00% due 10/1/2020 - 10/1/2023 | 1,400,000 | 1,511,720 | |
North Carolina Eastern Municipal Power Agency ETM, | |||
Series A, 5.00% due 1/1/2022 | 4,715,000 | 5,102,243 | |
Series B, 5.00% due 1/1/2021 | 5,000,000 | 5,229,300 | |
North Carolina Municipal Power Agency (Catawba Electric) ETM, | |||
Series A, | |||
4.00% due 1/1/2020 | 945,000 | 951,303 | |
e | 5.00% due 1/1/2020 | 280,000 | 282,556 |
North Carolina Municipal Power Agency (Catawba Electric), | |||
Series A, | |||
4.00% due 1/1/2020 | 605,000 | 608,933 | |
5.00% due 1/1/2020 | 720,000 | 726,444 | |
Series B, 4.00% due 1/1/2022 | 1,000,000 | 1,058,030 | |
North Carolina Turnpike Authority 5.00% due 1/1/2024 | 475,000 | 538,218 | |
North Carolina Turnpike Authority, 5.00% due 1/1/2023 - 1/1/2029 | 12,655,000 | 15,285,804 | |
State of North Carolina (State Capital Projects and Correctional Facilities), Series B, 5.00% due 11/1/2019 | 23,635,000 | 23,705,432 | |
b | University of North Carolina at Chapel Hill, Series A, 1.75% (LIBOR 1 Month + 0.35%) due 12/1/2041 (put 12/1/2021) | 40,500,000 | 40,510,125 |
Winston-Salem State University (Student Housing and Student Services Facilities), 5.00% due 4/1/2022 | 945,000 | 1,020,231 | |
North Dakota — 0.2% | |||
County of Mckenzie, 5.00% due 8/1/2020 - 8/1/2023 | 8,285,000 | 8,921,177 | |
County of McKenzie, 5.00% due 8/1/2022 | 1,425,000 | 1,560,603 | |
County of Ward (Insured: AGM), 4.00% due 4/1/2020 | 2,445,000 | 2,475,783 | |
Ohio — 3.7% | |||
Akron, Bath & Copley Joint Township Hospital District (Children’s Hospital Medical Center), 5.00% due 11/15/2021 | 1,000,000 | 1,072,770 | |
American Municipal Power, Inc. (AMP Fremont Energy Center), 5.00% due 2/15/2020 - 2/15/2022 | 5,915,000 | 6,241,188 | |
Cincinnati City School District Board of Education (Educational Facilities; Insured: Natl-Re) GO, 5.25% due 12/1/2023 | 2,690,000 | 3,118,732 | |
City of Akron (Community Learning Centers), 5.00% due 12/1/2021 | 4,120,000 | 4,446,180 | |
City of Akron (Various Municipal Capital Projects) GO, Series A, 5.00% due 12/1/2019 | 1,685,000 | 1,695,194 | |
City of Cleveland (City Capital Projects; Insured: AMBAC) GO, 5.50% due 10/1/2019 | 1,260,000 | 1,260,000 | |
City of Cleveland (Cleveland Stadium) COP, 4.75% due 11/15/2020 | 2,000,000 | 2,070,720 | |
City of Cleveland (Municipal Street System Improvements) GO, | |||
Series A, | |||
3.00% due 12/1/2020 - 12/1/2021 | 2,980,000 | 3,077,693 | |
4.00% due 12/1/2022 - 12/1/2023 | 6,725,000 | 7,369,217 | |
5.00% due 12/1/2025 - 12/1/2026 | 7,165,000 | 8,673,186 | |
City of Cleveland (Parking Facility; Insured: AGM), 5.25% due 9/15/2021 | 2,035,000 | 2,182,110 | |
City of Cleveland (Parks & Recreation Facilities), | |||
4.00% due 10/1/2019 | 520,000 | 520,000 | |
5.00% due 10/1/2020 - 10/1/2023 | 3,375,000 | 3,699,021 | |
City of Cleveland (Police & Fire Pension Payment), 5.00% due 5/15/2020 - 5/15/2021 | 2,355,000 | 2,436,159 | |
City of Cleveland (Public Facilities Improvements), | |||
e | 5.00% due 10/1/2025 | 535,000 | 643,214 |
5.00% due 10/1/2026 - 10/1/2028 | 2,320,000 | 2,907,951 | |
City of Cleveland (Public Facilities), | |||
4.00% due 10/1/2019 | 600,000 | 600,000 | |
5.00% due 10/1/2020 - 10/1/2023 | 2,570,000 | 2,843,555 | |
City of Toledo (Water System Improvements), 5.00% due 11/15/2019 - 11/15/2023 | 11,265,000 | 12,085,141 | |
Cleveland Package Facilities (Insured: AGM) ETM, 5.25% due 9/15/2021 | 965,000 | 1,036,700 | |
Cleveland State University (Campus Capital Projects), 5.00% due 6/1/2020 - 6/1/2022 | 3,700,000 | 3,928,634 | |
Cleveland-Cuyahoga County Port Authority (Cleveland Museum of Art), 5.00% due 10/1/2019 | 2,000,000 | 2,000,000 | |
County of Cuyahoga (Convention Hotel Project) COP, 5.00% due 12/1/2019 - 12/1/2024 | 29,470,000 | 32,978,774 | |
c | County of Franklin (Trinity Health Corp. Obligated Group), 1.35% due 12/1/2046 (put 11/1/2019) | 15,000,000 | 14,997,750 |
County of Hamilton, Series A, 5.00% due 12/1/2019 - 12/1/2020 | 4,200,000 | 4,269,738 | |
County of Scioto (Southern Ohio Medical Center), | |||
e | 5.00% due 2/15/2024 | 1,640,000 | 1,864,221 |
Thornburg Limited Term Municipal Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
5.00% due 2/15/2025 | $ 1,695,000 | $ 1,975,421 | |
Franklin County Convention Facilities Authority (Greater Columbus Convention Center), 5.00% due 12/1/2021 - 12/1/2024 | 2,500,000 | 2,803,920 | |
Ohio Turnpike & Infrastructure Commission, 5.00% due 2/15/2027 - 2/15/2028 | 14,555,000 | 18,318,627 | |
RiverSouth Authority (RiverSouth Area Redevelopment), 5.00% due 12/1/2019 | 2,500,000 | 2,515,250 | |
State of Ohio (Cultural and Sports Capital Facilities), Series A, 5.00% due 10/1/2020 | 3,845,000 | 3,987,073 | |
State of Ohio (Major New Street Infrastructure Project), | |||
Series 1, | |||
4.00% due 12/15/2019 | 1,000,000 | 1,005,510 | |
5.00% due 12/15/2020 - 12/15/2021 | 3,500,000 | 3,747,040 | |
Series 2016-1, 5.00% due 12/15/2020 - 12/15/2026 | 2,000,000 | 2,274,370 | |
State of Ohio GO, Series V, 5.00% due 5/1/2021 - 5/1/2028 | 46,260,000 | 53,380,274 | |
Youngstown City School District (Educational Facilities) (State Aid Withholding) GO, 4.00% due 12/1/2019 - 12/1/2023 | 8,515,000 | 8,738,518 | |
Oklahoma — 0.6% | |||
Canadian County Educational Facilities Authority (Mustang Public Schools), | |||
4.50% due 9/1/2020 | 2,690,000 | 2,768,413 | |
e | 4.50% due 9/1/2021 | 2,290,000 | 2,425,362 |
5.00% due 9/1/2027 | 1,000,000 | 1,215,220 | |
Cleveland County Educational Facilities Authority (Moore Public Schools), 5.00% due 6/1/2023 | 5,355,000 | 6,026,999 | |
Oklahoma (INTEGRIS Health) DFA, Series A, 5.00% due 8/15/2022 - 8/15/2025 | 4,725,000 | 5,417,739 | |
Oklahoma Capitol Improvement Authority (State Highway Capital Improvement), 5.00% due 7/1/2023 | 325,000 | 368,456 | |
Oklahoma County Finance Authority (Midwest City Public Service), 5.00% due 10/1/2022 - 10/1/2026 | 3,200,000 | 3,690,590 | |
Oklahoma County Finance Authority (Western Heights Public Schools), 5.00% due 9/1/2020 | 2,000,000 | 2,065,500 | |
Tulsa County Industrial Authority (Broken Arrow Public Schools), 4.50% due 9/1/2020 - 9/1/2021 | 10,360,000 | 10,936,471 | |
Tulsa County Industrial Authority, 5.00% due 9/1/2020 - 9/1/2022 | 4,215,000 | 4,506,666 | |
Oregon — 0.3% | |||
Hillsboro School District No. 1J (School Capital Improvements) (State Aid Withholding) GO, 5.00% due 6/15/2025 - 6/15/2027 | 9,130,000 | 11,262,720 | |
Polk County Dallas School District No. 2 (Capital Improvements) GO, Zero Coupon due 6/15/2021 | 1,475,000 | 1,438,332 | |
Tri-County Metropolitan Transportation District of Oregon, Series A, 5.00% due 10/1/2028 | 2,845,000 | 3,581,684 | |
Pennsylvania — 5.3% | |||
Allegheny County Higher Education Building Authority (Duquesne University of the Holy Spirit), Series A, 5.00% due 3/1/2020 - 3/1/2025 | 2,195,000 | 2,508,452 | |
Allegheny County Hospital Development Authority, 5.00% due 7/15/2028 - 7/15/2029 | 7,425,000 | 9,481,240 | |
Allegheny County Sanitary Authority (2015 Capital Project), 5.00% due 12/1/2023 - 12/1/2024 | 19,150,000 | 22,131,718 | |
Allegheny County Sanitary Authority (2015 Capital Project; Insured: BAM), 5.00% due 12/1/2025 | 1,000,000 | 1,216,610 | |
Altoona Area School District (Insured: AGM) (State Aid Withholding) GO, 3.00% due 12/1/2022 | 1,335,000 | 1,396,944 | |
City of Philadelphia (Insured: AGM) GO, 5.00% due 8/1/2025 - 8/1/2027 | 28,685,000 | 35,265,125 | |
City of Philadelphia (Pennsylvania Gas Works), 5.00% due 10/1/2020 - 8/1/2025 | 12,200,000 | 13,918,473 | |
City of Philadelphia (Water and Wastewater System), 5.00% due 10/1/2024 - 10/1/2026 | 5,455,000 | 6,547,838 | |
City of Philadelphia GO, Series A, 5.00% due 8/1/2025 - 8/1/2026 | 25,130,000 | 30,403,676 | |
City of Pittsburgh (Insured: BAM) GO, 5.00% due 9/1/2022 | 1,100,000 | 1,217,315 | |
Commonwealth Financing Authority (Tobacco Master Settlement), 5.00% due 6/1/2023 | 930,000 | 1,039,991 | |
Commonwealth of Pennsylvania (Capital Facilities Projects) GO, 5.00% due 3/15/2022 | 12,485,000 | 13,587,301 | |
Commonwealth of Pennsylvania (Capital Facilities) GO, Series D, 5.00% due 8/15/2023 - 8/15/2025 | 49,450,000 | 57,623,874 | |
Economy Borough Municipal Authority (Beaver County Sewer System; Insured: BAM), 4.00% due 12/15/2020 - 12/15/2022 | 1,785,000 | 1,897,020 | |
Lancaster County Solid Waste Management Authority (Harrisburg Resource Recovery Facility), | |||
Series A, | |||
5.00% due 12/15/2023 | 2,680,000 | 3,040,112 | |
5.25% due 12/15/2024 | 4,770,000 | 5,448,628 | |
Luzerne County (Insured: AGM) GO, Series A, 5.00% due 11/15/2021 - 11/15/2024 | 11,840,000 | 13,232,269 | |
Luzerne County Industrial Development Authority (Insured: AGM) GO, 5.00% due 12/15/2020 - 12/15/2027 | 6,545,000 | 7,296,730 | |
Monroeville Finance Authority (University of Pittsburgh Medical Center), | |||
5.00% due 2/15/2021 | 2,400,000 | 2,519,424 | |
e | 5.00% due 2/15/2022 | 1,250,000 | 1,355,450 |
Montgomery County Higher Education & Health Authority (Abington Memorial Hospital), 5.00% due 6/1/2022 | 3,000,000 | 3,272,340 | |
Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group), 5.00% due 9/1/2026 - 9/1/2029 | 4,140,000 | 5,134,638 | |
Northampton Borough Municipal Authority (Water System; Insured: AGM), | |||
3.00% due 5/15/2023 | 1,255,000 | 1,299,942 | |
4.00% due 5/15/2021 - 5/15/2022 | 1,685,000 | 1,780,327 | |
Pennsylvania Economic Development Financing Authority, Series A, 5.00% due 11/15/2026 | 2,310,000 | 2,844,950 | |
Pennsylvania Higher Educational Facilities Authority (Saint Joseph’s University), Series A, 5.00% due 11/1/2023 | 1,075,000 | 1,114,248 | |
Pennsylvania Higher Educational Facilities Authority (Shippensburg University Student Services, Inc. Student Housing) ETM, 4.00% due 10/1/2022 | 2,075,000 | 2,177,069 | |
Pennsylvania Higher Educational Facilities Authority (University of Pennsylvania Health System), 5.00% due 8/15/2027 | 1,000,000 | 1,260,840 | |
Pennsylvania Higher Educational Facilities Authority (University of Pittsburgh Medical Center), Series E, 5.00% due 5/15/2020 | 5,100,000 | 5,214,699 | |
c | Pennsylvania State University, Series B-REMK 06/01/18, 1.58% due 6/1/2031 (put 6/1/2020) | 12,500,000 | 12,506,500 |
PRINCIPAL AMOUNT | VALUE | ||
Pennsylvania Turnpike Commission, Series A-1, 5.00% due 12/1/2022 - 12/1/2027 | $ 5,050,000 | $ 6,131,153 | |
Philadelphia Authority for Industrial Development (Mast Charter School) ETM, 5.00% due 8/1/2020 | 115,000 | 118,375 | |
Philadelphia Authority for Industrial Development, 5.00% due 5/1/2024 - 5/1/2028 | 2,975,000 | 3,607,642 | |
Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2021 - 4/1/2027 | 7,850,000 | 8,989,713 | |
Philadelphia School District (State Aid Withholding) GO, Series E, 5.25% due 9/1/2021 | 2,265,000 | 2,343,663 | |
Pittsburgh Water and Sewer Authority ETM, Series B, 5.00% due 9/1/2023 | 2,520,000 | 2,865,341 | |
Pittsburgh Water and Sewer Authority, | |||
Series A, 5.00% due 9/1/2024 | 7,365,000 | 8,310,666 | |
Series B, 5.00% due 9/1/2024 (pre-refunded 9/1/2023) | 2,395,000 | 2,723,211 | |
Plum Borough School District (Insured: BAM) (State Aid Withholding) GO, | |||
Series A, 5.00% due 9/15/2022 - 9/15/2024 | 4,790,000 | 5,353,891 | |
Series B, 5.00% due 9/15/2023 | 470,000 | 530,348 | |
Series C, 4.00% due 9/15/2020 - 9/15/2021 | 3,065,000 | 3,170,813 | |
School District of Philadelphia (State Aid Withholding) GO, Series A, 5.00% due 9/1/2023 - 9/1/2028 | 2,400,000 | 2,843,906 | |
Southeastern Pennsylvania Transportation Authority, 5.00% due 6/1/2022 - 6/1/2028 | 7,705,000 | 9,316,781 | |
Rhode Island — 1.5% | |||
Rhode Island Clean Water Finance Agency (Public Drinking Water Supply or Treatment Facilities), | |||
Series B, | |||
5.00% due 10/1/2019 - 10/1/2023 | 7,210,000 | 7,857,934 | |
e | 5.00% due 10/1/2021 | 2,000,000 | 2,147,900 |
Rhode Island Convention Center Authority (Convention Center and Parking Projects), 5.00% due 5/15/2020 | 5,890,000 | 6,020,228 | |
Rhode Island Health and Educational Building Corp. (University of Rhode Island Auxiliary Enterprise), Series C, 5.00% due 9/15/2020 - 9/15/2023 | 2,150,000 | 2,361,383 | |
Rhode Island Health and Educational Building Corp. (University of Rhode Island), Series B, 5.00% due 9/15/2020 - 9/15/2025 | 1,320,000 | 1,475,953 | |
State of Rhode Island and Providence Plantations (Consolidated Capital Development Loan) GO, | |||
5.00% due 8/1/2020 - 8/1/2022 | 34,725,000 | 37,126,398 | |
Series A, 5.00% due 10/1/2019 | 5,000,000 | 5,000,000 | |
Series B, 4.00% due 10/15/2020 - 10/15/2022 | 3,200,000 | 3,369,894 | |
State of Rhode Island and Providence Plantations (Energy Conservation) COP, Series C, 5.00% due 4/1/2022 | 2,020,000 | 2,196,326 | |
State of Rhode Island and Providence Plantations (Information Technology) COP, 5.00% due 11/1/2024 | 3,010,000 | 3,516,402 | |
State of Rhode Island and Providence Plantations (Kent County Courthouse) COP, Series A, 5.00% due 10/1/2019 - 10/1/2023 | 7,575,000 | 8,187,250 | |
State of Rhode Island and Providence Plantations (Training School) COP, Series B, 5.00% due 10/1/2020 - 10/1/2023 | 10,270,000 | 11,177,006 | |
South Carolina — 0.7% | |||
Beaufort-Jasper Water & Sewer Authority (Waterworks & Sewer System), Series B, 5.00% due 3/1/2021 - 3/1/2025 | 4,750,000 | 5,346,932 | |
Berkeley County School District (School Facility Equipment Acquisition), 5.00% due 12/1/2020 - 12/1/2024 | 3,550,000 | 4,000,169 | |
Charleston County (South Aviation Ave. Construction), 5.00% due 12/1/2022 - 12/1/2023 | 4,270,000 | 4,842,997 | |
City of Charleston Public Facilities Corp. (City of Charleston Project), Series A, 5.00% due 9/1/2020 - 9/1/2025 | 2,860,000 | 3,201,418 | |
b | City of Charleston Waterworks & Sewer System Revenue (Capital Improvement), Series B, 1.807% (LIBOR 1 Month + 0.37%) due 1/1/2035 (put 1/1/2022) | 17,800,000 | 17,816,020 |
Greenwood County (Self Regional Healthcare), Series B, 5.00% due 10/1/2022 | 1,000,000 | 1,087,290 | |
SCAGO Educational Facilities Corp. (School District of Pickens County), 5.00% due 12/1/2021 - 12/1/2025 | 5,320,000 | 6,024,443 | |
South Dakota — 0.1% | |||
South Dakota Building Authority, Series B, 5.00% due 6/1/2022 - 6/1/2024 | 1,500,000 | 1,679,785 | |
South Dakota Health & Educational Facilities Authority (Avera Health), Series A, 5.00% due 7/1/2021 | 1,670,000 | 1,775,177 | |
South Dakota Health & Educational Facilities Authority (Regional Health) ETM, 5.00% due 9/1/2020 | 1,000,000 | 1,033,680 | |
South Dakota Health & Educational Facilities Authority (Sanford Health), 5.00% due 11/1/2021 - 11/1/2025 | 2,825,000 | 3,233,128 | |
Tennessee — 0.4% | |||
Clarksville Natural Gas Acquisition Corp., 5.00% due 12/15/2019 | 6,000,000 | 6,040,800 | |
State of Tennessee GO, | |||
Series A, 5.00% due 8/1/2020 | 2,000,000 | 2,061,740 | |
Series B, 5.00% due 8/1/2020 | 2,000,000 | 2,061,740 | |
Tennessee Energy Acquisition Corp. (The Gas Project), | |||
Series A, | |||
c | 4.00% due 5/1/2048 (put 5/1/2023) | 13,750,000 | 14,703,012 |
5.25% due 9/1/2023 | 1,025,000 | 1,152,592 | |
Tennessee Energy Acquisition Corp., Series A, 5.25% due 9/1/2020 | 1,190,000 | 1,227,247 | |
Texas — 13.3% | |||
Austin Convention Enterprises, Inc. (Convention Center Hotel First Tier), 5.00% due 1/1/2021 - 1/1/2027 | 3,680,000 | 4,167,106 | |
Bexar County Hospital District (University Health System) GO, 5.00% due 2/15/2022 - 2/15/2027 | 7,355,000 | 8,596,403 | |
Cities of Dallas and Fort Worth (DFW International Airport Terminal Renewal & Improvement Program), Series D, 5.25% due 11/1/2023 | 3,000,000 | 3,252,270 | |
City of Austin (Water and Wastewater System), | |||
5.00% due 11/15/2022 | 1,940,000 | 2,092,174 | |
5.00% due 11/15/2022 (pre-refunded 11/15/2021) | 700,000 | 752,739 |
Thornburg Limited Term Municipal Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
City of Beaumont (Waterworks & Sewer System Improvements; Insured: AGM), Series A, 5.00% due 9/1/2023 - 9/1/2024 | $ 7,500,000 | $ 8,499,675 | |
City of Beaumont GO, 5.00% due 3/1/2022 - 3/1/2026 | 3,930,000 | 4,559,913 | |
City of Brownsville (Water, Wastewater & Electric Utilities Systems), | |||
5.00% due 9/1/2022 | 1,300,000 | 1,427,660 | |
Series A, 5.00% due 9/1/2020 - 9/1/2023 | 5,400,000 | 5,897,246 | |
City of Bryan (Electric System Improvements), 5.00% due 7/1/2026 | 535,000 | 652,791 | |
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2022 - 2/15/2025 | 5,500,000 | 6,259,540 | |
City of Dallas (Trinity River Corridor Infrastructure) GO, | |||
5.00% due 2/15/2021 - 2/15/2026 | 22,605,000 | 25,813,309 | |
Series A, 5.00% due 2/15/2024 | 10,235,000 | 11,470,262 | |
City of Dallas GO, 5.00% due 2/15/2022 - 2/15/2023 | 18,955,000 | 20,565,044 | |
City of Houston (Combined Utility System), | |||
Series C, | |||
b | 1.792% (LIBOR 1 Month + 0.36%) due 5/15/2034 (put 8/1/2021) | 23,525,000 | 23,526,176 |
5.00% due 5/15/2022 - 5/15/2024 | 14,695,000 | 16,735,344 | |
Series D, 5.00% due 11/15/2022 - 11/15/2024 | 17,535,000 | 20,012,282 | |
City of Houston (Convention & Entertainment Facilities), 5.00% due 9/1/2020 - 9/1/2024 | 3,965,000 | 4,351,707 | |
City of Houston (Convention & Entertainment Facilities; Insured: AGM/AMBAC), Series B, Zero Coupon due 9/1/2020 | 3,650,000 | 3,601,455 | |
City of Houston (Convention & Entertainment), 5.00% due 9/1/2025 - 9/1/2029 | 6,415,000 | 7,966,126 | |
City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2020 - 3/1/2028 | 62,905,000 | 72,434,292 | |
City of Laredo (Acquire & Purchase Personal Property) GO, | |||
e | 5.00% due 2/15/2020 | 735,000 | 744,974 |
5.00% due 2/15/2021 - 2/15/2026 | 5,280,000 | 6,020,977 | |
City of Laredo (City Infrastructure Improvements) GO, | |||
Series A, | |||
4.00% due 2/15/2020 | 110,000 | 111,089 | |
5.00% due 2/15/2021 - 2/15/2027 | 2,875,000 | 3,389,114 | |
City of Laredo (Sports Venues; Insured: AGM), 5.00% due 3/15/2021 - 3/15/2024 | 4,400,000 | 4,809,524 | |
City of Lubbock (Waterworks System) GO, 5.00% due 2/15/2020 - 2/15/2025 | 41,750,000 | 46,885,068 | |
City of McAllen (International Toll Bridge System; Insured: AGM), Series A, 5.00% due 3/1/2024 - 3/1/2027 | 3,015,000 | 3,550,420 | |
City of Olmos Park Higher Education Facilities Corp. (University of the Incarnate Word), 5.00% due 12/1/2020 - 12/1/2021 | 4,620,000 | 4,839,048 | |
City of San Antonio (CPS Energy), 5.25% due 2/1/2024 | 7,000,000 | 8,148,910 | |
City of San Antonio (Electric and Gas Systems), | |||
c | Series A, 2.25% due 2/1/2033 (put 12/1/2019) | 4,655,000 | 4,661,005 |
c | Series C, 3.00% due 12/1/2045 (put 12/1/2019) | 5,200,000 | 5,213,052 |
City of San Antonio (San Antonio Water System), Series A, 5.00% due 5/15/2023 - 5/15/2026 | 3,700,000 | 4,353,368 | |
City of San Antonio Public Facilities Corp. (Convention Center Refinancing & Expansion), 5.00% due 9/15/2022 | 1,450,000 | 1,599,118 | |
City of Texas City Industrial Development Corp. (ARCO Pipe Line Co. Project), 7.375% due 10/1/2020 | 4,000,000 | 4,230,080 | |
Clifton Higher Education Finance Corp. (IDEA Public Schools), 5.00% due 8/15/2023 | 1,100,000 | 1,179,574 | |
Corpus Christi Business and Job Development Corp. (Seawall Project), 5.00% due 3/1/2021 | 625,000 | 657,013 | |
Cypress-Fairbanks Independent School District (Guaranty: PSF) ISD GO, | |||
c | Series A-2- REMK, 1.25% due 2/15/2036 (put 8/15/2022) | 5,500,000 | 5,464,525 |
c | Series B-3- REMK, 1.25% due 2/15/2040 (put 8/15/2022) | 7,000,000 | 6,954,850 |
Dallas County Utility & Reclamation District GO, 5.00% due 2/15/2020 - 2/15/2027 | 16,485,000 | 18,889,805 | |
Dallas Independent School District (Guaranty: PSF) ISD GO, | |||
5.00% due 2/15/2036 (pre-refunded 2/15/2022) | 760,000 | 824,836 | |
c | 5.00% due 2/15/2036 (put 2/15/2022) | 3,155,000 | 3,408,851 |
c | Dallas Independent School District (Guaranty: PSF) ISD, 5.00% due 2/15/2036 (pre-refunded 2/15/2022) | 60,000 | 65,192 |
Grayson County (State Highway Toll System) GO, | |||
4.00% due 1/1/2020 | 2,000,000 | 2,013,500 | |
5.00% due 1/1/2022 | 3,000,000 | 3,239,550 | |
Gulf Coast Waste Disposal Authority (Bayport Area Wastewater Treatment System; Insured: AGM), 5.00% due 10/1/2019 - 10/1/2025 | 6,485,000 | 7,039,414 | |
Harris County (Flood Control), 5.00% due 10/1/2025 - 10/1/2027 | 14,305,000 | 17,903,308 | |
Harris County (Tax Road) GO, Series A, 5.00% due 10/1/2025 - 10/1/2028 | 8,985,000 | 11,269,509 | |
Harris County (Texas Permanent Improvement) GO, | |||
Series A, 5.00% due 10/1/2025 - 10/1/2027 | 11,565,000 | 14,484,120 | |
Series B, 5.00% due 10/1/2019 - 10/1/2020 | 1,200,000 | 1,218,270 | |
b,f | Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series B-REM, 1.955% (MUNIPSA + 0.38%) due 6/1/2032 (put 4/1/2021) | 21,375,000 | 21,366,877 |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health), Series A, 5.00% due 12/1/2022 - 12/1/2025 | 6,445,000 | 7,513,012 | |
Harris County Cultural Education Facilities Finance Corp. (TECO Project), 5.00% due 11/15/2020 - 11/15/2027 | 5,825,000 | 6,887,370 | |
Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center Central Heating & Cooling Services Corp.), Series A, 5.00% due 11/15/2019 | 1,000,000 | 1,004,290 |
PRINCIPAL AMOUNT | VALUE | ||
a | Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center; LOC JP Morgan Chase Bank, N.A.), Series B-2, 1.77% due 9/1/2031 (put 10/1/2019) | $ 330,000 | $ 330,000 |
a | Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center; LOC JPMorgan Chase Bank, N.A.), Series B-1, 1.77% due 9/1/2031 (put 10/1/2019) | 5,325,000 | 5,325,000 |
Harris County-Houston Sports Authority (Insured: AGM), Series A, 5.00% due 11/15/2022 - 11/15/2024 | 23,315,000 | 26,646,722 | |
Hays County GO, 5.00% due 2/15/2022 - 2/15/2025 | 4,050,000 | 4,580,927 | |
Houston Airport System Revenue, | |||
Series B, 5.00% due 7/1/2020 - 7/1/2028 | 10,380,000 | 12,548,639 | |
Series D, 5.00% due 7/1/2027 | 3,355,000 | 4,202,171 | |
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.) ETM, Series A, 5.875% due 5/15/2021 | 615,000 | 642,903 | |
Houston Higher Education Finance Corp. (KIPP, Inc.; Guaranty: PSF), | |||
e | 5.00% due 8/15/2021 | 300,000 | 319,911 |
5.00% due 8/15/2022 | 1,185,000 | 1,301,035 | |
Houston Independent School District (Guaranty: PSF) ISD, | |||
c | 2.40% due 6/1/2030 (put 6/1/2021) | 4,000,000 | 4,058,920 |
c | Series A-1B, 2.20% due 6/1/2039 (put 6/1/2020) | 7,715,000 | 7,749,486 |
c | Houston Independent School District (Insured: PSF-GTD) GO, Series B-REM, 2.40% due 6/1/2036 (put 6/1/2021) | 1,725,000 | 1,750,409 |
Katy (Educational Facilities Improvements; Guaranty: PSF) ISD GO, Series A, 5.00% due 2/15/2023 - 2/15/2026 | 9,670,000 | 11,412,736 | |
Keller (Guaranty: PSF) ISD GO, Series A, 5.00% due 8/15/2023 | 1,715,000 | 1,950,109 | |
La Salle County (Insured: AGM) GO, 5.00% due 3/1/2022 - 3/1/2028 | 18,885,000 | 22,590,820 | |
Laredo Community College District (School Facilities Improvements) GO, 5.00% due 8/1/2020 - 8/1/2024 | 3,340,000 | 3,636,180 | |
Lower Colorado River Authority, | |||
Series A, | |||
5.00% due 5/15/2025 | 8,020,000 | 8,755,675 | |
5.00% due 5/15/2025 (pre-refunded 5/15/2022) | 55,000 | 60,104 | |
Metropolitan Transit Authority of Harris County, | |||
5.00% due 11/1/2022 - 11/1/2028 | 18,750,000 | 22,825,401 | |
Series D, 5.00% due 11/1/2019 - 11/1/2027 | 12,880,000 | 14,366,216 | |
New Caney (Guaranty: PSF) ISD GO, 5.00% due 2/15/2024 | 865,000 | 955,868 | |
North Harris County Regional Water Authority (Regional Water Production Design, Acquisition and Construction), 5.00% due 12/15/2020 - 12/15/2026 | 6,490,000 | 7,523,866 | |
North Texas Tollway Authority (North Texas Tollway System), Series A 5.00% due 1/1/2026 - 1/1/2029 | 7,550,000 | 9,462,332 | |
c | Pflugerville Independent School District (Guaranty: PSF) ISD GO, Series A, 2.25% due 8/15/2037 (put 8/15/2022) | 2,750,000 | 2,810,802 |
Round Rock (Educational Facilities Improvements) ISD GO, 5.00% due 8/1/2026 - 8/1/2027 | 2,100,000 | 2,618,452 | |
Round Rock (Educational Facilities Improvements; Guaranty: PSF) ISD GO, 5.00% due 8/1/2020 - 8/1/2026 | 3,245,000 | 3,678,772 | |
Sam Rayburn Municipal Power Agency, 5.00% due 10/1/2019 - 10/1/2021 | 5,390,000 | 5,516,841 | |
San Antonio Public Facilities Corp. (Convention Center Refinancing & Expansion), 5.00% due 9/15/2020 | 915,000 | 946,952 | |
San Antonio Water System Series A 5.00% due 5/15/2020 - 5/15/2023 | 1,080,000 | 1,149,610 | |
San Juan Higher Education Finance Authority (IDEA Public Schools), Series A, 5.125% due 8/15/2020 | 300,000 | 307,062 | |
State of Texas (Trans), 4.00% due 8/27/2020 | 106,500,000 | 109,049,610 | |
a | Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Obligated Group; LOC TD Bank, N.A.), 1.77% due 11/15/2050 (put 10/1/2019) | 2,725,000 | 2,725,000 |
Tarrant Regional Water District, | |||
Series A, | |||
2.00% due 3/1/2020 | 800,000 | 802,464 | |
5.00% due 3/1/2021 - 3/1/2027 | 8,850,000 | 10,352,580 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2022 - 8/15/2024 | 2,130,000 | 2,415,592 | |
Texas Transportation Commission (Highway Improvements) GO, 5.00% due 4/1/2022 - 4/1/2024 | 10,380,000 | 11,743,725 | |
Texas Transportation Commission State Highway Fund, Series A, 5.00% due 4/1/2024 | 1,650,000 | 1,914,445 | |
Walnut Creek Special Utility District (Water System Improvements; Insured: BAM), | |||
e | 4.00% due 1/10/2020 | 520,000 | 523,734 |
4.00% due 1/10/2021 | 445,000 | 458,675 | |
5.00% due 1/10/2022 - 1/10/2024 | 1,275,000 | 1,415,628 | |
U. S. Virgin Islands — 0.0% | |||
Virgin Islands Public Finance Authority (Diageo Project), 6.75% due 10/1/2019 | 1,750,000 | 1,750,000 | |
Utah — 1.8% | |||
a | City of Murray (IHC Health Services, Inc. Obligated Group; SPA Barclays Bank plc), Series C, 1.75% due 5/15/2037 (put 10/1/2019) | 13,165,000 | 13,165,000 |
a | City of Murray (IHC Health Services, Inc. Obligated Group; SPA JPMorgan Chase Bank, N.A.), Series A, 1.75% due 5/15/2037 (put 10/1/2019) | 9,120,000 | 9,120,000 |
c | County of Utah, (IHC Health Services, Inc. Obligated Group), Series B, 5.00% due 5/15/2056 (put 8/1/2022) | 7,500,000 | 8,168,025 |
County of Weber (IHC Health Services, Inc. Obligated Group; SPA The Bank of NY Mellon), | |||
a | Series A, 1.75% due 2/15/2031 (put 10/1/2019) | 16,690,000 | 16,690,000 |
a | Series C, 1.75% due 2/15/2035 (put 10/1/2019) | 19,715,000 | 19,715,000 |
Utah State Board of Regents (Insured; Natl-Re), Series A, 5.50% due 4/1/2029 | 30,365,000 | 39,108,905 |
Thornburg Limited Term Municipal Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Utah Transit Authority (Integrated Mass Transit System), Series A-SUB, 5.00% due 6/15/2022 - 6/15/2025 | $ 3,545,000 | $ 4,091,888 | |
Vermont — 0.2% | |||
Vermont (Vermont Public Service Corp.) EDA, 5.00% due 12/15/2020 | 14,250,000 | 14,768,130 | |
Virginia — 0.2% | |||
Fairfax County (Inova Health System) IDA, | |||
4.00% due 5/15/2022 | 5,500,000 | 5,879,775 | |
5.00% due 5/15/2022 | 5,000,000 | 5,473,550 | |
Washington — 2.6% | |||
Clark County School District No 37 Vancouver (State Aid Withholding) GO, 5.00% due 12/1/2026 - 12/1/2029 | 5,150,000 | 6,688,051 | |
Energy Northwest (Nine Canyon Wind Project Phase I-III), 5.00% due 7/1/2020 - 7/1/2025 | 6,850,000 | 7,413,544 | |
Marysville School District No. 25 (Snohomish County Educational Facilities) (State Aid Withholding) GO, 5.00% due 12/1/2019 - 12/1/2023 | 9,085,000 | 9,826,725 | |
Skagit County Public Hospital District No. 1 (Skagit Regional Health) GO, 5.00% due 12/1/2019 - 12/1/2022 | 10,035,000 | 10,731,047 | |
Skagit County Public Hospital District No. 1 (Skagit Regional Health), Series A, 5.00% due 12/1/2019 - 12/1/2023 | 3,245,000 | 3,469,705 | |
Skagit County Public Hospital District No. 2 (Island Hospital) GO, | |||
4.00% due 12/1/2019 - 12/1/2021 | 3,000,000 | 3,087,850 | |
5.00% due 12/1/2022 | 1,700,000 | 1,883,549 | |
State of Washington (Capital Projects) GO, Series R-G-Ref, 5.00% due 7/1/2025 | 10,475,000 | 12,433,511 | |
State of Washington (Public Highway, Bridge, Ferry Capital and Operating Costs; Insured: Natl-Re) GO, Series F, Zero Coupon due 12/1/2019 | 3,030,000 | 3,023,213 | |
State of Washington (State and Local Agency Real and Personal Property Projects) (Insured: State Intercept) COP, 5.00% due 7/1/2020 - 7/1/2022 | 9,415,000 | 10,002,062 | |
State of Washington (State and Local Agency Real and Personal Property Projects) COP, Series A, 5.00% due 7/1/2024 - 7/1/2027 | 17,775,000 | 21,579,604 | |
State of Washington (Various Purposes) GO, Series C, 5.00% due 2/1/2025 - 2/1/2029 | 50,385,000 | 62,822,984 | |
Tacoma School District No.10 (Pierce County Capital Projects) (State Aid Withholding) GO, 5.00% due 12/1/2019 - 12/1/2020 | 4,500,000 | 4,617,835 | |
Washington Health Care Facilities Authority (Overlake Hospital Medical Center) ETM, 4.75% due 7/1/2020 | 1,000,000 | 1,025,700 | |
West Virginia — 0.5% | |||
Mason County (Appalachian Power Co.), Series L, 2.75% due 10/1/2022 | 15,000,000 | 15,493,650 | |
West Virginia Economic Development Authority, (Appalachian Power Co.), | |||
c | 2.625% due 12/1/2042 (put 6/1/2022) | 6,000,000 | 6,170,160 |
c | Series A, 2.625% due 12/1/2042 (put 6/1/2022) | 2,500,000 | 2,570,900 |
West Virginia Higher Education Policy Commission (Higher Education Facilities), Series A, 5.00% due 4/1/2020 - 4/1/2022 | 3,500,000 | 3,702,850 | |
Wisconsin — 1.3% | |||
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group), | |||
c | 5.00% due 8/15/2054 (put 1/25/2023) | 10,485,000 | 11,679,661 |
c | 5.00% due 8/15/2054 (put 1/26/2022) | 9,520,000 | 10,300,925 |
c | 5.00% due 8/15/2054 (put 1/29/2025) | 16,065,000 | 18,818,220 |
Wisconsin Health & Educational Facilities Authority (Agnesian Healthcare, Inc.) ETM, | |||
e | 5.00% due 7/1/2020 | 730,000 | 749,841 |
5.00% due 7/1/2020 | 1,380,000 | 1,417,508 | |
Wisconsin Health & Educational Facilities Authority (Ascension Health Alliance System), | |||
5.00% due 11/15/2025 - 11/15/2026 | 3,235,000 | 3,944,057 | |
c | 5.00% due 11/15/2043 (put 6/1/2021) | 10,000,000 | 10,593,300 |
d | Wisconsin Health & Educational Facilities Authority (Marquette University), 5.00% due 10/1/2023 - 10/1/2026 | 1,575,000 | 1,870,358 |
Wisconsin Health & Educational Facilities Authority (ProHealth Care, Inc.), 5.00% due 8/15/2020 - 8/15/2022 | 5,250,000 | 5,559,885 | |
Wisconsin Health & Educational Facilities Authority (UnityPoint Health), Series A, 5.00% due 12/1/2022 | 1,000,000 | 1,109,940 | |
Wisconsin Housing & Economic Development Authority (Collateralized: FNMA), | |||
Series C, | |||
1.65% due 9/1/2026 | 1,615,000 | 1,585,462 | |
1.70% due 3/1/2027 | 1,605,000 | 1,576,848 | |
1.75% due 9/1/2027 | 1,645,000 | 1,615,193 | |
1.80% due 3/1/2028 | 1,660,000 | 1,627,431 | |
1.85% due 9/1/2028 | 1,680,000 | 1,648,702 | |
1.95% due 3/1/2029 | 1,695,000 | 1,662,812 | |
WPPI Energy (Power Supply System), Series A, 5.00% due 7/1/2021 | 4,100,000 | 4,358,956 | |
WPPI Energy, Series A, 5.00% due 7/1/2022 - 7/1/2028 | 1,835,000 | 2,157,456 | |
Total Investments — 99.2%(Cost $5,912,944,183) | $6,084,463,696 | ||
Other Assets Less Liabilities — 0.8% | 50,229,694 | ||
Net Assets — 100.0% | $6,134,693,390 |
Footnote Legend | |
a | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
b | Floating Rate Security. Stated interest/floor rate was in effect at September 30, 2019. |
c | Variable Rate Demand Obligations are instruments whose interest rates change on a mandatory date (demand date) or whose interest rates will vary with changes in a designated base rate. The rate disclosed is the rate at September 30, 2019. |
d | When-issued security. |
e | Segregated as collateral for a when-issued security. |
f | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2019, the aggregate value of these securities in the Fund’s portfolio was $21,366,877, representing 0.35% of the Fund’s net assets. |
To simplify the listings of securities, abbreviations are used per the table below:
AGC | Insured by Associated General Contractors |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMBAC | Insured by American Municipal Bond Assurance Corp. |
BAM | Insured by Build America Mutual Insurance Co. |
BHAC | Insured by Berkshire Hathaway Assurance Corp. |
BHAC-CR | Berkshire Hathaway Assurance Corp. Custodial Receipts |
COP | Certificates of Participation |
DFA | Development Finance Authority |
EDA | Economic Development Authority |
ETM | Escrowed to Maturity |
FGIC | Insured by Financial Guaranty Insurance Co. |
FHLMC | Insured by Federal Home Loan Mortgage Corp. |
FNMA | Collateralized by Federal National Mortgage Association |
GNMA | Collateralized by Government National Mortgage Association |
GO | General Obligation |
GRT | Gross Receipts Tax |
HFA | Health Facilities Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority |
ISD | Independent School District |
LIBOR | London Interbank Offered Rates |
LOC | Letter of Credit |
Mtg | Mortgage |
MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index |
Natl-Re | Insured by National Public Finance Guarantee Corp. |
PSF | Guaranteed by Permanent School Fund |
Q-SBLF | Insured by Qualified School Bond Loan Fund |
SPA | Stand-by Purchase Agreement |
Syncora | Insured by Syncora Guarantee Inc. |
USD | Unified School District |
Thornburg Limited Term Municipal Fund | September 30, 2019
ASSETS | |
Investments at value (cost $5,912,944,183) (Note 3) | $ 6,084,463,696 |
Cash | 49,993 |
Receivable for investments sold | 15,668,731 |
Receivable for fund shares sold | 10,254,306 |
Interest receivable | 64,461,104 |
Prepaid expenses and other assets | 214,278 |
Total Assets | 6,175,112,108 |
Liabilities | |
Payable for investments purchased | 27,297,564 |
Payable for fund shares redeemed | 8,837,354 |
Payable to investment advisor and other affiliates (Note 4) | 2,156,782 |
Accounts payable and accrued expenses | 1,125,655 |
Dividends payable | 1,001,363 |
Total Liabilities | 40,418,718 |
Net Assets | $ 6,134,693,390 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 137,399,646 |
Net capital paid in on shares of beneficial interest | 5,997,293,744 |
$ 6,134,693,390 | |
NET ASSET VALUE | |
Class A Shares: | |
Net asset value and redemption price per share ($915,684,656 applicable to 63,345,546 shares of beneficial interest outstanding - Note 5) | $ 14.46 |
Maximum sales charge, 1.50% of offering price | 0.22 |
Maximum offering price per share | $ 14.68 |
Class C Shares: | |
Net asset value and offering price per share* ($325,144,050 applicable to 22,452,642 shares of beneficial interest outstanding - Note 5) | $ 14.48 |
Class I Shares: | |
Net asset value, offering and redemption price per share ($4,893,864,684 applicable to 338,511,183 shares of beneficial interest outstanding - Note 5) | $ 14.46 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Thornburg Limited Term Municipal Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Interest income (net of premium amortized of $100,876,382) | $ 154,433,852 |
EXPENSES | |
Investment advisory fees (Note 4) | 16,679,954 |
Administration fees (Note 4) | |
Class A Shares | 867,255 |
Class C Shares | 346,861 |
Class I Shares | 4,222,779 |
Distribution and service fees (Note 4) | |
Class A Shares | 2,469,231 |
Class C Shares | 1,974,882 |
Transfer agent fees | |
Class A Shares | 631,253 |
Class C Shares | 227,863 |
Class I Shares | 3,464,049 |
Registration and filing fees | |
Class A Shares | 31,722 |
Class C Shares | 20,954 |
Class I Shares | 101,385 |
Custodian fees | 304,333 |
Professional fees | 153,826 |
Trustee and officer fees (Note 4) | 392,251 |
Other expenses | 389,229 |
Total Expenses | 32,277,827 |
Net Investment Income | $ 122,156,025 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on investments | (11,356,119) |
Net change in unrealized appreciation (depreciation) on investments | 165,364,756 |
Net Realized and Unrealized Gain | 154,008,637 |
Net Increase in Net Assets Resulting from Operations | $ 276,164,662 |
Thornburg Limited Term Municipal Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 122,156,025 | $ 128,531,531 |
Net realized gain (loss) on investments | (11,356,119) | 2,140,529 |
Net change in unrealized appreciation (depreciation) on investments | 165,364,756 | (166,568,493) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 276,164,662 | (35,896,433) |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (17,773,721) | (19,574,441) |
Class C Shares | (6,148,179) | (7,623,811) |
Class I Shares | (98,235,022) | (101,333,279) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | (146,463,605) | (248,125,740) |
Class C Shares | (135,672,142) | (142,631,526) |
Class I Shares | (315,109,295) | (52,452,302) |
Net Decrease in Net Assets | (443,237,302) | (607,637,532) |
NET ASSETS | ||
Beginning of Year | 6,577,930,692 | 7,185,568,224 |
End of Year | $ 6,134,693,390 | $ 6,577,930,692 |
Thornburg Limited Term Municipal Fund | September 30, 2019
Thornburg Limited Term Municipal Fund | September 30, 2019
Cost of investments for tax purposes | $ 5,912,944,183 |
Gross unrealized appreciation on a tax basis | 173,064,267 |
Gross unrealized depreciation on a tax basis | (1,544,754) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 171,519,513 |
2019 | 2018 | |
Distributions from: | ||
Tax exempt income | $ 122,138,207 | $ 128,508,169 |
Ordinary income | 18,715 | 23,362 |
Total | $ 122,156,922 | $ 128,531,531 |
Thornburg Limited Term Municipal Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
Municipal Bonds | $ 6,084,463,696 | $ — | $ 6,084,463,696 | $ — |
Total Investments in Securities | $6,084,463,696 | $— | $6,084,463,696 | $— |
Total Assets | $6,084,463,696 | $— | $6,084,463,696 | $— |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.500% |
Next $500 million | 0.400 |
Next $500 million | 0.300 |
Next $500 million | 0.250 |
Over $2 billion | 0.225 |
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 13,658,346 | $ 195,633,417 | 10,903,871 | $ 155,220,953 |
Shares issued to shareholders in reinvestment of dividends | 1,149,701 | 16,469,051 | 1,276,035 | 18,129,763 |
Shares repurchased | (25,081,271) | (358,566,073) | (29,617,720) | (421,476,456) |
Net decrease | (10,273,224) | $ (146,463,605) | (17,437,814) | $ (248,125,740) |
Class C Shares | ||||
Shares sold | 1,605,055 | $ 22,970,017 | 1,992,579 | $ 28,459,923 |
Shares issued to shareholders in reinvestment of dividends | 376,902 | 5,404,463 | 472,032 | 6,719,090 |
Shares repurchased | (11,422,496) | (164,046,622) | (12,478,365) | (177,810,539) |
Net decrease | (9,440,539) | $ (135,672,142) | (10,013,754) | $ (142,631,526) |
Class I Shares | ||||
Shares sold | 104,092,829 | $ 1,488,791,962 | 100,614,374 | $ 1,432,688,087 |
Shares issued to shareholders in reinvestment of dividends | 6,098,914 | 87,365,336 | 6,390,337 | 90,797,213 |
Shares repurchased | (132,701,949) | (1,891,266,593) | (110,796,332) | (1,575,937,602) |
Net decrease | (22,510,206) | $ (315,109,295) | (3,791,621) | $ (52,452,302) |
Thornburg Limited Term Municipal Fund | September 30, 2019
Thornburg Limited Term Municipal Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | ||||||||
2019 | $ 14.10 | 0.26 | 0.36 | 0.62 | (0.26) | — | (0.26) | $ 14.46 |
2018 | $ 14.43 | 0.24 | (0.33) | (0.09) | (0.24) | — | (0.24) | $ 14.10 |
2017 | $ 14.63 | 0.23 | (0.20) | 0.03 | (0.23) | — | (0.23) | $ 14.43 |
2016 | $ 14.52 | 0.22 | 0.11 | 0.33 | (0.22) | — | (0.22) | $ 14.63 |
2015 | $ 14.58 | 0.23 | (0.06) | 0.17 | (0.23) | — | (0.23) | $ 14.52 |
CLASS C SHARES | ||||||||
2019 | $ 14.12 | 0.22 | 0.36 | 0.58 | (0.22) | — | (0.22) | $ 14.48 |
2018 | $ 14.46 | 0.20 | (0.34) | (0.14) | (0.20) | — | (0.20) | $ 14.12 |
2017 | $ 14.66 | 0.20 | (0.20) | — | (0.20) | — | (0.20) | $ 14.46 |
2016 | $ 14.55 | 0.19 | 0.11 | 0.30 | (0.19) | — | (0.19) | $ 14.66 |
2015 | $ 14.60 | 0.19 | (0.05) | 0.14 | (0.19) | — | (0.19) | $ 14.55 |
CLASS I SHARES | ||||||||
2019 | $ 14.10 | 0.29 | 0.36 | 0.65 | (0.29) | — | (0.29) | $ 14.46 |
2018 | $ 14.43 | 0.28 | (0.33) | (0.05) | (0.28) | — | (0.28) | $ 14.10 |
2017 | $ 14.64 | 0.28 | (0.21) | 0.07 | (0.28) | — | (0.28) | $ 14.43 |
2016 | $ 14.53 | 0.27 | 0.11 | 0.38 | (0.27) | — | (0.27) | $ 14.64 |
2015 | $ 14.58 | 0.27 | (0.05) | 0.22 | (0.27) | — | (0.27) | $ 14.53 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
+ | Based on weighted average shares outstanding. |
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
1.80 | 0.69 | 0.69 | 4.41 | 21.22 | $ 915,684 | |
1.67 | 0.71 | 0.71 | (0.64) | 16.29 | $ 1,037,769 | |
1.62 | 0.73 | 0.73 | 0.24 | 17.56 | $ 1,314,094 | |
1.54 | 0.72 | 0.72 | 2.32 | 14.53 | $ 1,697,329 | |
1.56 | 0.73 | 0.73 | 1.15 | 18.56 | $ 1,700,127 | |
1.56 | 0.94 | 0.94 | 4.16 | 21.22 | $ 325,144 | |
1.43 | 0.95 | 0.95 | (0.94) | 16.29 | $ 450,402 | |
1.38 | 0.97 | 0.97 | 0.01 | 17.56 | $ 605,898 | |
1.30 | 0.96 | 0.96 | 2.07 | 14.53 | $ 741,637 | |
1.32 | 0.96 | 0.96 | 0.98 | 18.56 | $ 730,395 | |
2.04 | 0.45 | 0.45 | 4.67 | 21.22 | $ 4,893,865 | |
1.95 | 0.43 | 0.43 | (0.36) | 16.29 | $ 5,089,760 | |
1.93 | 0.42 | 0.42 | 0.49 | 17.56 | $ 5,265,576 | |
1.85 | 0.41 | 0.41 | 2.64 | 14.53 | $ 5,506,166 | |
1.88 | 0.41 | 0.41 | 1.54 | 18.56 | $ 4,832,467 |
Thornburg Limited Term Municipal Fund
Thornburg Limited Term Municipal Fund | September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(c) | a deferred sales charge on redemptions of Class C shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS A SHARES | |||
Actual | $1,000.00 | $1,017.45 | $3.44 |
Hypothetical* | $1,000.00 | $1,021.66 | $3.45 |
CLASS C SHARES | |||
Actual | $1,000.00 | $1,015.49 | $4.70 |
Hypothetical* | $1,000.00 | $1,020.41 | $4.71 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,018.65 | $2.23 |
Hypothetical* | $1,000.00 | $1,022.86 | $2.23 |
† | Expenses are equal to the annualized expense ratio for each class (A: 0.68%; C: 0.93%; I: 0.44%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg Limited Term Municipal Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg Limited Term Municipal Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg Limited Term Municipal Fund | September 30, 2019 (Unaudited)
Thornburg Limited Term Municipal Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH858 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class A | THIMX | 885-215-202 |
Class C | THMCX | 885-215-780 |
Class I | THMIX | 885-215-673 |
Thornburg Intermediate Municipal Fund | September 30, 2019 (Unaudited)
Christopher Ryon,cfa Portfolio Manager Managing Director | Nicholos Venditti,cfa Portfolio Manager Managing Director |
David Ashley,cfa Portfolio Manager Managing Director |
Thornburg Intermediate Municipal Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. | |
Class A Shares(Incep: 7/22/91) | |||||
Without sales charge | 6.39% | 1.99% | 2.36% | 3.32% | 4.61% |
With sales charge | 4.28% | 1.29% | 1.95% | 3.11% | 4.54% |
Class C Shares(Incep: 9/1/94) | |||||
Without sales charge | 6.02% | 1.64% | 2.02% | 2.99% | 3.81% |
With sales charge | 5.42% | 1.64% | 2.02% | 2.99% | 3.81% |
Class I Shares(Incep: 7/5/96) | 6.66% | 2.24% | 2.63% | 3.62% | 4.35% |
Annualized Distribution Yield | 2.42% |
SEC Yield | 0.92% |
FINAL VALUE |
Thornburg Intermediate Municipal Fund | September 30, 2019 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 479 |
Effective Duration | 4.2 Yrs |
Average Maturity | 8.3 Yrs |
4% | 11% | 9% | 12% | 13% | 9% | 14% | 10% | 7% | 10% |
Thornburg Intermediate Municipal Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Municipal Bonds — 97.5% | |||
Alabama — 1.6% | |||
Alabama Public School & College Authority (Educational Facilities), Series B, 5.00% due 6/1/2021 - 6/1/2026 | $ 5,155,000 | $ 5,762,773 | |
East Alabama Health Care Authority (Health Care Facilities Capital Improvements) GO, Series A, 5.00% due 9/1/2027 | 1,250,000 | 1,330,637 | |
Lower Alabama Gas District, Series A, 5.00% due 9/1/2034 | 3,000,000 | 3,908,310 | |
UAB Medicine Finance Authority (University Hospital), Series B, 5.00% due 9/1/2032 | 6,000,000 | 7,184,160 | |
Alaska — 0.2% | |||
Alaska Housing Finance Corp. (State Capital Project) GO, Series A, 5.00% due 12/1/2021 (pre-refunded 12/1/2020) | 500,000 | 521,410 | |
City of Valdez (BP Pipelines (Alaska), Inc. Project), Series C, 5.00% due 1/1/2021 | 2,000,000 | 2,086,380 | |
Arizona — 2.0% | |||
Arizona Board of Regents (University of Arizona SPEED), 5.00% due 8/1/2024 - 8/1/2029 | 2,635,000 | 2,898,450 | |
Arizona Health Facilities Authority (Scottsdale Lincoln Hospitals) HFA, 5.00% due 12/1/2031 | 2,500,000 | 2,889,700 | |
City of Flagstaff (Urban Trail, Street and Utilities Improvements) GO, 4.00% due 7/1/2022 - 7/1/2023 | 620,000 | 671,050 | |
County of Pima (Providence Day School Project) IDA, 5.00% due 12/1/2030 | 2,000,000 | 2,062,600 | |
a | County of Yavapai, (Waste Management, Inc.) AMT, IDA, 2.80% due 6/1/2027 (put 6/1/2021) | 2,000,000 | 2,039,000 |
Salt River Project Agricultural Improvement and Power District (Salt River Electric System), 5.00% due 1/1/2033 - 1/1/2037 | 7,000,000 | 8,762,920 | |
Salt Verde Financial Corp. (Gas Supply Acquisition), 5.25% due 12/1/2022 - 12/1/2028 | 2,770,000 | 3,180,224 | |
Arkansas — 0.4% | |||
Board of Trustees of the University of Arkansas (Fayetteville Campus), 5.00% due 11/1/2031 - 11/1/2034 | 3,655,000 | 4,220,778 | |
California — 5.9% | |||
Alameda County Joint Powers Authority (Alameda County Medical Center Highland Hospital), Series A, 5.25% due 12/1/2027 - 12/1/2029 | 3,650,000 | 4,234,739 | |
Brentwood Infrastructure Financing Authority (Insured: AGM), 5.00% due 11/1/2026 | 2,000,000 | 2,146,700 | |
California (Adventist Health System/West) HFFA, Series A, 5.00% due 3/1/2026 | 3,020,000 | 3,383,759 | |
California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 11/15/2022 - 8/15/2033 | 1,950,000 | 2,256,769 | |
California (Dignity Health) HFFA, Series A, 5.25% due 3/1/2027 | 5,250,000 | 5,530,350 | |
California Educational Facilities Authority (Pitzer College), 5.50% due 4/1/2029 (pre-refunded 4/1/2020) | 3,000,000 | 3,065,280 | |
California Infrastructure and Economic Development Bank (King City Joint Union High School District), 5.75% due 8/15/2029 | 1,500,000 | 1,524,720 | |
b | California Infrastructure and Economic Development Bank (Los Angeles County Museum of Art), Series A, 2.088% (LIBOR 1 Month + 0.65%) due 12/1/2050 (put 2/1/2021) | 3,000,000 | 3,008,190 |
Corona-Norco (Insured: AGM) USD COP, Series A, 5.00% due 4/15/2021 | 1,000,000 | 1,019,160 | |
Delano Financing Authority (City of Delano Police Station and Woollomes Avenue Bridge), Series A, 5.00% due 12/1/2025 | 2,555,000 | 2,656,945 | |
Franklin-McKinley School District (Insured: Natl-Re) GO, 5.25% due 8/1/2027 | 1,000,000 | 1,307,500 | |
Fresno (Educational Facilities and Improvements; Insured: Natl-Re) USD GO, Series A, 6.00% due 8/1/2026 | 1,410,000 | 1,672,232 | |
Jurupa Public Financing Authority (Eastvale Community Services; Insured: AGM), Series A, 5.50% due 9/1/2025 - 9/1/2027 | 2,530,000 | 2,944,386 | |
M-S-R Energy Authority, Series B, 6.125% due 11/1/2029 | 2,480,000 | 3,177,450 | |
North City West School Facilities Financing Authority (Carmel Valley Schools; Insured: AGM), Series A, 5.00% due 9/1/2024 | 1,080,000 | 1,193,551 | |
a | Northern California Energy Authority (Commodity Supply Revenue), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 8,000,000 | 8,698,160 |
Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2032 - 8/1/2034 | 3,000,000 | 3,546,090 | |
Redwood City Redevelopment Agency (Redevelopment Area A-2; Insured: AMBAC), Zero Coupon due 7/15/2023 | 2,065,000 | 1,936,784 | |
San Jose Redevelopment Agency (Merged Area Redevelopment Project), | |||
5.25% due 8/1/2027 (pre-refunded 8/1/2020) | 2,400,000 | 2,482,080 | |
5.375% due 8/1/2028 (pre-refunded 8/1/2020) | 1,175,000 | 1,216,395 | |
Saratoga Union School District (Insured: Natl-Re) USD GO, Series B, Zero Coupon due 9/1/2023 | 900,000 | 848,475 | |
State of California (Kindergarten-University Facilities) GO, 5.25% due 9/1/2026 | 5,000,000 | 5,383,000 | |
Turlock Irrigation District, | |||
Series A, | |||
5.00% due 1/1/2021 | 1,005,000 | 1,014,527 | |
5.00% due 1/1/2021 (pre-refunded 1/1/2020) | 745,000 | 752,234 | |
William S. Hart Union High School District (Educational Facilities; Insured: AGM) GO, Series B, Zero Coupon due 9/1/2021 | 800,000 | 778,784 | |
Colorado — 1.2% | |||
Housing Authority of the City and County of Denver (Three Towers Rehabilitation; Insured: AGM) AMT, 5.20% due 11/1/2027 | 1,335,000 | 1,339,032 | |
Park Creek Metropolitan District (Insured: AGC), 5.25% due 12/1/2020 (pre-refunded 12/1/2019) | 1,120,000 | 1,127,235 | |
Regional Transportation District (North Metro Rail Line) COP, Series A, 5.00% due 6/1/2028 | 1,550,000 | 1,738,031 | |
Regional Transportation District (Public Mass Transportation System) COP, | |||
Series A, | |||
5.50% due 6/1/2022 | 260,000 | 266,908 | |
5.50% due 6/1/2022 (pre-refunded 6/1/2020) | 2,740,000 | 2,817,076 | |
State of Colorado COP, Series A, 5.00% due 9/1/2029 - 9/1/2032 | 5,205,000 | 6,527,735 | |
Connecticut — 2.0% | |||
City of Hartford (Various Public Improvements; Insured: AGM) GO, Series A, 5.00% due 7/1/2031 | 1,700,000 | 1,990,530 | |
State of Connecticut GO, | |||
Series A, 5.00% due 4/15/2033 - 4/15/2035 | 12,415,000 | 15,194,480 | |
Series C, 5.00% due 6/15/2028 - 6/15/2029 | 1,890,000 | 2,366,521 | |
Series E, 5.00% due 9/15/2033 | 2,650,000 | 3,274,976 |
PRINCIPAL AMOUNT | VALUE | ||
District of Columbia — 1.6% | |||
Metropolitan Airports Authority (Dulles Toll Road; Insured: AGC), Zero Coupon due 10/1/2023 - 10/1/2024 | $ 9,890,000 | $ 8,993,844 | |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Series A-Dulles Metrorail and capital improvement project, 5.00% due 10/1/2038 - 10/1/2039 | 3,000,000 | 3,698,250 | |
Washington Convention & Sports Authority, Series A, 5.00% due 10/1/2028 | 1,105,000 | 1,390,455 | |
Washington Metropolitan Area Transit Authority, 5.00% due 7/1/2032 - 7/1/2037 | 3,325,000 | 4,080,912 | |
Florida — 6.5% | |||
Broward County (Airport System Improvements) AMT, 5.00% due 10/1/2034 - 10/1/2035 | 3,500,000 | 4,246,110 | |
Central Florida Expressway Authority, 5.00% due 7/1/2037 | 1,095,000 | 1,327,666 | |
City of Jacksonville (Better Jacksonville Plan), Series A, 5.00% due 10/1/2026 | 2,075,000 | 2,279,346 | |
City of Lakeland (Electric Power System Smart Grid Project; Insured: AGM), 5.25% due 10/1/2027 - 10/1/2036 | 6,450,000 | 8,637,322 | |
City of Orlando (Senior Tourist Development; Insured: AGM), 5.00% due 11/1/2032 - 11/1/2037 | 3,430,000 | 4,170,839 | |
Escambia County (Florida Health Care Facility Loan Program; Insured: AMBAC) HFA ETM, 5.95% due 7/1/2020 | 260,000 | 268,895 | |
Florida State Department of Children & Families (South Florida Evaluation Treatment Center) COP, 5.00% due 10/1/2019 | 2,255,000 | 2,255,000 | |
Lake County School Board (School District Facility Projects) COP, Series B, 5.00% due 6/1/2026 | 1,210,000 | 1,315,899 | |
Manatee County (Public Utilities System Improvements), 5.00% due 10/1/2026 - 10/1/2033 | 6,080,000 | 7,189,702 | |
Miami-Dade County (Miami International Airport), Series B, 5.00% due 10/1/2028 - 10/1/2031 | 5,335,000 | 6,195,277 | |
Miami-Dade County (Nicklaus Children’s Hospital), HFA 5.00% due 8/1/2035 - 8/1/2037 | 2,905,000 | 3,488,925 | |
Miami-Dade County (Seaport Properties) GO, Series C, 5.00% due 10/1/2023 | 1,040,000 | 1,115,889 | |
Miami-Dade County Educational Facilities Authority (University of Miami; Insured: AMBAC), Series B, 5.25% due 4/1/2024 | 1,000,000 | 1,156,930 | |
Miami-Dade County School Board (Insured: AMBAC) COP, Series D, 5.00% due 10/1/2021 | 3,035,000 | 3,256,312 | |
Miami-Dade County School Board COP, Series A, 5.00% due 5/1/2030 | 3,250,000 | 3,824,080 | |
Orange County (Tourist Development), Series A, 5.00% due 10/1/2031 | 2,000,000 | 2,434,340 | |
Palm Beach County (Boca Raton Regional Hospital) HFA, 5.00% due 12/1/2025 (pre-refunded 12/1/2024) | 500,000 | 587,995 | |
Palm Beach County School District COP, Series C, 5.00% due 8/1/2028 | 595,000 | 766,199 | |
Sarasota County Public Hospital Board (Sarasota Memorial Hospital; Insured: Natl-Re), Series A, 5.034% due 10/1/2021 | 2,000,000 | 2,064,380 | |
School Board of Broward County (Educational Facilities and Equipment) COP, Series A, 5.00% due 7/1/2027 | 2,000,000 | 2,193,300 | |
School Board of Broward County (Educational Facilities) COP, | |||
Series A, 5.00% due 7/1/2030 | 1,250,000 | 1,476,275 | |
Series B, 5.00% due 7/1/2032 | 2,000,000 | 2,349,240 | |
School District of Broward County COP, | |||
Series A, | |||
5.00% due 7/1/2026 | 545,000 | 599,075 | |
5.00% due 7/1/2026 (pre-refunded 7/1/2022) | 2,455,000 | 2,697,210 | |
c | School District of Manatee County (School Facilities Improvement; Insured: AGM), 5.00% due 10/1/2032 | 2,250,000 | 2,742,300 |
Sunshine State Governmental Finance Commission (Miami-Dade County Program), Series B-1, 5.00% due 9/1/2028 | 3,500,000 | 3,948,000 | |
Georgia — 2.0% | |||
Athens-Clarke County Unified Government Development Authority (UGAREF Bolton Commons, LLC), 5.00% due 6/15/2024 - 6/15/2028 | 2,320,000 | 2,617,464 | |
City of Atlanta (Water & Wastewater System; Insured: AGM), | |||
Series B, | |||
5.50% due 11/1/2024 | 1,740,000 | 1,745,899 | |
5.50% due 11/1/2024 (pre-refunded 11/1/2019) | 3,260,000 | 3,271,051 | |
City of Atlanta (Water & Wastewater System; Insured: Natl-Re), Series A, 5.50% due 11/1/2022 | 530,000 | 576,995 | |
Clarke County Hospital Authority (Athens Regional Medical Center), 5.00% due 1/1/2023 - 1/1/2026 (pre-refunded 1/1/2022) | 5,620,000 | 6,082,864 | |
Main Street Natural Gas, Inc. Series A, 5.00% due 5/15/2037 | 1,975,000 | 2,626,315 | |
Main Street Natural Gas, Inc., Series A, 5.00% due 5/15/2035 - 5/15/2036 | 3,750,000 | 4,944,992 | |
Guam — 0.7% | |||
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2023 - 10/1/2025 | 6,500,000 | 7,157,740 | |
Guam Waterworks Authority (Water and Wastewater System), 5.25% due 7/1/2024 | 1,000,000 | 1,115,570 | |
Hawaii — 1.1% | |||
County of Hawaii GO, Series A, 5.00% due 9/1/2033 | 1,250,000 | 1,500,837 | |
State of Hawaii GO, | |||
Series DZ, 5.00% due 12/1/2027 (pre-refunded 12/1/2021) | 3,635,000 | 3,917,767 | |
Series DZ-2016, 5.00% due 12/1/2027 (pre-refunded 12/1/2021) | 6,365,000 | 6,874,327 | |
Illinois — 9.6% | |||
Chicago O’Hare International Airport (2015 Airport Projects), Series B, 5.00% due 1/1/2020 | 1,000,000 | 1,008,900 | |
Chicago O’Hare International Airport (2016 Airport Projects), Series C, 5.00% due 1/1/2029 - 1/1/2030 | 1,765,000 | 2,110,037 | |
Chicago O’Hare International Airport (2017 Airport Projects), Series B, 5.00% due 1/1/2034 - 1/1/2037 | 8,160,000 | 9,777,991 | |
Chicago O’Hare International Airport, Series D, 5.25% due 1/1/2033 | 1,500,000 | 1,663,785 | |
Chicago Park District (Capital Improvement Plan) GO, | |||
Series A, 5.00% due 1/1/2027 - 1/1/2029 | 3,940,000 | 4,410,030 | |
Series B, | |||
c | 5.00% due 1/1/2025 | 1,000,000 | 1,127,650 |
5.00% due 1/1/2030 | 3,500,000 | 3,888,185 | |
Series D, 5.00% due 1/1/2028 | 3,450,000 | 3,862,516 |
Thornburg Intermediate Municipal Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
City of Chicago (Midway Airport), | |||
Series B, | |||
5.00% due 1/1/2032 - 1/1/2033 | $ 9,805,000 | $ 11,058,252 | |
5.25% due 1/1/2034 | 4,700,000 | 5,211,642 | |
City of Chicago (Wastewater Transmission System), Series C, 5.00% due 1/1/2028 - 1/1/2029 | 7,865,000 | 8,980,385 | |
City of Chicago (Wastewater Transmission System; Insured: AGM), Series B-AGM-CR, 5.00% due 1/1/2034 | 1,375,000 | 1,636,773 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2037 | 4,250,000 | 5,023,585 | |
City of Chicago (Water System; Insured: BHAC-CR AMBAC), 5.75% due 11/1/2030 | 1,270,000 | 1,623,314 | |
City of Mount Vernon (Various Municipal Capital Improvements; Insured: AGM) GO, 4.00% due 12/15/2025 | 1,900,000 | 1,955,708 | |
Cook County GO, Series A, 5.25% due 11/15/2024 | 3,000,000 | 3,123,810 | |
Cook County School District No. 104 (Argo Summit Elementary School Facilities; Insured: AGM) GO ETM, Series D, Zero Coupon due 12/1/2022 | 2,000,000 | 1,905,240 | |
Illinois (Midwest Care Center I, Inc.; Collateralized: GNMA) HFA, 5.70% due 2/20/2021 | 190,000 | 190,359 | |
d | Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group; SPA JP Morgan Chase Bank N.A.), Series A-3, 1.77% due 8/15/2042 (put 10/1/2019) | 1,265,000 | 1,265,000 |
Illinois Finance Authority (Rush University Medical Center), Series A, 5.00% due 11/15/2033 | 1,000,000 | 1,153,890 | |
Illinois Finance Authority (Silver Cross Hospital and Medical Centers), 5.00% due 8/15/2024 | 1,000,000 | 1,138,930 | |
Illinois Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | 5,550,000 | 6,437,667 | |
e | Knox & Warren Counties Community Unit School District No 205 Galesburg GO, Series B, 5.00% due 12/1/2030 - 12/1/2031 | 2,655,000 | 3,226,125 |
Metropolitan Pier & Exposition Authority (McCormick Place Expansion Project), Series B, 5.00% due 12/15/2022 | 1,000,000 | 1,084,360 | |
Monroe and St. Clair Counties (Community Unit School District No. 5; Insured: BAM) GO, 5.00% due 4/15/2027 - 4/15/2031 | 6,285,000 | 7,454,659 | |
State of Illinois, Series B, 5.00% due 6/15/2030 - 6/15/2032 | 12,165,000 | 14,153,128 | |
Tazewell County School District (Insured: Natl-Re) GO, 9.00% due 12/1/2024 | 1,205,000 | 1,605,289 | |
Village of Tinley Park GO, | |||
4.00% due 12/1/2021 | 585,000 | 615,268 | |
5.00% due 12/1/2024 | 870,000 | 987,380 | |
Indiana — 2.9% | |||
Board of Trustees for the Vincennes University, Series J, 5.375% due 6/1/2022 | 895,000 | 918,288 | |
City of Carmel Redevelopment Authority (Performing Arts Center), Zero Coupon due 2/1/2021 | 2,000,000 | 1,956,940 | |
City of Carmel Redevelopment District (Performing Arts Center) COP, Series C, 6.50% due 7/15/2035 (pre-refunded 1/15/2021) | 2,730,000 | 2,906,767 | |
a | City of Whiting Environmental Facilities (BP Products North America Inc. Project) AMT, Series A, 5.00% due 3/1/2046 (put 3/1/2023) | 1,000,000 | 1,106,530 |
Indiana (Ascension Health Credit Group) HFFA, 5.00% due 11/15/2034 - 11/15/2036 | 8,325,000 | 9,843,049 | |
Indiana Bond Bank (Hendricks Regional Health Financing Program; Insured: AMBAC), 5.25% due 4/1/2023 | 2,000,000 | 2,243,200 | |
Indiana Bond Bank (Natural Gas Utility Improvements), Series A, 5.25% due 10/15/2020 | 5,340,000 | 5,535,017 | |
Indiana Finance Authority (Marian University), 5.25% due 9/15/2022 - 9/15/2023 (pre-refunded 9/15/2021) | 5,085,000 | 5,462,815 | |
d | Indiana Finance Authority (Marion County Capital Improvement Board; SPA U.S. Bank, N.A.), Series A-3-RMKT, 1.77% due 2/1/2037 (put 10/1/2019) | 1,100,000 | 1,100,000 |
d | Indiana Finance Authority (Marion County Capital Improvement Board; SPA Wells Fargo Bank, N.A.), Series A-2-RMKT, 1.75% due 2/1/2037 (put 10/1/2019) | 1,025,000 | 1,025,000 |
Indiana Finance Authority (Sisters of St. Francis Health Services, Inc.), 5.00% due 11/1/2021 | 605,000 | 615,588 | |
Iowa — 0.4% | |||
Iowa Finance Authority (UnityPoint Health), Series C, 5.00% due 2/15/2030 - 2/15/2032 | 4,100,000 | 4,629,208 | |
Kansas — 0.1% | |||
Kansas (Wichita State University) DFA, Series A, 5.00% due 6/1/2020 | 575,000 | 588,622 | |
Unified Government of Wyandotte County/Kansas City (School Improvement Project; Insured: AGM) USD GO, Series A, 5.00% due 9/1/2030 - 9/1/2031 | 640,000 | 785,193 | |
Kentucky — 2.0% | |||
a | Kentucky Public Energy Authority (Gas Supply System), Series C-1, 4.00% due 12/1/2049 (put 6/1/2025) | 17,500,000 | 19,356,050 |
Louisville/Jefferson County Metropolitan Government (Norton Suburban Hospital and Kosair Children’s Hospital), 5.25% due 10/1/2026 | 2,320,000 | 2,646,354 | |
Louisiana — 2.2% | |||
East Baton Rouge Sewerage Commission, Series B, 5.00% due 2/1/2030 - 2/1/2032 | 6,825,000 | 8,003,923 | |
Jefferson Sales Tax District (Insured: AGM), Series B, 5.00% due 12/1/2034 - 12/1/2035 | 1,500,000 | 1,833,650 | |
Louisiana Energy and Power Authority (LEPA Unit No. 1; Insured: AGM), Series A, 5.25% due 6/1/2029 - 6/1/2031 | 6,100,000 | 6,867,581 | |
New Orleans Regional Transit Authority (Insured: AGM), 5.00% due 12/1/2023 - 12/1/2024 | 2,000,000 | 2,080,520 | |
Parish of Lafourche (Roads, Highways and Bridges), 5.00% due 1/1/2024 - 1/1/2025 | 3,685,000 | 4,302,026 | |
Terrebonne Parish Hospital Service District No. 1 (General Medical Center), | |||
5.00% due 4/1/2028 | 960,000 | 972,931 | |
5.00% due 4/1/2028 (pre-refunded 4/1/2020) | 540,000 | 549,790 | |
Massachusetts — 1.8% | |||
Massachusetts (Insured: BHAC-CR FGIC), 5.50% due 1/1/2029 | 8,370,000 | 11,271,628 | |
Massachusetts Bay Transportation Authority (Transportation Capital Program), Series A, 5.25% due 7/1/2030 | 1,000,000 | 1,358,840 | |
Massachusetts Development Finance Agency (CareGroup Healthcare System), | |||
Series H-1, 5.00% due 7/1/2021 | 2,330,000 | 2,470,476 | |
Series I, 5.00% due 7/1/2036 | 1,750,000 | 2,071,965 | |
Massachusetts Development Finance Agency (Simmons College), Series J, 5.50% due 10/1/2025 - 10/1/2028 | 1,790,000 | 2,057,113 | |
Massachusetts Educational Financing Authority (Higher Education Student Loans), Series A, 5.50% due 1/1/2022 | 1,130,000 | 1,142,588 | |
Michigan — 2.5% |
PRINCIPAL AMOUNT | VALUE | ||
Board of Governors of Wayne State University (Educational Facilities and Equipment), Series A, 5.00% due 11/15/2031 | $ 1,010,000 | $ 1,171,065 | |
City of Troy (Downtown Development Authority-Community Center Facilities) GO, 5.00% due 11/1/2025 | 300,000 | 322,785 | |
County of Genesee (Water Supply System; Insured: BAM) GO, | |||
5.00% due 11/1/2024 - 11/1/2030 | 3,360,000 | 3,740,483 | |
5.125% due 11/1/2032 | 750,000 | 836,857 | |
5.25% due 11/1/2026 - 11/1/2028 | 2,920,000 | 3,273,668 | |
Detroit City School District (School Building & Site Improvement; Insured: AGM/Q-SBLF) GO, Series A, 5.25% due 5/1/2026 | 3,150,000 | 3,850,654 | |
Detroit City School District (School Building & Site; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1,100,000 | 1,376,364 | |
Kalamazoo Hospital Finance Authority (Bronson Healthcare), | |||
5.25% due 5/15/2026 | 175,000 | 184,977 | |
5.25% due 5/15/2026 (pre-refunded 5/15/2021) | 1,110,000 | 1,178,542 | |
Kalamazoo Hospital Finance Authority (Bronson Healthcare; Insured: AGM), | |||
5.00% due 5/15/2022 | 1,105,000 | 1,129,918 | |
5.00% due 5/15/2022 (pre-refunded 5/15/2020) | 1,365,000 | 1,395,358 | |
Michigan Finance Authority (Government Loan Program), Series F, 5.00% due 4/1/2026 | 1,580,000 | 1,682,447 | |
Michigan Finance Authority (McLaren Health System), Series A, 5.00% due 2/15/2039 | 3,200,000 | 3,956,256 | |
Michigan Public School Academy (Will Carleton Charter School), 8.00% due 8/1/2035 | 845,000 | 851,168 | |
Michigan State Hospital Finance Authority (Henry Ford Health System), 5.625% due 11/15/2029 (pre-refunded 11/15/2019) | 2,500,000 | 2,512,725 | |
Minnesota — 0.9% | |||
d | City of Minneapolis/St. Paul Housing & Redevelopment Authority (Allina Health Obligated Group; LOC JPMorgan Chase Bank, N.A.), Series B-2, 1.77% due 11/15/2035 (put 10/1/2019) | 1,600,000 | 1,600,000 |
Minnesota Agriculture & Economic Development Board (Essentia Health; Insured: AGC), Series C-1, 5.50% due 2/15/2025 | 2,500,000 | 2,537,475 | |
Minnesota Higher Education Facilities Authority, (University of St. Thomas) 5.00% due 10/1/2034 - 10/1/2035 | 600,000 | 757,241 | |
Minnesota Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), | |||
Series F, | |||
2.45% due 7/1/2034 | 2,765,000 | 2,717,774 | |
2.55% due 7/1/2039 | 2,235,000 | 2,194,122 | |
Mississippi — 1.3% | |||
Mississippi Development Bank (Capital City Convention Center) GO, 5.00% due 3/1/2025 | 2,850,000 | 3,277,472 | |
Mississippi Development Bank (Department of Corrections), Series D, 5.25% due 8/1/2027 (pre-refunded 8/1/2020) | 3,415,000 | 3,528,037 | |
Mississippi Development Bank (Jackson Public School District; Insured BAM) GO, 5.25% due 10/1/2037 - 10/1/2038 | 5,250,000 | 6,537,282 | |
Mississippi Development Bank, (Vicksburg Warren School District; Insured: BAM) 5.50% due 3/1/2038 | 700,000 | 896,903 | |
Missouri — 0.2% | |||
Missouri Health and Educational Facilities Authority (Webster University) ETM, 5.00% due 4/1/2021 | 2,520,000 | 2,656,660 | |
Nebraska — 0.8% | |||
a | Central Plains Energy Project, 5.00% due 3/1/2050 (put 1/1/2024) | 8,350,000 | 9,337,471 |
Nevada — 1.2% | |||
Carson City (Carson Tahoe Regional Healthcare), 5.00% due 9/1/2027 - 9/1/2032 | 3,180,000 | 3,546,496 | |
Washoe County (Reno Sparks Convention & Visitors Authority) GO, 5.00% due 7/1/2026 - 7/1/2032 (pre-refunded 7/1/2021) | 7,095,000 | 7,549,350 | |
Washoe County NV GO, 5.00% due 7/1/2032 (pre-refunded 7/1/2021) | 1,905,000 | 2,026,904 | |
New Hampshire — 0.8% | |||
d | New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA State Street Bank and Trust Co.), Series A-2-RMKT 1.75% due 7/1/2035 (put 10/1/2019) | 2,800,000 | 2,800,000 |
New Hampshire Municipal Bond Bank, Series C, 5.00% due 8/15/2026 | 1,860,000 | 2,118,001 | |
State of New Hampshire (Turnpike System), Series B, 5.00% due 2/1/2022 - 2/1/2024 | 4,005,000 | 4,338,549 | |
New Jersey — 3.6% | |||
Cape May County Industrial Pollution Control Financing Authority (Atlantic City Electric Company; Insured: Natl-Re), Series A, 6.80% due 3/1/2021 | 675,000 | 723,566 | |
Essex County Improvement Authority (County Correctional Facilities & Gibraltar Facilities; Insured: Natl-Re), 5.50% due 10/1/2024 | 2,500,000 | 3,011,425 | |
New Jersey (School Facilities Construction) EDA, 5.00% due 3/1/2026 | 2,000,000 | 2,189,840 | |
New Jersey (School Facilities Construction; Insured: AMBAC) EDA, Series N-1, 5.50% due 9/1/2026 | 3,000,000 | 3,639,450 | |
New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N-1, 5.50% due 9/1/2027 | 1,700,000 | 2,100,027 | |
New Jersey State Health Care Facilities Financing Authority (Virtua Health), 5.00% due 7/1/2027 - 7/1/2028 | 3,000,000 | 3,428,800 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), | |||
b | 2.78% (MUNIPSA + 1.20%) due 6/15/2034 (put 12/15/2021) | 2,000,000 | 2,012,180 |
5.00% due 6/15/2023 - 6/15/2031 | 13,250,000 | 15,595,398 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements; Insured: Natl-Re), Series B, 5.50% due 12/15/2020 | 3,185,000 | 3,329,949 | |
New Jersey Transportation Trust Fund Authority, Series A, 5.00% due 12/15/2034 | 500,000 | 587,860 | |
Passaic Valley Sewage Commissioners GO, Series G, 5.75% due 12/1/2022 | 3,000,000 | 3,381,270 | |
New Mexico — 0.9% | |||
City of Farmington (Arizona Public Service Co.-Four Corners Project), Series B, 4.70% due 9/1/2024 | 3,000,000 | 3,095,850 | |
City of Las Cruces (NMFA Loan), 5.00% due 6/1/2030 | 2,040,000 | 2,087,491 | |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Group), 5.00% due 7/1/2032 | 2,130,000 | 2,259,440 | |
Regents of New Mexico State University (Campus Buildings Acquisition & Improvements), Series A, 5.00% due 4/1/2034 | 1,810,000 | 2,190,607 | |
New York — 7.5% | |||
City of New York (City Budget Financial Management) GO, |
Thornburg Intermediate Municipal Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Series G, 5.00% due 8/1/2027 | $ 4,530,000 | $ 5,209,500 | |
Series J, 5.00% due 8/1/2030 - 8/1/2031 | 9,000,000 | 10,466,920 | |
City of New York (SPA Barclays Bank plc) GO, | |||
d | Series B-4, 1.77% due 10/1/2046 (put 10/1/2019) | 1,400,000 | 1,400,000 |
d | Series B-5, 1.77% due 10/1/2046 (put 10/1/2019) | 1,950,000 | 1,950,000 |
d | City of New York (SPA Landesbank Hessen-Thuringen) GO, Series A-3, 1.78% due 8/1/2035 (put 10/1/2019) | 3,400,000 | 3,400,000 |
County of Nassau (Insured: BAM) GO, Series B, 5.00% due 4/1/2026 | 1,300,000 | 1,473,953 | |
Erie County Industrial Development Agency (City of Buffalo School District) (State Aid Withholding), Series A, 5.00% due 5/1/2027 | 5,000,000 | 5,623,100 | |
Metropolitan Transportation Authority (Green Bond), | |||
Series A2, 5.00% due 11/15/2025 | 7,500,000 | 9,015,975 | |
Series C-1, 5.00% due 11/15/2030 | 8,500,000 | 10,635,625 | |
Metropolitan Transportation Authority (Transit and Commuter System), Series A2-Green Bond, 5.00% due 11/15/2024 | 5,435,000 | 6,373,516 | |
d | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JP Morgan Chase Bank, N.A), Series E-3, 1.75% due 2/1/2045 (put 10/1/2019) | 5,335,000 | 5,335,000 |
d | New York City Transitional Finance Authority Future Tax Secured Revenue, (SPA State Street Bank and Trust Co.), Series A-6, 1.76% due 8/1/2039 (put 10/1/2019) | 6,000,000 | 6,000,000 |
d | New York City Water & Sewer System (SPA Mizuho Bank, Ltd.), Series AA-6, 1.77% due 6/15/2048 (put 10/1/2019) | 500,000 | 500,000 |
New York State Dormitory Authority (Metropolitan Transportation Authority & State Urban Development Corp.), Series A, 5.00% due 12/15/2027 | 2,500,000 | 2,781,450 | |
New York State Dormitory Authority (State University Educational Facilities), Series A, 5.25% due 5/15/2021 | 500,000 | 521,790 | |
Town of Oyster Bay GO, Series B, 3.00% due 2/1/2020 - 3/13/2020 | 12,750,000 | 12,813,952 | |
North Carolina — 2.4% | |||
d | Charlotte-Mecklenburg Hospital Authority (Carolinas Healthcare System Obligated Group; SPA JP Morgan Chase Bank, N.A), Series C, 1.77% due 1/15/2037 (put 10/1/2019) | 1,700,000 | 1,700,000 |
Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), Series A, 5.00% due 1/15/2028 | 2,190,000 | 2,424,856 | |
North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2030 | 3,000,000 | 3,532,950 | |
State of North Carolina, 5.00% due 3/1/2033 - 3/1/2034 | 15,400,000 | 19,522,192 | |
Ohio — 5.3% | |||
Akron, Bath and Copley Joint Township Hospital District (Children’s Hospital Medical Center of Akron), 5.00% due 11/15/2024 | 1,000,000 | 1,083,920 | |
American Municipal Power, Inc. (AMP Fremont Energy Center), Series B, 5.25% due 2/15/2028 (pre-refunded 2/15/2022) | 4,000,000 | 4,364,480 | |
Cincinnati City School District (School Improvement Project) COP, 5.00% due 12/15/2031 | 3,075,000 | 3,570,721 | |
City of Cleveland (Bridges and Roadways), 5.00% due 10/1/2028 - 10/1/2029 (pre-refunded 10/1/2023) | 2,520,000 | 2,887,340 | |
City of Cleveland (Public Facilities Improvements), | |||
5.00% due 10/1/2029 | 1,500,000 | 1,888,170 | |
Series A-1, 5.00% due 11/15/2027 - 11/15/2030 (pre-refunded 11/15/2023) | 5,185,000 | 5,958,309 | |
City of Cleveland (Various Municipal Capital Improvements) GO, 5.00% due 12/1/2024 - 12/1/2026 | 2,230,000 | 2,477,390 | |
City of Cleveland Income Tax Revenue, 5.00% due 10/1/2033 - 10/1/2035 | 1,450,000 | 1,789,290 | |
Cleveland-Cuyahoga County Port Authority (Cleveland Museum of Art), 5.00% due 10/1/2021 | 2,040,000 | 2,114,950 | |
Cleveland-Cuyahoga County Port Authority (County Administration Offices), 5.00% due 7/1/2025 | 1,780,000 | 2,099,029 | |
County of Allen (Catholic Health Partners-Mercy Health West Facility), Series A, 5.00% due 5/1/2025 - 5/1/2026 | 8,325,000 | 9,054,600 | |
County of Cuyahoga (Convention Center Hotel) COP, 5.00% due 12/1/2026 | 2,910,000 | 3,325,635 | |
County of Cuyahoga (Musical Arts Association) 5.00% due 1/1/2030 - 1/1/2039 | 3,170,000 | 3,961,887 | |
County of Hamilton (Cincinnati Children’s Hospital Medical Center), 5.00% due 5/15/2028 - 5/15/2031 | 8,085,000 | 9,282,136 | |
Deerfield Township (Public Street Improvements-Wilkens Blvd.), 5.00% due 12/1/2025 | 925,000 | 927,682 | |
Greene County Vocational School District (School Facilities Construction and Improvement) GO, 5.00% due 12/1/2030 - 12/1/2033 | 2,580,000 | 3,283,102 | |
Lucas County Health Care Facility (Sunset Retirement Community), | |||
5.00% due 8/15/2021 | 505,000 | 527,205 | |
5.125% due 8/15/2025 | 1,250,000 | 1,322,887 | |
Oklahoma — 0.2% | |||
Oklahoma (INTEGRIS Health) DFA, Series A, 5.00% due 8/15/2026 - 8/15/2027 | 2,230,000 | 2,655,670 | |
Pennsylvania — 7.9% | |||
Allegheny County (Propel Charter School-McKeesport) IDA, | |||
Series C, | |||
5.90% due 8/15/2026 | 685,000 | 706,550 | |
6.375% due 8/15/2035 | 1,130,000 | 1,164,476 | |
Allegheny County Hospital Development Authority (University of Pittsburgh Medical Center), Series A, 5.00% due 7/15/2034 | 1,150,000 | 1,444,561 | |
Bucks County (Waste Management, Inc.) AMT, IDA, 2.75% due 12/1/2022 | 7,000,000 | 7,211,680 | |
City of Philadelphia (Pennsylvania Gas Works), 5.00% due 8/1/2032 - 8/1/2034 | 2,300,000 | 2,683,595 | |
City of Philadelphia (Philadelphia Gas Works), 5.00% due 8/1/2036 - 8/1/2037 | 5,485,000 | 6,577,312 | |
City of Philadelphia (Water and Wastewater System), 5.00% due 10/1/2029 - 10/1/2030 | 3,510,000 | 4,267,159 | |
City of Pittsburgh (Capital Projects) GO, 5.00% due 9/1/2024 - 9/1/2036 | 1,715,000 | 2,061,425 | |
County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2029 | 3,000,000 | 3,534,390 | |
Dallastown Area School District (State Aid Withholding) GO, Series A, 4.00% due 5/1/2021 | 460,000 | 479,881 | |
Lancaster County Solid Waste Management Authority (Acquisition of Susquehanna Resource Management Facility), Series A, 5.25% due 12/15/2030 | 3,000,000 | 3,387,210 | |
Monroeville Financing Authority (University of Pittsburgh Medical Center), 5.00% due 2/15/2026 | 3,490,000 | 4,221,644 | |
Pennsylvania Higher Educational Facilities Authority (Insured: AMBAC), Series 14, Zero Coupon due 7/1/2020 | 2,032,839 | 1,929,998 |
PRINCIPAL AMOUNT | VALUE | ||
Pennsylvania State Public School Building Authority (Philadelphia School District; Insured: AGM) (State Aid Withholding) GO, Series B, 5.00% due 6/1/2027 | $ 5,000,000 | $ 6,125,700 | |
Pennsylvania Turnpike Commission (Highway Improvements), | |||
5.35% due 12/1/2030 (pre-refunded 12/1/2020) | 1,540,000 | 1,612,149 | |
Series A-1, 5.00% due 12/1/2035 - 12/1/2036 | 1,750,000 | 2,133,895 | |
Series C-2, 5.35% due 12/1/2030 (pre-refunded 12/1/2020) | 2,460,000 | 2,575,251 | |
Philadelphia Authority for Industrial Development (Thomas Jefferson University), Series A, 5.00% due 9/1/2032 - 9/1/2034 | 5,685,000 | 6,793,656 | |
Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2032 - 4/1/2036 | 11,125,000 | 13,346,237 | |
Pittsburgh Water & Sewer Authority (Water and Sewer System; Insured: AGM), | |||
Series A, 5.00% due 9/1/2030 - 9/1/2031 | 8,740,000 | 9,885,679 | |
Series B, 5.00% due 9/1/2031 (pre-refunded 9/1/2023) | 3,665,000 | 4,167,252 | |
Plum Borough School District (Insured: BAM) (State Aid Withholding) GO, | |||
Series A, 4.00% due 9/15/2020 - 9/15/2021 | 830,000 | 858,484 | |
Series B, | |||
4.00% due 9/15/2020 | 385,000 | 393,589 | |
5.00% due 9/15/2021 | 430,000 | 457,907 | |
Rhode Island — 0.4% | |||
State of Rhode Island and Providence Plantations (Consolidated Capital Development Loan) GO, Series B, 4.00% due 10/15/2023 | 800,000 | 861,776 | |
State of Rhode Island and Providence Plantations (Training School Project) COP, Series B, 5.00% due 10/1/2024 | 3,595,000 | 4,070,511 | |
South Carolina — 0.2% | |||
City of Myrtle Beach (Municipal Sports Complex), Series B, 5.00% due 6/1/2028 - 6/1/2030 | 2,000,000 | 2,294,250 | |
South Dakota — 0.5% | |||
South Dakota Health and Educational Facilities Authority (Avera Health), Series A, 5.00% due 7/1/2023 | 1,575,000 | 1,670,996 | |
South Dakota Health and Educational Facilities Authority (Sanford Health), 5.00% due 11/1/2024 - 11/1/2029 | 3,500,000 | 3,838,802 | |
Tennessee — 1.8% | |||
County of Shelby Health, Educational and Housing Facility Board (Methodist Le Bonheur Healthcare), 5.00% due 5/1/2027 - 5/1/2035 | 3,560,000 | 4,339,234 | |
Metropolitan Government of Nashville and Davidson County (Green Projects), Series B, 5.00% due 7/1/2033 - 7/1/2036 | 3,000,000 | 3,687,190 | |
Tennessee Energy Acquisition Corp. (The Gas Project), | |||
Series A, | |||
a | 4.00% due 5/1/2048 (put 5/1/2023) | 1,850,000 | 1,978,224 |
5.25% due 9/1/2023 | 7,000,000 | 7,871,360 | |
Series C, 5.00% due 2/1/2023 | 2,500,000 | 2,746,800 | |
Texas — 8.1% | |||
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2025 - 2/15/2034 | 9,720,000 | 11,433,086 | |
City of Dallas (Trinity River Corridor Infrastructure) GO, 5.00% due 2/15/2028 | 1,000,000 | 1,145,930 | |
City of Galveston (Galveston Island Convention Center; Insured: AGM), | |||
Series A, 5.00% due 9/1/2021 | 545,000 | 581,918 | |
Series B, 5.00% due 9/1/2024 | 1,115,000 | 1,224,159 | |
City of Houston (Convention & Entertainment Facilities), 5.00% due 9/1/2032 | 3,560,000 | 4,068,866 | |
City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2027 | 1,175,000 | 1,426,756 | |
City of McAllen (International Toll Bridge; Insured: AGM), Series A, 5.00% due 3/1/2028 - 3/1/2032 | 6,120,000 | 7,249,472 | |
City of San Antonio (Airport System Capital Improvements) AMT, 5.00% due 7/1/2024 - 7/1/2025 | 3,225,000 | 3,517,438 | |
City of San Antonio (Water System), Series A, 5.00% due 5/15/2033 - 5/15/2034 | 3,075,000 | 3,693,517 | |
City of Texas City Industrial Development Corp. (ARCO Pipe Line Co. Project), 7.375% due 10/1/2020 | 2,705,000 | 2,860,592 | |
Dallas Area Rapid Transit, Series A, 5.00% due 12/1/2035 - 12/1/2036 | 7,200,000 | 8,570,304 | |
Dallas County Utility & Reclamation District GO, 5.00% due 2/15/2027 | 1,905,000 | 2,353,037 | |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series A, 5.00% due 12/1/2028 | 3,000,000 | 3,475,920 | |
Harris County Cultural Education Facilities Finance Corp. (TECO Project), 5.00% due 11/15/2028 - 11/15/2033 | 2,225,000 | 2,745,814 | |
Houston Airport System Revenue, Series D, 5.00% due 7/1/2035 | 1,750,000 | 2,172,660 | |
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.), 6.50% due 5/15/2031 (pre-refunded 5/15/2021) | 775,000 | 836,752 | |
Lower Colorado River Authority, | |||
Series A, | |||
5.00% due 5/15/2026 | 9,415,000 | 10,271,012 | |
5.00% due 5/15/2026 (pre-refunded 5/15/2022) | 55,000 | 60,104 | |
Metropolitan Transit Authority of Harris County, 5.00% due 11/1/2029 - 11/1/2030 | 4,040,000 | 5,203,201 | |
North Texas Tollway Authority (NTTA System), Series A, 5.00% due 1/1/2037 | 1,750,000 | 2,104,287 | |
Round Rock (Educational Facilities Improvements; Guaranty: PSF) ISD GO, 5.00% due 8/1/2028 - 8/1/2029 | 5,820,000 | 7,028,225 | |
San Antonio Water System, Series A, 5.00% due 5/15/2037 | 500,000 | 619,285 | |
San Juan Higher Education Finance Authority (IDEA Public Schools), Series A, 5.75% due 8/15/2024 (pre-refunded 8/15/2020) | 1,590,000 | 1,649,816 | |
Stephen F Austin State University (Financing System), Series A, 5.00% due 10/15/2030 - 10/15/2033 | 1,265,000 | 1,585,029 | |
Texas Public Finance Authority Charter School Finance Corp. (Cosmos Foundation, Inc.), Series A, 6.00% due 2/15/2030 (pre-refunded 2/15/2020) | 1,750,000 | 1,778,928 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2024 - 8/15/2025 | 2,250,000 | 2,597,955 | |
U. S. Virgin Islands — 0.5% | |||
Virgin Islands Public Finance Authority, Series A, 6.625% due 10/1/2029 | 5,000,000 | 5,025,050 |
Thornburg Intermediate Municipal Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Utah — 1.0% | |||
d | City of Murray UT (IHC Health Services, Inc. Obligated Group; SPA JP Morgan Chase Bank, N.A), Series B, 1.75% due 5/15/2037 (put 10/1/2019) | $ 8,130,000 | $ 8,130,000 |
a | County of Utah, (IHC Health Services, Inc. Obligated Group), Series B, 5.00% due 5/15/2056 (put 8/1/2022) | 2,500,000 | 2,722,675 |
Washington — 3.0% | |||
King County Public Hospital District No. 2 (EvergreenHealth Medical Center) GO, 5.00% due 12/1/2028 - 12/1/2030 | 4,545,000 | 5,311,200 | |
Skagit County Public Hospital District No. 1 (Skagit Regional Health) GO, 5.00% due 12/1/2025 - 12/1/2028 (pre-refunded 12/1/2022) | 7,860,000 | 8,735,132 | |
Skagit County Public Hospital District No. 2 (Island Hospital) GO, 5.00% due 12/1/2027 - 12/1/2028 | 4,640,000 | 5,068,908 | |
State of Washington (Acquisition and Improvements of Real and Personal Property) COP, Series A, 5.00% due 7/1/2030 | 4,415,000 | 5,500,207 | |
State of Washington GO, Series C, 5.00% due 2/1/2036 - 2/1/2037 | 7,425,000 | 9,378,001 | |
West Virginia — 0.3% | |||
a | West Virginia Economic Development Authority, (Appalachian Power Co.) AMT, Series A, 1.70% due 1/1/2041 (put 9/1/2020) | 1,500,000 | 1,499,175 |
a | West Virginia Economic Development Authority, (Appalachian Power Co.), Series A, 2.625% due 12/1/2042 (put 6/1/2022) | 2,000,000 | 2,056,720 |
Wisconsin — 2.0% | |||
Wisconsin Health & Educational Facilities Authority (Agnesian Healthcare), | |||
5.00% due 7/1/2021 (pre-refunded 7/1/2020) | 2,170,000 | 2,228,981 | |
5.50% due 7/1/2025 (pre-refunded 7/1/2020) | 5,000,000 | 5,154,400 | |
Wisconsin Health & Educational Facilities Authority (ProHealth Care, Inc.), 5.00% due 8/15/2023 - 8/15/2026 | 10,925,000 | 11,599,223 | |
WPPI Energy, Series A, 5.00% due 7/1/2029 - 7/1/2036 | 2,980,000 | 3,712,860 | |
Total Investments — 97.5%(Cost $1,023,457,462) | $1,093,029,231 | ||
Other Assets Less Liabilities — 2.5% | 28,075,947 | ||
Net Assets — 100.0% | $1,121,105,178 |
Footnote Legend | |
a | Variable Rate Demand Obligations are instruments whose interest rates change on a mandatory date (demand date) or whose interest rates will vary with changes in a designated base rate. The rate disclosed is the rate at September 30, 2019. |
b | Floating Rate Security. Stated interest/floor rate was in effect at September 30, 2019. |
c | Segregated as collateral for a when-issued security. |
d | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
e | When-issued security. |
To simplify the listings of securities, abbreviations are used per the table below:
AGC | Insured by Associated General Contractors |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMBAC | Insured by American Municipal Bond Assurance Corp. |
AMT | Alternative Minimum Tax |
BAM | Insured by Build America Mutual Insurance Co. |
BHAC-CR | Berkshire Hathaway Assurance Corp. Custodial Receipts |
COP | Certificates of Participation |
DFA | Development Finance Authority |
EDA | Economic Development Authority |
ETM | Escrowed to Maturity |
FGIC | Insured by Financial Guaranty Insurance Co. |
FHLMC | Insured by Federal Home Loan Mortgage Corp. |
FNMA | Collateralized by Federal National Mortgage Association |
GNMA | Collateralized by Government National Mortgage Association |
GO | General Obligation |
HFA | Health Facilities Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority |
ISD | Independent School District |
LIBOR | London Interbank Offered Rates |
LOC | Letter of Credit |
MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index |
Natl-Re | Insured by National Public Finance Guarantee Corp. |
PSF | Guaranteed by Permanent School Fund |
Q-SBLF | Insured by Qualified School Bond Loan Fund |
SPA | Stand-by Purchase Agreement |
USD | Unified School District |
Thornburg Intermediate Municipal Fund | September 30, 2019
ASSETS | |
Investments at value (cost $1,023,457,462) (Note 3) | $ 1,093,029,231 |
Cash | 20,660 |
Receivable for investments sold | 19,941,356 |
Receivable for fund shares sold | 2,184,027 |
Interest receivable | 13,242,323 |
Prepaid expenses and other assets | 75,491 |
Total Assets | 1,128,493,088 |
Liabilities | |
Payable for investments purchased | 3,194,342 |
Payable for fund shares redeemed | 2,850,584 |
Payable to investment advisor and other affiliates (Note 4) | 618,124 |
