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, 2020
Date of reporting period: September 30, 2020
Item 1. Reports to Stockholders
The following annual reports are attached hereto, in order:
Thornburg Short 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 Ultra Short 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
THORNBURG EQUITY FUNDS |
Multi Asset |
Thornburg Investment Income Builder Fund |
Thornburg Summit Fund |
Global Equity |
Thornburg Global Opportunities Fund |
International Equity |
Thornburg International Value Fund |
Thornburg Better World International Fund |
Thornburg International Growth Fund |
Thornburg Developing World Fund |
Domestic Equity |
Thornburg Value Fund |
Thornburg Core Growth Fund |
Alternatives |
Thornburg Long/Short Equity Fund |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgb52e4c041.jpg)
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 As bottom-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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Schedule of Investments | |
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September 30, 2020 (Unaudited)
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Jason Brady, cfa Portfolio Manager CEO, President, and Managing Director |
September 30, 2020 (Unaudited)
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September 30, 2020 (Unaudited)
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September 30, 2020 (Unaudited)
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September 30, 2020 (Unaudited)
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Brian McMahon Portfolio Manager Chief Investment Strategist and Managing Director | Jason Brady, cfa Portfolio Manager CEO, President, and Managing Director |
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Ben Kirby, cfa Portfolio Manager Head of Investments and Managing Director | Matt Burdett Portfolio Manager and Managing Director |
September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img4adf69ce11.jpg)
September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgddf96f2312.jpg)
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Brian McMahon Portfolio Manager Chief Investment Strategist and Managing Director | Miguel Oleaga Portfolio Manager and Managing Director |
THORNBURG INVESTMENT INCOME BUILDER FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgae77aa7e16.jpg)
THORNBURG INVESTMENT INCOME BUILDER FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 12/24/02) | |||||
Without sales charge | -9.78% | -0.21% | 4.00% | 5.13% | 7.94% |
With sales charge | -13.82% | -1.72% | 3.05% | 4.65% | 7.66% |
Class C Shares (Incep: 12/24/02) | |||||
Without sales charge | -10.44% | -0.94% | 3.25% | 4.38% | 7.26% |
With sales charge | -11.30% | -0.94% | 3.25% | 4.38% | 7.26% |
Class I Shares (Incep: 11/3/03) | -9.55% | 0.06% | 4.30% | 5.45% | 7.33% |
Class R3 Shares (Incep: 2/1/05) | -10.06% | -0.54% | 3.66% | 4.80% | 5.82% |
Class R4 Shares (Incep: 2/1/08) | -10.01% | -0.46% | 3.75% | 4.90% | 3.98% |
Class R5 Shares (Incep: 2/1/07) | -9.58% | -0.04% | 4.18% | 5.33% | 4.79% |
Class R6 Shares (Incep: 4/10/17) | -9.44% | 0.15% | - | - | 2.28% |
MSCI World Net Total Return USD Index (Since 12/24/02) | 10.41% | 7.74% | 10.48% | 9.37% | 8.43% |
THORNBURG SUMMIT FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img1689950c17.jpg)
THORNBURG SUMMIT FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class I Shares (Incep: 3/1/19) | 18.45% | - | - | - | 15.08% |
60% MSCI ACWI Net / 40% Bloomberg Barclays Global (Since 3/1/19) | 9.26% | - | - | - | 9.08% |
THORNBURG GLOBAL OPPORTUNITIES FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgd7f0a31318.jpg)
THORNBURG GLOBAL OPPORTUNITIES FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 7/28/06) | |||||
Without sales charge | 16.59% | 2.08% | 6.38% | 9.47% | 8.67% |
With sales charge | 11.34% | 0.53% | 5.40% | 8.97% | 8.32% |
Class C Shares (Incep: 7/28/06) | |||||
Without sales charge | 15.78% | 1.33% | 5.59% | 8.65% | 7.84% |
With sales charge | 14.78% | 1.33% | 5.59% | 8.65% | 7.84% |
Class I Shares (Incep: 7/28/06) | 16.91% | 2.39% | 6.72% | 9.90% | 9.12% |
Class R3 Shares (Incep: 2/1/08) | 16.32% | 1.86% | 6.17% | 9.33% | 5.85% |
Class R4 Shares (Incep: 2/1/08) | 16.41% | 1.96% | 6.27% | 9.44% | 5.94% |
Class R5 Shares (Incep: 2/1/08) | 16.89% | 2.38% | 6.71% | 9.89% | 6.39% |
Class R6 Shares (Incep: 4/10/17) | 17.08% | 2.53% | - | - | 5.03% |
MSCI AC World Net Total Return USD Index (Since 7/28/06) | 10.44% | 7.12% | 10.30% | 8.55% | 6.10% |
THORNBURG INTERNATIONAL VALUE FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img8c2babbd19.jpg)
THORNBURG INTERNATIONAL VALUE FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 5/28/98) | |||||
Without sales charge | 15.33% | 4.25% | 6.52% | 5.17% | 7.32% |
With sales charge | 10.14% | 2.67% | 5.54% | 4.68% | 7.10% |
Class C Shares (Incep: 5/28/98) | |||||
Without sales charge | 14.69% | 3.49% | 5.74% | 4.40% | 6.49% |
With sales charge | 13.69% | 3.49% | 5.74% | 4.40% | 6.49% |
Class I Shares (Incep: 3/30/01) | 15.74% | 4.59% | 6.88% | 5.55% | 7.14% |
Class R3 Shares (Incep: 7/1/03) | 15.11% | 4.05% | 6.32% | 4.98% | 7.91% |
Class R4 Shares (Incep: 2/1/07) | 15.35% | 4.26% | 6.54% | 5.19% | 3.91% |
Class R5 Shares (Incep: 2/1/05) | 15.64% | 4.53% | 6.82% | 5.47% | 6.52% |
Class R6 Shares (Incep: 5/1/12) | 15.90% | 4.75% | 7.04% | - | 6.28% |
MSCI EAFE Net Total Return USD Index (Since 5/28/98) | 0.49% | 0.62% | 5.26% | 4.62% | 3.90% |
MSCI AC World ex USA Net Total Return USD Index (Since 5/28/98) | 3.00% | 1.16% | 6.23% | 4.00% | 4.43% |
THORNBURG BETTER WORLD INTERNATIONAL FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img22a154cf20.jpg)
THORNBURG BETTER WORLD INTERNATIONAL FUND | 1-YR | 3-YR | 5-YR | SINCE INCEPTION |
Class A Shares (Incep: 10/1/15) | ||||
Without sales charge | 22.65% | 7.75% | 9.64% | 9.64% |
With sales charge | 17.09% | 6.10% | 8.64% | 8.64% |
Class C Shares (Incep: 10/1/15) | ||||
Without sales charge | 22.02% | 7.18% | 9.04% | 9.04% |
With sales charge | 21.02% | 7.18% | 9.04% | 9.04% |
Class I Shares (Incep: 10/1/15) | 23.62% | 8.54% | 10.48% | 10.48% |
MSCI AC World ex USA Net Total Return USD Index (Since 9/30/15) | 3.00% | 1.16% | 6.23% | 6.23% |
THORNBURG INTERNATIONAL GROWTH FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgb062367921.jpg)
THORNBURG INTERNATIONAL GROWTH FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 2/1/07) | |||||
Without sales charge | 32.88% | 8.72% | 11.54% | 10.51% | 8.16% |
With sales charge | 26.91% | 7.07% | 10.51% | 10.00% | 7.80% |
Class C Shares (Incep: 2/1/07) | |||||
Without sales charge | 31.87% | 7.90% | 10.69% | 9.67% | 7.39% |
With sales charge | 30.87% | 7.90% | 10.69% | 9.67% | 7.39% |
Class I Shares (Incep: 2/1/07) | 33.31% | 9.09% | 11.94% | 10.96% | 8.67% |
Class R3 Shares (Incep: 2/1/08) | 32.61% | 8.53% | 11.37% | 10.39% | 7.25% |
Class R4 Shares (Incep: 2/1/08) | 32.73% | 8.63% | 11.48% | 10.52% | 7.36% |
Class R5 Shares (Incep: 2/1/08) | 33.31% | 9.08% | 11.93% | 10.96% | 7.79% |
Class R6 Shares (Incep: 2/1/13) | 33.42% | 9.20% | 12.04% | - | 9.50% |
MSCI AC World ex USA Growth Net Total Return USD Index (Since 2/1/07) | 17.54% | 7.33% | 10.16% | 6.38% | 4.23% |
THORNBURG DEVELOPING WORLD FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img744a129e22.jpg)
THORNBURG DEVELOPING WORLD FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 12/16/09) | |||||
Without sales charge | 13.31% | 5.55% | 9.37% | 5.04% | 6.52% |
With sales charge | 8.23% | 3.94% | 8.37% | 4.55% | 6.07% |
Class C Shares (Incep: 12/16/09) | |||||
Without sales charge | 12.42% | 4.74% | 8.52% | 4.25% | 5.75% |
With sales charge | 11.42% | 4.74% | 8.52% | 4.25% | 5.75% |
Class I Shares (Incep: 12/16/09) | 13.68% | 5.95% | 9.80% | 5.51% | 7.02% |
Class R5 Shares (Incep: 2/1/13) | 13.73% | 5.96% | 9.81% | - | 4.56% |
Class R6 Shares (Incep: 2/1/13) | 13.82% | 6.06% | 9.92% | - | 4.67% |
MSCI Emerging Markets Net Total Return USD Index (Since 12/16/09) | 10.54% | 2.42% | 8.97% | 2.50% | 3.45% |
THORNBURG VALUE FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img8886a04c23.jpg)
THORNBURG VALUE FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 10/2/95) | |||||
Without sales charge | 4.42% | 5.09% | 9.10% | 9.65% | 9.42% |
With sales charge | -0.28% | 3.49% | 8.10% | 9.14% | 9.22% |
Class C Shares (Incep: 10/2/95) | |||||
Without sales charge | 3.59% | 4.24% | 8.24% | 8.80% | 8.58% |
With sales charge | 2.59% | 4.24% | 8.24% | 8.80% | 8.58% |
Class I Shares (Incep: 11/2/98) | 4.77% | 5.45% | 9.50% | 10.06% | 7.57% |
Class R3 Shares (Incep: 7/1/03) | 4.40% | 5.08% | 9.11% | 9.65% | 7.67% |
Class R4 Shares (Incep: 2/1/07) | 4.50% | 5.18% | 9.22% | 9.76% | 5.77% |
Class R5 Shares (Incep: 2/1/05) | 4.76% | 5.45% | 9.50% | 10.05% | 7.70% |
S&P 500 Total Return Index (Since 10/2/95) | 15.15% | 12.28% | 14.15% | 13.74% | 9.33% |
THORNBURG CORE GROWTH FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgbbf2a69224.jpg)
THORNBURG CORE GROWTH FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 12/27/00) | |||||
Without sales charge | 34.37% | 17.68% | 15.19% | 14.37% | 7.92% |
With sales charge | 28.30% | 15.89% | 14.13% | 13.85% | 7.67% |
Class C Shares (Incep: 12/27/00) | |||||
Without sales charge | 33.38% | 16.74% | 14.28% | 13.50% | 7.07% |
With sales charge | 32.38% | 16.74% | 14.28% | 13.50% | 7.07% |
Class I Shares (Incep: 11/3/03) | 34.84% | 18.10% | 15.62% | 14.84% | 10.42% |
Class R3 Shares (Incep: 7/1/03) | 34.17% | 17.50% | 15.03% | 14.26% | 10.45% |
Class R4 Shares (Incep: 2/1/07) | 34.28% | 17.62% | 15.15% | 14.38% | 7.85% |
Class R5 Shares (Incep: 10/3/05) | 34.83% | 18.09% | 15.62% | 14.84% | 9.73% |
Russell 3000 Total Return Growth Index (Since 12/27/00) | 36.12% | 20.73% | 19.51% | 16.91% | 7.68% |
THORNBURG LONG/SHORT EQUITY FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img1b36706825.jpg)
THORNBURG LONG/SHORT EQUITY FUND* | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class I Shares (Incep: 12/30/16) | -8.78% | -1.56% | 1.86% | 5.98% | 5.00% |
S&P 500 Total Return Index | 15.15% | 12.28% | 14.15% | 13.74% | 9.60% |
Thornburg Investment Income Builder Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img1b0d7deb26.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img791d89e127.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img374813e928.jpg)
RUSSELL 1000 INDEX | RUSSELL 2000 INDEX | |
Real Estate | 29% | 34% |
Financials | 28% | 32% |
Energy | 18% | 16% |
Consumer Discretionary | 10% | 5% |
Consumer Staples | 4% | 1% |
Materials | 3% | 1% |
Communication Services | 3% | 8% |
Industrials | 2% | 2% |
Information Technology | 2% | 0% |
Utilities | 1% | 1% |
Health Care | 0% | 0% |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgee34d8ec29.jpg)
Thornburg Investment Income Builder Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img2592e76730.jpg)
TOP TEN EQUITY HOLDINGS | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 5.0% |
Orange SA | 4.2% |
China Mobile Ltd. | 4.1% |
Deutsche Telekom AG | 3.4% |
Home Depot, Inc. | 3.3% |
Broadcom, Inc. | 3.2% |
Samsung Electronics Co. Ltd. | 3.0% |
Vodafone Group plc | 2.9% |
CME Group, Inc. | 2.8% |
AbbVie, Inc. | 2.6% |
SECTOR EXPOSURE (percent of equity holdings) | |
Financials | 24.1% |
Communication Services | 19.7% |
Information Technology | 17.8% |
Health Care | 11.8% |
Energy | 5.2% |
Consumer Staples | 4.8% |
Consumer Discretionary | 4.1% |
Utilities | 3.7% |
Real Estate | 3.2% |
Materials | 3.1% |
Industrials | 2.5% |
COUNTRY EXPOSURE * (percent of Fund) | |
United States | 46.1% |
United Kingdom | 7.1% |
France | 7.1% |
China | 5.6% |
Germany | 5.3% |
Switzerland | 5.1% |
Taiwan | 5.0% |
Italy | 3.7% |
South Korea | 3.0% |
Netherlands | 2.7% |
Russian Federation | 2.7% |
Australia | 1.4% |
Spain | 1.3% |
Jamaica | 0.5% |
Canada | 0.4% |
Ireland | 0.3% |
Singapore | 0.2% |
Brazil | 0.2% |
Cayman Islands | 0.1% |
Denmark | 0.1% |
Belgium | 0.1% |
Japan | 0.1% |
Mexico | 0.1% |
Other Assets Less Liabilities | 1.8% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
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¢ | 30.0¢ | 95.5¢ |
2020 | 19.0¢ | 0.19¢ | 0.21¢ |
Thornburg Investment Income Builder Fund | September 30, 2020 (Unaudited)
As of 9/30/2020 | |
Telecommunication Services | 19.7% |
Semiconductors & Semiconductor Equipment | 13.1% |
Diversified Financials | 13.0% |
Pharmaceuticals, Biotechnology & Life Sciences | 11.8% |
Banks | 6.7% |
Energy | 5.2% |
Technology Hardware & Equipment | 4.7% |
Food & Staples Retailing | 4.6% |
Insurance | 4.4% |
Retailing | 4.1% |
As of 6/30/2020 | |
Telecommunication Services | 22.3% |
Pharmaceuticals, Biotechnology & Life Sciences | 13.0% |
Diversified Financials | 12.0% |
Semiconductors & Semiconductor Equipment | 10.3% |
Energy | 6.8% |
Insurance | 6.3% |
Utilities | 5.1% |
Banks | 5.0% |
Real Estate | 4.0% |
Technology Hardware & Equipment | 3.9% |
As of 3/31/2020 | |
Telecommunication Services | 20.0% |
Pharmaceuticals, Biotechnology & Life Sciences | 14.1% |
Diversified Financials | 10.3% |
Semiconductors & Semiconductor Equipment | 9.2% |
Energy | 8.6% |
Banks | 5.6% |
Utilities | 5.2% |
Insurance | 4.6% |
Real Estate | 4.1% |
Materials | 4.0% |
As of 12/31/2019 | |
Telecommunication Services | 15.5% |
Diversified Financials | 13.6% |
Energy | 12.9% |
Pharmaceuticals, Biotechnology & Life Sciences | 9.6% |
Semiconductors & Semiconductor Equipment | 9.5% |
Banks | 6.0% |
Materials | 5.4% |
Utilities | 4.7% |
Real Estate | 3.9% |
Insurance | 3.0% |
THORNBURG INVESTMENT INCOME BUILDER FUND | NASDAQ SYMBOLS | CUSIPS |
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 Summit Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgcba3ab6831.jpg)
SECTOR EXPOSURE (percent of equity holdings) | |
Information Technology | 29.4% |
Consumer Discretionary | 24.6% |
Communication Services | 16.1% |
Health Care | 8.5% |
Financials | 7.3% |
Industrials | 5.7% |
Energy | 3.8% |
Consumer Staples | 2.8% |
Utilities | 1.8% |
COUNTRY EXPOSURE * (percent of Fund) | |
United States | 64.8% |
China | 4.5% |
Japan | 3.5% |
India | 2.5% |
Taiwan | 2.5% |
France | 2.4% |
Netherlands | 2.3% |
Switzerland | 1.2% |
Argentina | 1.1% |
United Kingdom | 1.0% |
Italy | 0.7% |
Canada | 0.5% |
Australia | 0.4% |
Ireland | 0.4% |
Other Assets Less Liabilities | 12.2% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
TOP TEN LONG HOLDINGS | |
Microsoft Corp. | 2.3% |
Alibaba Group Holding Ltd. Sponsored ADR | 2.0% |
Sea Ltd. ADR | 1.9% |
Amazon.com, Inc. | 1.9% |
Apple, Inc. | 1.8% |
Walt Disney Co. | 1.7% |
Reliance Industries Ltd. | 1.7% |
Mastercard, Inc. Class A | 1.7% |
Meituan Dianping Class B | 1.5% |
Capital One Financial Corp. | 1.5% |
THORNBURG SUMMIT FUND | NASDAQ SYMBOLS | CUSIPS |
Class I | TSUMX | 885-216-580 |
Thornburg Global Opportunities Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img3aa04ecc32.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img17d0c87533.jpg)
TOP TEN EQUITY HOLDINGS | |
Reliance Industries Ltd. | 6.1% |
Alibaba Group Holding Ltd. | 5.6% |
Vestas Wind Systems A/S | 5.4% |
Qorvo, Inc. | 5.0% |
Samsung Electronics Co. Ltd. | 4.9% |
Capital One Financial Corp. | 4.7% |
Facebook, Inc. Class A | 4.6% |
Alphabet, Inc. Class A | 4.5% |
GDS Holdings Ltd. ADR | 4.4% |
NN Group N.V. | 4.3% |
SECTOR EXPOSURE | |
Communication Services | 17.0% |
Information Technology | 16.8% |
Financials | 14.7% |
Consumer Discretionary | 12.6% |
Industrials | 8.9% |
Health Care | 8.1% |
Materials | 6.2% |
Energy | 6.1% |
Consumer Staples | 3.3% |
Other Assets Less Liabilities | 6.3% |
TOP TEN INDUSTRY GROUPS | |
Media & Entertainment | 9.1% |
Retailing | 8.4% |
Telecommunication Services | 7.9% |
Semiconductors & Semiconductor Equipment | 7.5% |
Diversified Financials | 7.2% |
Capital Goods | 6.8% |
Pharmaceuticals, Biotechnology & Life Sciences | 6.3% |
Materials | 6.2% |
Energy | 6.1% |
Technology Hardware & Equipment | 4.9% |
COUNTRY EXPOSURE * (percent of equity holdings) | |
United States | 42.8% |
China | 15.8% |
Netherlands | 7.2% |
India | 6.5% |
Denmark | 5.8% |
United Kingdom | 5.5% |
South Korea | 5.2% |
Switzerland | 2.8% |
Taiwan | 2.6% |
Ireland | 2.2% |
Australia | 1.9% |
Macao | 1.7% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
THORNBURG GLOBAL OPPORTUNITIES FUND | NASDAQ SYMBOLS | CUSIPS |
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 International Value Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imge54d7b5c34.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img16fba36c35.jpg)
TOP TEN EQUITY HOLDINGS | |
Alibaba Group Holding Ltd. | 3.6% |
Z Holdings Corp. | 3.0% |
adidas AG | 3.0% |
Nintendo Co. Ltd. | 2.9% |
Sika AG | 2.9% |
Telefonaktiebolaget LM Ericsson Class B | 2.8% |
Tencent Holdings Ltd. | 2.8% |
Ping An Bank Co. Ltd. Class A | 2.4% |
Keyence Corp. | 2.3% |
ABB Ltd. | 2.3% |
SECTOR EXPOSURE | |
Industrials | 20.5% |
Information Technology | 17.3% |
Consumer Discretionary | 13.2% |
Communication Services | 10.7% |
Materials | 10.7% |
Financials | 10.0% |
Consumer Staples | 7.7% |
Utilities | 4.1% |
Health Care | 2.7% |
Other Assets Less Liabilities | 3.1% |
TOP TEN INDUSTRY GROUPS | |
Capital Goods | 15.1% |
Media & Entertainment | 10.7% |
Materials | 10.7% |
Banks | 7.9% |
Consumer Durables & Apparel | 7.1% |
Food, Beverage & Tobacco | 6.3% |
Technology Hardware & Equipment | 6.3% |
Software & Services | 6.2% |
Retailing | 5.0% |
Semiconductors & Semiconductor Equipment | 4.8% |
COUNTRY EXPOSURE * (percent of equity holdings) | |
China | 21.4% |
Japan | 13.2% |
France | 11.3% |
Switzerland | 11.0% |
Germany | 9.6% |
United States | 9.6% |
Spain | 5.3% |
Sweden | 4.3% |
Canada | 4.1% |
United Kingdom | 3.6% |
Italy | 2.0% |
Finland | 1.4% |
Netherlands | 1.2% |
South Korea | 1.2% |
Taiwan | 0.8% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
THORNBURG INTERNATIONAL VALUE FUND | NASDAQ SYMBOLS | CUSIPS |
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 Better World International Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img5c50524636.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imged9f3cbe37.jpg)
TOP TEN EQUITY HOLDINGS | |
Alibaba Group Holding Ltd. | 4.0% |
Tencent Holdings Ltd. | 3.4% |
Meituan Dianping Class B | 2.6% |
Fresenius Medical Care AG & Co. KGaA | 2.5% |
Enel S.p.A. | 2.4% |
Murata Manufacturing Co. Ltd. | 2.3% |
Li Ning Co. Ltd. | 2.3% |
Infineon Technologies AG | 2.2% |
Nomad Foods Ltd. | 2.1% |
Siemens AG | 2.0% |
SECTOR EXPOSURE | |
Consumer Discretionary | 19.3% |
Industrials | 15.6% |
Information Technology | 13.3% |
Health Care | 12.2% |
Financials | 10.1% |
Consumer Staples | 6.6% |
Communication Services | 5.7% |
Materials | 5.5% |
Utilities | 4.3% |
Real Estate | 0.7% |
Other Assets Less Liabilities | 6.7% |
TOP TEN INDUSTRY GROUPS | |
Capital Goods | 12.7% |
Retailing | 11.7% |
Consumer Durables & Apparel | 7.6% |
Health Care Equipment & Services | 6.4% |
Pharmaceuticals, Biotechnology & Life Sciences | 5.8% |
Materials | 5.5% |
Semiconductors & Semiconductor Equipment | 5.5% |
Insurance | 5.2% |
Technology Hardware & Equipment | 4.4% |
Utilities | 4.3% |
COUNTRY EXPOSURE * (percent of equity holdings) | |
China | 15.2% |
Japan | 14.3% |
Germany | 13.9% |
France | 10.7% |
United Kingdom | 9.4% |
Switzerland | 6.4% |
Netherlands | 4.9% |
Italy | 4.7% |
United States | 4.2% |
Sweden | 3.1% |
Brazil | 2.4% |
Denmark | 2.3% |
Hong Kong | 2.1% |
Ireland | 1.9% |
Taiwan | 1.9% |
India | 1.6% |
Norway | 1.0% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
THORNBURG BETTER WORLD INTERNATIONAL FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | TBWAX | 885-216-721 |
Class C | TBWCX | 885-216-713 |
Class I | TBWIX | 885-216-697 |
Thornburg International Growth Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgf71bd99f38.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgee81e9f839.jpg)
TOP TEN EQUITY HOLDINGS | |
Alibaba Group Holding Ltd. | 6.5% |
Tencent Holdings Ltd. | 4.7% |
Adyen N.V. | 4.3% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 3.5% |
AstraZeneca plc | 3.4% |
Lonza Group AG | 3.4% |
Nestle S.A. | 3.2% |
Activision Blizzard, Inc. | 3.2% |
adidas AG | 2.8% |
Ubisoft Entertainment S.A. | 2.8% |
SECTOR EXPOSURE | |
Information Technology | 24.9% |
Consumer Discretionary | 22.1% |
Communication Services | 19.1% |
Health Care | 12.6% |
Consumer Staples | 5.3% |
Industrials | 4.2% |
Financials | 3.8% |
Other Assets Less Liabilities | 8.0% |
TOP TEN INDUSTRY GROUPS | |
Software & Services | 17.5% |
Media & Entertainment | 17.4% |
Retailing | 13.4% |
Pharmaceuticals, Biotechnology & Life Sciences | 9.3% |
Semiconductors & Semiconductor Equipment | 7.4% |
Food, Beverage & Tobacco | 5.3% |
Consumer Durables & Apparel | 4.7% |
Diversified Financials | 3.8% |
Health Care Equipment & Services | 3.3% |
Consumer Services | 3.0% |
COUNTRY EXPOSURE * (percent of equity holdings) | |
China | 17.5% |
United States | 10.8% |
United Kingdom | 8.4% |
France | 7.6% |
Japan | 7.4% |
Switzerland | 7.2% |
Netherlands | 6.7% |
Germany | 6.6% |
Australia | 5.5% |
Taiwan | 3.8% |
Argentina | 3.0% |
Spain | 2.6% |
Russian Federation | 2.4% |
Sweden | 2.4% |
Ireland | 2.3% |
South Korea | 2.1% |
Israel | 1.7% |
Italy | 1.0% |
United Arab Emirates | 0.6% |
Belgium | 0.4% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
THORNBURG INTERNATIONAL GROWTH FUND | NASDAQ SYMBOLS | CUSIPS |
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 Developing World Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img5c575f5d40.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img1a195f8341.jpg)
TOP TEN EQUITY HOLDINGS | |
Alibaba Group Holding Ltd. | 10.5% |
Tencent Holdings Ltd. | 7.9% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 6.5% |
Samsung Electronics Co. Ltd. | 4.9% |
AIA Group Ltd. | 3.9% |
HDFC Bank Ltd. | 2.8% |
Ping An Insurance Group Co. of China Ltd. Class H | 2.8% |
Adani Ports & Special Economic Zone Ltd. | 2.7% |
SBI Cards & Payment Services Ltd. | 2.5% |
Sociedad Quimica y Minera de Chile S.A. Sponsored ADR | 2.2% |
SECTOR EXPOSURE | |
Financials | 22.5% |
Information Technology | 21.2% |
Consumer Discretionary | 19.0% |
Communication Services | 9.6% |
Consumer Staples | 8.4% |
Industrials | 4.2% |
Utilities | 4.2% |
Materials | 3.1% |
Energy | 2.8% |
Health Care | 0.9% |
Other Assets Less Liabilities | 4.1% |
TOP TEN INDUSTRY GROUPS | |
Retailing | 14.0% |
Banks | 10.1% |
Semiconductors & Semiconductor Equipment | 9.4% |
Media & Entertainment | 8.7% |
Technology Hardware & Equipment | 6.7% |
Insurance | 6.7% |
Diversified Financials | 5.7% |
Software & Services | 5.1% |
Food & Staples Retailing | 4.5% |
Utilities | 4.2% |
COUNTRY EXPOSURE * (percent of equity holdings) | |
China | 37.9% |
India | 11.6% |
Taiwan | 8.2% |
Brazil | 6.6% |
Russian Federation | 5.8% |
Hong Kong | 5.4% |
South Korea | 5.1% |
Mexico | 4.4% |
United States | 3.8% |
Chile | 2.3% |
Peru | 2.2% |
Indonesia | 2.1% |
Philippines | 1.0% |
France | 1.0% |
United Arab Emirates | 0.9% |
Macao | 0.9% |
Argentina | 0.8% |
Vietnam | 0.0% ** |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
** | Country percentage was less than 0.1%. |
THORNBURG DEVELOPING WORLD FUND | NASDAQ SYMBOLS | CUSIPS |
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 Value Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imged5a661a42.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img1401128443.jpg)
TOP TEN EQUITY HOLDINGS | |
Thermo Fisher Scientific, Inc. | 6.0% |
Alphabet, Inc. Class C | 5.9% |
Nomad Foods Ltd. | 5.8% |
Facebook, Inc. Class A | 5.2% |
Comcast Corp. Class A | 4.4% |
Crown Holdings, Inc. | 4.3% |
JPMorgan Chase & Co. | 4.3% |
Alibaba Group Holding Ltd. | 4.2% |
Activision Blizzard, Inc. | 4.0% |
Assured Guaranty Ltd. | 3.8% |
SECTOR EXPOSURE | |
Communication Services | 23.8% |
Financials | 17.3% |
Health Care | 15.3% |
Consumer Discretionary | 11.9% |
Materials | 6.8% |
Information Technology | 6.6% |
Consumer Staples | 5.8% |
Industrials | 4.6% |
Energy | 4.3% |
Utilities | 1.0% |
Other Assets Less Liabilities | 2.6% |
TOP TEN INDUSTRY GROUPS | |
Media & Entertainment | 21.3% |
Retailing | 9.0% |
Pharmaceuticals, Biotechnology & Life Sciences | 8.1% |
Diversified Financials | 7.2% |
Health Care Equipment & Services | 7.2% |
Materials | 6.8% |
Banks | 6.3% |
Food, Beverage & Tobacco | 5.8% |
Capital Goods | 4.6% |
Technology Hardware & Equipment | 4.4% |
THORNBURG VALUE FUND | NASDAQ SYMBOLS | CUSIPS |
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 Core Growth Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imge76bfc5d44.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgca7d2c1845.jpg)
TOP TEN EQUITY HOLDINGS | |
Amazon.com, Inc. | 7.3% |
Apple, Inc. | 6.4% |
Microsoft Corp. | 6.0% |
Alphabet, Inc. Class C | 4.5% |
Activision Blizzard, Inc. | 4.2% |
PayPal Holdings, Inc. | 4.2% |
Visa, Inc. Class A | 3.6% |
Facebook, Inc. Class A | 3.1% |
Comcast Corp. Class A | 2.9% |
DaVita, Inc. | 2.9% |
SECTOR EXPOSURE | |
Information Technology | 41.4% |
Communication Services | 17.4% |
Consumer Discretionary | 13.5% |
Health Care | 9.8% |
Financials | 4.4% |
Industrials | 2.8% |
Consumer Staples | 2.1% |
Materials | 1.5% |
Other Assets Less Liabilities | 7.1% |
TOP TEN INDUSTRY GROUPS | |
Software & Services | 31.7% |
Media & Entertainment | 17.4% |
Retailing | 11.4% |
Health Care Equipment & Services | 8.3% |
Technology Hardware & Equipment | 6.4% |
Semiconductors & Semiconductor Equipment | 3.3% |
Diversified Financials | 3.3% |
Food, Beverage & Tobacco | 2.1% |
Capital Goods | 1.6% |
Pharmaceuticals, Biotechnology & Life Sciences | 1.5% |
COUNTRY EXPOSURE * (percent of equity holdings) | |
United States | 96.3% |
Ireland | 2.2% |
Israel | 1.5% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
THORNBURG CORE GROWTH FUND | NASDAQ SYMBOLS | CUSIPS |
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 Long/Short Equity Fund | September 30, 2020 (Unaudited)
SECTOR EXPOSURE | |
Communication Services | 16.7% |
Health Care | 14.0% |
Consumer Discretionary | 12.2% |
Financials | 5.7% |
Materials | 3.4% |
Consumer Staples | 3.3% |
Energy | 1.0% |
Real Estate | -4.6% |
Information Technology | -5.4% |
Industrials | -8.9% |
Other Assets Less Liabilities | 62.6% |
PORTFOLIO EXPOSURE | ||
3Q20 | 2Q20 | |
Gross Long | 102.9% | 124.2% |
Gross Short | -65.2% | -91.0% |
Net Equity | 37.8% | 33.2% |
ASSETS BY GEOGRAPHY | ||
Long | Short | |
United States | 57.0% | 43.0% |
Ex-U.S | 81.2% | 18.8% |
TOP TEN LONG HOLDINGS | |
Alphabet, Inc. Class C | 6.4% |
Thermo Fisher Scientific, Inc. | 6.0% |
Starbucks Corp. | 5.9% |
Alibaba Group Holding Ltd. Sponsored ADR | 5.9% |
Dollarama, Inc. | 5.7% |
Mastercard, Inc. Class A | 5.1% |
Facebook, Inc. Class A | 5.0% |
Quanta Services, Inc. | 4.8% |
Amazon.com, Inc. | 4.7% |
Comcast Corp. Class A | 4.6% |
THORNBURG LONG/SHORT EQUITY FUND | NASDAQ SYMBOLS | CUSIPS |
Class I | THLSX | 885-216-689 |
Thornburg Investment Income Builder Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Common Stock — 82.1% | |||
Banks — 5.4% | |||
Banks — 5.4% | |||
Citigroup, Inc. | 1,614,000 | $ 69,579,540 | |
JPMorgan Chase & Co. | 2,365,859 | 227,761,246 | |
Regions Financial Corp. | 11,824,529 | 136,336,819 | |
a | Sberbank of Russia PJSC Sponsored ADR | 7,425,000 | 86,761,125 |
520,438,730 | |||
Capital Goods — 2.1% | |||
Aerospace & Defense — 0.6% | |||
BAE Systems plc | 8,905,500 | 55,387,608 | |
Construction & Engineering — 0.3% | |||
Bouygues S.A. | 774,800 | 26,907,225 | |
Industrial Conglomerates — 1.2% | |||
Siemens AG | 839,700 | 106,208,516 | |
a | Siemens Energy AG | 419,850 | 11,321,820 |
199,825,169 | |||
Diversified Financials — 10.6% | |||
Capital Markets — 6.2% | |||
b | Apollo Investment Corp. | 4,902,600 | 40,544,502 |
CME Group, Inc. | 1,633,092 | 273,232,623 | |
b | Solar Capital Ltd. | 4,607,900 | 73,035,215 |
UBS Group AG | 18,731,172 | 209,468,619 | |
Diversified Financial Services — 2.4% | |||
Equitable Holdings, Inc. | 10,944,792 | 199,633,006 | |
M&G plc | 16,488,000 | 33,934,068 | |
Mortgage Real Estate Investment Trusts — 2.0% | |||
b | Chimera Investment Corp. | 14,600,023 | 119,720,189 |
Granite Point Mortgage Trust, Inc. | 1,417,500 | 10,050,075 | |
b | MFA Financial, Inc. | 24,720,000 | 66,249,600 |
1,025,867,897 | |||
Energy — 4.1% | |||
Oil, Gas & Consumable Fuels — 4.1% | |||
China Petroleum & Chemical Corp. Class H | 68,131,000 | 27,340,134 | |
LUKOIL PJSC Sponsored ADR | 1,472,400 | 85,222,512 | |
a,b,c | Malamute Energy, Inc. | 12,439 | 130,610 |
TOTAL SE | 6,412,800 | 219,545,629 | |
Valero Energy Corp. | 1,491,642 | 64,617,931 | |
396,856,816 | |||
Food & Staples Retailing — 3.8% | |||
Food & Staples Retailing — 3.8% | |||
Tesco plc | 61,040,000 | 167,371,198 | |
Walgreens Boots Alliance, Inc. | 5,547,711 | 199,273,779 | |
366,644,977 | |||
Food, Beverage & Tobacco — 0.1% | |||
Food Products — 0.1% | |||
Nestle S.A. | 100,200 | 11,894,976 | |
11,894,976 | |||
Insurance — 3.7% | |||
Insurance — 3.7% | |||
Assicurazioni Generali SpA | 9,100,547 | 128,305,960 | |
NN Group N.V. | 5,984,300 | 224,872,132 | |
353,178,092 | |||
Materials — 2.6% | |||
Chemicals — 0.8% |
36 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
LyondellBasell Industries N.V. Class A | 1,033,996 | $ 72,886,378 | |
Metals & Mining — 1.8% | |||
a | Glencore plc | 44,713,800 | 92,868,153 |
MMC Norilsk Nickel PJSC Sponsored ADR | 3,500,100 | 84,527,415 | |
250,281,946 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 9.8% | |||
Biotechnology — 2.6% | |||
AbbVie, Inc. | 2,867,994 | 251,207,595 | |
Pharmaceuticals — 7.2% | |||
AstraZeneca plc | 1,336,200 | 145,812,603 | |
Merck & Co., Inc. | 1,956,769 | 162,313,989 | |
Novartis AG | 131,300 | 11,391,545 | |
Pfizer, Inc. | 3,365,935 | 123,529,814 | |
Roche Holding AG | 716,100 | 245,023,522 | |
939,279,068 | |||
Real Estate — 2.6% | |||
Equity Real Estate Investment Trusts — 2.6% | |||
Crown Castle International Corp. | 544,569 | 90,670,738 | |
Lamar Advertising Co. Class A | 1,549,351 | 102,520,556 | |
Washington Real Estate Investment Trust | 2,913,074 | 58,640,180 | |
251,831,474 | |||
Retailing — 3.3% | |||
Specialty Retail — 3.3% | |||
Home Depot, Inc. | 1,145,568 | 318,135,689 | |
a,c | RGIS Restructure Equity | 338,576 | 4,232,200 |
�� | 322,367,889 | ||
Semiconductors & Semiconductor Equipment — 10.8% | |||
Semiconductors & Semiconductor Equipment — 10.8% | |||
Broadcom, Inc. | 845,000 | 307,850,400 | |
QUALCOMM, Inc. | 2,105,568 | 247,783,242 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 32,200,000 | 481,410,124 | |
1,037,043,766 | |||
Technology Hardware & Equipment — 3.9% | |||
Communications Equipment — 0.9% | |||
Cisco Systems, Inc. | 2,091,551 | 82,386,194 | |
Technology Hardware, Storage & Peripherals — 3.0% | |||
Samsung Electronics Co. Ltd. | 5,849,600 | 291,104,506 | |
373,490,700 | |||
Telecommunication Services — 16.3% | |||
Diversified Telecommunication Services — 9.2% | |||
China Telecom Corp. Ltd. | 377,697,000 | 113,064,695 | |
Deutsche Telekom AG | 19,234,600 | 322,262,399 | |
Koninklijke KPN N.V. | 15,649,400 | 36,824,708 | |
Orange S.A. | 38,360,780 | 399,567,565 | |
Singapore Telecommunications Ltd. | 10,600,000 | 16,462,400 | |
Wireless Telecommunication Services — 7.1% | |||
China Mobile Ltd. | 61,899,774 | 394,957,945 | |
Vodafone Group plc | 213,360,924 | 282,688,413 | |
1,565,828,125 | |||
Utilities — 3.0% | |||
Electric Utilities — 2.7% | |||
Electricite de France S.A. | 3,252,000 | 34,414,393 | |
Enel SpA | 25,941,171 | 225,616,394 | |
Multi-Utilities — 0.3% | |||
E.ON SE | 2,901,200 | 32,069,448 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 37 |
Thornburg Investment Income Builder Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
292,100,235 | |||
Total Common Stock (Cost $7,180,467,079) | 7,906,929,860 | ||
Preferred Stock — 0.3% | |||
Banks — 0.1% | |||
Banks — 0.1% | |||
d,e,f | First Horizon Bank 3.75% (LIBOR 3 Month + 0.85%) | 12,000 | $ 9,015,000 |
9,015,000 | |||
Diversified Financials — 0.0% | |||
Capital Markets — 0.0% | |||
e,f | Morgan Stanley Series A, 4.00% (LIBOR 3 Month + 0.70%) | 120,000 | 2,812,800 |
2,812,800 | |||
Energy — 0.2% | |||
Oil, Gas & Consumable Fuels — 0.2% | |||
e | Crestwood Equity Partners L.P. 9.25% | 2,166,596 | 12,761,250 |
12,761,250 | |||
Total Preferred Stock (Cost $34,858,652) | 24,589,050 | ||
Asset Backed Securities — 2.3% | |||
Auto Receivables — 1.4% | |||
ACC Trust, | |||
d | Series 2019-1 Class C, 6.41%, 2/20/2024 | $ 2,500,000 | 2,453,440 |
d | Series 2020-A Class A, 6.00%, 3/20/2023 | 16,649,550 | 17,121,720 |
d | Series 2020-A Class B, 12.50%, 6/20/2025 | 6,680,000 | 6,862,738 |
American Credit Acceptance Receivables Trust, | |||
d | Series 2019-3 Class B1, 5.42%, 5/12/2026 | 6,850,000 | 6,864,651 |
d | Series 2019-4 Class F, 5.37%, 9/14/2026 | 5,000,000 | 5,061,440 |
d | Series 2020-1 Class F, 4.75%, 11/13/2026 | 5,460,000 | 5,181,890 |
c,d | Carvana Auto Receivables Trust, Series 2019-4A Class R, 10/15/2026 | 32,000 | 14,800,000 |
CPS Auto Receivables Trust, | |||
d | Series 2018-B Class E, 5.61%, 12/16/2024 | 5,158,000 | 5,407,795 |
d | Series 2019-A Class E, 5.81%, 3/16/2026 | 1,000,000 | 1,054,674 |
d | Series 2020-A Class E, 4.09%, 12/15/2025 | 2,000,000 | 1,977,564 |
d | Series 2020-C Class F, 6.67%, 11/15/2027 | 3,000,000 | 3,009,633 |
c,d | Credit Suisse ABS Trust, Series 2020-AT1 Class CERT, 6/15/2026 | 40,000 | 2,920,000 |
d | DT Auto Owner Trust, Series 2020-1A Class E, 3.48%, 2/16/2027 | 4,500,000 | 4,466,383 |
Flagship Credit Auto Trust, | |||
c,d | Series 2018-4 Class R, 3/16/2026 | 53,000 | 8,904,000 |
c,d | Series 2019-1 Class R, 6/15/2026 | 6,000 | 1,008,000 |
c,d | Series 2019-2 Class R, 12/15/2026 | 53,000 | 13,753,500 |
c,d | Series 2019-3 Class R, 12/15/2026 | 60,000 | 17,730,000 |
d | Foursight Capital Automobile Receivables Trust, Series 2020-1 Class F, 4.62%, 6/15/2027 | 3,180,000 | 2,997,091 |
c,d | Santander Consumer Auto Receivables Trust, Series 2020-AA Class R, 1/16/2029 | 45,588 | 1,937,490 |
d | Westlake Automobile Receivables Trust, Series 2019-3A Class F, 4.72%, 4/15/2026 | 8,000,000 | 7,764,098 |
131,276,107 | |||
Other Asset Backed — 0.9% | |||
d | Amur Equipment Finance Receivables VIII, LLC, Series 2020-1A Class E, 7.00%, 1/20/2027 | 6,000,000 | 5,883,454 |
d | Aqua Finance Trust, Series 2020-AA Class D, 7.15%, 7/17/2046 | 8,200,000 | 8,380,301 |
d | CFG Investments Ltd., Series 2019-1 Class A, 5.56%, 8/15/2029 | 13,500,000 | 13,621,699 |
d | Consumer Loan Underlying Bond CLUB Credit Trust, Series 2020-P1 Class C, 4.61%, 3/15/2028 | 5,000,000 | 4,793,813 |
Consumer Loan Underlying Bond Credit Trust, | |||
d | Series 2018-P3 Class C, 5.54%, 1/15/2026 | 4,000,000 | 4,052,528 |
d | Series 2019-HP1 Class C, 4.70%, 12/15/2026 | 6,700,000 | 6,566,976 |
c,d,f | Series 2019-HP1 Class CERT, 12/15/2026 | 400,000 | 5,960,000 |
d | Series 2019-P1 Class C, 4.66%, 7/15/2026 | 7,500,000 | 7,438,845 |
LendingClub Receivables Trust, | |||
c,d | Series 2019-1, 7/17/2045 | 281,200 | 4,639,800 |
d | Series 2019-7 Class R1, 1/15/2027 | 6,250,000 | 3,125,000 |
38 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d | Series 2019-7 Class R2, 1/15/2027 | $ 1,250,000 | $ 625,000 |
c,d | Series 2020-JPSL Class R, 2/15/2025 | 170,000 | 7,318,500 |
d | Marlette Funding Trust, Series 2019-1A Class C, 4.42%, 4/16/2029 | 5,344,000 | 5,418,199 |
c,d,f | Northwind Holdings, LLC, Series 2007-1A Class A1, 1.026% (LIBOR 3 Month + 0.78%), 12/1/2037 | 306,250 | 303,800 |
Prosper Pass-Thru Trust, | |||
d | Series 2019-ST1 Class CERT, 7/15/2025 | 38,500,000 | 4,012,177 |
d | Series 2019-ST2 Class R1, 11/15/2025 | 13,500,000 | 6,908,921 |
d | Series 2019-ST2 Class R2, 11/15/2025 | 6,750,000 | 3,454,460 |
92,503,473 | |||
Total Asset Backed Securities (Cost $201,289,467) | 223,779,580 | ||
Corporate Bonds — 10.7% | |||
Automobiles & Components — 0.0% | |||
Auto Components — 0.0% | |||
d,g | Nexteer Automotive Group Ltd., 5.875%, 11/15/2021 | 4,300,000 | 4,289,895 |
4,289,895 | |||
Capital Goods — 0.1% | |||
Aerospace & Defense — 0.0% | |||
d | TransDigm, Inc., 8.00%, 12/15/2025 | 5,000,000 | 5,436,350 |
Machinery — 0.1% | |||
Mueller Industries, Inc., 6.00%, 3/1/2027 | 7,679,000 | 7,777,445 | |
13,213,795 | |||
Commercial & Professional Services — 0.4% | |||
Commercial Services & Supplies — 0.4% | |||
d,g | Cimpress plc, 7.00%, 6/15/2026 | 33,804,000 | 32,097,912 |
d | Nielsen Finance, LLC / Nielsen Finance Co., 5.00%, 4/15/2022 | 5,987,000 | 5,994,484 |
38,092,396 | |||
Consumer Durables & Apparel — 0.2% | |||
Leisure Products — 0.2% | |||
Vista Outdoor, Inc., 5.875%, 10/1/2023 | 18,815,000 | 18,876,337 | |
18,876,337 | |||
Consumer Services — 0.3% | |||
Hotels, Restaurants & Leisure — 0.3% | |||
d | Nathan’s Famous, Inc., 6.625%, 11/1/2025 | 6,188,000 | 6,309,718 |
d | SeaWorld Parks & Entertainment, Inc., 8.75%, 5/1/2025 | 21,000,000 | 22,203,930 |
28,513,648 | |||
Diversified Financials — 0.8% | |||
Capital Markets — 0.4% | |||
d | Compass Group Diversified Holdings, LLC, 8.00%, 5/1/2026 | 20,141,000 | 21,197,999 |
c,d | JPR Royalty Sub, LLC, 14.00%, 9/1/2020 | 5,000,000 | 500,000 |
d | StoneX Group, Inc., 8.625%, 6/15/2025 | 19,973,000 | 21,582,824 |
Diversified Financial Services — 0.4% | |||
Antares Holdings L.P., | |||
d | 6.00%, 8/15/2023 | 18,000,000 | 18,192,420 |
d | 8.50%, 5/18/2025 | 11,500,000 | 12,073,620 |
e,f | JPMorgan Chase & Co., Series I, 3.738% (LIBOR 3 Month + 3.47%), 10/30/2020 | 7,334,000 | 7,034,113 |
80,580,976 | |||
Energy — 3.0% | |||
Energy Equipment & Services — 0.0% | |||
Odebrecht Offshore Drilling Finance Ltd., | |||
d,g | 6.72%, 12/1/2022 | 2,748,731 | 2,460,114 |
d,g,h | 7.72%, 12/1/2026 PIK | 17,474,217 | 1,781,322 |
d,e,g | Odebrecht Oil & Gas Finance Ltd. (Guaranty: Odebrecht Oleo e Gas S.A.), Zero Coupon, 10/30/2020 | 2,337,727 | 6,569 |
a,d,g,i | Schahin II Finance Co. SPV Ltd., 5.875%, 9/25/2023 | 11,396,734 | 734,519 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 39 |
Thornburg Investment Income Builder Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Oil, Gas & Consumable Fuels — 3.0% | |||
d | Citgo Holding, Inc., 9.25%, 8/1/2024 | $ 14,196,000 | $ 13,521,548 |
d | CITGO Petroleum Corp., 7.00%, 6/15/2025 | 8,000,000 | 7,809,760 |
f | Energy Transfer Operating L.P., 3.269% (LIBOR 3 Month + 3.02%), 11/1/2066 | 13,820,000 | 6,901,293 |
f | Enterprise TE Partners L.P., Series 1, 3.024% (LIBOR 3 Month + 2.78%), 6/1/2067 | 7,000,000 | 5,412,820 |
Kinder Morgan Energy Partners L.P., | |||
5.00%, 3/1/2043 | 10,000,000 | 11,083,100 | |
5.80%, 3/15/2035 | 10,000,000 | 12,146,900 | |
Kinder Morgan, Inc., | |||
5.30%, 12/1/2034 | 23,630,000 | 27,942,948 | |
5.55%, 6/1/2045 | 5,000,000 | 5,933,650 | |
a,c,d,i | Linc USA GP / Linc Energy Finance USA, Inc., 9.625%, 10/31/2017 | 14,991,164 | 299,823 |
ONEOK Partners L.P., 4.90%, 3/15/2025 | 9,544,000 | 10,453,734 | |
d | Par Petroleum, LLC / Par Petroleum Finance Corp., 7.75%, 12/15/2025 | 1,672,000 | 1,479,636 |
d,g | Petroleos Mexicanos, 5.95%, 1/28/2031 | 7,820,000 | 6,517,423 |
a,i | RAAM Global Energy Co., 12.50%, 10/1/2015 | 15,000,000 | 18,000 |
Summit Midstream Holdings, LLC / Summit Midstream Finance Corp., 5.50%, 8/15/2022 | 7,497,000 | 5,481,506 | |
e,f | Summit Midstream Partners L.P., Series A, 9.50% (LIBOR 3 Month + 7.43%), 12/15/2022 | 27,036,000 | 3,415,458 |
Transcontinental Gas Pipe Line Co., LLC, 7.85%, 2/1/2026 | 32,700,000 | 42,340,941 | |
Williams Companies, Inc., | |||
3.70%, 1/15/2023 | 29,129,000 | 30,776,828 | |
4.55%, 6/24/2024 | 69,318,000 | 76,783,549 | |
5.75%, 6/24/2044 | 14,198,000 | 16,831,871 | |
290,133,312 | |||
Food & Staples Retailing — 0.1% | |||
Food & Staples Retailing — 0.1% | |||
d | KeHE Distributors, LLC / KeHE Finance Corp, 8.625%, 10/15/2026 | 5,852,000 | 6,339,706 |
6,339,706 | |||
Food, Beverage & Tobacco — 0.6% | |||
Tobacco — 0.6% | |||
Vector Group Ltd., | |||
d | 6.125%, 2/1/2025 | 8,826,000 | 8,829,795 |
d | 10.50%, 11/1/2026 | 43,420,000 | 44,236,296 |
53,066,091 | |||
Health Care Equipment & Services — 0.3% | |||
Health Care Providers & Services — 0.3% | |||
d | Tenet Healthcare Corp., 6.25%, 2/1/2027 | 23,500,000 | 24,239,545 |
24,239,545 | |||
Insurance — 0.8% | |||
Insurance — 0.8% | |||
d,e,f,g | Dai-ichi Life Insurance Co. Ltd., 7.25% (LIBOR 3 Month + 4.56%), 7/25/2021 | 9,000,000 | 9,370,170 |
d | MetLife, Inc., 9.25%, 4/8/2038 | 12,000,000 | 18,172,680 |
d,f,g | QBE Insurance Group Ltd., 7.50% (USSW10 + 6.03%), 11/24/2043 | 40,000,000 | 44,854,400 |
72,397,250 | |||
Materials — 0.4% | |||
Chemicals — 0.1% | |||
d,g | Consolidated Energy Finance S.A., 6.875%, 6/15/2025 | 13,000,000 | 11,878,100 |
Construction Materials — 0.1% | |||
d,g | InterCement Financial Operations B.V., 5.75%, 7/17/2024 | 8,000,000 | 5,807,440 |
Containers & Packaging — 0.1% | |||
d | Matthews International Corp., 5.25%, 12/1/2025 | 14,313,000 | 13,596,205 |
Metals & Mining — 0.1% | |||
d | Cleveland-Cliffs, Inc., 6.75%, 3/15/2026 | 5,000,000 | 5,088,400 |
36,370,145 | |||
Media & Entertainment — 0.2% | |||
Media — 0.2% | |||
d | CCO Holdings Capital Corp., 5.375%, 6/1/2029 | 4,390,000 | 4,756,346 |
40 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d | Salem Media Group, Inc., 6.75%, 6/1/2024 | $ 7,920,000 | $ 6,848,424 |
d,g | Telenet Finance Luxembourg Notes Sarl, 5.50%, 3/1/2028 | 10,000,000 | 10,475,400 |
22,080,170 | |||
Real Estate — 0.3% | |||
Equity Real Estate Investment Trusts — 0.3% | |||
CoreCivic, Inc., | |||
4.625%, 5/1/2023 | 11,364,000 | 10,878,530 | |
4.75%, 10/15/2027 | 23,901,000 | 20,308,202 | |
31,186,732 | |||
Retailing — 0.2% | |||
Specialty Retail — 0.2% | |||
d | Michaels Stores, Inc., 8.00%, 7/15/2027 | 20,055,000 | 21,070,184 |
21,070,184 | |||
Software & Services — 0.3% | |||
Information Technology Services — 0.0% | |||
d | Harland Clarke Holdings Corp., 8.375%, 8/15/2022 | 6,500,000 | 6,313,125 |
Software — 0.3% | |||
d | Solera, LLC / Solera Finance, Inc., 10.50%, 3/1/2024 | 24,990,000 | 26,120,298 |
32,433,423 | |||
Telecommunication Services — 2.3% | |||
Diversified Telecommunication Services — 1.8% | |||
g | Deutsche Telekom International Finance B.V. (Guaranty: Deutsche Telekom AG), 8.75%, 6/15/2030 | 26,150,000 | 40,596,306 |
Qwest Corp., 6.75%, 12/1/2021 | 9,000,000 | 9,487,980 | |
g | Telefonica Emisiones SAU (Guaranty: Telefonica S.A.), 7.045%, 6/20/2036 | 85,390,000 | 122,786,550 |
Wireless Telecommunication Services — 0.5% | |||
Digicel International Finance Ltd. / Digicel Holdings Bermuda Ltd., | |||
d,g | 8.00%, 12/31/2026 | 10,003,281 | 7,709,029 |
d,g | 8.75%, 5/25/2024 | 33,785,955 | 33,973,842 |
d,g,h | 13.00%, 12/31/2025 PIK | 1,958,013 | 1,788,057 |
216,341,764 | |||
Transportation — 0.3% | |||
Airlines — 0.3% | |||
American Airlines Pass Through Trust, | |||
Series 2013-2 Class A, 4.95%, 1/15/2023 | 11,520,581 | 9,813,691 | |
Series 2016-3 Class B, 3.75%, 10/15/2025 | 14,369,415 | 9,966,770 | |
Series 2019-1 Class B, 3.85%, 2/15/2028 | 17,915,049 | 11,701,394 | |
US Airways Pass Through Trust, Series 2010-1 Class A, 6.25%, 10/22/2024 | 1,256,903 | 1,125,808 | |
32,607,663 | |||
Utilities — 0.1% | |||
Gas Utilities — 0.1% | |||
d,g | Rockpoint Gas Storage Canada Ltd., 7.00%, 3/31/2023 | 10,790,000 | 9,988,950 |
9,988,950 | |||
Total Corporate Bonds (Cost $957,600,982) | 1,031,821,982 | ||
Convertible Bonds — 0.3% | |||
Diversified Financials — 0.3% | |||
Mortgage Real Estate Investment Trusts — 0.3% | |||
Chimera Investment Corp., 7.00%, 4/1/2023 | 25,000,000 | 31,423,750 | |
31,423,750 | |||
Total Convertible Bonds (Cost $25,000,000) | 31,423,750 | ||
Municipal Bonds — 0.0% | |||
San Bernardino County Redevelopment Agency Successor Agency, Series A, 8.45%, 9/1/2030 | 2,555,000 | 2,568,542 | |
Total Municipal Bonds (Cost $2,516,040) | 2,568,542 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 41 |
Thornburg Investment Income Builder Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Other Government — 0.1% | |||
Brazilian Government International Bond (BRL), 12.50%, 1/5/2022 | $ 20,000,000 | $ 3,984,223 | |
Total Other Government (Cost $12,403,976) | 3,984,223 | ||
Mortgage Backed — 1.4% | |||
d,f | Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class B1, 4.099%, 5/25/2059 | 5,000,000 | 4,958,195 |
f | Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 2.766%, 8/25/2033 | 43,169 | 43,169 |
Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,f | Series 2019-1 Class B4, 3.951%, 3/25/2050 | 1,080,872 | 1,050,979 |
d,f | Series 2019-1 Class B5, 3.951%, 3/25/2050 | 492,904 | 448,211 |
d,f | Series 2019-1 Class B6, 1.645%, 3/25/2050 | 978,453 | 559,202 |
d,f | Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, Series 2016-SH2 Class M4, 3.75%, 12/25/2045 | 1,057,183 | 1,070,065 |
CIM Trust, Whole Loan Securities Trust CMO, | |||
d,f,j | Series 2020-J1 Class AIO1, 0.465%, 7/25/2050 | 255,037,006 | 2,480,974 |
d,f,j | Series 2020-J1 Class AIO2, 0.50%, 7/25/2050 | 227,472,186 | 2,397,989 |
d,f,j | Series 2020-J1 Class AIOS, 0.20%, 6/25/2050 | 268,597,662 | 1,116,158 |
d,f | Series 2020-J1 Class B4, 3.465%, 7/25/2050 | 1,442,023 | 1,247,897 |
d,f | Series 2020-J1 Class B5, 3.465%, 7/25/2050 | 721,510 | 514,785 |
d,f | Series 2020-J1 Class B6, 3.465%, 7/25/2050 | 1,302,033 | 479,591 |
Citigroup Mortgage Loan Trust, Inc., Whole Loan Securities Trust CMO, | |||
f | Series 2004-HYB2 Class B1, 3.898%, 3/25/2034 | 310,006 | 310,006 |
d,f | Series 2020-EXP1 Class B1, 4.467%, 5/25/2060 | 2,150,000 | 1,846,440 |
d,f | Series 2020-EXP1 Class B2, 4.467%, 5/25/2060 | 1,450,000 | 881,552 |
d,f | Series 2020-EXP1 Class B3, 4.467%, 5/25/2060 | 725,000 | 298,595 |
d,j | Series 2020-EXP1 Class XS 0.17%, 5/25/2060 | 188,248,285 | 6,838,495 |
d,f | CSMC Trust, Whole Loan Securities Trust CMO, Series 2020-AFC1 Class M1, 2.841%, 2/25/2050 | 3,808,500 | 3,753,834 |
d,f | Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-3A Class B1, 4.814%, 10/25/2047 | 5,000,000 | 5,039,114 |
Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,f,j | Series 2020-2 Class AX1, 0.778%, 8/1/2050 | 413,424,100 | 6,022,184 |
d,j | Series 2020-2 Class AX2, 0.50%, 8/25/2050 | 70,858,740 | 683,333 |
d,f | Series 2020-2 Class B4, 3.778%, 8/25/2050 | 888,620 | 795,913 |
d,f | Series 2020-2 Class B5, 3.778%, 8/25/2050 | 2,665,859 | 2,142,337 |
d,f | Series 2020-2 Class B6C, 3.778%, 8/25/2050 | 3,554,478 | 1,765,617 |
d,f | Galton Funding Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-H1 Class B1, 3.386%, 1/25/2060 | 4,379,900 | 3,933,774 |
GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
d,f,j | Series 2020-INV1 Class A11X, 3.50%, 8/25/2050 | 4,375,963 | 350,876 |
d,f,j | Series 2020-INV1 Class A12X, 3.00%, 8/25/2050 | 52,394,551 | 3,600,968 |
d,f,j | Series 2020-INV1 Class AIOS, 0.19%, 8/25/2050 | 220,984,212 | 1,186,752 |
d,f,j | Series 2020-INV1 Class AX1, 0.043%, 8/25/2050 | 189,442,329 | 103,436 |
d,f,j | Series 2020-INV1 Class AX2, 0.50%, 8/25/2050 | 9,442,867 | 107,463 |
d,f,j | Series 2020-INV1 Class AX4, 0.95%, 8/25/2050 | 10,166,052 | 221,891 |
d,f | Series 2020-INV1 Class B4, 3.993%, 8/25/2050 | 2,008,071 | 1,830,486 |
d,f | Series 2020-INV1 Class B5, 3.993%, 8/25/2050 | 2,008,071 | 1,614,540 |
d,f | Series 2020-INV1 Class B6, 3.993%, 8/25/2050 | 4,607,618 | 2,578,932 |
d,f,j | Series 2020-INV1 Class BX, 0.493%, 8/25/2050 | 22,918,099 | 547,589 |
d,f | Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class B1, 4.087%, 9/25/2059 | 3,000,000 | 2,992,142 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,f | Series 2016-5 Class B5, 2.619%, 12/25/2046 | 2,000,000 | 1,277,090 |
d,f,j | Series 2020-3 Class AX1, 0.192%, 8/25/2050 | 76,377,888 | 217,035 |
d,f,j | Series 2020-4 Class A11X, 5.075% (LIBOR 1 Month + 5.25%), 11/25/2050 | 15,697,858 | 1,356,315 |
d,f,j | Series 2020-4 Class A3X, 0.50%, 11/25/2050 | 71,163,625 | 749,524 |
d,f,j | Series 2020-4 Class A4X, 0.50%, 11/25/2050 | 13,646,835 | 70,524 |
d,f,j | Series 2020-4 Class AX1, 0.195%, 11/25/2050 | 262,852,789 | 1,028,280 |
d,f,j | Series 2020-4 Class AX3, 3.50%, 11/25/2050 | 7,272,469 | 537,261 |
d,f,j | Series 2020-4 Class AX4, 0.55%, 11/25/2050 | 16,783,627 | 194,417 |
d,f | Series 2020-4 Class B4, 3.745%, 11/25/2050 | 2,073,664 | 1,894,426 |
d,f | Series 2020-4 Class B5, 3.745%, 11/25/2050 | 957,229 | 768,000 |
d,f | Series 2020-4 Class B6, 3.745%, 11/25/2050 | 1,603,555 | 963,221 |
c,d,f,j | Series 2020-7 Class A3X, 0.50%, 1/25/2051 | 101,000,000 | 808,000 |
c,d,f,j | Series 2020-7 Class AX1, 0.242%, 1/25/2051 | 480,000,000 | 1,680,494 |
c,d,f,j | Series 2020-7 Class AX3, 3.50%, 1/25/2051 | 33,000,000 | 1,848,000 |
c,d,f,j | Series 2020-7 Class AX4, 0.40%, 1/25/2051 | 30,600,000 | 183,600 |
42 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,f | Series 2020-7 Class B4, 3.642%, 1/25/2051 | $ 2,540,000 | $ 2,196,554 |
d,f | Series 2020-7 Class B5, 3.642%, 1/25/2051 | 1,780,000 | 1,090,946 |
d,f | Series 2020-7 Class B6, 3.642%, 1/25/2051 | 2,290,000 | 850,163 |
f | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 3.169%, 8/25/2034 | 1,894,149 | 1,907,009 |
d,f | Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class B1, 3.81%, 9/25/2059 | 1,500,000 | �� 1,416,319 |
c,d | Saluda Grade Alternative Mortgage Grade, Whole Loan Securities Trust CMO, Series 2020-FIG1 Class C, 9/25/2050 | 60,000,000 | 7,344,120 |
d,f | Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-7 Class B3, 3.736%, 10/25/2047 | 2,321,975 | 2,246,317 |
Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, | |||
d,f | Series 2018-IMC2 Class B1, 5.669%, 10/25/2048 | 3,000,000 | 2,916,127 |
d,f | Series 2019-1 Class B1, 4.766%, 6/25/2049 | 2,000,000 | 1,923,355 |
d,f | Series 2019-INV1 Class B1, 3.657%, 9/27/2049 | 10,000,000 | 9,943,273 |
Verus Securitization Trust, Whole Loan Securities Trust CMO, | |||
d,f | Series 2018-3 Class B1, 5.694%, 10/25/2058 | 3,850,000 | 3,723,051 |
d,f | Series 2019-2 Class B1, 4.437%, 5/25/2059 | 1,577,000 | 1,448,238 |
d | Series 2019-INV1 Class B1, 4.991%, 12/25/2059 | 4,700,000 | 4,399,095 |
d,f | Series 2020-1 Class B1, 3.624%, 1/25/2060 | 2,000,000 | 1,747,052 |
d,f | Vista Point Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class B2, 5.375%, 3/25/2065 | 4,500,000 | 4,109,653 |
Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
d,f,j | Series 2020-3 Class AIO1, 0.264%, 6/25/2050 | 477,418,436 | 3,065,265 |
d,f | Series 2020-3 Class B5, 3.264%, 6/25/2050 | 1,046,000 | 524,285 |
d,f | Series 2020-3 Class B6, 3.264%, 6/25/2050 | 2,091,953 | 759,650 |
Total Mortgage Backed (Cost $121,155,127) | 131,000,143 | ||
Loan Participations — 1.0% | |||
Commercial & Professional Services — 0.4% | |||
Professional Services — 0.4% | |||
k | Harland Clarke Holdings Corp., 5.75% (LIBOR 3 Month + 4.75%), 11/3/2023 | 12,260,518 | 9,990,851 |
k | Par Pacific Holdings, Inc., 7.02% (LIBOR 3 Month + 6.75%), 1/12/2026 | 13,682,792 | 12,143,478 |
k | R.R. Donnelley & Sons Company, 5.147% (LIBOR 1 Month + 5.00%), 1/15/2024 | 16,702,500 | 15,909,131 |
k | RGIS Services, LLC, 8.50% (LIBOR 3 Month + 7.50%), 6/23/2025 | 6,884,012 | 6,333,291 |
44,376,751 | |||
Energy — 0.1% | |||
Multi-Utilities — 0.0% | |||
g,k | McDermott Technology Americas, Inc., 3.147% (LIBOR 1 Month + 3.00%), 6/30/2024 | 163,820 | 140,885 |
Oil, Gas & Consumable Fuels — 0.1% | |||
k | Citgo Holding, Inc., 8.00% (LIBOR 3 Month + 7.00%), 8/1/2023 | 7,994,215 | 7,484,584 |
c,h,k | Malamute Energy, Inc., 0.22% (LIBOR 3 Month + 1.50% PIK), 11/22/2022 | 318,495 | 318,495 |
7,943,964 | |||
Real Estate — 0.2% | |||
Equity Real Estate Investment Trusts — 0.2% | |||
k | CoreCivic, Inc., 5.50% (LIBOR 1 Month + 4.50%), 12/18/2024 | 13,571,250 | 13,299,825 |
k | GEO Group, Inc., 2.75% (LIBOR 1 Month + 2.00%), 3/23/2024 | 7,876,781 | 7,221,511 |
20,521,336 | |||
Software & Services — 0.2% | |||
Internet Software & Services — 0.2% | |||
k | Dun & Bradstreet Corporation (The), 3.895% (LIBOR 1 Month + 3.75%), 2/6/2026 | 16,825,450 | 16,631,957 |
16,631,957 | |||
Transportation — 0.1% | |||
Airlines — 0.1% | |||
c,k | Wheels Up Partners, LLC, 7.50% (LIBOR 3 Month + 6.50%), 8/17/2025 | 9,997,391 | 7,578,023 |
7,578,023 | |||
Total Loan Participations (Cost $103,782,969) | 97,052,031 | ||
Short-Term Investments — 0.8% | |||
b | Thornburg Capital Management Fund | 7,684,063 | 76,840,627 |
Total Short-Term Investments (Cost $76,840,627) | 76,840,627 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 43 |
Thornburg Investment Income Builder Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Total Investments — 99.0% (Cost $8,715,914,919) | $9,529,989,788 | ||
Other Assets Less Liabilities — 1.0% | 98,355,467 | ||
Net Assets — 100.0% | $9,628,345,255 |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2020 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Great Britain Pound | SSB | Sell | 363,329,800 | 10/14/2020 | 468,849,723 | $ — | $ (9,222,993) |
Great Britain Pound | SSB | Buy | 56,112,000 | 10/14/2020 | 72,408,307 | — | (270,312) |
Swiss Franc | SSB | Sell | 54,133,100 | 10/23/2020 | 58,807,460 | — | (698,361) |
Swiss Franc | SSB | Buy | 5,876,900 | 10/23/2020 | 6,384,367 | — | (34,658) |
Euro | SSB | Sell | 289,030,400 | 11/18/2020 | 339,202,897 | 3,841,504 | — |
Euro | SSB | Buy | 41,947,500 | 11/18/2020 | 49,229,124 | — | (963,157) |
Total | $ 3,841,504 | $ (11,189,481) | |||||
Net unrealized appreciation (depreciation) | $ (7,347,977) |
* | Counterparty includes State Street Bank and Trust Company ("SSB"). |
Footnote Legend | |
a | Non-income producing. |
b | Investment in Affiliates. |
c | Security currently fair valued by the Valuation and Pricing Committee using procedures approved by the Trustees’ Audit Committee. |
d | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2020, the aggregate value of these securities in the Fund’s portfolio was $867,480,797, representing 9.01% of the Fund’s net assets. |
e | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
f | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2020. |
g | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
h | 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, 2020. |
i | Bond in default. |
j | Interest only. |
k | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 2020. |
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 |
PIK | Payment-in-kind |
SPV | Special Purpose Vehicle |
44 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Thornburg Summit Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Common Stock — 49.4% | |||
Automobiles & Components — 0.7% | |||
Automobiles — 0.7% | |||
Ferrari N.V. | 1,855 | $ 341,487 | |
341,487 | |||
Banks — 1.7% | |||
Banks — 1.7% | |||
a,b | HDFC Bank Ltd. ADR | 7,145 | 356,964 |
b | JPMorgan Chase & Co. | 4,248 | 408,955 |
765,919 | |||
Capital Goods — 2.6% | |||
Aerospace & Defense — 2.1% | |||
b | L3Harris Technologies, Inc. | 3,137 | 532,788 |
a | Safran S.A. | 4,441 | 439,667 |
Trading Companies & Distributors — 0.5% | |||
MonotaRO Co. Ltd. | 4,200 | 207,879 | |
1,180,334 | |||
Consumer Durables & Apparel — 1.2% | |||
Household Durables — 0.7% | |||
Sony Corp. | 3,879 | 295,417 | |
Textiles, Apparel & Luxury Goods — 0.5% | |||
Hermes International | 281 | 242,547 | |
537,964 | |||
Consumer Services — 1.0% | |||
Hotels, Restaurants & Leisure — 1.0% | |||
b | Starbucks Corp. | 5,429 | 466,460 |
466,460 | |||
Diversified Financials — 2.7% | |||
Capital Markets — 1.2% | |||
b | CME Group, Inc. | 3,254 | 544,427 |
Consumer Finance — 1.5% | |||
b | Capital One Financial Corp. | 9,619 | 691,221 |
1,235,648 | |||
Energy — 1.7% | |||
Oil, Gas & Consumable Fuels — 1.7% | |||
Reliance Industries Ltd. | 26,084 | 788,742 | |
788,742 | |||
Health Care Equipment & Services — 2.2% | |||
Health Care Equipment & Supplies — 1.4% | |||
a,b | Boston Scientific Corp. | 10,016 | 382,712 |
a | DexCom, Inc. | 571 | 235,383 |
Health Care Technology — 0.8% | |||
a | Teladoc Health, Inc. | 1,765 | 386,958 |
1,005,053 | |||
Household & Personal Products — 1.3% | |||
Personal Products — 1.3% | |||
Estee Lauder Cos, Inc. Class A | 2,660 | 580,545 | |
580,545 | |||
Media & Entertainment — 8.5% | |||
Entertainment — 6.4% | |||
Activision Blizzard, Inc. | 5,717 | 462,791 | |
a | Netflix, Inc. | 898 | 449,027 |
Nintendo Co. Ltd. | 677 | 382,969 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 45 |
Thornburg Summit Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
a,b | Sea Ltd. ADR | 5,534 | $ 852,457 |
b | Walt Disney Co. | 6,421 | 796,718 |
Interactive Media & Services — 2.1% | |||
a | Cargurus, Inc. | 7,787 | 168,433 |
Tencent Holdings Ltd. | 5,800 | 382,798 | |
Z Holdings Corp. | 64,200 | 425,504 | |
3,920,697 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 1.7% | |||
Biotechnology — 0.4% | |||
CSL Ltd. | 935 | 192,202 | |
Pharmaceuticals — 1.3% | |||
Roche Holding AG | 1,656 | 566,623 | |
758,825 | |||
Retailing — 9.0% | |||
Internet & Direct Marketing Retail — 6.4% | |||
a,b | Alibaba Group Holding Ltd. Sponsored ADR | 3,120 | 917,218 |
a,b | Amazon.com, Inc. | 270 | 850,157 |
a | Meituan Dianping Class B | 22,700 | 708,235 |
a | MercadoLibre, Inc. | 452 | 489,281 |
Multiline Retail — 1.5% | |||
B&M European Value Retail S.A. | 69,235 | 441,952 | |
Dollarama, Inc. | 6,600 | 252,986 | |
Specialty Retail — 1.1% | |||
TJX Companies, Inc. | 8,828 | 491,278 | |
�� | 4,151,107 | ||
Semiconductors & Semiconductor Equipment — 1.5% | |||
Semiconductors & Semiconductor Equipment — 1.5% | |||
ASML Holding N.V. | 1,083 | 399,595 | |
b | Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 3,460 | 280,502 |
680,097 | |||
Software & Services — 10.4% | |||
Information Technology Services — 5.6% | |||
a | 21Vianet Group, Inc. ADR | 8,067 | 186,832 |
a,c | Adyen N.V. | 345 | 636,068 |
a | EPAM Systems, Inc. | 928 | 300,004 |
Mastercard, Inc. Class A | 2,322 | 785,231 | |
b | Visa, Inc. Class A | 3,400 | 679,898 |
Software — 4.8% | |||
Dassault Systemes SE | 2,357 | 441,463 | |
b | Microsoft Corp. | 5,036 | 1,059,222 |
a,b | ServiceNow, Inc. | 1,425 | 691,125 |
4,779,843 | |||
Technology Hardware & Equipment — 2.4% | |||
Electronic Equipment, Instruments & Components — 0.7% | |||
Keyence Corp. | 646 | 300,015 | |
Technology Hardware, Storage & Peripherals — 1.7% | |||
Apple, Inc. | 6,920 | 801,405 | |
1,101,420 | |||
Utilities — 0.8% | |||
Electric Utilities — 0.8% | |||
b | NextEra Energy, Inc. | 1,326 | 368,045 |
368,045 | |||
Total Common Stock (Cost $17,607,050) | 22,662,186 | ||
Asset Backed Securities — 6.3% |
46 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Auto Receivables — 0.5% | |||
c | ACC Trust, Series 2020-A Class A, 6.00%, 3/20/2023 | $ 166,496 | $ 171,217 |
c | CarNow Auto Receivables Trust, Series 2017-1A Class B, 4.35%, 9/15/2022 | 25,052 | 25,076 |
c | Flagship Credit Auto Trust, Series 2018-3 Class A, 3.07%, 2/15/2023 | 17,743 | 17,863 |
214,156 | |||
Other Asset Backed — 4.9% | |||
Aqua Finance Trust, | |||
c | Series 2019-A Class A, 3.14%, 7/16/2040 | 69,211 | 70,840 |
c | Series 2019-A, 3.47%, 7/16/2040 | 200,000 | 206,344 |
Avant Loans Funding Trust, | |||
c | Series 2019-A Class A, 3.48%, 7/15/2022 | 6,535 | 6,540 |
c | Series 2019-B Class B, 3.15%, 10/15/2026 | 150,000 | 150,643 |
Conn’s Receivables Funding, LLC, | |||
c | Series 2018-A Class B, 4.65%, 1/15/2023 | 50,377 | 50,377 |
c | Series 2019-A Class A, 3.40%, 10/16/2023 | 236,981 | 237,784 |
c | Consumer Lending Receivables Trust, Series 2019-A Class A, 3.52%, 4/15/2026 | 18,468 | 18,502 |
c | Diamond Resorts Owner Trust, Series 2018-1 Class A, 3.70%, 1/21/2031 | 39,722 | 41,371 |
c,d | ECAF I Ltd., Series 2015-1A Class A2, 4.947%, 6/15/2040 | 196,172 | 172,142 |
c | Foundation Finance Trust, Series 2019-1A Class A, 3.86%, 11/15/2034 | 113,750 | 117,323 |
Freed ABS Trust, | |||
c | Series 2019-1 Class A, 3.42%, 6/18/2026 | 1,758 | 1,761 |
c | Series 2019-1 Class B, 3.87%, 6/18/2026 | 275,000 | 276,805 |
c | MelTel Land Funding, LLC, Series 2019-1A Class A, 3.768%, 4/15/2049 | 99,439 | 101,784 |
c | New Residential Advance Receivables Trust Advance Receivables Backed, Series 2020-T1 Class DT1, 3.011%, 8/15/2053 | 250,000 | 251,425 |
c,e | SBA Tower Trust, Series 2014-2A Class C, 3.869%, 10/15/2049 | 30,000 | 31,417 |
c | SCF Equipment Leasing, LLC, Series 2019-1A Class A1, 3.04%, 3/20/2023 | 30,247 | 30,325 |
c | Sierra Timeshare Receivables Funding, LLC, Series 2019-1A Class A, 3.20%, 1/20/2036 | 47,107 | 48,542 |
c | Sofi Consumer Loan Program Trust, Series 2018-3 Class C 4.67%, 8/25/2027 | 125,000 | 127,710 |
c | SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2019-T2 Class AT2, 2.32%, 10/15/2052 | 121,000 | 119,993 |
c,e | Towd Point Mortgage Trust, Series 2018-5 Class A1, 3.25%, 7/25/2058 | 112,935 | 120,482 |
c | Upstart Securitization Trust, Series 2019-1 Class B, 4.19%, 4/20/2026 | 77,845 | 78,304 |
2,260,414 | |||
Student Loan — 0.9% | |||
SMB Private Education Loan Trust, | |||
c | Series 2015-C Class A2A, 2.75%, 7/15/2027 | 89,337 | 90,405 |
c | Series 2020-BA Class A1A, 1.29%, 7/15/2053 | 300,000 | 298,504 |
c | SoFi Professional Loan Program, LLC, Series 2015-B Class A2, 2.51%, 9/27/2032 | 27,243 | 27,335 |
416,244 | |||
Total Asset Backed Securities (Cost $2,786,072) | 2,890,814 | ||
Corporate Bonds — 3.6% | |||
Capital Goods — 0.2% | |||
Aerospace & Defense — 0.2% | |||
Boeing Co., 5.15%, 5/1/2030 | 60,000 | 67,735 | |
67,735 | |||
Commercial & Professional Services — 0.1% | |||
Commercial Services & Supplies — 0.1% | |||
c | Nielsen Finance, LLC / Nielsen Finance Co., 5.00%, 4/15/2022 | 60,000 | 60,075 |
60,075 | |||
Diversified Financials — 0.3% | |||
Capital Markets — 0.3% | |||
Ares Capital Corp., 3.25%, 7/15/2025 | 120,000 | 119,009 | |
Main Street Capital Corp., 5.20%, 5/1/2024 | 11,000 | 11,553 | |
130,562 | |||
Energy — 0.2% | |||
Oil, Gas & Consumable Fuels — 0.2% | |||
ONEOK Partners L.P., 4.90%, 3/15/2025 | 100,000 | 109,532 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 47 |
Thornburg Summit Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
109,532 | |||
Food, Beverage & Tobacco — 0.6% | |||
Tobacco — 0.6% | |||
c | Vector Group Ltd., 10.50%, 11/1/2026 | $ 280,000 | $ 285,264 |
285,264 | |||
Real Estate — 0.6% | |||
Equity Real Estate Investment Trusts — 0.6% | |||
CoreCivic, Inc., 4.75%, 10/15/2027 | 80,000 | 67,974 | |
GEO Group, Inc., 6.00%, 4/15/2026 | 250,000 | 178,765 | |
Service Properties Trust, 4.95%, 2/15/2027 | 40,000 | 35,636 | |
282,375 | |||
Technology Hardware & Equipment — 0.4% | |||
Office Electronics — 0.4% | |||
Xerox Corp., 4.50%, 5/15/2021 | 200,000 | 203,454 | |
203,454 | |||
Telecommunication Services — 0.8% | |||
Wireless Telecommunication Services — 0.8% | |||
Sprint Communications, Inc., 9.25%, 4/15/2022 | 310,000 | 345,675 | |
345,675 | |||
Transportation — 0.4% | |||
Airlines — 0.4% | |||
American Airlines Pass Through Trust, Series 2019-1 Class B, 3.85%, 2/15/2028 | 267,880 | 174,968 | |
174,968 | |||
Total Corporate Bonds (Cost $1,638,311) | 1,659,640 | ||
Convertible Bonds — 0.4% | |||
Diversified Financials — 0.4% | |||
Consumer Finance — 0.4% | |||
EZCORP, Inc., 2.375%, 5/1/2025 | 230,000 | 180,791 | |
180,791 | |||
Total Convertible Bonds (Cost $178,238) | 180,791 | ||
U.S. Treasury Securities — 16.3% | |||
United States Treasury Notes, | |||
0.125%, 5/31/2022 | 1,200,000 | 1,199,812 | |
0.625%, 5/15/2030 - 8/15/2030 | 2,250,000 | 2,241,040 | |
1.50%, 2/15/2030 | 650,000 | 701,086 | |
United States Treasury Notes Inflationary Index, | |||
0.125%, 1/15/2030 - 7/15/2030 | 1,310,712 | 1,450,656 | |
0.25%, 2/15/2050 | 503,815 | 593,406 | |
0.50%, 1/15/2028 | 651,149 | 730,159 | |
3.625%, 4/15/2028 | 426,049 | 583,459 | |
Total U.S. Treasury Securities (Cost $7,319,635) | 7,499,618 | ||
Mortgage Backed — 12.8% | |||
c,e | Angel Oak Mortgage Trust I, LLC, Whole Loan Securities Trust CMO, Series 2019-2 Class A1, 3.628%, 3/25/2049 | 91,305 | 93,341 |
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
c,e | Series 2019-1 Class A1, 3.805%, 1/25/2049 | 113,821 | 117,428 |
c,e | Series 2019-3 Class A1, 2.962%, 10/25/2048 | 143,996 | 147,804 |
c,e | CSMLT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2015-3 Class B1, 3.613%, 11/25/2045 | 227,844 | 237,692 |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, Series 2019-1 Class MA, 3.50%, 7/25/2058 | 95,153 | 102,733 | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool RC1535, 2.00%, 8/1/2035 | 694,438 | 722,853 | |
Pool SB0308, 2.50%, 1/1/2035 | 362,356 | 386,688 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, Series 2017-SC02 Class 1A, 3.00%, 5/25/2047 | 213,352 | 217,942 | |
Federal National Mtg Assoc., UMBS Collateral, |
48 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Pool BP8943, 2.00%, 7/1/2035 | $ 260,202 | $ 270,478 | |
Pool BP9550, 2.50%, 7/1/2035 | 261,695 | 276,026 | |
Pool CA7128 2.00%, 9/1/2030 | 670,000 | 701,996 | |
Pool FM3758, 2.50%, 8/1/2031 | 246,571 | 258,378 | |
Pool MA4012 2.00%, 5/1/2035 | 189,880 | 197,378 | |
Pool MA4045 2.00%, 6/1/2040 | 195,581 | 202,935 | |
Pool MA4095, 2.00%, 8/1/2035 | 615,485 | 639,791 | |
c,e | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class B3, 4.135%, 12/25/2049 | 123,000 | 118,501 |
c,e | Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1, 3.454%, 1/25/2059 | 93,784 | 95,369 |
c,e | JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-6 Class A5, 3.50%, 12/25/2048 | 23,842 | 24,059 |
c,e | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75%, 4/25/2058 | 147,547 | 158,206 |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
c,e | Series 2017-4 Class A1, 3.60%, 4/25/2049 | 72,643 | 73,487 |
c,e | Series 2019-NQM2 Class B2, 5.672%, 4/25/2049 | 150,000 | 112,164 |
c,e | TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2018-2 Class B3, 3.816%, 7/25/2048 | 174,788 | 167,515 |
Verus Securitization Trust, Whole Loan Securities Trust CMO, | |||
c,e | Series 2017-1A Class B2, 5.983%, 1/25/2047 | 235,000 | 242,410 |
c,e | Series 2019-1 Class B1, 5.311%, 2/25/2059 | 125,000 | 115,323 |
c,e | Series 2020-INV1 Class M1, 5.50%, 3/25/2060 | 200,000 | 213,048 |
Total Mortgage Backed (Cost $5,716,972) | 5,893,545 | ||
Loan Participations — 0.2% | |||
Real Estate — 0.2% | |||
Equity Real Estate Investment Trusts — 0.2% | |||
f | CoreCivic, Inc., 5.50% (LIBOR 1 Month + 4.50%), 12/18/2024 | 77,000 | 75,460 |
�� | 75,460 | ||
Total Loan Participations (Cost $73,562) | 75,460 | ||
Exchange-Traded Funds — 3.1% | |||
Invesco DB Agriculture Fund | 11,207 | 165,191 | |
Invesco DB Base Metals Fund | 40,003 | 605,646 | |
a,b | SPDR Gold Shares Fund | 3,676 | 651,093 |
Total Exchange-Traded Funds (Cost $1,312,599) | 1,421,930 | ||
Total Long-Term Investments — 92.1% (Cost $36,632,439) | 42,283,984 | ||
Short-Term Investments — 11.9% | |||
g | Thornburg Capital Management Fund | 545,650 | 5,456,497 |
Total Short-Term Investments (Cost $5,456,497) | 5,456,497 | ||
Total Investments — 104.0% (Cost $42,088,936) | $47,740,481 | ||
Liabilities Net of Other Assets — (4.0)% | (1,854,532) | ||
Common Stock Sold Short — (4.3)% | |||
Diversified Financials — (1.0)% | |||
Capital Markets — (1.0)% | |||
a | Focus Financial Partners, Inc., Class A | (14,821) | (485,980) |
(485,980) | |||
Media & Entertainment — (1.3)% | |||
Entertainment — (0.3)% | |||
a | Tencent Music Entertainment Group ADR | (9,891) | (146,090) |
Media — (1.0)% | |||
a | Discovery, Inc., Class A | (6,531) | (142,180) |
New York Times Co., Class A | (7,319) | (313,180) | |
(601,450) | |||
Retailing — (0.9)% |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 49 |
Thornburg Summit Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Specialty Retail — (0.9)% | |||
Rent-A-Center, Inc. | (10,024) | $ (299,617) | |
a | Sleep Number Corp. | (2,377) | (116,259) |
(415,876) | |||
Software & Services — (1.1)% | |||
Information Technology Services — (0.8)% | |||
Western Union Co. | (16,775) | (359,488) | |
Software — (0.3)% | |||
Blackbaud, Inc. | (2,338) | (130,531) | |
(490,019) | |||
Total Common Stock Sold Short (Proceeds $2,020,219) | (1,993,325) | ||
Net Assets — 100.0% | $45,885,949 |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2020 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Euro | MSC | Buy | 528,000 | 10/27/2020 | 619,373 | $ 6,486 | $ — |
Japanese Yen | MSC | Buy | 65,690,900 | 10/28/2020 | 623,047 | 9,039 | — |
Total | $ 15,525 | — | |||||
Net unrealized appreciation (depreciation) | $ 15,525 |
* | Counterparty includes Morgan Stanley & Co. Inc. ("MSC"). |
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, 2020, the value of securities pledged was $2,404,733. |
c | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2020, the aggregate value of these securities in the Fund’s portfolio was $5,788,568, representing 12.62% of the Fund’s net assets. |
d | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
e | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2020. |
f | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 2020. |
g | 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 |
UMBS | Uniform Mortgage Backed Securities |
50 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Thornburg Global Opportunities Fund | September 30, 2020
Issuer-Description | SHARES | VALUE | |
Common Stock — 93.7% | |||
Banks — 3.2% | |||
Banks — 3.2% | |||
Citigroup, Inc. | 709,964 | $ 30,606,548 | |
30,606,548 | |||
Capital Goods — 6.8% | |||
Aerospace & Defense — 1.4% | |||
L3Harris Technologies, Inc. | 76,072 | 12,920,068 | |
Electrical Equipment — 5.4% | |||
Vestas Wind Systems A/S | 316,629 | 51,359,529 | |
64,279,597 | |||
Consumer Durables & Apparel — 2.6% | |||
Household Durables — 2.6% | |||
Barratt Developments plc | 3,930,615 | 24,131,938 | |
24,131,938 | |||
Consumer Services — 1.6% | |||
Hotels, Restaurants & Leisure — 1.6% | |||
Galaxy Entertainment Group Ltd. | 2,257,725 | 15,133,943 | |
15,133,943 | |||
Diversified Financials — 7.2% | |||
Capital Markets — 2.5% | |||
Charles Schwab Corp. | 644,985 | 23,367,806 | |
Consumer Finance — 4.7% | |||
Capital One Financial Corp. | 614,636 | 44,167,743 | |
67,535,549 | |||
Energy — 6.1% | |||
Oil, Gas & Consumable Fuels — 6.1% | |||
Reliance Industries Ltd. | 1,966,943 | 57,189,390 | |
57,189,390 | |||
Food & Staples Retailing — 3.3% | |||
Food & Staples Retailing — 3.3% | |||
Tesco plc | 8,815,115 | 24,170,976 | |
Walgreens Boots Alliance, Inc. | 194,073 | 6,971,102 | |
31,142,078 | |||
Health Care Equipment & Services — 1.8% | |||
Health Care Providers & Services — 1.8% | |||
a | DaVita, Inc. | 194,630 | 16,670,059 |
16,670,059 | |||
Insurance — 4.3% | |||
Insurance — 4.3% | |||
NN Group N.V. | 1,069,674 | 40,195,156 | |
40,195,156 | |||
Materials — 6.2% | |||
Chemicals — 4.4% | |||
CF Industries Holdings, Inc. | 600,446 | 18,439,696 | |
a | OCI N.V. | 1,809,126 | 23,268,570 |
Metals & Mining — 1.8% | |||
Mineral Resources Ltd. | 919,290 | 16,401,772 | |
58,110,038 | |||
Media & Entertainment — 9.1% | |||
Interactive Media & Services — 9.1% | |||
a | Alphabet, Inc. Class A | 28,625 | 41,952,800 |
a | Facebook, Inc. Class A | 165,846 | 43,435,067 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 51 |
Thornburg Global Opportunities Fund | September 30, 2020
Issuer-Description | SHARES | VALUE | |
85,387,867 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 6.3% | |||
Biotechnology — 3.7% | |||
AbbVie, Inc. | 400,342 | $ 35,065,956 | |
Pharmaceuticals — 2.6% | |||
Roche Holding AG | 71,626 | 24,507,827 | |
59,573,783 | |||
Retailing — 8.4% | |||
Internet & Direct Marketing Retail — 5.6% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 178,375 | 52,438,683 |
Specialty Retail — 2.8% | |||
TJX Companies, Inc. | 482,777 | 26,866,540 | |
79,305,223 | |||
Semiconductors & Semiconductor Equipment — 7.5% | |||
Semiconductors & Semiconductor Equipment — 7.5% | |||
a | Qorvo, Inc. | 366,766 | 47,316,482 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,558,114 | 23,294,778 | |
70,611,260 | |||
Software & Services — 4.4% | |||
Information Technology Services — 4.4% | |||
a | GDS Holdings Ltd. ADR | 506,701 | 41,463,343 |
41,463,343 | |||
Technology Hardware & Equipment — 4.9% | |||
Technology Hardware, Storage & Peripherals — 4.9% | |||
Samsung Electronics Co. Ltd. | 923,096 | 45,937,740 | |
45,937,740 | |||
Telecommunication Services — 7.9% | |||
Diversified Telecommunication Services — 3.2% | |||
China Telecom Corp. Ltd. | 102,622,045 | 30,720,207 | |
Wireless Telecommunication Services — 4.7% | |||
China Mobile Ltd. | 2,272,562 | 14,500,318 | |
a | T-Mobile US, Inc. | 257,388 | 29,434,892 |
74,655,417 | |||
Transportation — 2.1% | |||
Airlines — 2.1% | |||
a | Ryanair Holdings plc Sponsored ADR | 240,001 | 19,622,482 |
19,622,482 | |||
Total Common Stock (Cost $637,336,353) | 881,551,411 | ||
Short-Term Investments — 7.4% | |||
b | Thornburg Capital Management Fund | 6,918,995 | 69,189,955 |
Total Short-Term Investments (Cost $69,189,955) | 69,189,955 | ||
Total Investments — 101.1% (Cost $706,526,308) | $950,741,366 | ||
Liabilities Net of Other Assets — (1.1)% | (9,934,265) | ||
Net Assets — 100.0% | $940,807,101 |
52 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2020 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Great Britain Pound | SSB | Sell | 13,931,000 | 10/14/2020 | 17,976,906 | $ — | $ (353,633) |
Great Britain Pound | SSB | Buy | 1,599,100 | 10/14/2020 | 2,063,518 | 16,568 | — |
Euro | SSB | Sell | 17,285,200 | 11/18/2020 | 20,285,720 | 229,737 | — |
Euro | SSB | Buy | 2,262,200 | 11/18/2020 | 2,654,893 | — | (4,726) |
Total | $ 246,305 | $ (358,359) | |||||
Net unrealized appreciation (depreciation) | $ (112,054) |
* | 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 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 53 |
Thornburg International Value Fund | September 30, 2020
Issuer-Description | SHARES | VALUE | |
Common Stock — 96.9% | |||
Automobiles & Components — 1.1% | |||
Automobiles — 1.1% | |||
Ferrari N.V. | 52,624 | $ 9,687,552 | |
a | NIO, Inc. ADR | 1,151,541 | 24,435,700 |
34,123,252 | |||
Banks — 7.9% | |||
Banks — 7.9% | |||
China Merchants Bank Co. Ltd. | 11,598,170 | 61,306,510 | |
Citigroup, Inc. | 1,300,113 | 56,047,871 | |
JPMorgan Chase & Co. | 616,818 | 59,381,069 | |
Ping An Bank Co. Ltd. Class A | 35,271,726 | 78,564,603 | |
255,300,053 | |||
Capital Goods — 15.1% | |||
Aerospace & Defense — 4.6% | |||
BAE Systems plc | 9,032,686 | 56,178,639 | |
L3Harris Technologies, Inc. | 184,746 | 31,377,261 | |
a | Safran S.A. | 603,602 | 59,757,599 |
Construction & Engineering — 3.7% | |||
Ferrovial S.A. | 2,524,445 | 61,415,538 | |
Vinci S.A. | 683,348 | 57,301,196 | |
Electrical Equipment — 4.1% | |||
ABB Ltd. | 2,904,875 | 73,958,329 | |