Accounts payable and accrued expenses | 286,507 |
Dividends payable | 438,353 |
Total Liabilities | 7,387,910 |
Net Assets | $ 1,121,105,178 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 60,055,534 |
Net capital paid in on shares of beneficial interest | 1,061,049,644 |
$ 1,121,105,178 | |
NET ASSET VALUE | |
Class A Shares: | |
Net asset value and redemption price per share ($313,967,210 applicable to 21,910,419 shares of beneficial interest outstanding - Note 5) | $ 14.33 |
Maximum sales charge, 2.00% of offering price | 0.29 |
Maximum offering price per share | $ 14.62 |
Class C Shares: | |
Net asset value and offering price per share* ($76,994,149 applicable to 5,366,501 shares of beneficial interest outstanding - Note 5) | $ 14.35 |
Class I Shares: | |
Net asset value, offering and redemption price per share ($730,143,819 applicable to 51,017,447 shares of beneficial interest outstanding - Note 5) | $ 14.31 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Thornburg Intermediate Municipal Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Interest income (net of premium amortized of $12,044,744) | $ 40,489,976 |
EXPENSES | |
Investment advisory fees (Note 4) | 5,626,187 |
Administration fees (Note 4) | |
Class A Shares | 271,592 |
Class C Shares | 80,808 |
Class I Shares | 718,101 |
Distribution and service fees (Note 4) | |
Class A Shares | 772,342 |
Class C Shares | 551,792 |
Transfer agent fees | |
Class A Shares | 174,796 |
Class C Shares | 58,695 |
Class I Shares | 530,225 |
Registration and filing fees | |
Class A Shares | 18,538 |
Class C Shares | 15,690 |
Class I Shares | 38,475 |
Custodian fees | 87,156 |
Professional fees | 66,480 |
Trustee and officer fees (Note 4) | 79,670 |
Other expenses | 97,404 |
Total Expenses | 9,187,951 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (16,210) |
Net Expenses | 9,171,741 |
Net Investment Income | $ 31,318,235 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on investments | (1,568,098) |
Net change in unrealized appreciation (depreciation) on investments | 46,711,129 |
Net Realized and Unrealized Gain | 45,143,031 |
Net Increase in Net Assets Resulting from Operations | $ 76,461,266 |
Thornburg Intermediate Municipal Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 31,318,235 | $ 34,344,102 |
Net realized gain (loss) on investments | (1,568,098) | (508,141) |
Net change in unrealized appreciation (depreciation) on investments | 46,711,129 | (34,817,777) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 76,461,266 | (981,816) |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (7,524,534) | (8,110,815) |
Class C Shares | (1,916,359) | (2,463,091) |
Class I Shares | (21,877,342) | (23,770,196) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | (21,630,968) | (54,640,103) |
Class C Shares | (30,593,410) | (32,956,483) |
Class I Shares | (205,746,732) | (22,998,283) |
Net Decrease in Net Assets | (212,828,079) | (145,920,787) |
NET ASSETS | ||
Beginning of Year | 1,333,933,257 | 1,479,854,044 |
End of Year | $ 1,121,105,178 | $ 1,333,933,257 |
Thornburg Intermediate Municipal Fund | September 30, 2019
Cost of investments for tax purposes | $ 1,023,457,460 |
Gross unrealized appreciation on a tax basis | 69,663,659 |
Gross unrealized depreciation on a tax basis | (91,888) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 69,571,771 |
2019 | 2018 | |
Distributions from: | ||
Tax exempt income | $ 31,234,545 | $ 34,219,968 |
Ordinary income | 83,690 | 124,134 |
Total | $ 31,318,235 | $ 34,344,102 |
Thornburg Intermediate Municipal Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
Municipal Bonds | $ 1,093,029,231 | $ — | $ 1,093,029,231 | $ — |
Total Investments in Securities | $1,093,029,231 | $— | $1,093,029,231 | $— |
Total Assets | $1,093,029,231 | $— | $1,093,029,231 | $— |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.500% |
Next $500 million | 0.450 |
Next $500 million | 0.400 |
Next $500 million | 0.350 |
Over $2 billion | 0.275 |
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Thornburg Intermediate Municipal Fund | September 30, 2019
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 3,767,982 | $ 53,079,171 | 3,440,093 | $ 48,061,162 |
Shares issued to shareholders in reinvestment of dividends | 496,765 | 6,996,037 | 540,781 | 7,537,537 |
Shares repurchased | (5,845,339) | (81,706,176) | (7,900,250) | (110,238,802) |
Net decrease | (1,580,592) | $ (21,630,968) | (3,919,376) | $ (54,640,103) |
Class C Shares | ||||
Shares sold | 595,781 | $ 8,375,099 | 610,549 | $ 8,566,397 |
Shares issued to shareholders in reinvestment of dividends | 113,502 | 1,598,215 | 152,703 | 2,131,447 |
Shares repurchased | (2,875,902) | (40,566,724) | (3,125,429) | (43,654,327) |
Net decrease | (2,166,619) | $ (30,593,410) | (2,362,177) | $ (32,956,483) |
Class I Shares | ||||
Shares sold | 20,388,015 | $ 284,155,586 | 20,029,348 | $ 278,934,355 |
Shares issued to shareholders in reinvestment of dividends | 1,175,839 | 16,516,753 | 1,368,222 | 19,052,210 |
Shares repurchased | (36,252,366) | (506,419,071) | (23,058,970) | (320,984,848) |
Net decrease | (14,688,512) | $ (205,746,732) | (1,661,400) | $ (22,998,283) |
Thornburg Intermediate Municipal Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | ||||||||
2019 | $ 13.80 | 0.34 | 0.53 | 0.87 | (0.34) | — | (0.34) | $ 14.33 |
2018 | $ 14.15 | 0.32 | (0.35) | (0.03) | (0.32) | — | (0.32) | $ 13.80 |
2017 | $ 14.47 | 0.30 | (0.32) | (0.02) | (0.30) | — | (0.30) | $ 14.15 |
2016 | $ 14.17 | 0.29 | 0.30 | 0.59 | (0.29) | — | (0.29) | $ 14.47 |
2015 | $ 14.23 | 0.30 | (0.06) | 0.24 | (0.30) | — | (0.30) | $ 14.17 |
CLASS C SHARES | ||||||||
2019 | $ 13.82 | 0.29 | 0.53 | 0.82 | (0.29) | — | (0.29) | $ 14.35 |
2018 | $ 14.17 | 0.27 | (0.35) | (0.08) | (0.27) | — | (0.27) | $ 13.82 |
2017 | $ 14.49 | 0.26 | (0.32) | (0.06) | (0.26) | — | (0.26) | $ 14.17 |
2016 | $ 14.19 | 0.24 | 0.30 | 0.54 | (0.24) | — | (0.24) | $ 14.49 |
2015 | $ 14.25 | 0.25 | (0.06) | 0.19 | (0.25) | — | (0.25) | $ 14.19 |
CLASS I SHARES | ||||||||
2019 | $ 13.78 | 0.38 | 0.53 | 0.91 | (0.38) | — | (0.38) | $ 14.31 |
2018 | $ 14.13 | 0.36 | (0.35) | 0.01 | (0.36) | — | (0.36) | $ 13.78 |
2017 | $ 14.46 | 0.35 | (0.33) | 0.02 | (0.35) | — | (0.35) | $ 14.13 |
2016 | $ 14.15 | 0.33 | 0.31 | 0.64 | (0.33) | — | (0.33) | $ 14.46 |
2015 | $ 14.22 | 0.34 | (0.07) | 0.27 | (0.34) | — | (0.34) | $ 14.15 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
+ | Based on weighted average shares outstanding. |
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
2.44 | 0.89 | 0.89 | 6.39 | 15.88 | $ 313,967 | |
2.29 | 0.89 | 0.89 | (0.21) | 20.68 | $ 324,199 | |
2.15 | 0.92 | 0.92 | (0.08) | 24.04 | $ 387,790 | |
2.00 | 0.92 | 0.92 | 4.17 | 10.80 | $ 467,335 | |
2.09 | 0.92 | 0.92 | 1.68 | 13.49 | $ 423,113 | |
2.08 | 1.24 | 1.26 | 6.02 | 15.88 | $ 76,994 | |
1.94 | 1.24 | 1.26 | (0.55) | 20.68 | $ 104,093 | |
1.83 | 1.24 | 1.27 | (0.40) | 24.04 | $ 140,176 | |
1.68 | 1.24 | 1.27 | 3.84 | 10.80 | $ 170,149 | |
1.77 | 1.24 | 1.28 | 1.35 | 13.49 | $ 160,042 | |
2.67 | 0.65 | 0.65 | 6.66 | 15.88 | $ 730,144 | |
2.55 | 0.63 | 0.63 | 0.05 | 20.68 | $ 905,641 | |
2.45 | 0.62 | 0.62 | 0.15 | 24.04 | $ 951,888 | |
2.30 | 0.61 | 0.61 | 4.57 | 10.80 | $ 958,674 | |
2.39 | 0.62 | 0.62 | 1.91 | 13.49 | $ 751,486 |
Thornburg Intermediate Municipal Fund
Thornburg Intermediate Municipal Fund | September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(c) | a deferred sales charge on redemptions of Class C shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS A SHARES | |||
Actual | $1,000.00 | $1,030.34 | $4.48 |
Hypothetical* | $1,000.00 | $1,020.66 | $4.46 |
CLASS C SHARES | |||
Actual | $1,000.00 | $1,028.47 | $6.31 |
Hypothetical* | $1,000.00 | $1,018.85 | $6.28 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,030.89 | $3.26 |
Hypothetical* | $1,000.00 | $1,021.86 | $3.24 |
† | Expenses are equal to the annualized expense ratio for each class (A: 0.88%; C: 1.24%; I: 0.64%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg Intermediate Municipal Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg Intermediate Municipal Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg Intermediate Municipal Fund | September 30, 2019 (Unaudited)
Thornburg Intermediate Municipal Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH079 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class A | TSSAX | 885-216-101 |
Class C | TSSCX | 885-216-200 |
Class I | TSSIX | 885-216-309 |
Thornburg Strategic Municipal Income Fund | September 30, 2019 (Unaudited)
Christopher Ryon,cfa Portfolio Manager Managing Director | Nicholos Venditti,cfa Portfolio Manager Managing Director |
David Ashley,cfa Portfolio Manager Managing Director |
Thornburg Strategic Municipal Income Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. | |
Class A Shares(Incep: 4/1/09) | |||||
Without sales charge | 6.08% | 2.03% | 2.58% | 4.23% | 5.73% |
With sales charge | 3.98% | 1.34% | 2.16% | 4.02% | 5.53% |
Class C Shares(Incep: 4/1/09) | |||||
Without sales charge | 5.58% | 1.59% | 2.18% | 3.87% | 5.38% |
With sales charge | 4.98% | 1.59% | 2.18% | 3.87% | 5.38% |
Class I Shares(Incep: 4/1/09) | 6.24% | 2.27% | 2.85% | 4.51% | 6.03% |
Annualized Distribution Yield | 2.40% |
SEC Yield | 0.99% |
FINAL VALUE |
Thornburg Strategic Municipal Income Fund | September 30, 2019 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 224 |
Effective Duration | 3.9 Yrs |
Average Maturity | 8.7 Yrs |
Thornburg Strategic Municipal Income Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Municipal Bonds — 98.5% | |||
Alabama — 2.1% | |||
Lower Alabama Gas District, Series A, 5.00% due 9/1/2034 | $2,000,000 | $ 2,605,540 | |
a,b | Selma Industrial Development Board (International Paper Co.), Series A, 2.00% due 11/1/2033 (put 10/1/2024) | 3,650,000 | 3,654,891 |
Arizona — 1.9% | |||
c | Arizona (Banner Health Obligated Group; LOC Bank of America, N.A.) HFA, Series C, 1.77% due 1/1/2046 (put 10/1/2019) | 550,000 | 550,000 |
Arizona Health Facilities Authority (Scottsdale Lincoln Hospitals) HFA, 5.00% due 12/1/2031 | 2,500,000 | 2,889,700 | |
a | County of Yavapai, (Waste Management, Inc.) AMT, IDA, 2.80% due 6/1/2027 (put 6/1/2021) | 1,500,000 | 1,529,250 |
Pima County (Providence Day School) IDA, 5.125% due 12/1/2040 | 710,000 | 727,239 | |
Arkansas — 0.4% | |||
University of Arkansas Board of Trustees (Fayetteville Campus), 5.00% due 11/1/2036 | 1,000,000 | 1,148,000 | |
California — 8.9% | |||
ABAG Finance Authority for Nonprofit Corporations (Episcopal Senior Communities), 5.00% due 7/1/2047 | 1,635,000 | 1,742,289 | |
Benicia (Benicia High School; Insured: AGM) USD GO, Series C, Zero Coupon due 8/1/2026 | 830,000 | 731,305 | |
California (Children’s Hospital Los Angeles) HFFA, | |||
5.00% due 11/15/2034 | 420,000 | 458,909 | |
Series A, 5.00% due 8/15/2036 | 500,000 | 600,695 | |
California (Community Program Developmental Disabilities; Insured: California Mtg Insurance) HFFA, 6.25% due 2/1/2026 | 1,500,000 | 1,600,230 | |
d | California Infrastructure and Economic Development Bank (Los Angeles County Museum of Art), Series A, 2.088% (LIBOR 1 Month + 0.65%) due 12/1/2050 (put 2/1/2021) | 1,000,000 | 1,002,730 |
California Municipal Finance Authority (Harbor Regional Center), 8.50% due 11/1/2039 (pre-refunded 11/1/2019) | 1,000,000 | 1,005,780 | |
e | California Pollution Control Financing Authority (Poseidon Resources (Channelside) L.P. Desalination Project) AMT, 5.00% due 11/21/2045 | 1,000,000 | 1,068,450 |
Calipatria (Educational Facilities; Insured: ACA) USD GO, Series B, Zero Coupon due 8/1/2025 | 1,945,000 | 1,559,423 | |
City of Moorpark Mobile Home Park (Villa Del Arroyo), Series A, 6.15% due 5/15/2031 | 1,000,000 | 1,065,880 | |
City of Palm Springs Financing Authority (Downtown Revitalization Project), 5.25% due 6/1/2027 | 1,620,000 | 1,782,518 | |
Corona-Norco (Insured: AGM) USD COP, Series A, 5.00% due 4/15/2031 | 1,750,000 | 1,783,057 | |
County of El Dorado (El Dorado Hills Development-Community Facilities), 5.00% due 9/1/2026 | 630,000 | 693,699 | |
Daly County Housing Development Finance Agency (Franciscan Country Club Mobile Home Park Acquisition), Series A, 5.25% due 12/15/2023 | 650,000 | 652,190 | |
M-S-R Energy Authority, Series A, 6.50% due 11/1/2039 | 1,245,000 | 1,956,580 | |
a | Northern California Energy Authority (Commodity Supply Revenue), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 2,000,000 | 2,174,540 |
Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2035 | 1,000,000 | 1,177,430 | |
Redwood City Redevelopment Agency (Redevelopment Project Area 2; Insured: AMBAC), Zero Coupon due 7/15/2021 | 1,285,000 | 1,249,997 | |
Riverside County Asset Leasing Corp. (Riverside County Hospital; Insured: Natl-Re), Zero Coupon due 6/1/2021 | 535,000 | 523,027 | |
San Francisco City & County Redevelopment Financing Authority (Mission Bay North Redevelopment), Series C, 6.75% due 8/1/2041 (pre-refunded 2/1/2021) | 500,000 | 537,340 | |
San Francisco City & County Redevelopment Financing Authority (Redevelopment Project; Insured: Natl-Re), Zero Coupon due 8/1/2023 | 1,025,000 | 966,472 | |
San Jose Redevelopment Agency (Merged Area Redevelopment), 5.50% due 8/1/2035 (pre-refunded 8/1/2020) | 1,000,000 | 1,036,260 | |
Union Elementary School District (Santa Clara County District Schools; Insured: Natl-Re) GO, Series D, Zero Coupon due 9/1/2027 | 905,000 | 787,278 | |
Colorado — 1.1% | |||
Denver Convention Center Hotel Authority, 5.00% due 12/1/2028 | 1,000,000 | 1,170,800 | |
Eagle River Fire District COP, | |||
6.625% due 12/1/2024 (pre-refunded 12/1/2019) | 225,000 | 226,910 | |
6.875% due 12/1/2030 (pre-refunded 12/1/2019) | 400,000 | 403,560 | |
Public Authority for Colorado Energy (Natural Gas Purchase), 6.50% due 11/15/2038 | 260,000 | 396,594 | |
Regional Transportation District (FasTracks Transportation System) COP, | |||
Series A, | |||
5.00% due 6/1/2044 | 565,000 | 623,551 | |
5.375% due 6/1/2031 | 500,000 | 512,170 | |
Connecticut — 2.2% | |||
State of Connecticut GO, | |||
Series A, 5.00% due 4/15/2035 | 2,000,000 | 2,438,660 | |
Series E, 5.00% due 9/15/2033 | 1,350,000 | 1,668,384 | |
University of Connecticut (Insured: AGM-CR), Series A, 5.00% due 4/15/2028 | 1,975,000 | 2,482,101 | |
Delaware — 0.4% | |||
Delaware (Nanticoke Memorial Hospital) HFA, 5.00% due 7/1/2021 | 1,000,000 | 1,048,000 | |
District of Columbia — 0.4% | |||
Metropolitan Washington Airports Authority (Dulles Toll Road; Insured: AGC), Series B, Zero Coupon due 10/1/2027 | 1,500,000 | 1,243,140 | |
Florida — 5.6% | |||
Broward County (Airport System Improvements) AMT, 5.00% due 10/1/2037 | 1,000,000 | 1,203,850 | |
e | Charlotte County Industrial Development Authority (Town & Country Utilities Projects),AMT 5.00% due 10/1/2029 | 500,000 | 552,510 |
Florida Higher Educational Facilities Financing Authority (Nova Southeastern University), 5.00% due 4/1/2027 - 4/1/2028 | 2,250,000 | 2,550,875 |
PRINCIPAL AMOUNT | VALUE | ||
c | Miami-Dade County (Florida Power & Light Co.) IDA, 1.78% due 6/1/2021 (put 10/1/2019) | $5,500,000 | $ 5,500,000 |
Miami-Dade County Expressway Authority (Toll System Five-Year Work Program), Series A, 5.00% due 7/1/2022 - 7/1/2024 | 1,250,000 | 1,402,869 | |
Miami-Dade County School Board (District School Facilities and Infrastructure) COP, Series A, 5.00% due 8/1/2027 | 1,100,000 | 1,205,490 | |
Orange County (Tourist Development), Series A, 5.00% due 10/1/2031 | 1,000,000 | 1,217,170 | |
Sarasota County Public Hospital Board (Sarasota Memorial Hospital; Insured: Natl-Re), Series A, 5.034% due 10/1/2021 | 1,015,000 | 1,047,673 | |
Tampa Sports Authority (Tampa Bay Arena; Insured: Natl-Re), 5.75% due 10/1/2020 | 220,000 | 224,774 | |
Volusia County Educational Facilities Authority (Embry-Riddle Aeronautical University, Inc.), Series B, 5.00% due 10/15/2030 | 1,500,000 | 1,737,255 | |
Georgia — 1.8% | |||
City of Atlanta (Water and Wastewater Capital Improvement Program), Series A, 6.25% due 11/1/2034 (pre-refunded 11/1/2019) | 500,000 | 501,990 | |
Development Authority of Fulton County (Georgia Tech Athletic Assoc.) ETM, 5.00% due 10/1/2019 | 1,000,000 | 1,000,000 | |
Main Street Natural Gas, Inc. Series A, 5.00% due 5/15/2037 | 2,640,000 | 3,510,619 | |
Main Street Natural Gas, Inc. (Georgia Gas), Series A, 5.50% due 9/15/2023 | 350,000 | 398,727 | |
Guam — 1.1% | |||
Government of Guam (Economic Development) GO, Series A, 7.00% due 11/15/2039 (pre-refunded 11/15/2019) | 520,000 | 523,541 | |
Government of Guam (Layon Solid Waste Disposal Facility), Series A, 5.75% due 12/1/2034 (pre-refunded 12/1/2019) | 500,000 | 503,700 | |
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2027 | 1,000,000 | 1,100,580 | |
Guam Waterworks Authority (Water and Wastewater System), | |||
5.00% due 7/1/2028 | 500,000 | 549,605 | |
5.25% due 7/1/2024 | 500,000 | 557,785 | |
Hawaii — 0.3% | |||
d | City and County of Honolulu (Rail Transit Project) GO, 1.90% (MUNIPSA + 0.32%) due 9/1/2028 (put 9/1/2020) | 1,000,000 | 1,000,080 |
Illinois — 11.1% | |||
Chicago O’Hare International Airport, Series D, 5.25% due 1/1/2033 | 1,500,000 | 1,663,785 | |
Chicago Park District (Various Capital Projects) GO, Series A, 5.00% due 1/1/2035 | 2,000,000 | 2,191,120 | |
Chicago Park District GO, Series A, 5.00% due 1/1/2027 | 825,000 | 961,950 | |
City of Chicago (Chicago O’Hare International Airport), Series C, 5.00% due 1/1/2031 | 500,000 | 594,705 | |
City of Chicago (Riverwalk Expansion Project; Insured: AGM), 5.00% due 1/1/2031 | 500,000 | 554,265 | |
City of Chicago (Wastewater Transmission System), Series C, 5.00% due 1/1/2030 | 1,500,000 | 1,707,000 | |
City of Chicago (Water System Improvements), 5.00% due 11/1/2029 | 200,000 | 217,714 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2037 | 1,500,000 | 1,773,030 | |
City of Chicago GO, Series A, 5.00% due 1/1/2039 | 1,000,000 | 1,139,970 | |
City of Chicago, 5.00% due 1/1/2022 | 1,195,000 | 1,254,762 | |
Cook County GO, Series A, 5.25% due 11/15/2033 | 1,000,000 | 1,036,680 | |
Illinois Finance Authority (Advocate Health Care Network), 5.00% due 8/1/2029 | 2,195,000 | 2,531,076 | |
Illinois Finance Authority (OSF Healthcare System), 6.00% due 5/15/2039 (pre-refunded 5/15/2020) | 990,000 | 1,018,037 | |
Illinois Finance Authority (Silver Cross Hospital & Medical Centers), 5.00% due 8/15/2035 | 2,355,000 | 2,682,251 | |
Illinois Finance Authority (Southern Illinois Healthcare), 5.00% due 3/1/2032 - 3/1/2034 | 700,000 | 827,980 | |
Illinois State University (Insured: AGM), Series A, 5.00% due 4/1/2021 - 4/1/2036 | 1,915,000 | 2,223,621 | |
Illinois Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | 1,000,000 | 1,159,940 | |
Kane, Cook, & DuPage Counties School District No. 46 GO, | |||
Series A, 5.00% due 1/1/2031 | 2,255,000 | 2,537,687 | |
Series D, 5.00% due 1/1/2028 | 1,000,000 | 1,128,510 | |
Metropolitan Water Reclamation District of Greater Chicago (Various Capital Improvement Projects) GO, Series C, 5.25% due 12/1/2032 | 40,000 | 53,043 | |
State of Illinois, Series B, 5.00% due 6/15/2032 - 6/15/2035 | 4,500,000 | 5,157,245 | |
Will County School District No. 114 (Educational Facilities; Insured: Natl-Re) GO, Series C, Zero Coupon due 12/1/2023 | 570,000 | 515,787 | |
Indiana — 1.2% | |||
City of Carmel Redevelopment District (Performing Arts Center) COP, Series C, 6.50% due 7/15/2035 (pre-refunded 1/15/2021) | 1,000,000 | 1,064,750 | |
Indiana Finance Authority (Marian University), 6.375% due 9/15/2041 (pre-refunded 9/15/2021) | 1,000,000 | 1,095,700 | |
c | Indiana Finance Authority (Marion County Capital Improvement Board; SPA Wells Fargo Bank, N.A.), Series A-2-RMKT, 1.75% due 2/1/2037 (put 10/1/2019) | 1,225,000 | 1,225,000 |
Kansas — 0.8% | |||
Unified Government of Wyandotte County/Kansas City (Utility System Improvement), Series A, 5.00% due 9/1/2031 - 9/1/2032 | 2,000,000 | 2,294,240 | |
Kentucky — 3.6% | |||
County of Owen (Kentucky-American Water Co. Project), Series A, 6.25% due 6/1/2039 | 540,000 | 542,009 | |
Kentucky Economic (Norton Healthcare, Inc.; Insured: Natl-Re) DFA, Series B, Zero Coupon due 10/1/2021 - 10/1/2022 | 3,365,000 | 3,164,123 | |
Kentucky Higher Education Student Loan Corp. AMT, Series A-1, 5.00% due 6/1/2028 - 6/1/2029 | 1,250,000 | 1,519,723 | |
a | Kentucky Public Energy Authority (Gas Supply System), Series C-1, 4.00% due 12/1/2049 (put 6/1/2025) | 5,000,000 | 5,530,300 |
Louisiana — 2.0% | |||
City of New Orleans (Water System Facilities Improvement), 5.00% due 12/1/2034 | 400,000 | 455,280 | |
Louisiana Energy and Power Authority (LEPA Unit No. 1; Insured: AGM), Series A, 5.25% due 6/1/2038 | 2,000,000 | 2,247,600 | |
New Orleans Aviation Board (Louis Armstrong New Orleans International Airport CFC Revenue; Insured: AGM), 5.00% due 1/1/2029 | 700,000 | 866,383 | |
a | Parish of St. Charles (Valero Energy Corp. Refinery), 4.00% due 12/1/2040 (put 6/1/2022) | 2,250,000 | 2,371,545 |
Thornburg Strategic Municipal Income Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Massachusetts — 0.3% | |||
Massachusetts Development Finance Agency (Jordan Hospital and Milton Hospital), Series H-1, 5.00% due 7/1/2032 - 7/1/2033 | $ 555,000 | $ 649,545 | |
Massachusetts Educational Financing Authority (MEFA Loan Program), Series I, 6.00% due 1/1/2028 | 90,000 | 90,807 | |
Michigan — 5.6% | |||
Board of Governors of Wayne State University (Educational Facilities and Equipment), Series A, 5.00% due 11/15/2033 | 1,250,000 | 1,447,850 | |
City of Detroit GO, 5.00% due 4/1/2023 - 4/1/2024 | 900,000 | 972,021 | |
City of Troy (Downtown Development Authority-Community Center Facilities) GO, 5.25% due 11/1/2032 | 1,025,000 | 1,107,656 | |
County of Genesee (Water Supply System; Insured: BAM) GO, 5.375% due 11/1/2038 | 1,000,000 | 1,127,890 | |
Detroit City School District (School Building & Site; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1,000,000 | 1,251,240 | |
Detroit City School District (School Building & Site; Insured: Q-SBLF) GO, Series A, 5.00% due 5/1/2025 | 1,000,000 | 1,089,600 | |
Detroit Downtown Development Authority (Catalyst Development Project; Insured: AGM), Series A, 5.00% due 7/1/2024 | 850,000 | 975,273 | |
Kalamazoo Hospital Finance Authority (Bronson Methodist Hospital), | |||
5.00% due 5/15/2036 | 450,000 | 460,148 | |
5.00% due 5/15/2036 (pre-refunded 5/15/2020) | 550,000 | 562,232 | |
5.25% due 5/15/2041 | 140,000 | 147,221 | |
5.25% due 5/15/2041 (pre-refunded 5/15/2021) | 860,000 | 913,105 | |
Livonia Public School District (School Building & Site; Insured: AGM) GO, Series I, 5.00% due 5/1/2036 | 225,000 | 252,362 | |
Michigan Finance Authority (State Dept. of Human Services Office Buildings), Series F, 5.00% due 4/1/2031 | 1,000,000 | 1,066,840 | |
Michigan Public School Academy (Will Carleton Charter School), 8.00% due 8/1/2035 | 920,000 | 926,716 | |
Michigan State Hospital Finance Authority (Henry Ford Health System), 5.75% due 11/15/2039 (pre-refunded 11/15/2019) | 1,000,000 | 1,005,240 | |
Michigan Strategic Fund (Detroit Edison Company; Insured: Natl-IBC, AMBAC), 7.00% due 5/1/2021 | 250,000 | 270,245 | |
Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport), | |||
Series B, | |||
5.00% due 12/1/2031 - 12/1/2033 | 1,475,000 | 1,706,223 | |
f | 5.00% due 12/1/2034 | 1,140,000 | 1,312,721 |
Minnesota — 2.0% | |||
c | City of Minneapolis/St. Paul Housing & Redevelopment Authority (Allina Health Obligated Group; LOC JPMorgan Chase Bank, N.A.), Series B-2, 1.77% due 11/15/2035 (put 10/1/2019) | 1,000,000 | 1,000,000 |
f | Minnesota Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), Series F, 2.55% due 7/1/2039 | 5,000,000 | 4,908,550 |
Missouri — 0.7% | |||
Platte County, 5.00% due 4/1/2020 | 350,000 | 346,052 | |
Tax Increment Financing Commission of Kansas City (Union Hill Redevelopment Project), 6.00% due 5/1/2030 | 1,805,000 | 1,842,851 | |
Nebraska — 1.3% | |||
a | Central Plains Energy Project, 5.00% due 3/1/2050 (put 1/1/2024) | 1,650,000 | 1,845,129 |
Douglas County Health Facilities (Nebraska Methodist Health System), 5.00% due 11/1/2029 - 11/1/2030 | 1,750,000 | 2,054,805 | |
Nevada — 0.4% | |||
Carson City (Carson Tahoe Regional Healthcare), 5.00% due 9/1/2037 | 1,000,000 | 1,176,800 | |
New Jersey — 3.0% | |||
New Jersey (School Facilities Construction) EDA, 5.00% due 3/1/2026 | 1,000,000 | 1,094,920 | |
New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N-1, 5.50% due 9/1/2027 | 1,000,000 | 1,235,310 | |
New Jersey Transit Corp. (Federal Transit Administration Section 5307 Urbanized Area Formula Funds), Series A, 5.00% due 9/15/2020 | 1,000,000 | 1,033,170 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), | |||
d | 2.78% (MUNIPSA + 1.20%) due 6/15/2034 (put 12/15/2021) | 1,000,000 | 1,006,090 |
5.00% due 6/15/2027 | 3,000,000 | 3,570,390 | |
New Jersey Transportation Trust Fund Authority, Series A, 5.00% due 12/15/2034 | 700,000 | 823,004 | |
New Mexico — 2.0% | |||
City of Farmington (Arizona Public Service Co.-Four Corners Project), Series B, 4.70% due 9/1/2024 | 1,000,000 | 1,031,950 | |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Group), 5.00% due 7/1/2032 | 2,525,000 | 2,678,444 | |
a | New Mexico Municipal Energy Acquisition Authority, Series A, 5.00% due 11/1/2039 (put 5/1/2025) | 2,000,000 | 2,331,680 |
New York — 10.2% | |||
City of New York (City Budget Financial Management) GO, | |||
Series G, 5.00% due 8/1/2023 | 3,000,000 | 3,418,140 | |
Series J, 5.00% due 8/1/2031 | 2,000,000 | 2,324,360 | |
c | City of New York (SPA Landesbank Hessen-Thuringen) GO, Series A-3, 1.78% due 8/1/2035 (put 10/1/2019) | 2,075,000 | 2,075,000 |
Metropolitan Transportation Authority (Transit and Commuter System), Series C-1, 5.00% due 9/1/2020 | 5,000,000 | 5,159,600 | |
Metropolitan Transportation Authority, | |||
Series A, 4.00% due 2/3/2020 | 1,000,000 | 1,008,700 | |
Series D-1, 5.00% due 9/1/2022 | 2,000,000 | 2,190,400 | |
c | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA Barclays Bank plc), Series B3, 1.77% due 11/1/2042 (put 10/1/2019) | 2,800,000 | 2,800,000 |
c | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA Landesbank Hessen-Thuringen), Series 1-SUB 1D, 1.75% due 11/1/2022 (put 10/1/2019) | 900,000 | 900,000 |
c | New York City Water & Sewer System (SPA Mizuho Bank, Ltd.), Series AA-6, 1.77% due 6/15/2048 (put 10/1/2019) | 4,100,000 | 4,100,000 |
PRINCIPAL AMOUNT | VALUE | ||
Town of Oyster Bay GO, Series B, 3.00% due 2/1/2020 - 3/13/2020 | $6,000,000 | $ 6,030,360 | |
North Carolina — 3.3% | |||
c | Charlotte-Mecklenburg Hospital Authority (Carolinas Healthcare System Obligated Group; SPA JP Morgan Chase Bank, N.A), Series C, 1.77% due 1/15/2037 (put 10/1/2019) | 5,600,000 | 5,600,000 |
North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2029 | 1,500,000 | 1,773,555 | |
North Carolina Turnpike Authority, 5.00% due 1/1/2029 - 1/1/2030 | 1,000,000 | 1,245,150 | |
d | University of North Carolina at Chapel Hill, Series A, 1.75% (LIBOR 1 Month + 0.35%) due 12/1/2041 (put 12/1/2021) | 1,000,000 | 1,000,250 |
Ohio — 1.1% | |||
Akron, Bath and Copley Joint Hospital District (Summa Health), 5.25% due 11/15/2030 | 1,420,000 | 1,721,125 | |
City of Akron (Community Learning Centers), 5.00% due 12/1/2031 | 625,000 | 679,681 | |
Cleveland-Cuyahoga County Port Authority (Flats East Development Project; LOC Fifth Third Bank), 7.00% due 5/15/2040 | 905,000 | 956,522 | |
Pennsylvania — 6.8% | |||
Allegheny County (Propel Charter School) IDA, Series A, 6.75% due 8/15/2035 | 875,000 | 904,496 | |
Bucks County (Waste Management, Inc.) AMT, IDA, 2.75% due 12/1/2022 | 5,000,000 | 5,151,200 | |
Coatesville Area School District (Insured: AGM) (State Aid Withholding) GO, 5.00% due 8/1/2024 - 8/1/2025 | 1,475,000 | 1,708,017 | |
Commonwealth Financing Authority, 5.00% due 6/1/2029 | 1,000,000 | 1,245,000 | |
County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2029 | 1,000,000 | 1,178,130 | |
Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group), 5.00% due 9/1/2033 | 700,000 | 876,141 | |
Pennsylvania Turnpike Commission (Highway Improvements), | |||
5.35% due 12/1/2030 (pre-refunded 12/1/2020) | 770,000 | 806,074 | |
Series C-2, 5.35% due 12/1/2030 (pre-refunded 12/1/2020) | 1,230,000 | 1,287,626 | |
Pennsylvania Turnpike Commission, Series A-1, 5.00% due 12/1/2037 | 750,000 | 910,440 | |
Philadelphia (Mast Charter School) IDA, 6.00% due 8/1/2035 (pre-refunded 8/1/2020) | 1,000,000 | 1,037,490 | |
Philadelphia Authority for Industrial Development (Thomas Jefferson University), 5.00% due 9/1/2035 | 1,500,000 | 1,782,990 | |
Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2038 | 1,360,000 | 1,613,477 | |
Pittsburgh Water & Sewer Authority (Insured: AGM), Series B, 5.00% due 9/1/2033 | 1,000,000 | 1,348,920 | |
School District of Philadelphia (State Aid Witholding) GO, Series A, 5.00% due 9/1/2038 | 100,000 | 120,092 | |
Rhode Island — 0.2% | |||
Pawtucket Housing Authority, | |||
5.50% due 9/1/2022 - 9/1/2024 | 475,000 | 505,319 | |
5.50% due 9/1/2022 - 9/1/2024 (pre-refunded 9/1/2020) | 190,000 | 202,620 | |
South Dakota — 0.4% | |||
South Dakota Health & Educational Facilities Authority (Avera Health), Series A, 5.00% due 7/1/2027 | 400,000 | 423,096 | |
South Dakota Health & Educational Facilities Authority (Sanford Health), 5.50% due 11/1/2040 | 750,000 | 752,183 | |
Tennessee — 0.9% | |||
Shelby County Health, Educational and Housing Facility (Methodist Le Bonheur Healthcare), 5.00% due 5/1/2036 | 1,000,000 | 1,204,670 | |
Tennessee Energy Acquisition Corp. Series A, 5.25% due 9/1/2024 | 500,000 | 575,885 | |
a | Tennessee Energy Acquisition Corp. (The Gas Project), Series A, 4.00% due 5/1/2048 (put 5/1/2023) | 750,000 | 801,982 |
Texas — 10.2% | |||
Austin Convention Enterprises, Inc. (Convention Center Hotel First Tier), 5.00% due 1/1/2032 - 1/1/2034 | 1,600,000 | 1,870,027 | |
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2031 | 1,930,000 | 2,255,533 | |
City of Houston (Combined Utility System), Series D, 5.00% due 11/15/2028 | 2,500,000 | 2,941,875 | |
City of Houston (Convention & Entertainment Facilities Department), 5.00% due 9/1/2025 - 9/1/2034 | 2,875,000 | 3,306,097 | |
City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2032 | 3,000,000 | 3,586,260 | |
City of Texas City Industrial Development Corp. (ARCO Pipe Line Co. Project), 7.375% due 10/1/2020 | 1,165,000 | 1,232,011 | |
Harris County-Houston Sports Authority, Series A, 5.00% due 11/15/2030 | 2,000,000 | 2,306,860 | |
Lower Colorado River Authority, | |||
Series A, | |||
5.00% due 5/15/2026 | 2,980,000 | 3,250,942 | |
5.00% due 5/15/2026 (pre-refunded 5/15/2022) | 20,000 | 21,856 | |
North Texas Tollway Authority (NTTA System), Series A, 5.00% due 1/1/2034 | 750,000 | 1,020,060 | |
Red River Authority (Insured: Natl-Re), 4.45% due 6/1/2020 | 2,500,000 | 2,544,800 | |
San Antonio Energy Acquisition Public Facilities Corp. (Natural Gas Supply Agreement), 5.50% due 8/1/2021 | 40,000 | 42,674 | |
San Juan Higher Education Finance Authority (IDEA Public Schools), Series A, 6.70% due 8/15/2040 (pre-refunded 8/15/2020) | 1,000,000 | 1,045,620 | |
State of Texas (Trans), 4.00% due 8/27/2020 | 2,500,000 | 2,559,850 | |
Texas Public Finance Authority Charter School Finance Corp. (Cosmos Foundation, Inc.), Series A, 6.20% due 2/15/2040 (pre-refunded 2/15/2020) | 1,000,000 | 1,017,260 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2034 | 1,000,000 | 1,133,290 | |
U. S. Virgin Islands — 0.6% | |||
Virgin Islands Public Finance Authority (Diageo Project), 6.75% due 10/1/2037 | 1,650,000 | 1,654,224 | |
Utah — 0.7% | |||
Herriman City (Towne Center Access and Utility Improvements), 4.75% due 11/1/2022 (pre-refunded 5/1/2020) | 1,000,000 | 1,020,290 |
Thornburg Strategic Municipal Income Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Utah Transit Authority (Integrated Mass Transit System), Series A, 5.00% due 6/15/2033 | $1,000,000 | $ 1,180,410 | |
Washington — 1.5% | |||
Washington Health Care Facilities Authority (Catholic Health Initiatives), Series A, 5.75% due 1/1/2045 | 2,000,000 | 2,264,920 | |
Washington Health Care Facilities Authority (Overlake Hospital Medical Center), Series A, 5.70% due 7/1/2038 (pre-refunded 7/1/2020) | 1,000,000 | 1,032,740 | |
b,e | Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group), 5.00% due 1/1/2044 | 1,000,000 | 1,094,040 |
West Virginia — 0.9% | |||
a | West Virginia Economic Development Authority, (Appalachian Power Co.) AMT, Series A, 1.70% due 1/1/2041 (put 9/1/2020) | 1,000,000 | 999,450 |
a | West Virginia Economic Development Authority, (Appalachian Power Co.), 2.625% due 12/1/2042 (put 6/1/2022) | 1,500,000 | 1,542,540 |
Wisconsin — 1.5% | |||
e,g | Public Finance Authority (Alabama Proton Therapy Center), 6.25% due 10/1/2031 | 1,000,000 | 1,110,520 |
a | Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group), 5.00% due 8/15/2054 (put 1/29/2025) | 1,250,000 | 1,464,225 |
Wisconsin Housing & Economic Development Authority (Collateralized: FNMA), Series C, 2.75% due 9/1/2039 | 2,000,000 | 1,983,360 | |
Total Investments — 98.5%(Cost $273,848,620) | $291,284,978 | ||
Other Assets Less Liabilities — 1.5% | 4,459,324 | ||
Net Assets — 100.0% | $295,744,302 |
Footnote Legend | |
a | Variable Rate Demand Obligations are instruments whose interest rates change on a mandatory date (demand date) or whose interest rates will vary with changes in a designated base rate. The rate disclosed is the rate at September 30, 2019. |
b | When-issued security. |
c | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
d | Floating Rate Security. Stated interest/floor rate was in effect at September 30, 2019. |
e | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2019, the aggregate value of these securities in the Fund’s portfolio was $3,825,520, representing 1.29% of the Fund’s net assets. |
f | Segregated as collateral for a when-issued security. |
g | Illiquid security. |
To simplify the listings of securities, abbreviations are used per the table below:
ABAG | Association of Bay Area Governments |
ACA | Insured by American Capital Access |
AGC | Insured by Associated General Contractors |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMBAC | Insured by American Municipal Bond Assurance Corp. |
AMT | Alternative Minimum Tax |
BAM | Insured by Build America Mutual Insurance Co. |
COP | Certificates of Participation |
DFA | Development Finance Authority |
EDA | Economic Development Authority |
ETM | Escrowed to Maturity |
FHLMC | Insured by Federal Home Loan Mortgage Corp. |
FNMA | Collateralized by Federal National Mortgage Association |
GNMA | Collateralized by Government National Mortgage Association |
GO | General Obligation |
HFA | Health Facilities Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority |
LIBOR | London Interbank Offered Rates |
LOC | Letter of Credit |
Mtg | Mortgage |
MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index |
Natl-IBC | Insured by National Public Finance Gurantee Corp. and IBC Bank |
Natl-Re | Insured by National Public Finance Guarantee Corp. |
Q-SBLF | Insured by Qualified School Bond Loan Fund |
SPA | Stand-by Purchase Agreement |
USD | Unified School District |
Thornburg Strategic Municipal Income Fund | September 30, 2019
ASSETS | |
Investments at value (cost $273,848,620) (Note 3) | $ 291,284,978 |
Cash | 403,015 |
Receivable for investments sold | 4,505,353 |
Receivable for fund shares sold | 1,632,244 |
Interest receivable | 3,255,625 |
Prepaid expenses and other assets | 39,291 |
Total Assets | 301,120,506 |
Liabilities | |
Payable for investments purchased | 4,741,540 |
Payable for fund shares redeemed | 337,236 |
Payable to investment advisor and other affiliates (Note 4) | 176,785 |
Accounts payable and accrued expenses | 98,350 |
Dividends payable | 22,293 |
Total Liabilities | 5,376,204 |
Net Assets | $ 295,744,302 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 16,556,566 |
Net capital paid in on shares of beneficial interest | 279,187,736 |
$ 295,744,302 | |
NET ASSET VALUE | |
Class A Shares: | |
Net asset value and redemption price per share ($56,123,834 applicable to 3,663,251 shares of beneficial interest outstanding - Note 5) | $ 15.32 |
Maximum sales charge, 2.00% of offering price | 0.31 |
Maximum offering price per share | $ 15.63 |
Class C Shares: | |
Net asset value and offering price per share* ($20,085,388 applicable to 1,309,660 shares of beneficial interest outstanding - Note 5) | $ 15.34 |
Class I Shares: | |
Net asset value, offering and redemption price per share ($219,535,080 applicable to 14,316,625 shares of beneficial interest outstanding - Note 5) | $ 15.33 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Thornburg Strategic Municipal Income Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Interest income (net of premium amortized of $2,119,889) | $ 9,846,919 |
EXPENSES | |
Investment advisory fees (Note 4) | 2,057,474 |
Administration fees (Note 4) | |
Class A Shares | 47,249 |
Class C Shares | 19,653 |
Class I Shares | 174,032 |
Distribution and service fees (Note 4) | |
Class A Shares | 134,479 |
Class C Shares | 134,281 |
Transfer agent fees | |
Class A Shares | 49,494 |
Class C Shares | 20,127 |
Class I Shares | 154,290 |
Registration and filing fees | |
Class A Shares | 15,259 |
Class C Shares | 14,587 |
Class I Shares | 18,032 |
Custodian fees | 41,957 |
Professional fees | 49,124 |
Trustee and officer fees (Note 4) | 15,280 |
Other expenses | 38,819 |
Total Expenses | 2,984,137 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (160,104) |
Investment advisory fees waived by investment advisor (Note 4) | (411,495) |
Net Expenses | 2,412,538 |
Net Investment Income | $ 7,434,381 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on investments | (38,431) |
Net change in unrealized appreciation (depreciation) on investments | 9,029,130 |
Net Realized and Unrealized Gain | 8,990,699 |
Net Increase in Net Assets Resulting from Operations | $ 16,425,080 |
Thornburg Strategic Municipal Income Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 7,434,381 | $ 6,904,272 |
Net realized gain (loss) on investments | (38,431) | 565,924 |
Net change in unrealized appreciation (depreciation) on investments | 9,029,130 | (6,324,250) |
Net Increase in Net Assets Resulting from Operations | 16,425,080 | 1,145,946 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (1,394,124) | (1,457,674) |
Class C Shares | (475,727) | (591,918) |
Class I Shares | (5,564,530) | (4,854,680) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | 643,486 | (6,585,158) |
Class C Shares | (5,595,820) | (7,341,022) |
Class I Shares | 27,507,142 | 14,540,613 |
Net Increase (Decrease) in Net Assets | 31,545,507 | (5,143,893) |
NET ASSETS | ||
Beginning of Year | 264,198,795 | 269,342,688 |
End of Year | $ 295,744,302 | $ 264,198,795 |
Thornburg Strategic Municipal Income Fund | September 30, 2019
Cost of investments for tax purposes | $ 273,848,621 |
Gross unrealized appreciation on a tax basis | 17,568,588 |
Gross unrealized depreciation on a tax basis | (132,231) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 17,436,357 |
2019 | 2018 | |
Distributions from: | ||
Tax exempt income | $ 7,354,552 | $ 6,823,980 |
Ordinary income | 79,829 | 80,292 |
Total | $ 7,434,381 | $ 6,904,272 |
Thornburg Strategic Municipal Income Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
Municipal Bonds | $ 291,284,978 | $ — | $ 291,284,978 | $ — |
Total Investments in Securities | $291,284,978 | $— | $291,284,978 | $— |
Total Assets | $291,284,978 | $— | $291,284,978 | $— |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.750% |
Next $500 million | 0.675 |
Next $500 million | 0.625 |
Next $500 million | 0.575 |
Over $2 billion | 0.500 |
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Thornburg Strategic Municipal Income Fund | September 30, 2019
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 1,105,890 | $ 16,584,191 | 807,030 | $ 12,094,444 |
Shares issued to shareholders in reinvestment of dividends | 91,356 | 1,376,932 | 96,102 | 1,437,053 |
Shares repurchased | (1,156,578) | (17,317,637) | (1,343,468) | (20,116,655) |
Net increase (decrease) | 40,668 | $ 643,486 | (440,336) | $ (6,585,158) |
Class C Shares | ||||
Shares sold | 168,343 | $ 2,526,426 | 197,098 | $ 2,958,861 |
Shares issued to shareholders in reinvestment of dividends | 29,512 | 444,738 | 36,988 | 553,863 |
Shares repurchased | (569,863) | (8,566,984) | (724,556) | (10,853,746) |
Net decrease | (372,008) | $ (5,595,820) | (490,470) | $ (7,341,022) |
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class I Shares | ||||
Shares sold | 5,083,758 | $ 76,479,655 | 3,992,645 | $ 59,838,166 |
Shares issued to shareholders in reinvestment of dividends | 358,400 | 5,409,565 | 308,845 | 4,621,743 |
Shares repurchased | (3,633,064) | (54,382,078) | (3,332,449) | (49,919,296) |
Net increase | 1,809,094 | $ 27,507,142 | 969,041 | $ 14,540,613 |
Thornburg Strategic Municipal Income Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | ||||||||
2019 | $ 14.82 | 0.39 | 0.50 | 0.89 | (0.39) | — | (0.39) | $ 15.32 |
2018 | $ 15.14 | 0.37 | (0.32) | 0.05 | (0.37) | — | (0.37) | $ 14.82 |
2017 | $ 15.53 | 0.35 | (0.39) | (0.04) | (0.35) | — | (0.35) | $ 15.14 |
2016 | $ 15.16 | 0.33 | 0.37 | 0.70 | (0.33) | — | (0.33) | $ 15.53 |
2015 | $ 15.19 | 0.35 | (0.02) | 0.33 | (0.35) | (0.01) | (0.36) | $ 15.16 |
CLASS C SHARES | ||||||||
2019 | $ 14.84 | 0.32 | 0.50 | 0.82 | (0.32) | — | (0.32) | $ 15.34 |
2018 | $ 15.16 | 0.30 | (0.32) | (0.02) | (0.30) | — | (0.30) | $ 14.84 |
2017 | $ 15.54 | 0.28 | (0.38) | (0.10) | (0.28) | — | (0.28) | $ 15.16 |
2016 | $ 15.17 | 0.28 | 0.37 | 0.65 | (0.28) | — | (0.28) | $ 15.54 |
2015 | $ 15.20 | 0.30 | (0.02) | 0.28 | (0.30) | (0.01) | (0.31) | $ 15.17 |
CLASS I SHARES | ||||||||
2019 | $ 14.84 | 0.42 | 0.49 | 0.91 | (0.42) | — | (0.42) | $ 15.33 |
2018 | $ 15.16 | 0.41 | (0.32) | 0.09 | (0.41) | — | (0.41) | $ 14.84 |
2017 | $ 15.54 | 0.39 | (0.38) | 0.01 | (0.39) | — | (0.39) | $ 15.16 |
2016 | $ 15.17 | 0.38 | 0.37 | 0.75 | (0.38) | — | (0.38) | $ 15.54 |
2015 | $ 15.20 | 0.39 | (0.01) | 0.38 | (0.40) | (0.01) | (0.41) | $ 15.17 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
+ | Based on weighted average shares outstanding. |
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
2.59 | 1.00 | 1.26 | 6.08 | 20.04 | $ 56,124 | |
2.49 | 1.00 | 1.28 | 0.36 | 21.06 | $ 53,693 | |
2.30 | 1.09 | 1.30 | (0.23) | 27.35 | $ 61,525 | |
2.11 | 1.25 | 1.29 | 4.63 | 11.24 | $ 79,058 | |
2.28 | 1.25 | 1.31 | 2.18 | 12.13 | $ 66,722 | |
2.13 | 1.47 | 1.65 | 5.58 | 20.04 | $ 20,085 | |
2.01 | 1.48 | 1.64 | (0.12) | 21.06 | $ 24,951 | |
1.88 | 1.52 | 1.66 | (0.59) | 27.35 | $ 32,926 | |
1.80 | 1.55 | 1.66 | 4.32 | 11.24 | $ 38,773 | |
1.98 | 1.55 | 1.70 | 1.87 | 12.13 | $ 29,073 | |
2.81 | 0.78 | 0.98 | 6.24 | 20.04 | $ 219,535 | |
2.72 | 0.78 | 0.96 | 0.59 | 21.06 | $ 185,555 | |
2.56 | 0.83 | 0.94 | 0.09 | 27.35 | $ 174,892 | |
2.42 | 0.93 | 0.93 | 4.96 | 11.24 | $ 190,658 | |
2.60 | 0.93 | 0.93 | 2.50 | 12.13 | $ 151,992 |
Thornburg Strategic Municipal Income Fund
Thornburg Strategic Municipal Income Fund | September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(c) | a deferred sales charge on redemptions of Class C shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS A SHARES | |||
Actual | $1,000.00 | $1,029.57 | $5.09 |
Hypothetical* | $1,000.00 | $1,020.05 | $5.06 |
CLASS C SHARES | |||
Actual | $1,000.00 | $1,027.81 | $7.47 |
Hypothetical* | $1,000.00 | $1,017.70 | $7.44 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,030.70 | $3.97 |
Hypothetical* | $1,000.00 | $1,021.16 | $3.95 |
† | Expenses are equal to the annualized expense ratio for each class (A: 1.00%; C: 1.47%; I: 0.78%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg Strategic Municipal Income Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg Strategic Municipal Income Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg Strategic Municipal Income Fund | September 30, 2019 (Unaudited)
Thornburg Strategic Municipal Income Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH1978 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class A | LTCAX | 885-215-426 |
Class C | LTCCX | 885-215-418 |
Class I | LTCIX | 885-215-392 |
Thornburg California Limited Term Municipal Fund | September 30, 2019 (Unaudited)
Christopher Ryon,cfa Portfolio Manager Managing Director | Nicholos Venditti,cfa Portfolio Manager Managing Director |
David Ashley,cfa Portfolio Manager Managing Director |
Thornburg California Limited Term Municipal Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. | |
Class A Shares(Incep: 2/19/87) | |||||
Without sales charge | 3.63% | 0.85% | 1.25% | 2.34% | 4.06% |
With sales charge | 2.11% | 0.35% | 0.95% | 2.18% | 4.01% |
Class C Shares(Incep: 9/1/94) | |||||
Without sales charge | 3.34% | 0.58% | 0.99% | 2.07% | 3.04% |
With sales charge | 2.83% | 0.58% | 0.99% | 2.07% | 3.04% |
Class I Shares(Incep: 4/1/97) | 3.90% | 1.12% | 1.54% | 2.65% | 3.52% |
Annualized Distribution Yield | 1.48% |
SEC Yield | 0.43% |
FINAL VALUE |
Thornburg California Limited Term Municipal Fund | September 30, 2019 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 321 |
Effective Duration | 3.0 Yrs |
Average Maturity | 3.6 Yrs |
7% | 16% | 14% | 10% | 10% | 12% | 11% | 8% | 4% | 5% | 3% |
Thornburg California Limited Term Municipal Fund | September 30, 2019
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
MUNICIPAL BONDS — 97.4% | |||
Alameda County Joint Powers Authority (Alameda County Medical Center Highland Hospital), Series A, 5.00% due 12/1/2019 - 12/1/2024 | $ 3,975,000 | $ 4,405,759 | |
Alameda County Joint Powers Authority (Juvenile Justice), 5.00% due 12/1/2021 | 500,000 | 541,710 | |
Alameda County Joint Powers Authority (Public Facilities Capital Projects), 5.00% due 12/1/2021 | 1,000,000 | 1,083,420 | |
Anaheim Public Financing Authority (Public Improvements; Insured: AGM), Series C, Zero Coupon due 9/1/2022 | 3,000,000 | 2,866,320 | |
a | Bay Area Toll Authority (San Francisco Bay Area Toll Bridge), Series A, 2.95% due 4/1/2047 (put 4/1/2026) | 4,775,000 | 5,186,509 |
Bonita (Educational Facilities) USD GO, 5.00% due 8/1/2024 | 1,000,000 | 1,106,010 | |
Brentwood Infrastructure Financing Authority (Residential Single Family Development; Insured: AGM), Series A, 5.00% due 9/2/2020 - 9/2/2023 | 6,225,000 | 6,851,128 | |
California (Children’s Hospital Los Angeles Obligated Group) HFFA, Series A 5.00% due 8/15/2030 | 1,990,000 | 2,430,805 | |
California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 11/15/2020 - 11/15/2023 | 3,025,000 | 3,257,562 | |
California (Children’s Hospital of Orange County Obligated Group) HFFA, | |||
3.00% due 11/1/2019 | 1,820,000 | 1,822,803 | |
4.00% due 11/1/2020 | 750,000 | 773,378 | |
5.00% due 11/1/2021 - 11/1/2028 | 4,295,000 | 5,187,412 | |
California (Dignity Health) HFFA, Series A, 5.25% due 3/1/2022 | 1,000,000 | 1,054,850 | |
California (Kaiser Permanente) HFFA, Series A-1, 5.00% due 11/1/2027 | 3,000,000 | 3,860,730 | |
a,b | California (Providence St. Joseph Health Obligated Group) HFFA, 5.00% due 10/1/2039 (put 10/1/2027) | 3,000,000 | 3,795,630 |
California (St. Joseph Health System) HFFA, | |||
Series A, 5.00% due 7/1/2024 | 1,000,000 | 1,141,980 | |
a | Series D, 5.00% due 7/1/2043 (put 10/15/2020) | 5,575,000 | 5,780,717 |
California Educational Facilities Authority (Chapman University), 5.00% due 4/1/2022 | 2,000,000 | 2,111,560 | |
California Educational Facilities Authority (Loyola Marymount University; Insured: Natl-Re), Series A, Zero Coupon due 10/1/2019 | 2,025,000 | 2,025,000 | |
California Educational Facilities Authority (Pitzer College) ETM, 5.00% due 4/1/2020 | 1,445,000 | 1,472,874 | |
California Infrastructure and Economic Development Bank (California Academy of Sciences), | |||
c | Series C, 1.793% (LIBOR 1 Month + 0.38%) due 8/1/2047 (put 8/1/2021) | 4,985,000 | 4,985,150 |
c | Series D, 1.806% (LIBOR 1 Month + 0.38%) due 8/1/2047 (put 8/1/2021) | 6,000,000 | 6,000,180 |
c | California Infrastructure and Economic Development Bank (J Paul Getty Trust), Series B, 1.662% (LIBOR 1 Month + 0.20%) due 10/1/2047 (put 4/1/2021) | 1,000,000 | 999,700 |
California Infrastructure and Economic Development Bank (King City High School), 5.25% due 8/15/2020 | 515,000 | 522,967 | |
c | California Infrastructure and Economic Development Bank (Los Angeles County Museum of Art), Series A, 2.088% (LIBOR 1 Month + 0.65%) due 12/1/2050 (put 2/1/2021) | 6,250,000 | 6,267,062 |
California Infrastructure and Economic Development Bank (The Scripps Research Institute), 5.00% due 7/1/2020 - 7/1/2027 | 1,050,000 | 1,234,259 | |
California Municipal Finance Authority (Biola University Residential Hall and Parking Structure), 5.00% due 10/1/2021 - 10/1/2023 | 435,000 | 478,571 | |
California Municipal Finance Authority (Biola University), | |||
4.00% due 10/1/2019 | 405,000 | 405,000 | |
5.00% due 10/1/2020 - 10/1/2027 | 2,855,000 | 3,236,458 | |
California Municipal Finance Authority (Biola University, Inc.), 5.00% due 10/1/2030 | 1,000,000 | 1,215,120 | |
California Municipal Finance Authority (CHF-DAVIS I, LLC-WEST VILLAGE; Insured BAM-TCRS), 5.00% due 5/15/2028 | 2,905,000 | 3,651,672 | |
a,d | California Municipal Finance Authority, Series A, 2.00% due 2/1/2039 (put 2/3/2020) | 4,000,000 | 4,006,640 |
a | California Pollution Control Financing Authority AMT, 2.50% due 7/1/2031 (put 5/1/2024) | 1,125,000 | 1,168,976 |
California State Housing Finance Agency (Multi-Family Housing; Insured: FHA), Series A, 3.05% due 12/1/2019 | 735,000 | 735,639 | |
California State Public Works Board (California School for the Deaf Riverside Campus), Series H, 5.00% due 4/1/2022 | 565,000 | 616,505 | |
California State Public Works Board (Correctional and Rehabilitation Facilities), | |||
Series A, 5.00% due 9/1/2022 - 9/1/2024 | 13,780,000 | 15,565,144 | |
Series G, 5.00% due 11/1/2022 | 1,500,000 | 1,667,925 | |
California State Public Works Board (Judicial Council Projects), | |||
Series A, 5.00% due 3/1/2023 - 3/1/2024 | 2,400,000 | 2,696,424 | |
Series D, 5.00% due 12/1/2021 - 12/1/2022 | 4,300,000 | 4,642,323 | |
California State Public Works Board (Laboratory Facility and San Diego Courthouse), | |||
Series I, | |||
5.00% due 11/1/2023 | 3,000,000 | 3,440,520 | |
e | 5.00% due 11/1/2024 | 4,000,000 | 4,585,640 |
California State Public Works Board (University of California; Insured: Natl-Re) ETM, Series A, 5.00% due 6/1/2020 | 1,185,000 | 1,215,869 | |
California State Public Works Board (Various State Participating Agency Capital Projects), Series A1, 5.125% due 3/1/2021 (pre-refunded 3/1/2020) | 1,635,000 | 1,662,419 | |
California State Public Works Board (Yuba City Courthouse), Series D, 5.00% due 6/1/2022 | 1,950,000 | 2,139,364 | |
California Statewide Communities Development Authority (CHF-Irvine, LLC), Series A, 5.00% due 5/15/2027 | 500,000 | 617,650 | |
California Statewide Communities Development Authority (Cottage Health System), | |||
4.00% due 11/1/2021 | 150,000 | 158,133 | |
5.00% due 11/1/2020 - 11/1/2025 | 710,000 | 806,907 | |
California Statewide Communities Development Authority (Irvine East Campus Apartments), 5.00% due 5/15/2021 - 5/15/2027 | 2,760,000 | 3,135,692 | |
California Statewide Communities Development Authority (Methodist Hospital of Southern California Obligated Group), 5.00% due 1/1/2020 - 1/1/2024 | 1,460,000 | 1,571,460 | |
a | California Statewide Communities Development Authority (Southern California Edison Company), 2.625% due 11/1/2033 (put 12/1/2023) | 4,895,000 | 5,108,030 |
Calipatria (Educational Facilities; Insured: ACA) USD GO, Series B, Zero Coupon due 8/1/2025 | 4,015,000 | 3,219,066 |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Carson Redevelopment Successor Agency (Project Area 1) ETM, Series A, 6.00% due 10/1/2019 | $ 540,000 | $ 540,000 | |
Carson Redevelopment Successor Agency (Redevelopment Project Area No 1; Insured: AGM), Series A, 5.00% due 10/1/2026 | 500,000 | 582,755 | |
CDC Successor Agency of the City of Santee (Redevelopment and Low and Moderate Income Housing; Insured: BAM), Series A, 5.00% due 8/1/2025 | 550,000 | 663,812 | |
Central Valley Financing Authority (Carson Ice) ETM, 5.25% due 7/1/2020 | 500,000 | 515,390 | |
City and County of San Francisco (525 Golden Gate Avenue-Public Utilities Commission Office Project) COP, Series C, 5.00% due 11/1/2022 | 700,000 | 702,184 | |
City of Antioch Public Financing Authority (Municipal Facilities Project), 5.00% due 5/1/2022 - 5/1/2024 | 1,400,000 | 1,606,134 | |
City of Burbank (Burbank Water and Power System), Series A, 5.00% due 6/1/2020 | 625,000 | 641,238 | |
City of Chula Vista (Capital Facilities Project) COP ETM, 5.25% due 3/1/2020 | 1,300,000 | 1,322,204 | |
City of Chula Vista (Police Facility Project) COP, 5.00% due 10/1/2024 | 1,700,000 | 2,023,068 | |
City of Chula Vista Financing Authority (Infrastructure, Facilities and Equipment), 5.00% due 5/1/2026 - 5/1/2027 | 3,500,000 | 4,365,680 | |
City of Clovis (Water System Facilities; Insured: BAM), 5.00% due 3/1/2021 - 3/1/2023 | 2,270,000 | 2,496,059 | |
City of Manteca (Water Supply System), 5.00% due 7/1/2021 - 7/1/2023 | 1,650,000 | 1,780,329 | |
City of San Jose Financing Authority (Civic Center Project), | |||
Series A, | |||
4.00% due 6/1/2021 | 1,000,000 | 1,048,690 | |
5.00% due 6/1/2020 - 6/1/2024 | 3,095,000 | 3,433,118 | |
City of Torrance (Torrance Memorial Medical Center), Series A, 5.00% due 9/1/2020 | 1,155,000 | 1,193,150 | |
Compton (Insured BAM) USD GO, Series B, 5.00% due 6/1/2028 - 6/1/2029 | 1,625,000 | 2,041,673 | |
c | Contra Costa Transportation Authority, Series A, 1.712% (LIBOR 1 Month + 0.25%) due 3/1/2034 (put 9/1/2021) | 7,500,000 | 7,503,375 |
County of Los Angeles Redevelopment Refunding Authority (Bunker Hill Project), Series C, 5.00% due 6/1/2020 - 6/1/2024 | 6,000,000 | 6,521,550 | |
County of Monterey (Natividad Medical Center; Insured: AGM) COP, 5.25% due 8/1/2021 | 3,700,000 | 3,749,321 | |
Delano Financing Authority (Police Station and Capital Improvements), Series A, 5.00% due 12/1/2019 | 1,195,000 | 1,202,469 | |
Desert Sands (Educational Facilities; Insured: BAM) USD COP, 5.00% due 3/1/2020 - 3/1/2021 | 1,780,000 | 1,851,767 | |
Downey Public Financing Authority (Public Capital Improvements), 5.00% due 12/1/2025 - 12/1/2027 | 1,445,000 | 1,806,457 | |
Elk Grove Finance Authority (Poppy Ridge CFD No. 2003-1 and East Franklin CFD No. 2002-1), | |||
4.00% due 9/1/2020 | 575,000 | 589,530 | |
5.00% due 9/1/2021 - 9/1/2025 | 1,200,000 | 1,385,364 | |
Emeryville Redevelopment Agency (Emeryville and Shellmound Park Projects; Insured: AGM), Series A, 5.00% due 9/1/2022 - 9/1/2024 | 9,095,000 | 10,453,709 | |
Fresno County (Educational Facilities; Insured: Natl-Re) USD GO, | |||
Series B, 5.00% due 2/1/2020 | 2,510,000 | 2,541,224 | |
Series C, 5.90% due 8/1/2020 | 720,000 | 747,806 | |
Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2027 | 1,230,000 | 1,468,116 | |
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2021 | 1,275,000 | 1,360,463 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2021 - 7/1/2027 | 2,735,000 | 3,102,639 | |
Hacienda La Puente (Educational Facilities; Insured: AGM) USD COP, 5.00% due 6/1/2020 - 6/1/2025 | 3,495,000 | 3,976,819 | |
Jurupa Public Financing Authority (Community Services District-Eastvale Area; Insured: AGM), Series A, 4.50% due 9/1/2020 | 945,000 | 973,511 | |
La Quinta Redevelopment Agency (Redevelopment Project Areas No. 1 and 2), Series A, 5.00% due 9/1/2021 - 9/1/2023 | 4,500,000 | 5,026,190 | |
Lodi Public Financing Authority (City Police Building and Jail), 5.00% due 10/1/2020 - 10/1/2023 | 4,145,000 | 4,445,369 | |
Los Angeles (Educational Facilities and Information Technology Infrastructure) USD GO, | |||
Series B, 5.00% due 7/1/2023 | 3,000,000 | 3,409,380 | |
Series D, 5.00% due 7/1/2022 - 7/1/2024 | 5,750,000 | 6,541,422 | |
Los Angeles (Insured BAM-TCRS) USD GO, Series B-1, 5.00% due 7/1/2029 | 2,500,000 | 3,178,275 | |
Los Angeles Community College District (Facilities Projects) GO, Series J, 5.00% due 8/1/2026 | 1,000,000 | 1,249,810 | |
Los Angeles County Schools Regionalized Business Services Corp. (Insured: AMBAC) COP, Series A, Zero Coupon due 8/1/2021 | 2,135,000 | 2,064,545 | |
Los Angeles County Schools USD, Series A-2, 3.00% due 6/1/2020 | 7,000,000 | 7,089,950 | |
Los Angeles County, 5.00% due 6/25/2020 - 6/30/2020 | 15,000,000 | 15,419,500 | |
Los Angeles Department of Airports AMT, | |||
Series A, 5.00% due 5/15/2029 | 4,000,000 | 4,796,760 | |
Series B, 5.00% due 5/15/2025 - 5/15/2026 | 10,220,000 | 12,301,771 | |
Los Angeles Department of Water & Power System Revenue, | |||
f | Series A-7-REMK, 1.52% due 7/1/2035 (put 10/1/2019) | 1,185,000 | 1,185,000 |
f | Series B-6-REMK, 1.52% due 7/1/2034 (put 10/1/2019) | 3,500,000 | 3,500,000 |
Los Angeles Department of Water and Power (Power System Capital Improvements), Series A, 5.00% due 7/1/2025 - 7/1/2026 | 800,000 | 979,315 | |
Los Angeles Department of Water, Series A, 5.00% due 7/1/2027 | 1,565,000 | 2,010,242 | |
Lynwood (Insured: AGM) USD GO, 5.00% due 8/1/2023 | 1,000,000 | 1,139,780 | |
Manteca Community Facilities District No. 1989-2 (Educational Facilities; Insured: AGM) USD, Series F, 5.00% due 9/1/2020 - 9/1/2023 | 2,675,000 | 2,850,852 | |
Mark West Union School District (Educational Facilities; Insured: Natl-Re) GO, 4.125% due 8/1/2020 | 670,000 | 671,662 | |
Milpitas Redevelopment Agency (Redevelopment Project Area No. 1), 5.00% due 9/1/2025 | 2,300,000 | 2,810,186 | |
Modesto Irrigation District (San Joaquin Valley Electric System), Series A, 5.00% due 7/1/2022 | 1,000,000 | 1,106,680 | |
Moreno Valley Public Financing Authority (Public Improvements), 5.00% due 11/1/2024 | 1,455,000 | 1,719,315 | |
Murrieta Valley Public Financing Authority (Educational Facilities; Insured: BAM) USD GO, 5.00% due 9/1/2023 | 1,080,000 | 1,239,937 | |
North City West School Facilities Financing Authority (Carmel Valley; Insured: AGM), Series A, 5.00% due 9/1/2021 - 9/1/2022 | 4,415,000 | 4,818,103 | |
a | Northern California Energy Authority (Commodity Supply Revenue), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 5,000,000 | 5,436,350 |
Thornburg California Limited Term Municipal Fund | September 30, 2019
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2022 - 8/1/2025 | $ 2,745,000 | $ 3,179,848 | |
Palomar Pomerado Health (Insured: Natl-Re) GO, Series A, Zero Coupon due 8/1/2021 | 2,850,000 | 2,764,984 | |
Pasadena (2019 Crossover) USD GO, Series B, 5.00% due 8/1/2025 | 1,000,000 | 1,220,750 | |
Pasadena (Educational Facilities Improvements) USD GO, 5.00% due 8/1/2024 - 8/1/2025 | 615,000 | 741,819 | |
Pittsburg Successor Agency Redevelopment Agency (Insured: AGM), Series A, 5.00% due 9/1/2021 | 1,000,000 | 1,068,720 | |
Pomona (Educational Facilities Improvements; Insured: Natl-Re) USD GO, Series A, 6.10% due 2/1/2020 | 465,000 | 472,435 | |
Pomona Public Financing Authority (Facilities Improvements), Series BC, 3.00% due 6/1/2020 | �� 250,000 | 253,030 | |
Pomona Public Financing Authority (Facilities Improvements; Insured: AGM), Series BC, 4.00% due 6/1/2024 - 6/1/2026 | 725,000 | 823,498 | |
Rancho Santa Fe Community Services District Financing Authority, Series A, 5.00% due 9/1/2025 | 1,745,000 | 2,110,961 | |
Redevelopment Agency of the City and County of San Francisco (Yerba Buena Center Redevelopment Project Area; Insured: AGM), 5.00% due 6/1/2020 | 1,730,000 | 1,773,544 | |
Redevelopment Agency of the City of Rialto (Merged Project Area; Insured: BAM), Series A, 5.00% due 9/1/2023 - 9/1/2024 | 1,050,000 | 1,221,441 | |
Regents of the University of California Medical Center Pooled Revenue, | |||
f | Series B-1-REMK, 1.51% due 5/15/2032 (put 10/1/2019) | 2,325,000 | 2,325,000 |
f | Series B-2-REMK, 1.45% due 5/15/2032 (put 10/1/2019) | 3,600,000 | 3,600,000 |
f | Series K-REMK, 1.51% due 5/15/2047 (put 10/1/2019) | 1,100,000 | 1,100,000 |
Ridgecrest Redevelopment Agency (Redevelopment Project) ETM, 5.50% due 6/30/2020 | 1,040,000 | 1,073,415 | |
Riverside County Infrastructure Financing Authority (Capital Improvement Projects), | |||
Series A, | |||
4.00% due 11/1/2019 | 1,700,000 | 1,703,995 | |
5.00% due 11/1/2020 - 11/1/2021 | 1,205,000 | 1,275,423 | |
Riverside County Public Financing Authority (Capital Facilities Project), | |||
4.00% due 11/1/2020 | 465,000 | 479,801 | |
5.00% due 11/1/2019 - 11/1/2025 | 4,000,000 | 4,296,430 | |
Riverside County Public Financing Authority, 4.00% due 5/1/2021 | 295,000 | 307,561 | |
Riverside Financing Authority (Educational Facilities; Insured: BAM) USD, 5.00% due 9/1/2022 - 9/1/2025 | 1,245,000 | 1,449,219 | |
Sacramento City (Educational Facilities Improvements) USD GO, 5.00% due 7/1/2021 | 3,600,000 | 3,799,080 | |
Sacramento City (Educational Facilities Improvements; Insured: AGM) USD GO, 5.00% due 7/1/2020 - 7/1/2022 | 1,600,000 | 1,700,137 | |
Sacramento City Schools Joint Power Financing Authority (Sacramento City USD Educational Facility Sublease; Insured: BAM), Series A, 5.00% due 3/1/2021 - 3/1/2025 | 5,360,000 | 6,017,855 | |
Salinas Valley Solid Waste Authority AMT (Insured: AGM), Series A, 5.00% due 8/1/2023 | 1,530,000 | 1,732,817 | |
San Diego (Educational System Capital Projects) GO, Series R-3, 5.00% due 7/1/2023 - 7/1/2024 | 8,000,000 | 9,204,620 | |
San Diego (Educational System Capital Projects; Insured: Natl-Re) USD GO, Series D-1, 5.50% due 7/1/2020 | 1,390,000 | 1,435,467 | |
San Francisco City and County Airports Commission (San Francisco International Airport) AMT, Series H 5.00% due 5/1/2028 | 5,000,000 | 6,262,250 | |
San Francisco City and County Airports Commission (San Francisco International Airport), Series A, 5.00% due 5/1/2026 | 5,000,000 | 6,153,600 | |
San Jose, Series A1, 3.50% due 10/1/2021 | 95,000 | 96,528 | |
San Mateo County Joint Powers Financing Authority (Maple Street Correctional Center), 5.00% due 6/15/2021 - 6/15/2023 | 1,995,000 | 2,209,532 | |
Santa Ana (Insured: Natl-Re) USD GO, Series B, Zero Coupon due 8/1/2020 | 2,035,000 | 2,010,885 | |
Santa Clara County Financing Authority (Multiple Facilities Projects), Series P, 5.00% due 5/15/2025 | 6,755,000 | 8,190,708 | |
Santa Margarita Water District (Talega Community Facilities), Series A, 5.00% due 9/1/2026 - 9/1/2027 | 1,050,000 | 1,327,139 | |
Semitropic Water Storage Improvement District (Irrigation Water System; Insured: AGM), Series A, 5.00% due 12/1/2022 - 12/1/2027 | 3,535,000 | 4,229,277 | |
South Bay/San Diego County USD GO, Zero Coupon due 8/1/2022 | 2,250,000 | 2,150,752 | |
a | Southern California Public Power Authority (Magnolia Power Project A), Series 1, 2.00% due 7/1/2036 (put 7/1/2020) | 5,000,000 | 5,013,100 |
Southwestern Community College District GO, Series B, 4.00% due 8/1/2024 - 8/1/2026 | 1,125,000 | 1,307,449 | |
f | State of California (Kindergarten-B1-RMKT-; LOC Citibank N.A.) GO, 1.50% due 5/1/2034 (put 10/1/2019) | 2,100,000 | 2,100,000 |
f | State of California (LOC Barclays Bank plc) GO, Series A-1-REMK, 1.48% due 5/1/2033 (put 10/1/2019) | 2,800,000 | 2,800,000 |
f | State of California (LOC MUFG Union Bank N.A.) GO, Series B, 1.50% due 5/1/2040 (put 10/1/2019) | 7,305,000 | 7,305,000 |
State of California (Various Capital Projects) GO, 5.00% due 9/1/2020 | 2,000,000 | 2,068,660 | |
Stockton Public Financing Authority (Stockton Water Revenue; Green Bond; Insured BAM), Series A, 5.00% due 10/1/2019 - 10/1/2027 | 4,465,000 | 5,133,815 | |
Successor Agency to the City of Colton Redevelopment Agency (Multiple Redevelopment Project Areas; Insured: BAM), 5.00% due 8/1/2021 - 8/1/2025 | 2,815,000 | 3,201,057 | |
Successor Agency to the City of Riverside Redevelopment Agency (Multiple Redevelopment Project Areas), Series A, 5.00% due 9/1/2023 - 9/1/2024 | 2,985,000 | 3,480,639 | |
Successor Agency to the City of San Diego Redevelopment Agency (Multiple Redevelopment Project Areas), Series A, 5.00% due 9/1/2025 - 9/1/2026 | 1,770,000 | 2,160,435 | |
Successor Agency to the Commerce Community Development Commission (Multiple Redevelopment Project Areas; Insured: AGM), Series A, 5.00% due 8/1/2027 | 1,760,000 | 2,159,150 | |
Successor Agency to the Community Development Agency of the City of Menlo Park (Las Pulgas Community Development Project), 5.00% due 10/1/2019 - 10/1/2020 | 725,000 | 737,337 | |
Successor Agency to the Community Development Agency of the City of Menlo Park (Las Pulgas Community Development Project; Insured: AGM), 5.00% due 10/1/2022 - 10/1/2025 | 1,400,000 | 1,614,248 | |
Successor Agency to the Community Redevelopment Agency of the City of Palmdale (Merged Redevelopment Project Areas), Series A, 5.00% due 9/1/2024 - 9/1/2026 | 1,600,000 | 1,929,239 | |
Successor Agency to the Poway Redevelopment Agency (Paguay Redevelopment Project), Series A, 5.00% due 6/15/2025 | 4,665,000 | 5,667,555 |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Successor Agency to the Rancho Cucamonga Redevelopment Project (Rancho Redevelopment Project Area; Insured: AGM), 5.00% due 9/1/2023 - 9/1/2024 | $ 3,000,000 | $ 3,510,540 | |
Successor Agency to the Redevelopment Agency of the City and County of San Francisco (San Francisco Redevelopment Projects), Series C, 5.00% due 8/1/2020 - 8/1/2021 | 2,685,000 | 2,811,519 | |
Successor Agency to the Redevelopment Agency of the City of San Mateo (Multiple Redevelopment Project Areas), Series A, 5.00% due 8/1/2025 | 425,000 | 517,744 | |
Successor Agency to the Redevelopment Agency of the City of Stockton (Redevelopment of Midtown, North and South Stockton and Waterfront Areas; Insured: AGM), Series A, 5.00% due 9/1/2026 - 9/1/2027 | 2,000,000 | 2,471,950 | |
Successor Agency to the Richmond County Redevelopment Agency (Joint Powers Financing Authority & Harbour Redevelopment Project; Insured: BAM), Series A, 5.00% due 9/1/2022 - 9/1/2024 | 1,250,000 | 1,426,847 | |
Successor Agency to the Rosemead Community Development Commission (Rosemead Merged Project Area; Insured: BAM), 5.00% due 10/1/2020 - 10/1/2026 | 4,835,000 | 5,510,232 | |
Temecula Valley Financing Authority (Educational Facilities; Insured: BAM) USD, 5.00% due 9/1/2020 - 9/1/2025 | 2,090,000 | 2,322,721 | |
Temecula Valley Financing Authority (Insured BAM) USD, 5.00% due 9/1/2027 | 2,220,000 | 2,641,933 | |
Trustees of the California State University (Educational Facilities Improvements), Series A, 5.00% due 11/1/2026 | 1,000,000 | 1,244,070 | |
Tulare Public Financing Authority (Insured BAM), | |||
4.00% due 4/1/2020 - 4/1/2022 | 725,000 | 757,210 | |
5.00% due 4/1/2023 - 4/1/2028 | 1,410,000 | 1,691,573 | |
Upper Lake Union High School District (Insured: Natl-Re) GO, Series A, Zero Coupon due 8/1/2020 | 330,000 | 325,888 | |
Ventura County Public Financing Authority (Office Building Purchase and Improvements), Series B, 5.00% due 11/1/2023 - 11/1/2024 | 1,560,000 | 1,801,349 | |
Vista Redevelopment Agency (Vista Redevelopment Project; Insured: AGM), Series B1, 5.00% due 9/1/2020 - 9/1/2023 | 1,275,000 | 1,396,855 | |
West Sacramento Financing Authority (Insured XLCA), Series A, 5.00% due 9/1/2020 | 1,040,000 | 1,070,878 | |
Total Investments — 97.4%(Cost $462,600,193) | $479,634,134 | ||
Other Assets Less Liabilities — 2.6% | 13,045,441 | ||
Net Assets — 100.0% | $492,679,575 |
Footnote Legend | |
a | Variable Rate Demand Obligations are instruments whose interest rates change on a mandatory date (demand date) or whose interest rates will vary with changes in a designated base rate. The rate disclosed is the rate at September 30, 2019. |
b | When-issued security. |
c | Floating Rate Security. Stated interest/floor rate was in effect at September 30, 2019. |
d | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2019, the aggregate value of these securities in the Fund’s portfolio was $4,006,640, representing 0.81% of the Fund’s net assets. |
e | Segregated as collateral for a when-issued security. |
f | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
To simplify the listings of securities, abbreviations are used per the table below:
ACA | Insured by American Capital Access |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMBAC | Insured by American Municipal Bond Assurance Corp. |
AMT | Alternative Minimum Tax |
BAM | Insured by Build America Mutual Insurance Co. |
COP | Certificates of Participation |
ETM | Escrowed to Maturity |
FHA | Insured by Federal Housing Administration |
GO | General Obligation |
HFFA | Health Facilities Financing Authority |
LIBOR | London Interbank Offered Rates |
LOC | Letter of Credit |
Natl-Re | Insured by National Public Finance Guarantee Corp. |
USD | Unified School District |
Thornburg California Limited Term Municipal Fund | September 30, 2019
ASSETS | |
Investments at value (cost $462,600,193) (Note 3) | $ 479,634,134 |
Cash | 81,578 |
Receivable for investments sold | 15,031,221 |
Receivable for fund shares sold | 776,921 |
Interest receivable | 4,563,268 |
Prepaid expenses and other assets | 19,582 |
Total Assets | 500,106,704 |
Liabilities | |
Payable for investments purchased | 3,796,500 |
Payable for fund shares redeemed | 3,061,229 |
Payable to investment advisor and other affiliates (Note 4) | 287,658 |
Accounts payable and accrued expenses | 149,289 |
Dividends payable | 132,453 |
Total Liabilities | 7,427,129 |
Net Assets | $ 492,679,575 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 12,453,339 |
Net capital paid in on shares of beneficial interest | 480,226,236 |
$ 492,679,575 | |
NET ASSET VALUE | |
Class A Shares: | |
Net asset value and redemption price per share ($113,635,267 applicable to 8,285,437 shares of beneficial interest outstanding - Note 5) | $ 13.72 |
Maximum sales charge, 1.50% of offering price | 0.21 |
Maximum offering price per share | $ 13.93 |
Class C Shares: | |
Net asset value and offering price per share* ($28,082,706 applicable to 2,045,679 shares of beneficial interest outstanding - Note 5) | $ 13.73 |
Class I Shares: | |
Net asset value, offering and redemption price per share ($350,961,602 applicable to 25,563,037 shares of beneficial interest outstanding - Note 5) | $ 13.73 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Thornburg California Limited Term Municipal Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Interest income (net of premium amortized of $7,272,540) | $ 12,617,193 |
EXPENSES | |
Investment advisory fees (Note 4) | 2,509,978 |
Administration fees (Note 4) | |
Class A Shares | 103,965 |
Class C Shares | 30,392 |
Class I Shares | 307,438 |
Distribution and service fees (Note 4) | |
Class A Shares | 295,710 |
Class C Shares | 172,956 |
Transfer agent fees | |
Class A Shares | 55,812 |
Class C Shares | 23,014 |
Class I Shares | 189,928 |
Registration and filing fees | |
Class A Shares | 7,303 |
Class C Shares | 5,775 |
Class I Shares | 9,633 |
Custodian fees | 58,885 |
Professional fees | 54,139 |
Trustee and officer fees (Note 4) | 31,370 |
Other expenses | 46,900 |
Total Expenses | 3,903,198 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (40,418) |
Net Expenses | 3,862,780 |
Net Investment Income | $ 8,754,413 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on investments | (967,268) |
Net change in unrealized appreciation (depreciation) on investments | 10,697,992 |
Net Realized and Unrealized Gain | 9,730,724 |
Net Increase in Net Assets Resulting from Operations | $ 18,485,137 |
Thornburg California Limited Term Municipal Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 8,754,413 | $ 9,698,816 |
Net realized gain (loss) on investments | (967,268) | (1,747,276) |
Net change in unrealized appreciation (depreciation) on investments | 10,697,992 | (12,993,888) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 18,485,137 | (5,042,348) |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (1,870,732) | (2,112,942) |
Class C Shares | (451,533) | (604,775) |
Class I Shares | (6,432,174) | (6,981,099) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | (15,984,630) | (27,285,984) |
Class C Shares | (13,246,225) | (14,914,594) |
Class I Shares | (24,597,797) | (56,019,128) |
Net Decrease in Net Assets | (44,097,954) | (112,960,870) |
NET ASSETS | ||
Beginning of Year | 536,777,529 | 649,738,399 |
End of Year | $ 492,679,575 | $ 536,777,529 |
Thornburg California Limited Term Municipal Fund | September 30, 2019
Thornburg California Limited Term Municipal Fund | September 30, 2019
Cost of investments for tax purposes | $ 462,600,193 |
Gross unrealized appreciation on a tax basis | 17,071,902 |
Gross unrealized depreciation on a tax basis | (37,961) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 17,033,941 |
2019 | 2018 | |
Distributions from: | ||
Tax exempt income | $ 8,752,440 | $ 9,695,219 |
Ordinary income | 1,999 | 3,597 |
Total | $ 8,754,439 | $ 9,698,816 |
Thornburg California Limited Term Municipal Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
Municipal Bonds | $ 479,634,134 | $ — | $ 479,634,134 | $ — |
Total Investments in Securities | $479,634,134 | $— | $479,634,134 | $— |
Total Assets | $479,634,134 | $— | $479,634,134 | $— |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.500% |
Next $500 million | 0.400 |
Next $500 million | 0.300 |
Next $500 million | 0.250 |
Over $2 billion | 0.225 |
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 1,166,943 | $ 15,894,863 | 2,057,216 | $ 27,886,865 |
Shares issued to shareholders in reinvestment of dividends | 124,346 | 1,692,823 | 137,683 | 1,865,179 |
Shares repurchased | (2,474,418) | (33,572,316) | (4,205,146) | (57,038,028) |
Net decrease | (1,183,129) | $ (15,984,630) | (2,010,247) | $ (27,285,984) |
Class C Shares | ||||
Shares sold | 152,314 | $ 2,075,247 | 155,781 | $ 2,117,566 |
Shares issued to shareholders in reinvestment of dividends | 25,843 | 351,865 | 36,042 | 488,741 |
Shares repurchased | (1,149,285) | (15,673,337) | (1,289,977) | (17,520,901) |
Net decrease | (971,128) | $ (13,246,225) | (1,098,154) | $ (14,914,594) |
Class I Shares | ||||
Shares sold | 8,778,679 | $ 119,359,166 | 10,542,473 | $ 143,344,996 |
Shares issued to shareholders in reinvestment of dividends | 361,463 | 4,927,943 | 391,001 | 5,304,088 |
Shares repurchased | (10,973,012) | (148,884,906) | (15,071,222) | (204,668,212) |
Net decrease | (1,832,870) | $ (24,597,797) | (4,137,748) | $ (56,019,128) |
Thornburg California Limited Term Municipal Fund | September 30, 2019
Thornburg California Limited Term Municipal Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | ||||||||
2019 | $ 13.45 | 0.22 | 0.27 | 0.49 | (0.22) | — | (0.22) | $ 13.72 |
2018 | $ 13.78 | 0.20 | (0.33) | (0.13) | (0.20) | — | (0.20) | $ 13.45 |
2017 | $ 13.98 | 0.18 | (0.20) | (0.02) | (0.18) | — | (0.18) | $ 13.78 |
2016 | $ 13.84 | 0.18 | 0.14 | 0.32 | (0.18) | — | (0.18) | $ 13.98 |
2015 | $ 13.84 | 0.19 | —(c) | 0.19 | (0.19) | — | (0.19) | $ 13.84 |
CLASS C SHARES | ||||||||
2019 | $ 13.46 | 0.18 | 0.27 | 0.45 | (0.18) | — | (0.18) | $ 13.73 |
2018 | $ 13.79 | 0.17 | (0.33) | (0.16) | (0.17) | — | (0.17) | $ 13.46 |
2017 | $ 13.99 | 0.15 | (0.20) | (0.05) | (0.15) | — | (0.15) | $ 13.79 |
2016 | $ 13.85 | 0.14 | 0.14 | 0.28 | (0.14) | — | (0.14) | $ 13.99 |
2015 | $ 13.85 | 0.16 | —(c) | 0.16 | (0.16) | — | (0.16) | $ 13.85 |
CLASS I SHARES | ||||||||
2019 | $ 13.46 | 0.25 | 0.27 | 0.52 | (0.25) | — | (0.25) | $ 13.73 |
2018 | $ 13.79 | 0.24 | (0.33) | (0.09) | (0.24) | — | (0.24) | $ 13.46 |
2017 | $ 13.99 | 0.22 | (0.20) | 0.02 | (0.22) | — | (0.22) | $ 13.79 |
2016 | $ 13.85 | 0.22 | 0.14 | 0.36 | (0.22) | — | (0.22) | $ 13.99 |
2015 | $ 13.85 | 0.24 | —(c) | 0.24 | (0.24) | — | (0.24) | $ 13.85 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Net realized and unrealized gain (loss) on investments was less than $0.01 per share. |
+ | Based on weighted average shares outstanding. |
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
1.58 | 0.93 | 0.93 | 3.63 | 17.86 | $ 113,635 | |
1.50 | 0.92 | 0.92 | (0.92) | 25.20 | $ 127,346 | |
1.33 | 0.93 | 0.93 | (0.11) | 18.25 | $ 158,142 | |
1.28 | 0.93 | 0.93 | 2.32 | 16.47 | $ 193,321 | |
1.39 | 0.94 | 0.94 | 1.40 | 14.43 | $ 171,344 | |
1.31 | 1.21 | 1.21 | 3.34 | 17.86 | $ 28,083 | |
1.23 | 1.19 | 1.19 | (1.18) | 25.20 | $ 40,608 | |
1.08 | 1.19 | 1.19 | (0.36) | 18.25 | $ 56,737 | |
1.04 | 1.18 | 1.18 | 2.06 | 16.47 | $ 68,229 | |
1.15 | 1.18 | 1.18 | 1.15 | 14.43 | $ 64,216 | |
1.84 | 0.67 | 0.68 | 3.90 | 17.86 | $ 350,962 | |
1.76 | 0.66 | 0.67 | (0.65) | 25.20 | $ 368,824 | |
1.62 | 0.64 | 0.64 | 0.19 | 18.25 | $ 434,859 | |
1.60 | 0.62 | 0.62 | 2.64 | 16.47 | $ 476,364 | |
1.70 | 0.63 | 0.63 | 1.72 | 14.43 | $ 407,557 |
Thornburg California Limited Term Municipal Fund
Thornburg California Limited Term Municipal Fund | September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(c) | a deferred sales charge on redemptions of Class C shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS A SHARES | |||
Actual | $1,000.00 | $1,014.44 | $4.65 |
Hypothetical* | $1,000.00 | $1,020.46 | $4.66 |
CLASS C SHARES | |||
Actual | $1,000.00 | $1,013.00 | $6.06 |
Hypothetical* | $1,000.00 | $1,019.05 | $6.07 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,015.70 | $3.39 |
Hypothetical* | $1,000.00 | $1,021.71 | $3.40 |
† | Expenses are equal to the annualized expense ratio for each class (A: 0.92%; C: 1.20%; I: 0.67%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg California Limited Term Municipal Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg California Limited Term Municipal Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg California Limited Term Municipal Fund | September 30, 2019 (Unaudited)
Thornburg California Limited Term Municipal Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH859 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class A | THNMX | 885-215-301 |
Class D | THNDX | 885-215-624 |
Class I | THNIX | 885-215-285 |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2019 (Unaudited)
Christopher Ryon,cfa Portfolio Manager Managing Director | Nicholos Venditti,cfa Portfolio Manager Managing Director |
David Ashley,cfa Portfolio Manager Managing Director |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. | |
Class A Shares(Incep: 6/18/91) | |||||
Without sales charge | 5.15% | 1.64% | 2.03% | 2.53% | 4.18% |
With sales charge | 3.01% | 0.95% | 1.62% | 2.32% | 4.11% |
Class D Shares(Incep: 6/1/99) | |||||
Without sales charge | 4.87% | 1.38% | 1.78% | 2.29% | 3.11% |
Class I Shares(Incep: 2/1/07) | 5.39% | 1.93% | 2.36% | 2.87% | 3.43% |
Annualized Distribution Yield | 2.16% |
SEC Yield | 0.96% |
FINAL VALUE |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2019 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 118 |
Effective Duration | 3.5 Yrs |
Average Maturity | 8.4 Yrs |
8% | 8% | 10% | 12% | 17% | 9% | 8% | 8% | 9% | 12% |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2019
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
MUNICIPAL BONDS — 96.8% | |||
Albuquerque Bernalillo County Water Utility Authority (2005 NMFA Loan and Joint Water and Sewer System Improvements), Series A, 5.00% due 7/1/2026 | $ 2,000,000 | $ 2,337,520 | |
Albuquerque Bernalillo County Water Utility Authority (2007 NMFA Loan and Joint Water and Sewer System Improvements), 5.00% due 7/1/2031 - 7/1/2032 | 1,500,000 | 1,777,470 | |
Albuquerque Municipal School District No. 12 (Bernalillo and Sandoval Counties School Facilities) (State Aid Withholding) GO, | |||
5.00% due 8/1/2031 - 8/1/2034 | 2,260,000 | 2,805,850 | |
Series A, 4.00% due 8/1/2029 | 1,300,000 | 1,415,167 | |
Bernalillo County (Government Services), | |||
5.25% due 4/1/2027 | 300,000 | 357,591 | |
Series B, 5.70% due 4/1/2027 | 3,000,000 | 3,646,950 | |
Bernalillo County (Government Services; Insured: AMBAC), 5.25% due 10/1/2022 - 10/1/2025 | 8,295,000 | 9,727,209 | |
Bernalillo County (Government Services; Insured: Natl-IBC), | |||
5.70% due 4/1/2027 | 815,000 | 990,755 | |
Series B, 5.00% due 4/1/2021 | 1,290,000 | 1,336,995 | |
Central New Mexico Community College (Campus Buildings Acquisition & Improvements) GO, | |||
4.00% due 8/15/2023 | 1,920,000 | 2,016,134 | |
Series A, 5.00% due 8/15/2021 - 8/15/2022 | 2,535,000 | 2,749,567 | |
City of Albuquerque (City Infrastructure Improvements) GO, Series A, 5.00% due 7/1/2026 | 870,000 | 1,070,318 | |
City of Albuquerque (City Infrastructure Improvements), Series A, 5.00% due 7/1/2033 - 7/1/2034 | 2,300,000 | 2,724,750 | |
City of Albuquerque (I-25/Paseo del Norte Interchange), 5.00% due 7/1/2025 - 7/1/2027 | 1,095,000 | 1,238,599 | |
City of Albuquerque (Lodgers’ Tax Obligation Reserve Fund), | |||
Series A, 5.00% due 7/1/2021 | 1,340,000 | 1,344,087 | |
Series B, 5.00% due 7/1/2021 | 3,000,000 | 3,009,150 | |
City of Albuquerque GO, Series A, 4.00% due 7/1/2024 | 2,500,000 | 2,549,800 | |
City of Farmington (Arizona Public Service Co.-Four Corners Project), | |||
Series A, 4.70% due 5/1/2024 | 965,000 | 995,764 | |
Series B, 4.70% due 9/1/2024 | 4,000,000 | 4,127,800 | |
City of Farmington (San Juan Regional Medical Center), Series A, 5.00% due 6/1/2022 | 1,780,000 | 1,785,785 | |
City of Las Cruces (Joint Utility System), Series A, 4.00% due 6/1/2021 - 6/1/2025 | 2,215,000 | 2,440,217 | |
City of Las Cruces (NMFA Loan), 5.00% due 6/1/2021 - 6/1/2037 | 10,135,000 | 10,366,380 | |
City of Roswell (Joint Water and Sewer Improvement; Insured: BAM), 5.00% due 6/1/2026 - 6/1/2036 | 2,050,000 | 2,452,468 | |
City of Roswell, 4.00% due 8/1/2029 | 260,000 | 301,483 | |
City of Santa Fe (El Castillo Retirement Residences), | |||
4.50% due 5/15/2027 | 3,275,000 | 3,381,896 | |
5.00% due 5/15/2034 | 1,465,000 | 1,522,838 | |
City of Santa Fe (Public Facilities) GRT, 5.00% due 6/1/2028 - 6/1/2029 | 1,880,000 | 2,182,198 | |
City of Santa Fe, Series A, 5.00% due 6/1/2034 - 6/1/2038 | 1,870,000 | 2,320,447 | |
County of Sandoval GO, 5.00% due 8/1/2025 - 8/1/2029 | 2,015,000 | 2,499,612 | |
County of Santa Fe GO, 5.00% due 7/1/2024 | 825,000 | 965,885 | |
Government of Guam (Layon Solid Waste Disposal Facility), Series A, 5.375% due 12/1/2024 (pre-refunded 12/1/2019) | 2,000,000 | 2,013,580 | |
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2026 | 2,000,000 | 2,202,820 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2035 - 7/1/2037 | 2,200,000 | 2,560,780 | |
New Mexico Educational Assistance Foundation (Student Loans), Series A-1, 5.00% due 12/1/2019 - 12/1/2022 | 4,000,000 | 4,133,290 | |
New Mexico Finance Authority (State Highway Infrastructure), Series A, 5.00% due 6/15/2026 - 6/15/2027 | 2,415,000 | 2,812,394 | |
New Mexico Finance Authority (The Public Project Revolving Fund Program), Series A, 5.00% due 6/15/2031 | 1,000,000 | 1,183,470 | |
New Mexico Finance Authority, | |||
5.00% due 6/15/2029 - 6/1/2038 | 1,450,000 | 1,823,613 | |
Series B, 5.00% due 6/1/2032 - 6/1/2033 | 4,125,000 | 5,287,807 | |
Series D, 5.00% due 6/1/2033 | 695,000 | 874,011 | |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Group), 5.00% due 7/1/2032 | 2,000,000 | 2,121,540 | |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Series A, 5.00% due 7/1/2030 - 7/1/2039 | 3,605,000 | 4,160,268 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA Wells Fargo Bank, N.A.), | |||
a | Series C, 1.77% due 8/1/2034 (put 10/1/2019) | 3,000,000 | 3,000,000 |
a | Series D, 1.77% due 8/1/2034 (put 10/1/2019) | 1,505,000 | 1,505,000 |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services), 5.00% due 8/1/2031 | 1,750,000 | 2,128,039 | |
New Mexico Housing Authority (El Paseo Apartments; Insured: AMBAC) AMT, Series A, 5.30% due 12/1/2022 | 20,000 | 20,021 | |
New Mexico Institute of Mining and Technology (Campus Buildings Acquisition & Improvements), 5.00% due 7/1/2020 - 7/1/2028 | 3,805,000 | 4,009,517 | |
New Mexico Mortgage Finance Authority (Collateralized: GNMA, FNMA, FHLMC), Series C, 2.85% due 7/1/2031 | 640,000 | 663,046 | |
New Mexico Mortgage Finance Authority (NIBP SFM Loan Program; Collateralized: GNMA, FNMA, FHLMC), 4.625% due 3/1/2028 | 610,000 | 626,513 | |
a | New Mexico Mortgage Finance Authority (Villas de San Ignacio L.P.; LOC Freddie Mac), Series A, 1.58% due 11/1/2043 (put 10/7/2019) | 2,525,000 | 2,525,000 |
New Mexico Municipal Energy Acquisition Authority, | |||
Series A, |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
4.00% due 5/1/2024 | $ 250,000 | $ 276,178 | |
b | 5.00% due 11/1/2039 (put 5/1/2025) | 1,000,000 | 1,165,840 |
Regents of New Mexico State University (Campus Buildings Acquisition & Improvements), Series A, 5.00% due 4/1/2032 - 4/1/2036 | 4,125,000 | 4,975,807 | |
Regents of the University of New Mexico (Campus Buildings Acquisition & Improvements), | |||
Series A, | |||
4.50% due 6/1/2034 - 6/1/2036 | 4,500,000 | 5,159,835 | |
6.00% due 6/1/2021 | 100,000 | 105,316 | |
Rio Rancho Public School District No. 94 (Insured: BAM) (State Aid Withholding) GO, 5.00% due 8/1/2020 | 550,000 | 566,143 | |
San Juan County (County Capital Improvements), Series B, 5.00% due 6/15/2028 - 6/15/2030 | 2,645,000 | 3,052,878 | |
Santa Fe County (County Buildings & Facilities) GRT, Series A, 5.00% due 6/1/2026 - 6/1/2027 | 940,000 | 1,125,179 | |
Santa Fe County (County Correctional System; Insured: AGM), 6.00% due 2/1/2027 | 1,390,000 | 1,610,565 | |
Santa Fe Gasoline Tax, 5.00% due 6/1/2024 - 6/1/2028 | 1,540,000 | 1,871,921 | |
State of New Mexico (Educational Facilities), Series A, 5.00% due 7/1/2025 | 2,040,000 | 2,448,918 | |
State of New Mexico GO, 5.00% due 3/1/2029 | 2,000,000 | 2,619,760 | |
Town of Silver City (Public Facility Capital Projects), | |||
Series A, | |||
4.00% due 6/1/2029 | 1,000,000 | 1,030,140 | |
4.25% due 6/1/2032 | 1,050,000 | 1,081,899 | |
a | University of New Mexico (SPA U.S. Bank N.A.), 1.54% due 6/1/2026 (put 10/7/2019) | 3,155,000 | 3,155,000 |
Village of Los Ranchos de Albuquerque (Albuquerque Academy), 4.50% due 9/1/2040 | 3,000,000 | 3,059,010 | |
Virgin Islands Public Finance Authority, Series A, 6.625% due 10/1/2029 | 2,500,000 | 2,512,525 | |
Zuni Public School District (Teacher Housing Projects), 5.00% due 8/1/2028 | 1,600,000 | 1,739,248 | |
Total Investments — 96.8%(Cost $151,099,579) | $157,647,556 | ||
Other Assets Less Liabilities — 3.2% | 5,184,411 | ||
Net Assets — 100.0% | $162,831,967 |
Footnote Legend | |
a | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
b | Variable Rate Demand Obligations are instruments whose interest rates change on a mandatory date (demand date) or whose interest rates will vary with changes in a designated base rate. The rate disclosed is the rate at September 30, 2019. |
To simplify the listings of securities, abbreviations are used per the table below:
AGM | Insured by Assured Guaranty Municipal Corp. |
AMBAC | Insured by American Municipal Bond Assurance Corp. |
AMT | Alternative Minimum Tax |
BAM | Insured by Build America Mutual Insurance Co. |
FHLMC | Insured by Federal Home Loan Mortgage Corp. |
FNMA | Collateralized by Federal National Mortgage Association |
GNMA | Collateralized by Government National Mortgage Association |
GO | General Obligation |
GRT | Gross Receipts Tax |
LOC | Letter of Credit |
Natl-IBC | Insured by National Public Finance Gurantee Corp. and IBC Bank |
SPA | Stand-by Purchase Agreement |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2019
ASSETS | |
Investments at value (cost $151,099,579) (Note 3) | $ 157,647,556 |
Cash | 1,388,599 |
Receivable for investments sold | 2,004,839 |
Receivable for fund shares sold | 106,175 |
Interest receivable | 2,065,569 |
Prepaid expenses and other assets | 13,610 |
Total Assets | 163,226,348 |
Liabilities | |
Payable for fund shares redeemed | 191,918 |
Payable to investment advisor and other affiliates (Note 4) | 105,363 |
Accounts payable and accrued expenses | 74,069 |
Dividends payable | 23,031 |
Total Liabilities | 394,381 |
Net Assets | $ 162,831,967 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 5,646,829 |
Net capital paid in on shares of beneficial interest | 157,185,138 |
$ 162,831,967 | |
NET ASSET VALUE | |
Class A Shares: | |
Net asset value and redemption price per share ($84,782,482 applicable to 6,350,849 shares of beneficial interest outstanding - Note 5) | $ 13.35 |
Maximum sales charge, 2.00% of offering price | 0.27 |
Maximum offering price per share | $ 13.62 |
Class D Shares: | |
Net asset value, offering and redemption price per share ($15,887,529 applicable to 1,189,526 shares of beneficial interest outstanding - Note 5) | $ 13.36 |
Class I Shares: | |
Net asset value, offering and redemption price per share ($62,161,956 applicable to 4,658,306 shares of beneficial interest outstanding - Note 5) | $ 13.34 |
Thornburg New Mexico Intermediate Municipal Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Interest income (net of premium amortized of $1,655,429) | $ 5,434,698 |
EXPENSES | |
Investment advisory fees (Note 4) | 813,647 |
Administration fees (Note 4) | |
Class A Shares | 78,186 |
Class D Shares | 14,898 |
Class I Shares | 49,827 |
Distribution and service fees (Note 4) | |
Class A Shares | 222,582 |
Class D Shares | 84,806 |
Transfer agent fees | |
Class A Shares | 48,006 |
Class D Shares | 11,311 |
Class I Shares | 14,237 |
Registration and filing fees | |
Class A Shares | 5,192 |
Class D Shares | 4,429 |
Class I Shares | 5,344 |
Custodian fees | 34,409 |
Professional fees | 45,164 |
Trustee and officer fees (Note 4) | 9,709 |
Other expenses | 28,591 |
Total Expenses | 1,470,338 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (16,340) |
Net Expenses | 1,453,998 |
Net Investment Income | $ 3,980,700 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on investments | 506,448 |
Net change in unrealized appreciation (depreciation) on investments | 3,783,935 |
Net Realized and Unrealized Gain | 4,290,383 |
Net Increase in Net Assets Resulting from Operations | $ 8,271,083 |
Thornburg New Mexico Intermediate Municipal Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 3,980,700 | $ 4,667,064 |
Net realized gain (loss) on investments | 506,448 | (129,992) |
Net change in unrealized appreciation (depreciation) on investments | 3,783,935 | (4,117,035) |
Net Increase in Net Assets Resulting from Operations | 8,271,083 | 420,037 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (2,111,980) | (2,599,663) |
Class D Shares | (356,830) | (471,656) |
Class I Shares | (1,511,890) | (1,595,745) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | (12,251,499) | (19,812,373) |
Class D Shares | (2,990,005) | (3,739,263) |
Class I Shares | 6,986,154 | (7,228,636) |
Net Decrease in Net Assets | (3,964,967) | (35,027,299) |
NET ASSETS | ||
Beginning of Year | 166,796,934 | 201,824,233 |
End of Year | $ 162,831,967 | $ 166,796,934 |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2019
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2019
Cost of investments for tax purposes | $ 151,099,579 |
Gross unrealized appreciation on a tax basis | 6,547,977 |
Gross unrealized depreciation on a tax basis | - |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 6,547,977 |
2019 | 2018 | |
Distributions from: | ||
Tax exempt income | $ 3,976,891 | $ 4,662,723 |
Ordinary income | 3,809 | 4,341 |
Total | $ 3,980,700 | $ 4,667,064 |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
Municipal Bonds | $ 157,647,556 | $ — | $ 157,647,556 | $ — |
Total Investments in Securities | $157,647,556 | $— | $157,647,556 | $— |
Total Assets | $157,647,556 | $— | $157,647,556 | $— |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.500% |
Next $500 million | 0.450 |
Next $500 million | 0.400 |
Next $500 million | 0.350 |
Over $2 billion | 0.275 |
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 234,408 | $ 3,072,960 | 142,988 | $ 1,880,897 |
Shares issued to shareholders in reinvestment of dividends | 141,896 | 1,869,564 | 175,091 | 2,291,097 |
Shares repurchased | (1,308,484) | (17,194,023) | (1,826,448) | (23,984,367) |
Net decrease | (932,180) | $ (12,251,499) | (1,508,369) | $ (19,812,373) |
Class D Shares | ||||
Shares sold | 49,324 | $ 646,870 | 148,304 | $ 1,955,850 |
Shares issued to shareholders in reinvestment of dividends | 25,795 | 339,947 | 34,493 | 451,653 |
Shares repurchased | (302,963) | (3,976,822) | (468,941) | (6,146,766) |
Net decrease | (227,844) | $ (2,990,005) | (286,144) | $ (3,739,263) |
Class I Shares | ||||
Shares sold | 1,057,272 | $ 13,882,892 | 667,719 | $ 8,786,130 |
Shares issued to shareholders in reinvestment of dividends | 103,598 | 1,365,495 | 109,625 | 1,434,193 |
Shares repurchased | (632,748) | (8,262,233) | (1,329,549) | (17,448,959) |
Net increase (decrease) | 528,122 | $ 6,986,154 | (552,205) | $ (7,228,636) |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2019
Thornburg New Mexico Intermediate Municipal Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | ||||||||
2019 | $ 13.00 | 0.31 | 0.35 | 0.66 | (0.31) | — | (0.31) | $ 13.35 |
2018 | $ 13.30 | 0.33 | (0.30) | 0.03 | (0.33) | — | (0.33) | $ 13.00 |
2017 | $ 13.67 | 0.31 | (0.37) | (0.06) | (0.31) | — | (0.31) | $ 13.30 |
2016 | $ 13.55 | 0.30 | 0.12 | 0.42 | (0.30) | — | (0.30) | $ 13.67 |
2015 | $ 13.60 | 0.34 | (0.05) | 0.29 | (0.34) | — | (0.34) | $ 13.55 |
CLASS D SHARES | ||||||||
2019 | $ 13.01 | 0.28 | 0.35 | 0.63 | (0.28) | — | (0.28) | $ 13.36 |
2018 | $ 13.31 | 0.30 | (0.30) | — | (0.30) | — | (0.30) | $ 13.01 |
2017 | $ 13.68 | 0.28 | (0.37) | (0.09) | (0.28) | — | (0.28) | $ 13.31 |
2016 | $ 13.55 | 0.28 | 0.12 | 0.40 | (0.27) | — | (0.27) | $ 13.68 |
2015 | $ 13.61 | 0.31 | (0.06) | 0.25 | (0.31) | — | (0.31) | $ 13.55 |
CLASS I SHARES | ||||||||
2019 | $ 13.00 | 0.35 | 0.34 | 0.69 | (0.35) | — | (0.35) | $ 13.34 |
2018 | $ 13.29 | 0.37 | (0.29) | 0.08 | (0.37) | — | (0.37) | $ 13.00 |
2017 | $ 13.67 | 0.36 | (0.38) | (0.02) | (0.36) | — | (0.36) | $ 13.29 |
2016 | $ 13.54 | 0.35 | 0.12 | 0.47 | (0.34) | — | (0.34) | $ 13.67 |
2015 | $ 13.59 | 0.38 | (0.05) | 0.33 | (0.38) | — | (0.38) | $ 13.54 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
+ | Based on weighted average shares outstanding. |
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
2.37 | 0.97 | 0.97 | 5.15 | 17.26 | $ 84,782 | |
2.51 | 0.97 | 0.97 | 0.24 | 7.77 | $ 94,686 | |
2.36 | 0.98 | 0.98 | (0.38) | 8.61 | $ 116,915 | |
2.18 | 0.97 | 0.97 | 3.11 | 6.80 | $ 136,743 | |
2.50 | 0.98 | 0.98 | 2.15 | 19.01 | $ 139,939 | |
2.10 | 1.24 | 1.25 | 4.87 | 17.26 | $ 15,888 | |
2.26 | 1.23 | 1.23 | (0.02) | 7.77 | $ 18,436 | |
2.13 | 1.21 | 1.21 | (0.61) | 8.61 | $ 22,666 | |
1.94 | 1.21 | 1.21 | 2.94 | 6.80 | $ 28,489 | |
2.27 | 1.20 | 1.20 | 1.84 | 19.01 | $ 28,953 | |
2.66 | 0.67 | 0.69 | 5.39 | 17.26 | $ 62,162 | |
2.82 | 0.67 | 0.68 | 0.62 | 7.77 | $ 53,675 | |
2.68 | 0.66 | 0.66 | (0.13) | 8.61 | $ 62,243 | |
2.52 | 0.63 | 0.63 | 3.53 | 6.80 | $ 65,843 | |
2.80 | 0.65 | 0.65 | 2.48 | 19.01 | $ 57,958 |
Thornburg New Mexico Intermediate Municipal Fund
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS A SHARES | |||
Actual | $1,000.00 | $1,023.86 | $4.87 |
Hypothetical* | $1,000.00 | $1,020.26 | $4.86 |
CLASS D SHARES | |||
Actual | $1,000.00 | $1,023.20 | $6.29 |
Hypothetical* | $1,000.00 | $1,018.85 | $6.28 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,025.36 | $3.40 |
Hypothetical* | $1,000.00 | $1,021.71 | $3.40 |
† | Expenses are equal to the annualized expense ratio for each class (A: 0.96%; D: 1.24%; I: 0.67%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2019 (Unaudited)
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH080 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class A | THNYX | 885-215-665 |
Class I | TNYIX | 885-216-705 |
Thornburg New York Intermediate Municipal Fund | September 30, 2019 (Unaudited)
Christopher Ryon,cfa Portfolio Manager Managing Director | Nicholos Venditti,cfa Portfolio Manager Managing Director |
David Ashley,cfa Portfolio Manager Managing Director |
Thornburg New York Intermediate Municipal Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. | |
Class A Shares(Incep: 9/5/97) | |||||
Without sales charge | 5.16% | 1.29% | 1.92% | 2.75% | 3.67% |
With sales charge | 3.04% | 0.61% | 1.51% | 2.54% | 3.57% |
Class I Shares(Incep: 2/1/10) | 5.50% | 1.61% | 2.25% | - | 3.31% |
Annualized Distribution Yield | 2.18% |
SEC Yield | 0.62% |
FINAL VALUE |
Thornburg New York Intermediate Municipal Fund | September 30, 2019 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 58 |
Effective Duration | 4.0 Yrs |
Average Maturity | 8.8 Yrs |
6% | 13% | 6% | 10% | 6% | 15% | 12% | 10% | 6% | 17% |
Thornburg New York Intermediate Municipal Fund | September 30, 2019
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
MUNICIPAL BONDS — 98.9% | |||
City of New York (City Budget Financial Management) GO, Series G, 5.00% due 8/1/2030 | $1,000,000 | $ 1,147,240 | |
City of New York GO, | |||
Series A, 5.00% due 8/1/2039 | 1,000,000 | 1,258,150 | |
Series F1, 5.00% due 4/1/2037 | 940,000 | 1,161,887 | |
County of Nassau (Insured: BAM) GO, Series B, 5.00% due 4/1/2026 | 1,000,000 | 1,133,810 | |
Dutchess County Local Development Corp. (Health Quest Systems, Inc.; Insured: AGM), Series A, 5.00% due 7/1/2021 - 7/1/2022 (pre-refunded 7/1/2020) | 1,045,000 | 1,073,236 | |
Erie County Fiscal Stability Authority, Series D, 5.00% due 9/1/2034 | 850,000 | 1,061,361 | |
Government of Guam (Layon Solid Waste Disposal Facility), Series A, 5.375% due 12/1/2024 (pre-refunded 12/1/2019) | 1,000,000 | 1,006,790 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2028 - 7/1/2036 | 1,500,000 | 1,714,355 | |
Hempstead Town Local Development Corp. (Hofstra University), 5.00% due 7/1/2028 | 500,000 | 529,405 | |
Hudson Yards Infrastructure Corp. (Hudson Yards Subway Station), Series A, 5.00% due 2/15/2035 | 1,000,000 | 1,221,070 | |
Long Island Power Authority (Electric System Capital Improvements; Insured: AGC), Series C, 5.25% due 9/1/2029 | 645,000 | 846,085 | |
Metropolitan Transportation Authority (Green Bond), Series C-1, 5.00% due 11/15/2028 | 1,000,000 | 1,265,450 | |
Monroe County Industrial Development Corp. (Monroe Community College Association, Inc.; Insured: AGM), 5.00% due 1/15/2028 - 1/15/2029 | 550,000 | 625,392 | |
Nassau County (New York Institute of Technology) IDA, Series A, 4.75% due 3/1/2026 (pre-refunded 3/1/2020) | 1,000,000 | 1,014,390 | |
Nassau County Sewer & Storm Water Finance Authority (Sewerage and Storm Water Resource Facilities), Series A, 5.00% due 10/1/2021 - 10/1/2031 | 1,675,000 | 1,929,374 | |
New York City Health and Hospitals Corp. (Healthcare Facilities Improvements) GO, Series A, 5.00% due 2/15/2025 | 1,000,000 | 1,013,460 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
5.00% due 8/1/2038 | 1,000,000 | 1,236,090 | |
Series A2, 5.00% due 5/1/2039 | 1,000,000 | 1,251,990 | |
a | New York City Water & Sewer System (LOC Citibank N.A.), Series F, 1.76% due 6/15/2035 (put 10/1/2019) | 500,000 | 500,000 |
a | New York City Water & Sewer System (SPA Mizuho Bank, Ltd.), Series AA-6, 1.77% due 6/15/2048 (put 10/1/2019) | 1,500,000 | 1,500,000 |
a | New York City Water & Sewer System (SPA State Street Bank and Trust Co.), Series B-3, 1.76% due 6/15/2045 (put 10/1/2019) | 500,000 | 500,000 |
New York State Dormitory Authority (Catholic Health System Obligated Group), Series A, 5.00% due 7/1/2036 | 400,000 | 496,396 | |
New York State Dormitory Authority (Columbia University Teachers College), Series A, 5.00% due 7/1/2027 | 750,000 | 822,060 | |
New York State Dormitory Authority (Green Bond-Cornell University), Series D, 5.00% due 7/1/2036 | 1,000,000 | 1,426,090 | |
New York State Dormitory Authority (Health Quest Systems; Insured: AGC), Series A, 5.25% due 7/1/2027 | 420,000 | 420,092 | |
New York State Dormitory Authority (Metropolitan Transportation Authority & State Urban Development Corp.), Series A, 5.00% due 12/15/2027 | 2,500,000 | 2,781,450 | |
New York State Dormitory Authority (Northwell Health Obligated Group), Series A, 5.00% due 5/1/2033 | 100,000 | 124,494 | |
New York State Dormitory Authority (School District Financing Program) (State Aid Withholding), Series C, 5.00% due 10/1/2023 | 575,000 | 660,928 | |
New York State Dormitory Authority (School District Financing Program; Insured: AGM) (State Aid Withholding), | |||
Series A, 5.00% due 10/1/2028 | 200,000 | 233,134 | |
Series H, | |||
5.00% due 10/1/2024 | 480,000 | 514,925 | |
5.00% due 10/1/2024 (pre-refunded 10/1/2021) | 520,000 | 560,170 | |
New York State Dormitory Authority (St. John’s University; Insured: Natl-Re), Series C, 5.25% due 7/1/2022 | 1,000,000 | 1,103,670 | |
New York State Dormitory Authority, Series A, 5.00% due 2/15/2032 | 1,000,000 | 1,225,150 | |
a | New York State Housing Finance Agency (LOC Landesbank Hessen-Thuringen), Series A, 1.76% due 11/1/2046 (put 10/1/2019) | 600,000 | 600,000 |
Onondaga Civic Development Corp. (Le Moyne College), 5.00% due 7/1/2021 | 685,000 | 705,790 | |
Onondaga Civic Development Corp. (State University of New York Upstate Medical University), 5.50% due 12/1/2031 | 1,000,000 | 1,089,470 | |
Sales Tax Asset Receivable Corp. (New York Local Government Assistance Corp.), Series A, 5.00% due 10/15/2029 - 10/15/2031 | 2,250,000 | 2,640,940 | |
Syracuse Industrial Development Agency (Syracuse City School District) (State Aid Withholding), 5.25% due 5/1/2026 | 2,150,000 | 2,283,923 | |
Tompkins County Development Corp. (Ithaca College Project), 5.00% due 7/1/2034 - 7/1/2037 | 820,000 | 999,034 | |
Town of Amherst Development Corp. (University at Buffalo Foundation Facility-Student Housing; Insured: AGM) ETM, Series A, 5.00% due 10/1/2020 | 1,000,000 | 1,038,060 | |
Town of Oyster Bay GO, Series B, 3.00% due 2/1/2020 - 3/13/2020 | 1,000,000 | 1,004,760 | |
Triborough Bridge & Tunnel Authority (MTA Bridges and Tunnels) GO, | |||
Series A, | |||
5.00% due 11/15/2028 (pre-refunded 5/15/2024) | 1,000,000 | 1,173,700 | |
5.00% due 11/15/2029 | 1,000,000 | 1,162,800 | |
Utility Debt Securitization Authority (Long Island Power Authority-Electric Service), Series TE, 5.00% due 12/15/2029 - 12/15/2030 | 2,000,000 | 2,297,690 | |
West Seneca Central School District (Facilities Improvements; Insured: BAM) (State Aid Withholding) GO, 5.00% due 11/15/2023 | 1,300,000 | 1,496,027 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2029 - 7/1/2034 | 450,000 | 531,774 | |
Total Investments — 98.9%(Cost $47,663,262) | $50,382,062 | ||
Other Assets Less Liabilities — 1.1% | 584,415 | ||
Net Assets — 100.0% | $50,966,477 |
Footnote Legend | |
a | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
To simplify the listings of securities, abbreviations are used per the table below:
AGC | Insured by Associated General Contractors |
AGM | Insured by Assured Guaranty Municipal Corp. |
BAM | Insured by Build America Mutual Insurance Co. |
ETM | Escrowed to Maturity |
GO | General Obligation |
IDA | Industrial Development Authority |
LOC | Letter of Credit |
Natl-Re | Insured by National Public Finance Guarantee Corp. |
SPA | Stand-by Purchase Agreement |
Thornburg New York Intermediate Municipal Fund | September 30, 2019
ASSETS | |
Investments at value (cost $47,663,262) (Note 3) | $ 50,382,062 |
Cash | 65,662 |
Receivable for fund shares sold | 23,559 |
Interest receivable | 617,646 |
Prepaid expenses and other assets | 12,848 |
Total Assets | 51,101,777 |
Liabilities | |
Payable for fund shares redeemed | 26,394 |
Payable to investment advisor and other affiliates (Note 4) | 24,301 |
Accounts payable and accrued expenses | 66,812 |
Dividends payable | 17,793 |
Total Liabilities | 135,300 |
Net Assets | $ 50,966,477 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 2,159,135 |
Net capital paid in on shares of beneficial interest | 48,807,342 |
$ 50,966,477 | |
NET ASSET VALUE | |
Class A Shares: | |
Net asset value and redemption price per share ($26,416,448 applicable to 2,039,403 shares of beneficial interest outstanding - Note 5) | $ 12.95 |
Maximum sales charge, 2.00% of offering price | 0.26 |
Maximum offering price per share | $ 13.21 |
Class I Shares: | |
Net asset value, offering and redemption price per share ($24,550,029 applicable to 1,895,226 shares of beneficial interest outstanding - Note 5) | $ 12.95 |
Thornburg New York Intermediate Municipal Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Interest income (net of premium amortized of $483,362) | $ 1,788,846 |
EXPENSES | |
Investment advisory fees (Note 4) | 265,589 |
Administration fees (Note 4) | |
Class A Shares | 26,501 |
Class I Shares | 20,144 |
Distribution and service fees (Note 4) | |
Class A Shares | 75,434 |
Transfer agent fees | |
Class A Shares | 22,802 |
Class I Shares | 21,637 |
Registration and filing fees | |
Class A Shares | 7,436 |
Class I Shares | 5,308 |
Custodian fees | 24,254 |
Professional fees | 42,469 |
Trustee and officer fees (Note 4) | 3,145 |
Other expenses | 24,707 |
Total Expenses | 539,426 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (82,529) |
Investment advisory fees waived by investment advisor (Note 4) | (4,452) |
Net Expenses | 452,445 |
Net Investment Income | $ 1,336,401 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on investments | 83,145 |
Net change in unrealized appreciation (depreciation) on investments | 1,328,381 |
Net Realized and Unrealized Gain | 1,411,526 |
Net Increase in Net Assets Resulting from Operations | $ 2,747,927 |
Thornburg New York Intermediate Municipal Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 1,336,401 | $ 1,570,023 |
Net realized gain (loss) on investments | 83,145 | (9,562) |
Net change in unrealized appreciation (depreciation) on investments | 1,328,381 | (1,951,804) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,747,927 | (391,343) |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (719,633) | (861,533) |
Class I Shares | (616,768) | (708,490) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | (8,173,078) | (1,663,676) |
Class I Shares | (59,783) | (2,380,889) |
Net Decrease in Net Assets | (6,821,335) | (6,005,931) |
NET ASSETS | ||
Beginning of Year | 57,787,812 | 63,793,743 |
End of Year | $ 50,966,477 | $ 57,787,812 |
Thornburg New York Intermediate Municipal Fund | September 30, 2019
Thornburg New York Intermediate Municipal Fund | September 30, 2019
Cost of investments for tax purposes | $ 47,663,262 |
Gross unrealized appreciation on a tax basis | 2,732,562 |
Gross unrealized depreciation on a tax basis | (13,762) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 2,718,800 |
2019 | 2018 | |
Distributions from: | ||
Tax exempt income | $ 1,335,918 | $ 1,567,752 |
Ordinary income | 483 | 2,014 |
Capital gains | - | 257 |
Total | $ 1,336,401 | $ 1,570,023 |
Thornburg New York Intermediate Municipal Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
Municipal Bonds | $ 50,382,062 | $ — | $ 50,382,062 | $ — |
Total Investments in Securities | $50,382,062 | $— | $50,382,062 | $— |
Total Assets | $50,382,062 | $— | $50,382,062 | $— |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.500% |
Next $500 million | 0.450 |
Next $500 million | 0.400 |
Next $500 million | 0.350 |
Over $2 billion | 0.275 |
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 109,181 | $ 1,394,851 | 509,755 | $ 6,596,193 |
Shares issued to shareholders in reinvestment of dividends | 46,317 | 591,531 | 56,051 | 715,470 |
Shares repurchased | (794,796) | (10,159,460) | (700,474) | (8,975,339) |
Net decrease | (639,298) | $ (8,173,078) | (134,668) | $ (1,663,676) |
Class I Shares | ||||
Shares sold | 742,617 | $ 9,506,280 | 591,763 | $ 7,620,816 |
Shares issued to shareholders in reinvestment of dividends | 43,073 | 550,736 | 51,601 | 658,900 |
Shares repurchased | (794,596) | (10,116,799) | (832,821) | (10,660,605) |
Net decrease | (8,906) | $ (59,783) | (189,457) | $ (2,380,889) |
Thornburg New York Intermediate Municipal Fund | September 30, 2019
Thornburg New York Intermediate Municipal Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | ||||||||
2019 | $ 12.61 | 0.30 | 0.34 | 0.64 | (0.30) | — | (0.30) | $ 12.95 |
2018 | $ 13.00 | 0.30 | (0.39) | (0.09) | (0.30) | — | (0.30) | $ 12.61 |
2017 | $ 13.40 | 0.33 | (0.40) | (0.07) | (0.33) | — | (0.33) | $ 13.00 |
2016 | $ 13.18 | 0.29 | 0.22 | 0.51 | (0.29) | — | (0.29) | $ 13.40 |
2015 | $ 13.22 | 0.29 | (0.04) | 0.25 | (0.29) | — | (0.29) | $ 13.18 |
CLASS I SHARES | ||||||||
2019 | $ 12.61 | 0.34 | 0.34 | 0.68 | (0.34) | — | (0.34) | $ 12.95 |
2018 | $ 13.00 | 0.34 | (0.39) | (0.05) | (0.34) | — | (0.34) | $ 12.61 |
2017 | $ 13.40 | 0.37 | (0.40) | (0.03) | (0.37) | — | (0.37) | $ 13.00 |
2016 | $ 13.18 | 0.33 | 0.22 | 0.55 | (0.33) | — | (0.33) | $ 13.40 |
2015 | $ 13.22 | 0.33 | (0.04) | 0.29 | (0.33) | — | (0.33) | $ 13.18 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
+ | Based on weighted average shares outstanding. |
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
2.38 | 0.99 | 1.12 | 5.16 | 17.75 | $ 26,416 | |
2.36 | 0.99 | 1.08 | (0.68) | 15.88 | $ 33,778 | |
2.50 | 0.99 | 1.09 | (0.52) | 11.11 | $ 36,576 | |
2.18 | 0.96 | 1.03 | 3.91 | 7.02 | $ 45,009 | |
2.16 | 0.98 | 1.05 | 1.87 | 7.72 | $ 49,845 | |
2.69 | 0.67 | 0.88 | 5.50 | 17.75 | $ 24,550 | |
2.68 | 0.67 | 0.82 | (0.36) | 15.88 | $ 24,010 | |
2.81 | 0.67 | 0.77 | (0.20) | 11.11 | $ 27,217 | |
2.51 | 0.63 | 0.72 | 4.25 | 7.02 | $ 31,498 | |
2.47 | 0.67 | 0.76 | 2.19 | 7.72 | $ 30,242 |
Thornburg New York Intermediate Municipal Fund
Thornburg New York Intermediate Municipal Fund | September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS A SHARES | |||
Actual | $1,000.00 | $1,023.22 | $5.02 |
Hypothetical* | $1,000.00 | $1,020.10 | $5.01 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,024.86 | $3.40 |
Hypothetical* | $1,000.00 | $1,021.71 | $3.40 |
† | Expenses are equal to the annualized expense ratio for each class (A: 0.99%; I: 0.67%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg New York Intermediate Municipal Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg New York Intermediate Municipal Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg New York Intermediate Municipal Fund | September 30, 2019 (Unaudited)
Thornburg New York Intermediate Municipal Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH860 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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Fund Summary and Schedule of Investments | |
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Statements of Changes in Net Assets | |
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Financial Highlights | |
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LIMITED TERM U.S. GOVERNMENT FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | LTUSX | 885-215-103 |
Class C | LTUCX | 885-215-830 |
Class I | LTUIX | 885-215-699 |
Class R3 | LTURX | 885-215-491 |
Class R4 | LTUGX | 885-216-747 |
Class R5 | LTGRX | 885-216-861 |
LIMITED TERM INCOME FUND | ||
Class A | THIFX | 885-215-509 |
Class C | THICX | 885-215-764 |
Class I | THIIX | 885-215-681 |
Class R3 | THIRX | 885-215-483 |
Class R4 | THRIX | 885-216-762 |
Class R5 | THRRX | 885-216-853 |
Class R6 | THRLX | 885-216-671 |
LOW DURATION INCOME FUND | ||
Class A | TLDAX | 885-216-812 |
Class I | TLDIX | 885-216-796 |
September 30, 2019 (Unaudited)
September 30, 2019 (Unaudited)
Jason Brady,cfa Portfolio Manager CEO, President, and Managing Director | Lon R. Erickson,cfa Portfolio Manager Managing Director |
Jeff Klingelhofer,cfa Portfolio Manager Managing Director |
September 30, 2019 (Unaudited)
LIMITED TERM U.S. GOVERNMENT FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. |
Class A Shares(Incep: 11/16/87) | |||||
Without sales charge | 5.06% | 1.25% | 1.36% | 1.62% | 4.64% |
With sales charge | 3.51% | 0.74% | 1.05% | 1.47% | 4.59% |
Class C Shares(Incep: 9/1/94) | |||||
Without sales charge | 4.60% | 0.90% | 1.03% | 1.32% | 3.54% |
With sales charge | 4.10% | 0.90% | 1.03% | 1.32% | 3.54% |
Class I Shares(Incep: 7/5/96) | 5.35% | 1.53% | 1.67% | 1.95% | 4.03% |
Class R3 Shares(Incep: 7/1/03) | 4.88% | 1.15% | 1.27% | 1.54% | 2.34% |
Class R4 Shares(Incep: 2/1/14) | 4.88% | 1.15% | 1.26% | - | 1.26% |
Class R5 Shares(Incep: 5/1/12) | 5.29% | 1.48% | 1.64% | - | 1.33% |
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | FINAL VALUE |
LIMITED TERM INCOME FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. |
Class A Shares(Incep: 10/1/92) | |||||
Without sales charge | 6.03% | 2.44% | 2.39% | 3.51% | 4.83% |
With sales charge | 4.45% | 1.92% | 2.08% | 3.35% | 4.77% |
Class C Shares(Incep: 9/1/94) | |||||
Without sales charge | 5.82% | 2.23% | 2.17% | 3.28% | 4.51% |
With sales charge | 5.32% | 2.23% | 2.17% | 3.28% | 4.51% |
Class I Shares(Incep: 7/5/96) | 6.44% | 2.79% | 2.76% | 3.87% | 5.03% |
Class R3 Shares(Incep: 7/1/03) | 5.84% | 2.29% | 2.25% | 3.41% | 3.60% |
Class R4 Shares(Incep: 2/1/14) | 5.84% | 2.29% | 2.27% | - | 2.33% |
Class R5 Shares(Incep: 5/1/12) | 6.31% | 2.67% | 2.62% | - | 2.84% |
Class R6 Shares(Incep: 4/10/17) | 6.43% | - | - | - | 3.58% |
THORNBURG LIMITED TERM INCOME FUND | FINAL VALUE |
September 30, 2019 (Unaudited)
LOW DURATION INCOME FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. |
Class A Shares(Incep: 12/30/13) | |||||
Without sales charge | 4.00% | 1.92% | 1.60% | - | 1.63% |
With sales charge | 2.42% | 1.40% | 1.30% | - | 1.36% |
Class I Shares(Incep: 12/30/13) | 4.21% | 2.11% | 1.78% | - | 1.81% |
THORNBURG LOW DURATION INCOME FUND | FINAL VALUE |
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | |
Annualized Distribution Yield | 1.85% |
SEC Yield | 1.65% |
THORNBURG LIMITED TERM INCOME FUND | |
Annualized Distribution Yield | 2.38% |
SEC Yield | 2.03% |
THORNBURG LOW DURATION INCOME FUND | |
Annualized Distribution Yield | 2.23% |
SEC Yield | 1.71% |
Thornburg Limited Term U.S. Government Fund | September 30, 2019 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 144 |
Effective Duration | 2.5 Yrs |
Average Maturity | 3.3 Yrs |
11% | 6% | 7% | 24% | 20% | 12% | 9% | 5% | 3% | 2% | 2% |
Thornburg Limited Term U.S. Government Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
U.S. Treasury Securities — 10.1% | |||
United States Treasury Notes Inflationary Index, 0.125% due 7/15/2022 - 1/15/2023 | $ 8,356,925 | $ 8,308,095 | |
United States Treasury Notes, | |||
1.375% due 10/31/2020 | 1,480,000 | 1,473,077 | |
1.625% due 12/31/2019 - 8/15/2029 | 14,500,000 | 14,473,482 | |
Total U.S. Treasury Securities(Cost $24,158,564) | 24,254,654 | ||
U.S. Government Agencies — 17.1% | |||
a | Durrah MSN 35603 (Guaranty: Export-Import Bank of the United States), 1.684% due 1/22/2025 | 696,980 | 694,362 |
HNA Group LLC (Guaranty: Export-Import Bank of the United States), Series 2015, 2.291% due 6/30/2027 | 2,066,652 | 2,094,020 | |
a | MSN 41079 and 41084 Ltd. (Guaranty: Export-Import Bank of the United States), 1.717% due 7/13/2024 | 696,644 | 694,003 |
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a | 1.70% due 12/20/2022 | 1,828,750 | 1,819,992 |
a | 2.46% due 12/15/2025 | 1,625,000 | 1,649,787 |
a,b | 2.653% (LIBOR 3 Month + 0.35%) due 4/15/2025 | 2,012,500 | 2,018,686 |
Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), | |||
a | 1.87% due 1/15/2026 | 1,737,895 | 1,736,486 |
a | 2.06% due 1/15/2026 | 2,275,000 | 2,285,391 |
a,c | 2.512% due 1/15/2026 | 3,428,750 | 3,480,251 |
Small Business Administration Participation Certificates, | |||
Series 2001-20D Class 1, 6.35% due 4/1/2021 | 136,161 | 138,641 | |
Series 2001-20F Class 1, 6.44% due 6/1/2021 | 124,123 | 127,160 | |
Series 2002-20A Class 1, 6.14% due 1/1/2022 | 82,222 | 84,467 | |
Series 2002-20K Class 1, 5.08% due 11/1/2022 | 95,314 | 98,088 | |
Series 2005-20H Class 1, 5.11% due 8/1/2025 | 104,615 | 109,657 | |
Series 2007-20D Class 1, 5.32% due 4/1/2027 | 304,736 | 324,185 | |
Series 2007-20F Class 1, 5.71% due 6/1/2027 | 165,397 | 178,088 | |
Series 2007-20I Class 1, 5.56% due 9/1/2027 | 517,683 | 539,511 | |
Series 2007-20K Class 1, 5.51% due 11/1/2027 | 339,843 | 363,782 | |
Series 2008-20G Class 1, 5.87% due 7/1/2028 | 952,870 | 1,034,752 | |
Series 2011-20G Class 1, 3.74% due 7/1/2031 | 1,339,315 | 1,407,870 | |
Series 2011-20K Class 1, 2.87% due 11/1/2031 | 1,657,933 | 1,704,749 | |
Series 2014-20H Class 1, 2.88% due 8/1/2034 | 1,037,183 | 1,071,244 | |
Series 2015-20B Class 1, 2.46% due 2/1/2035 | 871,585 | 881,171 | |
Series 2015-20G Class 1, 2.88% due 7/1/2035 | 1,826,179 | 1,873,943 | |
Series 2015-20I Class 1, 2.82% due 9/1/2035 | 1,840,019 | 1,885,254 | |
Series 2017-20I Class 1, 2.59% due 9/1/2037 | 3,447,774 | 3,511,236 | |
Series 2017-20K Class 1, 2.79% due 11/1/2037 | 1,460,639 | 1,506,063 | |
Ulani MSN 35940 LLC (Guaranty: Export-Import Bank of the United States), 2.227% due 5/16/2025 | 2,395,833 | 2,415,634 | |
Union 13 Leasing LLC (Guaranty: Export-Import Bank of the United States), 1.87% due 6/28/2024 | 1,274,139 | 1,271,808 | |
a,b | Washington Aircraft 2 Co. Ltd. (Guaranty: Export-Import Bank of the United States), 2.543% (LIBOR 3 Month + 0.43%) due 6/26/2024 | 3,968,384 | 3,971,432 |
Total U.S. Government Agencies(Cost $40,472,930) | 40,971,713 | ||
Mortgage Backed — 59.9% | |||
Federal Home Loan Mtg Corp., Series K716 Class A1, 2.413% due 1/25/2021 | 537,385 | 537,739 | |
Federal Home Loan Mtg Corp., CMO REMIC, | |||
Series 1351 Class TE, 7.00% due 8/15/2022 | 49,476 | 52,153 | |
Series 3291 Class BY, 4.50% due 3/15/2022 | 91,425 | 92,575 | |
Series 3640 Class EL, 4.00% due 3/15/2020 | 26,433 | 26,491 | |
Series 3704 Class DC, 4.00% due 11/15/2036 | 278,931 | 284,466 | |
Series 3867 Class VA, 4.50% due 3/15/2024 | 1,184,766 | 1,228,574 | |
Series 3922 Class PQ, 2.00% due 4/15/2041 | 564,916 | 556,850 | |
Series 4050 Class MV, 3.50% due 8/15/2023 | 1,376,823 | 1,395,537 | |
Series 4072 Class VA, 3.50% due 10/15/2023 | 1,225,448 | 1,242,625 | |
Series 4097 Class TE, 1.75% due 5/15/2039 | 983,227 | 973,521 | |
b | Series 4105 Class FG, 2.428% (LIBOR 1 Month + 0.40%) due 9/15/2042 | 1,375,711 | 1,372,210 |
Series 4120 Class TC, 1.50% due 10/15/2027 | 1,396,724 | 1,356,016 | |
Series 4120 Class UE, 2.00% due 10/15/2027 | 1,384,766 | 1,377,278 | |
Federal Home Loan Mtg Corp., CMO, | |||
Series K018 Class A1, 1.781% due 10/25/2020 | 90,734 | 90,539 | |
Series K035 Class A1, 2.615% due 3/25/2023 | 1,643,485 | 1,657,842 | |
Series K037 Class A1, 2.592% due 4/25/2023 | 1,009,482 | 1,019,941 |
Thornburg Limited Term U.S. Government Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Series K038 Class A1, 2.604% due 10/25/2023 | $ 3,278,589 | $ 3,319,428 | |
Series K042 Class A1, 2.267% due 6/25/2024 | 2,694,474 | 2,710,334 | |
d | Series KP02 Class A2, 2.355% due 4/25/2021 | 282,870 | 281,622 |
Series KS03 Class A2, 2.79% due 6/25/2022 | 2,500,000 | 2,545,197 | |
b | Federal Home Loan Mtg Corp., Multi-Family Structured Pass Through, Series KF15 Class A, 2.759% (LIBOR 1 Month + 0.67%) due 2/25/2023 | 553,803 | 553,661 |
Federal Home Loan Mtg Corp., REMIC, | |||
Pool D98887, 3.50% due 1/1/2032 | 828,281 | 862,185 | |
Pool G13804, 5.00% due 3/1/2025 | 209,728 | 219,521 | |
Pool G15227, 3.50% due 12/1/2029 | 2,010,589 | 2,096,384 | |
e | Pool G16800, 3.00% due 5/1/2034 | 2,859,651 | 2,956,393 |
Pool G18435, 2.50% due 5/1/2027 | 1,433,688 | 1,450,659 | |
Pool J11371, 4.50% due 12/1/2024 | 206,864 | 214,985 | |
Pool J13583, 3.50% due 11/1/2025 | 394,920 | 408,810 | |
Pool J14888, 3.50% due 4/1/2026 | 433,630 | 449,152 | |
Pool T61943, 3.50% due 8/1/2045 | 631,408 | 646,810 | |
Pool T65457, 3.00% due 1/1/2048 | 2,949,258 | 2,989,600 | |
Pool ZT1958, 3.00% due 11/1/2030 | 2,750,196 | 2,825,808 | |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer CMO, | |||
Series 2018-3 Class MA, 3.50% due 8/25/2057 | 551,542 | 579,869 | |
Series 2019-3 Class MA, 3.50% due 10/25/2058 | 1,956,012 | 2,040,874 | |
d | Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer Whole Loan Securities CMO, Series 2018-2 Class HA, 3.00% due 11/25/2057 | 1,505,213 | 1,543,947 |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer Whole Loan Securities Trust CMO, Series 2018-4 Class HA, 3.00% due 3/25/2058 | 1,841,730 | 1,886,729 | |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, | |||
f | Series 2017-3 Class HA, 3.00% due 7/25/2056 | 2,011,982 | 2,082,946 |
f | Series 2017-4 Class HT, 3.00% due 6/25/2057 | 1,125,126 | 1,201,270 |
f | Series 2018-1 Class HA, 2.75% due 5/25/2057 | 2,506,222 | 2,569,176 |
Series 2018-3 Class HA, 3.00% due 8/25/2057 | 1,755,099 | 1,801,682 | |
Series 2019-1 Class MA, 3.50% due 7/25/2058 | 2,797,581 | 2,928,838 | |
Series 2019-2 Class MA, 3.50% due 8/25/2058 | 3,824,449 | 4,006,495 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
Series 2015-SC02 Class 2A, 3.50% due 9/25/2045 | 1,295,963 | 1,362,332 | |
Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | 1,455,040 | 1,512,446 | |
Series 2016-SC02 Class 2A, 3.50% due 10/25/2046 | 1,179,963 | 1,230,807 | |
Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | 2,217,289 | 2,239,441 | |
Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | 549,768 | 555,394 | |
Series 2017-SC02 Class 2A1, 3.50% due 5/25/2047 | 554,683 | 560,718 | |
Federal National Mtg Assoc., | |||
1.875% due 12/28/2020 | 2,000,000 | 2,001,763 | |
Pool 252648, 6.50% due 5/1/2022 | 8,475 | 8,826 | |
Pool 342947, 7.25% due 4/1/2024 | 5,083 | 5,260 | |
b | Pool 895572, 4.695% (LIBOR 12 Month + 1.82%) due 6/1/2036 | 146,797 | 154,553 |
Pool AA2870, 4.00% due 3/1/2024 | 214,017 | 223,217 | |
Pool AB7997, 2.50% due 2/1/2023 | 299,478 | 302,022 | |
Pool AB8442, 2.00% due 2/1/2028 | 3,026,382 | 3,028,241 | |
Pool AB8447, 2.50% due 2/1/2028 | 1,284,834 | 1,300,566 | |
Pool AD8191, 4.00% due 9/1/2025 | 389,690 | 406,441 | |
Pool AE0704, 4.00% due 1/1/2026 | 1,496,673 | 1,561,008 | |
Pool AH3487, 3.50% due 2/1/2026 | 1,785,637 | 1,848,601 | |
Pool AJ1752, 3.50% due 9/1/2026 | 1,226,741 | 1,269,998 | |
Pool AK6518, 3.00% due 3/1/2027 | 898,917 | 923,428 | |
Pool AK6768, 3.00% due 3/1/2027 | 1,280,886 | 1,311,010 | |
Pool AL9821, 2.50% due 1/1/2032 | 4,387,602 | 4,453,665 | |
Pool AS4916, 3.00% due 5/1/2030 | 2,670,648 | 2,742,635 | |
Pool AS9749, 4.00% due 6/1/2047 | 2,027,883 | 2,123,940 | |
Pool AU2669, 2.50% due 10/1/2028 | 1,269,618 | 1,289,527 | |
Pool BF0130, 3.50% due 8/1/2056 | 618,974 | 651,120 | |
Pool BF0144, 3.50% due 10/1/2056 | 841,667 | 889,850 | |
Pool BM4864, 3.50% due 5/1/2033 | 2,124,272 | 2,215,773 | |
Pool BM5490, 3.50% due 11/1/2031 | 2,646,078 | 2,750,959 | |
Pool CA0200, 3.00% due 8/1/2032 | 2,227,335 | 2,302,686 | |
Pool MA0380, 4.00% due 4/1/2020 | 13,690 | 13,721 | |
Pool MA1582, 3.50% due 9/1/2043 | 3,384,785 | 3,545,765 | |
Pool MA1585, 2.00% due 9/1/2023 | 873,586 | 872,112 |
PRINCIPAL AMOUNT | VALUE | ||
Pool MA2322, 2.50% due 7/1/2025 | $ 851,099 | $ 860,191 | |
Pool MA2353, 3.00% due 8/1/2035 | 1,937,726 | 1,995,240 | |
Pool MA2480, 4.00% due 12/1/2035 | 1,839,545 | 1,949,675 | |
Pool MA2499, 2.50% due 1/1/2026 | 1,494,303 | 1,510,731 | |
Pool MA3465, 4.00% due 9/1/2038 | 2,109,509 | 2,224,594 | |
Pool MA3557, 4.00% due 1/1/2029 | 2,484,481 | 2,596,712 | |
Pool MA3681, 3.00% due 6/1/2034 | 2,240,685 | 2,290,579 | |
Federal National Mtg Assoc., CMO REMIC, | |||
Series 1993-32 Class H, 6.00% due 3/25/2023 | 6,415 | 6,727 | |
d | Series 2009-17 Class AH, 0.62% due 3/25/2039 | 336,138 | 291,296 |
Series 2009-52 Class AJ, 4.00% due 7/25/2024 | 7,344 | 7,428 | |
Series 2011-45 Class VA, 4.00% due 3/25/2024 | 30,446 | 30,436 | |
Series 2012-36 Class CV, 4.00% due 6/25/2023 | 1,497,770 | 1,520,440 | |
b | Series 2013-81 Class FW, 2.318% (LIBOR 1 Month + 0.30%) due 1/25/2043 | 2,197,609 | 2,179,418 |
b | Series 2013-92 Class FA, 2.568% (LIBOR 1 Month + 0.55%) due 9/25/2043 | 1,594,380 | 1,603,688 |
Federal National Mtg Assoc., CMO, | |||
Series 2011-70 Class CA, 3.00% due 8/25/2026 | 3,009,008 | 3,001,484 | |
Series 2012-20 Class VT, 3.50% due 3/25/2025 | 2,349,355 | 2,369,449 | |
b | Series 2015-SB5 Class A10, 3.15% (LIBOR 1 Month + 3.15%) due 9/25/2035 | 1,080,871 | 1,114,742 |
b | Series 2018-SB47 Class A5H, 2.92% (LIBOR 1 Month + 2.92%) due 1/25/2038 | 1,462,542 | 1,494,460 |
Federal National Mtg Assoc., Grantor Trust, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 998,295 | 1,037,730 | |
Government National Mtg Assoc., | |||
d | Pool 751388, 5.303% due 1/20/2061 | 758,625 | 760,940 |
d | Pool 751392, 5.00% due 2/20/2061 | 4,300,687 | 4,464,082 |
b | Pool 894205, 3.75% (H15T1Y + 1.50%) due 8/20/2039 | 331,080 | 340,587 |
b | Pool MA0100, 3.875% (H15T1Y + 1.50%) due 5/20/2042 | 512,866 | 529,362 |
Pool MA0907, 2.00% due 4/20/2028 | 1,714,342 | 1,705,217 | |
Government National Mtg Assoc., CMO, | |||
Series 2010-160 Class VY, 4.50% due 1/20/2022 | 249,873 | 255,575 | |
Series 2017-186 Class VA, 3.00% due 2/20/2031 | 2,691,080 | 2,740,664 | |
Mortgage-Linked Amortizing Notes CMO, Series 2012-1 Class A10, 2.06% due 1/15/2022 | 394,480 | 395,069 | |
Total Mortgage Backed(Cost $141,620,947) | 143,371,073 | ||
Corporate Bonds — 1.7% | |||
Telecommunication Services — 1.7% | |||
Wireless Telecommunication Services — 1.7% | |||
Sprint Communications, Inc., 9.25% due 4/15/2022 | 3,500,000 | 4,055,625 | |
4,055,625 | |||
Total Corporate Bonds(Cost $4,020,244) | 4,055,625 | ||
Short-Term Investments — 12.1% | |||
Bank of New York Tri-Party Repurchase Agreement 1.94% dated 9/30/2019 due 10/1/2019, repurchase price $9,000,485 collateralized by 4 U.S. Government debt securities, having an average coupon of 4.75%, a minimum credit rating of BBB-, maturity dates from 10/25/2021 to 8/20/2049, and having an aggregate market value of $9,143,909 at 9/30/2019 | 9,000,000 | 9,000,000 | |
Federal Home Loan Bank Discount Notes, 1.50% due 10/1/2019 | 5,024,000 | 5,024,000 | |
United States Treasury Bill, | |||
1.657% due 10/3/2019 | 3,000,000 | 2,999,724 | |
1.795% due 10/15/2019 | 3,000,000 | 2,997,906 | |
1.962% due 10/10/2019 | 3,000,000 | 2,998,525 | |
1.98% due 10/8/2019 | 3,000,000 | 2,998,845 | |
1.986% due 10/1/2019 | 3,000,000 | 3,000,000 | |
Total Short-Term Investments(Cost $29,019,000) | 29,019,000 | ||
Total Investments — 100.9%(Cost $239,291,685) | $241,672,065 | ||
Liabilities Net of Other Assets — (0.9)% | (2,270,166) | ||
Net Assets — 100.0% | $239,401,899 |
Footnote Legend | |
a | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
Thornburg Limited Term U.S. Government Fund | September 30, 2019
b | Floating Rate Security. Stated interest/floor rate was in effect at September 30, 2019. |
c | Segregated as collateral for a when-issued security. |
d | Variable rate coupon, rate shown as of September 30, 2019. |
e | When-issued security. |
f | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2019. |
To simplify the listings of securities, abbreviations are used per the table below:
CMO | Collateralized Mortgage Obligation |
H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year |
LIBOR | London Interbank Offered Rates |
Mtg | Mortgage |
REMIC | Real Estate Mortgage Investment Conduit |
Thornburg Limited Term Income Fund | September 30, 2019 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 602 |
Effective Duration | 2.5 Yrs |
Average Maturity | 3.3 Yrs |
8% | 17% | 13% | 15% | 14% | 11% | 7% | 3% | 4% | 2% | 6% |
Thornburg Limited Term Income Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
U.S. Treasury Securities — 9.3% | |||
United States Treasury Notes Inflationary Index, | |||
0.125% due 4/15/2020 | $ 18,140,117 | $ 17,982,808 | |
0.25% due 1/15/2025 | 5,957,490 | 5,971,802 | |
0.375% due 7/15/2027 | 65,948,544 | 66,936,486 | |
0.875% due 1/15/2029 | 83,109,643 | 88,174,138 | |
United States Treasury Notes, | |||
1.375% due 5/31/2020 - 8/31/2020 | 36,075,000 | 35,947,529 | |
1.50% due 5/15/2020 | 30,000,000 | 29,931,444 | |
1.625% due 12/31/2019 - 8/15/2029 | 207,430,000 | 206,975,629 | |
2.25% due 11/15/2025 - 8/15/2027 | 35,637,000 | 37,115,071 | |
2.50% due 5/31/2020 | 7,000,000 | 7,028,096 | |
2.625% due 2/15/2029 | 31,970,000 | 34,606,902 | |
Total U.S. Treasury Securities(Cost $517,427,566) | 530,669,905 | ||
U.S. Government Agencies — 1.0% | |||
a | Durrah MSN 35603 (Guaranty: Export-Import Bank of the United States), 1.684% due 1/22/2025 | 7,210,140 | 7,183,055 |
Export Leasing (2009), LLC (Guaranty: Export-Import Bank of the United States), 1.859% due 8/28/2021 | 1,794,044 | 1,794,855 | |
a | MSN 41079 and 41084 Ltd. (Guaranty: Export-Import Bank of the United States), 1.717% due 7/13/2024 | 5,324,667 | 5,304,485 |
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a | 1.70% due 12/20/2022 | 3,640,000 | 3,622,567 |
a | 2.46% due 12/15/2025 | 4,875,000 | 4,949,360 |
a,b | 2.653% (LIBOR 3 Month + 0.35%) due 4/15/2025 | 5,957,000 | 5,975,311 |
Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), | |||
a | 1.87% due 1/15/2026 | 4,666,316 | 4,662,534 |
a | 2.06% due 1/15/2026 | 975,000 | 979,453 |
a | 2.512% due 1/15/2026 | 4,225,000 | 4,288,461 |
Small Business Administration Participation Certificates, | |||
Series 2011-20G Class 1, 3.74% due 7/1/2031 | 5,357,260 | 5,631,481 | |
Series 2011-20K Class 1, 2.87% due 11/1/2031 | 6,453,504 | 6,635,736 | |
c,d,e,f | U.S. Department of Transportation, 6.001% due 12/7/2031 | 3,000,000 | 3,232,814 |
a,b | Washington Aircraft 2 Co. Ltd. (Guaranty: Export-Import Bank of the United States), 2.543% (LIBOR 3 Month + 0.43%) due 6/26/2024 | 4,947,181 | 4,950,981 |
Total U.S. Government Agencies(Cost $59,146,214) | 59,211,093 | ||
Other Government — 0.9% | |||
a,c,d | Bermuda Government International Bond, 4.138% due 1/3/2023 | 4,000,000 | 4,198,750 |
Carpintero Finance Ltd. (Guaranty: Export Credits Guarantee Department), | |||
a,c | 2.004% due 9/18/2024 | 5,132,834 | 5,143,876 |
a,c | 2.581% due 11/11/2024 | 7,425,108 | 7,553,633 |
a,c | Khadrawy Ltd. (Guaranty: Export Credits Guarantee Department), 2.471% due 3/31/2025 | 3,513,883 | 3,377,895 |
a,b,c | Korea Expressway Corp., 2.978% (LIBOR 3 Month + 0.70%) due 4/20/2020 | 15,000,000 | 15,027,300 |
a | North American Development Bank, 4.375% due 2/11/2020 | 15,500,000 | 15,591,508 |
Total Other Government(Cost $50,689,875) | 50,892,962 | ||
Mortgage Backed — 20.6% | |||
Angel Oak Mortgage Trust, LLC, Whole Loan Securities Trust CMO, | |||
c,g | Series 2017-1 Class A2, 3.085% due 1/25/2047 | 1,112,133 | 1,110,291 |
c,g | Series 2017-3 Class A1, 2.708% due 11/25/2047 | 3,186,161 | 3,146,935 |
c,g | Series 2018-1 Class A1, 3.258% due 4/27/2048 | 5,312,568 | 5,379,284 |
c,g | Series 2018-2 Class A1, 3.674% due 7/27/2048 | 5,634,913 | 5,745,008 |
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
c,g | Series 2018-1 Class A1, 3.763% due 4/25/2048 | 11,565,346 | 11,767,743 |
c,g | Series 2019-1 Class A1, 3.805% due 1/25/2049 | 18,402,901 | 18,743,556 |
c,g | Series 2019-2 Class A1, 3.347% due 4/25/2049 | 9,340,616 | 9,496,916 |
c,g | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 21,686,292 | 21,576,954 |
c | Barclays Commercial Mortgage Securities, LLC, Series 2015-STP Class A, 3.323% due 9/10/2028 | 3,237,712 | 3,263,651 |
b,c | Bayview Commercial Asset Trust CMO, Series 2004-3 Class A2, 2.648% (LIBOR 1 Month + 0.63%) due 1/25/2035 | 1,488,223 | 1,469,691 |
c | Bravo Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 8,065,935 | 8,127,077 |
c,g | CIM Trust, Whole Loan Securities Trust CMO, Series 18-INV1 Class A4, 4.00% due 8/25/2048 | 7,188,278 | 7,344,655 |
g | Citigroup Mortgage Loan Trust, Inc., Whole Loan Securities Trust CMO, Series 2004-HYB2 Class B1, 4.917% due 3/25/2034 | 96,285 | 84,795 |
c,g | Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2014-A Class A, 4.00% due 1/25/2035 | 1,531,831 | 1,567,334 |
PRINCIPAL AMOUNT | VALUE | ||
COMM Mortgage Trust, Series 2016-DC2 Class A1, 1.82% due 2/10/2049 | $ 8,807,491 | $ 8,783,742 | |
c,g | Credit Suisse Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-HL2 Class A3, 3.50% due 10/25/2047 | 12,778,763 | 12,986,198 |
b,c | DBUBS Mortgage Trust, Series 2011-LC2A Class A1FL, 3.389% (LIBOR 1 Month + 1.35%) due 7/12/2044 | 1,465,762 | 1,471,320 |
c | FDIC Trust, Whole Loan Securities Trust CMO, Series 2013-R1 Class A, 1.15% due 3/25/2033 | 631,620 | 628,106 |
Federal Home Loan Mtg Corp. CMO REMIC, Series 3195 Class PD, 6.50% due 7/15/2036 | 545,182 | 614,057 | |
g,h | Federal Home Loan Mtg Corp. Multifamily Structured Pass Through Certificates IO, Series K008 Class X1, 1.643% due 6/25/2020 | 28,751,105 | 200,628 |
Federal Home Loan Mtg Corp. Multifamily Structured Pass Through Certificates, | |||
g | Series K031 Class A2, 3.30% due 4/25/2023 | 9,203,000 | 9,595,282 |
Series K039 Class A1, 2.683% due 12/25/2023 | 4,005,510 | 4,067,638 | |
g | Series K719 Class A2, 2.731% due 6/25/2022 | 6,355,000 | 6,457,856 |
Series K722 Class A2, 2.406% due 3/25/2023 | 4,800,000 | 4,864,182 | |
Series K725 Class A1, 2.666% due 5/25/2023 | 6,949,860 | 7,043,178 | |
Federal Home Loan Mtg Corp., | |||
Pool G15643, 3.00% due 10/1/2030 | 13,353,343 | 13,787,239 | |
Pool J17504, 3.00% due 12/1/2026 | 990,517 | 1,018,059 | |
Pool ZS7299, 3.00% due 10/1/2030 | 17,198,959 | 17,748,552 | |
Series K716 Class A1, 2.413% due 1/25/2021 | 1,652,458 | 1,653,546 | |
Federal Home Loan Mtg Corp., CMO REMIC, | |||
Series 2682 Class JG, 4.50% due 10/15/2023 | 261,581 | 268,126 | |
Series 3291 Class BY, 4.50% due 3/15/2022 | 121,900 | 123,433 | |
Series 3504 Class PC, 4.00% due 1/15/2039 | 17,516 | 17,758 | |
Series 3838 Class GV, 4.00% due 3/15/2024 | 4,949,380 | 5,084,410 | |
Series 3919 Class VB, 4.00% due 8/15/2024 | 2,642,250 | 2,714,898 | |
Series 3922 Class PQ, 2.00% due 4/15/2041 | 847,374 | 835,275 | |
Series 4050 Class MV, 3.50% due 8/15/2023 | 1,573,062 | 1,594,444 | |
Series 4072 Class VA, 3.50% due 10/15/2023 | 1,233,137 | 1,250,421 | |
Series 4079 Class WV, 3.50% due 3/15/2027 | 2,175,652 | 2,222,463 | |
Series 4097 Class TE, 1.75% due 5/15/2039 | 2,949,681 | 2,920,564 | |
Series 4120 Class TC, 1.50% due 10/15/2027 | 1,813,657 | 1,760,799 | |
Federal Home Loan Mtg Corp., CMO, Series K038 Class A1, 2.604% due 10/25/2023 | 7,691,023 | 7,786,825 | |
Federal Home Loan Mtg Corp., Multi-Family Structured Pass Through, | |||
Series K030 Class A1, 2.779% due 9/25/2022 | 2,397,003 | 2,421,418 | |
Series K717 Class A2, 2.991% due 9/25/2021 | 4,700,000 | 4,759,919 | |
Federal Home Loan Mtg Corp., REMIC, | |||
Pool D98887, 3.50% due 1/1/2032 | 2,772,667 | 2,886,160 | |
i | Pool G16800, 3.00% due 5/1/2034 | 20,247,476 | 20,932,448 |
Pool T65457, 3.00% due 1/1/2048 | 26,480,125 | 26,842,341 | |
Pool ZT1958, 3.00% due 11/1/2030 | 745,962 | ��� 766,471 | |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer CMO, | |||
f | Series 2017-1 Class HA, 3.00% due 1/25/2056 | 9,687,255 | 9,923,885 |
Series 2019-3 Class MA, 3.50% due 10/25/2058 | 27,611,059 | 28,808,984 | |
g | Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer Whole Loan Securities CMO, Series 2018-2 Class HA, 3.00% due 11/25/2057 | 24,083,411 | 24,703,152 |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer Whole Loan Securities Trust CMO, Series 2018-4 Class HA, 3.00% due 3/25/2058 | 20,829,970 | 21,338,903 | |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, | |||
f | Series 2017-3 Class HA, 3.00% due 7/25/2056 | 16,790,391 | 17,382,603 |
f | Series 2017-4 Class HT, 3.00% due 6/25/2057 | 14,433,760 | 15,410,578 |
f | Series 2018-1 Class HA, 2.75% due 5/25/2057 | 9,962,231 | 10,212,473 |
Series 2018-3 Class HA, 3.00% due 8/25/2057 | 25,273,425 | 25,944,225 | |
Series 2019-1 Class MA, 3.50% due 7/25/2058 | 19,377,909 | 20,287,082 | |
Series 2019-2 Class MA, 3.50% due 8/25/2058 | 47,530,250 | 49,792,718 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | 5,577,653 | 5,797,708 | |
Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | 46,623,543 | 47,089,331 | |
Series 2017-SC02 Class 2A1, 3.50% due 5/25/2047 | 4,240,124 | 4,286,258 | |
Federal National Mtg Assoc. CMO REMIC, | |||
Series 2005-48 Class AR, 5.50% due 2/25/2035 | 7,282 | 7,289 | |
Series 2007-42 Class PA, 5.50% due 4/25/2037 | 122,678 | 126,555 | |
Series 2012-129 Class LA, 3.50% due 12/25/2042 | 5,987,023 | 6,148,729 | |
Federal National Mtg Assoc., | |||
Pool 469616, 3.50% due 11/1/2021 | 3,539,103 | 3,626,894 | |
Pool 897936, 5.50% due 8/1/2021 | 96,284 | 98,252 | |
Pool AB7997, 2.50% due 2/1/2023 | 1,630,423 | 1,644,273 |
Thornburg Limited Term Income Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Pool AB8442, 2.00% due 2/1/2028 | $ 18,204,264 | $ 18,215,447 | |
Pool AE0160, 4.416% due 6/1/2020 | 4,407,410 | 4,421,549 | |
Pool AE0704, 4.00% due 1/1/2026 | 3,892,813 | 4,060,147 | |
Pool AK6518, 3.00% due 3/1/2027 | 1,253,874 | 1,288,064 | |
Pool AL9445, 3.00% due 7/1/2031 | 50,733,602 | 52,354,794 | |
Pool AL9612, 3.50% due 11/1/2043 | 6,676,510 | 7,012,821 | |
Pool AS3111, 3.00% due 8/1/2029 | 7,479,995 | 7,707,331 | |
Pool AS4916, 3.00% due 5/1/2030 | 831,435 | 853,847 | |
Pool AS9733, 4.00% due 6/1/2047 | 26,833,405 | 28,867,524 | |
Pool AS9749, 4.00% due 6/1/2047 | 17,216,043 | 18,031,532 | |
Pool AV5059, 3.00% due 2/1/2029 | 4,760,532 | 4,900,753 | |
Pool BM4324, 3.50% due 7/1/2033 | 5,994,089 | 6,299,106 | |
Pool BM5462, 3.00% due 11/1/2032 | 16,496,891 | 16,993,117 | |
Pool BM5490, 3.50% due 11/1/2031 | 8,732,058 | 9,078,164 | |
Pool CA0200, 3.00% due 8/1/2032 | 16,577,659 | 17,138,481 | |
Pool CA3430, 3.50% due 4/1/2034 | 23,474,168 | 24,698,024 | |
Pool CA3904, 3.00% due 7/1/2034 | 14,000,510 | 14,482,897 | |
Pool FM1126, 3.00% due 3/1/2033 | 9,684,723 | 9,966,960 | |
Pool MA1278, 2.50% due 12/1/2022 | 2,146,258 | 2,164,488 | |
Pool MA1585, 2.00% due 9/1/2023 | 3,308,707 | 3,303,126 | |
Pool MA2815, 3.00% due 11/1/2026 | 2,431,290 | 2,488,468 | |
Pool MA3465, 4.00% due 9/1/2038 | 18,918,075 | 19,950,160 | |
Pool MA3681, 3.00% due 6/1/2034 | 16,700,007 | 17,071,874 | |
Federal National Mtg Assoc., CMO REMIC, | |||
g | Series 2009-17 Class AH, 0.62% due 3/25/2039 | 560,229 | 485,494 |
Series 2009-52 Class AJ, 4.00% due 7/25/2024 | 12,240 | 12,380 | |
Series 2012-36 Class CV, 4.00% due 6/25/2023 | 1,366,341 | 1,387,022 | |
b | Series 2013-81 Class FW, 2.318% (LIBOR 1 Month + 0.30%) due 1/25/2043 | 7,984,944 | 7,918,846 |
Federal National Mtg Assoc., Grantor Trust, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 17,969,318 | 18,679,143 | |
c,g | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 8,818,179 | 8,861,751 |
c,g | FWD Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-INV1 Class A1, 2.81% due 6/25/2049 | 7,174,740 | 7,206,259 |
c,g | Galton Funding Mortgage Trust, Whole Loan Securities Trust CMO, Series 2018-1 Class A43, 3.50% due 11/25/2057 | 2,879,033 | 2,905,908 |
c,f | GCAT 2019-NQM1 LLC, Whole Loan Securities Trust CMO, Series 2019-NQM1 Class A1, 2.985% due 2/25/2059 | 19,137,624 | 19,349,853 |
c,f | GCAT Trust Whole Loan Securities Trust, Whole Loan Securities Trust CMO, Series 2019-NQM2 Class A1, 2.855% due 9/25/2059 | 19,900,000 | 19,898,171 |
Government National Mtg Assoc., | |||
g | Pool 731491, 5.17% due 12/20/2060 | 644,049 | 655,136 |
g | Pool 751388, 5.303% due 1/20/2061 | 1,192,125 | 1,195,763 |
Pool 783299, 4.50% due 2/15/2022 | 8,088 | 8,103 | |
b | Pool MA0100, 3.875% (H15T1Y + 1.50%) due 5/20/2042 | 518,047 | 534,709 |
Series 2009-68 Class DP, 4.50% due 11/16/2038 | 163,688 | 168,627 | |
Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, | |||
c,g | Series 2018-1 Class A1, 3.766% due 6/25/2048 | 8,641,685 | 8,893,524 |
c,g | Series 2019-1 Class A1, 3.454% due 1/25/2059 | 15,345,304 | 15,561,860 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
c,g | Series 2017-2 Class A6, 3.00% due 5/25/2047 | 15,255,308 | 15,350,412 |
c,g | Series 2017-6 Class A5, 3.50% due 12/25/2048 | 17,567,274 | 17,860,176 |
c,g | Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, Series 2018-MTG1 Class A3, 3.50% due 3/25/2048 | 10,858,920 | 11,037,893 |
g | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 4.38% due 8/25/2034 | 303,605 | 269,219 |
c,g | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 4,848,072 | 5,039,594 |
Mortgage-Linked Amortizing Notes CMO, Series 2012-1 Class A10, 2.06% due 1/15/2022 | 333,791 | 334,289 | |
c,g | New Residential Mortgage Loan Trust Whole Loan Securities Trust CMO, Series 2017-2A Class A3, 4.00% due 3/25/2057 | 7,540,823 | 7,920,591 |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
c,g | Series 2017-3A Class A1, 4.00% due 4/25/2057 | 9,515,174 | 9,932,991 |
c,g | Series 2017-4A Class A1, 4.00% due 5/25/2057 | 11,881,023 | 12,477,021 |
b,c | Series 2017-5A Class A1, 3.518% (LIBOR 1 Month + 1.50%) due 6/25/2057 | 988,445 | 1,004,058 |
c,g | Series 2018-2A Class A1, 4.50% due 2/25/2058 | 11,040,560 | 11,621,500 |
c,g | Series 2018-NQM1 Class A1, 3.986% due 11/25/2048 | 16,925,884 | 17,516,369 |
c,g | Series 2018-RPL1 Class A1, 3.50% due 12/25/2057 | 6,795,615 | 7,083,093 |
RAMP Trust, Whole Loan Securities Trust CMO, Series 2003-SL1 Class A31, 7.125% due 4/25/2031 | 905,074 | 924,918 | |
Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, | |||
c,g | Series 2017-4 Class A4, 3.50% due 7/25/2047 | 3,243,983 | 3,300,373 |
c,g | Series 2017-5 Class A4, 3.50% due 8/25/2047 | 8,063,938 | 8,214,193 |
c,g | Shellpoint Asset Funding Trust, Whole Loan Securities Trust CMO, Series 2013-1 Class A1, 3.75% due 7/25/2043 | 4,684,248 | 4,802,893 |
PRINCIPAL AMOUNT | VALUE | ||
g | Structured Asset Securities Corp. Mortgage Pass-Through Ctfs, Whole Loan Securities Trust CMO, Series 2003-9A Class 2A2, 4.171% due 3/25/2033 | $ 835,459 | $ 846,506 |
Verus Securitization Trust, Whole Loan Securities Trust CMO, | |||
c,g | Series 2017-2A Class A1, 2.485% due 7/25/2047 | 6,340,538 | 6,300,038 |
c,g | Series 2018-2 Class A1, 3.677% due 6/1/2058 | 8,673,433 | 8,882,925 |
c,g | Series 2018-3 Class A1, 4.108% due 10/25/2058 | 9,306,746 | 9,576,224 |
c,f | Series 2019-3 Class A1, 2.784% due 7/25/2059 | 25,644,160 | 25,700,444 |
c,g | Wells Fargo Commercial Mortgage Trust, Series 2013-120B Class A, 2.80% due 3/18/2028 | 15,000,000 | 14,992,723 |
Total Mortgage Backed(Cost $1,155,239,801) | 1,173,621,204 | ||
Asset Backed Securities — 15.5% | |||
Advance Receivables — 0.7% | |||
c,j | New Residential Advance Receivables Trust, Series 2019-T2 Class AT2, 2.52% due 8/15/2053 | 31,650,000 | 31,571,505 |
c | SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2018-T1 Class A, 3.62% due 10/17/2050 | 7,605,593 | 7,710,383 |
39,281,888 | |||
Asset-Backed - Finance & Insurance — 3.7% | |||
c | Aqua Finance Trust, Series 2019-A Class A, 3.14% due 7/16/2040 | 16,800,000 | 16,821,738 |
c | Conn’s Receivables Funding LLC, Series 2019-A Class A, 3.40% due 10/16/2023 | 5,695,939 | 5,718,885 |
c | ExteNet, LLC, Series 2019-1A Class A2, 3.204% due 7/26/2049 | 9,855,000 | 9,976,126 |
c | Freed ABS Trust, Series 2019-1 Class-A, 3.42% due 6/18/2026 | 4,100,151 | 4,120,393 |
c | Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033 | 12,852,201 | 12,826,413 |
c | Lendingpoint Asset Securitization Trust, Series 2019-1 Class A, 3.154% due 8/15/2025 | 16,161,137 | 16,182,339 |
c | Meltel Land Funding, LLC, Series 2019-1A Class A, 3.768% due 4/15/2049 | 9,400,000 | 9,635,246 |
c | NRZ Advance Receivables Trust, Series 2019-T1 Class AT1, 2.59% due 7/15/2052 | 27,675,000 | 27,802,120 |
c | SCF Equipment Leasing, Series 2019-1A Class A1, 3.04% due 3/20/2023 | 8,053,824 | 8,084,742 |
c | Sierra Timeshare Receivables Funding, LLC, Series 2019-1A Class A, 3.20% due 1/20/2036 | 3,630,729 | 3,730,585 |
c | Small Business Lending Trust, Series 2019-A Class A, 2.85% due 7/15/2026 | 8,400,000 | 8,395,987 |
Sofi Consumer Loan Program Trust, | |||
c | Series 2018-1 Class A2, 3.14% due 2/25/2027 | 450,000 | 452,461 |
c | Series 2019-3 Class A, 2.90% due 5/25/2028 | 20,639,269 | 20,770,551 |
c | SpringCastle Funding, Series 2019-AA Class A, 3.20% due 5/27/2036 | 28,656,200 | 28,939,888 |
Upstart Securitization Trust, | |||
c | Series 2019-1 Class B, 4.19% due 4/20/2026 | 14,850,000 | 15,004,923 |
c | Series 2019-2 Class A, 2.897% due 9/20/2029 | 19,974,977 | 20,029,047 |
208,491,444 | |||
Auto Receivables — 1.8% | |||
American Credit Acceptance Receivables Trust, | |||
c | Series 2016-4 Class C, 2.91% due 2/13/2023 | 453,878 | 453,902 |
c | Series 2018-3 Class B, 3.49% due 6/13/2022 | 3,815,000 | 3,828,264 |
c | Avis Budget Rental Car Funding AESOP, LLC, Series 2015-2A Class A, 2.63% due 12/20/2021 | 6,000,000 | 6,018,190 |
c | CarNow Auto Receivables Trust, Series 2019-1A Class A, 2.72% due 11/15/2022 | 10,893,885 | 10,908,764 |
c | CIG Auto Receivables Trust, Series 2017-1A Class A, 2.71% due 5/15/2023 | 1,041,738 | 1,042,163 |
c | CPS Auto Receivables Trust, Series 2019-A Class B, 3.58% due 12/16/2024 | 11,800,000 | 11,954,496 |
c | Enterprise Fleet Financing, LLC, Series 2017-1 Class A2, 2.13% due 7/20/2022 | 1,104,309 | 1,103,836 |
Foursight Capital Automobile Receivables Trust, | |||
c | Series 2016-1 Class A2, 2.87% due 10/15/2021 | 1,838,554 | 1,839,540 |
c | Series 2019-1 Class A2, 2.58% due 3/15/2023 | 8,900,000 | 8,912,738 |
GLS Auto Receivables Trust, | |||
c | Series 2018-2A Class A, 3.25% due 4/18/2022 | 2,551,220 | 2,557,398 |
c | Series 2018-3A Class A, 3.35% due 8/15/2022 | 4,207,289 | 4,226,611 |
c | Series 2019-1A Class A, 3.37% due 1/17/2023 | 9,660,329 | 9,712,917 |
b,c | Hertz Fleet Lease Funding LP, Series 2016-1 Class A1, 3.149% (LIBOR 1 Month + 1.10%) due 4/10/2030 | 1,176,707 | 1,176,857 |
a,b,c | OSCAR US Funding Trust VII, LLC, Series 2017-2A Class A2B, 2.699% (LIBOR 1 Month + 0.65%) due 11/10/2020 | 99,891 | 99,897 |
c | OSCAR US Funding Trust, Series 2016-2A Class A3, 2.73% due 12/15/2020 | 604,579 | 604,656 |
a,c | Oscar US Funding XI, LLC, Series 2019-2A Class A3, 2.59% due 9/11/2023 | 14,400,000 | 14,472,997 |
c | Skopos Auto Receivables Trust, Series 2019-1A Class A, 2.90% due 12/15/2022 | 10,250,000 | 10,255,649 |
c | Tesla Auto Lease Trust, Series 2018-B Class A, 3.71% due 8/20/2021 | 5,390,611 | 5,473,707 |
c | U.S. Auto Funding, LLC, Series 2019-1A Class A, 3.61% due 4/15/2022 | 7,883,419 | 7,921,357 |
c | Veros Automobile Receivables Trust, Series 2017-1 Class A, 2.84% due 4/17/2023 | 296,032 | 296,000 |
102,859,939 |
Thornburg Limited Term Income Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Other Asset Backed — 7.1% | |||
Appalachian Consumer Rate Relief Funding, LLC, Series 2013-1 Class A1, 2.008% due 2/1/2024 | $ 6,047,771 | $ 6,055,657 | |
c | Avant Loans Funding Trust, Series 2019-A Class A, 3.48% due 7/15/2022 | 8,432,312 | 8,469,666 |
AXIS Equipment Finance Receivables VI, LLC, | |||
c | Series 2018-2A Class A2, 3.89% due 7/20/2022 | 5,242,753 | 5,289,827 |
c | Series 2019-1A Class A2, 2.63% due 6/20/2024 | 8,400,000 | 8,429,048 |
c,g | Bayview Opportunity Master Fund IVa Trust, Series 2017-RT1 Class A1, 3.00% due 3/28/2057 | 3,030,562 | 3,067,078 |
c | BCC Funding XIV, LLC, Series 2018-1A Class A2, 2.96% due 6/20/2023 | 2,250,981 | 2,262,538 |
c | BRE Grand Islander Timeshare Issuer, LLC, Series 2017-1A Class A, 2.94% due 5/25/2029 | 3,152,441 | 3,184,960 |
Consumer Loan Underlying Bond Credit Trust, | |||
c | Series 2018-P2 Class A, 3.47% due 10/15/2025 | 3,978,843 | 3,999,537 |
c | Series 2018-P3 Class A, 3.82% due 1/15/2026 | 4,289,201 | 4,331,408 |
c | Credit Suisse ABS Trust, Series 2018-LD1 Class A, 3.42% due 7/25/2024 | 710,502 | 710,818 |
c | Dell Equipment Finance Trust, Series 2018-1 Class A2A, 2.97% due 10/22/2020 | 3,419,916 | 3,426,365 |
Diamond Resorts Owner Trust, | |||
c | Series 2018-1 Class A, 3.70% due 1/21/2031 | 8,406,360 | 8,565,772 |
c | Series 2019-1A Class A, 2.89% due 2/20/2032 | 22,946,320 | 23,002,405 |
a,c | ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | 4,556,666 | 4,557,384 |
Entergy New Orleans Storm Recovery Funding I, LLC, Series 2015-1 Class A, 2.67% due 6/1/2027 | 9,153,050 | 9,264,256 | |
Foundation Finance Trust, | |||
c | Series 2017-1A Class A, 3.30% due 7/15/2033 | 3,607,621 | 3,627,839 |
c | Series 2019-1A Class A, 3.86% due 11/15/2034 | 12,717,235 | 13,016,468 |
a,c | Global SC Finance IV Ltd., Series 2017-1A Class A, 3.85% due 4/15/2037 | 6,550,638 | 6,740,291 |
HERO Funding Trust, | |||
c | Series 2015-1A Class A, 3.84% due 9/21/2040 | 6,749,378 | 6,912,186 |
c | Series 2017-2A Class A1, 3.28% due 9/20/2048 | 1,306,006 | 1,317,414 |
Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2014-ELL Class A1, 1.66% due 2/1/2022 | 239,804 | 239,476 | |
Nationstar HECM Loan Trust, | |||
c,e,g | Series 2018-1A Class A, 2.76% due 2/25/2028 | 2,511,040 | 2,495,974 |
c,g | Series 2018-2A Class A, 3.188% due 7/25/2028 | 1,924,842 | 1,930,017 |
c,g | Series 2019-1A Class A, 2.651% due 6/25/2029 | 10,441,971 | 10,458,064 |
b,c | Navient Private Education Loan Trust, Series 2015-AA Class A2B, 3.228% (LIBOR 1 Month + 1.20%) due 12/15/2028 | 3,717,929 | 3,750,703 |
b | Navient Student Loan Trust, Series 2014-1 Class A3, 2.528% (LIBOR 1 Month + 0.51%) due 6/25/2031 | 8,450,616 | 8,385,692 |
b,c | Nelnet Student Loan Trust, Series 2013-1A Class A, 2.618% (LIBOR 1 Month + 0.60%) due 6/25/2041 | 5,680,948 | 5,624,945 |
b,c,d,e | Northwind Holdings, LLC, Series 2007-1A Class A1, 3.30% (LIBOR 3 Month + 0.78%) due 12/1/2037 | 831,250 | 819,613 |
Ocwen Master Advance Receivables Trust, | |||
c | Series 2019-T1 Class AT1, 2.514% due 8/15/2050 | 10,500,000 | 10,525,977 |
c | Series 2019-T2 Class AT2, 2.419% due 8/15/2051 | 7,900,000 | 7,919,011 |
c | Oportun Funding VI, LLC, Series 2017-A Class A, 3.23% due 6/8/2023 | 5,500,000 | 5,506,189 |
c | Oportun Funding VII, LLC, Series 2017-B Class A, 3.22% due 10/10/2023 | 7,500,000 | 7,557,716 |
b,c | Pennsylvania Higher Education Assistance Agency, Series 2012-1A Class A1, 2.568% (LIBOR 1 Month + 0.55%) due 5/25/2057 | 1,499,224 | 1,495,430 |
PFS Financing Corp., | |||
c | Series 2016-BA Class A, 1.87% due 10/15/2021 | 5,610,000 | 5,608,867 |
b,c | Series 2017-BA Class A1, 2.628% (LIBOR 1 Month + 0.60%) due 7/15/2022 | 16,900,000 | 16,922,333 |
c | Series 2017-D Class A, 2.40% due 10/17/2022 | 10,000,000 | 10,011,097 |
c | Series 2018-B Class A, 2.89% due 2/15/2023 | 7,400,000 | 7,469,393 |
c | Purchasing Power Funding, LLC, Series 2018-A Class A, 3.34% due 8/15/2022 | 9,400,000 | 9,428,758 |
c,e | Scala Funding Co., LLC, Series 2016-1 Class A, 3.91% due 2/15/2021 | 2,000,000 | 1,966,000 |
c | SCF Equipment Leasing, LLC, Series 2018-1A Class A2, 3.63% due 10/20/2024 | 5,886,060 | 5,905,308 |
Sierra Timeshare Receivables Funding, LLC, | |||
c | Series 2015-1A Class A, 2.40% due 3/22/2032 | 1,168,781 | 1,167,854 |
c | Series 2015-2A Class A, 2.43% due 6/20/2032 | 843,249 | 842,336 |
c | Series 2015-3A Class A, 2.58% due 9/20/2032 | 2,307,153 | 2,307,198 |
b | SLM Student Loan Trust, Series 2013-6 Class A3, 2.668% (LIBOR 1 Month + 0.65%) due 6/25/2055 | 39,387,081 | 39,234,873 |
Small Business Administration, | |||
Series 2001-20J Class 1, 5.76% due 10/1/2021 | 59,086 | 60,282 | |
Series 2008-20D Class 1, 5.37% due 4/1/2028 | 935,960 | 997,391 | |
Series 2009-20E Class 1, 4.43% due 5/1/2029 | 547,780 | 575,598 | |
Series 2009-20K Class 1, 4.09% due 11/1/2029 | 3,923,213 | 4,121,191 | |
Series 2011-20E Class 1, 3.79% due 5/1/2031 | 4,914,856 | 5,170,249 | |
Series 2011-20F Class 1, 3.67% due 6/1/2031 | 806,991 | 853,048 | |
Series 2011-20I Class 1, 2.85% due 9/1/2031 | 7,770,179 | 7,953,879 | |
Series 2012-20D Class 1, 2.67% due 4/1/2032 | 6,196,579 | 6,364,769 |
PRINCIPAL AMOUNT | VALUE | ||
Series 2012-20J Class 1, 2.18% due 10/1/2032 | $ 4,897,490 | $ 4,941,939 | |
Series 2012-20K Class 1, 2.09% due 11/1/2032 | 3,087,565 | 3,107,813 | |
b,c | SMB Private Education Loan Trust, Series 2015-A Class A3, 3.528% (LIBOR 1 Month + 1.50%) due 2/17/2032 | 10,000,000 | 10,135,781 |
c | Social Professional Loan Program, LLC, Series 2014-B Class A2, 2.55% due 8/27/2029 | 208,449 | 207,947 |
c | Sofi Consumer Loan Program, LLC, Series 2017-3 Class A, 2.77% due 5/25/2026 | 1,247,521 | 1,251,103 |
c | SoFi Professional Loan Program, LLC, Series 2017-E Class A2B, 2.72% due 11/26/2040 | 6,000,000 | 6,065,731 |
c | Sonic Capital, LLC, Series 2016-1A Class A2, 4.472% due 5/20/2046 | 8,743,251 | 8,858,885 |
c | Tax Ease Funding, LLC, Series 2016-1A Class A, 3.131% due 6/15/2028 | 3,914,609 | 3,909,169 |
Towd Point Mortgage Trust, | |||
c,g | Series 2016-5 Class A1, 2.50% due 10/25/2056 | 7,934,601 | 7,935,395 |
c,g | Series 2017-1 Class A1, 2.75% due 10/25/2056 | 4,428,096 | 4,450,679 |
c,g | Series 2018-2 Class A1, 3.25% due 3/25/2058 | 9,766,259 | 9,924,473 |
c,g | Series 2018-3 Class A1, 3.75% due 5/25/2058 | 6,563,610 | 6,801,213 |
c,g | Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 12,675,494 | 13,050,689 |
b,c | Volvo Financial Equipment Master Owner Trust, Series 2017-A Class A, 2.528% (LIBOR 1 Month + 0.50%) due 11/15/2022 | 3,350,000 | 3,358,502 |
c | Westgate Resorts, LLC, Series 2016-1A Class A, 3.50% due 12/20/2028 | 3,427,210 | 3,444,899 |
407,344,366 | |||
Residential MTG Trust — 0.3% | |||
c,g | Finance of America Structured Securities Trust, Series 2018-HB1 Class A, 3.375% due 9/25/2028 | 7,226,242 | 7,241,167 |
New Residential Mortgage Loan Trust, | |||
c,g | Series 2017-6A Class A1, 4.00% due 8/27/2057 | 4,354,781 | 4,550,095 |
c,g | Series 2018-1A Class A1A, 4.00% due 12/25/2057 | 5,136,859 | 5,355,645 |
17,146,907 | |||
Student Loan — 1.9% | |||
c | Commonbond Student Loan Trust, Series 18-CGS, Class A1, 3.87% due 2/25/2046 | 8,979,863 | 9,401,096 |
Navient Private Education Refinance Loan Trust, | |||
c | Series 2018-CA Class A1, 3.01% due 6/16/2042 | 2,472,933 | 2,494,711 |
b,c | Series 2019-D Class A2B, 3.078% (LIBOR 1 Month + 1.05%) due 12/15/2059 | 14,400,000 | 14,399,929 |
b,c | Navient Student Loan Trust, Series 2016-6A Class A2, 2.768% (LIBOR 1 Month + 0.75%) due 3/25/2066 | 11,160,184 | 11,207,506 |
Nelnet Student Loan Trust, | |||
b,c | Series 2015-2A Class A2, 2.618% (LIBOR 1 Month + 0.60%) due 9/25/2047 | 40,548,862 | 40,505,754 |
b,c | Series 2016-A Class A1A, 3.768% (LIBOR 1 Month + 1.75%) due 12/26/2040 | 6,154,959 | 6,124,735 |
SLM Student Loan Trust, | |||
b,c | Series 2011-A Class A3, 4.528% (LIBOR 1 Month + 2.50%) due 1/15/2043 | 6,072,111 | 6,112,760 |
b,c | Series 2013-B Class A2B, 3.128% (LIBOR 1 Month + 1.10%) due 6/17/2030 | 18,364 | 18,367 |
b,c | SMB Private Education Loan Trust, Series 2019-B Class A1, 2.378% (LIBOR 1 Month + 0.35%) due 7/15/2026 | 15,363,124 | 15,363,110 |
b,c | SoFi Professional Loan Program, LLC, Series 2014-B Class A1, 3.268% (LIBOR 1 Month + 1.25%) due 8/25/2032 | 710,599 | 711,526 |
106,339,494 | |||
Total Asset Backed Securities(Cost $875,930,610) | 881,464,038 | ||
Corporate Bonds — 42.8% | |||
Automobiles & Components — 3.5% | |||
Automobiles — 2.8% | |||
a,b,c | BMW Finance N.V., 2.965% (LIBOR 3 Month + 0.79%) due 8/12/2022 | 25,800,000 | 25,889,326 |
c | BMW US Capital, LLC, 3.25% due 8/14/2020 | 3,892,200 | 3,926,996 |
Daimler Finance North America, LLC, | |||
b,c | 3.058% (LIBOR 3 Month + 0.90%) due 2/15/2022 | 19,050,000 | 19,148,507 |
c | 3.40% due 2/22/2022 | 12,000,000 | 12,276,152 |
c | 3.75% due 11/5/2021 | 3,345,000 | 3,439,223 |
Harley-Davidson Financial Services, Inc., | |||
c | 2.40% due 6/15/2020 | 9,827,000 | 9,820,992 |
c | Series CO, 4.05% due 2/4/2022 | 7,976,000 | 8,226,297 |
c | Hyundai Capital America, 3.95% due 2/1/2022 | 22,900,000 | 23,532,913 |
a,c | Hyundai Capital Services, Inc., 3.75% due 3/5/2023 | 7,000,000 | 7,230,232 |
Nissan Motor Acceptance Corp., | |||
b,c | 2.794% (LIBOR 3 Month + 0.69%) due 9/28/2022 | 2,453,000 | 2,448,740 |
b,c | 2.953% (LIBOR 3 Month + 0.65%) due 7/13/2022 | 1,560,000 | 1,555,894 |
a | Toyota Motor Corp., 2.157% due 7/2/2022 | 6,740,000 | 6,788,849 |
b | Toyota Motor Credit Corp. MTN, 2.576% (LIBOR 3 Month + 0.40%) due 2/13/2020 | 20,090,000 | 20,088,825 |
b | Toyota Motor Credit Corp., 2.843% (LIBOR 3 Month + 0.54%) due 1/8/2021 | 4,830,000 | 4,851,222 |
Thornburg Limited Term Income Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Volkswagen Group of America Finance, LLC, | |||
c | 2.50% due 9/24/2021 | $ 5,375,000 | $ 5,388,324 |
c | 4.00% due 11/12/2021 | 4,500,000 | 4,650,617 |
Construction & Engineering — 0.6% | |||
SBA Tower Trust, | |||
c | 2.877% due 7/15/2046 | 9,500,000 | 9,532,090 |
c,j | 3.156% due 10/10/2045 | 23,975,000 | 24,000,713 |
Trading Companies & Distributors — 0.1% | |||
Altitude Investments 12, LLC (Guaranty: Export-Import Bank of the United States), 2.454% due 12/9/2025 | 3,887,759 | 3,944,550 | |
a,c | Mitsubishi UFJ Lease & Finance Co. Ltd., 3.406% due 2/28/2022 | 2,800,000 | 2,854,994 |
199,595,456 | |||
Banks — 2.3% | |||
Banks — 2.3% | |||
a,b,c | ABN AMRO Bank N.V., 2.702% (LIBOR 3 Month + 0.57%) due 8/27/2021 | 6,800,000 | 6,818,836 |
a,b | Barclays Bank plc, 2.801% (LIBOR 3 Month + 0.46%) due 1/11/2021 | 7,000,000 | 6,986,357 |
b | Capital One NA/Mclean VA, 3.007% (LIBOR 3 Month + 0.82%) due 8/8/2022 | 28,150,000 | 28,231,360 |
b | Citizens Bank N.A./Providence RI, 3.054% (LIBOR 3 Month + 0.95%) due 3/29/2023 | 20,500,000 | 20,622,420 |
First Tennessee Bank N.A., 2.95% due 12/1/2019 | 7,000,000 | 7,002,229 | |
Goldman Sachs Bank USA, | |||
b | 2.575% (SOFR + 0.60%) due 5/24/2021 | 2,825,000 | 2,829,621 |
3.20% due 6/5/2020 | 5,000,000 | 5,038,155 | |
Santander Holdings USA, Inc., | |||
3.40% due 1/18/2023 | 7,980,000 | 8,165,887 | |
4.45% due 12/3/2021 | 4,940,000 | 5,159,663 | |
c | Sovereign Bank Lease Pass-Through Trust, 12.18% due 6/30/2020 | 1,586,698 | 1,682,947 |
a,b | Sumitomo Mitsui Banking Corp. (Guaranty: Sumitomo Mitsui Banking Corp/New York), 2.61% (LIBOR 3 Month + 0.31%) due 10/18/2019 | 15,000,000 | 15,003,435 |
a | Sumitomo Mitsui Banking Corp., 2.65% due 7/23/2020 | 10,600,000 | 10,644,759 |
a | Svenska Handelsbanken AB, 3.90% due 11/20/2023 | 8,250,000 | 8,815,868 |
Zions Bancorp N.A., 3.35% due 3/4/2022 | 6,750,000 | 6,900,902 | |
133,902,439 | |||
Capital Goods — 0.5% | |||
Industrial Conglomerates — 0.2% | |||
b | General Electric Co. MTN, 3.119% (LIBOR 3 Month + 1.00%) due 3/15/2023 | 2,625,000 | 2,585,092 |
Ingersoll-Rand Co. (Guaranty: Ingersoll-Rand plc), 6.391% due 11/15/2027 | 3,000,000 | 3,663,469 | |
a | Pentair Finance Sarl, 4.50% due 7/1/2029 | 7,930,000 | 8,226,207 |
Machinery — 0.3% | |||
Nvent Finance Sarl, | |||
a | 3.95% due 4/15/2023 | 7,980,000 | 8,131,539 |
a | 4.55% due 4/15/2028 | 7,023,000 | 7,334,601 |
29,940,908 | |||
Commercial & Professional Services — 0.3% | |||
Commercial Services & Supplies — 0.1% | |||
Republic Services, Inc., 2.50% due 8/15/2024 | 6,800,000 | 6,872,227 | |
Leisure Products — 0.2% | |||
Mattel, Inc., 2.35% due 8/15/2021 | 9,915,000 | 9,642,338 | |
16,514,565 | |||
Consumer Durables & Apparel — 0.9% | |||
Household Durables — 0.9% | |||
a,c | Panasonic Corp., 2.536% due 7/19/2022 | 21,100,000 | 21,227,819 |
Tupperware Brands Corp. (Guaranty: Dart Industries, Inc.), 4.75% due 6/1/2021 | 28,411,000 | 29,046,338 | |
50,274,157 | |||
Consumer Services — 0.3% | |||
Transportation Infrastructure — 0.3% | |||
a,c | Adani Ports & Special Economic Zone Ltd., 3.375% due 7/24/2024 | 13,465,000 | 13,537,772 |
Mexico City Airport Trust, | |||
a,c | 3.875% due 4/30/2028 | 2,439,000 | 2,393,269 |
a,c | 4.25% due 10/31/2026 | 1,864,000 | 1,875,650 |
PRINCIPAL AMOUNT | VALUE | ||
17,806,691 | |||
Diversified Financials — 7.7% | |||
Capital Markets — 1.6% | |||
Ares Capital Corp., 4.20% due 6/10/2024 | $ 19,930,000 | $ 20,428,355 | |
c | Ares Finance Co., LLC, 4.00% due 10/8/2024 | 5,000,000 | 4,922,910 |
DY8 Leasing, LLC (Guaranty: Export-Import Bank of the United States), 2.627% due 4/29/2026 | 2,882,813 | 2,944,371 | |
a | Genpact Luxembourg Sarl, 3.70% due 4/1/2022 | 12,000,000 | 12,181,839 |
c | GTP Acquisition Partners I, LLC (Guaranty: American Tower Holding Sub II, LLC), 2.35% due 6/15/2045 | 10,000,000 | 9,995,676 |
Legg Mason, Inc., 4.75% due 3/15/2026 | 5,000,000 | 5,473,719 | |
Sandalwood 2013, LLC (Guaranty: Export-Import Bank of the United States), 2.821% due 2/12/2026 | 4,068,454 | 4,179,831 | |
Solar Capital Ltd., 4.50% due 1/20/2023 | 12,000,000 | 11,927,850 | |
a,c | SumitG Guaranteed Secured Obligation Issuer DAC, 2.251% due 11/2/2020 | 15,000,000 | 14,999,412 |
TPG Specialty Lending, Inc., 4.50% due 1/22/2023 | 7,480,000 | 7,681,519 | |
Consumer Finance — 0.3% | |||
b | Citibank N.A., 2.531% (LIBOR 3 Month + 0.35%) due 2/12/2021 | 5,750,000 | 5,756,249 |
Wells Fargo Bank N.A., 3.625% due 10/22/2021 | 10,000,000 | 10,289,621 | |
Diversified Financial Services — 4.0% | |||
Barclays plc, | |||
a,b | 3.548% (LIBOR 3 Month + 1.38%) due 5/16/2024 | 17,500,000 | 17,411,742 |
a,k | 4.61% (LIBOR 3 Month + 1.40%) due 2/15/2023 | 3,000,000 | 3,115,343 |
a,c | BNP Paribas S.A., 3.375% due 1/9/2025 | 3,000,000 | 3,097,928 |
Citigroup, Inc., | |||
2.65% due 10/26/2020 | 4,890,000 | 4,919,941 | |
k | 3.352% (LIBOR 3 Month + 0.90%) due 4/24/2025 | 8,905,000 | 9,226,560 |
Credit Suisse Group Funding Guernsey Ltd. (Guaranty: Credit Suisse Group AG), | |||
a | 3.125% due 12/10/2020 | 10,000,000 | 10,093,770 |
a | 3.80% due 9/15/2022 | 7,000,000 | 7,279,156 |
Deutsche Bank AG, | |||
a,b | 3.093% (LIBOR 3 Month + 0.82%) due 1/22/2021 | 8,650,000 | 8,566,796 |
a,b | 3.362% (LIBOR 3 Month + 1.23%) due 2/27/2023 | 17,100,000 | 16,471,184 |
a | 5.00% due 2/14/2022 | 6,350,000 | 6,580,359 |
Goldman Sachs Group, Inc., | |||
b | 3.279% (LIBOR 3 Month + 1.02%) due 10/23/2019 | 4,517,000 | 4,519,808 |
b | 3.319% (LIBOR 3 Month + 1.20%) due 9/15/2020 | 7,930,000 | 7,991,131 |
b | 3.377% (LIBOR 3 Month + 1.11%) due 4/26/2022 | 10,931,000 | 11,024,843 |
a,k | HSBC Holdings plc, 4.292% (LIBOR 3 Month + 1.35%) due 9/12/2026 | 5,000,000 | 5,361,565 |
JPMorgan Chase & Co., | |||
b | 2.652% (LIBOR 3 Month + 0.55%) due 3/9/2021 | 6,440,000 | 6,447,184 |
b | 3.618% (LIBOR 3 Month + 1.48%) due 3/1/2021 | 7,000,000 | 7,106,124 |
a | Mitsubishi UFJ Financial Group, Inc., 2.623% due 7/18/2022 | 25,800,000 | 26,033,159 |
a,k | Mizuho Financial Group, Inc., 3.922% (LIBOR 3 Month + 1.00%) due 9/11/2024 | 10,850,000 | 11,418,856 |
Morgan Stanley, | |||
b | 2.738% (SOFR+ 0.83%) due 6/10/2022 | 4,675,000 | 4,688,456 |
2.80% due 6/16/2020 | 1,350,000 | 1,356,820 | |
Private Export Funding Corp. (Guaranty: Export-Import Bank of the United States), Series KK, 3.55% due 1/15/2024 | 10,000,000 | 10,741,919 | |
Royal Bank of Scotland Group plc, | |||
a,b | 3.628% (LIBOR 3 Month + 1.47%) due 5/15/2023 | 1,952,000 | 1,953,768 |
a,k | 4.269% (LIBOR 3 Month + 1.76%) due 3/22/2025 | 10,000,000 | 10,460,114 |
Societe Generale S.A., | |||
a,c | 3.875% due 3/28/2024 | 8,000,000 | 8,392,817 |
a,c | 4.25% due 9/14/2023 | 12,000,000 | 12,732,240 |
a,b,c | UBS AG, 2.682% (LIBOR 3 Month + 0.58%) due 6/8/2020 | 5,000,000 | 5,013,405 |
a,b,c | UBS Group Funding Switzerland AG, 4.083% (LIBOR 3 Month + 1.78%) due 4/14/2021 | 5,800,000 | 5,921,143 |
Insurance — 1.4% | |||
AIG Global Funding, | |||
c | 2.30% due 7/1/2022 | 5,795,000 | 5,810,569 |
b,c | 2.565% (LIBOR 3 Month + 0.48%) due 7/2/2020 | 3,000,000 | 3,008,361 |
b,c | 2.566% (LIBOR 3 Month + 0.46%) due 6/25/2021 | 9,910,000 | 9,939,054 |
ALEX Alpha, LLC (Guaranty: Export-Import Bank of the United States), 1.617% due 8/15/2024 | 2,173,913 | 2,156,792 | |
a | Gate Capital Cayman One Ltd. (Guaranty: Export-Import Bank of the United States), 1.839% due 3/27/2021 | 2,540,736 | 2,540,888 |
c,e,i | Global Atlantic Fin Co., 4.40% due 10/15/2029 | 27,285,000 | 27,238,616 |
Helios Leasing I, LLC (Guaranty: Export-Import Bank of the United States), 1.562% due 9/28/2024 | 2,644,754 | 2,617,572 |
Thornburg Limited Term Income Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
c | Protective Life Global Funding, 2.615% due 8/22/2022 | $ 7,500,000 | $ 7,584,777 |
Santa Rosa Leasing, LLC (Guaranty: Export-Import Bank of the United States), | |||
1.472% due 11/3/2024 | 7,381,405 | 7,295,888 | |
1.693% due 8/15/2024 | 2,604,877 | 2,588,564 | |
Union 13 Leasing, LLC (Guaranty: Export-Import Bank of the United States), 1.682% due 12/19/2024 | 6,925,169 | 6,876,207 | |
Mortgage Real Estate Investment Trusts — 0.4% | |||
Senior Housing Properties Trust, 4.75% due 2/15/2028 | 20,960,000 | 21,066,795 | |
437,431,566 | |||
Energy — 2.8% | |||
Energy Equipment & Services — 0.2% | |||
c | Hanwha Energy USA Holdings Corp., 2.375% due 7/30/2022 | 5,100,000 | 5,106,842 |
Oceaneering International, Inc., 4.65% due 11/15/2024 | 10,000,000 | 9,400,000 | |
a,c,l,m | Schahin II Finance Co. SPV Ltd., 5.875% due 9/25/2023 | 4,082,733 | 284,648 |
Oil, Gas & Consumable Fuels — 2.6% | |||
b | BP Capital Markets America, Inc., 2.814% (LIBOR 3 Month + 0.65%) due 9/19/2022 | 6,771,000 | 6,790,060 |
Buckeye Partners L.P., 4.15% due 7/1/2023 | 7,000,000 | 6,992,035 | |
c | Colorado Interstate Gas Co., LLC / Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 4,253,000 | 4,468,627 |
c | Enable Oklahoma Intrastate Transmission, LLC (Guaranty: Enable Midstream Partners L.P.), 6.25% due 3/15/2020 | 3,640,000 | 3,693,574 |
Energen Corp., 4.625% due 9/1/2021 | 10,000,000 | 10,287,500 | |
EQT Midstream Partners L.P., Series 5Y, 4.75% due 7/15/2023 | 11,440,000 | 11,475,293 | |
c | Florida Gas Transmission Co., LLC, 3.875% due 7/15/2022 | 10,435,000 | 10,768,549 |
Gulf South Pipeline Co. L.P., 4.00% due 6/15/2022 | 13,850,000 | 14,187,411 | |
Midwest Connector Capital Co., LLC, | |||
c | 3.625% due 4/1/2022 | 5,520,000 | 5,662,476 |
c | 3.90% due 4/1/2024 | 5,555,000 | 5,851,082 |
NuStar Logistics L.P., 4.75% due 2/1/2022 | 5,000,000 | 5,087,500 | |
Occidental Petroleum Corp., | |||
b | 3.437% (LIBOR 3 Month + 1.25%) due 8/13/2021 | 3,950,000 | 3,973,678 |
b | 3.637% (LIBOR 3 Month + 1.45%) due 8/15/2022 | 11,200,000 | 11,273,920 |
a | Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), 6.50% due 1/23/2029 | 14,980,000 | 15,233,162 |
a,c | Sinopec Group Overseas Development 2018 Ltd., 3.75% due 9/12/2023 | 11,800,000 | 12,347,086 |
c | Texas Gas Transmission, LLC, 4.50% due 2/1/2021 | 17,624,000 | 17,963,374 |
160,846,817 | |||
Food & Staples Retailing — 0.3% | |||
Food & Staples Retailing — 0.3% | |||
a,c | Alimentation Couche-Tard, Inc., 2.70% due 7/26/2022 | 15,850,000 | 15,956,081 |
15,956,081 | |||
Food, Beverage & Tobacco — 1.8% | |||
Beverages — 0.3% | |||