Schneider Electric SE | 484,596 | 60,253,842 | |
Machinery — 2.7% | |||
Knorr-Bremse AG | 369,858 | 43,641,523 | |
Kone OYJ Class B | 481,223 | 42,349,587 | |
486,233,514 | |||
Commercial & Professional Services — 1.1% | |||
Professional Services — 1.1% | |||
Recruit Holdings Co. Ltd. | 891,635 | 35,169,977 | |
35,169,977 | |||
Consumer Durables & Apparel — 7.1% | |||
Household Durables — 1.0% | |||
Sony Corp. | 444,074 | 33,819,773 | |
Textiles, Apparel & Luxury Goods — 6.1% | |||
a | adidas AG | 295,509 | 95,660,218 |
Kering S.A. | 50,162 | 33,381,933 | |
LVMH Moet Hennessy Louis Vuitton SE | 143,828 | 67,351,264 | |
230,213,188 | |||
Diversified Financials — 2.1% | |||
Capital Markets — 2.1% | |||
CME Group, Inc. | 209,362 | 35,028,356 | |
S&P Global, Inc. | 44,862 | 16,177,237 | |
UBS Group AG | 1,463,129 | 16,362,010 | |
67,567,603 | |||
Food, Beverage & Tobacco — 6.3% | |||
Beverages — 3.5% | |||
Kweichow Moutai Co. Ltd. Class A | 226,121 | 55,396,424 | |
Wuliangye Yibin Co. Ltd. Class A | 1,761,101 | 57,146,701 | |
Food Products — 1.4% | |||
a | JDE Peet’s B.V. | 556,647 | 22,666,210 |
Nestle S.A. | 207,293 | 24,608,237 | |
Tobacco — 1.4% | |||
Swedish Match AB | 545,163 | 44,607,206 | |
204,424,778 |
54 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Household & Personal Products — 1.4% | |||
Personal Products — 1.4% | |||
Shiseido Co. Ltd. | 784,360 | $ 44,883,256 | |
44,883,256 | |||
Materials — 10.7% | |||
Chemicals — 6.5% | |||
Air Liquide S.A. | 368,641 | 58,564,869 | |
Linde plc | 240,426 | 56,913,068 | |
Sika AG | 375,299 | 92,210,156 | |
Construction Materials — 2.2% | |||
Anhui Conch Cement Co. Ltd. Class A | 8,869,004 | 71,961,525 | |
Metals & Mining — 2.0% | |||
Franco-Nevada Corp. | 462,123 | 64,503,128 | |
344,152,746 | |||
Media & Entertainment — 10.7% | |||
Entertainment — 4.9% | |||
a | Bilibili, Inc. Sponsored ADR | 546,032 | 22,714,931 |
Nintendo Co. Ltd. | 164,971 | 93,321,669 | |
Walt Disney Co. | 347,423 | 43,108,246 | |
Interactive Media & Services — 5.8% | |||
Tencent Holdings Ltd. | 1,354,931 | 89,424,869 | |
Z Holdings Corp. | 14,441,536 | 95,715,486 | |
344,285,201 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 2.7% | |||
Life Sciences Tools & Services — 1.7% | |||
Lonza Group AG | 85,794 | 52,963,974 | |
Pharmaceuticals — 1.0% | |||
Roche Holding AG | 94,790 | 32,433,710 | |
��� | 85,397,684 | ||
Retailing — 5.0% | |||
Internet & Direct Marketing Retail — 5.0% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 396,896 | 116,679,486 |
a | Meituan Dianping Class B | 1,431,628 | 44,666,505 |
161,345,991 | |||
Semiconductors & Semiconductor Equipment — 4.8% | |||
Semiconductors & Semiconductor Equipment — 4.8% | |||
ASML Holding N.V. | 41,148 | 15,182,375 | |
a | Hensoldt AG | 2,776,637 | 38,154,078 |
Infineon Technologies AG | 1,783,028 | 50,412,668 | |
Lasertec Corp. | 298,231 | 24,347,119 | |
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 315,330 | 25,563,803 | |
153,660,043 | |||
Software & Services — 6.2% | |||
Information Technology Services — 3.6% | |||
Amadeus IT Group S.A. | 692,943 | 38,664,061 | |
a | BASE, Inc. | 81,608 | 8,511,715 |
a | Chindata Group Holdings Ltd. ADR | 617,264 | 10,018,195 |
Mastercard, Inc. Class A | 175,902 | 59,484,779 | |
Software — 2.6% | |||
a | Agora, Inc. ADR | 252,392 | 10,847,808 |
SAP SE | 468,930 | 72,991,033 | |
200,517,591 | |||
Technology Hardware & Equipment — 6.3% | |||
Communications Equipment — 2.8% | |||
Telefonaktiebolaget LM Ericsson Class B | 8,273,037 | 90,786,924 | |
Electronic Equipment, Instruments & Components — 2.4% |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 55 |
Thornburg International Value Fund | September 30, 2020
Issuer-Description | SHARES | VALUE | |
Keyence Corp. | 161,648 | $ 75,072,479 | |
Technology Hardware, Storage & Peripherals — 1.1% | |||
Samsung Electronics Co. Ltd. | 727,070 | 36,182,535 | |
202,041,938 | |||
Transportation — 4.3% | |||
Marine — 1.5% | |||
Kuehne + Nagel International AG | 258,387 | 50,299,972 | |
Road & Rail — 2.0% | |||
Canadian Pacific Railway Ltd. | 213,086 | 64,869,771 | |
Transportation Infrastructure — 0.8% | |||
Shanghai International Airport Co. Ltd. Class A | 2,450,760 | 24,750,135 | |
139,919,878 | |||
Utilities — 4.1% | |||
Electric Utilities — 4.1% | |||
Electricite de France S.A. | 1,567,462 | 16,587,716 | |
Enel SpA | 5,915,401 | 51,447,618 | |
Iberdrola S.A. | 5,291,187 | 65,200,372 | |
133,235,706 | |||
Total Common Stock (Cost $2,461,802,059) | 3,122,472,399 | ||
Short-Term Investments — 2.8% | |||
b | Thornburg Capital Management Fund | 9,128,813 | 91,288,131 |
Total Short-Term Investments (Cost $91,288,131) | 91,288,131 | ||
Total Investments — 99.7% (Cost $2,553,090,190) | $3,213,760,530 | ||
Other Assets Less Liabilities — 0.3% | 8,994,706 | ||
Net Assets — 100.0% | $3,222,755,236 |
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 |
56 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Thornburg Better World International Fund | September 30, 2020
Issuer-Description | SHARES | VALUE | |
Common Stock — 93.3% | |||
Banks — 3.4% | |||
Banks — 3.4% | |||
a | DNB ASA | 66,503 | $ 921,880 |
a | HDFC Bank Ltd. | 99,279 | 1,450,566 |
a | ING Groep N.V. | 136,576 | 969,899 |
3,342,345 | |||
Capital Goods — 12.7% | |||
Construction & Engineering — 1.6% | |||
Vinci S.A. | 18,685 | 1,566,805 | |
Electrical Equipment — 3.4% | |||
Prysmian SpA | 44,994 | 1,310,390 | |
Schneider Electric SE | 7,302 | 907,918 | |
Vestas Wind Systems A/S | 6,308 | 1,023,203 | |
Industrial Conglomerates — 2.2% | |||
Siemens AG | 15,362 | 1,943,045 | |
a | Siemens Energy AG | 7,681 | 207,129 |
Machinery — 5.5% | |||
a | Alstom S.A. | 34,466 | 1,718,218 |
Kurita Water Industries Ltd. | 30,500 | 1,000,616 | |
a | Sandvik AB | 87,304 | 1,714,720 |
Weir Group plc | 57,972 | 936,922 | |
12,328,966 | |||
Commercial & Professional Services — 2.0% | |||
Commercial Services & Supplies — 1.5% | |||
Park24 Co. Ltd. | 87,300 | 1,404,713 | |
Professional Services — 0.5% | |||
RELX plc | 21,887 | 487,455 | |
1,892,168 | |||
Consumer Durables & Apparel — 7.6% | |||
Household Durables — 1.9% | |||
Sony Corp. | 24,574 | 1,871,506 | |
Textiles, Apparel & Luxury Goods — 5.7% | |||
a | adidas AG | 3,059 | 990,239 |
Li Ning Co. Ltd. | 478,500 | 2,222,695 | |
LVMH Moet Hennessy Louis Vuitton SE | 3,720 | 1,741,988 | |
a | Moncler SpA | 14,352 | 588,609 |
7,415,037 | |||
Diversified Financials — 1.5% | |||
Capital Markets — 1.5% | |||
UBS Group AG | 71,837 | 803,345 | |
a | XP, Inc. Class A | 16,441 | 685,426 |
1,488,771 | |||
Food, Beverage & Tobacco — 3.0% | |||
Food Products — 3.0% | |||
Danone S.A. | 13,727 | 888,723 | |
a | Nomad Foods Ltd. | 80,717 | 2,056,669 |
2,945,392 | |||
Health Care Equipment & Services — 6.4% | |||
Health Care Equipment & Supplies — 2.9% | |||
Hoya Corp. | 8,598 | 966,883 | |
Straumann Holding AG | 1,035 | 1,045,057 | |
Terumo Corp. | 20,845 | 826,171 | |
Health Care Providers & Services — 2.5% | |||
Fresenius Medical Care AG & Co. KGaA | 28,814 | 2,433,049 | |
Health Care Technology — 1.0% |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 57 |
Thornburg Better World International Fund | September 30, 2020
Issuer-Description | SHARES | VALUE | |
M3, Inc. | 15,455 | $ 952,520 | |
6,223,680 | |||
Household & Personal Products — 3.6% | |||
Household Products — 1.7% | |||
Reckitt Benckiser Group plc | 17,222 | 1,680,013 | |
Personal Products — 1.9% | |||
Kao Corp. | 13,091 | 978,985 | |
L’Oreal S.A. | 2,537 | 825,723 | |
3,484,721 | |||
Insurance — 5.2% | |||
Insurance — 5.2% | |||
AIA Group Ltd. | 193,405 | 1,894,109 | |
AXA S.A. | 64,077 | 1,185,205 | |
NN Group N.V. | 51,470 | 1,934,089 | |
5,013,403 | |||
Materials — 5.5% | |||
Chemicals — 2.6% | |||
Novozymes A/S Class B | 16,726 | 1,053,359 | |
Sika AG | 6,200 | 1,523,327 | |
Construction Materials — 1.8% | |||
CRH plc | 48,535 | 1,751,054 | |
Paper & Forest Products — 1.1% | |||
Mondi plc | 49,875 | 1,055,119 | |
5,382,859 | |||
Media & Entertainment — 3.4% | |||
Interactive Media & Services — 3.4% | |||
Tencent Holdings Ltd. | 50,689 | 3,345,452 | |
3,345,452 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 5.8% | |||
Life Sciences Tools & Services — 2.1% | |||
Lonza Group AG | 840 | 518,565 | |
Thermo Fisher Scientific, Inc. | 3,537 | 1,561,656 | |
Pharmaceuticals — 3.7% | |||
Roche Holding AG | 5,676 | 1,942,122 | |
Takeda Pharmaceutical Co. Ltd. | 45,100 | 1,601,047 | |
5,623,390 | |||
Real Estate — 0.7% | |||
Equity Real Estate Investment Trusts — 0.7% | |||
Equinix, Inc. | 925 | 703,120 | |
703,120 | |||
Retailing — 11.7% | |||
Internet & Direct Marketing Retail — 7.2% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 13,431 | 3,948,446 |
a | Meituan Dianping Class B | 80,372 | 2,507,590 |
a | THG Holdings Ltd. | 75,000 | 578,915 |
Multiline Retail — 2.9% | |||
B&M European Value Retail S.A. | 268,674 | 1,715,042 | |
Ryohin Keikaku Co. Ltd. | 66,100 | 1,090,542 | |
Specialty Retail — 1.6% | |||
a | Lojas Quero Quero S/A | 606,580 | 1,506,756 |
11,347,291 | |||
Semiconductors & Semiconductor Equipment — 5.5% | |||
Semiconductors & Semiconductor Equipment — 5.5% | |||
ASML Holding N.V. | 4,127 | 1,522,739 | |
Infineon Technologies AG | 74,656 | 2,110,796 | |
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 21,529 | 1,745,356 |
58 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
5,378,891 | |||
Software & Services — 3.4% | |||
Information Technology Services — 1.6% | |||
Visa, Inc. Class A | 7,698 | $ 1,539,369 | |
Software — 1.8% | |||
SAP SE | 11,113 | 1,729,788 | |
3,269,157 | |||
Technology Hardware & Equipment — 4.4% | |||
Electronic Equipment, Instruments & Components — 4.4% | |||
a | Hexagon AB Class B | 14,817 | 1,121,386 |
Luxshare Precision Industry Co. Ltd. Class A | 105,037 | 881,092 | |
Murata Manufacturing Co. Ltd. | 34,900 | 2,241,290 | |
4,243,768 | |||
Telecommunication Services — 2.3% | |||
Diversified Telecommunication Services — 2.3% | |||
Deutsche Telekom AG | 82,517 | 1,382,515 | |
Orange S.A. | 81,326 | 847,095 | |
2,229,610 | |||
Transportation — 0.9% | |||
Transportation Infrastructure — 0.9% | |||
Shanghai International Airport Co. Ltd. Class A | 90,077 | 909,684 | |
909,684 | |||
Utilities — 4.3% | |||
Electric Utilities — 2.4% | |||
Enel SpA | 267,133 | 2,323,318 | |
Multi-Utilities — 1.9% | |||
E.ON SE | 166,550 | 1,841,020 | |
4,164,338 | |||
Total Common Stock (Cost $74,034,974) | 90,732,043 | ||
Short-Term Investments — 6.6% | |||
b | Thornburg Capital Management Fund | 641,492 | 6,414,924 |
Total Short-Term Investments (Cost $6,414,924) | 6,414,924 | ||
Total Investments — 99.9% (Cost $80,449,898) | $97,146,967 | ||
Other Assets Less Liabilities — 0.1% | 79,389 | ||
Net Assets — 100.0% | $97,226,356 |
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 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 59 |
Thornburg International Growth Fund | September 30, 2020
Issuer-Description | SHARES | VALUE | |
Common Stock — 92.0% | |||
Automobiles & Components — 1.0% | |||
Automobiles — 1.0% | |||
Ferrari N.V. | 90,543 | $ 16,668,061 | |
16,668,061 | |||
Capital Goods — 1.5% | |||
Trading Companies & Distributors — 1.5% | |||
MonotaRO Co. Ltd. | 539,246 | 26,690,031 | |
26,690,031 | |||
Commercial & Professional Services — 2.7% | |||
Professional Services — 2.7% | |||
Nihon M&A Center, Inc. | 843,600 | 47,833,196 | |
47,833,196 | |||
Consumer Durables & Apparel — 4.7% | |||
Textiles, Apparel & Luxury Goods — 4.7% | |||
a | adidas AG | 148,776 | 48,160,782 |
LVMH Moet Hennessy Louis Vuitton SE | 72,905 | 34,139,694 | |
82,300,476 | |||
Consumer Services — 3.0% | |||
Diversified Consumer Services — 1.9% | |||
a | TAL Education Group ADR | 441,713 | 33,587,857 |
Hotels, Restaurants & Leisure — 1.1% | |||
b | Evolution Gaming Group AB | 280,439 | 18,625,269 |
52,213,126 | |||
Diversified Financials — 3.8% | |||
Capital Markets — 3.8% | |||
Japan Exchange Group, Inc. | 1,593,113 | 44,380,278 | |
St James’s Place plc | 1,786,298 | 21,459,068 | |
65,839,346 | |||
Food, Beverage & Tobacco — 5.3% | |||
Food Products — 5.3% | |||
Kerry Group plc Class A | 283,970 | 36,456,991 | |
Nestle S.A. | 474,587 | 56,339,333 | |
92,796,324 | |||
Health Care Equipment & Services — 3.3% | |||
Health Care Equipment & Supplies — 1.2% | |||
b | Siemens Healthineers AG | 464,054 | 20,838,264 |
Health Care Providers & Services — 2.1% | |||
Fresenius Medical Care AG & Co. KGaA | 443,544 | 37,452,781 | |
58,291,045 | |||
Media & Entertainment — 17.4% | |||
Entertainment — 7.9% | |||
Activision Blizzard, Inc. | 684,155 | 55,382,347 | |
a | HUYA, Inc. ADR | 522,209 | 12,506,906 |
a | Netflix, Inc. | 43,750 | 21,876,312 |
a | Ubisoft Entertainment S.A. | 531,406 | 48,011,990 |
Interactive Media & Services — 9.5% | |||
carsales.com Ltd. | 3,003,380 | 44,464,689 | |
Tencent Holdings Ltd. | 1,249,600 | 82,473,068 | |
a | Yandex N.V. Class A | 599,512 | 39,118,158 |
303,833,470 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 9.3% | |||
Biotechnology — 2.5% | |||
CSL Ltd. | 209,095 | 42,982,339 |
60 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Life Sciences Tools & Services — 3.4% | |||
Lonza Group AG | 97,100 | $ 59,943,608 | |
Pharmaceuticals — 3.4% | |||
AstraZeneca plc | 550,006 | 60,019,313 | |
162,945,260 | |||
Retailing — 13.4% | |||
Internet & Direct Marketing Retail — 10.9% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 387,405 | 113,889,322 |
a,b | Boozt AB | 1,398,116 | 19,482,782 |
a | MercadoLibre, Inc. | 35,644 | 38,583,917 |
a | Prosus N.V. | 196,804 | 18,159,459 |
Multiline Retail — 2.5% | |||
B&M European Value Retail S.A. | 6,813,582 | 43,493,531 | |
233,609,011 | |||
Semiconductors & Semiconductor Equipment — 7.4% | |||
Semiconductors & Semiconductor Equipment — 7.4% | |||
ASML Holding N.V. | 90,229 | 33,291,789 | |
SK Hynix, Inc. | 469,344 | 33,710,899 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4,121,000 | 61,611,525 | |
128,614,213 | |||
Software & Services — 17.5% | |||
Information Technology Services — 14.7% | |||
a | 21Vianet Group, Inc. ADR | 909,009 | 21,052,649 |
a,b | Adyen N.V. | 40,130 | 73,986,769 |
Amadeus IT Group S.A. | 202,835 | 11,317,561 | |
Capgemini SE | 133,212 | 17,141,236 | |
Edenred | 497,037 | 22,377,635 | |
Mastercard, Inc. Class A | 111,173 | 37,595,373 | |
a,b | Network International Holdings plc | 2,473,663 | 8,720,241 |
a | Snowflake, Inc. | 5,000 | 1,255,000 |
Visa, Inc. Class A | 172,302 | 34,455,232 | |
a | Wix.com Ltd. | 108,012 | 27,526,858 |
Software — 2.8% | |||
a | Atlassian Corp. plc Class A | 126,005 | 22,906,449 |
a | Blue Prism Group plc | 611,224 | 10,505,383 |
a | Globant S.A. | 48,952 | 8,773,177 |
a | Unifiedpost Group S.A. | 268,583 | 6,924,653 |
304,538,216 | |||
Telecommunication Services — 1.7% | |||
Diversified Telecommunication Services — 1.7% | |||
b | Cellnex Telecom S.A. | 496,320 | 30,259,334 |
30,259,334 | |||
Total Common Stock (Cost $1,029,090,249) | 1,606,431,109 | ||
Short-Term Investments — 7.9% | |||
c | Thornburg Capital Management Fund | 13,839,215 | 138,392,151 |
Total Short-Term Investments (Cost $138,392,151) | 138,392,151 | ||
Total Investments — 99.9% (Cost $1,167,482,400) | $1,744,823,260 | ||
Other Assets Less Liabilities — 0.1% | 1,234,188 | ||
Net Assets — 100.0% | $1,746,057,448 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 61 |
Thornburg International Growth Fund | September 30, 2020
Footnote Legend | |
a | Non-income producing. |
b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2020, the aggregate value of these securities in the Fund’s portfolio was $171,912,659, representing 9.85% of the Fund’s net assets. |
c | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
62 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Thornburg Developing World Fund | September 30, 2020
Issuer-Description | SHARES | VALUE | |
Common Stock — 95.0% | |||
Automobiles & Components — 0.5% | |||
Automobiles — 0.5% | |||
a | Li Auto, Inc. ADR | 269,040 | $ 4,678,606 |
4,678,606 | |||
Banks — 10.1% | |||
Banks — 10.1% | |||
Bank Central Asia Tbk PT | 3,855,834 | 7,022,386 | |
Bank Rakyat Indonesia Persero Tbk PT | 54,400,906 | 11,114,163 | |
Credicorp Ltd. | 148,728 | 18,440,785 | |
a | Grupo Financiero Banorte SAB de C.V. | 2,466,147 | 8,519,954 |
a | HDFC Bank Ltd. | 1,705,941 | 24,925,514 |
a | ICICI Bank Ltd. | 2,329,394 | 11,160,759 |
a | Sberbank of Russia PJSC Sponsored ADR | 727,035 | 8,495,404 |
89,678,965 | |||
Capital Goods — 1.0% | |||
Industrial Conglomerates — 1.0% | |||
SM Investments Corp. | 493,708 | 8,961,696 | |
8,961,696 | |||
Consumer Durables & Apparel — 2.8% | |||
Textiles, Apparel & Luxury Goods — 2.8% | |||
LVMH Moet Hennessy Louis Vuitton SE | 17,442 | 8,167,678 | |
Shenzhou International Group Holdings Ltd. | 961,138 | 16,184,219 | |
24,351,897 | |||
Consumer Services — 1.7% | |||
Diversified Consumer Services — 0.9% | |||
a | Vasta Platform Ltd. | 492,878 | 7,605,107 |
Hotels, Restaurants & Leisure — 0.8% | |||
Galaxy Entertainment Group Ltd. | 1,099,374 | 7,369,305 | |
14,974,412 | |||
Diversified Financials — 5.7% | |||
Capital Markets — 3.2% | |||
B3 S.A. - Brasil Bolsa Balcao | 784,627 | 7,685,737 | |
Banco BTG Pactual S.A. | 684,982 | 8,885,653 | |
Hong Kong Exchanges & Clearing Ltd. | 252,962 | 11,809,169 | |
Consumer Finance — 2.5% | |||
SBI Cards & Payment Services Ltd. | 1,882,805 | 21,577,742 | |
49,958,301 | |||
Energy — 2.8% | |||
Oil, Gas & Consumable Fuels — 2.8% | |||
LUKOIL PJSC Sponsored ADR | 137,487 | 7,957,747 | |
Reliance Industries Ltd. | 597,932 | 17,129,697 | |
25,087,444 | |||
Food & Staples Retailing — 4.5% | |||
Food & Staples Retailing — 4.5% | |||
a | Empreendimentos Pague Menos S/A | 4,908,948 | 8,041,867 |
Magnit PJSC Sponsored GDR | 1,135,628 | 16,943,570 | |
Wal-Mart de Mexico SAB de CV | 6,236,106 | 14,922,206 | |
39,907,643 | |||
Food, Beverage & Tobacco — 3.9% | |||
Beverages — 2.6% | |||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | 725,752 | 13,319,200 | |
Wuliangye Yibin Co. Ltd. Class A | 286,078 | 9,283,064 | |
Food Products — 1.3% | |||
b | China Feihe Ltd. | 4,951,634 | 11,487,717 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 63 |
Thornburg Developing World Fund | September 30, 2020
Issuer-Description | SHARES | VALUE | |
Vietnam Dairy Products, JSC | 2 | $ 9 | |
34,089,990 | |||
Health Care Equipment & Services — 0.9% | |||
Health Care Providers & Services — 0.9% | |||
b | Hapvida Participacoes e Investimentos S.A. | 707,438 | 7,827,810 |
7,827,810 | |||
Insurance — 6.7% | |||
Insurance — 6.7% | |||
AIA Group Ltd. | 3,490,883 | 34,187,911 | |
Ping An Insurance Group Co. of China Ltd. Class H | 2,429,240 | 24,919,140 | |
59,107,051 | |||
Materials — 3.1% | |||
Chemicals — 2.2% | |||
Sociedad Quimica y Minera de Chile S.A. Sponsored ADR | 590,646 | 19,148,743 | |
Metals & Mining — 0.9% | |||
Severstal PAO GDR | 664,863 | 8,450,409 | |
27,599,152 | |||
Media & Entertainment — 8.7% | |||
Interactive Media & Services — 8.7% | |||
Tencent Holdings Ltd. | 1,059,322 | 69,914,801 | |
a | Yandex N.V. Class A | 109,592 | 7,150,878 |
77,065,679 | |||
Retailing — 14.0% | |||
Internet & Direct Marketing Retail — 13.1% | |||
a | Alibaba Group Holding Ltd. | 2,634,598 | 93,689,100 |
a | Meituan Dianping Class B | 317,385 | 9,902,348 |
a | Prosus N.V. | 128,059 | 11,816,234 |
Specialty Retail — 0.9% | |||
a | Lojas Quero Quero S/A | 3,224,913 | 8,010,744 |
123,418,426 | |||
Semiconductors & Semiconductor Equipment — 9.4% | |||
Semiconductors & Semiconductor Equipment — 9.4% | |||
MediaTek, Inc. | 558,912 | 11,713,956 | |
a | Micron Technology, Inc. | 292,844 | 13,751,954 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 3,844,205 | 57,473,267 | |
82,939,177 | |||
Software & Services — 5.1% | |||
Information Technology Services — 4.3% | |||
a | 21Vianet Group, Inc. ADR | 551,186 | 12,765,468 |
a | EPAM Systems, Inc. | 27,985 | 9,046,991 |
a,b | Network International Holdings plc | 2,125,662 | 7,493,456 |
TravelSky Technology Ltd. Class H | 4,265,796 | 9,103,975 | |
Software — 0.8% | |||
a | Globant S.A. | 36,801 | 6,595,475 |
45,005,365 | |||
Technology Hardware & Equipment — 6.7% | |||
Electronic Equipment, Instruments & Components — 1.8% | |||
a | IPG Photonics Corp. | 53,798 | 9,144,046 |
Sunny Optical Technology Group Co. Ltd. | 448,997 | 6,853,678 | |
Technology Hardware, Storage & Peripherals — 4.9% | |||
Samsung Electronics Co. Ltd. | 877,981 | 43,692,599 | |
59,690,323 | |||
Transportation — 3.2% | |||
Transportation Infrastructure — 3.2% | |||
Adani Ports & Special Economic Zone Ltd. | 5,126,697 | 23,931,071 |
64 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Grupo Aeroportuario del Pacifico SAB de CV Class B | 575,978 | $ 4,621,057 | |
28,552,128 | |||
Utilities — 4.2% | |||
Gas Utilities — 3.1% | |||
China Gas Holdings Ltd. | 6,302,313 | 17,890,321 | |
Infraestructura Energetica Nova SAB de CV | 3,189,541 | 9,592,496 | |
Independent Power and Renewable Electricity Producers — 1.1% | |||
China Yangtze Power Co. Ltd. Class H | 3,433,794 | 9,645,036 | |
37,127,853 | |||
Total Common Stock (Cost $596,943,430) | 840,021,918 | ||
Preferred Stock — 0.9% | |||
Telecommunication Services — 0.9% | |||
Diversified Telecommunication Services — 0.9% | |||
Telefonica Brasil S.A. 7.76% | 1,050,093 | 8,118,919 | |
8,118,919 | |||
Total Preferred Stock (Cost $9,940,698) | 8,118,919 | ||
Short-Term Investments — 4.3% | |||
c | Thornburg Capital Management Fund | 3,818,267 | 38,182,670 |
Total Short-Term Investments (Cost $38,182,670) | 38,182,670 | ||
Total Investments — 100.2% (Cost $645,066,798) | $886,323,507 | ||
Liabilities Net of Other Assets — (0.2)% | (1,468,852) | ||
Net Assets — 100.0% | $884,854,655 |
Footnote Legend | |
a | Non-income producing. |
b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2020, the aggregate value of these securities in the Fund’s portfolio was $26,808,983, representing 3.03% of the Fund’s net assets. |
c | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 65 |
Thornburg Value Fund | September 30, 2020
Issuer-Description | SHARES | VALUE | |
Common Stock — 97.4% | |||
Banks — 6.3% | |||
Banks — 6.3% | |||
Citigroup, Inc. | 347,156 | $ 14,965,895 | |
JPMorgan Chase & Co. | 327,726 | 31,550,182 | |
46,516,077 | |||
Capital Goods — 4.6% | |||
Construction & Engineering — 3.3% | |||
Quanta Services, Inc. | 464,611 | 24,559,337 | |
Machinery — 1.3% | |||
ITT, Inc. | 163,890 | 9,677,705 | |
34,237,042 | |||
Consumer Services — 2.9% | |||
Hotels, Restaurants & Leisure — 2.9% | |||
Starbucks Corp. | 156,038 | 13,406,785 | |
Wyndham Hotels & Resorts, Inc. | 153,939 | 7,773,919 | |
21,180,704 | |||
Diversified Financials — 7.2% | |||
Capital Markets — 1.9% | |||
Brookfield Asset Management, Inc. Class A | 431,179 | 14,254,778 | |
Consumer Finance — 3.5% | |||
Capital One Financial Corp. | 278,206 | 19,991,883 | |
Navient Corp. | 734,797 | 6,209,035 | |
Mortgage Real Estate Investment Trusts — 1.8% | |||
PennyMac Mortgage Investment Trust | 811,762 | 13,045,015 | |
53,500,711 | |||
Energy — 4.3% | |||
Oil, Gas & Consumable Fuels — 4.3% | |||
Devon Energy Corp. | 554,000 | 5,240,840 | |
Enterprise Products Partners L.P. | 1,072,386 | 16,932,975 | |
Teekay LNG Partners L.P. | 914,908 | 9,606,534 | |
31,780,349 | |||
Food, Beverage & Tobacco — 5.8% | |||
Food Products — 5.8% | |||
a | Nomad Foods Ltd. | 1,701,154 | 43,345,404 |
43,345,404 | |||
Health Care Equipment & Services — 7.2% | |||
Health Care Equipment & Supplies — 7.2% | |||
Cooper Companies, Inc. | 47,459 | 15,999,378 | |
a | Haemonetics Corp. | 134,697 | 11,752,313 |
Medtronic plc | 246,280 | 25,593,418 | |
53,345,109 | |||
Insurance — 3.8% | |||
Insurance — 3.8% | |||
Assured Guaranty Ltd. | 1,319,584 | 28,344,664 | |
28,344,664 | |||
Materials — 6.8% | |||
Chemicals — 2.5% | |||
Huntsman Corp. | 830,344 | 18,441,940 | |
Containers & Packaging — 4.3% | |||
a | Crown Holdings, Inc. | 420,559 | 32,324,165 |
50,766,105 | |||
Media & Entertainment — 21.3% | |||
Entertainment — 5.9% |
66 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Activision Blizzard, Inc. | 364,825 | $ 29,532,584 | |
a | Netflix, Inc. | 27,917 | 13,959,337 |
Interactive Media & Services — 11.0% | |||
a | Alphabet, Inc. Class C | 29,736 | 43,700,026 |
a | Facebook, Inc. Class A | 144,633 | 37,879,383 |
Media — 4.4% | |||
Comcast Corp. Class A | 711,400 | 32,909,364 | |
157,980,694 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 8.1% | |||
Biotechnology — 2.1% | |||
AbbVie, Inc. | 178,090 | 15,598,903 | |
Life Sciences Tools & Services — 6.0% | |||
Thermo Fisher Scientific, Inc. | 101,495 | 44,812,072 | |
60,410,975 | |||
Retailing — 9.0% | |||
Internet & Direct Marketing Retail — 4.2% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 106,868 | 31,417,055 |
Multiline Retail — 3.1% | |||
Dollarama, Inc. | 590,666 | 22,640,977 | |
Specialty Retail — 1.7% | |||
a | CarMax, Inc. | 137,042 | 12,595,530 |
66,653,562 | |||
Software & Services — 2.2% | |||
Information Technology Services — 2.2% | |||
Mastercard, Inc. Class A | 49,235 | 16,649,800 | |
16,649,800 | |||
Technology Hardware & Equipment — 4.4% | |||
Electronic Equipment, Instruments & Components — 1.6% | |||
a | Flex Ltd. | 1,090,901 | 12,152,637 |
Technology Hardware, Storage & Peripherals — 2.8% | |||
Apple, Inc. | 58,252 | 6,746,164 | |
a | Pure Storage, Inc. Class A | 904,947 | 13,927,135 |
32,825,936 | |||
Telecommunication Services — 2.5% | |||
Wireless Telecommunication Services — 2.5% | |||
China Mobile Ltd. | 2,911,832 | 18,579,247 | |
18,579,247 | |||
Utilities — 1.0% | |||
Electric Utilities — 1.0% | |||
Fortis, Inc. | 188,432 | 7,699,331 | |
7,699,331 | |||
Total Common Stock (Cost $619,545,359) | 723,815,710 | ||
Short-Term Investments — 2.7% | |||
b | Thornburg Capital Management Fund | 2,045,664 | 20,456,644 |
Total Short-Term Investments (Cost $20,456,644) | 20,456,644 | ||
Total Investments — 100.1% (Cost $640,002,003) | $744,272,354 | ||
Liabilities Net of Other Assets — (0.1)% | (1,037,537) | ||
Net Assets — 100.0% | $743,234,817 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 67 |
Thornburg Value Fund | September 30, 2020
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2020 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Euro | SSB | Sell | 25,054,000 | 11/30/2020 | 29,410,417 | $ 266,046 | $ — |
Net unrealized appreciation (depreciation) | $ 266,046 |
* | 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 |
68 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Thornburg Core Growth Fund | September 30, 2020
Issuer-Description | SHARES | VALUE | |
Common Stock — 92.9% | |||
Automobiles & Components — 1.5% | |||
Auto Components — 1.5% | |||
a | Fox Factory Holding Corp. | 139,390 | $ 10,360,859 |
10,360,859 | |||
Banks — 1.1% | |||
Banks — 1.1% | |||
Citigroup, Inc. | 183,166 | 7,896,286 | |
7,896,286 | |||
Capital Goods — 1.6% | |||
Aerospace & Defense — 1.6% | |||
HEICO Corp. | 109,508 | 11,461,107 | |
11,461,107 | |||
Commercial & Professional Services — 1.2% | |||
Professional Services — 1.2% | |||
a | CoStar Group, Inc. | 9,702 | 8,232,244 |
8,232,244 | |||
Consumer Services — 0.6% | |||
Hotels, Restaurants & Leisure — 0.6% | |||
a | Planet Fitness, Inc. Class A | 62,800 | 3,869,736 |
3,869,736 | |||
Diversified Financials — 3.3% | |||
Capital Markets — 3.3% | |||
Charles Schwab Corp. | 335,554 | 12,157,122 | |
CME Group, Inc. | 66,394 | 11,108,380 | |
23,265,502 | |||
Food, Beverage & Tobacco — 2.1% | |||
Food Products — 2.1% | |||
Kerry Group plc Class A | 112,182 | 14,402,290 | |
14,402,290 | |||
Health Care Equipment & Services — 8.3% | |||
Health Care Equipment & Supplies — 3.4% | |||
Cooper Companies, Inc. | 42,469 | 14,317,149 | |
a | DexCom, Inc. | 22,930 | 9,452,434 |
Health Care Providers & Services — 4.9% | |||
a | DaVita, Inc. | 234,283 | 20,066,339 |
UnitedHealth Group, Inc. | 45,600 | 14,216,712 | |
58,052,634 | |||
Materials — 1.5% | |||
Chemicals — 1.5% | |||
PPG Industries, Inc. | 84,375 | 10,300,500 | |
10,300,500 | |||
Media & Entertainment — 17.4% | |||
Entertainment — 6.9% | |||
Activision Blizzard, Inc. | 368,464 | 29,827,161 | |
a | Netflix, Inc. | 22,320 | 11,160,670 |
Walt Disney Co. | 58,339 | 7,238,703 | |
Interactive Media & Services — 7.6% | |||
a | Alphabet, Inc. Class C | 21,427 | 31,489,119 |
a | Facebook, Inc. Class A | 82,447 | 21,592,870 |
Media — 2.9% | |||
Comcast Corp. Class A | 441,363 | 20,417,452 | |
121,725,975 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 69 |
Thornburg Core Growth Fund | September 30, 2020
Issuer-Description | SHARES | VALUE | |
Pharmaceuticals, Biotechnology & Life Sciences — 1.5% | |||
Pharmaceuticals — 1.5% | |||
Merck & Co., Inc. | 129,000 | $ 10,700,550 | |
10,700,550 | |||
Retailing — 11.4% | |||
Internet & Direct Marketing Retail — 8.3% | |||
a | Amazon.com, Inc. | 16,301 | 51,327,448 |
a | Booking Holdings, Inc. | 4,028 | 6,890,619 |
Specialty Retail — 3.1% | |||
a | Floor & Decor Holdings, Inc. Class A | 156,121 | 11,677,851 |
TJX Companies, Inc. | 182,671 | 10,165,641 | |
80,061,559 | |||
Semiconductors & Semiconductor Equipment — 3.3% | |||
Semiconductors & Semiconductor Equipment — 3.3% | |||
a | Micron Technology, Inc. | 293,247 | 13,770,879 |
Texas Instruments, Inc. | 66,800 | 9,538,372 | |
23,309,251 | |||
Software & Services — 31.7% | |||
Information Technology Services — 12.8% | |||
a | FleetCor Technologies, Inc. | 54,787 | 13,044,785 |
a | PayPal Holdings, Inc. | 148,459 | 29,250,877 |
a | Square, Inc. Class A | 77,377 | 12,577,631 |
Visa, Inc. Class A | 125,031 | 25,002,449 | |
a | Wix.com Ltd. | 38,030 | 9,691,945 |
Software — 18.9% | |||
a | Atlassian Corp. plc Class A | 52,991 | 9,633,234 |
a | Avalara, Inc. | 76,700 | 9,766,978 |
a | Crowdstrike Holdings, Inc. Class A | 47,033 | 6,458,571 |
Microsoft Corp. | 199,650 | 41,992,384 | |
a | Proofpoint, Inc. | 107,294 | 11,324,882 |
a | ServiceNow, Inc. | 36,016 | 17,467,760 |
a | Slack Technologies, Inc. Class A | 123,967 | 3,329,754 |
a | Splunk, Inc. | 61,152 | 11,504,526 |
a | Workday, Inc. Class A | 66,716 | 14,352,613 |
a | Zoom Video Communications, Inc. Class A | 14,243 | 6,695,777 |
222,094,166 | |||
Technology Hardware & Equipment — 6.4% | |||
Technology Hardware, Storage & Peripherals — 6.4% | |||
Apple, Inc. | 385,777 | 44,676,834 | |
44,676,834 | |||
Total Common Stock (Cost $432,031,492) | 650,409,493 | ||
Short-Term Investments — 7.2% | |||
b | Thornburg Capital Management Fund | 5,019,608 | 50,196,079 |
Total Short-Term Investments (Cost $50,196,079) | 50,196,079 | ||
Total Investments — 100.1% (Cost $482,227,571) | $700,605,572 | ||
Liabilities Net of Other Assets — (0.1)% | (695,968) | ||
Net Assets — 100.0% | $699,909,604 |
Footnote Legend | |
a | Non-income producing. |
b | Investment in Affiliates. |
70 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Thornburg Long/Short Equity Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Common Stock — 102.8% | |||
Capital Goods — 4.8% | |||
Construction & Engineering — 4.8% | |||
a | Quanta Services, Inc. | 46,044 | $ 2,433,886 |
2,433,886 | |||
Consumer Services — 7.3% | |||
Hotels, Restaurants & Leisure — 7.3% | |||
a | Starbucks Corp. | 34,561 | 2,969,481 |
a | Wyndham Hotels & Resorts, Inc. | 14,105 | 712,303 |
3,681,784 | |||
Diversified Financials — 8.8% | |||
Capital Markets — 2.6% | |||
a | Brookfield Asset Management, Inc. Class A | 39,373 | 1,301,671 |
Consumer Finance — 4.3% | |||
a | Capital One Financial Corp. | 14,083 | 1,012,004 |
SBI Cards & Payment Services Ltd. | 102,546 | 1,175,221 | |
Mortgage Real Estate Investment Trusts — 1.9% | |||
a | PennyMac Mortgage Investment Trust | 59,942 | 963,268 |
4,452,164 | |||
Energy — 1.0% | |||
Oil, Gas & Consumable Fuels — 1.0% | |||
Teekay LNG Partners L.P. | 45,941 | 482,380 | |
482,380 | |||
Food & Staples Retailing — 0.6% | |||
Food & Staples Retailing — 0.6% | |||
b | Grocery Outlet Holding Corp. | 7,277 | 286,132 |
286,132 | |||
Food, Beverage & Tobacco — 4.0% | |||
Food Products — 4.0% | |||
b | Nomad Foods Ltd. | 78,981 | 2,012,436 |
2,012,436 | |||
Health Care Equipment & Services — 9.4% | |||
Health Care Equipment & Supplies — 9.4% | |||
a | Cooper Companies, Inc. | 6,619 | 2,231,398 |
b | Haemonetics Corp. | 11,373 | 992,294 |
Medtronic plc | 14,461 | 1,502,787 | |
4,726,479 | |||
Insurance — 3.5% | |||
Insurance — 3.5% | |||
a | Assured Guaranty Ltd. | 83,090 | 1,784,773 |
1,784,773 | |||
Materials — 3.4% | |||
Containers & Packaging — 3.4% | |||
a,b | Crown Holdings, Inc. | 22,022 | 1,692,611 |
1,692,611 | |||
Media & Entertainment — 22.9% | |||
Entertainment — 7.0% | |||
a | Activision Blizzard, Inc. | 27,592 | 2,233,572 |
a,b | Netflix, Inc. | 2,561 | 1,280,577 |
Interactive Media & Services — 11.3% | |||
a,b | Alphabet, Inc. Class C | 2,177 | 3,199,319 |
a,b | Facebook, Inc. Class A | 9,533 | 2,496,693 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 71 |
Thornburg Long/Short Equity Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Media — 4.6% | |||
a | Comcast Corp. Class A | 50,245 | $ 2,324,334 |
11,534,495 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 8.8% | |||
Biotechnology — 2.8% | |||
a | AbbVie, Inc. | 16,028 | 1,403,892 |
Life Sciences Tools & Services — 6.0% | |||
a | Thermo Fisher Scientific, Inc. | 6,815 | 3,008,959 |
4,412,851 | |||
Retailing — 18.0% | |||
Internet & Direct Marketing Retail — 10.6% | |||
b | Alibaba Group Holding Ltd. Sponsored ADR | 10,061 | 2,957,733 |
a,b | Amazon.com, Inc. | 754 | 2,374,142 |
Multiline Retail — 5.7% | |||
a | Dollarama, Inc. | 75,208 | 2,882,818 |
Specialty Retail — 1.7% | |||
a,b | CarMax, Inc. | 9,561 | 878,752 |
9,093,445 | |||
Software & Services — 6.8% | |||
Information Technology Services — 5.1% | |||
a | Mastercard, Inc. Class A | 7,661 | 2,590,720 |
Software — 1.7% | |||
a,b | PTC, Inc. | 10,208 | 844,406 |
3,435,126 | |||
Technology Hardware & Equipment — 1.0% | |||
Technology Hardware, Storage & Peripherals — 1.0% | |||
a,b | Pure Storage, Inc. Class A | 33,793 | 520,074 |
520,074 | |||
Telecommunication Services — 2.5% | |||
Wireless Telecommunication Services — 2.5% | |||
a | China Mobile Ltd. | 201,894 | 1,288,206 |
1,288,206 | |||
Total Common Stock (Cost $34,695,729) | 51,836,842 | ||
Total Long-Term Investments — 102.8% (Cost $34,695,729) | 51,836,842 | ||
Short-Term Investments — 22.6% | |||
c | Thornburg Capital Management Fund | 1,137,270 | 11,372,704 |
Total Short-Term Investments (Cost $11,372,704) | 11,372,704 | ||
Total Investments — 125.4% (Cost $46,068,433) | $ 63,209,546 | ||
Liabilities Net of Other Assets — (25.4)% | (12,815,640) | ||
Common Stock Sold Short — (65.4)% | |||
Banks — (1.6)% | |||
Thrifts & Mortgage Finance — (1.6)% | |||
b | Rocket Cos, Inc., Class A | (40,569) | (808,540) |
(808,540) | |||
Capital Goods — (11.2)% | |||
Machinery — (6.4)% | |||
b | Middleby Corp. | (11,973) | (1,074,098) |
b | Proto Labs, Inc. | (8,159) | (1,056,590) |
Snap-on, Inc. | (7,500) | (1,103,475) |
72 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Trading Companies & Distributors — (4.8)% | |||
GATX Corp. | (17,864) | $ (1,138,830) | |
b | SiteOne Landscape Supply, Inc. | (10,471) | (1,276,939) |
(5,649,932) | |||
Consumer Services — (5.0)% | |||
Diversified Consumer Services — (1.6)% | |||
b | Perdoceo Education Corp. | (66,910) | (818,978) |
Hotels, Restaurants & Leisure — (3.4)% | |||
Brinker International, Inc. | (19,813) | (846,412) | |
Cracker Barrel Old Country Store, Inc. | (7,526) | (862,931) | |
(2,528,321) | |||
Diversified Financials — (2.3)% | |||
Capital Markets — (2.3)% | |||
b | Focus Financial Partners, Inc., Class A | (34,842) | (1,142,469) |
(1,142,469) | |||
Health Care Equipment & Services — (2.3)% | |||
Health Care Providers & Services — (2.3)% | |||
Patterson Cos, Inc. | (47,327) | (1,140,817) | |
(1,140,817) | |||
Household & Personal Products — (1.3)% | |||
Household Products — (1.3)% | |||
Clorox Co. | (3,005) | (631,561) | |
(631,561) | |||
Insurance — (2.7)% | |||
Insurance — (2.7)% | |||
b | Trupanion, Inc. | (17,476) | (1,378,856) |
(1,378,856) | |||
Media & Entertainment — (6.4)% | |||
Entertainment — (2.1)% | |||
b | Tencent Music Entertainment Group ADR | (70,774) | (1,045,332) |
Media — (4.3)% | |||
b | Discovery, Inc., Class A | (50,462) | (1,098,558) |
New York Times Co., Class A | (24,914) | (1,066,070) | |
(3,209,960) | |||
Pharmaceuticals, Biotechnology & Life Sciences — (1.9)% | |||
Pharmaceuticals — (1.9)% | |||
Shionogi & Co. Ltd. | (18,082) | (965,093) | |
(965,093) | |||
Real Estate — (4.6)% | |||
Equity Real Estate Investment Trusts — (2.3)% | |||
Extra Space Storage, Inc. | (10,798) | (1,155,278) | |
Real Estate Management & Development — (2.3)% | |||
b | Redfin Corp. | (23,061) | (1,151,436) |
(2,306,714) | |||
Retailing — (8.1)% | |||
Internet & Direct Marketing Retail — (2.3)% | |||
PetMed Express, Inc. | (36,794) | (1,163,427) | |
Multiline Retail — (1.6)% | |||
Canadian Tire Corp. Ltd., Class A | (8,072) | (813,050) | |
Specialty Retail — (4.2)% | |||
Rent-A-Center, Inc. | (36,273) | (1,084,200) | |
b | Sleep Number Corp. | (20,975) | (1,025,887) |
(4,086,564) |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 73 |
Thornburg Long/Short Equity Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Software & Services — (10.8)% | |||
Information Technology Services — (4.6)% | |||
Paychex, Inc. | (14,710) | $ (1,173,417) | |
Western Union Co. | (52,747) | (1,130,368) | |
Software — (6.2)% | |||
b | Alarm.com Holdings, Inc. | (19,266) | (1,064,446) |
Blackbaud, Inc. | (17,320) | (966,976) | |
b | Manhattan Associates, Inc. | (11,772) | (1,124,108) |
(5,459,315) | |||
Technology Hardware & Equipment — (2.4)% | |||
Electronic Equipment, Instruments & Components — (2.4)% | |||
Badger Meter, Inc. | (18,655) | (1,219,477) | |
(1,219,477) | |||
Telecommunication Services — (2.3)% | |||
Diversified Telecommunication Services — (2.3)% | |||
AT&T, Inc. | (40,527) | (1,155,425) | |
(1,155,425) | |||
Transportation — (2.5)% | |||
Air Freight & Logistics — (2.5)% | |||
CH Robinson Worldwide, Inc. | (12,351) | (1,262,149) | |
(1,262,149) | |||
Total Common Stock Sold Short (Proceeds $32,078,154) | (32,945,193) | ||
Exchange-Traded Funds Sold Short — (0.1)% | |||
Direxion Daily Emerging Markets Bear 3X | (919) | (16,772) | |
Direxion Daily Energy Bear 3X | (535) | (37,348) | |
Direxion Daily Financial Bear 3X | (720) | (10,894) | |
Direxion Daily S&P 500 Bear 3X | (266) | (1,532) | |
Direxion Daily Small Cap Bear 3X | (51) | (865) | |
ProShares UltraPro Short QQQ | (11) | (262) | |
Total Exchange-Traded Funds Sold Short (Proceeds $3,585,876) | (67,673) | ||
Total Securities Sold Short (Proceeds $35,664,030) | $(33,012,866) | ||
Net Assets — 100.0% | $ 50,393,906 |
Footnote Legend | |
a | All or a portion of the security is pledged as collateral for securities sold short. At September 30, 2020, the value of securities pledged was $30,152,001. An additional $19,644,064 in cash has been segregated for collateral on securities sold short. |
b | Non-income producing. |
c | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
74 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
September 30, 2020
THORNBURG INVESTMENT INCOME BUILDER FUND | THORNBURG SUMMIT FUND | THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL VALUE FUND | THORNBURG BETTER WORLD INTERNATIONAL FUND | |
ASSETS | |||||
Investments at cost | |||||
Non-affiliated issuers | $ 8,096,931,411 | $ 36,632,439 | $ 637,336,353 | $ 2,461,802,059 | $ 74,034,974 |
Non-controlled affiliated issuers | 618,983,508 | 5,456,497 | 69,189,955 | 91,288,131 | 6,414,924 |
Investments at value | |||||
Non-affiliated issuers | 9,153,469,045 | 42,283,984 | 881,551,411 | 3,122,472,399 | 90,732,043 |
Non-controlled affiliated issuers | 376,520,743 | 5,456,497 | 69,189,955 | 91,288,131 | 6,414,924 |
Cash | 4,003,279 | - | - | - | - |
Foreign currency at value (a) | 13,653,739 | 51 | 24 | 1,634,869 | 3,909 |
Unrealized appreciation on forward currency contracts | 3,841,504 | 15,525 | ��� 246,305 | - | - |
Receivable for investments sold | 49,999,289 | 110,618 | - | 16,987,304 | - |
Receivable for fund shares sold | 6,719,709 | - | 659,975 | 2,290,801 | 100,189 |
Dividends receivable | 35,240,636 | 4,924 | 153,292 | 1,003,075 | 293,297 |
Tax reclaims receivable | 39,478,215 | 7,657 | 235,632 | 3,054,984 | 51,137 |
Principal and interest receivable | 23,467,689 | 78,451 | - | - | - |
Prepaid expenses and other assets | 288,259 | 24,464 | 100,810 | 132,236 | 37,936 |
Total Assets | 9,706,682,107 | 47,982,171 | 952,137,404 | 3,238,863,799 | 97,633,435 |
Liabilities | |||||
Securities sold short | - | 1,993,325 (b) | - | - | - |
Unrealized depreciation on forward currency contracts | 11,189,481 | - | 358,359 | - | - |
Payable for investments purchased | 20,347,114 | - | 4,298,401 | 8,346,554 | 198,213 |
Payable for fund shares redeemed | 20,193,572 | - | 1,106,562 | 3,914,803 | 15,250 |
Payable to investment advisor and other affiliates | 8,501,629 | 17,008 | 851,009 | 2,611,734 | 79,802 |
Payable for short sale financing | - | 1,013 | - | - | - |
Deferred taxes payable | - | 19,333 | 4,166,919 | - | - |
Accounts payable and accrued expenses | 4,298,833 | 65,543 | 549,053 | 1,235,472 | 113,814 |
Dividends payable | 13,806,223 | - | - | - | - |
Total Liabilities | 78,336,852 | 2,096,222 | 11,330,303 | 16,108,563 | 407,079 |
Net Assets | $ 9,628,345,255 | $ 45,885,949 | $ 940,807,101 | $ 3,222,755,236 | $ 97,226,356 |
NET ASSETS CONSIST OF | |||||
Net capital paid in on shares of beneficial interest | $ 10,126,803,728 | $ 38,765,832 | $ 636,338,234 | $ 2,471,861,587 | $ 80,786,173 |
Distributable earnings (accumulated loss) | (498,458,473) | 7,120,117 | 304,468,867 | 750,893,649 | 16,440,183 |
Net Assets | $ 9,628,345,255 | $ 45,885,949 | $ 940,807,101 | $ 3,222,755,236 | $ 97,226,356 |
September 30, 2020
THORNBURG INVESTMENT INCOME BUILDER FUND | THORNBURG SUMMIT FUND | THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL VALUE FUND | THORNBURG BETTER WORLD INTERNATIONAL FUND | |
NET ASSET VALUE | |||||
Class A Shares: | |||||
Net assets applicable to shares outstanding | $ 2,912,062,839 | $ - | $ 215,472,688 | $ 825,677,060 | $ 11,858,845 |
Shares outstanding | 155,701,033 | - | 6,798,702 | 33,319,964 | 757,353 |
Net asset value and redemption price per share | $ 18.70 | $ - | $ 31.69 | $ 24.78 | $ 15.66 |
Maximum offering price per share (net asset value, plus 4.50% of offering price) | $ 19.58 | $ - | $ 33.18 | $ 25.95 | $ 16.40 |
Class C Shares: | |||||
Net assets applicable to shares outstanding | 1,452,642,914 | - | 116,704,730 | 44,593,781 | 2,159,438 |
Shares outstanding | 77,762,874 | - | 3,833,886 | 2,035,732 | 139,273 |
Net asset value and redemption price per share* | 18.68 | - | 30.44 | 21.91 | 15.51 |
Class I Shares: | |||||
Net assets applicable to shares outstanding | 5,094,055,250 | 45,885,949 | 523,175,055 | 1,713,358,222 | 83,208,073 |
Shares outstanding | 270,393,365 | 3,767,574 | 16,446,058 | 66,679,705 | 5,181,844 |
Net asset value and redemption price per share | 18.84 | 12.18 | 31.81 | 25.70 | 16.06 |
Class R3 Shares: | |||||
Net assets applicable to shares outstanding | 24,342,849 | - | 3,633,517 | 152,764,230 | - |
Shares outstanding | 1,302,055 | - | 115,786 | 6,167,325 | - |
Net asset value and redemption price per share | 18.70 | - | 31.38 | 24.77 | - |
Class R4 Shares: | |||||
Net assets applicable to shares outstanding | 13,044,269 | - | 5,092,910 | 102,265,960 | - |
Shares outstanding | 696,741 | - | 161,668 | 4,157,993 | - |
Net asset value and redemption price per share | 18.72 | - | 31.50 | 24.60 | - |
Class R5 Shares: | |||||
Net assets applicable to shares outstanding | 45,307,861 | ��� - | 32,817,237 | 133,705,087 | - |
Shares outstanding | 2,406,626 | - | 1,030,655 | 5,211,376 | - |
Net asset value and redemption price per share | 18.83 | - | 31.84 | 25.66 | - |
Class R6 Shares: | |||||
Net assets applicable to shares outstanding | 86,889,273 | - | 43,910,964 | 250,390,896 | - |
Shares outstanding | 4,626,932 | - | 1,375,435 | 9,786,476 | - |
Net asset value and redemption price per share | 18.78 | - | 31.93 | 25.59 | - |
(a) | Cost of foreign currency is $13,645,974; $49; $24; $1,634,275; $3,886 respectively. |
(b) | Proceeds $2,020,219. |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
September 30, 2020
THORNBURG INTERNATIONAL GROWTH FUND | THORNBURG DEVELOPING WORLD FUND | Thornburg Value Fund | THORNBURG CORE GROWTH FUND | THORNBURG LONG/SHORT EQUITY FUND | |
ASSETS | |||||
Investments at cost | |||||
Non-affiliated issuers | $ 1,029,090,249 | $ 606,884,128 | $ 619,545,359 | $ 432,031,492 | $ 34,695,729 |
Non-controlled affiliated issuers | 138,392,151 | 38,182,670 | 20,456,644 | 50,196,079 | 11,372,704 |
Investments at value | |||||
Non-affiliated issuers | 1,606,431,109 | 848,140,837 | 723,815,710 | 650,409,493 | 51,836,842 |
Non-controlled affiliated issuers | 138,392,151 | 38,182,670 | 20,456,644 | 50,196,079 | 11,372,704 |
Foreign currency at value (a) | 53 | 325,293 | 139,697 | - | 6,570 |
Unrealized appreciation on forward currency contracts | - | - | 266,046 | - | - |
Cash segregated as collateral on securities sold short | - | - | - | - | 19,644,064 |
Receivable for investments sold | - | 1,774,521 | - | - | 1,003,351 |
Receivable for fund shares sold | 5,534,683 | 984,220 | 437,846 | 351,272 | 10,018 |
Dividends receivable | 1,535,747 | 1,179,593 | 361,147 | 82,226 | 14,790 |
Tax reclaims receivable | 491,001 | 458,012 | - | - | 16,655 |
Prepaid expenses and other assets | 115,236 | 52,539 | 58,816 | 56,541 | 5,231 |
Total Assets | 1,752,499,980 | 891,097,685 | 745,535,906 | 701,095,611 | 83,910,225 |
Liabilities | |||||
Securities sold short | - | - | - | - | 33,012,866(b) |
Payable for investments purchased | 3,121,859 | 2,622,043 | 12 | - | 288,121 |
Payable for fund shares redeemed | 1,505,928 | 772,848 | 1,280,803 | 350,300 | 1,456 |
Payable to investment advisor and other affiliates | 1,330,897 | 755,340 | 655,878 | 635,250 | 54,127 |
Payable for short sale financing | - | - | - | - | 13,075 |
Deferred taxes payable | - | 1,626,231 | - | - | 5,703 |
Accounts payable and accrued expenses | 483,848 | 466,568 | 364,396 | 200,457 | 131,884 |
Dividends payable for short sales | - | - | - | - | 9,087 |
Total Liabilities | 6,442,532 | 6,243,030 | 2,301,089 | 1,186,007 | 33,516,319 |
Net Assets | $ 1,746,057,448 | $ 884,854,655 | $ 743,234,817 | $ 699,909,604 | $ 50,393,906 |
NET ASSETS CONSIST OF | |||||
Net capital paid in on shares of beneficial interest | $ 1,153,351,419 | $ 798,129,662 | $ 636,684,516 | $ 437,735,935 | $ 56,786,332 |
Distributable earnings (accumulated loss) | 592,706,029 | 86,724,993 | 106,550,301 | 262,173,669 | (6,392,426) |
Net Assets | $ 1,746,057,448 | $ 884,854,655 | $ 743,234,817 | $ 699,909,604 | $ 50,393,906 |
September 30, 2020
THORNBURG INTERNATIONAL GROWTH FUND | THORNBURG DEVELOPING WORLD FUND | Thornburg Value Fund | THORNBURG CORE GROWTH FUND | THORNBURG LONG/SHORT EQUITY FUND | |
NET ASSET VALUE | |||||
Class A Shares: | |||||
Net assets applicable to shares outstanding | $ 139,429,022 | $ 101,722,511 | $ 388,895,039 | $ 326,034,911 | $ - |
Shares outstanding | 4,914,076 | 4,438,677 | 5,198,190 | 6,768,068 | - |
Net asset value and redemption price per share | $ ��� 28.37 | $ 22.92 | $ 74.81 | $ 48.17 | $ - |
Maximum offering price per share (net asset value, plus 4.50% of offering price) | $ 29.71 | $ 24.00 | $ 78.34 | $ 50.44 | $ - |
Class C Shares: | |||||
Net assets applicable to shares outstanding | 42,163,788 | 48,977,476 | 22,951,138 | 36,916,920 | - |
Shares outstanding | 1,617,704 | 2,256,429 | 339,807 | 910,831 | - |
Net asset value and redemption price per share* | 26.06 | 21.71 | 67.54 | 40.53 | - |
Class I Shares: | |||||
Net assets applicable to shares outstanding | 1,454,322,065 | 668,426,677 | 287,745,337 | 277,990,770 | 50,393,906 |
Shares outstanding | 49,688,612 | 28,563,228 | 3,729,001 | 5,309,162 | 5,208,602 |
Net asset value and redemption price per share | 29.27 | 23.40 | 77.16 | 52.36 | 9.68 |
Class R3 Shares: | |||||
Net assets applicable to shares outstanding | 6,424,028 | - | 24,939,318 | 33,505,255 | - |
Shares outstanding | 229,349 | - | 334,940 | 702,897 | - |
Net asset value and redemption price per share | 28.01 | - | 74.46 | 47.67 | - |
Class R4 Shares: | |||||
Net assets applicable to shares outstanding | 8,435,858 | - | 4,547,714 | 2,771,047 | - |
Shares outstanding | 299,319 | - | 60,392 | 57,374 | - |
Net asset value and redemption price per share | 28.18 | - | 75.30 | 48.30 | - |
Class R5 Shares: | |||||
Net assets applicable to shares outstanding | 34,151,916 | 2,734,946 | 14,156,271 | 22,690,701 | - |
Shares outstanding | 1,163,491 | 117,248 | 183,721 | 433,862 | - |
Net asset value and redemption price per share | 29.35 | 23.33 | 77.05 | 52.30 | - |
Class R6 Shares: | |||||
Net assets applicable to shares outstanding | 61,130,771 | 62,993,045 | - | - | - |
Shares outstanding | 2,076,545 | 2,688,329 | - | - | - |
Net asset value and redemption price per share | 29.44 | 23.43 | - | - | - |
(a) | Cost of foreign currency is $54; $325,293; $138,887; $0; $6,532 respectively. |
(b) | Proceeds $35,664,030. |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Year Ended September 30, 2020
THORNBURG INVESTMENT INCOME BUILDER FUND | THORNBURG SUMMIT FUND | THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL VALUE FUND | THORNBURG BETTER WORLD INTERNATIONAL FUND | |
INVESTMENT INCOME | |||||
Dividend income | |||||
Non-affiliated issuers | $ 564,196,422 | $ 238,869 | $ 16,685,802 | $ 44,364,803 | $ 1,518,832 |
Non-controlled affiliated issuers | 37,982,728 | 42,520 | 706,781 | 1,627,673 | 32,719 |
Dividend taxes withheld | (45,058,729) | (13,304) | (1,122,069) | (4,454,133) | (141,790) |
Interest income | 92,508,994 | 456,358 | 8,388 | 13,994 | - |
Non-cash dividend | - | - | - | 5,365,893 | - |
Total Income | 649,629,415 | 724,443 | 16,278,902 | 46,918,230 | 1,409,761 |
EXPENSES | |||||
Investment management fees | 84,738,795 | 285,383 | 9,061,315 | 22,741,644 | 751,268 |
Administration fees | 10,785,438 | 33,725 | 951,860 | 2,655,976 | 68,259 |
Distribution and service fees | |||||
Class A Shares | 7,833,237 | - | 553,291 | 1,716,405 | 24,313 |
Class C Shares | 21,259,623 | - | 1,343,217 | 619,889 | 18,515 |
Class R3 Shares | 153,346 | - | 18,983 | 762,867 | - |
Class R4 Shares | 48,123 | - | 15,392 | 269,013 | - |
Transfer agent fees | |||||
Class A Shares | 2,397,260 | - | 183,274 | 834,030 | 27,619 |
Class C Shares | 1,265,397 | - | 97,824 | 20,970 | 4,498 |
Class I Shares | 6,088,791 | 3,619 | 583,291 | 697,069 | 33,108 |
Class R3 Shares | 39,969 | - | 6,658 | 287,417 | - |
Class R4 Shares | 73,069 | - | 10,831 | 188,137 | - |
Class R5 Shares | 104,800 | - | 95,420 | 173,746 | - |
Class R6 Shares | 12,127 | - | 6,073 | 13,841 | - |
Registration and filing fees | |||||
Class A Shares | 38,564 | - | 15,442 | 18,668 | 14,962 |
Class C Shares | 24,434 | - | 13,031 | 13,204 | 14,962 |
Class I Shares | 75,211 | 1,003 | 19,044 | 30,156 | 15,068 |
Class R3 Shares | 13,282 | - | 13,072 | 14,793 | - |
Class R4 Shares | 13,422 | - | 13,072 | 15,763 | - |
Class R5 Shares | 13,807 | - | 13,629 | 13,000 | - |
Class R6 Shares | 13,735 | - | 12,946 | 14,808 | - |
Dividend expense on securities sold short | - | 33,558 | - | - | - |
Short sale financing fees | - | 5,752 | - | - | - |
Custodian fees | 1,544,621 | 74,150 | 194,322 | 377,017 | 64,609 |
Professional fees | 495,023 | 50,603 | 115,622 | 193,627 | 51,769 |
Trustee and officer fees | 902,128 | 2,754 | 78,477 | 210,493 | 5,447 |
Other expenses | 1,136,251 | 47,243 | 158,346 | 347,321 | 25,131 |
Total Expenses | 139,070,453 | 537,790 | 13,574,432 | 32,229,854 | 1,119,528 |
Less: | |||||
Expenses reimbursed | (99,585) | (121,775) | (446,547) | (529,815) | (125,546) |
Investment management fees waived | - | - | (474,833) | (187,754) | (58,252) |
Net Expenses | 138,970,868 | 416,015 | 12,653,052 | 31,512,285 | 935,730 |
Net Investment Income (Loss) | $ 510,658,547 | $ 308,428 | $ 3,625,850 | $ 15,405,945 | $ 474,031 |
Year Ended September 30, 2020
THORNBURG INVESTMENT INCOME BUILDER FUND | THORNBURG SUMMIT FUND | THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL VALUE FUND | THORNBURG BETTER WORLD INTERNATIONAL FUND | |
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) on: | |||||
Investments | |||||
Non-affiliated issuer investments* | $ (497,128,977) | $ 1,489,486 | $ 91,737,441 | $ 92,879,252 | $ 239,830 |
Non-controlled affiliated issuers | (61,569,758) | - | - | - | - |
Securities sold short | - | 67,750 | - | - | - |
Forward currency contracts | (16,519,035) | - | (231,330) | (2,400,194) | - |
Foreign currency transactions | (1,974,156) | 219 | (215,239) | (1,248,839) | (6,945) |
Net realized gain (loss) | (577,191,926) | 1,557,455 | 91,290,872 | 89,230,219 | 232,885 |
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | |||||
Non-affiliated issuers investments** | (1,113,216,090) | 4,660,748 | 60,266,833 | 341,125,076 | 15,446,687 |
Non-controlled affiliated issuers | (244,253,570) | - | - | - | - |
Securities sold short | - | (43,857) | - | - | - |
Forward currency contracts | (74,121,812) | 15,525 | (4,639,477) | - | - |
Foreign currency translations | 3,060,897 | 625 | 31,557 | 156,989 | 4,102 |
Change in net unrealized appreciation (depreciation) | (1,428,530,575) | 4,633,041 | 55,658,913 | 341,282,065 | 15,450,789 |
Net Realized and Unrealized Gain (Loss) | (2,005,722,501) | 6,190,496 | 146,949,785 | 430,512,284 | 15,683,674 |
Change in Net Assets Resulting from Operations | $ (1,495,063,954) | $ 6,498,924 | $ 150,575,635 | $ 445,918,229 | $ 16,157,705 |
* Net of foreign capital gain taxes | $ 152 | $ - | $ 1,811,466 | $ 677,150 | $ - |
** Net of change in deferred taxes | $ - | $ (19,200) | $ (2,025,208) | $ 858,720 | $ - |
Year Ended September 30, 2020
THORNBURG INTERNATIONAL GROWTH FUND | THORNBURG DEVELOPING WORLD FUND | Thornburg Value Fund | THORNBURG CORE GROWTH FUND | THORNBURG LONG/SHORT EQUITY FUND | |
INVESTMENT INCOME | |||||
Dividend income | |||||
Non-affiliated issuers | $ 14,807,569 | $ 14,597,481 | $ 11,339,575 | $ 3,500,836 | $ 2,077,444 |
Non-controlled affiliated issuers | 1,004,294 | 383,423 | 334,053 | 364,294 | 198,186 |
Dividend taxes withheld | (1,426,052) | (1,615,107) | (236,574) | (2,123) | (68,329) |
Interest income | 4,713 | - | 6,419 | 3,997 | - |
Total Income | 14,390,524 | 13,365,797 | 11,443,473 | 3,867,004 | 2,207,301 |
EXPENSES | |||||
Investment management fees | 12,400,287 | 8,040,561 | 6,821,818 | 5,438,904 | 1,851,149 |
Administration fees | 1,335,082 | 746,016 | 705,359 | 557,344 | 131,000 |
Distribution and service fees | |||||
Class A Shares | 287,890 | 242,659 | 996,006 | 698,296 | - |
Class C Shares | 444,344 | 558,695 | 292,604 | 359,804 | - |
Class R3 Shares | 28,964 | - | 132,646 | 150,186 | - |
Class R4 Shares | 20,279 | - | 12,981 | 7,710 | - |
Transfer agent fees | |||||
Class A Shares | 102,859 | 105,154 | 392,907 | 240,017 | - |
Class C Shares | 40,961 | 55,676 | 26,673 | 22,582 | - |
Class I Shares | 791,473 | 430,374 | 315,252 | 175,488 | 149,989 |
Class R3 Shares | 20,051 | - | 52,373 | 52,855 | - |
Class R4 Shares | 7,075 | - | 13,204 | 10,383 | - |
Class R5 Shares | 95,592 | 5,984 | 58,919 | 42,330 | - |
Class R6 Shares | 7,421 | 14,259 | - | - | - |
Registration and filing fees | |||||
Class A Shares | 15,244 | 13,875 | 15,149 | 16,022 | - |
Class C Shares | 12,852 | 13,409 | 13,678 | 13,011 | - |
Class I Shares | 22,158 | 21,861 | 14,498 | 14,107 | 27,650 |
Class R3 Shares | 13,222 | - | 13,119 | 13,145 | - |
Class R4 Shares | 13,227 | - | 13,049 | 13,009 | - |
Class R5 Shares | 14,261 | 13,691 | 13,023 | 13,166 | - |
Class R6 Shares | 13,119 | 13,691 | - | - | - |
Dividend expense on securities sold short | - | - | - | - | 1,425,445 |
Short sale financing fees | - | - | - | - | 946,032 |
Custodian fees | 272,779 | 312,476 | 70,304 | 61,414 | 53,381 |
Professional fees | 86,479 | 68,644 | 79,477 | 64,187 | 48,096 |
Trustee and officer fees | 105,263 | 57,903 | 57,701 | 44,151 | 12,742 |
Other expenses | 163,580 | 102,448 | 92,483 | 62,875 | 24,940 |
Total Expenses | 16,314,462 | 10,817,376 | 10,203,223 | 8,070,986 | 4,670,424 |
Less: | |||||
Expenses reimbursed | (538,030) | (481,708) | (501,668) | (326,841) | (77,569) |
Investment management fees waived | - | (243,905) | (3,022) | (2,858) | - |
Net Expenses | 15,776,432 | 10,091,763 | 9,698,533 | 7,741,287 | 4,592,855 |
Net Investment Income (Loss) | $ (1,385,908) | $ 3,274,034 | $ 1,744,940 | $ (3,874,283) | $ (2,385,554) |
Year Ended September 30, 2020
THORNBURG INTERNATIONAL GROWTH FUND | THORNBURG DEVELOPING WORLD FUND | Thornburg Value Fund | THORNBURG CORE GROWTH FUND | THORNBURG LONG/SHORT EQUITY FUND | |
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) on: | |||||
Non-affiliated issuer investments* | $ 19,542,212 | $ (1,288,190) | $ 13,418,369 | $ 50,940,368 | $ 20,464,060 |
Securities sold short | - | - | - | - | (43,967,431) |
Forward currency contracts | (1,452,058) | - | (1,557,770) | - | - |
Foreign currency transactions | (105,962) | (715,069) | 13,529 | 4,522 | (117,646) |
Net realized gain (loss) | 17,984,192 | (2,003,259) | 11,874,128 | 50,944,890 | (23,621,017) |
Net change in unrealized appreciation (depreciation) on: | |||||
Non-affiliated issuers investments** | 409,818,340 | 94,496,162 | 17,636,872 | 142,485,841 | (822,158) |
Securities sold short | - | - | - | - | 13,572,089 |
Forward currency contracts | (310,039) | - | (16,038) | - | - |
Foreign currency translations | 42,576 | 13,428 | 1,038 | 216 | 2,466 |
Change in net unrealized appreciation (depreciation) | 409,550,877 | 94,509,590 | 17,621,872 | 142,486,057 | 12,752,397 |
Net Realized and Unrealized Gain (Loss) | 427,535,069 | 92,506,331 | 29,496,000 | 193,430,947 | (10,868,620) |
Change in Net Assets Resulting from Operations | $ 426,149,161 | $ 95,780,365 | $ 31,240,940 | $ 189,556,664 | $ (13,254,174) |
* Net of foreign capital gain taxes | $ 59,546 | $ 687,277 | $ - | $ - | $ - |
** Net of change in deferred taxes | $ - | $ (1,271,763) | $ - | $ - | $ (5,703) |
THORNBURG INVESTMENT INCOME BUILDER FUND | THORNBURG SUMMIT FUND | |||
Year Ended September 30, 2020 | Year Ended September 30, 2019 | Year Ended September 30, 2020 | Period Ended September 30, 2019* | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 510,658,547 | $ 622,449,712 | $ 308,428 | $ 318,669 |
Net realized gain (loss) | (577,191,926) | 93,973,879 | 1,557,455 | 133,329 |
Net change in unrealized appreciation (depreciation) | (1,428,530,575) | (169,703,765) | 4,633,041 | 1,042,165 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,495,063,954) | 546,719,826 | 6,498,924 | 1,494,163 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (140,160,970) | (145,285,706) | - | - |
Class C Shares | (79,560,108) | (115,848,620) | - | - |
Class I Shares | (314,611,492) | (353,388,550) | (621,180) | (251,823) |
Class R3 Shares | (1,267,495) | (1,660,148) | - | - |
Class R4 Shares | (812,804) | (1,133,088) | - | - |
Class R5 Shares | (2,414,331) | (2,557,558) | - | - |
Class R6 Shares | (6,442,480) | (7,383,222) | - | - |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (49,476,916) | 83,585,956 | - | - |
Class C Shares | (868,358,997) | (888,620,255) | - | - |
Class I Shares | (1,543,717,711) | 35,004,150 | 4,518,788 | 34,247,077 |
Class R3 Shares | (7,352,750) | (10,267,472) | - | - |
Class R4 Shares | (8,875,014) | (5,668,174) | - | - |
Class R5 Shares | (7,465,990) | 422,399 | - | - |
Class R6 Shares | (52,296,768) | 1,725,253 | - | - |
Net Increase (Decrease) in Net Assets | (4,577,877,780) | (864,355,209) | 10,396,532 | 35,489,417 |
NET ASSETS | ||||
Beginning of Year | 14,206,223,035 | 15,070,578,244 | 35,489,417 | 0 |
End of Year | $ 9,628,345,255 | $ 14,206,223,035 | $ 45,885,949 | $ 35,489,417 |
* | For the period from commencement of operations on March 01, 2019 through September 30, 2019. |
THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL VALUE FUND | |||
Year Ended September 30, 2020 | Year Ended September 30, 2019 | Year Ended September 30, 2020 | Year Ended September 30, 2019 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 3,625,850 | $ 12,674,753 | $ 15,405,945 | $ 36,498,482 |
Net realized gain (loss) | 91,290,872 | 20,393,776 | 89,230,219 | 254,258,240 |
Net change in unrealized appreciation (depreciation) | 55,658,913 | (164,532,027) | 341,282,065 | (275,033,639) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 150,575,635 | (131,463,498) | 445,918,229 | 15,723,083 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (3,426,643) | (6,084,601) | (42,355,549) | (8,986,188) |
Class C Shares | (1,537,470) | (1,977,267) | (4,756,124) | - |
Class I Shares | (13,354,554) | (23,054,670) | (110,539,987) | (30,860,690) |
Class R3 Shares | (49,078) | (108,092) | (10,029,695) | (1,984,958) |
Class R4 Shares | (78,406) | (288,231) | (7,549,189) | (1,906,286) |
Class R5 Shares | (717,913) | (1,405,780) | (10,042,628) | (3,078,981) |
Class R6 Shares | (912,732) | (1,209,350) | (15,441,134) | (7,281,194) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (49,299,840) | (101,269,120) | 99,533,983 | (126,975,885) |
Class C Shares | (51,909,198) | (82,379,964) | (39,363,578) | (76,657,213) |
Class I Shares | (311,808,803) | (333,371,480) | (108,657,322) | (731,547,651) |
Class R3 Shares | (1,256,092) | (2,626,610) | (22,070,273) | (48,954,078) |
Class R4 Shares | (5,125,432) | (9,917,215) | (30,031,627) | (40,117,767) |
Class R5 Shares | (14,791,789) | (22,285,902) | (29,013,912) | (75,022,223) |
Class R6 Shares | (7,851,038) | (2,114,070) | 12,559,232 | (236,639,711) |
Net Increase (Decrease) in Net Assets | (311,543,353) | (719,555,850) | 128,160,426 | (1,374,289,742) |
NET ASSETS | ||||
Beginning of Year | 1,252,350,454 | 1,971,906,304 | 3,094,594,810 | 4,468,884,552 |
End of Year | $ 940,807,101 | $ 1,252,350,454 | $ 3,222,755,236 | $ 3,094,594,810 |
THORNBURG BETTER WORLD INTERNATIONAL FUND | THORNBURG INTERNATIONAL GROWTH FUND | |||
Year Ended September 30, 2020 | Year Ended September 30, 2019 | Year Ended September 30, 2020 | Year Ended September 30, 2019 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 474,031 | $ 912,777 | $ (1,385,908) | $ 4,125,865 |
Net realized gain (loss) | 232,885 | (764,557) | 17,984,192 | 12,262,873 |
Net change in unrealized appreciation (depreciation) | 15,450,789 | (2,220,228) | 409,550,877 | (131,871,425) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 16,157,705 | (2,072,008) | 426,149,161 | (115,482,687) |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (63,296) | (794,041) | (553,089) | (3,914,434) |
Class C Shares | (1,257) | (158,603) | (259,350) | (2,516,390) |
Class I Shares | (847,463) | (4,524,294) | (9,871,216) | (50,306,025) |
Class R3 Shares | - | - | (31,060) | (267,010) |
Class R4 Shares | - | - | (43,446) | (355,180) |
Class R5 Shares | - | - | (238,867) | (1,314,036) |
Class R6 Shares | - | - | (427,726) | (1,827,702) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 475,565 | 1,776,230 | (658,225) | (8,526,596) |
Class C Shares | 67,109 | (343,821) | (17,565,314) | (21,012,442) |
Class I Shares | 10,539,620 | 10,196,900 | (92,300,016) | (121,377,075) |
Class R3 Shares | - | - | (1,468,341) | (1,339,119) |
Class R4 Shares | - | - | (1,153,056) | (3,982,891) |
Class R5 Shares | - | - | (3,155,973) | (5,662,040) |
Class R6 Shares | - | - | 1,479,004 | (1,509,937) |
Net Increase (Decrease) in Net Assets | 26,327,983 | 4,080,363 | 299,902,486 | (339,393,564) |
NET ASSETS | ||||
Beginning of Year | 70,898,373 | 66,818,010 | 1,446,154,962 | 1,785,548,526 |
End of Year | $ 97,226,356 | $ 70,898,373 | $ 1,746,057,448 | $ 1,446,154,962 |
THORNBURG DEVELOPING WORLD FUND | THORNBURG VALUE FUND | |||
Year Ended September 30, 2020 | Year Ended September 30, 2019 | Year Ended September 30, 2020 | Year Ended September 30, 2019 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 3,274,034 | $ 11,439,642 | $ 1,744,940 | $ 4,158,599 |
Net realized gain (loss) | (2,003,259) | 15,188,453 | 11,874,128 | (11,319,398) |
Net change in unrealized appreciation (depreciation) | 94,509,590 | 33,833,871 | 17,621,872 | (3,595,618) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 95,780,365 | 60,461,966 | 31,240,940 | (10,756,417) |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (1,058,043) | (832,625) | (1,021,543) | (1,836,449) |
Class C Shares | (162,600) | ��� - | - | - |
Class I Shares | (8,943,418) | (7,328,575) | (2,037,070) | (2,694,843) |
Class R3 Shares | - | - | (56,105) | (114,235) |
Class R4 Shares | - | - | (16,670) | (29,384) |
Class R5 Shares | (37,097) | (35,726) | (99,060) | (128,320) |
Class R6 Shares | (910,491) | (703,702) | - | - |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (5,603,232) | (21,799,926) | (51,175,123) | (42,236,468) |
Class C Shares | (19,685,805) | (22,061,241) | (13,648,455) | (14,837,174) |
Class I Shares | 16,516,659 | (80,785,547) | (83,209,561) | (55,270,314) |
Class R3 Shares | - | - | (5,633,179) | (8,888,072) |
Class R4 Shares | - | - | (1,844,975) | (1,294,640) |
Class R5 Shares | 41,232 | (1,089,073) | (4,640,120) | (767,164) |
Class R6 Shares | (505,210) | (3,312,730) | - | - |
Net Increase (Decrease) in Net Assets | 75,432,360 | (77,487,179) | (132,140,921) | (138,853,480) |
NET ASSETS | ||||
Beginning of Year | 809,422,295 | 886,909,474 | 875,375,738 | 1,014,229,218 |
End of Year | $ 884,854,655 | $ 809,422,295 | $ 743,234,817 | $ 875,375,738 |
THORNBURG CORE GROWTH FUND | THORNBURG LONG/SHORT EQUITY FUND | |||
Year Ended September 30, 2020 | Year Ended September 30, 2019 | Year Ended September 30, 2020 | Year Ended September 30, 2019 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ (3,874,283) | $ (2,206,363) | $ (2,385,554) | $ (3,143,968) |
Net realized gain (loss) | 50,944,890 | 54,097,373 | (23,621,017) | 4,168,021 |
Net change in unrealized appreciation (depreciation) | 142,486,057 | (71,349,791) | 12,752,397 | (4,863,694) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 189,556,664 | (19,458,781) | (13,254,174) | (3,839,641) |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (23,521,075) | - | - | - |
Class C Shares | (3,795,871) | - | - | - |
Class I Shares | (21,867,930) | - | (3,836,877) | (8,099,318) |
Class R3 Shares | (2,684,133) | - | - | - |
Class R4 Shares | (332,371) | - | - | - |
Class R5 Shares | (1,703,398) | - | - | - |
From return of capital | ||||
Class I Shares | - | - | (116,403) | - |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 5,416,106 | (28,138,946) | - | - |
Class C Shares | (6,578,344) | (15,122,046) | - | - |
Class I Shares | (33,564,742) | (24,897,376) | (152,774,131) | 28,510,781 |
Class R3 Shares | (2,857,103) | (9,425,792) | - | - |
Class R4 Shares | (1,963,162) | (293,149) | - | - |
Class R5 Shares | (1,806,614) | (10,416,662) | - | - |
Net Increase (Decrease) in Net Assets | 94,298,027 | (107,752,752) | (169,981,585) | 16,571,822 |
NET ASSETS | ||||
Beginning of Year | 605,611,577 | 713,364,329 | 220,375,491 | 203,803,669 |
End of Year | $ 699,909,604 | $ 605,611,577 | $ 50,393,906 | $ 220,375,491 |
Thornburg Long/Short Equity Fund | Year Ended September 30, 2020
Cash Flows from Operating Activities: | |
Net change in net assets resulting from operations | $ (13,254,174) |
Changes in assets and liabilities: | |
(Increase) decrease in assets: | |
Cash segregated as collateral on securities sold short | 81,634,241 |
Dividends receivable | 100,140 |
Tax reclaims receivable | (6,640) |
Prepaid expenses and other assets | 13,317 |
Increase (decrease) in liabilities: | |
Payable for short sale financing | (306,139) |
Payable for dividends on securities sold short | (102,156) |
Payable to investment adviser | (151,568) |
Payable for deferred taxes | 5,703 |
Accrued expenses and other payables | 4,896 |
Adjustments to reconcile net change in net assets resulting from operations to net cash provided by (used for) operating activities: | |
Purchases of investments in securities | (73,656,461) |
Payments to cover securities sold short | (206,625,395) |
Proceeds from disposition of investments in securities | 256,427,155 |
Proceeds from securities sold short | 58,664,528 |
Purchases of short term investments, net | 37,798,791 |
Net realized (gain) loss: | |
Investment transactions | (20,464,060) |
Securities sold short | 43,967,431 |
Net unrealized (gain) loss: | |
Investments | 822,158 |
Securities sold short | (13,572,089) |
Net cash provided by (used in) operating | $ 151,299,678 |
Cash Flows from Financing Activities: | |
Fund shares sold | $ 24,327,072 |
Fund shares redeemed | (178,891,806) |
Fund distributions paid and not reinvested | (147,121) |
Net cash provided by (used in) financing | $ (154,711,855) |
Net decrease in cash during the period | $ (3,412,177) |
Cash and foreign currency, beginning of period: | $ 3,418,747 |
Cash and foreign currency, end of period: | $ 6,570 |
Non-cash Activities: | |
Reinvestment of Fund distributions | 3,806,159 |
September 30, 2020
September 30, 2020
Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | |
Income Builder Fund | X | X | X | X | X | X | X |
Summit Fund | X | ||||||
Global Opportunities Fund | X | X | X | X | X | X | X |
International Value Fund | X | X | X | X | X | X | X |
Better World International Fund | X | X | X | ||||
International Growth Fund | X | X | X | X | X | X | X |
Developing World Fund | X | X | X | X | X | ||
Value Fund | X | X | X | X | X | X | |
Growth Fund | X | X | X | X | X | X | |
Long/Short Equity Fund | X |
September 30, 2020
September 30, 2020
September 30, 2020
September 30, 2020
INCOME BUILDER FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 7,906,929,860 | $ 7,902,567,050 | $ — | $ 4,362,810 |
Preferred Stock | 24,589,050 | 15,574,050 | 9,015,000 | — |
Asset Backed Securities | 223,779,580 | — | 144,504,490 | 79,275,090 |
Corporate Bonds | 1,031,821,982 | — | 1,031,022,159 | 799,823 |
Convertible Bonds | 31,423,750 | — | 31,423,750 | — |
Municipal Bonds | 2,568,542 | — | 2,568,542 | — |
Other Government | 3,984,223 | — | 3,984,223 | — |
Mortgage Backed | 131,000,143 | — | 119,135,929 | 11,864,214 |
Loan Participations | 97,052,031 | — | 89,155,513 | 7,896,518 |
Short-Term Investments | 76,840,627 | 76,840,627 | — | — |
Total Investments in Securities | $ 9,529,989,788 | $ 7,994,981,727 | $ 1,430,809,606 | $ 104,198,455(a) |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 3,841,504 | $ — | $ 3,841,504 | $ — |
Total Assets | $ 9,533,831,292 | $ 7,994,981,727 | $ 1,434,651,110 | $ 104,198,455 |
Liabilities | ||||
Other Financial Instruments | ||||
Forward Currency Contracts | $ (11,189,481) | $ — | $ (11,189,481) | $ — |
Total Liabilities | $ (11,189,481) | $ — | $ (11,189,481) | $— |
(a) 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, 2020. |
FAIR VALUE AT September 30, 2020 | VALUATION TECHNIQUE(S) | UNOBSERVABLE INPUT | RANGE (WEIGHTED AVERAGE) | |
Common Stock | $ 4,362,810 | Reference instrument | Discount for lack of marketability | 50.00-52.46%/(52.39%) (a) |
Asset-Backed Securities | 78,971,290 | Purchase price | Purchase price | $1,490.00-46,250.00/($22,912.62) |
303,800 | Discounted cash flows | Credit spread | 3.0%/(N/A) | |
Corporate Bond | 500,000 | Recovery analysis | Expected recovery | $10.00/(N/A) |
299,823 | Recovery analysis | Expected recovery | $2.00/(N/A) (a) | |
Loan Participations | 318,495 | Reference instrument | Expected recovery | $100.00/(N/A) (a) |
7,578,023 | Discounted cash flows | Credit spread | 22.5%/(N/A) | |
Mortgage Backed | 11,864,214 | Purchase price | Purchase price | $0.35-12.24/($8.69) |
Total | $ 104,198,455 | |||
(a) Represents price used after factoring in market impact including discounts, as applicable. |
September 30, 2020
INCOME BUILDER FUND | COMMON STOCK | MORTGAGE BACKED | ASSET BACKED SECURITIES | CORPORATE BONDS | LOAN PARTICIPATIONS | TOTAL (d) |
Beginning Balance 9/30/2019 | $ 130,610 | $ – | $ 819,613 | $ 1,786,205 | $ 11,433,701 | $ 14,170,129 |
Accrued Discounts (Premiums) | – | (24,419) | (1,406,543) | 18,640 | 11,623 | (1,400,699) |
Net Realized Gain (Loss)(a) | – | – | 57,373 | 117,132 | 7,819 | 182,324 |
Gross Purchases | 8,901,841 | 11,864,214 | 78,971,290 | 27,351 | 4,811 | 99,769,507 |
Gross Sales | – | – | (525,000) | (1,421,840) | (1,349,565) | (3,296,405) |
Net Change in Unrealized Appreciation (Depreciation)(b)(c) | (4,669,641) | 24,419 | 1,358,357 | 272,335 | (2,211,871) | (5,226,401) |
Transfers into Level 3 | – | – | – | – | – | – |
Transfers out of Level 3 | – | – | – | – | – | – |
Ending Balance 9/30/2020 | $ 4,362,810 | $ 11,864,214 | $ 79,275,090 | $ 799,823 | $ 7,896,518 | $ 104,198,455 |
(a) | Amount of net realized gain (loss) from investments recognized in income is included in the Fund’s Statement of Operations for the year ended September 30, 2020. |
(b) | Amount of net change in unrealized appreciation (depreciation) on investments recognized in income is included in the Fund’s Statement of Operations for the year ended September 30, 2020. |
(c) | The net change in unrealized appreciation (depreciation) attributable to securities owned at September 30, 2020, which were valued using significant unobservable inputs, was $(5,246,908). This is included within net change in unrealized appreciation (depreciation) on investments in the Fund’s the Statement of Operations for the year ended September 30, 2020. |
(d) | Level 3 investments represent 1.08% of total net assets at the year ended September 30, 2020. 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. |
SUMMIT FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 22,662,186 | $ 22,662,186 | $ — | $ — |
Asset Backed Securities | 2,890,814 | — | 2,890,814 | — |
Corporate Bonds | 1,659,640 | — | 1,659,640 | — |
Convertible Bonds | 180,791 | — | 180,791 | — |
U.S. Treasury Securities | 7,499,618 | 7,499,618 | — | — |
Mortgage Backed | 5,893,545 | — | 5,893,545 | — |
Loan Participations | 75,460 | — | 75,460 | — |
Exchange-Traded Funds | 1,421,930 | 1,421,930 | — | — |
Short-Term Investments | 5,456,497 | 5,456,497 | — | — |
Total Investments in Securities | $ 47,740,481 | $ 37,040,231 | $ 10,700,250 | $ — |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 15,525 | $ — | $ 15,525 | $ — |
Total Assets | $ 47,756,006 | $ 37,040,231 | $ 10,715,775 | $ — |
Liabilities | ||||
Investment in Securities Sold Short | ||||
Common Stock | $ (1,993,325) | $ (1,993,325) | $ — | $ — |
Total Liabilities | $ (1,993,325) | $ (1,993,325) | $ — | $— |
September 30, 2020
GLOBAL OPPORTUNITIES FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 881,551,411 | $ 881,551,411 | $ — | $ — |
Short-Term Investments | 69,189,955 | 69,189,955 | — | — |
Total Investments in Securities | $ 950,741,366 | $ 950,741,366 | $ — | $ — |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 246,305 | $ — | $ 246,305 | $ — |
Total Assets | $ 950,987,671 | $ 950,741,366 | $ 246,305 | $ — |
Liabilities | ||||
Other Financial Instruments | ||||
Forward Currency Contracts | $ (358,359) | $ — | $ (358,359) | $ — |
Total Liabilities | $ (358,359) | $ — | $ (358,359) | $ — |
INTERNATIONAL VALUE FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 3,122,472,399 | $ 3,122,472,399 | $ — | $ — |
Short-Term Investments | 91,288,131 | 91,288,131 | — | — |
Total Investments in Securities | $ 3,213,760,530 | $ 3,213,760,530 | $ — | $ — |
Total Assets | $ 3,213,760,530 | $ 3,213,760,530 | $ — | $ — |
BETTER WORLD INTERNATIONAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 90,732,043 | $ 90,732,043 | $ — | $ — |
Short-Term Investments | 6,414,924 | 6,414,924 | — | — |
Total Investments in Securities | $ 97,146,967 | $ 97,146,967 | $ — | $ — |
Total Assets | $ 97,146,967 | $ 97,146,967 | $ — | $ — |
INTERNATIONAL GROWTH FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 1,606,431,109 | $ 1,606,431,109 | $ — | $ — |
Short-Term Investments | 138,392,151 | 138,392,151 | — | — |
Total Investments in Securities | $ 1,744,823,260 | $ 1,744,823,260 | $ — | $ — |
Total Assets | $ 1,744,823,260 | $ 1,744,823,260 | $ — | $ — |
DEVELOPING WORLD FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 840,021,918 | $ 840,021,918 | $ — | $ — |
Preferred Stock | 8,118,919 | 8,118,919 | — | — |
Short-Term Investments | 38,182,670 | 38,182,670 | — | — |
Total Investments in Securities | $ 886,323,507 | $ 886,323,507 | $ — | $ — |
Total Assets | $ 886,323,507 | $ 886,323,507 | $ — | $— |
September 30, 2020
VALUE FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 723,815,710 | $ 723,815,710 | $ — | $ — |
Short-Term Investments | 20,456,644 | 20,456,644 | — | — |
Total Investments in Securities | $ 744,272,354 | $ 744,272,354 | $ — | $ — |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 266,046 | $ — | $ 266,046 | $ — |
Total Assets | $ 744,538,400 | $ 744,272,354 | $ 266,046 | $ — |
GROWTH FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 650,409,493 | $ 650,409,493 | $ — | $ — |
Short-Term Investments | 50,196,079 | 50,196,079 | — | — |
Total Investments in Securities | $ 700,605,572 | $ 700,605,572 | $ — | $ — |
Total Assets | $ 700,605,572 | $ 700,605,572 | $ — | $ — |
LONG/SHORT EQUITY FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 51,836,842 | $ 51,836,842 | $ — | $ — |
Short-Term Investments | 11,372,704 | 11,372,704 | — | — |
Total Investments in Securities | $ 63,209,546 | $ 63,209,546 | $ — | $ — |
Total Assets | $ 63,209,546 | $ 63,209,546 | $ — | $ — |
Liabilities | ||||
Investment in Securities Sold Short | ||||
Common Stock | $ (32,945,193) | $ (32,945,193) | $ — | $ — |
Exchange-Traded Funds | (67,673) | (67,673) | — | — |
Total Investment in Securities Sold Short | $ (33,012,866) | $ (33,012,866) | $ — | $ — |
Total Liabilities | $ (33,012,866) | $ (33,012,866) | $ — | $— |
INCOME BUILDER FUND, GLOBAL OPPORTUNITIES FUND, INTERNATIONAL VALUE FUND, INTERNATIONAL GROWTH FUND, VALUE FUND, GROWTH FUND | SUMMIT FUND | BETTER WORLD INTERNATIONAL FUND, DEVELOPING WORLD FUND | LONG/SHORT EQUITY FUND | ||||
DAILY NET ASSETS | FEE RATE | DAILY NET ASSETS | FEE RATE | DAILY NET ASSETS | FEE RATE | DAILY NET ASSETS | FEE RATE |
Up to $500 million | 0.875% | Up to $500 million | 0.750% | Up to $500 million | 0.975% | Up to $500 million | 1.250% |
Next $500 million | 0.825 | Next $500 million | 0.700 | Next $500 million | 0.925 | Next $500 million | 1.200 |
Next $500 million | 0.775 | Next $500 million | 0.650 | Next $500 million | 0.875 | Next $1 billion | 1.150 |
Next $500 million | 0.725 | Next $500 million | 0.625 | Next $500 million | 0.825 | Over $2 billion | 1.100 |
Over $2 billion | 0.675 | Over $2 billion | 0.600 | Over $2 billion | 0.775 |
September 30, 2020
Effective Management Fee | |
Income Builder Fund | 0.696% |
Summit Fund | 0.750 |
Global Opportunities Fund | 0.843 |
International Value Fund | 0.758 |
Better World International Fund | 0.975 |
International Growth Fund | 0.823 |
Developing World Fund | 0.955 |
Value Fund | 0.856 |
Growth Fund | 0.865 |
Long/Short Equity Fund | 1.250 |
Administrative Services 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 |
Commissions | CDSC fees | |
Income Builder Fund | $ 225,461 | $ 93,057 |
Global Opportunities Fund | 7,383 | 4,678 |
International Value Fund | 7,339 | 3,405 |
Better World International Fund | 1,182 | 566 |
International Growth Fund | 14,877 | 2,078 |
Developing World Fund | 5,447 | 1,832 |
Value Fund | 10,301 | 1,263 |
Growth Fund | 11,492 | 1,959 |
September 30, 2020
Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | |
Income Builder Fund | —% | —% | —% | 1.50% | 1.40% | 0.99% | 0.80% |
Summit Fund | — | — | 0.99 | — | — | — | — |
Global Opportunities Fund | — | — | — | 1.50 | 1.40 | 0.99 | 0.85 |
International Value Fund | — | — | — | 1.45 | 1.25 | 0.99 | — |
Better World International Fund | 1.83 | 2.38 | 1.09 | — | — | — | — |
International Growth Fund | — | — | — | 1.50 | 1.40 | 0.99 | 0.89 |
Developing World Fund | — | — | 1.09 | — | — | 1.09 | 0.99 |
Value Fund* | 1.18 | 2.04 | 0.84 | 1.20 | 1.10 | 0.84 | — |
Growth Fund* | 1.20 | 2.03 | 0.84 | 1.35 | 1.25 | 0.84 | — |
* | The Advisor agreed to waive fees for the Value Fund and Growth Fund at the fee rates reflected in the table on 9/30/2020. For the periods between October 1, 2019 through September 29, 2020 the Advisor agreed to waive rates as follows, respectively: Class I – 0.99% and 0.99%, Class R3 – 1.35% and 1.50%, Class R4 – 1.25% and 1.40%, and Class R5 – 0.99% and 0.99%. |
Contractual: | Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Income Builder Fund | $ — | $ — | $ — | $ — | $ 21,947 | $ 29,208 | $ 48,430 | $ 99,585 |
Summit Fund | — | — | 121,775 | — | — | — | — | 121,775 |
Global Opportunities Fund | — | — | — | 17,379 | 10,720 | 90,123 | 58,299 | 176,521 |
International Value Fund | — | — | — | 193,026 | 72,628 | 32,944 | — | 298,598 |
Better World International Fund | 3,635 | 15,728 | 106,183 | — | — | — | — | 125,546 |
International Growth Fund | — | — | — | 30,507 | 4,376 | 98,678 | 52,598 | 186,159 |
Developing World Fund | — | — | 381,642 | — | — | 19,389 | 80,677 | 481,708 |
Value Fund | 1,581 | 93 | 306,178 | 100,751 | 25,311 | 70,776 | — | 504,690 |
Growth Fund | 1,331 | 151 | 190,800 | 63,194 | 18,574 | 55,649 | — | 329,699 |
Voluntary: | Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Global Opportunities Fund | $ 97,786 | $ 59,322 | $ 547,816 | $ 1,677 | $ 2,716 | $ 15,957 | $ 19,585 | $ 744,859 |
International Value Fund | 43,010 | 3,875 | 101,666 | 9,550 | 6,731 | 8,605 | 245,534 | 418,971 |
Better World International Fund | 7,351 | 1,400 | 49,501 | — | — | — | — | 58,252 |
International Growth Fund | — | — | 351,871 | — | — | — | — | 351,871 |
Developing World Fund | 28,102 | 16,162 | 181,673 | — | — | 731 | 17,237 | 243,905 |
Long/Short Equity Fund | — | — | 77,569 | — | — | — | — | 77,569 |
September 30, 2020
Percentage of Direct Investments | |
Income Builder Fund | 1.17% |
Summit Fund | 90.52 |
Global Opportunities Fund | 4.79 |
International Value Fund | 1.39 |
Better World International Fund | 38.16 |
International Growth Fund | 2.63 |
Developing World Fund | 4.91 |
Value Fund | 5.37 |
Growth Fund | 5.33 |
Long/Short Equity Fund | 26.46 |
Purchases | Sales | Realized gains/(losses) | |
Summit Fund | $ 1,336,324 | $ 2,375,455 | $ — |
International Growth Fund | 4,503,519 | — | — |
Growth Fund | — | 4,503,519 | 3,062,262 |
INCOME BUILDER FUND | Market Value 9/30/19 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/20 | Dividend Income |
Apollo Investment Corp. | $ 131,408,333 | $ - | $ (56,046,012) | $(18,932,910) | $ (15,884,909) | $ 40,544,502 | $ 8,019,329 |
Chimera Investment Corp | 172,881,197 | 52,141,761 | (8,214,814) | 553,105 | (97,641,060) | 119,720,189 | 12,303,476 |
Malamute Energy, Inc. | 130,610 | - | - | - | - | 130,610 | - |
MFA Financial, Inc. | 244,867,200 | - | (26,352,347) | (43,189,953) | (109,075,300) | 66,249,600 | 7,314,381 |
Solar Capital Ltd. | 95,153,135 | - | (465,619) | - | (21,652,301) | 73,035,215 | 5,972,239 |
Thornburg Capital Mgmt. Fund | 614,430,438 | 2,766,126,653 | (3,303,716,464) | - | - | 76,840,627 | 4,373,303 |
Total | $1,258,870,913 | $2,818,268,414 | $(3,394,795,256) | $(61,569,758) | $(244,253,570) | $376,520,743 | $37,982,728 |
SUMMIT FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 3,204,470 | $ 35,736,073 | $ (33,484,046) | $ - | $ - | $ 5,456,497 | $ 42,520 |
GLOBAL OPPORTUNITIES FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 87,050,413 | $ 418,341,731 | $ (436,202,189) | $ - | $ - | $ 69,189,955 | $ 706,781 |
INTERNATIONAL VALUE FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 326,788,112 | $1,109,533,661 | $(1,345,033,642) | $ - | $ - | $ 91,288,131 | $ 1,627,673 |
September 30, 2020
BETTER WORLD INTERNATIONAL FUND | Market Value 9/30/19 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/20 | Dividend Income |
Thornburg Capital Mgmt. Fund | $ 4,609,937 | $ 35,536,849 | $ (33,731,862) | $ - | $ - | $ 6,414,924 | $ 32,719 |
INTERNATIONAL GROWTH FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 146,116,782 | $ 424,479,033 | $ (432,203,664) | $ - | $ - | $138,392,151 | $ 1,004,294 |
DEVELOPING WORLD FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 30,350,997 | $ 265,467,754 | $ (257,636,081) | $ - | $ - | $ 38,182,670 | $ 383,423 |
VALUE FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 26,639,766 | $ 218,449,942 | $ (224,633,064) | $ - | $ - | $ 20,456,644 | $ 334,053 |
GROWTH FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 54,791,964 | $ 240,591,226 | $ (245,187,111) | $ - | $ - | $ 50,196,079 | $ 364,294 |
LONG/SHORT EQUITY FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 49,171,496 | $ 239,214,534 | $ (277,013,326) | $ - | $ - | $ 11,372,704 | $ 198,186 |
Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Income Builder Fund | $ 8,840,828,232 | $ 2,043,065,839 | $ (1,351,025,936) | $ 692,039,903 |
Summit Fund | 40,305,323 | 5,851,365 | (394,007) | 5,457,358 |
Global Opportunities Fund | 707,480,763 | 268,987,820 | (25,839,271) | 243,148,549 |
International Value Fund | 2,558,736,399 | 715,401,166 | (60,377,035) | 655,024,131 |
Better World International Fund | 80,688,754 | 20,172,936 | (3,714,723) | 16,458,213 |
International Growth Fund | 1,171,029,614 | 583,861,729 | (10,068,083) | 573,793,646 |
Developing World Fund | 645,525,991 | 280,894,439 | (40,096,923) | 240,797,516 |
Value Fund | 633,936,960 | 189,702,751 | (79,101,311) | 110,601,440 |
Growth Fund | 483,255,859 | 222,221,560 | (4,871,847) | 217,349,713 |
Long/Short Equity Fund | 11,093,450 | 23,793,461 | (4,690,231) | 19,103,230 |
September 30, 2020
Deferred Tax Basis | ||
Late-Year Ordinary Losses | Capital Losses | |
Income Builder Fund | $ — | $ 642,612,020 |
Value Fund | — | 4,051,938 |
Long/Short Equity Fund | 1,547,334 | 22,158,746 |
Cumulative Capital Losses | ||
Short-Term | Long-Term | |
Income Builder Fund | $ 565,486,574 | $ 5,698,378 |
Better World International Fund | 488,669 | — |
Developing World Fund | 153,467,637 | — |
Long/Short Equity Fund | 1,600,832 | — |
Utilized Capital Loss Carryforwards | |
Value Fund | $ 4,653,285 |
Distributable Earnings | Net Capital Paid | |
Summit Fund | $ 33 | $ (33) |
Global Opportunities Fund | (14,187,197) | 14,187,197 |
International Value Fund | (9,815,598) | 9,815,598 |
International Growth Fund | (57,344) | 57,344 |
Value Fund | 5,294 | (5,294) |
Long/Short Equity Fund | 4,223,540 | (4,223,540) |
September 30, 2020
Undistributed Tax Basis Ordinary Investment Income | Undistributed tax basis capital gains | |
Income Builder Fund | $ 44,686,133 | $ — |
Summit Fund | 1,363,151 | 355,658 |
Global Opportunities Fund | 20,681,089 | 44,789,697 |
International Value Fund | 54,448,437 | 41,267,738 |
Better World International Fund | 467,077 | — |
International Growth Fund | 14,246,817 | 4,632,425 |
Developing World Fund | 1,419,695 | — |
Value Fund | — | — |
Growth Fund | 7,599,627 | 37,224,329 |
Long/Short Equity Fund | — | — |
DISTRIBUTIONS FROM: | ||||||
ORDINARY INCOME | CAPITAL GAINS | RETURN OF CAPITAL | ||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |
Income Builder Fund | $ 545,269,680 | $ 627,256,892 | $ — | $ — | $ — | $ — |
Summit Fund | 621,180 | 251,823 | — | — | — | — |
Global Opportunities Fund | 7,850,527 | 34,127,991 | 12,226,269 | — | — | — |
International Value Fund | 33,777,968 | 54,098,297 | 166,936,338 | — | — | — |
Better World International Fund | 912,016 | 3,160,279 | — | 2,316,659 | — | — |
International Growth Fund | 4,149,506 | 6,590,447 | 7,275,248 | 53,910,330 | — | — |
Developing World Fund | 11,111,649 | 8,900,628 | — | — | — | — |
Value Fund | 2,907,991 | 4,803,231 | 322,457 | — | — | — |
Growth Fund | — | — | 53,904,778 | — | — | — |
Long/Short Equity Fund | — | 341,872 | 3,836,877 | 7,757,446 | 116,403 | — |
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
INCOME BUILDER FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 33,954,304 | $ 671,006,488 | 33,705,434 | $ 707,103,365 |
Shares issued to shareholders in reinvestment of dividends | 6,804,754 | 130,105,110 | 6,463,698 | 135,920,991 |
Shares repurchased | (44,294,126) | (850,588,514) | (35,866,394) | (759,438,400) |
Net increase (decrease) | (3,535,068) | $ (49,476,916) | 4,302,738 | $ 83,585,956 |
Class C Shares | ||||
Shares sold | 5,035,779 | $ 103,086,006 | 7,061,223 | $ 148,341,647 |
Shares issued to shareholders in reinvestment of dividends | 3,776,942 | 72,439,023 | 5,004,929 | 104,768,735 |
Shares repurchased | (53,608,115) | (1,043,884,026) | (54,396,665) | (1,141,730,637) |
Net increase (decrease) | (44,795,394) | $ (868,358,997) | (42,330,513) | $ (888,620,255) |
September 30, 2020
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
INCOME BUILDER FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class I Shares | ||||
Shares sold | 55,456,674 | $ 1,115,101,799 | 73,615,316 | $ 1,562,786,242 |
Shares issued to shareholders in reinvestment of dividends | 14,622,421 | 281,259,056 | 14,703,460 | 311,369,187 |
Shares repurchased | (156,683,732) | (2,940,078,566) | (86,778,222) | (1,839,151,279) |
Net increase (decrease) | (86,604,637) | $ (1,543,717,711) | 1,540,554 | $ 35,004,150 |
Class R3 Shares | ||||
Shares sold | 155,368 | $ 3,111,082 | 209,743 | $ 4,403,248 |
Shares issued to shareholders in reinvestment of dividends | 61,979 | 1,188,934 | 71,195 | 1,492,405 |
Shares repurchased | (580,564) | (11,652,766) | (767,138) | (16,163,125) |
Net increase (decrease) | (363,217) | $ (7,352,750) | (486,200) | $ (10,267,472) |
Class R4 Shares | ||||
Shares sold | 240,918 | $ 4,861,777 | 326,458 | $ 6,855,745 |
Shares issued to shareholders in reinvestment of dividends | 29,673 | 569,279 | 34,362 | 721,871 |
Shares repurchased | (733,982) | (14,306,070) | (626,921) | (13,245,790) |
Net increase (decrease) | (463,391) | $ (8,875,014) | (266,101) | $ (5,668,174) |
Class R5 Shares | ||||
Shares sold | 820,902 | $ 15,807,888 | 623,849 | $ 13,230,266 |
Shares issued to shareholders in reinvestment of dividends | 103,929 | 2,006,543 | 114,673 | 2,425,762 |
Shares repurchased | (1,257,618) | (25,280,421) | (712,201) | (15,233,629) |
Net increase (decrease) | (332,787) | $ (7,465,990) | 26,321 | $ 422,399 |
Class R6 Shares | ||||
Shares sold | 701,888 | $ 14,357,341 | 638,809 | $ 13,481,559 |
Shares issued to shareholders in reinvestment of dividends | 307,076 | 5,895,100 | 315,339 | 6,657,506 |
Shares repurchased | (3,624,270) | (72,549,209) | (873,000) | (18,413,812) |
Net increase (decrease) | (2,615,306) | $ (52,296,768) | 81,148 | $ 1,725,253 |
YEAR ENDED September 30, 2020 | PERIOD ENDED September 30, 2019* | |||
SUMMIT FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class I Shares | ||||
Shares sold | 444,858 | $ 5,392,575 | 3,370,232 | $ 34,036,328 |
Shares issued to shareholders in reinvestment of dividends | 54,495 | 546,992 | 20,145 | 210,749 |
Shares repurchased | (122,156) | (1,420,779) | - | - |
Net increase (decrease) | 377,197 | $ 4,518,788 | 3,390,377 | $ 34,247,077 |
* The Fund commenced operations on March 01, 2019. | ||||
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
GLOBAL OPPORTUNITIES FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 919,497 | $ 26,340,798 | 781,038 | $ 20,906,242 |
Shares issued to shareholders in reinvestment of dividends | 108,824 | 3,274,818 | 242,411 | 5,769,379 |
Shares repurchased | (2,811,987) | (78,915,456) | (4,718,077) | (127,944,741) |
Net increase (decrease) | (1,783,666) | $ (49,299,840) | (3,694,628) | $ (101,269,120) |
September 30, 2020
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
GLOBAL OPPORTUNITIES FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class C Shares | ||||
Shares sold | 157,029 | $ 4,196,787 | 321,134 | $ 8,203,210 |
Shares issued to shareholders in reinvestment of dividends | 50,480 | 1,438,786 | 79,218 | 1,826,769 |
Shares repurchased | (2,077,863) | (57,544,771) | (3,542,700) | (92,409,943) |
Net increase (decrease) | (1,870,354) | $ (51,909,198) | (3,142,348) | $ (82,379,964) |
Class I Shares | ||||
Shares sold | 2,616,768 | $ 74,537,277 | 6,403,173 | $ 173,821,046 |
Shares issued to shareholders in reinvestment of dividends | 401,346 | 12,189,854 | 865,374 | 20,630,523 |
Shares repurchased | (14,134,777) | (398,535,934) | (19,616,732) | (527,823,049) |
Net increase (decrease) | (11,116,663) | $ (311,808,803) | (12,348,185) | $ (333,371,480) |
Class R3 Shares | ||||
Shares sold | 19,293 | $ 557,451 | 30,849 | $ 826,958 |
Shares issued to shareholders in reinvestment of dividends | 1,382 | 40,806 | 2,888 | 68,136 |
Shares repurchased | (63,158) | (1,854,349) | (131,740) | (3,521,704) |
Net increase (decrease) | (42,483) | $ (1,256,092) | (98,003) | $ (2,626,610) |
Class R4 Shares | ||||
Shares sold | 101,219 | $ 2,951,799 | 152,774 | $ 3,989,913 |
Shares issued to shareholders in reinvestment of dividends | 1,970 | 57,789 | 8,800 | 207,684 |
Shares repurchased | (280,309) | (8,135,020) | (524,575) | (14,114,812) |
Net increase (decrease) | (177,120) | $ (5,125,432) | (363,001) | $ (9,917,215) |
Class R5 Shares | ||||
Shares sold | 305,578 | $ 8,968,629 | 296,661 | $ 8,089,436 |
Shares issued to shareholders in reinvestment of dividends | 22,000 | 668,594 | 56,561 | 1,349,546 |
Shares repurchased | (826,155) | (24,429,012) | (1,152,006) | (31,724,884) |
Net increase (decrease) | (498,577) | $ (14,791,789) | (798,784) | $ (22,285,902) |
Class R6 Shares | ||||
Shares sold | 69,831 | $ 1,970,397 | 301,553 | $ 8,281,671 |
Shares issued to shareholders in reinvestment of dividends | 28,664 | 874,386 | 43,624 | 1,042,604 |
Shares repurchased | (368,733) | (10,695,821) | (416,053) | (11,438,345) |
Net increase (decrease) | (270,238) | $ (7,851,038) | (70,876) | $ (2,114,070) |
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
INTERNATIONAL VALUE FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 11,036,296 | $ 241,090,076 | 4,193,267 | $ 91,176,594 |
Shares issued to shareholders in reinvestment of dividends | 1,690,808 | 38,525,668 | 432,321 | 8,153,571 |
Shares repurchased | (8,031,502) | (180,081,761) | (10,476,530) | (226,306,050) |
Net increase (decrease) | 4,695,602 | $ 99,533,983 | (5,850,942) | $ (126,975,885) |
September 30, 2020
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
INTERNATIONAL VALUE FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class C Shares | ||||
Shares sold | 195,610 | $ 3,778,936 | 259,750 | $ 4,848,426 |
Shares issued to shareholders in reinvestment of dividends | 191,682 | 3,835,544 | - | - |
Shares repurchased | (2,354,864) | (46,978,058) | (4,241,881) | (81,505,639) |
Net increase (decrease) | (1,967,572) | $ (39,363,578) | (3,982,131) | $ (76,657,213) |
Class I Shares | ||||
Shares sold | 11,666,281 | $ 261,415,569 | 11,926,611 | $ 261,023,247 |
Shares issued to shareholders in reinvestment of dividends | 4,341,837 | 102,568,667 | 1,426,129 | 27,752,471 |
Shares repurchased | (20,858,200) | (472,641,558) | (46,729,970) | (1,020,323,369) |
Net increase (decrease) | (4,850,082) | $ (108,657,322) | (33,377,230) | $ (731,547,651) |
Class R3 Shares | ||||
Shares sold | 1,461,732 | $ 32,465,771 | 959,317 | $ 20,864,279 |
Shares issued to shareholders in reinvestment of dividends | 413,171 | 9,398,883 | 94,905 | 1,790,857 |
Shares repurchased | (2,891,680) | (63,934,927) | (3,275,976) | (71,609,214) |
Net increase (decrease) | (1,016,777) | $ (22,070,273) | (2,221,754) | $ (48,954,078) |
Class R4 Shares | ||||
Shares sold | 1,014,688 | $ 22,543,980 | 1,477,039 | $ 31,561,225 |
Shares issued to shareholders in reinvestment of dividends | 260,515 | 5,889,205 | 66,011 | 1,235,734 |
Shares repurchased | (2,630,333) | (58,464,812) | (3,343,042) | (72,914,726) |
Net increase (decrease) | (1,355,130) | $ (30,031,627) | (1,799,992) | $ (40,117,767) |
Class R5 Shares | ||||
Shares sold | 832,970 | $ 19,366,221 | 1,157,927 | $ 25,895,089 |
Shares issued to shareholders in reinvestment of dividends | 419,984 | 9,913,022 | 154,892 | 3,012,644 |
Shares repurchased | (2,520,371) | (58,293,155) | (4,623,294) | (103,929,956) |
Net increase (decrease) | (1,267,417) | $ (29,013,912) | (3,310,475) | $ (75,022,223) |
Class R6 Shares | ||||
Shares sold | 2,995,276 | $ 68,309,226 | 3,823,624 | $ 86,514,020 |
Shares issued to shareholders in reinvestment of dividends | 595,017 | 14,007,969 | 358,774 | 6,949,445 |
Shares repurchased | (3,097,513) | (69,757,963) | (14,415,098) | (330,103,176) |
Net increase (decrease) | 492,780 | $ 12,559,232 | (10,232,700) | $ (236,639,711) |
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
BETTER WORLD INTERNATIONAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 114,611 | $ 1,657,250 | 285,435 | $ 3,639,837 |
Shares issued to shareholders in reinvestment of dividends | 4,491 | 63,453 | 65,598 | 793,951 |
Shares repurchased | (91,706) | (1,245,138) | (209,272) | (2,657,558) |
Net increase (decrease) | 27,396 | $ 475,565 | 141,761 | $ 1,776,230 |
September 30, 2020
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
BETTER WORLD INTERNATIONAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class C Shares | ||||
Shares sold | 34,557 | $ 461,786 | 19,928 | $ 242,846 |
Shares issued to shareholders in reinvestment of dividends | 98 | 1,371 | 13,178 | 158,604 |
Shares repurchased | (28,068) | (396,048) | (60,397) | (745,271) |
Net increase (decrease) | 6,587 | $ 67,109 | (27,291) | $ (343,821) |
Class I Shares | ||||
Shares sold | 1,328,088 | $ 19,955,598 | 1,565,202 | $ 20,168,241 |
Shares issued to shareholders in reinvestment of dividends | 52,598 | 757,411 | 333,731 | 4,122,477 |
Shares repurchased | (744,884) | (10,173,389) | (1,128,238) | (14,093,818) |
Net increase (decrease) | 635,802 | $ 10,539,620 | 770,695 | $ 10,196,900 |
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
INTERNATIONAL GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 1,297,427 | $ 31,637,514 | 1,359,532 | $ 28,489,373 |
Shares issued to shareholders in reinvestment of dividends | 23,326 | 515,953 | 177,269 | 3,634,307 |
Shares repurchased | (1,401,138) | (32,811,692) | (1,919,924) | (40,650,276) |
Net increase (decrease) | (80,385) | $ (658,225) | (383,123) | $ (8,526,596) |
Class C Shares | ||||
Shares sold | 175,714 | $ 3,810,999 | 227,972 | $ 4,288,260 |
Shares issued to shareholders in reinvestment of dividends | 11,608 | 237,299 | 120,517 | 2,309,109 |
Shares repurchased | (983,986) | (21,613,612) | (1,412,167) | (27,609,811) |
Net increase (decrease) | (796,664) | $ (17,565,314) | (1,063,678) | $ (21,012,442) |
Class I Shares | ||||
Shares sold | 12,835,206 | $ 318,511,331 | 19,144,670 | $ 410,939,079 |
Shares issued to shareholders in reinvestment of dividends | 391,788 | 9,122,885 | 2,184,161 | 45,702,448 |
Shares repurchased | (17,920,940) | (419,934,232) | (26,924,382) | (578,018,602) |
Net increase (decrease) | (4,693,946) | $ (92,300,016) | (5,595,551) | $ (121,377,075) |
Class R3 Shares | ||||
Shares sold | 52,273 | $ 1,302,229 | 78,781 | $ 1,662,558 |
Shares issued to shareholders in reinvestment of dividends | 1,287 | 28,171 | 10,759 | 219,052 |
Shares repurchased | (119,819) | (2,798,741) | (151,941) | (3,220,729) |
Net increase (decrease) | (66,259) | $ (1,468,341) | (62,401) | $ (1,339,119) |
Class R4 Shares | ||||
Shares sold | 113,210 | $ �� 2,602,942 | 96,637 | $ 2,047,446 |
Shares issued to shareholders in reinvestment of dividends | 1,043 | 22,891 | 8,904 | 182,073 |
Shares repurchased | (167,124) | (3,778,889) | (288,377) | (6,212,410) |
Net increase (decrease) | (52,871) | $ (1,153,056) | (182,836) | $ (3,982,891) |
September 30, 2020
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
INTERNATIONAL GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R5 Shares | ||||
Shares sold | 263,078 | $ 6,601,246 | 262,504 | $ 5,796,872 |
Shares issued to shareholders in reinvestment of dividends | 9,969 | 232,842 | 61,537 | 1,291,266 |
Shares repurchased | (404,011) | (9,990,061) | (577,968) | (12,750,178) |
Net increase (decrease) | (130,964) | $ (3,155,973) | (253,927) | $ (5,662,040) |
Class R6 Shares | ||||
Shares sold | 351,598 | $ 8,989,166 | 407,174 | $ 8,774,427 |
Shares issued to shareholders in reinvestment of dividends | 17,210 | 404,097 | 84,527 | 1,777,102 |
Shares repurchased | (310,608) | (7,914,259) | (545,823) | (12,061,466) |
Net increase (decrease) | 58,200 | $ 1,479,004 | (54,122) | $ (1,509,937) |
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
DEVELOPING WORLD FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 1,146,678 | $ 24,308,415 | 1,085,323 | $ 21,275,188 |
Shares issued to shareholders in reinvestment of dividends | 43,975 | 993,822 | 45,605 | 787,592 |
Shares repurchased | (1,496,605) | (30,905,469) | (2,244,922) | (43,862,706) |
Net increase (decrease) | (305,952) | $ (5,603,232) | (1,113,994) | $ (21,799,926) |
Class C Shares | ||||
Shares sold | 111,773 | $ 2,300,998 | 165,190 | $ 3,021,325 |
Shares issued to shareholders in reinvestment of dividends | 7,219 | 155,419 | - | - |
Shares repurchased | (1,128,640) | (22,142,222) | (1,359,589) | (25,082,566) |
Net increase (decrease) | (1,009,648) | $ (19,685,805) | (1,194,399) | $ (22,061,241) |
Class I Shares | ||||
Shares sold | 10,202,334 | $ 215,024,040 | 6,414,296 | $ 128,136,137 |
Shares issued to shareholders in reinvestment of dividends | 375,751 | 8,646,014 | 401,425 | 7,057,046 |
Shares repurchased | (10,311,719) | (207,153,395) | (10,980,973) | (215,978,730) |
Net increase (decrease) | 266,366 | $ 16,516,659 | (4,165,252) | $ (80,785,547) |
Class R5 Shares | ||||
Shares sold | 33,619 | $ 734,249 | 77,485 | $ 1,515,534 |
Shares issued to shareholders in reinvestment of dividends | 1,618 | 37,097 | 2,039 | 35,726 |
Shares repurchased | (34,873) | (730,114) | (134,103) | (2,640,333) |
Net increase (decrease) | 364 | $ 41,232 | (54,579) | $ (1,089,073) |
Class R6 Shares | ||||
Shares sold | 454,541 | $ 9,880,133 | 412,093 | $ 8,203,299 |
Shares issued to shareholders in reinvestment of dividends | 35,374 | 814,301 | 36,173 | 636,287 |
Shares repurchased | (514,983) | (11,199,644) | (609,784) | (12,152,316) |
Net increase (decrease) | (25,068) | $ (505,210) | (161,518) | $ (3,312,730) |
September 30, 2020
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
VALUE FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 288,597 | $ 19,780,089 | 291,297 | $ 19,819,489 |
Shares issued to shareholders in reinvestment of dividends | 12,595 | 978,628 | 29,837 | 1,759,754 |
Shares repurchased | (1,024,526) | (71,933,840) | (937,331) | (63,815,711) |
Net increase (decrease) | (723,334) | $ (51,175,123) | (616,197) | $ (42,236,468) |
Class C Shares | ||||
Shares sold | 57,059 | $ 3,443,055 | 81,722 | $ 4,843,957 |
Shares issued to shareholders in reinvestment of dividends | 6 | 388 | - | - |
Shares repurchased | (268,475) | (17,091,898) | (318,422) | (19,681,131) |
Net increase (decrease) | (211,410) | $ (13,648,455) | (236,700) | $ (14,837,174) |
Class I Shares | ||||
Shares sold | 459,761 | $ 30,842,745 | 436,870 | $ 30,503,549 |
Shares issued to shareholders in reinvestment of dividends | 24,275 | 1,940,096 | 41,897 | 2,541,041 |
Shares repurchased | (1,618,372) | (115,992,402) | (1,268,473) | (88,314,904) |
Net increase (decrease) | (1,134,336) | $ (83,209,561) | (789,706) | $ (55,270,314) |
Class R3 Shares | ||||
Shares sold | 42,910 | $ 2,947,610 | 46,946 | $ 3,167,611 |
Shares issued to shareholders in reinvestment of dividends | 710 | 54,895 | 1,862 | 109,276 |
Shares repurchased | (123,016) | (8,635,684) | (178,925) | (12,164,959) |
Net increase (decrease) | (79,396) | $ (5,633,179) | (130,117) | $ (8,888,072) |
Class R4 Shares | ||||
Shares sold | 11,761 | $ 812,495 | 7,385 | $ 507,408 |
Shares issued to shareholders in reinvestment of dividends | 193 | 15,077 | 401 | 23,796 |
Shares repurchased | (40,626) | (2,672,547) | (26,747) | (1,825,844) |
Net increase (decrease) | (28,672) | $ (1,844,975) | (18,961) | $ (1,294,640) |
Class R5 Shares | ||||
Shares sold | 29,790 | $ 2,070,138 | 33,412 | $ 2,353,451 |
Shares issued to shareholders in reinvestment of dividends | 1,241 | 99,060 | 2,117 | 128,201 |
Shares repurchased | (92,380) | (6,809,318) | (46,303) | (3,248,816) |
Net increase (decrease) | (61,349) | $ (4,640,120) | (10,774) | $ (767,164) |
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 829,379 | $ 33,408,666 | 541,287 | $ 20,620,298 |
Shares issued to shareholders in reinvestment of dividends | 605,286 | 22,341,083 | - | - |
Shares repurchased | (1,265,384) | (50,333,643) | (1,275,196) | (48,759,244) |
Net increase (decrease) | 169,281 | $ 5,416,106 | (733,909) | $ (28,138,946) |
September 30, 2020
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class C Shares | ||||
Shares sold | 175,078 | $ 6,081,451 | 152,226 | $ 4,818,016 |
Shares issued to shareholders in reinvestment of dividends | 114,950 | 3,593,352 | - | - |
Shares repurchased | (465,487) | (16,253,147) | (601,080) | (19,940,062) |
Net increase (decrease) | (175,459) | $ (6,578,344) | (448,854) | $ (15,122,046) |
Class I Shares | ||||
Shares sold | 588,568 | $ 25,800,618 | 596,624 | $ 24,270,464 |
Shares issued to shareholders in reinvestment of dividends | 521,773 | 20,870,933 | - | - |
Shares repurchased | (1,815,355) | (80,236,293) | (1,186,019) | (49,167,840) |
Net increase (decrease) | (705,014) | $ (33,564,742) | (589,395) | $ (24,897,376) |
Class R3 Shares | ||||
Shares sold | 141,540 | $ 5,705,049 | 111,678 | $ 4,160,104 |
Shares issued to shareholders in reinvestment of dividends | 71,185 | 2,603,937 | - | - |
Shares repurchased | (280,132) | (11,166,089) | (361,286) | (13,585,896) |
Net increase (decrease) | (67,407) | $ (2,857,103) | (249,608) | $ (9,425,792) |
Class R4 Shares | ||||
Shares sold | 348,295 | $ 13,926,331 | 302,187 | $ 11,693,291 |
Shares issued to shareholders in reinvestment of dividends | 3,935 | 145,702 | - | - |
Shares repurchased | (400,790) | (16,035,195) | (306,810) | (11,986,440) |
Net increase (decrease) | (48,560) | $ (1,963,162) | (4,623) | $ (293,149) |
Class R5 Shares | ||||
Shares sold | 101,716 | $ 4,477,449 | 83,722 | $ 3,402,828 |
Shares issued to shareholders in reinvestment of dividends | 40,988 | 1,637,470 | - | - |
Shares repurchased | (181,180) | (7,921,533) | (337,535) | (13,819,490) |
Net increase (decrease) | (38,476) | $ (1,806,614) | (253,813) | $ (10,416,662) |
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
LONG/SHORT EQUITY FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class I Shares | ||||
Shares sold | 2,122,192 | $ 22,307,505 | 9,825,404 | $ 104,129,031 |
Shares issued to shareholders in reinvestment of dividends | 356,382 | 3,806,159 | 716,187 | 7,512,802 |
Shares repurchased | (17,661,485) | (178,887,795) | (7,805,884) | (83,131,052) |
Net increase (decrease) | (15,182,911) | $ (152,774,131) | 2,735,707 | $ 28,510,781 |
September 30, 2020
LONG | SOLD SHORT | |||
Purchases | Sales | Cover | Sales | |
Income Builder Fund | $ 5,616,792,203 | $ 7,651,002,249 | $ — | $ — |
Summit Fund | 55,091,669 | 49,123,221 | 1,504,205 | 1,804,012 |
Global Opportunities Fund | 362,834,483 | 798,237,951 | — | — |
International Value Fund | 2,256,380,851 | 2,344,495,533 | — | — |
Better World International Fund | 39,472,694 | 31,527,750 | — | — |
International Growth Fund | 507,454,949 | 635,570,299 | — | — |
Developing World Fund | 454,263,980 | 479,754,296 | — | — |
Value Fund | 156,977,597 | 299,992,587 | — | — |
Growth Fund | 260,781,297 | 353,990,029 | — | — |
Long/Short Equity Fund | 61,532,818 | 254,571,564 | 204,993,178 | 51,986,025 |
SHEET RISK AND FOREIGN INVESTMENT RISK
September 30, 2020
Type of Derivative(a) | Counter Party | Asset Derivatives | Liability Derivatives | Net Amount | |
Income Builder Fund | Foreign currency contracts | SSB | $ 3,841,504 | $ (11,189,481) | $ (7,347,977) |
Summit Fund | Foreign currency contracts | MSC | 15,525 | — | 15,525 |
Global Opportunities Fund | Foreign currency contracts | SSB | 246,305 | (358,359) | (112,054) |
Value Fund | Foreign currency contracts | SSB | 266,046 | — | 266,046 |
(a) | Generally, the Statement of Assets and Liabilities location for forward currency contracts is Assets - Unrealized appreciation on forward currency contracts for asset derivatives and Liabilities - Unrealized depreciation on forward currency contracts for liabilities derivatives. |
Net Realized | Net Change in Unrealized | ||||
Type of Derivative(a) | Gain (Loss) | Appreciation (Depreciation) | |||
Income Builder Fund | Foreign currency contracts | $ (16,519,035) | $ (74,121,812) | ||
Summit Fund | Foreign currency contracts | — | 15,525 | ||
Global Opportunities Fund | Foreign currency contracts | (231,330) | (4,639,477) | ||
International Value Fund | Foreign currency contracts | (2,400,194) | — | ||
International Growth Fund | Foreign currency contracts | (1,452,058) | (310,039) | ||
Value Fund | Foreign currency contracts | (1,557,770) | (16,038) |
(a) | Generally, the Statement of Operations location for forward currency contracts is Net realized gain (loss) on: forward currency contracts and Net change in unrealized appreciation (depreciation) on: forward currency contracts. |
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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(b) | |||||||||
2020 | $ 21.72 | 0.86 | (2.98) | (2.12) | (0.90) | — | — | (0.90) | $18.70 |
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 |
CLASS C SHARES | |||||||||
2020 | $ 21.69 | 0.69 | (2.95) | (2.26) | (0.75) | — | — | (0.75) | $18.68 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 21.88 | 0.89 | (2.98) | (2.09) | (0.95) | — | — | (0.95) | $18.84 |
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 |
CLASS R3 SHARES | |||||||||
2020 | $ 21.71 | 0.78 | (2.96) | (2.18) | (0.83) | — | — | (0.83) | $18.70 |
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 |
CLASS R4 SHARES | |||||||||
2020 | $ 21.74 | 0.77 | (2.94) | (2.17) | (0.85) | — | — | (0.85) | $18.72 |
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 |
CLASS R5 SHARES | |||||||||
2020 | $ 21.86 | 0.90 | (3.00) | (2.10) | (0.93) | — | — | (0.93) | $18.83 |
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 |
CLASS R6 SHARES | |||||||||
2020 | $ 21.81 | 0.92 | (2.98) | (2.06) | (0.97) | — | — | (0.97) | $18.78 |
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. |
Income Builder Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | 4.27 | 1.15 | 1.15 | (9.78) | 47.60 | $ 2,912,063 | |
2019 | 4.42 | 1.13 | 1.13 | 4.13 | 43.69 | $ 3,458,385 | |
2018 | 4.25 | 1.15 | 1.15 | 5.79 | 41.17 | $ 3,378,149 | |
2017 | 4.52 | 1.19 | 1.19 | 13.01 | 37.37 | $ 3,374,895 | |
2016 | 4.82 | 1.18 | 1.18 | 8.35 | 42.81 | $ 3,778,863 | |
CLASS C SHARES | |||||||
2020 | 3.40 | 1.88 | 1.88 | (10.44) | 47.60 | $ 1,452,643 | |
2019 | 3.60 | 1.87 | 1.87 | 3.35 | 43.69 | $ 2,658,581 | |
2018 | 3.51 | 1.90 | 1.90 | 5.01 | 41.17 | $ 3,591,856 | |
2017 | 3.80 | 1.90 | 1.93 | 12.19 | 37.37 | $ 4,677,322 | |
2016 | 4.11 | 1.90 | 1.93 | 7.59 | 42.81 | $ 5,356,153 | |
CLASS I SHARES | |||||||
2020 | 4.40 | 0.91 | 0.91 | (9.55) | 47.60 | $ 5,094,055 | |
2019 | 4.67 | 0.88 | 0.88 | 4.39 | 43.69 | $ 7,810,067 | |
2018 | 4.58 | 0.86 | 0.86 | 6.12 | 41.17 | $ 7,806,245 | |
2017 | 4.93 | 0.86 | 0.86 | 13.30 | 37.37 | $ 7,804,930 | |
2016 | 5.15 | 0.86 | 0.86 | 8.71 | 42.81 | $ 6,928,783 | |
CLASS R3 SHARES | |||||||
2020 | 3.86 | 1.49 | 1.49 | (10.06) | 47.60 | $ 24,343 | |
2019 | 3.97 | 1.50 | 1.58 | 3.72 | 43.69 | $ 36,155 | |
2018 | 3.84 | 1.50 | 1.61 | 5.47 | 41.17 | $ 46,901 | |
2017 | 4.24 | 1.47 | 1.56 | 12.63 | 37.37 | $ 67,623 | |
2016 | 4.53 | 1.50 | 1.59 | 8.01 | 42.81 | $ 78,188 | |
CLASS R4 SHARES | |||||||
2020 | 3.79 | 1.40 | 1.51 | (10.01) | 47.60 | $ 13,044 | |
2019 | 4.09 | 1.40 | 1.50 | 3.79 | 43.69 | $ 25,221 | |
2018 | 3.91 | 1.40 | 1.56 | 5.58 | 41.17 | $ 31,132 | |
2017 | 4.35 | 1.40 | 1.51 | 12.72 | 37.37 | $ 44,069 | |
2016 | 4.63 | 1.40 | 1.48 | 8.12 | 42.81 | $ 45,968 | |
CLASS R5 SHARES | |||||||
2020 | 4.44 | 0.99 | 1.05 | (9.58) | 47.60 | $ 45,308 | |
2019 | 4.55 | 0.99 | 1.08 | 4.20 | 43.69 | $ 59,890 | |
2018 | 4.30 | 0.99 | 1.12 | 5.99 | 41.17 | $ 59,545 | |
2017 | 4.76 | 0.99 | 1.09 | 13.22 | 37.37 | $ 91,735 | |
2016 | 5.08 | 0.99 | 1.07 | 8.52 | 42.81 | $ 86,535 | |
CLASS R6 SHARES | |||||||
2020 | 4.58 | 0.80 | 0.84 | (9.44) | 47.60 | $ 86,889 | |
2019 | 4.76 | 0.80 | 0.82 | 4.47 | 43.69 | $ 157,924 | |
2018 | 5.39 | 0.80 | 0.82 | 6.20 | 41.17 | $ 156,750 | |
2017 (c) | 4.37 (d) | 0.80 (d) | 1.09 (d) | 7.65 | 37.37 | $ 36,909 |
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 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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS I SHARES | |||||||||
2020 | $ 10.47 | 0.09 | 1.80 | 1.89 | (0.13) | (0.05) | — | (0.18) | $12.18 |
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 ratios for 2020 and 2019 would have been 0.99% and 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 ratios for 2020 and 2019 would have been 1.31% and 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. |
Summit Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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 YEAR (Thousands) | |
CLASS I SHARES | |||||||
2020 | 0.81 | 1.09 | 1.41 | 18.45 | 139.88 | $ 45,886 | |
2019 (d) | 1.78 (e) | 1.72 (e) | 2.44 (e) | 5.45 | 53.38 | $ 35,489 |
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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(b) | |||||||||
2020 | $ 27.56 | 0.08 | 4.47 | 4.55 | (0.14) | (0.28) | — | (0.42) | $31.69 |
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 |
CLASS C SHARES | |||||||||
2020 | $ 26.55 | (0.14) | 4.31 | 4.17 | — | (0.28) | — | (0.28) | $30.44 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 27.67 | 0.15 | 4.50 | 4.65 | (0.23) | (0.28) | — | (0.51) | $31.81 |
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 |
CLASS R3 SHARES | |||||||||
2020 | $ 27.28 | 0.01 | 4.42 | 4.43 | (0.05) | (0.28) | — | (0.33) | $31.38 |
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 |
CLASS R4 SHARES | |||||||||
2020 | $ 27.32 | 0.03 | 4.43 | 4.46 | — | (0.28) | — | (0.28) | $31.50 |
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 |
CLASS R5 SHARES | |||||||||
2020 | $ 27.70 | 0.15 | 4.50 | 4.65 | (0.23) | (0.28) | — | (0.51) | $31.84 |
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 |
CLASS R6 SHARES | |||||||||
2020 | $ 27.77 | 0.21 | 4.50 | 4.71 | (0.27) | (0.28) | — | (0.55) | $31.93 |
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. |
Global Opportunities Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | 0.27 | 1.28 | 1.32 | 16.59 | 35.63 | $ 215,473 | |
2019 | 0.73 | 1.31 | 1.33 | (5.78) | 29.12 | $ 236,560 | |
2018 | 1.40 | 1.28 | 1.28 | (3.16) | 41.99 | $ 367,449 | |
2017 | 0.46 | 1.33 | 1.33 | 24.85 | 43.70 | $ 442,522 | |
2016 | 1.02 | 1.35 | 1.35 | 2.57 | 37.11 | $ 443,072 | |
CLASS C SHARES | |||||||
2020 | (0.49) | 2.02 | 2.06 | 15.78 | 35.63 | $ 116,705 | |
2019 | (0.02) | 2.07 | 2.09 | (6.49) | 29.12 | $ 151,469 | |
2018 | 0.78 | 2.03 | 2.03 | (3.90) | 41.99 | $ 253,907 | |
2017 | (0.30) | 2.08 | 2.08 | 23.88 | 43.70 | $ 380,046 | |
2016 | 0.29 | 2.09 | 2.09 | 1.81 | 37.11 | $ 359,426 | |
CLASS I SHARES | |||||||
2020 | 0.50 | 0.99 | 1.08 | 16.91 | 35.63 | $ 523,175 | |
2019 | 1.05 | 0.99 | 1.06 | (5.46) | 29.12 | $ 762,697 | |
2018 | 1.79 | 0.97 | 0.97 | (2.88) | 41.99 | $ 1,200,267 | |
2017 | 0.80 | 0.97 | 0.98 | 25.31 | 43.70 | $ 1,514,039 | |
2016 | 1.39 | 0.99 | 0.99 | 2.91 | 37.11 | $ 996,970 | |
CLASS R3 SHARES | |||||||
2020 | 0.03 | 1.50 | 2.00 | 16.32 | 35.63 | $ 3,633 | |
2019 | 0.55 | 1.50 | 2.20 | (5.95) | 29.12 | $ 4,317 | |
2018 | 1.22 | 1.50 | 1.92 | (3.38) | 41.99 | $ 7,577 | |
2017 | 0.28 | 1.50 | 1.97 | 24.66 | 43.70 | $ 12,059 | |
2016 | 0.84 | 1.50 | 2.01 | 2.38 | 37.11 | $ 10,645 | |
CLASS R4 SHARES | |||||||
2020 | 0.09 | 1.40 | 1.62 | 16.41 | 35.63 | $ 5,093 | |
2019 | 0.71 | 1.40 | 1.86 | (5.84) | 29.12 | $ 9,254 | |
2018 | 1.49 | 1.40 | 1.61 | (3.29) | 41.99 | $ 20,786 | |
2017 | 0.38 | 1.40 | 1.65 | 24.81 | 43.70 | $ 28,061 | |
2016 | 0.98 | 1.40 | 1.66 | 2.45 | 37.11 | $ 21,415 | |
CLASS R5 SHARES | |||||||
2020 | 0.53 | 0.99 | 1.28 | 16.89 | 35.63 | $ 32,817 | |
2019 | 1.04 | 0.99 | 1.27 | (5.45) | 29.12 | $ 42,354 | |
2018 | 1.82 | 0.99 | 1.16 | (2.92) | 41.99 | $ 70,084 | |
2017 | 0.79 | 0.99 | 1.16 | 25.29 | 43.70 | $ 80,704 | |
2016 | 1.38 | 0.99 | 1.07 | 2.91 | 37.11 | $ 60,252 | |
CLASS R6 SHARES | |||||||
2020 | 0.70 | 0.85 | 1.03 | 17.08 | 35.63 | $ 43,911 | |
2019 | 1.17 | 0.85 | 1.00 | (5.34) | 29.12 | $ 45,699 | |
2018 | 2.93 | 0.85 | 0.98 | (2.75) | 41.99 | $ 51,836 | |
2017 (c) | 0.77 (d) | 0.85 (d) | 13.31 (d)(e) | 10.02 | 43.70 | $ 1,576 |
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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2020 | $ 22.91 | 0.07 | 3.29 | 3.36 | (0.21) | (1.28) | — | (1.49) | $24.78 |
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 |
CLASS C SHARES | |||||||||
2020 | $ 20.33 | (0.08) | 2.94 | 2.86 | — | (1.28) | — | (1.28) | $21.91 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 23.69 | 0.15 | 3.42 | 3.57 | (0.28) | (1.28) | — | (1.56) | $25.70 |
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 |
CLASS R3 SHARES | |||||||||
2020 | $ 22.89 | 0.03 | 3.29 | 3.32 | (0.16) | (1.28) | — | (1.44) | $24.77 |
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 |
CLASS R4 SHARES | |||||||||
2020 | $ 22.74 | 0.07 | 3.27 | 3.34 | (0.20) | (1.28) | — | (1.48) | $24.60 |
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 |
CLASS R5 SHARES | |||||||||
2020 | $ 23.67 | 0.13 | 3.42 | 3.55 | (0.28) | (1.28) | — | (1.56) | $25.66 |
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 |
CLASS R6 SHARES | |||||||||
2020 | $ 23.61 | 0.18 | 3.41 | 3.59 | (0.33) | (1.28) | — | (1.61) | $25.59 |
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 |
(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. |
International Value Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | 0.31 | 1.25 | 1.26 | 15.33 | 79.05 | $ 825,677 | |
2019 | 0.86 | 1.26 | 1.26 | 2.47 | 71.09 | $ 655,807 | |
2018 | 0.77 | 1.27 | 1.27 | (4.13) | 44.41 | $ 782,371 | |
2017 | 0.65 | 1.31 | 1.31 | 18.78 | 86.88 | $ 840,244 | |
2016 (c) | 1.51 | 1.28 | 1.28 | 1.90 | 103.90 | $ 990,194 | |
CLASS C SHARES | |||||||
2020 | (0.40) | 1.93 | 1.94 | 14.69 | 79.05 | $ 44,594 | |
2019 | (0.02) | 2.09 | 2.09 | 1.60 | 71.09 | $ 81,401 | |
2018 | 0.07 | 2.02 | 2.02 | (4.86) | 44.41 | $ 159,789 | |
2017 | (0.08) | 2.04 | 2.04 | 17.94 | 86.88 | $ 400,859 | |
2016 | 0.77 | 2.02 | 2.02 | 1.12 | 103.90 | $ 535,169 | |
CLASS I SHARES | |||||||
2020 | 0.64 | 0.92 | 0.93 | 15.74 | 79.05 | $ 1,713,358 | |
2019 | 1.11 | 0.97 | 0.97 | 2.76 | 71.09 | $ 1,694,780 | |
2018 | 1.15 | 0.91 | 0.91 | (3.81) | 44.41 | $ 2,462,564 | |
2017 | 0.99 | 0.92 | 0.92 | 19.29 | 86.88 | $ 3,370,930 | |
2016 | 1.91 | 0.90 | 0.90 | 2.21 | 103.90 | $ 4,375,955 | |
CLASS R3 SHARES | |||||||
2020 | 0.12 | 1.45 | 1.58 | 15.11 | 79.05 | $ 152,764 | |
2019 | 0.67 | 1.45 | 1.65 | 2.25 | 71.09 | $ 164,437 | |
2018 | 0.59 | 1.45 | 1.64 | (4.29) | 44.41 | $ 213,007 | |
2017 | 0.55 | 1.45 | 1.64 | 18.63 | 86.88 | $ 285,510 | |
2016 | 1.31 | 1.45 | 1.62 | 1.67 | 103.90 | $ 325,135 | |
CLASS R4 SHARES | |||||||
2020 | 0.30 | 1.25 | 1.32 | 15.35 | 79.05 | $ 102,266 | |
2019 | 0.88 | 1.25 | 1.44 | 2.45 | 71.09 | $ 125,363 | |
2018 | 0.81 | 1.25 | 1.47 | (4.11) | 44.41 | $ 164,663 | |
2017 | 0.74 | 1.25 | 1.46 | 18.90 | 86.88 | $ 209,066 | |
2016 | 1.55 | 1.25 | 1.39 | 1.87 | 103.90 | $ 267,623 | |
CLASS R5 SHARES | |||||||
2020 | 0.55 | 0.99 | 1.02 | 15.64 | 79.05 | $ 133,705 | |
2019 | 1.10 | 0.99 | 1.12 | 2.74 | 71.09 | $ 153,366 | |
2018 | 1.06 | 0.99 | 1.17 | (3.87) | 44.41 | $ 229,485 | |
2017 | 0.96 | 0.99 | 1.15 | 19.17 | 86.88 | $ 298,970 | |
2016 | 1.88 | 0.95 | 0.95 | 2.19 | 103.90 | $ 529,330 | |
CLASS R6 SHARES | |||||||
2020 | 0.78 | 0.79 | 0.90 | 15.90 | 79.05 | $ 250,391 | |
2019 | 1.37 | 0.79 | 0.88 | 2.95 | 71.09 | $ 219,441 | |
2018 | 1.33 | 0.79 | 0.83 | (3.68) | 44.41 | $ 457,006 | |
2017 | 1.23 | 0.78 | 0.79 | 19.40 | 86.88 | $ 536,296 | |
2016 | 2.19 | 0.74 | 0.74 | 2.40 | 103.90 | $ 473,941 |
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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2020 | $ 12.85 | — (c) | 2.90 | 2.90 | (0.09) | — | — | (0.09) | $15.66 |
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 (d) | $ 11.94 | 0.03 | 2.04 | 2.07 | (0.15) | — | — | (0.15) | $13.86 |
CLASS C SHARES | |||||||||
2020 | $ 12.72 | (0.08) | 2.88 | 2.80 | (0.01) | — | — | (0.01) | $15.51 |
2019 | $ 14.32 | 0.03 | (0.62) | (0.59) | (0.04) | (0.97) | — | (1.01) | $12.72 |
2018 | $ 14.02 | — (c) | 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 (d) | $ 11.94 | (0.05) | 2.04 | 1.99 | (0.14) | — | — | (0.14) | $13.79 |
CLASS I SHARES | |||||||||
2020 | $ 13.16 | 0.10 | 2.99 | 3.09 | (0.19) | — | — | (0.19) | $16.06 |
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 (d) | $ 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) | Net investment income (loss) was less than $0.01 per share. |
(d) | Fund commenced operations on October 1, 2015. |
(e) | Due to the size of net assets and fixed expenses, ratios may appear disproportionate. |
+ | Based on weighted average shares outstanding. |
Better World International Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | (0.02) | 1.83 | 1.94 | 22.65 | 42.87 | $ 11,859 | |
2019 | 0.91 | 1.82 | 2.10 | (3.19) | 62.33 | $ 9,378 | |
2018 | 0.64 | 1.82 | 2.12 | 5.37 | 111.99 | $ 8,537 | |
2017 | 0.64 | 1.79 | 3.21 | 8.61 | 105.55 | $ 6,450 | |
2016 (d) | 0.21 | 1.83 | 7.27 (e) | 16.60 | 180.60 | $ 1,666 | |
CLASS C SHARES | |||||||
2020 | (0.56) | 2.38 | 3.31 | 22.02 | 42.87 | $ 2,159 | |
2019 | 0.25 | 2.38 | 3.48 | (3.75) | 62.33 | $ 1,687 | |
2018 | (0.03) | 2.38 | 3.09 | 4.82 | 111.99 | $ 2,292 | |
2017 | 0.18 | 2.32 | 4.48 | 7.97 | 105.55 | $ 2,205 | |
2016 (d) | (0.40) | 2.38 | 13.13 (e) | 15.94 | 180.60 | $ 822 | |
CLASS I SHARES | |||||||
2020 | 0.74 | 1.09 | 1.33 | 23.62 | 42.87 | $ 83,208 | |
2019 | 1.57 | 1.09 | 1.44 | (2.54) | 62.33 | $ 59,833 | |
2018 | 1.20 | 1.09 | 1.35 | 6.15 | 111.99 | $ 55,989 | |
2017 | 1.48 | 0.94 | 1.62 | 9.58 | 105.55 | $ 59,951 | |
2016 (d) | 0.76 | 1.09 | 2.28 | 17.44 | 180.60 | $ 27,781 |
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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2020 | $ 21.46 | (0.08) | 7.10 | 7.02 | — (c) | (0.11) | — | (0.11) | $28.37 |
2019 | $ 23.78 | — (d) | (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 | — (d) | 1.45 | 1.45 | (0.01) | — | — | (0.01) | $19.22 |
CLASS C SHARES | |||||||||
2020 | $ 19.87 | (0.25) | 6.55 | 6.30 | — | (0.11) | — | (0.11) | $26.06 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 22.13 | (0.01) | 7.33 | 7.32 | (0.07) | (0.11) | — | (0.18) | $29.27 |
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 |
CLASS R3 SHARES | |||||||||
2020 | $ 21.23 | (0.13) | 7.02 | 6.89 | — | (0.11) | — | (0.11) | $28.01 |
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 | — (d) | 1.42 | 1.42 | (0.01) | — | — | (0.01) | $19.07 |
CLASS R4 SHARES | |||||||||
2020 | $ 21.34 | (0.03) | 6.98 | 6.95 | — | (0.11) | — | (0.11) | $28.18 |
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 | — (c) | — | — | — | $23.73 |
2016 | $ 17.68 | 0.01 | 1.43 | 1.44 | (0.01) | — | — | (0.01) | $19.11 |
CLASS R5 SHARES | |||||||||
2020 | $ 22.19 | (0.03) | 7.37 | 7.34 | (0.07) | (0.11) | — | (0.18) | $29.35 |
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 |
CLASS R6 SHARES | |||||||||
2020 | $ 22.26 | 0.02 | 7.37 | 7.39 | (0.10) | (0.11) | — | (0.21) | $29.44 |
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 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Dividends from net investment income per share were less than $(0.01). |
(d) | Net investment income (loss) was less than $0.01 per share. |
+ | Based on weighted average shares outstanding. |
International Growth Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | (0.35) | 1.31 | 1.31 | 32.88 | 35.88 | $ 139,429 | |
2019 | 0.02 | 1.32 | 1.32 | (6.36) | 25.83 | $ 107,196 | |
2018 | 0.09 | 1.32 | 1.32 | 3.28 | 33.28 | $ 127,863 | |
2017 | (0.05) | 1.42 | 1.43 | 24.12 | 60.88 | $ 121,989 | |
2016 | 0.03 | 1.39 | 1.39 | 8.23 | 104.60 | $ 169,248 | |
CLASS C SHARES | |||||||
2020 | (1.13) | 2.07 | 2.07 | 31.87 | 35.88 | $ 42,164 | |
2019 | (0.78) | 2.08 | 2.08 | (7.04) | 25.83 | $ 47,980 | |
2018 | (0.65) | 2.08 | 2.08 | 2.47 | 33.28 | $ 77,262 | |
2017 | (0.69) | 2.15 | 2.16 | 23.22 | 60.88 | $ 90,689 | |
2016 | (0.73) | 2.15 | 2.15 | 7.35 | 104.60 | $ 98,633 | |
CLASS I SHARES | |||||||
2020 | (0.03) | 0.99 | 1.02 | 33.31 | 35.88 | $ 1,454,322 | |
2019 | 0.34 | 0.99 | 1.03 | (6.02) | 25.83 | $ 1,203,538 | |
2018 | 0.47 | 0.99 | 0.99 | 3.61 | 33.28 | $ 1,470,211 | |
2017 | 0.50 | 0.99 | 1.03 | 24.66 | 60.88 | $ 1,128,804 | |
2016 | 0.45 | 0.99 | 1.00 | 8.63 | 104.60 | $ 1,030,921 | |
CLASS R3 SHARES | |||||||
2020 | (0.56) | 1.50 | 2.03 | 32.61 | 35.88 | $ 6,424 | |
2019 | (0.17) | 1.50 | 2.02 | (6.50) | 25.83 | $ 6,274 | |
2018 | (0.10) | 1.50 | 1.98 | 3.08 | 33.28 | $ 8,426 | |
2017 | (0.03) | 1.50 | 2.08 | 24.07 | 60.88 | $ 10,525 | |
2016 | (0.02) | 1.50 | 2.04 | 8.03 | 104.60 | $ 13,086 | |
CLASS R4 SHARES | |||||||
2020 | (0.44) | 1.40 | 1.45 | 32.73 | 35.88 | $ 8,436 | |
2019 | (0.09) | 1.40 | 1.91 | (6.39) | 25.83 | $ 7,515 | |
2018 | (0.02) | 1.40 | 1.88 | 3.16 | 33.28 | $ 12,644 | |
2017 | 0.07 | 1.40 | 1.84 | 24.19 | 60.88 | $ 17,200 | |
2016 | 0.04 | 1.40 | 1.68 | 8.17 | 104.60 | $ 40,999 | |
CLASS R5 SHARES | |||||||
2020 | (0.03) | 0.99 | 1.31 | 33.31 | 35.88 | $ 34,152 | |
2019 | 0.32 | 0.99 | 1.29 | (6.05) | 25.83 | $ 28,729 | |
2018 | 0.40 | 0.99 | 1.25 | 3.64 | 33.28 | $ 38,052 | |
2017 | 0.40 | 0.99 | 1.28 | 24.68 | 60.88 | $ 45,591 | |
2016 | 0.45 | 0.99 | 1.21 | 8.56 | 104.60 | $ 66,271 | |
CLASS R6 SHARES | |||||||
2020 | 0.07 | 0.89 | 0.99 | 33.42 | 35.88 | $ 61,130 | |
2019 | 0.47 | 0.89 | 0.99 | (5.91) | 25.83 | $ 44,923 | |
2018 | 0.82 | 0.89 | 0.99 | 3.72 | 33.28 | $ 51,091 | |
2017 | 0.44 | 0.89 | 1.03 | 24.82 | 60.88 | $ 12,261 | |
2016 | 0.60 | 0.89 | 1.34 | 8.65 | 104.60 | $ 5,854 |
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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2020 | $ 20.43 | 0.03 | 2.69 | 2.72 | (0.23) | — | — | (0.23) | $22.92 |
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 |
CLASS C SHARES | |||||||||
2020 | $ 19.35 | (0.13) | 2.54 | 2.41 | (0.05) | — | — | (0.05) | $21.71 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 20.86 | 0.11 | 2.74 | 2.85 | (0.31) | — | — | (0.31) | $23.40 |
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 |
CLASS R5 SHARES | |||||||||
2020 | $ 20.79 | 0.10 | 2.75 | 2.85 | (0.31) | — | — | (0.31) | $23.33 |
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 |
CLASS R6 SHARES | |||||||||
2020 | $ 20.88 | 0.13 | 2.75 | 2.88 | (0.33) | — | — | (0.33) | $23.43 |
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 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | The total return based on the NAV which reflects the adjustments in accordance with U.S. GAAP is 12.47%. |
+ | Based on weighted average shares outstanding. |
Developing World Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | 0.13 | 1.45 | 1.48 | 13.31 | 56.55 | $ 101,723 | |
2019 | 1.18 | 1.47 | 1.50 | 7.74 | 43.52 | $ 96,935 | |
2018 | 0.55 | 1.46 | 1.48 | (3.68) | 58.28 | $ 112,082 | |
2017 | 0.54 | 1.52 | 1.60 | 17.58 | 77.61 | $ 125,427 | |
2016 | 0.25 | 1.52 | 1.57 | 13.20 | 94.68 | $ 166,655 | |
CLASS C SHARES | |||||||
2020 | (0.64) | 2.20 | 2.23 | 12.42 (c) | 56.55 | $ 48,977 | |
2019 | 0.30 | 2.23 | 2.26 | 6.91 | 43.52 | $ 63,203 | |
2018 | (0.23) | 2.23 | 2.25 | (4.38) | 58.28 | $ 80,728 | |
2017 | (0.16) | 2.26 | 2.34 | 16.65 | 77.61 | $ 109,227 | |
2016 | (0.51) | 2.29 | 2.34 | 12.29 | 94.68 | $ 134,129 | |
CLASS I SHARES | |||||||
2020 | 0.50 | 1.09 | 1.18 | 13.68 | 56.55 | $ 668,427 | |
2019 | 1.53 | 1.09 | 1.19 | 8.14 | 43.52 | $ 590,196 | |
2018 | 0.93 | 1.08 | 1.16 | (3.27) | 58.28 | $ 634,501 | |
2017 | 1.05 | 1.07 | 1.20 | 18.06 | 77.61 | $ 793,069 | |
2016 | 0.70 | 1.07 | 1.16 | 13.68 | 94.68 | $ 853,866 | |
CLASS R5 SHARES | |||||||
2020 | 0.49 | 1.09 | 1.89 | 13.73 | 56.55 | $ 2,735 | |
2019 | 1.38 | 1.09 | 2.07 | 8.16 | 43.52 | $ 2,430 | |
2018 | 0.90 | 1.09 | 1.71 | (3.28) | 58.28 | $ 3,340 | |
2017 | 1.04 | 1.08 | 1.77 | 18.06 | 77.61 | $ 5,506 | |
2016 | 0.74 | 1.08 | 1.75 | 13.65 | 94.68 | $ 6,208 | |
CLASS R6 SHARES | |||||||
2020 | 0.60 | 0.99 | 1.15 | 13.82 | 56.55 | $ 62,993 | |
2019 | 1.65 | 0.99 | 1.14 | 8.25 | 43.52 | $ 56,658 | |
2018 | 1.16 | 0.99 | 1.14 | (3.17) | 58.28 | $ 56,258 | |
2017 | 1.14 | 0.97 | 1.13 | 18.16 | 77.61 | $ 28,652 | |
2016 | 0.80 | 0.97 | 1.12 | 13.81 | 94.68 | $ 48,598 |
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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2020 | $ 71.81 | 0.07 | 3.11 | 3.18 | (0.18) | — | — | (0.18) | $74.81 |
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 |
CLASS C SHARES | |||||||||
2020 | $ 65.19 | (0.45) | 2.80 | 2.35 | — | — | — | — | $67.54 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 74.04 | 0.33 | 3.22 | 3.55 | (0.43) | — | — | (0.43) | $77.16 |
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 |
CLASS R3 SHARES | |||||||||
2020 | $ 71.44 | 0.06 | 3.10 | 3.16 | (0.14) | — | — | (0.14) | $74.46 |
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 |
CLASS R4 SHARES | |||||||||
2020 | $ 72.25 | 0.12 | 3.14 | 3.26 | (0.21) | — | — | (0.21) | $75.30 |
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 |
CLASS R5 SHARES | |||||||||
2020 | $ 73.93 | 0.33 | 3.22 | 3.55 | (0.43) | — | — | (0.43) | $77.05 |
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 |
(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. |
Value Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | 0.10 | 1.33 | 1.34 | 4.42 | 20.39 | $ 388,895 | |
2019 | 0.35 | 1.33 | 1.33 | (0.42) | 24.94 | $ 425,218 | |
2018 | 0.56 | 1.33 | 1.33 | 11.62 | 57.33 | $ 473,740 | |
2017 | 0.27 | 1.39 | 1.39 | 20.72 | 43.53 | $ 383,118 | |
2016 (c) | 0.63 | 1.39 | 1.39 | 10.33 | 31.10 | $ 374,237 | |
CLASS C SHARES | |||||||
2020 | (0.69) | 2.12 | 2.12 | 3.59 | 20.39 | $ 22,951 | |
2019 | (0.50) | 2.19 | 2.19 | (1.26) | 24.94 | $ 35,934 | |
2018 | (0.17) | 2.11 | 2.11 | 10.73 | 57.33 | $ 52,023 | |
2017 | (0.49) | 2.14 | 2.14 | 19.81 | 43.53 | $ 160,663 | |
2016 | (0.12) | 2.14 | 2.14 | 9.51 | 31.10 | $ 168,821 | |
CLASS I SHARES | |||||||
2020 | 0.44 | 0.99 | 1.09 | 4.77 | 20.39 | $ 287,746 | |
2019 | 0.70 | 0.99 | 1.07 | (0.07) | 24.94 | $ 360,070 | |
2018 | 0.90 | 0.99 | 1.06 | 12.00 | 57.33 | $ 422,302 | |
2017 | 0.68 | 0.99 | 1.06 | 21.20 | 43.53 | $ 368,790 | |
2016 | 1.02 | 0.99 | 1.07 | 10.77 | 31.10 | $ 280,570 | |
CLASS R3 SHARES | |||||||
2020 | 0.09 | 1.35 | 1.73 | 4.40 | 20.39 | $ 24,939 | |
2019 | 0.34 | 1.35 | 1.79 | (0.43) | 24.94 | $ 29,601 | |
2018 | 0.57 | 1.35 | 1.78 | 11.60 | 57.33 | $ 39,211 | |
2017 | 0.30 | 1.35 | 1.82 | 20.75 | 43.53 | $ 45,668 | |
2016 | 0.67 | 1.35 | 1.81 | 10.40 | 31.10 | $ 50,089 | |
CLASS R4 SHARES | |||||||
2020 | 0.17 | 1.25 | 1.74 | 4.50 | 20.39 | $ 4,548 | |
2019 | 0.44 | 1.25 | 1.75 | (0.33) | 24.94 | $ 6,434 | |
2018 | 0.68 | 1.25 | 1.77 | 11.72 | 57.33 | $ 7,868 | |
2017 | 0.42 | 1.24 | 1.78 | 20.87 | 43.53 | $ 10,159 | |
2016 | 0.78 | 1.25 | 1.75 | 10.50 | 31.10 | $ 9,539 | |
CLASS R5 SHARES | |||||||
2020 | 0.45 | 0.99 | 1.43 | 4.76 | 20.39 | $ 14,156 | |
2019 | 0.70 | 0.99 | 1.43 | (0.07) | 24.94 | $ 18,119 | |
2018 | 0.89 | 0.99 | 1.38 | 12.00 | 57.33 | $ 19,085 | |
2017 | 0.68 | 0.99 | 1.42 | 21.21 | 43.53 | $ 17,060 | |
2016 | 1.00 | 0.99 | 1.46 | 10.78 | 31.10 | $ 14,738 |
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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2020 | $ 39.37 | (0.30) | 12.72 | 12.42 | — | (3.62) | — | (3.62) | $48.17 |
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 |
CLASS C SHARES | |||||||||
2020 | $ 33.91 | (0.51) | 10.75 | 10.24 | — | (3.62) | — | (3.62) | $40.53 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 42.35 | (0.17) | 13.80 | 13.63 | — | (3.62) | — | (3.62) | $52.36 |
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 |
CLASS R3 SHARES | |||||||||
2020 | $ 39.05 | (0.36) | 12.60 | 12.24 | — | (3.62) | — | (3.62) | $47.67 |
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 |
CLASS R4 SHARES | |||||||||
2020 | $ 39.49 | (0.32) | 12.75 | 12.43 | — | (3.62) | — | (3.62) | $48.30 |
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 |
CLASS R5 SHARES | |||||||||
2020 | $ 42.31 | (0.16) | 13.77 | 13.61 | — | (3.62) | — | (3.62) | $52.30 |
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 |
(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. |
Growth Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | (0.72) | 1.33 | 1.33 | 34.37 | 43.82 | $ 326,035 | |
2019 | (0.44) | 1.35 | 1.35 | (2.62) | 40.69 | $ 259,799 | |
2018 | (0.57) | 1.34 | 1.34 | 24.55 | 54.98 | $ 296,429 | |
2017 | (0.79) | 1.40 | 1.40 | 15.02 | 72.03 | $ 187,062 | |
2016 | (1.00) | 1.40 | 1.40 | 8.16 | 86.24 | $ 199,178 | |
CLASS C SHARES | |||||||
2020 | (1.47) | 2.09 | 2.09 | 33.38 | 43.82 | $ 36,917 | |
2019 | (1.27) | 2.18 | 2.18 | (3.42) | 40.69 | $ 36,841 | |
2018 | (1.33) | 2.14 | 2.14 | 23.50 | 54.98 | $ 53,903 | |
2017 | (1.56) | 2.16 | 2.16 | 14.18 | 72.03 | $ 130,165 | |
2016 | (1.76) | 2.16 | 2.16 | 7.33 | 86.24 | $ 156,115 | |
CLASS I SHARES | |||||||
2020 | (0.37) | 0.99 | 1.06 | 34.84 | 43.82 | $ 277,991 | |
2019 | (0.08) | 0.99 | 1.05 | (2.26) | 40.69 | $ 254,721 | |
2018 | (0.20) | 0.99 | 1.05 | 24.98 | 54.98 | $ 286,152 | |
2017 | (0.37) | 0.99 | 1.05 | 15.53 | 72.03 | $ 234,922 | |
2016 | (0.59) | 0.99 | 1.05 | 8.57 | 86.24 | $ 198,658 | |
CLASS R3 SHARES | |||||||
2020 | (0.88) | 1.50 | 1.71 | 34.17 | 43.82 | $ 33,505 | |
2019 | (0.60) | 1.50 | 1.80 | (2.76) | 40.69 | $ 30,084 | |
2018 | (0.72) | 1.50 | 1.80 | 24.33 | 54.98 | $ 40,963 | |
2017 | (0.90) | 1.50 | 1.84 | 14.95 | 72.03 | $ 47,064 | |
2016 | (1.10) | 1.50 | 1.81 | 8.04 | 86.24 | $ 55,809 | |
CLASS R4 SHARES | |||||||
2020 | (0.78) | 1.40 | 2.00 | 34.28 | 43.82 | $ 2,771 | |
2019 | (0.50) | 1.40 | 1.91 | (2.64) | 40.69 | $ 4,183 | |
2018 | (0.62) | 1.40 | 1.97 | 24.46 | 54.98 | $ 4,484 | |
2017 | (0.80) | 1.40 | 2.00 | 15.04 | 72.03 | $ 5,330 | |
2016 | (1.00) | 1.40 | 1.86 | 8.17 | 86.24 | $ 6,821 | |
CLASS R5 SHARES | |||||||
2020 | (0.37) | 0.99 | 1.26 | 34.83 | 43.82 | $ 22,691 | |
2019 | (0.09) | 0.99 | 1.39 | (2.26) | 40.69 | $ 19,984 | |
2018 | (0.21) | 0.99 | 1.33 | 24.97 | 54.98 | $ 31,433 | |
2017 | (0.38) | 0.99 | 1.34 | 15.54 | 72.03 | $ 32,197 | |
2016 | (0.59) | 0.99 | 1.30 | 8.58 | 86.24 | $ 38,629 |
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 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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS I SHARES | |||||||||
2020 | $ 10.81 | (0.17) | (0.76) | (0.93) | — | (0.19) | (0.01) | (0.20) | $ 9.68 |
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 2020, 2019, 2018 and 2017 would have been 1.50%, 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 2020, 2019, 2018 and 2017 would have been 1.55%, 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. |
Long/Short Equity Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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 YEAR (Thousands) | |
CLASS I SHARES | |||||||
2020 | (1.61) | 3.10 | 3.15 | (8.78) | 69.44 | $ 50,394 | |
2019 | (1.55) | 3.44 | 3.47 | (2.10) | 71.43 | $ 220,375 | |
2018 | (0.74) | 2.82 (d) | 2.82 | 6.83 | 65.72 | $ 203,804 | |
2017 (e) | (1.56) (f) | 3.42 (d)(f) | 3.78 (f) | 11.30 | 61.69 | $ 79,739 |
Thornburg Equity Funds
Thornburg Investment Income Builder Fund (1) | Thornburg Summit Fund (2) | Thornburg Global Opportunities Fund (1) | Thornburg International Value Fund (1) |
Thornburg Better World International Fund (1) | Thornburg International Growth Fund (1) | Thornburg Developing World Fund (1) | Thornburg Value Fund (1) |
Thornburg Core Growth Fund (1) | Thornburg Long/Short Equity Fund (3) |
September 30, 2020 (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. |
Actual | Hypothetical * | |||||
Ending Account Value 9/30/20 | Expenses Paid During Period 4/1/20-9/30/20 | Ending Account Value 9/30/20 | Expenses Paid During Period† 4/1/20-9/30/20 | Annualized Expense Ratio | ||
INCOME BUILDER FUND | ||||||
CLASS A SHARES | $1,157.90 | $ 6.42 | $1,019.05 | $ 6.01 | 1.19% | |
CLASS C SHARES | $1,154.05 | $10.29 | $1,015.45 | $ 9.62 | 1.91% | |
CLASS I SHARES | $1,159.33 | $ 5.24 | $1,020.15 | $ 4.90 | 0.97% | |
CLASS R3 SHARES | $1,155.68 | $ 8.57 | $1,017.05 | $ 8.02 | 1.59% | |
CLASS R4 SHARES | $1,156.53 | $ 7.55 | $1,018.00 | $ 7.06 | 1.40% | |
CLASS R5 SHARES | $1,159.09 | $ 5.56 | $1,019.85 | $ 5.20 | 1.03% | |
CLASS R6 SHARES | $1,160.05 | $ 4.32 | $1,021.00 | $ 4.04 | 0.80% | |
SUMMIT FUND | ||||||
CLASS I SHARES | $1,254.37 | $ 6.20 | $1,019.50 | $ 5.55 | 1.10% | |
GLOBAL OPPORTUNITIES FUND | ||||||
CLASS A SHARES | $1,354.85 | $ 7.71 | $1,018.45 | $ 6.61 | 1.31% | |
CLASS C SHARES | $1,350.48 | $11.99 | $1,014.80 | $10.28 | 2.04% | |
CLASS I SHARES | $1,357.08 | $ 5.83 | $1,020.05 | $ 5.00 | 0.99% | |
CLASS R3 SHARES | $1,353.75 | $ 8.83 | $1,017.50 | $ 7.57 | 1.50% | |
CLASS R4 SHARES | $1,354.25 | $ 8.24 | $1,018.00 | $ 7.06 | 1.40% | |
CLASS R5 SHARES | $1,357.20 | $ 5.83 | $1,020.05 | $ 5.00 | 0.99% | |
CLASS R6 SHARES | $1,358.14 | $ 5.01 | $1,020.75 | $ 4.29 | 0.85% |
September 30, 2020 (Unaudited)
Actual | Hypothetical * | |||||
Ending Account Value 9/30/20 | Expenses Paid During Period 4/1/20-9/30/20 | Ending Account Value 9/30/20 | Expenses Paid During Period† 4/1/20-9/30/20 | Annualized Expense Ratio | ||
INTERNATIONAL VALUE FUND | ||||||
CLASS A SHARES | $1,322.30 | $ 7.37 | $1,018.65 | $ 6.41 | 1.27% | |
CLASS C SHARES | $1,318.29 | $11.24 | $1,015.30 | $ 9.77 | 1.94% | |
CLASS I SHARES | $1,324.74 | $ 5.46 | $1,020.30 | $ 4.75 | 0.94% | |
CLASS R3 SHARES | $1,321.06 | $ 8.41 | $1,017.75 | $ 7.31 | 1.45% | |
CLASS R4 SHARES | $1,322.57 | $ 7.26 | $1,018.75 | $ 6.31 | 1.25% | |
CLASS R5 SHARES | $1,324.04 | $ 6.10 | $1,019.75 | $ 5.30 | 1.05% | |
CLASS R6 SHARES | $1,325.90 | $ 4.59 | $1,021.05 | $ 3.99 | 0.79% | |
BETTER WORLD INTERNATIONAL FUND | ||||||
CLASS A SHARES | $1,371.27 | $11.14 | $1,015.60 | $ 9.47 | 1.88% | |
CLASS C SHARES | $1,367.72 | $14.09 | $1,013.10 | $11.98 | 2.38% | |
CLASS I SHARES | $1,377.35 | $ 6.48 | $1,019.55 | $ 5.50 | 1.09% | |
INTERNATIONAL GROWTH FUND | ||||||
CLASS A SHARES | $1,409.33 | $ 7.89 | $1,018.45 | $ 6.61 | 1.31% | |
CLASS C SHARES | $1,404.09 | $12.56 | $1,014.55 | $10.53 | 2.09% | |
CLASS I SHARES | $1,411.96 | $ 5.97 | $1,020.05 | $ 5.00 | 0.99% | |
CLASS R3 SHARES | $1,408.24 | $ 9.03 | $1,017.50 | $ 7.57 | 1.50% | |
CLASS R4 SHARES | $1,409.00 | $ 8.43 | $1,018.00 | $ 7.06 | 1.40% | |
CLASS R5 SHARES | $1,411.73 | $ 5.97 | $1,020.05 | $ 5.00 | 0.99% | |
CLASS R6 SHARES | $1,412.66 | $ 5.37 | $1,020.55 | $ 4.50 | 0.89% | |
DEVELOPING WORLD FUND | ||||||
CLASS A SHARES | $1,341.13 | $ 8.66 | $1,017.60 | $ 7.47 | 1.48% | |
CLASS C SHARES | $1,335.38 | $13.19 | $1,013.70 | $11.38 | 2.26% | |
CLASS I SHARES | $1,343.28 | $ 6.39 | $1,019.55 | $ 5.50 | 1.09% | |
CLASS R5 SHARES | $1,343.89 | $ 6.39 | $1,019.55 | $ 5.50 | 1.09% | |
CLASS R6 SHARES | $1,344.23 | $ 5.80 | $1,020.05 | $ 5.00 | 0.99% | |
VALUE FUND | ||||||
CLASS A SHARES | $1,300.13 | $ 7.88 | $1,018.15 | $ 6.91 | 1.37% | |
CLASS C SHARES | $1,295.11 | $12.34 | $1,014.25 | $10.83 | 2.15% | |
CLASS I SHARES | $1,302.49 | $ 5.70 | $1,020.05 | $ 5.00 | 0.99% | |
CLASS R3 SHARES | $1,300.38 | $ 7.76 | $1,018.25 | $ 6.81 | 1.35% | |
CLASS R4 SHARES | $1,300.96 | $ 7.19 | $1,018.75 | $ 6.31 | 1.25% | |
CLASS R5 SHARES | $1,302.62 | $ 5.70 | $1,020.05 | $ 5.00 | 0.99% | |
GROWTH FUND | ||||||
CLASS A SHARES | $1,420.52 | $ 8.11 | $1,018.30 | $ 6.76 | 1.34% | |
CLASS C SHARES | $1,415.64 | $12.62 | $1,014.55 | $10.53 | 2.09% | |
CLASS I SHARES | $1,423.21 | $ 6.00 | $1,020.05 | $ 5.00 | 0.99% | |
CLASS R3 SHARES | $1,419.59 | $ 9.07 | $1,017.50 | $ 7.57 | 1.50% | |
CLASS R4 SHARES | $1,420.16 | $ 8.47 | $1,018.00 | $ 7.06 | 1.40% | |
CLASS R5 SHARES | $1,423.13 | $ 6.00 | $1,020.05 | $ 5.00 | 0.99% | |
LONG/SHORT EQUITY FUND | ||||||
CLASS I SHARES | $ 968.97 | $16.15 | $1,008.60 | $16.47 | 3.28% |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
† | Expenses are equal to the annualized expense ratio for each class multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period. |
September 30, 2020 (Unaudited)
TAXABLE ORDINARY | LONG TERM CAPITAL GAIN | RETURN OF CAPITAL | |
Income Builder Fund | $545,269,680 | $ — | $ — |
Summit Fund | 621,180 | — | — |
Global Opportunities Fund | 7,850,527 | 12,226,269 | — |
International Value Fund | 33,777,968 | 166,936,338 | — |
Better World International Fund | 912,016 | — | — |
International Growth Fund | 4,149,506 | 7,275,248 | — |
Developing World Fund | 11,111,649 | — | — |
Value Fund | 2,907,991 | 322,457 | — |
Growth Fund | — | 53,904,778 | — |
Long/Short Equity Fund | — | 3,836,877 | 116,403 |
QUALIFIED DIVIDEND INCOME | DIVIDENDS RECEIVED DEDUCTION | |
Income Builder Fund | 84.18 % | 21.55 % |
Summit Fund | 31.43 | 8.83 |
Global Opportunities Fund | 89.34 | 44.94 |
International Value Fund | 97.64 | 0.48 |
Better World International Fund | 100.00 | 0.49 |
International Growth Fund | 94.93 | 11.57 |
Developing World Fund | 100.00 | 1.14 |
Value Fund | 100.00 | 100.00 |
FOREIGN SOURCE INCOME | FOREIGN TAX CREDIT | |
Income Builder Fund | $ 420,155,057 | $ 43,647,915 |
Global Opportunities Fund | 11,846,220 | 2,933,535 |
International Value Fund | 46,047,646 | 3,754,527 |
Better World International Fund | 1,496,133 | 126,307 |
International Growth Fund | 14,029,117 | 1,485,459 |
Developing World Fund | 14,598,271 | 2,300,217 |
September 30, 2020 (Unaudited)
September 30, 2020 (Unaudited)
• | Thornburg Investment Income Builder Fund – the Trustees considered that the Fund underperformed its benchmark index and Morningstar category for the year-to-date, one-, three-, five-, and ten-year periods, and ranked in the third or fourth quartile of a selected peer group of funds for all such periods except the ten-year period. The Trustees noted, however, explanations from the Advisor respecting the effects of market and economic conditions on the Fund’s investment performance during relevant periods, including the market’s current disfavoring of income-producing stocks. The Trustees observed that, despite those market conditions, the Advisor’s stock selection has generally been a positive contributor to performance when compared to other peer funds, that the Advisor has continued to successfully generate current income for the Fund’s shareholders, and that the Fund has outperformed its benchmark index since its inception and has compared more favorably to peer funds over longer periods. The Trustees also considered steps the Advisor has taken to seek to improve the Fund’s investment performance. |
• | Thornburg Summit Fund – the Trustees considered that the Fund outperformed its benchmark index and Morningstar category for all periods since the Fund’s inception, and ranked in the first quartile of a selected peer group of funds for the year-to-date and one-year periods. The Trustees also considered the Advisor’s success in achieving its investment objective of growing real wealth over time. |
• | Thornburg Global Opportunities Fund – the Trustees considered that, while the Fund underperformed its benchmark index and Morningstar category for the year-to-date, three-, and five-year periods, the Fund outperformed its benchmark index and Morningstar category for the three months ended June 30, 2020 and for the one- and ten-year periods, and has outperformed its benchmark index since the Fund’s inception. The Trustees also considered that, while the Fund ranked in the third or fourth quartile of a selected peer group of funds for the year-to-date, three- and five-year periods, the Fund’s performance compared more favorably to that peer group for the one- and ten-year periods. |
• | Thornburg International Value Fund – the Trustees considered that the Fund outperformed its benchmark index and another broad-based securities market index for the year-to-date, one-, three-, and five-year periods, and since the Fund’s inception, performed generally in line |
September 30, 2020 (Unaudited)
• | Thornburg Better World International Fund – the Trustees considered that the Fund outperformed its benchmark index and Morningstar category for all periods since the Fund’s inception, and ranked in the first quartile of a selected peer group of funds for the year-to-date, one-, and three-year periods. |
• | Thornburg International Growth Fund – the Trustees considered that the Fund outperformed its benchmark index and Morningstar category for the year-to-date, one-, three-, five- and ten-year periods, has also outperformed its benchmark index since the Fund’s inception, and ranked in the first or second quartile of a selected peer group of funds for the year-to-date, one-, three-, five, and ten-year periods. |
• | Thornburg Developing World Fund – the Trustees considered that the Fund outperformed its benchmark index and Morningstar category for the year-to-date, one-, three-, five- and ten-year periods, has also outperformed its benchmark index since the Fund’s inception, and ranked in the first or second quartile of a selected peer group of funds for the year-to-date, one-, three-, five, and ten-year periods. |
• | Thornburg Value Fund – the Trustees considered that the Fund underperformed its benchmark index and Morningstar category for the year-to-date, one-, three-, five-, and ten-year periods, and ranked in the fourth quartile of a selected peer group of funds for all such periods. The Trustees noted, however, the explanations from the Advisor respecting the effects of market and economic conditions on the Fund’s investment performance during relevant periods, and that in response to those conditions, the Advisor had proposed, and the Trustees had approved, changes to the Fund’s principal investment strategies which are expected to take effect in late 2020. The Trustees considered data from the Advisor showing the Advisor’s success in selecting the types of securities that will be part of the Fund’s forthcoming new investment mandate, and noted that the Fund’s investment performance over the year-to-date, one-, three-, five-, and ten-year periods would have compared more favorably to a peer group that reflects the new strategies that the Fund will pursue, and to the Fund’s forthcoming new benchmark index. |
• | Thornburg Core Growth Fund – the Trustees considered that the Fund underperformed its benchmark index for the one-, three-, five-, and ten-year periods, underperformed its Morningstar category for the five- and ten-year periods, and ranked in the third or fourth quartile of a selected peer group of funds for the three-, five, and ten-year periods, while comparing more favorably to those comparatives over certain other periods. The Trustees noted the explanations from the Advisor respecting the effects of market and economic conditions on the Fund’s investment performance during relevant periods, and that in response to those conditions, the Advisor had proposed, and the Trustees had approved, changes to the Fund’s principal investment strategies which are expected to take effect in late 2020. The Trustees considered data from the Advisor showing the Advisor’s success in selecting the types of securities that will be part of the Fund’s forthcoming new investment mandate, and noted that the Fund’s investment performance over the year-to-date, one-, three-, five-, and ten-year periods would have compared more favorably to a peer group that reflects the new strategies that the Fund will pursue, and to the Fund’s forthcoming new benchmark index. |
• | Thornburg Long/Short Equity Fund – the Trustees considered that the Fund and its predecessor fund underperformed its benchmark index and Morningstar category for the year-to-date, one-, three-, five-, and ten-year periods, and ranked in the third or fourth quartile of a selected peer group of funds for the year-to-date, one- and three-year periods. The Trustees noted, however, the explanations from the Advisor respecting the reasons for the underperformance in those periods, observing that the Advisor’s selection of short investments for the Fund had, until recently, been a positive contributor to the Fund’s investment performance, and that the Advisor has demonstrated the ability to generate outperformance in both long and short positions across different market conditions. The Trustees also considered steps the Advisor has taken to seek to improve the Fund’s investment performance, including the implementation of additional risk management procedures. |
September 30, 2020 (Unaudited)