a,c | Becle SAB de CV, 3.75% due 5/13/2025 | 13,750,000 | 14,149,007 |
Food Products — 0.9% | |||
Conagra Brands, Inc., | |||
b | 2.811% (LIBOR 3 Month + 0.50%) due 10/9/2020 | 14,850,000 | 14,848,487 |
3.80% due 10/22/2021 | 6,892,000 | 7,112,931 | |
General Mills, Inc., | |||
b | 2.862% (LIBOR 3 Month + 0.54%) due 4/16/2021 | 3,380,000 | 3,387,674 |
b | 3.313% (LIBOR 3 Month + 1.01%) due 10/17/2023 | 6,475,000 | 6,521,728 |
JM Smucker Co., 2.50% due 3/15/2020 | 10,494,000 | 10,504,039 | |
b | Kraft Heinz Foods Co. (Guaranty: Kraft Heinz Co.), 2.751% (LIBOR 3 Month + 0.57%) due 2/10/2021 | 6,693,000 | 6,678,533 |
Mead Johnson Nutrition Co. (Guaranty: Reckitt Benckiser Group plc), 3.00% due 11/15/2020 | 1,900,000 | 1,916,495 | |
b | Tyson Foods, Inc., 2.682% (LIBOR 3 Month + 0.55%) due 6/2/2020 | 2,850,000 | 2,851,873 |
Tobacco — 0.6% | |||
Altria Group, Inc. (Guaranty: Philip Morris USA, Inc.), 2.625% due 1/14/2020 | 5,790,000 | 5,792,210 | |
Altria Group, Inc., 4.40% due 2/14/2026 | 3,683,000 | 3,938,411 | |
BAT Capital Corp., | |||
b | 2.765% (LIBOR 3 Month + 0.59%) due 8/14/2020 | 7,370,000 | 7,384,127 |
b | 3.038% (LIBOR 3 Month + 0.88%) due 8/15/2022 | 5,000,000 | 5,028,899 |
a,c | BAT International Finance plc, 3.95% due 6/15/2025 | 3,000,000 | 3,123,057 |
a,c | Imperial Brands Finance plc, 3.50% due 7/26/2026 | 3,000,000 | 2,999,918 |
Reynolds American, Inc., 6.875% due 5/1/2020 | 5,000,000 | 5,130,807 |
PRINCIPAL AMOUNT | VALUE | ||
101,368,196 | |||
Healthcare Equipment & Services — 0.4% | |||
Health Care Equipment & Supplies — 0.1% | |||
c | Alcon Finance Corp., 2.75% due 9/23/2026 | $ 4,790,000 | $ 4,829,362 |
Health Care Providers & Services — 0.3% | |||
Catholic Health Initiatives, 2.95% due 11/1/2022 | 7,000,000 | 7,125,005 | |
b | CVS Health Corp., 2.732% (LIBOR 3 Month + 0.63%) due 3/9/2020 | 778,000 | 779,536 |
Express Scripts Holding Co., 2.60% due 11/30/2020 | 9,750,000 | 9,792,368 | |
22,526,271 | |||
Household & Personal Products — 0.1% | |||
Household Products — 0.1% | |||
a,c | Kimberly-Clark de Mexico SAB de CV, 3.80% due 4/8/2024 | 3,000,000 | 2,998,108 |
2,998,108 | |||
Insurance — 4.2% | |||
Insurance — 4.2% | |||
c | AIG Global Funding, 1.95% due 10/18/2019 | 3,000,000 | 2,999,858 |
a,c | DaVinciRe Holdings Ltd., 4.75% due 5/1/2025 | 10,260,000 | 10,681,741 |
Enstar Group Ltd., | |||
a | 4.50% due 3/10/2022 | 1,950,000 | 2,022,459 |
a | 4.95% due 6/1/2029 | 19,899,000 | 21,008,460 |
a | Fairfax Financial Holdings Ltd., 4.85% due 4/17/2028 | 2,034,000 | 2,200,340 |
c | Guardian Life Global Funding, 3.40% due 4/25/2023 | 6,918,000 | 7,218,965 |
Horace Mann Educators Corp., 4.50% due 12/1/2025 | 4,800,000 | 5,070,377 | |
Infinity Property & Casualty Corp., 5.00% due 9/19/2022 | 4,690,000 | 4,993,376 | |
Jackson National Life Global Funding, | |||
c | 2.20% due 1/30/2020 | 8,000,000 | 8,003,007 |
b,c | 2.618% (LIBOR 3 Month + 0.48%) due 6/11/2021 | 6,150,000 | 6,164,875 |
c | 3.25% due 1/30/2024 | 10,000,000 | 10,398,850 |
a,c | Lancashire Holdings Ltd., 5.70% due 10/1/2022 | 11,000,000 | 11,563,816 |
c | MassMutual Global Funding II, 2.95% due 1/11/2025 | 25,000,000 | 25,838,945 |
Mercury General Corp., 4.40% due 3/15/2027 | 11,000,000 | 11,561,088 | |
b,c | Metropolitan Life Global Funding, 2.39% (SOFR + 0.57%) due 9/7/2020 | 7,760,000 | 7,780,847 |
a | Montpelier Re Holdings Ltd., 4.70% due 10/15/2022 | 5,000,000 | 5,272,733 |
c | Pricoa Global Funding, 3.45% due 9/1/2023 | 9,850,000 | 10,325,057 |
c | Protective Life Corp., 3.40% due 1/15/2030 | 19,740,000 | 20,068,563 |
Protective Life Global Funding, | |||
b,c | 2.624% (LIBOR 3 Month + 0.52%) due 6/28/2021 | 17,000,000 | 17,072,823 |
c | 3.104% due 4/15/2024 | 7,350,000 | 7,577,991 |
Reliance Standard Life Global Funding II, | |||
c | 2.50% due 1/15/2020 | 15,000,000 | 15,011,081 |
c | 2.625% due 7/22/2022 | 4,125,000 | 4,159,460 |
c | 3.05% due 1/20/2021 | 4,662,000 | 4,708,792 |
c | 3.85% due 9/19/2023 | 9,950,000 | 10,455,294 |
c | Sammons Financial Group, Inc., 4.45% due 5/12/2027 | 7,950,000 | 8,252,247 |
240,411,045 | |||
Materials — 1.2% | |||
Chemicals — 0.9% | |||
b,c | Chevron Phillips Chemical Co., LLC / Chevron Phillips Chemical Co., L.P. 3.003% (LIBOR 3 Month + 0.75%) due 5/1/2020 | 29,900,000 | 29,969,612 |
DuPont de Nemours, Inc., 4.205% due 11/15/2023 | 7,900,000 | 8,465,761 | |
c | Incitec Pivot Finance, LLC (Guaranty: Incitec Pivot Ltd.), 6.00% due 12/10/2019 | 4,538,000 | 4,566,740 |
a,c | OCP S.A., 5.625% due 4/25/2024 | 8,555,000 | 9,327,979 |
Metals & Mining — 0.3% | |||
AngloGold Ashanti Holdings plc (Guaranty: AngloGold Ashanti Ltd.), | |||
a | 5.125% due 8/1/2022 | 6,500,000 | 6,849,700 |
a | 5.375% due 4/15/2020 | 8,100,000 | 8,225,406 |
67,405,198 | |||
Media & Entertainment — 0.2% |
Thornburg Limited Term Income Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Interactive Media & Services — 0.2% | |||
a | Baidu, Inc., 3.875% due 9/29/2023 | $ 6,000,000 | $ 6,242,750 |
a,c | Tencent Holdings Ltd., 2.985% due 1/19/2023 | 6,450,000 | 6,550,616 |
12,793,366 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 1.3% | |||
Biotechnology — 0.2% | |||
Celgene Corp., | |||
2.75% due 2/15/2023 | 2,265,000 | 2,305,386 | |
3.25% due 2/20/2023 | 9,936,000 | 10,285,909 | |
Pharmaceuticals — 1.1% | |||
AbbVie, Inc., 3.75% due 11/14/2023 | 6,820,000 | 7,172,297 | |
Allergan Funding SCS, | |||
a,b | 3.387% (LIBOR 3 Month + 1.26%) due 3/12/2020 | 5,000,000 | 5,019,858 |
a | 3.45% due 3/15/2022 | 5,000,000 | 5,123,905 |
a,b | AstraZeneca plc, 2.789% (LIBOR 3 Month + 0.67%) due 8/17/2023 | 10,524,000 | 10,471,918 |
Bayer US Finance II, LLC, | |||
b,c | 2.736% (LIBOR 3 Month + 0.63%) due 6/25/2021 | 9,500,000 | 9,489,085 |
c | 4.25% due 12/15/2025 | 2,500,000 | 2,670,889 |
a | Shire Acquisitions Investments Ireland DAC, 2.40% due 9/23/2021 | 9,776,000 | 9,821,291 |
Takeda Pharmaceutical Co. Ltd., | |||
a,c | 4.00% due 11/26/2021 | 5,500,000 | 5,692,979 |
a,c | 4.40% due 11/26/2023 | 3,750,000 | 4,038,642 |
Zoetis, Inc., 3.45% due 11/13/2020 | 2,000,000 | 2,025,846 | |
74,118,005 | |||
Real Estate — 1.4% | |||
Equity Real Estate Investment Trusts — 1.4% | |||
American Tower Corp., 3.375% due 5/15/2024 | 26,600,000 | 27,647,504 | |
Crown Castle International Corp., 3.20% due 9/1/2024 | 17,870,000 | 18,355,862 | |
c | SBA Tower Trust, 2.836% due 1/15/2025 | 12,525,000 | 12,541,085 |
Washington Real Estate Investment Trust, 4.95% due 10/1/2020 | 19,100,000 | 19,330,684 | |
77,875,135 | |||
Retailing — 0.4% | |||
Multiline Retail — 0.4% | |||
b | Dollar Tree, Inc., 3.003% (LIBOR 3 Month + 0.70%) due 4/17/2020 | 6,185,000 | 6,186,112 |
Family Dollar Stores, Inc., 5.00% due 2/1/2021 | 18,475,000 | 19,050,609 | |
25,236,721 | |||
Semiconductors & Semiconductor Equipment — 0.6% | |||
Semiconductors & Semiconductor Equipment — 0.6% | |||
Broadcom Corp. / Broadcom Cayman Finance Ltd., | |||
2.375% due 1/15/2020 | 8,875,000 | 8,874,438 | |
3.625% due 1/15/2024 | 18,000,000 | 18,406,981 | |
Micron Technology, Inc., 4.185% due 2/15/2027 | 8,257,000 | 8,495,523 | |
35,776,942 | |||
Software & Services — 1.4% | |||
Information Technology Services — 0.6% | |||
Global Payments, Inc., 2.65% due 2/15/2025 | 11,850,000 | 11,904,860 | |
Leidos Holdings, Inc. (Guaranty: Leidos, Inc.), 4.45% due 12/1/2020 | 2,000,000 | 2,030,000 | |
S&P Global, Inc. (Guaranty: Standard & Poor’s Financial Services, LLC), 3.30% due 8/14/2020 | 2,450,000 | 2,473,455 | |
Total System Services, Inc., | |||
3.80% due 4/1/2021 | 3,000,000 | 3,063,038 | |
4.00% due 6/1/2023 | 14,735,000 | 15,467,382 | |
Interactive Media & Services — 0.1% | |||
a | Baidu, Inc., 4.375% due 5/14/2024 | 6,376,000 | 6,794,130 |
Software — 0.7% | |||
Autodesk, Inc., 3.125% due 6/15/2020 | 1,945,000 | 1,955,416 | |
Broadridge Financial Solutions, Inc., 3.95% due 9/1/2020 | 8,000,000 | 8,122,393 | |
CA, Inc., 3.60% due 8/1/2020 - 8/15/2022 | 16,905,000 | 17,090,153 | |
CDK Global, Inc., 3.80% due 10/15/2019 | 5,000,000 | 5,000,000 |
PRINCIPAL AMOUNT | VALUE | ||
VMware, Inc., 2.30% due 8/21/2020 | $ 7,925,000 | $ 7,929,127 | |
81,829,954 | |||
Technology Hardware & Equipment — 2.2% | |||
Communications Equipment — 1.1% | |||
Juniper Networks, Inc., 3.75% due 8/15/2029 | 10,890,000 | 10,933,335 | |
Motorola Solutions, Inc., 4.60% due 2/23/2028 - 5/23/2029 | 25,172,000 | 27,268,499 | |
a | Telefonaktiebolaget LM Ericsson, 4.125% due 5/15/2022 | 21,215,000 | 21,848,268 |
Electronic Equipment, Instruments & Components — 0.8% | |||
a | Allegion plc, 3.50% due 10/1/2029 | 5,395,000 | 5,447,844 |
Ingram Micro, Inc., 5.45% due 12/15/2024 | 5,596,000 | 5,797,213 | |
PerkinElmer, Inc., 3.30% due 9/15/2029 | 11,690,000 | 11,686,103 | |
Tech Data Corp., 4.95% due 2/15/2027 | 6,000,000 | 6,439,491 | |
Trimble, Inc., 4.75% due 12/1/2024 | 17,000,000 | 18,246,458 | |
Office Electronics — 0.1% | |||
Lexmark International, Inc., 7.125% due 3/15/2020 | 5,375,000 | 5,280,938 | |
Technology Hardware, Storage & Peripherals — 0.2% | |||
Hewlett Packard Enterprise Co., 3.50% due 10/5/2021 | 9,701,000 | 9,945,123 | |
122,893,272 | |||
Telecommunication Services — 1.6% | |||
Diversified Telecommunication Services — 0.5% | |||
AT&T, Inc., | |||
b | 3.034% (LIBOR 3 Month + 0.93%) due 6/30/2020 | 4,950,000 | 4,975,143 |
b | 3.312% (LIBOR 3 Month + 1.18%) due 6/12/2024 | 15,975,000 | 16,267,342 |
7.85% due 1/15/2022 | 3,000,000 | 3,343,527 | |
Qwest Corp., 6.75% due 12/1/2021 | 3,000,000 | 3,242,280 | |
Media — 0.1% | |||
b,c | NBCUniversal Enterprise, Inc., 2.499% (LIBOR 3 Month + 0.40%) due 4/1/2021 | 7,800,000 | 7,815,405 |
Wireless Telecommunication Services — 1.0% | |||
Sprint Communications, Inc., 9.25% due 4/15/2022 | 44,854,000 | 51,974,573 | |
a | Vodafone Group plc, 4.125% due 5/30/2025 | 4,968,000 | 5,364,176 |
92,982,446 | |||
Transportation — 0.5% | |||
Air Freight & Logistics — 0.1% | |||
TTX Co., | |||
c | 4.15% due 1/15/2024 | 6,000,000 | 6,313,639 |
c | 5.453% due 1/2/2022 | 1,646,055 | 1,682,713 |
Airlines — 0.2% | |||
American Airlines Pass Through Trust, Series 2013-2 Class A, 4.95% due 7/15/2024 | 3,715,630 | 3,894,723 | |
Northwest Airlines Pass Through Trust, Series 2007-1 Class A, 7.027% due 5/1/2021 | 3,252,873 | 3,264,258 | |
US Airways Pass Through Trust, Series 2010-1 Class A, 6.25% due 10/22/2024 | 3,632,738 | 3,950,239 | |
Diversified Consumer Services — 0.0% | |||
University of Chicago, Series 12-B, 3.065% due 10/1/2024 | 863,000 | 877,624 | |
Road & Rail — 0.2% | |||
c | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 4.125% due 8/1/2023 | 9,000,000 | 9,524,180 |
29,507,376 | |||
Utilities — 6.9% | |||
Electric Utilities — 6.0% | |||
c | Alliant Energy Finance, LLC, 3.75% due 6/15/2023 | 11,865,000 | 12,402,661 |
Appalachian Power Co., 3.40% due 6/1/2025 | 7,000,000 | 7,289,100 | |
Avangrid, Inc., | |||
3.15% due 12/1/2024 | 8,870,000 | 9,143,215 | |
3.80% due 6/1/2029 | 7,940,000 | 8,529,905 | |
CenterPoint Energy, Inc., 3.60% due 11/1/2021 | 8,901,000 | 9,137,553 | |
b | Consolidated Edison Co. of New York, Inc., Series C, 2.506% (LIBOR 3 Month + 0.40%) due 6/25/2021 | 19,496,000 | 19,561,745 |
Duke Energy Florida Project Finance, LLC, Series 2018, 1.196% due 3/1/2022 | 1,543,768 | 1,537,315 | |
Edison International, 2.40% due 9/15/2022 | 4,900,000 | 4,851,824 | |
a,c | Electricite de France S.A., 4.60% due 1/27/2020 | 5,955,000 | 6,001,944 |
a,c | Enel Finance International N.V., 4.625% due 9/14/2025 | 25,000,000 | 27,305,632 |
Thornburg Limited Term Income Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
Entergy Louisiana, LLC, 4.80% due 5/1/2021 | $ 4,300,000 | $ 4,426,413 | |
Entergy Mississippi, Inc., 3.25% due 12/1/2027 | 4,727,000 | 4,903,475 | |
Entergy Texas, Inc., 3.45% due 12/1/2027 | 12,000,000 | 12,478,698 | |
Evergy, Inc., 2.45% due 9/15/2024 | 4,895,000 | 4,891,221 | |
Eversource Energy, 3.80% due 12/1/2023 | 12,395,000 | 13,106,508 | |
Exelon Corp., 2.85% due 6/15/2020 | 2,950,000 | 2,962,338 | |
Georgia Power Co., Series A, 2.20% due 9/15/2024 | 19,650,000 | 19,439,607 | |
c | Jersey Central Power & Light Co., 4.30% due 1/15/2026 | 18,892,000 | 20,680,969 |
c | Metropolitan Edison Co. 4.30% due 1/15/2029 | 3,970,000 | 4,478,399 |
c | Midland Cogeneration Venture L.P., 6.00% due 3/15/2025 | 4,527,648 | 4,584,481 |
b | Mississippi Power Co., 2.75% (LIBOR 3 Month + 0.65%) due 3/27/2020 | 7,971,000 | 7,974,048 |
c | Monongahela Power Co., 4.10% due 4/15/2024 | 11,500,000 | 12,328,370 |
NextEra Energy Capital Holdings, Inc., | |||
2.403% due 9/1/2021 | 24,550,000 | 24,701,470 | |
3.342% due 9/1/2020 | 9,742,000 | 9,851,729 | |
Northern States Power Co., 3.30% due 6/15/2024 | 10,000,000 | 10,388,009 | |
PNM Resources, Inc., 3.25% due 3/9/2021 | 7,784,000 | 7,857,504 | |
Public Service Co. of New Mexico, 5.35% due 10/1/2021 | 3,000,000 | 3,142,719 | |
San Diego Gas & Electric Co., 3.60% due 9/1/2023 | 4,212,000 | 4,417,045 | |
SCANA Corp. MTN, 4.125% due 2/1/2022 | 3,937,000 | 4,063,657 | |
Southern Co., 3.25% due 7/1/2026 | 8,075,000 | 8,327,491 | |
Southern Power Co., | |||
b,c | 2.706% (LIBOR 3 Month + 0.55%) due 12/20/2020 | 1,875,000 | 1,875,158 |
Series 15B, 2.375% due 6/1/2020 | 9,793,000 | 9,801,428 | |
a,c | State Grid Overseas Investment (2016) Ltd. (Guaranty: State Grid Corp. of China), 2.25% due 5/4/2020 | 10,000,000 | 9,995,900 |
Toledo Edison Co., 7.25% due 5/1/2020 | 167,000 | 171,201 | |
a,c | Transelec S.A., 4.25% due 1/14/2025 | 6,000,000 | 6,360,060 |
UIL Holdings Corp., 4.625% due 10/1/2020 | 13,335,000 | 13,601,858 | |
WEC Energy Group, Inc., | |||
3.10% due 3/8/2022 | 4,791,000 | 4,898,168 | |
3.375% due 6/15/2021 | 4,660,000 | 4,761,079 | |
Gas Utilities — 0.9% | |||
Dominion Energy Gas Holdings, LLC, 2.80% due 11/15/2020 | 5,225,000 | 5,261,135 | |
Dominion Gas Holdings, LLC, 2.50% due 12/15/2019 | 3,900,000 | 3,899,708 | |
c | SEMCO Energy, Inc., 5.15% due 4/21/2020 | 3,000,000 | 3,044,960 |
Southern Co. Gas Capital Corp., 3.50% due 9/15/2021 | 9,925,000 | 10,136,961 | |
WGL Holdings, Inc., | |||
b | 2.517% (LIBOR 3 Month + 0.40%) due 11/29/2019 | 13,883,000 | 13,878,517 |
b | 2.682% (LIBOR 3 Month + 0.55%) due 3/12/2020 | 12,318,000 | 12,298,862 |
390,750,040 | |||
Total Corporate Bonds(Cost $2,390,388,805) | 2,440,740,755 | ||
Loan Participations — 0.3% | |||
Utilities — 0.3% | |||
Electric Utilities — 0.3% | |||
n | Pacific Gas & Electric Co., 4.32% (LIBOR 1 Month + 2.25%) due 12/31/2020 | 14,250,000 | 14,321,250 |
14,321,250 | |||
Total Loan Participations(Cost $14,200,218) | 14,321,250 | ||
Municipal Bonds — 1.5% | |||
d | Brentwood Infrastructure Financing Authority ETM, Series B, 6.16% due 10/1/2019 | 730,000 | 730,000 |
California School Finance Authority (LOC City National Bank), 5.041% due 7/1/2020 | 4,000,000 | 4,074,720 | |
Colorado Educational & Cultural Facilities Authority, | |||
Series B Class B, | |||
2.244% due 3/1/2021 | 450,000 | 452,012 | |
2.474% due 3/1/2022 | 600,000 | 607,194 | |
Series B, 2.691% due 3/1/2023 | 580,000 | 593,572 | |
d | Connecticut Housing Finance Authority, Series D, 5.071% due 11/15/2019 | 285,000 | 286,094 |
Denver City & County School District No. 1 COP, Series B, 2.018% due 12/15/2019 | 3,000,000 | 3,000,750 | |
Fort Collins Electric Utility Enterprise Revenue ETM, Series B-Qualified Energy, 4.92% due 12/1/2020 | 2,250,000 | 2,293,875 |
PRINCIPAL AMOUNT | VALUE | ||
Los Angeles County Public Works Financing Authority, 5.591% due 8/1/2020 | $ 3,350,000 | $ 3,443,867 | |
Municipal Improvement Corp. of Los Angeles (Build America-BDS-Recovery Zone), Series B, 6.165% due 11/1/2020 | 11,885,000 | 12,180,936 | |
New York City Transitional Finance Authority Future Tax Secured Revenue (Build America Bonds), 4.075% due 11/1/2020 | 2,500,000 | 2,553,875 | |
New York State Urban Development Corp., Series D-1, 2.55% due 3/15/2022 | 29,675,000 | 30,149,206 | |
d | Oklahoma Development Finance Authority, 8.00% due 5/1/2020 | 410,000 | 414,912 |
Orleans Parish Parishwide School District (Insured AGM) GO, Series B, 4.40% due 2/1/2021 | 10,000,000 | 10,306,500 | |
d | Redlands Redevelopment Agency Successor Agency (Insured AMBAC) ETM, Series A, 5.818% due 8/1/2022 | 810,000 | 868,118 |
Rutgers The State University of New Jersey, Series K, 3.028% due 5/1/2021 | 1,500,000 | 1,520,100 | |
San Bernardino County Redevelopment Agency Successor Agency, Series A, 7.135% due 9/1/2020 | 290,000 | 301,443 | |
State of Connecticut GO, | |||
Series A, | |||
3.471% due 9/15/2022 | 4,695,000 | 4,870,969 | |
4.00% due 9/15/2021 | 3,980,000 | 4,119,300 | |
Tampa-Hillsborough County Expressway Authority, Series C, 2.84% due 7/1/2020 | 1,750,000 | 1,754,900 | |
Wallenpaupack Area School District (State Aid Withholding) GO, Series B, 4.00% due 9/1/2020 | 2,750,000 | 2,798,978 | |
Total Municipal Bonds(Cost $85,608,685) | 87,321,321 | ||
Short-Term Investments — 8.4% | |||
c | Automatic Data Processing, Inc., 1.96% due 10/2/2019 | 27,000,000 | 26,998,530 |
Bank of New York Tri-Party Repurchase Agreement 2.02% dated 9/30/2019 due 10/1/2019, repurchase price $120,006,733 collateralized by 47 corporate debt securities and 2 U.S. Government debt securities, having an average coupon of 3.68%, a minimum credit rating of BBB-, maturity dates from 10/1/2019 to 8/1/2059, and having an aggregate market value of $128,109,793 at 9/30/2019 | 120,000,000 | 120,000,000 | |
c | Berkshire Hathway Energy Co., 2.15% due 10/2/2019 | 7,000,000 | 6,999,582 |
c | Chevron Corp., 1.98% due 10/9/2019 | 8,179,000 | 8,175,401 |
c | Cintas Executive, 2.10% due 10/1/2019 | 27,000,000 | 27,000,000 |
c | Consolidated Ed Co., 2.15% due 10/7/2019 | 5,000,000 | 4,998,208 |
a,c | Electricite de France S.A., 2.22% due 10/7/2019 | 27,000,000 | 26,990,010 |
Experian Finance plc, | |||
a,c | 2.10% due 10/1/2019 | 5,000,000 | 5,000,000 |
a,c | 2.24% due 10/3/2019 | 625,000 | 624,922 |
Federal Home Loan Bank Discount Notes, | |||
1.72% due 10/3/2019 | 2,650,000 | 2,649,747 | |
1.80% due 10/4/2019 | 14,800,000 | 14,797,780 | |
c | Intercontinental Exchange, Inc., 2.04% due 10/4/2019 | 2,775,000 | 2,774,528 |
Louisville Gas & Electric Co., | |||
c | 2.10% due 10/1/2019 | 8,000,000 | 8,000,000 |
c | 2.18% due 10/8/2019 | 5,000,000 | 4,997,881 |
c | Nike, Inc., 1.95% due 10/10/2019 | 27,000,000 | 26,986,837 |
Northern Il Gas Corp., 1.94% due 10/2/2019 | 27,000,000 | 26,998,545 | |
c | Novartis Finance Corp., 1.95% due 10/8/2019 | 10,000,000 | 9,996,208 |
c | ONE Gas, Inc., 2.02% due 10/1/2019 | 27,000,000 | 27,000,000 |
c | Roche Holding, Inc., 1.86% due 10/4/2019 | 27,000,000 | 26,995,815 |
Southern Co. Gas Capital Corp., | |||
c | 1.96% due 10/1/2019 | 7,000,000 | 7,000,000 |
c | 2.00% due 10/3/2019 | 20,000,000 | 19,997,778 |
a,c | Total Fina Elf Holdings USA, Inc., 1.80% due 10/1/2019 | 11,017,000 | 11,017,000 |
c | Unilever Capital Corp., 1.89% due 10/1/2019 | 16,000,000 | 16,000,000 |
United Parcel Service, Inc., | |||
c | 1.65% due 10/3/2019 | 2,000,000 | 1,999,817 |
c | 1.75% due 10/1/2019 | 25,000,000 | 25,000,000 |
Wisconsin Public Service Corp., 2.00% due 10/1/2019 | 18,500,000 | 18,500,000 | |
Total Short-Term Investments(Cost $477,498,590) | 477,498,589 | ||
Total Investments — 100.3%(Cost $5,626,130,364) | $5,715,741,117 | ||
Liabilities Net of Other Assets — (0.3)% | (19,095,398) | ||
Net Assets — 100.0% | $5,696,645,719 |
Footnote Legend | |
a | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
b | Floating Rate Security. Stated interest/floor rate was in effect at September 30, 2019. |
Thornburg Limited Term Income Fund | September 30, 2019
c | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2019, the aggregate value of these securities in the Fund’s portfolio was $2,360,181,578, representing 41.43% of the Fund’s net assets. |
d | Illiquid security. |
e | Security currently fair valued by the Valuation and Pricing Committee using procedures approved by the Trustees’ Audit Committee. |
f | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2019. |
g | Variable rate coupon, rate shown as of September 30, 2019. |
h | Interest Only. |
i | When-issued security. |
j | Segregated as collateral for a when-issued security. |
k | Fixed to floating security that initially pays a fixed rate and converts to a floating rate coupon at a specified date in the future. The rate presented is a fixed rate. |
l | Bond in default. |
m | Non-income producing. |
n | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 2019. |
To simplify the listings of securities, abbreviations are used per the table below:
AGM | Insured by Assured Guaranty Municipal Corp. |
AMBAC | Insured by American Municipal Bond Assurance Corp. |
CMO | Collateralized Mortgage Obligation |
COP | Certificates of Participation |
ETM | Escrowed to Maturity |
FDIC | Federal Deposit Insurance Corporation |
GO | General Obligation |
H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year |
IO | Interest Only Security |
LIBOR | London Interbank Offered Rates |
LOC | Letter of Credit |
Mtg | Mortgage |
MTN | Medium-Term Note |
REMIC | Real Estate Mortgage Investment Conduit |
SBA | Small Business Administration |
SOFR | Secured Overnight Financing Rate |
SPV | Special Purpose Vehicle |
VA | Veterans Affairs |
Thornburg Low Duration Income Fund | September 30, 2019 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 260 |
Effective Duration | 1.2 Yrs |
Average Maturity | 1.6 Yrs |
14% | 31% | 21% | 20% | 9% | 6% |
Thornburg Low Duration Income Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
U.S. Treasury Securities — 10.6% | |||
United States Treasury Notes Inflationary Index, 0.125% due 4/15/2022 | $ 316,482 | $ 313,156 | |
United States Treasury Notes, | |||
1.25% due 10/31/2019 | 1,300,000 | 1,299,264 | |
1.375% due 3/31/2020 - 8/31/2020 | 797,000 | 794,684 | |
1.625% due 12/31/2019 | 500,000 | 499,565 | |
2.375% due 4/30/2020 | 588,000 | 589,648 | |
Total U.S. Treasury Securities(Cost $3,492,094) | 3,496,317 | ||
U.S. Government Agencies — 3.5% | |||
a | Durrah MSN 35603 (Guaranty: Export-Import Bank of the United States), 1.684% due 1/22/2025 | 384,541 | 383,096 |
Export Leasing (2009), LLC (Guaranty: Export-Import Bank of the United States), 1.859% due 8/28/2021 | 26,001 | 26,012 | |
a | MSN 41079 and 41084 Ltd. (Guaranty: Export-Import Bank of the United States), 1.717% due 7/13/2024 | 399,350 | 397,836 |
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a | 1.70% due 12/20/2022 | 35,000 | 34,832 |
a,b | 2.653% (LIBOR 3 Month + 0.35%) due 4/15/2025 | 57,500 | 57,677 |
a | Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), 1.87% due 1/15/2026 | 153,947 | 153,823 |
a,b | Washington Aircraft 2 Co. Ltd. (Guaranty: Export-Import Bank of the United States), 2.543% (LIBOR 3 Month + 0.43%) due 6/26/2024 | 106,391 | 106,473 |
Total U.S. Government Agencies(Cost $1,139,814) | 1,159,749 | ||
Mortgage Backed — 13.6% | |||
c,d | Angel Oak Mortgage Trust LLC, Whole Loan Securities Trust CMO, Series 2017-1 Class A3, 3.644% due 1/25/2047 | 28,524 | 28,551 |
Angel Oak Mortgage Trust, LLC, Whole Loan Securities Trust CMO, | |||
c,d | Series 2017-1 Class A2, 3.085% due 1/25/2047 | 14,856 | 14,832 |
c,d | Series 2017-3 Class A1, 2.708% due 11/25/2047 | 16,092 | 15,894 |
c,d | Series 2018-1 Class A1, 3.258% due 4/27/2048 | 36,471 | 36,929 |
c,d | Series 2018-2 Class A1, 3.674% due 7/27/2048 | 63,671 | 64,915 |
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
c,d | Series 2018-1 Class A1, 3.763% due 4/25/2048 | 72,738 | 74,011 |
c,d | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 95,534 | 95,053 |
c | Barclays Commercial Mortgage Securities, LLC, Series 2015-STP Class A, 3.323% due 9/10/2028 | 54,876 | 55,316 |
c | Bravo Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 91,141 | 91,831 |
COMM Mortgage Trust, Series 2016-DC2 Class A1, 1.82% due 2/10/2049 | 46,515 | 46,390 | |
c,d | Credit Suisse Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-HL2 Class A3, 3.50% due 10/25/2047 | 125,436 | 127,472 |
b,c | DBUBS Mortgage Trust, Series 2011-LC2A Class A1FL, 3.389% (LIBOR 1 Month + 1.35%) due 7/12/2044 | 14,919 | 14,975 |
Federal Home Loan Mtg Corp., | |||
Pool G15523, 2.50% due 8/1/2025 | 73,534 | 74,359 | |
Series K716 Class A1, 2.413% due 1/25/2021 | 26,869 | 26,887 | |
Federal Home Loan Mtg Corp., Multi-Family Structured Pass Through, | |||
Series K030 Class A1, 2.779% due 9/25/2022 | 60,481 | 61,097 | |
Series K036 Class A1, 2.777% due 4/25/2023 | 130,377 | 132,299 | |
Series K717 Class A2, 2.991% due 9/25/2021 | 100,000 | 101,275 | |
d | Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer Whole Loan Securities CMO, Series 2018-2 Class HA, 3.00% due 11/25/2057 | 172,024 | 176,451 |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer Whole Loan Securities Trust CMO, Series 2018-4 Class HA, 3.00% due 3/25/2058 | 276,260 | 283,009 | |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, | |||
e | Series 2017-3 Class HA, 3.00% due 7/25/2056 | 60,359 | 62,488 |
e | Series 2018-1 Class HA, 2.75% due 5/25/2057 | 41,770 | 42,820 |
Series 2018-3 Class HA, 3.00% due 8/25/2057 | 87,755 | 90,084 | |
Series 2019-1 Class MA, 3.50% due 7/25/2058 | 46,626 | 48,814 | |
Series 2019-2 Class MA, 3.50% due 8/25/2058 | 143,417 | 150,243 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, Series 2017-SC02 Class 2A1, 3.50% due 5/25/2047 | 26,667 | 26,958 | |
Federal National Mtg Assoc., | |||
Pool AL9445, 3.00% due 7/1/2031 | 93,651 | 96,643 | |
Pool AS3705, 2.50% due 11/1/2024 | 41,049 | 41,487 | |
Pool AS8538, 2.50% due 12/1/2026 | 174,816 | 176,793 | |
Pool FM1126, 3.00% due 3/1/2033 | 61,465 | 63,257 | |
Pool MA3557, 4.00% due 1/1/2029 | 166,147 | 173,652 | |
c,d | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 68,358 | 68,696 |
c,d | FWD Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-INV1 Class A1, 2.81% due 6/25/2049 | 95,663 | 96,083 |
c,e | GCAT 2019-NQM1 LLC, Whole Loan Securities Trust CMO, Series 2019-NQM1 Class A1, 2.985% due 2/25/2059 | 93,812 | 94,852 |
c,e | GCAT Trust Whole Loan Securities Trust, Whole Loan Securities Trust CMO, Series 2019-NQM2 Class A1, 2.855% due 9/25/2059 | 100,000 | 99,991 |
PRINCIPAL AMOUNT | VALUE | ||
Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, | |||
c,d | Series 2018-1 Class A1, 3.766% due 6/25/2048 | $ 69,106 | $ 71,120 |
c,d | Series 2019-1 Class A1, 3.454% due 1/25/2059 | 84,199 | 85,387 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
c,d | Series 2017-2 Class A6, 3.00% due 5/25/2047 | 34,829 | 35,047 |
c,d | Series 2017-6 Class A5, 3.50% due 12/25/2048 | 77,119 | 78,405 |
c,d | Series 2018-6 Class 1A4, 3.50% due 12/25/2048 | 131,912 | 132,993 |
c,d | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 277,033 | 287,977 |
c,d | New Residential Mortgage Loan Trust Whole Loan Securities Trust CMO, Series 2017-2A Class A3, 4.00% due 3/25/2057 | 239,168 | 251,213 |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2017-5A Class A1, 3.518% (LIBOR 1 Month + 1.50%) due 6/25/2057 | 52,023 | 52,845 |
c,d | Series 2018-NQM1 Class A1, 3.986% due 11/25/2048 | 77,642 | 80,350 |
c,d | Series 2018-RPL1 Class A1, 3.50% due 12/25/2057 | 84,945 | 88,539 |
Verus Securitization Trust, Whole Loan Securities Trust CMO, | |||
c,d | Series 2018-2 Class A1, 3.677% due 6/1/2058 | 61,623 | 63,111 |
c,d | Series 2018-3 Class A1, 4.108% due 10/25/2058 | 216,436 | 222,703 |
c,e | Series 2019-3 Class A1, 2.784% due 7/25/2059 | 145,982 | 146,302 |
c,d | WinWater Mortgage Loan Trust Whole Loan Securities Trust CMO, Series 2014-3 Class A7, 3.00% due 11/20/2044 | 218 | 217 |
Total Mortgage Backed(Cost $4,367,608) | 4,450,616 | ||
Asset Backed Securities — 23.2% | |||
Advance Receivables — 0.5% | |||
c | SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2018-T1 Class A, 3.62% due 10/17/2050 | 160,000 | 162,204 |
162,204 | |||
Asset-Backed - Finance & Insurance — 6.7% | |||
c | Aqua Finance Trust, Series 2019-A Class A, 3.14% due 7/16/2040 | 100,000 | 100,129 |
c | Ascentium Equipment Receivables Trust, Series 2018-2A Class A2, 3.27% due 10/12/2021 | 80,946 | 81,573 |
c | CCG Receivables Trust, Series 2017-1 Class A2, 1.84% due 11/14/2023 | 28,827 | 28,786 |
c | Conn’s Receivables Funding LLC, Series 2019-A Class A, 3.40% due 10/16/2023 | 57,535 | 57,767 |
c | Freed ABS Trust, Series 2019-1 Class-A, 3.42% due 6/18/2026 | 70,692 | 71,041 |
c | Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033 | 148,295 | 147,997 |
c | Lendingpoint Asset Securitization Trust, Series 2019-1 Class A, 3.154% due 8/15/2025 | 99,148 | 99,278 |
c | NRZ Advance Receivables Trust, Series 2019-T1 Class AT1, 2.59% due 7/15/2052 | 150,000 | 150,689 |
c | PFS Financing Corp., Series 2018-F Class A, 3.52% due 10/15/2023 | 100,000 | 101,522 |
c | Prosper Marketplace Issuance Trust, Series 2019-2A Class A, 3.20% due 9/15/2025 | 74,110 | 74,285 |
c | Regional Management Issuance Trust, Series 2018-1 Class A, 3.83% due 7/15/2027 | 100,000 | 100,586 |
c | SCF Equipment Leasing, Series 2019-1A Class A1, 3.04% due 3/20/2023 | 272,515 | 273,561 |
c | Small Business Lending Trust, Series 2019-A Class A, 2.85% due 7/15/2026 | 100,000 | 99,952 |
c | SpringCastle Funding, Series 2019-AA Class A, 3.20% due 5/27/2036 | 99,626 | 100,613 |
c | Upgrade Receivables Trust, Series 2018-1A Class A, 3.76% due 11/15/2024 | 76,445 | 76,685 |
Upstart Securitization Trust, | |||
c | Series 2018-2 Class B, 4.445% due 12/22/2025 | 150,000 | 150,936 |
c | Series 2019-1 Class B, 4.19% due 4/20/2026 | 300,000 | 303,130 |
c | Series 2019-2 Class A, 2.897% due 9/20/2029 | 192,067 | 192,587 |
2,211,117 | |||
Auto Receivables — 3.3% | |||
c | American Credit Acceptance Receivables Trust, Series 2018-3 Class B, 3.49% due 6/13/2022 | 125,000 | 125,435 |
CarNow Auto Receivables Trust, | |||
c | Series 2017-1A Class B, 4.35% due 9/15/2022 | 100,000 | 100,858 |
c | Series 2019-1A Class A, 2.72% due 11/15/2022 | 91,010 | 91,134 |
c | CIG Auto Receivables Trust, Series 2017-1A Class A, 2.71% due 5/15/2023 | 15,948 | 15,955 |
c | CPS Auto Receivables Trust, Series 2019-A Class B, 3.58% due 12/16/2024 | 100,000 | 101,309 |
Foursight Capital Automobile Receivables Trust, | |||
c | Series 2016-1 Class A2, 2.87% due 10/15/2021 | 8,434 | 8,438 |
c | Series 2019-1 Class A2, 2.58% due 3/15/2023 | 100,000 | 100,143 |
GLS Auto Receivables Trust, | |||
c | Series 2018-2A Class A, 3.25% due 4/18/2022 | 14,285 | 14,319 |
c | Series 2018-3A Class A, 3.35% due 8/15/2022 | 45,981 | 46,193 |
c | Series 2019-1A Class A, 3.37% due 1/17/2023 | 33,519 | 33,702 |
b,c | Hertz Fleet Lease Funding LP, Series 2016-1 Class A1, 3.149% (LIBOR 1 Month + 1.10%) due 4/10/2030 | 11,886 | 11,887 |
Thornburg Low Duration Income Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
OSCAR US Funding Trust, | |||
c | Series 2016-2A Class A3, 2.73% due 12/15/2020 | $ 5,696 | $ 5,697 |
a,c | Series 2018-1A Class A3, 3.23% due 5/10/2022 | 180,000 | 181,870 |
a,c | Oscar US Funding XI, LLC, Series 2019-2A Class A3, 2.59% due 9/11/2023 | 100,000 | 100,507 |
c | Skopos Auto Receivables Trust, Series 2018-1A Class A, 3.19% due 9/15/2021 | 13,732 | 13,738 |
c | U.S. Auto Funding, LLC, Series 2019-1A Class A, 3.61% due 4/15/2022 | 73,905 | 74,260 |
c | Veros Automobile Receivables Trust, Series 2018-1 Class A, 3.63% due 5/15/2023 | 53,926 | 54,091 |
1,079,536 | |||
Credit Card — 0.3% | |||
c | Genesis Sales Finance Master Trust, Series 2019-AA Class A, 4.68% due 8/20/2023 | 100,000 | 101,944 |
101,944 | |||
Other Asset Backed — 9.6% | |||
c | Avant Loans Funding Trust, Series 2019-A Class A, 3.48% due 7/15/2022 | 90,670 | 91,072 |
AXIS Equipment Finance Receivables VI, LLC, | |||
c | Series 2018-2A Class A2, 3.89% due 7/20/2022 | 149,793 | 151,138 |
c | Series 2019-1A Class A2, 2.63% due 6/20/2024 | 100,000 | 100,346 |
c,d | Bayview Opportunity Master Fund Series 2017-RT3 Class A, 3.50% due 1/28/2058 | 65,312 | 66,514 |
c,d | Bayview Opportunity Master Fund IVa Trust, Series 2017-RT1 Class A1, 3.00% due 3/28/2057 | 107,447 | 108,742 |
c | BCC Funding XIV, LLC, Series 2018-1A Class A2, 2.96% due 6/20/2023 | 56,275 | 56,563 |
c | BRE Grand Islander Timeshare Issuer, LLC, Series 2017-1A Class A, 2.94% due 5/25/2029 | 49,257 | 49,765 |
Consumer Loan Underlying Bond Credit Trust, | |||
c | Series 2018-P2 Class A, 3.47% due 10/15/2025 | 46,536 | 46,778 |
c | Series 2018-P3 Class A, 3.82% due 1/15/2026 | 57,151 | 57,714 |
c | Series 2019-A Class A, 3.52% due 4/15/2026 | 78,091 | 78,557 |
c | Dell Equipment Finance Trust, Series 2018-1 Class A2A, 2.97% due 10/22/2020 | 46,215 | 46,302 |
c | Diamond Resorts Owner Trust, Series 2019-1A Class A, 2.89% due 2/20/2032 | 196,964 | 197,445 |
Foundation Finance Trust, | |||
c | Series 2017-1A Class A, 3.30% due 7/15/2033 | 45,095 | 45,348 |
c | Series 2019-1A Class A, 3.86% due 11/15/2034 | 125,499 | 128,452 |
Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2014-ELL Class A1, 1.66% due 2/1/2022 | 2,872 | 2,868 | |
MVW Owner Trust, Series 2013-1X Class A, 2.15% due 4/22/2030 | 11,341 | 11,318 | |
Nationstar HECM Loan Trust, | |||
c,d | Series 2018-2A Class A, 3.188% due 7/25/2028 | 24,365 | 24,431 |
c,d | Series 2019-1A Class A, 2.651% due 6/25/2029 | 97,589 | 97,739 |
c | Ocwen Master Advance Receivables Trust, Series 2019-T1 Class AT1, 2.514% due 8/15/2050 | 150,000 | 150,371 |
b,c | Pennsylvania Higher Education Assistance Agency, Series 2012-1A Class A1, 2.568% (LIBOR 1 Month + 0.55%) due 5/25/2057 | 27,259 | 27,190 |
PFS Financing Corp., | |||
c | Series 2016-BA Class A, 1.87% due 10/15/2021 | 260,000 | 259,947 |
c | Series 2018-B Class A, 2.89% due 2/15/2023 | 100,000 | 100,938 |
PSNH Funding, LLC 3, Series 2018-1 Class A1, 3.094% due 2/1/2026 | 77,816 | 79,702 | |
c | Purchasing Power Funding, LLC, Series 2018-A Class A, 3.34% due 8/15/2022 | 100,000 | 100,306 |
SCF Equipment Leasing, LLC, | |||
c | Series 2017-2A Class A, 3.41% due 12/20/2023 | 75,662 | 76,552 |
c | Series 2018-1A Class A2, 3.63% due 10/20/2024 | 59,455 | 59,649 |
Sierra Timeshare Receivables Funding, LLC, | |||
c | Series 2015-1A Class A, 2.40% due 3/22/2032 | 33,245 | 33,219 |
c | Series 2015-2A Class A, 2.43% due 6/20/2032 | 36,139 | 36,100 |
c | Series 2015-3A Class A, 2.58% due 9/20/2032 | 14,510 | 14,511 |
b | SLM Student Loan Trust, Series 2013-6 Class A3, 2.668% (LIBOR 1 Month + 0.65%) due 6/25/2055 | 232,425 | 231,527 |
Small Business Administration Participation Certificates, Series 2005-20K Class 1, 5.36% due 11/1/2025 | 16,917 | 17,675 | |
Small Business Administration, Series 2009-20E Class 1, 4.43% due 5/1/2029 | 54,778 | 57,560 | |
c | Social Professional Loan Program, LLC, Series 2014-B Class A2, 2.55% due 8/27/2029 | 8,685 | 8,664 |
c | Tax Ease Funding, LLC, Series 2016-1A Class A, 3.131% due 6/15/2028 | 45,696 | 45,632 |
Towd Point Mortgage Trust, | |||
c,d | Series 2016-5 Class A1, 2.50% due 10/25/2056 | 53,252 | 53,258 |
c,d | Series 2018-2 Class A1, 3.25% due 3/25/2058 | 79,400 | 80,687 |
c,d | Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 258,684 | 266,340 |
b,c | Volvo Financial Equipment Master Owner Trust, Series 2017-A Class A, 2.528% (LIBOR 1 Month + 0.50%) due 11/15/2022 | 100,000 | 100,254 |
3,161,174 | |||
Residential MTG Trust — 0.2% | |||
c,d | Finance of America Structured Securities Trust, Series 2018-HB1 Class A, 3.375% due 9/25/2028 | 41,770 | 41,856 |
PRINCIPAL AMOUNT | VALUE | ||
41,856 | |||
Student Loan — 2.6% | |||
Navient Student Loan Trust, | |||
b,c | Series 2016-6A Class A2, 2.768% (LIBOR 1 Month + 0.75%) due 3/25/2066 | $ 80,289 | $ 80,630 |
c | Series 2018-EA Class A1, 3.43% due 12/15/2059 | 129,515 | 130,958 |
b,c | Series 2019-D Class A1, 2.428% (LIBOR 1 Month + 0.40%) due 12/15/2059 | 204,335 | 204,339 |
Nelnet Student Loan Trust, | |||
b,c | Series 2012-2A Class A, 2.818% (LIBOR 1 Month + 0.80%) due 12/26/2033 | 148,285 | 148,209 |
b,c | Series 2016-A Class A1A, 3.768% (LIBOR 1 Month + 1.75%) due 12/26/2040 | 51,486 | 51,233 |
SLM Student Loan Trust, | |||
b,c | Series 2011-A Class A3, 4.528% (LIBOR 1 Month + 2.50%) due 1/15/2043 | 44,484 | 44,782 |
b | Series 2013-4 Class A, 2.568% (LIBOR 1 Month + 0.55%) due 6/25/2043 | 37,308 | 37,026 |
b,c | Series 2013-B Class A2B, 3.128% (LIBOR 1 Month + 1.10%) due 6/17/2030 | 3,673 | 3,673 |
b,c | SMB Private Education Loan Trust, Series 2019-B Class A1, 2.378% (LIBOR 1 Month + 0.35%) due 7/15/2026 | 90,250 | 90,251 |
c | Sofi Professional Loan Program, LLC, Series 2016-B Class A2B, 2.74% due 10/25/2032 | 65,186 | 65,734 |
856,835 | |||
Total Asset Backed Securities(Cost $7,563,683) | 7,614,666 | ||
Corporate Bonds — 34.4% | |||
Automobiles & Components — 3.0% | |||
Automobiles — 1.8% | |||
b,c | Daimler Finance North America, LLC, 3.058% (LIBOR 3 Month + 0.90%) due 2/15/2022 | 150,000 | 150,775 |
c | Harley-Davidson Financial Services, Inc., 2.40% due 6/15/2020 | 144,000 | 143,912 |
c | Hyundai Capital America, 3.95% due 2/1/2022 | 70,000 | 71,935 |
b,c | Nissan Motor Acceptance Corp., 2.794% (LIBOR 3 Month + 0.69%) due 9/28/2022 | 33,000 | 32,943 |
a | Toyota Motor Corp., 2.157% due 7/2/2022 | 30,000 | 30,217 |
b | Toyota Motor Credit Corp. MTN, 2.576% (LIBOR 3 Month + 0.40%) due 2/13/2020 | 100,000 | 99,994 |
b | Toyota Motor Credit Corp., 2.843% (LIBOR 3 Month + 0.54%) due 1/8/2021 | 50,000 | 50,220 |
Construction & Engineering — 0.6% | |||
c | SBA Tower Trust, 3.156% due 10/10/2045 | 200,000 | 200,215 |
Trading Companies & Distributors — 0.6% | |||
a,c | Mitsubishi UFJ Lease & Finance Co. Ltd., 3.406% due 2/28/2022 | 200,000 | 203,928 |
984,139 | |||
Banks — 3.6% | |||
Banks — 3.6% | |||
a,b,c | ABN AMRO Bank N.V., 2.702% (LIBOR 3 Month + 0.57%) due 8/27/2021 | 200,000 | 200,554 |
b | Goldman Sachs Bank USA, 2.575% (SOFR + 0.60%) due 5/24/2021 | 50,000 | 50,082 |
a | Lloyds Bank plc, 3.30% due 5/7/2021 | 200,000 | 203,407 |
a,c | Mizuho Bank Ltd., 2.70% due 10/20/2020 | 200,000 | 201,196 |
Santander Holdings USA, Inc., 4.45% due 12/3/2021 | 40,000 | 41,779 | |
f | SunTrust Bank, 3.525% (LIBOR 3 Month + 0.50%) due 10/26/2021 | 225,000 | 228,162 |
Zions Bancorp N.A., 3.35% due 3/4/2022 | 250,000 | 255,589 | |
1,180,769 | |||
Capital Goods — 0.3% | |||
Machinery — 0.3% | |||
b | Wabtec Corp., 3.419% (LIBOR 3 Month + 1.30%) due 9/15/2021 | 100,000 | 100,003 |
100,003 | |||
Commercial & Professional Services — 0.7% | |||
Leisure Products — 0.4% | |||
Mattel, Inc., 2.35% due 8/15/2021 | 125,000 | 121,562 | |
Professional Services — 0.3% | |||
Verisk Analytics, Inc., 5.80% due 5/1/2021 | 100,000 | 105,370 | |
226,932 | |||
Consumer Durables & Apparel — 1.0% | |||
Household Durables — 1.0% | |||
a,c | Panasonic Corp., 2.536% due 7/19/2022 | 200,000 | 201,211 |
Tupperware Brands Corp. (Guaranty: Dart Industries, Inc.), 4.75% due 6/1/2021 | 140,000 | 143,131 |
Thornburg Low Duration Income Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
344,342 | |||
Diversified Financials — 3.4% | |||
Capital Markets — 0.3% | |||
c | GTP Acquisition Partners I, LLC (Guaranty: American Tower Holding Sub II, LLC), 2.35% due 6/15/2045 | $ 100,000 | $ 99,957 |
Diversified Financial Services — 2.7% | |||
Citigroup, Inc., 2.65% due 10/26/2020 | 100,000 | 100,612 | |
a,b | Deutsche Bank AG, 3.362% (LIBOR 3 Month + 1.23%) due 2/27/2023 | 100,000 | 96,323 |
b | Goldman Sachs Group, Inc., 3.319% (LIBOR 3 Month + 1.20%) due 9/15/2020 | 100,000 | 100,771 |
JPMorgan Chase & Co., | |||
b | 2.652% (LIBOR 3 Month + 0.55%) due 3/9/2021 | 42,000 | 42,047 |
b | 3.461% (LIBOR 3 Month + 1.21%) due 10/29/2020 | 125,000 | 126,198 |
Morgan Stanley, | |||
b | 2.738% (SOFR+ 0.83%) due 6/10/2022 | 35,000 | 35,101 |
b | 3.396% (LIBOR 3 Month + 1.14%) due 1/27/2020 | 75,000 | 75,258 |
b | State Street Corp., 3.024% (LIBOR 3 Month + 0.90%) due 8/18/2020 | 100,000 | 100,708 |
a,b,c | UBS Group Funding Switzerland AG, 4.083% (LIBOR 3 Month + 1.78%) due 4/14/2021 | 200,000 | 204,177 |
Insurance — 0.4% | |||
AIG Global Funding, | |||
c | 2.30% due 7/1/2022 | 75,000 | 75,201 |
b,c | 2.566% (LIBOR 3 Month + 0.46%) due 6/25/2021 | 50,000 | 50,147 |
1,106,500 | |||
Energy — 1.8% | |||
Oil, Gas & Consumable Fuels — 1.8% | |||
EQT Midstream Partners L.P., Series 5Y, 4.75% due 7/15/2023 | 60,000 | 60,185 | |
c | Midwest Connector Capital Co., LLC, 3.625% due 4/1/2022 | 99,000 | 101,555 |
Occidental Petroleum Corp., | |||
b | 3.437% (LIBOR 3 Month + 1.25%) due 8/13/2021 | 20,000 | 20,120 |
b | 3.637% (LIBOR 3 Month + 1.45%) due 8/15/2022 | 70,000 | 70,462 |
a,c | Sinopec Group Overseas Development 2018 Ltd., 3.75% due 9/12/2023 | 200,000 | 209,273 |
c | Texas Gas Transmission, LLC, 4.50% due 2/1/2021 | 129,000 | 131,484 |
593,079 | |||
Food & Staples Retailing — 0.3% | |||
Food & Staples Retailing — 0.3% | |||
a,c | Alimentation Couche-Tard, Inc., 2.70% due 7/26/2022 | 100,000 | 100,669 |
100,669 | |||
Food, Beverage & Tobacco — 3.2% | |||
Beverages — 0.5% | |||
Molson Coors Brewing Co., 2.10% due 7/15/2021 | 150,000 | 149,993 | |
Food Products — 1.4% | |||
Conagra Brands, Inc., | |||
b | 2.811% (LIBOR 3 Month + 0.50%) due 10/9/2020 | 100,000 | 99,990 |
3.80% due 10/22/2021 | 92,000 | 94,949 | |
b | General Mills, Inc., 2.862% (LIBOR 3 Month + 0.54%) due 4/16/2021 | 20,000 | 20,045 |
JM Smucker Co., 2.50% due 3/15/2020 | 50,000 | 50,048 | |
Mead Johnson Nutrition Co. (Guaranty: Reckitt Benckiser Group plc), 3.00% due 11/15/2020 | 100,000 | 100,868 | |
b | Tyson Foods, Inc., 2.682% (LIBOR 3 Month + 0.55%) due 6/2/2020 | 100,000 | 100,066 |
Tobacco — 1.3% | |||
Altria Group, Inc. (Guaranty: Philip Morris USA, Inc.), | |||
2.625% due 1/14/2020 | 200,000 | 200,076 | |
3.49% due 2/14/2022 | 120,000 | 123,109 | |
b | BAT Capital Corp., 2.765% (LIBOR 3 Month + 0.59%) due 8/14/2020 | 100,000 | 100,192 |
1,039,336 | |||
Healthcare Equipment & Services — 0.7% | |||
Health Care Providers & Services — 0.7% | |||
Anthem, Inc., 2.50% due 11/21/2020 | 75,000 | 75,370 | |
Cigna Corp., 3.40% due 9/17/2021 | 75,000 | 76,685 | |
b | CVS Health Corp., 2.732% (LIBOR 3 Month + 0.63%) due 3/9/2020 | 4,000 | 4,008 |
Express Scripts Holding Co., 2.60% due 11/30/2020 | 62,000 | 62,270 |
PRINCIPAL AMOUNT | VALUE | ||
218,333 | |||
Household & Personal Products — 0.1% | |||
Household Products — 0.1% | |||
Church & Dwight Co., Inc., 2.45% due 8/1/2022 | $ 50,000 | $ 50,149 | |
50,149 | |||
Insurance — 3.3% | |||
Insurance — 3.3% | |||
a | Enstar Group Ltd., 4.50% due 3/10/2022 | 50,000 | 51,858 |
c | Guardian Life Global Funding, 3.40% due 4/25/2023 | 57,000 | 59,480 |
Infinity Property & Casualty Corp., 5.00% due 9/19/2022 | 100,000 | 106,469 | |
Jackson National Life Global Funding, | |||
c | 2.10% due 10/25/2021 | 100,000 | 99,710 |
b,c | 2.618% (LIBOR 3 Month + 0.48%) due 6/11/2021 | 100,000 | 100,242 |
c | MassMutual Global Funding II, 2.00% due 4/15/2021 | 200,000 | 199,770 |
b,c | Metropolitan Life Global Funding, 2.39% (SOFR + 0.57%) due 9/7/2020 | 150,000 | 150,403 |
Reliance Standard Life Global Funding II, | |||
c | 2.625% due 7/22/2022 | 75,000 | 75,626 |
c | 3.05% due 1/20/2021 | 25,000 | 25,251 |
c | 3.85% due 9/19/2023 | 50,000 | 52,539 |
a | Willis Towers Watson plc, 5.75% due 3/15/2021 | 170,000 | 178,208 |
1,099,556 | |||
Materials — 0.3% | |||
Chemicals — 0.3% | |||
b,c | Chevron Phillips Chemical Co., LLC / Chevron Phillips Chemical Co., L.P. 3.003% (LIBOR 3 Month + 0.75%) due 5/1/2020 | 100,000 | 100,233 |
100,233 | |||
Media & Entertainment — 0.5% | |||
Media — 0.5% | |||
c | Cox Communications, Inc., 3.25% due 12/15/2022 | 160,000 | 164,334 |
164,334 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.8% | |||
Biotechnology — 0.5% | |||
Celgene Corp., | |||
2.75% due 2/15/2023 | 100,000 | 101,783 | |
3.25% due 2/20/2023 | 44,000 | 45,550 | |
Pharmaceuticals — 0.3% | |||
a,b | AstraZeneca plc, 2.789% (LIBOR 3 Month + 0.67%) due 8/17/2023 | 65,000 | 64,678 |
a | Shire Acquisitions Investments Ireland DAC, 2.40% due 9/23/2021 | 44,000 | 44,204 |
256,215 | |||
Real Estate — 0.7% | |||
Equity Real Estate Investment Trusts — 0.7% | |||
Crown Castle International Corp., 3.20% due 9/1/2024 | 115,000 | 118,127 | |
c | SBA Tower Trust, 2.836% due 1/15/2025 | 100,000 | 100,128 |
218,255 | |||
Retailing — 0.5% | |||
Multiline Retail — 0.5% | |||
b | Dollar Tree, Inc., 3.003% (LIBOR 3 Month + 0.70%) due 4/17/2020 | 175,000 | 175,032 |
175,032 | |||
Semiconductors & Semiconductor Equipment — 0.4% | |||
Semiconductors & Semiconductor Equipment — 0.4% | |||
Broadcom Corp. / Broadcom Cayman Finance Ltd., 2.375% due 1/15/2020 | 125,000 | 124,992 | |
124,992 | |||
Software & Services — 0.4% | |||
Software — 0.4% | |||
Autodesk, Inc., 3.125% due 6/15/2020 | 100,000 | 100,536 | |
VMware, Inc., 2.30% due 8/21/2020 | 50,000 | 50,026 |
Thornburg Low Duration Income Fund | September 30, 2019
PRINCIPAL AMOUNT | VALUE | ||
150,562 | |||
Technology Hardware & Equipment — 0.4% | |||
Technology Hardware, Storage & Peripherals — 0.4% | |||
Hewlett Packard Enterprise Co., 3.50% due 10/5/2021 | $ 132,000 | $ 135,322 | |
135,322 | |||
Telecommunication Services — 2.7% | |||
Diversified Telecommunication Services — 0.5% | |||
AT&T, Inc., | |||
2.45% due 6/30/2020 | 100,000 | 100,238 | |
b | 3.034% (LIBOR 3 Month + 0.93%) due 6/30/2020 | 50,000 | 50,254 |
Media — 0.3% | |||
b,c | NBCUniversal Enterprise, Inc., 2.499% (LIBOR 3 Month + 0.40%) due 4/1/2021 | 100,000 | 100,197 |
Wireless Telecommunication Services — 1.9% | |||
Sprint Communications, Inc., 9.25% due 4/15/2022 | 400,000 | 463,500 | |
a | Vodafone Group plc, 2.50% due 9/26/2022 | 160,000 | 161,586 |
875,775 | |||
Transportation — 0.4% | |||
Road & Rail — 0.4% | |||
Penske Truck Leasing Co. L.P. / PTL Finance Corp., | |||
c | 3.20% due 7/15/2020 | 100,000 | 100,593 |
c | 3.65% due 7/29/2021 | 35,000 | 35,811 |
136,404 | |||
Utilities — 5.9% | |||
Electric Utilities — 5.3% | |||
c | Alliant Energy Finance, LLC, 3.75% due 6/15/2023 | 100,000 | 104,532 |
CenterPoint Energy, Inc., 3.60% due 11/1/2021 | 150,000 | 153,986 | |
b | Consolidated Edison Co. of New York, Inc., Series C, 2.506% (LIBOR 3 Month + 0.40%) due 6/25/2021 | 100,000 | 100,337 |
Duke Energy Florida Project Finance, LLC, Series 2018, 1.196% due 3/1/2022 | 17,346 | 17,273 | |
a,c | Electricite de France S.A., 4.60% due 1/27/2020 | 25,000 | 25,197 |
a,c | Enel Finance International N.V., 4.25% due 9/14/2023 | 200,000 | 212,403 |
Evergy, Inc., 2.45% due 9/15/2024 | 30,000 | 29,977 | |
Exelon Corp., 2.85% due 6/15/2020 | 50,000 | 50,209 | |
b | Mississippi Power Co., 2.75% (LIBOR 3 Month + 0.65%) due 3/27/2020 | 200,000 | 200,076 |
NextEra Energy Capital Holdings, Inc., 2.403% due 9/1/2021 | 150,000 | 150,926 | |
PNM Resources, Inc., 3.25% due 3/9/2021 | 100,000 | 100,944 | |
Public Service Enterprise Group, 2.65% due 11/15/2022 | 50,000 | 50,699 | |
SCANA Corp. MTN, 4.125% due 2/1/2022 | 22,000 | 22,708 | |
b,c | Southern Power Co., 2.706% (LIBOR 3 Month + 0.55%) due 12/20/2020 | 115,000 | 115,010 |
Tampa Electric Co., 2.60% due 9/15/2022 | 185,000 | 186,607 | |
Virginia Electric & Power Co., 2.95% due 1/15/2022 | 100,000 | 101,595 | |
WEC Energy Group, Inc., 3.375% due 6/15/2021 | 100,000 | 102,169 | |
Gas Utilities — 0.6% | |||
Dominion Gas Holdings, LLC, 2.50% due 12/15/2019 | 100,000 | 99,992 | |
WGL Holdings, Inc., | |||
b | 2.517% (LIBOR 3 Month + 0.40%) due 11/29/2019 | 50,000 | 49,984 |
b | 2.682% (LIBOR 3 Month + 0.55%) due 3/12/2020 | 58,000 | 57,910 |
1,932,534 | |||
Total Corporate Bonds(Cost $11,151,302) | 11,313,465 | ||
Municipal Bonds — 1.1% | |||
Colorado Educational & Cultural Facilities Authority, | |||
Series B Class B, | |||
2.244% due 3/1/2021 | 50,000 | 50,223 | |
2.474% due 3/1/2022 | 50,000 | 50,599 | |
Los Angeles County Public Works Financing Authority, 5.591% due 8/1/2020 | 100,000 | 102,802 | |
New York State Urban Development Corp., Series D-1, 2.55% due 3/15/2022 | 120,000 | 121,918 | |
State of Connecticut GO, | |||
Series A, |
PRINCIPAL AMOUNT | VALUE | ||
3.471% due 9/15/2022 | $ 20,000 | $ 20,750 | |
4.00% due 9/15/2021 | 20,000 | 20,700 | |
Total Municipal Bonds(Cost $363,181) | 366,992 | ||
Short-Term Investments — 13.4% | |||
g | Thornburg Capital Management Fund | 440,070 | 4,400,701 |
Total Short-Term Investments(Cost $4,400,701) | 4,400,701 | ||
Total Investments — 99.8%(Cost $32,478,383) | $32,802,506 | ||
Other Assets Less Liabilities — 0.2% | 67,445 | ||
Net Assets — 100.0% | $32,869,951 |
Footnote Legend | |
a | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
b | Floating Rate Security. Stated interest/floor rate was in effect at September 30, 2019. |
c | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2019, the aggregate value of these securities in the Fund’s portfolio was $13,953,191, representing 42.45% of the Fund’s net assets. |
d | Variable rate coupon, rate shown as of September 30, 2019. |
e | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2019. |
f | Fixed to floating security that initially pays a fixed rate and converts to a floating rate coupon at a specified date in the future. The rate presented is a fixed rate. |
g | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
CMO | Collateralized Mortgage Obligation |
GO | General Obligation |
LIBOR | London Interbank Offered Rates |
Mtg | Mortgage |
MTN | Medium-Term Note |
SBA | Small Business Administration |
SOFR | Secured Overnight Financing Rate |
September 30, 2019
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | THORNBURG LIMITED TERM INCOME FUND | THORNBURG LOW DURATION INCOME FUND | |
ASSETS | |||
Investments at value (Note 3) | |||
Non-affiliated issuers (cost $239,291,685, $5,626,130,364 and $28,077,682, respectively) | $ 241,672,065 | $ 5,715,741,117 | $ 28,401,805 |
Non-controlled affiliated issuer (cost $0, $0 and $4,400,701, respectively) | - | - | 4,400,701 |
Cash | 1,193 | 199,727 | 14 |
Receivable for investments sold | - | 159,000 | - |
Receivable for fund shares sold | 394,962 | 13,916,268 | 3,000 |
Receivable from investment advisor | - | - | 3,757 |
Dividends receivable | - | - | 5,317 |
Dividend and interest reclaim receivable | - | 7,713 | 48 |
Interest receivable | 781,111 | 27,209,371 | 123,566 |
Prepaid expenses and other assets | 51,939 | 219,405 | 19,682 |
Total Assets | 242,901,270 | 5,757,452,601 | 32,957,890 |
Liabilities | |||
Payable for investments purchased | 2,959,977 | 48,196,440 | - |
Payable for fund shares redeemed | 210,040 | 7,668,612 | 18,620 |
Payable to investment advisor and other affiliates (Note 4) | ��� 111,000 | 2,080,058 | - |
Accounts payable and accrued expenses | 131,013 | 1,161,200 | 67,626 |
Dividends payable | 87,341 | 1,724,322 | 1,693 |
Total Liabilities | 3,499,371 | 60,830,632 | 87,939 |
Commitments and contingencies (Note 2) | |||
Unrealized appreciation on unfunded commmitments | - | 23,750 | - |
Net Assets | $ 239,401,899 | $ 5,696,645,719 | $ 32,869,951 |
NET ASSETS CONSIST OF | |||
Distributable earnings (accumulated loss) | $ (10,168,240) | $ 122,721,184 | $ 424,315 |
Net capital paid in on shares of beneficial interest | 249,570,139 | 5,573,924,535 | 32,445,636 |
$ 239,401,899 | $ 5,696,645,719 | $ 32,869,951 |
September 30, 2019
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | THORNBURG LIMITED TERM INCOME FUND | THORNBURG LOW DURATION INCOME FUND | |
NET ASSET VALUE | |||
Class A Shares: | |||
Net asset value and redemption price per share ($66,140,193, $645,382,566 and $8,011,933 applicable to 5,050,165, 47,402,642 and 641,493 shares of beneficial interest outstanding - Note 5) | $ 13.10 | $ 13.61 | $ 12.49 |
Maximum sales charge, 1.50% of offering price | 0.20 | 0.21 | 0.19 |
Maximum offering price per share | $ 13.30 | $ 13.82 | $ 12.68 |
Class C Shares: | |||
Net asset value and offering price per share* ($15,618,021 and $356,205,471 applicable to 1,185,461 and 26,204,290 shares of beneficial interest outstanding - Note 5) | $ 13.17 | $ 13.59 | $ - |
Class I Shares: | |||
Net asset value, offering and redemption price per share ($145,272,850, $4,455,457,145 and $24,858,018 applicable to 11,092,876, 327,183,139 and 1,991,414 shares of beneficial interest outstanding - Note 5) | $ 13.10 | $ 13.62 | $ 12.48 |
Class R3 Shares: | |||
Net asset value, offering and redemption price per share ($9,181,131 and $64,334,852 applicable to 700,604 and 4,721,824 shares of beneficial interest outstanding - Note 5) | $ 13.10 | $ 13.63 | $ - |
Class R4 Shares: | |||
Net asset value, offering and redemption price per share ($2,292,366 and $8,072,873 applicable to 175,087 and 593,207 shares of beneficial interest outstanding - Note 5) | $ 13.09 | $ 13.61 | $ - |
Class R5 Shares: | |||
Net asset value, offering and redemption price per share ($897,338 and $106,753,168 applicable to 68,467 and 7,841,623 shares of beneficial interest outstanding - Note 5) | $ 13.11 | $ 13.61 | $ - |
Class R6 Shares: | |||
Net asset value, offering and redemption price per share ($60,439,644 applicable to 4,429,917 shares of beneficial interest outstanding - Note 5) | $ - | $ 13.64 | $ - |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Year Ended September 30, 2019
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | THORNBURG LIMITED TERM INCOME FUND | THORNBURG LOW DURATION INCOME FUND | |
INVESTMENT INCOME | |||
Dividend income non-controlled affiliated issuer | $ - | $ - | $ 86,209 |
Interest income (net of premium amortized of $429,311, $6,197,291, and $37,289, respectively) | 5,559,884 | 171,346,485 | 920,544 |
Total Income | 5,559,884 | 171,346,485 | 1,006,753 |
EXPENSES | |||
Investment advisory fees (Note 4) | 877,126 | 17,491,382 | 135,440 |
Administration fees (Note 4) | |||
Class A Shares | 60,084 | 552,686 | 7,553 |
Class C Shares | 15,986 | 344,946 | - |
Class I Shares | 118,273 | 3,512,491 | 22,185 |
Class R3 Shares | 7,985 | 70,569 | - |
Class R4 Shares | 2,009 | 8,037 | - |
Class R5 Shares | 1,087 | 101,534 | - |
Class R6 Shares | - | 37,899 | - |
Distribution and service fees (Note 4) | |||
Class A Shares | 170,964 | 1,573,481 | 17,158 |
Class C Shares | 90,999 | 1,963,738 | - |
Class R3 Shares | 45,459 | 401,579 | - |
Class R4 Shares | 5,724 | 22,860 | - |
Transfer agent fees | |||
Class A Shares | 66,327 | 719,649 | 33,397 |
Class C Shares | 25,629 | 296,521 | - |
Class I Shares | 100,464 | 3,455,714 | 15,131 |
Class R3 Shares | 23,355 | 82,564 | - |
Class R4 Shares | 10,422 | 36,565 | - |
Class R5 Shares | 5,823 | 335,519 | - |
Class R6 Shares | - | 7,848 | - |
Registration and filing fees | |||
Class A Shares | 13,662 | 28,379 | 19,844 |
Class C Shares | 12,512 | 17,797 | - |
Class I Shares | 14,934 | 94,944 | 16,302 |
Class R3 Shares | 12,648 | 14,276 | - |
Class R4 Shares | 12,407 | 12,942 | - |
Class R5 Shares | �� 12,803 | 13,741 | - |
Class R6 Shares | - | 12,909 | - |
Custodian fees | 55,072 | 266,410 | 52,635 |
Professional fees | 48,439 | 138,579 | 43,618 |
Trustee and officer fees (Note 4) | 13,459 | 311,973 | 1,959 |
Other expenses | 41,926 | 435,752 | 14,829 |
Total Expenses | 1,865,578 | 32,363,284 | 380,051 |
Less: | |||
Expenses reimbursed by investment advisor (Note 4) | (74,713) | (1,422,449) | (114,926) |
Investment advisory fees waived by investment advisor (Note 4) | - | - | (78,667) |
Net Expenses | 1,790,865 | 30,940,835 | 186,458 |
Net Investment Income | $ 3,769,019 | $ 140,405,650 | $ 820,295 |
REALIZED AND UNREALIZED GAIN (LOSS) | |||
Net realized gain (loss) on investments | (533,177) | 40,927,563 | 122,581 |
Net change in unrealized appreciation (depreciation) on investments | 8,550,764 | 140,547,442 | 476,950 |
Net Realized and Unrealized Gain | 8,017,587 | 181,475,005 | 599,531 |
Net Increase in Net Assets Resulting from Operations | $ 11,786,606 | $ 321,880,655 | $ 1,419,826 |
Thornburg Limited Term U.S. Government Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 3,769,019 | $ 4,024,275 |
Net realized gain (loss) on investments | (533,177) | (7,773) |
Net change in unrealized appreciation (depreciation) on investments | 8,550,764 | (5,807,249) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,786,606 | (1,790,747) |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (1,199,716) | (1,281,346) |
Class C Shares | (255,887) | (399,126) |
Class I Shares | (2,750,402) | (2,841,403) |
Class R3 Shares | (151,499) | (163,648) |
Class R4 Shares | (38,072) | (48,362) |
Class R5 Shares | (25,660) | (30,541) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | (5,683,527) | (13,133,162) |
Class C Shares | (4,644,010) | (14,392,126) |
Class I Shares | 9,185,352 | (12,028,799) |
Class R3 Shares | (143,550) | (1,579,987) |
Class R4 Shares | (289,505) | (782,019) |
Class R5 Shares | 187,963 | (3,430,735) |
Net Increase (Decrease) in Net Assets | 5,978,093 | (51,902,001) |
NET ASSETS | ||
Beginning of Year | 233,423,806 | 285,325,807 |
End of Year | $ 239,401,899 | $ 233,423,806 |
Thornburg Limited Term Income Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 140,405,650 | $ 117,668,835 |
Net realized gain (loss) on investments | 40,927,563 | 1,476,259 |
Net change in unrealized appreciation (depreciation) on investments | 140,547,442 | (104,119,301) |
Net Increase in Net Assets Resulting from Operations | 321,880,655 | 15,025,793 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (15,727,847) | (17,119,570) |
Class C Shares | (9,006,464) | (10,088,457) |
Class I Shares | (112,128,865) | (88,345,810) |
Class R3 Shares | (1,869,318) | (1,923,947) |
Class R4 Shares | (212,808) | (172,865) |
Class R5 Shares | (3,178,918) | (2,536,903) |
Class R6 Shares | (1,237,001) | (342,075) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | (55,963,967) | (193,537,163) |
Class C Shares | (96,148,218) | (117,451,478) |
Class I Shares | 633,212,444 | 526,525,749 |
Class R3 Shares | (26,586,996) | (6,441,054) |
Class R4 Shares | (214,678) | 37,813 |
Class R5 Shares | (10,373,438) | 14,319,765 |
Class R6 Shares | 29,403,168 | 29,035,669 |
Net Increase in Net Assets | 651,847,749 | 146,985,467 |
NET ASSETS | ||
Beginning of Year | 5,044,797,970 | 4,897,812,503 |
End of Year | $ 5,696,645,719 | $ 5,044,797,970 |
Thornburg Low Duration Income Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 820,295 | $ 444,861 |
Net realized gain (loss) on investments | 122,581 | (2,466) |
Net change in unrealized appreciation (depreciation) on investments | 476,950 | (229,583) |
Net Increase in Net Assets Resulting from Operations | 1,419,826 | 212,812 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (198,275) | (128,246) |
Class I Shares | (631,318) | (329,263) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | 721,326 | 683,438 |
Class I Shares | 1,670,436 | 10,063,257 |
Net Increase in Net Assets | 2,981,995 | 10,501,998 |
NET ASSETS | ||
Beginning of Year | 29,887,956 | 19,385,958 |
End of Year | $ 32,869,951 | $ 29,887,956 |
September 30, 2019
September 30, 2019
GOVERNMENT FUND | INCOME FUND | LOW DURATION FUND | |
Cost of investments for tax purposes | $ 239,292,823 | $ 5,626,138,034 | $ 32,478,383 |
Gross unrealized appreciation on a tax basis | 2,999,502 | 103,120,270 | 342,047 |
Gross unrealized depreciation on a tax basis | (620,260) | (13,517,187) | (17,924) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 2,379,242 | $ 89,603,083 | $ 324,123 |
September 30, 2019
GOVERNMENT FUND | INCOME FUND | LOW DURATION FUND | |
Deferred tax basis capital losses | $ 1,001,586 | $ - | $ - |
GOVERNMENT FUND | INCOME FUND | LOW DURATION FUND | |
Undistributed tax basis ordinary investment income | $ 43,931 | $ 25,991,722 | $ 95,429 |
Undistributed tax basis capital gains | $ — | $ 8,826,951 | $ 6,456 |
GOVERNMENT FUND | INCOME FUND | LOW DURATION FUND | ||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |
Distributions from: | ||||||
Ordinary income | $ 4,421,236 | $ 4,764,426 | $ 143,361,221 | $ 120,529,627 | $ 829,593 | $ 457,509 |
Total | $ 4,421,236 | $ 4,764,426 | $ 143,361,221 | $ 120,529,627 | $ 829,593 | $ 457,509 |
September 30, 2019
September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
U.S. Treasury Securities | $ 24,254,654 | $ 24,254,654 | $ — | $ — |
U.S. Government Agencies | 40,971,713 | — | 40,971,713 | — |
Mortgage Backed | 143,371,073 | — | 143,371,073 | — |
Corporate Bonds | 4,055,625 | — | 4,055,625 | — |
Short-Term Investments | 29,019,000 | — | 29,019,000 | — |
Total Investments in Securities | $241,672,065 | $24,254,654 | $217,417,411 | $— |
Total Assets | $241,672,065 | $24,254,654 | $217,417,411 | $— |
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
U.S. Treasury Securities | $ 530,669,905 | $ 530,669,905 | $ — | $ — |
U.S. Government Agencies | 59,211,093 | — | 55,978,279 | 3,232,814 |
Other Government | 50,892,962 | — | 50,892,962 | — |
Mortgage Backed | 1,173,621,204 | — | 1,173,621,204 | — |
Asset Backed Securities | 881,464,038 | — | 876,182,451 | 5,281,587 |
Corporate Bonds | ��� 2,440,740,755 | — | 2,413,502,139 | 27,238,616 |
Loan Participations | 14,321,250 | — | 14,321,250 | — |
Municipal Bonds | 87,321,321 | — | 87,321,321 | — |
Short-Term Investments | 477,498,589 | — | 477,498,589 | — |
Total Investments in Securities | $5,715,741,117 | $530,669,905 | $5,149,318,195 | $35,753,017(a)(b) |
Total Assets | $5,715,741,117 | $530,669,905 | $5,149,318,195 | $35,753,017 |
(a) | Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2019 is not presented. |
(b) | During the fiscal year ended September 30, 2019, there were no significant transfers into or out of Level 3 of the fair value hierarchy. |
September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
U.S. Treasury Securities | $ 3,496,317 | $ 3,496,317 | $ — | $ — |
U.S. Government Agencies | 1,159,749 | — | 1,159,749 | — |
Mortgage Backed | 4,450,616 | — | 4,450,616 | — |
Asset Backed Securities | 7,614,666 | — | 7,614,666 | — |
Corporate Bonds | 11,313,465 | — | 11,313,465 | — |
Municipal Bonds | 366,992 | — | 366,992 | — |
Short-Term Investments | 4,400,701 | 4,400,701 | — | — |
Total Investments in Securities | $32,802,506 | $7,897,018 | $24,905,488 | $— |
Total Assets | $32,802,506 | $7,897,018 | $24,905,488 | $— |
Management Fee Schedule | |||||
GOVERNMENT FUND | INCOME FUND | LOW DURATION FUND | |||
DAILY NET ASSETS | FEE RATE | DAILY NET ASSETS | FEE RATE | DAILY NET ASSETS | FEE RATE |
Up to $1 billion | 0.375% | Up to $500 million | 0.500% | Up to $1 Billion | 0.400% |
Next $1 billion | 0.325 | Next $500 million | 0.450 | Next $500 million | 0.300 |
Over $2 billion | 0.275 | Next $500 million | 0.400 | Next $500 million | 0.250 |
Next $500 million | 0.350 | Over $2 billion | 0.225 | ||
Over $2 billion | 0.275 |
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
September 30, 2019
GOVERNMENT FUND | INCOME FUND | LOW DURATION FUND | |
Commissions | $ 638 | $ 2,936 | $ 88 |
CDSC fees | $ 2,187 | $ 13,498 | $ — |
GOVERNMENT FUND | INCOME FUND | LOW DURATION FUND | |
Contractual: | |||
Class A | $ — | $ — | $ 61,308 |
Class C | $ — | $ — | $ — |
Class I | $ — | $ 1,105,976 | $ 53,618 |
Class R3 | $ 39,712 | $ 58,303 | $ — |
Class R4 | $ 18,027 | $ 22,264 | $ — |
Class R5 | $ 16,917 | $ 209,312 | $ — |
Class R6 | $ — | $ 26,594 | $ — |
GOVERNMENT FUND | INCOME FUND | LOW DURATION FUND | |
Voluntary: | |||
Class A | $ — | $ — | $ 19,971 |
Class C | $57 | $— | $— |
Class I | $ — | $ — | $ 58,696 |
September 30, 2019
Fund | Market Value 9/30/18 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/19 | Dividend Income |
Thornburg Capital Management Fund | $3,393,011 | $35,725,734 | $(34,718,044) | $- | $- | $4,400,701 | $86,209 |
GOVERNMENT FUND | ||||
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 1,721,046 | $ 22,033,056 | 1,099,905 | $ 14,065,102 |
Shares issued to shareholders in reinvestment of dividends | 88,399 | 1,142,632 | 93,726 | 1,200,485 |
Shares repurchased | (2,246,645) | (28,859,215) | (2,215,498) | (28,398,749) |
Net decrease | (437,200) | $ (5,683,527) | (1,021,867) | $ (13,133,162) |
Class C Shares | ||||
Shares sold | 318,393 | $ 4,102,384 | 166,565 | $ 2,149,930 |
Shares issued to shareholders in reinvestment of dividends | 17,901 | 232,658 | 28,965 | 373,400 |
Shares repurchased | (692,937) | (8,979,052) | (1,314,476) | (16,915,456) |
Net decrease | (356,643) | $ (4,644,010) | (1,118,946) | $ (14,392,126) |
Class I Shares | ||||
Shares sold | 3,482,631 | $ 44,982,797 | 4,630,618 | $ 59,387,148 |
Shares issued to shareholders in reinvestment of dividends | 151,069 | 1,954,051 | 148,236 | 1,898,568 |
Shares repurchased | (2,934,949) | (37,751,496) | (5,720,914) | (73,314,515) |
Net increase (decrease) | 698,751 | $ 9,185,352 | (942,060) | $ (12,028,799) |
Class R3 Shares | ||||
Shares sold | 225,399 | $ 2,909,281 | 158,351 | $ 2,034,020 |
Shares issued to shareholders in reinvestment of dividends | 9,883 | 127,893 | 10,523 | 134,890 |
Shares repurchased | (246,350) | (3,180,724) | (292,383) | (3,748,897) |
Net decrease | (11,068) | $ (143,550) | (123,509) | $ (1,579,987) |
September 30, 2019
GOVERNMENT FUND (Continued) | ||||
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class R4 Shares | ||||
Shares sold | 63,299 | $ 813,546 | 52,835 | $ 677,337 |
Shares issued to shareholders in reinvestment of dividends | 2,778 | 35,914 | 3,429 | 43,918 |
Shares repurchased | (88,727) | (1,138,965) | (117,232) | (1,503,274) |
Net decrease | (22,650) | $ (289,505) | (60,968) | $ (782,019) |
Class R5 Shares | ||||
Shares sold | 184,589 | $ 2,382,395 | 42,582 | $ 548,472 |
Shares issued to shareholders in reinvestment of dividends | 1,872 | 24,305 | 2,303 | 29,698 |
Shares repurchased | (170,048) | (2,218,737) | (310,027) | (4,008,905) |
Net increase (decrease) | 16,413 | $ 187,963 | (265,142) | $ (3,430,735) |
INCOME FUND | ||||
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 13,748,857 | $ 184,402,206 | 12,078,839 | $ 160,306,743 |
Shares issued to shareholders in reinvestment of dividends | 1,084,259 | 14,505,433 | 1,178,150 | 15,633,345 |
Shares repurchased | (19,129,192) | (254,871,606) | (27,847,379) | (369,477,251) |
Net decrease | (4,296,076) | $ (55,963,967) | (14,590,390) | $ (193,537,163) |
Class C Shares | ||||
Shares sold | 3,281,161 | $ 43,830,555 | 3,244,802 | $ 43,127,640 |
Shares issued to shareholders in reinvestment of dividends | 615,065 | 8,208,672 | 698,398 | 9,250,695 |
Shares repurchased | (11,120,955) | (148,187,445) | (12,824,015) | (169,829,813) |
Net decrease | (7,224,729) | $ (96,148,218) | (8,880,815) | $ (117,451,478) |
Class I Shares | ||||
Shares sold | 131,962,699 | $ 1,761,668,144 | 117,645,362 | $ 1,562,648,935 |
Shares issued to shareholders in reinvestment of dividends | 7,121,081 | 95,348,794 | 5,803,751 | 76,986,129 |
Shares repurchased | (91,879,373) | (1,223,804,494) | (83,909,122) | (1,113,109,315) |
Net increase | 47,204,407 | $ 633,212,444 | 39,539,991 | $ 526,525,749 |
Class R3 Shares | ||||
Shares sold | 3,355,494 | $ 44,478,093 | 3,135,687 | $ 41,637,292 |
Shares issued to shareholders in reinvestment of dividends | 132,659 | 1,772,552 | 130,756 | 1,735,498 |
Shares repurchased | (5,469,939) | (72,837,641) | (3,753,356) | (49,813,844) |
Net decrease | (1,981,786) | $ (26,586,996) | (486,913) | $ (6,441,054) |
Class R4 Shares | ||||
Shares sold | 364,786 | $ 4,838,911 | 200,886 | $ 2,665,572 |
Shares issued to shareholders in reinvestment of dividends | 8,707 | 116,439 | 6,258 | 82,958 |
Shares repurchased | (385,528) | (5,170,028) | (204,900) | (2,710,717) |
Net increase (decrease) | (12,035) | $ (214,678) | 2,244 | $ 37,813 |
September 30, 2019
INCOME FUND (Continued) | ||||
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class R5 Shares | ||||
Shares sold | 6,573,404 | $ 87,102,928 | 3,375,058 | $ 44,760,496 |
Shares issued to shareholders in reinvestment of dividends | 229,191 | 3,061,860 | 187,976 | 2,492,025 |
Shares repurchased | (7,572,567) | (100,538,226) | (2,480,942) | (32,932,756) |
Net increase (decrease) | (769,972) | $ (10,373,438) | 1,082,092 | $ 14,319,765 |
Class R6 Shares | ||||
Shares sold | 4,265,546 | $ 57,037,358 | 2,493,017 | $ 33,131,663 |
Shares issued to shareholders in reinvestment of dividends | 91,789 | 1,232,605 | 25,652 | 339,948 |
Shares repurchased | (2,169,399) | (28,866,795) | (333,838) | (4,435,942) |
Net increase | 2,187,936 | $ 29,403,168 | 2,184,831 | $ 29,035,669 |
LOW DURATION FUND | ||||
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 469,668 | $ 5,773,137 | 262,967 | $ 3,246,041 |
Shares issued to shareholders in reinvestment of dividends | 15,917 | 197,238 | 10,348 | 127,521 |
Shares repurchased | (425,106) | (5,249,049) | (218,266) | (2,690,124) |
Net increase | 60,479 | $ 721,326 | 55,049 | $ 683,438 |
Class I Shares | ||||
Shares sold | 2,398,897 | $ 29,598,268 | 1,058,651 | $ 13,051,377 |
Shares issued to shareholders in reinvestment of dividends | 46,385 | 574,411 | 23,119 | 284,692 |
Shares repurchased | (2,305,834) | (28,502,243) | (265,402) | (3,272,812) |
Net increase | 139,448 | $ 1,670,436 | 816,368 | $ 10,063,257 |
September 30, 2019
Thornburg Limited Term U.S. Government Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of PERIOD | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(b) | ||||||||
2019 | $ 12.69 | 0.19 | 0.45 | 0.64 | (0.23) | — | (0.23) | $ 13.10 |
2018 | $ 13.01 | 0.18 | (0.28) | (0.10) | (0.22) | — | (0.22) | $ 12.69 |
2017 | $ 13.25 | 0.14 | (0.20) | (0.06) | (0.18) | — | (0.18) | $ 13.01 |
2016(c) | $ 13.26 | 0.14 | 0.05 | 0.19 | (0.20) | — | (0.20) | $ 13.25 |
2015 | $ 13.27 | 0.15 | 0.06 | 0.21 | (0.22) | — | (0.22) | $ 13.26 |
CLASS C SHARES | ||||||||
2019 | $ 12.77 | 0.15 | 0.43 | 0.58 | (0.18) | — | (0.18) | $ 13.17 |
2018 | $ 13.09 | 0.14 | (0.28) | (0.14) | (0.18) | — | (0.18) | $ 12.77 |
2017 | $ 13.33 | 0.10 | (0.20) | (0.10) | (0.14) | — | (0.14) | $ 13.09 |
2016 | $ 13.34 | 0.11 | 0.04 | 0.15 | (0.16) | — | (0.16) | $ 13.33 |
2015 | $ 13.35 | 0.12 | 0.06 | 0.18 | (0.19) | — | (0.19) | $ 13.34 |
CLASS I SHARES | ||||||||
2019 | $ 12.69 | 0.23 | 0.44 | 0.67 | (0.26) | — | (0.26) | $ 13.10 |
2018 | $ 13.01 | 0.22 | (0.28) | (0.06) | (0.26) | — | (0.26) | $ 12.69 |
2017 | $ 13.26 | 0.18 | (0.20) | (0.02) | (0.23) | — | (0.23) | $ 13.01 |
2016 | $ 13.26 | 0.19 | 0.05 | 0.24 | (0.24) | — | (0.24) | $ 13.26 |
2015 | $ 13.27 | 0.19 | 0.06 | 0.25 | (0.26) | — | (0.26) | $ 13.26 |
CLASS R3 SHARES | ||||||||
2019 | $ 12.70 | 0.18 | 0.44 | 0.62 | (0.22) | — | (0.22) | $ 13.10 |
2018 | $ 13.02 | 0.17 | (0.28) | (0.11) | (0.21) | — | (0.21) | $ 12.70 |
2017 | $ 13.26 | 0.13 | (0.19) | (0.06) | (0.18) | — | (0.18) | $ 13.02 |
2016 | $ 13.27 | 0.14 | 0.04 | 0.18 | (0.19) | — | (0.19) | $ 13.26 |
2015 | $ 13.28 | 0.14 | 0.06 | 0.20 | (0.21) | — | (0.21) | $ 13.27 |
CLASS R4 SHARES | ||||||||
2019 | $ 12.69 | 0.18 | 0.43 | 0.61 | (0.21) | — | (0.21) | $ 13.09 |
2018 | $ 13.01 | 0.17 | (0.28) | (0.11) | (0.21) | — | (0.21) | $ 12.69 |
2017 | $ 13.25 | 0.12 | (0.19) | (0.07) | (0.17) | — | (0.17) | $ 13.01 |
2016 | $ 13.26 | 0.14 | 0.04 | 0.18 | (0.19) | — | (0.19) | $ 13.25 |
2015 | $ 13.27 | 0.13 | 0.08 | 0.21 | (0.22) | — | (0.22) | $ 13.26 |
CLASS R5 SHARES | ||||||||
2019 | $ 12.70 | 0.23 | 0.44 | 0.67 | (0.26) | — | (0.26) | $ 13.11 |
2018 | $ 13.02 | 0.21 | (0.28) | (0.07) | (0.25) | — | (0.25) | $ 12.70 |
2017 | $ 13.28 | 0.18 | (0.21) | (0.03) | (0.23) | — | (0.23) | $ 13.02 |
2016 | $ 13.27 | 0.17 | 0.07 | 0.24 | (0.23) | — | (0.23) | $ 13.28 |
2015 | $ 13.27 | 0.19 | 0.07 | 0.26 | (0.26) | — | (0.26) | $ 13.27 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Class B shares converted to Class A shares on August 29, 2016. |
(d) | Due to the size of net assets and fixed expenses, ratios may appear disproportionate. |
+ | Based on weighted average shares outstanding. |
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of PERIOD (Thousands) | |
1.48 | 0.90 | 0.90 | 5.06 | 29.37 | $ 66,140 | |
1.42 | 0.91 | 0.91 | (0.77) | 5.93 | $ 69,634 | |
1.03 | 0.93 | 0.93 | (0.43) | 11.05 | $ 84,674 | |
1.08 | 0.91 | 0.91 | 1.41 | 9.78 | $ 111,874 | |
1.15 | 0.92 | 0.92 | 1.62 | 14.15 | $ 104,933 | |
1.13 | 1.24 | 1.24 | 4.60 | 29.37 | $ 15,618 | |
1.10 | 1.23 | 1.23 | (1.08) | 5.93 | $ 19,686 | |
0.73 | 1.23 | 1.24 | (0.72) | 11.05 | $ 34,821 | |
0.81 | 1.19 | 1.20 | 1.13 | 9.78 | $ 48,369 | |
0.88 | 1.20 | 1.21 | 1.34 | 14.15 | $ 46,777 | |
1.76 | 0.62 | 0.62 | 5.35 | 29.37 | $ 145,273 | |
1.73 | 0.60 | 0.60 | (0.47) | 5.93 | $ 131,898 | |
1.36 | 0.60 | 0.60 | (0.18) | 11.05 | $ 147,464 | |
1.43 | 0.57 | 0.57 | 1.83 | 9.78 | $ 144,437 | |
1.45 | 0.62 | 0.62 | 1.93 | 14.15 | $ 112,853 | |
1.39 | 0.99 | 1.43 | 4.88 | 29.37 | $ 9,181 | |
1.34 | 0.99 | 1.45 | (0.85) | 5.93 | $ 9,036 | |
1.00 | 0.97 | 1.40 | (0.47) | 11.05 | $ 10,871 | |
1.03 | 0.98 | 1.30 | 1.34 | 9.78 | $ 28,036 | |
1.09 | 0.99 | 1.35 | 1.55 | 14.15 | $ 16,320 | |
1.38 | 0.99 | 1.78 | 4.88 | 29.37 | $ 2,293 | |
1.35 | 0.99 | 1.75 | (0.85) | 5.93 | $ 2,509 | |
0.96 | 0.99 | 1.95 | (0.49) | 11.05 | $ 3,365 | |
1.04 | 0.99 | 2.71 | 1.33 | 9.78 | $ 2,097 | |
1.00 | 0.99 | 17.30(d) | 1.55 | 14.15 | $ 706 | |
1.80 | 0.67 | 2.04 | 5.29 | 29.37 | $ 897 | |
1.60 | 0.65 | 1.94 | (0.52) | 5.93 | $ 661 | |
1.40 | 0.58 | 1.21 | (0.23) | 11.05 | $ 4,131 | |
1.30 | 0.67 | 2.05 | 1.80 | 9.78 | $ 570 | |
1.40 | 0.67 | 2.02 | 1.95 | 14.15 | $ 2,170 |
Thornburg Limited Term Income Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of PERIOD | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(b) | ||||||||
2019 | $ 13.16 | 0.33 | 0.45 | 0.78 | (0.33) | — | (0.33) | $ 13.61 |
2018 | $ 13.44 | 0.28 | (0.27) | 0.01 | (0.29) | — | (0.29) | $ 13.16 |
2017 | $ 13.51 | 0.24 | (0.07) | 0.17 | (0.24) | — | (0.24) | $ 13.44 |
2016 | $ 13.32 | 0.24 | 0.20 | 0.44 | (0.25) | — | (0.25) | $ 13.51 |
2015 | $ 13.49 | 0.26 | (0.09) | 0.17 | (0.27) | (0.07) | (0.34) | $ 13.32 |
CLASS C SHARES | ||||||||
2019 | $ 13.14 | 0.30 | 0.46 | 0.76 | (0.31) | — | (0.31) | $ 13.59 |
2018 | $ 13.42 | 0.25 | (0.27) | (0.02) | (0.26) | — | (0.26) | $ 13.14 |
2017 | $ 13.49 | 0.21 | (0.06) | 0.15 | (0.22) | — | (0.22) | $ 13.42 |
2016 | $ 13.30 | 0.21 | 0.20 | 0.41 | (0.22) | — | (0.22) | $ 13.49 |
2015 | $ 13.47 | 0.23 | (0.09) | 0.14 | (0.24) | (0.07) | (0.31) | $ 13.30 |
CLASS I SHARES | ||||||||
2019 | $ 13.16 | 0.37 | 0.47 | 0.84 | (0.38) | — | (0.38) | $ 13.62 |
2018 | $ 13.44 | 0.33 | (0.28) | 0.05 | (0.33) | — | (0.33) | $ 13.16 |
2017 | $ 13.52 | 0.29 | (0.08) | 0.21 | (0.29) | — | (0.29) | $ 13.44 |
2016 | $ 13.33 | 0.29 | 0.20 | 0.49 | (0.30) | — | (0.30) | $ 13.52 |
2015 | $ 13.49 | 0.31 | (0.08) | 0.23 | (0.32) | (0.07) | (0.39) | $ 13.33 |
CLASS R3 SHARES | ||||||||
2019 | $ 13.17 | 0.30 | 0.47 | 0.77 | (0.31) | — | (0.31) | $ 13.63 |
2018 | $ 13.45 | 0.26 | (0.27) | (0.01) | (0.27) | — | (0.27) | $ 13.17 |
2017 | $ 13.52 | 0.22 | (0.06) | 0.16 | (0.23) | — | (0.23) | $ 13.45 |
2016 | $ 13.33 | 0.23 | 0.20 | 0.43 | (0.24) | — | (0.24) | $ 13.52 |
2015 | $ 13.50 | 0.24 | (0.09) | 0.15 | (0.25) | (0.07) | (0.32) | $ 13.33 |
CLASS R4 SHARES | ||||||||
2019 | $ 13.16 | 0.30 | 0.46 | 0.76 | (0.31) | — | (0.31) | $ 13.61 |
2018 | $ 13.43 | 0.26 | (0.26) | —(c) | (0.27) | — | (0.27) | $ 13.16 |
2017 | $ 13.51 | 0.22 | (0.07) | 0.15 | (0.23) | — | (0.23) | $ 13.43 |
2016 | $ 13.32 | 0.23 | 0.20 | 0.43 | (0.24) | — | (0.24) | $ 13.51 |
2015 | $ 13.48 | 0.24 | (0.08) | 0.16 | (0.25) | (0.07) | (0.32) | $ 13.32 |
CLASS R5 SHARES | ||||||||
2019 | $ 13.16 | 0.36 | 0.46 | 0.82 | (0.37) | — | (0.37) | $ 13.61 |
2018 | $ 13.44 | 0.31 | (0.28) | 0.03 | (0.31) | — | (0.31) | $ 13.16 |
2017 | $ 13.51 | 0.27 | (0.07) | 0.20 | (0.27) | — | (0.27) | $ 13.44 |
2016 | $ 13.32 | 0.27 | 0.20 | 0.47 | (0.28) | — | (0.28) | $ 13.51 |
2015 | $ 13.49 | 0.29 | (0.09) | 0.20 | (0.30) | (0.07) | (0.37) | $ 13.32 |
CLASS R6 SHARES | ||||||||
2019 | $ 13.19 | 0.38 | 0.46 | 0.84 | (0.39) | — | (0.39) | $ 13.64 |
2018 | $ 13.46 | 0.35 | (0.28) | 0.07 | (0.34) | — | (0.34) | $ 13.19 |
2017(d) | $ 13.40 | 0.15 | 0.11 | 0.26 | (0.20) | — | (0.20) | $ 13.46 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Total from investment operations was less than $0.01 per share. |
(d) | Effective date of this class of shares was April 10, 2017. |
(e) | Annualized. |
(f) | Due to the size of net assets and fixed expenses, ratios may appear disproportionate. |
+ | Based on weighted average shares outstanding. |
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of PERIOD (Thousands) | |
2.44 | 0.81 | 0.81 | 6.03 | 43.22 | $ 645,383 | |
2.12 | 0.84 | 0.84 | 0.09 | 33.62 | $ 680,473 | |
1.76 | 0.87 | 0.87 | 1.31 | 26.90 | $ 890,990 | |
1.82 | 0.86 | 0.86 | 3.36 | 20.56 | $ 1,111,441 | |
1.94 | 0.87 | 0.87 | 1.27 | 18.71 | $ 977,470 | |
2.24 | 1.02 | 1.02 | 5.82 | 43.22 | $ 356,205 | |
1.91 | 1.05 | 1.05 | (0.13) | 33.62 | $ 439,305 | |
1.56 | 1.08 | 1.08 | 1.10 | 26.90 | $ 567,771 | |
1.59 | 1.08 | 1.08 | 3.13 | 20.56 | $ 667,680 | |
1.71 | 1.10 | 1.10 | 1.04 | 18.71 | $ 611,555 | |
2.75 | 0.50 | 0.53 | 6.44 | 43.22 | $ 4,455,457 | |
2.46 | 0.51 | 0.51 | 0.41 | 33.62 | $ 3,685,859 | |
2.14 | 0.50 | 0.50 | 1.61 | 26.90 | $ 3,232,277 | |
2.17 | 0.50 | 0.50 | 3.73 | 20.56 | $ 2,792,249 | |
2.29 | 0.52 | 0.52 | 1.71 | 18.71 | $ 1,982,536 | |
2.27 | 0.99 | 1.06 | 5.84 | 43.22 | $ 64,335 | |
1.98 | 0.99 | 1.09 | (0.06) | 33.62 | $ 88,298 | |
1.65 | 0.99 | 1.12 | 1.19 | 26.90 | $ 96,715 | |
1.69 | 0.98 | 1.10 | 3.23 | 20.56 | $ 104,309 | |
1.82 | 0.99 | 1.11 | 1.16 | 18.71 | $ 172,992 | |
2.27 | 0.99 | 1.23 | 5.84 | 43.22 | $ 8,073 | |
1.98 | 0.99 | 1.45 | 0.01 | 33.62 | $ 7,962 | |
1.65 | 0.99 | 1.56 | 1.11 | 26.90 | $ 8,101 | |
1.70 | 0.99 | 1.97 | 3.23 | 20.56 | $ 6,328 | |
1.82 | 0.98 | 1.66 | 1.24 | 18.71 | $ 3,908 | |
2.70 | 0.56 | 0.74 | 6.31 | 43.22 | $ 106,753 | |
2.31 | 0.67 | 0.69 | 0.26 | 33.62 | $ 113,333 | |
1.99 | 0.65 | 0.67 | 1.53 | 26.90 | $ 101,189 | |
2.05 | 0.62 | 0.72 | 3.60 | 20.56 | $ 71,864 | |
2.17 | 0.64 | 0.67 | 1.50 | 18.71 | $ 96,326 | |
2.82 | 0.43 | 0.49 | 6.43 | 43.22 | $ 60,440 | |
2.62 | 0.45 | 0.57 | 0.56 | 33.62 | $ 29,568 | |
2.28(e) | 0.45(e) | 24.38(e)(f) | 1.92 | 26.90 | $ 770 |
Thornburg Low Duration Income Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of PERIOD | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(b) | ||||||||
2019 | $ 12.29 | 0.28 | 0.21 | 0.49 | (0.29) | — | (0.29) | $ 12.49 |
2018 | $ 12.42 | 0.22 | (0.13) | 0.09 | (0.22) | — | (0.22) | $ 12.29 |
2017 | $ 12.46 | 0.16 | (0.03) | 0.13 | (0.17) | — | (0.17) | $ 12.42 |
2016 | $ 12.38 | 0.11 | 0.09 | 0.20 | (0.12) | — | (0.12) | $ 12.46 |
2015 | $ 12.38 | 0.08 | —(c) | 0.08 | (0.08) | — | (0.08) | $ 12.38 |
CLASS I SHARES | ||||||||
2019 | $ 12.28 | 0.31 | 0.20 | 0.51 | (0.31) | — | (0.31) | $ 12.48 |
2018 | $ 12.41 | 0.24 | (0.12) | 0.12 | (0.25) | — | (0.25) | $ 12.28 |
2017 | $ 12.45 | 0.18 | (0.03) | 0.15 | (0.19) | — | (0.19) | $ 12.41 |
2016 | $ 12.37 | 0.14 | 0.08 | 0.22 | (0.14) | — | (0.14) | $ 12.45 |
2015 | $ 12.38 | 0.11 | (0.01) | 0.10 | (0.11) | — | (0.11) | $ 12.37 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Net realized and unrealized gain (loss) on investments was less than $0.01 per share. |
+ | Based on weighted average shares outstanding. |
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of PERIOD (Thousands) | |
2.28 | 0.70 | 1.65 | 4.00 | 79.59 | $ 8,012 | |
1.75 | 0.70 | 1.82 | 0.75 | 20.93 | $ 7,140 | |
1.30 | 0.65 | 1.77 | 1.03 | 34.79 | $ 6,532 | |
0.89 | 0.69 | 1.74 | 1.60 | 42.99 | $ 10,235 | |
0.67 | 0.70 | 2.10 | 0.68 | 29.22 | $ 9,940 | |
2.47 | 0.50 | 0.94 | 4.21 | 79.59 | $ 24,858 | |
1.96 | 0.50 | 1.09 | 0.95 | 20.93 | $ 22,748 | |
1.46 | 0.50 | 1.03 | 1.19 | 34.79 | $ 12,854 | |
1.15 | 0.48 | 1.18 | 1.81 | 42.99 | $ 17,106 | |
0.87 | 0.50 | 1.89 | 0.80 | 29.22 | $ 8,056 |
Thornburg Limited Term Income Fund, and
Thornburg Low Duration Income Fund
September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(c) | a deferred sales charge on redemptions of Class C shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
LIMITED TERM U.S. GOVERNMENT FUND | |||
CLASS A SHARES | |||
Actual | $1,000.00 | $1,022.90 | $4.61 |
Hypothetical* | $1,000.00 | $1,020.51 | $4.61 |
CLASS C SHARES | |||
Actual | $1,000.00 | $1,020.34 | $6.28 |
Hypothetical* | $1,000.00 | $1,018.85 | $6.28 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,024.41 | $3.10 |
Hypothetical* | $1,000.00 | $1,022.01 | $3.09 |
CLASS R3 SHARES | |||
Actual | $1,000.00 | $1,021.69 | $5.02 |
Hypothetical* | $1,000.00 | $1,020.10 | $5.01 |
CLASS R4 SHARES | |||
Actual | $1,000.00 | $1,021.70 | $5.02 |
Hypothetical* | $1,000.00 | $1,020.10 | $5.01 |
CLASS R5 SHARES | |||
Actual | $1,000.00 | $1,024.09 | $3.40 |
Hypothetical* | $1,000.00 | $1,021.71 | $3.40 |
LIMITED TERM INCOME FUND | |||
CLASS A SHARES | |||
Actual | $1,000.00 | $1,029.07 | $4.02 |
Hypothetical* | $1,000.00 | $1,021.11 | $4.00 |
CLASS C SHARES | |||
Actual | $1,000.00 | $1,027.99 | $5.13 |
Hypothetical* | $1,000.00 | $1,020.00 | $5.11 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,031.38 | $2.50 |
Hypothetical* | $1,000.00 | $1,022.61 | $2.48 |
CLASS R3 SHARES | |||
Actual | $1,000.00 | $1,028.03 | $5.03 |
Hypothetical* | $1,000.00 | $1,020.10 | $5.01 |
CLASS R4 SHARES | |||
Actual | $1,000.00 | $1,028.82 | $5.04 |
Hypothetical* | $1,000.00 | $1,020.10 | $5.01 |
CLASS R5 SHARES | |||
Actual | $1,000.00 | $1,030.62 | $2.49 |
Hypothetical* | $1,000.00 | $1,022.61 | $2.48 |
CLASS R6 SHARES | |||
Actual | $1,000.00 | $1,030.95 | $2.14 |
Hypothetical* | $1,000.00 | $1,022.96 | $2.13 |
LOW DURATION INCOME FUND | |||
CLASS A SHARES | |||
Actual | $1,000.00 | $1,019.23 | $3.54 |
Hypothetical* | $1,000.00 | $1,021.56 | $3.55 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,020.26 | $2.53 |
Hypothetical* | $1,000.00 | $1,022.56 | $2.54 |
† | Thornburg Limited Term U.S. Government Fund Expenses are equal to the annualized expense ratio for each class (A: 0.91%; C: 1.24%; I: 0.61%; R3: 0.99%; R4: 0.99%; R5: 0.67%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
† | Thornburg Limited Term Income Fund Expenses are equal to the annualized expense ratio for each class (A: 0.79%; C: 1.01%; I: 0.49%; R3: 0.99%; R4: 0.99%; R5: 0.49%; R6: 0.42%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
† | Thornburg Low Duration Income Fund Expenses are equal to the annualized expense ratio for each class (A: 0.70%; I: 0.50%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
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■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH076 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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42 | |
45 | |
49 |
SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class A | TSIAX | 885-215-228 |
Class C | TSICX | 885-215-210 |
Class I | TSIIX | 885-215-194 |
Class R3 | TSIRX | 885-216-887 |
Class R4 | TSRIX | 885-216-754 |
Class R5 | TSRRX | 885-216-879 |
Class R6 | TSRSX | 885-216-648 |
Thornburg Strategic Income Fund | September 30, 2019 (Unaudited)
tive central banks, resulted in one of the strongest quarters for risk assets on record. While we had taken advantage of widening spreads and increased rates across portfolios during the latter parts of 2018, we did not view risk as wholesale attractive given continued concerns surrounding economic growth. However, within appropriate portfolios, we maintained a healthy allocation to credit, participating in the broad lift experienced by markets. That said, we find the recent Fed actions concerning.