• | Thornburg Investment Income Builder Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was comparable to both the median and average levels charged to funds in the applicable Morningstar category, that the level of total expense for a second share class was lower than the median and average levels for that category, and that the level of total expense for a third share class was higher than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was lower than the median level for the three peer groups, and that the total expense levels of three representative share classes were higher than the medians of their respective peer groups but comparable to other funds in the peer groups. |
• | Thornburg Summit Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for the Fund’s one share class was higher than the median and lower than the average levels charged to funds in the applicable Morningstar category. Peer group data showed that the Fund’s stated advisory fee was lower than the median level for the peer group, and that the Fund’s total expense level was higher than the median level for the peer group after waivers of fees and reimbursement of expenses, but comparable to other funds in the peer groups. |
• | Thornburg Global Opportunities Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was higher than the medians of the two peer groups considered but comparable to other funds in the peer groups, and that the total expense levels of two representative share classes were higher than the medians of their respective peer groups but comparable to other funds in the peer groups. |
• | Thornburg International Value Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was higher than the medians of the two peer groups considered but comparable to other funds in the peer groups, and that the total expense levels of two representative share classes were higher than the medians of their respective peer groups but comparable to other funds in the peer groups. |
• | Thornburg Better World International Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was higher than the median and lower than the average levels for that category. Peer group data showed that the Fund’s stated advisory fee was higher than the medians of the two peer groups considered but comparable to other funds in the peer groups, and that the total expense levels of two representative share classes were higher than the medians of their respective peer groups but comparable to other funds in the peer groups after waivers of fees and reimbursement of expenses. |
• | Thornburg International Growth Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was higher than the medians of the two peer groups considered but comparable to other funds in the peer groups, and that the total expense levels of two representative share classes were higher than the medians of their respective peer groups but comparable to other funds in the peer groups. |
• | Thornburg Developing World Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was higher than the medians of the two peer groups considered but comparable to other funds in the peer groups, and that the total expense levels of two representative share classes were lower than the medians of their respective peer groups after fee waivers and expense reimbursements. |
• | Thornburg Value Fund – In considering the fees and expenses of the Fund, the Trustees considered the application of the fee waivers and expense reimbursements that are scheduled to take effect at the end of the Fund’s 2020 fiscal year, and compared the Fund’s fees and expenses to a Morningstar category and peer groups of funds that reflect the forthcoming changes in the Fund’s principal investment strategies. Comparative fee and expense data considered by the Trustees showed that, after application of those fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was higher than the medians of the two peer groups considered but comparable to other funds in the peer groups, that the total expense levels of one representative share class was higher than the median of the peer group but comparable to other funds in the peer group after waivers of fees and reimbursement of expenses, and that the total expense levels of a second representative share class was lower than the median of the peer group after waivers of fees and reimbursement of expenses. |
September 30, 2020 (Unaudited)
• | Thornburg Core Growth Fund – In considering the fees and expenses of the Fund, the Trustees considered the application of the fee waivers and expense reimbursements that are scheduled to take effect at the end of the Fund’s 2020 fiscal year, and compared the Fund’s fees and expenses to a Morningstar category and peer groups of funds that reflect the forthcoming changes in the Fund’s principal investment strategies. Comparative fee and expense data considered by the Trustees showed that, after application of those fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was higher than the medians of the two peer groups considered but comparable to other funds in the peer groups, and that the total expense levels of two representative share classes were lower than the medians of their respective peer groups after waivers of fees and reimbursement of expenses. |
• | Thornburg Long/Short Equity Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for the Fund’s one share class was lower than the median and lower than the average levels charged to funds in the applicable Morningstar category. Peer group data showed that the Fund’s stated advisory fee was lower than the median level for the peer group, and that the Fund’s total expense level was also lower than the median level for the peer group. |
September 30, 2020 (Unaudited)
September 30, 2020 (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, 74 Trustee Since 1984, Chairman of Trustees(4) | 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, 65 Trustee since 2001, Vice Chairman of Trustees, Member of Governance & Nominating Committee and Operations Risk Oversight Committee(5) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager, and until 2019 Chief Investment Officer, and, until 2016, CEO and President, of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(3) | ||
David A. Ater, 75 Trustee since 1994, Lead Independent Trustee, Chair of Governance and Nominating Committee and Member of Audit Committee | Principal in Ater & Associates, Santa Fe, New Mexico (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 59 Trustee since 2012, Chair of the 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, 71 Trustee since 2004, Member of Audit Committee, Governance and Nominating Committee, and Operations Risk Oversight Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 57 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, 56 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, 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, 66 Trustee since 2004, Chair of Operations Risk Oversight Committee and Member of Governance & Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, New Mexico (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 61 Trustee since 1996, Member of Audit Committee and 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 and design company). | None |
September 30, 2020 (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) | ||
Nimish Bhatt, 57 Chief Financial Officer since 2019, Treasurer 2016-2019, Secretary 2018-2019(6) | 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, 46 President since 2016(6) | 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. | Not applicable |
Randy Dry, 46 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 |
John Hackett, 54 Vice President since 2020 | Chief Marketing Officer, Thornburg Investment Management, Inc. (since 2020); Global Head of Product Marketing, Northern Trust Asset Management (2016-2020); Principal and Head of Marketing and Business Development, The Townsend Group (2013-2016). | Not applicable |
Curtis Holloway, 53 Treasurer since 2019(6) | 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, 40 Vice President since 2014 | Head of Investments since 2019, and Portfolio Manager and Managing Director since 2013, of Thornburg Investment Management, Inc. | Not applicable |
Jeff Klingelhofer, 39 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, Associate Portfolio Manager from 2012-2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 49, Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. from 2014-2017; Vice President, Citi Fund Services, Inc. from 2007-2014. | Not applicable |
Michael Mastroianni, 43 Secretary since 2019; Vice President 2019- 2020(6) | 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 |
Stephen Velie, 53 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Trust is organized as a Massachusetts business trust, and currently comprises a complex of 22 separate investment “Funds” or “series.” Thornburg Investment Management, Inc. is the investment advisor to, and manages, the 22 Funds of the Trust. Each Trustee oversees the 22 Funds of the Trust. |
(3) | 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. |
(4) | 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 22 active Funds of the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares of the Trust. |
(5) | 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. |
(6) | 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 |
■ | Thornburg Summit Fund |
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Long/Short Equity Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Ultra Short Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Short Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgb52e4c041.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img5bbe338d46.jpg)
800.847.0200 | TH4627 |
Thornburg Fixed Income Funds |
Thornburg Limited Term U.S. Government Fund |
Thornburg Limited Term Income Fund |
Thornburg Ultra Short Income Fund (Thornburg Low Duration Income Fund) |
Thornburg Strategic Income Fund |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img27fb87321.jpg)
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 As bottom-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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Schedule of Investments | |
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September 30, 2020 (Unaudited)
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Jason Brady, cfa Portfolio Manager CEO, President, and Managing Director |
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgcacafb413.jpg)
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 11/16/87) | |||||
Without sales charge | 3.70% | 2.63% | 1.77% | 1.53% | 4.61% |
With sales charge | 2.14% | 2.11% | 1.46% | 1.38% | 4.56% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 3.48% | 2.31% | 1.46% | 1.23% | 3.54% |
With sales charge | 2.98% | 2.31% | 1.46% | 1.23% | 3.54% |
Class I Shares (Incep: 7/5/96) | 4.00% | 2.93% | 2.08% | 1.85% | 4.03% |
Class R3 Shares (Incep: 7/1/03) | 3.67% | 2.54% | 1.69% | 1.45% | 2.42% |
Class R4 Shares (Incep: 2/1/14) | 3.60% | 2.51% | 1.67% | - | 1.60% |
Class R5 Shares (Incep: 5/1/12) | 3.93% | 2.87% | 2.03% | - | 1.63% |
THORNBURG LIMITED TERM INCOME FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img68b22c274.jpg)
THORNBURG LIMITED TERM INCOME FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 10/1/92) | |||||
Without sales charge | 6.78% | 4.26% | 3.48% | 3.31% | 4.90% |
With sales charge | 5.16% | 3.74% | 3.17% | 3.16% | 4.84% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 6.55% | 4.03% | 3.26% | 3.08% | 4.59% |
With sales charge | 6.05% | 4.03% | 3.26% | 3.08% | 4.59% |
Class I Shares (Incep: 7/5/96) | 7.08% | 4.60% | 3.82% | 3.67% | 5.11% |
Class R3 Shares (Incep: 7/1/03) | 6.54% | 4.06% | 3.32% | 3.19% | 3.77% |
Class R4 Shares (Incep: 2/1/14) | 6.55% | 4.09% | 3.32% | - | 2.95% |
Class R5 Shares (Incep: 5/1/12) | 7.08% | 4.50% | 3.72% | - | 3.34% |
Class R6 Shares (Incep: 4/10/17) | 7.15% | 4.67% | - | - | 4.59% |
THORNBURG ULTRA SHORT INCOME FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img2accac0b5.jpg)
THORNBURG ULTRA SHORT INCOME FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 12/30/13) | |||||
Without sales charge | 3.13% | 2.62% | 2.09% | - | 1.85% |
With sales charge | 1.58% | 2.10% | 1.78% | - | 1.62% |
Class I Shares (Incep: 12/30/13) | 3.33% | 2.82% | 2.29% | - | 2.03% |
THORNBURG STRATEGIC INCOME FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img40552af56.jpg)
THORNBURG STRATEGIC INCOME FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 12/19/07) | |||||
Without sales charge | 6.07% | 4.44% | 5.08% | 5.19% | 5.92% |
With sales charge | 1.31% | 2.84% | 4.11% | 4.71% | 5.54% |
Class C Shares (Incep: 12/19/07) | |||||
Without sales charge | 5.30% | 3.66% | 4.38% | 4.54% | 5.28% |
With sales charge | 4.30% | 3.66% | 4.38% | 4.54% | 5.28% |
Class I Shares (Incep: 12/19/07) | 6.39% | 4.79% | 5.47% | 5.56% | 6.26% |
Class R3 Shares (Incep: 5/1/12) | 5.70% | 4.17% | 4.93% | - | 4.57% |
Class R4 Shares (Incep: 2/1/14) | 5.79% | 4.17% | 4.92% | - | 3.85% |
Class R5 Shares (Incep: 5/1/12) | 6.48% | 4.83% | 5.47% | - | 5.02% |
Class R6 Shares (Incep: 4/10/17) | 6.55% | 4.84% | - | - | 5.35% |
Bloomberg Barclays U.S. Universal Total Return Index Value Unhedged (Since 12/19/07) | 6.68% | 5.15% | 4.49% | 3.92% | 4.59% |
Thornburg Limited Term U.S. Government Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img1bff47747.jpg)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 191 |
Effective Duration | 2.8 Yrs |
Average Maturity | 3.7 Yrs |
Annualized Distribution Yield | 1.31% |
SEC Yield | 0.77% |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img1d31f6ae8.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img1c26d2949.jpg)
7% | 3% | 9% | 30% | 25% | 10% | 1% | 2% | 1% | 1% | 11% |
THORNBURG 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 |
Thornburg Limited Term Income Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img0f108f7410.jpg)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 703 |
Effective Duration | 2.9 Yrs |
Average Maturity | 3.8 Yrs |
Annualized Distribution Yield | 1.74% |
SEC Yield | 1.18% |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgf2b6148311.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img1c26d2949.jpg)
10% | 15% | 16% | 9% | 13% | 11% | 3% | 3% | 2% | 4% | 14% |
THORNBURG LIMITED TERM INCOME FUND | NASDAQ SYMBOLS | CUSIPS |
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 |
Thornburg Ultra Short Income Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img71ae931f12.jpg)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 292 |
Effective Duration | 0.6 Yrs |
Average Maturity | 0.9 Yrs |
Annualized Distribution Yield | 1.55% |
SEC Yield | 1.08% |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img5b5910aa13.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img2b359aef14.jpg)
14% | 53% | 21% | 9% | 2% | 1% |
THORNBURG ULTRA SHORT INCOME FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | TLDAX | 885-216-812 |
Class I | TLDIX | 885-216-796 |
Thornburg Strategic Income Fund | September 30, 2020 (Unaudited)
PORTFOLIO COMPOSITION | |
Corporate/Convertible Bonds | 43.3% |
Asset Backed Securities | 22.9% |
Bank Loans | 5.0% |
Common & Preferred Stock | 0.7% |
U.S. Treasury Securities | 1.1% |
Warrant | 0.0% |
U.S. Government Agencies | 0.2% |
Other Fixed Income | 16.3% |
Other Assets Less Liabilities | 10.5% |
Annualized Distribution Yield | 3.88% |
SEC Yield | 2.80% |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgcaba9ec415.jpg)
TOP TEN INDUSTRY GROUPS | |
Diversified Financials | 6.1% |
Energy | 4.2% |
Software & Services | 3.9% |
Materials | 3.9% |
Insurance | 3.0% |
Commercial & Professional Services | 2.7% |
Telecommunication Services | 2.5% |
Technology Hardware & Equipment | 2.4% |
Media & Entertainment | 2.4% |
Capital Goods | 2.0% |
Thornburg Strategic Income Fund | September 30, 2020 (Unaudited)
COUNTRY EXPOSURE * (percent of Fund) | |
United States | 75.6% |
Canada | 2.9% |
Germany | 1.5% |
United Kingdom | 1.3% |
France | 0.6% |
Bermuda | 0.6% |
Mexico | 0.6% |
Ireland | 0.6% |
Luxembourg | 0.5% |
Australia | 0.5% |
Cayman Islands | 0.4% |
Belgium | 0.4% |
New Zealand | 0.4% |
Japan | 0.3% |
United Republic of Tanzania | 0.3% |
South Korea | 0.3% |
Egypt | 0.3% |
China | 0.3% |
India | 0.2% |
Morocco | 0.2% |
Jamaica | 0.2% |
Italy | 0.2% |
South Africa | 0.2% |
Panama | 0.2% |
Turkey | 0.2% |
Chile | 0.1% |
Indonesia | 0.1% |
Denmark | 0.1% |
Russian Federation | 0.1% |
Guatemala | 0.1% |
Barbados | 0.1% |
Brazil | 0.1% |
Switzerland | 0.0%** |
United Arab Emirates | 0.0%** |
Other Assets Less Liabilities | 10.5% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
** | Country percentage was less than 0.1%. |
THORNBURG STRATEGIC INCOME FUND | NASDAQ SYMBOLS | CUSIPS |
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 Limited Term U.S. Government Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
U.S. Treasury Securities — 13.0% | |||
United States Treasury Notes, | |||
0.625% due 5/15/2030 | $19,000,000 | $ 18,931,719 | |
1.375% due 10/31/2020 | 1,480,000 | 1,481,445 | |
1.50% due 10/31/2024 - 2/15/2030 | 14,885,000 | 15,931,962 | |
United States Treasury Notes Inflationary Index, | |||
0.125% due 1/15/2030 | 8,558,565 | 9,450,333 | |
0.25% due 7/15/2029 | 1,276,078 | 1,427,086 | |
Total U.S. Treasury Securities (Cost $46,428,861) | 47,222,545 | ||
U.S. Government Agencies — 8.4% | |||
a | Durrah MSN 35603 (Guaranty: Export-Import Bank of the United States), 1.684% due 1/22/2025 | 574,488 | 589,041 |
HNA Group LLC (Guaranty: Export-Import Bank of the United States), Series 2015, 2.291% due 6/30/2027 | 1,819,939 | 1,921,410 | |
a | MSN 41079 and 41084 Ltd. (Guaranty: Export-Import Bank of the United States), 1.717% due 7/13/2024 | 562,410 | 575,231 |
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a,b | 0.625% (LIBOR 3 Month + 0.35%) due 4/15/2025 | 1,662,500 | 1,618,510 |
a | 1.70% due 12/20/2022 | 1,306,250 | 1,306,132 |
a | 2.46% due 12/15/2025 | 1,375,000 | 1,345,273 |
Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), | |||
a | 2.06% due 1/15/2026 | 1,925,000 | 1,984,502 |
a | 2.512% due 1/15/2026 | 2,901,250 | 3,022,435 |
Small Business Administration Participation Certificates, | |||
Series 2001-20D Class 1, 6.35% due 4/1/2021 | 58,794 | 59,641 | |
Series 2001-20F Class 1, 6.44% due 6/1/2021 | 49,481 | 50,198 | |
Series 2002-20A Class 1, 6.14% due 1/1/2022 | 44,877 | 45,876 | |
Series 2002-20K Class 1, 5.08% due 11/1/2022 | 61,837 | 63,497 | |
Series 2005-20H Class 1, 5.11% due 8/1/2025 | 77,635 | 82,593 | |
Series 2007-20D Class 1, 5.32% due 4/1/2027 | 207,076 | 225,015 | |
Series 2007-20F Class 1, 5.71% due 6/1/2027 | 121,895 | 133,453 | |
Series 2007-20I Class 1, 5.56% due 9/1/2027 | 407,087 | 446,902 | |
Series 2007-20K Class 1, 5.51% due 11/1/2027 | 260,478 | 284,841 | |
Series 2008-20G Class 1, 5.87% due 7/1/2028 | 703,953 | 782,065 | |
Series 2011-20G Class 1, 3.74% due 7/1/2031 | 1,043,626 | 1,121,551 | |
Series 2011-20K Class 1, 2.87% due 11/1/2031 | 1,437,583 | 1,509,036 | |
Series 2014-20H Class 1, 2.88% due 8/1/2034 | 872,603 | 932,047 | |
Series 2015-20B Class 1, 2.46% due 2/1/2035 | 718,011 | 762,370 | |
Series 2015-20G Class 1, 2.88% due 7/1/2035 | 1,537,386 | 1,649,089 | |
Series 2015-20I Class 1, 2.82% due 9/1/2035 | 1,582,018 | 1,704,815 | |
Series 2017-20I Class 1, 2.59% due 9/1/2037 | 2,988,410 | 3,241,373 | |
Series 2017-20K Class 1, 2.79% due 11/1/2037 | 1,341,226 | 1,450,509 | |
Ulani MSN 35940 LLC (Guaranty: Export-Import Bank of the United States), 2.227% due 5/16/2025 | 1,979,167 | 1,957,713 | |
a,b | Washington Aircraft 2 Co. Ltd. (Guaranty: Export-Import Bank of the United States), 0.663% (LIBOR 3 Month + 0.43%) due 6/26/2024 | 1,458,353 | 1,471,828 |
Total U.S. Government Agencies (Cost $29,197,950) | 30,336,946 | ||
Mortgage Backed — 70.3% | |||
Federal Home Loan Mtg Corp., | |||
Pool J21208, 2.50% due 11/1/2027 | 1,985,691 | 2,074,209 | |
Pool RC1280, 3.00% due 3/1/2035 | 1,137,197 | 1,218,628 | |
Pool ZS4730, 3.50% due 8/1/2047 | 2,761,451 | 2,922,901 | |
Federal Home Loan Mtg Corp., CMO, | |||
Series K035 Class A1, 2.615% due 3/25/2023 | 940,263 | 954,413 | |
b | Series K035 Class A2, 3.458% due 8/25/2023 | 3,000,000 | 3,226,348 |
Series K037 Class A1, 2.592% due 4/25/2023 | 740,016 | 757,100 | |
Series K038 Class A1, 2.604% due 10/25/2023 | 1,825,394 | 1,864,553 | |
Series K042 Class A1, 2.267% due 6/25/2024 | 2,191,152 | 2,258,764 | |
b | Series K047 Class A2, 3.329% due 5/25/2025 | 1,250,000 | 1,395,168 |
b | Series K061 Class A2, 3.347% due 11/25/2026 | 290,000 | 330,015 |
b | Series K069 Class A2, 3.187% due 9/25/2027 | 180,000 | 206,377 |
Series K072 Class A2, 3.444% due 12/25/2027 | 120,000 | 139,140 | |
Series K095 Class A2, 2.785% due 6/25/2029 | 577,000 | 648,906 | |
Series K718 Class A2, 2.791% due 1/25/2022 | 1,500,000 | 1,525,966 | |
Series K729 Class A2, 3.136% due 10/25/2024 | 3,500,000 | 3,808,863 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 15 |
Thornburg Limited Term U.S. Government Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Series K730 Class A1, 3.452% due 9/25/2024 | $ 227,323 | $ 235,589 | |
b | Series K730 Class A2, 3.59% due 1/25/2025 | 190,000 | 211,338 |
Series KS03 Class A2, 2.79% due 6/25/2022 | 2,500,000 | 2,570,850 | |
Federal Home Loan Mtg Corp., CMO REMIC, | |||
Series 1351 Class TE, 7.00% due 8/15/2022 | 26,065 | 27,212 | |
Series 3291 Class BY, 4.50% due 3/15/2022 | 17,108 | 17,349 | |
Series 3704 Class DC, 4.00% due 11/15/2036 | 211,001 | 218,922 | |
Series 3867 Class VA, 4.50% due 3/15/2024 | 936,809 | 989,410 | |
Series 3922 Class PQ, 2.00% due 4/15/2041 | 394,302 | 402,496 | |
Series 4050 Class MV, 3.50% due 8/15/2023 | 1,042,654 | 1,081,221 | |
Series 4072 Class VA, 3.50% due 10/15/2023 | 940,585 | 959,841 | |
Series 4097 Class TE, 1.75% due 5/15/2039 | 538,705 | 541,789 | |
b | Series 4105 Class FG, 0.552% (LIBOR 1 Month + 0.40%) due 9/15/2042 | 1,047,141 | 1,054,270 |
Series 4120 Class TC, 1.50% due 10/15/2027 | 1,053,994 | 1,064,183 | |
Series 4120 Class UE, 2.00% due 10/15/2027 | 1,107,796 | 1,133,566 | |
b | Federal Home Loan Mtg Corp., Multi-Family Structured Pass Through, Series KF15 Class A, 0.827% (LIBOR 1 Month + 0.67%) due 2/25/2023 | 497,837 | 496,932 |
Federal Home Loan Mtg Corp., REMIC, | |||
Pool D98887, 3.50% due 1/1/2032 | 604,561 | 648,680 | |
Pool E09025, 2.50% due 3/1/2028 | 102,705 | 107,393 | |
Pool G13804, 5.00% due 3/1/2025 | 134,976 | 142,241 | |
Pool G15227, 3.50% due 12/1/2029 | 1,572,881 | 1,689,480 | |
Pool G16710, 3.00% due 11/1/2030 | 2,222,407 | 2,344,271 | |
Pool G18435, 2.50% due 5/1/2027 | 1,067,854 | 1,115,457 | |
Pool G18446, 2.50% due 10/1/2027 | 1,966,255 | 2,053,906 | |
Pool J11371, 4.50% due 12/1/2024 | 133,204 | 139,402 | |
Pool J13583, 3.50% due 11/1/2025 | 268,453 | 284,851 | |
Pool J14888, 3.50% due 4/1/2026 | 322,876 | 341,736 | |
Pool J20795, 2.50% due 10/1/2027 | 2,519,596 | 2,631,914 | |
Pool J37586, 3.50% due 9/1/2032 | 279,754 | 305,960 | |
Pool SB8010, 2.50% due 10/1/2034 | 1,803,564 | 1,881,732 | |
Pool SB8030, 2.00% due 12/1/2034 | 2,012,013 | 2,090,190 | |
Pool T61943, 3.50% due 8/1/2045 | 357,594 | 373,500 | |
Pool T65457, 3.00% due 1/1/2048 | 1,673,220 | 1,723,602 | |
Pool ZS7299, 3.00% due 10/1/2030 | 1,161,414 | 1,242,635 | |
Pool ZT1958, 3.00% due 5/1/2034 | 5,281,360 | 5,716,165 | |
Federal Home Loan Mtg Corp., REMIC, UMBS Collateral, Pool ZS7942, 3.00% due 2/1/2033 | 3,720,188 | 4,023,296 | |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, | |||
b | Series 2017-3 Class HA, 3.25% due 7/25/2056 | 1,704,216 | 1,824,549 |
b | Series 2017-4 Class HT, 3.25% due 6/25/2057 | 4,600,564 | 5,044,710 |
b | Series 2018-1 Class HA, 3.00% due 5/25/2057 | 2,143,743 | 2,278,841 |
b | Series 2018-2 Class HA, 3.00% due 11/25/2057 | 1,292,248 | 1,367,058 |
Series 2018-3 Class HA, 3.00% due 8/25/2057 | 1,542,085 | 1,633,945 | |
Series 2018-3 Class MA, 3.50% due 8/25/2057 | 2,101,502 | 2,262,136 | |
Series 2018-4 Class HA, 3.00% due 3/25/2058 | 1,877,978 | 1,993,606 | |
Series 2018-4 Class MA, 3.50% due 3/25/2058 | 1,546,718 | 1,668,161 | |
Series 2019-1 Class MA, 3.50% due 7/25/2058 | 4,361,165 | 4,708,586 | |
Series 2019-2 Class MA, 3.50% due 8/25/2058 | 3,486,032 | 3,794,566 | |
Series 2019-3 Class MA, 3.50% due 10/25/2058 | 1,647,025 | 1,781,415 | |
Series 2019-4 Class MA, 3.00% due 2/25/2059 | 2,034,884 | 2,168,163 | |
Series 2020-1 Class MA, 2.50% due 8/25/2059 | 3,312,085 | 3,462,170 | |
Series 2020-2 Class A1D, 1.75% due 9/25/2030 | 3,500,000 | 3,620,874 | |
Series 2020-2 Class MA, 2.00% due 11/25/2059 | 2,401,763 | 2,477,658 | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool RC1535, 2.00% due 8/1/2035 | 3,348,184 | 3,485,184 | |
Pool SB8068, 1.50% due 10/1/2035 | 4,250,000 | 4,348,305 | |
Pool ZS8034, 3.00% due 6/1/2033 | 2,725,030 | 2,949,377 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
Series 2015-SC02 Class 2A, 3.50% due 9/25/2045 | 763,599 | 794,261 | |
Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | 895,728 | 930,427 | |
Series 2016-SC02 Class 2A, 3.50% due 10/25/2046 | 645,214 | 668,615 | |
Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | 1,425,562 | 1,456,170 | |
Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | 961,507 | 982,193 | |
Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | 654,995 | 678,919 |
16 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Series 2017-SC02 Class 2A1, 3.50% due 5/25/2047 | $ 107,465 | $ 108,089 | |
Federal National Mtg Assoc., | |||
1.875% due 12/28/2020 | 2,000,000 | 2,008,120 | |
Pool 252648, 6.50% due 5/1/2022 | 5,109 | 5,139 | |
Pool 342947, 7.25% due 4/1/2024 | 2,069 | 2,070 | |
b | Pool 895572, 2.844% (LIBOR 12 Month + 1.82%) due 6/1/2036 | 111,387 | 116,572 |
Pool AB8442, 2.00% due 2/1/2028 | 2,347,967 | 2,440,047 | |
Pool AB8447, 2.50% due 2/1/2028 | 982,901 | 1,026,472 | |
Pool AD8191, 4.00% due 9/1/2025 | 291,641 | 310,339 | |
Pool AE0704, 4.00% due 1/1/2026 | 1,060,296 | 1,128,276 | |
Pool AH3487, 3.50% due 2/1/2026 | 1,304,739 | 1,380,457 | |
Pool AJ1752, 3.50% due 9/1/2026 | 949,908 | 1,007,780 | |
Pool AK6518, 3.00% due 3/1/2027 | 638,116 | 673,516 | |
Pool AK6768, 3.00% due 3/1/2027 | 1,064,043 | 1,119,162 | |
Pool AL6582, 3.50% due 4/1/2030 | 937,995 | 1,007,037 | |
Pool AL7801, 2.50% due 11/1/2030 | 3,176,940 | 3,354,408 | |
Pool AL9821, 2.50% due 1/1/2032 | 3,517,684 | 3,734,814 | |
Pool AS4916, 3.00% due 5/1/2030 | 2,080,072 | 2,193,609 | |
Pool AS9733, 4.00% due 6/1/2047 | 1,967,270 | 2,202,024 | |
Pool AS9749, 4.00% due 6/1/2047 | 1,149,943 | 1,232,944 | |
Pool AU2669, 2.50% due 10/1/2028 | 1,040,751 | 1,093,138 | |
Pool AZ3778 3.00% due 4/1/2030 | 2,586,635 | 2,734,614 | |
Pool BF0130, 3.50% due 8/1/2056 | 544,782 | 599,526 | |
Pool BF0144, 3.50% due 10/1/2056 | 748,517 | 829,361 | |
Pool BM4153 3.00% due 6/1/2033 | 2,713,055 | 2,894,128 | |
Pool BM4864, 3.50% due 5/1/2033 | 1,702,972 | 1,828,580 | |
Pool BM5490, 3.50% due 11/1/2031 | 1,991,953 | 2,131,300 | |
Pool CA0200, 3.00% due 8/1/2032 | 1,740,227 | 1,881,301 | |
Pool CA0942 2.50% due 12/1/2032 | 1,614,563 | 1,716,008 | |
Pool CA3904, 3.00% due 7/1/2034 | 3,786,610 | 4,113,048 | |
Pool CA4102, 3.50% due 8/1/2029 | 1,420,473 | 1,527,129 | |
Pool CA5271 2.50% due 3/1/2035 | 1,875,807 | 2,001,360 | |
Pool CA5282, 3.00% due 3/1/2035 | 4,171,596 | 4,531,223 | |
Pool FM1126, 3.00% due 3/1/2033 | 2,624,596 | 2,787,081 | |
Pool FM1523, 2.50% due 8/1/2029 | 2,095,357 | 2,188,214 | |
Pool FM2831 2.50% due 5/1/2032 | 2,773,123 | 2,938,465 | |
Pool FM3494, 2.50% due 4/1/2048 | 2,712,774 | 2,860,416 | |
Pool MA1582, 3.50% due 9/1/2043 | 2,795,548 | 3,028,379 | |
Pool MA2322, 2.50% due 7/1/2025 | 580,912 | 606,477 | |
Pool MA2353, 3.00% due 8/1/2035 | 1,478,765 | 1,557,899 | |
Pool MA2480, 4.00% due 12/1/2035 | 1,422,476 | 1,554,535 | |
Pool MA2499, 2.50% due 1/1/2026 | 1,039,803 | 1,085,564 | |
Pool MA3465, 4.00% due 9/1/2038 | 1,208,802 | 1,293,402 | |
Pool MA3557, 4.00% due 1/1/2029 | 1,491,532 | 1,586,642 | |
Pool MA3681, 3.00% due 6/1/2034 | 1,186,819 | 1,244,948 | |
Pool MA3826, 3.00% due 11/1/2029 | 2,303,854 | 2,423,060 | |
Pool MA3896, 2.50% due 1/1/2035 | 283,617 | 295,870 | |
Federal National Mtg Assoc., CMO, | |||
b | Series 2015-SB5 Class A10, 3.15% due 9/25/2035 | 739,184 | 767,837 |
b | Series 2018-SB47 Class A5H, 2.92% due 1/25/2038 | 1,113,336 | 1,165,550 |
Federal National Mtg Assoc., CMO REMIC, | |||
Series 1993-32 Class H, 6.00% due 3/25/2023 | 3,839 | 4,048 | |
b | Series 2009-17 Class AH, 0.572% due 3/25/2039 | 309,950 | 295,421 |
Series 2009-52 Class AJ, 4.00% due 7/25/2024 | 2,368 | 2,431 | |
Series 2011-70 Class CA, 3.00% due 8/25/2026 | 1,627,023 | 1,683,479 | |
Series 2012-20 Class VT, 3.50% due 3/25/2025 | 310,660 | 310,660 | |
Series 2012-36 Class CV, 4.00% due 6/25/2023 | 1,103,875 | 1,119,401 | |
b | Series 2013-81 Class FW, 0.448% (LIBOR 1 Month + 0.30%) due 1/25/2043 | 1,819,923 | 1,822,874 |
b | Series 2013-92 Class FA, 0.698% (LIBOR 1 Month + 0.55%) due 9/25/2043 | 1,284,244 | 1,297,591 |
Federal National Mtg Assoc., Grantor Trust, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 996,905 | 1,101,876 | |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool AL9445, 3.00% due 7/1/2031 | 25,342 | 27,109 | |
Pool BP8943, 2.00% due 7/1/2035 | 1,669,218 | 1,735,138 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 17 |
Thornburg Limited Term U.S. Government Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Pool BP9589, 2.50% due 8/1/2035 | $ 3,460,987 | $ 3,650,518 | |
Pool CA7128 2.00% due 9/1/2030 | 5,000,000 | 5,238,773 | |
Pool MA3953, 2.50% due 3/1/2030 | 1,102,126 | 1,155,704 | |
Pool MA4012 2.00% due 5/1/2035 | 3,845,062 | 3,996,908 | |
Pool MA4016, 2.50% due 5/1/2040 | 2,847,442 | 2,988,406 | |
Pool MA4042 2.00% due 6/1/2035 | 4,363,681 | 4,536,010 | |
Pool MA4045 2.00% due 6/1/2040 | 3,716,032 | 3,855,772 | |
Pool MA4095, 2.00% due 8/1/2035 | 3,200,523 | 3,326,916 | |
Pool MA4123, 2.00% due 9/1/2035 | 3,974,577 | 4,131,540 | |
Pool MA4154, 1.50% due 10/1/2035 | 1,600,000 | 1,637,037 | |
Pool MA4155, 2.00% due 10/1/2035 | 1,600,000 | 1,663,187 | |
Government National Mtg Assoc., | |||
b | Pool 751392, 5.00% due 2/20/2061 | 2,314,108 | 2,425,435 |
b | Pool 894205, 3.25% (H15T1Y + 1.50%) due 8/20/2039 | 319,345 | 326,992 |
b | Pool MA0100, 2.875% (H15T1Y + 1.50%) due 5/20/2042 | 325,443 | 339,102 |
Pool MA0907, 2.00% due 4/20/2028 | 1,263,527 | 1,315,655 | |
Government National Mtg Assoc., CMO, | |||
Series 2010-160 Class VY, 4.50% due 1/20/2022 | 143,834 | 146,814 | |
Series 2016-32 Class LJ, 2.50% due 12/20/2040 | 2,285,927 | 2,348,473 | |
Series 2017-186 Class VA, 3.00% due 2/20/2031 | 2,489,000 | 2,638,056 | |
Mortgage-Linked Amortizing Notes CMO, Series 2012-1 Class A10, 2.06% due 1/15/2022 | 327,615 | 332,511 | |
Total Mortgage Backed (Cost $248,804,769) | 255,342,386 | ||
Corporate Bonds — 1.1% | |||
Telecommunication Services — 1.1% | |||
Wireless Telecommunication Services — 1.1% | |||
Sprint Communications, Inc., 9.25% due 4/15/2022 | 3,500,000 | 3,902,780 | |
3,902,780 | |||
Total Corporate Bonds (Cost $3,820,090) | 3,902,780 | ||
Short-Term Investments — 6.8% | |||
c | State Street Institutional Treasury Money Market Fund Premier Class 0.02% | 8,688,718 | 8,688,718 |
United States Treasury Bill | |||
0.071% due 10/20/2020 | 4,000,000 | 3,999,850 | |
0.075% due 10/27/2020 | 4,000,000 | 3,999,784 | |
0.081% due 10/8/2020 | 4,000,000 | 3,999,937 | |
0.084% due 10/13/2020 | 4,000,000 | 3,999,888 | |
Total Short-Term Investments (Cost $24,688,177) | 24,688,177 | ||
Total Investments — 99.6% (Cost $352,939,847) | $361,492,834 | ||
Other Assets Less Liabilities — 0.4% | 1,556,894 | ||
Net Assets — 100.0% | $363,049,728 |
Footnote Legend | |
a | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
b | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2020. |
c | Rate represents the money market fund annualized seven-day yield at September 30, 2020. |
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 |
UMBS | Uniform Mortgage Backed Securities |
18 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Thornburg Limited Term Income Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
U.S. Treasury Securities — 9.5% | |||
United States Treasury Notes, | |||
0.25% due 7/31/2025 | $ 32,485,000 | $ 32,452,007 | |
0.625% due 5/15/2030 - 8/15/2030 | 132,650,000 | 132,097,820 | |
1.50% due 10/31/2024 - 2/15/2030 | 93,435,000 | 98,413,263 | |
1.625% due 2/15/2026 - 8/15/2029 | 174,250,000 | 188,663,875 | |
1.75% due 11/15/2029 | 62,136,000 | 68,398,144 | |
2.25% due 11/15/2025 - 8/15/2027 | 31,662,000 | 35,130,480 | |
2.625% due 2/15/2029 | 17,058,000 | 19,923,211 | |
United States Treasury Notes Inflationary Index, | |||
0.125% due 1/15/2030 | 38,716,934 | 42,751,082 | |
0.25% due 1/15/2025 - 7/15/2029 | 49,062,934 | 54,558,003 | |
0.375% due 7/15/2027 | 66,591,806 | 73,983,133 | |
0.875% due 1/15/2029 | 54,848,848 | 63,869,577 | |
Total U.S. Treasury Securities (Cost $751,583,441) | 810,240,595 | ||
U.S. Government Agencies — 0.8% | |||
ALEX Alpha, LLC (Guaranty: Export-Import Bank of the United States), 1.617% due 8/15/2024 | 1,739,130 | 1,775,568 | |
Export Leasing (2009), LLC (Guaranty: Export-Import Bank of the United States), 1.859% due 8/28/2021 | 846,746 | 850,556 | |
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a,b | 0.625% (LIBOR 3 Month + 0.35%) due 4/15/2025 | 4,921,000 | 4,790,790 |
b | 1.70% due 12/20/2022 | 2,600,000 | 2,599,766 |
Private Export Funding Corp. (Guaranty: Export-Import Bank of the United States), Series KK, 3.55% due 1/15/2024 | 10,000,000 | 10,968,500 | |
Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), | |||
b | 2.06% due 1/15/2026 | 825,000 | 850,501 |
b | 2.512% due 1/15/2026 | 3,575,000 | 3,724,328 |
Santa Rosa Leasing, LLC (Guaranty: Export-Import Bank of the United States), 1.693% due 8/15/2024 | 2,084,071 | 2,143,821 | |
Small Business Administration, | |||
Series 2001-20J Class 1, 5.76% due 10/1/2021 | 23,778 | 24,080 | |
Series 2008-20D Class 1, 5.37% due 4/1/2028 | 700,245 | 767,716 | |
Series 2009-20K Class 1, 4.09% due 11/1/2029 | 3,082,754 | 3,304,693 | |
Series 2011-20E Class 1, 3.79% due 5/1/2031 | 3,815,765 | 4,093,051 | |
Series 2011-20F Class 1, 3.67% due 6/1/2031 | 639,959 | 685,608 | |
Series 2011-20I Class 1, 2.85% due 9/1/2031 | 6,505,464 | 6,836,873 | |
Series 2012-20D Class 1, 2.67% due 4/1/2032 | 4,974,241 | 5,211,697 | |
Series 2012-20J Class 1, 2.18% due 10/1/2032 | 4,194,001 | 4,389,567 | |
Series 2012-20K Class 1, 2.09% due 11/1/2032 | 2,625,257 | 2,725,782 | |
Small Business Administration Participation Certificates, | |||
Series 2009-20E Class 1, 4.43% due 5/1/2029 | 422,055 | 455,721 | |
Series 2011-20G Class 1, 3.74% due 7/1/2031 | 4,174,506 | 4,486,206 | |
Series 2011-20K Class 1, 2.87% due 11/1/2031 | 5,595,790 | 5,873,923 | |
a,c | U.S. Department of Transportation, 6.001% due 12/7/2031 | 3,000,000 | 3,192,690 |
Total U.S. Government Agencies (Cost $67,758,251) | 69,751,437 | ||
Other Government — 0.2% | |||
b,c | Bermuda Government International Bond, 2.375% due 8/20/2030 | 6,800,000 | 6,897,376 |
Carpintero Finance Ltd. (Guaranty: Export Credits Guarantee Department), | |||
b,c | 2.004% due 9/18/2024 | 4,151,810 | 4,259,923 |
b,c | 2.581% due 11/11/2024 | 4,263,333 | 4,451,063 |
b,c | Khadrawy Ltd. (Guaranty: Export Credits Guarantee Department), 2.471% due 3/31/2025 | 2,912,229 | 3,020,272 |
Total Other Government (Cost $18,119,631) | 18,628,634 | ||
Mortgage Backed — 22.8% | |||
Angel Oak Mortgage Trust, LLC, Whole Loan Securities Trust CMO, | |||
a,c | Series 2017-1 Class A2, 3.085% due 1/25/2047 | 197,284 | 197,274 |
a,c | Series 2017-3 Class A1, 2.708% due 11/25/2047 | 930,734 | 931,907 |
a,c | Series 2017-3 Class M1, 3.90% due 11/25/2047 | 7,244,000 | 7,103,111 |
a,c | Series 2018-2 Class A1, 3.674% due 7/27/2048 | 3,421,439 | 3,475,663 |
a,c | Series 2020-2 Class A3, 5.00% due 1/26/2065 | 19,380,554 | 19,432,093 |
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2018-1 Class A1, 3.763% due 4/25/2048 | 8,210,944 | 8,372,822 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 19 |
Thornburg Limited Term Income Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
a,c | Series 2018-1 Class A3, 4.218% due 4/25/2048 | $ 5,448,142 | $ 5,561,766 |
a,c | Series 2019-1 Class A1, 3.805% due 1/25/2049 | 13,999,982 | 14,443,641 |
a,c | Series 2019-1 Class A3, 4.208% due 1/25/2049 | 7,315,763 | 7,523,866 |
a,c | Series 2019-2 Class A1, 3.347% due 4/25/2049 | 7,039,831 | 7,240,800 |
a,c | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 16,415,596 | 16,849,602 |
c | Series 2020-1 Class A2, 2.927% due 3/25/2055 | 6,518,000 | 6,637,306 |
c | Series 2020-1 Class A3, 3.328% due 3/25/2055 | 4,500,000 | 4,581,439 |
c | Series 2020-1 Class M1, 4.277% due 3/25/2055 | 3,189,000 | 3,317,838 |
a,c | Bayview Commercial Asset Trust CMO, Series 2004-3 Class A2, 0.778% (LIBOR 1 Month + 0.63%) due 1/25/2035 | 1,303,553 | 1,281,231 |
c | Bravo Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 5,571,856 | 5,753,159 |
a,c | Bunker Hill Loan Depositary Trust, Series 2020-1, 3.253% due 2/25/2055 | 3,285,000 | 3,383,349 |
Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, | |||
a,c | Series 2016-SH1 Class M3, 3.75% due 4/25/2045 | 3,345,198 | 3,334,332 |
a,c | Series 2016-SH2 Class M3, 3.75% due 12/25/2045 | 3,743,580 | 3,889,366 |
a,c | CIM Trust, Whole Loan Securities Trust CMO, Series 18-INV1 Class A4, 4.00% due 8/25/2048 | 4,466,634 | 4,616,164 |
Citigroup Mortgage Loan Trust, Inc., Whole Loan Securities Trust CMO, | |||
a | Series 2004-HYB2 Class B1, 3.898% due 3/25/2034 | 86,027 | 86,027 |
a,c | Series 2014-A Class A, 4.00% due 1/25/2035 | 1,111,359 | 1,168,659 |
a,c | Series 2014-J1 Class B4, 3.619% due 6/25/2044 | 1,665,195 | 1,713,524 |
COMM Mortgage Trust, Series 2016-DC2 Class A1, 1.82% due 2/10/2049 | 2,348,452 | 2,351,745 | |
a,c | Credit Suisse Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-HL2 Class A3, 3.50% due 10/25/2047 | 4,201,945 | 4,234,487 |
a,c | CSMC Mortgage Trust, Whole Loan Securities Trust CMO, Series 2013-HYB1 Class B3, 2.946% due 4/25/2043 | 3,585,410 | 3,615,441 |
a,c | CSMLT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2015-3 Class B1, 3.613% due 11/25/2045 | 5,125,260 | 5,346,772 |
a,c | DBUBS Mortgage Trust, Series 2011-LC2A Class A1FL, 1.501% (LIBOR 1 Month + 1.35%) due 7/12/2044 | 387,349 | 387,336 |
a,c | Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class A1, 2.739% due 11/25/2059 | 14,945,151 | 15,230,595 |
Federal Home Loan Mtg Corp., | |||
Pool J17504, 3.00% due 12/1/2026 | 734,165 | 773,538 | |
Pool RA1833, 4.00% due 10/1/2049 | 1,907,844 | 2,055,237 | |
Pool RC1280, 3.00% due 3/1/2035 | 7,641,967 | 8,189,183 | |
Pool SD0257, 3.00% due 1/1/2050 | 2,820,153 | 3,019,230 | |
Federal Home Loan Mtg Corp., CMO REMIC, | |||
Series 3195 Class PD, 6.50% due 7/15/2036 | 450,664 | 534,875 | |
Series 3291 Class BY, 4.50% due 3/15/2022 | 22,811 | 23,132 | |
Series 3504 Class PC, 4.00% due 1/15/2039 | 7,178 | 7,245 | |
Series 3838 Class GV, 4.00% due 3/15/2024 | 3,914,798 | 4,111,951 | |
Series 3919 Class VB, 4.00% due 8/15/2024 | 2,142,003 | 2,199,308 | |
Series 3922 Class PQ, 2.00% due 4/15/2041 | 591,452 | 603,744 | |
Series 4050 Class MV, 3.50% due 8/15/2023 | 1,191,264 | 1,235,328 | |
Series 4072 Class VA, 3.50% due 10/15/2023 | 946,487 | 965,864 | |
Series 4079 Class WV, 3.50% due 3/15/2027 | 1,915,381 | 1,962,552 | |
Series 4097 Class TE, 1.75% due 5/15/2039 | 1,616,116 | 1,625,366 | |
Series 4120 Class TC, 1.50% due 10/15/2027 | 1,368,621 | 1,381,851 | |
Federal Home Loan Mtg Corp., Multi-Family Structured Pass Through, Series K717 Class A2, 2.991% due 9/25/2021 | 4,631,292 | 4,679,503 | |
Federal Home Loan Mtg Corp., Multifamily Structured Pass Through Certificates, | |||
a | Series K719 Class A2, 2.731% due 6/25/2022 | 2,513,006 | 2,513,006 |
Series K722 Class A2, 2.406% due 3/25/2023 | 4,800,000 | 4,979,924 | |
Series K725 Class A1, 2.666% due 5/25/2023 | 5,902,441 | 6,018,986 | |
Federal Home Loan Mtg Corp., REMIC, | |||
Pool D98887, 3.50% due 1/1/2032 | 2,023,765 | 2,171,454 | |
Pool G16710, 3.00% due 11/1/2030 | 602,805 | 635,859 | |
Pool T65457, 3.00% due 1/1/2048 | 15,023,126 | 15,475,484 | |
Federal Home Loan Mtg Corp., REMIC, UMBS Collateral, Pool ZS7942, 3.00% due 2/1/2033 | 50,000,630 | 54,074,504 | |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, | |||
a | Series 2017-1 Class HA, 3.00% due 1/25/2056 | 8,398,429 | 8,911,525 |
a | Series 2017-3 Class HA, 3.25% due 7/25/2056 | 14,222,025 | 15,226,224 |
a | Series 2017-4 Class HT, 3.25% due 6/25/2057 | 12,332,257 | 13,522,833 |
a | Series 2018-1 Class HA, 3.00% due 5/25/2057 | 8,521,376 | 9,058,393 |
a | Series 2018-2 Class HA, 3.00% due 11/25/2057 | 20,675,969 | 21,872,932 |
Series 2018-3 Class HA, 3.00% due 8/25/2057 | 22,206,021 | 23,528,809 | |
Series 2018-3 Class MA, 3.50% due 8/25/2057 | 17,786,306 | 19,145,858 | |
Series 2018-4 Class HA, 3.00% due 3/25/2058 | 18,469,505 | 19,606,682 | |
Series 2019-1 Class MA, 3.50% due 7/25/2058 | 43,936,751 | 47,436,862 | |
Series 2019-2 Class MA, 3.50% due 8/25/2058 | 41,758,466 | 45,454,329 |
20 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Series 2019-3 Class MA, 3.50% due 10/25/2058 | $ 23,249,401 | $ 25,146,450 | |
Series 2019-4 Class MA, 3.00% due 2/25/2059 | 31,394,727 | 33,450,991 | |
Series 2020-1 Class MA, 2.50% due 8/25/2059 | 5,692,081 | 5,950,013 | |
Series 2020-2 Class A1D, 1.75% due 9/25/2030 | 54,840,000 | 56,733,927 | |
Series 2020-2 Class MA, 2.00% due 11/25/2059 | 20,506,253 | 21,154,242 | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool QN2877, 2.00% due 7/1/2035 | 36,388,202 | 37,825,806 | |
Pool RC1535, 2.00% due 8/1/2035 | 73,453,294 | 76,458,828 | |
Pool SB0308, 2.50% due 1/1/2035 | 64,462,290 | 68,790,787 | |
Pool SB8068, 1.50% due 10/1/2035 | 73,685,000 | 75,389,380 | |
Pool ZS8034, 3.00% due 6/1/2033 | 41,556,706 | 44,977,998 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | 3,433,623 | 3,566,637 | |
Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | 29,975,671 | 30,619,285 | |
Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | 2,497,170 | 2,588,377 | |
Series 2017-SC02 Class 2A1, 3.50% due 5/25/2047 | 821,489 | 826,257 | |
Federal National Mtg Assoc., | |||
Pool 897936, 5.50% due 8/1/2021 | 30,088 | 30,389 | |
Pool AE0704, 4.00% due 1/1/2026 | 2,757,805 | 2,934,620 | |
Pool AK6518, 3.00% due 3/1/2027 | 890,091 | 939,469 | |
Pool AS3111, 3.00% due 8/1/2029 | 5,749,380 | 6,114,571 | |
Pool AS4916, 3.00% due 5/1/2030 | 647,575 | 682,922 | |
Pool AS7323, 2.50% due 6/1/2031 | 3,747,700 | 3,979,028 | |
Pool AS8242, 2.50% due 11/1/2031 | 6,542,739 | 6,918,170 | |
Pool AS9749, 4.00% due 6/1/2047 | 9,762,626 | 10,467,276 | |
Pool AV5059, 3.00% due 2/1/2029 | 3,621,155 | 3,851,165 | |
Pool BM4324, 3.50% due 7/1/2033 | 5,024,601 | 5,494,625 | |
Pool BM5490, 3.50% due 11/1/2031 | 6,573,445 | 7,033,289 | |
Pool CA0200, 3.00% due 8/1/2032 | 12,952,202 | 14,002,188 | |
Pool CA3904, 3.00% due 7/1/2034 | 8,351,258 | 9,071,208 | |
Pool CA4102, 3.50% due 8/1/2029 | 8,131,598 | 8,742,155 | |
Pool CA5282, 3.00% due 3/1/2035 | 5,546,591 | 6,024,754 | |
Pool FM1542, 3.50% due 9/1/2034 | 3,304,036 | 3,614,404 | |
Pool FP0000, 3.00% due 11/1/2027 | 8,299,930 | 8,754,642 | |
Pool MA2815, 3.00% due 11/1/2026 | 1,801,123 | 1,894,216 | |
Pool MA3465, 4.00% due 9/1/2038 | 10,840,536 | 11,599,232 | |
Federal National Mtg Assoc., CMO REMIC, | |||
Series 2007-42 Class PA, 5.50% due 4/25/2037 | 75,762 | 80,695 | |
a | Series 2009-17 Class AH, 0.572% due 3/25/2039 | 516,583 | 492,367 |
Series 2009-52 Class AJ, 4.00% due 7/25/2024 | 3,946 | 4,051 | |
Series 2012-129 Class LA, 3.50% due 12/25/2042 | 3,713,786 | 3,906,412 | |
Series 2012-36 Class CV, 4.00% due 6/25/2023 | 1,007,010 | 1,021,173 | |
a | Series 2013-81 Class FW, 0.448% (LIBOR 1 Month + 0.30%) due 1/25/2043 | 6,612,632 | 6,623,355 |
Federal National Mtg Assoc., Grantor Trust, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 17,944,282 | 19,833,770 | |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool BP8943, 2.00% due 7/1/2035 | 55,047,014 | 57,220,912 | |
Pool BP9550, 2.50% due 7/1/2035 | 7,726,705 | 8,149,836 | |
Pool BP9589, 2.50% due 8/1/2035 | 1,397,560 | 1,474,094 | |
Pool CA7128 2.00% due 9/1/2030 | 8,115,753 | 8,503,318 | |
Pool FM3758, 2.50% due 8/1/2031 | 41,894,673 | 43,900,774 | |
Pool MA3953, 2.50% due 3/1/2030 | 7,406,289 | 7,766,329 | |
Pool MA4016, 2.50% due 5/1/2040 | 34,121,841 | 35,811,069 | |
Pool MA4095, 2.00% due 8/1/2035 | 64,017,848 | 66,545,988 | |
Pool MA4123, 2.00% due 9/1/2035 | 70,896,517 | 73,696,339 | |
Pool MA4154, 1.50% due 10/1/2035 | 61,850,000 | 63,281,724 | |
Pool MA4155, 2.00% due 10/1/2035 | 61,850,000 | 64,292,560 | |
Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 6,277,185 | 6,411,735 |
a,c | Series 2018-3INV Class B3, 4.50% due 5/25/2048 | 7,955,908 | 7,741,787 |
a,c | FWD Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-INV1 Class A1, 2.81% due 6/25/2049 | 5,700,662 | 5,832,800 |
a,c | Galton Funding Mortgage Trust, Whole Loan Securities Trust CMO, Series 2018-1 Class A43, 3.50% due 11/25/2057 | 1,217,844 | 1,228,939 |
a,c | GCAT LLC, Whole Loan Securities Trust CMO, Series 2019-NQM1 Class A1, 2.985% due 2/25/2059 | 13,558,882 | 13,769,229 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 21 |
Thornburg Limited Term Income Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
GCAT Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2019-NQM2 Class A1, 2.855% due 9/25/2059 | $ 14,716,933 | $ 14,992,516 |
a,c | Series 2019-NQM3 Class A1, 2.686% due 11/25/2059 | 17,706,547 | 18,084,579 |
Government National Mtg Assoc., | |||
a | Pool 731491, 5.31% due 12/20/2060 | 56,088 | 63,942 |
Pool 783299, 4.50% due 2/15/2022 | 23 | 23 | |
a | Pool MA0100, 2.875% (H15T1Y + 1.50%) due 5/20/2042 | 328,730 | 342,528 |
Government National Mtg Assoc., CMO, Series 2016-32 Class LJ, 2.50% due 12/20/2040 | 9,002,396 | 9,248,713 | |
a,c | GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, Series 2020-PJ2 Class B3, 3.572% due 7/25/2050 | 5,296,706 | 4,922,406 |
Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2018-1 Class A1, 3.766% due 6/25/2048 | 5,206,139 | 5,223,903 |
a,c | Series 2018-1 Class A3, 3.999% due 6/25/2048 | 2,688,971 | 2,674,272 |
a,c | Series 2018-1 Class M1, 4.548% due 6/25/2048 | 6,800,000 | 6,845,102 |
a,c | Series 2019-1 Class A1, 3.454% due 1/25/2059 | 11,910,521 | 12,111,867 |
a,c | Series 2019-1 Class M1, 3.951% due 1/25/2059 | 14,500,000 | 14,726,088 |
JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2014-IVR3 Class B4, 2.995% due 9/25/2044 | 2,358,913 | 2,059,826 |
a,c | Series 2018-3 Class B2, 3.751% due 9/25/2048 | 2,629,455 | 2,803,643 |
a,c | Series 2018-6 Class B2, 3.923% due 12/25/2048 | 1,089,803 | 1,127,586 |
a,c | Series 2019-5 Class B3, 4.492% due 11/25/2049 | 8,389,446 | 8,795,150 |
a,c | Series 2019-HYB1 Class B3, 3.933% due 10/25/2049 | 5,796,652 | 5,790,090 |
a,c | Series 2019-INV2 Class B3A, 3.79% due 2/25/2050 | 9,728,593 | 9,978,014 |
JPMBB Commercial Mortgage Securities Trust, Series 2016-C1 Class A2, 2.668% due 3/15/2049 | 4,091,610 | 4,104,697 | |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2017-2 Class A6, 3.00% due 5/25/2047 | 7,236,213 | 7,321,327 |
a,c | Series 2017-6 Class A5, 3.50% due 12/25/2048 | 6,315,156 | 6,372,676 |
a,c | Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, Series 2018-MTG1 Class A3, 3.50% due 3/25/2048 | 2,997,965 | 3,010,301 |
a | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 3.169% due 8/25/2034 | 257,357 | 259,104 |
a,c | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 3,873,103 | 4,152,893 |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22 Class A4, 3.306% due 4/15/2048 | 1,100,000 | 1,196,552 | |
Mortgage-Linked Amortizing Notes CMO, Series 2012-1 Class A10, 2.06% due 1/15/2022 | 277,213 | 281,356 | |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2017-2A Class A3, 4.00% due 3/25/2057 | 6,232,400 | 6,741,406 |
a,c | Series 2017-3A Class A1, 4.00% due 4/25/2057 | 7,644,975 | 8,258,779 |
a,c | Series 2017-4A Class A1, 4.00% due 5/25/2057 | 9,228,336 | 10,086,257 |
a,c | Series 2017-5A Class A1, 1.648% (LIBOR 1 Month + 1.50%) due 6/25/2057 | 717,827 | 718,222 |
a,c | Series 2017-6A Class A1, 4.00% due 8/27/2057 | 3,529,889 | 3,804,583 |
a,c | Series 2018-1A Class A1A, 4.00% due 12/25/2057 | 4,183,069 | 4,515,223 |
a,c | Series 2018-2A Class A1, 4.50% due 2/25/2058 | 8,739,749 | 9,530,035 |
a,c | Series 2018-NQM1 Class A1, 3.986% due 11/25/2048 | 11,084,672 | 11,367,135 |
a,c | Series 2018-RPL1 Class A1, 3.50% due 12/25/2057 | 5,493,806 | 5,911,632 |
RAMP Trust, Whole Loan Securities Trust CMO, Series 2003-SL1 Class A31, 7.125% due 4/25/2031 | 757,112 | 794,823 | |
a,c | RCKT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class B3, 3.533% due 2/25/2050 | 3,254,958 | 3,223,773 |
Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a | Series 2013-6 Class B4, 3.512% due 5/25/2043 | 1,163,769 | 1,175,279 |
a | Series 2013-7 Class B4, 3.536% due 6/25/2043 | 1,481,823 | 1,502,351 |
a,c | Series 2017-4 Class A4, 3.50% due 7/25/2047 | 1,051,195 | 1,059,197 |
a,c | Series 2017-5 Class A4, 3.50% due 8/25/2047 | 3,582,281 | 3,616,327 |
SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2019-3 Class A1, 2.703% due 9/25/2059 | 11,057,071 | 11,180,367 |
a,c | Series 2019-3 Class A3, 3.082% due 9/25/2059 | 3,182,209 | 3,139,436 |
a,c | Shellpoint Asset Funding Trust, Whole Loan Securities Trust CMO, Series 2013-1 Class A1, 3.75% due 7/25/2043 | 3,123,538 | 3,246,065 |
a,c | Spruce Hill Mortgage Loan Trust, Inc., Whole Loan Securities Trust CMO, Series 2020-SH1 Class A1, 2.521% due 1/28/2050 | 32,846,722 | 33,191,183 |
a,c | Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2019-IMC1 Class A1, 3.468% due 2/25/2049 | 7,280,020 | 7,458,547 |
a | Structured Asset Securities Corp., Mortgage Pass-Through Ctfs, Whole Loan Securities Trust CMO, Series 2003-9A Class 2A2, 2.56% due 3/25/2033 | 696,351 | 696,351 |
Verus Securitization Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2018-2 Class A1, 3.677% due 6/1/2058 | 5,411,783 | 5,487,172 |
a,c | Series 2018-3 Class A1, 4.108% due 10/25/2058 | 5,351,598 | 5,482,664 |
a,c | Series 2019-2 Class A1, 3.211% due 5/25/2059 | 572,275 | 585,152 |
a,c | Series 2019-3 Class A1, 2.784% due 7/25/2059 | 16,914,556 | 17,247,799 |
a,c | Series 2020-1 Class M1, 3.021% due 1/25/2060 | 5,000,000 | 4,975,089 |
22 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
a,c | Series 2020-2 Class M1, 5.36% due 5/25/2060 | $ 3,275,000 | $ 3,388,016 |
a,c | Series 2020-INV1 Class M1, 5.50% due 3/25/2060 | 900,000 | 958,718 |
a,c | Vista Point Securitization Trust, Series 2020-2 Class A1, 1.475% due 4/25/2065 | 18,200,571 | 18,212,323 |
a,c | WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2015-3 Class B4, 3.889% due 3/20/2045 | 1,912,012 | 1,960,546 |
Total Mortgage Backed (Cost $1,888,080,008) | 1,934,283,047 | ||
Asset Backed Securities — 20.8% | |||
Auto Receivables — 4.8% | |||
ACC Trust, | |||
c | Series 2019-2 Class A, 2.82% due 2/21/2023 | 10,614,868 | 10,680,370 |
c | Series 2020-A Class A, 6.00% due 3/20/2023 | 17,710,959 | 18,213,229 |
American Credit Acceptance Receivables Trust, | |||
c | Series 2020-2 Class C, 3.88% due 4/13/2026 | 11,500,000 | 12,156,687 |
c | Series 2020-2 Class D, 5.65% due 5/13/2026 | 4,250,000 | 4,667,158 |
Arivo Acceptance Auto Loan Receivables Trust, | |||
c | Series 2019-1 Class A, 2.99% due 7/15/2024 | 4,040,690 | 4,108,745 |
c | Series 2019-1 Class B, 3.37% due 6/15/2025 | 3,547,000 | 3,602,750 |
c | Avid Automobile Receivables Trust, Series 2019-1 Class A, 2.62% due 2/15/2024 | 7,967,260 | 8,068,325 |
c | Avis Budget Rental Car Funding AESOP, LLC, Series 2015-2A Class A, 2.63% due 12/20/2021 | 3,000,000 | 3,005,546 |
CarMax Auto Owner Trust, Series 2020-2 Class D, 5.75% due 5/17/2027 | 19,445,000 | 21,372,992 | |
CarNow Auto Receivables Trust, | |||
c | Series 2019-1A Class A, 2.72% due 11/15/2022 | 4,497,070 | 4,523,599 |
c | Series 2020-1A Class A, 1.76% due 2/15/2023 | 16,117,140 | 16,161,611 |
Carvana Auto Receivables Trust, | |||
c | Series 2019-1A Class D, 3.88% due 10/15/2024 | 11,723,000 | 12,214,963 |
c | Series 2020-N1A Class A, 1.53% due 1/16/2024 | 16,019,758 | 16,121,486 |
c | CIG Auto Receivables Trust, Series 2020-1A Class A, 0.68% due 10/12/2023 | 14,825,000 | 14,825,149 |
CPS Auto Receivables Trust, | |||
c | Series 2017-D Class D, 3.73% due 9/15/2023 | 3,000,000 | 3,072,200 |
c | Series 2019-A Class B, 3.58% due 12/16/2024 | 11,727,478 | 11,842,157 |
c | Series 2019-A Class D, 4.35% due 12/16/2024 | 14,900,000 | 15,609,735 |
c | Series 2020-A Class A, 2.09% due 5/15/2023 | 11,550,916 | 11,640,658 |
Drive Auto Receivables Trust, 4.09% due 6/15/2026 | 12,500,000 | 13,107,202 | |
c | DT Auto Owner Trust, Series 2019-4A Class D, 2.85% due 7/15/2025 | 7,500,000 | 7,710,031 |
c | Exeter Automobile Receivables Trust, Series 2019-3A Class D, 3.11% due 8/15/2025 | 2,000,000 | 2,057,215 |
c | FHF Trust, Series 2020-1A Class A, 2.59% due 12/15/2023 | 25,509,078 | 25,616,798 |
c | Flagship Credit Auto Trust, Series 2019-2 Class D, 3.53% due 5/15/2025 | 3,500,000 | 3,646,674 |
c | Foursight Capital Automobile Receivables Trust, Series 2019-1 Class A2, 2.58% due 3/15/2023 | 3,470,344 | 3,492,421 |
GLS Auto Receivables Issuer Trust, | |||
c | Series 2019-4A Class A, 2.47% due 11/15/2023 | 5,694,778 | 5,761,902 |
c | Series 2020-1A Class A, 2.17% due 2/15/2024 | 17,861,750 | 18,168,431 |
c | Series 2020-3A Class A, 0.69% due 10/16/2023 | 12,230,711 | 12,241,085 |
c | Series 2020-3A Class B, 1.38% due 8/15/2024 | 5,200,000 | 5,247,865 |
GLS Auto Receivables Trust, | |||
c | Series 2018-3A Class A, 3.35% due 8/15/2022 | 531,821 | 533,172 |
c | Series 2019-1A Class A, 3.37% due 1/17/2023 | 2,543,764 | 2,561,329 |
c | NextGear Floorplan Master Owner Trust, Series 2018-2A Class A2, 3.69% due 10/15/2023 | 15,049,000 | 15,534,282 |
b,c | Oscar US Funding Trust IX, LLC, Series 2018-2A Class A4, 3.63% due 9/10/2025 | 1,850,000 | 1,936,037 |
b,c | Oscar US Funding Trust XI, LLC, Series 2019-2A Class A3, 2.59% due 9/11/2023 | 14,400,000 | 14,748,853 |
c | Skopos Auto Receivables Trust, Series 2019-1A Class A, 2.90% due 12/15/2022 | 10,240,747 | 10,310,880 |
Tesla Auto Lease Trust, | |||
c | Series 2018-B Class A, 3.71% due 8/20/2021 | 3,545,233 | 3,578,015 |
c | Series 2020-A Class A2, 0.55% due 5/22/2023 | 7,000,000 | 7,005,295 |
c | U.S. Auto Funding, LLC, Series 2019-1A Class A, 3.61% due 4/15/2022 | 1,532,887 | 1,536,110 |
United Auto Credit Securitization Trust, | |||
c | Series 2019-1 Class D, 3.47% due 8/12/2024 | 6,750,000 | 6,917,118 |
c | Series 2020-1 Class A, 0.85% due 5/10/2022 | 8,787,141 | 8,799,785 |
c | USASF Receivables, LLC, Series 2020-1A Class A, 2.47% due 8/15/2023 | 40,209,573 | 40,590,033 |
a,c | Volvo Financial Equipment Master Owner Trust, Series 2017-A Class A, 0.652% (LIBOR 1 Month + 0.50%) due 11/15/2022 | 3,350,000 | 3,350,872 |
406,338,765 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 23 |
Thornburg Limited Term Income Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Credit Card — 0.8% | |||
c | Fair Square Issuance Trust, Series 2020-AA Class A, 2.90% due 9/20/2024 | $ 32,330,000 | $ 32,331,962 |
c | Fortiva Retail Credit Master Note Business Trust, Series 2018-1 Class A, 5.54% due 11/15/2023 | 12,775,000 | 12,813,607 |
c | Genesis Private Label Amortizing Trust, Series 2020-1 Class A, 2.08% due 7/20/2030 | 13,162,277 | 13,178,251 |
c | Genesis Sales Finance Master Trust, Series 2019-AA Class A, 4.68% due 8/20/2023 | 7,300,000 | 7,337,945 |
65,661,765 | |||
Other Asset Backed — 12.7% | |||
Freed ABS Trust, | |||
c | Series 2020-FP1 Class A, 2.52% due 3/18/2027 | 9,581,002 | 9,639,074 |
c | Series 2019-1 Class A, 3.42% due 6/18/2026 | 101,979 | 102,146 |
c | Series 2019-1 Class B, 3.87% due 6/18/2026 | 4,125,000 | 4,152,078 |
c | Series 2019-2 Class A, 2.62% due 11/18/2026 | 4,971,409 | 4,998,470 |
c | Series 2019-2 Class B, 3.19% due 11/18/2026 | 2,500,000 | 2,497,938 |
c | Series 2020-2CP Class A, 4.52% due 6/18/2027 | 11,363,474 | 11,500,957 |
c | Series 2020-3FP Class A, 2.40% due 9/20/2027 | 7,493,994 | 7,528,767 |
c | Amur Equipment Finance Receivables VIII, LLC, Series 2020-1A Class A2, 1.68% due 8/20/2025 | 17,900,000 | 17,930,944 |
Appalachian Consumer Rate Relief Funding, LLC, Series 2013-1 Class A1, 2.008% due 2/1/2024 | 4,294,593 | 4,381,402 | |
Aqua Finance Trust, | |||
c | Series 2017-A Class A, 3.72% due 11/15/2035 | 2,203,037 | 2,210,919 |
c | Series 2019-A Class A, 3.14% due 7/16/2040 | 15,780,166 | 16,151,466 |
c | Series 2020-AA Class A, 1.90% due 7/17/2046 | 46,000,000 | 46,164,418 |
c | Series 2020-AA Class C, 3.97% due 7/17/2046 | 6,300,000 | 6,353,080 |
Avant Loans Funding Trust, | |||
c | Series 2019-A Class A, 3.48% due 7/15/2022 | 607,730 | 608,217 |
c | Series 2019-B Class B, 3.15% due 10/15/2026 | 4,850,000 | 4,870,793 |
c | AXIS Equipment Finance Receivables VI, LLC, Series 2018-2A Class A2, 3.89% due 7/20/2022 | 3,055,093 | 3,113,231 |
c | AXIS Equipment Finance Receivables VII, LLC, Series 2019-1A Class A2, 2.63% due 6/20/2024 | 7,333,030 | 7,428,094 |
c | Bankers Healthcare Group Securitization Trust, Series 2020-A Class A, 2.47% due 9/17/2031 | 6,658,469 | 6,658,800 |
a,c | Bayview Opportunity Master Fund IV Trust, Series 2017-RT1 Class A1, 3.00% due 3/28/2057 | 2,237,608 | 2,294,574 |
c | BCC Funding Corp. XVI, LLC, Series 2019-1A Class A2, 2.46% due 8/20/2024 | 23,255,758 | 23,414,449 |
c | BCC Funding XIV, LLC, Series 2018-1A Class A2, 2.96% due 6/20/2023 | 475,065 | 476,087 |
c | BRE Grand Islander Timeshare Issuer, LLC, Series 2017-1A Class A, 2.94% due 5/25/2029 | 2,333,398 | 2,371,066 |
c | CFG Investments Ltd., Series 2019-1 Class A, 5.56% due 8/15/2029 | 6,000,000 | 6,054,088 |
Conn’s Receivables Funding, LLC, | |||
c | Series 2019-A Class A, 3.40% due 10/16/2023 | 1,173,055 | 1,177,030 |
c | Series 2019-B Class A, 2.66% due 6/17/2024 | 1,512,824 | 1,511,713 |
Consumer Loan Underlying Bond Credit Trust, | |||
c | Series 2018-P2 Class A, 3.47% due 10/15/2025 | 649,237 | 651,080 |
c | Series 2018-P3 Class A, 3.82% due 1/15/2026 | 1,167,349 | 1,173,989 |
Dell Equipment Finance Trust, | |||
c | Series 2020-1 Class A2, 2.26% due 6/22/2022 | 11,900,000 | 12,100,928 |
c | Series 2020-1 Class D, 5.92% due 3/23/2026 | 8,500,000 | 9,189,349 |
Diamond Resorts Owner Trust, | |||
c | Series 2018-1 Class A, 3.70% due 1/21/2031 | 5,799,372 | 6,040,213 |
c | Series 2019-1A Class A, 2.89% due 2/20/2032 | 15,310,845 | 15,697,956 |
b,c | ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | 3,923,444 | 3,442,829 |
Entergy New Orleans Storm Recovery Funding I, LLC, Series 2015-1 Class A, 2.67% due 6/1/2027 | 7,418,265 | 7,549,654 | |
c | ExteNet, LLC, Series 2019-1A Class A2, 3.204% due 7/26/2049 | 9,855,000 | 10,029,645 |
a,c,d | Finance of America HECM Buyout, Series 2020-HB1 Class A, 2.012% due 2/25/2030 | 1,431,961 | 1,441,123 |
Foundation Finance Trust, | |||
c | Series 2017-1A Class A, 3.30% due 7/15/2033 | 2,217,790 | 2,255,617 |
c | Series 2019-1A Class A, 3.86% due 11/15/2034 | 15,953,499 | 16,454,526 |
c | Series 2020-1A Class A, 3.54% due 7/16/2040 | 15,396,575 | 15,917,018 |
c | Series 2020-1A Class B, 4.62% due 7/16/2040 | 3,000,000 | 3,090,269 |
HERO Funding Trust, | |||
c | Series 2015-1A Class A, 3.84% due 9/21/2040 | 4,967,628 | 5,222,047 |
c | Series 2017-2A Class A1, 3.28% due 9/20/2048 | 1,004,367 | 1,038,981 |
Hilton Grand Vacations Trust, | |||
c | Series 2019-AA Class A, 2.34% due 7/25/2033 | 10,306,184 | 10,539,093 |
c | Series 2020-AA Class A, 2.74% due 2/25/2039 | 1,821,973 | 1,885,225 |
c | HIN Timeshare Trust, Series 2020-A Class A, 1.39% due 10/9/2039 | 9,000,000 | 8,985,481 |
c | InSite Issuer, LLC, Series 2020-1A Class A, 1.496% due 9/15/2050 | 13,500,000 | 13,477,467 |
24 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Lendingpoint Asset Securitization Trust, | |||
c | Series 2019-1 Class A, 3.154% due 8/15/2025 | $ 871,984 | $ 871,758 |
c | Series 2019-2 Class A, 3.071% due 11/10/2025 | 4,934,029 | 4,930,179 |
c | Series 2020-1 Class A, 2.512% due 2/10/2026 | 7,954,713 | 7,984,312 |
LL ABS Trust, | |||
c | Series 2019-1A Class A, 2.87% due 3/15/2027 | 5,526,454 | 5,561,538 |
c | Series 2020-1A Class A, 2.33% due 1/17/2028 | 13,700,000 | 13,701,800 |
c | Mariner Finance Issuance Trust, Series 2018-AA Class A, 4.20% due 11/20/2030 | 3,911,000 | 3,930,562 |
Marlette Funding Trust, | |||
c | Series 2019-2A Class A, 3.13% due 7/16/2029 | 2,305,940 | 2,329,606 |
c | Series 2019-4A Class A, 2.39% due 12/17/2029 | 4,151,344 | 4,190,128 |
c | Series 2019-4A Class B, 2.95% due 12/17/2029 | 1,500,000 | 1,521,832 |
c | Series 2020-2A Class A, 1.02% due 9/16/2030 | 12,971,439 | 12,990,478 |
c | MelTel Land Funding, LLC, Series 2019-1A Class A, 3.768% due 4/15/2049 | 9,347,272 | 9,567,705 |
c | Mosaic Solar Loan Trust, Series 2021A Class A, 2.10% due 4/20/2046 | 7,340,709 | 7,465,984 |
Nationstar HECM Loan Trust, | |||
a,c | Series 2019-1A Class A, 2.651% due 6/25/2029 | 4,778,913 | 4,795,020 |
a,c,d | Series 2020-1A Class A1, 1.269% due 9/25/2030 | 34,800,000 | 34,799,979 |
New Residential Advance Receivables Trust Advance Receivables Backed, | |||
c | Series 2019-T4 Class AT4, 2.329% due 10/15/2051 | 17,400,000 | 17,524,570 |
c | Series 2019-T5 Class AT5, 2.425% due 10/15/2051 | 31,000,000 | 30,871,093 |
c | Series 2020-T1 Class AT1, 1.426% due 8/15/2053 | 55,450,000 | 55,470,877 |
a,c,d | Northwind Holdings, LLC, Series 2007-1A Class A1, 1.026% (LIBOR 3 Month + 0.78%) due 12/1/2037 | 306,250 | 303,800 |
c | NP SPE II, LLC, Series 2019-2A Class A1, 2.864% due 11/19/2049 | 33,125,276 | 33,177,404 |
NRZ Advance Receivables Trust 2015-ON1, | |||
c | Series 2020-T2 Class AT2, 1.475% due 9/15/2053 | 40,000,000 | 40,057,668 |
c | Series 2020-T2 Class BT2, 1.724% due 9/15/2053 | 3,000,000 | 3,005,139 |
c | Ocwen Master Advance Receivables Trust, Series 2020-T1 Class AT1, 1.278% due 8/15/2052 | 56,025,000 | 56,230,601 |
c | Oportun Funding VIII, LLC, 3.61% due 3/8/2024 | 10,300,000 | 10,326,656 |
c | Oportun Funding X, LLC, Series 2018-C Class A, 4.10% due 10/8/2024 | 7,550,000 | 7,672,229 |
c | Oportun Funding XIII, LLC, Series 2019-A Class B, 3.87% due 8/8/2025 | 7,500,000 | 7,545,210 |
Pawnee Equipment Receivables, LLC, | |||
c | Series 2019-1 Class A2, 2.29% due 10/15/2024 | 25,117,520 | 25,329,209 |
c | Series 2020-1 Class A, 1.37% due 11/17/2025 | 16,000,000 | 15,970,517 |
PFS Financing Corp., | |||
c | Series 2017-D Class A, 2.40% due 10/17/2022 | 10,000,000 | 10,006,294 |
c | Series 2018-B Class A, 2.89% due 2/15/2023 | 7,400,000 | 7,466,468 |
c | Purchasing Power Funding, LLC, Series 2018-A Class A, 3.34% due 8/15/2022 | 553,570 | 553,964 |
c,d | Scala Funding Co., LLC, Series 2016-1 Class A, 3.91% due 2/15/2021 | 2,000,000 | 1,984,000 |
SCF Equipment Leasing, LLC, | |||
c | Series 2018-1A Class A2, 3.63% due 10/20/2024 | 2,528,885 | 2,558,113 |
c | Series 2019-1A Class A1, 3.04% due 3/20/2023 | 1,826,929 | 1,831,656 |
c | Series 2019-2A Class A1, 2.22% due 6/20/2024 | 12,357,198 | 12,418,044 |
c | Series 2019-2A Class C, 3.11% due 6/21/2027 | 3,000,000 | 3,100,851 |
Sierra Timeshare Receivables Funding, LLC, | |||
c | Series 2015-3A Class A, 2.58% due 9/20/2032 | 1,613,654 | 1,614,605 |
c | Series 2019-1A Class A, 3.20% due 1/20/2036 | 2,308,223 | 2,378,550 |
Small Business Lending Trust, | |||
c | Series 2019-A Class A, 2.85% due 7/15/2026 | 3,311,638 | 3,257,997 |
c | Series 2020-A Class A, 2.62% due 12/15/2026 | 10,627,671 | 10,551,218 |
Sofi Consumer Loan Program, | |||
c | Series 2018-2 Class C, 4.25% due 4/26/2027 | 13,170,000 | 13,402,264 |
c | Series 2019-1 Class D, 4.42% due 2/25/2028 | 2,955,000 | 3,005,774 |
Sofi Consumer Loan Program Trust, | |||
c | Series 2018-1 Class A2, 3.14% due 2/25/2027 | 123,935 | 124,663 |
c | Series 2018-3 Class C 4.67% due 8/25/2027 | 8,085,000 | 8,260,299 |
c | Series 2019-3 Class A, 2.90% due 5/25/2028 | 9,399,979 | 9,509,483 |
c | SoFi Consumer Loan Program Trust, Series 2019-2 Class A, 3.01% due 4/25/2028 | 3,114,780 | 3,151,880 |
c | Sofi Consumer Loan Program, LLC, Series 2017-3 Class A, 2.77% due 5/25/2026 | 342,114 | 343,693 |
c | SpringCastle America Funding, LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 64,275,000 | 64,494,203 |
c | SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2019-T2 Class AT2, 2.32% due 10/15/2052 | 19,637,000 | 19,473,512 |
c | Tax Ease Funding, LLC, Series 2016-1A Class A, 3.131% due 6/15/2028 | 2,353,691 | 2,358,685 |
c | Theorem Funding Trust, Series 2020-1A Class A, 2.48% due 10/15/2026 | 19,725,000 | 19,775,491 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 25 |
Thornburg Limited Term Income Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Towd Point Mortgage Trust, | |||
a,c | Series 2016-5 Class A1, 2.50% due 10/25/2056 | $ 5,862,313 | $ 5,992,603 |
a,c | Series 2017-1 Class A1, 2.75% due 10/25/2056 | 3,216,958 | 3,299,459 |
a,c | Series 2018-1 Class A1, 3.00% due 1/25/2058 | 1,013,782 | 1,057,383 |
a,c | Series 2018-2 Class A1, 3.25% due 3/25/2058 | 8,004,811 | 8,379,667 |
a,c | Series 2018-3 Class A1, 3.75% due 5/25/2058 | 5,571,917 | 6,025,439 |
a,c | Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 10,086,603 | 10,678,284 |
a,c | Series 2019-HY2 Class 1, 1.148% (LIBOR 1 Month + 1.00%) due 5/25/2058 | 28,542,306 | 28,542,303 |
c | Upstart Pass-Through Trust, Series 2020-ST3 Class A, 3.35% due 4/20/2028 | 10,027,065 | 10,133,294 |
Upstart Securitization Trust, | |||
c | Series 2019-1 Class B, 4.19% due 4/20/2026 | 7,706,651 | 7,752,115 |
c | Series 2019-2 Class A, 2.897% due 9/20/2029 | 8,857,435 | 8,928,271 |
c | Series 2019-2 Class B, 3.734% due 9/20/2029 | 10,900,000 | 10,966,990 |
c | Series 2019-3 Class A, 2.684% due 1/21/2030 | 3,291,503 | 3,318,526 |
c | Series 2019-3 Class B, 3.829% due 1/21/2030 | 2,350,000 | 2,383,525 |
c | Series 2020-1 Class B, 3.093% due 4/22/2030 | 3,250,000 | 3,271,812 |
c | VB-S1 Issuer, LLC, Series 2020-1A Class C2, 3.031% due 6/15/2050 | 6,500,000 | 6,773,693 |
1,077,023,216 | |||
Rec Vehicle Loan — 0.2% | |||
c,e | Octane Receivables Trust, Series 2020-1A Class A, 1.71% due 2/20/2025 | 16,900,000 | 16,900,659 |
16,900,659 | |||
Student Loan — 2.3% | |||
c | Commonbond Student Loan Trust, Series 18-CGS, Class A1, 3.87% due 2/25/2046 | 5,451,612 | 5,677,512 |
a,c | Navient Private Education Loan Trust, Student Loan, Series 2015-AA Class A2B, 1.352% (LIBOR 1 Month + 1.20%) due 12/15/2028 | 2,603,190 | 2,608,022 |
a,c | Navient Private Education Refinance Loan Trust, Series 2019-D Class A2B, 1.202% (LIBOR 1 Month + 1.05%) due 12/15/2059 | 14,400,000 | 14,333,164 |
Navient Student Loan Trust, | |||
a | Series 2014-1 Class A3, 0.658% (LIBOR 1 Month + 0.51%) due 6/25/2031 | 7,339,860 | 7,146,245 |
a,c | Series 2016-6A Class A2, 0.898% (LIBOR 1 Month + 0.75%) due 3/25/2066 | 7,891,950 | 7,894,061 |
Nelnet Student Loan Trust, | |||
a,c | Series 2015-2A Class A2, 0.748% (LIBOR 1 Month + 0.60%) due 9/25/2047 | 35,123,621 | 34,418,065 |
a,c | Series 2015-3A Class A2, 0.748% (LIBOR 1 Month + 0.60%) due 2/27/2051 | 2,482,703 | 2,453,043 |
a,c | Series 2016-A Class A1A, 1.898% (LIBOR 1 Month + 1.75%) due 12/26/2040 | 3,527,453 | 3,538,102 |
a,c | Nelnet Student Loan Trust, Student Loan, Series 2013-1A Class A, 0.748% (LIBOR 1 Month + 0.60%) due 6/25/2041 | 4,953,786 | 4,812,556 |
a,c | Pennsylvania Higher Education Assistance Agency, Series 2012-1A Class A1, 0.698% (LIBOR 1 Month + 0.55%) due 5/25/2057 | 1,239,398 | 1,210,183 |
SLM Student Loan Trust, | |||
a | Series 2011-2 Class A2, 1.348% (LIBOR 1 Month + 1.20%) due 10/25/2034 | 13,352,000 | 13,412,571 |
a | Series 2013-6 Class A3, 0.798% (LIBOR 1 Month + 0.65%) due 6/25/2055 | 34,692,922 | 33,993,951 |
SMB Private Education Loan Trust, | |||
a,c | Series 2019-A Class A1, 0.502% (LIBOR 1 Month + 0.35%) due 2/16/2026 | 350,791 | 350,704 |
a,c | Series 2019-B Class A1, 0.502% (LIBOR 1 Month + 0.35%) due 7/15/2026 | 4,663,335 | 4,659,115 |
a,c | Series 2020-A Class A1, 0.452% (LIBOR 1 Month + 0.30%) due 3/15/2027 | 5,849,824 | 5,835,994 |
c | Series 2020-BA Class A1A, 1.29% due 7/15/2053 | 42,550,000 | 42,337,801 |
a,c | SMB Private Education Loan Trust, Student Loan, Series 2015-A Class A3, 1.652% (LIBOR 1 Month + 1.50%) due 2/17/2032 | 10,000,000 | 10,074,998 |
c | Sofi Professional Loan Program, LLC, Series 2017-E Class A2B, 2.72% due 11/26/2040 | 5,314,822 | 5,422,367 |
200,178,454 | |||
Total Asset Backed Securities (Cost $1,735,153,711) | 1,766,102,859 | ||
Corporate Bonds — 33.5% | |||
Automobiles & Components — 1.6% | |||
Automobiles — 1.6% | |||
a,b,c | BMW Finance N.V., 1.047% (LIBOR 3 Month + 0.79%) due 8/12/2022 | 25,800,000 | 25,928,742 |
c | BMW US Capital, LLC, 2.95% due 4/14/2022 | 1,894,000 | 1,963,680 |
Daimler Finance North America, LLC, | |||
a,c | 1.18% (LIBOR 3 Month + 0.90%) due 2/15/2022 | 19,050,000 | 19,106,769 |
c | 2.125% due 3/10/2025 | 16,900,000 | 17,531,215 |
c | 3.40% due 2/22/2022 | 6,000,000 | 6,214,140 |
c | 3.70% due 5/4/2023 | 4,725,000 | 5,059,105 |
c | Harley-Davidson Financial Services, Inc., Series CO, 4.05% due 2/4/2022 | 7,976,000 | 8,242,398 |
26 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Hyundai Capital America, | |||
c | 1.80% due 10/15/2025 | $ 5,440,000 | $ 5,413,616 |
c | 2.375% due 2/10/2023 | 11,460,000 | 11,770,222 |
c | 3.95% due 2/1/2022 | 13,767,000 | 14,279,408 |
c | 6.375% due 4/8/2030 | 7,872,000 | 10,089,149 |
b,c | Hyundai Capital Services, Inc., 3.75% due 3/5/2023 | 2,029,000 | 2,149,868 |
a,c | Nissan Motor Acceptance Corp., 0.916% (LIBOR 3 Month + 0.65%) due 7/13/2022 | 1,560,000 | 1,521,156 |
c | Volkswagen Group of America Finance, LLC, 2.50% due 9/24/2021 | 5,375,000 | 5,473,900 |
Trading Companies & Distributors — 0.0% | |||
b,c | Mitsubishi UFJ Lease & Finance Co. Ltd., 3.406% due 2/28/2022 | 2,800,000 | 2,887,584 |
137,630,952 | |||
Banks — 1.3% | |||
Banks — 1.3% | |||
a,b,c | ABN AMRO Bank N.V., 0.821% (LIBOR 3 Month + 0.57%) due 8/27/2021 | 6,800,000 | 6,828,220 |
b,c | Banco Nacional de Panama, 2.50% due 8/11/2030 | 6,100,000 | 5,994,531 |
a,b | Barclays Bank plc, 0.726% (LIBOR 3 Month + 0.46%) due 1/11/2021 | 7,000,000 | 7,004,620 |
a | Capital One NA/Mclean VA, 1.063% (LIBOR 3 Month + 0.82%) due 8/8/2022 | 28,150,000 | 28,307,640 |
a | Citizens Bank N.A./Providence RI, 1.168% (LIBOR 3 Month + 0.95%) due 3/29/2023 | 20,500,000 | 20,663,795 |
Santander Holdings USA, Inc., | |||
3.244% due 10/5/2026 | 4,940,000 | 5,273,944 | |
3.45% due 6/2/2025 | 11,276,000 | 12,038,258 | |
b,c | Sumitomo Mitsui Trust Bank Ltd., 0.80% due 9/12/2023 | 14,760,000 | 14,785,239 |
Zions Bancorp N.A., 3.35% due 3/4/2022 | 6,750,000 | 6,946,155 | |
107,842,402 | |||
Capital Goods — 0.6% | |||
Aerospace & Defense — 0.1% | |||
Boeing Co., 5.15% due 5/1/2030 | 5,717,000 | 6,454,036 | |
Industrial Conglomerates — 0.0% | |||
a | General Electric Co. MTN, 1.25% (LIBOR 3 Month + 1.00%) due 3/15/2023 | 2,625,000 | 2,612,636 |
Ingersoll-Rand Co. (Guaranty: Ingersoll-Rand plc), 6.391% due 11/15/2027 | 3,000,000 | 3,764,100 | |
Machinery — 0.5% | |||
Flowserve Corp., 3.50% due 10/1/2030 | 8,414,000 | 8,330,197 | |
c | Huntington Ingalls Industries, Inc., 4.20% due 5/1/2030 | 5,920,000 | 6,791,365 |
Nvent Finance Sarl, | |||
b | 3.95% due 4/15/2023 | 7,980,000 | 8,297,205 |
b | 4.55% due 4/15/2028 | 7,023,000 | 7,539,893 |
a | Otis Worldwide Corp., 0.754% (LIBOR 3 Month + 0.45%) due 4/5/2023 | 9,850,000 | 9,842,612 |
53,632,044 | |||
Commercial & Professional Services — 0.2% | |||
Commercial Services & Supplies — 0.2% | |||
c | CoStar Group, Inc., 2.80% due 7/15/2030 | 11,350,000 | 11,757,805 |
Quanta Services, Inc., 2.90% due 10/1/2030 | 7,579,000 | 7,738,993 | |
19,496,798 | |||
Consumer Durables & Apparel — 0.2% | |||
Household Durables — 0.2% | |||
Panasonic Corp., | |||
b,c | 2.536% due 7/19/2022 | 16,810,000 | 17,314,636 |
b,c | 2.679% due 7/19/2024 | 2,000,000 | 2,131,340 |
19,445,976 | |||
Consumer Services — 0.3% | |||
Hotels, Restaurants & Leisure — 0.1% | |||
Starbucks Corp., 2.55% due 11/15/2030 | 9,790,000 | 10,370,939 | |
Transportation Infrastructure — 0.2% | |||
b,c | Adani Ports & Special Economic Zone Ltd., 3.375% due 7/24/2024 | 13,465,000 | 13,694,443 |
24,065,382 | |||
Diversified Financials — 5.6% | |||
Capital Markets — 1.5% |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 27 |
Thornburg Limited Term Income Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Ares Capital Corp., | |||
3.25% due 7/15/2025 | $ 8,155,000 | $ 8,087,640 | |
3.50% due 2/10/2023 | 5,638,000 | 5,789,944 | |
4.20% due 6/10/2024 | 6,509,000 | 6,763,762 | |
4.25% due 3/1/2025 | 4,560,000 | 4,722,610 | |
c | Ares Finance Co., LLC, 4.00% due 10/8/2024 | 5,000,000 | 5,343,750 |
b | Genpact Luxembourg Sarl, 3.375% due 12/1/2024 | 7,160,000 | 7,501,460 |
Intercontinental Exchange, Inc., 2.10% due 6/15/2030 | 9,817,000 | 10,143,612 | |
Legg Mason, Inc., 4.75% due 3/15/2026 | 5,000,000 | 5,951,000 | |
Main Street Capital Corp., 5.20% due 5/1/2024 | 3,720,000 | 3,906,967 | |
c | Owl Rock Technology Finance Corp., 4.75% due 12/15/2025 | 14,650,000 | 14,572,794 |
Solar Capital Ltd., 4.50% due 1/20/2023 | 12,000,000 | 12,339,960 | |
b,c | SumitG Guaranteed Secured Obligation Issuer DAC, 2.251% due 11/2/2020 | 15,000,000 | 15,016,800 |
TPG Specialty Lending, Inc., 3.875% due 11/1/2024 | 27,220,000 | 27,675,663 | |
Consumer Finance — 0.4% | |||
Wells Fargo & Co., | |||
a | 2.879% (LIBOR 3 Month + 1.17%) due 10/30/2030 | 1,600,000 | 1,711,360 |
a | 4.478% (LIBOR 3 Month + 3.77%) due 4/4/2031 | 14,900,000 | 18,022,891 |
a,c | Wells Fargo Bank NA, 1.00% (LIBOR 3 Month + 0.20%) due 5/18/2022 | 14,750,000 | 14,763,128 |
Diversified Financial Services — 3.1% | |||
a | Bank of America Corp., 1.898% (SOFR + 1.53%) due 7/23/2031 | 19,137,000 | 19,092,602 |
a,b | Barclays plc, 1.66% (LIBOR 3 Month + 1.38%) due 5/16/2024 | 17,500,000 | 17,575,425 |
a,b,c | BNP Paribas S.A., 2.219% (SOFR + 2.07%) due 6/9/2026 | 4,800,000 | 4,949,376 |
Citigroup, Inc., | |||
a | 2.572% (SOFR + 2.11%) due 6/3/2031 | 9,720,000 | 10,176,937 |
2.65% due 10/26/2020 | 4,890,000 | 4,897,873 | |
a | 3.106% (SOFR + 2.75%) due 4/8/2026 | 4,265,000 | 4,598,950 |
3.40% due 5/1/2026 | 9,700,000 | 10,786,982 | |
a | 4.412% (SOFR + 3.91%) due 3/31/2031 | 10,815,000 | 12,956,694 |
b | Credit Suisse Group Funding Guernsey Ltd. (Guaranty: Credit Suisse Group AG), 3.125% due 12/10/2020 | 10,000,000 | 10,052,900 |
Deutsche Bank AG, | |||
a,b | 1.073% (LIBOR 3 Month + 0.82%) due 1/22/2021 | 8,650,000 | 8,632,959 |
a,b | 1.481% (LIBOR 3 Month + 1.23%) due 2/27/2023 | 17,100,000 | 16,825,716 |
b | 5.00% due 2/14/2022 | 6,350,000 | 6,637,655 |
HSBC Holdings plc, | |||
a,b | 1.645% (SOFR + 1.54%) due 4/18/2026 | 3,025,000 | 3,012,749 |
a,b | 2.013% (SOFR + 1.73%) due 9/22/2028 | 9,550,000 | 9,445,905 |
a,b | 2.099% (SOFR + 1.93%) due 6/4/2026 | 6,800,000 | 6,896,016 |
a,b | 2.357% (SOFR + 1.95%) due 8/18/2031 | 4,000,000 | 3,961,720 |
Lloyds Banking Group plc, | |||
a,b | 2.438% (H15T1Y + 1.00%) due 2/5/2026 | 5,955,000 | 6,173,013 |
a,b | 3.87% (H15T1Y + 3.50%) due 7/9/2025 | 7,000,000 | 7,618,870 |
b | Mitsubishi UFJ Financial Group, Inc., 2.623% due 7/18/2022 | 10,800,000 | 11,188,908 |
Mizuho Financial Group, Inc., | |||
a,b | 0.88% (LIBOR 3 Month + 0.63%) due 5/25/2024 | 8,800,000 | 8,777,824 |
a,b | 2.226% (LIBOR 3 Month + 0.83%) due 5/25/2026 | 4,800,000 | 4,994,304 |
a,b | 3.922% (LIBOR 3 Month + 1.00%) due 9/11/2024 | 10,850,000 | 11,789,067 |
Morgan Stanley, | |||
a | 0.785% (SOFR + 0.70%) due 1/20/2023 | 15,775,000 | 16,011,940 |
a | 0.903% (SOFR + 0.83%) due 6/10/2022 | 4,675,000 | 4,689,867 |
c | National Securities Clearing Corp., 1.50% due 4/23/2025 | 7,000,000 | 7,215,040 |
a,b | Natwest Group PLC, 1.75% (LIBOR 3 Month + 1.47%) due 5/15/2023 | 1,952,000 | 1,960,804 |
Societe Generale S.A., | |||
b,c | 2.625% due 1/22/2025 | 4,000,000 | 4,128,680 |
b,c | 3.875% due 3/28/2024 | 8,000,000 | 8,594,880 |
b,c | 4.25% due 9/14/2023 | 9,000,000 | 9,738,720 |
a,b,c | UBS Group AG, 2.048% (LIBOR 3 Month + 1.78%) due 4/14/2021 | 5,800,000 | 5,850,228 |
Insurance — 0.5% | |||
a,c | AIG Global Funding, 0.685% (LIBOR 3 Month + 0.46%) due 6/25/2021 | 9,910,000 | 9,936,261 |
c | Global Atlantic Fin Co., 4.40% due 10/15/2029 | 27,285,000 | 28,507,641 |
Mortgage Real Estate Investment Trusts — 0.1% | |||
Senior Housing Properties Trust, 4.75% due 2/15/2028 | 13,026,000 | 11,499,483 |
28 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
471,489,330 | |||
Energy — 3.0% | |||
Energy Equipment & Services — 0.1% | |||
c | Hanwha Energy USA Holdings Corp., 2.375% due 7/30/2022 | $ 5,100,000 | $ 5,241,423 |
Oceaneering International, Inc., 4.65% due 11/15/2024 | 10,000,000 | 7,305,300 | |
b,c,f,g | Schahin II Finance Co. SPV Ltd., 5.875% due 9/25/2023 | 3,997,362 | 257,630 |
Oil, Gas & Consumable Fuels — 2.9% | |||
BP Capital Markets America, Inc., | |||
a | 0.877% (LIBOR 3 Month + 0.65%) due 9/19/2022 | 6,771,000 | 6,795,714 |
1.749% due 8/10/2030 | 4,765,000 | 4,724,736 | |
Buckeye Partners L.P., 4.15% due 7/1/2023 | 7,000,000 | 6,906,830 | |
c | Colonial Enterprises, Inc., 3.25% due 5/15/2030 | 6,910,000 | 7,733,879 |
c | Colorado Interstate Gas Co., LLC / Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 9,168,000 | 10,338,937 |
Energen Corp., 4.625% due 9/1/2021 | 10,000,000 | 10,118,400 | |
EQM Midstream Partners L.P., Series 5Y, 4.75% due 7/15/2023 | 11,440,000 | 11,419,522 | |
b | Equinor ASA, 2.375% due 5/22/2030 | 6,525,000 | 6,895,033 |
Exxon Mobil Corp., 3.482% due 3/19/2030 | 9,670,000 | 11,146,029 | |
c | Florida Gas Transmission Co., LLC, 3.875% due 7/15/2022 | 10,435,000 | 10,879,531 |
Gray Oak Pipeline, LLC, | |||
c | 2.00% due 9/15/2023 | 5,293,000 | 5,319,518 |
c | 3.45% due 10/15/2027 | 3,068,000 | 3,136,785 |
Gulf South Pipeline Co. L.P., 4.00% due 6/15/2022 | 13,850,000 | 14,238,493 | |
HollyFrontier Corp., 2.625% due 10/1/2023 | 4,986,000 | 4,995,274 | |
b,c | Lukoil Securities B.V., 3.875% due 5/6/2030 | 9,300,000 | 9,828,891 |
Marathon Petroleum Corp., 4.70% due 5/1/2025 | 4,825,000 | 5,444,675 | |
c | Midwest Connector Capital Co., LLC, 4.625% due 4/1/2029 | 16,535,000 | 16,690,925 |
NuStar Logistics L.P., 4.75% due 2/1/2022 | 5,000,000 | 5,004,700 | |
Occidental Petroleum Corp., | |||
a | 1.504% (LIBOR 3 Month + 1.25%) due 8/13/2021 | 3,950,000 | 3,950,000 |
a | 1.73% (LIBOR 3 Month + 1.45%) due 8/15/2022 | 11,200,000 | 10,155,824 |
ONEOK, Inc., | |||
3.40% due 9/1/2029 | 8,903,000 | 8,674,905 | |
5.85% due 1/15/2026 | 3,870,000 | 4,455,995 | |
6.35% due 1/15/2031 | 5,438,000 | 6,315,802 | |
b | Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), 6.50% due 1/23/2029 | 10,007,000 | 8,952,062 |
b,c | Sinopec Group Overseas Development 2018 Ltd., 3.75% due 9/12/2023 | 11,800,000 | 12,694,086 |
c | Tennessee Gas Pipeline Co., LLC, 2.90% due 3/1/2030 | 17,879,000 | 18,503,513 |
c | Texas Gas Transmission, LLC, 4.50% due 2/1/2021 | 17,624,000 | 17,670,175 |
255,794,587 | |||
Food & Staples Retailing — 0.4% | |||
Food & Staples Retailing — 0.4% | |||
b,c | Alimentation Couche-Tard, Inc., 2.70% due 7/26/2022 | 15,850,000 | 16,362,906 |
b,c | CK Hutchison International 20 Ltd., 2.50% due 5/8/2030 | 4,000,000 | 4,201,560 |
Walgreens Boots Alliance, Inc., 3.20% due 4/15/2030 | 14,360,000 | 15,041,238 | |
35,605,704 | |||
Food, Beverage & Tobacco — 1.3% | |||
Beverages — 0.3% | |||
b,c | Becle SAB de CV, 3.75% due 5/13/2025 | 13,750,000 | 14,679,225 |
Constellation Brands, Inc., 2.875% due 5/1/2030 | 3,695,000 | 3,974,822 | |
Molson Coors Brewing Co., 2.10% due 7/15/2021 | 3,035,000 | 3,066,807 | |
Food Products — 0.8% | |||
Campbell Soup Co., 2.375% due 4/24/2030 | 4,860,000 | 5,058,725 | |
a | Conagra Brands, Inc., 0.768% (LIBOR 3 Month + 0.50%) due 10/9/2020 | 14,850,000 | 14,851,337 |
General Mills, Inc., | |||
a | 0.811% (LIBOR 3 Month + 0.54%) due 4/16/2021 | 3,380,000 | 3,387,267 |
a | 1.283% (LIBOR 3 Month + 1.01%) due 10/17/2023 | 2,475,000 | 2,502,968 |
Ingredion, Inc., 2.90% due 6/1/2030 | 14,725,000 | 15,983,987 | |
JM Smucker Co., 2.375% due 3/15/2030 | 25,057,000 | 26,144,223 | |
Tobacco — 0.2% | |||
Altria Group, Inc., 3.40% due 5/6/2030 | 4,870,000 | 5,301,287 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 29 |
Thornburg Limited Term Income Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
BAT Capital Corp., 2.726% due 3/25/2031 | $ 2,950,000 | $ 2,928,170 | |
BAT International Finance plc, | |||
b | 1.668% due 3/25/2026 | 4,764,000 | 4,773,433 |
b,c | 3.95% due 6/15/2025 | 3,000,000 | 3,332,070 |
b,c | Imperial Brands Finance plc, 3.50% due 7/26/2026 | 3,000,000 | 3,245,250 |
109,229,571 | |||
Health Care Equipment & Services — 1.0% | |||
Health Care Equipment & Supplies — 0.5% | |||
c | Alcon Finance Corp., 2.60% due 5/27/2030 | 4,800,000 | 5,086,080 |
Boston Scientific Corp., 2.65% due 6/1/2030 | 6,824,000 | 7,255,208 | |
DENTSPLY SIRONA, Inc., 3.25% due 6/1/2030 | 4,755,000 | 5,166,926 | |
Zimmer Biomet Holdings, Inc., 3.55% due 3/20/2030 | 23,326,000 | 26,083,133 | |
Health Care Providers & Services — 0.5% | |||
AmerisourceBergen Corp., 2.80% due 5/15/2030 | 14,705,000 | 15,681,706 | |
Catholic Health Initiatives, 2.95% due 11/1/2022 | 7,000,000 | 7,298,830 | |
Express Scripts Holding Co., 2.60% due 11/30/2020 | 9,750,000 | 9,783,540 | |
c | Health Care Service Corp., 2.20% due 6/1/2030 | 6,860,000 | 7,024,229 |
83,379,652 | |||
Household & Personal Products — 0.1% | |||
Household Products — 0.1% | |||
Kimberly-Clark de Mexico SAB de CV, | |||
b,c | 2.431% due 7/1/2031 | 3,800,000 | 3,868,818 |
b,c | 3.80% due 4/8/2024 | 3,000,000 | 3,216,180 |
7,084,998 | |||
Insurance — 3.5% | |||
Insurance — 3.5% | |||
b,c | AIA Group Ltd., 3.375% due 4/7/2030 | 4,800,000 | 5,374,848 |
Alleghany Corp., 3.625% due 5/15/2030 | 4,860,000 | 5,466,722 | |
c | Belrose Funding Trust, 2.33% due 8/15/2030 | 9,685,000 | 9,611,781 |
Brighthouse Financial, Inc., 5.625% due 5/15/2030 | 10,707,000 | 12,485,219 | |
Brown & Brown, Inc., 2.375% due 3/15/2031 | 3,758,000 | 3,781,938 | |
b,c | DaVinciRe Holdings Ltd., 4.75% due 5/1/2025 | 10,260,000 | 11,242,190 |
Enstar Group Ltd., | |||
b | 4.50% due 3/10/2022 | 1,950,000 | 2,023,457 |
b | 4.95% due 6/1/2029 | 19,899,000 | 22,158,929 |
c | Equitable Financial Life Global Funding, 1.40% due 7/7/2025 - 8/27/2027 | 22,031,000 | 22,323,713 |
b,c | Fairfax Financial Holdings Ltd., 4.625% due 4/29/2030 | 19,677,000 | 21,367,451 |
Fidelity National Financial, Inc., | |||
2.45% due 3/15/2031 | 11,554,000 | 11,438,807 | |
3.40% due 6/15/2030 | 11,286,000 | 12,129,741 | |
First American Financial Corp., 4.00% due 5/15/2030 | 4,845,000 | 5,317,678 | |
c | Five Corners Funding Trust II, 2.85% due 5/15/2030 | 12,650,000 | 13,600,141 |
Horace Mann Educators Corp., 4.50% due 12/1/2025 | 4,800,000 | 5,264,448 | |
Infinity Property & Casualty Corp., 5.00% due 9/19/2022 | 4,690,000 | 4,995,929 | |
Jackson National Life Global Funding, | |||
a,c | 0.73% (LIBOR 3 Month + 0.48%) due 6/11/2021 | 6,150,000 | 6,164,945 |
c | 3.25% due 1/30/2024 | 10,000,000 | 10,737,100 |
b,c | Lancashire Holdings Ltd., 5.70% due 10/1/2022 | 11,000,000 | 11,751,410 |
c | MassMutual Global Funding II, 2.95% due 1/11/2025 | 15,000,000 | 16,350,300 |
Mercury General Corp., 4.40% due 3/15/2027 | 3,751,000 | 4,060,533 | |
c | Metropolitan Life Global Funding I, 2.95% due 4/9/2030 | 5,000,000 | 5,601,350 |
b | Montpelier Re Holdings Ltd., 4.70% due 10/15/2022 | 5,000,000 | 5,305,550 |
c | Protective Life Corp., 3.40% due 1/15/2030 | 19,740,000 | 21,149,239 |
a,c | Protective Life Global Funding, 0.753% (LIBOR 3 Month + 0.52%) due 6/28/2021 | 17,000,000 | 17,048,450 |
Reliance Standard Life Global Funding II, | |||
c | 2.75% due 5/7/2025 | 13,490,000 | 14,201,867 |
c | 3.85% due 9/19/2023 | 9,950,000 | 10,702,021 |
c | Sammons Financial Group, Inc., 4.45% due 5/12/2027 | 7,950,000 | 8,328,499 |
299,984,256 |
30 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Materials — 0.6% | |||
Chemicals — 0.3% | |||
a | Albemarle Corp., 1.33% (LIBOR 3 Month + 1.05%) due 11/15/2022 | $ 5,012,000 | $ 4,992,604 |
c | Chevron Phillips Chemical Co., LLC / Chevron Phillips Chemical Co., L.P., 5.125% due 4/1/2025 | 9,870,000 | 11,602,678 |
b,c | OCP S.A., 5.625% due 4/25/2024 | 8,555,000 | 9,283,202 |
Containers & Packaging — 0.2% | |||
b,c | CCL Industries, Inc., 3.05% due 6/1/2030 | 9,810,000 | 10,458,441 |
Sonoco Products Co., 3.125% due 5/1/2030 | 3,502,000 | 3,805,238 | |
Metals & Mining — 0.1% | |||
b | AngloGold Ashanti Holdings plc (Guaranty: AngloGold Ashanti Ltd.), 5.125% due 8/1/2022 | 6,500,000 | 6,833,450 |
b,c | Newcrest Finance Pty Ltd., 3.25% due 5/13/2030 | 4,935,000 | 5,383,295 |
52,358,908 | |||
Media & Entertainment — 0.1% | |||
Interactive Media & Services — 0.1% | |||
b | Baidu, Inc., 3.875% due 9/29/2023 | 6,000,000 | 6,439,440 |
6,439,440 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 1.1% | |||
Biotechnology — 0.6% | |||
Biogen, Inc., 2.25% due 5/1/2030 | 6,810,000 | 6,958,662 | |
Gilead Sciences, Inc., 0.75% due 9/29/2023 | 11,732,000 | 11,752,062 | |
Regeneron Pharmaceuticals, Inc., 1.75% due 9/15/2030 | 19,469,000 | 19,045,354 | |
Royalty Pharma plc, | |||
b,c | 1.20% due 9/2/2025 | 7,532,000 | 7,508,651 |
b,c | 1.75% due 9/2/2027 | 3,816,000 | 3,818,366 |
Pharmaceuticals — 0.5% | |||
AbbVie, Inc., | |||
c | 2.95% due 11/21/2026 | 2,460,000 | 2,678,891 |
c | 3.45% due 3/15/2022 | 5,000,000 | 5,182,000 |
a,b | AstraZeneca plc, 0.945% (LIBOR 3 Month + 0.67%) due 8/17/2023 | 10,524,000 | 10,594,826 |
Bayer US Finance II, LLC, | |||
a,c | 0.855% (LIBOR 3 Month + 0.63%) due 6/25/2021 | 9,500,000 | 9,510,450 |
c | 4.25% due 12/15/2025 | 2,500,000 | 2,858,075 |
b | Perrigo Finance Unlimited Co., 3.15% due 6/15/2030 | 3,450,000 | 3,574,890 |
b | Shire Acquisitions Investments Ireland DAC, 2.40% due 9/23/2021 | 1,353,000 | 1,377,192 |
c | Upjohn, Inc., 2.30% due 6/22/2027 | 4,935,000 | 5,089,663 |
89,949,082 | |||
Real Estate — 0.7% | |||
Equity Real Estate Investment Trusts — 0.7% | |||
Alexandria Real Estate Equities, Inc., 4.90% due 12/15/2030 | 6,780,000 | 8,556,224 | |
American Tower Corp., | |||
2.40% due 3/15/2025 | 7,375,000 | 7,806,143 | |
3.375% due 5/15/2024 | 5,475,000 | 5,929,261 | |
Lexington Realty Trust, 2.70% due 9/15/2030 | 4,130,000 | 4,205,579 | |
c | SBA Tower Trust, 2.836% due 1/15/2050 | 12,525,000 | 13,159,015 |
b,c | Scentre Group Trust 1 / Scentre Group Trust 2, 4.375% due 5/28/2030 | 3,809,000 | 4,263,376 |
Service Properties Trust, | |||
4.35% due 10/1/2024 | 10,161,000 | 9,183,410 | |
4.65% due 3/15/2024 | 4,233,000 | 3,951,336 | |
5.25% due 2/15/2026 | 4,020,000 | 3,702,058 | |
60,756,402 | |||
Retailing — 0.6% | |||
Internet & Direct Marketing Retail — 0.1% | |||
Booking Holdings, Inc., 4.625% due 4/13/2030 | 7,323,000 | 8,769,952 | |
Multiline Retail — 0.2% | |||
Family Dollar Stores, Inc., 5.00% due 2/1/2021 | 18,475,000 | 18,732,911 | |
Specialty Retail — 0.3% | |||
Advance Auto Parts, Inc., | |||
1.75% due 10/1/2027 | 4,763,000 | 4,747,091 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 31 |
Thornburg Limited Term Income Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
3.90% due 4/15/2030 | $ 15,465,000 | $ 17,388,537 | |
AutoNation, Inc., 4.75% due 6/1/2030 | 2,090,000 | 2,462,940 | |
52,101,431 | |||
Semiconductors & Semiconductor Equipment — 0.9% | |||
Semiconductors & Semiconductor Equipment — 0.9% | |||
Broadcom, Inc., | |||
3.459% due 9/15/2026 | 3,127,000 | 3,424,472 | |
4.11% due 9/15/2028 | 15,820,000 | 17,681,540 | |
4.15% due 11/15/2030 | 2,980,000 | 3,345,437 | |
4.75% due 4/15/2029 | 8,775,000 | 10,195,585 | |
5.00% due 4/15/2030 | 2,607,000 | 3,075,269 | |
Micron Technology, Inc., | |||
4.663% due 2/15/2030 | 11,731,000 | 13,809,381 | |
5.327% due 2/6/2029 | 7,690,000 | 9,239,535 | |
Xilinx, Inc., 2.375% due 6/1/2030 | 13,277,000 | 13,963,952 | |
74,735,171 | |||
Software & Services — 1.7% | |||
Information Technology Services — 0.5% | |||
c | Leidos, Inc., 4.375% due 5/15/2030 | 3,444,000 | 4,029,652 |
Moody’s Corp., 3.75% due 3/24/2025 | 19,940,000 | 22,466,996 | |
Total System Services, Inc., | |||
3.80% due 4/1/2021 | 3,000,000 | 3,039,480 | |
4.00% due 6/1/2023 | 3,835,000 | 4,159,058 | |
Western Union Co., 2.85% due 1/10/2025 | 7,256,000 | 7,653,048 | |
Interactive Media & Services — 0.1% | |||
b | Baidu, Inc., 4.375% due 5/14/2024 | 6,376,000 | 7,006,587 |
Internet Software & Services — 0.3% | |||
b,c | Tencent Holdings Ltd., 2.39% due 6/3/2030 | 24,650,000 | 25,093,207 |
Software — 0.8% | |||
Citrix Systems, Inc., 4.50% due 12/1/2027 | 20,303,000 | 23,237,596 | |
c | Infor, Inc., 1.75% due 7/15/2025 | 12,382,000 | 12,744,421 |
ServiceNow, Inc., 1.40% due 9/1/2030 | 9,700,000 | 9,445,084 | |
VMware, Inc., 4.50% due 5/15/2025 | 22,691,000 | 25,669,647 | |
144,544,776 | |||
Technology Hardware & Equipment — 1.8% | |||
Communications Equipment — 0.4% | |||
Motorola Solutions, Inc., 2.30% due 11/15/2030 | 9,474,000 | 9,425,020 | |
b | Telefonaktiebolaget LM Ericsson, 4.125% due 5/15/2022 | 21,215,000 | 22,054,265 |
b,c | Xiaomi Best Time International Ltd., 3.375% due 4/29/2030 | 6,300,000 | 6,595,218 |
Electronic Equipment, Instruments & Components — 0.8% | |||
b | Allegion plc, 3.50% due 10/1/2029 | 9,280,000 | 10,149,629 |
b | Flex Ltd., 4.875% due 5/12/2030 | 30,681,000 | 34,957,625 |
Ingram Micro, Inc., 5.45% due 12/15/2024 | 5,596,000 | 5,971,603 | |
Trimble, Inc., 4.75% due 12/1/2024 | 17,000,000 | 18,813,560 | |
Technology Hardware, Storage & Peripherals — 0.6% | |||
c | Dell International, LLC / EMC Corp., 5.85% due 7/15/2025 | 3,815,000 | 4,449,244 |
Hewlett Packard Enterprise Co., 4.65% due 10/1/2024 | 7,560,000 | 8,530,704 | |
HP, Inc., 3.00% due 6/17/2027 | 22,397,000 | 24,175,769 | |
NetApp, Inc., 2.375% due 6/22/2027 | 10,375,000 | 10,832,849 | |
155,955,486 | |||
Telecommunication Services — 0.7% | |||
Diversified Telecommunication Services — 0.1% | |||
AT&T, Inc., | |||
1.65% due 2/1/2028 | 2,905,000 | 2,906,482 | |
2.30% due 6/1/2027 | 4,880,000 | 5,120,438 | |
3.80% due 2/15/2027 | 890,000 | 1,003,252 | |
Qwest Corp., 6.75% due 12/1/2021 | 3,000,000 | 3,162,660 | |
Wireless Telecommunication Services — 0.6% |
32 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Sprint Communications, Inc., 9.25% due 4/15/2022 | $ 44,854,000 | $ 50,015,798 | |
62,208,630 | |||
Transportation — 0.4% | |||
Air Freight & Logistics — 0.1% | |||
TTX Co., | |||
c | 4.15% due 1/15/2024 | 6,000,000 | 6,584,520 |
c | 5.453% due 1/2/2022 | 943,275 | 966,677 |
Airlines — 0.3% | |||
American Airlines Pass Through Trust, Series 2013-2 Class A, 4.95% due 1/15/2023 | 3,344,598 | 2,849,062 | |
US Airways Pass Through Trust, | |||
Series 2010-1 Class A, 6.25% due 10/22/2024 | 3,147,703 | 2,819,398 | |
Series 2013-1 Class B, 5.375% due 5/15/2023 | 19,513,846 | 15,905,541 | |
Diversified Consumer Services — 0.0% | |||
University of Chicago, Series 12-B, 3.065% due 10/1/2024 | 700,000 | 715,267 | |
29,840,465 | |||
Utilities — 5.8% | |||
Electric Utilities — 5.2% | |||
AEP Texas, Inc., 2.10% due 7/1/2030 | 19,455,000 | 19,953,243 | |
c | Alliant Energy Finance, LLC, 3.75% due 6/15/2023 | 9,673,000 | 10,381,644 |
Ameren Corp., 3.50% due 1/15/2031 | 4,605,000 | 5,262,824 | |
American Electric Power Co., Inc., 2.30% due 3/1/2030 | 9,805,000 | 10,107,484 | |
Appalachian Power Co., 3.40% due 6/1/2025 | 7,000,000 | 7,672,140 | |
Avangrid, Inc., | |||
3.15% due 12/1/2024 | 8,870,000 | 9,670,517 | |
3.20% due 4/15/2025 | 9,395,000 | 10,338,822 | |
Black Hills Corp., 2.50% due 6/15/2030 | 5,490,000 | 5,683,577 | |
CenterPoint Energy, Inc., 3.60% due 11/1/2021 | 8,901,000 | 9,190,906 | |
Consolidated Edison Co. of New York, Inc., | |||
Series 20A, 3.35% due 4/1/2030 | 6,835,000 | 7,872,075 | |
a | Series C, 0.625% (LIBOR 3 Month + 0.40%) due 6/25/2021 | 12,575,000 | 12,603,168 |
Dominion Energy, Inc., | |||
3.375% due 4/1/2030 | 2,948,000 | 3,321,482 | |
Series B, 3.60% due 3/15/2027 | 29,576,000 | 33,643,587 | |
Edison International, 2.40% due 9/15/2022 | 4,900,000 | 4,971,687 | |
b,c | Enel Finance International N.V., 4.625% due 9/14/2025 | 18,443,000 | 21,326,932 |
Entergy Arkansas, LLC, 4.00% due 6/1/2028 | 3,965,000 | 4,666,091 | |
Entergy Louisiana, LLC, 4.80% due 5/1/2021 | 4,300,000 | 4,361,748 | |
Entergy Mississippi, Inc., 3.25% due 12/1/2027 | 4,727,000 | 5,179,516 | |
Entergy Texas, Inc., 3.45% due 12/1/2027 | 12,000,000 | 13,073,880 | |
Eversource Energy, | |||
1.65% due 8/15/2030 | 6,560,000 | 6,530,021 | |
3.80% due 12/1/2023 | 12,395,000 | 13,596,695 | |
Exelon Corp., 4.05% due 4/15/2030 | 9,640,000 | 11,275,812 | |
Interstate Power and Light Co., 2.30% due 6/1/2030 | 1,860,000 | 1,963,118 | |
c | ITC Holdings Corp., 2.95% due 5/14/2030 | 14,800,000 | 15,917,696 |
c | Jersey Central Power & Light Co., 4.30% due 1/15/2026 | 7,094,000 | 8,112,627 |
c | Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | 14,660,000 | 14,471,472 |
c | Midland Cogeneration Venture L.P., 6.00% due 3/15/2025 | 2,371,465 | 2,448,135 |
c | Narragansett Electric Co., 3.395% due 4/9/2030 | 6,905,000 | 7,869,421 |
c | Niagara Mohawk Power Corp., 1.96% due 6/27/2030 | 9,775,000 | 10,061,310 |
Northern States Power Co., 3.30% due 6/15/2024 | 10,000,000 | 10,738,600 | |
Oklahoma Gas & Electric Co., 3.25% due 4/1/2030 | 14,795,000 | 16,534,300 | |
Pacific Gas and Electric Co., 1.75% due 6/16/2022 | 19,135,000 | 19,149,351 | |
PacifiCorp, 3.50% due 6/15/2029 | 2,963,000 | 3,436,636 | |
PNM Resources, Inc., 3.25% due 3/9/2021 | 7,784,000 | 7,871,570 | |
PPL Capital Funding, Inc., 4.125% due 4/15/2030 | 24,434,000 | 28,807,686 | |
Public Service Co. of New Mexico, 5.35% due 10/1/2021 | 3,000,000 | 3,098,250 | |
c | Puget Energy, Inc., 4.10% due 6/15/2030 | 4,742,000 | 5,288,516 |
San Diego Gas & Electric Co., 3.60% due 9/1/2023 | 4,212,000 | 4,529,627 | |
Southern Co., Series A, 3.70% due 4/30/2030 | 4,889,000 | 5,577,029 | |
a,c | Southern Power Co., 0.777% (LIBOR 3 Month + 0.55%) due 12/20/2020 | 1,875,000 | 1,875,900 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 33 |
Thornburg Limited Term Income Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
b,c,h | Three Gorges Finance I Cayman Islands Ltd., 1.30% due 9/22/2025 | $ 19,700,000 | $ 19,537,869 |
b,c | Transelec S.A., 4.25% due 1/14/2025 | 6,000,000 | 6,515,160 |
UIL Holdings Corp., 4.625% due 10/1/2020 | 13,335,000 | 13,335,000 | |
Gas Utilities — 0.6% | |||
Dominion Energy Gas Holdings, LLC, 2.80% due 11/15/2020 | 5,225,000 | 5,230,957 | |
NiSource, Inc., 0.95% due 8/15/2025 | 14,735,000 | 14,715,108 | |
Southern Co. Gas Capital Corp., | |||
1.75% due 1/15/2031 | 19,569,000 | 19,371,744 | |
3.50% due 9/15/2021 | 9,925,000 | 10,136,601 | |
Southwest Gas Corp., 2.20% due 6/15/2030 | 4,810,000 | 5,029,096 | |
492,306,630 | |||
Total Corporate Bonds (Cost $2,712,940,933) | 2,845,878,073 | ||
Convertible Bonds — 0.1% | |||
Diversified Financials — 0.1% | |||
Capital Markets — 0.1% | |||
Ares Capital Corp., 4.625% due 3/1/2024 | 4,936,000 | 5,115,029 | |
5,115,029 | |||
Total Convertible Bonds (Cost $4,660,732) | 5,115,029 | ||
Loan Participations — 0.0% | |||
Media & Entertainment — 0.0% | |||
Media — 0.0% | |||
i | Lamar Media Corp., 1.659% (LIBOR 1 Month + 1.50%) due 2/5/2027 | 4,750,000 | 4,641,130 |
4,641,130 | |||
Total Loan Participations (Cost $4,092,678) | 4,641,130 | ||
Municipal Bonds — 0.8% | |||
Colorado Educational & Cultural Facilities Authority, | |||
Series B Class B, | |||
2.244% due 3/1/2021 | 450,000 | 453,029 | |
2.474% due 3/1/2022 | 600,000 | 615,048 | |
2.691% due 3/1/2023 | 580,000 | 606,077 | |
Fort Collins Electric Utility Enterprise Revenue ETM, Series B-Qualified Energy Class B, 4.92% due 12/1/2020 | 1,130,000 | 1,138,068 | |
Municipal Improvement Corp. of Los Angeles (Build America-BDS-Recovery Zone), Series B Class B, 6.165% due 11/1/2020 | 6,125,000 | 6,154,216 | |
New Jersey Transportation Trust Fund Authority, | |||
2.551% due 6/15/2023 | 1,170,000 | 1,182,484 | |
2.631% due 6/15/2024 | 860,000 | 868,067 | |
New York City Transitional Finance Authority Future Tax Secured Revenue (Build America Bonds), 4.075% due 11/1/2020 | 2,500,000 | 2,506,750 | |
New York State Urban Development Corp., Series D-1, 2.55% due 3/15/2022 | 29,675,000 | 30,571,482 | |
Orleans Parish Parishwide School District (Insured: AGM) GO, Series B Class B, 4.40% due 2/1/2021 | 10,000,000 | 10,092,400 | |
Redlands Redevelopment Agency Successor Agency (Insured: AMBAC) ETM, Series A Class A, 5.818% due 8/1/2022 | 555,000 | 596,103 | |
Rutgers The State University of New Jersey, Series K Class K, 3.028% due 5/1/2021 | 1,500,000 | 1,522,275 | |
State of Connecticut GO, | |||
Series A, | |||
3.471% due 9/15/2022 | 4,695,000 | 4,959,892 | |
4.00% due 9/15/2021 | 3,980,000 | 4,114,086 | |
Total Municipal Bonds (Cost $63,850,259) | 65,379,977 | ||
Short-Term Investments — 10.6% | |||
j | Thornburg Capital Management Fund | 90,281,741 | 902,817,411 |
Total Short-Term Investments (Cost $902,817,411) | 902,817,411 | ||
Total Investments — 99.1% (Cost $8,149,057,055) | $8,422,838,192 | ||
Other Assets Less Liabilities — 0.9% | 73,944,334 |
34 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Net Assets — 100.0% | $8,496,782,526 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2020. |
b | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
c | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2020, the aggregate value of these securities in the Fund’s portfolio was $3,203,384,553, representing 37.70% of the Fund’s net assets. |
d | Security currently fair valued by the Valuation and Pricing Committee using procedures approved by the Trustees’ Audit Committee. |
e | When-issued security. |
f | Bond in default. |
g | Non-income producing. |
h | Segregated as collateral for a when-issued security. |
i | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 2020. |
j | Investment in Affiliates. |
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 |
ETM | Escrowed to Maturity |
GO | General Obligation |
H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year |
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 |
UMBS | Uniform Mortgage Backed Securities |
VA | Veterans Affairs |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 35 |
Thornburg Ultra Short Income Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
U.S. Treasury Securities — 0.9% | |||
United States Treasury Notes Inflationary Index, 0.125% due 4/15/2022 | $319,566 | $ 325,104 | |
Total U.S. Treasury Securities (Cost $319,858) | 325,104 | ||
U.S. Government Agencies — 0.4% | |||
Export Leasing (2009), LLC (Guaranty: Export-Import Bank of the United States), 1.859% due 8/28/2021 | 12,272 | 12,327 | |
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a,b | 0.625% (LIBOR 3 Month + 0.35%) due 4/15/2025 | 47,500 | 46,243 |
b | 1.70% due 12/20/2022 | 25,000 | 24,998 |
Small Business Administration Participation Certificates, | |||
Series 2005-20K Class 1, 5.36% due 11/1/2025 | 13,180 | 14,089 | |
Series 2009-20E Class 1, 4.43% due 5/1/2029 | 42,205 | 45,572 | |
Total U.S. Government Agencies (Cost $140,555) | 143,229 | ||
Mortgage Backed — 8.6% | |||
Angel Oak Mortgage Trust, LLC, Whole Loan Securities Trust CMO, | |||
a,c | Series 2017-1 Class A2, 3.085% due 1/25/2047 | 2,635 | 2,635 |
a,c | Series 2017-1 Class A3, 3.644% due 1/25/2047 | 5,060 | 5,059 |
a,c | Series 2017-3 Class A1, 2.708% due 11/25/2047 | 4,701 | 4,707 |
a,c | Series 2017-3 Class M1, 3.90% due 11/25/2047 | 200,000 | 196,110 |
a,c | Series 2018-1 Class A1, 3.258% due 4/27/2048 | 22,168 | 22,276 |
a,c | Series 2018-2 Class A1, 3.674% due 7/27/2048 | 38,660 | 39,273 |
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2018-1 Class A1, 3.763% due 4/25/2048 | 51,641 | 52,659 |
a,c | Series 2019-1 Class A1, 3.805% due 1/25/2049 | 65,041 | 67,102 |
a,c | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 71,998 | 73,902 |
c | Bravo Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 62,959 | 65,007 |
COMM Mortgage Trust, Series 2016-DC2 Class A1, 1.82% due 2/10/2049 | 12,403 | 12,420 | |
a,c | Credit Suisse Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-HL2 Class A3, 3.50% due 10/25/2047 | 41,246 | 41,566 |
a,c | DBUBS Mortgage Trust, Series 2011-LC2A Class A1FL, 1.501% (LIBOR 1 Month + 1.35%) due 7/12/2044 | 3,943 | 3,942 |
Federal Home Loan Mtg Corp., Multi-Family Structured Pass Through, | |||
Pool G15523, 2.50% due 8/1/2025 | 50,639 | 52,880 | |
Series K020 Class A1, 1.573% due 1/25/2022 | 38,375 | 38,406 | |
Series K036 Class A1, 2.777% due 4/25/2023 | 100,088 | 102,800 | |
Series K717 Class A2, 2.991% due 9/25/2021 | 98,538 | 99,564 | |
a | Federal Home Loan Mtg Corp., REMIC, Series 3877 Class FA, 0.502% (LIBOR 1 Month + 0.35%) due 11/15/2040 | 71,013 | 71,208 |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, | |||
a | Series 2017-3 Class HA, 3.25% due 7/25/2056 | 51,127 | 54,737 |
a | Series 2018-1 Class HA, 3.00% due 5/25/2057 | 35,729 | 37,981 |
a | Series 2018-2 Class HA, 3.00% due 11/25/2057 | 147,686 | 156,235 |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, Series 2017-SC02 Class 2A1, 3.50% due 5/25/2047 | 5,167 | 5,197 | |
Federal National Mtg Assoc., | |||
Pool AS7323, 2.50% due 6/1/2031 | 240,399 | 255,238 | |
Pool AS8538, 2.50% due 12/1/2026 | 132,118 | 137,970 | |
Pool FM1126, 3.00% due 3/1/2033 | 48,743 | 51,760 | |
Pool MA3557, 4.00% due 1/1/2029 | 99,744 | 106,105 | |
a,c | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 48,660 | 49,703 |
a,c | FWD Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-INV1 Class A1, 2.81% due 6/25/2049 | 76,009 | 77,771 |
a,c | GCAT LLC, Whole Loan Securities Trust CMO, Series 2019-NQM1 Class A1, 2.985% due 2/25/2059 | 66,465 | 67,496 |
a,c | GCAT Trust, Whole Loan Securities Trust CMO, Series 2019-NQM2 Class A1, 2.855% due 9/25/2059 | 73,954 | 75,339 |
Government National Mtg Assoc., Series 2013-55 Class AB, 1.579% due 12/16/2042 | 98,207 | 98,773 | |
Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2018-1 Class A1, 3.766% due 6/25/2048 | 41,632 | 41,775 |
a,c | Series 2019-1 Class A1, 3.454% due 1/25/2059 | 53,591 | 54,497 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2017-2 Class A6, 3.00% due 5/25/2047 | 16,521 | 16,715 |
a,c | Series 2017-6 Class A5, 3.50% due 12/25/2048 | 27,723 | 27,976 |
a,c | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 221,320 | 237,308 |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2017-5A Class A1, 1.648% (LIBOR 1 Month + 1.50%) due 6/25/2057 | 37,780 | 37,801 |
a,c | Series 2018-NQM1 Class A1, 3.986% due 11/25/2048 | 50,847 | 52,143 |
a,c | SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class A1, 2.703% due 9/25/2059 | 87,987 | 88,968 |
36 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Verus Securitization Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2018-2 Class A1, 3.677% due 6/1/2058 | $ 38,450 | $ 38,985 |
a,c | Series 2018-3 Class A1, 4.108% due 10/25/2058 | 124,456 | 127,504 |
a,c | Series 2019-3 Class A1, 2.784% due 7/25/2059 | 96,288 | 98,185 |
a,c | WF-RBS Commercial Mortgage Trust, Series 2011-C2 Class A4, 4.869% due 2/15/2044 | 198,769 | 199,750 |
Total Mortgage Backed (Cost $3,046,955) | 3,147,428 | ||
Asset Backed Securities — 51.9% | |||
Auto Receivables — 17.2% | |||
ACC Trust, | |||
c | Series 2019-2 Class A, 2.82% due 2/21/2023 | 52,162 | 52,483 |
c | Series 2020-A Class A, 6.00% due 3/20/2023 | 187,307 | 192,619 |
Ally Auto Receivables Trust, Series 2018-2 Class A3, 2.92% due 11/15/2022 | 70,065 | 70,785 | |
c | American Credit Acceptance Receivables Trust, Series 2020-1 Class A, 1.89% due 4/13/2023 | 65,428 | 65,795 |
c | Arivo Acceptance Auto Loan Receivables Trust, Series 2019-1 Class A, 2.99% due 7/15/2024 | 191,114 | 194,333 |
c | Avid Automobile Receivables Trust, Series 2019-1 Class A, 2.62% due 2/15/2024 | 206,121 | 208,736 |
c | Bank of The West Auto Trust, Series 2019-1 Class A2, 2.40% due 10/17/2022 | 75,785 | 76,158 |
CarMax Auto Owner Trust, | |||
Series 2016-3 Class A4, 1.60% due 1/18/2022 | 56,327 | 56,351 | |
Series 2018-3 Class A3, 3.13% due 6/15/2023 | 203,974 | 207,661 | |
CarNow Auto Receivables Trust, | |||
c | Series 2017-1A Class B, 4.35% due 9/15/2022 | 25,052 | 25,076 |
c | Series 2019-1A Class A, 2.72% due 11/15/2022 | 37,570 | 37,791 |
c | Series 2020-1A Class A, 1.76% due 2/15/2023 | 270,475 | 271,221 |
c | Carvana Auto Receivables Trust, Series 2020-N1A Class A, 1.53% due 1/16/2024 | 134,620 | 135,475 |
c | CIG Auto Receivables Trust, Series 2020-1A Class A, 0.68% due 10/12/2023 | 175,000 | 175,002 |
CPS Auto Receivables Trust, | |||
c | Series 2019-A Class B, 3.58% due 12/16/2024 | 99,385 | 100,357 |
c | Series 2019-D Class A, 2.17% due 12/15/2022 | 39,486 | 39,688 |
c | Series 2020-A Class A, 2.09% due 5/15/2023 | 194,763 | 196,276 |
Drive Auto Receivables Trust, 3.66% due 11/15/2024 | 84,688 | 85,718 | |
c | DT Auto Owner Trust, Series 2016-4A Class D, 3.77% due 10/17/2022 | 3,024 | 3,027 |
c | Exeter Automobile Receivables Trust, Series 2020-1A Class A, 2.05% due 6/15/2023 | 121,618 | 122,404 |
c | FHF Trust, Series 2020-1A Class A, 2.59% due 12/15/2023 | 195,813 | 196,640 |
Flagship Credit Auto Trust, | |||
c | Series 2017-1 Class C, 3.22% due 5/15/2023 | 148,306 | 149,204 |
c | Series 2018-4 Class A, 3.41% due 5/15/2023 | 127,523 | 128,884 |
Foursight Capital Automobile Receivables Trust, | |||
c | Series 2017-1 Class B, 3.05% due 12/15/2022 | 75,847 | 76,396 |
c | Series 2019-1 Class A2, 2.58% due 3/15/2023 | 38,993 | 39,241 |
GLS Auto Receivables Issuer Trust, | |||
c | Series 2019-4A Class A, 2.47% due 11/15/2023 | 32,729 | 33,114 |
c | Series 2020-1A Class A, 2.17% due 2/15/2024 | 190,942 | 194,220 |
c | Series 2020-3A Class A, 0.69% due 10/16/2023 | 66,214 | 66,270 |
GLS Auto Receivables Trust, | |||
c | Series 2018-3A Class A, 3.35% due 8/15/2022 | 5,812 | 5,827 |
c | Series 2019-1A Class A, 3.37% due 1/17/2023 | 8,826 | 8,887 |
GM Financial Automobile Leasing Trust, | |||
Series 2019-1 Class A3, 2.98% due 12/20/2021 | 208,053 | 209,477 | |
Series 2019-1 Class A4, 3.08% due 12/20/2022 | 271,000 | 275,367 | |
Honda Auto Receivables Owner Trust, | |||
Series 2017-3 Class A3, 1.79% due 9/20/2021 | 50,160 | 50,241 | |
Series 2018-3 Class A3, 2.95% due 8/22/2022 | 50,517 | 51,194 | |
NextGear Floorplan Master Owner Trust, | |||
c | Series 2018-1A Class A2, 3.22% due 2/15/2023 | 375,000 | 378,413 |
c | Series 2018-2A Class A2, 3.69% due 10/15/2023 | 100,000 | 103,225 |
Nissan Auto Receivables Owner Trust, Series 2017-A Class A4, 2.11% due 5/15/2023 | 37,393 | 37,606 | |
b,c | OSCAR US Funding Trust, Series 2018-1A Class A3, 3.23% due 5/10/2022 | 88,472 | 89,102 |
b,c | Oscar US Funding Trust XI, LLC, Series 2019-2A Class A3, 2.59% due 9/11/2023 | 100,000 | 102,423 |
Santander Drive Auto Receivables Trust, | |||
Series 2019-3 Class A2A, 2.28% due 2/15/2022 | 5,624 | 5,628 | |
Series 2019-3 Class A3, 2.16% due 11/15/2022 | 25,000 | 25,113 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 37 |
Thornburg Ultra Short Income Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
c | Skopos Auto Receivables Trust, Series 2019-1A Class A, 2.90% due 12/15/2022 | $154,513 | $ 155,571 |
c | TCF Auto Receivables Owner Trust, Series 2016-PT1A Class B, 2.92% due 10/17/2022 | 75,000 | 75,509 |
Tesla Auto Lease Trust, | |||
c | Series 2019-A Class A2, 2.13% due 4/20/2022 | 81,858 | 82,686 |
c | Series 2020-A Class A2, 0.55% due 5/22/2023 | 250,000 | 250,189 |
c | U.S. Auto Funding, LLC, Series 2019-1A Class A, 3.61% due 4/15/2022 | 14,370 | 14,401 |
United Auto Credit Securitization Trust, | |||
c | Series 2018-2 Class D, 4.26% due 5/10/2023 | 234,517 | 236,703 |
c | Series 2020-1 Class A, 0.85% due 5/10/2022 | 245,060 | 245,412 |
c | USASF Receivables, LLC, Series 2020-1A Class A, 2.47% due 8/15/2023 | 169,661 | 171,266 |
a,c | Volvo Financial Equipment Master Owner Trust, Series 2017-A Class A, 0.652% (LIBOR 1 Month + 0.50%) due 11/15/2022 | 100,000 | 100,026 |
World Omni Automobile Lease Securitization Trust, | |||
Series 2018-A Class B, 3.06% due 5/15/2023 | 210,000 | 210,362 | |
Series 2018-B Class B, 3.43% due 3/15/2024 | 175,000 | 178,392 | |
6,263,945 | |||
Credit Card — 3.7% | |||
a | Barclays Dryrock Issuance Trust, Series 2018-1 Class A, 0.482% (LIBOR 1 Month + 0.33%) due 7/15/2024 | 250,000 | 250,436 |
c | Fair Square Issuance Trust, Series 2020-AA Class A, 2.90% due 9/20/2024 | 220,000 | 220,013 |
c | Fortiva Retail Credit Master Note Business Trust, Series 2018-1 Class A, 5.54% due 11/15/2023 | 200,000 | 200,604 |
Genesis Private Label Amortizing Trust, | |||
c | Series 2020-1 Class A, 2.08% due 7/20/2030 | 66,476 | 66,557 |
c | Series 2020-1 Class B, 2.83% due 7/20/2030 | 100,000 | 100,480 |
c | Genesis Sales Finance Master Trust, Series 2019-AA Class A, 4.68% due 8/20/2023 | 200,000 | 201,040 |
World Financial Network Credit Card Master Trust, Series 2018-A Class A, 3.07% due 12/16/2024 | 295,000 | 297,450 | |
1,336,580 | |||
Other Asset Backed — 24.8% | |||
Freed ABS Trust, | |||
c | Series 2020-FP1 Class A, 2.52% due 3/18/2027 | 154,532 | 155,469 |
c | Series 2019-1 Class A, 3.42% due 6/18/2026 | 1,758 | 1,761 |
c | Series 2019-1 Class B, 3.87% due 6/18/2026 | 100,000 | 100,656 |
c | Series 2019-2 Class A, 2.62% due 11/18/2026 | 73,379 | 73,778 |
c | Series 2020-2CP Class A, 4.52% due 6/18/2027 | 107,541 | 108,842 |
c | Series 2020-3FP Class A, 2.40% due 9/20/2027 | 128,469 | 129,065 |
c | Amur Equipment Finance Receivables VIII, LLC, Series 2020-1A Class A2, 1.68% due 8/20/2025 | 100,000 | 100,173 |
c | Aqua Finance Trust, Series 2019-A Class A, 3.14% due 7/16/2040 | 69,211 | 70,840 |
c | Avant Loans Funding Trust, Series 2019-A Class A, 3.48% due 7/15/2022 | 6,535 | 6,540 |
c | AXIS Equipment Finance Receivables VI, LLC, Series 2018-2A Class A2, 3.89% due 7/20/2022 | 87,288 | 88,949 |
c | AXIS Equipment Finance Receivables VII, LLC, Series 2019-1A Class A2, 2.63% due 6/20/2024 | 87,298 | 88,430 |
a,c | Bayview Opportunity Master Fund, Series 2017-RT3 Class A, 3.50% due 1/28/2058 | 50,442 | 50,956 |
a,c | Bayview Opportunity Master Fund IV Trust, Series 2017-RT1 Class A1, 3.00% due 3/28/2057 | 79,333 | 81,353 |
c | BCC Funding Corp. XVI, LLC, Series 2019-1A Class A2, 2.46% due 8/20/2024 | 157,590 | 158,665 |
c | BCC Funding XIV, LLC, Series 2018-1A Class A2, 2.96% due 6/20/2023 | 11,877 | 11,902 |
c | BRE Grand Islander Timeshare Issuer, LLC, Series 2017-1A Class A, 2.94% due 5/25/2029 | 36,459 | 37,048 |
Conn’s Receivables Funding, LLC, | |||
c | Series 2019-A Class A, 3.40% due 10/16/2023 | 159,962 | 160,504 |
c | Series 2019-B Class A, 2.66% due 6/17/2024 | 55,573 | 55,532 |
c | Consumer Lending Receivables Trust, Series 2019-A Class A, 3.52% due 4/15/2026 | 23,085 | 23,128 |
c | Consumer Loan Underlying Bond CLUB Credit Trust, Series 2020-P1 Class A, 2.26% due 3/15/2028 | 103,632 | 104,403 |
Consumer Loan Underlying Bond Credit Trust, | |||
c | Series 2018-P2 Class A, 3.47% due 10/15/2025 | 7,593 | 7,615 |
c | Series 2018-P3 Class A, 3.82% due 1/15/2026 | 15,554 | 15,643 |
Dell Equipment Finance Trust, | |||
c | Series 2018-1 Class B, 3.34% due 6/22/2023 | 240,000 | 243,103 |
c | Series 2020-1 Class A1, 1.983% due 5/21/2021 | 109,250 | 109,578 |
c | Series 2020-1 Class A2, 2.26% due 6/22/2022 | 100,000 | 101,689 |
c | Diamond Resorts Owner Trust, Series 2019-1A Class A, 2.89% due 2/20/2032 | 131,424 | 134,746 |
DLL, LLC, | |||
c | Series 2018-ST2 Class A3, 3.46% due 1/20/2022 | 93,479 | 94,301 |
c | Series 2019-MA2 Class A2, 2.27% due 5/20/2022 | 111,011 | 111,571 |
a,c,d | Finance of America HECM Buyout, Series 2020-HB1 Class A, 2.012% due 2/25/2030 | 144,643 | 145,568 |
38 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Foundation Finance Trust, | |||
c | Series 2016-1A Class A, 3.96% due 6/15/2035 | $ 23,338 | $ 23,681 |
c | Series 2017-1A Class A, 3.30% due 7/15/2033 | 27,722 | 28,195 |
c | Series 2019-1A Class A, 3.86% due 11/15/2034 | 85,313 | 87,992 |
GreatAmerica Leasing Receivables Funding, LLC, | |||
c | Series 2017-1 Class A4, 2.36% due 1/20/2023 | 56,575 | 56,748 |
c | Series 2018-1 Class A3, 2.60% due 6/15/2021 | 18,358 | 18,399 |
c | Series 2019-1 Class A2, 2.97% due 6/15/2021 | 28,800 | 28,875 |
c | Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033 | 118,918 | 121,605 |
Lendingpoint Asset Securitization Trust, | |||
c | Series 2019-1 Class A, 3.154% due 8/15/2025 | 5,350 | 5,348 |
c | Series 2019-2 Class A, 3.071% due 11/10/2025 | 57,825 | 57,780 |
c | Series 2020-1 Class A, 2.512% due 2/10/2026 | 110,482 | 110,893 |
LL ABS Trust, | |||
c | Series 2019-1A Class A, 2.87% due 3/15/2027 | 128,110 | 128,923 |
c | Series 2020-1A Class A, 2.33% due 1/17/2028 | 200,000 | 200,026 |
c | Mariner Finance Issuance Trust, Series 2018-AA Class A, 4.20% due 11/20/2030 | 300,000 | 301,501 |
Marlette Funding Trust, | |||
c | Series 2019-2A Class A, 3.13% due 7/16/2029 | 97,439 | 98,439 |
c | Series 2019-4A Class A, 2.39% due 12/17/2029 | 96,223 | 97,122 |
c | Series 2020-1A Class B, 2.38% due 3/15/2030 | 150,000 | 151,691 |
c | Series 2020-2A Class A, 1.02% due 9/16/2030 | 93,996 | 94,134 |
MMAF Equipment Finance, LLC, | |||
c | Series 2017-AA Class A3, 2.04% due 2/16/2022 | 11,264 | 11,274 |
c | Series 2017-AA Class A4, 2.41% due 8/16/2024 | 650,000 | 660,625 |
c | Series 2018-A Class A3, 3.20% due 9/12/2022 | 103,171 | 104,634 |
Nationstar HECM Loan Trust, | |||
a,c | Series 2019-1A Class A, 2.651% due 6/25/2029 | 44,663 | 44,813 |
a,c,d | Series 2020-1A Class A1, 1.269% due 9/25/2030 | 100,000 | 100,000 |
c | New Residential Advance Receivables Trust Advance Receivables Backed, Series 2019-T4 Class AT4, 2.329% due 10/15/2051 | 300,000 | 302,148 |
c | Pawnee Equipment Receivables, LLC, Series 2019-1 Class A2, 2.29% due 10/15/2024 | 155,568 | 156,879 |
PFS Financing Corp., | |||
c | Series 2018-B Class A, 2.89% due 2/15/2023 | 100,000 | 100,898 |
c | Series 2018-F Class A, 3.52% due 10/15/2023 | 100,000 | 103,001 |
a,c | Series 2019-B Class A, 0.702% (LIBOR 1 Month + 0.55%) due 9/15/2023 | 250,000 | 250,391 |
c | Prosper Marketplace Issuance Trust, Series 2019-2A Class A, 3.20% due 9/15/2025 | 5,414 | 5,418 |
PSNH Funding, LLC 3, Series 2018-1 Class A1, 3.094% due 2/1/2026 | 59,499 | 62,145 | |
c | Purchasing Power Funding, LLC, Series 2018-A Class A, 3.34% due 8/15/2022 | 5,889 | 5,893 |
c | Regional Management Issuance Trust, Series 2018-2 Class A, 4.56% due 1/18/2028 | 250,000 | 252,982 |
SCF Equipment Leasing, LLC, | |||
c | Series 2017-2A Class A, 3.41% due 12/20/2023 | 27,078 | 27,196 |
c | Series 2018-1A Class A2, 3.63% due 10/20/2024 | 25,544 | 25,840 |
c | Series 2019-1A Class A1, 3.04% due 3/20/2023 | 55,957 | 56,102 |
c | Series 2019-2A Class A1, 2.22% due 6/20/2024 | 93,379 | 93,839 |
c | Sierra Timeshare Receivables Funding, LLC, Series 2015-3A Class A, 2.58% due 9/20/2032 | 172,529 | 172,631 |
Small Business Lending Trust, | |||
c | Series 2019-A Class A, 2.85% due 7/15/2026 | 39,424 | 38,786 |
c | Series 2020-A Class A, 2.62% due 12/15/2026 | 167,932 | 166,724 |
c | SoFi Consumer Loan Program Trust, Series 2019-2 Class A, 3.01% due 4/25/2028 | 47,692 | 48,260 |
c | SoFi Consumer Loan Program, LLC, Series 2017-4 Class A, 2.50% due 5/26/2026 | 48,163 | 48,389 |
c | SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes , Series 2019-T1 Class AT1, 2.24% due 10/15/2051 | 200,000 | 200,081 |
c | Tax Ease Funding, LLC, Series 2016-1A Class A, 3.131% due 6/15/2028 | 27,475 | 27,533 |
c | Theorem Funding Trust, Series 2020-1A Class A, 2.48% due 10/15/2026 | 175,000 | 175,448 |
Towd Point Mortgage Trust, | |||
a,c | Series 2016-5 Class A1, 2.50% due 10/25/2056 | 39,344 | 40,219 |
a,c | Series 2018-2 Class A1, 3.25% due 3/25/2058 | 65,080 | 68,127 |
a,c | Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 205,849 | 217,924 |
a,c | Series 2019-HY2 Class 1, 1.148% (LIBOR 1 Month + 1.00%) due 5/25/2058 | 119,299 | 119,299 |
c | Tricon American Homes Trust, Series 2016-SFR1 Class A, 2.589% due 11/17/2033 | 93,584 | 93,689 |
c | Upstart Pass-Through Trust, Series 2020-ST3 Class A, 3.35% due 4/20/2028 | 86,069 | 86,981 |
Upstart Securitization Trust, | |||
c | Series 2019-1 Class B, 4.19% due 4/20/2026 | 155,690 | 156,608 |
c | Series 2019-2 Class A, 2.897% due 9/20/2029 | 85,168 | 85,849 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 39 |
Thornburg Ultra Short Income Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
c | Series 2019-2 Class B, 3.734% due 9/20/2029 | $150,000 | $ 150,922 |
c | Series 2019-3 Class A, 2.684% due 1/21/2030 | 177,919 | 179,380 |
c | Series 2019-3 Class B, 3.829% due 1/21/2030 | 150,000 | 152,140 |
c | Verizon Owner Trust, Series 2018-1A Class A1A, 2.82% due 9/20/2022 | 97,724 | 98,432 |
Volvo Financial Equipment, LLC, | |||
c | Series 2017-1A Class A4, 2.21% due 11/15/2021 | 143,809 | 144,238 |
c | Series 2019-1A Class A2, 2.90% due 11/15/2021 | 21,158 | 21,225 |
9,040,123 | |||
Student Loan — 6.2% | |||
a,c | Earnest Student Loan Program, LLC, Series 2016-B Class A1, 2.198% (LIBOR 1 Month + 2.05%) due 2/26/2035 | 158,806 | 159,491 |
Navient Private Education Loan Trust, | |||
a,c | Series 2014-AA Class A2B, 1.402% (LIBOR 1 Month + 1.25%) due 2/15/2029 | 412,746 | 413,781 |
a,c | Series 2017-A Class A2B, 1.052% (LIBOR 1 Month + 0.90%) due 12/16/2058 | 129,605 | 129,460 |
c | Navient Private Education Refi Loan Trust, Series 2019-FA Class A1, 2.18% due 8/15/2068 | 60,723 | 60,952 |
Navient Student Loan Trust, | |||
a,c | Series 2016-6A Class A2, 0.898% (LIBOR 1 Month + 0.75%) due 3/25/2066 | 56,777 | 56,792 |
c | Series 2018-EA Class A1, 3.43% due 12/15/2059 | 10,352 | 10,371 |
a,c | Series 2019-1A Class A1, 0.478% (LIBOR 1 Month + 0.33%) due 12/27/2067 | 21,438 | 21,405 |
a,c | Series 2019-D Class A1, 0.552% (LIBOR 1 Month + 0.40%) due 12/15/2059 | 42,029 | 42,007 |
Nelnet Student Loan Trust, | |||
a,c | Series 2012-2A Class A, 0.948% (LIBOR 1 Month + 0.80%) due 12/26/2033 | 125,245 | 124,386 |
a,c | Series 2015-3A Class A2, 0.748% (LIBOR 1 Month + 0.60%) due 2/27/2051 | 49,407 | 48,817 |
a,c | Series 2016-A Class A1A, 1.898% (LIBOR 1 Month + 1.75%) due 12/26/2040 | 29,507 | 29,596 |
a,c | Pennsylvania Higher Education Assistance Agency, Series 2012-1A Class A1, 0.698% (LIBOR 1 Month + 0.55%) due 5/25/2057 | 22,535 | 22,003 |
SLM Student Loan Trust, | |||
a | Series 2006-9 Class A5, 0.345% (LIBOR 3 Month + 0.10%) due 1/26/2026 | 41,257 | 41,230 |
a | Series 2011-2 Class A1, 0.748% (LIBOR 1 Month + 0.60%) due 11/25/2027 | 68,456 | 68,393 |
a | Series 2013-4 Class A, 0.698% (LIBOR 1 Month + 0.55%) due 6/25/2043 | 32,880 | 32,072 |
a | Series 2013-6 Class A3, 0.798% (LIBOR 1 Month + 0.65%) due 6/25/2055 | 204,725 | 200,600 |
SMB Private Education Loan Trust, | |||
a,c | Series 2015-A Class A2B, 1.152% (LIBOR 1 Month + 1.00%) due 6/15/2027 | 70,247 | 70,339 |
a,c | Series 2015-B Class A2B, 1.352% (LIBOR 1 Month + 1.20%) due 7/15/2027 | 78,902 | 78,950 |
a,c | Series 2016-B Class A2B, 1.602% (LIBOR 1 Month + 1.45%) due 2/17/2032 | 191,100 | 191,100 |
a,c | Series 2019-A Class A1, 0.502% (LIBOR 1 Month + 0.35%) due 2/16/2026 | 37,394 | 37,385 |
a,c | Series 2019-B Class A1, 0.502% (LIBOR 1 Month + 0.35%) due 7/15/2026 | 151,916 | 151,779 |
a,c | Series 2020-A Class A1, 0.452% (LIBOR 1 Month + 0.30%) due 3/15/2027 | 134,371 | 134,053 |
c | Sofi Professional Loan Program Trust, Series 2018-D Class A1FX, 3.12% due 2/25/2048 | 46,583 | 46,746 |
c | Sofi Professional Loan Program, LLC, Series 2016-B Class A2B, 2.74% due 10/25/2032 | 34,435 | 34,948 |
a,c | SoFi Professional Loan Program, LLC, Series 2017-A Class A1, 0.848% (LIBOR 1 Month + 0.70%) due 3/26/2040 | 39,339 | 39,251 |
2,245,907 | |||
Total Asset Backed Securities (Cost $18,639,427) | 18,886,555 | ||
Corporate Bonds — 22.6% | |||
Automobiles & Components — 2.0% | |||
Automobiles — 1.4% | |||
c | BMW US Capital, LLC, 2.95% due 4/14/2022 | 130,000 | 134,783 |
a,c | Daimler Finance North America, LLC, 1.18% (LIBOR 3 Month + 0.90%) due 2/15/2022 | 150,000 | 150,447 |
c | Hyundai Capital America, 3.95% due 2/1/2022 | 70,000 | 72,605 |
Nissan Motor Acceptance Corp., | |||
a,c | 0.77% (LIBOR 3 Month + 0.52%) due 3/15/2021 | 75,000 | 74,638 |
a,c | 0.923% (LIBOR 3 Month + 0.69%) due 9/28/2022 | 33,000 | 32,046 |
b | Toyota Motor Corp., 2.157% due 7/2/2022 | 18,000 | 18,554 |
a | Toyota Motor Credit Corp., 0.817% (LIBOR 3 Month + 0.54%) due 1/8/2021 | 50,000 | 50,067 |
Trading Companies & Distributors — 0.6% | |||
b,c | Mitsubishi UFJ Lease & Finance Co. Ltd., 3.406% due 2/28/2022 | 200,000 | 206,256 |
739,396 | |||
Banks — 2.6% | |||
Banks — 2.6% | |||
a,b,c | ABN AMRO Bank N.V., 0.821% (LIBOR 3 Month + 0.57%) due 8/27/2021 | 200,000 | 200,830 |
b,c | Mizuho Bank Ltd., 2.70% due 10/20/2020 | 200,000 | 200,230 |
40 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
a | PNC Bank NA, 0.581% (LIBOR 3 Month + 0.33%) due 2/24/2023 | $250,000 | $ 250,230 |
Santander Holdings USA, Inc., 4.45% due 12/3/2021 | 40,000 | 41,462 | |
Zions Bancorp N.A., 3.35% due 3/4/2022 | 250,000 | 257,265 | |
950,017 | |||
Commercial & Professional Services — 0.3% | |||
Professional Services — 0.3% | |||
Verisk Analytics, Inc., 5.80% due 5/1/2021 | 100,000 | 102,970 | |
102,970 | |||
Consumer Durables & Apparel — 0.6% | |||
Household Durables — 0.6% | |||
b,c | Panasonic Corp., 2.536% due 7/19/2022 | 200,000 | 206,004 |
206,004 | |||
Diversified Financials — 2.6% | |||
Consumer Finance — 0.7% | |||
a,c | Wells Fargo Bank NA, 1.00% (LIBOR 3 Month + 0.20%) due 5/18/2022 | 250,000 | 250,222 |
Diversified Financial Services — 1.8% | |||
Citigroup, Inc., | |||
a | 0.953% (SOFR + 0.87%) due 11/4/2022 | 100,000 | 100,320 |
2.65% due 10/26/2020 | 100,000 | 100,161 | |
a,b | Deutsche Bank AG, 1.481% (LIBOR 3 Month + 1.23%) due 2/27/2023 | 100,000 | 98,396 |
Morgan Stanley, | |||
a | 0.785% (SOFR + 0.70%) due 1/20/2023 | 125,000 | 126,878 |
a | 0.903% (SOFR + 0.83%) due 6/10/2022 | 35,000 | 35,111 |
a,b,c | UBS Group AG, 2.048% (LIBOR 3 Month + 1.78%) due 4/14/2021 | 200,000 | 201,732 |
Insurance — 0.1% | |||
a,c | AIG Global Funding, 0.685% (LIBOR 3 Month + 0.46%) due 6/25/2021 | 50,000 | 50,133 |
962,953 | |||
Energy — 0.7% | |||
Oil, Gas & Consumable Fuels — 0.7% | |||
EQM Midstream Partners L.P., Series 5Y, 4.75% due 7/15/2023 | 60,000 | 59,893 | |
Occidental Petroleum Corp., | |||
a | 1.504% (LIBOR 3 Month + 1.25%) due 8/13/2021 | 20,000 | 20,000 |
a | 1.73% (LIBOR 3 Month + 1.45%) due 8/15/2022 | 70,000 | 63,474 |
c | Texas Gas Transmission, LLC, 4.50% due 2/1/2021 | 129,000 | 129,338 |
272,705 | |||
Food & Staples Retailing — 0.5% | |||
Food & Staples Retailing — 0.5% | |||
b,c | Alimentation Couche-Tard, Inc., 2.70% due 7/26/2022 | 170,000 | 175,501 |
175,501 | |||
Food, Beverage & Tobacco — 1.9% | |||
Beverages — 0.7% | |||
Molson Coors Brewing Co., 2.10% due 7/15/2021 | 235,000 | 237,463 | |
Food Products — 1.2% | |||
a | Campbell Soup Co., 0.88% (LIBOR 3 Month + 0.63%) due 3/15/2021 | 225,000 | 225,351 |
a | Conagra Brands, Inc., 0.768% (LIBOR 3 Month + 0.50%) due 10/9/2020 | 100,000 | 100,009 |
a | General Mills, Inc., 0.811% (LIBOR 3 Month + 0.54%) due 4/16/2021 | 20,000 | 20,043 |
Mead Johnson Nutrition Co. (Guaranty: Reckitt Benckiser Group plc), 3.00% due 11/15/2020 | 100,000 | 100,281 | |
683,147 | |||
Health Care Equipment & Services — 0.9% | |||
Health Care Providers & Services — 0.9% | |||
Anthem, Inc., 2.50% due 11/21/2020 | 75,000 | 75,210 | |
Cigna Corp., 3.40% due 9/17/2021 | 175,000 | 180,068 | |
Express Scripts Holding Co., 2.60% due 11/30/2020 | 62,000 | 62,213 | |
317,491 | |||
Insurance — 2.5% |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 41 |
Thornburg Ultra Short Income Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Insurance — 2.5% | |||
b | Enstar Group Ltd., 4.50% due 3/10/2022 | $ 50,000 | $ 51,884 |
c | Guardian Life Global Funding, 3.40% due 4/25/2023 | 57,000 | 61,110 |
Infinity Property & Casualty Corp., 5.00% due 9/19/2022 | 100,000 | 106,523 | |
Jackson National Life Global Funding, | |||
a,c | 0.73% (LIBOR 3 Month + 0.48%) due 6/11/2021 | 100,000 | 100,243 |
c | 2.10% due 10/25/2021 | 100,000 | 101,614 |
c | MassMutual Global Funding II, 2.00% due 4/15/2021 | 200,000 | 201,872 |
Reliance Standard Life Global Funding II, | |||
c | 2.625% due 7/22/2022 | 75,000 | 77,182 |
c | 3.85% due 9/19/2023 | 50,000 | 53,779 |
b | Willis Towers Watson plc, 5.75% due 3/15/2021 | 170,000 | 173,801 |
928,008 | |||
Materials — 0.4% | |||
Chemicals — 0.4% | |||
a | Albemarle Corp., 1.33% (LIBOR 3 Month + 1.05%) due 11/15/2022 | 28,000 | 27,892 |
DuPont de Nemours, Inc., 3.766% due 11/15/2020 | 101,000 | 101,413 | |
129,305 | |||
Media & Entertainment — 0.5% | |||
Media — 0.5% | |||
c | Cox Communications, Inc., 3.25% due 12/15/2022 | 160,000 | 168,478 |
168,478 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.3% | |||
Pharmaceuticals — 0.3% | |||
a,b | AstraZeneca plc, 0.945% (LIBOR 3 Month + 0.67%) due 8/17/2023 | 65,000 | 65,437 |
b | Shire Acquisitions Investments Ireland DAC, 2.40% due 9/23/2021 | 43,000 | 43,769 |
109,206 | |||
Real Estate — 0.3% | |||
Equity Real Estate Investment Trusts — 0.3% | |||
c | SBA Tower Trust, 2.836% due 1/15/2050 | 100,000 | 105,062 |
105,062 | |||
Telecommunication Services — 1.2% | |||
Wireless Telecommunication Services — 1.2% | |||
Sprint Communications, Inc., 9.25% due 4/15/2022 | 400,000 | 446,032 | |
446,032 | |||
Transportation — 0.1% | |||
Road & Rail — 0.1% | |||
c | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 3.65% due 7/29/2021 | 35,000 | 35,826 |
35,826 | |||
Utilities — 5.2% | |||
Electric Utilities — 5.2% | |||
c | Alliant Energy Finance, LLC, 3.75% due 6/15/2023 | 42,000 | 45,077 |
CenterPoint Energy, Inc., 3.60% due 11/1/2021 | 150,000 | 154,885 | |
a | Consolidated Edison Co. of New York, Inc., Series C, 0.625% (LIBOR 3 Month + 0.40%) due 6/25/2021 | 165,000 | 165,370 |
a | Dominion Energy, Inc., Series D 0.775% (LIBOR 3 Month + 0.53%) due 9/15/2023 | 225,000 | 225,187 |
a | Duke Energy Florida, LLC, Series A, 0.484% (LIBOR 3 Month + 0.25%) due 11/26/2021 | 165,000 | 165,176 |
Pacific Gas and Electric Co., 1.75% due 6/16/2022 | 185,000 | 185,139 | |
PNM Resources, Inc., 3.25% due 3/9/2021 | 165,000 | 166,856 | |
a | PPL Electric Utilities Corp., 0.473% (LIBOR 3 Month + 0.25%) due 9/28/2023 | 200,000 | 199,512 |
Public Service Enterprise Group, 2.65% due 11/15/2022 | 50,000 | 52,129 | |
a,c | Southern Power Co., 0.777% (LIBOR 3 Month + 0.55%) due 12/20/2020 | 115,000 | 115,055 |
Tampa Electric Co., 2.60% due 9/15/2022 | 185,000 | 190,587 | |
Virginia Electric & Power Co., 2.95% due 1/15/2022 | 205,000 | 210,115 | |
1,875,088 | |||
Total Corporate Bonds (Cost $8,093,959) | 8,207,189 |
42 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Municipal Bonds — 0.9% | |||
Colorado Educational & Cultural Facilities Authority, | |||
Series B Class B, | |||
2.244% due 3/1/2021 | $ 50,000 | $ 50,337 | |
2.474% due 3/1/2022 | 50,000 | 51,254 | |
New Jersey Transportation Trust Fund Authority, | |||
2.551% due 6/15/2023 | 30,000 | 30,320 | |
2.631% due 6/15/2024 | 25,000 | 25,235 | |
New York State Urban Development Corp., Series D-1, 2.55% due 3/15/2022 | 120,000 | 123,625 | |
State of Connecticut GO, | |||
Series A, | |||
3.471% due 9/15/2022 | 20,000 | 21,128 | |
4.00% due 9/15/2021 | 20,000 | 20,674 | |
Total Municipal Bonds (Cost $315,127) | 322,573 | ||
Short-Term Investments — 19.3% | |||
e | Thornburg Capital Management Fund | 700,533 | 7,005,333 |
Total Short-Term Investments (Cost $7,005,333) | 7,005,333 | ||
Total Investments — 104.6% (Cost $37,561,214) | $38,037,411 | ||
Liabilities Net of Other Assets — (4.6)% | (1,661,419) | ||
Net Assets — 100.0% | $36,375,992 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2020. |
b | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
c | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2020, the aggregate value of these securities in the Fund’s portfolio was $21,486,551, representing 59.07% of the Fund’s net assets. |
d | Security currently fair valued by the Valuation and Pricing Committee using procedures approved by the Trustees’ Audit Committee. |
e | 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 |
REMIC | Real Estate Mortgage Investment Conduit |
SOFR | Secured Overnight Financing Rate |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 43 |
Thornburg Strategic Income Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Common Stock — 0.1% | |||
Energy — 0.0% | |||
Oil, Gas & Consumable Fuels — 0.0% | |||
a,b | Malamute Energy, Inc. | 847 | $ 8,894 |
8,894 | |||
Retailing — 0.1% | |||
Specialty Retail — 0.1% | |||
a | RGIS Restructure Equity | 91,468 | 1,143,350 |
1,143,350 | |||
Total Common Stock (Cost $2,404,877) | 1,152,244 | ||
Preferred Stock — 0.6% | |||
Banks — 0.4% | |||
Banks — 0.4% | |||
c,d | AgriBank FCB 6.875% (LIBOR 3 Month + 4.23%) | 40,000 | 4,419,000 |
c,d | CoBank ACB Series F, 6.25% (LIBOR 3 Month + 4.56%) | 50,000 | 5,250,000 |
9,669,000 | |||
Diversified Financials — 0.1% | |||
Diversified Financial Services — 0.1% | |||
c | Compass Diversified Holdings Series C, 7.875% | 71,541 | 1,737,016 |
1,737,016 | |||
Energy — 0.1% | |||
Oil, Gas & Consumable Fuels — 0.1% | |||
c | Crestwood Equity Partners L.P. 9.25% | 320,654 | 1,888,652 |
1,888,652 | |||
Total Preferred Stock (Cost $13,217,045) | 13,294,668 | ||
Asset Backed Securities — 22.9% | |||
Auto Receivables — 6.2% | |||
ACC Trust, | |||
e | Series 2019-1 Class C, 6.41%, 2/20/2024 | $ 3,500,000 | 3,434,816 |
e | Series 2019-2 Class B, 3.63%, 8/21/2023 | 3,400,000 | 3,426,327 |
e | Series 2019-2 Class C, 5.24%, 10/21/2024 | 1,900,000 | 1,863,235 |
e | Series 2020-A Class A, 6.00%, 3/20/2023 | 5,827,343 | 5,992,602 |
e | American Credit Acceptance Receivables Trust, Series 2019-2 Class F, 5.81%, 6/12/2026 | 2,550,000 | 2,521,995 |
Arivo Acceptance Auto Loan Receivables Trust, | |||
e | Series 2019-1 Class A, 2.99%, 7/15/2024 | 1,774,627 | 1,804,516 |
e | Series 2019-1 Class B, 3.37%, 6/15/2025 | 2,000,000 | 2,031,435 |
e | Avid Automobile Receivables Trust, Series 2019-1 Class A, 2.62%, 2/15/2024 | 1,648,967 | 1,669,884 |
CarNow Auto Receivables Trust, | |||
e | Series 2017-1A Class B, 4.35%, 9/15/2022 | 1,453,029 | 1,454,411 |
e | Series 2019-1A Class A, 2.72%, 11/15/2022 | 1,127,085 | 1,133,734 |
e | Series 2020-1A Class A, 1.76%, 2/15/2023 | 7,159,638 | 7,179,393 |
Carvana Auto Receivables Trust, | |||
a,e | Series 2019-4A Class R, 10/15/2026 | 8,000 | 3,700,000 |
e | Series 2020-N1A Class E, 5.20%, 7/15/2027 | 5,000,000 | 5,083,603 |
e | CIG Auto Receivables Trust, Series 2019-1A Class D, 4.85%, 5/15/2026 | 2,000,000 | 2,040,581 |
CPS Auto Receivables Trust, | |||
e | Series 2018-B Class E, 5.61%, 12/16/2024 | 3,500,000 | 3,669,500 |
e | Series 2018-C Class E, 6.07%, 9/15/2025 | 2,000,000 | 2,103,996 |
e | Series 2019-A Class B, 3.58%, 12/16/2024 | 2,981,562 | 3,010,718 |
e | Series 2019-B Class E, 5.00%, 3/17/2025 | 3,320,000 | 3,441,918 |
e | Series 2020-B Class D, 4.75%, 4/15/2026 | 1,400,000 | 1,495,402 |
e | Series 2020-C Class F, 6.67%, 11/15/2027 | 1,000,000 | 1,003,211 |
a,e | Credit Suisse ABS Trust, Series 2020-AT1 Class CERT, 6/15/2026 | 10,000 | 730,000 |
e | DT Auto Owner Trust, Series 2019-1A Class E, 4.94%, 2/17/2026 | 3,250,000 | 3,361,934 |
44 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e | FHF Trust, Series 2020-1A Class A, 2.59%, 12/15/2023 | $ 5,340,351 | $ 5,362,903 |
e | First Investors Auto Owner, Series 2019-1A Class E, 4.53%, 6/16/2025 | 3,640,000 | 3,725,731 |
Flagship Credit Auto Trust, | |||
a,e | Series 2018-4 Class R, 3/16/2026 | 13,000 | 2,184,000 |
a,e | Series 2019-1 Class R, 6/15/2026 | 24,000 | 4,032,000 |
a,e | Series 2019-2 Class R, 12/15/2026 | 13,000 | 3,373,500 |
a,e | Series 2019-3 Class R, 12/15/2026 | 15,000 | 4,432,500 |
Foursight Capital Automobile Receivables Trust, | |||
e | Series 2017-1 Class B, 3.05%, 12/15/2022 | 227,541 | 229,189 |
e | Series 2018-1 Class E, 5.56%, 1/16/2024 | 1,000,000 | 1,035,834 |
e | Series 2018-2 Class E, 5.50%, 10/15/2024 | 1,370,000 | 1,433,948 |
e | Series 2018-2 Class F, 6.48%, 6/15/2026 | 335,000 | 337,278 |
e | Series 2019-1 Class F, 5.57%, 11/16/2026 | 500,000 | 490,553 |
e | Series 2020-1 Class E, 3.49%, 4/15/2026 | 1,100,000 | 1,093,986 |
GLS Auto Receivables Issuer Trust, | |||
e | Series 2019-4A Class D, 4.09%, 8/17/2026 | 5,000,000 | 5,048,249 |
e | Series 2020-2A Class C, 4.57%, 4/15/2026 | 2,025,000 | 2,178,672 |
e | Series 2020-3A Class B, 1.38%, 8/15/2024 | 3,000,000 | 3,027,615 |
e | Prestige Auto Receivables Trust, Series 2018-1A Class E, 5.03%, 1/15/2026 | 2,625,000 | 2,724,486 |
a,e | Santander Consumer Auto Receivables Trust, Series 2020-AA Class R, 1/16/2029 | 25,000 | 1,062,500 |
Skopos Auto Receivables Trust, | |||
e | Series 2019-1A Class A, 2.90%, 12/15/2022 | 944,243 | 950,710 |
e | Series 2019-1A Class C, 3.63%, 9/16/2024 | 2,000,000 | 2,030,840 |
e | Series 2019-1A Class D, 5.24%, 4/15/2025 | 2,650,000 | 2,703,239 |
e | Tesla Auto Lease Trust, Series 2018-B Class E, 7.87%, 6/20/2022 | 7,825,000 | 8,182,977 |
e | Tidewater Auto Receivables Trust, Series 2018-AA Class E, 5.48%, 10/15/2026 | 1,000,000 | 1,037,989 |
U.S. Auto Funding, LLC, | |||
e | Series 2019-1A Class A, 3.61%, 4/15/2022 | 718,518 | 720,029 |
e | Series 2019-1A Class C, 5.34%, 3/15/2023 | 2,511,000 | 2,553,110 |
e | United Auto Credit Securitization Trust 2020-1, Series 2020-1 Class F, 9.08%, 1/12/2026 | 3,205,000 | 3,391,656 |
e | USASF Receivables, LLC, Series 2020-1A Class A, 2.47%, 8/15/2023 | 7,998,288 | 8,073,967 |
e | Westlake Automobile Receivables Trust, Series 2019-3A Class F, 4.72%, 4/15/2026 | 2,000,000 | 1,941,025 |
135,511,697 | |||
Credit Card — 0.9% | |||
e | Fair Square Issuance Trust, Series 2020-AA Class A, 2.90%, 9/20/2024 | 6,000,000 | 6,000,364 |
e | Fortiva Retail Credit Master Note Business Trust, Series 2018-1 Class A, 5.54%, 11/15/2023 | 1,200,000 | 1,203,626 |
Genesis Private Label Amortizing Trust, | |||
e | Series 2020-1 Class B, 2.83%, 7/20/2030 | 2,775,000 | 2,788,323 |
e | Series 2020-1 Class C, 4.19%, 7/20/2030 | 1,275,000 | 1,281,515 |
e | Genesis Sales Finance Master Trust, Series 2019-AA Class A, 4.68%, 8/20/2023 | 5,550,000 | 5,578,848 |
Perimeter Master Note Business Trust, | |||
e | Series 2019-2A Class A, 4.23%, 5/15/2024 | 2,966,000 | 2,938,807 |
e | Series 2019-2A Class C, 7.06%, 5/15/2024 | 650,000 | 655,580 |
20,447,063 | |||
Other Asset Backed — 14.6% | |||
d,e | 321 Henderson Receivables II, LLC, Series 2006-3A Class A1, 0.352% (LIBOR 1 Month + 0.20%), 9/15/2041 | 1,475,428 | 1,394,933 |
Freed ABS Trust, | |||
e | Series 2020-FP1 Class A, 2.52%, 3/18/2027 | 4,172,372 | 4,197,661 |
e | Series 2019-1 Class A, 3.42%, 6/18/2026 | 70,330 | 70,445 |
e | Series 2019-1 Class B, 3.87%, 6/18/2026 | 2,500,000 | 2,516,411 |
e | Series 2019-2 Class A, 2.62%, 11/18/2026 | 1,834,468 | 1,844,454 |
e | Series 2019-2 Class C, 4.86%, 11/18/2026 | 5,000,000 | 4,859,647 |
e | Series 2020-2CP Class A, 4.52%, 6/18/2027 | 2,867,754 | 2,902,450 |
e | Series 2020-3FP Class A, 2.40%, 9/20/2027 | 856,456 | 860,431 |
e | Amur Equipment Finance Receivables VIII, LLC, Series 2020-1A Class E, 7.00%, 1/20/2027 | 2,425,000 | 2,377,896 |
Aqua Finance Trust, | |||
e | Series 2019-A Class C, 4.01%, 7/16/2040 | 10,400,000 | 10,477,593 |
e | Series 2020-AA Class A, 1.90%, 7/17/2046 | 4,000,000 | 4,014,297 |
e | Series 2020-AA Class C, 3.97%, 7/17/2046 | 2,000,000 | 2,016,851 |
e | Series 2020-AA Class D, 7.15%, 7/17/2046 | 2,550,000 | 2,606,069 |
e | Avant Loans Funding Trust, Series 2019-A Class A, 3.48%, 7/15/2022 | 130,695 | 130,799 |
e | AXIS Equipment Finance Receivables VII, LLC, Series 2019-1A Class A2, 2.63%, 6/20/2024 | 1,745,960 | 1,768,594 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 45 |
Thornburg Strategic Income Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e | BCC Funding XIV, LLC, Series 2018-1A Class A2, 2.96%, 6/20/2023 | $ 225,656 | $ 226,141 |
d,e,f | Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A Class A, 4.213%, 12/16/2041 | 5,368,854 | 4,777,016 |
e | CFG Investments Ltd., Series 2019-1 Class A, 5.56%, 8/15/2029 | 7,300,000 | 7,365,807 |
Conn’s Receivables Funding, LLC, | |||
e | Series 2018-A Class B, 4.65%, 1/15/2023 | 1,460,919 | 1,460,919 |
e | Series 2019-A Class A, 3.40%, 10/16/2023 | 592,452 | 594,460 |
e | Series 2019-A Class B, 4.36%, 10/16/2023 | 4,262,023 | 4,279,144 |
e | Series 2019-B Class A, 2.66%, 6/17/2024 | 1,111,463 | 1,110,646 |
e | Consumer Lending Receivables Trust, Series 2019-A Class A, 3.52%, 4/15/2026 | 590,802 | 591,882 |
Consumer Loan Underlying Bond CLUB Credit Trust, | |||
e | Series 2019-P2 Class C, 4.41%, 10/15/2026 | 1,500,000 | 1,455,446 |
e | Series 2020-P1 Class B, 2.92%, 3/15/2028 | 1,500,000 | 1,492,420 |
Consumer Loan Underlying Bond Credit Trust, | |||
e | Series 2018-P3 Class C, 5.54%, 1/15/2026 | 5,500,000 | 5,572,226 |
e | Series 2019-HP1 Class C, 4.70%, 12/15/2026 | 5,000,000 | 4,900,729 |
a,d,e | Series 2019-HP1 Class CERT, 12/15/2026 | 100,000 | 1,490,000 |
e | Series 2019-P1 Class C, 4.66%, 7/15/2026 | 4,500,000 | 4,463,307 |
e | Credit Suisse ABS Trust, Series 2018-LD1 Class D, 6.30%, 7/25/2024 | 2,177,000 | 2,180,019 |
e | Dell Equipment Finance Trust, Series 2020-1 Class D, 5.92%, 3/23/2026 | 3,500,000 | 3,783,850 |
Diamond Resorts Owner Trust, | |||
e | Series 2018-1 Class A, 3.70%, 1/21/2031 | 1,588,869 | 1,654,853 |
e | Series 2019-1A Class A, 2.89%, 2/20/2032 | 4,271,266 | 4,379,258 |
e,f | ECAF I Ltd., Series 2015-1A Class B1, 5.802%, 6/15/2040 | 5,057,931 | 3,340,837 |
e | ExteNet, LLC, Series 2019-1A Class A2, 3.204%, 7/26/2049 | 5,000,000 | 5,088,607 |
Foundation Finance Trust, | |||
e | Series 2017-1A Class A, 3.30%, 7/15/2033 | 1,081,172 | 1,099,613 |
e | Series 2019-1A Class A, 3.86%, 11/15/2034 | 5,289,396 | 5,455,511 |
e | Series 2019-1A Class C, 5.66%, 11/15/2034 | 575,000 | 579,573 |
e | Series 2020-1A Class C, 5.75%, 7/16/2040 | 3,625,000 | 3,695,809 |
e,f | Global SC Finance II SRL, Series 2014-1A Class A1, 3.19%, 7/17/2029 | 1,820,833 | 1,854,310 |
e | HERO Funding Trust, Series 2017-2A Class A1, 3.28%, 9/20/2048 | 2,008,734 | 2,077,963 |
e | Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34%, 7/25/2033 | 3,052,216 | 3,121,193 |
LendingClub Receivables Trust, | |||
a,e | Series 2019-1, 7/17/2045 | 70,300 | 1,159,950 |
e | Series 2019-7 Class R1, 1/15/2027 | 2,267,377 | 1,133,688 |
e | Series 2019-7 Class R2, 1/15/2027 | 379,730 | 189,865 |
a,e | Series 2020-JPSL Class R, 2/15/2025 | 30,000 | 1,291,500 |
Lendingpoint Asset Securitization Trust, | |||
e | Series 2019-1 Class A, 3.154%, 8/15/2025 | 320,976 | 320,893 |
e | Series 2019-2 Class A, 3.071%, 11/10/2025 | 1,829,166 | 1,827,739 |
e | Series 2020-1 Class A, 2.512%, 2/10/2026 | 1,767,714 | 1,774,292 |
e | Series 2020-1 Class B, 3.107%, 2/10/2026 | 10,450,000 | 10,387,408 |
e | LL ABS Trust, Series 2019-1A Class A, 2.87%, 3/15/2027 | 1,576,734 | 1,586,744 |
e | LL ABS Trust 2020-1, Series 2020-1A 6.54%, 1/17/2028 | 2,200,000 | 2,199,125 |
Marlette Funding Trust, | |||
e | Series 2019-1A Class C, 4.42%, 4/16/2029 | 3,000,000 | 3,041,653 |
e | Series 2020-1A Class B, 2.38%, 3/15/2030 | 1,850,000 | 1,870,858 |
e | Series 2020-2A Class A, 1.02%, 9/16/2030 | 2,819,878 | 2,824,017 |
e | MelTel Land Funding, LLC, Series 2019-1A Class A, 3.768%, 4/15/2049 | 5,469,149 | 5,598,125 |
e | Mosaic Solar Loan Trust, Series 2020-1A Class C, 4.47%, 4/20/2046 | 1,600,000 | 1,616,358 |
a,d,e | Nationstar HECM Loan Trust, Series 2020-1A Class A1, 1.269%, 9/25/2030 | 9,000,000 | 8,999,995 |
New Residential Advance Receivables Trust Advance Receivables Backed, | |||
e | Series 2019-T4 Class DT4, 2.804%, 10/15/2051 | 6,860,000 | 6,862,197 |
e | Series 2019-T5 Class AT5, 2.425%, 10/15/2051 | 4,000,000 | 3,983,367 |
e | Series 2019-T5 Class DT5, 2.85%, 10/15/2051 | 4,500,000 | 4,483,622 |
e | Series 2020-T1 Class AT1, 1.426%, 8/15/2053 | 5,000,000 | 5,001,882 |
e | Series 2020-T1 Class BT1, 1.823%, 8/15/2053 | 3,000,000 | 3,013,397 |
e | Series 2020-T1 Class CT1, 2.269%, 8/15/2053 | 3,400,000 | 3,415,047 |
e | Series 2020-T1 Class DT1, 3.011%, 8/15/2053 | 6,575,000 | 6,612,467 |
e | NMEF Funding LLC, Series 2019-A Class A, 2.73%, 8/17/2026 | 3,404,844 | 3,420,025 |
a,d,e | Northwind Holdings, LLC, Series 2007-1A Class A1, 1.026% (LIBOR 3 Month + 0.78%), 12/1/2037 | 87,500 | 86,800 |
e | NP SPE II, LLC, Series 2019-2A Class A1, 2.864%, 11/19/2049 | 8,621,385 | 8,634,952 |
NRZ Advance Receivables Trust 2015-ON1, |
46 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Series 2020-T2 | |||
e | 2.17%, 9/15/2053 | $ 3,000,000 | $ 3,006,760 |
e | 2.863%, 9/15/2053 | 5,550,000 | 5,562,311 |
Ocwen Master Advance Receivables Trust, | |||
e | Series 2020-T1 Class AT1, 1.278%, 8/15/2052 | 8,000,000 | 8,029,358 |
e | Series 2020-T1 Class BT1, 1.774%, 8/15/2052 | 2,850,000 | 2,860,258 |
e | Series 2020-T1 Class CT1, 2.32%, 8/15/2052 | 1,480,000 | 1,485,481 |
e | Series 2020-T1 Class DT1, 3.061%, 8/15/2052 | 8,355,000 | 8,385,050 |
e | Oportun Funding IX, LLC, Series 2018-B Class B, 4.50%, 7/8/2024 | 550,000 | 553,310 |
Oportun Funding X, LLC, | |||
e | Series 2018-C Class A, 4.10%, 10/8/2024 | 2,690,000 | 2,733,549 |
e | Series 2018-C Class B, 4.59%, 10/8/2024 | 1,000,000 | 1,007,347 |
e | Pawnee Equipment Receivables, LLC, Series 2020-1 Class A, 1.37%, 11/17/2025 | 4,000,000 | 3,992,629 |
e | Prosper Marketplace Issuance Trust, Series 2019-2A Class A, 3.20%, 9/15/2025 | 265,281 | 265,497 |
Prosper Pass-Thru Trust, | |||
e | Series 2019-ST1 Class CERT, 7/15/2025 | 13,363,728 | 1,392,666 |
e | Series 2019-ST2 Class R1, 11/15/2025 | 2,408,267 | 1,232,483 |
e | Series 2019-ST2 Class R2, 11/15/2025 | 1,204,133 | 616,241 |
e | Purchasing Power Funding, LLC, Series 2018-A Class A, 3.34%, 8/15/2022 | 176,671 | 176,797 |
e | Republic FInance Issuance Trust, Series 2019-A Class C, 5.10%, 11/22/2027 | 1,800,000 | 1,585,115 |
a,e | Scala Funding Co., LLC, Series 2016-1 Class B, 5.21%, 2/15/2021 | 4,000,000 | 3,964,000 |
SCF Equipment Leasing, LLC, | |||
e | Series 2017-2A Class A, 3.41%, 12/20/2023 | 198,028 | 198,896 |
e | Series 2018-1A Class A2, 3.63%, 10/20/2024 | 766,329 | 775,186 |
e | Series 2019-1A Class D, 4.56%, 5/20/2027 | 3,000,000 | 2,931,186 |
e | Series 2019-2A Class C, 3.11%, 6/21/2027 | 7,300,000 | 7,545,404 |
e | Sierra Timeshare Receivables Funding, LLC, Series 2015-3A Class A, 2.58%, 9/20/2032 | 1,125,499 | 1,126,162 |
Small Business Lending Trust, | |||
e | Series 2019-A Class A, 2.85%, 7/15/2026 | 985,607 | 969,642 |
e | Series 2020-A Class A, 2.62%, 12/15/2026 | 4,947,985 | 4,912,390 |
e | Sofi Consumer Loan Program, LLC, Series 2017-3 Class A, 2.77%, 5/25/2026 | 106,436 | 106,927 |
e | SolarCity LMC Series I, LLC, Series 2013-1 Class A, 4.80%, 11/20/2038 | 1,844,058 | 1,803,415 |
e | SolarCity LMC Series II, LLC, Series 2014-1 Class A, 4.59%, 4/20/2044 | 2,227,992 | 2,267,428 |
e | SpringCastle America Funding, LLC, Series 2020-AA Class A, 1.97%, 9/25/2037 | 10,000,000 | 10,034,104 |
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, | |||
e | Series 2019-T2 Class AT2, 2.32%, 10/15/2052 | 5,242,000 | 5,198,358 |
e | Series 2019-T2 Class DT2, 2.77%, 10/15/2052 | 3,000,000 | 2,972,058 |
e | Upgrade Receivables Trust, Series 2019-2A Class A, 2.77%, 10/15/2025 | 1,325,706 | 1,330,758 |
e | Upstart Pass-Through Trust, Series 2020-ST3 Class A, 3.35%, 4/20/2028 | 5,164,153 | 5,218,864 |
Upstart Securitization Trust, | |||
e | Series 2017-1 Class C, 6.35%, 6/20/2024 | 2,973,967 | 2,978,349 |
e | Series 2017-2 Class C, 5.59%, 3/20/2025 | 4,702,766 | 4,741,439 |
e | Series 2019-1 Class B, 4.19%, 4/20/2026 | 2,594,832 | 2,610,140 |
e | Series 2019-2 Class A, 2.897%, 9/20/2029 | 2,555,029 | 2,575,463 |
e | Series 2019-3 Class A, 2.684%, 1/21/2030 | 2,372,254 | 2,391,730 |
321,002,787 | |||
Rec Vehicle Loan — 0.1% | |||
e,g | Octane Receivables Trust, Series 2020-1A Class A, 1.71%, 2/20/2025 | 3,000,000 | 3,000,117 |
3,000,117 | |||
Student Loan — 1.1% | |||
e | Commonbond Student Loan Trust, Series 18-CGS, Class A1, 3.87%, 2/25/2046 | 1,486,803 | 1,548,412 |
Earnest Student Loan Program, LLC, | |||
d,e | Series 2016-B Class A1, 2.198% (LIBOR 1 Month + 2.05%), 2/26/2035 | 317,613 | 318,983 |
e | Series 2016-C Class A2, 2.68%, 7/25/2035 | 582,947 | 587,538 |
d,e | Navient Private Education Refinance Loan Trust, Series 2019-D Class A2B, 1.202% (LIBOR 1 Month + 1.05%), 12/15/2059 | 6,000,000 | 5,972,152 |
Nelnet Student Loan Trust, | |||
d,e | Series 2015-2A Class A2, 0.748% (LIBOR 1 Month + 0.60%), 9/25/2047 | 3,187,881 | 3,123,844 |
d,e | Series 2016-A Class A1A, 1.898% (LIBOR 1 Month + 1.75%), 12/26/2040 | 885,208 | 887,880 |
SLM Student Loan Trust, | |||
d | Series 2008-2 Class A3, 0.995% (LIBOR 3 Month + 0.75%), 4/25/2023 | 843,636 | 796,173 |
d | Series 2008-5 Class A4, 1.945% (LIBOR 3 Month + 1.70%), 7/25/2023 | 1,179,516 | 1,177,719 |
d | Series 2011-2 Class A2, 1.348% (LIBOR 1 Month + 1.20%), 10/25/2034 | 5,000,000 | 5,022,682 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 47 |
Thornburg Strategic Income Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d | Series 2012-1 Class A3, 1.098% (LIBOR 1 Month + 0.95%), 9/25/2028 | $ 2,239,469 | $ 2,126,331 |
d | Series 2013-6 Class A3, 0.798% (LIBOR 1 Month + 0.65%), 6/25/2055 | 2,519,686 | 2,468,921 |
24,030,635 | |||
Total Asset Backed Securities (Cost $483,622,269) | 503,992,299 | ||
Corporate Bonds — 41.7% | |||
Automobiles & Components — 1.9% | |||
Auto Components — 0.3% | |||
e | LKQ European Holdings B.V. (EUR), 4.125%, 4/1/2028 | 2,700,000 | 3,355,551 |
e,f | Nexteer Automotive Group Ltd., 5.875%, 11/15/2021 | 2,000,000 | 1,995,300 |
Automobiles — 1.6% | |||
d,e,f | BMW Finance N.V., 1.047% (LIBOR 3 Month + 0.79%), 8/12/2022 | 4,000,000 | 4,019,960 |
Daimler Finance North America, LLC, | |||
d,e | 1.18% (LIBOR 3 Month + 0.90%), 2/15/2022 | 5,500,000 | 5,516,390 |
e | 2.125%, 3/10/2025 | 7,500,000 | 7,780,125 |
e | 3.75%, 11/5/2021 | 1,505,000 | 1,555,282 |
Hyundai Capital America, | |||
e | 1.80%, 10/15/2025 | 1,385,000 | ��1,378,283 |
e | 2.375%, 2/10/2023 | 6,747,000 | 6,929,641 |
e | 3.95%, 2/1/2022 | 1,202,000 | 1,246,738 |
e | 6.375%, 4/8/2030 | 985,000 | 1,262,425 |
e,f | Hyundai Capital Services, Inc., 3.75%, 3/5/2023 | 971,000 | 1,028,843 |
Nissan Motor Acceptance Corp., | |||
d,e | 0.916% (LIBOR 3 Month + 0.65%), 7/13/2022 | 440,000 | 429,044 |
d,e | 0.923% (LIBOR 3 Month + 0.69%), 9/28/2022 | 460,000 | 446,697 |
Volkswagen Group of America Finance, LLC, | |||
e | 2.50%, 9/24/2021 | 1,425,000 | 1,451,220 |
e | 4.00%, 11/12/2021 | 2,500,000 | 2,591,975 |
40,987,474 | |||
Banks — 0.7% | |||
Banks — 0.7% | |||
e,f | Banco Nacional de Panama, 2.50%, 8/11/2030 | 3,500,000 | 3,439,485 |
d | Capital One NA/Mclean VA, 1.063% (LIBOR 3 Month + 0.82%), 8/8/2022 | 3,000,000 | 3,016,800 |
d | Citizens Bank N.A./Providence RI, 1.168% (LIBOR 3 Month + 0.95%), 3/29/2023 | 4,000,000 | 4,031,960 |
e,f | Macquarie Bank Ltd., 3.624%, 6/3/2030 | 2,800,000 | 2,963,996 |
Santander Holdings USA, Inc., 3.45%, 6/2/2025 | 3,000,000 | 3,202,800 | |
16,655,041 | |||
Capital Goods — 2.0% | |||
Aerospace & Defense — 1.0% | |||
h | Boeing Co., 5.15%, 5/1/2030 | 3,614,000 | 4,079,917 |
BWX Technologies, Inc., | |||
e | 4.125%, 6/30/2028 | 880,000 | 904,957 |
e | 5.375%, 7/15/2026 | 6,805,000 | 7,074,750 |
e | Spirit AeroSystems, Inc., 7.50%, 4/15/2025 | 5,123,000 | 5,188,216 |
e | TransDigm, Inc., 6.25%, 3/15/2026 | 4,549,000 | 4,751,021 |
Machinery — 0.9% | |||
e,f | ATS Automation Tooling Systems, Inc., 6.50%, 6/15/2023 | 8,090,000 | 8,175,673 |
Flowserve Corp., 3.50%, 10/1/2030 | 4,053,000 | 4,012,632 | |
Mueller Industries, Inc., 6.00%, 3/1/2027 | 2,216,000 | 2,244,409 | |
Nvent Finance Sarl, | |||
f | 3.95%, 4/15/2023 | 2,000,000 | 2,079,500 |
f | 4.55%, 4/15/2028 | 3,000,000 | 3,220,800 |
Trading Companies & Distributors — 0.1% | |||
e | IAA, Inc., 5.50%, 6/15/2027 | 1,605,000 | 1,668,606 |
43,400,481 | |||
Commercial & Professional Services — 1.8% | |||
Commercial Services & Supplies — 1.6% | |||
e | ACCO Brands Corp., 5.25%, 12/15/2024 | 1,835,000 | 1,879,994 |
48 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e,f | Cimpress plc, 7.00%, 6/15/2026 | $ 9,141,000 | $ 8,679,654 |
e | CoStar Group, Inc., 2.80%, 7/15/2030 | 3,120,000 | 3,232,102 |
Nielsen Finance, LLC / Nielsen Finance Co., | |||
e | 5.00%, 4/15/2022 | 5,075,000 | 5,081,344 |
e | 5.875%, 10/1/2030 | 2,727,000 | 2,834,825 |
Quanta Services, Inc., 2.90%, 10/1/2030 | 1,975,000 | 2,016,692 | |
e | ServiceMaster Co., LLC, 5.125%, 11/15/2024 | 11,329,000 | 11,589,227 |
Professional Services — 0.2% | |||
Gartner, Inc., | |||
e | 3.75%, 10/1/2030 | 1,815,000 | 1,838,160 |
e | 4.50%, 7/1/2028 | 1,829,000 | 1,914,341 |
39,066,339 | |||
Consumer Durables & Apparel — 0.9% | |||
Household Durables — 0.2% | |||
e | CD&R Smokey Buyer, Inc., 6.75%, 7/15/2025 | 875,000 | 924,105 |