Jason Brady,cfa Portfolio Manager CEO, President, and Managing Director | Lon R. Erickson,cfa Portfolio Manager Managing Director |
Christian Hoffmann,cfa Portfolio Manager Managing Director | Jeff Klingelhofer,cfa Portfolio Manager Managing Director |
Thornburg Strategic Income Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. | |
Class A Shares(Incep: 12/19/07) | |||||
Without sales charge | 5.92% | 4.22% | 3.22% | 5.96% | 5.90% |
With sales charge | 1.14% | 2.65% | 2.28% | 5.47% | 5.49% |
Class C Shares(Incep: 12/19/07) | |||||
Without sales charge | 5.15% | 3.48% | 2.55% | 5.33% | 5.27% |
With sales charge | 4.15% | 3.48% | 2.55% | 5.33% | 5.27% |
Class I Shares(Incep: 12/19/07) | 6.35% | 4.62% | 3.60% | 6.32% | 6.25% |
Class R3 Shares(Incep: 5/1/12) | 5.71% | 4.10% | 3.13% | - | 4.42% |
Class R4 Shares(Incep: 2/1/14) | 5.71% | 4.03% | 3.10% | - | 3.51% |
Class R5 Shares(Incep: 5/1/12) | 6.35% | 4.61% | 3.58% | - | 4.82% |
Class R6 Shares(Incep: 4/10/17) | 6.40% | - | - | - | 4.87% |
Bloomberg Barclays U.S. Universal Bond Index(Since 12/19/07) | 10.07% | 3.23% | 3.62% | 4.14% | 4.42% |
Annualized Distribution Yield | 3.15% |
SEC Yield | 2.38% |
FINAL VALUE |
Thornburg Strategic Income Fund | September 30, 2019 (Unaudited)
PORTFOLIO COMPOSITION | |
Corporate/Convertible Bonds | 55.3% |
Asset Backed Securities | 17.1% |
Bank Loans | 3.2% |
Common & Preferred Stock | 1.1% |
U.S. Treasury Securities | 0.3% |
Other Fixed Income | 9.3% |
Other Assets Less Liabilities | 13.7% |
* | Excludes equity securities. |
TOP TEN INDUSTRY GROUPS | |
Diversified Financials | 8.2% |
Energy | 5.8% |
Materials | 4.1% |
Utilities | 3.7% |
Telecommunication Services | 3.7% |
Media & Entertainment | 3.6% |
Technology Hardware & Equipment | 3.2% |
Insurance | 3.2% |
Automobiles & Components | 3.0% |
Software & Services | 2.6% |
COUNTRY EXPOSURE * (percent of Fund) | |
United States | 68.4% |
Canada | 2.6% |
United Kingdom | 1.7% |
Germany | 1.7% |
Japan | 1.6% |
South Korea | 1.3% |
France | 1.0% |
Bermuda | 0.9% |
China | 0.8% |
Belgium | 0.6% |
Switzerland | 0.5% |
Cayman Islands | 0.5% |
Sweden | 0.5% |
Luxembourg | 0.5% |
Mexico | 0.4% |
Italy | 0.4% |
Ireland | 0.3% |
India | 0.3% |
Morocco | 0.3% |
South Africa | 0.3% |
Jamaica | 0.3% |
Australia | 0.3% |
Netherlands | 0.2% |
Guatemala | 0.2% |
Turkey | 0.2% |
Brazil | 0.2% |
Barbados | 0.1% |
Chile | 0.1% |
New Zealand | 0.1% |
Saint Lucia | 0.0%** |
Other Assets Less Liabilities | 13.7% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
** | Country percentage was less than 0.1%. |
Thornburg Strategic Income Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
Common Stock — 0.0% | |||
Energy — 0.0% | |||
Oil, Gas & Consumable Fuels — 0.0% | |||
a,b,c | Malamute Energy, Inc., | 847 | $ 8,893 |
8,893 | |||
Total Common Stock(Cost $0) | 8,893 | ||
Preferred Stock — 1.1% | |||
Banks — 0.6% | |||
Banks — 0.6% | |||
d,e | AgriBank FCB, 6.875% (LIBOR 3 Month + 4.23%) | 40,000 | 4,280,000 |
d,e | CoBank ACB, Series F, 6.25% (LIBOR 3 Month + 4.56%) | 50,000 | 5,350,000 |
9,630,000 | |||
Energy — 0.2% | |||
Oil, Gas & Consumable Fuels — 0.2% | |||
e | Crestwood Equity Partners L.P., 9.25% | 320,654 | 2,961,240 |
2,961,240 | |||
Miscellaneous — 0.1% | |||
U.S. Government Agencies — 0.1% | |||
e | Farm Credit Bank of Texas, Series 1, 10.00% | 1,000 | 1,111,250 |
1,111,250 | |||
Telecommunication Services — 0.2% | |||
Diversified Telecommunication Services — 0.2% | |||
a,f,g | Centaur Funding Corp., 9.08%, 4/21/2020 | 2,380 | 2,466,870 |
2,466,870 | |||
Total Preferred Stock(Cost $16,017,997) | 16,169,360 | ||
Asset Backed Securities — 17.1% | |||
Asset-Backed - Finance & Insurance — 6.2% | |||
f | Aqua Finance Trust, Series 2019-A 4.01%, 7/16/2040 | $ 3,100,000 | 3,114,247 |
f | Conn’s Receivables Funding LLC, Series 2019-A Class A, 3.40%, 10/16/2023 | 2,876,737 | 2,888,326 |
f | ExteNet, LLC, Series 2019-1A Class A2, 3.204%, 7/26/2049 | 5,000,000 | 5,061,454 |
f | Freed ABS Trust, Series 2019-1 Class-A, 3.42%, 6/18/2026 | 2,827,690 | 2,841,650 |
f | Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34%, 7/25/2033 | 3,806,229 | 3,798,592 |
f | Lendingpoint Asset Securitization Trust, Series 2019-1 Class A, 3.154%, 8/15/2025 | 5,948,885 | 5,956,689 |
f | Meltel Land Funding, LLC, Series 2019-1A Class A, 3.768%, 4/15/2049 | 5,500,000 | 5,637,644 |
f | New Residential Advance Receivables Trust, Series 2019-T2 3.06%, 8/15/2053 | 4,875,000 | 4,862,393 |
f | NRZ Advance Receivables Trust, Series 2019-T1 Class AT1, 2.59%, 7/15/2052 | 7,000,000 | 7,032,153 |
f | Ocwen Master Advance Receivables Trust Series 2019-T2 3.042%, 8/15/2051 | 3,100,000 | 3,107,525 |
f | Ocwen Master Advance Receivables Trust, Series 2019-T1 3.107%, 8/15/2050 | 2,050,000 | 2,055,057 |
f | Oportun Funding X, LLC Series 2018-C Class A, 4.10%, 10/8/2024 | 2,690,000 | 2,755,043 |
f | Prosper Marketplace Issuance Trust, Series 2019-2A Class A, 3.20%, 9/15/2025 | 3,631,397 | 3,639,979 |
f | SCF Equipment Leasing LLC, Series 2019-1A Class D, 4.56%, 5/20/2027 | 3,000,000 | 3,077,796 |
f | Small Business Lending Trust, Series 2019-A Class A, 2.85%, 7/15/2026 | 2,500,000 | 2,498,806 |
f | Sofi Consumer Loan Program Trust, Series 2019-3 Class A, 2.90%, 5/25/2028 | 7,581,772 | 7,629,998 |
f | SpringCastle Funding, Series 2019-AA Class A, 3.20%, 5/27/2036 | 7,471,987 | 7,545,957 |
f | Upgrade Receivables Trust, Series 2019-2A Class A, 2.77%, 10/15/2025 | 5,000,000 | 5,004,882 |
Upstart Securitization Trust, | |||
f | Series 2017-1 Class C, 6.35%, 6/20/2024 | 4,000,000 | 4,073,625 |
f | Series 2018-2 Class B, 4.445%, 12/22/2025 | 450,000 | 452,807 |
f | Series 2019-1 Class B, 4.19%, 4/20/2026 | 5,000,000 | 5,052,162 |
f | Series 2019-2 Class A, 2.897%, 9/20/2029 | 5,762,012 | 5,777,610 |
93,864,395 | |||
Auto Receivables — 3.0% | |||
f | ACC Trust, Series 2018-1 Class A, 3.70%, 12/21/2020 | 358,920 | 359,162 |
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
f | American Credit Acceptance Receivables Trust, Series 2016-4 Class C, 2.91%, 2/13/2023 | $ 764,426 | $ 764,467 |
f | Avis Budget Rental Car Funding AESOP, LLC, Series 2015-1A Class A, 2.50%, 7/20/2021 | 2,900,000 | 2,902,237 |
CarNow Auto Receivables Trust, | |||
f | Series 2017-1A Class B, 4.35%, 9/15/2022 | 5,800,000 | 5,849,757 |
f | Series 2019-1A Class A, 2.72%, 11/15/2022 | 2,730,297 | 2,734,026 |
f | CIG Auto Receivables Trust, Series 2017-1A Class A, 2.71%, 5/15/2023 | 357,810 | 357,956 |
f | CPS Auto Receivables Trust, Series 2019-A Class B, 3.58%, 12/16/2024 | 3,000,000 | 3,039,279 |
Foursight Capital Automobile Receivables Trust, | |||
f | Series 2016-1 Class A2, 2.87%, 10/15/2021 | 383,650 | 383,856 |
f | Series 2018-1 Class E, 5.56%, 1/16/2024 | 1,000,000 | 1,042,586 |
f | Series 2018-2 Class E, 5.50%, 10/15/2024 | 1,370,000 | 1,437,515 |
f | Series 2019-1 Class A2, 2.58%, 3/15/2023 | 5,500,000 | 5,507,872 |
f | GLS Auto Receivables Trust, Series 2018-2A Class A, 3.25%, 4/18/2022 | 857,073 | 859,148 |
f | Hertz Vehicle Financing II L.P., Series 2015-1A Class A, 2.73%, 3/25/2021 | 4,000,000 | 4,005,661 |
d,f,g | OSCAR US Funding Trust VII, LLC, Series 2017-2A Class A2B, 2.699% (LIBOR 1 Month + 0.65%), 11/10/2020 | 38,502 | 38,504 |
f | Sierra Auto Receivables Securitization Trust, Series 2016-1A Class B, 6.84%, 1/18/2022 | 595,542 | 596,605 |
Skopos Auto Receivables Trust, | |||
f | Series 2018-1A Class A, 3.19%, 9/15/2021 | 197,532 | 197,615 |
f | Series 2019-1A Class A, 2.90%, 12/15/2022 | 2,750,000 | 2,751,516 |
f | Tesla Auto Lease Trust, Series 2018-B Class A, 3.71%, 8/20/2021 | 2,374,719 | 2,411,324 |
f | U.S. Auto Funding, LLC, Series 2019-1A Class A, 3.61%, 4/15/2022 | 3,695,237 | 3,713,020 |
f | United Auto Credit Securitization Trust, Series 2019-1A Class B, 3.03%, 4/10/2024 | 6,000,000 | 6,037,224 |
f | Veros Automobile Receivables Trust, Series 2017-1 Class A, 2.84%, 4/17/2023 | 74,194 | 74,186 |
45,063,516 | |||
Credit Card — 0.2% | |||
f | Genesis Sales Finance Master Trust, Series 2019-AA Class A, 4.68%, 8/20/2023 | 3,250,000 | 3,313,192 |
3,313,192 | |||
Other Asset Backed — 6.1% | |||
d,f | 321 Henderson Receivables II, LLC, Series 2006-3A Class A1, 2.228% (LIBOR 1 Month + 0.20%), 9/15/2041 | 1,820,591 | 1,781,422 |
f | Avant Loans Funding Trust, Series 2019-A Class A, 3.48%, 7/15/2022 | 1,813,401 | 1,821,434 |
AXIS Equipment Finance Receivables VI, LLC, | |||
f | Series 2018-2A Class A2, 3.89%, 7/20/2022 | 2,995,859 | 3,022,758 |
f | Series 2019-1A Class A2, 2.63%, 6/20/2024 | 2,000,000 | 2,006,916 |
f | BCC Funding XIV, LLC, Series 2018-1A Class A2, 2.96%, 6/20/2023 | 1,069,216 | 1,074,706 |
f | CFG Investments Ltd. Series 2019-1 Class A, 5.56%, 8/15/2029 | 5,000,000 | 5,007,272 |
f | CLUB Credit Trust, Series 2017-P2 Class A, 2.61%, 1/15/2024 | 189,358 | 189,377 |
f | Consumer Loan Underlying Bond Credit Trust, Series 2019-A Class A, 3.52%, 4/15/2026 | 1,998,506 | 2,010,433 |
f | Credit Suisse ABS Trust, Series 2018-LD1 Class A, 3.42%, 7/25/2024 | 304,501 | 304,636 |
Diamond Resorts Owner Trust, | |||
f | Series 2018-1 Class A, 3.70%, 1/21/2031 | 2,303,112 | 2,346,787 |
f | Series 2019-1A Class A, 2.89%, 2/20/2032 | 6,401,334 | 6,416,980 |
f,g | ECAF I Ltd., Series 2015-1A Class B1, 5.802%, 6/15/2040 | 5,260,362 | 5,242,358 |
Foundation Finance Trust, | |||
f | Series 2017-1A Class A, 3.30%, 7/15/2033 | 1,758,716 | 1,768,572 |
f | Series 2019-1A Class A, 3.86%, 11/15/2034 | 4,852,629 | 4,966,810 |
f,g | Global SC Finance II SRL, Series 2014-1A Class A1, 3.19%, 7/17/2029 | 2,295,833 | 2,290,956 |
f | HERO Funding Trust, Series 2017-2A Class A1, 3.28%, 9/20/2048 | 2,612,012 | 2,634,828 |
Marlette Funding Trust, | |||
f | Series 2018-1A Class A, 2.61%, 3/15/2028 | 261,981 | 262,021 |
f | Series 2019-3A Class A, 2.69%, 9/17/2029 | 5,066,720 | 5,075,510 |
Nationstar HECM Loan Trust, | |||
b,f,h | Series 2018-1A Class A, 2.76%, 2/25/2028 | 606,113 | 602,476 |
f,h | Series 2018-2A Class A, 3.188%, 7/25/2028 | 487,302 | 488,612 |
a,b,d,f | Northwind Holdings, LLC, Series 2007-1A Class A1, 3.30% (LIBOR 3 Month + 0.78%), 12/1/2037 | 237,500 | 234,175 |
f | Oportun Funding VI, LLC, Series 2017-A Class A, 3.23%, 6/8/2023 | 4,000,000 | 4,004,501 |
f | PFS Financing Corp., Series 2018-B Class A, 2.89%, 2/15/2023 | 3,000,000 | 3,028,132 |
f | Purchasing Power Funding, LLC, Series 2018-A Class A, 3.34%, 8/15/2022 | 3,000,000 | 3,009,178 |
b,f | Scala Funding Co., LLC, Series 2016-1 Class B, 5.21%, 2/15/2021 | 4,000,000 | 3,948,000 |
SCF Equipment Leasing, LLC, | |||
f | Series 2017-2A Class A, 3.41%, 12/20/2023 | 553,339 | 559,851 |
f | Series 2018-1A Class A2, 3.63%, 10/20/2024 | 1,783,654 | 1,789,487 |
f | Sierra Timeshare Receivables Funding, LLC, Series 2015-2A Class A, 2.43%, 6/20/2032 | 1,566,034 | 1,564,338 |
Thornburg Strategic Income Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
d | SLM Student Loan Trust, Series 2013-6 Class A3, 2.668% (LIBOR 1 Month + 0.65%), 6/25/2055 | $ 2,860,614 | $ 2,849,560 |
f | Sofi Consumer Loan Program, LLC, Series 2017-3 Class A, 2.77%, 5/25/2026 | 388,118 | 389,232 |
f | SolarCity LMC Series I, LLC, Series 2013-1 Class A, 4.80%, 11/20/2038 | 2,190,625 | 2,316,811 |
f | Solarcity LMC Series II, LLC, Series 2014-1 Class A, 4.59%, 4/20/2044 | 2,530,369 | 2,583,423 |
f | Sonic Capital, LLC, Series 2016-1A Class A2, 4.472%, 5/20/2046 | 2,883,412 | 2,921,547 |
f,g | Textainer Marine Containers V Ltd., Series 2017-1A Class A, 3.72%, 5/20/2042 | 3,631,406 | 3,703,035 |
Towd Point Mortgage Trust, | |||
f,h | Series 2018-2 Class A1, 3.25%, 3/25/2058 | 3,176,019 | 3,227,471 |
f,h | Series 2018-3 Class A1, 3.75%, 5/25/2058 | 2,461,354 | 2,550,455 |
f,h | Series 2018-6 Class A1A, 3.75%, 3/25/2058 | 2,586,836 | 2,663,406 |
f | Westgate Resorts, LLC, Series 2016-1A Class A, 3.50%, 12/20/2028 | 819,487 | 823,716 |
91,481,182 | |||
Residential MTG Trust — 0.3% | |||
f,h | Finance of America Structured Securities Trust, Series 2018-HB1 Class A, 3.375%, 9/25/2028 | 2,088,509 | 2,092,823 |
New Residential Mortgage Loan Trust, | |||
f,h | Series 2017-6A Class A1, 4.00%, 8/27/2057 | 1,004,949 | 1,050,022 |
f,h | Series 2018-1A Class A1A, 4.00%, 12/25/2057 | 1,834,593 | 1,912,730 |
5,055,575 | |||
Student Loan — 1.3% | |||
f | Commonbond Student Loan Trust, Series 18-CGS, Class A1, 3.87%, 2/25/2046 | 2,449,053 | 2,563,935 |
f | Earnest Student Loan Program, LLC, Series 2016-C Class A2, 2.68%, 7/25/2035 | 1,122,897 | 1,127,162 |
d,f | Navient Private Education Refinance Loan Trust, Series 2019-D Class A2B, 3.078% (LIBOR 1 Month + 1.05%), 12/15/2059 | 6,000,000 | 5,999,971 |
Nelnet Student Loan Trust, | |||
d,f | Series 2015-2A Class A2, 2.618% (LIBOR 1 Month + 0.60%), 9/25/2047 | 3,680,286 | 3,676,373 |
d,f | Series 2016-A Class A1A, 3.768% (LIBOR 1 Month + 1.75%), 12/26/2040 | 1,544,575 | 1,536,990 |
SLM Student Loan Trust, | |||
d | Series 2008-2 Class A3, 3.026% (LIBOR 3 Month + 0.75%), 4/25/2023 | 950,442 | 937,695 |
d | Series 2008-5 Class A4, 3.976% (LIBOR 3 Month + 1.70%), 7/25/2023 | 1,407,200 | 1,413,574 |
d | Series 2012-1 Class A3, 2.968% (LIBOR 1 Month + 0.95%), 9/25/2028 | 2,485,798 | 2,456,830 |
d,f | SoFi Professional Loan Program, LLC, Series 2014-B Class A1, 3.268% (LIBOR 1 Month + 1.25%), 8/25/2032 | 473,109 | 473,727 |
20,186,257 | |||
Total Asset Backed Securities(Cost $257,053,084) | 258,964,117 | ||
Corporate Bonds — 54.1% | |||
Automobiles & Components — 3.0% | |||
Auto Components — 0.2% | |||
f,g | Nexteer Automotive Group Ltd., 5.875%, 11/15/2021 | 2,000,000 | 2,034,635 |
Automobiles — 1.9% | |||
d,f,g | BMW Finance N.V., 2.965% (LIBOR 3 Month + 0.79%), 8/12/2022 | 4,000,000 | 4,013,849 |
Daimler Finance North America, LLC, | |||
d,f | 3.058% (LIBOR 3 Month + 0.90%), 2/15/2022 | 5,500,000 | 5,528,441 |
f | 3.75%, 11/5/2021 | 1,505,000 | 1,547,393 |
f | Hyundai Capital America, 3.95%, 2/1/2022 | 2,000,000 | 2,055,276 |
f,g | Hyundai Capital Services, Inc., 3.75%, 3/5/2023 | 3,000,000 | 3,098,671 |
Nissan Motor Acceptance Corp., | |||
d,f | 2.794% (LIBOR 3 Month + 0.69%), 9/28/2022 | 460,000 | 459,201 |
d,f | 2.953% (LIBOR 3 Month + 0.65%), 7/13/2022 | 440,000 | 438,842 |
g | Toyota Motor Corp., 2.157%, 7/2/2022 | 8,000,000 | 8,057,981 |
Volkswagen Group of America Finance, LLC, | |||
f | 2.50%, 9/24/2021 | 1,425,000 | 1,428,532 |
f | 4.00%, 11/12/2021 | 2,500,000 | 2,583,676 |
Construction & Engineering — 0.9% | |||
SBA Tower Trust, | |||
f | 2.877%, 7/15/2046 | 2,275,000 | 2,282,685 |
f,i | 3.156%, 10/10/2045 | 11,750,000 | 11,762,602 |
45,291,784 | |||
Banks — 1.0% | |||
Banks — 1.0% | |||
d | Capital One NA/Mclean VA, 3.007% (LIBOR 3 Month + 0.82%), 8/8/2022 | 3,000,000 | 3,008,671 |
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
d | Citizens Bank N.A./Providence RI, 3.054% (LIBOR 3 Month + 0.95%), 3/29/2023 | $ 4,000,000 | $ 4,023,887 |
d | Goldman Sachs Bank USA, 2.575% (SOFR + 0.60%), 5/24/2021 | 1,885,000 | 1,888,083 |
Santander Holdings USA, Inc., 3.40%, 1/18/2023 | 2,000,000 | 2,046,588 | |
g | Sumitomo Mitsui Banking Corp., 2.65%, 7/23/2020 | 2,000,000 | 2,008,445 |
g | Svenska Handelsbanken AB, 3.90%, 11/20/2023 | 1,500,000 | 1,602,885 |
14,578,559 | |||
Capital Goods — 2.0% | |||
Aerospace & Defense — 0.4% | |||
f | BWX Technologies, Inc., 5.375%, 7/15/2026 | 5,375,000 | 5,650,469 |
Industrial Conglomerates — 0.1% | |||
g | Pentair Finance Sarl, 4.50%, 7/1/2029 | 1,950,000 | 2,022,838 |
Machinery — 0.8% | |||
f,g | ATS Automation Tooling Systems, Inc., 6.50%, 6/15/2023 | 4,005,000 | 4,135,162 |
Mueller Industries, Inc., 6.00%, 3/1/2027 | 2,216,000 | 2,238,160 | |
Nvent Finance Sarl, | |||
g | 3.95%, 4/15/2023 | 2,000,000 | 2,037,980 |
g | 4.55%, 4/15/2028 | 3,000,000 | 3,133,106 |
Trading Companies & Distributors — 0.7% | |||
f | IAA, Inc. 5.50%, 6/15/2027 | 930,000 | 981,150 |
LKQ Corp., 4.75%, 5/15/2023 | 8,045,000 | 8,145,562 | |
f | Performance Food Group, Inc. 5.50%, 10/15/2027 | 1,428,000 | 1,502,970 |
29,847,397 | |||
Commercial & Professional Services — 1.1% | |||
Commercial Services & Supplies — 0.9% | |||
f,g | Cimpress N.V., 7.00%, 6/15/2026 | 3,190,000 | 3,293,037 |
f | Nielsen Finance, LLC / Nielsen Finance Co., 5.00%, 4/15/2022 | 4,420,000 | 4,432,376 |
f | ServiceMaster Co., LLC, 5.125%, 11/15/2024 | 6,470,000 | 6,712,625 |
Leisure Products — 0.2% | |||
Mattel, Inc., 2.35%, 8/15/2021 | 3,000,000 | 2,917,500 | |
17,355,538 | |||
Consumer Durables & Apparel — 1.3% | |||
Household Durables — 0.7% | |||
f,g | Panasonic Corp., 2.536%, 7/19/2022 | 3,500,000 | 3,521,202 |
Tupperware Brands Corp. (Guaranty: Dart Industries, Inc.), 4.75%, 6/1/2021 | 7,187,000 | 7,347,719 | |
Leisure Products — 0.4% | |||
Vista Outdoor, Inc., 5.875%, 10/1/2023 | 5,490,000 | 5,105,700 | |
Textiles, Apparel & Luxury Goods — 0.2% | |||
Under Armour, Inc., 3.25%, 6/15/2026 | 3,200,000 | 3,086,061 | |
19,060,682 | |||
Consumer Services — 1.0% | |||
Hotels, Restaurants & Leisure — 0.6% | |||
Aramark Services, Inc., 4.75%, 6/1/2026 | 5,000,000 | 5,137,500 | |
f | Nathan’s Famous, Inc., 6.625%, 11/1/2025 | 3,780,000 | 3,761,100 |
Transportation Infrastructure — 0.4% | |||
f,g | Adani Ports & Special Economic Zone Ltd., 3.375%, 7/24/2024 | 5,135,000 | 5,162,752 |
Mexico City Airport Trust, | |||
f,g | 3.875%, 4/30/2028 | 488,000 | 478,850 |
f,g | 4.25%, 10/31/2026 | 419,000 | 421,619 |
14,961,821 | |||
Diversified Financials — 7.8% | |||
Capital Markets — 1.5% | |||
Ares Capital Corp., 4.20%, 6/10/2024 | 4,350,000 | 4,458,773 | |
f | Ares Finance Co., LLC, 4.00%, 10/8/2024 | 4,160,000 | 4,095,861 |
f | Compass Group Diversified Holdings, LLC, 8.00%, 5/1/2026 | 3,000,000 | 3,172,500 |
g | Genpact Luxembourg Sarl, 3.70%, 4/1/2022 | 6,000,000 | 6,090,920 |
a,b,f | JPR Royalty Sub, LLC, 14.00%, 9/1/2020 | 2,000,000 | 200,000 |
Solar Capital Ltd., 4.50%, 1/20/2023 | 3,000,000 | 2,981,962 |
Thornburg Strategic Income Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
TPG Specialty Lending, Inc., 4.50%, 1/22/2023 | $ 2,500,000 | $ 2,567,353 | |
Consumer Finance — 1.0% | |||
d | Citibank N.A., 2.531% (LIBOR 3 Month + 0.35%), 2/12/2021 | 3,000,000 | 3,003,260 |
f | FirstCash, Inc., 5.375%, 6/1/2024 | 7,500,000 | 7,725,000 |
d | Wells Fargo Bank N.A., 2.788% (LIBOR 3 Month + 0.51%), 10/22/2021 | 5,000,000 | 5,015,860 |
Diversified Financial Services — 4.1% | |||
f | Antares Holdings L.P., 6.00%, 8/15/2023 | 4,435,000 | 4,594,641 |
Bank of America Corp. MTN, 4.20%, 8/26/2024 | 3,200,000 | 3,432,302 | |
Barclays plc, | |||
d,g | 3.548% (LIBOR 3 Month + 1.38%), 5/16/2024 | 2,500,000 | 2,487,392 |
g,j | 4.61% (LIBOR 3 Month + 1.40%), 2/15/2023 | 2,000,000 | 2,076,895 |
f,g | BNP Paribas S.A., 3.375%, 1/9/2025 | 5,000,000 | 5,163,214 |
j | Citigroup, Inc., 3.352% (LIBOR 3 Month + 0.90%), 4/24/2025 | 2,000,000 | 2,072,220 |
g | Credit Suisse Group Funding Guernsey Ltd. (Guaranty: Credit Suisse Group AG), 3.80%, 9/15/2022 - 6/9/2023 | 2,850,000 | 2,965,456 |
Deutsche Bank AG, | |||
d,g | 3.093% (LIBOR 3 Month + 0.82%), 1/22/2021 | 1,350,000 | 1,337,014 |
d,g | 3.362% (LIBOR 3 Month + 1.23%), 2/27/2023 | 2,800,000 | 2,697,036 |
g | 5.00%, 2/14/2022 | 3,500,000 | 3,626,970 |
d | Goldman Sachs Group, Inc., 3.377% (LIBOR 3 Month + 1.11%), 4/26/2022 | 4,000,000 | 4,034,340 |
HSBC Holdings plc, | |||
g,j | 3.803% (LIBOR 3 Month + 1.21%), 3/11/2025 | 1,000,000 | 1,042,031 |
g,j | 4.292% (LIBOR 3 Month + 1.35%), 9/12/2026 | 2,000,000 | 2,144,626 |
g | Mitsubishi UFJ Financial Group, Inc., 2.623%, 7/18/2022 | 4,000,000 | 4,036,149 |
g,j | Mizuho Financial Group, Inc., 3.922% (LIBOR 3 Month + 1.00%), 9/11/2024 | 3,150,000 | 3,315,152 |
d | Morgan Stanley MTN, 3.678% (LIBOR 3 Month + 1.40%), 4/21/2021 | 3,000,000 | 3,044,860 |
d | Morgan Stanley, 3.208% (LIBOR 3 Month + 0.93%), 7/22/2022 | 3,000,000 | 3,022,827 |
Royal Bank of Scotland Group plc, | |||
d,g | 3.628% (LIBOR 3 Month + 1.47%), 5/15/2023 | 1,398,000 | 1,399,266 |
g | 6.125%, 12/15/2022 | 2,000,000 | 2,164,123 |
Societe Generale S.A., | |||
f,g | 3.875%, 3/28/2024 | 2,000,000 | 2,098,204 |
f,g | 4.25%, 9/14/2023 | 3,000,000 | 3,183,060 |
d,f,g | UBS Group Funding Switzerland AG (Guaranty: UBS Group AG), 3.108% (LIBOR 3 Month + 0.95%), 8/15/2023 | 2,000,000 | 2,009,558 |
Insurance — 0.9% | |||
AIG Global Funding, | |||
f | 2.30%, 7/1/2022 | 4,000,000 | 4,010,746 |
d,f | 2.565% (LIBOR 3 Month + 0.48%), 7/2/2020 | 2,000,000 | 2,005,574 |
a,f | Citicorp Lease Pass-Through Trust 1999-1, 8.04%, 12/15/2019 | 185,942 | 188,081 |
b,f,k | Global Atlantic Fin Co., 4.40%, 10/15/2029 | 7,275,000 | 7,262,633 |
Mortgage Real Estate Investment Trusts — 0.3% | |||
Senior Housing Properties Trust, 4.75%, 2/15/2028 | 4,000,000 | 4,020,381 | |
118,746,240 | |||
Energy — 5.3% | |||
Energy Equipment & Services — 0.6% | |||
Enviva Partners L.P. / Enviva Partners Finance Corp., 8.50%, 11/1/2021 | 4,145,000 | 4,238,262 | |
f | Hanwha Energy USA Holdings Corp., 2.375%, 7/30/2022 | 2,500,000 | 2,503,354 |
Odebrecht Offshore Drilling Finance Ltd., | |||
f,g | 6.72%, 12/1/2022 | 500,348 | 489,096 |
f,g,l | 7.72%, 12/1/2026 PIK | 2,132,608 | 557,933 |
e,f,g | Odebrecht Oil & Gas Finance Ltd. (Guaranty: Odebrecht Oleo e Gas S.A.) Zero Coupon , 12/31/2099 | 304,899 | 2,668 |
c,f,g,m | Schahin II Finance Co. SPV Ltd., 5.875%, 9/25/2023 | 10,684,600 | 744,930 |
Oil, Gas & Consumable Fuels — 4.7% | |||
Boardwalk Pipelines L.P., 4.80%, 5/3/2029 | 3,920,000 | 4,163,139 | |
f | Citgo Holding, Inc., 9.25%, 8/1/2024 | 3,695,000 | 3,925,937 |
f | Colorado Interstate Gas Co., LLC / Colorado Interstate Issuing Corp., 4.15%, 8/15/2026 | 725,000 | 761,757 |
d | Energy Transfer Operating L.P., 5.271% (LIBOR 3 Month + 3.02%), 11/1/2066 | 1,200,000 | 900,120 |
EQT Midstream Partners L.P., Series 5Y, 4.75%, 7/15/2023 | 3,475,000 | 3,485,721 | |
f | Florida Gas Transmission Co., LLC, 3.875%, 7/15/2022 | 4,765,000 | 4,917,310 |
Gulf South Pipeline Co. L.P., 4.00%, 6/15/2022 | 4,860,000 | 4,978,399 | |
f | Gulfstream Natural Gas System, LLC, 4.60%, 9/15/2025 | 5,000,000 | 5,411,908 |
f,g | Harvest Operations Corp. (Guaranty: Korea National Oil Corp.), 3.00%, 9/21/2022 | 4,000,000 | 4,073,960 |
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
a,b,c,f,m | Linc USA GP / Linc Energy Finance USA, Inc., 9.625%, 10/31/2017 | $ 1,062,182 | $ 44,081 |
Midwest Connector Capital Co., LLC, | |||
f | 3.625%, 4/1/2022 | 1,310,000 | 1,343,812 |
f | 3.90%, 4/1/2024 | 3,315,000 | 3,491,690 |
Murphy Oil USA, Inc. 4.75%, 9/15/2029 | 1,945,000 | 1,988,763 | |
Northern Border Pipeline Co., Series A, 7.50%, 9/15/2021 | 2,150,000 | 2,335,548 | |
Occidental Petroleum Corp., | |||
d | 3.437% (LIBOR 3 Month + 1.25%), 8/13/2021 | 900,000 | 905,395 |
d,i | 3.637% (LIBOR 3 Month + 1.45%), 8/15/2022 | 3,500,000 | 3,523,100 |
f | Par Petroleum, LLC / Par Petroleum Finance Corp., 7.75%, 12/15/2025 | 1,500,000 | 1,488,750 |
f,g | Parkland Fuel Corp. 5.875%, 7/15/2027 | 1,945,000 | 2,040,908 |
f,g | Petroleos Mexicanos 6.49%, 1/23/2027 | 2,925,000 | 3,051,067 |
Plains All American Pipeline L.P. / PAA Finance Corp. 3.55%, 12/15/2029 | 4,890,000 | 4,780,137 | |
c,m | RAAM Global Energy Co., 12.50%, 10/1/2015 | 2,000,000 | 2,500 |
b,f,g,l | Schahin II Finance Co. SPV Ltd., 8.00%, 5/25/2020 PIK | 624,191 | 586,740 |
f,g | Sinopec Group Overseas Development Ltd., 4.125%, 9/12/2025 | 6,000,000 | 6,472,523 |
Summit Midstream Holdings, LLC / Summit Midstream Finance Corp., 5.50%, 8/15/2022 | 1,210,000 | 1,104,125 | |
e,j | Summit Midstream Partners L.P., Series A, 9.50% (LIBOR 3 Month + 7.43%), 12/15/2022 | 3,550,000 | 2,556,000 |
Tennessee Gas Pipeline Co., LLC, 7.00%, 3/15/2027 | 2,251,000 | 2,780,288 | |
79,649,921 | |||
Food & Staples Retailing — 1.0% | |||
Food & Staples Retailing — 1.0% | |||
f,g | Alimentation Couche-Tard, Inc., 2.70%, 7/26/2022 | 4,000,000 | 4,026,771 |
f | C&S Group Enterprises, LLC, 5.375%, 7/15/2022 | 3,935,000 | 3,979,269 |
Ingles Markets, Inc., 5.75%, 6/15/2023 | 4,500,000 | 4,595,625 | |
f | KeHE Distributors, LLC / KeHE Finance Corp. 8.625%, 10/15/2026 | 2,097,000 | 2,138,940 |
14,740,605 | |||
Food, Beverage & Tobacco — 1.8% | |||
Beverages — 0.4% | |||
f,g | Central American Bottling Corp., 5.75%, 1/31/2027 | 2,980,000 | 3,158,830 |
f,g | Coca-Cola Icecek A/S, 4.215%, 9/19/2024 | 3,000,000 | 2,982,912 |
Food Products — 0.7% | |||
f,g | Barry Callebaut Services N.V., 5.50%, 6/15/2023 | 4,000,000 | 4,384,800 |
d | General Mills, Inc., 3.313% (LIBOR 3 Month + 1.01%), 10/17/2023 | 3,500,000 | 3,525,258 |
f | Lamb Weston Holdings, Inc., 4.625%, 11/1/2024 | 2,500,000 | 2,631,000 |
Tobacco — 0.7% | |||
Altria Group, Inc., 4.40%, 2/14/2026 | 1,000,000 | 1,069,349 | |
d | BAT Capital Corp., 2.765% (LIBOR 3 Month + 0.59%), 8/14/2020 | 2,500,000 | 2,504,792 |
f,g | Imperial Brands Finance plc, 3.50%, 7/26/2026 | 2,000,000 | 1,999,945 |
Vector Group Ltd., | |||
f | 6.125%, 2/1/2025 | 2,194,000 | 2,100,755 |
f | 10.50%, 11/1/2026 | 3,000,000 | 3,060,000 |
27,417,641 | |||
Healthcare Equipment & Services — 1.7% | |||
Health Care Equipment & Supplies — 0.3% | |||
f | Hologic, Inc. 4.625%, 2/1/2028 | 4,880,000 | 5,056,900 |
Health Care Providers & Services — 1.4% | |||
Anthem, Inc., 2.50%, 11/21/2020 | 2,000,000 | 2,009,871 | |
f | Centene Corp., 5.375%, 6/1/2026 | 2,000,000 | 2,092,500 |
d | CVS Health Corp., 2.732% (LIBOR 3 Month + 0.63%), 3/9/2020 | 200,000 | 200,395 |
DaVita, Inc., 5.00%, 5/1/2025 | 7,415,000 | 7,385,859 | |
f | Tenet Healthcare Corp., 6.25%, 2/1/2027 | 4,350,000 | 4,530,742 |
WellCare Health Plans, Inc., | |||
5.25%, 4/1/2025 | 3,000,000 | 3,123,750 | |
f | 5.375%, 8/15/2026 | 1,000,000 | 1,067,300 |
25,467,317 | |||
Household & Personal Products — 1.2% | |||
Household Products — 0.8% | |||
Central Garden & Pet Co., 5.125%, 2/1/2028 | 4,475,000 | 4,564,500 |
Thornburg Strategic Income Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
f | Energizer Gamma Acquisition B.V., 4.625%, 7/15/2026 | $ 2,000,000 | $ 2,300,885 |
f | Prestige Brands, Inc., 6.375%, 3/1/2024 | 3,880,000 | 4,035,200 |
f | Spectrum Brands, Inc. 5.00%, 10/1/2029 | 930,000 | 946,275 |
Personal Products — 0.4% | |||
First Quality Finance Co., Inc., | |||
f | 4.625%, 5/15/2021 | 3,030,000 | 3,030,000 |
f | 5.00%, 7/1/2025 | 3,000,000 | 3,101,340 |
17,978,200 | |||
Insurance — 3.2% | |||
Insurance — 3.2% | |||
f,g | DaVinciRe Holdings Ltd., 4.75%, 5/1/2025 | 4,790,000 | 4,986,895 |
Enstar Group Ltd., | |||
g | 4.50%, 3/10/2022 | 2,000,000 | 2,074,317 |
g | 4.95%, 6/1/2029 | 5,835,000 | 6,160,328 |
g | Fairfax Financial Holdings Ltd., 4.85%, 4/17/2028 | 3,000,000 | 3,245,339 |
f,g | Lancashire Holdings Ltd., 5.70%, 10/1/2022 | 4,900,000 | 5,151,154 |
Mercury General Corp., 4.40%, 3/15/2027 | 4,000,000 | 4,204,032 | |
d,f | Metropolitan Life Global Funding, 2.39% (SOFR + 0.57%), 9/7/2020 | 1,940,000 | 1,945,212 |
f | Protective Life Corp., 3.40%, 1/15/2030 | 4,902,000 | 4,983,591 |
Protective Life Global Funding, | |||
d,f | 2.624% (LIBOR 3 Month + 0.52%), 6/28/2021 | 3,000,000 | 3,012,851 |
f | 3.104%, 4/15/2024 | 2,500,000 | 2,577,548 |
Reliance Standard Life Global Funding II, | |||
f | 2.625%, 7/22/2022 | 2,425,000 | 2,445,259 |
f | 3.85%, 9/19/2023 | 5,000,000 | 5,253,916 |
f | Sammons Financial Group, Inc., 4.45%, 5/12/2027 | 2,000,000 | 2,076,037 |
48,116,479 | |||
Materials — 3.9% | |||
Chemicals — 2.5% | |||
CF Industries, Inc. 7.125%, 5/1/2020 | 5,540,000 | 5,692,350 | |
d,f | Chevron Phillips Chemical Co., LLC / Chevron Phillips Chemical Co., L.P. 3.003% (LIBOR 3 Month + 0.75%), 5/1/2020 | 4,000,000 | 4,009,313 |
Consolidated Energy Finance S.A., | |||
d,f,g | 5.869% (LIBOR 3 Month + 3.75%), 6/15/2022 | 2,500,000 | 2,494,178 |
f,g | 6.875%, 6/15/2025 | 500,000 | 501,250 |
DuPont de Nemours, Inc., 4.205%, 11/15/2023 | 1,738,000 | 1,862,467 | |
f,g | Kissner Holdings L.P. / Kissner Milling Co. Ltd. / BSC Holding, Inc. / Kissner USA, 8.375%, 12/1/2022 | 4,170,000 | 4,347,225 |
f,g | NOVA Chemicals Corp., 4.875%, 6/1/2024 | 4,425,000 | 4,550,449 |
f,g | Nufarm Australia Ltd. / Nufarm Americas, Inc. 5.75%, 4/30/2026 | 3,885,000 | 3,836,438 |
f,g | OCP S.A., 5.625%, 4/25/2024 | 4,710,000 | 5,135,567 |
Valvoline, Inc., | |||
4.375%, 8/15/2025 | 2,920,000 | 2,971,100 | |
5.50%, 7/15/2024 | 1,945,000 | 2,022,800 | |
Containers & Packaging — 0.9% | |||
Ball Corp., | |||
4.375%, 12/15/2020 | 2,000,000 | 2,041,020 | |
4.875%, 3/15/2026 | 1,500,000 | 1,629,375 | |
f | Graphic Packaging International, LLC 4.75%, 7/15/2027 | 2,910,000 | 3,055,500 |
f | Matthews International Corp. 5.25%, 12/1/2025 | 3,363,000 | 3,186,442 |
f | Sealed Air Corp. 5.50%, 9/15/2025 | 4,000,000 | 4,310,000 |
Paper & Forest Products — 0.5% | |||
f | Neenah, Inc., 5.25%, 5/15/2021 | 7,575,000 | 7,575,000 |
59,220,474 | |||
Media & Entertainment — 2.7% | |||
Hotels, Restaurants & Leisure — 0.3% | |||
Speedway Motorsports, Inc. 5.125%, 2/1/2023 | 4,862,000 | 4,934,930 | |
Interactive Media & Services — 0.1% | |||
g | Baidu, Inc., 3.875%, 9/29/2023 | 2,000,000 | 2,080,917 |
Media — 2.3% |
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
CCO Holdings, LLC / CCO Holdings Capital Corp., | |||
f,k | 4.75%, 3/1/2030 | $ 2,930,000 | $ 2,974,565 |
f | 5.375%, 6/1/2029 | 4,500,000 | 4,792,500 |
f | CSC Holdings LLC, 6.50%, 2/1/2029 | 1,000,000 | 1,111,475 |
CSC Holdings, LLC, | |||
f | 5.375%, 2/1/2028 | 2,000,000 | 2,107,500 |
f | 5.50%, 4/15/2027 | 1,825,000 | 1,929,737 |
DISH DBS Corp., 5.125%, 5/1/2020 | 1,000,000 | 1,011,250 | |
Lamar Media Corp. 5.75%, 2/1/2026 | 1,940,000 | 2,051,065 | |
b,f,l | Mood Media Borrower, LLC / Mood Media Co-Issuer, Inc., 2.085%, 12/31/2023 PIK | 3,089,019 | 2,579,331 |
f | Salem Media Group, Inc., 6.75%, 6/1/2024 | 3,351,000 | 2,898,615 |
f | Sirius XM Radio, Inc., 3.875%, 8/1/2022 | 5,000,000 | 5,076,562 |
f,g | Telenet Finance Luxembourg Notes Sarl, 5.50%, 3/1/2028 | 4,000,000 | 4,190,000 |
Warner Media, LLC 3.80%, 2/15/2027 | 3,190,000 | 3,310,833 | |
41,049,280 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.4% | |||
Pharmaceuticals — 0.4% | |||
a,b,c,m | Atlas U.S. Royalty, LLC Participation Rights,, 3/15/2027 | 5,450,000 | 0 |
Bayer US Finance II, LLC, | |||
d,f | 2.736% (LIBOR 3 Month + 0.63%), 6/25/2021 | 500,000 | 499,425 |
f | 4.25%, 12/15/2025 | 2,500,000 | 2,670,889 |
Takeda Pharmaceutical Co. Ltd., | |||
f,g | 4.00%, 11/26/2021 | 1,500,000 | 1,552,631 |
f,g | 4.40%, 11/26/2023 | 1,250,000 | 1,346,214 |
6,069,159 | |||
Real Estate — 1.3% | |||
Equity Real Estate Investment Trusts — 1.3% | |||
American Tower Corp., 3.375%, 5/15/2024 | 3,000,000 | 3,118,140 | |
CoreCivic, Inc. | |||
4.625%, 5/1/2023 | 1,735,000 | 1,681,024 | |
4.75%, 10/15/2027 | 4,917,000 | 4,320,814 | |
Crown Castle International Corp., 3.20%, 9/1/2024 | 2,000,000 | 2,054,377 | |
GEO Group, Inc., 6.00%, 4/15/2026 | 4,625,000 | 3,732,375 | |
Retail Opportunity Investments Partnership L.P. (Guaranty: Retail Opportunity Investments Corp.), 5.00%, 12/15/2023 | 1,500,000 | 1,582,719 | |
Service Properties Trust, 4.95%, 2/15/2027 | 2,850,000 | 2,887,530 | |
19,376,979 | |||
Retailing — 0.7% | |||
Internet & Direct Marketing Retail — 0.1% | |||
Booking Holdings, Inc., 2.75%, 3/15/2023 | 2,000,000 | 2,047,406 | |
Multiline Retail — 0.3% | |||
d | Dollar Tree, Inc., 3.003% (LIBOR 3 Month + 0.70%), 4/17/2020 | 4,596,000 | 4,596,826 |
Specialty Retail — 0.3% | |||
f | Michaels Stores, Inc. 8.00%, 7/15/2027 | 4,365,000 | 4,370,456 |
11,014,688 | |||
Semiconductors & Semiconductor Equipment — 1.0% | |||
Semiconductors & Semiconductor Equipment — 1.0% | |||
Broadcom Corp. / Broadcom Cayman Finance Ltd., | |||
2.375%, 1/15/2020 | 1,000,000 | 999,937 | |
3.625%, 1/15/2024 | 2,000,000 | 2,045,220 | |
f | Broadcom, Inc. 3.625%, 10/15/2024 | 2,965,000 | 3,014,645 |
Micron Technology, Inc., 4.185%, 2/15/2027 | 8,379,000 | 8,621,047 | |
14,680,849 | |||
Software & Services — 2.3% | |||
Information Technology Services — 0.2% | |||
f | Harland Clarke Holdings Corp., 8.375%, 8/15/2022 | 1,955,000 | 1,603,100 |
S&P Global, Inc. (Guaranty: Standard & Poor’s Financial Services, LLC), 3.30%, 8/14/2020 | 1,975,000 | 1,993,908 | |
Interactive Media & Services — 0.1% | |||
g | Baidu, Inc., 4.375%, 5/14/2024 | 1,424,000 | 1,517,384 |
Thornburg Strategic Income Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
Software — 2.0% | |||
Autodesk, Inc., 3.125%, 6/15/2020 | $ 2,350,000 | $ 2,362,586 | |
CDK Global, Inc., | |||
3.80%, 10/15/2019 | 4,315,000 | 4,315,000 | |
f | 5.25%, 5/15/2029 | 460,000 | 476,100 |
5.875%, 6/15/2026 | 2,000,000 | 2,127,500 | |
Citrix Systems, Inc., 4.50%, 12/1/2027 | 3,000,000 | 3,243,200 | |
f | Fair Isaac Corp. 5.25%, 5/15/2026 | 2,460,000 | 2,626,050 |
f | j2 Cloud Services, LLC / j2 Global Co-Obligor, Inc., 6.00%, 7/15/2025 | 4,165,000 | 4,397,615 |
f | MSCI, Inc., 5.75%, 8/15/2025 | 4,635,000 | 4,860,956 |
f,g | Open Text Corp., 5.875%, 6/1/2026 | 3,320,000 | 3,544,764 |
VMware, Inc., 2.30%, 8/21/2020 | 2,000,000 | 2,001,042 | |
35,069,205 | |||
Technology Hardware & Equipment — 3.2% | |||
Communications Equipment — 1.5% | |||
Anixter, Inc. (Guaranty: Anixter International, Inc.), 5.125%, 10/1/2021 | 6,395,000 | 6,650,800 | |
Juniper Networks, Inc., 3.75%, 8/15/2029 | 3,940,000 | 3,955,679 | |
Motorola Solutions, Inc., 4.60%, 2/23/2028 - 5/23/2029 | 6,409,000 | 6,948,332 | |
g | Telefonaktiebolaget LM Ericsson, 4.125%, 5/15/2022 | 5,456,000 | 5,618,861 |
Electronic Equipment, Instruments & Components — 1.4% | |||
g | Allegion plc, 3.50%, 10/1/2029 | 1,420,000 | 1,433,909 |
Ingram Micro, Inc., 5.45%, 12/15/2024 | 1,951,000 | 2,021,151 | |
PerkinElmer, Inc., 3.30%, 9/15/2029 | 3,040,000 | 3,038,987 | |
f,g | Sensata Technologies B.V. 4.875%, 10/15/2023 | 2,938,000 | 3,095,917 |
Tech Data Corp., 4.95%, 2/15/2027 | 4,000,000 | 4,292,994 | |
Trimble, Inc., 4.75%, 12/1/2024 | 6,525,000 | 7,003,420 | |
Office Electronics — 0.3% | |||
CDW, LLC / CDW Finance Corp. 4.25%, 4/1/2028 | 930,000 | 948,693 | |
CDW, LLC / CDW Finance Corp., 5.00%, 9/1/2025 | 2,000,000 | 2,077,500 | |
Lexmark International, Inc., 7.125%, 3/15/2020 | 1,797,000 | 1,765,553 | |
48,851,796 | |||
Telecommunication Services — 2.9% | |||
Diversified Telecommunication Services — 1.4% | |||
d | AT&T, Inc., 3.312% (LIBOR 3 Month + 1.18%), 6/12/2024 | 3,750,000 | 3,818,625 |
f,g | Digicel Ltd., 6.00%, 4/15/2021 | 5,750,000 | 4,053,808 |
f | GTT Communications, Inc. 7.875%, 12/31/2024 | 3,860,000 | 2,161,600 |
Qwest Corp., 6.75%, 12/1/2021 | 3,700,000 | 3,998,812 | |
f,g | Videotron Ltd., 5.375%, 6/15/2024 | 6,000,000 | 6,558,900 |
Wireless Telecommunication Services — 1.5% | |||
America Movil SAB de C.V., 6.45%, 12/5/2022 | 45,000,000 | 2,194,816 | |
f,g | Digicel International Finance Ltd., 8.75%, 5/25/2024 | 500,000 | 475,000 |
f,g | MTN Mauritius Investment Ltd., 4.755%, 11/11/2024 | 4,125,000 | 4,175,325 |
f,g | SK Telecom Co. Ltd., 3.75%, 4/16/2023 | 3,000,000 | 3,129,827 |
Sprint Communications, Inc., 9.25%, 4/15/2022 | 11,516,000 | 13,344,165 | |
43,910,878 | |||
Transportation — 0.9% | |||
Airlines — 0.9% | |||
American Airlines Pass Through Trust, | |||
Series 2013-2 Class A, 4.95%, 7/15/2024 | 1,489,827 | 1,561,637 | |
f | Series 2013-2 Class B, 5.60%, 1/15/2022 | 6,196,504 | 6,301,224 |
Continental Airlines Pass Through Trust, Series 2005-ERJ1, 9.798%, 10/1/2022 | 1,209,877 | 1,251,376 | |
f,g | Guanay Finance Ltd., 6.00%, 12/15/2020 | 1,740,904 | 1,758,313 |
US Airways Pass Through Trust, | |||
Series 2010-1 Class A, 6.25%, 10/22/2024 | 967,054 | 1,051,574 | |
Series 2012-1 Class A, 5.90%, 4/1/2026 | 1,239,174 | 1,379,449 | |
US Airways Pass Through Trust, (MBIA Insurance Corp), Series 2001-1G, 7.076%, 9/20/2022 | 351,219 | 368,112 | |
13,671,685 | |||
Utilities — 3.4% | |||
Electric Utilities — 3.0% |
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
Avangrid, Inc., | |||
3.15%, 12/1/2024 | $ 3,000,000 | $ 3,092,406 | |
3.80%, 6/1/2029 | 2,000,000 | 2,148,591 | |
CenterPoint Energy, Inc., 3.60%, 11/1/2021 | 3,000,000 | 3,079,728 | |
f | Duquesne Light Holdings, Inc., 6.40%, 9/15/2020 | 2,000,000 | 2,070,166 |
f,g | Electricite de France S.A., 4.60%, 1/27/2020 | 4,000,000 | 4,031,533 |
f,g | Enel Finance International N.V., 4.625%, 9/14/2025 | 5,500,000 | 6,007,239 |
Entergy Texas, Inc., 3.45%, 12/1/2027 | 3,000,000 | 3,119,675 | |
Evergy, Inc., 2.45%, 9/15/2024 | 1,970,000 | 1,968,479 | |
f | Jersey Central Power & Light Co., 4.30%, 1/15/2026 | 4,065,000 | 4,449,933 |
f | Metropolitan Edison Co. 4.30%, 1/15/2029 | 1,940,000 | 2,188,437 |
f | Midland Cogeneration Venture L.P., 6.00%, 3/15/2025 | 1,131,912 | 1,146,120 |
PNM Resources, Inc., 3.25%, 3/9/2021 | 2,835,000 | 2,861,771 | |
Puget Energy, Inc., | |||
5.625%, 7/15/2022 | 2,500,000 | 2,673,951 | |
6.50%, 12/15/2020 | 2,000,000 | 2,094,009 | |
SCANA Corp. MTN, 4.125%, 2/1/2022 | 528,000 | 544,986 | |
Southern Co., 3.25%, 7/1/2026 | 3,500,000 | 3,609,439 | |
Electronic Equipment, Instruments & Components — 0.2% | |||
f | Sensata Technologies, Inc.,Co. 4.375%, 2/15/2030 | 3,900,000 | 3,895,125 |
Gas Utilities — 0.2% | |||
f,g | Rockpoint Gas Storage Canada Ltd., 7.00%, 3/31/2023 | 2,562,000 | 2,574,810 |
51,556,398 | |||
Total Corporate Bonds(Cost $813,561,695) | 817,683,575 | ||
Convertible Bonds — 1.2% | |||
Diversified Financials — 0.4% | |||
Consumer Finance — 0.4% | |||
EZCORP, Inc. 2.375%, 5/1/2025 | 7,263,000 | 5,756,291 | |
5,756,291 | |||
Food, Beverage & Tobacco — 0.1% | |||
Tobacco — 0.1% | |||
h | Vector Group Ltd., 1.75%, 4/15/2020 | 2,260,000 | 2,348,987 |
2,348,987 | |||
Media & Entertainment — 0.7% | |||
Media — 0.7% | |||
a | Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00%, 10/15/2029 | 18,000,000 | 10,350,000 |
10,350,000 | |||
Total Convertible Bonds(Cost $18,455,512) | 18,455,278 | ||
Municipal Bonds — 0.5% | |||
California Health Facilities Financing Authority, 7.875%, 2/1/2026 | 1,940,000 | 2,077,449 | |
City of Chicago IL GO, Series B, 7.045%, 1/1/2029 | 3,000,000 | 3,341,430 | |
a | Oklahoma Development Finance Authority, 8.00%, 5/1/2020 | 140,000 | 141,677 |
San Bernardino County Redevelopment Agency Successor Agency, Class A, 8.45%, 9/1/2030 | 1,000,000 | 1,044,040 | |
Total Municipal Bonds(Cost $6,051,870) | 6,604,596 | ||
U.S. Treasury Securities — 0.3% | |||
United States Treasury Notes, 2.50%, 5/31/2020 | 4,865,000 | 4,884,527 | |
Total U.S. Treasury Securities(Cost $4,867,355) | 4,884,527 | ||
Mortgage Backed — 8.8% | |||
Angel Oak Mortgage Trust, LLC, Whole Loan Securities Trust CMO, | |||
f,h | Series 2017-3 Class A1, 2.708%, 11/25/2047 | 643,669 | 635,745 |
f,h | Series 2018-1 Class A1, 3.258%, 4/27/2048 | 1,215,691 | 1,230,957 |
f,h | Series 2018-2 Class A1, 3.674%, 7/27/2048 | 1,910,140 | 1,947,460 |
Thornburg Strategic Income Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
f,h | Series 2018-1 Class A1, 3.763%, 4/25/2048 | $ 2,909,521 | $ 2,960,439 |
f,h | Series 2019-1 Class A1, 3.805%, 1/25/2049 | 3,505,315 | 3,570,201 |
f,h | Series 2019-3 Class A1, 2.962%, 10/25/2048 | 6,687,403 | 6,653,686 |
h | Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 4.774%, 8/25/2033 | 57,725 | 55,617 |
f | Bravo Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50%, 3/25/2058 | 4,329,174 | 4,361,990 |
f,h | CFCRE Commercial Mortgage Trust, Series 2011-C1 Class C, 6.272%, 4/15/2044 | 6,200,000 | 6,477,088 |
f,h | CIM Trust, Whole Loan Securities Trust CMO, Series 18-INV1 Class A4, 4.00%, 8/25/2048 | 1,615,343 | 1,650,484 |
h | Citigroup Mortgage Loan Trust, Inc., Whole Loan Securities Trust CMO, Series 2004-HYB2 Class B1, 4.917%, 3/25/2034 | 43,371 | 38,196 |
f,h | Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2014-A Class A, 4.00%, 1/25/2035 | 1,179,510 | 1,206,847 |
f,h | Credit Suisse Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-HL2 Class A3, 3.50%, 10/25/2047 | 2,775,265 | 2,820,316 |
h,n | Federal Home Loan Mtg Corp. Multifamily Structured Pass Through Certificates IO, Series KIR1 Class X, 1.213%, 3/25/2026 | 36,029,680 | 2,123,697 |
Federal Home Loan Mtg Corp., Pool ZS7299, 3.00%, 10/1/2030 | 1,443,747 | 1,489,882 | |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, | |||
o | Series 2017-4 Class HT, 3.00%, 6/25/2057 | 1,607,323 | 1,716,100 |
Series 2018-3 Class HA, 3.00%, 8/25/2057 | 3,510,198 | 3,603,365 | |
Series 2019-1 Class MA, 3.50%, 7/25/2058 | 4,662,635 | 4,881,396 | |
Series 2019-2 Class MA, 3.50%, 8/25/2058 | 10,517,234 | 11,017,861 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, Series 2017-SC02 Class 2A1, 3.50%, 5/25/2047 | 533,349 | 539,152 | |
Federal National Mtg Assoc. CMO REMIC, Series 1994-37 Class L, 6.50%, 3/25/2024 | 987 | 1,045 | |
Federal National Mtg Assoc., | |||
Pool AL9445, 3.00%, 7/1/2031 | 4,058,189 | 4,187,868 | |
Pool AS9733, 4.00%, 6/1/2047 | 2,443,102 | 2,628,303 | |
Pool FM1126, 3.00%, 3/1/2033 | 3,309,676 | 3,406,129 | |
f,h | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00%, 3/25/2047 | 1,367,160 | 1,373,915 |
d,f | FREMF Mortgage Trust, Series 2016-KF24 Class B, 7.089% (LIBOR 1 Month + 5.00%), 10/25/2026 | 584,152 | 626,115 |
f,h | FWD Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-INV1 Class A1, 2.81%, 6/25/2049 | 3,826,528 | 3,843,338 |
f,h | Galton Funding Mortgage Trust, Whole Loan Securities Trust CMO, Series 2018-1 Class A43, 3.50%, 11/25/2057 | 1,308,651 | 1,320,867 |
f,o | GCAT 2019-NQM1 LLC, Whole Loan Securities Trust CMO, Series 2019-NQM1 Class A1, 2.985%, 2/25/2059 | 6,097,772 | 6,165,394 |
f,o | GCAT Trust Whole Loan Securities Trust, Whole Loan Securities Trust CMO, Series 2019-NQM2 Class A1, 2.855%, 9/25/2059 | 5,000,000 | 4,999,541 |
Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, | |||
f,h | Series 2018-1 Class A1, 3.766%, 6/25/2048 | 1,382,117 | 1,422,395 |
f,h | Series 2019-1 Class A1, 3.454%, 1/25/2059 | 5,472,948 | 5,550,183 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
f,h | Series 2017-2 Class A6, 3.00%, 5/25/2047 | 2,089,768 | 2,102,796 |
f,h | Series 2017-6 Class A5, 3.50%, 12/25/2048 | 2,313,563 | 2,352,138 |
f,h | Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, Series 2018-MTG1 Class A3, 3.50%, 3/25/2048 | 2,326,911 | 2,365,263 |
h | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 4.38%, 8/25/2034 | 121,442 | 107,687 |
f,h | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75%, 4/25/2058 | 1,846,885 | 1,919,845 |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
f,h | Series 2017-3A Class A1, 4.00%, 4/25/2057 | 2,393,754 | 2,498,866 |
f,h | Series 2017-4A Class A1, 4.00%, 5/25/2057 | 2,263,052 | 2,376,575 |
d,f | Series 2017-5A Class A1, 3.518% (LIBOR 1 Month + 1.50%), 6/25/2057 | 1,560,702 | 1,585,355 |
f,h | Series 2018-NQM1 Class A1, 3.986%, 11/25/2048 | 3,105,667 | 3,214,013 |
f,h | Series 2018-RPL1 Class A1, 3.50%, 12/25/2057 | 2,463,410 | 2,567,621 |
a,b,f | Reilly 1997 A Mtg 1, 6.896%, 7/1/2020 | 46,280 | 46,280 |
Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, | |||
f,h | Series 2017-4 Class A4, 3.50%, 7/25/2047 | 1,324,075 | 1,347,091 |
f,h | Series 2017-5 Class A4, 3.50%, 8/25/2047 | 2,932,341 | 2,986,979 |
Verus Securitization Trust, Whole Loan Securities Trust CMO, | |||
f,h | Series 2017-2A Class A1, 2.485%, 7/25/2047 | 1,334,850 | 1,326,324 |
f,h | Series 2018-2 Class A1, 3.677%, 6/1/2058 | 2,464,919 | 2,524,455 |
f,h | Series 2018-3 Class A1, 4.108%, 10/25/2058 | 2,164,360 | 2,227,029 |
f,o | Series 2019-3 Class A1, 2.784%, 7/25/2059 | 6,325,884 | 6,339,768 |
Total Mortgage Backed(Cost $130,919,887) | 132,393,657 | ||
Loan Participations — 3.2% | |||
Commercial & Professional Services — 0.8% | |||
Professional Services — 0.8% | |||
p | Harland Clarke Holdings Corp., 6.854% (LIBOR 3 Month + 4.75%), 11/3/2023 | 3,451,975 | 2,683,910 |
p | Par Pacific Holdings, Inc., 9.10% (LIBOR 3 Month + 6.75%), 12/17/2025 | 1,755,000 | 1,750,612 |
p | R.R. Donnelley & Sons Company, 7.044% (LIBOR 3 Month + 5.00%), 1/15/2024 | 2,977,500 | 2,984,944 |
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
RGIS Services, LLC, | |||
p | 9.756% (LIBOR 3 Month + 7.50%), 3/31/2023 | $ 928,958 | $ 797,353 |
p | 9.544% (LIBOR 1 Month + 7.50%), 3/31/2023 | 2,136,603 | 1,833,911 |
p | 9.624% (LIBOR 3 Month + 7.50%), 3/31/2023 | 1,058,548 | 908,583 |
g,p | Titan Acquisition Co.,Ltd. 6.354% (LIBOR 3 Month + 4.25%), 5/1/2026 | 1,426,425 | 1,430,348 |
12,389,661 | |||
Consumer Services — 0.4% | |||
Hotels, Restaurants & Leisure — 0.4% | |||
p | Hanjin International Corp., 4.554% (LIBOR 1 Month + 2.50%), 10/18/2020 | 6,475,000 | 6,475,000 |
6,475,000 | |||
Energy — 0.3% | |||
Oil, Gas & Consumable Fuels — 0.3% | |||
p | Citgo Holding, Inc., 9.044% (LIBOR 1 Month + 7.00%), 7/24/2023 | 2,000,000 | 2,035,000 |
b,l,p | Malamute Energy, Inc., 2.104% (LIBOR 3 Month + 1.50% PIK), 11/22/2022 | 21,359 | 21,360 |
k,p,q | McDermott Technology Americas, Inc., 7.104% (LIBOR 3 Month + 5.00%), 5/9/2025 | 4,209,950 | 2,647,006 |
4,703,366 | |||
Materials — 0.2% | |||
Chemicals — 0.1% | |||
p | US Salt LLC, 6.794% (LIBOR 1 Month + 4.75%), 1/16/2026 | 1,455,685 | 1,461,144 |
Containers & Packaging — 0.1% | |||
p | Crown Americas, LLC 4.057% (LIBOR 1 Month + 2.00%), 4/3/2025 | 804,946 | 807,392 |
p | Crown European Holdings S.A. 2.375% (EURIBOR 1 Month + 2.375%), 4/3/2025 | 987,562 | 1,084,973 |
3,353,509 | |||
Media & Entertainment — 0.2% | |||
Media — 0.2% | |||
p | ABG Intermediate Holdings 2, LLC, 9.794% (LIBOR 1 Month + 7.75%), 9/29/2025 | 2,942,313 | 2,932,015 |
2,932,015 | |||
Retailing — 0.1% | |||
Specialty Retail — 0.1% | |||
p | Office Depot, Inc., 7.307% (LIBOR 1 Month + 5.25%), 11/8/2022 | 850,216 | 855,530 |
855,530 | |||
Software & Services — 0.3% | |||
Information Technology Services — 0.1% | |||
p | Cypress Intermediate Holdings III, Inc., 8.794% (LIBOR 1 Month + 6.75%), 4/27/2025 | 1,000,000 | 1,006,500 |
Internet Software & Services — 0.2% | |||
p | Dun & Bradstreet Corporation (The), 7.054% (LIBOR 1 Month + 5.00%), 2/6/2026 | 3,000,000 | 3,017,670 |
4,024,170 | |||
Telecommunication Services — 0.6% | |||
Diversified Telecommunication Services — 0.6% | |||
p | Colorado Buyer, Inc., 9.30% (LIBOR 1 Month + 7.25%), 5/1/2025 | 3,000,000 | 2,442,510 |
g,p | Intelsat Jackson Holdings S.A., 6.554% (LIBOR 1 Month + 4.50%), 1/2/2024 | 6,845,000 | 6,919,131 |
9,361,641 | |||
Utilities — 0.3% | |||
Electric Utilities — 0.3% | |||
p | Pacific Gas & Electric Co., 4.32% (LIBOR 1 Month + 2.25%), 12/31/2020 | 4,500,000 | 4,522,500 |
4,522,500 | |||
Total Loan Participations(Cost $51,170,383) | 48,617,392 | ||
Short-Term Investments — 13.4% | |||
r | Thornburg Capital Management Fund | 20,254,277 | 202,542,770 |
Total Short-Term Investments(Cost $202,542,770) | 202,542,770 | ||
Total Investments — 99.7%(Cost $1,500,640,553) | $1,506,324,165 |
Thornburg Strategic Income Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
Other Assets Less Liabilities — 0.3% | 4,894,984 | ||
Net Assets — 100.0% | $1,511,219,149 |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2019 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Euro | SSB | Sell | 2,977,100 | 1/22/2020 | 3,273,105 | $ 117,455 | $ — |
Net unrealized appreciation (depreciation) | $117,455 |
* | Counterparty includes State Street Bank and Trust Company ("SSB"). |
Footnote Legend | |
a | Illiquid security. |
b | Security currently fair valued by the Valuation and Pricing Committee using procedures approved by the Trustees’ Audit Committee. |
c | Non-income producing. |
d | Floating Rate Security. Stated interest/floor rate was in effect at September 30, 2019. |
e | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
f | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2019, the aggregate value of these securities in the Fund’s portfolio was $764,029,894, representing 50.56% of the Fund’s net assets. |
g | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
h | Variable rate coupon, rate shown as of September 30, 2019. |
i | Segregated as collateral for a when-issued security. |
j | Fixed to floating security that initially pays a fixed rate and converts to a floating rate coupon at a specified date in the future. The rate presented is a fixed rate. |
k | When-issued security. |
l | Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at September 30, 2019. |
m | Bond in default. |
n | Interest Only. |
o | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2019. |
p | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 2019. |
q | This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be effective at the time of settlement and will be based upon the London-Interbank Offered Rate ("LIBOR") plus a premium which was determined at the time of purchase. |
r | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ARM | Adjustable Rate Mortgage |
CMO | Collateralized Mortgage Obligation |
EURIBOR | Euro Interbank Offered Rates |
FCB | Farm Credit Bank |
GO | General Obligation |
IO | Interest Only Security |
LIBOR | London Interbank Offered Rates |
Mtg | Mortgage |
MTN | Medium-Term Note |
REMIC | Real Estate Mortgage Investment Conduit |
SOFR | Secured Overnight Financing Rate |
SPV | Special Purpose Vehicle |
VA | Veterans Affairs |
Thornburg Strategic Income Fund | September 30, 2019
ASSETS | |
Investments at value (Note 3) | |
Non-affiliated issuers (cost $1,298,097,783) | $ 1,303,781,395 |
Non-controlled affiliated issuer (cost $202,542,770) | 202,542,770 |
Cash | 322,288 |
Receivable for investments sold | 1,363,469 |
Receivable for fund shares sold | 6,083,079 |
Unrealized appreciation on forward currency contracts (Note 7) | 117,455 |
Dividends receivable | 475,179 |
Dividend and interest reclaim receivable | 533 |
Interest receivable | 11,472,473 |
Prepaid expenses and other assets | 119,073 |
Total Assets | 1,526,277,714 |
Liabilities | |
Payable for investments purchased | 11,554,633 |
Payable for fund shares redeemed | 1,845,011 |
Payable to investment advisor and other affiliates (Note 4) | 689,557 |
Accounts payable and accrued expenses | 353,739 |
Dividends payable | 623,125 |
Total Liabilities | 15,066,065 |
Commitments and contingencies (Note 2) | |
Unrealized appreciation on unfunded commmitments | 7,500 |
Net Assets | $ 1,511,219,149 |
NET ASSETS CONSIST OF | |
Accumulated loss | $ (17,661,544) |
Net capital paid in on shares of beneficial interest | 1,528,880,693 |
$ 1,511,219,149 |
NET ASSET VALUE | |
Class A Shares: | |
Net asset value and redemption price per share ($215,440,945 applicable to 18,071,764 shares of beneficial interest outstanding - Note 5) | $ 11.92 |
Maximum sales charge, 4.50% of offering price | 0.56 |
Maximum offering price per share | $ 12.48 |
Class C Shares: | |
Net asset value and offering price per share* ($118,981,838 applicable to 9,998,130 shares of beneficial interest outstanding - Note 5) | $ 11.90 |
Class I Shares: | |
Net asset value, offering and redemption price per share ($1,141,046,454 applicable to 95,981,538 shares of beneficial interest outstanding - Note 5) | $ 11.89 |
Class R3 Shares: | |
Net asset value, offering and redemption price per share ($1,661,002 applicable to 139,495 shares of beneficial interest outstanding - Note 5) | $ 11.91 |
Class R4 Shares: | |
Net asset value, offering and redemption price per share ($1,279,028 applicable to 107,483 shares of beneficial interest outstanding - Note 5) | $ 11.90 |
Class R5 Shares: | |
Net asset value, offering and redemption price per share ($11,179,679 applicable to 939,938 shares of beneficial interest outstanding - Note 5) | $ 11.89 |
Class R6 Shares: | |
Net asset value, offering and redemption price per share ($21,630,203 applicable to 1,813,824 shares of beneficial interest outstanding - Note 5) | $ 11.93 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Thornburg Strategic Income Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Dividend income | |
Non-affiliated issuers | $ 1,110,292 |
Non-controlled affiliated issuer | 4,128,560 |
Interest income (net of premium amortized of $1,553,241) | 53,186,068 |
Total Income | 58,424,920 |
EXPENSES | |
Investment advisory fees (Note 4) | 8,953,890 |
Administration fees (Note 4) | |
Class A Shares | 174,929 |
Class C Shares | 118,569 |
Class I Shares | 821,647 |
Class R3 Shares | 1,605 |
Class R4 Shares | 1,305 |
Class R5 Shares | 7,208 |
Class R6 Shares | 10,084 |
Distribution and service fees (Note 4) | |
Class A Shares | 497,610 |
Class C Shares | 1,350,293 |
Class R3 Shares | 9,131 |
Class R4 Shares | 3,731 |
Transfer agent fees | |
Class A Shares | 160,894 |
Class C Shares | 122,052 |
Class I Shares | 842,311 |
Class R3 Shares | 10,246 |
Class R4 Shares | 9,075 |
Class R5 Shares | 16,284 |
Class R6 Shares | 5,251 |
Registration and filing fees | |
Class A Shares | 15,726 |
Class C Shares | 13,954 |
Class I Shares | 67,452 |
Class R3 Shares | 12,928 |
Class R4 Shares | 12,531 |
Class R5 Shares | 13,101 |
Class R6 Shares | 12,578 |
Custodian fees | 160,349 |
Professional fees | 103,849 |
Trustee and officer fees (Note 4) | 68,819 |
Other expenses | 129,639 |
Total Expenses | 13,727,041 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (1,222,295) |
Investment advisory fees waived by investment advisor (Note 4) | (2,174,863) |
Net Expenses | 10,329,883 |
Net Investment Income | $ 48,095,037 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on: | |
Non-affiliated issuer investments | $ 5,010,070 |
Forward currency contracts (Note 7) | 209,286 |
Foreign currency transactions | (9,711) |
5,209,645 | |
Net change in unrealized appreciation (depreciation) on: | |
Non-affiliated issuer investments | 25,772,417 |
Forward currency contracts (Note 7) | 98,757 |
Foreign currency translations | (5,024) |
25,866,150 | |
Net Realized and Unrealized Gain | 31,075,795 |
Net Increase in Net Assets Resulting from Operations | $ 79,170,832 |
Thornburg Strategic Income Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 48,095,037 | $ 38,820,653 |
Net realized gain (loss) on investments, forward currency contracts and foreign currency transactions | 5,209,645 | 4,472,928 |
Net change in unrealized appreciation (depreciation) on investments, forward currency contracts and foreign currency translations | 25,866,150 | (27,376,113) |
Net Increase in Net Assets Resulting from Operations | 79,170,832 | 15,917,468 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (6,894,360) | (6,046,721) |
Class C Shares | (3,682,212) | (3,851,817) |
Class I Shares | (36,220,081) | (22,085,177) |
Class R3 Shares | (59,577) | (63,112) |
Class R4 Shares | (47,973) | (68,696) |
Class R5 Shares | (316,965) | (233,736) |
Class R6 Shares | (448,157) | (174,873) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | 12,482,392 | (31,322,121) |
Class C Shares | (34,400,304) | (51,986,964) |
Class I Shares | 355,456,316 | 151,633,298 |
Class R3 Shares | (347,860) | (661,921) |
Class R4 Shares | (926,459) | (548,403) |
Class R5 Shares | 3,578,573 | 1,226,187 |
Class R6 Shares | 11,717,095 | 9,728,794 |
Net Increase in Net Assets | 379,061,260 | 61,462,206 |
NET ASSETS | ||
Beginning of Year | 1,132,157,889 | 1,070,695,683 |
End of Year | $ 1,511,219,149 | $ 1,132,157,889 |
Thornburg Strategic Income Fund | September 30, 2019
Thornburg Strategic Income Fund | September 30, 2019
Cost of investments for tax purposes | $ 1,500,555,355 |
Gross unrealized appreciation on a tax basis | 33,797,893 |
Gross unrealized depreciation on a tax basis | (27,911,628) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 5,886,265 |
2019 | 2018 | |
Distributions from: | ||
Ordinary income | $ 47,669,325 | $ 32,524,132 |
Total | $ 47,669,325 | $ 32,524,132 |
Thornburg Strategic Income Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities* | ||||
Common Stock(a) | $ 8,893 | $ — | $ — | $ 8,893 |
Preferred Stock(a) | 16,169,360 | 12,591,240 | 3,578,120 | — |
Asset Backed Securities | 258,964,117 | — | 254,179,466 | 4,784,651 |
Corporate Bonds | 817,683,575 | — | 807,010,790 | 10,672,785 |
Convertible Bonds | 18,455,278 | — | 18,455,278 | — |
Municipal Bonds | 6,604,596 | — | 6,604,596 | — |
U.S. Treasury Securities | 4,884,527 | 4,884,527 | — | — |
Mortgage Backed | 132,393,657 | — | 132,347,377 | 46,280 |
Loan Participations | 48,617,392 | — | 48,596,032 | 21,360 |
Short-Term Investments | 202,542,770 | 202,542,770 | — | — |
Total Investments in Securities | $1,506,324,165 | $220,018,537 | $1,270,771,659 | $15,533,969(b) |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 117,455 | $ — | $ 117,455 | $ — |
Total Assets | $1,506,441,620 | $220,018,537 | $1,270,889,114 | $15,533,969 |
* | See Schedule of Investments for a summary of the industry exposure as grouped according to the Global Industry Classification Standard (GICS), which is an industry taxonomy developed by MSCI, Inc. and Standard & Poor’s (S&P). |
(a) | At September 30, 2019, industry classifications for Common Stock and Preferred Stock in level 2 and Level 3 consist of $8,893 in Energy, $1,111,250 in Miscellaneous, and $2,466,870 Telecommunication Services. |
(b) | In accordance with the guidance prescribed in Accounting Standards Update ("ASU") No. 2011-04, the following table displays a summary of the valuation techniques and unobservable inputs used to value portfolio securities characterized as Level 3 investments for the period ended at September 30, 2019. |
FAIR VALUE AT September 30, 2019 | VALUATION TECHNIQUE(S) | UNOBSERVABLE INPUT | RANGE (WEIGHTED AVERAGE) | |
Common Stock | $ 8,893 | Discount to valuation | Discount for lack of marketability | $10.50/(N/A)(a) |
Asset-Backed Securities | 4,784,651 | Discounted cash flows | Yield (Discount Rate of Cash Flows) | 4.50%-6.40%/(6.11%) |
Corporate Bonds | 200,000 | Discount to valuation | Expected Recovery | $10.00/(N/A) |
44,081 | Discount to valuation | Discount for lack of marketability | $4.15/(N/A)(a) | |
586,740 | Discounted cash flows | Yield (Discount Rate of Cash Flows) | 19.50%/(N/A) | |
2,579,331 | Discounted cash flows | Yield (Discount Rate of Cash Flows) | 17.40%/(N/A) | |
7,262,633 | Recent trade | Trade price | $99.83/(N/A) | |
Loan Participations | 21,360 | Discount to valuation | Discount for lack of marketability | $100.00/(N/A)(a) |
Mortgage Backed | 46,280 | Unadjusted Broker Quote | Unadjusted Broker Quote | $100.00/(N/A) |
Total | $15,533,969 |
Thornburg Strategic Income Fund | September 30, 2019
COMMON STOCK | MORTGAGE BACKED | ASSET BACKED SECURITIES | CORPORATE BONDS | LOAN PARTICIPATIONS | TOTAL(e) | |
Beginning Balance 9/30/2018 | $ 8,893 | $ 104,670 | $ 4,543,975 | $ 44,081 | $ 248,379 | $ 4,949,998 |
Accrued Discounts (Premiums) | – | (379) | 1,978 | 27,760 | – | 29,359 |
Net Realized Gain (Loss)(a) | – | (366) | 17,324 | – | (438,169) | (421,211) |
Gross Purchases | – | – | – | 10,845,549 | 6,660 | 10,852,209 |
Gross Sales | – | (58,390) | (1,729,430) | – | – | (1,787,820) |
Net Change in Unrealized Appreciation (Depreciation)(b)(c) | – | 745 | 43,983 | (1,244,605) | 204,490 | (995,387) |
Transfers into Level 3(d) | – | – | 3,894,800 | 1,000,000 | – | 4,894,800 |
Transfers out of Level 3(d) | – | – | (1,987,979) | – | – | (1,987,979) |
Ending Balance 9/30/2019 | $8,893 | $46,280 | $4,784,651 | $10,672,785 | $21,360 | $15,533,969 |
(a) | Amount of net realized gain (loss) from investments is included in the Fund’s Statement of Operations for the year ended September 30, 2019. |
(b) | Amount of net change in unrealized appreciation (depreciation) on investments is included in the Fund’s Statement of Operations for the year ended September 30, 2019. |
(c) | The net change in unrealized appreciation (depreciation) attributable to securities owned at September 30, 2019, which were valued using significant unobservable inputs, was $(1,199,875). This is included within net change in unrealized appreciation (depreciation) on investments in the Fund’s Statement of Operations for the year ended September 30, 2019. |
(d) | Transfers into or out of Level 3 were out of or into Level 2, and were due to changes in other significant observable inputs available during the period ended September 30, 2019. Transfers into or out of Level 3 are based on the beginning market value of the period in which they occurred. |
(e) | Level 3 investments represent 1.03% of total net assets at the period ended September 30, 2019. Significant fluctuations of the unobservable inputs applied to portfolio securities characterized as Level 3 investments could be expected to increase or decrease the fair value of these portfolio securities. |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.750% |
Next $500 million | 0.675 |
Next $500 million | 0.625 |
Next $500 million | 0.575 |
Over $2 billion | 0.500 |
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Fund | Market Value 9/30/18 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/19 | Dividend Income |
Thornburg Capital Management Fund | $139,164,733 | $509,697,899 | $(446,319,862) | $- | $- | $202,542,770 | $4,128,560 |
Thornburg Strategic Income Fund | September 30, 2019
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 4,602,506 | $ 54,164,265 | 3,743,553 | $ 43,800,920 |
Shares issued to shareholders in reinvestment of dividends | 545,564 | 6,404,897 | 476,454 | 5,580,759 |
Shares repurchased | (4,105,748) | (48,086,770) | (6,889,844) | (80,703,800) |
Net increase (decrease) | 1,042,322 | $ 12,482,392 | (2,669,837) | $ (31,322,121) |
Class C Shares | ||||
Shares sold | 1,497,612 | $ 17,532,219 | 1,374,316 | $ 16,093,680 |
Shares issued to shareholders in reinvestment of dividends | 284,168 | 3,326,973 | 298,369 | 3,489,800 |
Shares repurchased | (4,716,285) | (55,259,496) | (6,126,306) | (71,570,444) |
Net decrease | (2,934,505) | $ (34,400,304) | (4,453,621) | $ (51,986,964) |
Class I Shares | ||||
Shares sold | 50,512,264 | $ 590,315,060 | 28,836,011 | $ 336,883,252 |
Shares issued to shareholders in reinvestment of dividends | 2,632,522 | 30,881,194 | 1,562,832 | 18,254,037 |
Shares repurchased | (22,772,557) | (265,739,938) | (17,411,738) | (203,503,991) |
Net increase | 30,372,229 | $ 355,456,316 | 12,987,105 | $ 151,633,298 |
Class R3 Shares | ||||
Shares sold | 25,351 | $ 297,418 | 77,122 | $ 906,267 |
Shares issued to shareholders in reinvestment of dividends | 2,366 | 27,737 | 2,313 | 27,086 |
Shares repurchased | (57,329) | (673,015) | (135,984) | (1,595,274) |
Net decrease | (29,612) | $ (347,860) | (56,549) | $ (661,921) |
Class R4 Shares | ||||
Shares sold | 55,791 | $ 650,716 | 40,422 | $ 475,669 |
Shares issued to shareholders in reinvestment of dividends | 3,645 | 42,591 | 4,590 | 53,698 |
Shares repurchased | (139,493) | (1,619,766) | (92,068) | (1,077,770) |
Net decrease | (80,057) | $ (926,459) | (47,056) | $ (548,403) |
Class R5 Shares | ||||
Shares sold | 629,213 | $ 7,426,138 | 413,985 | $ 4,848,911 |
Shares issued to shareholders in reinvestment of dividends | 24,925 | 292,321 | 18,076 | 211,166 |
Shares repurchased | (351,588) | (4,139,886) | (327,434) | (3,833,890) |
Net increase | 302,550 | $ 3,578,573 | 104,627 | $ 1,226,187 |
Class R6 Shares | ||||
Shares sold | 1,076,161 | $ 12,806,841 | 859,057 | $ 10,062,046 |
Shares issued to shareholders in reinvestment of dividends | 19,711 | 231,827 | 7,722 | 90,009 |
Shares repurchased | (112,525) | (1,321,573) | (36,324) | (423,261) |
Net increase | 983,347 | $ 11,717,095 | 830,455 | $ 9,728,794 |
SHEET RISK AND FOREIGN INVESTMENT RISK
FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS AT SEPTEMBER 30, 2019 | ||
ASSET DERIVATIVES | BALANCE SHEET LOCATION | FAIR VALUE |
Foreign currency contracts | Assets - Unrealized appreciation on forward currency contracts | $ 117,455 |
Thornburg Strategic Income Fund | September 30, 2019
NET REALIZED GAIN (LOSS) ON DERIVATIVE FINANCIAL INSTRUMENTS RECOGNIZED IN INCOME FOR THE YEAR ENDED September 30, 2019 | ||
TOTAL | FORWARD CURRENCY CONTRACTS | |
Foreign currency contracts | $ 209,286 | $ 209,286 |
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF DERIVATIVE FINANCIAL INSTRUMENTS RECOGNIZED IN INCOME FOR THE YEAR ENDED September 30, 2019 | ||
TOTAL | FORWARD CURRENCY CONTRACTS | |
Foreign currency contracts | $ 98,757 | $ 98,757 |
Thornburg Strategic Income Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of PERIOD | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(b) | ||||||||
2019 | $ 11.65 | 0.42 | 0.26 | 0.68 | (0.41) | — | (0.41) | $ 11.92 |
2018 | $ 11.82 | 0.40 | (0.24) | 0.16 | (0.33) | — | (0.33) | $ 11.65 |
2017 | $ 11.56 | 0.42 | 0.20 | 0.62 | (0.36) | — | (0.36) | $ 11.82 |
2016 | $ 11.22 | 0.46 | 0.28 | 0.74 | (0.37) | (0.03) | (0.40) | $ 11.56 |
2015 | $ 12.18 | 0.47 | (0.82) | (0.35) | (0.46) | (0.15) | (0.61) | $ 11.22 |
CLASS C SHARES | ||||||||
2019 | $ 11.63 | 0.33 | 0.26 | 0.59 | (0.32) | — | (0.32) | $ 11.90 |
2018 | $ 11.81 | 0.32 | (0.25) | 0.07 | (0.25) | — | (0.25) | $ 11.63 |
2017 | $ 11.55 | 0.35 | 0.19 | 0.54 | (0.28) | — | (0.28) | $ 11.81 |
2016 | $ 11.20 | 0.40 | 0.28 | 0.68 | (0.30) | (0.03) | (0.33) | $ 11.55 |
2015 | $ 12.17 | 0.41 | (0.83) | (0.42) | (0.40) | (0.15) | (0.55) | $ 11.20 |
CLASS I SHARES | ||||||||
2019 | $ 11.62 | 0.45 | 0.27 | 0.72 | (0.45) | — | (0.45) | $ 11.89 |
2018 | $ 11.80 | 0.45 | (0.25) | 0.20 | (0.38) | — | (0.38) | $ 11.62 |
2017 | $ 11.54 | 0.47 | 0.19 | 0.66 | (0.40) | — | (0.40) | $ 11.80 |
2016 | $ 11.19 | 0.50 | 0.28 | 0.78 | (0.40) | (0.03) | (0.43) | $ 11.54 |
2015 | $ 12.16 | 0.51 | (0.83) | (0.32) | (0.50) | (0.15) | (0.65) | $ 11.19 |
CLASS R3 SHARES | ||||||||
2019 | $ 11.64 | 0.39 | 0.26 | 0.65 | (0.38) | — | (0.38) | $ 11.91 |
2018 | $ 11.82 | 0.38 | (0.25) | 0.13 | (0.31) | — | (0.31) | $ 11.64 |
2017 | $ 11.55 | 0.42 | 0.20 | 0.62 | (0.35) | — | (0.35) | $ 11.82 |
2016 | $ 11.21 | 0.46 | 0.27 | 0.73 | (0.36) | (0.03) | (0.39) | $ 11.55 |
2015 | $ 12.18 | 0.47 | (0.83) | (0.36) | (0.46) | (0.15) | (0.61) | $ 11.21 |
CLASS R4 SHARES | ||||||||
2019 | $ 11.63 | 0.39 | 0.26 | 0.65 | (0.38) | — | (0.38) | $ 11.90 |
2018 | $ 11.82 | 0.38 | (0.25) | 0.13 | (0.32) | — | (0.32) | $ 11.63 |
2017 | $ 11.56 | 0.41 | 0.20 | 0.61 | (0.35) | — | (0.35) | $ 11.82 |
2016 | $ 11.21 | 0.46 | 0.28 | 0.74 | (0.36) | (0.03) | (0.39) | $ 11.56 |
2015 | $ 12.18 | 0.48 | (0.84) | (0.36) | (0.46) | (0.15) | (0.61) | $ 11.21 |
CLASS R5 SHARES | ||||||||
2019 | $ 11.62 | 0.46 | 0.26 | 0.72 | (0.45) | — | (0.45) | $ 11.89 |
2018 | $ 11.80 | 0.45 | (0.25) | 0.20 | (0.38) | — | (0.38) | $ 11.62 |
2017 | $ 11.54 | 0.47 | 0.19 | 0.66 | (0.40) | — | (0.40) | $ 11.80 |
2016 | $ 11.19 | 0.49 | 0.28 | 0.77 | (0.39) | (0.03) | (0.42) | $ 11.54 |
2015 | $ 12.15 | 0.50 | (0.82) | (0.32) | (0.49) | (0.15) | (0.64) | $ 11.19 |
CLASS R6 SHARES | ||||||||
2019 | $ 11.65 | 0.47 | 0.27 | 0.74 | (0.46) | — | (0.46) | $ 11.93 |
2018 | $ 11.85 | 0.45 | (0.26) | 0.19 | (0.39) | — | (0.39) | $ 11.65 |
2017(c) | $ 11.63 | 0.33 | 0.13 | 0.46 | (0.24) | — | (0.24) | $ 11.85 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Effective date of this class of shares was April 10, 2017. |
(d) | Annualized. |
(e) | Due to the size of net assets and fixed expenses, ratios may appear disproportionate. |
(f) | Net Assets at End of Period was less than $1,000. |
+ | Based on weighted average shares outstanding. |
Thornburg Strategic Income Fund
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of PERIOD (Thousands) | |
3.55 | 0.99 | 1.16 | 5.92 | 31.55 | $ 215,441 | |
3.41 | 1.09 | 1.21 | 1.39 | 29.90 | $ 198,320 | |
3.61 | 1.17 | 1.25 | 5.41 | 44.74 | $ 232,938 | |
4.12 | 1.24 | 1.24 | 6.70 | 29.48 | $ 283,398 | |
4.04 | 1.23 | 1.23 | (2.97) | 38.40 | $ 338,387 | |
2.80 | 1.75 | 1.92 | 5.15 | 31.55 | $ 118,982 | |
2.70 | 1.80 | 1.96 | 0.59 | 29.90 | $ 150,364 | |
2.98 | 1.80 | 1.99 | 4.76 | 44.74 | $ 205,253 | |
3.56 | 1.80 | 1.99 | 6.20 | 29.48 | $ 272,691 | |
3.47 | 1.80 | 1.97 | (3.61) | 38.40 | $ 306,085 | |
3.89 | 0.63 | 0.91 | 6.35 | 31.55 | $ 1,141,046 | |
3.81 | 0.69 | 0.91 | 1.71 | 29.90 | $ 762,239 | |
4.02 | 0.75 | 0.92 | 5.85 | 44.74 | $ 620,780 | |
4.45 | 0.91 | 0.91 | 7.15 | 29.48 | $ 480,143 | |
4.38 | 0.89 | 0.89 | (2.73) | 38.40 | $ 531,849 | |
3.30 | 1.25 | 2.59 | 5.71 | 31.55 | $ 1,661 | |
3.24 | 1.25 | 2.46 | 1.16 | 29.90 | $ 1,968 | |
3.65 | 1.12 | 2.58 | 5.49 | 44.74 | $ 2,667 | |
4.07 | 1.25 | 3.09 | 6.69 | 29.48 | $ 2,819 | |
3.98 | 1.25 | 2.70 | (3.07) | 38.40 | $ 1,430 | |
3.28 | 1.25 | 2.51 | 5.71 | 31.55 | $ 1,279 | |
3.25 | 1.25 | 2.14 | 1.08 | 29.90 | $ 2,182 | |
3.52 | 1.25 | 2.30 | 5.35 | 44.74 | $ 2,772 | |
4.10 | 1.25 | 2.50 | 6.79 | 29.48 | $ 3,218 | |
4.15 | 1.25 | 2.64 | (3.07) | 38.40 | $ 2,106 | |
3.94 | 0.59 | 1.18 | 6.35 | 31.55 | $ 11,180 | |
3.82 | 0.69 | 1.20 | 1.71 | 29.90 | $ 7,406 | |
4.03 | 0.74 | 1.36 | 5.84 | 44.74 | $ 6,286 | |
4.34 | 0.99 | 1.37 | 7.07 | 29.48 | $ 7,191 | |
4.33 | 0.99 | 1.55 | (2.75) | 38.40 | $ 6,399 | |
3.98 | 0.53 | 0.98 | 6.40 | 31.55 | $ 21,630 | |
3.91 | 0.65 | 1.13 | 1.66 | 29.90 | $ 9,679 | |
5.83(d) | 0.00(d) | 200.66(d)(e) | 3.99 | 44.74 | $ —(f) |
Thornburg Strategic Income Fund
Thornburg Strategic Income Fund | September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(c) | a deferred sales charge on redemptions of Class C shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS A SHARES | |||
Actual | $1,000.00 | $1,032.25 | $4.69 |
Hypothetical* | $1,000.00 | $1,020.46 | $4.66 |
CLASS C SHARES | |||
Actual | $1,000.00 | $1,028.44 | $8.64 |
Hypothetical* | $1,000.00 | $1,016.55 | $8.59 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,034.39 | $3.06 |
Hypothetical* | $1,000.00 | $1,022.06 | $3.04 |
CLASS R3 SHARES | |||
Actual | $1,000.00 | $1,030.24 | $6.36 |
Hypothetical* | $1,000.00 | $1,018.80 | $6.33 |
CLASS R4 SHARES | |||
Actual | $1,000.00 | $1,030.26 | $6.36 |
Hypothetical* | $1,000.00 | $1,018.80 | $6.33 |
CLASS R5 SHARES | |||
Actual | $1,000.00 | $1,033.51 | $2.70 |
Hypothetical* | $1,000.00 | $1,022.41 | $2.69 |
CLASS R6 SHARES | |||
Actual | $1,000.00 | $1,033.77 | $2.35 |
Hypothetical* | $1,000.00 | $1,022.76 | $2.33 |
† | Expenses are equal to the annualized expense ratio for each class (A: 0.92%; C: 1.70%; I: 0.60%; R3: 1.25%; R4: 1.25%; R5: 0.53%; R6: 0.46%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg Strategic Income Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg Strategic Income Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg Strategic Income Fund | September 30, 2019 (Unaudited)
Thornburg Strategic Income Fund | September 30, 2019 (Unaudited)
Thornburg Strategic Income Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH1784 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class A | TVAFX | 885-215-731 |
Class C | TVCFX | 885-215-715 |
Class I | TVIFX | 885-215-632 |
Class R3 | TVRFX | 885-215-533 |
Class R4 | TVIRX | 885-215-277 |
Class R5 | TVRRX | 885-215-376 |
Thornburg Value Fund | September 30, 2019 (Unaudited)
Connor Browne,cfa Portfolio Manager Managing Director | Robert MacDonald,cfa Portfolio Manager Managing Director |
Thornburg Value Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. | |
Class A Shares(Incep: 10/2/95) | |||||
Without sales charge | -0.42% | 10.30% | 8.65% | 9.52% | 9.63% |
With sales charge | -4.89% | 8.62% | 7.66% | 9.02% | 9.43% |
Class C Shares(Incep: 10/2/95) | |||||
Without sales charge | -1.26% | 9.42% | 7.81% | 8.68% | 8.79% |
With sales charge | -2.24% | 9.42% | 7.81% | 8.68% | 8.79% |
Class I Shares(Incep: 11/2/98) | -0.07% | 10.70% | 9.06% | 9.94% | 7.71% |
Class R3 Shares(Incep: 7/1/03) | -0.43% | 10.30% | 8.67% | 9.52% | 7.87% |
Class R4 Shares(Incep: 2/1/07) | -0.33% | 10.41% | 8.78% | 9.63% | 5.88% |
Class R5 Shares(Incep: 2/1/05) | -0.07% | 10.70% | 9.06% | 9.92% | 7.90% |
S&P 500 Index (Since 10/2/95) | 4.25% | 13.39% | 10.84% | 13.24% | 9.10% |
FINAL VALUE |
Thornburg Value Fund | September 30, 2019 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
US Foods Holding Corp. | 5.2% |
Thermo Fisher Scientific, Inc. | 5.1% |
JPMorgan Chase & Co. | 4.9% |
Alphabet, Inc. Class C | 4.7% |
Crown Holdings, Inc. | 4.5% |
Gilead Sciences, Inc. | 3.9% |
Comcast Corp. Class A | 3.7% |
Medtronic plc | 3.5% |
Enterprise Products Partners L.P. | 3.5% |
Assured Guaranty Ltd. | 3.4% |
SECTOR EXPOSURE | |
Financials | 20.5% |
Communication Services | 17.0% |
Health Care | 13.5% |
Consumer Discretionary | 10.3% |
Information Technology | 8.6% |
Consumer Staples | 8.1% |
Materials | 6.9% |
Energy | 6.7% |
Industrials | 2.7% |
Utilities | 1.5% |
Other Assets Less Liabilities | 4.2% |
TOP TEN INDUSTRY GROUPS | |
Media & Entertainment | 14.6% |
Pharmaceuticals, Biotechnology & Life Sciences | 10.0% |
Diversified Financials | 9.4% |
Banks | 7.7% |
Technology Hardware & Equipment | 7.6% |
Materials | 6.9% |
Energy | 6.7% |
Food & Staples Retailing | 5.2% |
Retailing | 4.7% |
Consumer Services | 3.6% |
Thornburg Value Fund | September 30, 2019
SHARES | VALUE | ||
Common Stock — 95.8% | |||
Banks — 7.7% | |||
Banks — 7.7% | |||
Citigroup, Inc. | 347,156 | $ 23,981,536 | |
JPMorgan Chase & Co. | 367,211 | 43,217,063 | |
67,198,599 | |||
Capital Goods — 1.2% | |||
Machinery — 1.2% | |||
ITT, Inc. | 163,890 | 10,028,429 | |
10,028,429 | |||
Consumer Durables & Apparel — 2.0% | |||
Household Durables — 1.0% | |||
a | Mohawk Industries, Inc. | 68,996 | 8,560,334 |
Textiles, Apparel & Luxury Goods — 1.0% | |||
a | Capri Holdings Ltd. | 262,100 | 8,691,236 |
17,251,570 | |||
Consumer Services — 3.6% | |||
Hotels, Restaurants & Leisure — 3.6% | |||
Domino’s Pizza Group plc | 1,964,284 | 6,156,305 | |
Starbucks Corp. | 156,038 | 13,796,880 | |
Wyndham Hotels & Resorts, Inc. | 221,900 | 11,481,106 | |
31,434,291 | |||
Diversified Financials — 9.4% | |||
Capital Markets — 3.2% | |||
Apollo Global Management, Inc. Class A | 255,343 | 9,657,072 | |
Brookfield Asset Management, Inc. Class A | 342,614 | 18,117,453 | |
Consumer Finance — 3.9% | |||
Capital One Financial Corp. | 278,206 | 25,311,182 | |
Navient Corp. | 734,797 | 9,405,402 | |
Mortgage Real Estate Investment Trusts — 2.3% | |||
PennyMac Mortgage Investment Trust | 897,645 | 19,954,648 | |
82,445,757 | |||
Energy — 6.7% | |||
Oil, Gas & Consumable Fuels — 6.7% | |||
Devon Energy Corp. | 637,700 | 15,343,062 | |
Enterprise Products Partners L.P. | 1,072,386 | 30,648,792 | |
Teekay LNG Partners L.P. | 914,908 | 12,488,494 | |
58,480,348 | |||
Food & Staples Retailing — 5.2% | |||
Food & Staples Retailing — 5.2% | |||
a | US Foods Holding Corp. | 1,110,723 | 45,650,715 |
45,650,715 | |||
Food, Beverage & Tobacco — 2.9% | |||
Food Products — 2.9% | |||
a | Nomad Foods Ltd. | 1,241,970 | 25,460,385 |
25,460,385 | |||
Healthcare Equipment & Services — 3.5% | |||
Health Care Equipment & Supplies — 3.5% | |||
Medtronic plc | 284,725 | 30,926,829 | |
30,926,829 | |||
Insurance — 3.4% | |||
Insurance — 3.4% | |||
Assured Guaranty Ltd. | 671,424 | 29,851,511 | |
29,851,511 |
SHARES | VALUE | ||
Materials — 6.9% | |||
Chemicals — 2.4% | |||
Huntsman Corp. | 908,504 | $ 21,131,803 | |
Containers & Packaging — 4.5% | |||
a | Crown Holdings, Inc. | 590,499 | 39,008,364 |
60,140,167 | |||
Media & Entertainment — 14.6% | |||
Entertainment — 4.2% | |||
Activision Blizzard, Inc. | 402,774 | 21,314,800 | |
a | Netflix, Inc. | 57,584 | 15,410,630 |
Interactive Media & Services — 6.8% | |||
a | Alphabet, Inc. Class C | 33,858 | 41,272,902 |
a | Facebook, Inc. Class A | 101,836 | 18,134,955 |
Media — 3.6% | |||
Comcast Corp. Class A | 711,400 | 32,069,912 | |
128,203,199 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 10.0% | |||
Biotechnology — 4.8% | |||
a | Alkermes plc | 443,246 | 8,647,729 |
Gilead Sciences, Inc. | 533,439 | 33,809,364 | |
Life Sciences Tools & Services — 5.2% | |||
Thermo Fisher Scientific, Inc. | 154,865 | 45,107,529 | |
87,564,622 | |||
Retailing — 4.7% | |||
Internet & Direct Marketing Retail — 3.1% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 115,172 | 19,260,214 |
Expedia Group, Inc. | 59,922 | 8,054,116 | |
Specialty Retail — 1.6% | |||
a | CarMax, Inc. | 160,566 | 14,129,808 |
41,444,138 | |||
Software & Services — 1.0% | |||
Information Technology Services — 1.0% | |||
Cognizant Technology Solutions Corp. Class A | 142,479 | 8,586,497 | |
8,586,497 | |||
Technology Hardware & Equipment — 7.6% | |||
Communications Equipment — 0.1% | |||
a | Casa Systems, Inc. | 165,314 | 1,298,542 |
Electronic Equipment, Instruments & Components — 1.3% | |||
a | Flex Ltd. | 1,090,901 | 11,416,279 |
Technology Hardware, Storage & Peripherals — 6.2% | |||
Apple, Inc. | 92,267 | 20,665,040 | |
HP, Inc. | 739,777 | 13,996,581 | |
a | Pure Storage, Inc. Class A | 1,151,129 | 19,500,125 |
66,876,567 | |||
Telecommunication Services — 2.4% | |||
Wireless Telecommunication Services — 2.4% | |||
China Mobile Ltd. | 2,519,332 | 20,845,233 | |
20,845,233 | |||
Transportation — 1.5% | |||
Air Freight & Logistics — 1.5% | |||
United Parcel Service, Inc. Class B | 108,581 | 13,010,175 | |
13,010,175 | |||
Utilities — 1.5% | |||
Electric Utilities — 1.5% | |||
Fortis, Inc. | 302,670 | 12,812,021 |
Thornburg Value Fund | September 30, 2019
SHARES | VALUE | ||
12,812,021 | |||
Total Common Stock(Cost $751,577,574) | 838,211,053 | ||
Short-Term Investments — 3.0% | |||
b | Thornburg Capital Management Fund | 2,663,977 | $ 26,639,766 |
Total Short-Term Investments(Cost $26,639,766) | 26,639,766 | ||
Total Investments — 98.8%(Cost $778,217,340) | $864,850,819 | ||
Other Assets Less Liabilities — 1.2% | 10,524,919 | ||
Net Assets — 100.0% | $875,375,738 |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2019 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Great Britain Pound | SSB | Sell | 4,487,900 | 11/8/2019 | 5,526,307 | $ — | $ (52,703) |
Great Britain Pound | SSB | Buy | 354,600 | 11/8/2019 | 436,647 | 5,867 | — |
Euro | SSB | Sell | 15,836,000 | 11/29/2019 | 17,333,762 | 328,920 | — |
Total | $334,787 | $(52,703) | |||||
Net unrealized appreciation (depreciation) | $282,084 |
* | Counterparty includes State Street Bank and Trust Company ("SSB"). |
Footnote Legend | |
a | Non-income producing. |
b | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
Thornburg Value Fund | September 30, 2019
ASSETS | |
Investments at value (Note 3) | |
Non-affiliated issuers (cost $751,577,574) | $ 838,211,053 |
Non-controlled affiliated issuer (cost $26,639,766) | 26,639,766 |
Cash | 11,611,039 |
Receivable for investments sold | 125,700 |
Receivable for fund shares sold | 192,070 |
Unrealized appreciation on forward currency contracts (Note 7) | 334,787 |
Dividends receivable | 462,579 |
Prepaid expenses and other assets | 46,154 |
Total Assets | 877,623,148 |
Liabilities | |
Payable for fund shares redeemed | 979,580 |
Unrealized depreciation on forward currency contracts (Note 7) | 52,703 |
Payable to investment advisor and other affiliates (Note 4) | 799,849 |
Accounts payable and accrued expenses | 415,278 |
Total Liabilities | 2,247,410 |
Net Assets | $ 875,375,738 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 78,534,515 |
Net capital paid in on shares of beneficial interest | 796,841,223 |
$ 875,375,738 | |
NET ASSET VALUE | |
Class A Shares: | |
Net asset value and redemption price per share ($425,217,776 applicable to 5,921,524 shares of beneficial interest outstanding - Note 5) | $ 71.81 |
Maximum sales charge, 4.50% of offering price | 3.38 |
Maximum offering price per share | $ 75.19 |
Class C Shares: | |
Net asset value and offering price per share* ($35,933,820 applicable to 551,217 shares of beneficial interest outstanding - Note 5) | $ 65.19 |
Class I Shares: | |
Net asset value, offering and redemption price per share ($360,070,113 applicable to 4,863,337 shares of beneficial interest outstanding - Note 5) | $ 74.04 |
Class R3 Shares: | |
Net asset value, offering and redemption price per share ($29,600,773 applicable to 414,336 shares of beneficial interest outstanding - Note 5) | $ 71.44 |
Class R4 Shares: | |
Net asset value, offering and redemption price per share ($6,434,509 applicable to 89,064 shares of beneficial interest outstanding - Note 5) | $ 72.25 |
Class R5 Shares: | |
Net asset value, offering and redemption price per share ($18,118,747 applicable to 245,070 shares of beneficial interest outstanding - Note 5) | $ 73.93 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Thornburg Value Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Dividend income | |
Non-affiliated issuers (net of foreign taxes withheld of $155,116) | $ 13,966,149 |
Non-controlled affiliated issuer | 1,195,296 |
Total Income | 15,161,445 |
EXPENSES | |
Investment advisory fees (Note 4) | 7,656,543 |
Administration fees (Note 4) | |
Class A Shares | 373,441 |
Class C Shares | 37,498 |
Class I Shares | 326,834 |
Class R3 Shares | 28,762 |
Class R4 Shares | 5,997 |
Class R5 Shares | 15,783 |
Distribution and service fees (Note 4) | |
Class A Shares | 1,062,989 |
Class C Shares | 427,307 |
Class R3 Shares | 163,872 |
Class R4 Shares | 17,074 |
Transfer agent fees | |
Class A Shares | 448,248 |
Class C Shares | 79,241 |
Class I Shares | 332,613 |
Class R3 Shares | 91,872 |
Class R4 Shares | 22,804 |
Class R5 Shares | 68,197 |
Registration and filing fees | |
Class A Shares | 15,497 |
Class C Shares | 13,237 |
Class I Shares | 15,606 |
Class R3 Shares | 13,039 |
Class R4 Shares | 12,759 |
Class R5 Shares | 12,734 |
Custodian fees | 60,393 |
Professional fees | 84,746 |
Trustee and officer fees (Note 4) | 54,693 |
Other expenses | 112,636 |
Total Expenses | 11,554,415 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (551,569) |
Net Expenses | 11,002,846 |
Net Investment Income | $ 4,158,599 |
Thornburg Value Fund | Year Ended September 30, 2019
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on: | |
Non-affiliated issuer investments | $ (13,789,407) |
Forward currency contracts (Note 7) | 2,465,218 |
Foreign currency transactions | 4,791 |
(11,319,398) | |
Net change in unrealized appreciation (depreciation) on: | |
Non-affiliated issuer investments | (3,831,066) |
Forward currency contracts (Note 7) | 237,111 |
Foreign currency translations | (1,663) |
(3,595,618) | |
Net Realized and Unrealized Loss | (14,915,016) |
Net Decrease in Net Assets Resulting from Operations | $ (10,756,417) |
Thornburg Value Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 4,158,599 | $ 5,975,880 |
Net realized gain (loss) on investments, forward currency contracts and foreign currency transactions | (11,319,398) | 241,438,605 |
Net change in unrealized appreciation (depreciation) on investments, forward currency contracts and foreign currency translations | (3,595,618) | (137,958,472) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (10,756,417) | 109,456,013 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (1,836,449) | (2,045,321) |
Class C Shares | - | (643,910) |
Class I Shares | (2,694,843) | (2,283,277) |
Class R3 Shares | (114,235) | (248,385) |
Class R4 Shares | (29,384) | (51,776) |
Class R5 Shares | (128,320) | (113,541) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | (42,236,468) | 48,921,442 |
Class C Shares | (14,837,174) | (122,477,269) |
Class I Shares | (55,270,314) | 12,485,587 |
Class R3 Shares | (8,888,072) | (11,000,791) |
Class R4 Shares | (1,294,640) | (3,261,498) |
Class R5 Shares | (767,164) | 34,360 |
Net Increase (Decrease) in Net Assets | (138,853,480) | 28,771,634 |
NET ASSETS | ||
Beginning of Year | 1,014,229,218 | 985,457,584 |
End of Year | $ 875,375,738 | $ 1,014,229,218 |
Thornburg Value Fund | September 30, 2019
Thornburg Value Fund | September 30, 2019
Cost of investments for tax purposes | $ 771,249,467 |
Gross unrealized appreciation on a tax basis | 151,903,815 |
Gross unrealized depreciation on a tax basis | (58,020,379) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 93,883,436 |
Thornburg Value Fund | September 30, 2019
2019 | 2018 | |
Distributions from: | ||
Ordinary income | $ 4,803,231 | $ 5,386,210 |
Total | $ 4,803,231 | $ 5,386,210 |
Thornburg Value Fund | September 30, 2019
Thornburg Value Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities* | ||||
Common Stock(a) | $ 838,211,053 | $ 820,093,600 | $ 18,117,453 | $ — |
Short-Term Investments | 26,639,766 | 26,639,766 | — | — |
Total Investments in Securities | $864,850,819 | $846,733,366 | $18,117,453 | $— |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 334,787 | $ — | $ 334,787 | $ — |
Total Assets | $865,185,606 | $846,733,366 | $18,452,240 | $— |
Liabilities | ||||
Other Financial Instruments | ||||
Forward Currency Contracts | $ (52,703) | $ — | $ (52,703) | $ — |
Total Liabilities | $(52,703) | $— | $(52,703) | $— |
* | See Schedule of Investments for a summary of the industry exposure as grouped according to the Global Industry Classification Standard (GICS), which is an industry taxonomy developed by MSCI, Inc. and Standard & Poor’s (S&P). |
(a) | At September 30, 2019, industry classifications for Common Stock in Level 2 consist of $18,117,453 in Diversified Financials. |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.875% |
Next $500 million | 0.825 |
Next $500 million | 0.775 |
Next $500 million | 0.725 |
Over $2 billion | 0.675 |
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Thornburg Value Fund | September 30, 2019
Fund | Market Value 9/30/18 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/19 | Dividend Income |
Thornburg Capital Management Fund | $112,260,426 | $159,281,369 | $(244,902,029) | $- | $- | $26,639,766 | $1,195,296 |
Thornburg Value Fund | September 30, 2019
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 291,297 | $ 19,819,489 | 1,753,542 | $ 124,113,117 |
Shares issued to shareholders in reinvestment of dividends | 29,837 | 1,759,754 | 28,581 | 1,940,082 |
Shares repurchased | (937,331) | (63,815,711) | (1,114,963) | (77,131,757) |
Net increase (decrease) | (616,197) | $ (42,236,468) | 667,160 | $ 48,921,442 |
Class C Shares | ||||
Shares sold | 81,722 | $ 4,843,957 | 95,949 | $ 6,089,425 |
Shares issued to shareholders in reinvestment of dividends | - | - | 10,013 | 623,226 |
Shares repurchased | (318,422) | (19,681,131) | (2,001,456) | (129,189,920) |
Net decrease | (236,700) | $ (14,837,174) | (1,895,494) | $ (122,477,269) |
Class I Shares | ||||
Shares sold | 436,870 | $ 30,503,549 | 1,261,932 | $ 90,593,694 |
Shares issued to shareholders in reinvestment of dividends | 41,897 | 2,541,041 | 30,761 | 2,147,141 |
Shares repurchased | (1,268,473) | (88,314,904) | (1,135,822) | (80,255,248) |
Net increase (decrease) | (789,706) | $ (55,270,314) | 156,871 | $ 12,485,587 |
Class R3 Shares | ||||
Shares sold | 46,946 | $ 3,167,611 | 86,863 | $ 5,923,634 |
Shares issued to shareholders in reinvestment of dividends | 1,862 | 109,276 | 3,543 | 239,041 |
Shares repurchased | (178,925) | (12,164,959) | (249,858) | (17,163,466) |
Net decrease | (130,117) | $ (8,888,072) | (159,452) | $ (11,000,791) |
Class R4 Shares | ||||
Shares sold | 7,385 | $ 507,408 | 17,806 | $ 1,229,724 |
Shares issued to shareholders in reinvestment of dividends | 401 | 23,796 | 541 | 36,893 |
Shares repurchased | (26,747) | (1,825,844) | (65,297) | (4,528,115) |
Net decrease | (18,961) | $ (1,294,640) | (46,950) | $ (3,261,498) |
Class R5 Shares | ||||
Shares sold | 33,412 | $ 2,353,451 | 53,918 | $ 3,798,893 |
Shares issued to shareholders in reinvestment of dividends | 2,117 | 128,201 | 1,616 | 112,647 |
Shares repurchased | (46,303) | (3,248,816) | (54,291) | (3,877,180) |
Net increase (decrease) | (10,774) | $ (767,164) | 1,243 | $ 34,360 |
SHEET RISK AND FOREIGN INVESTMENT RISK
Thornburg Value Fund | September 30, 2019
FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS AT SEPTEMBER 30, 2019 | ||
ASSET DERIVATIVES | BALANCE SHEET LOCATION | FAIR VALUE |
Foreign currency contracts | Assets - Unrealized appreciation on forward currency contracts | $ 334,787 |
FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS AT SEPTEMBER 30, 2019 | ||
LIABILITY DERIVATIVES | BALANCE SHEET LOCATION | FAIR VALUE |
Foreign currency contracts | Liabilities - Unrealized depreciation on forward currency contracts | $ (52,703) |
Thornburg Value Fund | September 30, 2019
NET REALIZED GAIN (LOSS) ON DERIVATIVE FINANCIAL INSTRUMENTS RECOGNIZED IN INCOME FOR THE YEAR ENDED September 30, 2019 | ||
TOTAL | FORWARD CURRENCY CONTRACTS | |
Foreign currency contracts | $ 2,465,218 | $ 2,465,218 |
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF DERIVATIVE FINANCIAL INSTRUMENTS RECOGNIZED IN INCOME FOR THE YEAR ENDED September 30, 2019 | ||
TOTAL | FORWARD CURRENCY CONTRACTS | |
Foreign currency contracts | $ 237,111 | $ 237,111 |
Thornburg Value Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | ||||||||
2019 | $ 72.46 | 0.24 | (0.60) | (0.36) | (0.29) | — | (0.29) | $ 71.81 |
2018 | $ 65.26 | 0.39 | 7.17 | 7.56 | (0.36) | — | (0.36) | $ 72.46 |
2017 | $ 54.08 | 0.16 | 11.04 | 11.20 | (0.02) | — | (0.02) | $ 65.26 |
2016(c) | $ 49.17 | 0.32 | 4.76 | 5.08 | (0.17) | — | (0.17) | $ 54.08 |
2015 | $ 48.09 | 0.07 | 1.03 | 1.10 | (0.02) | — | (0.02) | $ 49.17 |
CLASS C SHARES | ||||||||
2019 | $ 66.03 | (0.31) | (0.53) | (0.84) | — | — | — | $ 65.19 |
2018 | $ 59.87 | (0.11) | 6.52 | 6.41 | (0.25) | — | (0.25) | $ 66.03 |
2017 | $ 49.97 | (0.27) | 10.17 | 9.90 | — | — | — | $ 59.87 |
2016 | $ 45.63 | (0.06) | 4.40 | 4.34 | — | — | — | $ 49.97 |
2015 | $ 44.95 | (0.29) | 0.97 | 0.68 | — | — | — | $ 45.63 |
CLASS I SHARES | ||||||||
2019 | $ 74.70 | 0.49 | (0.65) | (0.16) | (0.50) | — | (0.50) | $ 74.04 |
2018 | $ 67.10 | 0.64 | 7.38 | 8.02 | (0.42) | — | (0.42) | $ 74.70 |
2017 | $ 55.58 | 0.42 | 11.35 | 11.77 | (0.25) | — | (0.25) | $ 67.10 |
2016 | $ 50.53 | 0.54 | 4.90 | 5.44 | (0.39) | — | (0.39) | $ 55.58 |
2015 | $ 49.28 | 0.28 | 1.04 | 1.32 | (0.07) | — | (0.07) | $ 50.53 |
CLASS R3 SHARES | ||||||||
2019 | $ 72.02 | 0.23 | (0.59) | (0.36) | (0.22) | — | (0.22) | $ 71.44 |
2018 | $ 64.88 | 0.39 | 7.11 | 7.50 | (0.36) | — | (0.36) | $ 72.02 |
2017 | $ 53.76 | 0.18 | 10.97 | 11.15 | (0.03) | — | (0.03) | $ 64.88 |
2016 | $ 48.86 | 0.34 | 4.74 | 5.08 | (0.18) | — | (0.18) | $ 53.76 |
2015 | $ 47.79 | 0.08 | 1.01 | 1.09 | (0.02) | — | (0.02) | $ 48.86 |
CLASS R4 SHARES | ||||||||
2019 | $ 72.83 | 0.30 | (0.60) | (0.30) | (0.28) | — | (0.28) | $ 72.25 |
2018 | $ 65.55 | 0.47 | 7.19 | 7.66 | (0.38) | — | (0.38) | $ 72.83 |
2017 | $ 54.31 | 0.25 | 11.08 | 11.33 | (0.09) | — | (0.09) | $ 65.55 |
2016 | $ 49.36 | 0.40 | 4.78 | 5.18 | (0.23) | — | (0.23) | $ 54.31 |
2015 | $ 48.24 | 0.14 | 1.01 | 1.15 | (0.03) | — | (0.03) | $ 49.36 |
CLASS R5 SHARES | ||||||||
2019 | $ 74.60 | 0.49 | (0.66) | (0.17) | (0.50) | — | (0.50) | $ 73.93 |
2018 | $ 67.01 | 0.63 | 7.38 | 8.01 | (0.42) | — | (0.42) | $ 74.60 |
2017 | $ 55.50 | 0.41 | 11.35 | 11.76 | (0.25) | — | (0.25) | $ 67.01 |
2016 | $ 50.45 | 0.53 | 4.90 | 5.43 | (0.38) | — | (0.38) | $ 55.50 |
2015 | $ 49.21 | 0.27 | 1.04 | 1.31 | (0.07) | — | (0.07) | $ 50.45 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Class B shares converted to Class A shares on August 29, 2016. |
+ | Based on weighted average shares outstanding. |
Thornburg Value Fund
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
0.35 | 1.33 | 1.33 | (0.42) | 24.94 | $ 425,218 | |
0.56 | 1.33 | 1.33 | 11.62 | 57.33 | $ 473,740 | |
0.27 | 1.39 | 1.39 | 20.72 | 43.53 | $ 383,118 | |
0.63 | 1.39 | 1.39 | 10.33 | 31.10 | $ 374,237 | |
0.14 | 1.37 | 1.37 | 2.28 | 59.70 | $ 377,299 | |
(0.50) | 2.19 | 2.19 | (1.26) | 24.94 | $ 35,934 | |
(0.17) | 2.11 | 2.11 | 10.73 | 57.33 | $ 52,023 | |
(0.49) | 2.14 | 2.14 | 19.81 | 43.53 | $ 160,663 | |
(0.12) | 2.14 | 2.14 | 9.51 | 31.10 | $ 168,821 | |
(0.61) | 2.12 | 2.12 | 1.51 | 59.70 | $ 168,321 | |
0.70 | 0.99 | 1.07 | (0.07) | 24.94 | $ 360,070 | |
0.90 | 0.99 | 1.06 | 12.00 | 57.33 | $ 422,302 | |
0.68 | 0.99 | 1.06 | 21.20 | 43.53 | $ 368,790 | |
1.02 | 0.99 | 1.07 | 10.77 | 31.10 | $ 280,570 | |
0.53 | 0.99 | 1.06 | 2.68 | 59.70 | $ 288,642 | |
0.34 | 1.35 | 1.79 | (0.43) | 24.94 | $ 29,601 | |
0.57 | 1.35 | 1.78 | 11.60 | 57.33 | $ 39,211 | |
0.30 | 1.35 | 1.82 | 20.75 | 43.53 | $ 45,668 | |
0.67 | 1.35 | 1.81 | 10.40 | 31.10 | $ 50,089 | |
0.16 | 1.35 | 1.77 | 2.28 | 59.70 | $ 59,150 | |
0.44 | 1.25 | 1.75 | (0.33) | 24.94 | $ 6,434 | |
0.68 | 1.25 | 1.77 | 11.72 | 57.33 | $ 7,868 | |
0.42 | 1.24 | 1.78 | 20.87 | 43.53 | $ 10,159 | |
0.78 | 1.25 | 1.75 | 10.50 | 31.10 | $ 9,539 | |
0.26 | 1.25 | 1.67 | 2.39 | 59.70 | $ 10,167 | |
0.70 | 0.99 | 1.43 | (0.07) | 24.94 | $ 18,119 | |
0.89 | 0.99 | 1.38 | 12.00 | 57.33 | $ 19,085 | |
0.68 | 0.99 | 1.42 | 21.21 | 43.53 | $ 17,060 | |
1.00 | 0.99 | 1.46 | 10.78 | 31.10 | $ 14,738 | |
0.51 | 0.99 | 1.20 | 2.65 | 59.70 | $ 19,270 |
Thornburg Value Fund
Thornburg Value Fund | September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(c) | a deferred sales charge on redemptions of Class C shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS A SHARES | |||
Actual | $1,000.00 | $1,038.16 | $6.85 |
Hypothetical* | $1,000.00 | $1,018.35 | $6.78 |
CLASS C SHARES | |||
Actual | $1,000.00 | $1,034.26 | $10.76 |
Hypothetical* | $1,000.00 | $1,014.49 | $10.66 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,039.88 | $5.06 |
Hypothetical* | $1,000.00 | $1,020.10 | $5.01 |
CLASS R3 SHARES | |||
Actual | $1,000.00 | $1,038.21 | $6.90 |
Hypothetical* | $1,000.00 | $1,018.30 | $6.83 |
CLASS R4 SHARES | |||
Actual | $1,000.00 | $1,038.67 | $6.39 |
Hypothetical* | $1,000.00 | $1,018.80 | $6.33 |
CLASS R5 SHARES | |||
Actual | $1,000.00 | $1,039.94 | $5.06 |
Hypothetical* | $1,000.00 | $1,020.10 | $5.01 |
† | Expenses are equal to the annualized expense ratio for each class (A: 1.34%; C: 2.11%; I: 0.99%; R3: 1.35%; R4: 1.25%; R5: 0.99%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg Value Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg Value Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg Value Fund | September 30, 2019 (Unaudited)
Thornburg Value Fund | September 30, 2019 (Unaudited)
Thornburg Value Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH077 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class A | TGVAX | 885-215-657 |
Class C | THGCX | 885-215-640 |
Class I | TGVIX | 885-215-566 |
Class R3 | TGVRX | 885-215-525 |
Class R4 | THVRX | 885-215-269 |
Class R5 | TIVRX | 885-215-368 |
Class R6 | TGIRX | 885-216-804 |
Thornburg International Value Fund | September 30, 2019 (Unaudited)
Lei Wang,cfa Portfolio Manager Managing Director | Di Zhou,cfa,frm® Portfolio Manager Managing Director |
Thornburg International Value Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. | |
Class A Shares(Incep: 5/28/98) | |||||
Without sales charge | 2.47% | 5.28% | 3.78% | 4.62% | 6.96% |
With sales charge | -2.14% | 3.68% | 2.83% | 4.14% | 6.73% |
Class C Shares(Incep: 5/28/98) | |||||
Without sales charge | 1.60% | 4.46% | 2.99% | 3.84% | 6.12% |
With sales charge | 0.60% | 4.46% | 2.99% | 3.84% | 6.12% |
Class I Shares(Incep: 3/30/01) | 2.76% | 5.64% | 4.14% | 5.01% | 6.70% |
Class R3 Shares(Incep: 7/1/03) | 2.25% | 5.10% | 3.60% | 4.44% | 7.49% |
Class R4 Shares(Incep: 2/1/07) | 2.45% | 5.31% | 3.80% | 4.64% | 3.05% |
Class R5 Shares(Incep: 2/1/05) | 2.74% | 5.58% | 4.08% | 4.93% | 5.93% |
Class R6 Shares(Incep: 5/1/12) | 2.95% | 5.79% | 4.30% | - | 5.04% |
MSCI EAFE Index(Since 5/28/98) | -1.34% | 6.48% | 3.27% | 4.90% | 4.06% |
MSCI AC World ex U.S. Index(Net) (Since 5/28/98) | -1.23% | 6.33% | 2.90% | 4.45% | 4.50% |
FINAL VALUE |
Thornburg International Value Fund | September 30, 2019 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Keyence Corp. | 3.1% |
Safran S.A. | 3.1% |
Ferrovial S.A. | 3.0% |
ING Groep N.V. | 3.0% |
Danone S.A. | 3.0% |
Vinci S.A. | 3.0% |
Nintendo Co. Ltd. | 2.9% |
Kose Corp. | 2.9% |
Vodafone Group plc | 2.9% |
Iberdrola S.A. | 2.8% |
SECTOR EXPOSURE | |
Industrials | 17.7% |
Financials | 12.6% |
Information Technology | 12.4% |
Communication Services | 11.7% |
Consumer Staples | 11.2% |
Consumer Discretionary | 8.4% |
Utilities | 5.0% |
Health Care | 4.3% |
Energy | 3.2% |
Materials | 3.2% |
Other Assets Less Liabilities | 10.3% |
TOP TEN INDUSTRY GROUPS | |
Capital Goods | 13.3% |
Food, Beverage & Tobacco | 8.3% |
Media & Entertainment | 8.1% |
Software & Services | 5.2% |
Utilities | 5.0% |
Technology Hardware & Equipment | 5.0% |
Banks | 4.9% |
Insurance | 4.6% |
Consumer Durables & Apparel | 4.0% |
Telecommunication Services | 3.6% |
COUNTRY EXPOSURE* (percent of equity holdings) | |
Japan | 15.1% |
France | 14.2% |
China | 14.0% |
Germany | 10.8% |
Spain | 8.8% |
United Kingdom | 7.4% |
Netherlands | 6.8% |
Switzerland | 6.0% |
Canada | 5.8% |
Australia | 2.3% |
Sweden | 2.2% |
Hong Kong | 2.1% |
Italy | 1.8% |
India | 1.2% |
South Korea | 1.1% |
Denmark | 0.4% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
Thornburg International Value Fund | September 30, 2019
SHARES | VALUE | ||
Common Stock — 89.7% | |||
Banks — 4.9% | |||
Banks — 4.9% | |||
Barclays plc | 16,796,331 | $ 31,060,488 | |
ING Groep N.V. | 8,943,176 | 93,616,120 | |
Intesa Sanpaolo SpA | 11,593,635 | 27,490,676 | |
152,167,284 | |||
Capital Goods — 13.3% | |||
Aerospace & Defense — 5.3% | |||
BAE Systems plc | 10,138,292 | 71,053,532 | |
Safran S.A. | 603,692 | 95,047,276 | |
Construction & Engineering — 6.0% | |||
Ferrovial S.A. | 3,244,977 | 93,762,258 | |
Vinci S.A. | 853,182 | 91,895,288 | |
Electrical Equipment — 0.4% | |||
Vestas Wind Systems A/S | 154,791 | 12,017,293 | |
Machinery — 1.6% | |||
Knorr-Bremse AG | 516,345 | 48,535,044 | |
412,310,691 | |||
Commercial & Professional Services — 1.9% | |||
Professional Services — 1.9% | |||
Recruit Holdings Co. Ltd. | 1,917,670 | 58,279,432 | |
58,279,432 | |||
Consumer Durables & Apparel — 4.0% | |||
Textiles, Apparel & Luxury Goods — 4.0% | |||
adidas AG | 254,699 | 79,299,085 | |
Kering S.A. | 86,295 | 43,976,474 | |
123,275,559 | |||
Consumer Services — 1.9% | |||
Diversified Consumer Services — 0.7% | |||
a | TAL Education Group ADR | 618,978 | 21,193,807 |
Hotels, Restaurants & Leisure — 1.2% | |||
Huazhu Group Ltd. ADR | 1,115,728 | 36,841,338 | |
58,035,145 | |||
Diversified Financials — 3.1% | |||
Capital Markets — 3.1% | |||
Hong Kong Exchanges & Clearing Ltd. | 1,049,522 | 30,798,584 | |
UBS Group AG | 5,832,398 | 66,210,179 | |
97,008,763 | |||
Energy — 3.2% | |||
Oil, Gas & Consumable Fuels — 3.2% | |||
Reliance Industries Ltd. | 1,810,811 | 34,070,499 | |
Royal Dutch Shell plc Sponsored ADR Class A | 1,129,256 | 66,456,716 | |
100,527,215 | |||
Food, Beverage & Tobacco — 8.3% | |||
Beverages — 3.3% | |||
Kweichow Moutai Co. Ltd. Class A | 246,138 | 39,652,961 | |
Treasury Wine Estates Ltd. | 5,072,937 | 63,583,297 | |
Food Products — 5.0% | |||
Associated British Foods plc | 544,747 | 15,425,342 | |
Danone S.A. | 1,050,904 | 92,573,908 | |
Foshan Haitian Flavouring & Food Co. Ltd. Class A | 328,883 | 5,063,814 | |
Inner Mongolia Yili Industrial Group Co. Ltd. Class A | 9,936,746 | 39,700,213 | |
255,999,535 | |||
Healthcare Equipment & Services — 2.5% |
Thornburg International Value Fund | September 30, 2019
SHARES | VALUE | ||
Health Care Equipment & Supplies — 1.2% | |||
a | Alcon, Inc. | 657,846 | $ 38,361,442 |
Health Care Providers & Services — 1.3% | |||
Fresenius Medical Care AG & Co. KGaA | 573,580 | 38,573,218 | |
76,934,660 | |||
Household & Personal Products — 2.9% | |||
Personal Products — 2.9% | |||
Kose Corp. | 531,795 | 89,759,618 | |
89,759,618 | |||
Insurance — 4.6% | |||
Insurance — 4.6% | |||
AIA Group Ltd. | 2,906,209 | 27,457,644 | |
NN Group N.V. | 840,860 | 29,822,768 | |
Ping An Insurance Group Co. of China Ltd. Class H | 7,297,573 | 83,844,297 | |
141,124,709 | |||
Materials — 3.2% | |||
Chemicals — 2.4% | |||
Nutrien Ltd. | 1,448,771 | 72,264,698 | |
Shin-Etsu Chemical Co. Ltd. | 29,947 | 3,201,732 | |
Metals & Mining — 0.8% | |||
Franco-Nevada Corp. | 251,056 | 22,886,265 | |
98,352,695 | |||
Media & Entertainment — 8.1% | |||
Entertainment — 3.4% | |||
Nintendo Co. Ltd. | 243,433 | 90,101,167 | |
a | Ubisoft Entertainment S.A. | 210,602 | 15,228,063 |
Interactive Media & Services — 4.7% | |||
Tencent Holdings Ltd. | 2,036,371 | 85,791,712 | |
Yahoo Japan Corp. | 21,429,739 | 60,251,012 | |
251,371,954 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 1.8% | |||
Life Sciences Tools & Services — 1.8% | |||
Lonza Group AG | 170,196 | 57,536,326 | |
57,536,326 | |||
Retailing — 2.5% | |||
Internet & Direct Marketing Retail — 2.5% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 429,630 | 71,847,025 |
a | Ctrip.com International Ltd. ADR | 160,000 | 4,686,400 |
76,533,425 | |||
Semiconductors & Semiconductor Equipment — 2.2% | |||
Semiconductors & Semiconductor Equipment — 2.2% | |||
Infineon Technologies AG | 2,086,950 | 37,559,382 | |
SK Hynix, Inc. | 458,189 | 31,486,967 | |
69,046,349 | |||
Software & Services — 5.2% | |||
Information Technology Services — 3.0% | |||
Amadeus IT Group S.A. | 883,848 | 63,311,390 | |
Wirecard AG | 186,586 | 29,844,470 | |
Software — 2.2% | |||
SAP SE | 569,217 | 66,930,721 | |
160,086,581 | |||
Technology Hardware & Equipment — 5.0% | |||
Communications Equipment — 1.9% | |||
Telefonaktiebolaget LM Ericsson | 7,436,070 | 59,418,762 | |
Electronic Equipment, Instruments & Components — 3.1% |
SHARES | VALUE | ||
Keyence Corp. | 155,248 | $ 96,056,335 | |
155,475,097 | |||
Telecommunication Services — 3.6% | |||
Wireless Telecommunication Services — 3.6% | |||
SoftBank Group Corp. | 551,354 | 21,620,726 | |
Vodafone Group plc | 44,546,454 | 88,730,755 | |
110,351,481 | |||
Transportation — 2.5% | |||
Marine — 0.2% | |||
Kuehne + Nagel International AG | 31,416 | 4,627,175 | |
Road & Rail — 2.1% | |||
Canadian Pacific Railway Ltd. | 297,669 | 66,219,446 | |
Transportation Infrastructure — 0.2% | |||
Atlantia SpA | 234,052 | 5,660,781 | |
76,507,402 | |||
Utilities — 5.0% | |||
Electric Utilities — 5.0% | |||
Electricite de France S.A. | 4,835,566 | 54,128,310 | |
Enel SpA | 2,066,970 | 15,434,581 | |
Iberdrola S.A. | 8,333,118 | 86,612,482 | |
156,175,373 | |||
Total Common Stock(Cost $2,456,455,310) | 2,776,859,294 | ||
Short-Term Investments — 10.6% | |||
b | Thornburg Capital Management Fund | 32,678,811 | 326,788,112 |
Total Short-Term Investments(Cost $326,788,112) | 326,788,112 | ||
Total Investments — 100.3%(Cost $2,783,243,422) | $3,103,647,406 | ||
Liabilities Net of Other Assets — (0.3)% | (9,052,596) | ||
Net Assets — 100.0% | $3,094,594,810 |
Footnote Legend | |
a | Non-income producing. |
b | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
Thornburg International Value Fund | September 30, 2019
ASSETS | |
Investments at value (Note 3) | |
Non-affiliated issuers (cost $2,456,455,310) | $ 2,776,859,294 |
Non-controlled affiliated issuer (cost $326,788,112) | 326,788,112 |
Cash denominated in foreign currency (cost $21) | 21 |
Receivable for investments sold | 14,258,503 |
Receivable for fund shares sold | 988,781 |
Dividends receivable | 4,407,100 |
Dividend and interest reclaim receivable | 1,937,410 |
Prepaid expenses and other assets | 102,435 |
Total Assets | 3,125,341,656 |
Liabilities | |
Payable for investments purchased | 17,627,016 |
Payable for fund shares redeemed | 6,752,758 |
Payable to investment advisor and other affiliates (Note 4) | 2,547,016 |
Deferred taxes payable (Note 2) | 858,720 |
Accounts payable and accrued expenses | 2,961,336 |
Total Liabilities | 30,746,846 |
Net Assets | $ 3,094,594,810 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 515,505,324 |
Net capital paid in on shares of beneficial interest | 2,579,089,486 |
$ 3,094,594,810 |
NET ASSET VALUE | |
Class A Shares: | |
Net asset value and redemption price per share ($655,806,721 applicable to 28,624,362 shares of beneficial interest outstanding - Note 5) | $ 22.91 |
Maximum sales charge, 4.50% of offering price | 1.08 |
Maximum offering price per share | $ 23.99 |
Class C Shares: | |
Net asset value and offering price per share* ($81,401,240 applicable to 4,003,304 shares of beneficial interest outstanding - Note 5) | $ 20.33 |
Class I Shares: | |
Net asset value, offering and redemption price per share ($1,694,780,279 applicable to 71,529,787 shares of beneficial interest outstanding - Note 5) | $ 23.69 |
Class R3 Shares: | |
Net asset value, offering and redemption price per share ($164,437,140 applicable to 7,184,102 shares of beneficial interest outstanding - Note 5) | $ 22.89 |
Class R4 Shares: | |
Net asset value, offering and redemption price per share ($125,363,112 applicable to 5,513,123 shares of beneficial interest outstanding - Note 5) | $ 22.74 |
Class R5 Shares: | |
Net asset value, offering and redemption price per share ($153,365,817 applicable to 6,478,793 shares of beneficial interest outstanding - Note 5) | $ 23.67 |
Class R6 Shares: | |
Net asset value, offering and redemption price per share ($219,440,501 applicable to 9,293,696 shares of beneficial interest outstanding - Note 5) | $ 23.61 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Thornburg International Value Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Dividend income | |
Non-affiliated issuers (net of foreign taxes withheld of $5,510,003) | $ 60,978,229 |
Non-controlled affiliated issuer | 5,843,558 |
Non-cash dividend | 8,109,292 |
Total Income | 74,931,079 |
EXPENSES | |
Investment advisory fees (Note 4) | 26,556,904 |
Administration fees (Note 4) | |
Class A Shares | 594,217 |
Class C Shares | 101,566 |
Class I Shares | 1,642,750 |
Class R3 Shares | 160,334 |
Class R4 Shares | 124,650 |
Class R5 Shares | 160,906 |
Class R6 Shares | 344,660 |
Distribution and service fees (Note 4) | |
Class A Shares | 1,690,265 |
Class C Shares | 1,157,701 |
Class R3 Shares | 912,368 |
Class R4 Shares | 354,825 |
Transfer agent fees | |
Class A Shares | 901,316 |
Class C Shares | 236,613 |
Class I Shares | 1,755,894 |
Class R3 Shares | 480,036 |
Class R4 Shares | 433,537 |
Class R5 Shares | 445,317 |
Class R6 Shares | 15,769 |
Registration and filing fees | |
Class A Shares | 17,910 |
Class C Shares | 15,384 |
Class I Shares | 33,314 |
Class R3 Shares | 14,170 |
Class R4 Shares | 15,531 |
Class R5 Shares | 12,952 |
Class R6 Shares | 14,897 |
Custodian fees | 578,623 |
Professional fees | 211,144 |
Trustee and officer fees (Note 4) | 221,213 |
Other expenses | 454,253 |
Total Expenses | 39,659,019 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (1,226,422) |
Net Expenses | 38,432,597 |
Net Investment Income | $ 36,498,482 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on: | |
Non-affiliated issuer investments (net of realized capital gain taxes paid of $385,317) | $ 230,392,595 |
Forward currency contracts (Note 7) | 25,303,245 |
Foreign currency transactions | (1,437,600) |
254,258,240 | |
Net change in unrealized appreciation (depreciation) on: | |
Non-affiliated issuer investments (net of change in deferred taxes payable of $575,006) | (265,017,783) |
Forward currency contracts (Note 7) | (9,869,658) |
Foreign currency translations | (146,198) |
(275,033,639) | |
Net Realized and Unrealized Loss | (20,775,399) |
Net Increase in Net Assets Resulting from Operations | $ 15,723,083 |
Thornburg International Value Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 36,498,482 | $ 54,098,205 |
Net realized gain (loss) on investments, forward currency contracts, foreign currency transactions and capital gain taxes | 254,258,240 | (3,667,466) |
Net change in unrealized appreciation (depreciation) on investments, forward currency contracts, foreign currency translations and deferred taxes | (275,033,639) | (234,416,570) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 15,723,083 | (183,985,831) |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (8,986,188) | (119,664,083) |
Class C Shares | - | (62,573,001) |
Class I Shares | (30,860,690) | (450,919,825) |
Class R3 Shares | (1,984,958) | (40,754,715) |
Class R4 Shares | (1,906,286) | (30,158,902) |
Class R5 Shares | (3,078,981) | (40,624,260) |
Class R6 Shares | (7,281,194) | (76,239,643) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | (126,975,885) | 91,509,368 |
Class C Shares | (76,657,213) | (167,868,829) |
Class I Shares | (731,547,651) | (358,945,418) |
Class R3 Shares | (48,954,078) | (23,143,248) |
Class R4 Shares | (40,117,767) | (7,395,851) |
Class R5 Shares | (75,022,223) | (20,256,219) |
Class R6 Shares | (236,639,711) | 18,030,208 |
Net Decrease in Net Assets | (1,374,289,742) | (1,472,990,249) |
NET ASSETS | ||
Beginning of Year | 4,468,884,552 | 5,941,874,801 |
End of Year | $ 3,094,594,810 | $ 4,468,884,552 |
Thornburg International Value Fund | September 30, 2019
Thornburg International Value Fund | September 30, 2019
Cost of investments for tax purposes | $ 2,787,195,993 |
Gross unrealized appreciation on a tax basis | 375,976,291 |
Gross unrealized depreciation on a tax basis | (59,524,878) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 316,451,413 |
2019 | 2018 | |
Distributions from: | ||
Ordinary income | $ 54,098,297 | $ 132,342,388 |
Capital gains | - | 688,592,041 |
Total | $ 54,098,297 | $ 820,934,429 |
Thornburg International Value Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities* | ||||
Common Stock | $ 2,776,859,294 | $ 2,776,859,294 | $ — | $ — |
Short-Term Investments | 326,788,112 | 326,788,112 | — | — |
Total Investments in Securities | $3,103,647,406 | $3,103,647,406 | $— | $— |
Total Assets | $3,103,647,406 | $3,103,647,406 | $— | $— |
* | See Schedule of Investments for a summary of the industry exposure as grouped according to the Global Industry Classification Standard (GICS), which is an industry taxonomy developed by MSCI, Inc. and Standard & Poor’s (S&P). |
COMMON STOCK | TOTAL | |
Beginning Balance 9/30/2018 | $ 69,188,477 | $ 69,188,477 |
Accrued Discounts (Premiums) | – | – |
Net Realized Gain (Loss)(a) | (4,781,938) | (4,781,938) |
Gross Purchases | – | – |
Gross Sales | (78,676,800) | (78,676,800) |
Net Change in Unrealized Appreciation (Depreciation)(b)(c) | 14,270,261 | 14,270,261 |
Transfers into Level 3 | – | – |
Transfers out of Level 3 | – | – |
Ending Balance 9/30/2019 | $– | $– |
(a) | Amount of net realized gain (loss) from investments is included in the Fund’s Statement of Operations for the year ended September 30, 2019. |
(b) | Amount of net change in unrealized appreciation (depreciation) on investments is included in the Fund’s Statement of Operations for the year ended September 30, 2019. |
(c) | The net change in unrealized appreciation (depreciation) attributable to securities owned at September 30, 2019, which were valued using significant unobservable inputs, was $0. |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.875% |
Next $500 million | 0.825 |
Next $500 million | 0.775 |
Next $500 million | 0.725 |
Over $2 billion | 0.675 |
Thornburg International Value Fund | September 30, 2019
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Fund | Market Value 9/30/18 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/19 | Dividend Income |
Thornburg Capital Management Fund | $214,290,589 | $1,942,479,183 | $(1,829,981,660) | $- | $- | $326,788,112 | $5,843,558 |
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 4,193,267 | $ 91,176,594 | 9,801,105 | $ 232,103,746 |
Shares issued to shareholders in reinvestment of dividends | 432,321 | 8,153,571 | 4,440,886 | 106,847,709 |
Shares repurchased | (10,476,530) | (226,306,050) | (10,172,663) | (247,442,087) |
Net increase (decrease) | (5,850,942) | $ (126,975,885) | 4,069,328 | $ 91,509,368 |
Class C Shares | ||||
Shares sold | 259,750 | $ 4,848,426 | 765,525 | $ 16,811,768 |
Shares issued to shareholders in reinvestment of dividends | - | - | 2,608,037 | 55,707,675 |
Shares repurchased | (4,241,881) | (81,505,639) | (11,423,876) | (240,388,272) |
Net decrease | (3,982,131) | $ (76,657,213) | (8,050,314) | $ (167,868,829) |
Class I Shares | ||||
Shares sold | 11,926,611 | $ 261,023,247 | 21,186,332 | $ 538,039,749 |
Shares issued to shareholders in reinvestment of dividends | 1,426,129 | 27,752,471 | 15,260,323 | 378,932,754 |
Shares repurchased | (46,729,970) | (1,020,323,369) | (50,362,898) | (1,275,917,921) |
Net decrease | (33,377,230) | $ (731,547,651) | (13,916,243) | $ (358,945,418) |
Class R3 Shares | ||||
Shares sold | 959,317 | $ 20,864,279 | 1,528,944 | $ 37,523,777 |
Shares issued to shareholders in reinvestment of dividends | 94,905 | 1,790,857 | 1,519,952 | 36,554,848 |
Shares repurchased | (3,275,976) | (71,609,214) | (3,976,568) | (97,221,873) |
Net decrease | (2,221,754) | $ (48,954,078) | (927,672) | $ (23,143,248) |
Class R4 Shares | ||||
Shares sold | 1,477,039 | $ 31,561,225 | 2,063,382 | $ 50,114,257 |
Shares issued to shareholders in reinvestment of dividends | 66,011 | 1,235,734 | 847,935 | 20,240,210 |
Shares repurchased | (3,343,042) | (72,914,726) | (3,215,582) | (77,750,318) |
Net decrease | (1,799,992) | $ (40,117,767) | (304,265) | $ (7,395,851) |
Class R5 Shares | ||||
Shares sold | 1,157,927 | $ 25,895,089 | 1,805,671 | $ 45,657,236 |
Shares issued to shareholders in reinvestment of dividends | 154,892 | 3,012,644 | 1,570,374 | 38,946,199 |
Shares repurchased | (4,623,294) | (103,929,956) | (4,132,147) | (104,859,654) |
Net decrease | (3,310,475) | $ (75,022,223) | (756,102) | $ (20,256,219) |
Thornburg International Value Fund | September 30, 2019
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class R6 Shares | ||||
Shares sold | 3,823,624 | $ 86,514,020 | 4,840,622 | $ 121,564,541 |
Shares issued to shareholders in reinvestment of dividends | 358,774 | 6,949,445 | 3,027,489 | 74,876,752 |
Shares repurchased | (14,415,098) | (330,103,176) | (7,309,496) | (178,411,085) |
Net increase (decrease) | (10,232,700) | $ (236,639,711) | 558,615 | $ 18,030,208 |
SHEET RISK AND FOREIGN INVESTMENT RISK
NET REALIZED GAIN (LOSS) ON DERIVATIVE FINANCIAL INSTRUMENTS RECOGNIZED IN INCOME FOR THE YEAR ENDED September 30, 2019 | ||
TOTAL | FORWARD CURRENCY CONTRACTS | |
Foreign currency contracts | $ 25,303,245 | $ 25,303,245 |
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF DERIVATIVE FINANCIAL INSTRUMENTS RECOGNIZED IN INCOME FOR THE YEAR ENDED September 30, 2019 | ||
TOTAL | FORWARD CURRENCY CONTRACTS | |
Foreign currency contracts | $ (9,869,658) | $ (9,869,658) |
Thornburg International Value Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | ||||||||
2019 | $ 22.69 | 0.19 | 0.31 | 0.50 | (0.28) | — | (0.28) | $ 22.91 |
2018 | $ 27.63 | 0.19 | (1.10) | (0.91) | — | (4.03) | (4.03) | $ 22.69 |
2017 | $ 23.43 | 0.16 | 4.24 | 4.40 | (0.20) | — | (0.20) | $ 27.63 |
2016(c) | $ 27.46 | 0.36 | 0.25 | 0.61 | (0.39) | (4.25) | (4.64) | $ 23.43 |
2015 | $ 29.84 | 0.24 | 0.16 | 0.40 | (0.26) | (2.52) | (2.78) | $ 27.46 |
CLASS C SHARES | ||||||||
2019 | $ 20.01 | —(d) | 0.32 | 0.32 | — | — | — | $ 20.33 |
2018 | $ 25.00 | 0.02 | (0.98) | (0.96) | — | (4.03) | (4.03) | $ 20.01 |
2017 | $ 21.29 | (0.02) | 3.84 | 3.82 | (0.11) | — | (0.11) | $ 25.00 |
2016 | $ 25.40 | 0.17 | 0.24 | 0.41 | (0.27) | (4.25) | (4.52) | $ 21.29 |
2015 | $ 27.86 | 0.05 | 0.11 | 0.16 | (0.10) | (2.52) | (2.62) | $ 25.40 |
CLASS I SHARES | ||||||||
2019 | $ 23.47 | 0.25 | 0.32 | 0.57 | (0.35) | — | (0.35) | $ 23.69 |
2018 | $ 28.37 | 0.29 | (1.15) | (0.86) | (0.01) | (4.03) | (4.04) | $ 23.47 |
2017 | $ 24.02 | 0.25 | 4.37 | 4.62 | (0.27) | — | (0.27) | $ 28.37 |
2016 | $ 28.04 | 0.47 | 0.23 | 0.70 | (0.47) | (4.25) | (4.72) | $ 24.02 |
2015 | $ 30.43 | 0.38 | 0.13 | 0.51 | (0.38) | (2.52) | (2.90) | $ 28.04 |
CLASS R3 SHARES | ||||||||
2019 | $ 22.65 | 0.15 | 0.31 | 0.46 | (0.22) | — | (0.22) | $ 22.89 |
2018 | $ 27.63 | 0.14 | (1.09) | (0.95) | — | (4.03) | (4.03) | $ 22.65 |
2017 | $ 23.44 | 0.14 | 4.22 | 4.36 | (0.17) | — | (0.17) | $ 27.63 |
2016 | $ 27.47 | 0.31 | 0.25 | 0.56 | (0.34) | (4.25) | (4.59) | $ 23.44 |
2015 | $ 29.86 | 0.21 | 0.13 | 0.34 | (0.21) | (2.52) | (2.73) | $ 27.47 |
CLASS R4 SHARES | ||||||||
2019 | $ 22.52 | 0.19 | 0.30 | 0.49 | (0.27) | — | (0.27) | $ 22.74 |
2018 | $ 27.45 | 0.20 | (1.10) | (0.90) | — | (4.03) | (4.03) | $ 22.52 |
2017 | $ 23.26 | 0.18 | 4.21 | 4.39 | (0.20) | — | (0.20) | $ 27.45 |
2016 | $ 27.30 | 0.37 | 0.23 | 0.60 | (0.39) | (4.25) | (4.64) | $ 23.26 |
2015 | $ 29.69 | 0.25 | 0.15 | 0.40 | (0.27) | (2.52) | (2.79) | $ 27.30 |
CLASS R5 SHARES | ||||||||
2019 | $ 23.44 | 0.25 | 0.32 | 0.57 | (0.34) | — | (0.34) | $ 23.67 |
2018 | $ 28.35 | 0.27 | (1.15) | (0.88) | —(e) | (4.03) | (4.03) | $ 23.44 |
2017 | $ 24.01 | 0.24 | 4.35 | 4.59 | (0.25) | — | (0.25) | $ 28.35 |
2016 | $ 28.03 | 0.46 | 0.23 | 0.69 | (0.46) | (4.25) | (4.71) | $ 24.01 |
2015 | $ 30.41 | 0.30 | 0.19 | 0.49 | (0.35) | (2.52) | (2.87) | $ 28.03 |
CLASS R6 SHARES | ||||||||
2019 | $ 23.40 | 0.31 | 0.29 | 0.60 | (0.39) | — | (0.39) | $ 23.61 |
2018 | $ 28.27 | 0.33 | (1.15) | (0.82) | (0.02) | (4.03) | (4.05) | $ 23.40 |
2017 | $ 23.95 | 0.31 | 4.33 | 4.64 | (0.32) | — | (0.32) | $ 28.27 |
2016 | $ 27.97 | 0.53 | 0.21 | 0.74 | (0.51) | (4.25) | (4.76) | $ 23.95 |
2015 | $ 30.36 | 0.39 | 0.17 | 0.56 | (0.43) | (2.52) | (2.95) | $ 27.97 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Class B shares converted to Class A shares on August 29, 2016. |
(d) | Net investment income (loss) was less than $0.01 per share. |
(e) | Dividends from net investment income per share were less than $(0.01). |
+ | Based on weighted average shares outstanding. |
Thornburg International Value Fund
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
0.86 | 1.26 | 1.26 | 2.47 | 71.09 | $ 655,807 | |
0.77 | 1.27 | 1.27 | (4.13) | 44.41 | $ 782,371 | |
0.65 | 1.31 | 1.31 | 18.78 | 86.88 | $ 840,244 | |
1.51 | 1.28 | 1.28 | 1.90 | 103.90 | $ 990,194 | |
0.82 | 1.27 | 1.27 | 1.25 | 70.88 | $ 1,361,529 | |
(0.02) | 2.09 | 2.09 | 1.60 | 71.09 | $ 81,401 | |
0.07 | 2.02 | 2.02 | (4.86) | 44.41 | $ 159,789 | |
(0.08) | 2.04 | 2.04 | 17.94 | 86.88 | $ 400,859 | |
0.77 | 2.02 | 2.02 | 1.12 | 103.90 | $ 535,169 | |
0.19 | 1.99 | 1.99 | 0.52 | 70.88 | $ 706,606 | |
1.11 | 0.97 | 0.97 | 2.76 | 71.09 | $ 1,694,780 | |
1.15 | 0.91 | 0.91 | (3.81) | 44.41 | $ 2,462,564 | |
0.99 | 0.92 | 0.92 | 19.29 | 86.88 | $ 3,370,930 | |
1.91 | 0.90 | 0.90 | 2.21 | 103.90 | $ 4,375,955 | |
1.27 | 0.90 | 0.90 | 1.65 | 70.88 | $ 5,895,731 | |
0.67 | 1.45 | 1.65 | 2.25 | 71.09 | $ 164,437 | |
0.59 | 1.45 | 1.64 | (4.29) | 44.41 | $ 213,007 | |
0.55 | 1.45 | 1.64 | 18.63 | 86.88 | $ 285,510 | |
1.31 | 1.45 | 1.62 | 1.67 | 103.90 | $ 325,135 | |
0.71 | 1.45 | 1.58 | 1.09 | 70.88 | $ 479,223 | |
0.88 | 1.25 | 1.44 | 2.45 | 71.09 | $ 125,363 | |
0.81 | 1.25 | 1.47 | (4.11) | 44.41 | $ 164,663 | |
0.74 | 1.25 | 1.46 | 18.90 | 86.88 | $ 209,066 | |
1.55 | 1.25 | 1.39 | 1.87 | 103.90 | $ 267,623 | |
0.86 | 1.24 | 1.37 | 1.30 | 70.88 | $ 333,247 | |
1.10 | 0.99 | 1.12 | 2.74 | 71.09 | $ 153,366 | |
1.06 | 0.99 | 1.17 | (3.87) | 44.41 | $ 229,485 | |
0.96 | 0.99 | 1.15 | 19.17 | 86.88 | $ 298,970 | |
1.88 | 0.95 | 0.95 | 2.19 | 103.90 | $ 529,330 | |
1.01 | 0.98 | 1.11 | 1.57 | 70.88 | $ 685,617 | |
1.37 | 0.79 | 0.88 | 2.95 | 71.09 | $ 219,441 | |
1.33 | 0.79 | 0.83 | (3.68) | 44.41 | $ 457,006 | |
1.23 | 0.78 | 0.79 | 19.40 | 86.88 | $ 536,296 | |
2.19 | 0.74 | 0.74 | 2.40 | 103.90 | $ 473,941 | |
1.33 | 0.74 | 0.74 | 1.81 | 70.88 | $ 420,849 |
Thornburg International Value Fund
Thornburg International Value Fund | September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(c) | a deferred sales charge on redemptions of Class C shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS A SHARES | |||
Actual | $1,000.00 | $1,027.35 | $6.25 |
Hypothetical* | $1,000.00 | $1,018.90 | $6.23 |
CLASS C SHARES | |||
Actual | $1,000.00 | $1,022.63 | $10.45 |
Hypothetical* | $1,000.00 | $1,014.74 | $10.40 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,028.65 | $4.83 |
Hypothetical* | $1,000.00 | $1,020.31 | $4.81 |
CLASS R3 SHARES | |||
Actual | $1,000.00 | $1,025.99 | $7.36 |
Hypothetical* | $1,000.00 | $1,017.80 | $7.33 |
CLASS R4 SHARES | |||
Actual | $1,000.00 | $1,027.09 | $6.35 |
Hypothetical* | $1,000.00 | $1,018.80 | $6.33 |
CLASS R5 SHARES | |||
Actual | $1,000.00 | $1,028.23 | $5.03 |
Hypothetical* | $1,000.00 | $1,020.10 | $5.01 |
CLASS R6 SHARES | |||
Actual | $1,000.00 | $1,029.20 | $4.02 |
Hypothetical* | $1,000.00 | $1,021.11 | $4.00 |
† | Expenses are equal to the annualized expense ratio for each class (A: 1.23%; C: 2.06%; I: 0.95%; R3: 1.45%; R4: 1.25%; R5: 0.99%; R6: 0.79%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg International Value Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg International Value Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg International Value Fund | September 30, 2019 (Unaudited)
Thornburg International Value Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH078 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class A | THCGX | 885-215-582 |
Class C | TCGCX | 885-215-574 |
Class I | THIGX | 885-215-475 |
Class R3 | THCRX | 885-215-517 |
Class R4 | TCGRX | 885-215-251 |
Class R5 | THGRX | 885-215-350 |
Thornburg Core Growth Fund | September 30, 2019 (Unaudited)
Greg Dunn Managing Director Portfolio Manager | Ted Chang,cfa Portfolio Manager Managing Director |
Thornburg Core Growth Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. | |
Class A Shares(Incep: 12/27/00) | |||||
Without sales charge | -2.62% | 11.74% | 8.29% | 11.21% | 6.66% |
With sales charge | -7.01% | 10.04% | 7.29% | 10.70% | 6.40% |
Class C Shares(Incep: 12/27/00) | |||||
Without sales charge | -3.42% | 10.84% | 7.44% | 10.35% | 5.82% |
With sales charge | -4.38% | 10.84% | 7.44% | 10.35% | 5.82% |
Class I Shares(Incep: 11/3/03) | -2.26% | 12.17% | 8.71% | 11.67% | 9.04% |
Class R3 Shares(Incep: 7/1/03) | -2.76% | 11.59% | 8.15% | 11.11% | 9.14% |
Class R4 Shares(Incep: 2/1/07) | -2.64% | 11.71% | 8.27% | 11.22% | 6.00% |
Class R5 Shares(Incep: 10/3/05) | -2.26% | 12.17% | 8.71% | 11.68% | 8.12% |
Russell 3000 Growth Index(Since 12/27/00) | 2.70% | 16.36% | 13.07% | 14.74% | 6.34% |
FINAL VALUE |
Thornburg Core Growth Fund | September 30, 2019 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Amazon.com, Inc. | 4.8% |
Alphabet, Inc. Class C | 4.0% |
Visa, Inc. Class A | 3.6% |
Activision Blizzard, Inc. | 3.6% |
Microsoft Corp. | 3.6% |
Booking Holdings, Inc. | 3.5% |
Comcast Corp. Class A | 3.3% |
Expedia Group, Inc. | 3.2% |
Facebook, Inc. Class A | 3.0% |
Brink’s Co. | 2.8% |
SECTOR EXPOSURE | |
Information Technology | 31.0% |
Communication Services | 17.8% |
Consumer Discretionary | 16.4% |
Health Care | 7.4% |
Financials | 6.6% |
Industrials | 5.0% |
Consumer Staples | 4.3% |
Energy | 1.4% |
Materials | 1.0% |
Other Assets Less Liabilities | 9.1% |
TOP TEN INDUSTRY GROUPS | |
Software & Services | 26.3% |
Media & Entertainment | 17.8% |
Retailing | 14.1% |
Commercial & Professional Services | 5.0% |
Healthcare Equipment & Services | 4.4% |
Diversified Financials | 4.3% |
Food, Beverage & Tobacco | 4.3% |
Semiconductors & Semiconductor Equipment | 3.0% |
Pharmaceuticals, Biotechnology & Life Sciences | 3.0% |
Consumer Services | 2.3% |
COUNTRY EXPOSURE* (percent of equity holdings) | |
United States | 89.9% |
China | 2.8% |
Ireland | 2.4% |
Mexico | 2.3% |
France | 1.6% |
Argentina | 1.0% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
Thornburg Core Growth Fund | September 30, 2019
SHARES | VALUE | ||
Common Stock — 90.9% | |||
Banks — 2.3% | |||
Banks — 2.3% | |||
JPMorgan Chase & Co. | 117,334 | $ 13,809,038 | |
13,809,038 | |||
Commercial & Professional Services — 5.0% | |||
Commercial Services & Supplies — 5.0% | |||
Brink’s Co. | 201,796 | 16,738,978 | |
a | IAA, Inc. | 325,951 | 13,601,935 |
30,340,913 | |||
Consumer Services — 2.3% | |||
Hotels, Restaurants & Leisure — 2.3% | |||
Las Vegas Sands Corp. | 242,700 | 14,018,352 | |
14,018,352 | |||
Diversified Financials — 4.3% | |||
Capital Markets — 4.3% | |||
Charles Schwab Corp. | 254,500 | 10,645,735 | |
CME Group, Inc. | 73,371 | 15,506,227 | |
26,151,962 | |||
Energy — 1.4% | |||
Oil, Gas & Consumable Fuels — 1.4% | |||
Pioneer Natural Resources Co. | 65,924 | 8,291,262 | |
8,291,262 | |||
Food, Beverage & Tobacco — 4.3% | |||
Beverages — 2.1% | |||
Fomento Economico Mexicano SAB de CV Sponsored ADR | 141,500 | 12,958,570 | |
Food Products — 2.2% | |||
Kerry Group plc Class A | 112,182 | 13,119,872 | |
26,078,442 | |||
Healthcare Equipment & Services — 4.4% | |||
Health Care Equipment & Supplies — 1.9% | |||
a | DexCom, Inc. | 76,257 | 11,380,595 |
Health Care Providers & Services — 2.5% | |||
a | DaVita, Inc. | 271,807 | 15,512,025 |
26,892,620 | |||
Materials — 1.0% | |||
Chemicals — 1.0% | |||
CF Industries Holdings, Inc. | 119,843 | 5,896,276 | |
5,896,276 | |||
Media & Entertainment — 17.8% | |||
Entertainment — 7.0% | |||
Activision Blizzard, Inc. | 408,985 | 21,643,486 | |
a | Netflix, Inc. | 43,366 | 11,605,609 |
a | Ubisoft Entertainment S.A. | 123,300 | 8,915,491 |
Interactive Media & Services — 7.5% | |||
a | Alphabet, Inc. Class C | 19,785 | 24,117,915 |
a | Facebook, Inc. Class A | 103,338 | 18,402,431 |
a | Pinterest, Inc. Class A | 109,521 | 2,896,830 |
Media — 3.3% | |||
Comcast Corp. Class A | 441,363 | 19,896,644 | |
107,478,406 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 3.0% | |||
Biotechnology — 3.0% | |||
a | Alexion Pharmaceuticals, Inc. | 94,925 | 9,296,955 |
Gilead Sciences, Inc. | 136,300 | 8,638,694 |
SHARES | VALUE | ||
17,935,649 | |||
Retailing — 14.1% | |||
Internet & Direct Marketing Retail — 14.1% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 92,839 | $ 15,525,466 |
a | Amazon.com, Inc. | 16,785 | 29,137,250 |
a | Booking Holdings, Inc. | 10,974 | 21,537,682 |
Expedia Group, Inc. | 142,320 | 19,129,231 | |
85,329,629 | |||
Semiconductors & Semiconductor Equipment — 3.0% | |||
Semiconductors & Semiconductor Equipment — 3.0% | |||
a | Micron Technology, Inc. | 224,095 | 9,602,471 |
Texas Instruments, Inc. | 66,800 | 8,633,232 | |
18,235,703 | |||
Software & Services — 26.3% | |||
Information Technology Services — 13.4% | |||
Accenture plc Class A | 33,000 | 6,347,550 | |
Fidelity National Information Services, Inc. | 98,095 | 13,023,092 | |
a | FleetCor Technologies, Inc. | 47,953 | 13,751,962 |
a | PayPal Holdings, Inc. | 114,400 | 11,850,696 |
a | Square, Inc. Class A | 225,000 | 13,938,750 |
Visa, Inc. Class A | 128,728 | 22,142,503 | |
Software — 12.9% | |||
a | Globant S.A. | 57,715 | 5,285,540 |
Microsoft Corp. | 155,036 | 21,554,655 | |
a | Proofpoint, Inc. | 52,586 | 6,786,223 |
a | salesforce.com, Inc. | 100,910 | 14,979,081 |
a | ServiceNow, Inc. | 33,806 | 8,581,653 |
a | Splunk, Inc. | 89,619 | 10,562,495 |
a | Workday, Inc. Class A | 45,228 | 7,686,951 |
a | Zoom Video Communications, Inc. Class A | 38,256 | 2,915,107 |
159,406,258 | |||
Technology Hardware & Equipment — 1.7% | |||
Technology Hardware, Storage & Peripherals — 1.7% | |||
Apple, Inc. | 46,722 | 10,464,326 | |
10,464,326 | |||
Total Common Stock(Cost $474,436,676) | 550,328,836 | ||
Short-Term Investments — 9.0% | |||
b | Thornburg Capital Management Fund | 5,479,196 | 54,791,964 |
Total Short-Term Investments(Cost $54,791,964) | 54,791,964 | ||
Total Investments — 99.9%(Cost $529,228,640) | $605,120,800 | ||
Other Assets Less Liabilities — 0.1% | 490,777 | ||
Net Assets — 100.0% | $605,611,577 |
Footnote Legend | |
a | Non-income producing. |
b | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
Thornburg Core Growth Fund | September 30, 2019
ASSETS | |
Investments at value (Note 3) | |
Non-affiliated issuers (cost $474,436,676) | $ 550,328,836 |
Non-controlled affiliated issuer (cost $54,791,964) | 54,791,964 |
Receivable for investments sold | 1,583,535 |
Receivable for fund shares sold | 65,827 |
Dividends receivable | 117,634 |
Dividend and interest reclaim receivable | 1,089 |
Prepaid expenses and other assets | 41,625 |
Total Assets | 606,930,510 |
Liabilities | |
Payable for fund shares redeemed | 447,633 |
Payable to investment advisor and other affiliates (Note 4) | 580,009 |
Accounts payable and accrued expenses | 291,291 |
Total Liabilities | 1,318,933 |
Net Assets | $ 605,611,577 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 126,521,783 |
Net capital paid in on shares of beneficial interest | 479,089,794 |
$ 605,611,577 | |
NET ASSET VALUE | |
Class A Shares: | |
Net asset value and redemption price per share ($259,799,488 applicable to 6,598,787 shares of beneficial interest outstanding - Note 5) | $ 39.37 |
Maximum sales charge, 4.50% of offering price | 1.86 |
Maximum offering price per share | $ 41.23 |
Class C Shares: | |
Net asset value and offering price per share* ($36,840,967 applicable to 1,086,290 shares of beneficial interest outstanding - Note 5) | $ 33.91 |
Class I Shares: | |
Net asset value, offering and redemption price per share ($254,720,547 applicable to 6,014,176 shares of beneficial interest outstanding - Note 5) | $ 42.35 |
Class R3 Shares: | |
Net asset value, offering and redemption price per share ($30,083,872 applicable to 770,304 shares of beneficial interest outstanding - Note 5) | $ 39.05 |
Class R4 Shares: | |
Net asset value, offering and redemption price per share ($4,183,005 applicable to 105,934 shares of beneficial interest outstanding - Note 5) | $ 39.49 |
Class R5 Shares: | |
Net asset value, offering and redemption price per share ($19,983,698 applicable to 472,338 shares of beneficial interest outstanding - Note 5) | $ 42.31 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Thornburg Core Growth Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Dividend income | |
Non-affiliated issuers (net of foreign taxes withheld of $1,853) | $ 4,861,090 |
Non-controlled affiliated issuer | 917,456 |
Total Income | 5,778,546 |
EXPENSES | |
Investment advisory fees (Note 4) | 5,509,605 |
Administration fees (Note 4) | |
Class A Shares | 233,669 |
Class C Shares | 39,657 |
Class I Shares | 232,343 |
Class R3 Shares | 29,597 |
Class R4 Shares | 3,652 |
Class R5 Shares | 20,892 |
Distribution and service fees (Note 4) | |
Class A Shares | 665,106 |
Class C Shares | 451,826 |
Class R3 Shares | 168,629 |
Class R4 Shares | 10,393 |
Transfer agent fees | |
Class A Shares | 270,614 |
Class C Shares | 71,719 |
Class I Shares | 160,235 |
Class R3 Shares | 93,515 |
Class R4 Shares | 15,342 |
Class R5 Shares | 83,858 |
Registration and filing fees | |
Class A Shares | 14,427 |
Class C Shares | 12,717 |
Class I Shares | 13,817 |
Class R3 Shares | 13,052 |
Class R4 Shares | 12,569 |
Class R5 Shares | 12,825 |
Custodian fees | 52,711 |
Professional fees | 65,281 |
Trustee and officer fees (Note 4) | 37,264 |
Other expenses | 81,579 |
Total Expenses | 8,376,894 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (391,985) |
Net Expenses | 7,984,909 |
Net Investment Loss | $ (2,206,363) |
Thornburg Core Growth Fund | Year Ended September 30, 2019
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on: | |
Non-affiliated issuer investments | $ 54,108,925 |
Foreign currency transactions | (11,552) |
54,097,373 | |
Net change in unrealized appreciation (depreciation) on: | |
Non-affiliated issuer investments | (71,350,351) |
Foreign currency translations | 560 |
(71,349,791) | |
Net Realized and Unrealized Loss | (17,252,418) |
Net Decrease in Net Assets Resulting from Operations | $ (19,458,781) |
Thornburg Core Growth Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment loss | $ (2,206,363) | $ (3,700,426) |
Net realized gain (loss) on investments and foreign currency transactions | 54,097,373 | 165,765,366 |
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (71,349,791) | (16,297,238) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (19,458,781) | 145,767,702 |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | (28,138,946) | 63,051,371 |
Class C Shares | (15,122,046) | (101,970,153) |
Class I Shares | (24,897,376) | (4,992,603) |
Class R3 Shares | (9,425,792) | (15,683,490) |
Class R4 Shares | (293,149) | (7,673,126) |
Class R5 Shares | (10,416,662) | (1,875,573) |
Net Increase (Decrease) in Net Assets | (107,752,752) | 76,624,128 |
NET ASSETS | ||
Beginning of Year | 713,364,329 | 636,740,201 |
End of Year | $ 605,611,577 | $ 713,364,329 |
Thornburg Core Growth Fund | September 30, 2019
Cost of investments for tax purposes | $ 530,783,218 |
Gross unrealized appreciation on a tax basis | 89,910,098 |
Gross unrealized depreciation on a tax basis | (15,572,516) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 74,337,582 |
Thornburg Core Growth Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 550,328,836 | $ 550,328,836 | $ — | $ — |
Short-Term Investments | 54,791,964 | 54,791,964 | — | — |
Total Investments in Securities | $605,120,800 | $605,120,800 | $— | $— |
Total Assets | $605,120,800 | $605,120,800 | $— | $— |
Thornburg Core Growth Fund | September 30, 2019
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.875% |
Next $500 million | 0.825 |
Next $500 million | 0.775 |
Next $500 million | 0.725 |
Over $2 billion | 0.675 |
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Fund | Market Value 9/30/18 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/19 | Dividend Income |
Thornburg Capital Management Fund | $43,785,824 | $277,132,269 | $(266,126,129) | $- | $- | $54,791,964 | $917,456 |
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 541,287 | $ 20,620,298 | 2,648,691 | $ 102,848,390 |
Shares issued to shareholders in reinvestment of dividends | - | - | - | - |
Shares repurchased | (1,275,196) | (48,759,244) | (1,078,735) | (39,797,019) |
Net increase (decrease) | (733,909) | $ (28,138,946) | 1,569,956 | $ 63,051,371 |
Class C Shares | ||||
Shares sold | 152,226 | $ 4,818,016 | 142,699 | $ 4,669,918 |
Shares issued to shareholders in reinvestment of dividends | - | - | - | - |
Shares repurchased | (601,080) | (19,940,062) | (3,186,362) | (106,640,071) |
Net decrease | (448,854) | $ (15,122,046) | (3,043,663) | $ (101,970,153) |
Class I Shares | ||||
Shares sold | 596,624 | $ 24,270,464 | 1,000,610 | $ 39,866,402 |
Shares issued to shareholders in reinvestment of dividends | - | - | - | - |
Shares repurchased | (1,186,019) | (49,167,840) | (1,172,618) | (44,859,005) |
Net decrease | (589,395) | $ (24,897,376) | (172,008) | $ (4,992,603) |
Thornburg Core Growth Fund | September 30, 2019
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class R3 Shares | ||||
Shares sold | 111,678 | $ 4,160,104 | 152,644 | $ 5,576,446 |
Shares issued to shareholders in reinvestment of dividends | - | �� - | - | - |
Shares repurchased | (361,286) | (13,585,896) | (589,803) | (21,259,936) |
Net decrease | (249,608) | $ (9,425,792) | (437,159) | $ (15,683,490) |
Class R4 Shares | ||||
Shares sold | 302,187 | $ 11,693,291 | 180,163 | $ 8,379,103 |
Shares issued to shareholders in reinvestment of dividends | - | - | - | - |
Shares repurchased | (306,810) | (11,986,440) | (233,164) | (16,052,229) |
Net decrease | (4,623) | $ (293,149) | (53,001) | $ (7,673,126) |
Class R5 Shares | ||||
Shares sold | 83,722 | $ 3,402,828 | 211,055 | $ 6,542,444 |
Shares issued to shareholders in reinvestment of dividends | - | - | - | - |
Shares repurchased | (337,535) | (13,819,490) | (414,498) | (8,418,017) |
Net decrease | (253,813) | $ (10,416,662) | (203,443) | $ (1,875,573) |
SHEET RISK AND FOREIGN INVESTMENT RISK
Thornburg Core Growth Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | ||||||||
2019 | $ 40.43 | (0.17) | (0.89) | (1.06) | — | — | — | $ 39.37 |
2018 | $ 32.46 | (0.21) | 8.18 | 7.97 | — | — | — | $ 40.43 |
2017 | $ 28.22 | (0.24) | 4.48 | 4.24 | — | — | — | $ 32.46 |
2016 | $ 26.09 | (0.27) | 2.40 | 2.13 | — | — | — | $ 28.22 |
2015 | $ 26.44 | (0.26) | (0.09) | (0.35) | — | — | — | $ 26.09 |
CLASS C SHARES | ||||||||
2019 | $ 35.11 | (0.42) | (0.78) | (1.20) | — | — | — | $ 33.91 |
2018 | $ 28.43 | (0.42) | 7.10 | 6.68 | — | — | — | $ 35.11 |
2017 | $ 24.90 | (0.41) | 3.94 | 3.53 | — | — | — | $ 28.43 |
2016 | $ 23.20 | (0.41) | 2.11 | 1.70 | — | — | — | $ 24.90 |
2015 | $ 23.69 | (0.42) | (0.07) | (0.49) | — | — | — | $ 23.20 |
CLASS I SHARES | ||||||||
2019 | $ 43.33 | (0.03) | (0.95) | (0.98) | — | — | — | $ 42.35 |
2018 | $ 34.67 | (0.08) | 8.74 | 8.66 | — | — | — | $ 43.33 |
2017 | $ 30.01 | (0.12) | 4.78 | 4.66 | — | — | — | $ 34.67 |
2016 | $ 27.64 | (0.17) | 2.54 | 2.37 | — | — | — | $ 30.01 |
2015 | $ 27.90 | (0.16) | (0.10) | (0.26) | — | — | — | $ 27.64 |
CLASS R3 SHARES | ||||||||
2019 | $ 40.16 | (0.23) | (0.88) | (1.11) | — | — | — | $ 39.05 |
2018 | $ 32.30 | (0.26) | 8.12 | 7.86 | — | — | — | $ 40.16 |
2017 | $ 28.10 | (0.27) | 4.47 | 4.20 | — | — | — | $ 32.30 |
2016 | $ 26.01 | (0.29) | 2.38 | 2.09 | — | — | — | $ 28.10 |
2015 | $ 26.39 | (0.29) | (0.09) | (0.38) | — | — | — | $ 26.01 |
CLASS R4 SHARES | ||||||||
2019 | $ 40.56 | (0.19) | (0.88) | (1.07) | — | — | — | $ 39.49 |
2018 | $ 32.59 | (0.23) | 8.20 | 7.97 | — | — | — | $ 40.56 |
2017 | $ 28.33 | (0.24) | 4.50 | 4.26 | — | — | — | $ 32.59 |
2016 | $ 26.19 | (0.27) | 2.41 | 2.14 | — | — | — | $ 28.33 |
2015 | $ 26.54 | (0.26) | (0.09) | (0.35) | — | — | — | $ 26.19 |
CLASS R5 SHARES | ||||||||
2019 | $ 43.29 | (0.04) | (0.94) | (0.98) | — | — | — | $ 42.31 |
2018 | $ 34.64 | (0.08) | 8.73 | 8.65 | — | — | — | $ 43.29 |
2017 | $ 29.98 | (0.12) | 4.78 | 4.66 | — | — | — | $ 34.64 |
2016 | $ 27.61 | (0.17) | 2.54 | 2.37 | — | — | — | $ 29.98 |
2015 | $ 27.87 | (0.16) | (0.10) | (0.26) | — | — | — | $ 27.61 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
+ | Based on weighted average shares outstanding. |
Thornburg Core Growth Fund
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
(0.44) | 1.35 | 1.35 | (2.62) | 40.69 | $ 259,799 | |
(0.57) | 1.34 | 1.34 | 24.55 | 54.98 | $ 296,429 | |
(0.79) | 1.40 | 1.40 | 15.02 | 72.03 | $ 187,062 | |
(1.00) | 1.40 | 1.40 | 8.16 | 86.24 | $ 199,178 | |
(0.93) | 1.39 | 1.39 | (1.32) | 96.02 | $ 234,284 | |
(1.27) | 2.18 | 2.18 | (3.42) | 40.69 | $ 36,841 | |
(1.33) | 2.14 | 2.14 | 23.50 | 54.98 | $ 53,903 | |
(1.56) | 2.16 | 2.16 | 14.18 | 72.03 | $ 130,165 | |
(1.76) | 2.16 | 2.16 | 7.33 | 86.24 | $ 156,115 | |
(1.69) | 2.15 | 2.15 | (2.07) | 96.02 | $ 176,422 | |
(0.08) | 0.99 | 1.05 | (2.26) | 40.69 | $ 254,721 | |
(0.20) | 0.99 | 1.05 | 24.98 | 54.98 | $ 286,152 | |
(0.37) | 0.99 | 1.05 | 15.53 | 72.03 | $ 234,922 | |
(0.59) | 0.99 | 1.05 | 8.57 | 86.24 | $ 198,658 | |
(0.53) | 0.99 | 1.05 | (0.93) | 96.02 | $ 244,691 | |
(0.60) | 1.50 | 1.80 | (2.76) | 40.69 | $ 30,084 | |
(0.72) | 1.50 | 1.80 | 24.33 | 54.98 | $ 40,963 | |
(0.90) | 1.50 | 1.84 | 14.95 | 72.03 | $ 47,064 | |
(1.10) | 1.50 | 1.81 | 8.04 | 86.24 | $ 55,809 | |
(1.05) | 1.50 | 1.79 | (1.44) | 96.02 | $ 70,310 | |
(0.50) | 1.40 | 1.91 | (2.64) | 40.69 | $ 4,183 | |
(0.62) | 1.40 | 1.97 | 24.46 | 54.98 | $ 4,484 | |
(0.80) | 1.40 | 2.00 | 15.04 | 72.03 | $ 5,330 | |
(1.00) | 1.40 | 1.86 | 8.17 | 86.24 | $ 6,821 | |
(0.94) | 1.40 | 1.82 | (1.32) | 96.02 | $ 9,632 | |
(0.09) | 0.99 | 1.39 | (2.26) | 40.69 | $ 19,984 | |
(0.21) | 0.99 | 1.33 | 24.97 | 54.98 | $ 31,433 | |
(0.38) | 0.99 | 1.34 | 15.54 | 72.03 | $ 32,197 | |
(0.59) | 0.99 | 1.30 | 8.58 | 86.24 | $ 38,629 | |
(0.54) | 0.99 | 1.24 | (0.93) | 96.02 | $ 45,126 |
Thornburg Core Growth Fund
Thornburg Core Growth Fund | September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(c) | a deferred sales charge on redemptions of Class C shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS A SHARES | |||
Actual | $1,000.00 | $1,007.41 | $6.84 |
Hypothetical* | $1,000.00 | $1,018.25 | $6.88 |
CLASS C SHARES | |||
Actual | $1,000.00 | $1,003.55 | $10.70 |
Hypothetical* | $1,000.00 | $1,014.39 | $10.76 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,009.29 | $4.99 |
Hypothetical* | $1,000.00 | $1,020.10 | $5.01 |
CLASS R3 SHARES | |||
Actual | $1,000.00 | $1,006.70 | $7.55 |
Hypothetical* | $1,000.00 | $1,017.55 | $7.59 |
CLASS R4 SHARES | |||
Actual | $1,000.00 | $1,007.39 | $7.05 |
Hypothetical* | $1,000.00 | $1,018.05 | $7.08 |
CLASS R5 SHARES | |||
Actual | $1,000.00 | $1,009.30 | $4.99 |
Hypothetical* | $1,000.00 | $1,020.10 | $5.01 |
† | Expenses are equal to the annualized expense ratio for each class (A: 1.36%; C: 2.13%; I: 0.99%; R3: 1.50%; R4: 1.40%; R5: 0.99%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg Core Growth Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg Core Growth Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg Core Growth Fund | September 30, 2019 (Unaudited)
Thornburg Core Growth Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH082 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class A | TIGAX | 885-215-319 |
Class C | TIGCX | 885-215-293 |
Class I | TINGX | 885-215-244 |
Class R3 | TIGVX | 885-215-178 |
Class R4 | TINVX | 885-215-160 |
Class R5 | TINFX | 885-215-152 |
Class R6 | THGIX | 885-216-820 |
Thornburg International Growth Fund | September 30, 2019 (Unaudited)
Greg Dunn Managing Director Portfolio Manager | Sean Koung Sun,cfa Managing Director Portfolio Manager |
Thornburg International Growth Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. | |
Class A Shares(Incep: 2/1/07) | |||||
Without sales charge | -6.36% | 6.28% | 4.95% | 9.28% | 6.41% |
With sales charge | -10.57% | 4.65% | 3.99% | 8.78% | 6.03% |
Class C Shares(Incep: 2/1/07) | |||||
Without sales charge | -7.04% | 5.48% | 4.16% | 8.45% | 5.66% |
With sales charge | -7.94% | 5.48% | 4.16% | 8.45% | 5.66% |
Class I Shares(Incep: 2/1/07) | -6.02% | 6.67% | 5.35% | 9.76% | 6.93% |
Class R3 Shares(Incep: 2/1/08) | -6.50% | 6.14% | 4.83% | 9.20% | 5.32% |
Class R4 Shares(Incep: 2/1/08) | -6.39% | 6.25% | 4.93% | 9.33% | 5.42% |
Class R5 Shares(Incep: 2/1/08) | -6.05% | 6.68% | 5.35% | 9.76% | 5.85% |
Class R6 Shares(Incep: 2/1/13) | -5.91% | 6.80% | 5.46% | - | 6.30% |
MSCI AC World ex-U.S. Growth Index(Since 2/1/07) | 2.03% | 7.37% | 4.86% | 5.82% | 3.25% |
FINAL VALUE |
Thornburg International Growth Fund | September 30, 2019 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Alibaba Group Holding Ltd. Sponsored ADR | 4.1% |
AstraZeneca plc | 3.7% |
Tencent Holdings Ltd. | 3.6% |
Danone S.A. | 2.7% |
Fomento Economico Mexicano SAB de C.V. | 2.6% |
TAL Education Group | 2.6% |
Lonza Group AG | 2.5% |
Royal Dutch Shell plc Class A | 2.4% |
Wirecard AG | 2.4% |
Galaxy Entertainment Group Ltd. | 2.3% |
SECTOR EXPOSURE | |
Consumer Discretionary | 21.5% |
Information Technology | 17.2% |
Communication Services | 15.1% |
Health Care | 12.0% |
Consumer Staples | 11.5% |
Industrials | 5.4% |
Financials | 5.2% |
Energy | 2.4% |
Other Assets Less Liabilities | 9.7% |
TOP TEN INDUSTRY GROUPS | |
Media & Entertainment | 15.1% |
Software & Services | 13.9% |
Retailing | 12.2% |
Food, Beverage & Tobacco | 9.5% |
Pharmaceuticals, Biotechnology & Life Sciences | 7.8% |
Consumer Services | 7.1% |
Healthcare Equipment & Services | 4.2% |
Diversified Financials | 4.1% |
Commercial & Professional Services | 3.7% |
Semiconductors & Semiconductor Equipment | 3.3% |
COUNTRY EXPOSURE* (percent of equity holdings) | |
China | 13.4% |
United States | 12.8% |
United Kingdom | 11.2% |
Germany | 9.7% |
France | 9.4% |
Japan | 7.7% |
Macao | 4.5% |
Ireland | 4.4% |
Netherlands | 4.0% |
Australia | 3.9% |
India | 3.3% |
Mexico | 2.9% |
Switzerland | 2.8% |
Taiwan | 2.5% |
Russian Federation | 2.2% |
South Korea | 1.9% |
Sweden | 1.8% |
United Arab Emirates | 1.6% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
Thornburg International Growth Fund | September 30, 2019
SHARES | VALUE | ||
Common Stock — 90.3% | |||
Banks — 1.1% | |||
Thrifts & Mortgage Finance — 1.1% | |||
Housing Development Finance Corp. Ltd. | 550,469 | $ 15,356,613 | |
15,356,613 | |||
Commercial & Professional Services — 3.7% | |||
Commercial Services & Supplies — 1.7% | |||
Edenred | 525,765 | 25,231,732 | |
Professional Services — 2.0% | |||
Nihon M&A Center, Inc. | 1,013,700 | 28,500,791 | |
53,732,523 | |||
Consumer Durables & Apparel — 2.2% | |||
Textiles, Apparel & Luxury Goods — 2.2% | |||
adidas AG | 100,144 | 31,179,265 | |
31,179,265 | |||
Consumer Services — 7.1% | |||
Diversified Consumer Services — 2.5% | |||
a | TAL Education Group ADR | 1,084,601 | 37,136,738 |
Hotels, Restaurants & Leisure — 4.6% | |||
Evolution Gaming Group AB | 391,285 | 7,695,286 | |
Galaxy Entertainment Group Ltd. | 5,447,658 | 33,884,089 | |
Sands China Ltd. | 5,422,200 | 24,559,259 | |
103,275,372 | |||
Diversified Financials — 4.1% | |||
Capital Markets — 4.1% | |||
Japan Exchange Group, Inc. | 2,041,513 | 32,078,896 | |
St James’s Place plc | 2,206,812 | 26,574,889 | |
58,653,785 | |||
Energy — 2.4% | |||
Oil, Gas & Consumable Fuels — 2.4% | |||
Royal Dutch Shell plc Class A | 1,172,499 | 34,377,276 | |
34,377,276 | |||
Food, Beverage & Tobacco — 9.5% | |||
Beverages — 2.6% | |||
Fomento Economico Mexicano SAB de CV Sponsored ADR | 410,019 | 37,549,540 | |
Food Products — 5.0% | |||
Danone S.A. | 450,342 | 39,670,530 | |
Kerry Group plc Class A | 283,970 | 33,210,766 | |
Tobacco — 1.9% | |||
ITC Ltd. | 7,561,419 | 27,650,274 | |
�� | 138,081,110 | ||
Healthcare Equipment & Services — 4.2% | |||
Health Care Equipment & Supplies — 2.0% | |||
Siemens Healthineers AG | 741,400 | 29,167,979 | |
Health Care Providers & Services — 2.2% | |||
Fresenius Medical Care AG & Co. KGaA | 478,836 | 32,201,690 | |
61,369,669 | |||
Household & Personal Products — 2.0% | |||
Personal Products — 2.0% | |||
Kose Corp. | 171,600 | 28,963,699 | |
28,963,699 | |||
Media & Entertainment — 15.1% | |||
Entertainment — 7.6% | |||
Activision Blizzard, Inc. | 564,253 | 29,860,269 |
SHARES | VALUE | ||
a | DouYu International Holdings Ltd. ADR | 966,400 | $ 7,914,816 |
a | HUYA, Inc. ADR | 802,271 | 18,965,686 |
a | Netflix, Inc. | 55,020 | 14,724,452 |
a | Sea Ltd. ADR | 318,300 | 9,851,385 |
a | Ubisoft Entertainment S.A. | 387,195 | 27,997,027 |
Interactive Media & Services — 7.5% | |||
carsales.com Ltd. | 2,733,510 | 28,209,788 | |
Tencent Holdings Ltd. | 1,249,600 | 52,645,281 | |
a | Yandex N.V. Class A | 808,998 | 28,323,020 |
218,491,724 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 7.8% | |||
Biotechnology — 1.6% | |||
CSL Ltd. | 146,593 | 23,121,981 | |
Life Sciences Tools & Services — 2.5% | |||
Lonza Group AG | 106,900 | 36,138,530 | |
Pharmaceuticals — 3.7% | |||
AstraZeneca plc | 599,265 | 53,500,935 | |
112,761,446 | |||
Retailing — 12.2% | |||
Internet & Direct Marketing Retail — 10.1% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 350,161 | 58,557,424 |
a | ASOS plc | 664,635 | 20,233,913 |
a | Booking Holdings, Inc. | 16,102 | 31,601,946 |
a | Boozt AB | 2,367,563 | 16,330,426 |
a | Just Eat plc | 1,136,691 | 9,338,882 |
a | Mercari, Inc. | 412,665 | 10,247,450 |
Multiline Retail — 2.1% | |||
B&M European Value Retail S.A. | 6,311,803 | 29,443,999 | |
175,754,040 | |||
Semiconductors & Semiconductor Equipment — 3.3% | |||
Semiconductors & Semiconductor Equipment — 3.3% | |||
SK Hynix, Inc. | 363,900 | 25,007,382 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 2,589,000 | 22,994,277 | |
48,001,659 | |||
Software & Services — 13.9% | |||
Information Technology Services — 13.4% | |||
a | Adyen N.V. | 27,524 | 18,131,875 |
Capgemini SE | 255,400 | 30,092,155 | |
Fidelity National Information Services, Inc. | 193,839 | 25,734,184 | |
Mastercard, Inc. Class A | 120,794 | 32,804,027 | |
a | Network International Holdings plc | 3,115,066 | 20,491,184 |
Visa, Inc. Class A | 187,191 | 32,198,724 | |
Wirecard AG | 214,858 | 34,366,582 | |
Software — 0.5% | |||
a | Blue Prism Group plc | 611,224 | 7,139,536 |
200,958,267 | |||
Transportation — 1.7% | |||
Airlines — 1.7% | |||
a | Ryanair Holdings plc Sponsored ADR | 364,115 | 24,169,954 |
24,169,954 | |||
Total Common Stock(Cost $1,137,603,882) | 1,305,126,402 | ||
Short-Term Investments — 10.1% | |||
b | Thornburg Capital Management Fund | 14,611,678 | 146,116,782 |
Total Short-Term Investments(Cost $146,116,782) | 146,116,782 | ||
Total Investments — 100.4%(Cost $1,283,720,664) | $1,451,243,184 |
Thornburg International Growth Fund | September 30, 2019
SHARES | VALUE | ||
Liabilities Net of Other Assets — (0.4)% | (5,088,222) | ||
Net Assets — 100.0% | $1,446,154,962 |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2019 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Great Britain Pound | BBH | Sell | 41,936,700 | 10/15/2019 | 51,590,821 | $ 310,039 | $ — |
Net unrealized appreciation (depreciation) | $310,039 |
* | Counterparty includes Brown Brothers Harriman & Co. ("BBH"). |
Footnote Legend | |
a | Non-income producing. |
b | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
Thornburg International Growth Fund | September 30, 2019
ASSETS | |
Investments at value (Note 3) | |
Non-affiliated issuers (cost $1,137,603,882) | $ 1,305,126,402 |
Non-controlled affiliated issuer (cost $146,116,782) | 146,116,782 |
Cash | 102,127 |
Cash denominated in foreign currency (cost $52) | 52 |
Receivable for investments sold | 1,783,326 |
Receivable for fund shares sold | 1,388,015 |
Unrealized appreciation on forward currency contracts (Note 7) | 310,039 |
Dividends receivable | 2,124,046 |
Dividend and interest reclaim receivable | 463,335 |
Prepaid expenses and other assets | 88,593 |
Total Assets | 1,457,502,717 |
Liabilities | |
Payable for investments purchased | 7,980,452 |
Payable for fund shares redeemed | 1,646,053 |
Payable to investment advisor and other affiliates (Note 4) | 1,139,102 |
Accounts payable and accrued expenses | 580,673 |
Dividends payable | 1,475 |
Total Liabilities | 11,347,755 |
Net Assets | $ 1,446,154,962 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 178,038,966 |
Net capital paid in on shares of beneficial interest | 1,268,115,996 |
$ 1,446,154,962 |
NET ASSET VALUE | |
Class A Shares: | |
Net asset value and redemption price per share ($107,196,160 applicable to 4,994,461 shares of beneficial interest outstanding - Note 5) | $ 21.46 |
Maximum sales charge, 4.50% of offering price | 1.01 |
Maximum offering price per share | $ 22.47 |
Class C Shares: | |
Net asset value and offering price per share* ($47,979,799 applicable to 2,414,368 shares of beneficial interest outstanding - Note 5) | $ 19.87 |
Class I Shares: | |
Net asset value, offering and redemption price per share ($1,203,538,211 applicable to 54,382,558 shares of beneficial interest outstanding - Note 5) | $ 22.13 |
Class R3 Shares: | |
Net asset value, offering and redemption price per share ($6,274,402 applicable to 295,608 shares of beneficial interest outstanding - Note 5) | $ 21.23 |
Class R4 Shares: | |
Net asset value, offering and redemption price per share ($7,514,745 applicable to 352,190 shares of beneficial interest outstanding - Note 5) | $ 21.34 |
Class R5 Shares: | |
Net asset value, offering and redemption price per share ($28,728,598 applicable to 1,294,455 shares of beneficial interest outstanding - Note 5) | $ 22.19 |
Class R6 Shares: | |
Net asset value, offering and redemption price per share ($44,923,047 applicable to 2,018,345 shares of beneficial interest outstanding - Note 5) | $ 22.26 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Thornburg International Growth Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Dividend income | |
Non-affiliated issuers (net of foreign taxes withheld of $1,169,704) | $ 17,506,565 |
Non-controlled affiliated issuer | 2,678,237 |
Total Income | 20,184,802 |
EXPENSES | |
Investment advisory fees (Note 4) | 12,489,108 |
Administration fees (Note 4) | |
Class A Shares | 94,365 |
Class C Shares | 52,737 |
Class I Shares | 1,100,975 |
Class R3 Shares | 6,412 |
Class R4 Shares | 8,388 |
Class R5 Shares | 28,025 |
Class R6 Shares | 41,323 |
Distribution and service fees (Note 4) | |
Class A Shares | 268,667 |
Class C Shares | 601,071 |
Class R3 Shares | 36,523 |
Class R4 Shares | 23,905 |
Transfer agent fees | |
Class A Shares | 111,235 |
Class C Shares | 66,385 |
Class I Shares | 972,457 |
Class R3 Shares | 28,902 |
Class R4 Shares | 55,269 |
Class R5 Shares | 95,002 |
Class R6 Shares | 7,247 |
Registration and filing fees | |
Class A Shares | 14,015 |
Class C Shares | 13,019 |
Class I Shares | 35,279 |
Class R3 Shares | 12,662 |
Class R4 Shares | 12,664 |
Class R5 Shares | 13,532 |
Class R6 Shares | 12,666 |
Custodian fees | 219,859 |
Professional fees | 138,346 |
Trustee and officer fees (Note 4) | 81,136 |
Other expenses | 165,530 |
Total Expenses | 16,806,704 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (747,767) |
Net Expenses | 16,058,937 |
Net Investment Income | $ 4,125,865 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on: | |
Non-affiliated issuer investments | $ 7,666,949 |
Forward currency contracts (Note 7) | 4,600,793 |
Foreign currency transactions | (4,869) |
12,262,873 | |
Net change in unrealized appreciation (depreciation) on: | |
Non-affiliated issuer investments (net of change in deferred taxes payable of $85,938) | (132,477,143) |
Forward currency contracts (Note 7) | 627,741 |
Foreign currency translations | (22,023) |
(131,871,425) | |
Net Realized and Unrealized Loss | (119,608,552) |
Net Decrease in Net Assets Resulting from Operations | $ (115,482,687) |
Thornburg International Growth Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 4,125,865 | $ 6,336,516 |
Net realized gain (loss) on investments, forward currency contracts and foreign currency transactions | 12,262,873 | 70,339,435 |
Net change in unrealized appreciation (depreciation) on investments, forward currency contracts, foreign currency translations and deferred taxes | (131,871,425) | (31,901,578) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (115,482,687) | 44,774,373 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (3,914,434) | (4,353,047) |
Class C Shares | (2,516,390) | (3,292,844) |
Class I Shares | (50,306,025) | (39,027,537) |
Class R3 Shares | (267,010) | (362,877) |
Class R4 Shares | (355,180) | (585,837) |
Class R5 Shares | (1,314,036) | (1,479,337) |
Class R6 Shares | (1,827,702) | (427,325) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | (8,526,596) | 6,349,924 |
Class C Shares | (21,012,442) | (13,195,591) |
Class I Shares | (121,377,075) | 344,647,497 |
Class R3 Shares | (1,339,119) | (2,096,023) |
Class R4 Shares | (3,982,891) | (4,571,543) |
Class R5 Shares | (5,662,040) | (7,747,585) |
Class R6 Shares | (1,509,937) | 39,857,628 |
Net Increase (Decrease) in Net Assets | (339,393,564) | 358,489,876 |
NET ASSETS | ||
Beginning of Year | 1,785,548,526 | 1,427,058,650 |
End of Year | $ 1,446,154,962 | $ 1,785,548,526 |
Thornburg International Growth Fund | September 30, 2019
Thornburg International Growth Fund | September 30, 2019
Cost of investments for tax purposes | $ 1,284,929,098 |
Gross unrealized appreciation on a tax basis | 249,877,336 |
Gross unrealized depreciation on a tax basis | (83,253,211) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 166,624,125 |
2019 | 2018 | |
Distributions from: | ||
Ordinary income | $ 6,590,447 | $ 3,100,661 |
Capital gains | 53,910,330 | 46,428,143 |
Total | $ 60,500,777 | $ 49,528,804 |
Thornburg International Growth Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities* | ||||
Common Stock(a) | $ 1,305,126,402 | $ 1,282,132,125 | $ 22,994,277 | $ — |
Short-Term Investments | 146,116,782 | 146,116,782 | — | — |
Total Investments in Securities | $1,451,243,184 | $1,428,248,907 | $22,994,277 | $— |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 310,039 | $ — | $ 310,039 | $ — |
Total Assets | $1,451,553,223 | $1,428,248,907 | $23,304,316 | $— |
* | See Schedule of Investments for a summary of the industry exposure as grouped according to the Global Industry Classification Standard (GICS), which is an industry taxonomy developed by MSCI, Inc. and Standard & Poor’s (S&P). |
(a) | At September 30, 2019, industry classifications for Common Stock in level 2 consist of $22,994,277 in Semiconductors & Semiconductor Equipment. |
COMMON STOCK | TOTAL | |
Beginning Balance 9/30/2018 | $ 9,788,157 | $ 9,788,157 |
Accrued Discounts (Premiums) | – | – |
Net Realized Gain (Loss)(a) | (2,329,064) | (2,329,064) |
Gross Purchases | – | – |
Gross Sales | (9,870,684) | (9,870,684) |
Net Change in Unrealized Appreciation (Depreciation)(b)(c) | 2,411,591 | 2,411,591 |
Transfers into Level 3 | – | – |
Transfers out of Level 3 | – | – |
Ending Balance 9/30/2019 | $– | $– |
(a) | Amount of net realized gain (loss) from investments is included in the Fund’s Statement of Operations for the year ended September 30, 2019. |
(b) | Amount of net change in unrealized appreciation (depreciation) on investments is included in the Fund’s Statement of Operations for the year ended September 30, 2019. |
(c) | The net change in unrealized appreciation (depreciation) attributable to securities owned at September 30, 2019, which were valued using significant unobservable inputs, was $0. |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.875% |
Next $500 million | 0.825 |
Next $500 million | 0.775 |
Next $500 million | 0.725 |
Over $2 billion | 0.675 |
Thornburg International Growth Fund | September 30, 2019
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Fund | Market Value 9/30/18 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/19 | Dividend Income |
Thornburg Capital Management Fund | $175,966,031 | $461,285,770 | $(491,135,019) | $- | $- | $146,116,782 | $2,678,237 |
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 1,359,532 | $ 28,489,373 | 2,180,402 | $ 53,138,767 |
Shares issued to shareholders in reinvestment of dividends | 177,269 | 3,634,307 | 176,065 | 3,991,389 |
Shares repurchased | (1,919,924) | (40,650,276) | (2,094,009) | (50,780,232) |
Net increase (decrease) | (383,123) | $ (8,526,596) | 262,458 | $ 6,349,924 |
Class C Shares | ||||
Shares sold | 227,972 | $ 4,288,260 | 707,448 | $ 16,029,623 |
Shares issued to shareholders in reinvestment of dividends | 120,517 | 2,309,109 | 141,824 | 3,023,696 |
Shares repurchased | (1,412,167) | (27,609,811) | (1,401,958) | (32,248,910) |
Net decrease | (1,063,678) | $ (21,012,442) | (552,686) | $ (13,195,591) |
Class I Shares | ||||
Shares sold | 19,144,670 | $ 410,939,079 | 23,812,798 | $ 594,176,730 |
Shares issued to shareholders in reinvestment of dividends | 2,184,161 | 45,702,448 | 1,552,672 | 36,192,788 |
Shares repurchased | (26,924,382) | (578,018,602) | (11,496,975) | (285,722,021) |
Net increase (decrease) | (5,595,551) | $ (121,377,075) | 13,868,495 | $ 344,647,497 |
Class R3 Shares | ||||
Shares sold | 78,781 | $ 1,662,558 | 127,377 | $ 3,040,248 |
Shares issued to shareholders in reinvestment of dividends | 10,759 | 219,052 | 12,148 | 273,090 |
Shares repurchased | (151,941) | (3,220,729) | (226,411) | (5,409,361) |
Net decrease | (62,401) | $ (1,339,119) | (86,886) | $ (2,096,023) |
Class R4 Shares | ||||
Shares sold | 96,637 | $ 2,047,446 | 236,526 | $ 5,641,354 |
Shares issued to shareholders in reinvestment of dividends | 8,904 | 182,073 | 11,955 | 269,581 |
Shares repurchased | (288,377) | (6,212,410) | (438,404) | (10,482,478) |
Net decrease | (182,836) | $ (3,982,891) | (189,923) | $ (4,571,543) |
Class R5 Shares | ||||
Shares sold | 262,504 | $ 5,796,872 | 419,136 | $ 10,484,556 |
Shares issued to shareholders in reinvestment of dividends | 61,537 | 1,291,266 | 63,259 | 1,478,349 |
Shares repurchased | (577,968) | (12,750,178) | (791,632) | (19,710,490) |
Net decrease | (253,927) | $ (5,662,040) | (309,237) | $ (7,747,585) |
Thornburg International Growth Fund | September 30, 2019
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class R6 Shares | ||||
Shares sold | 407,174 | $ 8,774,427 | 1,720,938 | $ 43,557,545 |
Shares issued to shareholders in reinvestment of dividends | 84,527 | 1,777,102 | 18,246 | 427,324 |
Shares repurchased | (545,823) | (12,061,466) | (165,298) | (4,127,241) |
Net increase (decrease) | (54,122) | $ (1,509,937) | 1,573,886 | $ 39,857,628 |
SHEET RISK AND FOREIGN INVESTMENT RISK
FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS AT SEPTEMBER 30, 2019 | ||
ASSET DERIVATIVES | BALANCE SHEET LOCATION | FAIR VALUE |
Foreign currency contracts | Assets - Unrealized appreciation on forward currency contracts | $ 310,039 |
NET REALIZED GAIN (LOSS) ON DERIVATIVE FINANCIAL INSTRUMENTS RECOGNIZED IN INCOME FOR THE YEAR ENDED September 30, 2019 | ||
TOTAL | FORWARD CURRENCY CONTRACTS | |
Foreign currency contracts | $ 4,600,793 | $ 4,600,793 |
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF DERIVATIVE FINANCIAL INSTRUMENTS RECOGNIZED IN INCOME FOR THE YEAR ENDED September 30, 2019 | ||
TOTAL | FORWARD CURRENCY CONTRACTS | |
Foreign currency contracts | $ 627,741 | $ 627,741 |
Thornburg International Growth Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | ||||||||
2019 | $ 23.78 | —(c) | (1.55) | (1.55) | (0.02) | (0.75) | (0.77) | $ 21.46 |
2018 | $ 23.85 | 0.02 | 0.72 | 0.74 | (0.05) | (0.76) | (0.81) | $ 23.78 |
2017 | $ 19.22 | (0.01) | 4.65 | 4.64 | (0.01) | — | (0.01) | $ 23.85 |
2016 | $ 17.78 | —(c) | 1.45 | 1.45 | (0.01) | — | (0.01) | $ 19.22 |
2015 | $ 19.10 | (0.01) | (0.33) | (0.34) | — | (0.98) | (0.98) | $ 17.78 |
CLASS C SHARES | ||||||||
2019 | $ 22.21 | (0.15) | (1.44) | (1.59) | — | (0.75) | (0.75) | $ 19.87 |
2018 | $ 22.50 | (0.15) | 0.67 | 0.52 | (0.05) | (0.76) | (0.81) | $ 22.21 |
2017 | $ 18.26 | (0.13) | 4.37 | 4.24 | — | — | — | $ 22.50 |
2016 | $ 17.01 | (0.13) | 1.38 | 1.25 | — | — | — | $ 18.26 |
2015 | $ 18.45 | (0.14) | (0.32) | (0.46) | — | (0.98) | (0.98) | $ 17.01 |
CLASS I SHARES | ||||||||
2019 | $ 24.51 | 0.07 | (1.60) | (1.53) | (0.10) | (0.75) | (0.85) | $ 22.13 |
2018 | $ 24.48 | 0.12 | 0.72 | 0.84 | (0.05) | (0.76) | (0.81) | $ 24.51 |
2017 | $ 19.69 | 0.10 | 4.75 | 4.85 | (0.06) | — | (0.06) | $ 24.48 |
2016 | $ 18.20 | 0.08 | 1.49 | 1.57 | (0.08) | — | (0.08) | $ 19.69 |
2015 | $ 19.51 | 0.09 | (0.37) | (0.28) | (0.05) | (0.98) | (1.03) | $ 18.20 |
CLASS R3 SHARES | ||||||||
2019 | $ 23.54 | (0.04) | (1.52) | (1.56) | — | (0.75) | (0.75) | $ 21.23 |
2018 | $ 23.66 | (0.02) | 0.71 | 0.69 | (0.05) | (0.76) | (0.81) | $ 23.54 |
2017 | $ 19.07 | (0.01) | 4.60 | 4.59 | — | — | — | $ 23.66 |
2016 | $ 17.66 | —(c) | 1.42 | 1.42 | (0.01) | — | (0.01) | $ 19.07 |
2015 | $ 18.99 | (0.02) | (0.33) | (0.35) | — | (0.98) | (0.98) | $ 17.66 |
CLASS R4 SHARES | ||||||||
2019 | $ 23.63 | (0.02) | (1.52) | (1.54) | — | (0.75) | (0.75) | $ 21.34 |
2018 | $ 23.73 | (0.01) | 0.72 | 0.71 | (0.05) | (0.76) | (0.81) | $ 23.63 |
2017 | $ 19.11 | 0.01 | 4.61 | 4.62 | —(d) | — | — | $ 23.73 |
2016 | $ 17.68 | 0.01 | 1.43 | 1.44 | (0.01) | — | (0.01) | $ 19.11 |
2015 | $ 19.00 | 0.02 | (0.36) | (0.34) | — | (0.98) | (0.98) | $ 17.68 |
CLASS R5 SHARES | ||||||||
2019 | $ 24.58 | 0.07 | (1.61) | (1.54) | (0.10) | (0.75) | (0.85) | $ 22.19 |
2018 | $ 24.54 | 0.10 | 0.75 | 0.85 | (0.05) | (0.76) | (0.81) | $ 24.58 |
2017 | $ 19.73 | 0.08 | 4.79 | 4.87 | (0.06) | — | (0.06) | $ 24.54 |
2016 | $ 18.25 | 0.09 | 1.47 | 1.56 | (0.08) | — | (0.08) | $ 19.73 |
2015 | $ 19.55 | 0.09 | (0.36) | (0.27) | (0.05) | (0.98) | (1.03) | $ 18.25 |
CLASS R6 SHARES | ||||||||
2019 | $ 24.65 | 0.10 | (1.61) | (1.51) | (0.13) | (0.75) | (0.88) | $ 22.26 |
2018 | $ 24.59 | 0.21 | 0.66 | 0.87 | (0.05) | (0.76) | (0.81) | $ 24.65 |
2017 | $ 19.77 | 0.09 | 4.81 | 4.90 | (0.08) | — | (0.08) | $ 24.59 |
2016 | $ 18.29 | 0.11 | 1.47 | 1.58 | (0.10) | — | (0.10) | $ 19.77 |
2015 | $ 19.59 | 0.13 | (0.38) | (0.25) | (0.07) | (0.98) | (1.05) | $ 18.29 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Net investment income (loss) was less than $0.01 per share. |
(d) | Dividends from net investment income per share were less than $(0.01). |
+ | Based on weighted average shares outstanding. |
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
0.02 | 1.32 | 1.32 | (6.36) | 25.83 | $ 107,196 | |
0.09 | 1.32 | 1.32 | 3.28 | 33.28 | $ 127,863 | |
(0.05) | 1.42 | 1.43 | 24.12 | 60.88 | $ 121,989 | |
0.03 | 1.39 | 1.39 | 8.23 | 104.60 | $ 169,248 | |
(0.06) | 1.42 | 1.42 | (2.01) | 92.01 | $ 220,897 | |
(0.78) | 2.08 | 2.08 | (7.04) | 25.83 | $ 47,980 | |
(0.65) | 2.08 | 2.08 | 2.47 | 33.28 | $ 77,262 | |
(0.69) | 2.15 | 2.16 | 23.22 | 60.88 | $ 90,689 | |
(0.73) | 2.15 | 2.15 | 7.35 | 104.60 | $ 98,633 | |
(0.77) | 2.20 | 2.20 | (2.72) | 92.01 | $ 108,062 | |
0.34 | 0.99 | 1.03 | (6.02) | 25.83 | $ 1,203,538 | |
0.47 | 0.99 | 0.99 | 3.61 | 33.28 | $ 1,470,211 | |
0.50 | 0.99 | 1.03 | 24.66 | 60.88 | $ 1,128,804 | |
0.45 | 0.99 | 1.00 | 8.63 | 104.60 | $ 1,030,921 | |
0.47 | 0.99 | 1.01 | (1.58) | 92.01 | $ 1,079,791 | |
(0.17) | 1.50 | 2.02 | (6.50) | 25.83 | $ 6,274 | |
(0.10) | 1.50 | 1.98 | 3.08 | 33.28 | $ 8,426 | |
(0.03) | 1.50 | 2.08 | 24.07 | 60.88 | $ 10,525 | |
(0.02) | 1.50 | 2.04 | 8.03 | 104.60 | $ 13,086 | |
(0.13) | 1.50 | 1.98 | (2.03) | 92.01 | $ 15,851 | |
(0.09) | 1.40 | 1.91 | (6.39) | 25.83 | $ 7,515 | |
(0.02) | 1.40 | 1.88 | 3.16 | 33.28 | $ 12,644 | |
0.07 | 1.40 | 1.84 | 24.19 | 60.88 | $ 17,200 | |
0.04 | 1.40 | 1.68 | 8.17 | 104.60 | $ 40,999 | |
0.10 | 1.40 | 1.65 | (1.97) | 92.01 | $ 38,038 | |
0.32 | 0.99 | 1.29 | (6.05) | 25.83 | $ 28,729 | |
0.40 | 0.99 | 1.25 | 3.64 | 33.28 | $ 38,052 | |
0.40 | 0.99 | 1.28 | 24.68 | 60.88 | $ 45,591 | |
0.45 | 0.99 | 1.21 | 8.56 | 104.60 | $ 66,271 | |
0.46 | 0.99 | 1.20 | (1.53) | 92.01 | $ 66,646 | |
0.47 | 0.89 | 0.99 | (5.91) | 25.83 | $ 44,923 | |
0.82 | 0.89 | 0.99 | 3.72 | 33.28 | $ 51,091 | |
0.44 | 0.89 | 1.03 | 24.82 | 60.88 | $ 12,261 | |
0.60 | 0.89 | 1.34 | 8.65 | 104.60 | $ 5,854 | |
0.66 | 0.89 | 1.43 | (1.43) | 92.01 | $ 4,191 |
Thornburg International Growth Fund
Thornburg International Growth Fund | September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(c) | a deferred sales charge on redemptions of Class C shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS A SHARES | |||
Actual | $1,000.00 | $990.31 | $6.49 |
Hypothetical* | $1,000.00 | $1,018.55 | $6.58 |
CLASS C SHARES | |||
Actual | $1,000.00 | $986.60 | $10.26 |
Hypothetical* | $1,000.00 | $1,014.74 | $10.40 |
CLASS I SHARES | |||
Actual | $1,000.00 | $991.94 | $4.94 |
Hypothetical* | $1,000.00 | $1,020.10 | $5.01 |
CLASS R3 SHARES | |||
Actual | $1,000.00 | $989.75 | $7.48 |
Hypothetical* | $1,000.00 | $1,017.55 | $7.59 |
CLASS R4 SHARES | |||
Actual | $1,000.00 | $990.26 | $6.98 |
Hypothetical* | $1,000.00 | $1,018.05 | $7.08 |
CLASS R5 SHARES | |||
Actual | $1,000.00 | $991.96 | $4.94 |
Hypothetical* | $1,000.00 | $1,020.10 | $5.01 |
CLASS R6 SHARES | |||
Actual | $1,000.00 | $992.87 | $4.45 |
Hypothetical* | $1,000.00 | $1,020.61 | $4.51 |
† | Expenses are equal to the annualized expense ratio for each class (A: 1.30%; C: 2.06%; I: 0.99%; R3: 1.50%; R4: 1.40%; R5: 0.99%; R6: 0.89%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg International Growth Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg International Growth Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg International Growth Fund | September 30, 2019 (Unaudited)
Thornburg International Growth Fund | September 30, 2019 (Unaudited)
Thornburg International Growth Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH1539 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class A | TIBAX | 885-215-558 |
Class C | TIBCX | 885-215-541 |
Class I | TIBIX | 885-215-467 |
Class R3 | TIBRX | 885-215-384 |
Class R4 | TIBGX | 885-215-186 |
Class R5 | TIBMX | 885-215-236 |
Class R6 | TIBOX | 885-216-663 |
Thornburg Investment Income Builder Fund | September 30, 2019 (Unaudited)
• | Financial sector (24% average weighting in the Fund’s equity portfolio) |
• | Communication services sector (16% average weighting in the Fund’s equity portfolio) |
• | Energy sector (12% average weighting in the Fund’s equity portfolio) |
• | Information technology sector (9% average weighting in the Fund’s equity portfolio) |
• | Health care sector (8% average weighting in the Fund’s equity portfolio) |
• | Industrials sector (6% average weighting in the Fund’s equity portfolio) |
• | Utilities sector (5% average weighting in the Fund’s equity portfolio) |
• | Consumer discretionary sector (5% average weighting in the Fund’s equity portfolio) |
Thornburg Investment Income Builder Fund | September 30, 2019 (Unaudited)
• | The 10-year U.S. Treasury bond yields hit 1.67% on September 30, 2019, down from 3.05% at September 30, 2018. |
• | The investment grade corporate bond yield also dropped, as the Bloomberg Barclays U.S. Aggregate Corporate Index (yield-to-worst) fell from 4.07% to 2.91% during the fiscal year. |
• | Yields declined less significantly for sub-investment grade bonds, with the Bloomberg Barclays U.S. Corporate High-Yield Index (yield-to-worst) declining to 5.65% from 6.24% at September 30, 2018. As recently as December 31, 2018, this index showed a yield of 7.95%. |
Brian McMahon Portfolio Manager Chief Investment Officer and Managing Director | Jason Brady,cfa Portfolio Manager CEO, President, and Managing Director |
Ben Kirby,cfa Portfolio Manager Managing Director | Matt Burdett Portfolio Manager Managing Director |
Thornburg Investment Income Builder Fund | September 30, 2019 (Unaudited)
RUSSELL 1000 INDEX | RUSSELL 2000 INDEX | |
Real Estate | 29% | 33% |
Financials | 20% | 27% |
Consumer Discretionary | 15% | 10% |
Energy | 12% | 8% |
Materials | 8% | 2% |
Industrials | 5% | 7% |
Consumer Staples | 4% | 4% |
Communication Services | 3% | 6% |
Utilities | 2% | 2% |
Health Care | 1% | 0% |
Information Technology | 1% | 1% |
Thornburg Investment Income Builder Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. | |
Class A Shares(Incep: 12/24/02) | |||||
Without sales charge | 4.13% | 7.57% | 4.59% | 7.43% | 9.10% |
With sales charge | -0.56% | 5.94% | 3.63% | 6.94% | 8.81% |
Class C Shares(Incep: 12/24/02) | |||||
Without sales charge | 3.35% | 6.78% | 3.83% | 6.67% | 8.42% |
With sales charge | 2.36% | 6.78% | 3.83% | 6.67% | 8.42% |
Class I Shares(Incep: 11/3/03) | 4.39% | 7.87% | 4.90% | 7.77% | 8.50% |
Class R3 Shares(Incep: 2/1/05) | 3.72% | 7.20% | 4.25% | 7.10% | 7.00% |
Class R4 Shares(Incep: 2/1/08) | 3.79% | 7.30% | 4.34% | 7.18% | 5.28% |
Class R5 Shares(Incep: 2/1/07) | 4.20% | 7.74% | 4.76% | 7.64% | 6.02% |
Class R6 Shares(Incep: 4/10/17) | 4.47% | - | - | - | 7.44% |
MSCI World Index Net(USD) (Since 12/24/02) | 1.83% | 10.21% | 7.18% | 9.01% | 8.32% |
FINAL VALUE |
Thornburg Investment Income Builder Fund | September 30, 2019 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Orange SA | 4.5% |
CME Group, Inc. | 4.0% |
China Mobile Ltd. | 3.4% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 3.4% |
JPMorgan Chase & Co. | 3.0% |
TOTAL S.A. | 2.6% |
Home Depot, Inc. | 2.5% |
Vodafone Group plc | 2.5% |
Royal Dutch Shell plc Class A | 2.4% |
QUALCOMM, Inc. | 2.3% |
SECTOR EXPOSURE (percent of equity holdings) | |
Financials | 24.3% |
Communication Services | 15.8% |
Energy | 12.7% |
Information Technology | 10.8% |
Health Care | 9.1% |
Materials | 5.3% |
Consumer Discretionary | 5.0% |
Utilities | 4.7% |
Consumer Staples | 4.2% |
Real Estate | 4.1% |
Industrials | 4.0% |
COUNTRY EXPOSURE * (percent of Fund) | |
United States | 43.0% |
France | 10.7% |
Italy | 6.4% |
Netherlands | 5.7% |
Switzerland | 5.2% |
United Kingdom | 4.7% |
China | 4.0% |
South Korea | 3.5% |
Taiwan | 3.4% |
Spain | 2.1% |
Germany | 1.9% |
Russian Federation | 1.9% |
Australia | 0.7% |
South Africa | 0.4% |
Jamaica | 0.3% |
Canada | 0.2% |
Colombia | 0.2% |
Brazil | 0.1% |
Cayman Islands | 0.1% |
Belgium | 0.1% |
Japan | 0.1% |
Chile | 0.0%** |
Saint Lucia | 0.0%** |
Other Assets Less Liabilities | 5.3% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
** | Country percentage was less than 0.1%. |
Thornburg Investment Income Builder Fund | September 30, 2019 (Unaudited)
QUARTERLY DIVIDEND HISTORY, CLASS A | |||||
YEAR | Q1 | Q2 | Q3 | Q4 | TOTAL |
2003 | 9.2¢ | 11.2¢ | 12.4¢ | 17.5¢ | 50.3¢ |
2004 | 10.2¢ | 12.5¢ | 15.0¢ | 21.8¢ | 59.5¢ |
2005 | 11.0¢ | 13.6¢ | 17.4¢ | 29.0¢ | 71.0¢ |
2006 | 12.5¢ | 16.0¢ | 19.2¢ | 33.0¢ | 80.7¢ |
2007 | 14.2¢ | 18.5¢ | 21.5¢ | 36.8¢ | 91.0¢ |
2008 | 17.9¢ | 21.8¢ | 26.0¢ | 36.8¢ | 102.5¢ |
2009 | 18.0¢ | 24.2¢ | 28.0¢ | 34.5¢ | 104.7¢ |
2010 | 19.8¢ | 25.0¢ | 32.0¢ | 36.0¢ | 112.8¢ |
2011 | 21.0¢ | 26.0¢ | 32.0¢ | 37.5¢ | 116.5¢ |
2012 | 21.5¢ | 26.0¢ | 28.5¢ | 36.0¢ | 112.0¢ |
2013 | 21.5¢ | 25.3¢ | 25.0¢ | 24.5¢ | 96.3¢ |
2014 | 22.5¢ | 24.0¢ | 27.0¢ | 26.0¢ | 99.5¢ |
2015 | 16.5¢ | 20.0¢ | 20.0¢ | 25.3¢ | 81.8¢ |
2016 | 17.0¢ | 18.5¢ | 19.5¢ | 21.5¢ | 76.5¢ |
2017 | 17.0¢ | 20.0¢ | 26.0¢ | 29.5¢ | 92.5¢ |
2018 | 18.0¢ | 20.0¢ | 24.0¢ | 28.0¢ | 90.0¢ |
2019 | 19.0¢ | 21.5¢ | 25.0¢ |
As of 9/30/2019 | |
Telecommunication Services | 15.8% |
Diversified Financials | 15.7% |
Energy | 12.7% |
Pharmaceuticals, Biotechnology & Life Sciences | 9.1% |
Semiconductors & Semiconductor Equipment | 8.5% |
Banks | 5.5% |
Materials | 5.3% |
Utilities | 4.7% |
Real Estate | 4.1% |
Insurance | 3.0% |
As of 3/31/2019 | |
Telecommunication Services | 16.8% |
Diversified Financials | 15.4% |
Energy | 10.8% |
Pharmaceuticals, Biotechnology & Life Sciences | 8.3% |
Semiconductors & Semiconductor Equipment | 7.2% |
Utilities | 4.9% |
Materials | 4.7% |
Banks | 4.7% |
Insurance | 4.6% |
Capital Goods | 4.5% |
As of 6/30/2019 | |
Telecommunication Services | 17.3% |
Diversified Financials | 15.1% |
Energy | 13.1% |
Pharmaceuticals, Biotechnology & Life Sciences | 7.9% |
Semiconductors & Semiconductor Equipment | 7.8% |
Banks | 5.9% |
Materials | 5.1% |
Utilities | 4.7% |
Real Estate | 3.9% |
Transportation | 3.9% |
As of 12/31/2018 | |
Telecommunication Services | 16.6% |
Diversified Financials | 15.8% |
Energy | 13.6% |
Semiconductors & Semiconductor Equipment | 7.4% |
Pharmaceuticals, Biotechnology & Life Sciences | 7.1% |
Utilities | 6.1% |
Banks | 5.3% |
Capital Goods | 5.0% |
Materials | 4.9% |
Real Estate | 3.4% |
Thornburg Investment Income Builder Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
Common Stock — 86.2% | |||
Automobiles & Components — 0.3% | |||
Automobiles — 0.3% | |||
Fiat Chrysler Automobiles N.V. | 3,735,094 | $ 48,331,707 | |
48,331,707 | |||
Banks — 4.7% | |||
Banks — 4.7% | |||
BNP Paribas S.A. | 1,962,772 | 95,563,603 | |
Citigroup, Inc. | 400,000 | 27,632,000 | |
ING Groep N.V. | 11,256,600 | 117,832,771 | |
JPMorgan Chase & Co. | 3,650,000 | 429,568,500 | |
670,596,874 | |||
Capital Goods — 1.0% | |||
Aerospace & Defense — 0.4% | |||
BAE Systems plc | 7,389,500 | 51,788,810 | |
Construction & Engineering — 0.6% | |||
Eiffage S.A. | 268,461 | 27,832,983 | |
Vinci S.A. | 521,519 | 56,172,234 | |
135,794,027 | |||
Consumer Services — 1.5% | |||
Hotels, Restaurants & Leisure — 1.5% | |||
Las Vegas Sands Corp. | 3,717,000 | 214,693,920 | |
214,693,920 | |||
Diversified Financials — 13.6% | |||
Capital Markets — 8.7% | |||
a | Apollo Investment Corp. | 8,167,081 | 131,408,333 |
Ares Capital Corp. | 15,809,312 | 294,606,529 | |
CME Group, Inc. | 2,668,500 | 563,960,790 | |
Lazard Ltd. Class A | 429,000 | 15,015,000 | |
a | Solar Capital Ltd. | 4,607,900 | 95,153,135 |
UBS Group AG | 11,662,172 | 132,390,571 | |
Diversified Financial Services — 1.8% | |||
AXA Equitable Holdings, Inc. | 11,482,100 | 254,443,336 | |
Mortgage Real Estate Investment Trusts — 3.1% | |||
Chimera Investment Corp. | 8,838,507 | 172,881,197 | |
Granite Point Mortgage Trust, Inc. | 1,417,500 | 26,563,950 | |
a | MFA Financial, Inc. | 33,270,000 | 244,867,200 |
1,931,290,041 | |||
Energy — 10.8% | |||
Oil, Gas & Consumable Fuels — 10.8% | |||
China Petroleum & Chemical Corp. Class H | 137,802,000 | 81,931,858 | |
Eni SpA | 19,721,652 | 301,669,547 | |
b,c,d | Malamute Energy, Inc., | 12,439 | 130,610 |
Repsol S.A. | 11,786,023 | 184,214,216 | |
Royal Dutch Shell plc Sponsored ADR Class A | 5,847,000 | 344,095,950 | |
Targa Resources Corp. | 1,641,100 | 65,922,987 | |
TOTAL S.A. | 6,980,900 | 364,349,028 | |
Valero Energy Corp. | 2,295,000 | 195,625,800 | |
1,537,939,996 | |||
Food & Staples Retailing — 1.9% | |||
Food & Staples Retailing — 1.9% | |||
Walgreens Boots Alliance, Inc. | 4,950,000 | 273,784,500 | |
273,784,500 | |||
Food, Beverage & Tobacco — 1.7% | |||
Food Products — 0.4% |
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
Nestle S.A. | 493,100 | $ 53,497,187 | |
Tobacco — 1.3% | |||
KT&G Corp. | 2,200,400 | 194,074,489 | |
247,571,676 | |||
Insurance — 2.6% | |||
Insurance — 2.6% | |||
Assicurazioni Generali SpA | 725,047 | 14,050,916 | |
AXA S.A. | 1,567,000 | 40,017,319 | |
Legal & General Group plc | 7,920,800 | 24,191,715 | |
NN Group N.V. | 8,095,300 | 287,115,874 | |
365,375,824 | |||
Materials — 4.6% | |||
Chemicals — 1.4% | |||
LG Chem Ltd. | 131,600 | 32,950,884 | |
LyondellBasell Industries N.V. Class A | 1,870,000 | 167,308,900 | |
Metals & Mining — 3.2% | |||
Glencore plc | 60,788,800 | 182,933,100 | |
MMC Norilsk Nickel PJSC ADR | 10,417,300 | 266,682,880 | |
649,875,764 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 7.9% | |||
Biotechnology — 1.5% | |||
AbbVie, Inc. | 2,716,994 | 205,730,786 | |
Pharmaceuticals — 6.4% | |||
AstraZeneca plc | 1,814,100 | 161,958,477 | |
Merck & Co., Inc. | 3,643,000 | 306,667,740 | |
Novartis AG | 1,200,100 | 104,059,570 | |
Pfizer, Inc. | 2,606,000 | 93,633,580 | |
Roche Holding AG | 855,700 | 249,023,661 | |
1,121,073,814 | |||
Real Estate — 3.6% | |||
Equity Real Estate Investment Trusts — 3.6% | |||
Crown Castle International Corp. | 1,472,881 | 204,745,188 | |
Lamar Advertising Co. Class A | 1,621,351 | 132,837,287 | |
Outfront Media, Inc. | 3,016,100 | 83,787,258 | |
Washington Real Estate Investment Trust | 3,147,000 | 86,101,920 | |
507,471,653 | |||
Retailing — 2.5% | |||
Specialty Retail — 2.5% | |||
Home Depot, Inc. | 1,538,100 | 356,869,962 | |
356,869,962 | |||
Semiconductors & Semiconductor Equipment — 7.4% | |||
Semiconductors & Semiconductor Equipment — 7.4% | |||
Broadcom, Inc. | 895,000 | 247,082,650 | |
QUALCOMM, Inc. | 4,300,000 | 328,004,000 | |
c | Taiwan Semiconductor Manufacturing Co., Ltd. | 53,830,000 | 478,092,671 |
1,053,179,321 | |||
Technology Hardware & Equipment — 1.9% | |||
Technology Hardware, Storage & Peripherals — 1.9% | |||
Samsung Electronics Co., Ltd. | 6,629,500 | 271,853,008 | |
271,853,008 | |||
Telecommunication Services — 13.6% | |||
Diversified Telecommunication Services — 7.3% | |||
AT&T, Inc. | 2,880,000 | 108,979,200 | |
BT Group plc | 9,420,820 | 20,685,573 | |
Deutsche Telekom AG | 13,736,100 | 230,473,838 |
Thornburg Investment Income Builder Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
Koninklijke KPN N.V. | 9,060,800 | $ 28,254,727 | |
Orange S.A. | 41,129,580 | 645,316,324 | |
Wireless Telecommunication Services — 6.3% | |||
China Mobile Ltd. | 58,587,774 | 484,761,747 | |
MTN Group Ltd. | 8,286,886 | 52,692,448 | |
Vodafone Group plc | 178,732,524 | 356,011,991 | |
1,927,175,848 | |||
Transportation — 2.5% | |||
Transportation Infrastructure — 2.5% | |||
Atlantia SpA | 12,466,878 | 301,523,884 | |
Sydney Airport | 10,835,656 | 58,727,623 | |
360,251,507 | |||
Utilities — 4.1% | |||
Electric Utilities — 4.1% | |||
Electricite de France S.A. | 25,533,784 | 285,819,813 | |
Enel SpA | 38,743,171 | 289,304,933 | |
575,124,746 | |||
Total Common Stock(Cost $10,133,235,172) | 12,248,254,188 | ||
Preferred Stock — 0.4% | |||
Banks — 0.1% | |||
Banks — 0.1% | |||
b,e,f,g | First Tennessee Bank N.A., 3.75% (LIBOR 3 Month + 0.85%) | 12,000 | 8,880,000 |
8,880,000 | |||
Diversified Financials — 0.0% | |||
Capital Markets — 0.0% | |||
f,g | Morgan Stanley, Series A 4.00% (LIBOR 3 Month + 0.70%) | 120,000 | 2,623,200 |
2,623,200 | |||
Energy — 0.1% | |||
Oil, Gas & Consumable Fuels — 0.1% | |||
g | Crestwood Equity Partners L.P., 9.25% | 2,166,596 | 20,008,514 |
20,008,514 | |||
Miscellaneous — 0.1% | |||
U.S. Government Agencies — 0.1% | |||
g | Farm Credit Bank of Texas, Series 1, 10.00% | 9,000 | 10,001,250 |
10,001,250 | |||
Telecommunication Services — 0.1% | |||
Diversified Telecommunication Services — 0.1% | |||
b,e,h | Centaur Funding Corp., 9.08%, 4/21/2020 | 15,000 | 15,547,500 |
15,547,500 | |||
Total Preferred Stock(Cost $60,828,706) | 57,060,464 | ||
Asset Backed Securities — 0.1% | |||
Other Asset Backed — 0.1% | |||
e | CFG Investments Ltd. Series 2019-1 Class A, 5.56%, 8/15/2029 | $ 13,500,000 | 13,519,633 |
b,c,e,f | Northwind Holdings, LLC, Series 2007-1A Class A1, 3.30% (LIBOR 3 Month + 0.78%), 12/1/2037 | 831,250 | 819,613 |
14,339,246 | |||
Total Asset Backed Securities(Cost $14,237,536) | 14,339,246 | ||
Corporate Bonds — 7.1% | |||
Automobiles & Components — 0.0% | |||
Auto Components — 0.0% | |||
e,h | Nexteer Automotive Group Ltd., 5.875%, 11/15/2021 | 4,300,000 | 4,374,465 |
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
4,374,465 | |||
Capital Goods — 0.1% | |||
Machinery — 0.1% | |||
Mueller Industries, Inc., 6.00%, 3/1/2027 | $ 7,679,000 | $ 7,755,790 | |
7,755,790 | |||
Commercial & Professional Services — 0.2% | |||
Commercial Services & Supplies — 0.2% | |||
e,h | Cimpress N.V., 7.00%, 6/15/2026 | 26,610,000 | 27,469,503 |
e | ServiceMaster Co., LLC, 5.125%, 11/15/2024 | 2,480,000 | 2,573,000 |
30,042,503 | |||
Consumer Durables & Apparel — 0.1% | |||
Leisure Products — 0.1% | |||
Vista Outdoor, Inc., 5.875%, 10/1/2023 | 22,764,000 | 21,170,520 | |
21,170,520 | |||
Consumer Services — 0.0% | |||
Hotels, Restaurants & Leisure — 0.0% | |||
e | Nathan’s Famous, Inc., 6.625%, 11/1/2025 | 6,188,000 | 6,157,060 |
6,157,060 | |||
Diversified Financials — 0.4% | |||
Capital Markets — 0.1% | |||
e | Compass Group Diversified Holdings, LLC, 8.00%, 5/1/2026 | 17,000,000 | 17,977,500 |
b,c,e | JPR Royalty Sub, LLC, 14.00%, 9/1/2020 | 5,000,000 | 500,000 |
Consumer Finance — 0.1% | |||
e | FirstCash, Inc., 5.375%, 6/1/2024 | 7,500,000 | 7,725,000 |
Diversified Financial Services — 0.2% | |||
e | Antares Holdings L.P., 6.00%, 8/15/2023 | 18,000,000 | 18,647,922 |
f,g | JPMorgan Chase & Co., Series I, 5.736% (LIBOR 3 Month + 3.47%), 10/30/2019 | 10,759,000 | 10,809,427 |
55,659,849 | |||
Energy — 2.1% | |||
Energy Equipment & Services — 0.2% | |||
Enviva Partners L.P. / Enviva Partners Finance Corp., 8.50%, 11/1/2021 | 17,373,000 | 17,763,892 | |
Odebrecht Offshore Drilling Finance Ltd., | |||
e,h | 6.72%, 12/1/2022 | 3,836,283 | 3,750,005 |
e,h,i | 7.72%, 12/1/2026 PIK | 16,351,207 | 4,277,803 |
e,g,h | Odebrecht Oil & Gas Finance Ltd. (Guaranty: Odebrecht Oleo e Gas S.A.) Zero Coupon , 12/31/2099 | 2,337,727 | 20,455 |
d,e,h,j | Schahin II Finance Co. SPV Ltd., 5.875%, 9/25/2023 | 11,640,133 | 811,550 |
Oil, Gas & Consumable Fuels — 1.9% | |||
e | Enable Oklahoma Intrastate Transmission, LLC (Guaranty: Enable Midstream Partners L.P.), 6.25%, 3/15/2020 | 2,500,000 | 2,536,795 |
f | Energy Transfer Operating L.P., 5.271% (LIBOR 3 Month + 3.02%), 11/1/2066 | 13,820,000 | 10,366,382 |
b,f | Enterprise TE Partners L.P., Series 1, 4.909% (LIBOR 3 Month + 2.78%), 6/1/2067 | 7,000,000 | 6,483,323 |
Kinder Morgan Energy Partners L.P., | |||
5.00%, 3/1/2043 | 10,000,000 | 10,973,425 | |
5.80%, 3/15/2035 | 10,000,000 | 11,743,838 | |
Kinder Morgan, Inc., | |||
5.30%, 12/1/2034 | 23,630,000 | 27,137,340 | |
5.55%, 6/1/2045 | 5,000,000 | 5,893,560 | |
b,c,d,e,j | Linc USA GP / Linc Energy Finance USA, Inc., 9.625%, 10/31/2017 | 15,590,162 | 646,992 |
e | Par Petroleum, LLC / Par Petroleum Finance Corp., 7.75%, 12/15/2025 | 5,560,000 | 5,518,300 |
d,j | RAAM Global Energy Co., 12.50%, 10/1/2015 | 15,000,000 | 18,750 |
c,e,h,i | Schahin II Finance Co. SPV Ltd., 8.00%, 5/25/2020 PIK | 680,014 | 639,213 |
Summit Midstream Holdings, LLC / Summit Midstream Finance Corp., 5.50%, 8/15/2022 | 7,497,000 | 6,841,013 | |
g,k | Summit Midstream Partners L.P., Series A, 9.50% (LIBOR 3 Month + 7.43%), 12/15/2022 | 27,036,000 | 19,465,920 |
Transcontinental Gas Pipe Line Co., LLC, 7.85%, 2/1/2026 | 32,700,000 | 41,476,625 | |
Williams Companies, Inc., | |||
3.70%, 1/15/2023 | 29,129,000 | 30,123,244 | |
4.55%, 6/24/2024 | 69,318,000 | 74,607,384 | |
5.75%, 6/24/2044 | 14,198,000 | 16,384,467 |
Thornburg Investment Income Builder Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
297,480,276 | |||
Food & Staples Retailing — 0.1% | |||
Food & Staples Retailing — 0.1% | |||
e | C&S Group Enterprises, LLC, 5.375%, 7/15/2022 | $ 7,860,000 | $ 7,948,425 |
e | KeHE Distributors, LLC / KeHE Finance Corp. 8.625%, 10/15/2026 | 5,852,000 | 5,969,040 |
13,917,465 | |||
Food, Beverage & Tobacco — 0.4% | |||
Food Products — 0.1% | |||
B&G Foods, Inc., 5.25%, 4/1/2025 | 10,000,000 | 10,212,500 | |
Tobacco — 0.3% | |||
Vector Group Ltd., | |||
e | 6.125%, 2/1/2025 | 8,826,000 | 8,450,895 |
e | 10.50%, 11/1/2026 | 41,900,000 | 42,738,000 |
61,401,395 | |||
Healthcare Equipment & Services — 0.2% | |||
Health Care Providers & Services — 0.2% | |||
e | Tenet Healthcare Corp., 6.25%, 2/1/2027 | 23,500,000 | 24,476,425 |
24,476,425 | |||
Insurance — 0.5% | |||
Insurance — 0.5% | |||
e,g,h,k | Dai-ichi Life Insurance Co. Ltd., 7.25% (LIBOR 3 Month + 4.56%), 7/25/2021 | 9,000,000 | 9,663,930 |
e | MetLife, Inc., 9.25%, 4/8/2038 | 12,000,000 | 17,430,000 |
e,h,k | QBE Insurance Group Ltd., 7.50% (USSW10 + 6.03%), 11/24/2043 | 40,000,000 | 44,560,000 |
71,653,930 | |||
Materials — 0.4% | |||
Chemicals — 0.2% | |||
Consolidated Energy Finance S.A., | |||
e,f,h | 5.869% (LIBOR 3 Month + 3.75%), 6/15/2022 | 5,500,000 | 5,487,192 |
e,h | 6.875%, 6/15/2025 | 13,000,000 | 13,032,500 |
e,h | Kissner Holdings L.P. / Kissner Milling Co. Ltd. / BSC Holding, Inc. / Kissner USA, 8.375%, 12/1/2022 | 14,520,000 | 15,137,100 |
Construction Materials — 0.1% | |||
e,h | CIMPOR Financial Operations B.V., 5.75%, 7/17/2024 | 8,000,000 | 6,000,000 |
Containers & Packaging — 0.1% | |||
e | Matthews International Corp. 5.25%, 12/1/2025 | 11,965,000 | 11,336,837 |
50,993,629 | |||
Media & Entertainment — 0.3% | |||
Hotels, Restaurants & Leisure — 0.1% | |||
Speedway Motorsports, Inc. 5.125%, 2/1/2023 | 10,771,000 | 10,932,565 | |
Media — 0.2% | |||
e | CCO Holdings, LLC / CCO Holdings Capital Corp., 5.375%, 6/1/2029 | 4,390,000 | 4,675,350 |
e | CSC Holdings LLC, 6.50%, 2/1/2029 | 4,000,000 | 4,445,900 |
DISH DBS Corp., 5.125%, 5/1/2020 | 4,000,000 | 4,045,000 | |
e | Salem Media Group, Inc., 6.75%, 6/1/2024 | 16,742,000 | 14,481,830 |
e,h | Telenet Finance Luxembourg Notes Sarl, 5.50%, 3/1/2028 | 10,000,000 | 10,475,000 |
49,055,645 | |||
Real Estate — 0.3% | |||
Equity Real Estate Investment Trusts — 0.3% | |||
CoreCivic, Inc. | |||
4.625%, 5/1/2023 | 16,756,000 | 16,234,721 | |
4.75%, 10/15/2027 | 23,901,000 | 21,003,004 | |
37,237,725 | |||
Retailing — 0.1% | |||
Specialty Retail — 0.1% | |||
e | Michaels Stores, Inc. 8.00%, 7/15/2027 | 18,500,000 | 18,523,125 |
18,523,125 |
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
Software & Services — 0.0% | |||
Information Technology Services — 0.0% | |||
e | Harland Clarke Holdings Corp., 8.375%, 8/15/2022 | $ 6,500,000 | $ 5,330,000 |
5,330,000 | |||
Technology Hardware & Equipment — 0.1% | |||
Communications Equipment — 0.1% | |||
Anixter, Inc. 6.00%, 12/1/2025 | 8,000,000 | 8,840,000 | |
8,840,000 | |||
Telecommunication Services — 1.7% | |||
Diversified Telecommunication Services — 1.4% | |||
h | Deutsche Telekom International Finance B.V. (Guaranty: Deutsche Telekom AG), 8.75%, 6/15/2030 | 26,150,000 | 38,612,392 |
e,h | Digicel Ltd., 6.00%, 4/15/2021 | 51,737,000 | 36,475,102 |
Qwest Corp., 6.75%, 12/1/2021 | 9,000,000 | 9,726,840 | |
h | Telefonica Emisiones SAU (Guaranty: Telefonica S.A.), 7.045%, 6/20/2036 | 85,390,000 | 117,889,864 |
Wireless Telecommunication Services — 0.3% | |||
e,h | Digicel International Finance Ltd., 8.75%, 5/25/2024 | 4,300,000 | 4,085,000 |
e,h | Millicom International Cellular S.A., 6.00%, 3/15/2025 | 28,423,000 | 29,453,334 |
236,242,532 | |||
Transportation — 0.1% | |||
Airlines — 0.1% | |||
American Airlines Pass Through Trust, Series 2013-2 Class A, 4.95%, 7/15/2024 | 2,644,444 | 2,771,906 | |
e,h | Guanay Finance Ltd., 6.00%, 12/15/2020 | 4,328,391 | 4,371,676 |
US Airways Pass Through Trust, Series 2010-1 Class A, 6.25%, 10/22/2024 | 1,450,581 | 1,577,361 | |
8,720,943 | |||
Total Corporate Bonds(Cost $935,810,741) | 1,009,033,277 | ||
Municipal Bonds — 0.0% | |||
San Bernardino County Redevelopment Agency Successor Agency, Class A, 8.45%, 9/1/2030 | 2,555,000 | 2,667,522 | |
Total Municipal Bonds(Cost $2,513,639) | 2,667,522 | ||
Other Government — 0.1% | |||
Brazilian Government International Bond (BRL), 12.50%, 1/5/2022 | 20,000,000 | 5,517,178 | |
Total Other Government(Cost $12,498,520) | 5,517,178 | ||
Mortgage Backed — 0.0% | |||
l | Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 4.774%, 8/25/2033 | 57,725 | 55,617 |
l | Citigroup Mortgage Loan Trust, Inc., Whole Loan Securities Trust CMO, Series 2004-HYB2 Class B1, 4.917%, 3/25/2034 | 346,973 | 305,569 |
l | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 4.38%, 8/25/2034 | 2,234,530 | 1,981,448 |
Total Mortgage Backed(Cost $2,710,496) | 2,342,634 | ||
Loan Participations — 0.8% | |||
Commercial & Professional Services — 0.4% | |||
Professional Services — 0.4% | |||
m | Harland Clarke Holdings Corp., 6.854% (LIBOR 3 Month + 4.75%), 11/3/2023 | 13,083,942 | 10,172,765 |
m | Par Pacific Holdings, Inc., 9.10% (LIBOR 3 Month + 6.75%), 12/17/2025 | 9,945,000 | 9,920,138 |
m | R.R. Donnelley & Sons Company, 7.044% (LIBOR 3 Month + 5.00%), 1/15/2024 | 16,872,500 | 16,914,681 |
RGIS Services, LLC, | |||
m | 9.756% (LIBOR 3 Month + 7.50%), 3/31/2023 | 3,438,610 | 2,951,462 |
m | 9.544% (LIBOR 1 Month + 7.50%), 3/31/2023 | 3,918,296 | 6,788,364 |
m | 9.624% (LIBOR 3 Month + 7.50%), 3/31/2023 | 7,908,804 | 3,363,191 |
50,110,601 | |||
Energy — 0.1% | |||
Oil, Gas & Consumable Fuels — 0.1% | |||
c,i | Malamute Energy, Inc., 2.104% (LIBOR 3 Month + 1.50% PIK), 11/22/2022 | 313,684 | 313,684 |
m,n,o | McDermott Technology Americas, Inc., 7.104% (LIBOR 3 Month + 5.00%), 5/9/2025 | 12,614,849 | 7,931,587 |
Thornburg Investment Income Builder Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
8,245,271 | |||
Materials — 0.0% | |||
Chemicals — 0.0% | |||
m | US Salt LLC, 6.794% (LIBOR 1 Month + 4.75%), 1/16/2026 | $ 5,434,690 | $ 5,455,070 |
5,455,070 | |||
Media & Entertainment — 0.1% | |||
Media — 0.1% | |||
m | ABG Intermediate Holdings 2, LLC, 9.794% (LIBOR 1 Month + 7.75%), 9/29/2025 | 14,711,566 | 14,660,076 |
14,660,076 | |||
Retailing — 0.0% | |||
Specialty Retail — 0.0% | |||
m | Office Depot, Inc., 7.307% (LIBOR 1 Month + 5.25%), 11/8/2022 | 2,550,647 | 2,566,588 |
2,566,588 | |||
Software & Services — 0.1% | |||
Internet Software & Services — 0.1% | |||
m | Dun & Bradstreet Corporation (The), 7.054% (LIBOR 1 Month + 5.00%), 2/6/2026 | 16,910,000 | 17,009,600 |
17,009,600 | |||
Transportation — 0.1% | |||
Airlines — 0.1% | |||
b,c,m | Wheels Up Partners, LLC, 8.632% (LIBOR 3 Month + 6.50%), 8/17/2025 | 11,346,957 | 11,120,017 |
11,120,017 | |||
Total Loan Participations(Cost $116,253,437) | 109,167,223 | ||
Short-Term Investments — 4.3% | |||
a | Thornburg Capital Management Fund | 61,443,044 | 614,430,438 |
Total Short-Term Investments(Cost $614,430,438) | 614,430,438 | ||
Total Investments — 99.0%(Cost $11,892,518,685) | $14,062,812,170 | ||
Other Assets Less Liabilities — 1.0% | 143,410,865 | ||
Net Assets — 100.0% | $14,206,223,035 |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2019 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Great Britain Pound | SSB | Sell | 489,170,800 | 10/10/2019 | 601,660,068 | $ 12,391,145 | $ — |
Swiss Franc | SSB | Sell | 48,415,700 | 10/23/2019 | 48,598,730 | 1,118,058 | — |
Swiss Franc | SSB | Buy | 8,150,100 | 10/23/2019 | 8,180,911 | — | (236,710) |
Chinese Yuan Renminbi | SSB | Sell | 1,737,154,800 | 10/25/2019 | 243,180,070 | 8,987,156 | — |
Korean Won | SSB | Sell | 80,214,552,000 | 10/30/2019 | 67,110,322 | 870,992 | — |
Korean Won | SSB | Sell | 25,682,416,000 | 10/30/2019 | 21,486,815 | 53,415 | — |
Euro | SSB | Sell | 1,360,650,600 | 11/15/2019 | 1,487,876,827 | 45,091,871 | — |
Euro | SSB | Buy | 57,083,400 | 11/15/2019 | 62,420,924 | — | (1,043,075) |
Thailand Baht | BBH | Sell | 1,234,996,300 | 11/21/2019 | 40,415,253 | — | (483,919) |
Thailand Baht | BBH | Buy | 234,532,100 | 11/21/2019 | 7,675,063 | 1,588 | — |
Thailand Baht | BBH | Buy | 187,414,700 | 11/21/2019 | 6,133,146 | 6,681 | — |
Thailand Baht | BBH | Buy | 356,338,500 | 11/21/2019 | 11,661,177 | 40,054 | — |
Thailand Baht | BBH | Buy | 151,468,800 | 11/21/2019 | 4,956,816 | — | (1,570) |
Thailand Baht | BBH | Buy | 111,781,700 | 11/21/2019 | 3,658,056 | — | (27,460) |
Thailand Baht | BBH | Buy | 33,578,300 | 11/21/2019 | 1,098,850 | — | (1,321) |
Thailand Baht | BBH | Buy | 58,717,400 | 11/21/2019 | 1,921,527 | 1,703 | — |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2019 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Thailand Baht | BBH | Buy | 101,164,800 | 11/21/2019 | 3,310,618 | $ 5,227 | $ — |
Total | $68,567,890 | $(1,794,055) | |||||
Net unrealized appreciation (depreciation) | $66,773,835 |
* | Counterparties include State Street Bank and Trust Company (“SSB”) and Brown Brothers Harriman & Co. (“BBH”). |
Footnote Legend | |
a | Investment in Affiliates. |
b | Illiquid security. |
c | Security currently fair valued by the Valuation and Pricing Committee using procedures approved by the Trustees’ Audit Committee. |
d | Non-income producing. |
e | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2019, the aggregate value of these securities in the Fund’s portfolio was $486,938,970, representing 3.43% of the Fund’s net assets. |
f | Floating Rate Security. Stated interest/floor rate was in effect at September 30, 2019. |
g | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
h | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
i | Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at September 30, 2019. |
j | Bond in default. |
k | Fixed to floating security that initially pays a fixed rate and converts to a floating rate coupon at a specified date in the future. The rate presented is a fixed rate. |
l | Variable rate coupon, rate shown as of September 30, 2019. |
m | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 2019. |
n | This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be effective at the time of settlement and will be based upon the London-Interbank Offered Rate ("LIBOR") plus a premium which was determined at the time of purchase. |
o | When-issued security. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
ARM | Adjustable Rate Mortgage |
BRL | Denominated in Brazilian Real |
CMO | Collateralized Mortgage Obligation |
LIBOR | London Interbank Offered Rates |
MFA | Mortgage Finance Authority |
SPV | Special Purpose Vehicle |
Thornburg Investment Income Builder Fund | September 30, 2019
ASSETS | |
Investments at value (Note 3) | |
Non-affiliated issuers (cost $10,768,070,531) | $ 12,976,953,064 |
Non-controlled affiliated issuers (cost $1,124,448,154) | 1,085,859,106 |
Cash | 7,519,492 |
Cash denominated in foreign currency (cost $29) | 29 |
Receivable for investments sold | 27,643,440 |
Receivable for fund shares sold | 11,529,997 |
Unrealized appreciation on forward currency contracts (Note 7) | 68,567,890 |
Dividends receivable | 37,527,145 |
Dividend and interest reclaim receivable | 31,178,498 |
Interest receivable | 19,872,487 |
Prepaid expenses and other assets | 195,297 |
Total Assets | 14,266,846,445 |
Liabilities | |
Payable for investments purchased | 14,616,259 |
Payable for fund shares redeemed | 14,125,736 |
Unrealized depreciation on forward currency contracts (Note 7) | 1,794,055 |
Payable to investment advisor and other affiliates (Note 4) | 12,062,268 |
Deferred taxes payable (Note 2) | 99,071 |
Accounts payable and accrued expenses | 4,631,604 |
Dividends payable | 13,294,417 |
Total Liabilities | 60,623,410 |
Commitments and contingencies (Note 2) | |
Net Assets | $ 14,206,223,035 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 1,541,875,161 |
Net capital paid in on shares of beneficial interest | 12,664,347,874 |
$ 14,206,223,035 |
NET ASSET VALUE | |
Class A Shares: | |
Net asset value and redemption price per share ($3,458,384,626 applicable to 159,236,101 shares of beneficial interest outstanding - Note 5) | $ 21.72 |
Maximum sales charge, 4.50% of offering price | 1.02 |
Maximum offering price per share | $ 22.74 |
Class C Shares: | |
Net asset value and offering price per share* ($2,658,580,692 applicable to 122,558,268 shares of beneficial interest outstanding - Note 5) | $ 21.69 |
Class I Shares: | |
Net asset value, offering and redemption price per share ($7,810,067,531 applicable to 356,998,002 shares of beneficial interest outstanding - Note 5) | $ 21.88 |
Class R3 Shares: | |
Net asset value, offering and redemption price per share ($36,154,829 applicable to 1,665,272 shares of beneficial interest outstanding - Note 5) | $ 21.71 |
Class R4 Shares: | |
Net asset value, offering and redemption price per share ($25,221,613 applicable to 1,160,132 shares of beneficial interest outstanding - Note 5) | $ 21.74 |
Class R5 Shares: | |
Net asset value, offering and redemption price per share ($59,890,011 applicable to 2,739,413 shares of beneficial interest outstanding - Note 5) | $ 21.86 |
Class R6 Shares: | |
Net asset value, offering and redemption price per share ($157,923,733 applicable to 7,242,238 shares of beneficial interest outstanding - Note 5) | $ 21.81 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Thornburg Investment Income Builder Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Dividend income | |
Non-affiliated issuers (net of foreign taxes withheld of $54,692,363) | $ 641,689,782 |
Non-controlled affiliated issuer | 57,278,271 |
Interest income (net of premium amortized of $1,002,818) | 88,068,574 |
Total Income | 787,036,627 |
EXPENSES | |
Investment advisory fees (Note 4) | 98,478,084 |
Administration fees (Note 4) | |
Class A Shares | 2,870,438 |
Class C Shares | 2,737,134 |
Class I Shares | 6,633,628 |
Class R3 Shares | 35,731 |
Class R4 Shares | 23,869 |
Class R5 Shares | 49,074 |
Class R6 Shares | 136,557 |
Distribution and service fees (Note 4) | |
Class A Shares | 8,169,212 |
Class C Shares | 31,181,369 |
Class R3 Shares | 203,552 |
Class R4 Shares | 67,987 |
Transfer agent fees | |
Class A Shares | 2,349,054 |
Class C Shares | 2,052,358 |
Class I Shares | 5,409,475 |
Class R3 Shares | 97,783 |
Class R4 Shares | 107,221 |
Class R5 Shares | 138,554 |
Class R6 Shares | 9,901 |
Registration and filing fees | |
Class A Shares | 36,293 |
Class C Shares | 24,759 |
Class I Shares | 72,604 |
Class R3 Shares | 12,798 |
Class R4 Shares | 12,932 |
Class R5 Shares | 13,647 |
Class R6 Shares | 13,471 |
Custodian fees | 1,374,334 |
Professional fees | 450,661 |
Trustee and officer fees (Note 4) | 829,745 |
Other expenses | 1,138,250 |
Total Expenses | 164,730,475 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (143,560) |
Net Expenses | 164,586,915 |
Net Investment Income | $ 622,449,712 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on: | |
Investments | |
Non-affiliated issuer investments (net of realized capital gain taxes paid of $1,161,339) | $ (55,247,066) |
Non-controlled affiliated issuers | (1,758,255) |
Forward currency contracts (Note 7) | 151,956,001 |
Foreign currency transactions | (976,801) |
93,973,879 | |
Net change in unrealized appreciation (depreciation) on: | |
Investments | |
Non-affiliated issuers investments (net of change in deferred taxes payable of $329,206) | (249,340,612) |
Non-controlled affiliated issuers | (500,364) |
Forward currency contracts (Note 7) | 80,726,550 |
Foreign currency translations | (589,339) |
(169,703,765) | |
Net Realized and Unrealized Loss | (75,729,886) |
Net Increase in Net Assets Resulting from Operations | $ 546,719,826 |
Thornburg Investment Income Builder Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 622,449,712 | $ 657,775,372 |
Net realized gain (loss) on investments, forward currency contracts, foreign currency transactions and capital gain taxes | 93,973,879 | 100,294,935 |
Net change in unrealized appreciation (depreciation) on investments, forward currency contracts, foreign currency translations and deferred taxes | (169,703,765) | 114,483,110 |
Net Increase in Net Assets Resulting from Operations | 546,719,826 | 872,553,417 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (145,285,706) | (138,833,506) |
Class C Shares | (115,848,620) | (149,227,867) |
Class I Shares | (353,388,550) | (350,849,203) |
Class R3 Shares | (1,660,148) | (2,187,106) |
Class R4 Shares | (1,133,088) | (1,478,685) |
Class R5 Shares | (2,557,558) | (3,118,926) |
Class R6 Shares | (7,383,222) | (4,471,743) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | 83,585,956 | (47,263,859) |
Class C Shares | (888,620,255) | (1,141,224,379) |
Class I Shares | 35,004,150 | (109,066,905) |
Class R3 Shares | (10,267,472) | (21,579,289) |
Class R4 Shares | (5,668,174) | (13,511,065) |
Class R5 Shares | 422,399 | (33,806,568) |
Class R6 Shares | 1,725,253 | 117,160,492 |
Net Decrease in Net Assets | (864,355,209) | (1,026,905,192) |
NET ASSETS | ||
Beginning of Year | 15,070,578,244 | 16,097,483,436 |
End of Year | $ 14,206,223,035 | $ 15,070,578,244 |
Thornburg Investment Income Builder Fund | September 30, 2019
Thornburg Investment Income Builder Fund | September 30, 2019
Cost of investments for tax purposes | $ 12,098,182,278 |
Gross unrealized appreciation on a tax basis | 2,606,306,105 |
Gross unrealized depreciation on a tax basis | (574,902,378) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 2,031,403,727 |
2019 | 2018 | |
Distributions from: | ||
Ordinary income | $ 627,256,892 | $ 650,167,036 |
Total | $ 627,256,892 | $ 650,167,036 |
Thornburg Investment Income Builder Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities* | ||||
Common Stock(a) | $ 12,248,254,188 | $ 11,770,030,907 | $ 478,092,671 | $ 130,610 |
Preferred Stock(a) | 57,060,464 | 22,631,714 | 34,428,750 | — |
Asset Backed Securities | 14,339,246 | — | 13,519,633 | 819,613 |
Corporate Bonds | 1,009,033,277 | — | 1,007,247,072 | 1,786,205 |
Municipal Bonds | 2,667,522 | — | 2,667,522 | — |
Other Government | 5,517,178 | — | 5,517,178 | — |
Mortgage Backed | 2,342,634 | — | 2,342,634 | — |
Loan Participations | 109,167,223 | — | 97,733,522 | 11,433,701 |
Short-Term Investments | 614,430,438 | 614,430,438 | — | — |