e,f | Panasonic Corp., 2.536%, 7/19/2022 | 2,790,000 | 2,873,756 |
Leisure Products — 0.3% | |||
Vista Outdoor, Inc., 5.875%, 10/1/2023 | 6,117,000 | 6,136,941 | |
e | Winnebago Industries, Inc., 6.25%, 7/15/2028 | 895,000 | 941,979 |
Textiles, Apparel & Luxury Goods — 0.4% | |||
Under Armour, Inc., 3.25%, 6/15/2026 | 5,655,000 | 5,329,894 | |
e | Wolverine World Wide, Inc., 5.00%, 9/1/2026 | 4,160,000 | 4,169,526 |
20,376,201 | |||
Consumer Services — 1.1% | |||
Hotels, Restaurants & Leisure — 0.9% | |||
Hyatt Hotels Corp., 5.75%, 4/23/2030 | 4,475,000 | 5,125,217 | |
e | Nathan’s Famous, Inc., 6.625%, 11/1/2025 | 4,670,000 | 4,761,859 |
e | Sabre GLBL, Inc., 9.25%, 4/15/2025 | 2,267,000 | 2,494,357 |
SeaWorld Parks & Entertainment, Inc., | |||
e | 8.75%, 5/1/2025 | 2,906,000 | 3,072,601 |
e | 9.50%, 8/1/2025 | 3,025,000 | 3,127,548 |
Transportation Infrastructure — 0.2% | |||
e,f | Adani Ports & Special Economic Zone Ltd., 3.375%, 7/24/2024 | 5,135,000 | 5,222,501 |
23,804,083 | |||
Diversified Financials — 5.3% | |||
Capital Markets — 2.2% | |||
Ares Capital Corp., | |||
3.25%, 7/15/2025 | 5,320,000 | 5,276,057 | |
4.20%, 6/10/2024 | 690,000 | 717,007 | |
4.25%, 3/1/2025 | 350,000 | 362,481 | |
e | Blackstone / GSO Secured Lending Fund, 3.65%, 7/14/2023 | 4,530,000 | 4,554,915 |
e | Compass Group Diversified Holdings, LLC, 8.00%, 5/1/2026 | 4,739,000 | 4,987,703 |
f | Genpact Luxembourg Sarl, 3.375%, 12/1/2024 | 6,586,000 | 6,900,086 |
a,e | JPR Royalty Sub, LLC, 14.00%, 9/1/2020 | 2,000,000 | 200,000 |
Main Street Capital Corp., 5.20%, 5/1/2024 | 4,033,000 | 4,235,698 | |
e | Owl Rock Technology Finance Corp., 4.75%, 12/15/2025 | 4,690,000 | 4,665,284 |
Solar Capital Ltd., 4.50%, 1/20/2023 | 3,000,000 | 3,084,990 | |
e | StoneX Group, Inc., 8.625%, 6/15/2025 | 4,579,000 | 4,948,067 |
TPG Specialty Lending, Inc., 3.875%, 11/1/2024 | 7,310,000 | 7,432,369 | |
Consumer Finance — 0.4% | |||
e | FirstCash, Inc., 4.625%, 9/1/2028 | 9,115,000 | 9,277,247 |
Diversified Financial Services — 2.3% | |||
Antares Holdings L.P., | |||
e | 6.00%, 8/15/2023 | 4,435,000 | 4,482,410 |
e | 8.50%, 5/18/2025 | 2,750,000 | 2,887,170 |
d,f | Barclays plc, 1.66% (LIBOR 3 Month + 1.38%), 5/16/2024 | 2,500,000 | 2,510,775 |
e,f | BNP Paribas S.A., 3.375%, 1/9/2025 | 5,000,000 | 5,417,350 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 49 |
Thornburg Strategic Income Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Deutsche Bank AG, | |||
d,f | 1.073% (LIBOR 3 Month + 0.82%), 1/22/2021 | $ 1,350,000 | $ 1,347,341 |
d,f | 1.481% (LIBOR 3 Month + 1.23%), 2/27/2023 | 2,800,000 | 2,755,088 |
f | 5.00%, 2/14/2022 | 3,500,000 | 3,658,550 |
d,f | HSBC Holdings plc, 1.645% (SOFR + 1.54%), 4/18/2026 | 3,750,000 | 3,734,812 |
d,f | Mizuho Financial Group, Inc., 0.88% (LIBOR 3 Month + 0.63%), 5/25/2024 | 4,000,000 | 3,989,920 |
d | Morgan Stanley, 0.785% (SOFR + 0.70%), 1/20/2023 | 3,500,000 | 3,552,570 |
d | Morgan Stanley MTN, 1.671% (LIBOR 3 Month + 1.40%), 4/21/2021 | 3,000,000 | 3,020,610 |
Natwest Group PLC, | |||
d,f | 1.75% (LIBOR 3 Month + 1.47%), 5/15/2023 | 1,398,000 | 1,404,305 |
f | 6.125%, 12/15/2022 | 2,000,000 | 2,183,880 |
Societe Generale S.A., | |||
e,f | 2.625%, 1/22/2025 | 3,000,000 | 3,096,510 |
e,f | 3.875%, 3/28/2024 | 2,000,000 | 2,148,720 |
e,f | 4.25%, 9/14/2023 | 3,000,000 | 3,246,240 |
Insurance — 0.3% | |||
e | Global Atlantic Fin Co., 4.40%, 10/15/2029 | 7,275,000 | 7,600,993 |
Mortgage Real Estate Investment Trusts — 0.1% | |||
Senior Housing Properties Trust, 4.75%, 2/15/2028 | 2,485,000 | 2,193,783 | |
115,872,931 | |||
Energy — 3.8% | |||
Energy Equipment & Services — 0.5% | |||
e | Enviva Partners L.P. / Enviva Partners Finance Corp., 6.50%, 1/15/2026 | 6,270,000 | 6,600,742 |
e | Hanwha Energy USA Holdings Corp., 2.375%, 7/30/2022 | 1,915,000 | 1,968,103 |
Odebrecht Offshore Drilling Finance Ltd., | |||
e,f | 6.72%, 12/1/2022 | 358,504 | 320,861 |
e,f,i | 7.72%, 12/1/2026 PIK | 2,279,074 | 232,329 |
c,e,f | Odebrecht Oil & Gas Finance Ltd. (Guaranty: Odebrecht Oleo e Gas S.A.), Zero Coupon, 10/30/2020 | 304,899 | 857 |
b,e,f,j | Schahin II Finance Co. SPV Ltd., 5.875%, 9/25/2023 | 10,461,182 | 674,223 |
Oil, Gas & Consumable Fuels — 3.3% | |||
Boardwalk Pipelines L.P., 4.80%, 5/3/2029 | 3,920,000 | 4,266,254 | |
e | Citgo Holding, Inc., 9.25%, 8/1/2024 | 1,572,000 | 1,497,314 |
e | CITGO Petroleum Corp., 7.00%, 6/15/2025 | 1,800,000 | 1,757,196 |
e | Colorado Interstate Gas Co., LLC / Colorado Interstate Issuing Corp., 4.15%, 8/15/2026 | 725,000 | 817,597 |
d | Energy Transfer Operating L.P., 3.269% (LIBOR 3 Month + 3.02%), 11/1/2066 | 1,200,000 | 599,244 |
EQM Midstream Partners L.P., Series 5Y, 4.75%, 7/15/2023 | 3,475,000 | 3,468,780 | |
e | Florida Gas Transmission Co., LLC, 3.875%, 7/15/2022 | 4,765,000 | 4,967,989 |
Gray Oak Pipeline, LLC, | |||
e | 2.00%, 9/15/2023 | 1,409,000 | 1,416,059 |
e | 3.45%, 10/15/2027 | 795,000 | 812,824 |
Gulf South Pipeline Co. L.P., 4.00%, 6/15/2022 | 4,860,000 | 4,996,323 | |
e | Gulfstream Natural Gas System, LLC, 4.60%, 9/15/2025 | 5,000,000 | 5,588,000 |
HollyFrontier Corp., 2.625%, 10/1/2023 | 1,304,000 | 1,306,425 | |
a,b,e,j | Linc USA GP / Linc Energy Finance USA, Inc., 9.625%, 10/31/2017 | 1,021,371 | 20,427 |
e,f | Lukoil Securities B.V., 3.875%, 5/6/2030 | 2,500,000 | 2,642,175 |
e | Midwest Connector Capital Co., LLC, 4.625%, 4/1/2029 | 5,487,000 | 5,538,742 |
Northern Border Pipeline Co., Series A, 7.50%, 9/15/2021 | 2,150,000 | 2,233,141 | |
Occidental Petroleum Corp., | |||
d | 1.504% (LIBOR 3 Month + 1.25%), 8/13/2021 | 900,000 | 900,000 |
d | 1.73% (LIBOR 3 Month + 1.45%), 8/15/2022 | 3,500,000 | 3,173,695 |
ONEOK, Inc., | |||
3.40%, 9/1/2029 | 963,000 | 938,328 | |
5.85%, 1/15/2026 | 921,000 | 1,060,458 | |
6.35%, 1/15/2031 | 1,250,000 | 1,451,775 | |
e | Par Petroleum, LLC / Par Petroleum Finance Corp., 7.75%, 12/15/2025 | 451,000 | 399,113 |
Parkland Fuel Corp., | |||
e,f | 5.875%, 7/15/2027 | 3,726,000 | 3,922,956 |
e,f | 6.00%, 4/1/2026 | 450,000 | 471,987 |
e,f | Petroleos Mexicanos, 5.95%, 1/28/2031 | 8,410,000 | 7,009,146 |
Plains All American Pipeline L.P. / PAA Finance Corp., 3.55%, 12/15/2029 | 4,106,000 | 3,969,763 | |
b,j | RAAM Global Energy Co., 12.50%, 10/1/2015 | 2,000,000 | 2,400 |
Summit Midstream Holdings, LLC / Summit Midstream Finance Corp., 5.50%, 8/15/2022 | 1,210,000 | 884,704 |
50 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
c,d | Summit Midstream Partners L.P., Series A, 9.50% (LIBOR 3 Month + 7.43%), 12/15/2022 | $ 3,550,000 | $ 448,472 |
Sunoco L.P. / Sunoco Finance Corp., | |||
4.875%, 1/15/2023 | 1,083,000 | 1,091,144 | |
5.50%, 2/15/2026 | 451,000 | 451,677 | |
6.00%, 4/15/2027 | 1,933,000 | 1,998,799 | |
Tennessee Gas Pipeline Co., LLC, 7.00%, 3/15/2027 | 2,251,000 | 2,796,282 | |
82,696,304 | |||
Food & Staples Retailing — 0.5% | |||
Food & Staples Retailing — 0.5% | |||
e | Albertsons Companies, Inc., 3.25%, 3/15/2026 | 1,910,000 | 1,895,942 |
e | Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons, LLC, 4.625%, 1/15/2027 | 3,696,000 | 3,780,565 |
e,f | Alimentation Couche-Tard, Inc., 2.70%, 7/26/2022 | 4,000,000 | 4,129,440 |
e | KeHE Distributors, LLC / KeHE Finance Corp, 8.625%, 10/15/2026 | 2,097,000 | 2,271,764 |
12,077,711 | |||
Food, Beverage & Tobacco — 1.7% | |||
Beverages — 0.2% | |||
e,f | Central American Bottling Corp., 5.75%, 1/31/2027 | 2,083,000 | 2,167,799 |
e,f | Coca-Cola Icecek A/S, 4.215%, 9/19/2024 | 3,000,000 | 3,045,870 |
Food Products — 0.9% | |||
e,f | Barry Callebaut Services N.V., 5.50%, 6/15/2023 | 4,000,000 | 4,329,040 |
d | General Mills, Inc., 1.283% (LIBOR 3 Month + 1.01%), 10/17/2023 | 2,530,000 | 2,558,589 |
e | Kraft Heinz Foods Co., 3.875%, 5/15/2027 | 4,582,000 | 4,870,208 |
e | Post Holdings, Inc., 4.625%, 4/15/2030 | 8,247,000 | 8,482,699 |
Tobacco — 0.6% | |||
BAT Capital Corp., 2.726%, 3/25/2031 | 2,000,000 | 1,985,200 | |
e,f | Imperial Brands Finance plc, 3.50%, 7/26/2026 | 2,000,000 | 2,163,500 |
e | Vector Group Ltd., 10.50%, 11/1/2026 | 8,195,000 | 8,349,066 |
37,951,971 | |||
Health Care Equipment & Services — 1.0% | |||
Health Care Equipment & Supplies — 0.2% | |||
e | Hologic, Inc., 3.25%, 2/15/2029 | 3,677,000 | 3,707,225 |
Health Care Providers & Services — 0.7% | |||
e | Centene Corp., 5.375%, 6/1/2026 - 8/15/2026 | 5,545,000 | 5,856,495 |
Tenet Healthcare Corp., | |||
e | 4.625%, 6/15/2028 | 850,000 | 857,616 |
e | 4.875%, 1/1/2026 | 2,826,000 | 2,861,947 |
e | 5.125%, 11/1/2027 | 1,153,000 | 1,185,514 |
e | Universal Health Services, Inc., 2.65%, 10/15/2030 | 4,646,000 | 4,615,476 |
Health Care Technology — 0.1% | |||
e | Change Healthcare Holdings, LLC / Change Healthcare Finance, Inc., 5.75%, 3/1/2025 | 3,215,000 | 3,259,399 |
22,343,672 | |||
Household & Personal Products — 0.9% | |||
Household Products — 0.9% | |||
e | Energizer Holdings, Inc., 4.75%, 6/15/2028 | 8,110,000 | 8,384,767 |
Prestige Brands, Inc., | |||
e | 5.125%, 1/15/2028 | 1,530,000 | 1,583,504 |
e | 6.375%, 3/1/2024 | 3,256,000 | 3,352,670 |
e | Spectrum Brands, Inc., 5.50%, 7/15/2030 | 5,705,000 | 6,017,463 |
Personal Products — 0.0% | |||
e | Edgewell Personal Care Co., 5.50%, 6/1/2028 | 913,000 | 960,805 |
20,299,209 | |||
Insurance — 3.0% | |||
Insurance — 3.0% | |||
Brighthouse Financial, Inc., 5.625%, 5/15/2030 | 3,750,000 | 4,372,800 | |
Brown & Brown, Inc., 2.375%, 3/15/2031 | 984,000 | 990,268 | |
e,f | DaVinciRe Holdings Ltd., 4.75%, 5/1/2025 | 4,790,000 | 5,248,547 |
d | Enstar Finance, LLC, 5.75% (5-Yr. CMT + 5.47%), 9/1/2040 | 1,672,000 | 1,708,633 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 51 |
Thornburg Strategic Income Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Enstar Group Ltd., | |||
f | 4.50%, 3/10/2022 | $ 2,000,000 | $ 2,075,340 |
f | 4.95%, 6/1/2029 | 5,835,000 | 6,497,681 |
e | Equitable Financial Life Global Funding, 1.40%, 8/27/2027 | 4,125,000 | 4,142,531 |
Fairfax Financial Holdings Ltd., | |||
e,f | 4.625%, 4/29/2030 | 3,000,000 | 3,257,730 |
f | 4.85%, 4/17/2028 | 3,000,000 | 3,275,460 |
Fidelity National Financial, Inc., | |||
2.45%, 3/15/2031 | 3,031,000 | 3,000,781 | |
3.40%, 6/15/2030 | 3,137,000 | 3,371,522 | |
First American Financial Corp., 4.00%, 5/15/2030 | 1,843,000 | 2,022,803 | |
Infinity Property & Casualty Corp., 5.00%, 9/19/2022 | 1,826,000 | 1,945,110 | |
e,f | Lancashire Holdings Ltd., 5.70%, 10/1/2022 | 4,900,000 | 5,234,719 |
Mercury General Corp., 4.40%, 3/15/2027 | 2,438,000 | 2,639,184 | |
e | Protective Life Corp., 3.40%, 1/15/2030 | 4,902,000 | 5,251,954 |
Reliance Standard Life Global Funding II, | |||
e | 2.75%, 5/7/2025 - 1/21/2027 | 4,520,000 | 4,734,127 |
e | 3.85%, 9/19/2023 | 3,000,000 | 3,226,740 |
e | Sammons Financial Group, Inc., 4.45%, 5/12/2027 | 2,000,000 | 2,095,220 |
65,091,150 | |||
Materials — 3.1% | |||
Chemicals — 1.1% | |||
d | Albemarle Corp., 1.33% (LIBOR 3 Month + 1.05%), 11/15/2022 | 2,500,000 | 2,490,325 |
e,f | Consolidated Energy Finance S.A., 6.875%, 6/15/2025 | 500,000 | 456,850 |
NOVA Chemicals Corp., | |||
e,f | 4.875%, 6/1/2024 | 4,465,000 | 4,439,014 |
e,f | 5.25%, 6/1/2027 | 5,283,000 | 4,966,390 |
e,f | Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.75%, 4/30/2026 | 5,713,000 | 5,809,378 |
e,f | OCP S.A., 5.625%, 4/25/2024 | 4,710,000 | 5,110,915 |
Containers & Packaging — 1.3% | |||
Ball Corp., 2.875%, 8/15/2030 | 5,500,000 | 5,436,585 | |
Graphic Packaging International, LLC, | |||
e | 3.50%, 3/15/2028 - 3/1/2029 | 8,150,000 | 8,143,565 |
4.75%, 4/15/2021 | 7,560,000 | 7,621,009 | |
e | Matthews International Corp., 5.25%, 12/1/2025 | 3,598,000 | 3,417,812 |
e | Sealed Air Corp., 4.00%, 12/1/2027 | 4,420,000 | 4,618,104 |
Metals & Mining — 0.7% | |||
f | AngloGold Ashanti Holdings plc, 3.75%, 10/1/2030 | 6,614,000 | 6,749,256 |
e | Cleveland-Cliffs, Inc., 6.75%, 3/15/2026 | 6,430,000 | 6,543,683 |
e | Compass Minerals International, Inc., 6.75%, 12/1/2027 | 2,144,000 | 2,321,502 |
68,124,388 | |||
Media & Entertainment — 1.3% | |||
Media — 1.3% | |||
e | CCO Holdings Capital Corp., 5.375%, 6/1/2029 | 3,614,000 | 3,915,588 |
e | CCO Holdings, LLC / CCO Holdings Capital Corp., 4.25%, 2/1/2031 | 6,548,000 | 6,767,096 |
e | Salem Media Group, Inc., 6.75%, 6/1/2024 | 1,585,000 | 1,370,550 |
e | Sirius XM Radio, Inc., 3.875%, 8/1/2022 | 10,294,000 | 10,399,719 |
e,f | Telenet Finance Luxembourg Notes Sarl, 5.50%, 3/1/2028 | 4,000,000 | 4,190,160 |
e,f | Virgin Media Secured Finance plc, 4.50%, 8/15/2030 | 1,000,000 | 1,026,910 |
27,670,023 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.3% | |||
Biotechnology — 0.1% | |||
Royalty Pharma plc, | |||
e,f | 1.20%, 9/2/2025 | 2,086,000 | 2,079,533 |
e,f | 1.75%, 9/2/2027 | 1,040,000 | 1,040,645 |
Pharmaceuticals — 0.2% | |||
a,b,j | Atlas U.S. Royalty, LLC Participation Rights, Zero Coupon, 3/15/2027 | 5,450,000 | 0 |
e | Bayer US Finance II, LLC, 4.25%, 12/15/2025 | 2,500,000 | 2,858,075 |
f | Perrigo Finance Unlimited Co., 3.15%, 6/15/2030 | 1,150,000 | 1,191,630 |
7,169,883 |
52 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Real Estate — 1.5% | |||
Equity Real Estate Investment Trusts — 1.4% | |||
CoreCivic, Inc., 4.75%, 10/15/2027 | $ 4,917,000 | $ 4,177,877 | |
GEO Group, Inc., 6.00%, 4/15/2026 | 4,625,000 | 3,307,152 | |
e | Iron Mountain, Inc., 5.25%, 7/15/2030 | 8,085,000 | 8,426,268 |
Lexington Realty Trust, 2.70%, 9/15/2030 | 2,085,000 | 2,123,156 | |
Retail Opportunity Investments Partnership L.P. (Guaranty: Retail Opportunity Investments Corp.), 5.00%, 12/15/2023 | 1,500,000 | 1,555,215 | |
e,f | Scentre Group Trust 1 / Scentre Group Trust 2, 4.375%, 5/28/2030 | 1,002,000 | 1,121,529 |
Service Properties Trust, | |||
4.35%, 10/1/2024 | 2,295,000 | 2,074,198 | |
4.65%, 3/15/2024 | 900,000 | 840,114 | |
4.95%, 2/15/2027 | 2,850,000 | 2,539,036 | |
5.25%, 2/15/2026 | 700,000 | 644,637 | |
e,f | Trust Fibra Uno, 4.869%, 1/15/2030 | 4,707,000 | 4,737,454 |
Real Estate Management & Development — 0.1% | |||
e | Cushman & Wakefield US Borrower, LLC, 6.75%, 5/15/2028 | 1,825,000 | 1,893,018 |
33,439,654 | |||
Retailing — 0.7% | |||
Internet & Direct Marketing Retail — 0.2% | |||
Expedia Group, Inc., | |||
e | 6.25%, 5/1/2025 | 1,824,000 | 2,008,461 |
e | 7.00%, 5/1/2025 | 2,739,000 | 2,952,532 |
Specialty Retail — 0.5% | |||
Advance Auto Parts, Inc., 3.90%, 4/15/2030 | 4,000,000 | 4,497,520 | |
AutoNation, Inc., 4.75%, 6/1/2030 | 700,000 | 824,908 | |
e | Michaels Stores, Inc., 8.00%, 7/15/2027 | 5,230,000 | 5,494,743 |
15,778,164 | |||
Semiconductors & Semiconductor Equipment — 0.9% | |||
Semiconductors & Semiconductor Equipment — 0.9% | |||
Broadcom, Inc., | |||
4.11%, 9/15/2028 | 2,104,000 | 2,351,578 | |
4.75%, 4/15/2029 | 1,040,000 | 1,208,366 | |
5.00%, 4/15/2030 | 2,175,000 | 2,565,673 | |
Micron Technology, Inc., | |||
4.663%, 2/15/2030 | 3,314,000 | 3,901,141 | |
5.327%, 2/6/2029 | 2,031,000 | 2,440,247 | |
Qorvo, Inc., | |||
e | 3.375%, 4/1/2031 | 950,000 | 966,977 |
4.375%, 10/15/2029 | 5,128,000 | 5,449,679 | |
18,883,661 | |||
Software & Services — 3.1% | |||
Information Technology Services — 0.7% | |||
e | Alliance Data Systems Corp., 4.75%, 12/15/2024 | 2,746,000 | 2,571,794 |
e | Harland Clarke Holdings Corp., 8.375%, 8/15/2022 | 1,955,000 | 1,898,794 |
e | Leidos, Inc., 4.375%, 5/15/2030 | 1,378,000 | 1,612,329 |
e | Sabre GLBL, Inc., 7.375%, 9/1/2025 | 2,757,000 | 2,781,261 |
e | Science Applications International Corp., 4.875%, 4/1/2028 | 4,391,000 | 4,468,984 |
Western Union Co., 2.85%, 1/10/2025 | 2,338,000 | 2,465,935 | |
Interactive Media & Services — 0.1% | |||
f | Baidu, Inc., 4.375%, 5/14/2024 | 1,424,000 | 1,564,834 |
Internet Software & Services — 0.2% | |||
e | Twitter, Inc., 3.875%, 12/15/2027 | 4,458,000 | 4,650,541 |
Software — 2.1% | |||
CDK Global, Inc., | |||
e | 5.25%, 5/15/2029 | 460,000 | 493,649 |
5.875%, 6/15/2026 | 2,000,000 | 2,084,140 | |
Citrix Systems, Inc., 4.50%, 12/1/2027 | 5,977,000 | 6,840,916 | |
e | Fair Isaac Corp., 5.25%, 5/15/2026 | 4,135,000 | 4,589,933 |
e | Infor, Inc., 1.75%, 7/15/2025 | 2,250,000 | 2,315,858 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 53 |
Thornburg Strategic Income Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e | Logan Merger Sub, Inc., 5.50%, 9/1/2027 | $ 857,000 | $ 869,589 |
e | MSCI, Inc., 3.875%, 2/15/2031 | 6,446,000 | 6,712,413 |
e,f | Open Text Corp., 3.875%, 2/15/2028 | 7,761,000 | 7,836,747 |
e | PTC, Inc., 3.625%, 2/15/2025 | 1,365,000 | 1,384,383 |
e | Solera, LLC / Solera Finance, Inc., 10.50%, 3/1/2024 | 6,027,000 | 6,299,601 |
VMware, Inc., 4.50%, 5/15/2025 | 6,000,000 | 6,787,620 | |
68,229,321 | |||
Technology Hardware & Equipment — 2.4% | |||
Communications Equipment — 0.3% | |||
Motorola Solutions, Inc., | |||
2.30%, 11/15/2030 | 2,000,000 | 1,989,660 | |
4.60%, 5/23/2029 | 1,653,000 | 1,950,110 | |
e,f | Xiaomi Best Time International Ltd., 3.375%, 4/29/2030 | 1,700,000 | 1,779,662 |
Electronic Equipment, Instruments & Components — 1.2% | |||
f | Allegion plc, 3.50%, 10/1/2029 | 2,320,000 | 2,537,408 |
f | Flex Ltd., 4.875%, 5/12/2030 | 9,100,000 | 10,368,449 |
Ingram Micro, Inc., 5.45%, 12/15/2024 | 1,951,000 | 2,081,951 | |
e,f | Sensata Technologies B.V., 4.875%, 10/15/2023 | 3,358,000 | 3,546,518 |
Trimble, Inc., 4.75%, 12/1/2024 | 6,525,000 | 7,221,087 | |
Office Electronics — 0.3% | |||
Xerox Corp., 4.50%, 5/15/2021 | 6,681,000 | 6,796,381 | |
Technology Hardware, Storage & Peripherals — 0.6% | |||
e | Dell International, LLC / EMC Corp., 5.85%, 7/15/2025 | 1,000,000 | 1,166,250 |
Hewlett Packard Enterprise Co., 4.65%, 10/1/2024 | 1,900,000 | 2,143,960 | |
HP, Inc., 3.00%, 6/17/2027 | 6,500,000 | 7,016,230 | |
NetApp, Inc., 2.375%, 6/22/2027 | 4,000,000 | 4,176,520 | |
52,774,186 | |||
Telecommunication Services — 1.9% | |||
Diversified Telecommunication Services — 0.7% | |||
Qwest Corp., 6.75%, 12/1/2021 | 3,700,000 | 3,900,614 | |
Videotron Ltd., | |||
e,f | 5.125%, 4/15/2027 | 2,400,000 | 2,527,512 |
e,f | 5.375%, 6/15/2024 | 6,000,000 | 6,536,400 |
e,f | Virgin Media Secured Finance plc, 5.50%, 5/15/2029 | 1,800,000 | 1,931,472 |
Wireless Telecommunication Services — 1.2% | |||
America Movil SAB de C.V. (MXN), 6.45%, 12/5/2022 | 45,000,000 | 2,063,551 | |
Digicel International Finance Ltd. / Digicel Holdings Bermuda Ltd., | |||
e,f | 8.00%, 12/31/2026 | 1,111,755 | 856,774 |
e,f | 8.75%, 5/25/2024 | 3,776,916 | 3,797,897 |
e,f,i | 13.00%, 12/31/2025 PIK | 217,578 | 198,692 |
e,f | MTN Mauritius Investment Ltd., 4.755%, 11/11/2024 | 4,125,000 | 4,224,578 |
e,f | SK Telecom Co. Ltd., 3.75%, 4/16/2023 | 3,000,000 | 3,214,980 |
Sprint Communications, Inc., 9.25%, 4/15/2022 | 11,516,000 | 12,841,261 | |
e,f | Vmed O2 UK Financing I plc, 4.25%, 1/31/2031 | 200,000 | 203,638 |
42,297,369 | |||
Transportation — 0.3% | |||
Airlines — 0.3% | |||
American Airlines Pass Through Trust, | |||
Series 2013-2 Class A, 4.95%, 1/15/2023 | 2,610,593 | 2,223,807 | |
Series 2016-3 Class B, 3.75%, 10/15/2025 | 1,012,754 | 702,456 | |
Series 2019-1 Class B, 3.85%, 2/15/2028 | 939,929 | 613,924 | |
Continental Airlines Pass Through Trust, Series 2005-ERJ1, 9.798%, 10/1/2022 | 174,392 | 169,888 | |
US Airways Pass Through Trust, | |||
Series 2010-1 Class A, 6.25%, 10/22/2024 | 837,935 | 750,538 | |
Series 2012-1 Class A, 5.90%, 4/1/2026 | 1,102,653 | 1,016,602 | |
Series 2013-1 Class B, 5.375%, 5/15/2023 | 1,948,392 | 1,588,115 | |
US Airways Pass Through Trust, (MBIA Insurance Corp), Series 2001-1G, 7.076%, 9/20/2022 | 206,061 | 195,758 | |
7,261,088 | |||
Utilities — 1.6% |
54 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Electric Utilities — 1.2% | |||
AEP Texas, Inc., 2.10%, 7/1/2030 | $ 4,500,000 | $ 4,615,245 | |
Black Hills Corp., 2.50%, 6/15/2030 | 1,000,000 | 1,035,260 | |
e,f | Colbun S.A., 3.15%, 3/6/2030 | 2,800,000 | 3,007,592 |
e,f | Enel Finance International N.V., 4.625%, 9/14/2025 | 4,057,000 | 4,691,393 |
Entergy Texas, Inc., 3.45%, 12/1/2027 | 3,000,000 | 3,268,470 | |
e | Midland Cogeneration Venture L.P., 6.00%, 3/15/2025 | 592,866 | 612,034 |
Pacific Gas and Electric Co., 1.75%, 6/16/2022 | 4,700,000 | 4,703,525 | |
PNM Resources, Inc., 3.25%, 3/9/2021 | 2,835,000 | 2,866,894 | |
e | Puget Energy, Inc., 4.10%, 6/15/2030 | 1,950,000 | 2,174,737 |
Gas Utilities — 0.4% | |||
e,f | Rockpoint Gas Storage Canada Ltd., 7.00%, 3/31/2023 | 8,084,000 | 7,483,844 |
34,458,994 | |||
Total Corporate Bonds (Cost $901,264,901) | 916,709,298 | ||
Convertible Bonds — 1.6% | |||
Diversified Financials — 0.7% | |||
Consumer Finance — 0.5% | |||
EZCORP, Inc., 2.375%, 5/1/2025 | 13,431,000 | 10,557,437 | |
Diversified Financial Services — 0.0% | |||
EZCORP, Inc., 2.875%, 7/1/2024 | 215,000 | 181,598 | |
Mortgage Real Estate Investment Trusts — 0.2% | |||
Chimera Investment Corp., 7.00%, 4/1/2023 | 2,758,000 | 3,466,668 | |
14,205,703 | |||
Health Care Equipment & Services — 0.0% | |||
Health Care Providers & Services — 0.0% | |||
b,f,j | NMC Health Jersey Ltd., 1.875%, 4/30/2025 | 3,800,000 | 351,576 |
351,576 | |||
Media & Entertainment — 0.5% | |||
Media — 0.5% | |||
Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00%, 10/15/2029 | 18,000,000 | 10,376,280 | |
10,376,280 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.2% | |||
Biotechnology — 0.2% | |||
Emergent BioSolutions, Inc., 2.875%, 1/15/2021 | 4,402,000 | 4,413,005 | |
4,413,005 | |||
Software & Services — 0.2% | |||
Software — 0.2% | |||
e | J2 Global, Inc., 1.75%, 11/1/2026 | 5,525,000 | 4,909,902 |
4,909,902 | |||
Total Convertible Bonds (Cost $36,641,125) | 34,256,466 | ||
Municipal Bonds — 0.6% | |||
California Health Facilities Financing Authority, 7.875%, 2/1/2026 | 1,940,000 | 1,987,452 | |
City of Chicago IL GO, Series B, 7.045%, 1/1/2029 | 3,000,000 | 3,219,570 | |
New Jersey Transportation Trust Fund Authority, | |||
2.551%, 6/15/2023 | 2,115,000 | 2,137,567 | |
2.631%, 6/15/2024 | 1,565,000 | 1,579,680 | |
New York Transportation Development Corp., 4.248%, 9/1/2035 | 3,510,000 | 3,922,530 | |
San Bernardino County Redevelopment Agency Successor Agency, Series A, 8.45%, 9/1/2030 | 1,000,000 | 1,005,300 | |
Total Municipal Bonds (Cost $13,104,324) | 13,852,099 | ||
Other Government — 0.4% | |||
Egypt Government International Bond, | |||
e,f | 7.60%, 3/1/2029 | 2,700,000 | 2,770,929 |
e,f | Series 144A 7.053%, 1/15/2032 | 3,000,000 | 2,860,710 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 55 |
Thornburg Strategic Income Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Indonesia Treasury Bond (IDR), 7.50%, 4/15/2040 | $44,090,000,000 | $ 2,979,571 | |
Total Other Government (Cost $8,764,583) | 8,611,210 | ||
U.S. Treasury Securities — 1.1% | |||
United States Treasury Notes, 0.625%, 8/15/2030 | 16,366,000 | 16,271,384 | |
United States Treasury Notes Inflationary Index, 0.125%, 1/15/2030 | 6,544,785 | 7,226,725 | |
Total U.S. Treasury Securities (Cost $23,497,688) | 23,498,109 | ||
U.S. Government Agencies — 0.2% | |||
c,d,e | Farm Credit Bank of Texas, Series 4 5.70% (5-Yr. CMT + 5.42%), 9/15/2025 | 3,835,000 | 4,026,750 |
Total U.S. Government Agencies (Cost $3,835,000) | 4,026,750 | ||
Mortgage Backed — 15.3% | |||
Angel Oak Mortgage Trust, LLC, Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-2 Class B1, 4.646%, 7/25/2047 | 4,523,000 | 4,446,194 |
d,e | Series 2017-3 Class A1, 2.708%, 11/25/2047 | 188,027 | 188,264 |
d,e | Series 2018-2 Class A1, 3.674%, 7/27/2048 | 1,159,810 | 1,178,191 |
d,e | Series 2020-1 Class B1, 3.764%, 12/25/2059 | 2,614,000 | 2,556,619 |
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2018-1 Class A1, 3.763%, 4/25/2048 | 2,514,924 | 2,564,506 |
d,e | Series 2018-1 Class A3, 4.218%, 4/25/2048 | 888,228 | 906,752 |
d,e | Series 2019-1 Class A1, 3.805%, 1/25/2049 | 2,601,623 | 2,684,068 |
d,e | Series 2019-3 Class A1, 2.962%, 10/25/2048 | 5,806,657 | 5,960,177 |
d | Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 2.766%, 8/25/2033 | 43,169 | 43,169 |
e | Bravo Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50%, 3/25/2058 | 5,508,897 | 5,688,151 |
d,e | Bunker Hill Loan Depositary Trust, Series 2020-1 Class B1, 5.218%, 2/25/2055 | 3,500,000 | 3,461,945 |
d,e | CFCRE Commercial Mortgage Trust, Series 2011-C1 Class C, 6.292%, 4/15/2044 | 6,200,000 | 6,121,555 |
Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-1 Class B4, 3.951%, 3/25/2050 | 754,645 | 733,774 |
d,e | Series 2019-1 Class B5, 3.951%, 3/25/2050 | 379,536 | 345,122 |
d,e | Series 2019-1 Class B6, 1.645%, 3/25/2050 | 683,921 | 390,872 |
d,e | Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, Series 2016-SH2 Class M4, 3.75%, 12/25/2045 | 1,585,775 | 1,605,097 |
CIM Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 18-INV1 Class A4, 4.00%, 8/25/2048 | 1,003,738 | 1,037,340 |
d,e,k | Series 2020-J1 Class AIO1, 0.465%, 7/25/2050 | 63,759,714 | 620,248 |
d,e,k | Series 2020-J1 Class AIO2, 0.50%, 7/25/2050 | 56,868,046 | 599,497 |
d,e,k | Series 2020-J1 Class AIOS, 0.20%, 6/25/2050 | 67,149,214 | 279,039 |
d,e | Series 2020-J1 Class B4, 3.465%, 7/25/2050 | 360,755 | 312,190 |
d,e | Series 2020-J1 Class B5, 3.465%, 7/25/2050 | 180,378 | 128,696 |
d,e | Series 2020-J1 Class B6, 3.465%, 7/25/2050 | 326,000 | 120,079 |
Citigroup Mortgage Loan Trust, Inc., Whole Loan Securities Trust CMO, | |||
d | Series 2004-HYB2 Class B1, 3.898%, 3/25/2034 | 38,751 | 38,751 |
d,e | Series 2014-A Class A, 4.00%, 1/25/2035 | 855,746 | 899,867 |
d,e | Series 2019-IMC1 Class B1, 3.97%, 7/25/2049 | 1,500,000 | 1,494,749 |
d,e | Series 2020-EXP1 Class B1, 4.467%, 5/25/2060 | 1,180,900 | 1,014,168 |
d,e | Series 2020-EXP1 Class B2, 4.467%, 5/25/2060 | 770,600 | 468,500 |
d,e | Series 2020-EXP1 Class B3, 4.467%, 5/25/2060 | 386,242 | 159,076 |
e,k | Series 2020-EXP1 Class XS 0.17%, 5/25/2060 | 103,136,406 | 3,746,636 |
d,e | Credit Suisse Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-HL2 Class A3, 3.50%, 10/25/2047 | 912,570 | 919,637 |
d,e | CSMC Mortgage Trust, Whole Loan Securities Trust CMO, Series 2013-HYB1 Class B3, 2.946%, 4/25/2043 | 3,135,666 | 3,161,930 |
Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2018-1 Class A1FX, 4.14%, 10/25/2058 | 304,842 | 312,496 |
d,e | Series 2019-2 Class A1, 2.739%, 11/25/2059 | 4,372,252 | 4,455,759 |
d,e | Series 2019-2 Class B1, 4.071%, 11/25/2059 | 3,837,000 | 3,754,221 |
d,k | Federal Home Loan Mtg Corp. Multifamily Structured Pass Through Certificates IO, Series KIR1 Class X, 1.203%, 3/25/2026 | 35,316,998 | 1,672,312 |
Federal Home Loan Mtg Corp., REMIC, UMBS Collateral, Pool ZS7942, 3.00%, 2/1/2033 | 16,969,278 | 18,351,874 | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool QN2877, 2.00%, 7/1/2035 | 9,572,726 | 9,950,920 | |
Pool RC1535, 2.00%, 8/1/2035 | 19,345,063 | 20,136,616 | |
Pool SB0308, 2.50%, 1/1/2035 | 17,653,265 | 18,838,642 | |
Pool ZS8034, 3.00%, 6/1/2033 | 10,900,119 | 11,797,508 |
56 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-SC01 Class M1, 3.592%, 12/25/2046 | $ 929,804 | $ 928,537 |
Series 2017-SC02 Class 2A1, 3.50%, 5/25/2047 | 103,332 | 103,932 | |
d,e | Series 2017-SC02 Class M1, 3.82%, 5/25/2047 | 249,954 | 250,023 |
Federal National Mtg Assoc. CMO REMIC, Series 1994-37 Class L, 6.50%, 3/25/2024 | 647 | 696 | |
Federal National Mtg Assoc., UMBS Collateral, Pool BP8943, 2.00%, 7/1/2035 | 12,764,610 | 13,268,706 | |
First Republic Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e,k | Series 2020-1 Class A2IO, 1.256%, 4/25/2050 | 230,521,302 | 5,988,805 |
d,e | Series 2020-1 Class B3, 2.896%, 4/25/2050 | 1,423,730 | 1,157,546 |
d,e | Series 2020-1 Class B4, 2.896%, 4/25/2050 | 1,325,000 | 973,777 |
d,e | Series 2020-1 Class B5, 2.896%, 4/25/2050 | 470,000 | 300,695 |
d,e | Series 2020-1 Class B6, 2.896%, 4/25/2050 | 755,000 | 347,247 |
Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-1 Class 2A2, 3.00%, 3/25/2047 | 973,207 | 994,067 |
d,e | Series 2018-3 Class B4, 4.50%, 5/25/2048 | 5,644,952 | 5,285,585 |
d,e | Series 2019-2 Class B3, 4.135%, 12/25/2049 | 3,830,700 | 3,690,600 |
d,e,k | Series 2020-2 Class AX1, 0.778%, 8/1/2050 | 101,372,958 | 1,476,659 |
e,k | Series 2020-2 Class AX2, 0.50%, 8/25/2050 | 17,372,608 | 167,534 |
d,e | Series 2020-2 Class B4, 3.778%, 8/25/2050 | 218,660 | 195,848 |
d,e | Series 2020-2 Class B5, 3.778%, 8/25/2050 | 652,986 | 524,752 |
d,e | Series 2020-2 Class B6C, 3.778%, 8/25/2050 | 872,793 | 433,543 |
d,e | FREMF Mortgage Trust, Series 2016-KF24 Class B, 5.157% (LIBOR 1 Month + 5.00%), 10/25/2026 | 488,397 | 494,500 |
d,e | Galton Funding Mortgage Trust, Whole Loan Securities Trust CMO, Series 2018-1 Class A43, 3.50%, 11/25/2057 | 553,566 | 558,609 |
d,e | GCAT LLC, Whole Loan Securities Trust CMO, Series 2019-NQM1 Class A1, 2.985%, 2/25/2059 | 4,320,232 | 4,387,254 |
GCAT Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-NQM2 Class A1, 2.855%, 9/25/2059 | 4,148,844 | 4,226,533 |
d,e | Series 2019-NQM3 Class A1, 2.686%, 11/25/2059 | 3,209,889 | 3,278,419 |
GS Mortgage Securities Trust, Series 2016-GS3 Class A2, 2.484%, 10/10/2049 | 2,875,000 | 2,885,886 | |
GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, | |||
d,e,k | Series 2020-PJ3 Class A11X, 3.50%, 10/25/2050 | 9,338,327 | 724,167 |
d,e,k | Series 2020-PJ3 Class AIOS, 0.20%, 10/25/2050 | 297,954,583 | 1,367,075 |
d,e,k | Series 2020-PJ3 Class AX1, 0.115%, 10/25/2050 | 277,021,131 | 669,588 |
e,k | Series 2020-PJ3 Class AX2, 0.50%, 10/25/2050 | 25,838,690 | 307,904 |
d,e,k | Series 2020-PJ3 Class AX4, 0.35%, 10/25/2050 | 25,486,359 | 212,811 |
GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
d,e,k | Series 2020-INV1 Class A11X, 3.50%, 8/25/2050 | 2,917,309 | 233,917 |
d,e,k | Series 2020-INV1 Class A12X, 3.00%, 8/25/2050 | 34,930,406 | 2,400,693 |
d,e,k | Series 2020-INV1 Class AIOS, 0.19%, 8/25/2050 | 147,323,363 | 791,171 |
d,e,k | Series 2020-INV1 Class AX1, 0.043%, 8/25/2050 | 126,294,886 | 68,957 |
d,e,k | Series 2020-INV1 Class AX2, 0.50%, 8/25/2050 | 6,295,244 | 71,642 |
d,e,k | Series 2020-INV1 Class AX4, 0.95%, 8/25/2050 | 6,776,754 | 147,914 |
d,e | Series 2020-INV1 Class B4, 3.993%, 8/25/2050 | 1,339,046 | 1,220,627 |
d,e | Series 2020-INV1 Class B5, 3.993%, 8/25/2050 | 1,339,046 | 1,076,627 |
d,e | Series 2020-INV1 Class B6, 3.993%, 8/25/2050 | 3,072,339 | 1,719,621 |
d,e,k | Series 2020-INV1 Class BX, 0.493%, 8/25/2050 | 15,278,069 | 365,043 |
Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2018-1 Class A1, 3.766%, 6/25/2048 | 832,649 | 835,490 |
d,e | Series 2018-1 Class A3, 3.999%, 6/25/2048 | 3,607,986 | 3,588,263 |
d,e | Series 2018-1 Class M1, 4.548%, 6/25/2048 | 4,000,000 | 4,026,531 |
d,e | Series 2019-1 Class A1, 3.454%, 1/25/2059 | 3,483,392 | 3,542,278 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2015-4 Class B4, 3.616%, 6/25/2045 | 1,279,999 | 1,258,195 |
d,e | Series 2016-5 Class B4, 2.619%, 12/25/2046 | 1,630,300 | 1,323,284 |
d,e | Series 2016-5 Class B5, 2.619%, 12/25/2046 | 1,235,600 | 788,986 |
d,e | Series 2017-2 Class A6, 3.00%, 5/25/2047 | 991,262 | 1,002,922 |
d,e | Series 2017-5 Class B6, 3.128%, 10/26/2048 | 3,032,568 | 1,799,699 |
d,e | Series 2017-6 Class A5, 3.50%, 12/25/2048 | 831,689 | 839,265 |
d,e | Series 2019-8 Class B4, 4.19%, 3/25/2050 | 3,565,433 | 3,450,271 |
d,e,k | Series 2020-3 Class AX1, 0.192%, 8/25/2050 | 50,069,949 | 142,279 |
d,e,k | Series 2020-4 Class A11X, 5.075% (LIBOR 1 Month + 5.25%), 11/25/2050 | 10,465,239 | 904,210 |
d,e,k | Series 2020-4 Class A3X, 0.50%, 11/25/2050 | 47,442,416 | 499,683 |
d,e,k | Series 2020-4 Class A4X, 0.50%, 11/25/2050 | 9,098,470 | 47,019 |
d,e,k | Series 2020-4 Class AX1, 0.195%, 11/25/2050 | 175,235,193 | 685,520 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 57 |
Thornburg Strategic Income Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,e,k | Series 2020-4 Class AX3, 3.50%, 11/25/2050 | $ 4,848,022 | $ 358,152 |
d,e,k | Series 2020-4 Class AX4, 0.55%, 11/25/2050 | 11,189,085 | 129,611 |
d,e | Series 2020-4 Class B4, 3.745%, 11/25/2050 | 1,383,106 | 1,263,557 |
d,e | Series 2020-4 Class B5, 3.745%, 11/25/2050 | 637,821 | 511,734 |
d,e | Series 2020-4 Class B6, 3.745%, 11/25/2050 | 1,069,000 | 642,125 |
a,d,e,k | Series 2020-7 Class A3X, 0.50%, 1/25/2051 | 25,500,032 | 204,000 |
a,d,e,k | Series 2020-7 Class AX1, 0.242%, 1/25/2051 | 121,262,000 | 424,542 |
a,d,e,k | Series 2020-7 Class AX3, 3.50%, 1/25/2051 | 8,328,000 | 466,368 |
a,d,e,k | Series 2020-7 Class AX4, 0.40%, 1/25/2051 | 7,792,000 | 46,752 |
d,e | Series 2020-7 Class B4, 3.642%, 1/25/2051 | 658,000 | 569,029 |
d,e | Series 2020-7 Class B5, 3.642%, 1/25/2051 | 459,000 | 281,317 |
d,e | Series 2020-7 Class B6, 3.642%, 1/25/2051 | 588,631 | 218,529 |
d,e | Series 2020-LTV1 Class B3A, 3.91%, 6/25/2050 | 2,868,158 | 2,884,119 |
d,e | Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, Series 2018-MTG1 Class A3, 3.50%, 3/25/2048 | 642,421 | 645,064 |
d | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 3.169%, 8/25/2034 | 102,943 | 103,642 |
d,e | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75%, 4/25/2058 | 1,475,468 | 1,582,055 |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-3A Class A1, 4.00%, 4/25/2057 | 1,923,264 | 2,077,680 |
d,e | Series 2017-4A Class A1, 4.00%, 5/25/2057 | 1,757,778 | 1,921,192 |
d,e | Series 2017-5A Class A1, 1.648% (LIBOR 1 Month + 1.50%), 6/25/2057 | 1,133,411 | 1,134,035 |
d,e | Series 2017-6A Class A1, 4.00%, 8/27/2057 | 814,590 | 877,981 |
d,e | Series 2018-1A Class A1A, 4.00%, 12/25/2057 | 1,493,953 | 1,612,580 |
d,e | Series 2018-NQM1 Class A1, 3.986%, 11/25/2048 | 3,147,437 | 3,227,641 |
d,e | Series 2019-NQM1 Class B1, 5.498%, 1/25/2049 | 2,000,000 | 2,027,315 |
d,e | Series 2019-NQM1 Class B2, 5.498%, 1/25/2049 | 1,250,000 | 1,246,310 |
d,e | Series 2019-NQM2 Class B2, 5.672%, 4/25/2049 | 2,798,000 | 2,092,230 |
d,e | Series 2020-NQM1 Class B2, 4.525%, 1/26/2060 | 1,214,000 | 1,100,525 |
a,e | Saluda Grade Alternative Mortgage Grade, Whole Loan Securities Trust CMO, Series 2020-FIG1 Class C, 9/25/2050 | 16,002,731 | 1,958,766 |
Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2015-4 Class B4, 3.162%, 11/25/2030 | 1,686,000 | 1,718,889 |
d,e | Series 2016-3 Class B3, 3.668%, 11/25/2046 | 3,415,576 | 3,238,471 |
d,e | Series 2017-4 Class A4, 3.50%, 7/25/2047 | 429,059 | 432,325 |
d,e | Series 2017-5 Class A4, 3.50%, 8/25/2047 | 1,302,648 | 1,315,028 |
d,e | Series 2017-7 Class B3, 3.736%, 10/25/2047 | 1,490,708 | 1,442,135 |
d,e | Series 2018-7 Class B4, 4.218%, 9/25/2048 | 1,802,000 | 1,652,453 |
d,e | SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class A1, 2.703%, 9/25/2059 | 3,519,492 | 3,558,738 |
d,e | Shellpoint Co-Originator Trust, Whole Loan Securities Trust CMO, Series 2016-1 Class B4, 3.582%, 11/25/2046 | 3,320,426 | 3,095,646 |
Spruce Hill Mortgage Loan Trust, Inc., Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-SH1 Class B1, 4.992%, 4/29/2049 | 2,500,000 | 2,387,290 |
d,e | Series 2020-SH1 Class A1, 2.521%, 1/28/2050 | 4,718,582 | 4,768,065 |
Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2018-IMC2 Class B1, 5.669%, 10/25/2048 | 1,909,000 | 1,855,629 |
d,e | Series 2019-1 Class B1, 4.766%, 6/25/2049 | 2,629,000 | 2,528,250 |
TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2018-2 Class B3, 3.816%, 7/25/2048 | 2,756,932 | 2,642,216 |
d,e | Series 2018-2 Class B4, 3.816%, 7/25/2048 | 2,040,000 | 1,620,952 |
d,e | Verus Securitization Trust 2018-INV1, Series 2018-INV1 5.648%, 3/25/2058 | 2,900,000 | 2,939,146 |
Verus Securitization Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-1A Class B2, 5.983%, 1/25/2047 | 884,000 | 911,874 |
d,e | Series 2018-2 Class A1, 3.677%, 6/1/2058 | 2,149,334 | 2,179,275 |
d,e | Series 2018-3 Class A1, 4.108%, 10/25/2058 | 1,244,558 | 1,275,038 |
d,e | Series 2019-1 Class B1, 5.311%, 2/25/2059 | 4,575,000 | 4,220,835 |
d,e | Series 2019-3 Class A1, 2.784%, 7/25/2059 | 4,172,471 | 4,254,675 |
d,e | Series 2019-3 Class B1, 4.043%, 7/25/2059 | 300,000 | 281,556 |
d,e | Series 2019-4 Class B1, 3.86%, 11/25/2059 | 3,250,000 | 3,059,753 |
d,e | Series 2019-INV3 Class B2, 4.791%, 11/25/2059 | 1,385,000 | 1,135,888 |
d,e | Series 2020-1 Class B1, 3.624%, 1/25/2060 | 1,500,000 | 1,310,289 |
d,e | Series 2020-2 Class B1, 5.36%, 5/25/2060 | 2,225,000 | 2,235,954 |
d,e | Series 2020-INV1 Class B1, 5.75%, 3/25/2060 | 875,000 | 900,577 |
d,e | Series 2020-INV1 Class B2, 6.00%, 3/25/2060 | 1,416,000 | 1,399,760 |
d,e | Vista Point Securitization Trust, Series 2020-2 Class A2, 1.986%, 4/25/2065 | 4,579,542 | 4,582,473 |
58 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Vista Point Securitization Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2020-1 Class B1, 5.375%, 3/25/2065 | $ 2,625,000 | $ 2,655,278 |
d,e | Series 2020-1 Class B2, 5.375%, 3/25/2065 | 4,473,000 | 4,084,995 |
Wells Fargo Commercial Mortgage Trust, Series 2016-C34 Class A2, 2.603%, 6/15/2049 | 6,458,000 | 6,523,051 | |
Total Mortgage Backed (Cost $325,762,765) | 336,989,967 | ||
Loan Participations — 5.0% | |||
Capital Goods — 0.0% | |||
Aerospace & Defense — 0.0% | |||
a,l | Spirit Aerosystems, Inc., 1/29/2025 | 250,000 | 248,750 |
248,750 | |||
Commercial & Professional Services — 0.9% | |||
Professional Services — 0.9% | |||
m | Harland Clarke Holdings Corp., 5.75% (LIBOR 3 Month + 4.75%), 11/3/2023 | 3,234,728 | 2,635,915 |
m | Par Pacific Holdings, Inc., 7.02% (LIBOR 3 Month + 6.75%), 1/12/2026 | 4,548,117 | 4,036,454 |
m | R.R. Donnelley & Sons Company, 5.147% (LIBOR 1 Month + 5.00%), 1/15/2024 | 2,947,500 | 2,807,494 |
m | RGIS Services, LLC, 8.50% (LIBOR 3 Month + 7.50%), 6/23/2025 | 1,859,751 | 1,710,971 |
f,m | Titan Acquisition Co., Ltd., 4.22% (LIBOR 3 Month + 4.00%), 5/1/2026 | 8,711,979 | 8,501,410 |
19,692,244 | |||
Consumer Services — 0.1% | |||
Hotels, Restaurants & Leisure — 0.1% | |||
m | SeaWorld Parks & Entertainment, Inc., 3.147% (LIBOR 1 Month + 3.00%), 3/31/2024 | 3,472,010 | 3,223,171 |
3,223,171 | |||
Energy — 0.3% | |||
Multi-Utilities — 0.0% | |||
f,m | McDermott Technology Americas, Inc., 3.147% (LIBOR 1 Month + 3.00%), 6/30/2024 | 54,676 | 47,021 |
Oil, Gas & Consumable Fuels — 0.3% | |||
m | Citgo Holding, Inc., 8.00% (LIBOR 3 Month + 7.00%), 8/1/2023 | 8,100,791 | 7,584,366 |
a,i,m | Malamute Energy, Inc., 0.22% (LIBOR 3 Month + 1.50% PIK), 11/22/2022 | 21,687 | 21,687 |
7,653,074 | |||
Food, Beverage & Tobacco — 0.1% | |||
Food Products — 0.1% | |||
m | BellRing Brands, LLC, 6.00% (LIBOR 1 Month + 5.00%), 10/21/2024 | 3,354,313 | 3,355,721 |
3,355,721 | |||
Health Care Equipment & Services — 0.4% | |||
Health Care Equipment & Supplies — 0.4% | |||
m | Avantor Funding, Inc., 3.25% (LIBOR 1 Month + 2.25%), 11/21/2024 | 7,951,531 | 7,835,598 |
7,835,598 | |||
Materials — 0.8% | |||
Chemicals — 0.2% | |||
m | SCIH Salt Holdings Inc., 5.50% (LIBOR 3 Month + 4.50%), 3/16/2027 | 3,630,000 | 3,620,925 |
Paper & Forest Products — 0.6% | |||
m | Neenah, Inc., 5.00% (LIBOR 3 Month+ 4.00%), 6/25/2027 | 13,720,613 | 13,652,009 |
17,272,934 | |||
Media & Entertainment — 0.6% | |||
Media — 0.6% | |||
l,m | ABG Intermediate Holdings 2 LLC, 6.25% (LIBOR 3 Month + 5.25%), 9/27/2024 | 5,413,000 | 5,358,870 |
m | CSC Holdings, LLC, 2.402% (LIBOR 1 Month + 2.25%), 7/17/2025 | 7,285,000 | 7,035,197 |
12,394,067 | |||
Real Estate — 0.3% | |||
Equity Real Estate Investment Trusts — 0.3% | |||
m | CoreCivic, Inc., 5.50% (LIBOR 1 Month + 4.50%), 12/18/2024 | 2,887,500 | 2,829,750 |
m | GEO Group, Inc., 2.75% (LIBOR 1 Month + 2.00%), 3/23/2024 | 4,564,524 | 4,184,802 |
7,014,552 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 59 |
Thornburg Strategic Income Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Semiconductors & Semiconductor Equipment — 0.3% | |||
Information Technology Services — 0.3% | |||
m | Xperi Corporation, 4.147% (LIBOR 3 Month + 4.00%), 6/1/2025 | $ 6,221,250 | $ 6,052,779 |
6,052,779 | |||
Software & Services — 0.6% | |||
Internet Software & Services — 0.3% | |||
m | Dun & Bradstreet Corporation (The), 3.895% (LIBOR 1 Month + 3.75%), 2/6/2026 | 6,477,450 | 6,402,959 |
Software — 0.3% | |||
m | LogMeIn, Inc., 4.906% (3 Month LIBOR + 4.75%), 8/31/2027 | 1,831,000 | 1,766,348 |
l | Sophia, L.P., 9/22/2027 | 5,064,000 | 5,027,286 |
13,196,593 | |||
Telecommunication Services — 0.6% | |||
Diversified Telecommunication Services — 0.6% | |||
m | Colorado Buyer, Inc., 8.25% (LIBOR 6 Month + 7.25%), 5/1/2025 | 3,000,000 | 1,540,770 |
Intelsat Jackson Holdings S.A., | |||
f,m | 6.50% (PRIME + 5.50%), 1/2/2024 | 9,800,000 | 9,861,250 |
f,l,m | 8.75% (LIBOR 3 Month + 5.50%), 7/13/2022 | 736,785 | 748,449 |
12,150,469 | |||
Total Loan Participations (Cost $111,069,301) | 110,089,952 | ||
Warrant — 0.0% | |||
Semiconductors & Semiconductor Equipment — 0.0% | |||
Semiconductors & Semiconductor Equipment — 0.0% | |||
a,b | Mood Media, LLC, expire 7/31/2025 | 11,754,273 | 66,611 |
66,611 | |||
Total Warrants (Cost $3,806,457) | 66,611 | ||
Short-Term Investments — 9.6% | |||
n | Thornburg Capital Management Fund | 21,146,266 | 211,462,661 |
Total Short-Term Investments (Cost $211,462,661) | 211,462,661 | ||
Total Investments — 99.1% (Cost $2,138,452,996) | $2,178,002,334 | ||
Other Assets Less Liabilities — 0.9% | 19,230,327 | ||
Net Assets — 100.0% | $2,197,232,661 |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2020 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Euro | SSB | Sell | 2,792,800 | 3/23/2021 | 3,287,239 | $ 5,282 | $ — |
Net unrealized appreciation (depreciation) | $ 5,282 |
* | Counterparty includes State Street Bank and Trust Company ("SSB"). |
Footnote Legend | |
a | Security currently fair valued by the Valuation and Pricing Committee using procedures approved by the Trustees’ Audit Committee. |
b | Non-income producing. |
c | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
d | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2020. |
e | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2020, the aggregate value of these securities in the Fund’s portfolio was $1,309,042,994, representing 59.58% of the Fund’s net assets. |
f | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
g | When-issued security. |
60 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
h | Segregated as collateral for a when-issued security. |
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, 2020. |
j | Bond in default. |
k | Interest only. |
l | 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. |
m | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 2020. |
n | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ARM | Adjustable Rate Mortgage |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Rate |
EUR | Denominated in Euro |
FCB | Farm Credit Bank |
GO | General Obligation |
IDR | Denominated in Indonesian Rupiah |
IO | Interest Only Security |
LIBOR | London Interbank Offered Rates |
Mtg | Mortgage |
MTN | Medium-Term Note |
MXN | Denominated in Mexican Peso |
PIK | Payment-in-kind |
REMIC | Real Estate Mortgage Investment Conduit |
SOFR | Secured Overnight Financing Rate |
SPV | Special Purpose Vehicle |
UMBS | Uniform Mortgage Backed Securities |
VA | Veterans Affairs |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 61 |
September 30, 2020
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | THORNBURG LIMITED TERM INCOME FUND | THORNBURG ULTRA SHORT INCOME FUND | THORNBURG STRATEGIC INCOME FUND | |
ASSETS | ||||
Investments at cost | ||||
Non-affiliated issuers | $ 352,939,847 | $ 7,246,239,644 | $ 30,555,881 | $ 1,926,990,335 |
Non-controlled affiliated issuers | - | 902,817,411 | 7,005,333 | 211,462,661 |
Investments at value | ||||
Non-affiliated issuers | 361,492,834 | 7,520,020,781 | 31,032,078 | 1,966,539,673 |
Non-controlled affiliated issuers | - | 902,817,411 | 7,005,333 | 211,462,661 |
Cash | - | 1,797,216 | - | 2,601,712 |
Unrealized appreciation on forward currency contracts | - | - | - | 5,282 |
Receivable for investments sold | - | 163,000 | - | 10,673,581 |
Receivable for fund shares sold | 2,396,470 | 76,549,339 | 127,903 | 12,918,404 |
Receivable from investment advisor | - | - | 9,772 | - |
Dividends receivable | 157 | 73,194 | 447 | 162,662 |
Principal and interest receivable | 970,879 | 34,058,442 | 81,488 | 15,828,043 |
Prepaid expenses and other assets | 89,149 | 571,999 | 25,196 | 231,115 |
Total Assets | 364,949,489 | 8,536,051,382 | 38,282,217 | 2,220,423,133 |
Liabilities | ||||
Payable for investments purchased | - | 23,746,418 | 1,817,885 | 17,820,532 |
Payable for fund shares redeemed | 1,540,673 | 10,028,834 | 15,437 | 3,080,917 |
Payable to investment advisor and other affiliates | 166,243 | 3,032,989 | - | 966,795 |
Accounts payable and accrued expenses | 100,121 | 699,480 | 71,202 | 380,727 |
Dividends payable | 92,724 | 1,761,135 | 1,701 | 953,164 |
Total Liabilities | 1,899,761 | 39,268,856 | 1,906,225 | 23,202,135 |
Commitments and contingencies | ||||
Unrealized appreciation on unfunded commmitments | - | - | - | 11,663 |
Net Assets | $ 363,049,728 | $ 8,496,782,526 | $ 36,375,992 | $ 2,197,232,661 |
NET ASSETS CONSIST OF | ||||
Net capital paid in on shares of beneficial interest | $ 367,240,701 | $ 8,132,754,953 | $ 35,786,713 | $ 2,160,683,670 |
Distributable earnings (accumulated loss) | (4,190,973) | 364,027,573 | 589,279 | 36,548,991 |
Net Assets | $ 363,049,728 | $ 8,496,782,526 | $ 36,375,992 | $ 2,197,232,661 |
September 30, 2020
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | THORNBURG LIMITED TERM INCOME FUND | THORNBURG ULTRA SHORT INCOME FUND | THORNBURG STRATEGIC INCOME FUND | |
NET ASSET VALUE | ||||
Class A Shares: | ||||
Net assets applicable to shares outstanding | $ 86,954,615 | $ 768,798,347 | $ 8,126,858 | $ 249,520,146 |
Shares outstanding | 6,499,797 | 54,360,137 | 645,594 | 20,385,090 |
Net asset value and redemption price per share | $ 13.38 | $ 14.14 | $ 12.59 | $ 12.24 |
Maximum offering price per share (net asset value, plus 2.25% of offering price) | $ 13.69 * | $ 14.47 * | $ 12.88 * | $ 12.82 ** |
Class C Shares: | ||||
Net assets applicable to shares outstanding | 17,993,530 | 412,658,359 | - | 103,301,786 |
Shares outstanding | 1,337,050 | 29,224,309 | - | 8,454,677 |
Net asset value and redemption price per share*** | 13.46 | 14.12 | - | 12.22 |
Class I Shares: | ||||
Net assets applicable to shares outstanding | 243,793,278 | 6,999,910,990 | 28,249,134 | 1,758,842,584 |
Shares outstanding | 18,224,040 | 494,829,172 | 2,245,336 | 144,121,875 |
Net asset value and redemption price per share | 13.38 | 14.15 | 12.58 | 12.20 |
Class R3 Shares: | ||||
Net assets applicable to shares outstanding | 9,222,192 | 61,040,916 | - | 1,105,225 |
Shares outstanding | 688,950 | 4,313,099 | - | 90,430 |
Net asset value and redemption price per share | 13.39 | 14.15 | - | 12.22 |
Class R4 Shares: | ||||
Net assets applicable to shares outstanding | 2,779,108 | 6,413,143 | - | 1,633,155 |
Shares outstanding | 207,803 | 453,688 | - | 133,698 |
Net asset value and redemption price per share | 13.37 | 14.14 | - | 12.22 |
Class R5 Shares: | ||||
Net assets applicable to shares outstanding | 2,307,005 | 149,321,864 | - | 43,715,050 |
Shares outstanding | 172,325 | 10,558,639 | - | 3,579,804 |
Net asset value and redemption price per share | 13.39 | 14.14 | - | 12.21 |
Class R6 Shares: | ||||
Net assets applicable to shares outstanding | - | 98,638,907 | - | 39,114,715 |
Shares outstanding | - | 6,959,799 | - | 3,195,259 |
Net asset value and redemption price per share | - | 14.17 | - | 12.24 |
* | The sales load was 1.50% from October 1, 2019 thru September 29, 2020 and was changed to the current rate on September 30, 2020. |
** | Net asset value, plus 4.50% of offering price. |
*** | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Year Ended September 30, 2020
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | THORNBURG LIMITED TERM INCOME FUND | THORNBURG ULTRA SHORT INCOME FUND | THORNBURG STRATEGIC INCOME FUND | |
INVESTMENT INCOME | ||||
Dividend income | ||||
Non-affiliated issuers | $ 13,646 | $ - | $ - | $ 1,638,573 |
Non-controlled affiliated issuers | - | 2,200,407 | 34,250 | 2,101,076 |
Interest income | 5,675,941 | 172,080,842 | 773,174 | 71,658,873 |
Total Income | 5,689,587 | 174,281,249 | 807,424 | 75,398,522 |
EXPENSES | ||||
Investment management fees | 1,081,141 | 20,723,267 | 128,014 | 11,636,292 |
Administration fees | 255,780 | 5,714,454 | 28,393 | 1,545,596 |
Distribution and service fees | ||||
Class A Shares | 181,449 | 1,570,141 | 13,515 | 549,689 |
Class C Shares | 83,102 | 1,812,802 | - | 1,096,763 |
Class R3 Shares | 45,853 | 339,561 | - | 6,319 |
Class R4 Shares | 6,633 | 14,217 | - | 3,329 |
Transfer agent fees | ||||
Class A Shares | 69,300 | 507,592 | 32,506 | 183,084 |
Class C Shares | 9,734 | 210,165 | - | 80,951 |
Class I Shares | 127,730 | 3,969,844 | 17,191 | 1,165,747 |
Class R3 Shares | 11,354 | 46,128 | - | 2,531 |
Class R4 Shares | 8,767 | 22,632 | - | 8,734 |
Class R5 Shares | 12,077 | 264,097 | - | 52,449 |
Class R6 Shares | - | 12,020 | - | 5,594 |
Registration and filing fees | ||||
Class A Shares | 14,413 | 30,408 | 16,517 | 17,270 |
Class C Shares | 12,939 | 19,574 | - | 13,862 |
Class I Shares | 16,395 | 113,700 | 17,300 | 62,595 |
Class R3 Shares | 13,050 | 13,792 | - | 13,153 |
Class R4 Shares | 13,134 | 13,536 | - | 13,292 |
Class R5 Shares | 12,995 | 14,066 | - | 13,275 |
Class R6 Shares | - | 13,418 | - | 13,223 |
Custodian fees | 67,893 | 346,049 | 64,873 | 213,901 |
Professional fees | 49,726 | 153,602 | 58,521 | 124,959 |
Trustee and officer fees | 18,617 | 432,105 | 2,155 | 118,325 |
Other expenses | 36,920 | 539,580 | 12,685 | 174,822 |
Total Expenses | 2,149,002 | 36,896,750 | 391,670 | 17,115,755 |
Less: | ||||
Expenses reimbursed | (66,515) | (1,423,152) | (111,628) | (1,596,037) |
Investment management fees waived | - | - | (106,324) | (3,059,462) |
Net Expenses | 2,082,487 | 35,473,598 | 173,718 | 12,460,256 |
Net Investment Income (Loss) | $ 3,607,100 | $ 138,807,651 | $ 633,706 | $ 62,938,266 |
Year Ended September 30, 2020
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | THORNBURG LIMITED TERM INCOME FUND | THORNBURG ULTRA SHORT INCOME FUND | THORNBURG STRATEGIC INCOME FUND | |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) on: | ||||
Non-affiliated issuer investments | $ 959,377 | $ 112,069,566 | $ 159,418 | $ 19,578,990 |
Forward currency contracts | - | - | - | (253,541) |
Foreign currency transactions | - | - | - | 20,153 |
Net realized gain (loss) | 959,377 | 112,069,566 | 159,418 | 19,345,602 |
Net change in unrealized appreciation (depreciation) on: | ||||
Non-affiliated issuers investments | 6,172,607 | 184,146,634 | 152,074 | 33,571,367 |
Forward currency contracts | - | - | - | (112,173) |
Foreign currency translations | - | - | - | 2,460 |
Change in net unrealized appreciation (depreciation) | 6,172,607 | 184,146,634 | 152,074 | 33,461,654 |
Net Realized and Unrealized Gain (Loss) | 7,131,984 | 296,216,200 | 311,492 | 52,807,256 |
Change in Net Assets Resulting from Operations | $ 10,739,084 | $ 435,023,851 | $ 945,198 | $ 115,745,522 |
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | THORNBURG LIMITED TERM INCOME FUND | |||
Year Ended September 30, 2020 | Year Ended September 30, 2019 | Year Ended September 30, 2020 | Year Ended September 30, 2019 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 3,607,100 | $ 3,769,019 | $ 138,807,651 | $ 140,405,650 |
Net realized gain (loss) | 959,377 | (533,177) | 112,069,566 | 40,927,563 |
Net change in unrealized appreciation (depreciation) | 6,172,607 | 8,550,764 | 184,146,634 | 140,547,442 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 10,739,084 | 11,786,606 | 435,023,851 | 321,880,655 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (1,088,304) | (1,199,716) | (16,819,606) | (15,727,847) |
Class C Shares | (203,518) | (255,887) | (9,033,756) | (9,006,464) |
Class I Shares | (3,276,526) | (2,750,402) | (150,085,898) | (112,128,865) |
Class R3 Shares | (129,884) | (151,499) | (1,693,873) | (1,869,318) |
Class R4 Shares | (37,348) | (38,072) | (156,081) | (212,808) |
Class R5 Shares | (26,237) | (25,660) | (3,822,501) | (3,178,918) |
Class R6 Shares | - | - | (2,558,644) | (1,237,001) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 19,305,043 | (5,683,527) | 100,507,407 | (55,963,967) |
Class C Shares | 2,021,887 | (4,644,010) | 42,742,513 | (96,148,218) |
Class I Shares | 94,687,939 | 9,185,352 | 2,342,418,095 | 633,212,444 |
Class R3 Shares | (147,783) | (143,550) | (5,953,611) | (26,586,996) |
Class R4 Shares | 429,413 | (289,505) | (1,808,601) | (214,678) |
Class R5 Shares | 1,374,063 | 187,963 | 37,267,857 | (10,373,438) |
Class R6 Shares | - | - | 34,109,655 | 29,403,168 |
Net Increase (Decrease) in Net Assets | 123,647,829 | 5,978,093 | 2,800,136,807 | 651,847,749 |
NET ASSETS | ||||
Beginning of Year | 239,401,899 | 233,423,806 | 5,696,645,719 | 5,044,797,970 |
End of Year | $ 363,049,728 | $ 239,401,899 | $ 8,496,782,526 | $ 5,696,645,719 |
THORNBURG ULTRA SHORT INCOME FUND | THORNBURG STRATEGIC INCOME FUND | |||
Year Ended September 30, 2020 | Year Ended September 30, 2019 | Year Ended September 30, 2020 | Year Ended September 30, 2019 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 633,706 | $ 820,295 | $ 62,938,266 | $ 48,095,037 |
Net realized gain (loss) | 159,418 | 122,581 | 19,345,602 | 5,209,645 |
Net change in unrealized appreciation (depreciation) | 152,074 | 476,950 | 33,461,654 | 25,866,150 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 945,198 | 1,419,826 | 115,745,522 | 79,170,832 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (159,045) | (198,275) | (7,184,136) | (6,894,360) |
Class C Shares | - | - | (2,749,238) | (3,682,212) |
Class I Shares | (621,189) | (631,318) | (49,465,381) | (36,220,081) |
Class R3 Shares | - | - | (37,522) | (59,577) |
Class R4 Shares | - | - | (40,053) | (47,973) |
Class R5 Shares | - | - | (1,183,705) | (316,965) |
Class R6 Shares | - | - | (874,952) | (448,157) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 87,189 | 721,326 | 28,075,890 | 12,482,392 |
Class C Shares | - | - | (18,368,245) | (34,400,304) |
Class I Shares | 3,253,888 | 1,670,436 | 573,823,914 | 355,456,316 |
Class R3 Shares | - | - | (553,775) | (347,860) |
Class R4 Shares | - | - | 324,328 | ��� (926,459) |
Class R5 Shares | - | - | 31,573,177 | 3,578,573 |
Class R6 Shares | - | - | 16,927,688 | 11,717,095 |
Net Increase (Decrease) in Net Assets | 3,506,041 | 2,981,995 | 686,013,512 | 379,061,260 |
NET ASSETS | ||||
Beginning of Year | 32,869,951 | 29,887,956 | 1,511,219,149 | 1,132,157,889 |
End of Year | $ 36,375,992 | $ 32,869,951 | $ 2,197,232,661 | $ 1,511,219,149 |
September 30, 2020
Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | |
Limited Term U.S. Government Fund | X | X | X | X | X | X | |
Limited Term Income Fund | X | X | X | X | X | X | X |
Ultra Short Income Fund | X | X | |||||
Strategic Income Fund | X | X | X | X | X | X | X |
September 30, 2020
September 30, 2020
September 30, 2020
September 30, 2020
LIMITED TERM U.S. GOVERNMENT FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Corporate Bonds | $ 3,902,780 | $ — | $ 3,902,780 | $ — |
U.S. Treasury Securities | 47,222,545 | 47,222,545 | — | — |
U.S. Government Agencies | 30,336,946 | — | 30,336,946 | — |
Mortgage Backed | 255,342,386 | — | 255,342,386 | — |
Short-Term Investments | 24,688,177 | 8,688,718 | 15,999,459 | — |
Total Investments in Securities | $ 361,492,834 | $ 55,911,263 | $ 305,581,571 | $ — |
Total Assets | $ 361,492,834 | $ 55,911,263 | $ 305,581,571 | $ — |
LIMITED TERM INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Asset Backed Securities | $ 1,766,102,859 | $ — | $ 1,727,573,957 | $ 38,528,902 |
Corporate Bonds | 2,845,878,073 | — | 2,845,878,073 | — |
Convertible Bonds | 5,115,029 | — | 5,115,029 | — |
Municipal Bonds | 65,379,977 | — | 65,379,977 | — |
Other Government | 18,628,634 | — | 18,628,634 | — |
U.S. Treasury Securities | 810,240,595 | 810,240,595 | — | — |
U.S. Government Agencies | 69,751,437 | — | 69,751,437 | — |
Mortgage Backed | 1,934,283,047 | — | 1,934,283,047 | — |
Loan Participations | 4,641,130 | — | 4,641,130 | — |
Short-Term Investments | 902,817,411 | 902,817,411 | — | — |
Total Investments in Securities | $ 8,422,838,192 | $ 1,713,058,006 | $ 6,671,251,284 | $ 38,528,902(a) |
Total Assets | $ 8,422,838,192 | $ 1,713,058,006 | $ 6,671,251,284 | $ 38,528,902 |
(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, 2020 is not presented. | ||||
ULTRA SHORT INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Asset Backed Securities | $ 18,886,555 | $ — | $ 18,640,987 | $ 245,568 |
Corporate Bonds | 8,207,189 | — | 8,207,189 | — |
Municipal Bonds | 322,573 | — | 322,573 | — |
U.S. Treasury Securities | 325,104 | 325,104 | — | — |
U.S. Government Agencies | 143,229 | — | 143,229 | — |
Mortgage Backed | 3,147,428 | — | 3,147,428 | — |
Short-Term Investments | 7,005,333 | 7,005,333 | — | — |
Total Investments in Securities | $ 38,037,411 | $ 7,330,437 | $ 30,461,406 | $ 245,568(a) |
Total Assets | $ 38,037,411 | $ 7,330,437 | $ 30,461,406 | $ 245,568 |
(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, 2020 is not presented. |
September 30, 2020
STRATEGIC INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 1,152,244 | $ — | $ — | $ 1,152,244 |
Preferred Stock | 13,294,668 | 3,625,668 | 9,669,000 | — |
Asset Backed Securities | 503,992,299 | — | 467,485,554 | 36,506,745 |
Corporate Bonds | 916,709,298 | — | 916,488,871 | 220,427 |
Convertible Bonds | 34,256,466 | — | 34,256,466 | — |
Municipal Bonds | 13,852,099 | — | 13,852,099 | — |
Other Government | 8,611,210 | — | 8,611,210 | — |
U.S. Treasury Securities | 23,498,109 | 23,498,109 | — | — |
U.S. Government Agencies | 4,026,750 | — | 4,026,750 | — |
Mortgage Backed | 336,989,967 | — | 333,889,539 | 3,100,428 |
Loan Participations | 110,089,952 | — | 109,819,515 | 270,437 |
Warrant | 66,611 | — | — | 66,611 |
Short-Term Investments | 211,462,661 | 211,462,661 | — | — |
Total Investments in Securities | $ 2,178,002,334 | $ 238,586,438 | $ 1,898,099,004 | $ 41,316,892(a) |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 5,282 | $ — | $ 5,282 | $ — |
Total Assets | $ 2,178,007,616 | $ 238,586,438 | $ 1,898,104,286 | $41,316,892 |
(a) 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, 2020. |
FAIR VALUE AT September 30, 2020 | VALUATION TECHNIQUE(S) | UNOBSERVABLE INPUT | RANGE (WEIGHTED AVERAGE) | |
Common Stock | $ �� 1,152,244 | Reference instrument | Discount for lack of marketability | 50.00-52.46%/(52.44%) (a) |
Asset-Backed Securities | 32,455,945 | Purchase price | Purchase price | $100.00-46,250.00/($15,852.72) |
3,964,000 | Discounted cash flows | Yield (Discount rate of cash flows) | 8.0%/(N/A) | |
86,800 | Discounted cash flows | Credit spread | 3.0%/(N/A) | |
Corporate Bond | 200,000 | Recovery analysis | Expected recovery | $10.00/(N/A) |
20,427 | Recovery analysis | Expected recovery | $2.00/(N/A) (a) | |
Loan Participations | 21,687 | Reference instrument | Expected recovery | $100.00/(N/A) (a) |
248,750 | Purchase price | Purchase price | $99.50/(N/A) | |
Mortgage Backed | 3,100,428 | Purchase price | Purchase price | $0.35-12.24/($8.69) |
Warrants | 66,611 | Reference instrument | Expected recovery | $0.0057/(N/A) |
Total | $ 41,316,892 | |||
(a) Represents price used after factoring in market impact including discounts, as applicable. |
September 30, 2020
STRATEGIC INCOME FUND | COMMON STOCK | MORTGAGE BACKED | ASSET BACKED SECURITIES | CORPORATE BONDS | LOAN PARTICIPATIONS | WARRANTS | TOTAL (e) |
Beginning Balance 9/30/2019 | $ 8,893 | $ 46,280 | $ 4,784,651 | $ 10,672,785 | $ 21,360 | $ – | $ 15,533,969 |
Accrued Discounts (Premiums) | – | (6,575) | (367,457) | 32,613 | – | – | (341,419) |
Net Realized Gain (Loss)(a) | – | (85) | 16,393 | 107,515 | – | – | 123,823 |
Gross Purchases | 2,404,878 | 3,100,428 | 32,455,945 | 810,945 | 249,077 | 3,806,456 | 42,827,729 |
Gross Sales | – | (46,280) | (756,113) | (4,602,561) | – | – | (5,404,954) |
Net Change in Unrealized Appreciation (Depreciation)(b)(c) | (1,261,527) | 6,660 | 373,326 | 461,763 | – | (3,739,845) | (4,159,623) |
Transfers into Level 3(d) | – | – | – | – | – | – | – |
Transfers out of Level 3(d) | – | – | – | (7,262,633) | – | – | (7,262,633) |
Ending Balance 9/30/2020 | $ 1,152,244 | $ 3,100,428 | $ 36,506,745 | $ 220,427 | $ 270,437 | $ 66,611 | $ 41,316,892 |
(a) | Amount of net realized gain (loss) from investments recognized in income is included in the Fund’s Statement of Operations for the year ended September 30, 2020. |
(b) | Amount of net change in unrealized appreciation (depreciation) on investments recognized in income is included in the Fund’s Statement of Operations for the year ended September 30, 2020. |
(c) | The net change in unrealized appreciation (depreciation) attributable to securities owned at September 30, 2020, which were valued using significant unobservable inputs, was $(4,608,046). This is included within net change in unrealized appreciation (depreciation) on investments in the Fund’s the Statement of Operations for the year ended September 30, 2020. |
(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 year ended September 30, 2020. 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 1.88% of total net assets at the year ended September 30, 2020. 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. |
LIMITED TERM U.S. GOVERNMENT FUND | LIMITED TERM INCOME FUND | ULTRA SHORT INCOME FUND* | STRATEGIC INCOME FUND | ||||
DAILY NET ASSETS | FEE RATE | 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 $5 billion | 0.250% | Up to $500 million | 0.750% |
Next $1 billion | 0.325 | Next $500 million | 0.450 | Next $5 billion | 0.225 | Next $500 million | 0.675 |
Over $2 billion | 0.275 | Next $500 million | 0.400 | Over $10 billion | 0.200 | Next $500 million | 0.625 |
Next $500 million | 0.350 | Next $500 million | 0.575 | ||||
Over $2 billion | 0.275 | Over $2 billion | 0.500 |
* | The management fee rates for Ultra Short Income Fund were changed on 9/30/2020 and the table reflects these rates. The management fee rates from October 1, 2019 through September 29, 2020 were 0.400% up to $1 billion; 0.300% for the next $500 million; 0.250% for the next $500 million; and 0.225% for amounts over $2 billion. |
Effective Management Fee | |
Limited Term U.S. Government Fund | 0.375% |
Limited Term Income Fund | 0.322 |
Ultra Short Income Fund | 0.400 |
Strategic Income Fund | 0.667 |
September 30, 2020
Administrative Services 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 |
Commissions | CDSC fees | |
Limited Term U.S. Government Fund | $ 2,019 | $ 997 |
Limited Term Income Fund | 12,504 | 21,532 |
Ultra Short Income Fund | 173 | — |
Strategic Income Fund | 43,536 | 11,497 |
September 30, 2020
Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | |
Limited Term U.S. Government Fund | —% | —% | —% | 0.99% | 0.99% | 0.67% | —% |
Limited Term Income Fund | — | — | 0.49 | 0.99 | 0.99 | 0.49 | 0.42 |
Ultra Short Income Fund* | 0.50 | — | 0.30 | — | — | — | — |
Strategic Income Fund | 1.05 | 1.80 | 0.60 | 1.25 | 1.25 | 0.60 | 0.53 |
* | The Advisor agreed to waive fees for the Ultra Short Fund at the fee rates reflected in the table on 9/30/2020. For the periods between October 1, 2019 through September 29, 2020 the Advisor agreed to waive rates as follows: Class A – 0.70% and Class I – 0.50%. |
Contractual: | Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Limited Term U.S. Government Fund | $ — | $ — | $ — | $ 27,546 | $ 16,187 | $ 22,782 | $ — | $ 66,515 |
Limited Term Income Fund | — | — | 1,140,026 | 21,945 | 18,768 | 204,540 | 37,873 | 1,423,152 |
Ultra Short Income Fund | 54,734 | — | 56,894 | — | — | — | — | 111,628 |
Strategic Income Fund | 242,979 | 121,541 | 2,943,437 | 15,401 | 18,417 | 107,520 | 65,613 | 3,514,908 |
Voluntary: | Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Ultra Short Income Fund | $ 22,447 | $ — | $ 83,877 | $ — | $ — | $ — | $ — | $ 106,324 |
Strategic Income Fund | 144,015 | 71,764 | 886,466 | 826 | 873 | 21,254 | 15,393 | 1,140,591 |
Percentage of Direct Investments | |
Limited Term U.S. Government Fund | 9.96% |
Limited Term Income Fund | 0.06 |
Ultra Short Income Fund | 26.49 |
Strategic Income Fund | 0.75 |
Purchases | Sales | Realized gains/(losses) | |
Limited Term U.S. Government Fund | $ 18,015,024 | $ 1,336,324 | $ — |
Limited Term Income Fund | 235,285 | 8,264,696 | 224,879 |
Ultra Short Income Fund | 151,271 | 653,597 | 30,291 |
Strategic Income Fund | — | 7,107,831 | 147,575 |
LIMITED TERM INCOME FUND | Market Value 9/30/19 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/20 | Dividend Income |
Thornburg Capital Mgmt. Fund | $ - | $3,461,681,495 | $(2,558,864,084) | $- | $- | $902,817,411 | $2,200,407 |
September 30, 2020
ULTRA SHORT INCOME FUND | Market Value 9/30/19 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/20 | Dividend Income |
Thornburg Capital Mgmt. Fund | $ 4,400,701 | $ 31,253,058 | $ (28,648,426) | $- | $- | $ 7,005,333 | $ 34,250 |
STRATEGIC INCOME FUND | |||||||
Thornburg Capital Mgmt. Fund | $202,542,770 | $ 941,377,721 | $ (932,457,830) | $- | $- | $211,462,661 | $2,101,076 |
Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Limited Term U.S. Government Fund | $ 352,942,853 | $ 8,768,332 | $ (218,351) | $ 8,549,981 |
Limited Term Income Fund | 8,149,594,151 | 294,038,686 | (20,794,645) | 273,244,041 |
Ultra Short Income Fund | 37,561,215 | 502,763 | (26,567) | 476,196 |
Strategic Income Fund | 2,138,565,222 | 83,424,578 | (43,982,184) | 39,442,394 |
Deferred Tax Basis | |
Capital Losses | |
Limited Term U.S. Government Fund | $ 134,877 |
Cumulative Capital Losses | ||
Short-Term | Long-Term | |
Limited Term U.S. Government Fund | $ 2,166,062 | $ 10,396,604 |
Strategic Income Fund | — | 5,289,172 |
Utilized Capital Loss Carryforwards | |
Strategic Income Fund | $ 16,228,509 |
September 30, 2020
Distributable Earnings | Net Capital Paid | |
Limited Term Income Fund | $ (9,547,103) | $ 9,547,103 |
Undistributed Tax Basis Ordinary Investment Income | Undistributed tax basis capital gains | |
Limited Term U.S. Government Fund | $ 49,313 | $ — |
Limited Term Income Fund | 80,888,742 | 11,655,925 |
Ultra Short Income Fund | 16,724 | 98,060 |
Strategic Income Fund | 3,336,052 | — |
DISTRIBUTIONS FROM: | ||||
ORDINARY INCOME | CAPITAL GAINS | |||
2020 | 2019 | 2020 | 2019 | |
Limited Term U.S. Government Fund | $ 4,761,817 | $ 4,421,236 | $ — | $ — |
Limited Term Income Fund | 172,553,939 | 143,361,221 | 11,616,420 | — |
Ultra Short Income Fund | 770,085 | 829,593 | 10,149 | — |
Strategic Income Fund | 61,534,987 | 47,669,325 | — | — |
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
LIMITED TERM U.S. GOVERNMENT FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 2,642,451 | $ 35,134,519 | 1,721,046 | $ 22,033,056 |
Shares issued to shareholders in reinvestment of dividends | 78,863 | 1,044,911 | 88,399 | 1,142,632 |
Shares repurchased | (1,271,682) | (16,874,387) | (2,246,645) | (28,859,215) |
Net increase (decrease) | 1,449,632 | $ 19,305,043 | (437,200) | $ (5,683,527) |
September 30, 2020
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
LIMITED TERM U.S. GOVERNMENT FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class C Shares | ||||
Shares sold | 815,326 | $ 10,884,423 | 318,393 | $ 4,102,384 |
Shares issued to shareholders in reinvestment of dividends | 14,039 | 187,126 | 17,901 | 232,658 |
Shares repurchased | (677,776) | (9,049,662) | (692,937) | (8,979,052) |
Net increase (decrease) | 151,589 | $ 2,021,887 | (356,643) | $ (4,644,010) |
Class I Shares | ||||
Shares sold | 12,998,539 | $ 172,600,042 | 3,482,631 | $ 44,982,797 |
Shares issued to shareholders in reinvestment of dividends | 189,526 | 2,514,621 | 151,069 | 1,954,051 |
Shares repurchased | (6,056,901) | (80,426,724) | (2,934,949) | (37,751,496) |
Net increase (decrease) | 7,131,164 | $ 94,687,939 | 698,751 | $ 9,185,352 |
Class R3 Shares | ||||
Shares sold | 393,691 | $ 5,235,969 | 225,399 | $ 2,909,281 |
Shares issued to shareholders in reinvestment of dividends | 9,039 | 119,748 | 9,883 | 127,893 |
Shares repurchased | (414,384) | (5,503,500) | (246,350) | (3,180,724) |
Net increase (decrease) | (11,654) | $ (147,783) | (11,068) | $ (143,550) |
Class R4 Shares | ||||
Shares sold | 97,858 | $ 1,293,192 | 63,299 | $ 813,546 |
Shares issued to shareholders in reinvestment of dividends | 2,762 | 36,584 | 2,778 | 35,914 |
Shares repurchased | (67,904) | (900,363) | (88,727) | (1,138,965) |
Net increase (decrease) | 32,716 | $ 429,413 | (22,650) | $ (289,505) |
Class R5 Shares | ||||
Shares sold | 186,498 | $ 2,474,789 | 184,589 | $ 2,382,395 |
Shares issued to shareholders in reinvestment of dividends | 1,776 | 23,610 | 1,872 | 24,305 |
Shares repurchased | (84,416) | (1,124,336) | (170,048) | (2,218,737) |
Net increase (decrease) | 103,858 | $ 1,374,063 | 16,413 | $ 187,963 |
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
LIMITED TERM INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 25,358,970 | $ 351,981,034 | 13,748,857 | $ 184,402,206 |
Shares issued to shareholders in reinvestment of dividends | 1,147,937 | 15,716,458 | 1,084,259 | 14,505,433 |
Shares repurchased | (19,549,412) | (267,190,085) | (19,129,192) | (254,871,606) |
Net increase (decrease) | 6,957,495 | $ 100,507,407 | (4,296,076) | $ (55,963,967) |
Class C Shares | ||||
Shares sold | 11,004,870 | $ 152,813,009 | 3,281,161 | $ 43,830,555 |
Shares issued to shareholders in reinvestment of dividends | 605,039 | 8,263,846 | 615,065 | 8,208,672 |
Shares repurchased | (8,589,890) | (118,334,342) | (11,120,955) | (148,187,445) |
Net increase (decrease) | 3,020,019 | $ 42,742,513 | (7,224,729) | $ (96,148,218) |
September 30, 2020
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
LIMITED TERM INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class I Shares | ||||
Shares sold | 275,322,068 | $ 3,813,138,961 | 131,962,699 | $ 1,761,668,144 |
Shares issued to shareholders in reinvestment of dividends | 9,432,946 | 129,462,434 | 7,121,081 | 95,348,794 |
Shares repurchased | (117,108,981) | (1,600,183,300) | (91,879,373) | (1,223,804,494) |
Net increase (decrease) | 167,646,033 | $ 2,342,418,095 | 47,204,407 | $ 633,212,444 |
Class R3 Shares | ||||
Shares sold | 4,100,485 | $ 56,161,846 | 3,355,494 | $ 44,478,093 |
Shares issued to shareholders in reinvestment of dividends | 119,427 | 1,633,183 | 132,659 | 1,772,552 |
Shares repurchased | (4,628,637) | (63,748,640) | (5,469,939) | (72,837,641) |
Net increase (decrease) | (408,725) | $ (5,953,611) | (1,981,786) | $ (26,586,996) |
Class R4 Shares | ||||
Shares sold | 274,766 | $ 3,832,830 | 364,786 | $ 4,838,911 |
Shares issued to shareholders in reinvestment of dividends | 8,041 | 109,881 | 8,707 | 116,439 |
Shares repurchased | (422,326) | (5,751,312) | (385,528) | (5,170,028) |
Net increase (decrease) | (139,519) | $ (1,808,601) | (12,035) | $ (214,678) |
Class R5 Shares | ||||
Shares sold | 11,096,010 | $ 152,435,476 | 6,573,404 | $ 87,102,928 |
Shares issued to shareholders in reinvestment of dividends | 265,764 | 3,640,483 | 229,191 | 3,061,860 |
Shares repurchased | (8,644,758) | (118,808,102) | (7,572,567) | (100,538,226) |
Net increase (decrease) | 2,717,016 | $ 37,267,857 | (769,972) | $ (10,373,438) |
Class R6 Shares | ||||
Shares sold | 8,117,200 | $ 111,218,072 | 4,265,546 | $ 57,037,358 |
Shares issued to shareholders in reinvestment of dividends | 185,047 | 2,543,167 | 91,789 | 1,232,605 |
Shares repurchased | (5,772,365) | (79,651,584) | (2,169,399) | (28,866,795) |
Net increase (decrease) | 2,529,882 | $ 34,109,655 | 2,187,936 | $ 29,403,168 |
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
ULTRA SHORT INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 398,979 | $ 4,992,139 | 469,668 | $ 5,773,137 |
Shares issued to shareholders in reinvestment of dividends | 12,648 | 157,583 | 15,917 | 197,238 |
Shares repurchased | (407,526) | (5,062,533) | (425,106) | (5,249,049) |
Net increase (decrease) | 4,101 | $ 87,189 | 60,479 | $ 721,326 |
Class I Shares | ||||
Shares sold | 1,014,415 | $ 12,687,671 | 2,398,897 | $ �� 29,598,268 |
Shares issued to shareholders in reinvestment of dividends | 47,672 | 593,593 | 46,385 | 574,411 |
Shares repurchased | (808,165) | (10,027,376) | (2,305,834) | (28,502,243) |
Net increase (decrease) | 253,922 | $ 3,253,888 | 139,448 | $ 1,670,436 |
September 30, 2020
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
STRATEGIC INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 6,387,405 | $ 76,212,253 | 4,602,506 | $ 54,164,265 |
Shares issued to shareholders in reinvestment of dividends | 544,250 | 6,486,790 | 545,564 | 6,404,897 |
Shares repurchased | (4,618,329) | (54,623,153) | (4,105,748) | (48,086,770) |
Net increase (decrease) | 2,313,326 | $ 28,075,890 | 1,042,322 | $ 12,482,392 |
Class C Shares | ||||
Shares sold | 1,813,398 | $ 21,514,486 | 1,497,612 | $ 17,532,219 |
Shares issued to shareholders in reinvestment of dividends | 208,946 | 2,485,809 | 284,168 | 3,326,973 |
Shares repurchased | (3,565,797) | (42,368,540) | (4,716,285) | (55,259,496) |
Net increase (decrease) | (1,543,453) | $ (18,368,245) | (2,934,505) | $ (34,400,304) |
Class I Shares | ||||
Shares sold | 84,574,669 | $ 1,000,393,477 | 50,512,264 | $ 590,315,060 |
Shares issued to shareholders in reinvestment of dividends | 3,623,511 | 43,101,042 | 2,632,522 | 30,881,194 |
Shares repurchased | (40,057,843) | (469,670,605) | (22,772,557) | (265,739,938) |
Net increase (decrease) | 48,140,337 | $ 573,823,914 | 30,372,229 | $ 355,456,316 |
Class R3 Shares | ||||
Shares sold | 36,527 | $ 433,436 | 25,351 | $ 297,418 |
Shares issued to shareholders in reinvestment of dividends | 1,700 | 20,224 | 2,366 | 27,737 |
Shares repurchased | (87,292) | (1,007,435) | (57,329) | (673,015) |
Net increase (decrease) | (49,065) | $ (553,775) | (29,612) | $ (347,860) |
Class R4 Shares | ||||
Shares sold | 46,177 | $ 553,373 | 55,791 | $ 650,716 |
Shares issued to shareholders in reinvestment of dividends | 2,820 | 33,532 | 3,645 | 42,591 |
Shares repurchased | (22,782) | (262,577) | (139,493) | (1,619,766) |
Net increase (decrease) | 26,215 | $ 324,328 | (80,057) | $ (926,459) |
Class R5 Shares | ||||
Shares sold | 2,956,685 | $ 35,300,817 | 629,213 | $ 7,426,138 |
Shares issued to shareholders in reinvestment of dividends | 95,753 | 1,137,727 | 24,925 | 292,321 |
Shares repurchased | (412,572) | (4,865,367) | (351,588) | (4,139,886) |
Net increase (decrease) | 2,639,866 | $ 31,573,177 | 302,550 | $ 3,578,573 |
Class R6 Shares | ||||