Total Investments in Securities | $14,062,812,170 | $12,407,093,059 | $1,641,548,982 | $14,170,129(b)(c) |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 68,567,890 | $ — | $ 68,567,890 | $ — |
Total Assets | $14,131,380,060 | $12,407,093,059 | $1,710,116,872 | $14,170,129 |
Liabilities | ||||
Other Financial Instruments | ||||
Forward Currency Contracts | $ (1,794,055) | $ — | $ (1,794,055) | $ — |
Total Liabilities | $(1,794,055) | $— | $(1,794,055) | $— |
* | See Schedule of Investments for a summary of the industry exposure as grouped according to the Global Industry Classification Standard (GICS), which is an industry taxonomy developed by MSCI, Inc. and Standard & Poor’s (S&P). |
(a) | At September 30, 2019, industry classifications for Common Stock and Preferred Stock in level 2 and Level 3 consist of $8,880,000 in Banks, $130,610 in Energy, $10,001,250 in Miscellaneous, $478,092,671 in Semiconductors & Semiconductor Equipment and $15,547,500 in Telecommunication Services. |
(b) | Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2019 is not presented. |
(c) | During the fiscal year ended September 30, 2019, there were no significant transfers into or out of Level 3 of the fair value hierarchy. |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.875% |
Next $500 million | 0.825 |
Next $500 million | 0.775 |
Next $500 million | 0.725 |
Over $2 billion | 0.675 |
Thornburg Investment Income Builder Fund | September 30, 2019
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Fund | Market Value 9/30/18 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/19 | Dividend Income |
Apollo Investment Corp. | $132,562,769 | $676,750 | $(2,193,372) | $(84,649) | $446,835 | $131,408,333 | $12,609,337 |
MFA Financial, Inc. | 251,518,110 | 5,049,401 | (12,443,273) | (1,673,606) | 2,416,568 | 244,867,200 | 27,739,651 |
Solar Capital Ltd. | 98,516,902 | - | - | - | (3,363,767) | 95,153,135 | 7,556,956 |
Thornburg Capital Management Fund | 454,730,939 | 2,598,593,973 | (2,438,894,474) | - | - | 614,430,438 | 9,372,327 |
Total | $937,328,720 | $2,604,320,124 | $(2,453,531,119) | $(1,758,255) | $(500,364) | $1,085,859,106 | $57,278,271 |
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 33,705,434 | $ 707,103,365 | 31,856,039 | $ 688,622,514 |
Shares issued to shareholders in reinvestment of dividends | 6,463,698 | 135,920,991 | 5,998,878 | 129,605,482 |
Shares repurchased | (35,866,394) | (759,438,400) | (39,921,237) | (865,491,855) |
Net increase (decrease) | 4,302,738 | $ 83,585,956 | (2,066,320) | $ (47,263,859) |
Class C Shares | ||||
Shares sold | 7,061,223 | $ 148,341,647 | 7,570,345 | $ 164,120,547 |
Shares issued to shareholders in reinvestment of dividends | 5,004,929 | 104,768,735 | 6,344,473 | 136,903,349 |
Shares repurchased | (54,396,665) | (1,141,730,637) | (66,777,524) | (1,442,248,275) |
Net decrease | (42,330,513) | $ (888,620,255) | (52,862,706) | $ (1,141,224,379) |
Class I Shares | ||||
Shares sold | 73,615,316 | $ 1,562,786,242 | 66,657,528 | $ 1,454,578,318 |
Shares issued to shareholders in reinvestment of dividends | 14,703,460 | 311,369,187 | 14,043,398 | 305,431,773 |
Shares repurchased | (86,778,222) | (1,839,151,279) | (85,737,737) | (1,869,076,996) |
Net increase (decrease) | 1,540,554 | $ 35,004,150 | (5,036,811) | $ (109,066,905) |
Class R3 Shares | ||||
Shares sold | 209,743 | $ 4,403,248 | 241,442 | $ 5,220,231 |
Shares issued to shareholders in reinvestment of dividends | 71,195 | 1,492,405 | 91,705 | 1,979,749 |
Shares repurchased | (767,138) | (16,163,125) | (1,327,941) | (28,779,269) |
Net decrease | (486,200) | $ (10,267,472) | (994,794) | $ (21,579,289) |
Class R4 Shares | ||||
Shares sold | 326,458 | $ 6,855,745 | 289,894 | $ 6,287,155 |
Shares issued to shareholders in reinvestment of dividends | 34,362 | 721,871 | 43,177 | 933,935 |
Shares repurchased | (626,921) | (13,245,790) | (954,262) | (20,732,155) |
Net decrease | (266,101) | $ (5,668,174) | (621,191) | $ (13,511,065) |
Thornburg Investment Income Builder Fund | September 30, 2019
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class R5 Shares | ||||
Shares sold | 623,849 | $ 13,230,266 | 664,323 | $ 14,452,609 |
Shares issued to shareholders in reinvestment of dividends | 114,673 | 2,425,762 | 135,493 | 2,949,321 |
Shares repurchased | (712,201) | (15,233,629) | (2,326,307) | (51,208,498) |
Net increase (decrease) | 26,321 | $ 422,399 | (1,526,491) | $ (33,806,568) |
Class R6 Shares | ||||
Shares sold | 638,809 | $ 13,481,559 | 5,722,657 | $ 123,069,973 |
Shares issued to shareholders in reinvestment of dividends | 315,339 | 6,657,506 | 183,009 | 3,973,843 |
Shares repurchased | (873,000) | (18,413,812) | (455,176) | (9,883,324) |
Net increase | 81,148 | $ 1,725,253 | 5,450,490 | $ 117,160,492 |
SHEET RISK AND FOREIGN INVESTMENT RISK
FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS AT SEPTEMBER 30, 2019 | ||
ASSET DERIVATIVES | BALANCE SHEET LOCATION | FAIR VALUE |
Foreign currency contracts | Assets - Unrealized appreciation on forward currency contracts | $ 68,567,890 |
FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS AT SEPTEMBER 30, 2019 | ||
LIABILITY DERIVATIVES | BALANCE SHEET LOCATION | FAIR VALUE |
Foreign currency contracts | Liabilities - Unrealized depreciation on forward currency contracts | $ (1,794,055) |
NET REALIZED GAIN (LOSS) ON DERIVATIVE FINANCIAL INSTRUMENTS RECOGNIZED IN INCOME FOR THE YEAR ENDED September 30, 2019 | ||
TOTAL | FORWARD CURRENCY CONTRACTS | |
Foreign currency contracts | $ 151,956,001 | $ 151,956,001 |
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF DERIVATIVE FINANCIAL INSTRUMENTS RECOGNIZED IN INCOME FOR THE YEAR ENDED September 30, 2019 | ||
TOTAL | FORWARD CURRENCY CONTRACTS | |
Foreign currency contracts | $ 80,726,550 | $ 80,726,550 |
Thornburg Investment Income Builder Fund | September 30, 2019
Thornburg Investment Income Builder Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of PERIOD | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(b) | ||||||||
2019 | $ 21.80 | 0.93 | (0.07) | 0.86 | (0.94) | — | (0.94) | $ 21.72 |
2018 | $ 21.50 | 0.92 | 0.30 | 1.22 | (0.92) | — | (0.92) | $ 21.80 |
2017 | $ 19.82 | 0.92 | 1.61 | 2.53 | (0.85) | — | (0.85) | $ 21.50 |
2016 | $ 19.07 | 0.93 | 0.62 | 1.55 | (0.80) | — | (0.80) | $ 19.82 |
2015 | $ 21.38 | 0.85 | (2.34) | (1.49) | (0.82) | — | (0.82) | $ 19.07 |
CLASS C SHARES | ||||||||
2019 | $ 21.78 | 0.76 | (0.06) | 0.70 | (0.79) | — | (0.79) | $ 21.69 |
2018 | $ 21.48 | 0.76 | 0.30 | 1.06 | (0.76) | — | (0.76) | $ 21.78 |
2017 | $ 19.81 | 0.78 | 1.60 | 2.38 | (0.71) | — | (0.71) | $ 21.48 |
2016 | $ 19.06 | 0.79 | 0.62 | 1.41 | (0.66) | — | (0.66) | $ 19.81 |
2015 | $ 21.37 | 0.70 | (2.34) | (1.64) | (0.67) | — | (0.67) | $ 19.06 |
CLASS I SHARES | ||||||||
2019 | $ 21.96 | 0.99 | (0.07) | 0.92 | (1.00) | — | (1.00) | $ 21.88 |
2018 | $ 21.65 | 1.00 | 0.29 | 1.29 | (0.98) | — | (0.98) | $ 21.96 |
2017 | $ 19.97 | 1.02 | 1.59 | 2.61 | (0.93) | — | (0.93) | $ 21.65 |
2016 | $ 19.21 | 1.00 | 0.62 | 1.62 | (0.86) | — | (0.86) | $ 19.97 |
2015 | $ 21.53 | 0.93 | (2.35) | (1.42) | (0.90) | — | (0.90) | $ 19.21 |
CLASS R3 SHARES | ||||||||
2019 | $ 21.80 | 0.84 | (0.07) | 0.77 | (0.86) | — | (0.86) | $ 21.71 |
2018 | $ 21.49 | 0.83 | 0.32 | 1.15 | (0.84) | — | (0.84) | $ 21.80 |
2017 | $ 19.82 | 0.87 | 1.59 | 2.46 | (0.79) | — | (0.79) | $ 21.49 |
2016 | $ 19.07 | 0.87 | 0.62 | 1.49 | (0.74) | — | (0.74) | $ 19.82 |
2015 | $ 21.37 | 0.78 | (2.32) | (1.54) | (0.76) | — | (0.76) | $ 19.07 |
CLASS R4 SHARES | ||||||||
2019 | $ 21.83 | 0.86 | (0.07) | 0.79 | (0.88) | — | (0.88) | $ 21.74 |
2018 | $ 21.52 | 0.85 | 0.33 | 1.18 | (0.87) | — | (0.87) | $ 21.83 |
2017 | $ 19.85 | 0.89 | 1.59 | 2.48 | (0.81) | — | (0.81) | $ 21.52 |
2016 | $ 19.10 | 0.89 | 0.62 | 1.51 | (0.76) | — | (0.76) | $ 19.85 |
2015 | $ 21.42 | 0.81 | (2.35) | (1.54) | (0.78) | — | (0.78) | $ 19.10 |
CLASS R5 SHARES | ||||||||
2019 | $ 21.95 | 0.97 | (0.09) | 0.88 | (0.97) | — | (0.97) | $ 21.86 |
2018 | $ 21.64 | 0.94 | 0.33 | 1.27 | (0.96) | — | (0.96) | $ 21.95 |
2017 | $ 19.95 | 0.98 | 1.61 | 2.59 | (0.90) | — | (0.90) | $ 21.64 |
2016 | $ 19.20 | 0.98 | 0.62 | 1.60 | (0.85) | — | (0.85) | $ 19.95 |
2015 | $ 21.52 | 0.90 | (2.35) | (1.45) | (0.87) | — | (0.87) | $ 19.20 |
CLASS R6 SHARES | ||||||||
2019 | $ 21.89 | 1.01 | (0.08) | 0.93 | (1.01) | — | (1.01) | $ 21.81 |
2018 | $ 21.58 | 1.16 | 0.14 | 1.30 | (0.99) | — | (0.99) | $ 21.89 |
2017(c) | $ 20.55 | 0.44 | 1.12 | 1.56 | (0.53) | — | (0.53) | $ 21.58 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Effective date of this class of shares was April 10, 2017. |
(d) | Annualized. |
+ | Based on weighted average shares outstanding. |
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of PERIOD (Thousands) | |
4.42 | 1.13 | 1.13 | 4.13 | 43.69 | $ 3,458,385 | |
4.25 | 1.15 | 1.15 | 5.79 | 41.17 | $ 3,378,149 | |
4.52 | 1.19 | 1.19 | 13.01 | 37.37 | $ 3,374,895 | |
4.82 | 1.18 | 1.18 | 8.35 | 42.81 | $ 3,778,863 | |
4.02 | 1.17 | 1.17 | (7.27) | 47.71 | $ 4,257,943 | |
3.60 | 1.87 | 1.87 | 3.35 | 43.69 | $ 2,658,581 | |
3.51 | 1.90 | 1.90 | 5.01 | 41.17 | $ 3,591,856 | |
3.80 | 1.90 | 1.93 | 12.19 | 37.37 | $ 4,677,322 | |
4.11 | 1.90 | 1.93 | 7.59 | 42.81 | $ 5,356,153 | |
3.30 | 1.90 | 1.92 | (7.93) | 47.71 | $ 5,906,206 | |
4.67 | 0.88 | 0.88 | 4.39 | 43.69 | $ 7,810,067 | |
4.58 | 0.86 | 0.86 | 6.12 | 41.17 | $ 7,806,245 | |
4.93 | 0.86 | 0.86 | 13.30 | 37.37 | $ 7,804,930 | |
5.15 | 0.86 | 0.86 | 8.71 | 42.81 | $ 6,928,783 | |
4.35 | 0.85 | 0.85 | (6.94) | 47.71 | $ 7,472,344 | |
3.97 | 1.50 | 1.58 | 3.72 | 43.69 | $ 36,155 | |
3.84 | 1.50 | 1.61 | 5.47 | 41.17 | $ 46,901 | |
4.24 | 1.47 | 1.56 | 12.63 | 37.37 | $ 67,623 | |
4.53 | 1.50 | 1.59 | 8.01 | 42.81 | $ 78,188 | |
3.70 | 1.50 | 1.55 | (7.52) | 47.71 | $ 79,834 | |
4.09 | 1.40 | 1.50 | 3.79 | 43.69 | $ 25,221 | |
3.91 | 1.40 | 1.56 | 5.58 | 41.17 | $ 31,132 | |
4.35 | 1.40 | 1.51 | 12.72 | 37.37 | $ 44,069 | |
4.63 | 1.40 | 1.48 | 8.12 | 42.81 | $ 45,968 | |
3.81 | 1.40 | 1.46 | (7.48) | 47.71 | $ 42,392 | |
4.55 | 0.99 | 1.08 | 4.20 | 43.69 | $ 59,890 | |
4.30 | 0.99 | 1.12 | 5.99 | 41.17 | $ 59,545 | |
4.76 | 0.99 | 1.09 | 13.22 | 37.37 | $ 91,735 | |
5.08 | 0.99 | 1.07 | 8.52 | 42.81 | $ 86,535 | |
4.23 | 0.98 | 1.07 | (7.06) | 47.71 | $ 78,945 | |
4.76 | 0.80 | 0.82 | 4.47 | 43.69 | $ 157,924 | |
5.39 | 0.80 | 0.82 | 6.20 | 41.17 | $ 156,750 | |
4.37(d) | 0.80(d) | 1.09(d) | 7.65 | 37.37 | $ 36,909 |
Thornburg Investment Income Builder Fund
Thornburg Investment Income Builder Fund | September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(c) | a deferred sales charge on redemptions of Class C shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS A SHARES | |||
Actual | $1,000.00 | $1,043.94 | $5.79 |
Hypothetical* | $1,000.00 | $1,019.40 | $5.72 |
CLASS C SHARES | |||
Actual | $1,000.00 | $1,039.87 | $9.51 |
Hypothetical* | $1,000.00 | $1,015.74 | $9.40 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,044.97 | $4.56 |
Hypothetical* | $1,000.00 | $1,020.61 | $4.51 |
CLASS R3 SHARES | |||
Actual | $1,000.00 | $1,041.61 | $7.68 |
Hypothetical* | $1,000.00 | $1,017.55 | $7.59 |
CLASS R4 SHARES | |||
Actual | $1,000.00 | $1,042.57 | $7.17 |
Hypothetical* | $1,000.00 | $1,018.05 | $7.08 |
CLASS R5 SHARES | |||
Actual | $1,000.00 | $1,044.48 | $5.07 |
Hypothetical* | $1,000.00 | $1,020.10 | $5.01 |
CLASS R6 SHARES | |||
Actual | $1,000.00 | $1,045.47 | $4.10 |
Hypothetical* | $1,000.00 | $1,021.06 | $4.05 |
† | Expenses are equal to the annualized expense ratio for each class (A: 1.13%; C: 1.86%; I: 0.89%; R3: 1.50%; R4: 1.40%; R5: 0.99%; R6: 0.80%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg Investment Income Builder Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg Investment Income Builder Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg Investment Income Builder Fund | September 30, 2019 (Unaudited)
Thornburg Investment Income Builder Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH857 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class A | THOAX | 885-215-343 |
Class C | THOCX | 885-215-335 |
Class I | THOIX | 885-215-327 |
Class R3 | THORX | 885-215-145 |
Class R4 | THOVX | 885-215-137 |
Class R5 | THOFX | 885-215-129 |
Class R6 | THOGX | 885-216-655 |
Thornburg Global Opportunities Fund | September 30, 2019 (Unaudited)
Thornburg Global Opportunities Fund | September 30, 2019 (Unaudited)
Brian McMahon Portfolio Manager Chief Investment Officer and Managing Director | W. Vinson Walden,cfa Portfolio Manager Managing Director |
Thornburg Global Opportunities Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. | |
Class A Shares(Incep: 7/28/06) | |||||
Without sales charge | -5.78% | 4.44% | 3.74% | 8.63% | 8.09% |
With sales charge | -10.02% | 2.85% | 2.78% | 8.13% | 7.71% |
Class C Shares(Incep: 7/28/06) | |||||
Without sales charge | -6.49% | 3.64% | 2.95% | 7.81% | 7.26% |
With sales charge | -7.42% | 3.64% | 2.95% | 7.81% | 7.26% |
Class I Shares(Incep: 7/28/06) | -5.46% | 4.78% | 4.08% | 9.08% | 8.55% |
Class R3 Shares(Incep: 2/1/08) | -5.95% | 4.24% | 3.55% | 8.52% | 5.00% |
Class R4 Shares(Incep: 2/1/08) | -5.84% | 4.36% | 3.65% | 8.62% | 5.09% |
Class R5 Shares(Incep: 2/1/08) | -5.45% | 4.77% | 4.08% | 9.07% | 5.54% |
Class R6 Shares(Incep: 4/10/17) | -5.34% | - | - | - | 0.51% |
MSCI AC World Index(Since 7/28/06) | 1.38% | 9.71% | 6.65% | 8.35% | 5.77% |
FINAL VALUE |
Thornburg Global Opportunities Fund | September 30, 2019 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Alphabet, Inc. Class A | 5.8% |
Capital One Financial Corp. | 5.2% |
T-Mobile US, Inc. | 5.1% |
Reliance Industries Ltd. | 5.1% |
Facebook, Inc. Class A | 4.8% |
Atlantia S.p.A. | 4.7% |
Ryanair Holdings plc | 4.5% |
Citigroup, Inc. | 4.4% |
OCI N.V. | 4.3% |
New World Development Co. Ltd. | 3.8% |
SECTOR EXPOSURE | |
Industrials | 18.7% |
Communication Services | 17.8% |
Information Technology | 12.9% |
Financials | 12.2% |
Consumer Discretionary | 9.3% |
Materials | 9.1% |
Energy | 5.1% |
Real Estate | 3.8% |
Health Care | 3.7% |
Consumer Staples | 0.1% |
Utilities | 0.1% |
Other Assets Less Liabilities | 7.2% |
TOP TEN INDUSTRY GROUPS | |
Media & Entertainment | 12.7% |
Transportation | 12.3% |
Materials | 9.1% |
Capital Goods | 6.4% |
Consumer Services | 5.5% |
Technology Hardware & Equipment | 5.5% |
Diversified Financials | 5.2% |
Telecommunication Services | 5.1% |
Energy | 5.1% |
Banks | 4.9% |
COUNTRY EXPOSURE* (percent of equity holdings) | |
United States | 40.7% |
China | 7.9% |
Netherlands | 7.5% |
United Kingdom | 7.1% |
Macao | 6.0% |
India | 5.4% |
Italy | 5.0% |
Ireland | 4.8% |
Hong Kong | 4.1% |
Denmark | 3.5% |
South Korea | 3.4% |
Australia | 2.8% |
Taiwan | 1.7% |
France | 0.1% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
Thornburg Global Opportunities Fund | September 30, 2019
SHARES | VALUE | ||
Common Stock — 92.8% | |||
Banks — 4.9% | |||
Banks — 4.9% | |||
Citigroup, Inc. | 804,047 | $ 55,543,567 | |
ING Groep N.V. | 598,900 | 6,269,215 | |
61,812,782 | |||
Capital Goods — 6.4% | |||
Electrical Equipment — 3.2% | |||
Vestas Wind Systems A/S | 516,780 | 40,120,527 | |
Machinery — 3.2% | |||
CNH Industrial N.V. | 3,951,495 | 40,226,757 | |
80,347,284 | |||
Consumer Durables & Apparel — 0.2% | |||
Household Durables — 0.2% | |||
Barratt Developments plc | 348,866 | 2,779,583 | |
2,779,583 | |||
Consumer Services — 5.5% | |||
Hotels, Restaurants & Leisure — 5.5% | |||
Galaxy Entertainment Group Ltd. | 5,988,555 | 37,248,435 | |
MGM China Holdings Ltd. | 20,542,689 | 32,028,740 | |
69,277,175 | |||
Diversified Financials — 5.2% | |||
Consumer Finance — 5.2% | |||
Capital One Financial Corp. | 710,896 | 64,677,318 | |
64,677,318 | |||
Energy — 5.1% | |||
Oil, Gas & Consumable Fuels — 5.1% | |||
Reliance Industries Ltd. | 3,367,288 | 63,355,691 | |
63,355,691 | |||
Food & Staples Retailing — 0.1% | |||
Food & Staples Retailing — 0.1% | |||
Walgreens Boots Alliance, Inc. | 10,934 | 604,760 | |
604,760 | |||
Healthcare Equipment & Services — 3.6% | |||
Health Care Providers & Services — 3.6% | |||
a | DaVita, Inc. | 786,919 | 44,909,467 |
44,909,467 | |||
Insurance — 2.1% | |||
Insurance — 2.1% | |||
NN Group N.V. | 741,229 | 26,289,157 | |
26,289,157 | |||
Materials — 9.1% | |||
Chemicals — 6.5% | |||
CF Industries Holdings, Inc. | 543,561 | 26,743,201 | |
a | OCI N.V. | 2,293,722 | 54,150,933 |
Metals & Mining — 2.6% | |||
Mineral Resources Ltd. | 3,632,479 | 32,804,309 | |
113,698,443 | |||
Media & Entertainment — 12.7% | |||
Entertainment — 1.6% | |||
a | Sea Ltd. ADR | 630,400 | 19,510,880 |
Thornburg Global Opportunities Fund | September 30, 2019
SHARES | VALUE | ||
Interactive Media & Services — 10.6% | |||
a | Alphabet, Inc. Class A | 59,897 | $ 73,142,622 |
a | Facebook, Inc. Class A | 336,985 | 60,010,289 |
Media — 0.5% | |||
a | DISH Network Corp. Class A | 171,669 | 5,848,763 |
158,512,554 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.1% | |||
Pharmaceuticals — 0.1% | |||
Allergan plc | 7,717 | 1,298,694 | |
1,298,694 | |||
Real Estate — 3.8% | |||
Real Estate Management & Development — 3.8% | |||
New World Development Co., Ltd. | 36,382,910 | 47,255,958 | |
47,255,958 | |||
Retailing — 3.6% | |||
Internet & Direct Marketing Retail — 3.6% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 266,074 | 44,495,555 |
44,495,555 | |||
Semiconductors & Semiconductor Equipment — 3.7% | |||
Semiconductors & Semiconductor Equipment — 3.7% | |||
a | Qorvo, Inc. | 632,041 | 46,859,520 |
46,859,520 | |||
Software & Services — 3.7% | |||
Information Technology Services — 3.7% | |||
a | GDS Holdings Ltd. ADR | 1,168,834 | 46,846,867 |
46,846,867 | |||
Technology Hardware & Equipment — 5.5% | |||
Communications Equipment — 2.3% | |||
a | EchoStar Corp. Class A | 729,771 | 28,913,527 |
Technology Hardware, Storage & Peripherals — 3.2% | |||
Samsung Electronics Co., Ltd. | 975,636 | 40,007,479 | |
68,921,006 | |||
Telecommunication Services — 5.1% | |||
Wireless Telecommunication Services — 5.1% | |||
a | T-Mobile US, Inc. | 816,569 | 64,321,140 |
64,321,140 | |||
Transportation — 12.3% | |||
Airlines — 7.6% | |||
easyJet plc | 2,828,648 | 39,996,572 | |
a | Ryanair Holdings plc Sponsored ADR | 842,620 | 55,933,116 |
Transportation Infrastructure — 4.7% | |||
Atlantia SpA | 2,419,097 | 58,508,275 | |
154,437,963 | |||
Utilities — 0.1% | |||
Electric Utilities — 0.1% | |||
Electricite de France S.A. | 115,559 | 1,293,543 | |
1,293,543 | |||
Total Common Stock(Cost $980,071,443) | 1,161,994,460 | ||
Short-Term Investments — 6.9% | |||
b | Thornburg Capital Management Fund | 8,705,041 | 87,050,413 |
Total Short-Term Investments(Cost $87,050,413) | 87,050,413 | ||
Total Investments — 99.7%(Cost $1,067,121,856) | $1,249,044,873 |
SHARES | VALUE | ||
Other Assets Less Liabilities — 0.3% | 3,305,581 | ||
Net Assets — 100.0% | $1,252,350,454 |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2019 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Great Britain Pound | SSB | Sell | 17,439,200 | 10/10/2019 | 21,449,502 | $ 441,751 | $ — |
Great Britain Pound | SSB | Buy | 2,047,100 | 10/10/2019 | 2,517,849 | 33,755 | — |
Great Britain Pound | SSB | Buy | 1,259,700 | 10/10/2019 | 1,549,379 | 16,965 | — |
Australian Dollar | BBH | Sell | 24,451,400 | 10/31/2019 | 16,520,288 | 399,102 | — |
Australian Dollar | BBH | Buy | 4,792,400 | 10/31/2019 | 3,237,926 | — | (15,251) |
Euro | SSB | Sell | 112,676,800 | 11/15/2019 | 123,212,528 | 3,734,102 | — |
Euro | SSB | Buy | 15,470,700 | 11/15/2019 | 16,917,272 | — | (83,001) |
Total | $4,625,675 | $(98,252) | |||||
Net unrealized appreciation (depreciation) | $4,527,423 |
* | Counterparties include State Street Bank and Trust Company (“SSB”) and Brown Brothers Harriman & Co. (“BBH”). |
Footnote Legend | |
a | Non-income producing. |
b | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
Thornburg Global Opportunities Fund | September 30, 2019
ASSETS | |
Investments at value (Note 3) | |
Non-affiliated issuers (cost $980,071,443) | $ 1,161,994,460 |
Non-controlled affiliated issuer (cost $87,050,413) | 87,050,413 |
Cash denominated in foreign currency (cost $21) | 21 |
Receivable for investments sold | 4,244,564 |
Receivable for fund shares sold | 527,004 |
Unrealized appreciation on forward currency contracts (Note 7) | 4,625,675 |
Dividends receivable | 1,174,559 |
Dividend and interest reclaim receivable | 60,466 |
Prepaid expenses and other assets | 89,071 |
Total Assets | 1,259,766,233 |
Liabilities | |
Payable for fund shares redeemed | 3,337,045 |
Unrealized depreciation on forward currency contracts (Note 7) | 98,252 |
Payable to investment advisor and other affiliates (Note 4) | 1,131,430 |
Deferred taxes payable (Note 2) | 2,141,711 |
Accounts payable and accrued expenses | 707,152 |
Dividends payable | 189 |
Total Liabilities | 7,415,779 |
Net Assets | $ 1,252,350,454 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 188,157,225 |
Net capital paid in on shares of beneficial interest | 1,064,193,229 |
$ 1,252,350,454 |
NET ASSET VALUE | |
Class A Shares: | |
Net asset value and redemption price per share ($236,560,531 applicable to 8,582,368 shares of beneficial interest outstanding - Note 5) | $ 27.56 |
Maximum sales charge, 4.50% of offering price | 1.30 |
Maximum offering price per share | $ 28.86 |
Class C Shares: | |
Net asset value and offering price per share* ($151,468,837 applicable to 5,704,240 shares of beneficial interest outstanding - Note 5) | $ 26.55 |
Class I Shares: | |
Net asset value, offering and redemption price per share ($762,696,858 applicable to 27,562,721 shares of beneficial interest outstanding - Note 5) | $ 27.67 |
Class R3 Shares: | |
Net asset value, offering and redemption price per share ($4,317,014 applicable to 158,269 shares of beneficial interest outstanding - Note 5) | $ 27.28 |
Class R4 Shares: | |
Net asset value, offering and redemption price per share ($9,254,008 applicable to 338,788 shares of beneficial interest outstanding - Note 5) | $ 27.32 |
Class R5 Shares: | |
Net asset value, offering and redemption price per share ($42,354,276 applicable to 1,529,232 shares of beneficial interest outstanding - Note 5) | $ 27.70 |
Class R6 Shares: | |
Net asset value, offering and redemption price per share ($45,698,930 applicable to 1,645,673 shares of beneficial interest outstanding - Note 5) | $ 27.77 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Thornburg Global Opportunities Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Dividend income | |
Non-affiliated issuers (net of foreign taxes withheld of $1,596,343) | $ 29,239,910 |
Non-controlled affiliated issuer | 1,017,682 |
Total Income | 30,257,592 |
EXPENSES | |
Investment advisory fees (Note 4) | 12,213,377 |
Administration fees (Note 4) | |
Class A Shares | 242,786 |
Class C Shares | 164,483 |
Class I Shares | 788,028 |
Class R3 Shares | 4,777 |
Class R4 Shares | 13,086 |
Class R5 Shares | 46,432 |
Class R6 Shares | 41,956 |
Distribution and service fees (Note 4) | |
Class A Shares | 691,293 |
Class C Shares | 1,873,957 |
Class R3 Shares | 27,210 |
Class R4 Shares | 37,266 |
Transfer agent fees | |
Class A Shares | 319,535 |
Class C Shares | 232,832 |
Class I Shares | 872,599 |
Class R3 Shares | 27,918 |
Class R4 Shares | 84,833 |
Class R5 Shares | 156,052 |
Class R6 Shares | 7,525 |
Registration and filing fees | |
Class A Shares | 17,174 |
Class C Shares | 15,563 |
Class I Shares | 33,427 |
Class R3 Shares | 12,767 |
Class R4 Shares | 12,767 |
Class R5 Shares | 12,936 |
Class R6 Shares | 12,928 |
Custodian fees | 191,934 |
Professional fees | 98,357 |
Trustee and officer fees (Note 4) | 98,635 |
Other expenses | 258,126 |
Total Expenses | 18,610,559 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (741,242) |
Investment advisory fees waived by investment advisor (Note 4) | (286,478) |
Net Expenses | 17,582,839 |
Net Investment Income | $ 12,674,753 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on: | |
Non-affiliated issuer investments (net of realized capital gain taxes paid of $337,315) | $ 8,889,154 |
Forward currency contracts (Note 7) | 11,711,758 |
Foreign currency transactions | (207,136) |
20,393,776 | |
Net change in unrealized appreciation (depreciation) on: | |
Non-affiliated issuer investments (net of change in deferred taxes payable of $98,961) | (170,161,142) |
Forward currency contracts (Note 7) | 5,648,942 |
Foreign currency translations | (19,827) |
(164,532,027) | |
Net Realized and Unrealized Loss | (144,138,251) |
Net Decrease in Net Assets Resulting from Operations | $ (131,463,498) |
Thornburg Global Opportunities Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 12,674,753 | $ 37,984,910 |
Net realized gain (loss) on investments, forward currency contracts, foreign currency transactions and capital gain taxes | 20,393,776 | 77,745,003 |
Net change in unrealized appreciation (depreciation) on investments, forward currency contracts, foreign currency translations and deferred taxes | (164,532,027) | (180,296,250) |
Net Decrease in Net Assets Resulting from Operations | (131,463,498) | (64,566,337) |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (6,084,601) | (1,042,666) |
Class C Shares | (1,977,267) | (214,888) |
Class I Shares | (23,054,670) | (5,175,786) |
Class R3 Shares | (108,092) | (21,199) |
Class R4 Shares | (288,231) | (52,807) |
Class R5 Shares | (1,405,780) | (248,810) |
Class R6 Shares | (1,209,350) | (10,671) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | (101,269,120) | (63,131,768) |
Class C Shares | (82,379,964) | (114,771,553) |
Class I Shares | (333,371,480) | (270,875,265) |
Class R3 Shares | (2,626,610) | (4,185,580) |
Class R4 Shares | (9,917,215) | (6,500,787) |
Class R5 Shares | (22,285,902) | (8,168,594) |
Class R6 Shares | (2,114,070) | 51,865,696 |
Net Decrease in Net Assets | (719,555,850) | (487,101,015) |
NET ASSETS | ||
Beginning of Year | 1,971,906,304 | 2,459,007,319 |
End of Year | $ 1,252,350,454 | $ 1,971,906,304 |
Thornburg Global Opportunities Fund | September 30, 2019
Thornburg Global Opportunities Fund | September 30, 2019
Cost of investments for tax purposes | $ 1,073,604,353 |
Gross unrealized appreciation on a tax basis | 218,042,538 |
Gross unrealized depreciation on a tax basis | (38,074,595) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 179,967,943 |
2019 | 2018 | |
Distributions from: | ||
Ordinary income | $ 34,127,991 | $ 6,766,827 |
Total | $ 34,127,991 | $ 6,766,827 |
Thornburg Global Opportunities Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities* | ||||
Common Stock | $ 1,161,994,460 | $ 1,161,994,460 | $ — | $ — |
Short-Term Investments | 87,050,413 | 87,050,413 | — | — |
Total Investments in Securities | $1,249,044,873 | $1,249,044,873 | $— | $— |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 4,625,675 | $ — | $ 4,625,675 | $ — |
Total Assets | $1,253,670,548 | $1,249,044,873 | $4,625,675 | $— |
Liabilities | ||||
Other Financial Instruments | ||||
Forward Currency Contracts | $ (98,252) | $ — | $ (98,252) | $ — |
Total Liabilities | $(98,252) | $— | $(98,252) | $— |
* | See Schedule of Investments for a summary of the industry exposure as grouped according to the Global Industry Classification Standard (GICS), which is an industry taxonomy developed by MSCI, Inc. and Standard & Poor’s (S&P). |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.875% |
Next $500 million | 0.825 |
Next $500 million | 0.775 |
Next $500 million | 0.725 |
Over $2 billion | 0.675 |
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Thornburg Global Opportunities Fund | September 30, 2019
Fund | Market Value 9/30/18 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/19 | Dividend Income |
Thornburg Capital Management Fund | $68,176,932 | $617,295,857 | $(598,422,376) | $- | $- | $87,050,413 | $1,017,682 |
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 781,038 | $ 20,906,242 | 3,335,136 | $ 103,488,392 |
Shares issued to shareholders in reinvestment of dividends | 242,411 | 5,769,379 | 31,011 | 981,179 |
Shares repurchased | (4,718,077) | (127,944,741) | (5,371,593) | (167,601,339) |
Net decrease | (3,694,628) | $ (101,269,120) | (2,005,446) | $ (63,131,768) |
Class C Shares | ||||
Shares sold | 321,134 | $ 8,203,210 | 1,138,197 | $ 34,385,916 |
Shares issued to shareholders in reinvestment of dividends | 79,218 | 1,826,769 | 6,530 | 199,285 |
Shares repurchased | (3,542,700) | (92,409,943) | (5,015,148) | (149,356,754) |
Net decrease | (3,142,348) | $ (82,379,964) | (3,870,421) | $ (114,771,553) |
Class I Shares | ||||
Shares sold | 6,403,173 | $ 173,821,046 | 13,805,603 | $ 433,679,560 |
Shares issued to shareholders in reinvestment of dividends | 865,374 | 20,630,523 | 141,477 | 4,487,662 |
Shares repurchased | (19,616,732) | (527,823,049) | (22,775,847) | (709,042,487) |
Net decrease | (12,348,185) | $ (333,371,480) | (8,828,767) | $ (270,875,265) |
Class R3 Shares | ||||
Shares sold | 30,849 | $ 826,958 | 65,621 | $ 2,020,196 |
Shares issued to shareholders in reinvestment of dividends | 2,888 | 68,136 | 403 | 12,620 |
Shares repurchased | (131,740) | (3,521,704) | (203,071) | (6,218,396) |
Net decrease | (98,003) | $ (2,626,610) | (137,047) | $ (4,185,580) |
Class R4 Shares | ||||
Shares sold | 152,774 | $ 3,989,913 | 193,209 | $ 5,994,773 |
Shares issued to shareholders in reinvestment of dividends | 8,800 | 207,684 | 1,264 | 39,602 |
Shares repurchased | (524,575) | (14,114,812) | (407,089) | (12,535,162) |
Net decrease | (363,001) | $ (9,917,215) | (212,616) | $ (6,500,787) |
Class R5 Shares | ||||
Shares sold | 296,661 | $ 8,089,436 | 525,744 | $ 16,426,879 |
Shares issued to shareholders in reinvestment of dividends | 56,561 | 1,349,546 | 7,656 | 243,146 |
Shares repurchased | (1,152,006) | (31,724,884) | (800,724) | (24,838,619) |
Net decrease | (798,784) | $ (22,285,902) | (267,324) | $ (8,168,594) |
Class R6 Shares | ||||
Shares sold | 301,553 | $ 8,281,671 | 1,807,910 | $ 56,306,121 |
Shares issued to shareholders in reinvestment of dividends | 43,624 | 1,042,604 | 335 | 10,671 |
Shares repurchased | (416,053) | (11,438,345) | (142,283) | (4,451,096) |
Net increase (decrease) | (70,876) | $ (2,114,070) | 1,665,962 | $ 51,865,696 |
Thornburg Global Opportunities Fund | September 30, 2019
SHEET RISK AND FOREIGN INVESTMENT RISK
FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS AT SEPTEMBER 30, 2019 | ||
ASSET DERIVATIVES | BALANCE SHEET LOCATION | FAIR VALUE |
Foreign currency contracts | Assets - Unrealized appreciation on forward currency contracts | $ 4,625,675 |
FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS AT SEPTEMBER 30, 2019 | ||
LIABILITY DERIVATIVES | BALANCE SHEET LOCATION | FAIR VALUE |
Foreign currency contracts | Liabilities - Unrealized depreciation on forward currency contracts | $ (98,252) |
NET REALIZED GAIN (LOSS) ON DERIVATIVE FINANCIAL INSTRUMENTS RECOGNIZED IN INCOME FOR THE YEAR ENDED September 30, 2019 | ||
TOTAL | FORWARD CURRENCY CONTRACTS | |
Foreign currency contracts | $ 11,711,758 | $ 11,711,758 |
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF DERIVATIVE FINANCIAL INSTRUMENTS RECOGNIZED IN INCOME FOR THE YEAR ENDED September 30, 2019 | ||
TOTAL | FORWARD CURRENCY CONTRACTS | |
Foreign currency contracts | $ 5,648,942 | $ 5,648,942 |
Thornburg Global Opportunities Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of PERIOD | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(b) | ||||||||
2019 | $ 29.93 | 0.20 | (2.02) | (1.82) | (0.55) | — | (0.55) | $ 27.56 |
2018 | $ 30.98 | 0.44 | (1.42) | (0.98) | (0.07) | — | (0.07) | $ 29.93 |
2017 | $ 24.90 | 0.13 | 6.05 | 6.18 | (0.10) | — | (0.10) | $ 30.98 |
2016 | $ 24.41 | 0.25 | 0.38 | 0.63 | (0.14) | — | (0.14) | $ 24.90 |
2015 | $ 23.74 | (0.11) | 0.78 | 0.67 | — | — | — | $ 24.41 |
CLASS C SHARES | ||||||||
2019 | $ 28.70 | (0.01) | (1.89) | (1.90) | (0.25) | — | (0.25) | $ 26.55 |
2018 | $ 29.88 | 0.23 | (1.39) | (1.16) | (0.02) | — | (0.02) | $ 28.70 |
2017 | $ 24.13 | (0.08) | 5.84 | 5.76 | (0.01) | — | (0.01) | $ 29.88 |
2016 | $ 23.70 | 0.07 | 0.36 | 0.43 | — | — | — | $ 24.13 |
2015 | $ 23.23 | (0.31) | 0.78 | 0.47 | — | — | — | $ 23.70 |
CLASS I SHARES | ||||||||
2019 | $ 30.07 | 0.29 | (2.04) | (1.75) | (0.65) | — | (0.65) | $ 27.67 |
2018 | $ 31.06 | 0.56 | (1.45) | (0.89) | (0.10) | — | (0.10) | $ 30.07 |
2017 | $ 24.96 | 0.23 | 6.07 | 6.30 | (0.20) | — | (0.20) | $ 31.06 |
2016 | $ 24.53 | 0.34 | 0.37 | 0.71 | (0.28) | — | (0.28) | $ 24.96 |
2015 | $ 23.79 | (0.02) | 0.77 | 0.75 | (0.01) | — | (0.01) | $ 24.53 |
CLASS R3 SHARES | ||||||||
2019 | $ 29.57 | 0.15 | (1.98) | (1.83) | (0.46) | — | (0.46) | $ 27.28 |
2018 | $ 30.66 | 0.38 | (1.41) | (1.03) | (0.06) | — | (0.06) | $ 29.57 |
2017 | $ 24.66 | 0.08 | 5.99 | 6.07 | (0.07) | — | (0.07) | $ 30.66 |
2016 | $ 24.18 | 0.20 | 0.38 | 0.58 | (0.10) | — | (0.10) | $ 24.66 |
2015 | $ 23.55 | (0.15) | 0.78 | 0.63 | — | — | — | $ 24.18 |
CLASS R4 SHARES | ||||||||
2019 | $ 29.62 | 0.19 | (2.00) | (1.81) | (0.49) | — | (0.49) | $ 27.32 |
2018 | $ 30.69 | 0.46 | (1.47) | (1.01) | (0.06) | — | (0.06) | $ 29.62 |
2017 | $ 24.67 | 0.11 | 6.00 | 6.11 | (0.09) | — | (0.09) | $ 30.69 |
2016 | $ 24.22 | 0.24 | 0.35 | 0.59 | (0.14) | — | (0.14) | $ 24.67 |
2015 | $ 23.57 | (0.13) | 0.78 | 0.65 | — | — | — | $ 24.22 |
CLASS R5 SHARES | ||||||||
2019 | $ 30.10 | 0.28 | (2.02) | (1.74) | (0.66) | — | (0.66) | $ 27.70 |
2018 | $ 31.10 | 0.57 | (1.47) | (0.90) | (0.10) | — | (0.10) | $ 30.10 |
2017 | $ 24.99 | 0.22 | 6.08 | 6.30 | (0.19) | — | (0.19) | $ 31.10 |
2016 | $ 24.55 | 0.34 | 0.37 | 0.71 | (0.27) | — | (0.27) | $ 24.99 |
2015 | $ 23.81 | (0.03) | 0.78 | 0.75 | (0.01) | — | (0.01) | $ 24.55 |
CLASS R6 SHARES | ||||||||
2019 | $ 30.20 | 0.32 | (2.05) | (1.73) | (0.70) | — | (0.70) | $ 27.77 |
2018 | $ 31.16 | 0.90 | (1.75) | (0.85) | (0.11) | — | (0.11) | $ 30.20 |
2017(c) | $ 28.35 | 0.11 | 2.73 | 2.84 | (0.03) | — | (0.03) | $ 31.16 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Effective date of this class of shares was April 10, 2017. |
(d) | Annualized. |
(e) | Due to the size of net assets and fixed expenses, ratios may appear disproportionate. |
+ | Based on weighted average shares outstanding. |
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of PERIOD (Thousands) | |
0.73 | 1.31 | 1.33 | (5.78) | 29.12 | $ 236,560 | |
1.40 | 1.28 | 1.28 | (3.16) | 41.99 | $ 367,449 | |
0.46 | 1.33 | 1.33 | 24.85 | 43.70 | $ 442,522 | |
1.02 | 1.35 | 1.35 | 2.57 | 37.11 | $ 443,072 | |
(0.42) | 1.32 | 1.32 | 2.82 | 45.41 | $ 550,327 | |
(0.02) | 2.07 | 2.09 | (6.49) | 29.12 | $ 151,469 | |
0.78 | 2.03 | 2.03 | (3.90) | 41.99 | $ 253,907 | |
(0.30) | 2.08 | 2.08 | 23.88 | 43.70 | $ 380,046 | |
0.29 | 2.09 | 2.09 | 1.81 | 37.11 | $ 359,426 | |
(1.20) | 2.10 | 2.10 | 2.02 | 45.41 | $ 363,615 | |
1.05 | 0.99 | 1.06 | (5.46) | 29.12 | $ 762,697 | |
1.79 | 0.97 | 0.97 | (2.88) | 41.99 | $ 1,200,267 | |
0.80 | 0.97 | 0.98 | 25.31 | 43.70 | $ 1,514,039 | |
1.39 | 0.99 | 0.99 | 2.91 | 37.11 | $ 996,970 | |
(0.08) | 0.97 | 0.98 | 3.17 | 45.41 | $ 1,285,609 | |
0.55 | 1.50 | 2.20 | (5.95) | 29.12 | $ 4,317 | |
1.22 | 1.50 | 1.92 | (3.38) | 41.99 | $ 7,577 | |
0.28 | 1.50 | 1.97 | 24.66 | 43.70 | $ 12,059 | |
0.84 | 1.50 | 2.01 | 2.38 | 37.11 | $ 10,645 | |
(0.58) | 1.50 | 2.15 | 2.68 | 45.41 | $ 8,936 | |
0.71 | 1.40 | 1.86 | (5.84) | 29.12 | $ 9,254 | |
1.49 | 1.40 | 1.61 | (3.29) | 41.99 | $ 20,786 | |
0.38 | 1.40 | 1.65 | 24.81 | 43.70 | $ 28,061 | |
0.98 | 1.40 | 1.66 | 2.45 | 37.11 | $ 21,415 | |
(0.51) | 1.40 | 1.76 | 2.76 | 45.41 | $ 13,175 | |
1.04 | 0.99 | 1.27 | (5.45) | 29.12 | $ 42,354 | |
1.82 | 0.99 | 1.16 | (2.92) | 41.99 | $ 70,084 | |
0.79 | 0.99 | 1.16 | 25.29 | 43.70 | $ 80,704 | |
1.38 | 0.99 | 1.07 | 2.91 | 37.11 | $ 60,252 | |
(0.11) | 0.98 | 1.02 | 3.17 | 45.41 | $ 108,654 | |
1.17 | 0.85 | 1.00 | (5.34) | 29.12 | $ 45,699 | |
2.93 | 0.85 | 0.98 | (2.75) | 41.99 | $ 51,836 | |
0.77(d) | 0.85(d) | 13.31(d)(e) | 10.02 | 43.70 | $ 1,576 |
Thornburg Global Opportunities Fund
Thornburg Global Opportunities Fund | September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(c) | a deferred sales charge on redemptions of Class C shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS A SHARES | |||
Actual | $1,000.00 | $998.19 | $6.36 |
Hypothetical* | $1,000.00 | $1,018.70 | $6.43 |
CLASS C SHARES | |||
Actual | $1,000.00 | $994.39 | $10.15 |
Hypothetical* | $1,000.00 | $1,014.89 | $10.25 |
CLASS I SHARES | |||
Actual | $1,000.00 | $999.64 | $4.96 |
Hypothetical* | $1,000.00 | $1,020.10 | $5.01 |
CLASS R3 SHARES | |||
Actual | $1,000.00 | $997.08 | $7.51 |
Hypothetical* | $1,000.00 | $1,017.55 | $7.59 |
CLASS R4 SHARES | |||
Actual | $1,000.00 | $997.81 | $7.01 |
Hypothetical* | $1,000.00 | $1,018.05 | $7.08 |
CLASS R5 SHARES | |||
Actual | $1,000.00 | $999.64 | $4.96 |
Hypothetical* | $1,000.00 | $1,020.10 | $5.01 |
CLASS R6 SHARES | |||
Actual | $1,000.00 | $1,000.36 | $4.26 |
Hypothetical* | $1,000.00 | $1,020.81 | $4.31 |
† | Expenses are equal to the annualized expense ratio for each class (A: 1.27%; C: 2.03%; I: 0.99%; R3: 1.50%; R4: 1.40%; R5: 0.99%; R6: 0.85%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg Global Opportunities Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg Global Opportunities Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg Global Opportunities Fund | September 30, 2019 (Unaudited)
Thornburg Global Opportunities Fund | September 30, 2019 (Unaudited)
Thornburg Global Opportunities Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH1245 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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29 | |
32 |
SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class A | THDAX | 885-216-408 |
Class C | THDCX | 885-216-507 |
Class I | THDIX | 885-216-606 |
Class R5 | THDRX | 885-216-846 |
Class R6 | TDWRX | 885-216-838 |
Thornburg Developing World Fund | September 30, 2019 (Unaudited)
• | Azul is the fastest-growing Airline in Brazil. Despite headwinds related to currency and fuel prices, the Brazilian airline delivered strong performance on margin improvement driven by operational efficiency and capacity growth. They also benefited from the bankruptcy of an important competitor which led to significant capacity reduction in the market. |
• | ICICI Bank is India’s largest private-sector bank and a leading retail lender across consumer-finance segments. Shares advanced over the period as ICICI continued to improve its core operating profit and reported strong earnings and balance sheet performance. Asset quality trends also surprised to the upside, as loan loss provisions decreased significantly year-over-year. |
• | B3 is the leading platform for trading equities, options and fixed income in Brazil. Lower Brazilian interest rates have made equity investing relatively more attractive for domestic investors, and expectations are that foreign investors will be more interested in Brazilian investments as the country’s pension reform bill passed this October. Incremental volume growth and the company’s tie to Brazil’s improving capital markets environment led to solid performance over the period. |
• | Itau Unibanco is a large multinational Brazilian bank and financial services provider. Beginning in 4Q18, shares progressed strongly as it became clear the market-friendly |
• | Hapvida is the third-largest healthcare operator in Brazil and maintains a presence in both the medical and dental segments. The company has a strong network of more than 1,500 hospital beds, clinics and diagnostic centers and continues to build a durable competitive advantage through organic growth and attractively valued acquisitions. The stock rose as the company successfully grew market share and drove margin expansion through strong cost management. |
• | Groupo Financiero Banorte is one of the largest commercial banks in Mexico. Shares sold off early in the fiscal year following comments made by incoming Mexican president Andres Manuel Lopez Obrador regarding the completion of a new but partially built airport for Mexico City. While Banorte’s exposure to the airport is small, there was concern that the incoming president was tacking harder to the left and that he might burden the private sector with increased regulation and taxation. As a leading bank in Mexico, economic growth is a key driver for the bank. While the bank has delivered solid earnings results, political tensions and a softening macro environment have been a major headwind on the stock’s performance. |
• | Qualcomm is a multinational semiconductor and telecommunications equipment company. We sold the stock during 4Q18. Shares had underperformed due to concerns about ongoing legal issues, which could invalidate part of its business model focused on charging for its intellectual property. |
• | Glencore is a diversified natural resources company that operates in metals and minerals, energy products and agricultural products. The stock declined on weaker production and earnings coupled with weaker prices of the commodities that the company is exposed to, most notably coal and cobalt. Moreover, global economic uncertainty broadly put downward pressure on global mining and metals stocks. We exited the position in 3Q19 on concerns about certain end-market fundamentals and increasing scrutiny of the company’s operations in Africa. |
• | Haliburton provides energy and engineering and construction services, as well as manufactures products for the energy industry. We sold the stock in January 2019. Shares had fallen due to ongoing delays of North American onshore capex and in sympathy with weaker oil prices. Weaker oil prices usually drive weaker cash flow and ultimately production spending in the near term. |
• | Baidu is a Chinese search engine company. We sold out of Baidu in February 2019. Shares sold off as the strength of their position in the Chinese online advertising market came into |
Ben Kirby,cfa Portfolio Manager Managing Director | Charlie Wilson, PhD Portfolio Manager Managing Director |
Thornburg Developing World Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | 5-YR | SINCE INCEP. | |
Class A Shares(Incep: 12/16/09) | ||||
Without sales charge | 7.74% | 6.86% | 2.24% | 5.85% |
With sales charge | 2.90% | 5.23% | 1.30% | 5.35% |
Class C Shares(Incep: 12/16/09) | ||||
Without sales charge | 6.91% | 6.04% | 1.46% | 5.09% |
With sales charge | 5.91% | 6.04% | 1.46% | 5.09% |
Class I Shares(Incep: 12/16/09) | 8.14% | 7.29% | 2.67% | 6.36% |
Class R5 Shares(Incep: 2/1/13) | 8.16% | 7.29% | 2.67% | 3.25% |
Class R6 Shares(Incep: 2/1/13) | 8.25% | 7.39% | 2.77% | 3.36% |
MSCI Emerging Markets Index(Since 12/16/09) | -2.02% | 5.97% | 2.33% | 2.76% |
FINAL VALUE |
Thornburg Developing World Fund | September 30, 2019 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Alibaba Group Holding Ltd. Sponsored ADR | 6.5% |
Tencent Holdings Ltd. | 5.8% |
Samsung Electronics Co. Ltd. | 5.4% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.6% |
AIA Group Ltd. | 3.9% |
Industrial & Commercial Bank of China Ltd. Class H | 3.9% |
Unilever N.V. | 3.5% |
ICICI Bank Ltd. | 3.4% |
HDFC Bank Ltd. | 3.3% |
Petroleo Brasileiro S.A. | 2.7% |
SECTOR EXPOSURE | |
Financials | 26.5% |
Consumer Discretionary | 15.7% |
Information Technology | 15.5% |
Communication Services | 10.2% |
Energy | 9.3% |
Industrials | 7.9% |
Consumer Staples | 5.3% |
Health Care | 3.7% |
Materials | 2.1% |
Other Assets Less Liabilities | 3.8% |
TOP TEN INDUSTRY GROUPS | |
Banks | 19.0% |
Retailing | 9.5% |
Energy | 9.3% |
Media & Entertainment | 8.9% |
Transportation | 7.9% |
Technology Hardware & Equipment | 7.3% |
Semiconductors & Semiconductor Equipment | 7.1% |
Insurance | 5.5% |
Consumer Services | 4.0% |
Healthcare Equipment & Services | 3.7% |
COUNTRY EXPOSURE* (percent of equity holdings) | |
China | 24.4% |
India | 12.9% |
Brazil | 11.4% |
Russian Federation | 6.0% |
South Korea | 5.7% |
Taiwan | 5.4% |
United States | 4.4% |
Hong Kong | 4.0% |
Indonesia | 3.7% |
Mexico | 3.6% |
United Kingdom | 3.6% |
South Africa | 2.8% |
United Arab Emirates | 2.2% |
Chile | 2.1% |
Netherlands | 2.0% |
Panama | 1.5% |
France | 1.2% |
Vietnam | 1.1% |
Macao | 1.0% |
Peru | 1.0% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
Thornburg Developing World Fund | September 30, 2019
SHARES | VALUE | ||
Common Stock — 96.2% | |||
Banks — 19.0% | |||
Banks — 19.0% | |||
Bank Central Asia Tbk PT | 6,311,232 | $ 13,493,899 | |
Bank Rakyat Indonesia Persero Tbk PT | 52,928,206 | 15,362,043 | |
Credicorp Ltd. | 35,719 | 7,445,268 | |
Grupo Financiero Banorte SAB de C.V. | 3,080,052 | 16,600,503 | |
HDFC Bank Ltd. | 1,555,104 | 26,935,551 | |
ICICI Bank Ltd. Sponsored ADR | 2,255,726 | 27,474,743 | |
Industrial & Commercial Bank of China Ltd. Class H | 46,654,959 | 31,251,328 | |
Sberbank of Russia PJSC Sponsored ADR | 1,059,238 | 15,014,699 | |
153,578,034 | |||
Consumer Durables & Apparel — 2.2% | |||
Textiles, Apparel & Luxury Goods — 2.2% | |||
LVMH Moet Hennessy Louis Vuitton SE | 23,134 | 9,194,617 | |
Shenzhou International Group Holdings Ltd. | 679,440 | 8,876,923 | |
18,071,540 | |||
Consumer Services — 4.0% | |||
Diversified Consumer Services — 1.3% | |||
a | TAL Education Group ADR | 310,743 | 10,639,840 |
Hotels, Restaurants & Leisure — 2.7% | |||
Galaxy Entertainment Group Ltd. | 1,302,424 | 8,100,995 | |
Huazhu Group Ltd. ADR | 411,577 | 13,590,273 | |
32,331,108 | |||
Diversified Financials — 2.0% | |||
Capital Markets — 2.0% | |||
B3 S.A. - Brasil Bolsa Balcao | 1,549,555 | 16,271,456 | |
16,271,456 | |||
Energy — 9.3% | |||
Oil, Gas & Consumable Fuels — 9.3% | |||
LUKOIL PJSC Sponsored ADR | 103,341 | 8,550,434 | |
Novatek PJSC Sponsored GDR | 61,858 | 12,544,802 | |
Petroleo Brasileiro S.A. | 3,300,484 | 21,884,339 | |
Reliance Industries Ltd. | 897,929 | 16,894,579 | |
Royal Dutch Shell plc Sponsored ADR Class A | 263,462 | 15,504,739 | |
75,378,893 | |||
Food, Beverage & Tobacco — 1.8% | |||
Beverages — 0.7% | |||
Kweichow Moutai Co. Ltd. Class A | 36,936 | 5,950,409 | |
Food Products — 1.1% | |||
Vietnam Dairy Products, JSC | 1,524,492 | 8,522,332 | |
14,472,741 | |||
Healthcare Equipment & Services — 3.7% | |||
Health Care Providers & Services — 3.7% | |||
Hapvida Participacoes e Investimentos S.A. | 1,178,697 | 15,276,437 | |
NMC Health plc | 230,317 | 7,674,345 | |
Odontoprev S.A. | 1,774,007 | 6,899,711 | |
29,850,493 | |||
Household & Personal Products — 3.5% | |||
Personal Products — 3.5% | |||
Unilever N.V. | 466,833 | 28,023,985 | |
28,023,985 | |||
Insurance — 5.5% | |||
Insurance — 5.5% | |||
AIA Group Ltd. | 3,314,647 | 31,316,535 |
SHARES | VALUE | ||
Sanlam Ltd. | 2,748,722 | $ 13,535,800 | |
44,852,335 | |||
Materials — 2.1% | |||
Chemicals — 2.1% | |||
Sociedad Quimica y Minera de Chile S.A. Sponsored ADR | 602,464 | 16,742,475 | |
16,742,475 | |||
Media & Entertainment — 8.9% | |||
Entertainment — 0.5% | |||
a | Sea Ltd. ADR | 134,761 | 4,170,853 |
Interactive Media & Services — 7.0% | |||
Tencent Holdings Ltd. | 1,107,222 | 46,646,938 | |
a | Yandex N.V. Class A | 293,112 | 10,261,851 |
Media — 1.4% | |||
Zee Entertainment Enterprises Ltd. | 2,898,247 | 10,816,979 | |
71,896,621 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.0% | |||
Pharmaceuticals — 0.0% | |||
a,b,c | China Animal Healthcare Ltd. | 35,787,582 | 0 |
0 | |||
Retailing — 9.5% | |||
Internet & Direct Marketing Retail — 8.0% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 315,362 | 52,737,987 |
Naspers Ltd. Class N | 54,736 | 8,294,609 | |
a | Prosus N.V. | 54,736 | 4,018,069 |
Multiline Retail — 1.5% | |||
Lojas Renner S.A. | 963,438 | 11,702,840 | |
76,753,505 | |||
Semiconductors & Semiconductor Equipment — 7.1% | |||
Semiconductors & Semiconductor Equipment — 7.1% | |||
a | Micron Technology, Inc. | 463,886 | 19,877,515 |
Taiwan Semiconductor Manufacturing Co., Ltd. | 4,228,605 | 37,556,475 | |
57,433,990 | |||
Software & Services — 1.1% | |||
Information Technology Services — 1.1% | |||
a | Network International Holdings plc | 1,390,720 | 9,148,281 |
9,148,281 | |||
Technology Hardware & Equipment — 7.3% | |||
Electronic Equipment, Instruments & Components — 1.8% | |||
a | IPG Photonics Corp. | 108,217 | 14,674,225 |
Technology Hardware, Storage & Peripherals — 5.5% | |||
Samsung Electronics Co., Ltd. | 1,075,851 | 44,116,952 | |
58,791,177 | |||
Telecommunication Services — 1.3% | |||
Wireless Telecommunication Services — 1.3% | |||
China Mobile Ltd. | 1,313,106 | 10,864,785 | |
10,864,785 | |||
Transportation — 7.9% | |||
Airlines — 3.6% | |||
a | Azul S.A. ADR | 476,590 | 17,071,454 |
Copa Holdings S.A. Class A | 118,812 | 11,732,685 | |
Transportation Infrastructure — 4.3% | |||
Adani Ports & Special Economic Zone Ltd. | 3,123,717 | 18,292,148 | |
Grupo Aeroportuario del Pacifico SAB de CV Class B | 1,206,196 | 11,641,435 | |
Shanghai International Airport Co., Ltd. Class A | 468,460 | 5,235,590 | |
63,973,312 |
Thornburg Developing World Fund | September 30, 2019
SHARES | VALUE | ||
Total Common Stock(Cost $632,945,947) | 778,434,731 | ||
Short-Term Investments — 3.7% | |||
d | Thornburg Capital Management Fund | 3,035,100 | $ 30,350,997 |
Total Short-Term Investments(Cost $30,350,997) | 30,350,997 | ||
Total Investments — 99.9%(Cost $663,296,944) | $808,785,728 | ||
Other Assets Less Liabilities — 0.1% | 636,567 | ||
Net Assets — 100.0% | $809,422,295 |
Footnote Legend | |
a | Non-income producing. |
b | Illiquid security. |
c | Security currently fair valued by the Valuation and Pricing Committee using procedures approved by the Trustees’ Audit Committee. |
d | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
Thornburg Developing World Fund | September 30, 2019
ASSETS | |
Investments at value (Note 3) | |
Non-affiliated issuers (cost $632,945,947) | $ 778,434,731 |
Non-controlled affiliated issuer (cost $30,350,997) | 30,350,997 |
Cash denominated in foreign currency (cost $8,418) | 8,437 |
Receivable for fund shares sold | 1,959,184 |
Dividends receivable | 789,472 |
Dividend and interest reclaim receivable | 458,012 |
Prepaid expenses and other assets | 37,826 |
Total Assets | 812,038,659 |
Liabilities | |
Payable for fund shares redeemed | 606,584 |
Payable to investment advisor and other affiliates (Note 4) | 750,135 |
Deferred taxes payable (Note 2) | 754,348 |
Accounts payable and accrued expenses | 505,215 |
Dividends payable | 82 |
Total Liabilities | 2,616,364 |
Net Assets | $ 809,422,295 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 2,056,277 |
Net capital paid in on shares of beneficial interest | 807,366,018 |
$ 809,422,295 | |
NET ASSET VALUE | |
Class A Shares: | |
Net asset value and redemption price per share ($96,935,249 applicable to 4,744,629 shares of beneficial interest outstanding - Note 5) | $ 20.43 |
Maximum sales charge, 4.50% of offering price | 0.96 |
Maximum offering price per share | $ 21.39 |
Class C Shares: | |
Net asset value and offering price per share* ($63,202,505 applicable to 3,266,077 shares of beneficial interest outstanding - Note 5) | $ 19.35 |
Class I Shares: | |
Net asset value, offering and redemption price per share ($590,196,519 applicable to 28,296,862 shares of beneficial interest outstanding - Note 5) | $ 20.86 |
Class R5 Shares: | |
Net asset value, offering and redemption price per share ($2,430,040 applicable to 116,884 shares of beneficial interest outstanding - Note 5) | $ 20.79 |
Class R6 Shares: | |
Net asset value, offering and redemption price per share ($56,657,982 applicable to 2,713,397 shares of beneficial interest outstanding - Note 5) | $ 20.88 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Thornburg Developing World Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Dividend income | |
Non-affiliated issuers (net of foreign taxes withheld of $1,996,344) | $ 20,754,261 |
Non-controlled affiliated issuer | 865,663 |
Total Income | 21,619,924 |
EXPENSES | |
Investment advisory fees (Note 4) | 7,899,621 |
Administration fees (Note 4) | |
Class A Shares | 91,630 |
Class C Shares | 63,097 |
Class I Shares | 520,300 |
Class R5 Shares | 2,549 |
Class R6 Shares | 48,642 |
Distribution and service fees (Note 4) | |
Class A Shares | 261,000 |
Class C Shares | 718,887 |
Transfer agent fees | |
Class A Shares | 138,830 |
Class C Shares | 99,852 |
Class I Shares | 490,342 |
Class R5 Shares | 14,979 |
Class R6 Shares | 10,991 |
Registration and filing fees | |
Class A Shares | 13,927 |
Class C Shares | 13,247 |
Class I Shares | 21,545 |
Class R5 Shares | 13,164 |
Class R6 Shares | 13,537 |
Custodian fees | 208,553 |
Professional fees | 77,703 |
Trustee and officer fees (Note 4) | 48,416 |
Other expenses | 130,665 |
Total Expenses | 10,901,477 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (539,347) |
Investment advisory fees waived by investment advisor (Note 4) | (181,848) |
Net Expenses | 10,180,282 |
Net Investment Income | $ 11,439,642 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on: | |
Non-affiliated issuer investments (net of realized capital gain taxes paid of $209,407) | 15,458,596 |
Foreign currency transactions | (270,143) |
15,188,453 | |
Net change in unrealized appreciation (depreciation) on: | |
Non-affiliated issuer investments (net of change in deferred taxes payable of $96,794) | 33,788,807 |
Foreign currency translations | 45,064 |
33,833,871 | |
Net Realized and Unrealized Gain | 49,022,324 |
Net Increase in Net Assets Resulting from Operations | $ 60,461,966 |
Thornburg Developing World Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 11,439,642 | $ 8,108,374 |
Net realized gain (loss) on investments, foreign currency transactions and capital gain taxes | 15,188,453 | 63,923,655 |
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred taxes | 33,833,871 | (102,076,534) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 60,461,966 | (30,044,505) |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (832,625) | - |
Class I Shares | (7,328,575) | - |
Class R5 Shares | (35,726) | - |
Class R6 Shares | (703,702) | - |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | (21,799,926) | (8,956,839) |
Class C Shares | (22,061,241) | (25,277,644) |
Class I Shares | (80,785,547) | (140,840,162) |
Class R5 Shares | (1,089,073) | (2,071,263) |
Class R6 Shares | (3,312,730) | 32,219,385 |
Net Decrease in Net Assets | (77,487,179) | (174,971,028) |
NET ASSETS | ||
Beginning of Year | 886,909,474 | 1,061,880,502 |
End of Year | $ 809,422,295 | $ 886,909,474 |
Thornburg Developing World Fund | September 30, 2019
Cost of investments for tax purposes | $ 663,936,180 |
Gross unrealized appreciation on a tax basis | 190,426,137 |
Gross unrealized depreciation on a tax basis | (45,576,589) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 144,849,548 |
Thornburg Developing World Fund | September 30, 2019
2019 | 2018 | |
Distributions from: | ||
Ordinary income | $ 8,900,628 | $ - |
Total | $ 8,900,628 | $ - |
Thornburg Developing World Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities* | ||||
Common Stock(a) | $ 778,434,731 | $ 740,878,256 | $ 37,556,475 | $ — |
Short-Term Investments | 30,350,997 | 30,350,997 | — | — |
Total Investments in Securities | $808,785,728 | $771,229,253 | $37,556,475 | $— |
Total Assets | $808,785,728 | $771,229,253 | $37,556,475 | $— |
* | See Schedule of Investments for a summary of the industry exposure as grouped according to the Global Industry Classification Standard (GICS), which is an industry taxonomy developed by MSCI, Inc. and Standard & Poor’s (S&P). |
(a) | At September 30, 2019, industry classifications for Common Stock in Level 2 and Level 3 consist of $0 in Pharmaceuticals, Biotechnology & Life Sciences and $37,556,475 in Semiconductors & Semiconductor Equipment. |
COMMON STOCK | TOTAL | |
Beginning Balance 9/30/2018 | $ 9,343,578 | $ 9,343,578 |
Accrued Discounts (Premiums) | – | – |
Net Realized Gain (Loss)(a) | (1,099,449) | (1,099,449) |
Gross Purchases | 899,292 | 899,292 |
Gross Sales | (12,580,790) | (12,580,790) |
Net Change in Unrealized Appreciation (Depreciation)(b)(c) | 3,437,369 | 3,437,369 |
Transfers into Level 3 | – | – |
Transfers out of Level 3 | – | – |
Ending Balance 9/30/2019 | $– | $– |
(a) | Amount of net realized gain (loss) from investments is included in the Fund’s Statement of Operations for the year ended September 30, 2019. |
(b) | Amount of net change in unrealized appreciation (depreciation) on investments is included in the Fund’s Statement of Operations for the year ended September 30, 2019. |
(c) | The net change in unrealized appreciation (depreciation) attributable to securities owned at September 30, 2019, which were valued using significant unobservable inputs, was $0. |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.975% |
Next $500 million | 0.925 |
Next $500 million | 0.875 |
Next $500 million | 0.825 |
Over $2 billion | 0.775 |
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Thornburg Developing World Fund | September 30, 2019
Fund | Market Value 9/30/18 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/19 | Dividend Income |
Thornburg Capital Management Fund | $52,180,825 | $269,224,391 | $(291,054,219) | $- | $- | $30,350,997 | $865,663 |
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 1,085,323 | $ 21,275,188 | 1,295,267 | $ 26,954,368 |
Shares issued to shareholders in reinvestment of dividends | 45,605 | 787,592 | - | - |
Shares repurchased | (2,244,922) | (43,862,706) | (1,753,167) | (35,911,207) |
Net decrease | (1,113,994) | $ (21,799,926) | (457,900) | $ (8,956,839) |
Class C Shares | ||||
Shares sold | 165,190 | $ 3,021,325 | 328,433 | $ 6,527,715 |
Shares issued to shareholders in reinvestment of dividends | - | - | - | - |
Shares repurchased | (1,359,589) | (25,082,566) | (1,637,558) | (31,805,359) |
Net decrease | (1,194,399) | $ (22,061,241) | (1,309,125) | $ (25,277,644) |
Class I Shares | ||||
Shares sold | 6,414,296 | $ 128,136,137 | 7,202,047 | $ 153,189,862 |
Shares issued to shareholders in reinvestment of dividends | 401,425 | 7,057,046 | - | - |
Shares repurchased | (10,980,973) | (215,978,730) | (13,981,994) | (294,030,024) |
Net decrease | (4,165,252) | $ (80,785,547) | (6,779,947) | $ (140,840,162) |
Class R5 Shares | ||||
Shares sold | 77,485 | $ 1,515,534 | 121,330 | $ 2,601,663 |
Shares issued to shareholders in reinvestment of dividends | 2,039 | 35,726 | - | - |
Shares repurchased | (134,103) | (2,640,333) | (223,238) | (4,672,926) |
Net decrease | (54,579) | $ (1,089,073) | (101,908) | $ (2,071,263) |
Class R6 Shares | ||||
Shares sold | 412,093 | $ 8,203,299 | 2,069,640 | $ 45,037,356 |
Shares issued to shareholders in reinvestment of dividends | 36,173 | 636,287 | - | - |
Shares repurchased | (609,784) | (12,152,316) | (612,074) | (12,817,971) |
Net increase (decrease) | (161,518) | $ (3,312,730) | 1,457,566 | $ 32,219,385 |
SHEET RISK AND FOREIGN INVESTMENT RISK
Thornburg Developing World Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | ||||||||
2019 | $ 19.13 | 0.23 | 1.22 | 1.45 | (0.15) | — | (0.15) | $ 20.43 |
2018 | $ 19.86 | 0.11 | (0.84) | (0.73) | — | — | — | $ 19.13 |
2017 | $ 16.98 | 0.09 | 2.89 | 2.98 | (0.10) | — | (0.10) | $ 19.86 |
2016 | $ 15.03 | 0.04 | 1.94 | 1.98 | (0.03) | — | (0.03) | $ 16.98 |
2015 | $ 18.61 | 0.02 | (3.58) | (3.56) | (0.02) | — | (0.02) | $ 15.03 |
CLASS C SHARES | ||||||||
2019 | $ 18.10 | 0.06 | 1.19 | 1.25 | — | — | — | $ 19.35 |
2018 | $ 18.93 | (0.05) | (0.78) | (0.83) | — | — | — | $ 18.10 |
2017 | $ 16.26 | (0.03) | 2.74 | 2.71 | (0.04) | — | (0.04) | $ 18.93 |
2016 | $ 14.48 | (0.08) | 1.86 | 1.78 | — | — | — | $ 16.26 |
2015 | $ 18.03 | (0.09) | (3.46) | (3.55) | — | — | — | $ 14.48 |
CLASS I SHARES | ||||||||
2019 | $ 19.55 | 0.31 | 1.24 | 1.55 | (0.24) | — | (0.24) | $ 20.86 |
2018 | $ 20.21 | 0.19 | (0.85) | (0.66) | — | — | — | $ 19.55 |
2017 | $ 17.26 | 0.19 | 2.92 | 3.11 | (0.16) | — | (0.16) | $ 20.21 |
2016 | $ 15.27 | 0.11 | 1.97 | 2.08 | (0.09) | — | (0.09) | $ 17.26 |
2015 | $ 18.92 | 0.10 | (3.65) | (3.55) | (0.10) | — | (0.10) | $ 15.27 |
CLASS R5 SHARES | ||||||||
2019 | $ 19.48 | 0.27 | 1.28 | 1.55 | (0.24) | — | (0.24) | $ 20.79 |
2018 | $ 20.14 | 0.19 | (0.85) | (0.66) | — | — | — | $ 19.48 |
2017 | $ 17.20 | 0.18 | 2.92 | 3.10 | (0.16) | — | (0.16) | $ 20.14 |
2016 | $ 15.22 | 0.12 | 1.96 | 2.08 | (0.10) | — | (0.10) | $ 17.20 |
2015 | $ 18.86 | 0.12 | (3.65) | (3.53) | (0.11) | — | (0.11) | $ 15.22 |
CLASS R6 SHARES | ||||||||
2019 | $ 19.57 | 0.33 | 1.24 | 1.57 | (0.26) | — | (0.26) | $ 20.88 |
2018 | $ 20.21 | 0.24 | (0.88) | (0.64) | — | — | — | $ 19.57 |
2017 | $ 17.25 | 0.20 | 2.93 | 3.13 | (0.17) | — | (0.17) | $ 20.21 |
2016 | $ 15.25 | 0.13 | 1.98 | 2.11 | (0.11) | — | (0.11) | $ 17.25 |
2015 | $ 18.91 | 0.15 | (3.68) | (3.53) | (0.13) | — | (0.13) | $ 15.25 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
+ | Based on weighted average shares outstanding. |
Thornburg Developing World Fund
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
1.18 | 1.47 | 1.50 | 7.74 | 43.52 | $ 96,935 | |
0.55 | 1.46 | 1.48 | (3.68) | 58.28 | $ 112,082 | |
0.54 | 1.52 | 1.60 | 17.58 | 77.61 | $ 125,427 | |
0.25 | 1.52 | 1.57 | 13.20 | 94.68 | $ 166,655 | |
0.14 | 1.53 | 1.53 | (19.12) | 96.74 | $ 207,282 | |
0.30 | 2.23 | 2.26 | 6.91 | 43.52 | $ 63,203 | |
(0.23) | 2.23 | 2.25 | (4.38) | 58.28 | $ 80,728 | |
(0.16) | 2.26 | 2.34 | 16.65 | 77.61 | $ 109,227 | |
(0.51) | 2.29 | 2.34 | 12.29 | 94.68 | $ 134,129 | |
(0.55) | 2.27 | 2.27 | (19.69) | 96.74 | $ 154,943 | |
1.53 | 1.09 | 1.19 | 8.14 | 43.52 | $ 590,196 | |
0.93 | 1.08 | 1.16 | (3.27) | 58.28 | $ 634,501 | |
1.05 | 1.07 | 1.20 | 18.06 | 77.61 | $ 793,069 | |
0.70 | 1.07 | 1.16 | 13.68 | 94.68 | $ 853,866 | |
0.52 | 1.09 | 1.14 | (18.75) | 96.74 | $ 1,016,898 | |
1.38 | 1.09 | 2.07 | 8.16 | 43.52 | $ 2,430 | |
0.90 | 1.09 | 1.71 | (3.28) | 58.28 | $ 3,340 | |
1.04 | 1.08 | 1.77 | 18.06 | 77.61 | $ 5,506 | |
0.74 | 1.08 | 1.75 | 13.65 | 94.68 | $ 6,208 | |
0.66 | 1.09 | 1.67 | (18.72) | 96.74 | $ 5,363 | |
1.65 | 0.99 | 1.14 | 8.25 | 43.52 | $ 56,658 | |
1.16 | 0.99 | 1.14 | (3.17) | 58.28 | $ 56,258 | |
1.14 | 0.97 | 1.13 | 18.16 | 77.61 | $ 28,652 | |
0.80 | 0.97 | 1.12 | 13.81 | 94.68 | $ 48,598 | |
0.84 | 0.99 | 1.10 | (18.68) | 96.74 | $ 21,055 |
Thornburg Developing World Fund
Thornburg Developing World Fund | September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(c) | a deferred sales charge on redemptions of Class C shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS A SHARES | |||
Actual | $1,000.00 | $1,002.45 | $7.33 |
Hypothetical* | $1,000.00 | $1,017.75 | $7.38 |
CLASS C SHARES | |||
Actual | $1,000.00 | $998.97 | $11.17 |
Hypothetical* | $1,000.00 | $1,013.89 | $11.26 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,004.81 | $5.48 |
Hypothetical* | $1,000.00 | $1,019.60 | $5.52 |
CLASS R5 SHARES | |||
Actual | $1,000.00 | $1,004.34 | $5.48 |
Hypothetical* | $1,000.00 | $1,019.60 | $5.52 |
CLASS R6 SHARES | |||
Actual | $1,000.00 | $1,004.81 | $4.98 |
Hypothetical* | $1,000.00 | $1,020.10 | $5.01 |
† | Expenses are equal to the annualized expense ratio for each class (A: 1.46%; C: 2.23%; I: 1.09%; R5: 1.09%; R6: 0.99%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg Developing World Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg Developing World Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg Developing World Fund | September 30, 2019 (Unaudited)
Thornburg Developing World Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH2149 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class A | TBWAX | 885-216-721 |
Class C | TBWCX | 885-216-713 |
Class I | TBWIX | 885-216-697 |
Thornburg Better World International Fund | September 30, 2019 (Unaudited)
Di Zhou,cfa,frm® Portfolio Manager Managing Director |
Thornburg Better World International Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | SINCE INCEP. | |
Class A Shares(Incep: 10/1/15) | |||
Without sales charge | -3.19% | 3.47% | 6.61% |
With sales charge | -7.52% | 1.90% | 5.39% |
Class C Shares(Incep: 10/1/15) | |||
Without sales charge | -3.75% | 2.89% | 6.01% |
With sales charge | -4.64% | 2.89% | 6.01% |
Class I Shares(Incep: 10/1/15) | -2.54% | 4.27% | 7.42% |
MSCI AC World ex U.S. Index(Since 10/1/15) | -1.23% | 6.33% | 7.06% |
FINAL VALUE |
Thornburg Better World International Fund | September 30, 2019 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Alibaba Group Holding Ltd. Sponsored ADR | 3.5% |
Tencent Holdings Ltd. | 3.4% |
Sony Corp. | 3.0% |
AIA Group Ltd. | 3.0% |
Resona Holdings, Inc. | 2.4% |
Enel S.p.A. | 2.4% |
AXA S.A. | 2.3% |
CRH PLC | 2.3% |
NN Group N.V. | 2.3% |
Deutsche Telekom AG | 2.2% |
SECTOR EXPOSURE | |
Industrials | 16.4% |
Financials | 16.3% |
Health Care | 13.5% |
Communication Services | 11.6% |
Consumer Discretionary | 10.5% |
Information Technology | 10.5% |
Consumer Staples | 6.7% |
Materials | 6.2% |
Utilities | 2.4% |
Real Estate | 0.5% |
Other Assets Less Liabilities | 5.4% |
TOP TEN INDUSTRY GROUPS | |
Capital Goods | 9.9% |
Healthcare Equipment & Services | 8.6% |
Insurance | 7.6% |
Banks | 7.1% |
Materials | 6.2% |
Media & Entertainment | 5.8% |
Telecommunication Services | 5.8% |
Semiconductors & Semiconductor Equipment | 5.6% |
Household & Personal Products | 5.3% |
Retailing | 5.1% |
COUNTRY EXPOSURE* (percent of equity holdings) | |
Japan | 16.2% |
Germany | 14.8% |
United Kingdom | 12.4% |
China | 10.2% |
France | 7.2% |
Switzerland | 7.2% |
Netherlands | 6.8% |
United States | 4.6% |
Italy | 4.5% |
Hong Kong | 3.2% |
Ireland | 2.4% |
Norway | 2.3% |
Mexico | 1.7% |
Spain | 1.7% |
Taiwan | 1.7% |
Sweden | 1.5% |
Denmark | 1.1% |
Singapore | 0.5% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
Thornburg Better World International Fund | September 30, 2019
SHARES | VALUE | ||
Common Stock — 94.6% | |||
Banks — 7.1% | |||
Banks — 7.1% | |||
DNB ASA | 87,118 | $ 1,534,535 | |
ING Groep N.V. | 136,576 | 1,429,662 | |
Resona Holdings, Inc. | 397,422 | 1,701,793 | |
United Overseas Bank Ltd. | 18,505 | 343,550 | |
5,009,540 | |||
Capital Goods — 9.9% | |||
Electrical Equipment — 1.9% | |||
Prysmian SpA | 63,160 | 1,356,173 | |
Industrial Conglomerates — 1.0% | |||
Siemens AG | 6,805 | 728,731 | |
Machinery — 4.1% | |||
CNH Industrial N.V. | 102,483 | 1,043,291 | |
Knorr-Bremse AG | 8,931 | 839,490 | |
Weir Group plc | 57,972 | 1,016,089 | |
Trading Companies & Distributors — 2.9% | |||
Brenntag AG | 24,788 | 1,199,585 | |
Ferguson plc | 11,642 | 850,849 | |
7,034,208 | |||
Commercial & Professional Services — 2.5% | |||
Commercial Services & Supplies — 0.5% | |||
Focused Photonics Hangzhou, Inc. Class A | 135,751 | 323,669 | |
Professional Services — 2.0% | |||
SGS S.A. | 580 | 1,437,724 | |
1,761,393 | |||
Consumer Durables & Apparel — 3.0% | |||
Household Durables — 3.0% | |||
Sony Corp. | 36,462 | 2,140,341 | |
2,140,341 | |||
Consumer Services — 2.4% | |||
Hotels, Restaurants & Leisure — 2.4% | |||
Compass Group plc | 40,615 | 1,045,206 | |
GreenTree Hospitality Group Ltd. ADR | 64,976 | 649,760 | |
1,694,966 | |||
Diversified Financials — 1.6% | |||
Capital Markets — 1.6% | |||
St James’s Place plc | 29,279 | 352,584 | |
UBS Group AG | 71,837 | 815,503 | |
1,168,087 | |||
Food, Beverage & Tobacco — 1.4% | |||
Food Products — 1.4% | |||
a | Nomad Foods Ltd. | 47,612 | 976,046 |
���976,046 | |||
Healthcare Equipment & Services — 8.6% | |||
Health Care Equipment & Supplies — 5.3% | |||
a | Alcon, Inc. | 14,833 | 864,968 |
Hoya Corp. | 5,817 | 474,452 | |
Siemens Healthineers AG | 32,538 | 1,280,102 | |
Terumo Corp. | 36,045 | 1,160,107 | |
Health Care Providers & Services — 2.2% | |||
Fresenius Medical Care AG & Co. KGaA | 22,570 | 1,517,831 | |
Health Care Technology — 1.1% | |||
M3, Inc. | 33,482 | 805,735 |
Thornburg Better World International Fund | September 30, 2019
SHARES | VALUE | ||
6,103,195 | |||
Household & Personal Products — 5.3% | |||
Household Products — 1.9% | |||
Reckitt Benckiser Group plc | 17,222 | $ 1,343,361 | |
Personal Products — 3.4% | |||
Kao Corp. | 16,191 | 1,195,551 | |
Unilever plc | 20,422 | 1,227,872 | |
3,766,784 | |||
Insurance — 7.6% | |||
Insurance — 7.6% | |||
AIA Group Ltd. | 225,805 | 2,133,388 | |
AXA S.A. | 64,077 | 1,636,369 | |
NN Group N.V. | 45,997 | 1,631,375 | |
5,401,132 | |||
Materials — 6.2% | |||
Chemicals — 2.0% | |||
Novozymes A/S Class B | 16,726 | 703,230 | |
Sika AG | 4,799 | 702,023 | |
Construction Materials — 2.3% | |||
CRH plc | 47,657 | 1,633,674 | |
Paper & Forest Products — 1.9% | |||
Mondi plc | 69,269 | 1,326,943 | |
4,365,870 | |||
Media & Entertainment — 5.8% | |||
Entertainment — 2.5% | |||
a | DouYu International Holdings Ltd. ADR | 44,670 | 365,847 |
a | Netflix, Inc. | 2,447 | 654,866 |
a | Ubisoft Entertainment S.A. | 10,262 | 742,018 |
Interactive Media & Services — 3.3% | |||
Tencent Holdings Ltd. | 56,338 | 2,373,503 | |
4,136,234 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 4.9% | |||
Life Sciences Tools & Services — 2.4% | |||
Lonza Group AG | 1,312 | 443,534 | |
Thermo Fisher Scientific, Inc. | 4,322 | 1,258,869 | |
Pharmaceuticals — 2.5% | |||
Novartis AG | 6,331 | 548,955 | |
Takeda Pharmaceutical Co. Ltd. | 36,400 | 1,242,229 | |
3,493,587 | |||
Real Estate — 0.5% | |||
Equity Real Estate Investment Trusts — 0.5% | |||
Equinix, Inc. | 608 | 350,694 | |
350,694 | |||
Retailing — 5.1% | |||
Internet & Direct Marketing Retail — 3.5% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 14,856 | 2,484,369 |
Specialty Retail — 1.6% | |||
Industria de Diseno Textil S.A. | 36,983 | 1,144,794 | |
3,629,163 | |||
Semiconductors & Semiconductor Equipment — 5.6% | |||
Semiconductors & Semiconductor Equipment — 5.6% | |||
ASML Holding N.V. | 5,934 | 1,469,800 | |
Infineon Technologies AG | 74,656 | 1,343,603 | |
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 24,614 | 1,144,059 | |
3,957,462 |
SHARES | VALUE | ||
Software & Services — 3.5% | |||
Information Technology Services — 1.4% | |||
Capgemini SE | 8,658 | $ 1,020,117 | |
Software — 2.1% | |||
SAP SE | 12,570 | 1,478,029 | |
2,498,146 | |||
Technology Hardware & Equipment — 1.4% | |||
Electronic Equipment, Instruments & Components — 1.4% | |||
Hexagon AB Class B | 20,262 | 976,869 | |
976,869 | |||
Telecommunication Services — 5.8% | |||
Diversified Telecommunication Services — 5.8% | |||
Deutsche Telekom AG | 92,146 | 1,546,090 | |
Nippon Telegraph & Telephone Corp. | 22,950 | 1,094,383 | |
Orange S.A. | 91,634 | 1,437,722 | |
4,078,195 | |||
Transportation — 4.0% | |||
Road & Rail — 1.5% | |||
East Japan Railway Co. | 11,344 | 1,081,680 | |
Transportation Infrastructure — 2.5% | |||
Grupo Aeroportuario del Pacifico SAB de CV Class B | 121,243 | 1,170,160 | |
Shanghai International Airport Co., Ltd. Class A | 55,077 | 615,550 | |
2,867,390 | |||
Utilities — 2.4% | |||
Electric Utilities — 2.4% | |||
Enel SpA | 226,493 | 1,691,280 | |
1,691,280 | |||
Total Common Stock(Cost $65,850,200) | 67,100,582 | ||
Short-Term Investments — 6.5% | |||
b | Thornburg Capital Management Fund | 460,994 | 4,609,937 |
Total Short-Term Investments(Cost $4,609,937) | 4,609,937 | ||
Total Investments — 101.1%(Cost $70,460,137) | $71,710,519 | ||
Liabilities Net of Other Assets — (1.1)% | (812,146) | ||
Net Assets — 100.0% | $70,898,373 |
Footnote Legend | |
a | Non-income producing. |
b | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
Thornburg Better World International Fund | September 30, 2019
ASSETS | |
Investments at value (Note 3) | |
Non-affiliated issuers (cost $65,850,200) | $ 67,100,582 |
Non-controlled affiliated issuer (cost $4,609,937) | 4,609,937 |
Cash denominated in foreign currency (cost $28) | 28 |
Receivable for fund shares sold | 9,643 |
Dividends receivable | 127,056 |
Dividend and interest reclaim receivable | 36,679 |
Prepaid expenses and other assets | 31,709 |
Total Assets | 71,915,634 |
Liabilities | |
Payable for fund shares redeemed | 841,491 |
Payable to investment advisor and other affiliates (Note 4) | 44,838 |
Accounts payable and accrued expenses | 130,932 |
Total Liabilities | 1,017,261 |
Net Assets | $ 70,898,373 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 1,194,494 |
Net capital paid in on shares of beneficial interest | 69,703,879 |
$ 70,898,373 | |
NET ASSET VALUE | |
Class A Shares: | |
Net asset value and redemption price per share ($9,377,749 applicable to 729,957 shares of beneficial interest outstanding - Note 5) | $ 12.85 |
Maximum sales charge, 4.50% of offering price | 0.61 |
Maximum offering price per share | $ 13.46 |
Class C Shares: | |
Net asset value and offering price per share* ($1,687,675 applicable to 132,686 shares of beneficial interest outstanding - Note 5) | $ 12.72 |
Class I Shares: | |
Net asset value, offering and redemption price per share ($59,832,949 applicable to 4,546,042 shares of beneficial interest outstanding - Note 5) | $ 13.16 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Thornburg Better World International Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Dividend income | |
Non-affiliated issuers (net of foreign taxes withheld of $179,136) | $ 1,615,963 |
Non-controlled affiliated issuer | 87,393 |
Total Income | 1,703,356 |
EXPENSES | |
Investment advisory fees (Note 4) | 622,504 |
Administration fees (Note 4) | |
Class A Shares | 8,396 |
Class C Shares | 1,670 |
Class I Shares | 46,003 |
Distribution and service fees (Note 4) | |
Class A Shares | 23,911 |
Class C Shares | 19,056 |
Transfer agent fees | |
Class A Shares | 33,132 |
Class C Shares | 6,927 |
Class I Shares | 36,394 |
Registration and filing fees | |
Class A Shares | 14,710 |
Class C Shares | 14,710 |
Class I Shares | 14,669 |
Custodian fees | 53,638 |
Professional fees | 64,010 |
Trustee and officer fees (Note 4) | 3,758 |
Other expenses | 60,256 |
Total Expenses | 1,023,744 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (124,873) |
Investment advisory fees waived by investment advisor (Note 4) | (108,292) |
Net Expenses | 790,579 |
Net Investment Income | $ 912,777 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on: | |
Non-affiliated issuer investments (net of realized capital gain taxes refunded of $836) | (762,952) |
Foreign currency transactions | (1,605) |
(764,557) | |
Net change in unrealized appreciation (depreciation) on: | |
Non-affiliated issuer investments | (2,220,217) |
Foreign currency translations | (11) |
(2,220,228) | |
Net Realized and Unrealized Loss | (2,984,785) |
Net Decrease in Net Assets Resulting from Operations | $ (2,072,008) |
Thornburg Better World International Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 912,777 | $ 776,603 |
Net realized gain (loss) on investments, foreign currency transactions and capital gain taxes | (764,557) | 6,232,775 |
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (2,220,228) | (2,723,436) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (2,072,008) | 4,285,942 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (794,041) | (169,562) |
Class C Shares | (158,603) | (62,136) |
Class I Shares | (4,524,294) | (1,613,511) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class A Shares | 1,776,230 | 1,938,084 |
Class C Shares | (343,821) | 39,251 |
Class I Shares | 10,196,900 | (6,205,887) |
Net Increase (Decrease) in Net Assets | 4,080,363 | (1,787,819) |
NET ASSETS | ||
Beginning of Year | 66,818,010 | 68,605,829 |
End of Year | $ 70,898,373 | $ 66,818,010 |
Thornburg Better World International Fund | September 30, 2019
Thornburg Better World International Fund | September 30, 2019
Cost of investments for tax purposes | $ 70,743,749 |
Gross unrealized appreciation on a tax basis | 5,232,733 |
Gross unrealized depreciation on a tax basis | (4,265,964) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 966,769 |
2019 | 2018 | |
Distributions from: | ||
Ordinary income | $ 3,160,279 | $ 1,501,866 |
Capital gains | 2,316,659 | 343,343 |
Total | $ 5,476,938 | $ 1,845,209 |
Thornburg Better World International Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities* | ||||
Common Stock | $ 67,100,582 | $ 67,100,582 | $ — | $ — |
Short-Term Investments | 4,609,937 | 4,609,937 | — | — |
Total Investments in Securities | $71,710,519 | $71,710,519 | $— | $— |
Total Assets | $71,710,519 | $71,710,519 | $— | $— |
* | See Schedule of Investments for a summary of the industry exposure as grouped according to the Global Industry Classification Standard (GICS), which is an industry taxonomy developed by MSCI, Inc. and Standard & Poor’s (S&P). |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.975% |
Next $500 million | 0.925 |
Next $500 million | 0.875 |
Next $500 million | 0.825 |
Over $2 billion | 0.775 |
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Thornburg Better World International Fund | September 30, 2019
Fund | Market Value 9/30/18 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/19 | Dividend Income |
Thornburg Capital Management Fund | $2,894,980 | $32,565,864 | $(30,850,907) | $- | $- | $4,609,937 | $87,393 |
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class A Shares | ||||
Shares sold | 285,435 | $ 3,639,837 | 159,116 | $ 2,341,246 |
Shares issued to shareholders in reinvestment of dividends | 65,598 | 793,951 | 11,866 | 169,052 |
Shares repurchased | (209,272) | (2,657,558) | (39,319) | (572,214) |
Net increase | 141,761 | $ 1,776,230 | 131,663 | $ 1,938,084 |
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class C Shares | ||||
Shares sold | 19,928 | $ 242,846 | 49,146 | $ 710,327 |
Shares issued to shareholders in reinvestment of dividends | 13,178 | 158,604 | 4,397 | 62,136 |
Shares repurchased | (60,397) | (745,271) | (50,802) | (733,212) |
Net increase (decrease) | (27,291) | $ (343,821) | 2,741 | $ 39,251 |
Class I Shares | ||||
Shares sold | 1,565,202 | $ 20,168,241 | 862,967 | $ 12,809,809 |
Shares issued to shareholders in reinvestment of dividends | 333,731 | 4,122,477 | 104,734 | 1,514,453 |
Shares repurchased | (1,128,238) | (14,093,818) | (1,377,372) | (20,530,149) |
Net increase (decrease) | 770,695 | $ 10,196,900 | (409,671) | $ (6,205,887) |
SHEET RISK AND FOREIGN INVESTMENT RISK
Thornburg Better World International Fund | September 30, 2019
Thornburg Better World International Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | ||||||||
2019 | $ 14.51 | 0.12 | (0.66) | (0.54) | (0.15) | (0.97) | (1.12) | $ 12.85 |
2018 | $ 14.13 | 0.09 | 0.66 | 0.75 | — | (0.37) | (0.37) | $ 14.51 |
2017 | $ 13.86 | 0.09 | 0.99 | 1.08 | (0.12) | (0.69) | (0.81) | $ 14.13 |
2016(c) | $ 11.94 | 0.03 | 2.04 | 2.07 | (0.15) | — | (0.15) | $ 13.86 |
CLASS C SHARES | ||||||||
2019 | $ 14.32 | 0.03 | (0.62) | (0.59) | (0.04) | (0.97) | (1.01) | $ 12.72 |
2018 | $ 14.02 | —(e) | 0.67 | 0.67 | — | (0.37) | (0.37) | $ 14.32 |
2017 | $ 13.79 | 0.02 | 0.97 | 0.99 | (0.07) | (0.69) | (0.76) | $ 14.02 |
2016(c) | $ 11.94 | (0.05) | 2.04 | 1.99 | (0.14) | — | (0.14) | $ 13.79 |
CLASS I SHARES | ||||||||
2019 | $ 14.83 | 0.20 | (0.67) | (0.47) | (0.23) | (0.97) | (1.20) | $ 13.16 |
2018 | $ 14.33 | 0.18 | 0.69 | 0.87 | — | (0.37) | (0.37) | $ 14.83 |
2017 | $ 13.96 | 0.20 | 1.02 | 1.22 | (0.16) | (0.69) | (0.85) | $ 14.33 |
2016(c) | $ 11.94 | 0.10 | 2.01 | 2.11 | (0.09) | — | (0.09) | $ 13.96 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Fund commenced operations on October 1, 2015. |
(d) | Due to the size of net assets and fixed expenses, ratios may appear disproportionate. |
(e) | Net investment income (loss) was less than $0.01 per share. |
+ | Based on weighted average shares outstanding. |
RATIOS TO AVERAGE NET ASSETS | SUPPLEMENTAL DATA | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
0.91 | 1.82 | 2.10 | (3.19) | 62.33 | $ 9,378 | |
0.64 | 1.82 | 2.12 | 5.37 | 111.99 | $ 8,537 | |
0.64 | 1.79 | 3.21 | 8.61 | 105.55 | $ 6,450 | |
0.21 | 1.83 | 7.27(d) | 16.60 | 180.60 | $ 1,666 | |
0.25 | 2.38 | 3.48 | (3.75) | 62.33 | $ 1,687 | |
(0.03) | 2.38 | 3.09 | 4.82 | 111.99 | $ 2,292 | |
0.18 | 2.32 | 4.48 | 7.97 | 105.55 | $ 2,205 | |
(0.40) | 2.38 | 13.13(d) | 15.94 | 180.60 | $ 822 | |
1.57 | 1.09 | 1.44 | (2.54) | 62.33 | $ 59,833 | |
1.20 | 1.09 | 1.35 | 6.15 | 111.99 | $ 55,989 | |
1.48 | 0.94 | 1.62 | 9.58 | 105.55 | $ 59,951 | |
0.76 | 1.09 | 2.28 | 17.44 | 180.60 | $ 27,781 |
Thornburg Better World International Fund
Thornburg Better World International Fund | September 30, 2019 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(c) | a deferred sales charge on redemptions of Class C shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS A SHARES | |||
Actual | $1,000.00 | $1,011.81 | $9.18 |
Hypothetical* | $1,000.00 | $1,015.94 | $9.20 |
CLASS C SHARES | |||
Actual | $1,000.00 | $1,008.72 | $11.98 |
Hypothetical* | $1,000.00 | $1,013.14 | $12.01 |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,015.43 | $5.51 |
Hypothetical* | $1,000.00 | $1,019.60 | $5.52 |
† | Expenses are equal to the annualized expense ratio for each class (A: 1.82%; C: 2.38%; I: 1.09%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg Better World International Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg Better World International Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg Better World International Fund | September 30, 2019 (Unaudited)
Thornburg Better World International Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH3644 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class I | N/A | 885-216-739 |
Thornburg Capital Management Fund | September 30, 2019 (Unaudited)
Jason Brady,cfa Portfolio Manager CEO, President, and Managing Director | Lon R. Erickson,cfa Portfolio Manager Managing Director |
Jeff Klingelhofer,cfa Portfolio Manager Managing Director |
Thornburg Capital Management Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | SINCE INCEP. | |
Class I Shares(Incep: 7/31/15) | 2.48% | 1.71% | 1.35% |
FTSE 1-Month T-Bill Index(Since 7/31/15) | 2.33% | 1.48% | 1.10% |
Annualized Distribution Yield | 2.01% |
SEC Yield | 2.02% |
FINAL VALUE |
Thornburg Capital Management Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
SHORT-TERM INVESTMENTS — 100.0% | |||
Ameren Illinois Co., | |||
2.120%, 10/1/2019 | $ 2,000,000 | $ 2,000,000 | |
2.160%, 10/23/2019 | 22,000,000 | 21,970,960 | |
American Honda Finance, 2.000%, 10/7/2019 | 540,000 | 539,820 | |
a | Amphenol Corp., 2.170%, 10/1/2019 | 9,000,000 | 9,000,000 |
Anthem, Inc., | |||
a | 2.080%, 10/4/2019 | 2,000,000 | 1,999,653 |
a | 2.120%, 10/3/2019 | 20,000,000 | 19,997,644 |
Apple, Inc., | |||
a | 1.832%, 10/21/2019 | 19,600,000 | 19,579,311 |
a | 1.900%, 10/21/2019 | 2,400,000 | 2,397,467 |
Atlantic City Electric, 2.150%, 10/1/2019 | 24,000,000 | 24,000,000 | |
a | Atmos Energy Corp., 2.350%, 10/1/2019 | 21,000,000 | 21,000,000 |
AutoZone, Inc., | |||
a | 2.090%, 10/1/2019 | 19,000,000 | 19,000,000 |
a | 2.090%, 10/4/2019 | 2,000,000 | 1,999,652 |
a | 2.170%, 10/2/2019 | 3,000,000 | 2,999,819 |
AVANGRID, Inc., | |||
a | 2.150%, 10/1/2019 | 9,700,000 | 9,700,000 |
a | 2.150%, 10/2/2019 | 4,470,000 | 4,469,733 |
a | 2.350%, 10/3/2019 | 6,830,000 | 6,829,108 |
a | Avery Dennison Corp., 2.250%, 10/18/2019 | 3,700,000 | 3,696,069 |
Bank of New York Tri-Party Repurchase Agreement 2.02% dated 9/30/2019 due 10/1/2019, repurchase price $40,002,241 collateralized by 30 corporate debt securities, having an average coupon of 3.85%, a minimum credit rating of BBB-, maturity dates from 8/1/2022 to 6/1/2065, and having an aggregate market value of $42,924,839 at 9/30/2019 | 40,000,000 | 40,000,000 | |
a,b | Bell Canada, Inc., 2.250%, 10/3/2019 | 2,000,000 | 1,999,750 |
Berkshire Hathaway Energy, | |||
a | 2.150%, 10/7/2019 | 12,425,000 | 12,420,548 |
a | 2.200%, 10/3/2019 | 5,300,000 | 5,299,352 |
a | 2.200%, 10/4/2019 | 4,275,000 | 4,274,216 |
Bridgestone Americas, Inc., | |||
a | 1.900%, 10/1/2019 | 2,000,000 | 2,000,000 |
a | 1.900%, 10/4/2019 | 22,000,000 | 21,996,517 |
a,b | Canadian National Railway Co., 2.060%, 10/2/2019 | 9,500,000 | 9,499,456 |
Canadian Pacific Ltd., | |||
a,b | 2.250%, 10/11/2019 | 7,200,000 | 7,195,500 |
a,b | 2.270%, 10/11/2019 | 800,000 | 799,496 |
a | CenterPoint Energy, Inc., 2.220%, 10/1/2019 | 22,000,000 | 22,000,000 |
Chevron Corp., | |||
a | 1.920%, 10/28/2019 | 2,000,000 | 1,997,120 |
a | 1.930%, 10/17/2019 | 2,000,000 | 1,998,284 |
a | 2.010%, 10/15/2019 | 20,000,000 | 19,984,367 |
a | Church & Dwight Co., Inc., 2.100%, 10/9/2019 | 9,100,000 | 9,095,753 |
a | Cintas Executive, 2.100%, 10/1/2019 | 24,000,000 | 24,000,000 |
a | CME Group, Inc., 2.000%, 10/1/2019 | 21,000,000 | 21,000,000 |
a | Con Edison, Inc., 2.140%, 10/8/2019 | 6,000,000 | 5,997,503 |
a | Consolidated Edison, Inc., 2.200%, 10/18/2019 | 5,000,000 | 4,994,806 |
a | CVS Corp., 2.100%, 10/1/2019 | 24,000,000 | 24,000,000 |
Daimler Finance North America, | |||
a | 2.030%, 10/10/2019 | 650,000 | 649,670 |
a | 2.070%, 10/11/2019 | 21,000,000 | 20,987,925 |
Delmarva Power & Light, 2.150%, 10/1/2019 | 24,000,000 | 24,000,000 | |
Diageo Capital plc, | |||
a,b | 2.150%, 10/7/2019 | 20,000,000 | 19,992,833 |
a,b | 2.200%, 10/8/2019 | 2,000,000 | 1,999,144 |
a,b | 2.210%, 10/3/2019 | 2,000,000 | 1,999,754 |
Electricite de France S.A., | |||
a,b | 2.140%, 10/11/2019 | 1,000,000 | 999,406 |
a,b | 2.220%, 10/7/2019 | 2,000,000 | 1,999,260 |
a,b | 2.230%, 10/11/2019 | 21,000,000 | 20,986,992 |
a | Eli Lilly & Co., 1.980%, 10/21/2019 | 2,017,000 | 2,014,781 |
a | Emerson Electric Co., 1.900%, 10/7/2019 | 22,000,000 | 21,993,033 |
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
a | Eni Finance USA, Inc., 2.220%, 10/7/2019 | $20,000,000 | $ 19,992,600 |
a | Entergy Corp., 2.120%, 10/1/2019 | 15,000,000 | 15,000,000 |
Experian Finance plc, | |||
a,b | 2.100%, 10/10/2019 | 9,400,000 | 9,395,065 |
a,b | 2.250%, 10/24/2019 | 5,200,000 | 5,192,525 |
a,b | 2.350%, 10/15/2019 | 2,000,000 | 1,998,172 |
Farmer Mac Discount Notes, 1.700%, 10/1/2019 | 48,997,000 | 48,997,000 | |
Federal Farm Credit Discount Notes, 1.700%, 10/1/2019 | 14,800,000 | 14,800,000 | |
Federal Home Loan Bank Discount Notes, | |||
1.770%, 10/25/2019 | 2,600,000 | 2,596,932 | |
1.885%, 10/25/2019 | 3,000,000 | 2,996,230 | |
1.900%, 10/18/2019 | 50,000,000 | 49,955,139 | |
1.920%, 10/2/2019 | 1,400,000 | 1,399,925 | |
1.940%, 10/18/2019 | 3,000,000 | 2,997,252 | |
Florida Power & Light Co., | |||
2.050%, 10/9/2019 | 23,000,000 | 22,989,522 | |
2.100%, 10/3/2019 | 1,000,000 | 999,883 | |
General Electric Co., | |||
2.190%, 10/3/2019 | 9,750,000 | 9,748,814 | |
2.210%, 10/30/2019 | 2,000,000 | 1,996,439 | |
2.230%, 10/16/2019 | 11,250,000 | 11,239,547 | |
2.240%, 10/25/2019 | 1,000,000 | 998,507 | |
General Mills, Inc., | |||
a | 2.160%, 10/15/2019 | 15,301,000 | 15,288,147 |
a | 2.230%, 10/1/2019 | 6,699,000 | 6,699,000 |
Hitachi America Capital Ltd., 2.250%, 10/25/2019 | 1,000,000 | 998,500 | |
Home Depot (The), | |||
a | 1.830%, 10/3/2019 | 22,000,000 | 21,997,763 |
a | 1.850%, 10/1/2019 | 2,000,000 | 2,000,000 |
IADB Discount Notes, | |||
b | 1.920%, 10/25/2019 | 7,000,000 | 6,991,040 |
b | 1.950%, 10/23/2019 | 50,000,000 | 49,940,417 |
b | IFC Discount Notes, 1.870%, 10/21/2019 | 27,000,000 | 26,971,950 |
c | Indiana Finance Authority (Marion County Capital Improvement Board; SPA U.S. Bank, N.A.), 1.770%, 2/1/2037 (put 10/1/2019) | 1,900,000 | 1,900,000 |
a | Intercontinental Exchange, Inc., 2.040%, 10/4/2019 | 1,500,000 | 1,499,745 |
JM Smucker Co., | |||
a | 2.150%, 10/3/2019 | 18,000,000 | 17,997,850 |
a | 2.150%, 10/7/2019 | 4,000,000 | 3,998,567 |
a | Kansas City Power and Light Co., 2.160%, 10/2/2019 | 24,000,000 | 23,998,560 |
a | Keurig Dr Pepper, 2.350%, 10/11/2019 | 5,000,000 | 4,996,736 |
Kimberly-Clark Corp., | |||
a | 1.920%, 10/10/2019 | 4,800,000 | 4,797,696 |
a | 1.930%, 10/9/2019 | 1,066,000 | 1,065,543 |
a | Kroger Co., 2.180%, 10/7/2019 | 24,000,000 | 23,991,280 |
a | Leggett & Platt, 2.170%, 10/1/2019 | 3,000,000 | 3,000,000 |
a | Louisville Gas & Electric Co., 2.250%, 10/7/2019 | 22,000,000 | 21,991,750 |
Marriott International, Inc., | |||
a | 2.120%, 10/1/2019 | 2,000,000 | 2,000,000 |
a | 2.160%, 10/24/2019 | 1,000,000 | 998,620 |
a | 2.200%, 10/9/2019 | 15,000,000 | 14,992,667 |
a | 2.210%, 10/9/2019 | 2,790,000 | 2,788,630 |
a | 2.230%, 10/7/2019 | 3,210,000 | 3,208,807 |
McCormick & Company, Inc., | |||
a | 2.150%, 10/2/2019 | 993,000 | 992,941 |
a | 2.150%, 10/11/2019 | 8,820,000 | 8,814,733 |
Mondelez International, Inc., | |||
a | 2.170%, 10/10/2019 | 12,050,000 | 12,043,463 |
a | 2.200%, 10/1/2019 | 3,450,000 | 3,450,000 |
a | 2.200%, 10/3/2019 | 4,190,000 | 4,189,488 |
a | Nestle Capital Corp., 1.850%, 10/7/2019 | 24,000,000 | 23,992,600 |
c | New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA Wells Fargo Bank, N.A.), 1.770%, 7/1/2033 (put 10/1/2019) | 15,000,000 | 15,000,000 |
c | New York City Water & Sewer System (SPA Mizuho Bank, Ltd.), 1.770%, 6/15/2048 (put 10/1/2019) | 7,200,000 | 7,200,000 |
Thornburg Capital Management Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
a | NextEra Energy Capital Holdings, Inc., 2.220%, 10/7/2019 | $ 3,700,000 | $ 3,698,631 |
Nike, Inc., | |||
a | 1.950%, 10/8/2019 | 21,000,000 | 20,992,037 |
a | 1.950%, 10/10/2019 | 1,000,000 | 999,513 |
Northern Il Gas Corp., 1.940%, 10/2/2019 | 24,000,000 | 23,998,707 | |
a | Novartis Finance Corp., 1.990%, 10/7/2019 | 22,000,000 | 21,992,703 |
a | Oglethorpe Power Corp., 2.250%, 10/9/2019 | 569,000 | 568,716 |
One Gas, Inc., | |||
a | 2.070%, 10/21/2019 | 3,000,000 | 2,996,550 |
a | 2.090%, 10/18/2019 | 18,000,000 | 17,982,235 |
a | 2.090%, 10/23/2019 | 1,000,000 | 998,723 |
Peoples Gas Light & Coke Co., 2.050%, 10/1/2019 | 23,000,000 | 23,000,000 | |
a | Pinnacle West Capital Corp., 2.170%, 10/1/2019 | 13,475,000 | 13,475,000 |
a | Roche Holding, Inc., 1.860%, 10/4/2019 | 1,000,000 | 999,845 |
Ryder System, Inc., 2.120%, 10/7/2019 | 2,000,000 | 1,999,293 | |
Sempra Energy Holdings, | |||
a | 2.250%, 10/1/2019 | 800,000 | 800,000 |
a | 2.250%, 10/3/2019 | 1,000,000 | 999,875 |
a | 2.500%, 10/3/2019 | 17,000,000 | 16,997,639 |
a | Snap-on, Inc., 2.030%, 10/7/2019 | 800,000 | 799,729 |
Sonoco Products Co., 2.150%, 10/1/2019 | 24,000,000 | 24,000,000 | |
Southern Co. Gas Capital Corp., | |||
a | 1.960%, 10/1/2019 | 7,000,000 | 7,000,000 |
a | 2.040%, 10/2/2019 | 15,000,000 | 14,999,150 |
Stanley Works (The), | |||
a | 2.080%, 10/4/2019 | 17,625,000 | 17,621,945 |
a | 2.120%, 10/7/2019 | 4,375,000 | 4,373,454 |
Tennessee Valley Authority Discount Notes, 2.200%, 10/2/2019 | 25,000,000 | 24,998,472 | |
a,b | Total Cap Cda Ltd., 1.980%, 10/23/2019 | 770,000 | 769,068 |
a,b | Total Fina Elf Holdings USA, Inc., 1.800%, 10/1/2019 | 23,230,000 | 23,230,000 |
Tyson Foods, Inc., | |||
a | 2.130%, 10/7/2019 | 17,500,000 | 17,493,788 |
a | 2.140%, 10/4/2019 | 4,500,000 | 4,499,198 |
c | Uinta County (Guaranty: Chevron Corp.), 1.770%, 8/15/2020 (put 10/1/2019) | 24,000,000 | 24,000,000 |
Union Electric Co., | |||
2.150%, 10/1/2019 | 24,000,000 | 24,000,000 | |
a | 2.200%, 10/7/2019 | 21,000,000 | 20,992,300 |
a | United Parcel Service, Inc., 1.750%, 10/1/2019 | 24,000,000 | 24,000,000 |
United States Treasury Bill, | |||
1.731%, 10/10/2019 | 9,169,000 | 9,165,033 | |
1.742%, 10/15/2019 | 32,456,000 | 32,434,019 | |
Wec Energy Group, Inc., | |||
a | 2.200%, 10/8/2019 | 15,250,000 | 15,243,459 |
a | 2.210%, 10/9/2019 | 1,000,000 | 999,509 |
a | 2.220%, 10/10/2019 | 2,085,000 | 2,083,843 |
a | 2.280%, 10/1/2019 | 3,200,000 | 3,200,000 |
a | Western Union Co., 2.250%, 10/2/2019 | 1,750,000 | 1,749,891 |
Wisconsin Gas Co., 2.000%, 10/4/2019 | 10,000,000 | 9,998,333 | |
TOTAL SHORT-TERM INVESTMENTS(Cost $1,552,595,405) | 1,552,595,405 | ||
Total Investments — 100.0%(Cost $1,552,595,405) | $1,552,595,405 | ||
Other Assets Less Liabilities — 0.0% | 81,743 | ||
Net Assets — 100.0% | $1,552,677,148 |
Footnote Legend | |
a | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2019, the aggregate value of these securities in the Fund’s portfolio was $961,773,671, representing 61.94% of the Fund’s net assets. |
b | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
c | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
To simplify the listings of securities, abbreviations are used per the table below:
SPA | Stand-by Purchase Agreement |
Thornburg Capital Management Fund | September 30, 2019
ASSETS | |
Investments at value (cost $1,552,595,405) (Note 3) | $ 1,552,595,405 |
Cash | 86,024 |
Interest receivable | 52,580 |
Total Assets | 1,552,734,009 |
Liabilities | |
Accounts payable and accrued expenses | 56,861 |
Total Liabilities | 56,861 |
Net Assets | $ 1,552,677,148 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 23,695 |
Net capital paid in on shares of beneficial interest | 1,552,653,453 |
$ 1,552,677,148 | |
NET ASSET VALUE | |
Class I Shares: | |
Net asset value, offering and redemption price per share ($1,552,677,148 applicable to 155,267,715 shares of beneficial interest outstanding - Note 5) | $ 10.00 |
Thornburg Capital Management Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Interest income | $ 27,436,013 |
EXPENSES | |
Transfer agent fees | 5,294 |
Custodian fees | 83,724 |
Professional fees | 43,702 |
Officer fees | 7,848 |
Other expenses | 38,317 |
Total Expenses | 178,885 |
Net Investment Income | $ 27,257,128 |
Thornburg Capital Management Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 27,257,128 | $ 18,648,377 |
Net Increase in Net Assets Resulting from Operations | 27,257,128 | 18,648,377 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class I Shares | (27,257,128) | (18,648,377) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class I Shares | 227,151,860 | 195,504,453 |
Net Increase in Net Assets | 227,151,860 | 195,504,453 |
NET ASSETS | ||
Beginning of Year | 1,325,525,288 | 1,130,020,835 |
End of Year | $ 1,552,677,148 | $ 1,325,525,288 |
Thornburg Capital Management Fund | September 30, 2019
Thornburg Capital Management Fund | September 30, 2019
Cost of investments for tax purposes | $ 1,552,595,405 |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ - |
2019 | 2018 | |
Distributions from: | ||
Ordinary income | $ 27,257,128 | $ 18,648,377 |
Total | $ 27,257,128 | $ 18,648,377 |
Thornburg Capital Management Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
Short-Term Investments | $ 1,552,595,405 | $ — | $ 1,552,595,405 | $ — |
Total Investments in Securities | $1,552,595,405 | $— | $1,552,595,405 | $— |
Total Assets | $1,552,595,405 | $— | $1,552,595,405 | $— |
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class I Shares | ||||
Shares sold | 710,137,132 | $ 7,101,371,322 | 800,929,556 | $ 8,009,295,565 |
Shares issued to shareholders in reinvestment of dividends | 2,724,210 | 27,242,096 | 1,866,541 | 18,665,413 |
Shares repurchased | (690,146,156) | (6,901,461,558) | (783,245,652) | (7,832,456,525) |
Net increase | 22,715,186 | $ 227,151,860 | 19,550,445 | $ 195,504,453 |
Thornburg Capital Management Fund
Per Share Performance (For a Share Outstanding throughout the Year) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of Period | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of Period |
Class I | ||||||||
2019 | $ 10.00 | 0.24 | — | 0.24 | (0.24) | — | (0.24) | $ 10.00 |
2018 | $ 10.00 | 0.18 | — | 0.18 | (0.18) | — | (0.18) | $ 10.00 |
2017 | $ 10.00 | 0.09 | — | 0.09 | (0.09) | — | (0.09) | $ 10.00 |
2016 | $ 10.00 | 0.05 | — | 0.05 | (0.05) | — | (0.05) | $ 10.00 |
2015(c) | $ 10.00 | —(d) | —(e) | —(f) | —(g) | — | — | $ 10.00 |
(a) | Not annualized for periods less than one year. |
(b) | Portfolio turnover rate equals zero due to no long term investment transactions in the period. |
(c) | Fund commenced operations on July 31, 2015. |
(d) | Net investment income (loss) was less than $0.01 per share. |
(e) | Net realized and unrealized gain (loss) on investments was less than $0.01 per share. |
(f) | Total from investment operations was less than $0.01 per share. |
(g) | Dividends from net investment income per share were less than $(0.01). |
(h) | Annualized. |
+ | Based on weighted average shares outstanding. |
Ratios to Average Net Assets | Supplemental Data | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of Period (Thousands) | |
2.44 | 0.02 | 0.02 | 2.48 | —(b) | $ 1,552,677 | |
1.76 | 0.02 | 0.02 | 1.76 | —(b) | $ 1,325,525 | |
0.89 | 0.03 | 0.03 | 0.87 | —(b) | $ 1,130,021 | |
0.45 | 0.03 | 0.03 | 0.45 | —(b) | $ 1,393,536 | |
0.26(h) | 0.03(h) | 0.03(h) | 0.04 | —(b) | $ 1,772,860 |
Thornburg Capital Management Fund
Thornburg Capital Management Fund | September 30, 2019 (Unaudited)
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,012.21 | $0.10 |
Hypothetical* | $1,000.00 | $1,024.97 | $0.10 |
† | Expenses are equal to the annualized expense ratio for each class (I: 0.02%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg Capital Management Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg Capital Management Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg Capital Management Fund | September 30, 2019 (Unaudited)
Thornburg Capital Management Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH3477 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class I | THLSX | 885-216-689 |
Thornburg Long/Short Equity Fund | September 30, 2019 (Unaudited)
(Oct 1, 2018 - Sept 30, 2019) | |||
Average Weight % | Total Return % | Contribution*% | |
Long Book | 105.28 | -0.61 | -0.64 |
Short Book | -72.50 | -0.77 | 0.56 |
Fund | 32.78 | -2.10 | -- |
S&P 500 Index | -- | 4.25 | -- |
Russell 2000 Index | -- | -8.89 | -- |
Net Adjusted S&P 500 Index | -- | 1.39 | -- |
*Gross of Fees | |||
Source: Kiski, Thornburg |
Connor Browne,cfa Portfolio Manager Managing Director | Bimal Shah,cfa Portfolio Manager Managing Director |
Thornburg Long/Short Equity Fund | September 30, 2019 (Unaudited)
1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEP. | |
Class I Shares(Incep: 12/30/16) | -2.10% | 5.60% | 4.38% | 7.65% | 6.27% |
S&P 500 Index | 4.25% | 13.39% | 10.84% | 13.24% | 9.13% |
FINAL VALUE |
Thornburg Long/Short Equity Fund | September 30, 2019 (Unaudited)
SECTOR EXPOSURE | |
Health Care | 15.7% |
Communication Services | 12.4% |
Financials | 7.6% |
Consumer Staples | 5.8% |
Materials | 5.7% |
Energy | 1.9% |
Industrials | -1.2% |
Real Estate | -2.8% |
Consumer Discretionary | -4.4% |
Information Technology | -7.8% |
Other Assets Less Liabilities | 67.1% |
PORTFOLIO EXPOSURE | ||
3Q19 | 2Q19 | |
Gross Long | 104.3% | 108.3% |
Gross Short | -71.0% | -76.1% |
Net Equity | 33.3% | 32.2% |
ASSETS BY GEOGRAPHY | ||
Long | Short | |
United States | 57.9% | 42.1% |
Ex-U.S | 66.9% | 33.1% |
TOP TEN LONG HOLDINGS | |
Gilead Sciences, Inc. | 5.2% |
US Foods Holding Corp. | 5.1% |
Thermo Fisher Scientific, Inc. | 5.1% |
Comcast Corp. Class A | 5.0% |
Alphabet, Inc. Class C | 5.0% |
Medtronic plc | 4.0% |
CarMax, Inc. | 3.8% |
Danone S.A. | 3.7% |
United Parcel Service, Inc. Class B | 3.5% |
Starbucks Corp. | 3.5% |
Thornburg Long/Short Equity Fund | September 30, 2019
SHARES | VALUE | ||
Common Stock — 103.5% | |||
Capital Goods — 3.0% | |||
Electrical Equipment — 3.0% | |||
Vestas Wind Systems A/S | 83,845 | $ 6,509,357 | |
6,509,357 | |||
Consumer Durables & Apparel — 2.3% | |||
Household Durables — 0.9% | |||
a | Mohawk Industries, Inc. | 15,932 | 1,976,683 |
Textiles, Apparel & Luxury Goods — 1.4% | |||
a | Capri Holdings Ltd. | 92,650 | 3,072,274 |
5,048,957 | |||
Consumer Services — 3.5% | |||
Hotels, Restaurants & Leisure — 3.5% | |||
b | Starbucks Corp. | 87,218 | 7,711,815 |
7,711,815 | |||
Diversified Financials — 7.9% | |||
Capital Markets — 3.7% | |||
Apollo Global Management, Inc., Class A | 71,772 | 2,714,417 | |
Brookfield Asset Management, Inc., Class A | 100,879 | 5,334,490 | |
Consumer Finance — 3.0% | |||
Capital One Financial Corp. | 22,422 | 2,039,954 | |
b | Navient Corp. | 358,274 | 4,585,907 |
Mortgage Real Estate Investment Trusts — 1.2% | |||
PennyMac Mortgage Investment Trust | 123,443 | 2,744,138 | |
17,418,906 | |||
Energy — 1.9% | |||
Oil, Gas & Consumable Fuels — 1.9% | |||
Teekay LNG Partners L.P. | 304,281 | 4,153,436 | |
4,153,436 | |||
Food & Staples Retailing — 5.1% | |||
Food & Staples Retailing — 5.1% | |||
a,b | US Foods Holding Corp. | 273,008 | 11,220,629 |
11,220,629 | |||
Food, Beverage & Tobacco — 7.2% | |||
Food Products — 7.2% | |||
Danone S.A. | 93,215 | 8,211,289 | |
a | Nomad Foods Ltd. | 369,375 | 7,572,188 |
15,783,477 | |||
Healthcare Equipment & Services — 4.0% | |||
Health Care Equipment & Supplies — 4.0% | |||
Medtronic plc | 80,954 | 8,793,223 | |
8,793,223 | |||
Insurance — 2.9% | |||
Insurance — 2.9% | |||
b | Assured Guaranty Ltd. | 143,660 | 6,387,124 |
6,387,124 | |||
Materials — 5.7% | |||
Chemicals — 2.3% | |||
b | Huntsman Corp. | 215,800 | 5,019,508 |
Containers & Packaging — 3.4% | |||
a,b | Crown Holdings, Inc. | 115,930 | 7,658,336 |
12,677,844 | |||
Media & Entertainment — 21.2% |
SHARES | VALUE | ||