Shares sold | 1,965,388 | $ 23,771,299 | 1,076,161 | $ 12,806,841 |
Shares issued to shareholders in reinvestment of dividends | 23,620 | 281,816 | 19,711 | 231,827 |
Shares repurchased | (607,573) | (7,125,427) | (112,525) | (1,321,573) |
Net increase (decrease) | 1,381,435 | $ 16,927,688 | 983,347 | $ 11,717,095 |
September 30, 2020
Purchases | Sales | |
Limited Term U.S. Government Fund | $ 213,380,466 | $ 30,872,112 |
Limited Term Income Fund | 6,094,368,071 | 3,185,690,380 |
Ultra Short Income Fund | 25,276,527 | 13,097,662 |
Strategic Income Fund | 1,731,077,537 | 917,830,138 |
SHEET RISK AND FOREIGN INVESTMENT RISK
Type of Derivative(a) | Counter Party | Asset Derivatives | Liability Derivatives | Net Amount | |
Strategic Income Fund | Foreign currency contracts | SSB | $ 5,282 | $ — | $ 5,282 |
(a) | Generally, the Statement of Assets and Liabilities location for forward currency contracts is Assets - Unrealized appreciation on forward currency contracts for asset derivatives and Liabilities - Unrealized depreciation on forward currency contracts for liabilities derivatives. |
September 30, 2020
Net Realized | Net Change in Unrealized | ||||
Type of Derivative(a) | Gain (Loss) | Appreciation (Depreciation) | |||
Strategic Income Fund | Foreign currency contracts | $ (253,541) | $ (112,173) |
(a) | Generally, the Statement of Operations location for forward currency contracts is Net realized gain (loss) on: forward currency contracts and Net change in unrealized appreciation (depreciation) on: forward currency contracts. |
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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(b) | |||||||||
2020 | $ 13.10 | 0.15 | 0.33 | 0.48 | (0.20) | — | — | (0.20) | $13.38 |
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 |
CLASS C SHARES | |||||||||
2020 | $ 13.17 | 0.11 | 0.35 | 0.46 | (0.17) | — | — | (0.17) | $13.46 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 13.10 | 0.18 | 0.34 | 0.52 | (0.24) | — | — | (0.24) | $13.38 |
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 |
CLASS R3 SHARES | |||||||||
2020 | $ 13.10 | 0.13 | 0.35 | 0.48 | (0.19) | — | — | (0.19) | $13.39 |
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 |
CLASS R4 SHARES | |||||||||
2020 | $ 13.09 | 0.13 | 0.34 | 0.47 | (0.19) | — | — | (0.19) | $13.37 |
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 |
CLASS R5 SHARES | |||||||||
2020 | $ 13.11 | 0.17 | 0.34 | 0.51 | (0.23) | — | — | (0.23) | $13.39 |
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 |
(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. |
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | 1.10 | 0.89 | 0.89 | 3.70 | 11.66 | $ 86,955 | |
2019 | 1.48 | 0.90 | 0.90 | 5.06 | 29.37 | $ 66,140 | |
2018 | 1.42 | 0.91 | 0.91 | (0.77) | 5.93 | $ 69,634 | |
2017 | 1.03 | 0.93 | 0.93 | (0.43) | 11.05 | $ 84,674 | |
2016 (c) | 1.08 | 0.91 | 0.91 | 1.41 | 9.78 | $ 111,874 | |
CLASS C SHARES | |||||||
2020 | 0.82 | 1.16 | 1.16 | 3.48 | 11.66 | $ 17,994 | |
2019 | 1.13 | 1.24 | 1.24 | 4.60 | 29.37 | $ 15,618 | |
2018 | 1.10 | 1.23 | 1.23 | (1.08) | 5.93 | $ 19,686 | |
2017 | 0.73 | 1.23 | 1.24 | (0.72) | 11.05 | $ 34,821 | |
2016 | 0.81 | 1.19 | 1.20 | 1.13 | 9.78 | $ 48,369 | |
CLASS I SHARES | |||||||
2020 | 1.36 | 0.60 | 0.60 | 4.00 | 11.66 | $ 243,793 | |
2019 | 1.76 | 0.62 | 0.62 | 5.35 | 29.37 | $ 145,273 | |
2018 | 1.73 | 0.60 | 0.60 | (0.47) | 5.93 | $ 131,898 | |
2017 | 1.36 | 0.60 | 0.60 | (0.18) | 11.05 | $ 147,464 | |
2016 | 1.43 | 0.57 | 0.57 | 1.83 | 9.78 | $ 144,437 | |
CLASS R3 SHARES | |||||||
2020 | 1.02 | 0.99 | 1.29 | 3.67 | 11.66 | $ 9,222 | |
2019 | 1.39 | 0.99 | 1.43 | 4.88 | 29.37 | $ 9,181 | |
2018 | 1.34 | 0.99 | 1.45 | (0.85) | 5.93 | $ 9,036 | |
2017 | 1.00 | 0.97 | 1.40 | (0.47) | 11.05 | $ 10,871 | |
2016 | 1.03 | 0.98 | 1.30 | 1.34 | 9.78 | $ 28,036 | |
CLASS R4 SHARES | |||||||
2020 | 1.01 | 0.99 | 1.60 | 3.60 | 11.66 | $ 2,779 | |
2019 | 1.38 | 0.99 | 1.78 | 4.88 | 29.37 | $ 2,293 | |
2018 | 1.35 | 0.99 | 1.75 | (0.85) | 5.93 | $ 2,509 | |
2017 | 0.96 | 0.99 | 1.95 | (0.49) | 11.05 | $ 3,365 | |
2016 | 1.04 | 0.99 | 2.71 | 1.33 | 9.78 | $ 2,097 | |
CLASS R5 SHARES | |||||||
2020 | 1.27 | 0.67 | 2.12 | 3.93 | 11.66 | $ 2,307 | |
2019 | 1.80 | 0.67 | 2.04 | 5.29 | 29.37 | $ 897 | |
2018 | 1.60 | 0.65 | 1.94 | (0.52) | 5.93 | $ 661 | |
2017 | 1.40 | 0.58 | 1.21 | (0.23) | 11.05 | $ 4,131 | |
2016 | 1.30 | 0.67 | 2.05 | 1.80 | 9.78 | $ 570 |
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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(b) | |||||||||
2020 | $ 13.61 | 0.27 | 0.64 | 0.91 | (0.28) | (0.10) | — | (0.38) | $14.14 |
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 |
CLASS C SHARES | |||||||||
2020 | $ 13.59 | 0.24 | 0.64 | 0.88 | (0.25) | (0.10) | — | (0.35) | $14.12 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 13.62 | 0.30 | 0.65 | 0.95 | (0.32) | (0.10) | — | (0.42) | $14.15 |
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 |
CLASS R3 SHARES | |||||||||
2020 | $ 13.63 | 0.24 | 0.63 | 0.87 | (0.25) | (0.10) | — | (0.35) | $14.15 |
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 |
CLASS R4 SHARES | |||||||||
2020 | $ 13.61 | 0.24 | 0.64 | 0.88 | (0.25) | (0.10) | — | (0.35) | $14.14 |
2019 | $ 13.16 | 0.30 | 0.46 | 0.76 | (0.31) | — | — | (0.31) | $13.61 |
2018 | $ 13.43 | 0.26 | (0.26) | — (d) | (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 |
CLASS R5 SHARES | |||||||||
2020 | $ 13.61 | 0.31 | 0.64 | 0.95 | (0.32) | (0.10) | — | (0.42) | $14.14 |
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 |
CLASS R6 SHARES | |||||||||
2020 | $ 13.64 | 0.32 | 0.64 | 0.96 | (0.33) | (0.10) | — | (0.43) | $14.17 |
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 (e) | $ 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) | The total return based on the NAV which reflects the adjustments in accordance with U.S. GAAP is 6.47%. |
(d) | Total from investment operations was less than $0.01 per share. |
(e) | Effective date of this class of shares was April 10, 2017. |
(f) | Annualized. |
(g) | Due to the size of net assets and fixed expenses, ratios may appear disproportionate. |
+ | Based on weighted average shares outstanding. |
Limited Term Income Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | 1.94 | 0.77 | 0.77 | 6.78 | 53.84 | $ 768,798 | |
2019 | 2.44 | 0.81 | 0.81 | 6.03 | 43.22 | $ 645,383 | |
2018 | 2.12 | 0.84 | 0.84 | 0.09 | 33.62 | $ 680,473 | |
2017 | 1.76 | 0.87 | 0.87 | 1.31 | 26.90 | $ 890,990 | |
2016 | 1.82 | 0.86 | 0.86 | 3.36 | 20.56 | $ 1,111,441 | |
CLASS C SHARES | |||||||
2020 | 1.72 | 1.00 | 1.00 | 6.55 | 53.84 | $ 412,659 | |
2019 | 2.24 | 1.02 | 1.02 | 5.82 | 43.22 | $ 356,205 | |
2018 | 1.91 | 1.05 | 1.05 | (0.13) | 33.62 | $ 439,305 | |
2017 | 1.56 | 1.08 | 1.08 | 1.10 | 26.90 | $ 567,771 | |
2016 | 1.59 | 1.08 | 1.08 | 3.13 | 20.56 | $ 667,680 | |
CLASS I SHARES | |||||||
2020 | 2.21 | 0.49 | 0.51 | 7.08 | 53.84 | $ 6,999,911 | |
2019 | 2.75 | 0.50 | 0.53 | 6.44 | 43.22 | $ 4,455,457 | |
2018 | 2.46 | 0.51 | 0.51 | 0.41 | 33.62 | $ 3,685,859 | |
2017 | 2.14 | 0.50 | 0.50 | 1.61 | 26.90 | $ 3,232,277 | |
2016 | 2.17 | 0.50 | 0.50 | 3.73 | 20.56 | $ 2,792,249 | |
CLASS R3 SHARES | |||||||
2020 | 1.75 | 0.99 | 1.02 | 6.54 (c) | 53.84 | $ 61,041 | |
2019 | 2.27 | 0.99 | 1.06 | 5.84 | 43.22 | $ 64,335 | |
2018 | 1.98 | 0.99 | 1.09 | (0.06) | 33.62 | $ 88,298 | |
2017 | 1.65 | 0.99 | 1.12 | 1.19 | 26.90 | $ 96,715 | |
2016 | 1.69 | 0.98 | 1.10 | 3.23 | 20.56 | $ 104,309 | |
CLASS R4 SHARES | |||||||
2020 | 1.74 | 0.99 | 1.32 | 6.55 | 53.84 | $ 6,413 | |
2019 | 2.27 | 0.99 | 1.23 | 5.84 | 43.22 | $ 8,073 | |
2018 | 1.98 | 0.99 | 1.45 | 0.01 | 33.62 | $ 7,962 | |
2017 | 1.65 | 0.99 | 1.56 | 1.11 | 26.90 | $ 8,101 | |
2016 | 1.70 | 0.99 | 1.97 | 3.23 | 20.56 | $ 6,328 | |
CLASS R5 SHARES | |||||||
2020 | 2.24 | 0.49 | 0.64 | 7.08 | 53.84 | $ 149,322 | |
2019 | 2.70 | 0.56 | 0.74 | 6.31 | 43.22 | $ 106,753 | |
2018 | 2.31 | 0.67 | 0.69 | 0.26 | 33.62 | $ 113,333 | |
2017 | 1.99 | 0.65 | 0.67 | 1.53 | 26.90 | $ 101,189 | |
2016 | 2.05 | 0.62 | 0.72 | 3.60 | 20.56 | $ 71,864 | |
CLASS R6 SHARES | |||||||
2020 | 2.31 | 0.42 | 0.46 | 7.15 | 53.84 | $ 98,639 | |
2019 | 2.82 | 0.43 | 0.49 | 6.43 | 43.22 | $ 60,440 | |
2018 | 2.62 | 0.45 | 0.57 | 0.56 | 33.62 | $ 29,568 | |
2017 (e) | 2.28 (f) | 0.45 (f) | 24.38 (f)(g) | 1.92 | 26.90 | $ 770 |
Ultra Short 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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(b) | |||||||||
2020 | $ 12.49 | 0.23 | 0.15 | 0.38 | (0.24) | (0.04) | — | (0.28) | $12.59 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 12.48 | 0.25 | 0.16 | 0.41 | (0.27) | (0.04) | — | (0.31) | $12.58 |
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 |
(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. |
Ultra Short Income Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | 1.83 | 0.70 | 1.84 | 3.13 | 46.29 | $ 8,127 | |
2019 | 2.28 | 0.70 | 1.65 | 4.00 | 79.59 | $ 8,012 | |
2018 | 1.75 | 0.70 | 1.82 | 0.75 | 20.93 | $ 7,140 | |
2017 | 1.30 | 0.65 | 1.77 | 1.03 | 34.79 | $ 6,532 | |
2016 | 0.89 | 0.69 | 1.74 | 1.60 | 42.99 | $ 10,235 | |
CLASS I SHARES | |||||||
2020 | 2.02 | 0.50 | 1.06 | 3.33 | 46.29 | $ 28,249 | |
2019 | 2.47 | 0.50 | 0.94 | 4.21 | 79.59 | $ 24,858 | |
2018 | 1.96 | 0.50 | 1.09 | 0.95 | 20.93 | $ 22,748 | |
2017 | 1.46 | 0.50 | 1.03 | 1.19 | 34.79 | $ 12,854 | |
2016 | 1.15 | 0.48 | 1.18 | 1.81 | 42.99 | $ 17,106 |
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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(b) | |||||||||
2020 | $ 11.92 | 0.40 | 0.31 | 0.71 | (0.39) | — | — | (0.39) | $12.24 |
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 |
CLASS C SHARES | |||||||||
2020 | $ 11.90 | 0.31 | 0.31 | 0.62 | (0.30) | — | — | (0.30) | $12.22 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 11.89 | 0.44 | 0.30 | 0.74 | (0.43) | — | — | (0.43) | $12.20 |
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 |
CLASS R3 SHARES | |||||||||
2020 | $ 11.91 | 0.35 | 0.31 | 0.66 | (0.35) | — | — | (0.35) | $12.22 |
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 |
CLASS R4 SHARES | |||||||||
2020 | $ 11.90 | 0.36 | 0.31 | 0.67 | (0.35) | — | — | (0.35) | $12.22 |
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 |
CLASS R5 SHARES | |||||||||
2020 | $ 11.89 | 0.45 | 0.30 | 0.75 | (0.43) | — | — | (0.43) | $12.21 |
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 |
CLASS R6 SHARES | |||||||||
2020 | $ 11.93 | 0.45 | 0.30 | 0.75 | (0.44) | — | — | (0.44) | $12.24 |
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 (d) | $ 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) | The total return based on the NAV which reflects the adjustments in accordance with U.S. GAAP is 6.46%. |
(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. |
(g) | Net Assets at End of Period was less than $1,000. |
+ | Based on weighted average shares outstanding. |
Strategic Income Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | 3.35 | 0.96 | 1.13 | 6.07 | 58.91 | $ 249,520 | |
2019 | 3.55 | 0.99 | 1.16 | 5.92 | 31.55 | $ 215,441 | |
2018 | 3.41 | 1.09 | 1.21 | 1.39 | 29.90 | $ 198,320 | |
2017 | 3.61 | 1.17 | 1.25 | 5.41 | 44.74 | $ 232,938 | |
2016 | 4.12 | 1.24 | 1.24 | 6.70 | 29.48 | $ 283,398 | |
CLASS C SHARES | |||||||
2020 | 2.57 | 1.70 | 1.88 | 5.30 | 58.91 | $ 103,302 | |
2019 | 2.80 | 1.75 | 1.92 | 5.15 | 31.55 | $ 118,982 | |
2018 | 2.70 | 1.80 | 1.96 | 0.59 | 29.90 | $ 150,364 | |
2017 | 2.98 | 1.80 | 1.99 | 4.76 | 44.74 | $ 205,253 | |
2016 | 3.56 | 1.80 | 1.99 | 6.20 | 29.48 | $ 272,691 | |
CLASS I SHARES | |||||||
2020 | 3.73 | 0.60 | 0.88 | 6.39 | 58.91 | $ 1,758,843 | |
2019 | 3.89 | 0.63 | 0.91 | 6.35 | 31.55 | $ 1,141,046 | |
2018 | 3.81 | 0.69 | 0.91 | 1.71 | 29.90 | $ 762,239 | |
2017 | 4.02 | 0.75 | 0.92 | 5.85 | 44.74 | $ 620,780 | |
2016 | 4.45 | 0.91 | 0.91 | 7.15 | 29.48 | $ 480,143 | |
CLASS R3 SHARES | |||||||
2020 | 2.96 | 1.25 | 2.53 | 5.70 | 58.91 | $ 1,105 | |
2019 | 3.30 | 1.25 | 2.59 | 5.71 | 31.55 | $ 1,661 | |
2018 | 3.24 | 1.25 | 2.46 | 1.16 | 29.90 | $ 1,968 | |
2017 | 3.65 | 1.12 | 2.58 | 5.49 | 44.74 | $ 2,667 | |
2016 | 4.07 | 1.25 | 3.09 | 6.69 | 29.48 | $ 2,819 | |
CLASS R4 SHARES | |||||||
2020 | 3.06 | 1.25 | 2.70 | 5.79 | 58.91 | $ 1,633 | |
2019 | 3.28 | 1.25 | 2.51 | 5.71 | 31.55 | $ 1,279 | |
2018 | 3.25 | 1.25 | 2.14 | 1.08 | 29.90 | $ 2,182 | |
2017 | 3.52 | 1.25 | 2.30 | 5.35 | 44.74 | $ 2,772 | |
2016 | 4.10 | 1.25 | 2.50 | 6.79 | 29.48 | $ 3,218 | |
CLASS R5 SHARES | |||||||
2020 | 3.78 | 0.60 | 1.00 | 6.48 | 58.91 | $ 43,715 | |
2019 | 3.94 | 0.59 | 1.18 | 6.35 | 31.55 | $ 11,180 | |
2018 | 3.82 | 0.69 | 1.20 | 1.71 | 29.90 | $ 7,406 | |
2017 | 4.03 | 0.74 | 1.36 | 5.84 | 44.74 | $ 6,286 | |
2016 | 4.34 | 0.99 | 1.37 | 7.07 | 29.48 | $ 7,191 | |
CLASS R6 SHARES | |||||||
2020 | 3.77 | 0.53 | 0.88 | 6.55 (c) | 58.91 | $ 39,115 | |
2019 | 3.98 | 0.53 | 0.98 | 6.40 | 31.55 | $ 21,630 | |
2018 | 3.91 | 0.65 | 1.13 | 1.66 | 29.90 | $ 9,679 | |
2017 (d) | 5.83 (e) | 0.00 (e) | 200.66 (e)(f) | 3.99 | 44.74 | $ — (g) |
Thornburg Fixed Income Funds
September 30, 2020 (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. |
Actual | Hypothetical * | |||||
Ending Account Value 9/30/20 | Expenses Paid During Period 4/1/20-9/30/20 | Ending Account Value 9/30/20 | Expenses Paid During Period† 4/1/20-9/30/20 | Annualized Expense Ratio | ||
LIMITED TERM U.S. GOVERNMENT FUND | ||||||
CLASS A SHARES | $1,017.99 | $4.54 | $1,020.50 | $4.55 | 0.90% | |
CLASS C SHARES | $1,016.62 | $5.80 | $1,019.25 | $5.81 | 1.15% | |
CLASS I SHARES | $1,019.50 | $3.03 | $1,022.00 | $3.03 | 0.60% | |
CLASS R3 SHARES | $1,017.53 | $4.99 | $1,020.05 | $5.00 | 0.99% | |
CLASS R4 SHARES | $1,016.78 | $4.99 | $1,020.05 | $5.00 | 0.99% | |
CLASS R5 SHARES | $1,019.16 | $3.38 | $1,021.65 | $3.39 | 0.67% | |
LIMITED TERM INCOME FUND | ||||||
CLASS A SHARES | $1,070.99 | $4.09 | $1,021.05 | $3.99 | 0.79% | |
CLASS C SHARES | $1,070.74 | $5.18 | $1,020.00 | $5.05 | 1.00% | |
CLASS I SHARES | $1,073.34 | $2.54 | $1,022.55 | $2.48 | 0.49% | |
CLASS R3 SHARES | $1,069.86 | $5.12 | $1,020.05 | $5.00 | 0.99% | |
CLASS R4 SHARES | $1,070.73 | $5.13 | $1,020.05 | $5.00 | 0.99% | |
CLASS R5 SHARES | $1,073.39 | $2.54 | $1,022.55 | $2.48 | 0.49% | |
CLASS R6 SHARES | $1,073.62 | $2.18 | $1,022.90 | $2.12 | 0.42% | |
ULTRA SHORT INCOME FUND | ||||||
CLASS A SHARES | $1,044.65 | $3.58 | $1,021.50 | $3.54 | 0.70% | |
CLASS I SHARES | $1,044.85 | $2.56 | $1,022.50 | $2.53 | 0.50% |
September 30, 2020 (Unaudited)
Actual | Hypothetical * | |||||
Ending Account Value 9/30/20 | Expenses Paid During Period 4/1/20-9/30/20 | Ending Account Value 9/30/20 | Expenses Paid During Period† 4/1/20-9/30/20 | Annualized Expense Ratio | ||
STRATEGIC INCOME FUND | ||||||
CLASS A SHARES | $1,113.10 | $5.18 | $1,020.10 | $4.95 | 0.98% | |
CLASS C SHARES | $1,109.20 | $9.07 | $1,016.40 | $8.67 | 1.72% | |
CLASS I SHARES | $1,114.55 | $3.17 | $1,022.00 | $3.03 | 0.60% | |
CLASS R3 SHARES | $1,110.84 | $6.60 | $1,018.75 | $6.31 | 1.25% | |
CLASS R4 SHARES | $1,111.84 | $6.60 | $1,018.75 | $6.31 | 1.25% | |
CLASS R5 SHARES | $1,114.47 | $3.17 | $1,022.00 | $3.03 | 0.60% | |
CLASS R6 SHARES | $1,114.60 | $2.80 | $1,022.35 | $2.68 | 0.53% |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
† | Expenses are equal to the annualized expense ratio for each class multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period. |
September 30, 2020 (Unaudited)
TAXABLE ORDINARY | LONG TERM CAPITAL GAIN | |
Limited Term U.S. Government Fund | $ 4,761,817 | $ — |
Limited Term Income Fund | 172,553,939 | 11,616,420 |
Ultra Short Income Fund | 770,085 | 10,149 |
Strategic Income Fund | 61,534,987 | — |
QUALIFIED DIVIDEND INCOME | DIVIDENDS RECEIVED DEDUCTION | |
Strategic Income Fund | 1.80 % | 1.81 % |
September 30, 2020 (Unaudited)
September 30, 2020 (Unaudited)
• | Thornburg Limited Term U.S. Government Fund – the Trustees considered that while the Fund underperformed its benchmark index for the year-to-date, one-, three-, five-, ten-, and fifteen-year periods, the Fund outperformed its Morningstar category over all such periods and ranked in the first or second quartile of a selected peer group of funds for the year-to-date, one, three-, five- and ten-year periods. The Trustees also considered that the Fund has met its primary objective of providing current income while preserving the Fund’s capital. |
• | Thornburg Limited Term Income Fund – the Trustees considered that while the Fund underperformed its benchmark index for the year-to-date, one-, and three-year periods, the Fund outperformed its benchmark index over the five-, ten, and fifteen-year periods, outperformed its Morningstar category over all periods, and ranked in the first quartile of a selected peer group of funds for the year-to-date, one, three-, five- and ten-year periods. The Trustees also considered that the Fund has met its primary objective of providing current income while preserving the Fund’s capital. |
• | Thornburg Ultra Short Income Fund – the Trustees considered that, while the Fund underperformed its benchmark index for the year-to-date, one-, and three-year periods, the extent of that underperformance was not significant, and the Fund outperformed its Morningstar category in each of those periods and outperformed its benchmark index over the five-year period. Noting that the Advisor had proposed, and the Trustees had approved, changes to the Fund’s principal investment strategies which are expected to take effect at the end of the Fund’s 2020 fiscal year, the Trustees considered that, for the year-to-date, one-, three-, and five-year periods, the Fund’s investment performance would have ranked in the first quartile of a selected peer group of funds that reflect the new strategies that the Fund will pursue. The Trustees also observed that the Fund has met its primary objective of generating current income while preserving the Fund’s capital. |
• | Thornburg Strategic Income Fund – the Trustees considered that while the Fund underperformed its benchmark indices for the year-to-date, one-, three-, and five-year periods, the Fund outperformed its benchmark indices over the ten-year period and since the Fund’s inception, outperformed its Morningstar category over all such periods, and ranked in the first or second quartile of a selected peer group of funds for the year-to-date, one, three-, five- and ten-year periods. The Trustees also considered that the Fund has met its primary objective of seeking a high level of current income. |
• | Thornburg Limited Term U.S. Government Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was higher than median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was lower than the medians of the two peer groups considered, and that the total expense levels of two representative share classes were higher than the medians of their respective peer groups but comparable to other funds in the peer groups. |
September 30, 2020 (Unaudited)
• | Thornburg Limited Term Income Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was higher than median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was, after fee waivers and expense reimbursements, lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was higher than the medians of the two peer groups considered but comparable to other funds in the peer groups, that the total expense level of one representative share class was higher than the median of its peer group but comparable to other funds in the peer group, and that the total expense level of another representative share class was equal to the median of its peer group after fee waivers and expense reimbursements. |
• | Thornburg Ultra Short Income Fund – In considering the fees and expenses of the Fund, the Trustees considered the application of the fee waivers and expense reimbursements that are scheduled to take effect at the end of the Fund’s 2020 fiscal year, and compared the Fund’s fees and expenses to a Morningstar category and peer groups of funds that reflect the forthcoming changes in the Fund’s principal investment strategies. Comparative fee and expense data considered by the Trustees showed that, after application of those fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was higher than the median of one peer group considered but comparable to other funds in that peer group, and was equal to the median of another peer group considered. Peer group data also showed that the total expense levels of two representative share classes were lower than the medians of their respective peer groups after waivers of fees and reimbursement of expenses. |
• | Thornburg Strategic Income Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund has higher than the median but lower than the average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was higher than the medians of the two peer groups considered but comparable to other funds in the peer groups, that the total expense level of one representative share class was higher than the median of its peer group but comparable to other funds in the peer group after fee waivers and expense reimbursements, and that the total expense level of another representative share class was lower than the median of its peer group after fee waivers and expense reimbursements. |
September 30, 2020 (Unaudited)
September 30, 2020 (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, 74 Trustee Since 1984, Chairman of Trustees(4) | 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, 65 Trustee since 2001, Vice Chairman of Trustees, Member of Governance & Nominating Committee and Operations Risk Oversight Committee(5) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager, and until 2019 Chief Investment Officer, and, until 2016, CEO and President, of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(3) | ||
David A. Ater, 75 Trustee since 1994, Lead Independent Trustee, Chair of Governance and Nominating Committee and Member of Audit Committee | Principal in Ater & Associates, Santa Fe, New Mexico (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 59 Trustee since 2012, Chair of the 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, 71 Trustee since 2004, Member of Audit Committee, Governance and Nominating Committee, and Operations Risk Oversight Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 57 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, 56 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, 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, 66 Trustee since 2004, Chair of Operations Risk Oversight Committee and Member of Governance & Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, New Mexico (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 61 Trustee since 1996, Member of Audit Committee and 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 and design company). | None |
September 30, 2020 (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) | ||
Nimish Bhatt, 57 Chief Financial Officer since 2019, Treasurer 2016-2019, Secretary 2018-2019(6) | 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, 46 President since 2016(6) | 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. | Not applicable |
Randy Dry, 46 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 |
John Hackett, 54 Vice President since 2020 | Chief Marketing Officer, Thornburg Investment Management, Inc. (since 2020); Global Head of Product Marketing, Northern Trust Asset Management (2016-2020); Principal and Head of Marketing and Business Development, The Townsend Group (2013-2016). | Not applicable |
Curtis Holloway, 53 Treasurer since 2019(6) | 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, 40 Vice President since 2014 | Head of Investments since 2019, and Portfolio Manager and Managing Director since 2013, of Thornburg Investment Management, Inc. | Not applicable |
Jeff Klingelhofer, 39 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, Associate Portfolio Manager from 2012-2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 49, Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. from 2014-2017; Vice President, Citi Fund Services, Inc. from 2007-2014. | Not applicable |
Michael Mastroianni, 43 Secretary since 2019; Vice President 2019- 2020(6) | 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 |
Stephen Velie, 53 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Trust is organized as a Massachusetts business trust, and currently comprises a complex of 22 separate investment “Funds” or “series.” Thornburg Investment Management, Inc. is the investment advisor to, and manages, the 22 Funds of the Trust. Each Trustee oversees the 22 Funds of the Trust. |
(3) | 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. |
(4) | 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 22 active Funds of the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares of the Trust. |
(5) | 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. |
(6) | 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 |
■ | Thornburg Summit Fund |
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Long/Short Equity Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Ultra Short Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Short Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img27fb87321.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img77e6092516.jpg)
800.847.0200 | TH4628 |
Thornburg Municipal Funds |
Thornburg Short Duration Municipal Fund (Thornburg Low Duration Municipal Fund) |
Thornburg Limited Term Municipal Fund |
Thornburg California Limited Term Municipal Fund |
Thornburg New Mexico Intermediate Municipal Fund |
Thornburg New York Intermediate Municipal Fund |
Thornburg Intermediate Municipal Fund |
Thornburg Strategic Municipal Income Fund |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgddb6b9411.jpg)
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 As bottom-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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Schedule of Investments | |
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September 30, 2020 (Unaudited)
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Jason Brady, cfa Portfolio Manager CEO, President, and Managing Director |
THORNBURG SHORT DURATION MUNICIPAL FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imga512e5a73.jpg)
THORNBURG SHORT DURATION MUNICIPAL FUND | 1-YR | 3-YR | 5-YR | SINCE INCEPTION |
Class A Shares (Incep: 12/30/13) | ||||
Without sales charge | 1.14% | 1.06% | 0.86% | 0.73% |
With sales charge | -0.39% | 0.54% | 0.55% | 0.50% |
Class I Shares (Incep: 12/30/13) | 1.26% | 1.26% | 1.04% | 0.91% |
THORNBURG LIMITED TERM MUNICIPAL FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img31fe99c34.jpg)
THORNBURG LIMITED TERM MUNICIPAL FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 9/28/84) | |||||
Without sales charge | 2.91% | 2.21% | 1.83% | 2.08% | 4.62% |
With sales charge | 1.37% | 1.69% | 1.53% | 1.93% | 4.58% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 2.65% | 1.93% | 1.57% | 1.82% | 3.13% |
With sales charge | 2.15% | 1.93% | 1.57% | 1.82% | 3.13% |
Class I Shares (Incep: 7/5/96) | 3.15% | 2.46% | 2.10% | 2.39% | 3.70% |
THORNBURG CALIFORNIA LIMITED TERM MUNICIPAL FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img4c447add5.jpg)
THORNBURG CALIFORNIA LIMITED TERM MUNICIPAL FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 2/19/87) | |||||
Without sales charge | 1.93% | 1.53% | 1.36% | 2.01% | 4.00% |
With sales charge | 0.39% | 1.02% | 1.05% | 1.86% | 3.95% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 1.64% | 1.25% | 1.09% | 1.73% | 2.99% |
With sales charge | 1.14% | 1.25% | 1.09% | 1.73% | 2.99% |
Class I Shares (Incep: 4/1/97) | 2.25% | 1.81% | 1.65% | 2.31% | 3.46% |
THORNBURG NEW MEXICO INTERMEDIATE MUNICIPAL FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img4d4a67b36.jpg)
THORNBURG NEW MEXICO INTERMEDIATE MUNICIPAL FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 6/18/91) | |||||
Without sales charge | 2.84% | 2.72% | 2.17% | 2.38% | 4.14% |
With sales charge | 0.81% | 2.04% | 1.76% | 2.17% | 4.06% |
Class D Shares (Incep: 6/1/99) | |||||
Without sales charge | 2.58% | 2.46% | 1.93% | 2.13% | 3.08% |
Class I Shares (Incep: 2/1/07) | 3.16% | 3.04% | 2.49% | 2.71% | 3.41% |
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imga4482f227.jpg)
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 9/5/97) | |||||
Without sales charge | 2.10% | 2.17% | 1.97% | 2.59% | 3.60% |
With sales charge | 0.09% | 1.47% | 1.56% | 2.38% | 3.51% |
Class I Shares (Incep: 2/1/10) | 2.43% | 2.49% | 2.30% | 2.92% | 3.22% |
THORNBURG INTERMEDIATE MUNICIPAL FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img37c5d1818.jpg)
THORNBURG INTERMEDIATE MUNICIPAL FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 7/22/91) | |||||
Without sales charge | 2.76% | 2.94% | 2.58% | 3.03% | 4.55% |
With sales charge | 0.72% | 2.25% | 2.16% | 2.82% | 4.48% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 2.38% | 2.58% | 2.23% | 2.71% | 3.76% |
With sales charge | 1.78% | 2.58% | 2.23% | 2.71% | 3.76% |
Class I Shares (Incep: 7/5/96) | 3.01% | 3.20% | 2.85% | 3.33% | 4.29% |
THORNBURG STRATEGIC MUNICIPAL INCOME FUND | FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img460efc329.jpg)
THORNBURG STRATEGIC MUNICIPAL INCOME FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 4/1/09) | |||||
Without sales charge | 2.56% | 2.98% | 2.65% | 3.67% | 5.45% |
With sales charge | 0.53% | 2.28% | 2.24% | 3.46% | 5.27% |
Class C Shares (Incep: 4/1/09) | |||||
Without sales charge | 2.02% | 2.47% | 2.21% | 3.29% | 5.08% |
With sales charge | 1.42% | 2.47% | 2.21% | 3.29% | 5.00% |
Class I Shares (Incep: 4/1/09) | 2.79% | 3.18% | 2.91% | 3.95% | 5.74% |
Thornburg Short Duration Municipal Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img8748224110.jpg)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 151 |
Effective Duration | 0.8 Yrs |
Average Maturity | 0.9 Yrs |
Annualized Distribution Yield | 0.72% |
SEC Yield | -0.03% |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img53526f0711.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img08a834a012.jpg)
34% | 32% | 16% | 9% | 6% | 3% |
THORNBURG SHORT DURATION MUNICIPAL FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | TLMAX | 885-216-788 |
Class I | TLMIX | 885-216-770 |
Thornburg Limited Term Municipal Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img7369689513.jpg)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 1,586 |
Effective Duration | 2.7 Yrs |
Average Maturity | 3.2 Yrs |
Annualized Distribution Yield | 1.43% |
SEC Yield | 0.02% |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img23403b9714.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img8469024615.jpg)
9% | 19% | 14% | 10% | 15% | 9% | 6% | 6% | 5% | 5% | 2% |
THORNBURG LIMITED TERM MUNICIPAL FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | LTMFX | 885-215-459 |
Class C | LTMCX | 885-215-442 |
Class I | LTMIX | 885-215-434 |
Thornburg California Limited Term Municipal Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imga36ba37016.jpg)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 361 |
Effective Duration | 2.8 Yrs |
Average Maturity | 3.4 Yrs |
Annualized Distribution Yield | 1.04% |
SEC Yield | -0.13% |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img6b31f25d17.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img8469024615.jpg)
7% | 25% | 10% | 10% | 12% | 10% | 7% | 4% | 6% | 4% | 6% |
THORNBURG CALIFORNIA LIMITED TERM MUNICIPAL FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | LTCAX | 885-215-426 |
Class C | LTCCX | 885-215-418 |
Class I | LTCIX | 885-215-392 |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img95e8a48e18.jpg)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 144 |
Effective Duration | 4.4 Yrs |
Average Maturity | 8.1 Yrs |
Annualized Distribution Yield | 1.48% |
SEC Yield | 0.10% |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgcb72e7c919.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img8469024615.jpg)
6% | 4% | 2% | 9% | 6% | 5% | 9% | 10% | 5% | 5% | 39% |
THORNBURG NEW MEXICO INTERMEDIATE MUNICIPAL FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | THNMX | 885-215-301 |
Class D | THNDX | 885-215-624 |
Class I | THNIX | 885-215-285 |
Thornburg New York Intermediate Municipal Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img0ba827f120.jpg)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 64 |
Effective Duration | 4.2 Yrs |
Average Maturity | 9.1 Yrs |
Annualized Distribution Yield | 1.93% |
SEC Yield | 0.17% |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img6e6c3b7821.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img8469024615.jpg)
2% | 4% | 8% | 2% | 7% | 4% | 5% | 2% | 6% | 9% | 51% |
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | THNYX | 885-215-665 |
Class I | TNYIX | 885-216-705 |
Thornburg Intermediate Municipal Fund | September 30, 2020 (Unaudited)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgb77abb6d22.jpg)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 483 |
Effective Duration | 4.4 Yrs |
Average Maturity | 8.5 Yrs |
Annualized Distribution Yield | 2.31% |
SEC Yield | 0.46% |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgc62c20da23.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img8469024615.jpg)
4% | 6% | 4% | 6% | 6% | 5% | 6% | 5% | 5% | 5% | 49% |
THORNBURG INTERMEDIATE MUNICIPAL FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | THIMX | 885-215-202 |
Class C | THMCX | 885-215-780 |
Class I | THMIX | 885-215-673 |
Thornburg Strategic Municipal Income Fund | September 30, 2020 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 249 |
Effective Duration | 4.4 Yrs |
Average Maturity | 9.0 Yrs |
Annualized Distribution Yield | 2.25% |
SEC Yield | 0.71% |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgf729323224.jpg)
THORNBURG STRATEGIC MUNICIPAL INCOME FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | TSSAX | 885-216-101 |
Class C | TSSCX | 885-216-200 |
Class I | TSSIX | 885-216-309 |
Thornburg Short Duration Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Municipal Bonds — 99.0% | |||
Alabama — 1.0% | |||
a | Selma (International Paper Co.) IDB, Series A, 2.00% due 11/1/2033 (put 10/1/2024) | $1,500,000 | $ 1,563,705 |
Arizona — 0.6% | |||
a | Maricopa County (Banner Health Obligated Group) IDA, Series B, 0.50% (MUNIPSA + 0.38%) due 1/1/2035 (put 10/18/2022) | 945,000 | 943,614 |
California — 8.0% | |||
a | Bay Area Toll Authority (San Francisco Bay Area Toll Bridge), Series E, 2.00% due 4/1/2034 (put 4/1/2021) | 1,000,000 | 1,001,300 |
California (Dignity Health) HFFA, Series A, 5.00% due 3/1/2021 | 1,000,000 | 1,016,430 | |
a | California Infrastructure and Economic Development Bank (California Academy of Sciences), Series D, 0.483% (LIBOR 1 Month + 0.38%) due 8/1/2047 (put 8/1/2021) | 2,000,000 | 1,997,656 |
a | California Infrastructure and Economic Development Bank (Los Angeles County Museum of Art), Series A, 0.754% (LIBOR 1 Month + 0.65%) due 12/1/2050 (put 2/1/2021) | 1,000,000 | 995,088 |
a | Metropolitan Water District of Southern California (SPA PNC Bank, N.A.), Series B-3, 0.11% due 7/1/2035 (put 10/1/2020) | 3,100,000 | 3,100,000 |
a | State of California (LOC Citibank, N.A.) GO, Series B-3, 0.10% due 5/1/2034 (put 10/1/2020) | 2,300,000 | 2,300,000 |
a | State of California (LOC MUFG Union Bank, N.A.) GO, Series B-Subseries B5, 0.10% due 5/1/2040 (put 10/1/2020) | 2,200,000 | 2,200,000 |
Colorado — 3.3% | |||
a | City & County of Denver (SPA JP Morgan Chase Bank, N.A.) COP, Series A-3, 0.13% due 12/1/2031 (put 10/1/2020) | 2,400,000 | 2,400,000 |
Crystal Valley Metropolitan District No 2 (Insured AGM) GO, Series A, 5.00% due 12/1/2020 - 12/1/2024 | 465,000 | 519,492 | |
Interlocken Metropolitan District (Insured: AGM) GO, Series A-1, 5.00% due 12/1/2020 - 12/1/2023 | 2,000,000 | 2,196,906 | |
Connecticut — 0.8% | |||
State of Connecticut GO, Series C, 5.00% due 6/15/2022 | 715,000 | 771,692 | |
State of Connecticut Special Tax Revenue, Series B, 5.00% due 10/1/2021 | 525,000 | 550,048 | |
Florida — 11.6% | |||
City of Jacksonville, Series C, 5.00% due 10/1/2020 | 1,000,000 | 1,000,130 | |
City of Orlando (Insured: AGM), Series A, 4.00% due 11/1/2021 | 900,000 | 933,570 | |
City of Orlando (Senior Tourist Development; Insured: AGM), Series A, 4.00% due 11/1/2020 | 850,000 | 852,371 | |
a | County of Manatee (Florida Power & Light Co.), 0.15% due 9/1/2024 (put 10/1/2020) | 1,100,000 | 1,100,000 |
a | Escambia County (Gulf Power Co.), 1.80% due 4/1/2039 (put 11/19/2020) | 600,000 | 601,236 |
a | Escambia County (International Paper Co.), 2.00% due 11/1/2033 (put 10/1/2024) | 775,000 | 806,853 |
a | Gainesville Utilities System Revenue (SPA JP Morgan Chase Bank, N.A.), Series A, 0.12% due 10/1/2026 (put 10/1/2020) | 2,000,000 | 2,000,000 |
a | JEA Water & Sewer System Revenue (SPA U.S. Bank, N.A.), Series A-1, 0.10% due 10/1/2038 (put 10/1/2020) | 2,280,000 | 2,280,000 |
a | Miami-Dade County (Florida Power & Light Co.) IDA, 0.14% due 6/1/2021 (put 10/1/2020) | 3,900,000 | 3,900,000 |
a | Miami-Dade County (Waste Management, Inc.) IDA, 1.50% due 9/1/2027 (put 11/2/2020) | 1,000,000 | 1,000,770 |
b | School Board of Miami-Dade County, 2.00% due 2/25/2021 | 1,500,000 | 1,510,500 |
a | West Palm Beach Utility System Revenue (Insured: AGC; SPA JP Morgan Chase Bank, N.A.), Series C, 0.15% due 10/1/2038 (put 10/7/2020) | 2,300,000 | 2,300,000 |
Georgia — 2.4% | |||
City of Atlanta (Atlantic Station Project), 5.00% due 12/1/2021 | 650,000 | 681,285 | |
Main Street Natural Gas, Inc., Series A, 5.00% due 5/15/2022 | 1,000,000 | 1,058,390 | |
Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2024 | 830,000 | 949,694 | |
a | Private Colleges & Universities Authority (Emory University), Series B, 0.54% (MUNIPSA + 0.42%) due 10/1/2039 (put 8/16/2022) | 1,000,000 | 996,642 |
Guam — 0.2% | |||
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2020 | 360,000 | 360,036 | |
Hawaii — 0.2% | |||
State of Hawaii GO, Series DZ-2017, 5.00% due 12/1/2020 | 285,000 | 287,263 | |
Illinois — 7.3% | |||
Chicago Park District GO, Series B, 5.00% due 1/1/2022 | 400,000 | 418,788 | |
City of Chicago (Water System), | |||
5.00% due 11/1/2020 | 600,000 | 602,106 | |
Series 2017-2, 5.00% due 11/1/2022 | 600,000 | 649,794 | |
Cook County Community College District No. 508 (City Colleges of Chicago) GO, 5.00% due 12/1/2023 | 500,000 | 534,575 | |
Cook County School District No. 170 Chicago Heights (Insured: AGM) GO, Series D, 5.00% due 12/1/2022 | 1,500,000 | 1,629,915 | |
a | Illinois Finance Authority (Advocate Health Care Network Obligated Group; SPA JP Morgan Chase Bank, N.A.), Series C-1, 0.13% due 11/1/2038 (put 10/7/2020) | 2,300,000 | 2,300,000 |
State of Illinois (State Facilities Improvements) GO, | |||
5.00% due 3/1/2022 | 575,000 | 596,022 | |
Series A, 5.00% due 10/1/2022 | 1,000,000 | 1,049,510 | |
Series D, 5.00% due 11/1/2024 | 1,000,000 | 1,071,790 | |
State of Illinois GO, | |||
4.875% due 5/1/2021 | 500,000 | 507,510 | |
Series D, 5.00% due 11/1/2021 | 500,000 | 514,305 |
20 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Village of Tinley Park GO, | |||
4.00% due 12/1/2021 | $ 585,000 | $ 609,646 | |
5.00% due 12/1/2024 | 870,000 | 993,836 | |
Indiana — 2.4% | |||
a | Indiana Finance Authority (Franciscan Alliance, Inc. Obligated Group; LOC Barclays Bank Plc), Series I, 0.12% due 11/1/2037 (put 10/1/2020) | 2,500,000 | 2,500,000 |
a | Indiana Finance Authority (Indiana University Health, Inc. Obligated Group), Series L, 0.40% (MUNIPSA + 0.28%) due 12/1/2046 (put 7/2/2021) | 1,300,000 | 1,298,310 |
Kentucky — 0.8% | |||
a | Louisville/Jefferson County Metropolitan Government (Louisville Gas & Electric Co.), 1.85% due 10/1/2033 (put 4/1/2021) | 1,200,000 | 1,210,152 |
Louisiana — 2.0% | |||
Louisiana Energy & Power Authority (Rodemacher Unit No. 2 Power), 5.00% due 1/1/2021 | 600,000 | 605,694 | |
a | Louisiana Offshore Terminal Authority (Loop, Inc.), 1.65% due 9/1/2027 (put 12/1/2023) | 1,500,000 | 1,506,375 |
Shreveport Water & Sewer Revenue (Insured: BAM), Series C, 5.00% due 12/1/2023 | 860,000 | 971,568 | |
Maryland — 1.3% | |||
Maryland Health & Higher Educational Facilities Authority (UPMC Obligated Group), Series B, 5.00% due 4/15/2022 - 4/15/2024 | 1,200,000 | 1,322,768 | |
Washington County (Diakon Lutheran Social Ministries Obligated Group), Series B, 5.00% due 1/1/2021 - 1/1/2023 | 670,000 | 691,272 | |
Michigan — 1.7% | |||
Detroit Downtown Development Authority (Catalyst Development Project; Insured: AGM), Series A, 5.00% due 7/1/2021 - 7/1/2022 | 500,000 | 528,376 | |
Livonia Public Schools School District (Insured: BAM) GO, 5.00% due 5/1/2021 | 585,000 | 600,362 | |
Michigan State Hospital Finance Authority (Trinity Health Corp. Obligated Group), Series C, 5.00% due 12/1/2021 | 500,000 | 527,235 | |
Northern Michigan University, Series A, 5.00% due 12/1/2020 - 12/1/2021 | 935,000 | 960,779 | |
Minnesota — 0.6% | |||
a | Minnesota Housing Finance Agency (Residential Single Family Development; Collateralized: GNMA, FNMA, FHLMC), 0.67% (MUNIPSA + 0.55%) due 7/1/2041 (put 12/12/2023) | 1,000,000 | 1,002,230 |
Mississippi — 1.7% | |||
a | Mississippi Business Finance Corp., Series A, 0.10% due 11/1/2035 (put 10/1/2020) | 2,300,000 | 2,300,000 |
Mississippi Development Bank (Jackson Public School District; Insured: BAM), 5.00% due 10/1/2022 | 375,000 | 409,252 | |
Missouri — 3.1% | |||
a | Health & Educational Facilities Authority of the State of Missouri (St. Louis University; SPA U.S. Bank, N.A.), 0.10% due 7/1/2032 (put 10/1/2020) | 980,000 | 980,000 |
a | Kansas City (LOC Sumitomo Mitsui Banking), Series F, 0.13% due 4/15/2025 (put 10/7/2020) | 1,925,000 | 1,925,000 |
a | Missouri Development Finance Board (Nelson Gallery Foundation; SPA U.S. Bank, N.A.), Series A, 0.10% due 12/1/2037 (put 10/1/2020) | 1,900,000 | 1,900,000 |
Nebraska — 0.7% | |||
a | Central Plains Energy Project, 5.00% due 3/1/2050 (put 1/1/2024) | 1,000,000 | 1,133,790 |
Nevada — 2.0% | |||
Las Vegas Valley Water District GO, 5.00% due 12/1/2020 | 285,000 | 287,266 | |
Clark County Department of Aviation, Series A, 5.00% due 7/1/2021 | 2,000,000 | 2,069,860 | |
a | Clark County Nevada Pollution Control Revenue (Nevada Power Co.), 1.65% due 1/1/2036 (put 3/31/2023) | 500,000 | 507,035 |
Clark County School District (School Facilities Improvements) GO, Series C, 5.00% due 6/15/2021 | 250,000 | 257,610 | |
New Jersey — 2.8% | |||
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements; Insured: AMBAC), Series A, 5.25% due 12/15/2021 | 1,000,000 | 1,050,370 | |
Passaic Valley Sewer Commissioners (Sewer System), Series G, 5.75% due 12/1/2021 | 500,000 | 531,010 | |
Tobacco Settlement Financing Corp., Series A, 5.00% due 6/1/2021 | 1,790,000 | 1,842,161 | |
Township of Moorestown GO, 2.50% due 7/30/2021 | 1,000,000 | 1,018,680 | |
New Mexico — 6.3% | |||
City of Farmington (Public Service Co. of New Mexico), | |||
a | Series B, 2.125% due 6/1/2040 (put 6/1/2022) | 1,000,000 | 1,020,720 |
a | Series D, 1.10% due 6/1/2040 (put 6/1/2023) | 500,000 | 502,720 |
City of Las Cruces GO, 5.00% due 8/1/2021 | 1,500,000 | 1,559,355 | |
a | New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA Wells Fargo Bank, N.A.), Series D, 0.13% due 8/1/2034 (put 10/1/2020) | 2,300,000 | 2,300,000 |
New Mexico Municipal Energy Acquisition Authority, Series A, 4.00% due 11/1/2021 - 11/1/2022 | 1,750,000 | 1,848,625 | |
New Mexico State University (Insured BAM), Series A, 5.00% due 4/1/2021 | 400,000 | 409,208 | |
a | University of New Mexico (SPA U.S. Bank, N.A.), Series B, 0.12% due 6/1/2026 (put 10/7/2020) | 2,300,000 | 2,300,000 |
New York — 10.0% | |||
a | City of New York (LOC Citibank N.A.) GO, Subseries G-4, 0.13% due 4/1/2042 (put 10/7/2020) | 1,100,000 | 1,100,000 |
a | City of New York (LOC U.S. Bank, N.A.) GO, Series L-4, 0.12% due 4/1/2038 (put 10/1/2020) | 680,000 | 680,000 |
a | City of New York (SPA JP Morgan Chase Bank, N.A.) GO, Series F-6, 0.13% due 6/1/2044 (put 10/1/2020) | 800,000 | 800,000 |
a | City of New York (SPA Landesbank Hessen-Thuringen) GO, Series A-3, 0.13% due 8/1/2035 (put 10/1/2020) | 500,000 | 500,000 |
Metropolitan Transportation Authority (Transit and Commuter System), Series B-1, 5.00% due 5/15/2022 | 1,500,000 | 1,543,530 | |
Nassau County GO, | |||
Series B, 4.00% due 12/21/2020 | 1,000,000 | 1,008,230 | |
Series C, 4.00% due 3/15/2021 | 1,000,000 | 1,016,960 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 21 |
Thornburg Short Duration Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JP Morgan Chase Bank, N.A.), | |||
a | 0.13% due 8/1/2042 (put 10/1/2020) | $ 800,000 | $ 800,000 |
a | Series 1-Subseries 1C, 0.11% due 11/1/2022 (put 10/1/2020) | 1,520,000 | 1,520,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA State Street Bank and Trust Co.), Series A-6, 0.12% due 8/1/2039 (put 10/1/2020) | 800,000 | 800,000 |
a | New York City Water & Sewer System (LOC Citibank, N.A.), Series F, 0.12% due 6/15/2035 (put 10/1/2020) | 700,000 | 700,000 |
a | New York City Water & Sewer System (SPA Landesbank Hessen-Thuringen), Series BB-1, 0.13% due 6/15/2039 (put 10/1/2020) | 700,000 | 700,000 |
a | New York City Water & Sewer System (SPA State Street Bank and Trust Co.), Series B-2, 0.12% due 6/15/2045 (put 10/1/2020) | 615,000 | 615,000 |
New York State Dormitory Authority, Series B, 5.00% due 3/31/2021 | 1,000,000 | 1,023,770 | |
Oneida County Local Development Corp. (Utica College), 5.00% due 7/1/2022 - 7/1/2024 | 825,000 | 891,586 | |
Tobacco Settlement Asset Securitization Corp., Series A, 5.00% due 6/1/2021 | 1,000,000 | 1,030,170 | |
Town of Oyster Bay (Insured: BAM) GO, Series B, 5.00% due 8/15/2021 | 500,000 | 520,320 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Assoc.), 5.00% due 7/1/2023 | 425,000 | 466,650 | |
North Carolina — 1.5% | |||
a | Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group; SPA JP Morgan Chase Bank, N.A.), Series C, 0.13% due 1/15/2037 (put 10/1/2020) | 1,100,000 | 1,100,000 |
Harnett County, 2.00% due 12/1/2020 | 1,000,000 | 1,002,980 | |
North Carolina Turnpike Authority, 5.00% due 1/1/2021 | 200,000 | 201,936 | |
North Dakota — 0.7% | |||
County of McKenzie, 5.00% due 8/1/2022 | 1,000,000 | 1,057,720 | |
Ohio — 3.1% | |||
City of Cleveland (Parking Facility; Insured: AGM), 5.25% due 9/15/2021 | 500,000 | 523,100 | |
a | County of Franklin (Trinity Health Corp. Obligated Group), Series OH, 0.23% due 12/1/2046 (put 11/2/2020) | 1,000,000 | 1,000,072 |
County of Scioto (Southern Ohio Medical Center), 5.00% due 2/15/2022 - 2/15/2023 | 3,130,000 | 3,396,579 | |
Oklahoma — 0.1% | |||
Muskogee Industrial Trust (Muskogee County Independent School District No. 20), 5.00% due 9/1/2023 | 200,000 | 222,908 | |
Pennsylvania — 3.1% | |||
Coatesville Area School District (Insured: AGM) (State Aid Withholding) GO ETM, 5.00% due 8/1/2021 | 1,000,000 | 1,039,520 | |
Luzerne County (Insured: AGM) IDA GO, 5.00% due 12/15/2020 | 500,000 | 504,115 | |
Philadelphia Authority for Industrial Development, 5.00% due 5/1/2022 | 400,000 | 426,064 | |
Philadelphia Water & Wastewater Revenue, Series B, 5.00% due 11/1/2020 | 550,000 | 552,150 | |
Plum Borough School District (Insured: BAM) (State Aid Withholding) GO, | |||
Series A, 4.00% due 9/15/2021 | 425,000 | 438,052 | |
Series B, 5.00% due 9/15/2021 | 430,000 | 447,282 | |
Sports & Exhibition Authority of Pittsburgh and Allegheny County (Insured AGM), 3.00% due 2/1/2021 | 1,450,000 | 1,463,195 | |
South Carolina — 1.6% | |||
a | City of Charleston Waterworks & Sewer System Revenue (Capital Improvement), Series B, 0.474% (LIBOR 1 Month + 0.37%) due 1/1/2035 (put 1/1/2022) | 2,500,000 | 2,507,077 |
Tennessee — 0.9% | |||
Tennessee Energy Acquisition Corp. (The Gas Project), Series C, 5.00% due 2/1/2023 | 1,310,000 | 1,424,546 | |
Texas — 10.1% | |||
City of Dallas (Trinity River Corridor Infrastructure) GO, 5.00% due 2/15/2021 | 1,000,000 | 1,017,530 | |
a | City of Houston (Combined Utility System), Series C, 0.466% (LIBOR 1 Month + 0.36%) due 5/15/2034 (put 8/1/2021) | 3,200,000 | 3,165,504 |
City of Olmos Park Higher Education Facilities Corp. (University of the Incarnate Word), 5.00% due 12/1/2022 | 1,000,000 | 1,094,810 | |
City of Texas City (ARCO Pipe Line Co. Project) IDC, 7.375% due 10/1/2020 | 1,000,000 | 1,000,190 | |
a | Cypress-Fairbanks (Guaranty: PSF-GTD) ISD GO, Series B-1, 1.25% due 2/15/2036 (put 8/15/2022) | 925,000 | 943,093 |
Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center Central Heating & Cooling Service Corp.) ETM, 5.00% due 11/15/2020 | 1,145,000 | 1,151,675 | |
Houston Airport System Revenue, | |||
Series B, | |||
c | 5.00% due 7/1/2022 | 630,000 | 680,180 |
5.00% due 7/1/2023 | 150,000 | 168,773 | |
Sam Rayburn Municipal Power Agency, 5.00% due 10/1/2021 | 510,000 | 529,421 | |
a | San Antonio Education Facilities Corp. (Trinity University), 0.14% due 6/1/2033 (put 10/7/2020) | 2,300,000 | 2,300,000 |
a | San Antonio Electric & Gas Systems Revenue, Series B, 2.00% due 2/1/2033 (put 12/1/2021) | 400,000 | 404,860 |
San Antonio Water System, Series A, 5.00% due 5/15/2021 | 1,250,000 | 1,287,512 | |
State of Texas, 4.00% due 8/26/2021 | 2,050,000 | 2,119,987 | |
Utah — 2.6% | |||
a | Utah County (IHC Health Services, Inc. Obligated Group; SPA JP Morgan Chase Bank, N.A.), 0.13% due 5/15/2051 (put 10/7/2020) | 1,745,000 | 1,745,000 |
a | Weber County (IHC Health Services, Inc. Obligated Group; SPA Bank of New York Mellon ), Series A, 0.13% due 2/15/2031 (put 10/1/2020) | 2,400,000 | 2,400,000 |
22 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Virginia — 1.8% | |||
a | Halifax County (VirginiaI Electric and Power Co. Poject) IDA, Series A, 0.45% due 12/1/2041 (put 4/1/2022) | $ 500,000 | $ 500,040 |
a | Loudoun County (Howard Hughes Medical Institute) EDA, Series E, 0.14% due 2/15/2038 (put 10/7/2020) | 2,300,000 | 2,300,000 |
Washington — 0.4% | |||
b | State of Washington GO, 5.00% due 6/1/2024 | 500,000 | 573,225 |
West Virginia — 1.6% | |||
Mason County (Appalachian Power Co.), Series L, 2.75% due 10/1/2022 | 1,000,000 | 1,038,790 | |
a | West Virginia (Appalachian Power Co.) EDA, Series A, 2.625% due 12/1/2042 (put 6/1/2022) | 1,425,000 | 1,468,377 |
Wisconsin — 0.7% | |||
a | Wisconsin Health & Educational Facilities Authority (Ascension Health Alliance System), Series B-4, 5.00% due 11/15/2043 (put 6/1/2021) | 1,000,000 | 1,030,630 |
Total Investments — 99.0% (Cost $154,009,616) | $155,473,360 | ||
Other Assets Less Liabilities — 1.0% | 1,646,467 | ||
Net Assets — 100.0% | $157,119,827 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2020. |
b | When-issued security. |
c | Segregated as collateral for a 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 |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority |
IDB | Industrial Development Board |
IDC | Industrial Development Corp. |
ISD | Independent School District |
JEA | Jacksonville Electric Authority |
LIBOR | London Interbank Offered Rates |
LOC | Letter of Credit |
MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index |
PSF-GTD | Guaranteed by Permanent School Fund |
SPA | Stand-by Purchase Agreement |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 23 |
Thornburg Limited Term Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Municipal Bonds — 99.4% | |||
Alabama — 0.8% | |||
Alabama Public School & College Authority (Education System Capital Improvements), | |||
Series A, 5.00% due 6/1/2021 - 6/1/2022 | $ 10,940,000 | $ 11,555,045 | |
Series B, 5.00% due 6/1/2023 | 735,000 | 827,360 | |
Alabama State Board of Education (Calhoun Community College), 4.00% due 5/1/2021 - 5/1/2022 | 2,230,000 | 2,316,955 | |
Chatom (Powersouth Energy Co-operative Projects; Insured: AGM) IDB, 5.00% due 8/1/2025 - 8/1/2030 | 3,830,000 | 4,793,995 | |
a | City of Mobile Alabama (Alabama Power Co.) IDB, Series 1, 0.14% due 6/1/2034 (put 10/1/2020) | 510,000 | 510,000 |
East Alabama Health Care Authority, Series A, 5.00% due 9/1/2021 - 9/1/2022 | 2,045,000 | 2,144,346 | |
Lower Alabama Gas District, Series A, 5.00% due 9/1/2029 | 3,625,000 | 4,673,386 | |
Lower Alabama Gas District (Guaranty: Goldman Sachs Group, Inc.), 4.00% due 12/1/2023 - 12/1/2025 | 1,220,000 | 1,383,899 | |
a | Selma (International Paper Co.) IDB, Series A, 2.00% due 11/1/2033 (put 10/1/2024) | 2,500,000 | 2,606,175 |
UAB Medicine Finance Authority (University Hospital), Series B, 5.00% due 9/1/2025 - 9/1/2027 | 8,915,000 | 10,979,862 | |
Water Works Board of the City of Birmingham, 5.00% due 1/1/2029 | 2,230,000 | 2,887,359 | |
Alaska — 0.3% | |||
City of Valdez (BP Pipelines (Alaska), Inc. Project), | |||
Series B, 5.00% due 1/1/2021 | 6,485,000 | 6,561,328 | |
Series C, 5.00% due 1/1/2021 | 12,000,000 | 12,133,200 | |
Arizona — 1.9% | |||
a | Arizona (Banner Health Obligated Group; LOC Bank of America N.A.) HFA, Series C, 0.13% due 1/1/2046 (put 10/1/2020) | 5,050,000 | 5,050,000 |
Arizona (Scottsdale Lincoln Hospitals) HFA, 5.00% due 12/1/2022 - 12/1/2024 | 3,360,000 | 3,841,389 | |
Arizona Board of Regents (Arizona State University) COP, Series A, 5.00% due 9/1/2021 - 9/1/2023 | 13,980,000 | 15,289,106 | |
Arizona Board of Regents (Northern Arizona University Projects) COP, 5.00% due 9/1/2022 - 9/1/2023 | 5,825,000 | 6,288,838 | |
Arizona Board of Regents (University of Arizona), 5.00% due 8/1/2023 - 8/1/2024 | 1,350,000 | 1,545,392 | |
Arizona Board of Regents (University of Arizona) COP, | |||
5.00% due 6/1/2022 - 6/1/2028 | 1,690,000 | 1,986,515 | |
Series C, 5.00% due 6/1/2022 | 6,080,000 | 6,551,261 | |
Arizona Transportation Board, | |||
Series A, | |||
5.00% due 7/1/2021 | 7,465,000 | 7,734,860 | |
5.00% due 7/1/2022 (pre-refunded 7/1/2021) | 5,000,000 | 5,179,700 | |
City of Phoenix Civic Improvement Corp., Series A, 5.00% due 7/1/2022 - 7/1/2025 | 8,580,000 | 10,040,078 | |
City of Tucson (Street and Highway Projects), Series A, 5.00% due 7/1/2022 | 2,135,000 | 2,307,786 | |
a | Maricopa County (Banner Health Obligated Group) IDA, Series B, 0.50% (MUNIPSA + 0.38%) due 1/1/2035 (put 10/18/2022) | 8,785,000 | 8,772,112 |
Northern Arizona University (Insured: BAM), Series B, 5.00% due 6/1/2025 - 6/1/2030 | 1,580,000 | 2,020,693 | |
Pima County (Ina & Roger Road Wastewater Reclamation Facilities), | |||
Series A, | |||
3.00% due 7/1/2021 - 7/1/2022 | 2,525,000 | 2,617,706 | |
5.00% due 7/1/2021 - 7/1/2022 | 900,000 | 957,256 | |
Pima County (Sewer System & Fleet Services Facilities Expansion) COP, Series A, 5.00% due 12/1/2020 - 12/1/2022 | 3,260,000 | 3,460,393 | |
Pinal County (Detention and Training Facilities), Series A, 5.00% due 8/1/2021 - 8/1/2025 | 5,075,000 | 5,702,097 | |
Pinal County (Hunt Highway (Phases III-V), Ironwood Drive, Public Safety Radio & Court Buildings), 5.00% due 8/1/2025 | 3,000,000 | 3,492,570 | |
Pinal County (Tucson Electric Power Co.) IDA, 4.00% due 9/1/2029 | 3,320,000 | 3,557,446 | |
Salt River Project Agricultural Improvement and Power District (Salt River Electric System), 5.00% due 1/1/2026 - 1/1/2029 | 8,405,000 | 10,801,040 | |
State of Arizona COP, Series A, 5.00% due 10/1/2025 | 3,375,000 | 4,144,500 | |
Arkansas — 0.0% | |||
Board of Trustees of the University of Arkansas (Fayetteville Campus Athletic Facilities), Series A, 3.00% due 11/1/2023 | 615,000 | 665,848 | |
California — 6.4% | |||
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 | 6,959,206 | |
Anaheim Public Financing Authority (Public Improvements; Insured: AGM), Series C, Zero Coupon due 9/1/2022 | 3,250,000 | 3,219,808 | |
a | Bay Area Toll Authority (San Francisco Bay Area Toll Bridge), Series E, 2.00% due 4/1/2034 (put 4/1/2021) | 3,660,000 | 3,664,758 |
Cabrillo (Educational Facilities; Insured: AMBAC) USD GO, Series A, Zero Coupon due 8/1/2021 | 1,000,000 | 998,320 | |
California (Community Developmental Disabilities Program; Insured: California Mtg Insurance) HFFA, 5.75% due 2/1/2021 | 1,695,000 | 1,725,086 | |
California (Dignity Health) HFFA, | |||
Series A, | |||
5.00% due 3/1/2021 | 3,450,000 | 3,506,684 | |
5.25% due 3/1/2022 | 7,020,000 | 7,142,148 | |
a | California (St. Joseph Health System) HFFA, Series D, 5.00% due 7/1/2043 (put 10/15/2020) | 5,000,000 | 5,008,300 |
California Educational Facilities Authority (Chapman University), 5.00% due 4/1/2021 | 4,870,000 | 4,977,530 | |
a | California Infrastructure and Economic Development Bank (Los Angeles County Museum of Art), Series A, 0.754% (LIBOR 1 Month + 0.65%) due 12/1/2050 (put 2/1/2021) | 5,000,000 | 4,975,440 |
24 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
a,b | California Pollution Control Financing Authority (Republic Services, Inc. Project), Series B, 0.30% due 8/1/2024 (put 11/2/2020) | $ 3,400,000 | $ 3,399,262 |
California State Public Works Board (California School for the Deaf Riverside Campus), Series H, 5.00% due 4/1/2021 | 890,000 | 911,146 | |
California State Public Works Board (California State University), Series A, 5.00% due 10/1/2020 | 1,000,000 | 1,000,140 | |
California State Public Works Board (Coalinga State Hospital), Series H, 5.00% due 6/1/2021 - 6/1/2022 | 16,555,000 | 17,625,964 | |
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 | 11,866,798 | |
California State Public Works Board (Various Capital Projects), | |||
Series A, 5.00% due 10/1/2021 | 1,000,000 | 1,047,950 | |
Series G, 5.00% due 11/1/2020 - 11/1/2021 | 3,250,000 | 3,346,715 | |
Castaic Lake Water Agency (Water System Improvement; Insured: AMBAC) COP, Zero Coupon due 8/1/2023 | 10,125,000 | 10,017,675 | |
Chino Basin Regional Financing Authority, Series A, 5.00% due 6/1/2021 | 2,500,000 | 2,582,925 | |
City of Los Angeles CA, 4.00% due 6/24/2021 | 45,975,000 | 47,248,967 | |
County of Los Angeles Metropolitan Transportation Authority (Green Bond), Series A, 5.00% due 6/1/2028 - 6/1/2030 | 11,485,000 | 15,328,140 | |
County of Los Angeles Redevelopment Refunding Authority (Bunker Hill Project), Series C, 5.00% due 12/1/2020 - 12/1/2024 | 33,865,000 | 37,211,224 | |
Escondido Union High School District (Insured: Natl-Re) GO, Zero Coupon due 11/1/2020 | 2,655,000 | 2,654,735 | |
Los Angeles (Educational Facilities and Information Technology Infrastructure) USD GO, | |||
Series A, 5.00% due 7/1/2023 | 8,950,000 | 10,121,107 | |
Series B, 5.00% due 7/1/2023 | 11,950,000 | 13,513,418 | |
Series D, 5.00% due 7/1/2022 - 7/1/2024 | 22,900,000 | 25,786,235 | |
Los Angeles USD GO, Series A, 5.00% due 7/1/2024 | 1,500,000 | 1,761,585 | |
a | Metropolitan Water District of Southern California (SPA PNC Bank, N.A.), Series A, 0.11% due 7/1/2047 (put 10/1/2020) | 25,700,000 | 25,700,000 |
Needles (Insured: Natl-Re) USD GO, Series B, Zero Coupon due 8/1/2023 | 1,005,000 | 978,297 | |
North City West School Facilities Financing Authority (Carmel Valley Educational Facilities; Insured: AGM), Series A, 5.00% due 9/1/2023 | 4,545,000 | 4,945,733 | |
a | Northern California Energy Authority (Commodity Supply Revenue), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 35,000,000 | 39,025,350 |
Palomar Community College District GO, Series B, Zero Coupon due 8/1/2021 | 2,560,000 | 2,559,078 | |
Rocklin (Insured: Natl-Re) USD GO, Zero Coupon due 8/1/2022 | 3,910,000 | 3,896,276 | |
Sacramento City (Educational Facilities Improvements) USD GO, 5.00% due 7/1/2021 | 3,265,000 | 3,367,227 | |
Sacramento City Financing Authority (Merged Downtown & Oak Park; Insured: Natl-Re), Series A, Zero Coupon due 12/1/2021 | 1,600,000 | 1,591,392 | |
San Diego Convention Center Expansion Financing Authority, Series A, 5.00% due 4/15/2021 - 4/15/2022 | 11,000,000 | 11,651,160 | |
Santa Fe Springs Community Development Commission (Consolidated Redevelopment Project; Insured: Natl-Re), Series A, Zero Coupon due 9/1/2024 | 7,000,000 | 6,791,120 | |
State of California (Various Purposes) GO, 5.00% due 11/1/2020 | 1,000,000 | 1,003,880 | |
State of California GO, 5.00% due 9/1/2021 - 11/1/2029 | 9,000,000 | 10,588,700 | |
West Contra Costa (Educational Facilities; Insured: AGC) USD GO, Series C-1, Zero Coupon due 8/1/2022 | 4,000,000 | 3,981,960 | |
West Covina Redevelopment Agency (Fashion Plaza), 6.00% due 9/1/2022 | 2,870,000 | 2,965,198 | |
Colorado — 1.7% | |||
City & County of Denver (Buell Theatre Property) COP, 5.00% due 12/1/2020 - 12/1/2023 | 8,610,000 | 9,052,500 | |
City & County of Denver (SPA JP Morgan Chase Bank, N.A.) COP, | |||
a | Series A-1, 0.13% due 12/1/2029 (put 10/1/2020) | 6,100,000 | 6,100,000 |
a | Series A-3, 0.13% due 12/1/2031 (put 10/1/2020) | 17,595,000 | 17,595,000 |
City & County of Denver School District No. 1 (Eastbridge Elementary and Conservatory Green K-8 Schools) COP, | |||
Series C, | |||
4.00% due 12/15/2020 | 600,000 | 604,530 | |
5.00% due 12/15/2021 - 12/15/2023 | 3,210,000 | 3,545,067 | |
City of Aurora COP, 5.00% due 12/1/2027 - 12/1/2029 | 7,155,000 | 9,469,221 | |
a | Colorado (Adventist Health System/Sunbelt Obligated Group) HFA, 5.00% due 11/15/2049 (put 11/19/2026) | 11,100,000 | 13,892,205 |
Colorado (Northern Colorado Medical Center) HFA, ETM, 5.00% due 5/15/2025 - 5/15/2026 | 1,305,000 | 1,602,050 | |
Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2026 | 2,315,000 | 2,855,830 | |
Colorado Educational & Cultural Facilities Authority (National Conference of State Legislatures) ETM, 5.00% due 6/1/2021 | 1,000,000 | 1,031,590 | |
County of Larimer (Jail Facilities Project) COP, 5.00% due 12/1/2028 - 12/1/2029 | 3,025,000 | 4,040,890 | |
El Paso County (Judicial Complex; Insured: AGM) COP, 5.00% due 12/1/2022 - 12/1/2028 | 2,500,000 | 3,044,445 | |
El Paso County (Pikes Peak Regional Development Center) COP, | |||
4.00% due 12/1/2021 | 1,000,000 | 1,041,660 | |
5.00% due 12/1/2023 | 1,330,000 | 1,518,434 | |
El Paso County Falcon School District No. 49 COP, 5.00% due 12/15/2020 - 12/15/2024 | 1,950,000 | 2,209,933 | |
Interlocken Metropolitan District (Insured: AGM) GO, | |||
Series A-1, 5.00% due 12/1/2024 - 12/1/2026 | 2,375,000 | 2,879,104 | |
Series A-2, 5.00% due 12/1/2027 | 365,000 | 467,028 | |
Regional Transportation District (North Metro Rail Line) COP, Series A, 5.00% due 6/1/2023 - 6/1/2024 | 8,000,000 | 8,991,800 | |
State of Colorado COP, Series A, 5.00% due 9/1/2024 - 9/1/2028 | 4,610,000 | 5,738,419 | |
Connecticut — 1.7% | |||
City of Hartford (Various Public Improvements; Insured: AGM) GO, | |||
Series A, 5.00% due 7/1/2024 - 7/1/2025 | 1,820,000 | 2,128,181 | |
Series B, 5.00% due 10/1/2022 | 1,765,000 | 1,910,648 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 25 |
Thornburg Limited Term Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
State of Connecticut (Educational Facilities) GO, | |||
Series B, 5.00% due 6/15/2024 - 6/15/2025 | $ 30,400,000 | $ 35,875,562 | |
Series E, 5.00% due 9/1/2023 | 5,550,000 | 6,292,035 | |
State of Connecticut (Various Capital Projects) GO, | |||
Series B, 5.00% due 5/15/2027 | 16,615,000 | 20,434,622 | |
Series E, 5.00% due 8/15/2024 | 1,845,000 | 2,085,016 | |
State of Connecticut GO, | |||
Series B, 5.00% due 2/15/2024 | 7,000,000 | 8,069,110 | |
Series C, 5.00% due 6/15/2022 - 6/15/2028 | 12,540,000 | 15,597,905 | |
Series E, 5.00% due 9/15/2028 | 2,560,000 | 3,332,147 | |
State of Connecticut Special Tax Revenue, Series B, 5.00% due 10/1/2021 | 2,200,000 | 2,304,962 | |
State of Connecticut, Special Tax Revenue (Transportation Infrastructure Purposes), Series A, 5.00% due 8/1/2026 | 1,200,000 | 1,449,576 | |
Delaware — 0.0% | |||
Delaware Transportation Authority (Transportation System), 5.00% due 7/1/2022 | 1,440,000 | 1,563,797 | |
District of Columbia — 0.1% | |||
Washington Metropolitan Area Transit Authority, 5.00% due 7/1/2022 - 7/1/2028 | 6,405,000 | 7,504,445 | |
Florida — 7.5% | |||
Alachua County School Board (Educational Facilities) COP, 5.00% due 7/1/2022 - 7/1/2023 | 3,850,000 | 4,260,137 | |
Broward County (Airport, Marina & Port Improvements), | |||
Series Q-1, | |||
4.00% due 10/1/2020 | 1,660,000 | 1,660,149 | |
5.00% due 10/1/2020 | 2,000,000 | 2,000,240 | |
Broward County School Board (Educational Facilities) COP, | |||
Series A, 5.00% due 7/1/2021 - 7/1/2027 | 22,880,000 | 25,884,143 | |
Series B, 5.00% due 7/1/2023 - 7/1/2025 | 9,000,000 | 10,582,430 | |
Series C, 5.00% due 7/1/2025 - 7/1/2026 | 12,830,000 | 15,685,102 | |
Broward County School Board COP, | |||
Series A, 5.00% due 7/1/2028 | 8,590,000 | 11,091,580 | |
Series B, 5.00% due 7/1/2029 | 8,920,000 | 11,725,251 | |
Central Florida Expressway Authority, 5.00% due 7/1/2022 - 7/1/2026 | 4,100,000 | 4,718,740 | |
City of Cape Coral (Water and Sewer System Improvements), 5.00% due 10/1/2022 - 10/1/2026 | 5,435,000 | 6,674,516 | |
City of Gainesville Utilities System Revenue (SPA Barclays Bank plc), | |||
Series B, | �� | ||
a | 0.13% due 10/1/2042 (put 10/1/2020) | 7,000,000 | 7,000,000 |
a | 0.15% due 10/1/2038 (put 10/7/2020) | 2,350,000 | 2,350,000 |
City of Jacksonville, | |||
5.00% due 10/1/2027 | 400,000 | 512,264 | |
Series C, 5.00% due 10/1/2023 | 1,105,000 | 1,258,109 | |
City of Lakeland (Energy System; Insured: AGM), 5.00% due 10/1/2020 | 1,695,000 | 1,695,220 | |
City of Lakeland (Lakeland Regional Health Systems), 5.00% due 11/15/2026 | 1,925,000 | 2,349,482 | |
City of Miami (Stormwater Management Utility System), 5.00% due 9/1/2026 - 9/1/2028 | 2,675,000 | 3,393,735 | |
City of North Miami Beach (North Miami Beach Water Project), 5.00% due 8/1/2021 | 1,000,000 | 1,039,830 | |
City of Orlando (Senior Tourist Development; Insured: AGM), 5.00% due 11/1/2023 - 11/1/2027 | 3,545,000 | 4,239,095 | |
a | County of Manatee (Florida Power & Light Co.), 0.15% due 9/1/2024 (put 10/1/2020) | 4,200,000 | 4,200,000 |
Florida Higher Educational Facilities Financing Authority (University of Tampa) ETM, Series A, 5.00% due 4/1/2022 | 620,000 | 663,846 | |
Florida State Board of Governors (University System Capital Improvements), Series A, 4.00% due 7/1/2021 - 7/1/2022 | 8,600,000 | 9,011,222 | |
Fort Myers Utility System Revenue, | |||
5.00% due 10/1/2023 | 990,000 | 1,036,589 | |
5.00% due 10/1/2023 (pre-refunded 10/1/2021) | 2,370,000 | 2,484,234 | |
Hillsborough County (Court Facilities), Series B, 5.00% due 11/1/2020 - 11/1/2021 | 9,525,000 | 9,794,833 | |
Hillsborough County (Jail and Storm Water Projects), Series A, 5.00% due 11/1/2021 - 11/1/2022 | 5,305,000 | 5,705,397 | |
Hillsborough County School Board (Master Lease Program) COP, 5.00% due 7/1/2027 - 7/1/2029 | 15,410,000 | 19,762,839 | |
JEA Electric System, Series A, 5.00% due 10/1/2024 (pre-refunded 10/1/2023) | 1,200,000 | 1,372,368 | |
JEA Electric System ETM, Series A, 5.00% due 10/1/2023 | 1,395,000 | 1,590,649 | |
a | JEA Water & Sewer System Revenue (SPA U.S. Bank, N.A.), Series A-1, 0.10% due 10/1/2038 (put 10/1/2020) | 24,910,000 | 24,910,000 |
Lee County School Board (School Facilities Improvements) COP, 5.00% due 8/1/2023 - 8/1/2024 | 3,000,000 | 3,469,570 | |
Manatee County (County Capital Projects), 5.00% due 10/1/2021 | 2,775,000 | 2,912,141 | |
Manatee County (Public Utilities Improvements), 5.00% due 10/1/2024 - 10/1/2025 | 970,000 | 1,160,184 | |
Manatee County School District (School Facilities Improvements; Insured: AGM), 5.00% due 10/1/2025 - 10/1/2027 | 2,900,000 | 3,562,419 | |
Marion County School Board (Insured: BAM) COP, Series B, 5.00% due 6/1/2021 - 6/1/2024 | 5,570,000 | 6,140,742 | |
Miami Beach GO, | |||
4.00% due 9/1/2021 | 1,015,000 | 1,050,352 | |
5.00% due 9/1/2022 | 1,000,000 | 1,043,890 |
26 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
a | Miami-Dade County (Florida Power & Light Co.) IDA, 0.14% due 6/1/2021 (put 10/1/2020) | $ 41,100,000 | $ 41,100,000 |
Miami-Dade County (Miami International Airport), Series B, 5.00% due 10/1/2025 | 2,500,000 | 2,890,375 | |
Miami-Dade County (Transit System), 5.00% due 7/1/2023 - 7/1/2025 | 10,215,000 | 12,003,965 | |
a | Miami-Dade County (Waste Management, Inc.) IDA, 1.50% due 9/1/2027 (put 11/2/2020) | 3,000,000 | 3,002,310 |
Miami-Dade County Expressway Authority (Toll System), Series B, 5.00% due 7/1/2024 - 7/1/2025 | 4,000,000 | 4,563,400 | |
Miami-Dade County School Board (Educational Facilities Improvements) COP, | |||
Series A, | |||
5.00% due 5/1/2022 - 5/1/2024 | 15,535,000 | 17,501,674 | |
a | 5.00% due 5/1/2031 (put 5/1/2024) | 2,550,000 | 2,948,132 |
Series C, 5.00% due 5/1/2025 | 15,000,000 | 17,920,200 | |
Orange County (Orlando Health, Inc.; Insured: Natl-Re) HFA ETM, Series C, 6.25% due 10/1/2021 | 420,000 | 444,284 | |
Orange County School Board (Educational Facilities) COP, Series D, 5.00% due 8/1/2021 - 8/1/2025 | 8,100,000 | 9,025,215 | |
Palm Beach County (Baptist Health South Florida Obligated Group) HFA, 5.00% due 8/15/2024 - 8/15/2027 | 1,360,000 | 1,635,425 | |
Palm Beach County (Boca Raton Regional Hospital) HFA, ETM, 5.00% due 12/1/2020 | 600,000 | 604,428 | |
Palm Beach County School Board (Educational Facilities) COP, | |||
Series B, 5.00% due 8/1/2022 - 8/1/2024 | 10,095,000 | 11,533,213 | |
Series C, | |||
4.00% due 8/1/2021 | 3,835,000 | 3,951,047 | |
5.00% due 8/1/2022 | 1,660,000 | 1,799,506 | |
Palm Beach County School District COP, | |||
Series C, | |||
5.00% due 8/1/2021 - 8/1/2026 | 8,180,000 | 9,316,623 | |
c | 5.00% due 8/1/2024 | 1,950,000 | 2,279,492 |
Series D, 5.00% due 8/1/2030 | 1,050,000 | 1,252,346 | |
Polk County (Water and Wastewater Utility Systems), 5.00% due 10/1/2023 | 1,420,000 | 1,558,436 | |
Polk County (Water and Wastewater Utility Systems; Insured: AGM), | |||
3.00% due 10/1/2021 | 3,125,000 | 3,216,500 | |
4.00% due 10/1/2020 | 3,100,000 | 3,100,310 | |
Reedy Creek Improvement District (Buena Vista Drive Corridor Improvements) GO, Series A, 5.00% due 6/1/2023 | 1,940,000 | 2,180,541 | |
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 | 2,748,119 | |
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 | 4,894,931 | |
d | School Board of Miami-Dade County, 2.00% due 2/25/2021 | 13,500,000 | 13,594,500 |
South Florida Water Management District (Everglades Restoration Plan) COP, 5.00% due 10/1/2020 - 10/1/2022 | 5,530,000 | 5,806,281 | |
St. Johns County School Board COP, Series A, 5.00% due 7/1/2023 - 7/1/2029 | 8,015,000 | 10,103,434 | |
State of Florida GO, 4.00% due 7/1/2030 | 6,460,000 | 6,642,107 | |
Sunshine State Governmental Financing Commission (Miami-Dade County Program), Series B-1, 5.00% due 9/1/2021 - 9/1/2024 | 7,275,000 | 8,038,871 | |
Sunshine State Governmental Financing Commission (Miami-Dade County Program; Insured: AGM), Series A, 5.00% due 9/1/2021 | 5,000,000 | 5,210,200 | |
Volusia County Educational Facilities Authority (Embry-Riddle Aeronautical University, Inc.), Series B, 5.00% due 10/15/2023 - 10/15/2025 | 1,750,000 | 2,013,202 | |
Volusia County School Board, 5.00% due 10/1/2029 | 510,000 | 627,412 | |
Volusia County School Board (University High School, River Springs Middle School) COP, Series B, 5.00% due 8/1/2024 | 1,000,000 | 1,170,070 | |
Georgia — 1.5% | |||
Athens-Clarke County Unified Government Development Authority (UGAREF Central Precinct, LLC), 5.00% due 6/15/2022 - 6/15/2023 | 1,270,000 | 1,398,306 | |
d | City of Atlanta, Series A, 5.00% due 7/1/2027 - 7/1/2030 | 5,100,000 | 6,664,870 |
City of Atlanta (Airport Passenger Facility), | |||
5.00% due 1/1/2024 - 1/1/2025 | 3,850,000 | 4,417,015 | |
Series B, 5.00% due 1/1/2023 - 1/1/2025 | 2,645,000 | 2,992,548 | |
City of Atlanta (Atlantic Station Project), 5.00% due 12/1/2020 - 12/1/2024 | 4,290,000 | 4,711,161 | |
City of Atlanta (BeltLine Project), Series A, 5.00% due 1/1/2021 | 175,000 | 175,667 | |
City of Atlanta (Hartsfield-Jackson Atlanta International Airport), Series C, 5.50% due 1/1/2021 | 3,525,000 | 3,570,613 | |
City of Atlanta (Water & Wastewater System), 5.00% due 11/1/2021 - 11/1/2025 | 6,630,000 | 7,433,054 | |
Development Authority of Fulton County (Georgia Tech Athletic Assoc.) ETM, 5.00% due 10/1/2022 | 4,420,000 | 4,841,756 | |
Main Street Natural Gas, Inc., Series A, 5.00% due 5/15/2023 - 5/15/2029 | 14,265,000 | 16,974,750 | |
Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2026 - 1/1/2030 | 6,300,000 | 7,978,657 | |
a | Private Colleges & Universities Authority (Emory University), Series B, 0.54% (MUNIPSA + 0.42%) due 10/1/2039 (put 8/16/2022) | 18,400,000 | 18,338,213 |
Savannah (International Paper Co.) EDA, 1.90% due 8/1/2024 | 4,000,000 | 4,144,560 | |
Guam — 0.5% | |||
Government of Guam (Various Capital Projects), Series D, 5.00% due 11/15/2020 - 11/15/2024 | 11,170,000 | 11,863,635 | |
Guam Government, Series A, 5.00% due 1/1/2025 | 305,000 | 314,522 | |
Guam Government Waterworks Authority (Water & Wastewater System Improvements), | |||
5.25% due 7/1/2022 | 1,050,000 | 1,124,046 | |
c | 5.25% due 7/1/2023 | 645,000 | 715,924 |
Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2023 - 10/1/2026 | 4,330,000 | 4,943,243 | |
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2020 - 10/1/2022 | 7,840,000 | 8,327,442 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 27 |
Thornburg Limited Term Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Hawaii — 0.9% | |||
City and County of Honolulu (Capital Improvements) GO, | |||
Series A, 5.00% due 11/1/2020 | $ 8,265,000 | $ 8,297,647 | |
Series B, 5.00% due 11/1/2021 - 11/1/2022 | 9,465,000 | 10,290,055 | |
City and County of Honolulu (Capital Improvements) GO ETM, Series A, 5.00% due 11/1/2022 | 1,750,000 | 1,921,727 | |
County of Hawaii (Capital Improvements) GO, | |||
Series A, 5.00% due 9/1/2023 | 800,000 | 911,888 | |
Series B, 5.00% due 9/1/2023 | 1,500,000 | 1,709,805 | |
Series C, | |||
5.00% due 9/1/2021 - 9/1/2023 | 3,750,000 | 4,071,680 | |
c | 5.00% due 9/1/2026 | 1,500,000 | 1,860,945 |
Series D, 5.00% due 9/1/2023 - 9/1/2026 | 3,085,000 | 3,726,604 | |
Series E, 5.00% due 9/1/2021 - 9/1/2026 | 4,665,000 | 5,113,363 | |
Honolulu City & County Board of Water Supply, Series A, 5.00% due 7/1/2024 | 1,000,000 | 1,083,280 | |
State of Hawaii (Hawaiian Home Lands Settlement) GO, | |||
Series DZ, | |||
5.00% due 12/1/2022 (pre-refunded 12/1/2021) | 3,060,000 | 3,230,779 | |
c | 5.00% due 12/1/2022 (pre-refunded 12/1/2021) | 940,000 | 992,461 |
Series EA, 5.00% due 12/1/2020 - 12/1/2021 | 5,500,000 | 5,688,510 | |
Idaho — 0.3% | |||
Idaho (Trinity Health Credit Group) HFA, Series D, 5.00% due 12/1/2022 - 12/1/2024 | 4,200,000 | 4,800,088 | |
a | Regents of the University of Idaho, 5.25% due 4/1/2041 (put 4/1/2021) | 11,975,000 | 12,257,131 |