Entertainment — 8.4% | |||
b | Activision Blizzard, Inc. | 111,124 | $ 5,880,682 |
a | Lions Gate Entertainment Corp., Class B | 187,073 | 1,635,018 |
a,b | Netflix, Inc. | 24,524 | 6,563,113 |
a | Ubisoft Entertainment S.A. | 60,351 | 4,363,818 |
Interactive Media & Services — 7.8% | |||
a,b | Alphabet, Inc., Class C | 8,971 | 10,935,649 |
a,b | Zillow Group, Inc., Class C | 206,137 | 6,147,005 |
Media — 5.0% | |||
b | Comcast Corp., Class A | 246,073 | 11,092,971 |
46,618,256 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 16.1% | |||
Biotechnology — 8.4% | |||
a | Alkermes plc | 367,445 | 7,168,852 |
b | Gilead Sciences, Inc. | 179,754 | 11,392,808 |
Life Sciences Tools & Services — 5.1% | |||
b | Thermo Fisher Scientific, Inc. | 38,328 | 11,163,797 |
Pharmaceuticals — 2.6% | |||
b | Allergan plc | 34,534 | 5,811,727 |
35,537,184 | |||
Retailing — 9.2% | |||
Internet & Direct Marketing Retail — 5.4% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 24,298 | 4,063,354 |
a,b | Amazon.com, Inc. | 2,799 | 4,858,812 |
b | Expedia Group, Inc. | 22,541 | 3,029,736 |
Specialty Retail — 3.8% | |||
a,b | CarMax, Inc. | 94,068 | 8,277,984 |
20,229,886 | |||
Software & Services — 4.2% | |||
Information Technology Services — 1.7% | |||
b | Cognizant Technology Solutions Corp., Class A | 64,394 | 3,880,704 |
Software — 2.5% | |||
a | PTC, Inc. | 80,500 | 5,488,490 |
9,369,194 | |||
Technology Hardware & Equipment — 2.0% | |||
Communications Equipment — 0.3% | |||
a | Casa Systems, Inc. | 95,479 | 749,988 |
Technology Hardware, Storage & Peripherals — 1.7% | |||
a,b | Pure Storage, Inc., Class A | 214,378 | 3,631,563 |
4,381,551 | |||
Telecommunication Services — 1.8% | |||
Wireless Telecommunication Services — 1.8% | |||
China Mobile Ltd. | 493,000 | 4,079,137 | |
4,079,137 | |||
Transportation — 5.5% | |||
Air Freight & Logistics — 3.5% | |||
b | United Parcel Service, Inc., Class B | 64,974 | 7,785,185 |
Airlines — 2.0% | |||
b | Alaska Air Group, Inc. | 66,500 | 4,316,515 |
12,101,700 | |||
Total Common Stock(Cost $210,064,108) | 228,021,676 | ||
Total Long-Term Investments — 103.5%(Cost $210,064,108) | 228,021,676 | ||
Short-Term Investments — 22.3% | |||
c | Thornburg Capital Management Fund | 4,917,150 | 49,171,496 |
Total Short-Term Investments(Cost $49,171,496) | 49,171,496 |
Thornburg Long/Short Equity Fund | September 30, 2019
SHARES | VALUE | ||
Liabilities Net of Other Assets — (25.8)% | (56,817,681) | ||
Common Stock Sold Short — (70.6)% | |||
Banks — (0.9)% | |||
Banks — (0.9)% | |||
Westamerica Bancorporation | (30,509) | $ (1,897,050) | |
(1,897,050) | |||
Capital Goods — (6.7)% | |||
Electrical Equipment — (2.6)% | |||
a | Generac Holdings, Inc. | (72,207) | (5,656,697) |
Machinery — (2.0)% | |||
Snap-on, Inc. | (28,695) | (4,491,915) | |
Trading Companies & Distributors — (2.1)% | |||
GATX Corp. | (60,655) | (4,702,582) | |
(14,851,194) | |||
Commercial & Professional Services — (3.0)% | |||
Professional Services — (3.0)% | |||
a | FTI Consulting, Inc. | (50,848) | (5,389,380) |
a | TriNet Group, Inc. | (21,363) | (1,328,565) |
(6,717,945) | |||
Consumer Durables & Apparel — (5.2)% | |||
Household Durables — (1.9)% | |||
a | Roku, Inc. | (41,310) | (4,203,706) |
Leisure Products — (3.3)% | |||
a | Peloton Interactive, Inc., Class A | (138,300) | (3,471,330) |
a | YETI Holdings, Inc. | (135,431) | (3,792,068) |
(11,467,104) | |||
Consumer Services — (5.0)% | |||
Diversified Consumer Services — (0.9)% | |||
H&R Block, Inc. | (83,000) | (1,960,460) | |
Hotels, Restaurants & Leisure — (4.1)% | |||
Brinker International, Inc. | (51,291) | (2,188,587) | |
Cracker Barrel Old Country Store, Inc. | (27,670) | (4,500,526) | |
a | Luckin Coffee, Inc. ADR | (130,409) | (2,477,771) |
(11,127,344) | |||
Diversified Financials — (2.3)% | |||
Capital Markets — (2.3)% | |||
FactSet Research Systems, Inc. | (20,678) | (5,024,134) | |
(5,024,134) | |||
Food & Staples Retailing — (2.1)% | |||
Food & Staples Retailing — (2.1)% | |||
a | Chefs’ Warehouse, Inc. | (115,185) | (4,644,259) |
(4,644,259) | |||
Food, Beverage & Tobacco — (3.9)% | |||
Beverages — (2.2)% | |||
a | Boston Beer Co., Inc., Class A | (13,606) | (4,953,672) |
Food Products — (1.7)% | |||
a | Beyond Meat, Inc. | (24,974) | (3,711,636) |
(8,665,308) | |||
Healthcare Equipment & Services — (2.3)% | |||
Health Care Equipment & Supplies — (2.3)% | |||
DiaSorin S.p.A. | (43,856) | (5,100,352) | |
(5,100,352) | |||
Household & Personal Products — (0.5)% |
SHARES | VALUE | ||
Household Products — (0.5)% | |||
Church & Dwight Co., Inc. | (14,172) | $ (1,066,301) | |
(1,066,301) | |||
Media & Entertainment — (5.8)% | |||
Entertainment — (1.8)% | |||
a | Tencent Music Entertainment Group ADR | (313,924) | (4,008,809) |
Media — (4.0)% | |||
a | Discovery, Inc., Class A | (160,513) | (4,274,461) |
New York Times Co., Class A | (155,514) | (4,429,039) | |
(12,712,309) | |||
Pharmaceuticals, Biotechnology & Life Sciences — (2.1)% | |||
Pharmaceuticals — (2.1)% | |||
Shionogi & Co. Ltd. | (81,730) | (4,534,550) | |
(4,534,550) | |||
Real Estate — (2.8)% | |||
Equity Real Estate Investment Trusts — (2.3)% | |||
Extra Space Storage, Inc. | (43,045) | (5,028,517) | |
Real Estate Management & Development — (0.5)% | |||
a | Redfin Corp. | (66,672) | (1,122,756) |
(6,151,273) | |||
Retailing — (9.2)% | |||
Internet & Direct Marketing Retail — (1.5)% | |||
a | Chewy, Inc., Class A | (134,597) | (3,308,394) |
Specialty Retail — (7.7)% | |||
a | Carvana Co., Class A | (39,100) | (2,580,600) |
a | Murphy USA, Inc. | (57,650) | (4,917,545) |
Rent-A-Center, Inc. | (205,700) | (5,305,003) | |
a | Sleep Number Corp. | (99,184) | (4,098,283) |
(20,209,825) | |||
Software & Services — (14.0)% | |||
Information Technology Services — (7.1)% | |||
a | Afterpay Touch Group Ltd. | (242,600) | (5,873,457) |
Paychex, Inc. | (65,483) | (5,420,028) | |
Western Union Co. | (188,500) | (4,367,545) | |
Software — (6.9)% | |||
a | Alarm.com Holdings, Inc. | (93,694) | (4,369,888) |
Blackbaud, Inc. | (20,144) | (1,819,809) | |
a | Manhattan Associates, Inc. | (69,768) | (5,628,185) |
a | Teradata Corp. | (105,774) | (3,278,994) |
(30,757,906) | |||
Telecommunication Services — (4.8)% | |||
Diversified Telecommunication Services — (4.8)% | |||
AT&T, Inc. | (149,642) | (5,662,453) | |
Cogent Communications Holdings, Inc. | (89,543) | (4,933,820) | |
(10,596,273) | |||
Total Common Stock Sold Short(Proceeds $140,593,910) | (155,523,127) | ||
Exchange-Traded Funds Sold Short — (0.0)% | |||
Direxion Daily Developed Markets Bear 3X | (550) | (6,771) | |
Direxion Daily Emerging Markets Bear 3X | (919) | (43,827) | |
Direxion Daily Energy Bear 3X | (535) | (25,760) | |
Direxion Daily Financial Bear 3X | (720) | (24,919) | |
Direxion Daily S&P 500 Bear 3X | (266) | (4,562) | |
Direxion Daily Semiconductors Bear 3x | (6) | (226) | |
Direxion Daily Small Cap Bear 3X | (51) | (2,397) | |
ProShares UltraPro Short QQQ | (55) | (1,788) | |
Total Exchange-Traded Funds Sold Short(Proceeds $4,118,542) | (110,250) |
Thornburg Long/Short Equity Fund | September 30, 2019
SHARES | VALUE | ||
Total Securities Sold Short(Proceeds $144,712,452) | $(155,633,377) | ||
Net Assets — 100.0% | $220,375,491 |
Footnote Legend | |
a | Non-income producing. |
b | All or a portion of the security is pledged as collateral for securities sold short. At September 30, 2019, the value of securities pledged was $86,297,475. An additional $101,278,305 in cash has been segregated for collateral on securities sold short. |
c | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
Thornburg Long/Short Equity Fund | September 30, 2019
ASSETS | |
Investments at value (Note 3) | |
Non-affiliated issuers (cost $210,064,108) | $ 228,021,676 |
Non-controlled affiliated issuer (cost $49,171,496) | 49,171,496 |
Cash | 3,418,747 |
Cash segregated as collateral on securities sold short | 101,278,305 |
Receivable for investments sold | 6,749,456 |
Receivable for fund shares sold | 2,029,585 |
Dividends receivable | 114,930 |
Dividend and interest reclaim receivable | 10,015 |
Prepaid expenses and other assets | 18,548 |
Total Assets | 390,812,758 |
Liabilities | |
Securities sold short (proceeds $144,712,452) | 155,633,377 |
Payable for investments purchased | 14,035,283 |
Payable for fund shares redeemed | 5,467 |
Payable to investment advisor and other affiliates (Note 4) | 205,695 |
Payable for short sale financing | 319,214 |
Accounts payable and accrued expenses | 126,988 |
Dividends payable for short sales | 111,243 |
Total Liabilities | 170,437,267 |
Net Assets | $ 220,375,491 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 6,591,488 |
Net capital paid in on shares of beneficial interest | 213,784,003 |
$ 220,375,491 | |
NET ASSET VALUE | |
Class I Shares: | |
Net asset value, offering and redemption price per share ($220,375,491 applicable to 20,391,513 shares of beneficial interest outstanding - Note 5) | $ 10.81 |
Thornburg Long/Short Equity Fund | Year Ended September 30, 2019
INVESTMENT INCOME | |
Dividend income | |
Non-affiliated issuers (net of foreign taxes withheld of $20,981) | $ 2,852,811 |
Non-controlled affiliated issuer | 1,003,831 |
Total Income | 3,856,642 |
EXPENSES | |
Investment advisory fees (Note 4) | 2,540,618 |
Administration fees (Note 4) | |
Class I Shares | 178,487 |
Transfer agent fees | |
Class I Shares | 182,238 |
Registration and filing fees | |
Class I Shares | 25,769 |
Dividend expense on securities sold short | 1,970,797 |
Short sale financing fees | 1,981,071 |
Custodian fees | 35,257 |
Professional fees | 94,814 |
Trustee and officer fees (Note 4) | 9,015 |
Other expenses | 42,086 |
Total Expenses | 7,060,152 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (59,542) |
Net Expenses | 7,000,610 |
Net Investment Loss | $ (3,143,968) |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on: | |
Non-affiliated issuer investments | |
Long positions | 2,706,530 |
Short positions | 1,469,027 |
Foreign currency transactions | (7,536) |
4,168,021 | |
Net change in unrealized appreciation (depreciation) on: | |
Non-affiliated issuer investments | |
Long positions | (5,710,199) |
Short positions | 848,007 |
Foreign currency translations | (1,502) |
(4,863,694) | |
Net Realized and Unrealized Loss | (695,673) |
Net Decrease in Net Assets Resulting from Operations | $ (3,839,641) |
Thornburg Long/Short Equity Fund
Year Ended September 30, 2019 | Year Ended September 30, 2018 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment loss | $ (3,143,968) | $ (1,104,589) |
Net realized gain (loss) on investments and foreign currency transactions | 4,168,021 | 9,092,978 |
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (4,863,694) | (1,657,155) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (3,839,641) | 6,331,234 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class I Shares | (8,099,318) | (2,992,574) |
FUND SHARE TRANSACTIONS (NOTE 5) | ||
Class I Shares | 28,510,781 | 120,726,370 |
Net Increase in Net Assets | 16,571,822 | 124,065,030 |
NET ASSETS | ||
Beginning of Year | 203,803,669 | 79,738,639 |
End of Year | $ 220,375,491 | $ 203,803,669 |
Thornburg Long/Short Equity Fund | Year Ended September 30, 2019
Cash Flows from Operating Activities: | |
Net change in net assets resulting from operations | $ (3,839,641) |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities: | |
Purchases of investments in securities | (147,312,220) |
Payments to cover securities sold short | (102,858,659) |
Proceeds from disposition of investments in securities | 138,457,276 |
Proceeds from securities sold short | 118,958,263 |
Purchases of short term investments, net | 7,477,122 |
Net realized (gain) loss: | |
Investment transactions | (2,706,530) |
Securities sold short | (1,469,027) |
Net unrealized (gain) loss: | |
Investments | 5,710,199 |
Securities sold short | (848,007) |
Changes in assets and liabilities: | |
(Increase) decrease in assets: | |
Cash segregated as collateral on securities sold short | (27,424,190) |
Dividend and interest reclaim receivable | 58,830 |
Prepaid expenses and other assets | (11,555) |
Increase (decrease) in liabilities: | |
Payable for short sale financing | 234,310 |
Payable for dividends on securities sold short | (52,232) |
Payable to investment adviser | (11,835) |
Accrued expenses and other payables | 68,047 |
Net cash used in operating activities | $ (15,569,849) |
Cash Flows from Financing Activities: | |
Fund shares sold | $ 102,742,614 |
Fund shares redeemed | (83,167,502) |
Fund distributions paid and not reinvested | (586,516) |
Net cash received from financing activities | $ 18,988,596 |
Net increase in cash during the period | $ 3,418,747 |
Cash and foreign currency, beginning of period: | $ - |
Cash and foreign currency, end of period: | $ 3,418,747 |
Non-cash Activities: | |
Reinvestment of Fund distributions | 7,512,802 |
Thornburg Long/Short Equity Fund | September 30, 2019
Thornburg Long/Short Equity Fund | September 30, 2019
Cost of investments for tax purposes | $ 115,152,052 |
Gross unrealized appreciation on a tax basis | 43,253,744 |
Gross unrealized depreciation on a tax basis | (36,846,001) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 6,407,743 |
2019 | 2018 | |
Distributions from: | ||
Ordinary income | $ 341,872 | $ 1,117,416 |
Capital gains | 7,757,446 | 1,875,158 |
Total | $ 8,099,318 | $ 2,992,574 |
Thornburg Long/Short Equity Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities* | ||||
Common Stock(a) | $ 228,021,676 | $ 222,687,186 | $ 5,334,490 | $ — |
Short-Term Investments | 49,171,496 | 49,171,496 | — | — |
Total Investments in Securities | $277,193,172 | $271,858,682 | $5,334,490 | $— |
Total Assets | $277,193,172 | $271,858,682 | $5,334,490 | $— |
Liabilities | ||||
Investment in Securities Sold Short | ||||
Common Stock | $ (155,523,127) | $ (155,523,127) | $ — | $ — |
Exchange-Traded Funds | (110,250) | (110,250) | — | — |
Total Investment in Securities Sold Short | $(155,633,377) | $(155,633,377) | $— | $— |
Total Liabilities | $(155,633,377) | $(155,633,377) | $— | $— |
* | See Schedule of Investments for a summary of the industry exposure as grouped according to the Global Industry Classification Standard (GICS), which is an industry taxonomy developed by MSCI, Inc. and Standard & Poor’s (S&P). |
(a) | At September 30, 2019, industry classifications for Common Stock in Level 2 consist of $5,334,490 in Diversified Financials. |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 1.250% |
Next $500 million | 1.200 |
Next $1 billion | 1.150 |
Over $2 billion | 1.100 |
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Thornburg Long/Short Equity Fund | September 30, 2019
Fund | Market Value 9/30/18 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/19 | Dividend Income |
Thornburg Capital Management Fund | $56,648,618 | $189,682,721 | $(197,159,843) | $- | $- | $49,171,496 | $1,003,831 |
YEAR ENDED September 30, 2019 | YEAR ENDED September 30, 2018 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class I Shares | ||||
Shares sold | 9,825,404 | $ 104,129,031 | 11,071,577 | $ 127,384,872 |
Shares issued to shareholders in reinvestment of dividends | 716,187 | 7,512,802 | 257,814 | 2,915,877 |
Shares repurchased | (7,805,884) | (83,131,052) | (834,836) | (9,574,379) |
Net increase | 2,735,707 | $ 28,510,781 | 10,494,555 | $ 120,726,370 |
SHEET RISK AND FOREIGN INVESTMENT RISK
Thornburg Long/Short Equity Fund
Per Share Performance (For a Share Outstanding throughout the Year) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of Period | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of Period |
Class I | ||||||||
2019 | $ 11.54 | (0.17) | (0.09) | (0.26) | — | (0.47) | (0.47) | $ 10.81 |
2018 | $ 11.13 | (0.08) | 0.83 | 0.75 | — | (0.34) | (0.34) | $ 11.54 |
2017(e) | $ 10.00 | (0.13) | 1.26 | 1.13 | — | — | — | $ 11.13 |
(a) | The Fund incurs certain expenses and fees in connection with investments in short positions. If such expenses and fees had not occurred, the Expenses After Expense Reductions ratios for 2019, 2018 and 2017 would have been 1.50%, 1.48% and 1.45%, respectively. |
(b) | The Fund incurs certain expenses and fees in connection with investments in short positions. If such expenses and fees had not occurred, the Expenses Before Expense Reductions ratios for 2019, 2018 and 2017 would have been 1.53%, 1.48% and 1.81%, respectively. |
(c) | Not annualized for periods less than one year. |
(d) | The amounts reported for periods prior to the year ended September 30, 2019 have been revised to include certain expenses and fees in connection with investments in short positions in order to conform to current year presentation. The amounts reported in 2018 and 2017 were 1.48% and 1.45%, respectively. |
(e) | Fund commenced operations on December 30, 2016. |
(f) | Annualized. |
+ | Based on weighted average shares outstanding. |
Thornburg Long/Short Equity Fund
Ratios to Average Net Assets | Supplemental Data | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%)(a) | Expenses, Before Expense Reductions (%)(b) | Total Return (%)(c) | Portfolio Turnover Rate (%)(c) | Net Assets at End of Period (Thousands) | |
(1.55) | 3.44 | 3.47 | (2.10) | 71.43 | $ 220,375 | |
(0.74) | 2.82(d) | 2.82 | 6.83 | 65.72 | $ 203,804 | |
(1.56)(f) | 3.42(d)(f) | 3.78(f) | 11.30 | 61.69 | $ 79,739 |
Thornburg Long/Short Equity Fund
Thornburg Long/Short Equity Fund | September 30, 2019 (Unaudited)
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS I SHARES | |||
Actual | $1,000.00 | $983.63 | $23.17 |
Hypothetical* | $1,000.00 | $1,001.70 | $23.38 |
† | Expenses are equal to the annualized expense ratio for each class (I: 4.66%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg Long/Short Equity Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg Long/Short Equity Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg Long/Short Equity Fund | September 30, 2019 (Unaudited)
Thornburg Long/Short Equity Fund | September 30, 2019 (Unaudited)
Thornburg Long/Short Equity Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH3931 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active Asbottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class I | TSUMX | 885-216-580 |
Thornburg Summit Fund | September 30, 2019 (Unaudited)
Jeff Klingelhofer,cfa Portfolio Manager Managing Director | Ben Kirby,cfa Portfolio Manager Managing Director |
Thornburg Summit Fund | September 30, 2019 (Unaudited)
SECTOR EXPOSURE (percent of equity holdings) | |
Information Technology | 21.2% |
Consumer Discretionary | 13.8% |
Financials | 13.6% |
Health Care | 10.5% |
Consumer Staples | 9.8% |
Communication Services | 9.2% |
Energy | 8.3% |
Industrials | 7.3% |
Materials | 3.7% |
Utilities | 2.6% |
COUNTRY EXPOSURE * (percent of Fund) | |
United States | 71.0% |
United Kingdom | 4.5% |
Japan | 2.0% |
China | 1.8% |
Taiwan | 1.4% |
India | 1.2% |
Chile | 1.0% |
Switzerland | 1.0% |
France | 0.9% |
Netherlands | 0.9% |
Australia | 0.7% |
Brazil | 0.7% |
Ireland | 0.6% |
Germany | 0.6% |
Hong Kong | 0.5% |
South Africa | 0.5% |
Indonesia | 0.3% |
Argentina | 0.3% |
Mexico | 0.1% |
Canada | 0.1% |
Other Assets Less Liabilities | 9.9% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
TOP TEN LONG HOLDINGS | |
Gilead Sciences, Inc. | 1.8% |
Visa, Inc. Class A | 1.8% |
Unilever N.V. | 1.5% |
Capital One Financial Corp. | 1.3% |
JPMorgan Chase & Co. | 1.3% |
Comcast Corp. Class A | 1.3% |
Microsoft Corp. | 1.2% |
Alphabet, Inc. Class A | 1.2% |
Lockheed Martin Corp. | 1.2% |
Keyence Corp. | 1.2% |
Thornburg Summit Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
Common Stock — 44.9% | |||
Banks — 2.6% | |||
Banks — 2.6% | |||
Bank Rakyat Indonesia Persero Tbk PT | 428,100 | $ 124,253 | |
HDFC Bank Ltd. ADR | 3,080 | 175,714 | |
a | JPMorgan Chase & Co. | 3,951 | 464,993 |
Royal Bank of Scotland Group plc | 61,095 | 155,948 | |
920,908 | |||
Capital Goods — 1.2% | |||
Aerospace & Defense — 1.2% | |||
Lockheed Martin Corp. | 1,120 | 436,867 | |
436,867 | |||
Commercial & Professional Services — 1.4% | |||
Commercial Services & Supplies — 0.9% | |||
Brink’s Co. | 3,622 | 300,445 | |
Professional Services — 0.5% | |||
SGS S.A. | 74 | 183,434 | |
483,879 | |||
Consumer Durables & Apparel — 1.3% | |||
Household Durables — 0.4% | |||
Sony Corp. | 2,779 | 163,129 | |
Textiles, Apparel & Luxury Goods — 0.9% | |||
LVMH Moet Hennessy Louis Vuitton SE | 785 | 311,999 | |
475,128 | |||
Consumer Services — 1.5% | |||
Hotels, Restaurants & Leisure — 1.5% | |||
a | Starbucks Corp. | 1,983 | 175,337 |
Wynn Resorts Ltd. | 3,200 | 347,904 | |
523,241 | |||
Diversified Financials — 2.4% | |||
Capital Markets — 1.1% | |||
a | CME Group, Inc. | 1,738 | 367,309 |
Consumer Finance — 1.3% | |||
a | Capital One Financial Corp. | 5,154 | 468,911 |
836,220 | |||
Energy — 3.3% | |||
Oil, Gas & Consumable Fuels — 3.3% | |||
Devon Energy Corp. | 4,356 | 104,805 | |
a | Enterprise Products Partners L.P. | 9,672 | 276,426 |
a | Petroleo Brasileiro S.A. Sponsored ADR | 15,979 | 231,216 |
Reliance Industries Ltd. | 13,816 | 259,949 | |
Royal Dutch Shell plc | 10,358 | 303,619 | |
1,176,015 | |||
Food & Staples Retailing — 1.7% | |||
Food & Staples Retailing — 1.7% | |||
b | US Foods Holding Corp. | 7,055 | 289,960 |
a | Walgreens Boots Alliance, Inc. | 5,902 | 326,440 |
616,400 | |||
Food, Beverage & Tobacco — 0.7% | |||
Beverages — 0.7% | |||
Treasury Wine Estates Ltd. | 21,176 | 265,416 | |
265,416 | |||
Healthcare Equipment & Services — 0.7% |
Thornburg Summit Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
Health Care Equipment & Supplies — 0.7% | |||
b | Boston Scientific Corp. | 6,135 | $ 249,633 |
249,633 | |||
Household & Personal Products — 1.5% | |||
Personal Products — 1.5% | |||
Unilever N.V. | 8,580 | 515,750 | |
515,750 | |||
Insurance — 0.5% | |||
Insurance — 0.5% | |||
AIA Group Ltd. | 18,400 | 173,842 | |
173,842 | |||
Materials — 1.5% | |||
Chemicals — 1.0% | |||
LyondellBasell Industries N.V. Class A | 1,576 | 141,005 | |
Sociedad Quimica y Minera de Chile S.A. Sponsored ADR | 7,300 | 202,867 | |
Containers & Packaging — 0.5% | |||
b | Crown Holdings, Inc. | 2,700 | 178,362 |
522,234 | |||
Media & Entertainment — 4.8% | |||
Entertainment — 2.3% | |||
b | Netflix, Inc. | 1,242 | 332,384 |
Nintendo Co. Ltd. | 919 | 340,147 | |
b | Sea Ltd. ADR | 4,570 | 141,441 |
Interactive Media & Services — 1.2% | |||
a,b | Alphabet, Inc. Class A | 361 | 440,832 |
Media — 1.3% | |||
a | Comcast Corp. Class A | 10,002 | 450,890 |
1,705,694 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 4.1% | |||
Biotechnology — 1.8% | |||
a | Gilead Sciences, Inc. | 10,198 | 646,349 |
Pharmaceuticals — 2.3% | |||
AstraZeneca plc | 3,139 | 280,242 | |
Novartis AG | 1,826 | 158,331 | |
a | Pfizer, Inc. | 10,071 | 361,851 |
1,446,773 | |||
Retailing — 4.3% | |||
Internet & Direct Marketing Retail — 3.6% | |||
a,b | Alibaba Group Holding Ltd. Sponsored ADR | 2,131 | 356,367 |
a,b | Amazon.com, Inc. | 203 | 352,390 |
Expedia Group, Inc. | 1,471 | 197,717 | |
b | MercadoLibre, Inc. | 185 | 101,977 |
Naspers Ltd. Class N | 1,108 | 167,905 | |
b | Prosus N.V. | 1,108 | 81,336 |
Specialty Retail — 0.7% | |||
Home Depot, Inc. | 1,082 | 251,046 | |
1,508,738 | |||
Semiconductors & Semiconductor Equipment — 2.4% | |||
Semiconductors & Semiconductor Equipment — 2.4% | |||
KLA Corp. | 1,331 | 212,228 | |
b | Micron Technology, Inc. | 6,918 | 296,436 |
a | Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 7,727 | 359,151 |
867,815 | |||
Software & Services — 4.9% | |||
Information Technology Services — 2.8% |
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
Accenture plc Class A | 1,083 | $ 208,315 | |
Fidelity National Information Services, Inc. | 1,038 | 137,805 | |
a | Visa, Inc. Class A | 3,692 | 635,061 |
Software — 2.1% | |||
a | Microsoft Corp. | 3,181 | 442,255 |
SAP SE | 1,739 | 204,478 | |
a,b | ServiceNow, Inc. | 414 | 105,094 |
1,733,008 | |||
Technology Hardware & Equipment — 1.2% | |||
Electronic Equipment, Instruments & Components — 1.2% | |||
Keyence Corp. | 673 | 416,404 | |
416,404 | |||
Telecommunication Services — 0.9% | |||
Wireless Telecommunication Services — 0.9% | |||
China Mobile Ltd. | 39,000 | 322,690 | |
322,690 | |||
Transportation — 1.0% | |||
Airlines — 1.0% | |||
easyJet plc | 24,725 | 349,607 | |
349,607 | |||
Utilities — 1.0% | |||
Electric Utilities — 1.0% | |||
NextEra Energy, Inc. | 1,591 | 370,687 | |
370,687 | |||
Total Common Stock(Cost $15,247,761) | 15,916,949 | ||
Asset Backed Securities — 8.1% | |||
Asset-Backed - Finance & Insurance — 2.8% | |||
c | Aqua Finance Trust, Series 2019-A Class A, 3.14%, 7/16/2040 | $ 100,000 | 100,130 |
c | Freed ABS Trust, Series 2019-1 Class-A, 3.42%, 6/18/2026 | 70,692 | 71,041 |
c | Meltel Land Funding, LLC, Series 2019-1A Class A, 3.768%, 4/15/2049 | 100,000 | 102,503 |
c | NRZ Advance Receivables Trust, Series 2019-T1 Class AT1, 2.59%, 7/15/2052 | 175,000 | 175,804 |
c,d | SBA Tower Trust, Series 2014-2A Class C, 3.869%, 10/15/2049 | 30,000 | 31,236 |
c | SCF Equipment Leasing, Series 2019-1A Class A1, 3.04%, 3/20/2023 | 133,341 | 133,853 |
c | Sierra Timeshare Receivables Funding, LLC, Series 2019-1A Class A, 3.20%, 1/20/2036 | 74,097 | 76,134 |
c,e | Towd Point Mortgage Trust, Series 2018-5 Class A1, 3.25%, 7/25/2058 | 131,680 | 134,695 |
c | Upstart Securitization Trust, Series 2019-1 Class B, 4.19%, 4/20/2026 | 150,000 | 151,565 |
976,961 | |||
Auto Receivables — 1.1% | |||
f | CarMax Auto Owner Trust, Series 2017-4 Class A2B, 2.158% (LIBOR 1 Month + 0.13%), 4/15/2021 | 349 | 349 |
c | CarNow Auto Receivables Trust, Series 2017-1A Class B, 4.35%, 9/15/2022 | 100,000 | 100,858 |
c | Chesapeake Funding II, LLC, Series 2016-2A Class A1, 1.88%, 6/15/2028 | 37,177 | 37,150 |
c | CIG Auto Receivables Trust, Series 2017-1A Class A, 2.71%, 5/15/2023 | 56,636 | 56,659 |
c | Flagship Credit Auto Trust, Series 2018-3 Class A, 3.07%, 2/15/2023 | 56,362 | 56,712 |
Toyota Auto Receivables, | |||
Series 2016-C Class A3, 1.14%, 8/17/2020 | 1,652 | 1,652 | |
Series 2016-D Class A3, 1.23%, 10/15/2020 | 5,216 | 5,211 | |
c | U.S. Auto Funding, LLC, Series 2019-1A Class A, 3.61%, 4/15/2022 | 147,809 | 148,521 |
407,112 | |||
Other Asset Backed — 3.5% | |||
c | Avant Loans Funding Trust, Series 2019-A Class A, 3.48%, 7/15/2022 | 90,670 | 91,071 |
c | AXIS Equipment Finance Receivables VI, LLC, Series 2018-2A Class A2, 3.89%, 7/20/2022 | 149,793 | 151,138 |
c | Consumer Loan Underlying Bond Credit Trust, Series 2019-A Class A, 3.52%, 4/15/2026 | 62,473 | 62,846 |
c | Diamond Resorts Owner Trust, Series 2018-1 Class A, 3.70%, 1/21/2031 | 57,578 | 58,670 |
c,g | ECAF I Ltd., Series 2015-1A Class A2, 4.947%, 6/15/2040 | 227,833 | 227,869 |
c | Foundation Finance Trust, Series 2019-1A Class A, 3.86%, 11/15/2034 | 167,332 | 171,269 |
Thornburg Summit Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
c | Marlette Funding Trust, Series 2019-3A Class A, 2.69%, 9/17/2029 | $ 266,670 | $ 267,132 |
c | Ocwen Master Advance Receivables Trust, Series 2019-T1 Class AT1, 2.514%, 8/15/2050 | 200,000 | 200,495 |
1,230,490 | |||
Student Loan — 0.7% | |||
c,f | Navient Private Education Refinance Loan Trust, Series 2019-D Class A2B, 3.078% (LIBOR 1 Month + 1.05%), 12/15/2059 | 100,000 | 99,999 |
c | SMB Private Education Loan Trust, Series 2015-C Class A2A, 2.75%, 7/15/2027 | 96,995 | 98,306 |
c | SoFi Professional Loan Program, LLC, Series 2015-B Class A2, 2.51%, 9/27/2032 | 45,117 | 45,521 |
243,826 | |||
Total Asset Backed Securities(Cost $2,838,492) | 2,858,389 | ||
Corporate Bonds — 10.6% | |||
Automobiles & Components — 0.5% | |||
Automobiles — 0.5% | |||
f | American Honda Finance Corp. 2.638% (LIBOR 3 Month + 0.47%), 11/16/2022 | 175,000 | 175,173 |
175,173 | |||
Commercial & Professional Services — 0.9% | |||
Commercial Services & Supplies — 0.6% | |||
c | Nielsen Finance, LLC / Nielsen Finance Co., 5.00%, 4/15/2022 | 120,000 | 120,336 |
c | ServiceMaster Co., LLC, 5.125%, 11/15/2024 | 100,000 | 103,750 |
Leisure Products — 0.3% | |||
Mattel, Inc., 2.35%, 8/15/2021 | 100,000 | 97,250 | |
321,336 | |||
Diversified Financials — 2.6% | |||
Capital Markets — 0.6% | |||
Ares Capital Corp., 4.20%, 6/10/2024 | 70,000 | 71,750 | |
c | Ares Finance Co., LLC, 4.00%, 10/8/2024 | 140,000 | 137,842 |
Consumer Finance — 0.1% | |||
c | FirstCash, Inc., 5.375%, 6/1/2024 | 50,000 | 51,500 |
Diversified Financial Services — 1.9% | |||
Bank of America Corp. MTN, 4.20%, 8/26/2024 | 40,000 | 42,904 | |
f,g | Barclays plc 4.291% (LIBOR 3 Month + 2.11%), 8/10/2021 | 200,000 | 204,009 |
f | Goldman Sachs Group, Inc., 3.377% (LIBOR 3 Month + 1.11%), 4/26/2022 | 130,000 | 131,116 |
f | JPMorgan Chase & Co., 3.618% (LIBOR 3 Month + 1.48%), 3/1/2021 | 140,000 | 142,122 |
f | Morgan Stanley, 2.738% (SOFR+ 0.83%), 6/10/2022 | 150,000 | 150,432 |
931,675 | |||
Energy — 0.4% | |||
Oil, Gas & Consumable Fuels — 0.4% | |||
c | Citgo Holding, Inc., 9.25%, 8/1/2024 | 150,000 | 159,375 |
159,375 | |||
Food, Beverage & Tobacco — 0.4% | |||
Tobacco — 0.4% | |||
c | Vector Group Ltd., 10.50%, 11/1/2026 | 125,000 | 127,500 |
127,500 | |||
Insurance — 1.9% | |||
Insurance — 1.9% | |||
c | Jackson National Life Global Funding, 3.25%, 1/30/2024 | 225,000 | 233,974 |
c,f | Metropolitan Life Global Funding, 2.39% (SOFR + 0.57%), 9/7/2020 | 150,000 | 150,403 |
c | Reliance Standard Life Global Funding II, 2.625%, 7/22/2022 | 300,000 | 302,506 |
686,883 | |||
Materials — 0.3% | |||
Paper & Forest Products — 0.3% | |||
c | Neenah, Inc., 5.25%, 5/15/2021 | 100,000 | 100,000 |
100,000 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.3% |
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
Pharmaceuticals — 0.3% | |||
f,g | AstraZeneca plc, 2.789% (LIBOR 3 Month + 0.67%), 8/17/2023 | $ 100,000 | $ 99,505 |
99,505 | |||
Real Estate — 1.3% | |||
Equity Real Estate Investment Trusts — 1.3% | |||
American Tower Corp., 3.375%, 5/15/2024 | 50,000 | 51,969 | |
CoreCivic, Inc. 4.75%, 10/15/2027 | 80,000 | 70,300 | |
GEO Group, Inc., 6.00%, 4/15/2026 | 250,000 | 201,750 | |
Hudson Pacific Properties L.P., 4.65%, 4/1/2029 | 100,000 | 110,221 | |
Service Properties Trust, 4.95%, 2/15/2027 | 40,000 | 40,527 | |
474,767 | |||
Software & Services — 0.2% | |||
Software — 0.2% | |||
c | Fair Isaac Corp. 5.25%, 5/15/2026 | 50,000 | 53,375 |
53,375 | |||
Telecommunication Services — 1.1% | |||
Diversified Telecommunication Services — 0.1% | |||
c | GTT Communications, Inc. 7.875%, 12/31/2024 | 60,000 | 33,600 |
Wireless Telecommunication Services — 1.0% | |||
Sprint Communications, Inc., 9.25%, 4/15/2022 | 310,000 | 359,213 | |
392,813 | |||
Transportation — 0.7% | |||
Airlines — 0.7% | |||
c | American Airlines Pass Through Trust, Series 2013-2 Class B, 5.60%, 1/15/2022 | 78,367 | 79,692 |
c,g | Guanay Finance Ltd., 6.00%, 12/15/2020 | 162,859 | 164,487 |
244,179 | |||
Total Corporate Bonds(Cost $3,721,903) | 3,766,581 | ||
Convertible Bonds — 0.3% | |||
Food, Beverage & Tobacco — 0.3% | |||
Tobacco — 0.3% | |||
e | Vector Group Ltd., 1.75%, 4/15/2020 | 80,000 | 83,150 |
83,150 | |||
Total Convertible Bonds(Cost $80,506) | 83,150 | ||
Other Government — 0.1% | |||
Mexican Bonos, 8.00%, 12/7/2023 | 750,000 | 39,790 | |
Total Other Government(Cost $38,748) | 39,790 | ||
U.S. Treasury Securities — 17.9% | |||
United States Treasury Notes Inflationary Index, | |||
0.50%, 1/15/2028 | 1,164,912 | 1,191,009 | |
0.875%, 1/15/2029 | 2,692,559 | 2,856,637 | |
3.625%, 4/15/2028 | 421,937 | 540,936 | |
United States Treasury Notes, | |||
1.375%, 8/31/2020 | 125,000 | 124,463 | |
1.625%, 8/15/2029 | 325,000 | 323,603 | |
1.875%, 12/31/2019 | 1,000,000 | 999,805 | |
2.75%, 2/15/2028 | 300,000 | 325,717 | |
Total U.S. Treasury Securities(Cost $6,188,712) | 6,362,170 | ||
Mortgage Backed — 8.4% | |||
c,e | Angel Oak Mortgage Trust I, LLC, Whole Loan Securities Trust CMO, Series 2019-2 Class A1, 3.628%, 3/25/2049 | 150,214 | 152,873 |
c,e | Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class A1, 2.962%, 10/25/2048 | 191,069 | 190,105 |
c | Bravo Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50%, 3/25/2058 | 273,421 | 275,494 |
Federal Home Loan Mtg Corp., 3.50%, 9/1/2032 | 334,677 | 351,886 |
Thornburg Summit Fund | September 30, 2019
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, Series 2019-1 Class MA, 3.50%, 7/25/2058 | $ 111,903 | $ 117,154 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, Series 2017-SC02 Class 1A, 3.00%, 5/25/2047 | 317,174 | 320,420 | |
Federal National Mtg Assoc., | |||
Pool AL9445, 3.00%, 7/1/2031 | 374,602 | 386,572 | |
Pool CA3904, 3.00%, 7/1/2034 | 344,237 | 356,098 | |
c,e | FWD Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-INV1 Class A1, 2.81%, 6/25/2049 | 191,326 | 192,167 |
c,e | Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1, 3.454%, 1/25/2059 | 147,349 | 149,428 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
c,e | Series 2017-6 Class A5, 3.50%, 12/25/2048 | 66,322 | 67,428 |
c,e | Series 2018-6 Class 1A4, 3.50%, 12/25/2048 | 19,399 | 19,558 |
c,e | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75%, 4/25/2058 | 184,688 | 191,985 |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
c,e | Series 2017-4 Class A1, 3.60%, 4/25/2049 | 104,763 | 106,769 |
c,e | Series 2017-4A Class A1, 4.00%, 5/25/2057 | 107,495 | 112,887 |
Total Mortgage Backed(Cost $2,957,167) | 2,990,824 | ||
Exchange-Traded Funds — 3.6% | |||
a | Invesco DB Agriculture Fund | 22,307 | 353,789 |
a | Invesco DB Base Metals Fund | 29,684 | 438,433 |
a,b | SPDR Gold Shares Fund | 3,519 | 488,683 |
Total Exchange-Traded Funds(Cost $1,265,942) | 1,280,905 | ||
Investment Company — 1.1% | |||
b | United States Oil Fund L.P. | 35,290 | 400,189 |
Total Investment Company(Cost $388,034) | 400,189 | ||
Total Long-Term Investments — 95.0%(Cost $32,727,265) | 33,698,947 | ||
Short-Term Investments — 9.0% | |||
h | Thornburg Capital Management Fund | 320,447 | 3,204,470 |
Total Short-Term Investments(Cost $3,204,470) | 3,204,470 | ||
Total Investments — 104.0%(Cost $35,931,735) | $36,903,417 | ||
Liabilities Net of Other Assets — (4.0)% | (1,414,000) | ||
Common Stock Sold Short — (4.8)% | |||
Commercial & Professional Services — (0.6)% | |||
Professional Services — (0.6)% | |||
b | FTI Consulting, Inc. | (2,189) | (232,012) |
(232,012) | |||
Consumer Durables & Apparel — (0.4)% | |||
Leisure Products — (0.4)% | |||
b | YETI Holdings, Inc. | (4,542) | (127,176) |
(127,176) | |||
Consumer Services — (0.6)% | |||
Hotels, Restaurants & Leisure — (0.6)% | |||
Brinker International, Inc. | (5,067) | (216,209) | |
(216,209) | |||
Media & Entertainment — (1.5)% | |||
Entertainment — (0.3)% | |||
b | Tencent Music Entertainment Group ADR | (9,891) | (126,308) |
Media — (1.2)% | |||
b | Discovery, Inc., Class A | (8,181) | (217,860) |
New York Times Co., Class A | (7,319) | (208,445) | |
(552,613) |
SHARES/ PRINCIPAL AMOUNT | VALUE | ||
Pharmaceuticals, Biotechnology & Life Sciences — (0.6)% | |||
Pharmaceuticals — (0.6)% | |||
Shionogi & Co. Ltd. | (3,800) | $ (210,832) | |
(210,832) | |||
Retailing — (0.6)% | |||
Specialty Retail — (0.6)% | |||
Rent-A-Center, Inc. | (7,887) | (203,406) | |
(203,406) | |||
Telecommunication Services — (0.5)% | |||
Diversified Telecommunication Services — (0.5)% | |||
Cogent Communications Holdings, Inc. | (3,179) | (175,163) | |
(175,163) | |||
Total Common Stock Sold Short(Proceeds $1,788,162) | (1,717,411) | ||
Net Assets — 100.0% | $35,489,417 |
Footnote Legend | |
a | All or a portion of the security is pledged as collateral for securities sold short. At September 30, 2019, the value of securities pledged was $2,069,608. |
b | Non-income producing. |
c | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2019, the aggregate value of these securities in the Fund’s portfolio was $6,128,211, representing 17.27% of the Fund’s net assets. |
d | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2019. |
e | Variable rate coupon, rate shown as of September 30, 2019. |
f | Floating Rate Security. Stated interest/floor rate was in effect at September 30, 2019. |
g | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
h | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
CMO | Collateralized Mortgage Obligation |
LIBOR | London Interbank Offered Rates |
Mtg | Mortgage |
MTN | Medium-Term Note |
SBA | Small Business Administration |
SOFR | Secured Overnight Financing Rate |
Thornburg Summit Fund | September 30, 2019
ASSETS | |
Investments at value (Note 3) | |
Non-affiliated issuers (cost $32,727,265) | $ 33,698,947 |
Non-controlled affiliated issuer (cost $3,204,470) | 3,204,470 |
Cash denominated in foreign currency (cost $48) | 48 |
Receivable for investments sold | 357,823 |
Dividends receivable | 14,868 |
Dividend and interest reclaim receivable | 5,668 |
Interest receivable | 88,533 |
Prepaid expenses and other assets | 24,640 |
Total Assets | 37,394,997 |
Liabilities | |
Securities sold short (proceeds $1,788,162) | 1,717,411 |
Payable for investments purchased | 100,242 |
Payable to investment advisor and other affiliates (Note 4) | 3,637 |
Payable for short sale financing | 1,891 |
Deferred taxes payable (Note 2) | 133 |
Accounts payable and accrued expenses | 78,537 |
Dividends payable for short sales | 3,729 |
Total Liabilities | 1,905,580 |
Net Assets | $ 35,489,417 |
NET ASSETS CONSIST OF | |
Distributable earnings | $ 1,242,340 |
Net capital paid in on shares of beneficial interest | 34,247,077 |
$ 35,489,417 | |
NET ASSET VALUE | |
Class I Shares: | |
Net asset value, offering and redemption price per share ($35,489,417 applicable to 3,390,377 shares of beneficial interest outstanding - Note 5) | $ 10.47 |
Thornburg Summit Fund | Period Ended September 30, 2019*
INVESTMENT INCOME | |
Dividend income | |
Non-affiliated issuers (net of foreign taxes withheld of $16,683) | $ 297,410 |
Non-controlled affiliated issuer | 56,941 |
Interest income (net of premium amortized of $24,352) | 272,407 |
Total Income | 626,758 |
EXPENSES | |
Investment advisory fees (Note 4) | 134,204 |
Administration fees (Note 4) | |
Class I Shares | 15,725 |
Transfer agent fees | |
Class I Shares | 1,262 |
Registration and filing fees | |
Class I Shares | 3,632 |
Dividend expense on securities sold short | 16,748 |
Short sale financing fees | 114,193 |
Custodian fees | 26,980 |
Professional fees | 58,298 |
Trustee and officer fees (Note 4) | 643 |
Other expenses | 65,215 |
Total Expenses | 436,900 |
Less: | |
Expenses reimbursed by investment advisor (Note 4) | (128,811) |
Net Expenses | 308,089 |
Net Investment Income | $ 318,669 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on: | |
Non-affiliated issuer investments | |
Long positions | 285,269 |
Short positions | (156,174) |
Foreign currency transactions | 4,234 |
133,329 | |
Net change in unrealized appreciation (depreciation) on: | |
Non-affiliated issuer investments | |
Long positions (net of change in deferred taxes payable of $133) | 971,549 |
Short positions | 70,751 |
Foreign currency translations | (135) |
1,042,165 | |
Net Realized and Unrealized Gain | 1,175,494 |
Net Increase in Net Assets Resulting from Operations | $ 1,494,163 |
* | The Fund commenced operations on March 01, 2019. |
Thornburg Summit Fund
Period Ended September 30, 2019* | |
INCREASE (DECREASE) IN NET ASSETS FROM | |
OPERATIONS | |
Net investment income | $ 318,669 |
Net realized gain (loss) on investments and foreign currency transactions | 133,329 |
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred taxes | 1,042,165 |
Net Increase in Net Assets Resulting from Operations | 1,494,163 |
DIVIDENDS TO SHAREHOLDERS | |
From distributable earnings | |
Class I Shares | (251,823) |
FUND SHARE TRANSACTIONS (NOTE 5) | |
Class I Shares | 34,247,077 |
Net Increase in Net Assets | 35,489,417 |
NET ASSETS | |
Beginning of Period | 0 |
End of Period | $ 35,489,417 |
* | For the period from commencement of operations on March 01, 2019 through September 30, 2019. |
Thornburg Summit Fund | September 30, 2019
Thornburg Summit Fund | September 30, 2019
Cost of investments for tax purposes | $ 34,176,505 |
Gross unrealized appreciation on a tax basis | 1,583,421 |
Gross unrealized depreciation on a tax basis | (573,920) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ 1,009,501 |
Thornburg Summit Fund | September 30, 2019
2019 | |
Distributions from: | |
Ordinary income | $ 251,823 |
Total | $ 251,823 |
Thornburg Summit Fund | September 30, 2019
Thornburg Summit Fund | September 30, 2019
Fair Value Measurements at September 30, 2019 | ||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities* | ||||
Common Stock | $ 15,916,949 | $ 15,916,949 | $ — | $ — |
Asset Backed Securities | 2,858,389 | — | 2,858,389 | — |
Corporate Bonds | 3,766,581 | — | 3,766,581 | — |
Convertible Bonds | 83,150 | — | 83,150 | — |
Other Government | 39,790 | — | 39,790 | — |
U.S. Treasury Securities | 6,362,170 | 6,362,170 | — | — |
Mortgage Backed | 2,990,824 | — | 2,990,824 | — |
Exchange-Traded Funds | 1,280,905 | 1,280,905 | — | — |
Investment Company | 400,189 | 400,189 | — | — |
Short-Term Investments | 3,204,470 | 3,204,470 | — | — |
Total Investments in Securities | $36,903,417 | $27,164,683 | $9,738,734 | $— |
Total Assets | $36,903,417 | $27,164,683 | $9,738,734 | $— |
Liabilities | ||||
Investment in Securities Sold Short | ||||
Common Stock | $ (1,717,411) | $ (1,717,411) | $ �� — | $ — |
Total Liabilities | $(1,717,411) | $(1,717,411) | $— | $— |
* | See Schedule of Investments for a summary of the industry exposure as grouped according to the Global Industry Classification Standard (GICS), which is an industry taxonomy developed by MSCI, Inc. and Standard & Poor’s (S&P). |
Management Fee Schedule | |
DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.750% |
Next $500 million | 0.700 |
Next $500 million | 0.650 |
Next $500 million | 0.625 |
Over $2 billion | 0.600 |
Administration Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Thornburg Summit Fund | September 30, 2019
Fund | Market Value 9/30/18 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/19 | Dividend Income |
Thornburg Capital Management Fund | $- | $32,735,356 | $(29,530,886) | $- | $- | $3,204,470 | $56,941 |
PERIOD ENDED September 30, 2019* | ||
SHARES | AMOUNT | |
Class I Shares | ||
Shares sold | 3,370,232 | $ 34,036,328 |
Shares issued to shareholders in reinvestment of dividends | 20,145 | 210,749 |
Net increase | 3,390,377 | $ 34,247,077 |
* | The Fund commenced operations on March 01, 2019. |
Thornburg Summit Fund | September 30, 2019
SHEET RISK AND FOREIGN INVESTMENT RISK
Thornburg Summit Fund
Per Share Performance (For a Share Outstanding throughout the Year) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of Period | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of Period |
Class I | ||||||||
2019(d) | $ 10.00 | 0.11 | 0.43 | 0.54 | (0.07) | — | (0.07) | $ 10.47 |
(a) | The Fund incurs certain expenses and fees in connection with investments in short positions. If such expenses and fees had not occurred, the Expenses After Expense Reductions ratio would have been 0.99%. |
(b) | The Fund incurs certain expenses and fees in connection with investments in short positions. If such expenses and fees had not occurred, the Expenses Before Expense Reductions ratio would have been 1.71%. |
(c) | Not annualized for periods less than one year. |
(d) | Fund commenced operations on March 1, 2019. |
(e) | Annualized. |
+ | Based on weighted average shares outstanding. |
Thornburg Summit Fund
Ratios to Average Net Assets | Supplemental Data | |||||
Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%)(a) | Expenses, Before Expense Reductions (%)(b) | Total Return (%)(c) | Portfolio Turnover Rate (%)(c) | Net Assets at End of Period (Thousands) | |
1.78(e) | 1.72(e) | 2.44(e) | 5.45 | 53.38 | $ 35,489 |
Thornburg Summit Fund
Thornburg Summit Fund | September 30, 2019 (Unaudited)
BEGINNING ACCOUNT VALUE 4/1/19 | ENDING ACCOUNT VALUE 9/30/19 | EXPENSES PAID DURING PERIOD† 4/1/19—9/30/19 | |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,034.84 | $9.03 |
Hypothetical* | $1,000.00 | $1,016.19 | $8.95 |
† | Expenses are equal to the annualized expense ratio for each class (I: 1.77%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg Summit Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 73 Trustee since 1984, Chairman of Trustees(3) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 64 Trustee since 2001, Vice Chairman of Trustees, Member of Governance and Nominating Committee & Operations Risk Oversight Committee(4) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(5) | ||
David A. Ater, 74 Trustee since 1994, Lead Independent Trustee, Chairman of Governance and Nominating Committee & Member of Audit Committee | Principal in Ater & Associates, Santa Fe, NM (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 58 Trustee since 2012, Chairman of Audit Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 70 Trustee since 2004, Member of Audit Committee & Governance and Nominating Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 56 Trustee since 2015, Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 55 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, LLC, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 65 Trustee since 2004, Chairman of Operations Risk Oversight Committee & Member of Governance and Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, NM (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 60 Trustee since 1996, Member of Audit Committee & Operations Risk Oversight Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing & design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1)(6) | ||
David Ashley, 49 Vice President since 2019 | Portfolio Manager and Managing Director since 2019 and Associate Portfolio Manager from 2011-2019 of Thornburg Investment Management, Inc. | Not applicable |
Nimish Bhatt, 56 Chief Financial Officer since 2019; Treasurer 2016-2019; Secretary (2018-2019)(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016 and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 45 President since 2016(7) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation since 2016. | Not applicable |
Connor Browne, 40 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Randy Dry, 45 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
Greg Dunn, 43 Vice President since 2014 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lon Erickson, 44 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thomas Garcia, 48 Vice President since 2006 | Managing Director, Head Equity Trader, and Associate Portfolio Manager of Thornburg Investment Management, Inc. | Not applicable |
Christian Hoffmann, 37 Vice President since 2018 | Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | Not applicable |
Curtis Holloway, 52 Treasurer since 2019(7) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 39 Vice President since 2014 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2013. | Not applicable |
Jeff Klingelhofer, 38 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, and Associate Portfolio Manager from 2012–2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 48 Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014–2017); Vice President, Citi Fund Services, Inc. (2007–2014). | Not applicable |
Rob MacDonald, 43 Vice President since 2016 | Managing Director since 2015, Portfolio Manager since 2014, and Associate Portfolio Manager from 2011–2014 of Thornburg Investment Management, Inc. | Not applicable |
Michael Mastroianni, 42 Secretary and Vice President since 2019(7) | Director of Fund Operations since 2019 of Thornburg Investment Management, Inc.; Executive Director, Global Head of Client Services - Global Liquidity (2018-2019), Executive Director, North American Head of Transfer Agency Relationship Management (2011-2019), Executive Director, North American Head of Transfer Agency Service Delivery (2011-2018) of J.P. Morgan Asset Management. | Not applicable |
Leigh Moiola, 52 Vice President since 2001 | Managing Director and Director of Marketing of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Christopher Ryon, 63 Vice President since 2008 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Thornburg Summit Fund | September 30, 2019 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
Sean Koung Sun, 38 Vice President since 2017 | Portfolio Manager and Managing Director since 2017, Associate Portfolio Manager from 2015-2016, and Equity Research Analyst from 2012-2014 of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 52 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
Nicholos Venditti, 38 Vice President since 2016 | Portfolio Manager and Managing Director since 2015 and Associate Portfolio Manager from 2011–2015 of Thornburg Investment Management, Inc. | Not applicable |
Vinson Walden, 49 Vice President since 2004 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Lei Wang, 48 Vice President since 2006 | Portfolio Manager and Managing Director of Thornburg Investment Management, Inc. | Not applicable |
Charles Wilson, 44 Vice President since 2016 | Portfolio Manager and Managing Director since 2014 and Associate Portfolio Manager from 2012–2014 of Thornburg Investment Management, Inc. | Not applicable |
Di Zhou, 41 Vice President since 2016 | Portfolio Manager and Managing Director since 2016, Associate Portfolio Manager from 2014–2016, and Equity Research Analyst from 2010–2014 of Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Fund is a separate investment “Fund” or “series” of Thornburg Investment Trust (the “Trust”), which comprises the Thornburg mutual fund complex and is organized as a Massachusetts business trust. Thornburg Investment Management, Inc. is the investment advisor to, and manages, all the Funds of the Trust. Each Trustee oversees all the Funds of the Trust. |
(3) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc., the investment advisor to the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares for the Trust. |
(4) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(5) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(6) | Assistant vice presidents and assistant secretaries are not shown. |
(7) | The Trust’s president, chief financial officer, secretary, and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
Thornburg Summit Fund | September 30, 2019 (Unaudited)
Thornburg Summit Fund | September 30, 2019 (Unaudited)
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Low Duration Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Low Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg Long/Short Equity Fund |
800.847.0200 | TH4398 |
Item 2.Code of Ethics
Thornburg Investment Trust (the “Trust”) has adopted a code of ethics described in Item 2 of Form N-CSR. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.Audit Committee Financial Expert
The Trustees of the Trust have determined that three members of the Trust’s audit committee, David A. Ater, Sally Corning, and Patrick J. Talamantes, are each audit committee financial experts as defined in Item 3 of Form N-CSR. Mr. Ater, Ms. Corning and Mr. Talamantes are each independent for purposes of Item 3 of Form N-CSR. The Trustees’ determinations in this regard were based upon their current understandings of the definition of “audit committee financial expert” and current interpretations of the definition. The Trustees call attention to the lack of clarity in the definition, and that shareholders and prospective investors may wish to evaluate independently this definition and the qualifications of the Trust’s audit committee. The definition of “audit committee financial expert,” together with comments on the definition, is set forth in the Securities and Exchange Commission’s website (www.sec.gov).
Item 4.Principal Accountant Fees and Services
Audit Fees
The aggregate fees billed to the Trust in each of the last two fiscal years for the audit of the Trust’s financial statements and for services that are normally provided by PricewaterhouseCoopers LLP, registered independent public accounting firm (“PWC”), in connection with statutory and regulatory filings or requirements for those fiscal years are set out below.
Year Ended September 30, 2018 | Year Ended September 30, 2019 | |||||||
Thornburg Investment Trust | $ | 736,325 | $ | 796,908 |
Audit-Related Fees
The fees billed to the Trust by PWC in each of the last two fiscal years for assurance and related services that are reasonably related to the audit or review of the Trust’s financial statements (and that are not reflected in “Audit Fees,” above) are set out below.
Year Ended September 30, 2018 | Year Ended September 30, 2019 | |||||||
Thornburg Investment Trust | $ | 5,000 | $ | 0 |
Tax Fees
The fees billed to the Trust by PWC in each of the last two fiscal years for professional services rendered by PWC for tax compliance, tax advice or tax planning, including amounts paid in connection with filing foreign tax reclaims, are set out below.
Year Ended September 30, 2018 | Year Ended September 30, 2019 | |||||||
Thornburg Investment Trust | $ | 515,500 | $ | 588,458 |
All Other Fees
The fees billed to the Trust by PWC in each of the last two fiscal years for all other services rendered by PWC to the Trust are set out below.
Year Ended September 30, 2018 | Year Ended September 30, 2019 | |||||||
Thornburg Investment Trust | $ | 9,345 | $ | 11,325 |
The figure shown under All Other Fees for the year ended September 30, 2018 includes amounts from out of pocket expenses during the 2017 annual audit. The figure shown under All Other Fees for the year ended September 30, 2019 includes amounts from out of pocket expenses during the 2018 annual audit.
PWC performs no services for the investment advisor, the Funds’ principal underwriter or any other person controlling, controlled by, or under common control with the investment advisor which provides ongoing services to the Funds.
Audit Committee Pre-Approval Policies and Procedures
As of September 30, 2019, the Trust’s Audit Committee has not adopted pre-approval policies and procedures.
Item 5.Audit Committee of Listed Registrants
Not applicable.
Item 6.Schedule of Investments
Filed as part of the reports to shareholders filed under item 1 of this Form.
Item 7.Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 10.Submission of Matters to a Vote of Security Holders
The authority to consider candidates recommended by the shareholders in accordance with the Trust’s Procedures for Shareholder Communications is committed to the Governance and Nominating Committee.
Item 11.Controls and Procedures
(a) The principal executive officer and the principal financial officer have concluded that the Trust’s disclosure controls and procedures provide reasonable assurance that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report.
(b) There was no change in the Trust’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report (that is, the registrant’s fourth fiscal quarter) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12.Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13.Exhibits
(a) (1) | Code of Business Conduct and Ethics. | |
(a) (2) | Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 70.30a-2(a)) attached hereto as Exhibit 99.CERT. | |
(a) (3) | Not Applicable | |
(b) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 70.30a-2(b)) attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Thornburg Investment Trust, in respect of the following Thornburg Funds: Low Duration Municipal Fund, Limited Term Municipal Fund, California Limited Term Municipal Fund, Intermediate Municipal Fund, New Mexico Intermediate Municipal Fund, New York Intermediate Municipal Fund, Low Duration Income Fund, Limited Term U.S. Government Fund, Limited Term Income Fund, Value Fund, International Value Fund, Core Growth Fund, Investment Income Builder Fund, Global Opportunities Fund, International Growth Fund, Strategic Income Fund, Strategic Municipal Income Fund, Developing World Fund, Better World International Fund, Capital Management Fund, Long/Short Equity Fund and Summit Fund.
By: | /s/ Jason H. Brady | |
Jason H. Brady | ||
President and principal executive officer | ||
Date: | November 27, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Jason H. Brady | |
Jason H. Brady | ||
President and principal executive officer | ||
Date: | November 27, 2019 | |
By: | /s/ Nimish Bhatt | |
Nimish Bhatt | ||
Treasurer and principal financial officer | ||
Date: | November 27, 2019 |
THORNBURG INVESTMENT TRUST
Code of Business Conduct and Ethics
September 10, 2003 (as revised to December 6, 2009)
Introduction
Honesty and integrity are hallmarks of Thornburg Investment Trust (the “Trust”). We pride ourselves on maintaining the highest standards of ethics and conduct in all of our business relationships. This Code of Business Conduct and Ethics covers a wide range of business practices and procedures and applies to the officers and Trustees of the Trust in their conduct of the business and affairs of the Trust. It does not cover every issue that may arise, but it sets out basic principles to guide the officers and Trustees of the Trust in discharging their duties for the Trust. This Code has been adopted by the Trustees of the Trust with the objectives of deterring wrongdoing and promoting (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships, (2) full, fair, accurate, timely and understandable disclosure in reports and documents which the Trust files with the Securities and Exchange Commission and in other public communications made by the Trust, (3) compliance with applicable governmental laws, rules and regulations, (4) prompt internal reporting of violations of this Code, and (5) accountability for adherence to this Code.
This Code is intended as a code of ethics under Section 406 of the Sarbanes-Oxley Act of 2002 and Item 2 of FormN-CSR under the Investment Company Act of 1940, and is specifically applicable to the principal executive officer, principal financial officer, and principal accounting officer (or persons performing similar functions, whether or not as officers or employees of the Trust) of the Trust (each a “Covered Officer”).
All records and reports created or maintained pursuant to this Code are intended solely for the internal use of the Trust, are confidential, and in no event constitute an admission by any person as to any fact, circumstance or legal conclusion.
Compliance with Laws, Rules and Regulations
The Trust expects its officers and Trustees to comply with all laws, rules and regulations applicable to the Trust’s operations and business. Officers and Trustees should seek guidance whenever they are in doubt as to the applicability of any law, rule or regulation regarding any contemplated course of action. The Trust and its investment adviser hold information and training sessions to promote compliance with laws, rules and regulations, including insider-trading laws. Please consult the various guidelines and policies which the Trust has prepared in accordance with specific laws and regulations.A good guideline, if in doubt on a course of action, is to always ask first, act later — if you are unsure of what to do in any situation, seek guidance before you act.
As a registered investment company, we are subject to regulation by the Securities and Exchange Commission, and compliance with federal, state and local laws. The Trust and its Trustees insist on strict compliance with the spirit and the letter of these laws and regulations.
Conflicts of Interest
Each officer and Trustee of the Trust should be scrupulous in avoiding any conflict of interest or appearance of such a conflict with regard to the Trust’s interests. A “conflict of interest” occurs when an individual’s private interest interferes with the interests of the Trust. The appearance of a conflict occurs for purposes of this Code when an individual enters into a transaction, has a relationship with or receives a benefit from a third party, or engages in any other conduct, which would cause an unrelated observer to reasonably conclude that an actual conflict exists. A conflict may arise when an officer or Trustee pursues interests that prevent the individual from performing his duties to the Trust objectively and effectively. A conflict also may arise when an officer or Trustee or member of the individual’s family receives undisclosed, improper benefits as a result of the individual’s position with the Trust. The appearance of a conflict may arise when an individual or his family member has a relationship with a person who does business with the Trust or its investment adviser.Any conflict of interest that arises in a specific situation or transaction must be disclosed by the individual and resolved before taking any action.
Matters involving a conflict of interest or appearance of a conflict are prohibited as a matter of Trust policy, except when approved by the Trustees or the Trust’s audit committee for any Covered Officer or Trustee, or except when approved by the Trust’s president for any other individual. Conflicts of interest may not always be evident, and individuals should consult with higher levels of management or the Trust’s legal counsel if they are uncertain about any situation. In no event, however, shall investment in any security made in accordance with the Trust’s Policy on Personal Securities Transactions (or comparable policy or code then in effect) be considered a conflict of interest with the Trust.
Corporate Opportunities
Officers and Trustees shall not take for themselves personally opportunities that are discovered through the use of their position with the Trust, except with the approval of the Trustees or the Trust’s audit committee for any Covered Officer or Trustee, or except with the approval by the Trust’s president for any other individual. Officers and Trustees owe a duty to the Trust to advance its legitimate interests when the opportunity to do so arises. In no event, however, shall investment in any security made in accordance with the Trust’s Policy on Personal Securities Transactions (or comparable policy or code then in effect) be considered a business opportunity of the Trust.
Confidentiality
Officers and Trustees shall exercise care in maintaining the confidentiality of any confidential information respecting the Trust, except where disclosure is authorized or legally mandated. Officers and Trustees should consult with the Trust’s legal counsel if they believe they have a legal obligation to disclose confidential information. Confidential information includes non-public information of the Trust that may be helpful to competitors, or otherwise harmful to the Trust or its shareholders. The obligation to preserve confidentiality of this information continues after association with the Trust ends.
Fair Dealing
Officers and Trustees should endeavor to deal fairly with the Trust’s shareholders, service providers and competitors, and shall not seek unfair advantage through improper concealment, abuse of improperly acquired confidential information, misrepresentation of material facts when the other party is known by the officer or Trustee to rely justifiably on the individual to disclose those facts truthfully, or improper and unfair dealing.
Business Gifts and Entertainment
The purpose of business entertainment and gifts in a commercial setting is to create goodwill and sound working relationships, not to gain unfair advantage. No gift or entertainment should ever be offered, given, provided or accepted by any officer or Trustee in connection with the Trust’s business unless it (1) is not a cash gift, (2) is consistent with customary business practices, (3) is not excessive in value, (4) cannot be construed as a bribe, payoff or kickback and (5) does not violate any laws or regulations.
Protection and Proper Use of Trust Assets
All officers and Trustees should endeavor to protect the Trust’s assets and pursue their efficient investment in accordance with the Trust’s business purposes and declaration of trust. Any suspected incident of fraud or theft should be immediately reported for investigation.
The obligation of officers and Trustees to protect the Trust’s assets includes its proprietary information. Proprietary information includes intellectual property such as trademarks and copyrights, as well as business, marketing and service plans, databases, records, salary information and any unpublished financial data and reports. Unauthorized use or distribution of this information violates this Code.
Insider Trading
All officers and Trustees should pay particular attention to potential violations of insider trading laws. Insider trading is both unethical and illegal and will be dealt with decisively if it occurs.Officers and Trustees are expected to familiarize themselves with the Policy Statement on Insider Trading, adopted by the Trust’s investment adviser. If they have questions about these guidelines, they should consult with the Trust’s president, the investment adviser’s compliance office, or the Trust’s legal counsel.
Certain Political Contributions Proscribed
Contributions or solicitations for contributions, by any officer or Trustee of the Trust who is an employee, officer or director of the Trust’s investment advisor or distributor, to any political campaign in which an independent Trustee is a candidate, are prohibited. This prohibition does not apply to (i) a contribution by an independent Trustee to a political campaign of another independent Trustee, or (ii) a solicitation by an independent Trustee for the political campaign of another independent Trustee if the solicitation is made to an individual with whom the soliciting Trustee has some relationship, or to an individual who either has a relationship with the candidate Trustee or who would be expected to have an interest in the outcome of the campaign.
Reporting Illegal or Unethical Behavior
The Trustees encourage each officer to talk to senior officers, the investment adviser’s compliance officers, or the Trustees about observed illegal or unethical behavior, or when the officer is in doubt about the best course of action in a particular situation. Officers should report actual and suspected violations of laws, rules, regulations or this Code to appropriate personnel. If an individual does not believe it appropriate or is not comfortable approaching senior officers or the investment adviser’s compliance officers about their concerns, then the individual may contact any member of the Trust’s audit committee. If the individual’s concerns require confidentiality, then this confidentiality will be protected, subject to applicable law, regulation or legal proceedings. The Trust will not permit retaliation of any kind by or on behalf of the Trust or its officers and Trustees against good faith reports or complaints of violations of this Code or other illegal or unethical conduct.
Reporting and Disclosure
As a registered investment company, it is of critical importance that the Trust’s filings with the Securities and Exchange Commission contain full, fair, accurate, timely and understandable disclosure. Each officer and Trustee should become familiar with the disclosure laws and regulations applicable to the Trust, consistent with the individual’s authority and duties. Depending on the Trust, each officer and Trustee may be called upon to provide necessary information to ensure that the Trust’s public reports are complete, fair and understandable. The Trustees expect officers and Trustees to take this responsibility very seriously and to provide prompt and accurate answers to inquiries related to the Trust’s public disclosure requirements. Officers may be asked to certify as to the accuracy of all responses and information provided for inclusion in the Trust’s public reports and filings.
Recordkeeping
The Trust requires accurate recording and reporting of information in order to make responsible business decisions. The Trustees expect each of the Trust’s officers, consistent with the officer’s individual authority and duties, to maintain the Trust’s books, records, accounts and financial statements in reasonable detail, and to appropriately reflect the Trust’s transactions in conformity with applicable legal requirements and the Trust’s system of internal controls.
Accounting and Financial Reporting Concerns
The Trust seeks to comply with all applicable financial reporting and accounting regulations applicable to the Trust. Officers who have concerns or complaints regarding questionable accounting or auditing matters or procedures involving the Trust are encouraged to submit those concerns or complaints to the Trust’s audit committee which will, subject to its duties arising under applicable law, regulations and legal proceedings, treat such submissions confidentially. These submissions may be directed to the attention of the audit committee chairman, or any Trustee who is a member of the audit committee, at the principal executive offices of the Trust or at the Trustee’s residence address.
Waivers of the Code of Business Conduct and Ethics
Any waiver of this Code for any Covered Officer or Trustee may be made only by the Trustees or the Trust’s audit committee and will be promptly disclosed as required by law or by Securities and Exchange Commission regulations. Waivers of this Code for any other individual may be made by the president only upon the individual’s making full disclosure in advance of the transaction in question. This Code may be amended or modified at any time by the Trustees.
HISTORY: | APPROVED AND ADOPTED BY TRUSTEES OF THORNBURG INVESTMENT TRUST ON SEPTEMBER 10, 2003, EFFECTIVE THE SAME DATE; AMENDED EFFECTIVE JULY 20, 2005 TO REVISE PROVISIONS RESPECTING CONFLICTS OF INTEREST; AMENDED EFFECTIVE DECEMBER 6, 2009 TO ADD A PARAGRAPH RESPECTING CAMPAIGN CONTRIBUTIONS. |
THORNBURG INVESTMENT MANAGEMENT
Code of Business Conduct and Ethics
March 2019
Policy Objectives
Honesty and integrity are hallmarks of Thornburg Investment Management, Inc.(“TIM”).TIM has a fiduciary obligation to its Investment Clients and seeks the highest standards of ethics and conduct in all of its business relationships.
This Code has been adopted by TIM pursuant to paragraphs (a)(1), (2), (4) and (5) of Rule204A-1 under the Investment Advisers Act of 1940 with the objectives of deterring wrongdoing and promoting (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships, (2) full, fair, accurate, timely and understandable disclosure in reports and documents which TIM files with the Securities and Exchange Commission and in other public communications made by TIM, (3) compliance with applicable governmental laws, rules and regulations, (4) prompt internal reporting of violations of this Code, and (5) accountability for adherence to this Code.
This Code, together with the separately adopted Personal Securities Transactions Policy, is intended to comprise TIM’s code of ethics described inRule 204A-1 under the Investment Advisers Act of 1940.
All records and reports created or maintained pursuant to this Code are intended solely for the internal use of TIM, are confidential, and in no event constitute an admission by any person as to any fact, circumstance or legal conclusion.
This Code is intended to function and harmonize with the Thornburg Investment Trust Code of Business Conduct and Ethics. Where appropriate or necessary, specific sections of this Code include a coordinating provision referencing the appropriate section of the Thornburg Investment Trust Code of Business Conduct and Ethics.
See the Glossary of Terms for definitions of terms used in this Code.
Compliance with Laws, Rules and Regulations
As a registered investment adviser, TIM is subject to regulation by the Securities and Exchange Commission, and compliance with federal, state and local laws. TIM insists on strict compliance with the spirit and the letter of these laws and regulations. TIM expects its Supervised Persons to comply with all laws, rules and regulations applicable to its operation and business. Supervised Persons should seek guidance whenever they are in doubt as to the applicability of any law, rule or regulation regarding any contemplated course of action. TIM holds information and training sessions to promote compliance with laws, rules and regulations, including insider trading laws. Consult the various guidelines and policies which TIM has prepared in accordance with specific laws and regulations.
A good guideline, if in doubt on a course of action, is toalways ask first, act later – if you are unsure of what to do in any situation, seek guidance before you act.
Whistleblowing/Reporting Fraudulent, Illegal or Unethical Activity
All Supervised Persons are required to report suspected fraudulent, illegal, or other unethical activity (including violations of this Code) to his or her supervisor immediately. Supervisors who are notified of any such activity must immediately report it to TIM’s Chief Compliance Officer. Anyone who does not feel comfortable reporting this activity to the relevant supervisor may instead contact TIM’s Chief Compliance Officer. No TIM employee shall take any disciplinary or retaliatory action against any individual for acting in good faith, reporting, or causing to be reported, violations of this Code or fraudulent, illegal, or unethical activity occurring at TIM, Thornburg Investment Trust or Thornburg Securities Corporation (or for assisting in an authorized investigation of such activity), whether such reporting is internal or involves any federal government agency, as described below. This prohibition against disciplinary action does not extend to disciplinary action for self-reported violations.
TIM has established an anonymous Contact Compliance form on the Thornburg intranet:https://www.gothornburg.com/compliance/contact. An employee may also send a hard copy report anonymously to the Chief Compliance Officer via inter office mail.
Notwithstanding the foregoing, nothing in this Code or any employment agreement with TIM prohibits any Supervised Person from reporting possible violations of federal law or regulation to any government agency or entity, including but not limited to the Department of Justice, the SEC at the Office of the Whistleblower, or any agency Inspector General, or making other disclosures protected under the whistleblower provisions of federal law or regulation. Supervised Persons do not need the prior authorization of TIM to make such reports or disclosures and are not required to notify TIM if he or she makes such reports or disclosures.
SEC Office of the Whistleblower Telephone: 202.551.4790
Conflicts of Interest
Each Supervised Person shall be scrupulous in avoiding any conflict of interest with regard to TIM’s interest. A conflict of interest occurs when an individual’s private interest interferes with the interests of TIM or its Investment Clients. A conflict situation can arise when a Supervised Person pursues interests that prevent the individual from performing his or her duties for TIM or an Investment Client objectively and effectively. Conflicts of interest also arise when a Supervised Person or member of the individual’s family receives undisclosed, improper benefits as a result of the individual’s positions with TIM.Any conflict of interest that arises in a specific situation or transaction, including Reportable Outside Business Activities as discussed below, must be disclosed by the individual and approved in writing by the Compliance Department before taking any action.
Matters involving a conflict of interest are prohibited as a matter of policy, except when approved by TIM’s president or Chief Compliance Officer. Conflicts of interest may not always be evident, and individuals should consult with higher levels of management or legal counsel if they are uncertain about any situation. In no event, however, shall investment in any security made in accordance with TIM’s Policy on Personal Securities Transactions (or comparable policy or code then in effect) be considered a conflict of interest with TIM.
Comment: This section relating to conflicts of interest is substantially similar to the comparable section in the Thornburg Investment Trust Code of Business Conduct and Ethics, but Supervised Persons should recognize that (i) the Trust’s Code of Business Conduct and Ethics governs conflicts with interest of the Trust, rather than TIM and its Clients, and (ii) the procedures for reporting and resolving conflict under the Trust’s Code of Business Conduct and Ethics is different from the Procedure under this Code. If an interest of the Supervised Person appears to conflict with an interest of the Trustand TIM), the Supervised Person should make a disclosure and seek any approval under the Trust’s Code of Business Conduct and Ethics.
Obtaining Prior Approval for Outside Business Activities. Prior to engaging in any Reportable Outside Business Activity, a Supervised Person must complete and submit an “Outside Business Activity Disclosure Form” (obtained from Compliance or TIM’s intranet) to the Compliance Department and receive written approval from the Compliance Department. Failure to obtain such written approval may result in disciplinary action up to and including termination. On an annual basis, all Supervised Persons will be required to certify their Reportable Outside Business Activities.
Family Member Serving as a Director of a Public Company. Supervised Persons must disclose to Compliance any immediate family member (a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling,mother-in-law,father-in-law,son-in-law,daughter-in-law,brother-in-law, orsister-in-law, and shall include adoptive relationships) sharing the same household who serves as a director of a public company. Failure to disclose may result in disciplinary action up to and including termination. On an annual basis, all Supervised Persons will be required to certify the accuracy of their disclosure.
Corporate Opportunities
Supervised Persons shall not take for themselves personally opportunities that are discovered through the use of their position with TIM, except with the approval of TIM’s President or Chief Compliance Officer. Supervised Persons of TIM owe a duty to TIM to advance its legitimate interests when the opportunity to do so arises. In no event, however, shall investment in any security made in accordance with TIM’s Policy on Personal Securities Transactions (or comparable policy or code then in effect) be considered a business opportunity of TIM.
Comment: This section relating to corporate opportunities is substantially the same as the comparable section on the Thornburg Investment Trust Code of Business Conduct and Ethics, but Supervised Persons should recognize that (i) the Trust’s Code of Business Conduct and Ethics governs opportunities of the Trust, rather than TIM, and (ii) the procedures for reporting and obtaining an approval under the Trust’s Code of Business Conduct and Ethics is different from the procedure under this Code. If an opportunity appears to relate both to the business of the Trustand TIM, the Supervised Person should make disclosure and seek any approval under the Trust’s Code of Business Conduct and Ethics.
Confidentiality
Supervised Persons shall exercise care in maintaining the confidentiality of any confidential information respecting TIM or its Investment Clients, except when disclosure is authorized or legally mandated. Supervised Persons should consult with TIM’s Chief Compliance Officer or legal counsel if they believe that have a legal obligation to disclose confidential information. Confidential information includes
nonpublic information of TIM that may be helpful to competitors, or otherwise harmful to TIM, or its Investment Clients. Confidential information also includes information respecting the portfolio holdings of Investment Clients (including particularly Investment Company Clients). The obligation to preserve confidentiality of this information continues after association with TIM ends.
Comment: Attention is directed to the Internal Confidentiality and Privacy Protections Policy, which appears in TIM’s Manual of Policies and Procedures, and which was adopted by TIM to protect the nonpublic personal information of the Investment Clients of TIM and the shareholders of Thornburg Investment Trust. This section respecting confidentiality is substantially the same as the comparable section in the Thornburg Investment Trust Code of Business Conduct and Ethics, except that a specific reference is made to information respecting portfolio holdings of Investment Clients.
Fair Dealing
Supervised Persons should endeavor to deal fairly with Investment Clients, service providers and competitors, and shall not seek unfair advantage through improper concealment, abuse of improperly acquired confidential information, misrepresentation of material facts when the other party is known by the Supervised Persons to rely justifiably on the individual to disclose those facts truthfully, or improper and unfair dealing.
Foreign Corrupt Practices Act
The Foreign Corrupt Practices Act (the“FCPA”)strictly prohibits unauthorized facilitation payments to government officials of foreign countries, including the payment of any money or anything of value to a foreign official for the purposes of:
• | Influencing any act or decision of a foreign official in his or her official capacity (including, but not limited to, obtaining approval for government issued permits, licenses or work visas); |
• | Inducing a foreign official to perform or abstain from performing any act in violation of the foreign official’s lawful duty; |
• | Securing any improper business advantage; or |
• | Inducing a foreign official to use his or her official influence with a foreign government (or instrumentality thereof) to affect or influence any act or decision of such government in order to assist the inducer in obtaining or retaining business with the government or directing such business to any person. |
In addition, many foreign countries have rules and regulations restricting gifts to people who are employed by the government of that country. TIM intends to fully comply with all of those rules and regulations. If you are at all uncertain about the applicability of the FCPA, or similar laws, to any entertainment, gift or anything of value to anynon-U.S. official, consult a Compliance Officer.
Business Gifts and Entertainment
The purpose of business entertainment and gifts in a commercial setting is to create goodwill and sound working relationships, not to gain unfair advantage. Receipt of gifts or entertainment by TIM personnel involved in the purchase or sale of registered investment company property that satisfies the criteria herein will not be deemed to be compensation for the purchase or sale of property as prohibited under Section 17(e)(1) of the Investment Company Act of 1940.
Gifts
No gift should ever be offered, given, provided or accepted by any Supervised Person in connection with TIM’s business unless it:
(1) is consistent with customary business practices,
(2) is not excessive in value (a gift or multiple gifts in excess of $100/year to or from a person or entity must bepre-approved in writing by Compliance; nominal logo or promotional items are excluded from the $100 limit),
(3) cannot be construed as a bribe, payoff or kickback, and
(4) does not violate any laws or regulations.
Comment: See below for additional restrictions that apply to “Gifts and Entertainment to Government Affiliated Persons” and “Gifts and Entertainment in Conjunction withTIM-organized Due Diligence or Sales Meetings.”
No Supervised Person may give or accept cash or cash equivalent gifts – gift cards that are not exchangeable for cash, are not considered “cash equivalents.”
Gifts received that are not in compliance with the restrictions stated herein must be promptly returned to the gifting party. If it is not feasible to return the gift, it may be donated to a charity, or, if the value of the gift is greater than $100, shared with multiple employees so that the value per employee falls below the above limit for each employee. One Supervised Person must report the gift receipt, noting the ultimate disposition of the gift.
Similarly, on occasion, a client or prospective client, or person or entity that does or seeks to do business with or on behalf of TIM may present the firm (rather than any one Supervised Person) with a gift that exceeds the valuation limit detailed above. The Supervised Person accepting the gift on behalf of the firm must report to the Chief Compliance Officer, or their designee, the name of the gifting party, a description of the gift, and an estimated value of the gift. The gift will be reported on that Supervised Person’s next quarterly compliance certification as a gift received, noting that it was a gift to the firm.
On a quarterly basis, all Access Persons will be required to report by midnight on the last day of the second month after quarter end, all gifts that were given and received within the previous quarter.
Entertainment
No entertainment should ever be offered, given, provided or accepted by any Supervised Person in connection with TIM’s business unless it:
(1) is consistent with customary business practices,
(2) is not excessive in value,
(3) cannot be construed as a bribe, payoff or kickback, and
(4) does not violate any laws or regulations.
Comment: See below for additional restrictions that apply to “Gifts and Entertainment to Government Affiliated Persons” and “Gifts and Entertainment in Conjunction withTIM-organized Due Diligence or Sales Meetings.”
Supervised Persons may provide to, or accept from, any client or prospective client, or person or entity that does or seeks to do business with or on behalf of TIM, a business entertainment event such as a dinner, golf outing, theater or sporting event if the person or entity providing the entertainment is present and as long as the event is not extravagant or excessive so as to give the appearance of impropriety. Meals provided in TIM’s office, a client’s office, or in a similar business setting, shall not be deemed entertainment and TIM does not require Access Persons to report these activities in their quarterly reports, as described below.
On a quarterly basis, all Access Persons will be required to report by midnight on the last day of the second month after quarter end, all entertainment that was given and received within the previous quarter.
Gifts and Entertainment to ERISA Entities and Government Affiliated Persons.
In addition to the restrictions noted above, no gift, entertainment or any other thing of value may be given, directly or indirectly, to any person affiliated with an ERISA entity, or any government affiliated person, unless the giving of such thing of value ispre-approvedin writing by Compliance. A“government affiliated person”includes, but is not limited to, any person affiliated with a governmental plan or a governmental entity, at any jurisdictional level. “Anything of value” is very broadly defined and includes, but is not limited to, logo/promotional items, meals (regardless of setting), drinks, business entertainment events, including participation in Thornburg campus seminars/events, and tickets to any type of event.
Gifts and Entertainment in Conjunction withTIM-organized Due Diligence or Sales Meetings
Due diligence or sales meetings for financial advisors, prospects, or clients which are held at TIM’s main campus or at an appropriate business location within a reasonable distance from TIM’s main campus shall have an appropriate agenda intended to provide training or education related to TIM products and/or its services or relating to the securities industry. The agenda may include reasonable meals and/or entertainment as is appropriate to the business line and audience. Participant “gift bags” of a nominal value may be presented where appropriate and in conjunction with the limits of this policy. The business line organizing such events shall bear the responsibility for ensuring the reasonableness of the provided gifts and entertainment and shall maintain records of attendees, venues for any activities (including but not limited to meals or entertainment), and the contents of any gift items distributed, including any logo items given in conjunction with the events.
Political Contributions and Political Activity
Several federal and state regulations seek to preventso-called “pay to play” practices by investment advisors, such as when an investment advisor makes campaign contributions to an elected official in order to influence the award of advisory contracts to manage government investment accounts. Many of these regulations restrict the ability of an investment advisor’s directors, officers and employees to make or solicit political contributions.
In order to avoid a violation of these regulations,all Supervised Persons are prohibited from any of the following activities, whether done individually or in the name of TIM, unless prior approval has been obtained from TIM’s Chief Compliance Officer or another person designated by TIM’s Chief Compliance Officer.If, after considering all relevant factors, the Chief Compliance Officer or his designee determines that the proposed activity will not violate applicable regulations, then the Chief Compliance Officer or his designee shall approve the proposed activity. In making these determinations, the Chief Compliance Officer or his designee may consult with other persons, including TIM’s president and legal counsel.
1. | Making a gift, subscription, loan, advance or deposit of money, or giving anything else of value (each, a“Contribution”),to an incumbent, candidate or successful candidate for elective office of any State of the United States or political subdivision of a State of the United States. |
2. | Making a Contribution to a political action committee, political party or other entity organized to fund the political activities of an incumbent, candidate or successful candidate for elective office of any State of the United States or political subdivision of a State of the United States. |
3. | Working on behalf of an incumbent, candidate or successful candidate for elective office of any State of the United States or political subdivision of a State of the United States (e.g., volunteering on a political campaign), unless such work occurs outside of your normal working hours with TIM and involves no use of TIM’s resources (e.g., TIM’s office space or telephones). |
4. | Coordinating or soliciting any person (including a family member) or political action committee to make a Contribution to an incumbent, candidate or successful candidate for elective office of any State of the United States or political subdivision of a State of the United States, or to a state or local political party (e.g., hosting a fundraising event on behalf of any such candidate). |
Comment: Attention is also directed to TIM’s Third-Party Marketer Policy, which places certain restrictions on the ability of TIM to use a third party to solicit clients.
5. | Doing indirectly anything which the preceding four numbered paragraphs would prohibit the Supervised Person from doing directly |
Comment: Examples of the types of indirect actions which are prohibited include, but are not limited to, (a) a Supervised Person could not form his own political action committee and make Contributions through that political action committee which the Supervised Person would be prohibited from making in his own name; (b) a Supervised Person could not funnel Contributions through third parties, such as attorneys, family members, friends or affiliated companies; (c) making a contribution to a charitable organization at the request of an incumbent, candidate or successful candidate for elective office of any State of the United States or political subdivision of a State of the United States, if the purpose in making such a contribution is to induce that incumbent, candidate or successful candidate to provide investment advisory business to TIM.
If you have any questions about these restrictions on political contributions and political activities, contact TIM’s Chief Compliance Officer or, in his/her absence, another member of the Compliance Department, before making the political contribution or participating in the political activity.
Protection and Proper Use of Firm Assets
All Supervised Persons should endeavor to protect the assets of TIM and its Investment Clients, and pursue their efficient investment in accordance with TIM’s business purposes. Any suspected incident of fraud or theft should be immediately reported for investigation as hereinafter described under the caption “Administration and Enforcement of the Code.”
The obligation of Supervised Persons to protect the assets of TIM includes its proprietary information. Proprietary information includes intellectual property such as trademarks and copyrights, as well as business, marketing and service plans, databases, records, salary information, unpublished financial data and reports. Unauthorized use or distribution of this information violates this Code.
Insider Trading
All Supervised Persons should pay particular attention to potential violations of insider trading laws. Insider trading (also referred to as “trading on material nonpublic information,” and which may include giving inside information to other persons) is both unethical and illegal, and will be dealt with if it occurs.Supervised Persons are expected to familiarize themselves with the Policy on Insider Trading, adopted by TIM. If they have questions about these guidelines, they should consult with TIM’s president, the Chief Compliance Officer, or TIM’s legal counsel before making any trade for TIM or any personal trade, and before giving information to other persons.
Comment: Attention is directed to TIM’s Policy on Insider Trading, which appears in Compliance’s Manual of Policies and Procedures.
Administration and Enforcement of the Code
Certification
Each newly hired Supervised Person of TIM will be provided a copy of the Code. Each such individual must certify in writing within 30 days that they have received a copy of the Code, read and understand all provisions of the Code, and agree to comply with the applicable terms of the Code. TIM will provide its Supervised Persons with any amendments to the Code and will require all such individuals to certify in writing that they have received, read and understand the amendments. Each year the Chief Compliance Officer, or their designee, will conduct an annual meeting with Supervised Persons to review the Code. Supervised Persons will annually certify that they have read, understood and complied with the Code, that they have made all of the reports required by the Code and have not engaged in any prohibited conduct.
Reporting Violations
All Supervised Persons are required to report suspected fraudulent, illegal, or other unethical activity (including violations of this Code) to his or her supervisor immediately. Supervisors who are notified of any such activity must immediately report it to TIM’s Chief Compliance Officer. Anyone who does not feel comfortable reporting this activity to the relevant supervisor may instead contact TIM’s Chief Compliance Officer. All reports will be treated confidentially to the extent permitted by law and investigated promptly.
Sanctions
Upon discovering a violation of this Policy, TIM may impose such sanctions as it deems appropriate, including, but not limited to, a letter of censure, fine, suspension or termination of the violator’s employment.
Glossary
“Access Person”means:
i. Any director or officer of TIM.
ii. Any Supervised Person of TIM, unless, in the Chief Compliance Officer’s sole discretion, a particular Supervised Person does not have ongoing access to the Companies’ headquarters or information systems.
iii. Individuals who are registered with the FINRA as an associated person of Thornburg Securities Corporation.
iv. Any director, officer, general partner or employee of any company in a Control relationship with TIM who, in connection with their regular functions or duties, make, participate in, or obtain information regarding the purchase or sale of Securities by any Investment Client, or whose functions relate to the making of any recommendations with respect to those purchases or sales.
v. Any natural person who is in a Control relationship with TIM and who obtains information concerning recommendations made to any Investment Client with regard to the purchase or sale of Securities by the Investment Client.
“Chief Compliance Officer”means, for purposes of this Code, TIM’s chief compliance officer.
“Fund”means any series of Thornburg Investment Trust or any other Investment Company as to which TIM is an investment adviser orsub-adviser.
“Investment Client”means any person with whom TIM has a contract to perform discretionary investment management services, including any series of an Investment Company.
“Investment Company”means a company registered as such under the Investment Company Act of 1940.
“Investment Company Client”means any Investment Company (or series thereof) as to which TIM is an investment adviser or investmentsub-adviser.
“Policy on Personal Securities Transactions”means TIM’s written policy of that name, as revised from time to time. This Policy can be found in TIM’s Manual of Policies and Procedures.
“ReportableOutside Business Activity”means any activity wherein a TIM Supervised Person acts as an employee, independent contractor, sole proprietor, officer, director or partner of another person, or is compensated, or has a reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of their relationship with the TIM or TSC.
“Supervised Person”means any director, managing director, officer (or other person occupying a similar status or performing functions similar to any of those persons) or employee of TIM, and any other persons who are subject to TIM’s supervision and control.
“Trust”means Thornburg Investment Trust.
“TSC”means Thornburg Securities Corporation.
Item 13(a)(2)
Exhibit 99.CERT
CERTIFICATION
I, Jason H. Brady, certify that:
1. I have reviewed this report onForm N-CSR of Thornburg Investment Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined inRule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined inRule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: | November 27, 2019 | |||
/s/ Jason H. Brady | ||||
Jason H. Brady | ||||
President and principal executive officer |
Item 13(a)(2)
Exhibit 99.CERT
CERTIFICATION
I, Nimish Bhatt, certify that:
1. I have reviewed this report onForm N-CSR of Thornburg Investment Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined inRule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined inRule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: | November 27, 2019 | |||
/s/ Nimish Bhatt | ||||
Nimish Bhatt | ||||
Treasurer and principal financial officer |
| Item 13(b) Exhibit 99.906CERT |
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)
In connection with the attached Report onForm N-CSR of Thornburg Investment Trust in respect of the following Thornburg Funds: Low Duration Municipal Fund, Limited Term Municipal Fund, California Limited Term Municipal Fund, Intermediate Municipal Fund, New Mexico Intermediate Municipal Fund, New York Intermediate Municipal Fund, Limited Term U.S. Government Fund, Limited Term Income Fund, Low Duration Income Fund, Value Fund, International Value Fund, Core Growth Fund, Investment Income Builder Fund, Global Opportunities Fund, International Growth Fund, Strategic Income Fund, Strategic Municipal Income Fund, Developing World Fund, Better World International Fund, Capital Management Fund, Long/Short Equity Fund and Summit Fund (hereafter referred to as the “Funds”) to be filed with the Securities and Exchange Commission (the “Report”), each of the undersigned officers of the Trust does hereby certify pursuant to Section 906 of theSarbanes-Oxley Act of 2002 that, to the best of such officer’s knowledge:
1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Thornburg Investment Trust, in respect of the Funds as of, and for, the periods presented in the Report.
Dated: November 27, 2019 |
/s/ Jason H. Brady |
Jason H. Brady |
President and principal executive officer |
Dated: November 27, 2019 |
/s/ Nimish Bhatt |
Nimish Bhatt |
Treasurer and principal financial officer |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.
This certification is being furnished solely pursuant to Section 906 of theSarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document.