Illinois — 7.0% | |||
Board of Education of the City of Chicago (Educational Facilities; Insured: BHAC-CR FGIC) GO, Series B-1, Zero Coupon due 12/1/2020 | 12,000,000 | 11,973,600 | |
Chicago Midway International Airport, Series B, 5.00% due 1/1/2022 - 1/1/2024 | 3,700,000 | 4,041,451 | |
Chicago O’Hare International Airport (2015 Airport Projects), Series B, 5.00% due 1/1/2021 | 3,000,000 | 3,035,250 | |
Chicago O’Hare International Airport (2016 Airport Projects), Series C, 5.00% due 1/1/2027 | 1,750,000 | 2,111,917 | |
Chicago O’Hare International Airport (Capital Development Programs), Series B, 5.00% due 1/1/2022 (pre-refunded 1/1/2021) | 5,835,000 | 5,904,612 | |
Chicago Park District (Capital Improvement Plan) GO, | |||
Series A, 5.00% due 1/1/2024 - 1/1/2025 | 1,915,000 | 2,160,409 | |
Series B, 5.00% due 1/1/2021 - 1/1/2024 | 7,270,000 | 7,659,453 | |
Series C, 5.00% due 1/1/2022 - 1/1/2023 | 5,155,000 | 5,515,057 | |
Series D, 5.00% due 1/1/2023 - 1/1/2024 | 3,435,000 | 3,783,656 | |
Chicago Park District GO, Series D, 5.00% due 1/1/2021 - 1/1/2024 | 2,850,000 | 2,992,407 | |
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 | 1,572,105 | |
City of Chicago (Chicago Midway Airport), Series B, 5.00% due 1/1/2023 - 1/1/2024 | 22,275,000 | 24,286,235 | |
City of Chicago (Riverwalk Expansion Project; Insured: AGM), 5.00% due 1/1/2021 - 1/1/2023 | 2,410,000 | 2,430,541 | |
City of Chicago (Wastewater Transmission System), Series C, 5.00% due 1/1/2021 - 1/1/2025 | 16,750,000 | 18,578,842 | |
City of Chicago (Water System), | |||
Series 2017-2, 5.00% due 11/1/2020 - 11/1/2024 | 4,150,000 | 4,436,595 | |
Series A, 5.00% due 11/1/2027 | 6,250,000 | 7,598,562 | |
Series A-1, 5.00% due 11/1/2024 | 4,000,000 | 4,636,840 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2028 | 2,000,000 | 2,435,560 | |
City of Mount Vernon (Various Municipal Capital Improvements; Insured: AGM) GO, 4.00% due 12/15/2020 - 12/15/2021 | 2,425,000 | 2,442,927 | |
City of Waukegan (Lakehurst Redevelopment Project; Insured: AGM) GO, Series A, 5.00% due 12/30/2020 - 12/30/2022 | 4,100,000 | 4,320,953 | |
Community College District No. 503 (Black Hawk College; Insured: AGM) GO, 5.00% due 12/1/2021 - 12/1/2024 | 10,935,000 | 12,151,016 | |
Community College District No. 516 (Waubonsee Community College) GO, | |||
Series A, | |||
4.50% due 12/15/2020 | 1,325,000 | 1,335,322 | |
5.00% due 12/15/2021 | 6,175,000 | 6,495,791 | |
Community Unit School District No. 302 (Kane & DeKalb County Educational Facilities; Insured: Natl-Re) GO, Zero Coupon due 2/1/2021 | 3,165,000 | 3,160,158 | |
Community Unit School District No. 5 (Insured: BAM) GO, 5.00% due 4/15/2024 - 4/15/2026 | 1,650,000 | 1,942,554 | |
Cook County Community College District No. 508 (City Colleges of Chicago) GO, | |||
5.00% due 12/1/2020 - 12/1/2024 | 8,020,000 | 8,421,825 | |
5.25% due 12/1/2025 - 12/1/2026 | 3,365,000 | 3,611,886 | |
Cook County School District No.170 (Insured: AGM) GO, Series D, 5.00% due 12/1/2024 | 1,190,000 | 1,379,460 | |
County of Cook (Capital Improvement Plan) GO, | |||
Series A, 5.00% due 11/15/2021 | 5,000,000 | 5,217,900 | |
Series C, | |||
4.00% due 11/15/2020 - 11/15/2022 | 3,925,000 | 4,053,698 | |
5.00% due 11/15/2020 - 11/15/2022 | 5,605,000 | 5,828,196 | |
County of Cook Sales Tax Revenue, 5.00% due 11/15/2028 | 2,250,000 | 2,779,807 |
28 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Forest Preserve District of Cook County GO, Series A, 5.00% due 11/15/2021 | $ 1,500,000 | $ 1,577,625 | |
Forest Preserve District of DuPage County GO, 5.00% due 11/1/2020 - 11/1/2024 | 9,455,000 | 10,779,637 | |
a | Illinois Finance Authority (Advocate Health Care Network Obligated Group; SPA JP Morgan Chase Bank, N.A.), Series C-1, 0.13% due 11/1/2038 (put 10/7/2020) | 17,700,000 | 17,700,000 |
Illinois Finance Authority (Advocate Health Care), 5.00% due 8/1/2023 - 8/1/2024 | 1,365,000 | 1,553,089 | |
Illinois Finance Authority (NorthShore University HealthSystem Obligated Group), Series A, 5.00% due 8/15/2023 - 8/15/2030 | 4,450,000 | 5,709,201 | |
a | Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group; SPA JP Morgan Chase Bank, N.A.), Series A-3, 0.13% due 8/15/2042 (put 10/1/2020) | 13,465,000 | 13,465,000 |
a | Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group; SPA U.S. Bank, N.A.), Series A-4, 0.10% due 8/15/2042 (put 10/1/2020) | 2,815,000 | 2,815,000 |
Illinois Finance Authority (Rush University Medical Center), | |||
Series A, | |||
5.00% due 11/15/2020 - 11/15/2024 | 1,400,000 | 1,537,689 | |
c | 5.00% due 11/15/2025 | 1,695,000 | 2,017,762 |
Illinois Finance Authority (Trinity Health), Series L, 4.00% due 12/1/2021 | 1,265,000 | 1,319,446 | |
Illinois State Toll Highway Authority, | |||
5.00% due 1/1/2025 | 2,000,000 | 2,376,420 | |
Series D, 5.00% due 1/1/2023 - 1/1/2024 | 10,500,000 | 11,885,140 | |
Kane McHenry Cook & DeKalb Counties Unit School District No. 300 (Insured: AMBAC) GO, Zero Coupon due 12/1/2021 | 1,235,000 | 1,228,059 | |
Kane McHenry Cook & DeKalb Counties Unit School District No. 300 (Insured: AMBAC) GO ETM, Zero Coupon due 12/1/2021 | 765,000 | 762,001 | |
Kane McHenry Cook & DeKalb Counties Unit School District No. 300 GO, 5.00% due 1/1/2024 | 7,150,000 | 8,191,111 | |
Knox & Warren Counties Community Unit School District No 205 Galesburg GO, | |||
Series B, | |||
4.00% due 12/1/2020 - 12/1/2023 | 3,610,000 | 3,876,090 | |
c | 4.00% due 12/1/2024 | 1,240,000 | 1,415,956 |
5.00% due 12/1/2025 - 12/1/2029 | 7,400,000 | 9,316,598 | |
McHenry County Conservation District GO, 5.00% due 2/1/2021 - 2/1/2025 | 4,325,000 | 4,747,398 | |
Metropolitan Pier & Exposition Authority (McCormick Place Expansion) (State Aid Withholding) ETM, Series B, 5.00% due 12/15/2020 | 4,000,000 | 4,034,640 | |
Metropolitan Water Reclamation District of Greater Chicago (Green Bond), GO, Series E, 5.00% due 12/1/2025 | 1,000,000 | 1,213,420 | |
Peoria Metropolitan Airport Authority GO, Series D, 5.00% due 12/1/2027 | 1,000,000 | 1,231,030 | |
Sales Tax Securitization Corp., | |||
5.00% due 1/1/2028 | 3,655,000 | 4,439,655 | |
Series A, 5.00% due 1/1/2029 | 2,790,000 | 3,371,659 | |
State of Illinois, Series B, 5.00% due 6/15/2026 - 6/15/2029 | 20,000,000 | 22,841,300 | |
State of Illinois (Insured: BAM-Natl-Re), Series 1, 6.00% due 6/15/2026 | 235,000 | 285,067 | |
State of Illinois (State Facilities Improvements) GO, | |||
5.00% due 7/1/2021 | 1,735,000 | 1,769,874 | |
Series D, 5.00% due 11/1/2024 | 3,650,000 | 3,912,033 | |
State of Illinois GO, | |||
5.50% due 5/1/2024 - 5/1/2030 | 2,350,000 | 2,631,085 | |
Series A, 5.00% due 12/1/2021 | 4,500,000 | 4,637,790 | |
Series D, 5.00% due 11/1/2021 - 11/1/2028 | 38,740,000 | 41,924,166 | |
Town of Cicero Cook County (Cicero and Laramie Development Areas; Insured: AGM) GO, Series A, 5.00% due 1/1/2021 | 1,250,000 | 1,263,538 | |
Village of Tinley Park GO, 4.00% due 12/1/2022 | 625,000 | 673,613 | |
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 | 24,093,206 | |
Indiana — 1.9% | |||
Avon Community School Building Corp (Educational Facilities; Insured: State Intercept), | |||
5.00% due 7/15/2021 - 7/15/2027 | 6,030,000 | 6,813,804 | |
c | 5.00% due 7/15/2026 | 700,000 | 870,324 |
City of Carmel Redevelopment Authority (Road and Intersection Improvements), 5.00% due 8/1/2021 - 8/1/2022 | 4,915,000 | 5,163,273 | |
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) | 1,105,000 | 1,122,592 | |
City of Indianapolis Department of Public Utilities Gas Utility Revenue, Series A, 5.00% due 8/15/2021 - 8/15/2022 Series A, | 1,100,000 | 1,193,088 | |
Duneland School Building Corp. (State Aid Withholding), Zero Coupon due 2/1/2021 - 8/1/2021 | 6,040,000 | 6,025,942 | |
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 | 3,481,967 | |
Indiana Bond Bank (Columbus Learning Center), 5.00% due 8/1/2021 | 1,300,000 | 1,336,413 | |
Indiana Finance Authority (Community Health Network), Series A, 5.00% due 5/1/2021 - 5/1/2022 | 3,480,000 | 3,622,484 | |
Indiana Finance Authority (CWA Authority, Inc. Wastewater System Project), Series A, 5.00% due 10/1/2021 - 10/1/2024 | 2,000,000 | 2,246,415 | |
Indiana Finance Authority (Indiana University Health System), | |||
Series N, | |||
5.00% due 3/1/2021 | 9,880,000 | 10,062,780 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 29 |
Thornburg Limited Term Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
5.00% due 3/1/2022 (pre-refunded 3/1/2021) | $ 3,240,000 | $ 3,304,573 | |
Indiana Finance Authority (Indiana University Health, Inc. Obligated Group), | |||
a | Series L, 0.40% (MUNIPSA + 0.28%) due 12/1/2046 (put 7/2/2021) | 8,700,000 | 8,688,690 |
a | Series M, 0.40% (MUNIPSA + 0.28%) due 12/1/2046 (put 7/2/2021) | 6,000,000 | 5,992,200 |
Indiana Finance Authority (Marian University Health Sciences) ETM, 5.00% due 9/15/2021 | 2,320,000 | 2,417,904 | |
a | Indiana Finance Authority (Marion County Capital Improvement Board; SPA U.S. Bank, N.A.), Series A-3, 0.10% due 2/1/2037 (put 10/1/2020) | 26,505,000 | 26,505,000 |
Indiana Finance Authority (Parkview Health System), 5.00% due 5/1/2022 | 1,135,000 | 1,218,194 | |
Indiana Municipal Power Agency (Power Supply System), Series A, 5.00% due 1/1/2026 - 1/1/2028 | 4,235,000 | 5,314,922 | |
Lake Central Multi-District School Building Corp. (Educational Facilities) (State Aid Withholding), | |||
Series B, | |||
4.00% due 1/15/2021 - 1/15/2022 | 2,705,000 | 2,786,246 | |
5.00% due 7/15/2021 - 7/15/2022 | 2,250,000 | 2,378,175 | |
Perry Township Multischool Building Corp. (Educational Facilities) (State Aid Withholding), 5.00% due 7/10/2021 | 1,000,000 | 1,036,400 | |
d | Southwest Allen Multi School Building Corp. ((Metropolitan School District of Southwest Allen County; Insured: State Intercept), 5.00% due 1/15/2029 - 7/15/2029 | 4,070,000 | 5,273,699 |
Iowa — 0.2% | |||
Des Moines Independent Community School District (School Infrastructure; Insured: AGM), 4.00% due 6/1/2021 - 6/1/2022 | 6,265,000 | 6,282,792 | |
Iowa Finance Authority (Genesis Health System), 5.00% due 7/1/2022 - 7/1/2024 | 6,085,000 | 6,745,668 | |
Kansas — 1.0% | |||
Kansas (National Bio and Agro-Defense Facility) DFA, Series G, 5.00% due 4/1/2021 - 4/1/2025 | 32,470,000 | 35,482,771 | |
Kansas DFA, Series SRF, 5.00% due 5/1/2026 | 765,000 | 955,661 | |
Seward County No. 480 USD GO, Series B, 5.00% due 9/1/2024 - 9/1/2027 | 6,120,000 | 7,400,711 | |
Unified Government of Wyandotte County/Kansas City (Utility Systems Improvement), Series A, 5.00% due 9/1/2022 - 9/1/2024 | 3,600,000 | 4,013,946 | |
Wyandotte County No. 500 (General Improvement) USD GO, Series A, 5.00% due 9/1/2025 - 9/1/2026 | 5,675,000 | 6,976,464 | |
Kentucky — 2.2% | |||
Kentucky Economic (Norton Healthcare, Inc.; Insured: Natl-Re) DFA, Series B, Zero Coupon due 10/1/2020 - 10/1/2023 | 16,680,000 | 16,469,344 | |
a | Kentucky Public Energy Authority, Series A, 4.00% due 4/1/2048 (put 4/1/2024) | 77,915,000 | 85,923,104 |
Lexington-Fayette Urban County Government Public Facilities Corp. (Eastern State Hospital), Series A, 5.00% due 6/1/2022 | 6,165,000 | 6,321,961 | |
a | Louisville/Jefferson County Metropolitan Government (Louisville Gas & Electric Co.), 1.85% due 10/1/2033 (put 4/1/2021) | 6,500,000 | 6,554,990 |
Louisville/Jefferson County Metropolitan Government (Norton Healthcare, Inc.), 5.00% due 10/1/2026 | 3,000,000 | 3,685,590 | |
Turnpike Authority of Kentucky (Revitalization Projects), Series B, 5.00% due 7/1/2025 - 7/1/2026 | 5,615,000 | 6,646,289 | |
Louisiana — 3.0% | |||
City of Bossier (Public Improvements; Insured: AGM), Series ST-2010, 4.50% due 12/1/2021 | 2,240,000 | 2,344,250 | |
City of New Orleans (Public Improvements) GO, 5.00% due 12/1/2020 - 12/1/2021 | 2,515,000 | 2,589,847 | |
City of New Orleans (Public Improvements; Insured: AGM) GO, 5.00% due 12/1/2020 - 12/1/2021 | 8,950,000 | 9,282,630 | |
City of Shreveport (Water and Sewer System; Insured: BAM), Series A, 5.00% due 12/1/2020 - 12/1/2024 | 31,150,000 | 33,602,322 | |
Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge (Insured: AGM), 5.00% due 8/1/2027 - 8/1/2030 | 4,750,000 | 6,133,754 | |
East Baton Rouge Sewerage Commission (Wastewater System Improvements), | |||
Series A, 5.00% due 2/1/2028 - 2/1/2030 | 2,400,000 | 3,166,570 | |
Series B, 5.00% due 2/1/2023 - 2/1/2025 | 2,150,000 | 2,484,220 | |
Ernest N. Morial - New Orleans Exhibition Hall Authority (Convention Center), 5.00% due 7/15/2021 - 7/15/2023 | 2,780,000 | 2,980,674 | |
Jefferson Sales Tax District (Insured: AGM), | |||
Series A, 5.00% due 12/1/2023 - 12/1/2027 | 4,700,000 | 5,740,702 | |
Series B, 5.00% due 12/1/2027 - 12/1/2028 | 4,690,000 | 6,028,579 | |
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 | 1,910,068 | |
Louisiana Energy & Power Authority (Rodemacher Unit No. 2 Power), 5.00% due 1/1/2021 - 1/1/2023 | 3,240,000 | 3,401,613 | |
Louisiana Local Govt Environmental Facilities & Community Development Authority (Bossier Parish Community College - Campus Facilities, Inc. Project), 5.00% due 12/1/2020 | 1,200,000 | 1,208,832 | |
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 | 18,549,770 | |
Louisiana Local Govt Environmental Facilities & Community Development Authority (Louisiana Community & Technical College System), 5.00% due 10/1/2025 - 10/1/2027 | 2,960,000 | 3,629,628 | |
Louisiana Offshore Terminal Authority (Loop, INC), | |||
a | Series A, 1.65% due 9/1/2033 (put 12/1/2023) | 5,000,000 | 5,021,250 |
a | Series C, 1.65% due 9/1/2034 (put 12/1/2023) | 5,000,000 | 5,021,250 |
a | Louisiana Offshore Terminal Authority (Loop, Inc.), 1.65% due 9/1/2027 (put 12/1/2023) | 6,150,000 | 6,176,137 |
Louisiana Public Facilities Authority (Hurricane Recovery Program), 5.00% due 6/1/2022 - 6/1/2023 | 7,945,000 | 8,724,475 | |
Louisiana State Office Facilities Corp. (State Capitol), Series A, 5.00% due 5/1/2021 | 4,595,000 | 4,613,058 | |
New Orleans Regional Transit Authority (Streetcar Rail Lines; Insured: AGM), 5.00% due 12/1/2021 - 12/1/2022 | 2,110,000 | 2,125,656 | |
Parish of LaFourche (Roads, Highways & Bridges), 5.00% due 1/1/2022 - 1/1/2023 | 930,000 | 1,003,281 | |
a | Parish of St. Charles (Valero Energy Corp. Refinery), 4.00% due 12/1/2040 (put 6/1/2022) | 19,125,000 | 20,109,555 |
Shreveport Water & Sewer Revenue (Insured: BAM), Series C, 5.00% due 12/1/2024 - 12/1/2026 | 2,420,000 | 2,882,600 |
30 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
State of Louisiana GO, Series C, 5.00% due 8/1/2021 | $ 11,175,000 | $ 11,621,888 | |
Maine — 0.1% | |||
Maine Governmental Facilities Authority (Augusta & Machias Courthouses), | |||
Series A, | |||
c | 5.00% due 10/1/2020 | 1,245,000 | 1,245,162 |
5.00% due 10/1/2021 - 10/1/2023 | 3,935,000 | 4,312,045 | |
Maryland — 0.8% | |||
Maryland (Public Health Laboratory) EDC, | |||
4.00% due 6/1/2022 | 8,245,000 | 8,458,133 | |
5.00% due 6/1/2021 | 8,725,000 | 9,008,999 | |
Maryland Health & Higher Educational Facilities Authority (UPMC Obligated Group), Series B, 5.00% due 4/15/2025 - 4/15/2030 | 7,005,000 | 8,770,607 | |
Montgomery County GO, Series C, 5.00% due 10/1/2025 | 1,000,000 | 1,233,780 | |
Prince County George’s GO, Series A, 5.00% due 9/15/2026 | 6,110,000 | 7,757,134 | |
State of Maryland GO, Series B, 5.00% due 8/1/2024 | 6,955,000 | 8,218,585 | |
Massachusetts — 1.0% | |||
Commonwealth of Massachusetts GO, Series G, 5.00% due 9/1/2029 | 5,000,000 | 6,751,750 | |
Massachusetts (Insured: BHAC-CR FGIC), 5.50% due 1/1/2029 | 8,300,000 | 11,135,695 | |
Massachusetts Development Finance Agency (Beth Israel Lahey Health Obligated Group), 5.00% due 7/1/2027 - 7/1/2028 | 2,000,000 | 2,504,850 | |
Massachusetts Development Finance Agency (CareGroup Healthcare System), Series I, 5.00% due 7/1/2023 - 7/1/2026 | 11,020,000 | 12,890,683 | |
Massachusetts Development Finance Agency (CareGroup Obligated Group), Series I, 5.00% due 7/1/2027 | 450,000 | 545,274 | |
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 | 17,497,445 | |
Massachusetts Development Finance Agency (Simmons College), Series J, 5.25% due 10/1/2023 | 595,000 | 658,225 | |
a | Massachusetts Health & Educational Facilities Authority (Baystate Medical Obligated Group; LOC TD Bank, N.A.), Series J-2, 0.12% due 7/1/2044 (put 10/1/2020) | 1,000,000 | 1,000,000 |
a | Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, 5.00% due 1/1/2039 (put 1/1/2023) | 3,630,000 | 4,021,132 |
Michigan — 2.8% | |||
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 | 2,165,679 | |
County of Genesee (Water Supply System; Insured: BAM) GO, 5.00% due 11/1/2022 | 600,000 | 654,960 | |
County of Livingston (Howell Public Schools; Insured: Q-SBLF) GO, 4.00% due 5/1/2021 | 1,000,000 | 1,020,890 | |
Livonia Public Schools School District (School Building & Site) GO, Series I, 5.00% due 5/1/2021 | 900,000 | 923,823 | |
Michigan Finance Authority ((McLaren Health Care Corp. Obligated Group), 5.00% due 2/15/2029 | 1,000,000 | 1,291,170 | |
Michigan Finance Authority (Beaumont Health Credit Group), 5.00% due 8/1/2023 - 8/1/2025 | 18,800,000 | 21,705,652 | |
Michigan Finance Authority (Henry Ford Health System), 5.00% due 11/15/2027 | 1,000,000 | 1,238,770 | |
Michigan Finance Authority (LOC JP Morgan Chase Bank, N.A.) (State Aid Withholding), Series A-2, 4.00% due 8/20/2021 Series A-2, | 7,000,000 | 7,231,070 | |
Michigan Finance Authority (McLaren Health Care Corp. Obligated Group), 5.00% due 2/15/2028 | 1,000,000 | 1,271,100 | |
Michigan Finance Authority (Trinity Health Credit Group), 5.00% due 12/1/2022 - 12/1/2028 | 10,500,000 | 12,554,805 | |
Michigan Finance Authority (Ypsilanti Community Schools), 5.00% due 8/1/2021 - 8/1/2022 | 2,670,000 | 2,820,772 | |
Michigan Municipal Bond Authority (Clean Water Fund), 5.00% due 10/1/2020 | 35,000 | 35,005 | |
Michigan State Building Authority, Series I, 5.00% due 10/15/2030 Series I, | 2,500,000 | 3,426,100 | |
Michigan State Building Authority (Facilities Program), Series I, 5.00% due 4/15/2023 - 4/15/2026 | 1,750,000 | 2,056,195 | |
a | Michigan State Hospital Finance Authority (Ascension Health), Series F-2, 1.90% due 11/15/2047 (put 4/1/2021) | 5,615,000 | 5,658,179 |
Michigan Strategic Fund (Detroit Edison Company; Insured: AMBAC), 7.00% due 5/1/2021 | 4,115,000 | 4,272,852 | |
Royal Oak Hospital Finance Authority (William Beaumont Hospital), 5.00% due 9/1/2021 - 9/1/2024 | 5,740,000 | 6,292,761 | |
School District of the City of Dearborn (Insured: Q-SBLF) (State Aid Withholding) GO, 4.00% due 5/1/2021 - 5/1/2023 | 1,730,000 | 1,832,712 | |
School District of the City of Detroit (Wayne County School Building & Site; Insured: Q-SBLF) GO, Series A, 5.00% due 5/1/2021 - 5/1/2022 | 7,000,000 | 7,302,590 | |
St. Johns Public Schools (Insured: Natl-Re/Q-SBLF) GO, 5.00% due 5/1/2021 | 330,000 | 338,804 | |
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 | 14,174,830 | |
State of Michigan Trunk Line Revenue, Series B, 5.00% due 11/15/2028 - 11/15/2030 | 30,000,000 | 40,602,900 | |
Warren Consolidated School District (Insured: Q-SBLF) GO, 5.00% due 5/1/2021 | 1,000,000 | 1,026,440 | |
Wayne County Airport Authority (Detroit Metropolitan Airport), | |||
Series C, 5.50% due 12/1/2020 | 4,395,000 | 4,431,083 | |
Series D, 5.50% due 12/1/2020 | 3,115,000 | 3,140,574 | |
Wayne State University, Series A, 5.00% due 11/15/2023 - 11/15/2026 | 12,640,000 | 15,194,680 | |
Minnesota — 0.4% | |||
a | City of Minneapolis MN/St Paul Housing & Redevelopment Authority (Allina Health Obligated Group; LOC JP Morgan Chase Bank, N.A.), Series B-1, 0.12% due 11/15/2035 (put 10/1/2020) | 7,500,000 | 7,500,000 |
Le Sueur-Henderson No. 2397 (Minnesota School District Credit Enhancement Program) (State Aid Withholding) ISD GO, 3.00% due 4/1/2021 | 1,125,000 | 1,140,593 | |
Minnesota Higher Education Facilities Authority, 5.00% due 10/1/2029 | 300,000 | 383,577 | |
Minnesota Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), | |||
Series F, | |||
1.90% due 1/1/2029 | 330,000 | 336,504 | |
1.95% due 7/1/2029 | 795,000 | 812,156 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 31 |
Thornburg Limited Term Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
a | Minnesota Housing Finance Agency (Residential Single Family Development; Collateralized: GNMA, FNMA, FHLMC), 0.67% (MUNIPSA + 0.55%) due 7/1/2041 (put 12/12/2023) | $ 7,525,000 | $ 7,541,781 |
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 | 2,395,726 | |
Port Authority of the City of St. Paul (Minnesota Freeman Office Building), Series 2, 5.00% due 12/1/2020 | 2,675,000 | 2,695,945 | |
St. Paul Housing and Redevelopment Authority (HealthPartners), 5.00% due 7/1/2023 - 7/1/2025 | 1,850,000 | 2,082,232 | |
Mississippi — 0.2% | |||
Mississippi Development Bank (Jackson Public School District; Insured: BAM), 5.00% due 10/1/2024 - 10/1/2028 | 2,400,000 | 2,968,173 | |
Mississippi Development Bank (MDOT-Harrison County Highway), Series A-GA, 5.00% due 1/1/2021 - 1/1/2023 | 5,000,000 | 5,242,215 | |
Mississippi Development Bank (MDOT-Madison County Highway), 5.00% due 1/1/2021 - 1/1/2023 | 4,250,000 | 4,460,550 | |
Missouri — 0.7% | |||
City of Excelsior Springs (Insured: BAM) COP, | |||
Series A, 4.00% due 9/1/2024 - 9/1/2028 | 1,860,000 | 2,199,120 | |
Series B, 4.00% due 3/1/2025 - 3/1/2030 | 1,230,000 | 1,454,110 | |
Jackson County (Parking Facility Projects), 4.00% due 12/1/2021 | 1,000,000 | 1,045,860 | |
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 | 15,029,641 | |
Missouri Development Finance Board (City of Independence Electric System) ISD, Series F, 4.00% due 6/1/2021 - 6/1/2022 | 5,620,000 | 5,843,122 | |
a | Missouri Development Finance Board (Nelson Gallery Foundation; SPA U.S. Bank, N.A.), Series A, 0.10% due 12/1/2037 (put 10/1/2020) | 6,000,000 | 6,000,000 |
Platte County (Community & Resource Centers), 5.00% due 4/1/2021 | 2,440,000 | 2,459,715 | |
Special Administrative Board of the Transitional School District of the City of St. Louis (State Aid Withholding) GO, 4.00% due 4/1/2021 - 4/1/2022 | 5,355,000 | 5,578,476 | |
Nebraska — 1.1% | |||
a | Central Plains Energy Project, 5.00% due 3/1/2050 (put 1/1/2024) | 50,000,000 | 56,689,500 |
Douglas County Hospital Authority No. 3 (Nebraska Methodist Health System), 5.00% due 11/1/2022 - 11/1/2025 | 6,980,000 | 8,017,609 | |
Nevada — 3.3% | |||
Carson City (Carson Tahoe Regional Healthcare), 5.00% due 9/1/2022 - 9/1/2027 | 4,155,000 | 4,678,307 | |
Clark County Department of Aviation, | |||
Series A, 5.00% due 7/1/2021 | 1,855,000 | 1,919,795 | |
Series C, 5.00% due 7/1/2021 | 2,500,000 | 2,577,475 | |
Clark County School District (Acquisition of Transportation & Technology Equipment) GO, | |||
Series C, 5.00% due 6/15/2022 | 2,560,000 | 2,746,906 | |
Series D, 5.00% due 6/15/2021 - 6/15/2022 | 47,150,000 | 49,741,021 | |
Series E, 5.00% due 6/15/2021 | 21,405,000 | 22,056,568 | |
Clark County School District GO, Series A, 5.00% due 6/15/2023 | 4,000,000 | 4,458,240 | |
Las Vegas Convention and Visitors Authority, Series C, 5.00% due 7/1/2023 - 7/1/2026 | 3,050,000 | 3,486,199 | |
Las Vegas Valley Water District GO, | |||
Series A, 5.00% due 6/1/2023 - 6/1/2026 | 55,955,000 | 65,888,691 | |
Series B, 5.00% due 12/1/2025 | 20,000,000 | 24,245,800 | |
Series C, 5.00% due 6/1/2021 | 5,000,000 | 5,160,950 | |
Washoe County (Reno-Sparks Convention & Visitors Authority) GO, 5.00% due 7/1/2021 - 7/1/2022 | 4,200,000 | 4,349,975 | |
New Hampshire — 0.3% | |||
a | New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA Wells Fargo Bank, N.A.), Series B, 0.13% due 7/1/2033 (put 10/1/2020) | 13,675,000 | 13,675,000 |
New Hampshire Municipal Bond Bank (Educational Facilities; Insured: State Intercept), Series C, 5.25% due 8/15/2022 | 2,770,000 | 3,039,438 | |
New Hampshire Turnpike System, Series B, 5.00% due 2/1/2021 | 1,260,000 | 1,280,790 | |
New Jersey — 3.1% | |||
City of Jersey City (Qualified General Improvement; Insured: BAM) (State Aid Withholding) GO, | |||
Series A, | |||
4.00% due 8/1/2021 | 2,805,000 | 2,885,279 | |
5.00% due 8/1/2022 - 8/1/2023 | 4,985,000 | 5,491,760 | |
Essex County Improvement Authority (County Correctional Facilities & Gibraltar Facilities; Insured: Natl-Re) GO, 5.50% due 10/1/2024 | 5,000,000 | 6,032,550 | |
Hudson County Improvement Authority (Hudson County Lease; Insured: AGM) GO, 5.375% due 10/1/2020 | 2,020,000 | 2,020,242 | |
Monmouth County Improvement Authority, Series B, 2.00% due 2/15/2021 | 2,200,000 | 2,214,454 | |
New Jersey (New Jersey Transit Corporation) (State Aid Withholding) EDA, Series B, 5.00% due 11/1/2024 | 8,000,000 | 9,117,440 | |
New Jersey (New Jersey Transit Corporation) EDA, | |||
5.00% due 11/1/2029 | 40,000 | 48,637 | |
Series B, 5.00% due 11/1/2023 | 2,500,000 | 2,783,750 | |
New Jersey (School Facilities Construction) EDA, | |||
5.00% due 6/15/2028 - 6/15/2029 | 4,190,000 | 5,053,403 | |
Series G, 5.75% due 9/1/2023 (pre-refunded 3/1/2021) | 4,955,000 | 5,069,857 | |
Series GG, 5.75% due 9/1/2023 | 550,000 | 565,510 | |
Series UU, 5.00% due 6/15/2028 | 7,930,000 | 8,835,368 | |
New Jersey (State of New Jersey Department of the Treasury) EDA, Series GG, 5.00% due 9/1/2022 | 735,000 | 747,194 |
32 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
New Jersey (Virtua Health Issue) HFFA, 5.00% due 7/1/2023 - 7/1/2024 | $ 1,535,000 | $ 1,745,147 | |
New Jersey Housing & Mortgage Finance Agency, Series A, 4.65% due 10/1/2029 | 2,970,000 | 3,022,064 | |
New Jersey Transit Corp. (Urban Public Transportation Capital Improvement), Series A, 5.00% due 9/15/2021 | 3,395,000 | 3,519,529 | |
New Jersey Transportation Trust Fund Authority, Series A, 5.00% due 12/15/2029 | 1,550,000 | 1,861,984 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), | |||
5.00% due 6/15/2023 - 6/15/2028 | 10,240,000 | 11,616,649 | |
Series A, 5.25% due 12/15/2022 | 2,000,000 | 2,179,820 | |
Series A-1, | |||
a | 1.32% (MUNIPSA + 1.20%) due 6/15/2034 (put 12/15/2021) | 8,250,000 | 8,335,940 |
5.00% due 6/15/2025 - 6/15/2027 | 30,535,000 | 35,668,093 | |
Series B, 5.00% due 6/15/2021 | 2,570,000 | 2,641,960 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements; Insured: AMBAC), | |||
Series A, 5.25% due 12/15/2021 | 6,000,000 | 6,302,220 | |
Series B, 5.25% due 12/15/2023 | 3,545,000 | 3,987,451 | |
New Jersey Transportation Trust Fund Authority (Transportation System), | |||
5.00% due 12/15/2026 - 12/15/2027 | 17,785,000 | 21,212,741 | |
Series A, 5.00% due 6/15/2024 - 12/15/2025 | 5,015,000 | 5,798,963 | |
Passaic Valley Sewer Commissioners (Sewer System), | |||
Series G, | |||
c | 5.75% due 12/1/2020 | 4,250,000 | 4,287,400 |
5.75% due 12/1/2021 | 4,500,000 | 4,779,090 | |
Township of Moorestown GO, 2.50% due 7/30/2021 | 10,000,000 | 10,186,800 | |
New Mexico — 1.7% | |||
Carlsbad Municipal School District (Educational Facilities) (State Aid Withholding) GO, 5.00% due 8/1/2023 | 1,650,000 | 1,867,569 | |
City of Albuquerque (City Infrastructure Improvements) GO, Series A, 5.00% due 7/1/2023 | 1,360,000 | 1,536,719 | |
City of Farmington (Arizona Public Service Co.-Four Corners Project), Series A, 4.70% due 5/1/2024 | 2,375,000 | 2,382,956 | |
City of Farmington (Public Service Co. of New Mexico), | |||
Series B, | |||
a | 1.875% due 4/1/2033 (put 10/1/2021) | 5,335,000 | 5,388,990 |
a | 2.125% due 6/1/2040 (put 6/1/2022) | 3,500,000 | 3,572,520 |
a | Series C, 1.15% due 6/1/2040 (put 6/1/2024) | 4,500,000 | 4,532,355 |
a | Series D, 1.10% due 6/1/2040 (put 6/1/2023) | 7,000,000 | 7,038,080 |
City of Las Cruces GO, 5.00% due 8/1/2021 | 955,000 | 992,789 | |
c | City of Santa Fe (El Castillo Retirement Residences), 4.50% due 5/15/2022 | 1,100,000 | 1,117,985 |
New Mexico Educational Assistance Foundation (Student Loans), Series A-1, 5.00% due 12/1/2021 | 3,000,000 | 3,018,870 | |
a | New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA Wells Fargo Bank, N.A.), Series C, 0.13% due 8/1/2034 (put 10/1/2020) | 31,095,000 | 31,095,000 |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services), 5.00% due 8/1/2024 - 8/1/2025 | 1,780,000 | 2,096,386 | |
New Mexico Mortgage Finance Authority (Collateralized: GNMA, FNMA, FHLMC), Series F, 3.50% due 7/1/2050 | 11,100,000 | 12,216,327 | |
New Mexico Municipal Energy Acquisition Authority, | |||
Series A, | |||
4.00% due 11/1/2020 - 11/1/2024 | 5,040,000 | 5,396,551 | |
a | 5.00% due 11/1/2039 (put 5/1/2025) | 4,500,000 | 5,367,060 |
New Mexico State University, Series B, 5.00% due 4/1/2021 - 4/1/2022 | 1,440,000 | 1,497,458 | |
New Mexico State University (Insured: BAM), Series A, 5.00% due 4/1/2029 | 1,645,000 | 2,096,437 | |
New Mexico State University ETM, Series B, 5.00% due 4/1/2021 - 4/1/2022 | 1,655,000 | 1,727,093 | |
Rio Rancho Public School District No. 94 (State Aid Withholding) GO, Series A, 5.00% due 8/1/2026 | 1,085,000 | 1,359,733 | |
Santa Fe County (County Buildings & Facilities) GRT, Series A, 5.00% due 6/1/2025 | 1,250,000 | 1,505,675 | |
New York — 10.5% | |||
City of New York (City Budget Financial Management) GO, | |||
Series D, 5.00% due 8/1/2021 - 8/1/2022 | 6,000,000 | 6,368,700 | |
Series G, 5.00% due 8/1/2021 - 8/1/2023 | 25,145,000 | 27,283,038 | |
Series J, 5.00% due 8/1/2021 - 8/1/2024 | 40,480,000 | 45,908,218 | |
Series K, 5.00% due 8/1/2021 - 8/1/2022 | 20,850,000 | 22,252,390 | |
a | City of New York (LOC Mizuho Bank, Ltd.) GO, Series G-6, 0.13% due 4/1/2042 (put 10/1/2020) | 1,445,000 | 1,445,000 |
a | City of New York (LOC U.S. Bank, N.A.) GO, Series L-4, 0.12% due 4/1/2038 (put 10/1/2020) | 920,000 | 920,000 |
City of New York (SPA Barclays Bank plc) GO, | |||
a | Series B4, 0.12% due 10/1/2046 (put 10/1/2020) | 12,240,000 | 12,240,000 |
a | Series B5, 0.12% due 10/1/2046 (put 10/1/2020) | 1,130,000 | 1,130,000 |
a | City of New York (SPA JP Morgan Chase Bank, N.A.) GO, Series F-6, 0.13% due 6/1/2044 (put 10/1/2020) | 3,000,000 | 3,000,000 |
a | City of New York (SPA Landesbank Hessen-Thuringen) GO, Series A-3, 0.13% due 8/1/2035 (put 10/1/2020) | 1,300,000 | 1,300,000 |
Long Island Power Authority, Series A, 5.00% due 9/1/2026 - 9/1/2030 | 3,475,000 | 4,580,729 | |
Metropolitan Transportation Authority, |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 33 |
Thornburg Limited Term Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
5.25% due 11/15/2028 - 11/15/2029 | $ 12,640,000 | $ 13,436,716 | |
Series A, 5.00% due 11/15/2020 | 2,000,000 | 2,009,300 | |
Metropolitan Transportation Authority (Green Bond), | |||
Series A2, 5.00% due 11/15/2025 - 11/15/2027 | 30,035,000 | 32,184,095 | |
Series B, 5.00% due 11/15/2027 | 1,845,000 | 1,989,648 | |
Metropolitan Transportation Authority (Transit and Commuter System), Series B-1, 5.00% due 5/15/2022 | 15,430,000 | 15,877,779 | |
Monroe County (St. John Fisher College) IDC, Series A, 5.00% due 6/1/2022 | 2,000,000 | 2,136,400 | |
Nassau County GO, | |||
Series B, 4.00% due 12/21/2020 | 35,650,000 | 35,943,399 | |
Series C, 4.00% due 3/15/2021 | 3,000,000 | 3,050,880 | |
New York City Health and Hospital Corp. (Healthcare Facilities Improvements), Series A, 5.00% due 2/15/2021 | 2,615,000 | 2,625,721 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
Series 1, 5.00% due 11/1/2026 - 11/1/2029 Series 1, | 9,000,000 | 11,585,495 | |
Series A, 5.00% due 11/1/2028 - 11/1/2030 | 10,485,000 | 13,731,786 | |
New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JP Morgan Chase Bank, N.A.), | |||
a | Series A-4, 0.13% due 8/1/2039 (put 10/1/2020) | 8,490,000 | 8,490,000 |
a | Series C-4, 0.13% due 11/1/2036 (put 10/1/2020) | 10,600,000 | 10,600,000 |
a | Series E3, 0.13% due 2/1/2045 (put 10/1/2020) | 7,165,000 | 7,165,000 |
a | Series E-4, 0.13% due 2/1/2045 (put 10/1/2020) | 29,270,000 | 29,270,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA Landesbank Hessen-Thuringen), Series 1, 0.13% due 11/1/2022 (put 10/1/2020) | 17,005,000 | 17,005,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA Mizuho Bank, Ltd.), Series A-4, 0.13% due 8/1/2043 (put 10/1/2020) | 5,440,000 | 5,440,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA State Street Bank and Trust Co.), Series A-6, 0.12% due 8/1/2039 (put 10/1/2020) | 6,920,000 | 6,920,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue (SPA U.S. Bank, N.A.), | |||
a | Series A-5, 0.12% due 8/1/2039 (put 10/1/2020) | 3,230,000 | 3,230,000 |
a | Series B5, 0.12% due 8/1/2042 (put 10/1/2020) | 2,950,000 | 2,950,000 |
New York City Trust for Cultural Resources (Lincoln Center for the Performing Arts, Inc.), Series A, 5.00% due 12/1/2026 | 2,500,000 | 3,049,500 | |
a | New York City Water & Sewer System (LOC Citibank, N.A.), Series F, 0.12% due 6/15/2035 (put 10/1/2020) | 15,175,000 | 15,175,000 |
a | New York City Water & Sewer System (SPA Bank of America, N.A.), Series BB-5, 0.11% due 6/15/2033 (put 10/1/2020) | 4,400,000 | 4,400,000 |
a | New York City Water & Sewer System (SPA JP Morgan Chase Bank, N.A.), Series AA-1, 0.13% due 6/15/2050 (put 10/1/2020) | 11,605,000 | 11,605,000 |
New York City Water & Sewer System (SPA Landesbank Hessen-Thuringen), | |||
a | Series BB-1, 0.13% due 6/15/2039 (put 10/1/2020) | 37,560,000 | 37,560,000 |
a | Series FF-2, 0.15% due 6/15/2044 (put 10/1/2020) | 28,500,000 | 28,500,000 |
a | New York City Water & Sewer System (SPA Mizuho Bank, Ltd.), Series AA-6, 0.14% due 6/15/2048 (put 10/1/2020) | 3,535,000 | 3,535,000 |
New York City Water & Sewer System (SPA State Street Bank and Trust Co.), | |||
a | Series 3B, 0.12% due 6/15/2043 (put 10/1/2020) | 1,355,000 | 1,355,000 |
a | Series B-2, 0.12% due 6/15/2045 (put 10/1/2020) | 15,860,000 | 15,860,000 |
a | Series B-4, 0.12% due 6/15/2045 (put 10/1/2020) | 2,750,000 | 2,750,000 |
a | New York City Water & Sewer System (SPA U.S. Bank N.A.), Series 3A, 0.12% due 6/15/2043 (put 10/1/2020) | 500,000 | 500,000 |
a | New York City Water & Sewer System (SPA U.S. Bank, N.A.), Series B-1, 0.12% due 6/15/2045 (put 10/1/2020) | 6,330,000 | 6,330,000 |
New York State Dormitory Authority, Series B, 5.00% due 3/31/2021 | 10,000,000 | 10,237,700 | |
New York State Dormitory Authority (School Districts Financing Program) (State Aid Withholding), | |||
Series G, 5.00% due 4/1/2021 - 10/1/2022 | 750,000 | 787,416 | |
Series H, 5.00% due 10/1/2020 - 10/1/2021 | 1,750,000 | 1,784,373 | |
Series J, 5.00% due 10/1/2020 | 2,775,000 | 2,775,333 | |
New York State Dormitory Authority (School Districts Financing Program; Insured: AGC) (State Aid Withholding), | |||
5.25% due 10/1/2023 | 140,000 | 146,985 | |
5.25% due 10/1/2023 (pre-refunded 10/1/2021) | 1,860,000 | 1,954,544 | |
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 | 8,650,000 | 9,578,774 | |
Series F, 5.00% due 10/1/2020 - 10/1/2021 | 3,350,000 | 3,409,160 | |
New York State Dormitory Authority (State of New York Sales Tax Revenue), Series E, 5.00% due 3/15/2029 | 4,135,000 | 5,382,902 | |
a | New York State Housing Finance Agency (160 Madison Ave, LLC; LOC Landesbank Hessen-Thuringen), Series A, 0.14% due 11/1/2046 (put 10/1/2020) | 650,000 | 650,000 |
a | New York State Housing Finance Agency (LOC Landesbank Hessen-Thuringen), Series A, 0.14% due 11/1/2046 (put 10/1/2020) | 4,250,000 | 4,250,000 |
New York State Thruway Authority (Governor Thomas E. Dewey Thruway), | |||
Series I, 5.00% due 1/1/2021 - 1/1/2022 | 5,500,000 | 5,692,170 | |
Series K, 5.00% due 1/1/2024 - 1/1/2025 | 3,000,000 | 3,493,610 | |
New York State Thruway Authority (Highway, Bridge, Multi-Modal and MTA Projects), Series A, 5.00% due 3/15/2024 | 18,300,000 | 18,690,888 | |
State of New York Mortgage Agency, | |||
Series 223, |
34 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
1.85% due 4/1/2026 | $ 400,000 | $ 417,628 | |
1.90% due 10/1/2026 | 815,000 | 851,455 | |
1.95% due 4/1/2027 | 1,000,000 | 1,045,310 | |
2.00% due 10/1/2027 | 775,000 | 810,232 | |
2.05% due 4/1/2028 | 450,000 | 469,985 | |
2.25% due 4/1/2030 | 1,320,000 | 1,367,612 | |
2.30% due 10/1/2030 | 1,110,000 | 1,148,983 | |
Suffolk County (Catholic Health Services) EDC, 5.00% due 7/1/2021 - 7/1/2022 | 10,000,000 | 10,337,550 | |
Town of Oyster Bay (Insured: BAM) GO, 4.00% due 11/1/2023 - 11/1/2026 | 3,195,000 | 3,663,167 | |
a | Triborough Bridge and Tunnel Authority (LOC Citibank, N.A.), Series B-2, 0.10% due 1/1/2032 (put 10/1/2020) | 7,775,000 | 7,775,000 |
a | Triborough Bridge and Tunnel Authority (LOC U.S. Bank, N.A.), Series 2005B-4C, 0.12% due 1/1/2031 (put 10/1/2020) | 11,585,000 | 11,585,000 |
Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels), | |||
Series A, 5.00% due 11/15/2021 | 5,140,000 | 5,408,051 | |
Series C-1, 5.00% due 11/15/2026 | 4,000,000 | 5,007,280 | |
West Seneca Central School District (Insured: BAM) (State Aid Withholding) GO, 5.00% due 11/15/2022 | 1,000,000 | 1,093,070 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2024 - 7/1/2028 | 1,395,000 | 1,615,972 | |
North Carolina — 1.9% | |||
Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group; SPA JP Morgan Chase Bank, N.A.), | |||
a | Series B, 0.13% due 1/15/2038 (put 10/1/2020) | 7,805,000 | 7,805,000 |
a | Series C, 0.13% due 1/15/2037 (put 10/1/2020) | 600,000 | 600,000 |
Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), | |||
3.00% due 1/15/2021 | 1,385,000 | 1,394,653 | |
Series A, | |||
4.00% due 1/15/2022 | 845,000 | 881,893 | |
5.00% due 1/15/2023 - 1/15/2024 | 4,255,000 | 4,675,413 | |
Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System) ETM, 3.00% due 1/15/2021 | 210,000 | 211,657 | |
City of Charlotte (Equipment Acquisition & Public Facilities) COP, Series C, 5.00% due 12/1/2020 - 12/1/2025 | 8,940,000 | 10,025,074 | |
a | Columbus County Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), 2.00% due 11/1/2033 (put 10/1/2024) | 1,100,000 | 1,146,464 |
County of Buncombe (Primary, Middle School & Community College Facilities), Series A, 5.00% due 6/1/2022 - 6/1/2024 | 2,350,000 | 2,612,975 | |
County of Dare (Educational Facility Capital Projects), | |||
Series A, | |||
4.00% due 6/1/2022 | 490,000 | 520,708 | |
5.00% due 6/1/2021 - 6/1/2024 | 1,925,000 | 2,051,410 | |
County of Randolph, | |||
Series B, 5.00% due 10/1/2021 - 10/1/2023 | 3,560,000 | 3,872,999 | |
Series C, 5.00% due 10/1/2020 - 10/1/2023 | 1,400,000 | 1,480,393 | |
Harnett County, 2.00% due 12/1/2020 | 975,000 | 977,906 | |
North Carolina Eastern Municipal Power Agency ETM, | |||
Series A, 5.00% due 1/1/2022 | 4,715,000 | 5,000,776 | |
Series B, 5.00% due 1/1/2021 | 5,000,000 | 5,059,450 | |
a | North Carolina Medical Care Commission (SPA JP Morgan Chase Bank, N.A.), Series A, 0.11% due 11/1/2034 (put 10/7/2020) | 2,300,000 | 2,300,000 |
North Carolina Municipal Power Agency (Catawba Electric), Series B, 4.00% due 1/1/2022 | 1,000,000 | 1,045,770 | |
North Carolina Turnpike Authority, 5.00% due 1/1/2023 - 1/1/2029 | 13,130,000 | 15,737,800 | |
a | University of North Carolina at Chapel Hill, Series A, 0.454% (LIBOR 1 Month + 0.35%) due 12/1/2041 (put 12/1/2021) | 40,500,000 | 40,507,168 |
Winston-Salem State University (Student Housing and Student Services Facilities), 5.00% due 4/1/2022 | 945,000 | 1,007,578 | |
North Dakota — 0.1% | |||
County of Mckenzie, 5.00% due 8/1/2021 | 1,455,000 | 1,493,805 | |
County of McKenzie, 5.00% due 8/1/2022 | 1,000,000 | 1,057,720 | |
Ohio — 3.3% | |||
Akron, Bath & Copley Joint Township Hospital District (Children’s Hospital Medical Center), 5.00% due 11/15/2021 | 1,000,000 | 1,052,220 | |
American Municipal Power, Inc. (AMP Fremont Energy Center), Series B, 5.00% due 2/15/2021 - 2/15/2022 | 4,050,000 | 4,244,642 | |
Cincinnati City School District Board of Education (Educational Facilities; Insured: Natl-Re) GO, 5.25% due 12/1/2023 | 2,690,000 | 3,111,066 | |
City of Akron (Community Learning Centers), Series A, 5.00% due 12/1/2021 | 4,120,000 | 4,339,555 | |
c | City of Cleveland (Cleveland Stadium) COP, Series A, 4.75% due 11/15/2020 | 2,000,000 | 2,009,600 |
City of Cleveland (Municipal Street System Improvements) GO, | |||
Series A, | |||
3.00% due 12/1/2020 - 12/1/2021 | 2,980,000 | 3,045,829 | |
4.00% due 12/1/2022 - 12/1/2023 | 6,725,000 | 7,313,585 | |
5.00% due 12/1/2025 - 12/1/2026 | 7,165,000 | 8,635,633 | |
City of Cleveland (Parking Facility; Insured: AGM), 5.25% due 9/15/2021 | 2,035,000 | 2,129,017 | |
City of Cleveland (Parks & Recreation Facilities), 5.00% due 10/1/2020 - 10/1/2023 | 3,375,000 | 3,639,452 | |
City of Cleveland (Police & Fire Pension Payment), 5.00% due 5/15/2021 | 750,000 | 771,405 | |
City of Cleveland (Public Facilities Improvements), 5.00% due 10/1/2025 - 10/1/2028 | 2,855,000 | 3,614,065 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 35 |
Thornburg Limited Term Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
City of Cleveland (Public Facilities), 5.00% due 10/1/2020 - 10/1/2023 | $ 2,570,000 | $ 2,807,790 | |
City of Toledo (Water System Improvements), 5.00% due 11/15/2020 - 11/15/2023 | 9,005,000 | 9,681,229 | |
Cleveland Package Facilities (Insured: AGM) ETM, 5.25% due 9/15/2021 | 965,000 | 1,011,224 | |
Cleveland State University (Campus Capital Projects), 5.00% due 6/1/2021 - 6/1/2022 | 3,000,000 | 3,133,090 | |
County of Cuyahoga (Convention Hotel Project) COP, 5.00% due 12/1/2023 - 12/1/2024 | 17,160,000 | 19,266,208 | |
a | County of Franklin (Trinity Health Corp. Obligated Group), Series OH, 0.23% due 12/1/2046 (put 11/2/2020) | 8,750,000 | 8,750,630 |
County of Hamilton, Series A, 5.00% due 12/1/2020 | 1,650,000 | 1,662,491 | |
County of Scioto (Southern Ohio Medical Center), 5.00% due 2/15/2025 | 1,695,000 | 1,988,998 | |
Franklin County Convention Facilities Authority (Greater Columbus Convention Center) ETM, 5.00% due 12/1/2021 - 12/1/2024 | 2,500,000 | 2,801,660 | |
a | Ohio Higher Educational Facility Commission (Case Western Reserve University), 1.625% due 12/1/2034 (put 12/1/2026) | 2,200,000 | 2,274,712 |
Ohio Turnpike & Infrastructure Commission, Series A, 5.00% due 2/15/2027 - 2/15/2028 | 14,555,000 | 18,909,897 | |
Ohio Water Development Authority, Series A, 5.00% due 12/1/2030 | 1,000,000 | 1,237,100 | |
State of Ohio (Cultural and Sports Capital Facilities), Series A, 5.00% due 10/1/2020 | 3,845,000 | 3,845,500 | |
State of Ohio (Major New Street Infrastructure Project), | |||
Series 1, 5.00% due 12/15/2020 - 12/15/2021 | 3,500,000 | 3,654,655 | |
Series 2016-1, 5.00% due 12/15/2020 - 12/15/2026 | 2,000,000 | 2,256,140 | |
State of Ohio GO, Series V, 5.00% due 5/1/2021 - 5/1/2028 | 46,260,000 | 53,329,107 | |
Youngstown City School District (Educational Facilities) (State Aid Withholding) GO, 4.00% due 12/1/2020 - 12/1/2023 | 6,910,000 | 6,952,652 | |
Oklahoma — 0.6% | |||
Canadian County Educational Facilities Authority (Mustang Public Schools) ISD, | |||
4.50% due 9/1/2021 | 2,290,000 | 2,376,905 | |
5.00% due 9/1/2027 | 1,000,000 | 1,235,660 | |
Cleveland County Educational Facilities Authority (Moore Public Schools) ISD, 5.00% due 6/1/2023 | 5,355,000 | 5,992,031 | |
Muskogee Industrial Trust (Muskogee County No. 20) ISD, 5.00% due 9/1/2024 - 9/1/2027 | 3,550,000 | 4,248,372 | |
Oklahoma (INTEGRIS Health) DFA, Series A, 5.00% due 8/15/2022 - 8/15/2025 | 4,725,000 | 5,380,167 | |
Oklahoma Capitol Improvement Authority (State Highway Capital Improvement), 5.00% due 7/1/2023 | 325,000 | 365,612 | |
Oklahoma County Finance Authority (Midwest City Public Service) ISD, 5.00% due 10/1/2022 - 10/1/2026 | 3,200,000 | 3,685,782 | |
Tulsa County Industrial Authority (Broken Arrow Public Schools) ISD, 4.50% due 9/1/2021 | 8,775,000 | 9,110,907 | |
Tulsa County Industrial Authority ISD, 5.00% due 9/1/2021 - 9/1/2022 | 3,025,000 | 3,217,937 | |
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 | 11,447,271 | |
Polk County Dallas School District No. 2 (Capital Improvements) (State Aid Withholding) GO, Zero Coupon due 6/15/2021 | 1,475,000 | 1,468,849 | |
Tri-County Metropolitan Transportation District of Oregon, Series A, 5.00% due 10/1/2028 | 2,845,000 | 3,603,164 | |
Pennsylvania — 6.0% | |||
Allegheny County Higher Education Building Authority (Duquesne University of the Holy Spirit), Series A, 5.00% due 3/1/2023 - 3/1/2025 | 1,945,000 | 2,267,785 | |
Allegheny County Hospital Development Authority, 5.00% due 7/15/2028 - 7/15/2029 | 7,425,000 | 9,577,282 | |
Allegheny County Sanitary Authority (2015 Capital Project), 5.00% due 12/1/2023 - 12/1/2024 | 19,150,000 | 22,150,450 | |
Allegheny County Sanitary Authority (2015 Capital Project; Insured: BAM), 5.00% due 12/1/2025 | 1,000,000 | 1,230,570 | |
Allegheny County Sanitary Authority (Insured: BAM), 5.00% due 12/1/2029 | 2,830,000 | 3,444,082 | |
Altoona Area School District (Insured: AGM) (State Aid Withholding) GO, 3.00% due 12/1/2022 | 1,335,000 | 1,413,845 | |
City of Philadelphia (Insured: AGM) GO, 5.00% due 8/1/2025 - 8/1/2027 | 28,685,000 | 35,385,914 | |
City of Philadelphia (Pennsylvania Gas Works), | |||
5.00% due 10/1/2020 - 10/1/2024 | 10,500,000 | 11,822,713 | |
c | 5.00% due 8/1/2025 | 1,900,000 | 2,276,086 |
City of Philadelphia (Water and Wastewater System), 5.00% due 10/1/2024 - 10/1/2026 | 5,455,000 | 6,613,832 | |
City of Philadelphia GO, Series A, 5.00% due 8/1/2025 | 10,710,000 | 12,878,882 | |
City of Pittsburgh (Insured: BAM) GO, 5.00% due 9/1/2022 | 1,100,000 | 1,196,470 | |
Commonwealth Financing Authority (Tobacco Master Settlement), 5.00% due 6/1/2023 | 930,000 | 1,040,056 | |
Commonwealth of Pennsylvania (Capital Facilities Projects) GO, Series 1, 5.00% due 3/15/2022 Series 1, | 12,485,000 | 13,350,460 | |
Commonwealth of Pennsylvania (Capital Facilities) GO, Series D, 5.00% due 8/15/2023 - 8/15/2025 | 39,450,000 | 46,258,268 | |
Commonwealth of Pennsylvania GO, | |||
4.00% due 11/15/2027 | 4,775,000 | 4,972,828 | |
5.00% due 7/15/2030 | 12,930,000 | 17,132,121 | |
Cumberland County Municipal Authority (Penn State Health Obligated Group), 5.00% due 11/1/2027 - 11/1/2029 | 3,150,000 | 4,033,354 | |
Economy Borough Municipal Authority (Beaver County Sewer System; Insured: BAM), 4.00% due 12/15/2020 - 12/15/2022 | 1,785,000 | 1,876,737 | |
Lancaster County Solid Waste Management Authority (Harrisburg Resource Recovery Facility), | |||
Series A, | |||
5.00% due 12/15/2023 | 2,680,000 | 3,083,501 | |
5.25% due 12/15/2024 | 4,770,000 | 5,518,079 | |
Luzerne County (Insured: AGM) GO, Series A, 5.00% due 11/15/2021 - 11/15/2024 | 11,840,000 | 13,303,504 | |
Luzerne County (Insured: AGM) IDA GO, 5.00% due 12/15/2020 - 12/15/2027 | 6,545,000 | 7,359,636 | |
Monroeville Finance Authority (University of Pittsburgh Medical Center), 5.00% due 2/15/2021 - 2/15/2022 | 3,650,000 | 3,767,813 | |
Montgomery County Higher Education & Health Authority (Abington Memorial Hospital), 5.00% due 6/1/2022 | 3,000,000 | 3,220,110 |
36 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group), 5.00% due 9/1/2026 - 9/1/2029 | $ 4,140,000 | $ 5,207,281 | |
Northampton Borough Municipal Authority (Water System; Insured: AGM), | |||
3.00% due 5/15/2023 | 1,255,000 | 1,303,418 | |
4.00% due 5/15/2021 - 5/15/2022 | 1,685,000 | 1,760,621 | |
Pennsylvania Economic Development Financing Authority, Series A, 5.00% due 11/15/2026 | 2,310,000 | 2,862,506 | |
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group), | |||
5.00% due 3/15/2026 | 220,000 | 268,418 | |
Series A-1, 5.00% due 4/15/2024 - 4/15/2030 | 10,095,000 | 12,731,053 | |
Pennsylvania Higher Educational Facilities Authority (Saint Joseph’s University), Series A, 5.00% due 11/1/2023 | 1,075,000 | 1,078,795 | |
Pennsylvania Higher Educational Facilities Authority (Shippensburg University Student Services, Inc. Student Housing) ETM, 4.00% due 10/1/2022 | 2,075,000 | 2,172,774 | |
Pennsylvania Higher Educational Facilities Authority (University of Pennsylvania Health System), 5.00% due 8/15/2027 | 1,000,000 | 1,278,150 | |
Pennsylvania Turnpike Commission, | |||
Series A-1, 5.00% due 12/1/2022 - 12/1/2027 | 5,050,000 | 6,246,086 | |
d | Series B, 5.00% due 12/1/2029 - 12/1/2030 Series B, | 1,275,000 | 1,709,565 |
Philadelphia (Philadelphia) IDA, 5.00% due 5/1/2024 | 485,000 | 553,555 | |
Philadelphia Authority for Industrial Development, 5.00% due 5/1/2025 - 5/1/2028 | 2,490,000 | 3,034,840 | |
Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2021 - 4/1/2027 | 7,850,000 | 8,935,553 | |
Pittsburgh Water and Sewer Authority, | |||
Series A, 5.00% due 9/1/2024 | 7,365,000 | 8,287,982 | |
Series B, 5.00% due 9/1/2024 (pre-refunded 9/1/2023) | 2,395,000 | 2,729,174 | |
Pittsburgh Water and Sewer Authority ETM, Series B, 5.00% due 9/1/2023 | 2,520,000 | 2,877,689 | |
Plum Borough School District (Insured: BAM) (State Aid Withholding) GO, | |||
Series A, 5.00% due 9/15/2022 - 9/15/2024 | 4,790,000 | 5,308,454 | |
Series B, 5.00% due 9/15/2023 | 470,000 | 526,654 | |
Series C, 4.00% due 9/15/2021 | 1,610,000 | 1,659,443 | |
School District of Philadelphia, Series A, 4.00% due 6/30/2021 | 12,800,000 | 13,153,536 | |
School District of Philadelphia (State Aid Withholding) GO, Series A, 5.00% due 9/1/2023 - 9/1/2028 | 2,400,000 | 2,894,598 | |
Southeastern Pennsylvania Transportation Authority, 5.00% due 6/1/2022 - 6/1/2028 | 7,705,000 | 9,306,470 | |
Sports & Exhibition Authority of Pittsburgh and Allegheny County (Allegheny Regional Asset District; Insured: AGM), | |||
4.00% due 2/1/2022 | 1,200,000 | 1,259,196 | |
5.00% due 2/1/2029 - 2/1/2030 | 5,675,000 | 7,384,783 | |
York County GO, Series A, 5.00% due 6/1/2028 - 6/1/2030 | 3,000,000 | 3,992,850 | |
Rhode Island — 1.2% | |||
Rhode Island Clean Water Finance Agency (Public Drinking Water Supply or Treatment Facilities), Series B, 5.00% due 10/1/2020 - 10/1/2023 | 7,960,000 | 8,622,856 | |
Rhode Island Health and Educational Building Corp. (University of Rhode Island Auxiliary Enterprise), Series C, 5.00% due 9/15/2023 | 1,400,000 | 1,580,894 | |
Rhode Island Health and Educational Building Corp. (University of Rhode Island), Series B, 5.00% due 9/15/2022 - 9/15/2025 | 965,000 | 1,107,107 | |
State of Rhode Island and Providence Plantations (Consolidated Capital Development Loan) GO, | |||
Series A, 5.00% due 8/1/2021 - 8/1/2022 | 26,360,000 | 27,877,227 | |
Series B, 4.00% due 10/15/2020 - 10/15/2022 | 3,200,000 | 3,317,774 | |
State of Rhode Island and Providence Plantations (Energy Conservation) COP, Series C, 5.00% due 4/1/2022 | 2,020,000 | 2,157,158 | |
State of Rhode Island and Providence Plantations (Information Technology) COP, 5.00% due 11/1/2024 | 3,010,000 | 3,540,212 | |
State of Rhode Island and Providence Plantations (Kent County Courthouse) COP, Series A, 5.00% due 10/1/2020 - 10/1/2023 | 6,975,000 | 7,455,651 | |
State of Rhode Island and Providence Plantations (Training School) COP, Series B, 5.00% due 10/1/2020 - 10/1/2023 | 10,270,000 | 10,984,973 | |
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 | 5,320,317 | |
Berkeley County School District (School Facility Equipment Acquisition), 5.00% due 12/1/2020 - 12/1/2024 | 3,550,000 | 3,946,945 | |
Charleston County (South Aviation Ave. Construction), 5.00% due 12/1/2022 - 12/1/2023 | 4,270,000 | 4,834,921 | |
City of Charleston Public Facilities Corp. (City of Charleston Project), Series A, 5.00% due 9/1/2021 - 9/1/2025 | 2,160,000 | 2,478,701 | |
a | City of Charleston Waterworks & Sewer System Revenue (Capital Improvement), Series B, 0.474% (LIBOR 1 Month + 0.37%) due 1/1/2035 (put 1/1/2022) | 17,800,000 | 17,850,392 |
Greenwood County (Self Regional Healthcare), Series B, 5.00% due 10/1/2022 | 1,000,000 | 1,067,200 | |
SCAGO Educational Facilities Corp. (School District of Pickens County), 5.00% due 12/1/2021 - 12/1/2025 | 5,320,000 | 5,953,560 | |
South Dakota — 0.1% | |||
South Dakota Building Authority, | |||
Series B, | |||
5.00% due 6/1/2022 | 500,000 | 540,520 | |
5.00% due 6/1/2024 (pre-refunded 6/1/2023) | 1,000,000 | 1,127,300 | |
South Dakota Health & Educational Facilities Authority (Avera Health) ETM, Series A, 5.00% due 7/1/2021 | 1,670,000 | 1,730,120 | |
South Dakota Health & Educational Facilities Authority (Sanford Health), 5.00% due 11/1/2021 - 11/1/2025 | 2,825,000 | 3,220,990 | |
Tennessee — 0.0% | |||
Tennessee Energy Acquisition Corp. (The Gas Project), Series A, 5.25% due 9/1/2023 | 1,025,000 | 1,154,253 | |
Texas — 14.2% |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 37 |
Thornburg Limited Term Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Bexar County Hospital District (University Health System) GO, 5.00% due 2/15/2021 - 2/15/2027 | $ 11,395,000 | $ 12,719,215 | |
Cities of Dallas and Fort Worth (DFW International Airport Terminal Renewal & Improvement Program), Series D, 5.25% due 11/1/2023 | 3,000,000 | 3,160,440 | |
City of Austin (Water and Wastewater System), | |||
5.00% due 11/15/2022 | 245,000 | 258,147 | |
5.00% due 11/15/2022 (pre-refunded 11/15/2021) | 2,395,000 | 2,523,470 | |
City of Beaumont (Waterworks & Sewer System Improvements; Insured: AGM), Series A, 5.00% due 9/1/2023 - 9/1/2024 | 7,500,000 | 8,454,100 | |
City of Beaumont GO, 5.00% due 3/1/2022 - 3/1/2026 | 3,930,000 | 4,568,958 | |
City of Brownsville (Water, Wastewater & Electric Utilities Systems), | |||
c | 5.00% due 9/1/2022 | 1,300,000 | 1,416,077 |
Series A, 5.00% due 9/1/2022 - 9/1/2023 | 3,900,000 | 4,355,450 | |
City of Bryan (Electric System Improvements), 5.00% due 7/1/2026 | 535,000 | 661,538 | |
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2022 - 2/15/2025 | 5,500,000 | 6,240,140 | |
City of Dallas (Trinity River Corridor Infrastructure) GO, | |||
5.00% due 2/15/2021 - 2/15/2026 | 22,605,000 | 25,761,013 | |
Series A, 5.00% due 2/15/2024 | 10,235,000 | 11,356,040 | |
City of Dallas GO, 5.00% due 2/15/2022 - 2/15/2024 | 20,635,000 | 21,963,455 | |
City of Houston (Combined Utility System), | |||
Series C, | |||
a | 0.466% (LIBOR 1 Month + 0.36%) due 5/15/2034 (put 8/1/2021) | 18,525,000 | 18,325,300 |
5.00% due 5/15/2022 - 5/15/2024 | 14,695,000 | 16,722,153 | |
Series D, 5.00% due 11/15/2022 - 11/15/2024 | 17,535,000 | 20,003,265 | |
City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2021 - 3/1/2028 | 53,905,000 | 63,940,288 | |
City of Laredo (Acquire & Purchase Personal Property) GO, 5.00% due 2/15/2021 - 2/15/2026 | 5,280,000 | 6,005,136 | |
City of Laredo (City Infrastructure Improvements) GO, Series A, 5.00% due 2/15/2021 - 2/15/2027 | 2,875,000 | 3,413,488 | |
City of Laredo (Sports Venues; Insured: AGM), 5.00% due 3/15/2021 - 3/15/2024 | 4,400,000 | 4,757,628 | |
City of Lubbock (Waterworks System) GO, 5.00% due 2/15/2021 - 2/15/2025 | 37,425,000 | 42,350,595 | |
City of McAllen (International Toll Bridge System; Insured: AGM), Series A, 5.00% due 3/1/2024 - 3/1/2027 | 3,015,000 | 3,592,063 | |
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 | 4,698,271 | |
a | City of San Antonio, 1.75% due 2/1/2049 (put 12/1/2025) | 10,750,000 | 11,464,122 |
City of San Antonio (CPS Energy), 5.25% due 2/1/2024 | 7,000,000 | 8,157,800 | |
City of San Antonio (San Antonio Water System), Series A, 5.00% due 5/15/2023 - 5/15/2026 | 3,700,000 | 4,399,223 | |
City of San Antonio Public Facilities Corp. (Convention Center Refinancing & Expansion), 5.00% due 9/15/2022 | 1,450,000 | 1,587,315 | |
City of Texas City (ARCO Pipe Line Co. Project) IDC, 7.375% due 10/1/2020 | 7,000,000 | 7,001,330 | |
Clifton Higher Education Finance Corp. (IDEA Public Schools), 5.00% due 8/15/2023 | 845,000 | 902,223 | |
Collin County GO, 5.00% due 2/15/2021 | 3,230,000 | 3,287,042 | |
Corpus Christi Business and Job Development Corp. (Seawall Project), 5.00% due 3/1/2021 | 625,000 | 636,963 | |
Cypress-Fairbanks (Guaranty: PSF-GTD) ISD GO, | |||
a | Series A-2, 1.25% due 2/15/2036 (put 8/15/2022) | 5,500,000 | 5,607,580 |
Series B-1, | |||
a | 1.25% due 2/15/2036 (put 8/15/2022) | 3,500,000 | 3,568,460 |
a | 2.125% due 2/15/2040 (put 8/16/2021) | 4,800,000 | 4,874,208 |
a | Series B-3, 1.25% due 2/15/2040 (put 8/15/2022) | 7,000,000 | 7,136,920 |
Dallas (Guaranty: PSF-GTD) ISD GO, | |||
a | 5.00% due 2/15/2036 (pre-refunded 2/15/2022) | 1,635,000 | 1,742,166 |
5.00% due 2/15/2036 (pre-refunded 2/15/2022) | 760,000 | 810,107 | |
a | 5.00% due 2/15/2036 (put 2/15/2022) | 1,580,000 | 1,681,863 |
Dallas County Utility & Reclamation District GO, 5.00% due 2/15/2021 - 2/15/2027 | 15,435,000 | 17,848,739 | |
Grayson County (State Highway Toll System) GO, 5.00% due 1/1/2022 | 3,000,000 | 3,177,900 | |
Gulf Coast Waste Disposal Authority (Bayport Area Wastewater Treatment System; Insured: AGM), 5.00% due 10/1/2020 - 10/1/2025 | 5,485,000 | 5,983,034 | |
Harris County (Flood Control), 5.00% due 10/1/2025 - 10/1/2027 | 14,305,000 | 18,030,019 | |
Harris County (Tax Road) GO, Series A, 5.00% due 10/1/2025 - 10/1/2028 | 8,985,000 | 11,512,844 | |
Harris County (Texas Permanent Improvement) GO, | |||
Series A, 5.00% due 10/1/2025 - 10/1/2027 | 11,565,000 | 14,841,887 | |
Series B, 5.00% due 10/1/2020 | 500,000 | 500,065 | |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health), Series A, 5.00% due 12/1/2022 - 12/1/2025 | 6,445,000 | 7,590,333 | |
Harris County Cultural Education Facilities Finance Corp. (TECO Project), | |||
5.00% due 11/15/2020 - 11/15/2027 | 4,675,000 | 5,528,481 | |
c | 5.00% due 11/15/2026 | 1,150,000 | 1,446,401 |
Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center), Series A, 5.00% due 5/15/2021 - 5/15/2029 | 11,650,000 | 14,269,534 | |
Harris County-Houston Sports Authority (Insured: AGM), Series A, 5.00% due 11/15/2022 - 11/15/2024 | 23,315,000 | 25,599,238 | |
Hays County GO, 5.00% due 2/15/2022 - 2/15/2025 | 4,050,000 | 4,569,274 | |
a | Houston (Guaranty: PSF-GTD) ISD GO, 2.40% due 6/1/2030 (put 6/1/2021) | 4,000,000 | 4,059,040 |
a | Houston (Insured: PSF-GTD) ISD GO, Series B, 2.40% due 6/1/2036 (put 6/1/2021) | 1,725,000 | 1,749,771 |
38 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Houston Airport System Revenue, | |||
Series B, 5.00% due 7/1/2021 - 7/1/2028 | $ 9,455,000 | $ 11,665,697 | |
Series D, 5.00% due 7/1/2027 | 3,355,000 | 4,239,881 | |
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.) ETM, Series A, 5.875% due 5/15/2021 | 315,000 | 326,233 | |
Houston Higher Education Finance Corp. (KIPP, Inc.; Guaranty: PSF-GTD), 5.00% due 8/15/2021 - 8/15/2022 | 1,485,000 | 1,600,839 | |
Katy (Educational Facilities Improvements; Guaranty: PSF-GTD) ISD GO, Series A, 5.00% due 2/15/2023 - 2/15/2026 | 9,670,000 | 11,529,888 | |
Keller (Guaranty: PSF-GTD) ISD GO, Series A, 5.00% due 8/15/2023 | 1,715,000 | 1,953,265 | |
La Salle County (Insured: AGM) GO, | |||
5.00% due 3/1/2022 - 3/1/2028 | 17,910,000 | 21,505,040 | |
c | 5.00% due 3/1/2023 | 975,000 | 1,075,503 |
Laredo Community College District (School Facilities Improvements) GO, 5.00% due 8/1/2022 - 8/1/2024 | 1,980,000 | 2,232,491 | |
Lower Colorado River Authority, | |||
Series A, | |||
5.00% due 5/15/2025 | 8,020,000 | 8,617,650 | |
5.00% due 5/15/2025 (pre-refunded 5/15/2022) | 55,000 | 59,283 | |
Metropolitan Transit Authority of Harris County, | |||
5.00% due 11/1/2022 - 11/1/2028 | 18,750,000 | 23,001,743 | |
Series D, 5.00% due 11/1/2020 - 11/1/2027 | 9,920,000 | 11,324,600 | |
c | New Caney (Guaranty: PSF-GTD) ISD GO, 5.00% due 2/15/2024 (pre-refunded 8/15/2022) | 865,000 | 942,642 |
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 | 7,548,059 | |
North Texas Tollway Authority (North Texas Tollway System), Series A, 5.00% due 1/1/2026 - 1/1/2029 | 7,550,000 | 9,562,039 | |
a | Pflugerville (Guaranty: PSF-GTD) ISD GO, Series A, 2.25% due 8/15/2037 (put 8/15/2022) | 2,750,000 | 2,852,712 |
Round Rock (Educational Facilities Improvements) ISD GO, 5.00% due 8/1/2026 - 8/1/2027 | 2,100,000 | 2,691,133 | |
Round Rock (Educational Facilities Improvements; Guaranty: PSF-GTD) ISD GO, 5.00% due 8/1/2022 - 8/1/2029 | 8,065,000 | 9,730,264 | |
Sam Rayburn Municipal Power Agency, 5.00% due 10/1/2020 - 10/1/2021 | 2,950,000 | 2,995,182 | |
San Antonio Water System, | |||
Series A, 5.00% due 5/15/2023 | 425,000 | 478,138 | |
Series C, 5.00% due 5/15/2029 - 5/15/2030 | 2,000,000 | 2,699,560 | |
State of Texas, 4.00% due 8/26/2021 | 141,885,000 | 146,728,954 | |
Tarrant Regional Water District, Series A, 5.00% due 3/1/2021 - 3/1/2027 | 8,850,000 | 10,402,087 | |
Texas State University System, Series A, 5.00% due 3/15/2028 - 3/15/2030 | 13,090,000 | 17,093,054 | |
Texas Transportation Commission (Central Texas Turnpike System), | |||
Series C, | |||
5.00% due 8/15/2022 - 8/15/2024 | 1,400,000 | 1,597,274 | |
c | 5.00% due 8/15/2023 | 730,000 | 821,827 |
Texas Transportation Commission (Highway Improvements) GO, 5.00% due 4/1/2022 - 4/1/2024 | 10,380,000 | 11,674,207 | |
Texas Transportation Commission State Highway Fund, Series A, 5.00% due 4/1/2024 | 1,650,000 | 1,924,263 | |
Walnut Creek Special Utility District (Water System Improvements; Insured: BAM), | |||
4.00% due 1/10/2021 | 445,000 | 449,205 | |
5.00% due 1/10/2022 - 1/10/2024 | 1,275,000 | 1,411,342 | |
Utah — 1.1% | |||
a | City of Murray (IHC Health Services, Inc. Obligated Group), Series C, 0.12% due 5/15/2036 (put 10/1/2020) | 2,110,000 | 2,110,000 |
a | City of Murray (IHC Health Services, Inc. Obligated Group; SPA Barclays Bank plc), Series C, 0.13% due 5/15/2037 (put 10/1/2020) | 570,000 | 570,000 |
a | City of Murray (IHC Health Services, Inc. Obligated Group; SPA JP Morgan Chase Bank, N.A.), Series B, 0.13% due 5/15/2037 (put 10/1/2020) | 7,355,000 | 7,355,000 |
a | County of Utah (IHC Health Services, Inc. Obligated Group), Series B-1, 5.00% due 5/15/2056 (put 8/1/2022) | 7,500,000 | 8,058,075 |
Utah State Board of Regents (Insured: Natl-Re), Series A, 5.50% due 4/1/2029 | 30,365,000 | 40,536,668 | |
Utah Transit Authority (Integrated Mass Transit System), Series A-SUB, 5.00% due 6/15/2022 - 6/15/2025 | 3,545,000 | 4,107,961 | |
a | Weber County (IHC Health Services, Inc. Obligated Group; SPA Bank of New York Mellon ), Series A, 0.13% due 2/15/2031 (put 10/1/2020) | 500,000 | 500,000 |
Vermont — 0.3% | |||
Vermont (Vermont Public Service Corp.) EDA, 5.00% due 12/15/2020 | 14,250,000 | 14,377,822 | |
Virginia — 0.4% | |||
Fairfax County (Inova Health System) IDA, | |||
4.00% due 5/15/2022 | 5,500,000 | 5,822,960 | |
5.00% due 5/15/2022 | 5,000,000 | 5,374,250 | |
Fairfax County (State Aid Withholding) GO, Series A, 4.50% due 10/1/2027 | 4,975,000 | 6,327,504 | |
a | Halifax County (VirginiaI Electric and Power Co. Poject) IDA, Series A, 0.45% due 12/1/2041 (put 4/1/2022) | 2,000,000 | 2,000,160 |
Virginia Commonwealth Transportation Board, 5.00% due 9/15/2028 | 3,945,000 | 5,060,330 | |
Washington — 2.4% | |||
Clark County School District No 37 Vancouver (State Aid Withholding) GO, 5.00% due 12/1/2026 - 12/1/2028 | 1,700,000 | 2,214,756 | |
Energy Northwest (Nine Canyon Wind Project Phase I-III), 5.00% due 7/1/2021 - 7/1/2025 | 4,850,000 | 5,288,921 | |
Marysville School District No. 25 (Snohomish County Educational Facilities) (State Aid Withholding) GO, 5.00% due 12/1/2020 - 12/1/2023 | 7,695,000 | 8,293,795 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 39 |
Thornburg Limited Term Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Skagit County Public Hospital District No. 1 (Skagit Regional Health), | |||
Series A, | |||
5.00% due 12/1/2021 - 12/1/2023 | $ 1,910,000 | $ 2,059,174 | |
c | 5.00% due 12/1/2022 | 500,000 | 543,500 |
Skagit County Public Hospital District No. 1 (Skagit Regional Health) GO, 5.00% due 12/1/2020 - 12/1/2022 | 8,340,000 | 8,881,099 | |
Skagit County Public Hospital District No. 2 (Island Hospital) GO, | |||
4.00% due 12/1/2020 - 12/1/2021 | 2,000,000 | 2,048,200 | |
5.00% due 12/1/2022 | 1,700,000 | 1,868,555 | |
State of Washington (Capital Projects) GO, Series R-G-Ref, 5.00% due 7/1/2025 | 10,475,000 | 12,553,973 | |
State of Washington (State and Local Agency Real and Personal Property Projects) (Insured: State Intercept) COP, 5.00% due 7/1/2021 - 7/1/2022 | 6,125,000 | 6,490,095 | |
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 | 21,951,171 | |
State of Washington (Various Purposes) GO, Series C, 5.00% due 2/1/2025 - 2/1/2029 | 45,385,000 | 58,409,991 | |
d | State of Washington GO, 5.00% due 6/1/2025 - 6/1/2030 | 4,900,000 | 6,194,101 |
Tacoma School District No.10 (Pierce County Capital Projects) (State Aid Withholding) GO, 5.00% due 12/1/2020 | 2,500,000 | 2,519,675 | |
West Virginia — 0.5% | |||
c | Mason County (Appalachian Power Co.), Series L, 2.75% due 10/1/2022 | 15,000,000 | 15,581,850 |
West Virginia (Appalachian Power Co.) EDA, | |||
a | Series A, 2.625% due 12/1/2042 (put 6/1/2022) | 4,500,000 | 4,636,980 |
a | Series B, 2.625% due 12/1/2042 (put 6/1/2022) | 6,000,000 | 6,182,640 |
West Virginia Higher Education Policy Commission (Higher Education Facilities), Series A, 5.00% due 4/1/2021 - 4/1/2022 | 2,500,000 | 2,625,180 | |
Wisconsin — 1.4% | |||
d | Public Finance Authority (Renown Regional Medical Center), Series A, 5.00% due 6/1/2027 - 6/1/2030 | 2,945,000 | 3,787,591 |
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group), | |||
a | 5.00% due 8/15/2054 (put 1/25/2023) | 10,485,000 | 11,578,061 |
a | 5.00% due 8/15/2054 (put 1/26/2022) | 9,520,000 | 10,090,819 |
a | Series B-4, 5.00% due 8/15/2054 (put 1/29/2025) | 16,065,000 | 19,048,913 |
Wisconsin Health & Educational Facilities Authority (Ascension Health Alliance System), | |||
5.00% due 11/15/2025 - 11/15/2026 | 3,235,000 | 3,966,778 | |
a | Series B-4, 5.00% due 11/15/2043 (put 6/1/2021) | 13,245,000 | 13,650,694 |
Wisconsin Health & Educational Facilities Authority (Marquette University), 5.00% due 10/1/2023 - 10/1/2026 | 1,575,000 | 1,851,597 | |
Wisconsin Health & Educational Facilities Authority (ProHealth Care, Inc.), 5.00% due 8/15/2021 - 8/15/2022 | 4,175,000 | 4,340,649 | |
Wisconsin Health & Educational Facilities Authority (UnityPoint Health), Series A, 5.00% due 12/1/2022 | 1,000,000 | 1,097,170 | |
Wisconsin Housing & Economic Development Authority (Collateralized: FNMA), | |||
Series C, | |||
1.65% due 9/1/2026 | 1,615,000 | 1,650,950 | |
1.75% due 9/1/2027 | 1,645,000 | 1,679,233 | |
1.80% due 3/1/2028 | 1,660,000 | 1,692,088 | |
1.95% due 3/1/2029 | 1,695,000 | 1,727,646 | |
WPPI Energy, Series A, 5.00% due 7/1/2022 - 7/1/2028 | 1,835,000 | 2,178,486 | |
WPPI Energy (Power Supply System), Series A, 5.00% due 7/1/2021 | 4,100,000 | 4,239,974 | |
Total Investments — 99.4% (Cost $5,465,871,552) | $5,704,461,468 | ||
Other Assets Less Liabilities — 0.6% | 36,010,622 | ||
Net Assets — 100.0% | $5,740,472,090 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2020. |
b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2020, the aggregate value of these securities in the Fund’s portfolio was $3,399,262, representing 0.06% of the Fund’s net assets. |
c | Segregated as collateral for a when-issued security. |
d | When-issued security. |
To simplify the listings of securities, abbreviations are used per the table below:
AGC | Insured by Assured Guaranty Corp. |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMBAC | Insured by American Municipal Bond Assurance Corp. |
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 |
40 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
EDC | Economic Development Corp. |
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 |
IDB | Industrial Development Board |
IDC | Industrial Development Corp. |
ISD | Independent School District |
JEA | Jacksonville Electric Authority |
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-GTD | Guaranteed by Permanent School Fund |
Q-SBLF | Insured by Qualified School Bond Loan Fund |
SPA | Stand-by Purchase Agreement |
USD | Unified School District |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 41 |
Thornburg California Limited Term Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
MUNICIPAL BONDS — 99.4% | |||
Alameda County Joint Powers Authority (Alameda County Medical Center Highland Hospital), Series A, 5.00% due 12/1/2020 - 12/1/2024 | $ 3,225,000 | $ 3,610,619 | |
Alameda County Joint Powers Authority (Juvenile Justice), 5.00% due 12/1/2021 | 500,000 | 528,535 | |
Alameda County Joint Powers Authority (Public Facilities Capital Projects), 5.00% due 12/1/2021 | 1,000,000 | 1,057,070 | |
a | Anaheim Public Financing Authority (Public Improvements; Insured: AGM), Series C, Zero Coupon due 9/1/2022 | 3,000,000 | 2,972,130 |
Apple Valley Public Financing Authority (Insured: BAM), | |||
Series A, | |||
3.00% due 6/1/2021 | 430,000 | 437,852 | |
4.00% due 6/1/2026 - 6/1/2028 | 990,000 | 1,199,030 | |
Bay Area Toll Authority (San Francisco Bay Area Toll Bridge), | |||
b | Series A, 2.95% due 4/1/2047 (put 4/1/2026) | 4,775,000 | 5,302,972 |
b | Series E, 2.00% due 4/1/2034 (put 4/1/2021) | 4,975,000 | 4,981,467 |
b | Series G, 2.00% due 4/1/2053 (put 4/1/2024) | 1,500,000 | 1,566,300 |
Bonita (Educational Facilities) USD GO, 5.00% due 8/1/2024 | 1,000,000 | 1,087,330 | |
Brentwood Infrastructure Financing Authority (Residential Single Family Development; Insured: AGM), | |||
5.00% due 11/1/2026 | 2,000,000 | 2,100,760 | |
Series A, 5.00% due 9/2/2021 - 9/2/2023 | 4,460,000 | 4,940,846 | |
California (Adventist Health System/West Obligated Group) HFFA, Series A, 4.00% due 3/1/2026 | 820,000 | 967,838 | |
California (Cedars-Sinai Medical Center Obligated Group) HFFA, 5.00% due 11/15/2022 | 200,000 | 219,834 | |
California (Children’s Hospital Los Angeles Obligated Group) HFFA, Series A, 5.00% due 8/15/2030 | 1,990,000 | 2,379,622 | |
California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 11/15/2020 - 11/15/2023 | 3,025,000 | 3,185,585 | |
California (Children’s Hospital of Orange County Obligated Group) HFFA, | |||
4.00% due 11/1/2020 | 750,000 | 752,190 | |
5.00% due 11/1/2021 - 11/1/2028 | 4,295,000 | 5,137,947 | |
California (Dignity Health) HFFA, | |||
Series A, | |||
5.00% due 3/1/2021 | 1,675,000 | 1,702,520 | |
5.25% due 3/1/2022 | 1,000,000 | 1,017,400 | |
b | California (Kaiser Foundation Hospitals) HFFA, Series C, 5.00% due 6/1/2041 (put 11/1/2029) | 2,000,000 | 2,656,540 |
California (Kaiser Permanente) HFFA, Series A-1, 5.00% due 11/1/2027 | 3,000,000 | 3,900,840 | |
c | California (PIH Health, Inc. Obligated Group) HFFA, Series A, 5.00% due 6/1/2027 - 6/1/2030 | 3,315,000 | 4,315,020 |
b | California (Providence St. Joseph Health Obligated Group) HFFA, 5.00% due 10/1/2039 (put 10/1/2027) | 3,000,000 | 3,836,730 |
California (St. Joseph Health System) HFFA, | |||
Series A, 5.00% due 7/1/2024 | 1,000,000 | 1,123,910 | |
b | Series D, 5.00% due 7/1/2043 (put 10/15/2020) | 5,640,000 | 5,649,362 |
California Educational Facilities Authority (Chapman University), 5.00% due 4/1/2022 | 2,000,000 | 2,044,060 | |
California Infrastructure and Economic Development Bank (California Academy of Sciences), | |||
b | Series A, 0.486% (LIBOR 1 Month + 0.38%) due 8/1/2047 (put 8/1/2021) | 180,000 | 180,019 |
b | Series C, 0.486% (LIBOR 1 Month + 0.38%) due 8/1/2047 (put 8/1/2021) | 4,985,000 | 4,985,548 |
b | Series D, 0.483% (LIBOR 1 Month + 0.38%) due 8/1/2047 (put 8/1/2021) | 6,000,000 | 5,992,968 |
b | California Infrastructure and Economic Development Bank (J Paul Getty Trust), Series B1, 0.309% (LIBOR 1 Month + 0.20%) due 10/1/2047 (put 4/1/2021) | 1,000,000 | 994,889 |
b | California Infrastructure and Economic Development Bank (Los Angeles County Museum of Art), Series A, 0.754% (LIBOR 1 Month + 0.65%) due 12/1/2050 (put 2/1/2021) | 6,250,000 | 6,219,300 |
California Infrastructure and Economic Development Bank (The Scripps Research Institute), 5.00% due 7/1/2024 - 7/1/2027 | 850,000 | 1,014,344 | |
California Municipal Finance Authority (Biola University Residential Hall and Parking Structure), 5.00% due 10/1/2021 - 10/1/2023 | 555,000 | 590,678 | |
California Municipal Finance Authority (Biola University), 5.00% due 10/1/2020 - 10/1/2027 | 3,215,000 | 3,561,775 | |
California Municipal Finance Authority (Biola University, Inc.), 5.00% due 10/1/2030 | 1,000,000 | 1,173,350 | |
b | California Municipal Finance Authority (Chevron USA, Inc.; Guaranty: Chevron Corp.), 0.09% due 11/1/2035 (put 10/1/2020) | 7,500,000 | 7,500,000 |
California Municipal Finance Authority (CHF-DAVIS I, LLC-WEST VILLAGE; Insured: BAM), 5.00% due 5/15/2028 | 2,905,000 | 3,541,398 | |
b,c | California Municipal Finance Authority (Waste Management of California, Inc.) AMT, 0.23% due 10/1/2045 (put 12/1/2020) | 3,500,000 | 3,497,970 |
b,d | California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 0.60% due 11/1/2042 (put 10/15/2020) | 3,250,000 | 3,249,993 |
b | California Pollution Control Financing Authority AMT, Series A-REMK, 2.50% due 7/1/2031 (put 5/1/2024) | 1,125,000 | 1,147,084 |
b | California Public Finance Authority (Sharp Healthcare Obligated Group; LOC Barclays Bank plc), Series C, 0.11% due 8/1/2052 (put 10/1/2020) | 805,000 | 805,000 |
California State Public Works Board (California School for the Deaf Riverside Campus), Series H, 5.00% due 4/1/2022 | 565,000 | 605,217 | |
California State Public Works Board (Correctional and Rehabilitation Facilities), | |||
Series A, | |||
5.00% due 9/1/2022 - 9/1/2024 | 10,180,000 | 11,362,844 | |
a | 5.00% due 9/1/2023 | 3,600,000 | 4,094,712 |
Series G, 5.00% due 11/1/2022 | 1,500,000 | 1,649,310 | |
California State Public Works Board (Judicial Council Projects), | |||
Series A, 5.00% due 3/1/2023 - 3/1/2024 | 2,400,000 | 2,668,416 | |
Series D, 5.00% due 12/1/2021 - 12/1/2022 | 4,300,000 | 4,533,222 |
42 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
California State Public Works Board (Laboratory Facility and San Diego Courthouse), Series I, 5.00% due 11/1/2023 - 11/1/2024 | $ 7,000,000 | $ 8,021,080 | |
California State Public Works Board (Yuba City Courthouse), Series D, 5.00% due 6/1/2022 | 1,950,000 | 2,100,871 | |
California Statewide Communities Development Authority (CHF-Irvine, LLC), Series A, 5.00% due 5/15/2027 | 500,000 | 582,030 | |
California Statewide Communities Development Authority (Cottage Health System), 5.00% due 11/1/2025 (pre-refunded 11/1/2024) | 135,000 | 161,086 | |
California Statewide Communities Development Authority (Cottage Health System) ETM, | |||
4.00% due 11/1/2021 | 150,000 | 156,047 | |
5.00% due 11/1/2020 - 11/1/2024 | 575,000 | 647,451 | |
California Statewide Communities Development Authority (Irvine East Campus Apartments), | |||
a | 5.00% due 5/15/2021 - 5/15/2027 | 1,260,000 | 1,346,078 |
5.00% due 5/15/2024 | 1,500,000 | 1,653,750 | |
b | California Statewide Communities Development Authority (Kaiser Foundation Hospitals), Series 2003-D-REMK, 5.00% due 5/1/2033 (put 11/1/2029) | 3,500,000 | 4,646,075 |
California Statewide Communities Development Authority (Methodist Hospital of Southern California Obligated Group), 5.00% due 1/1/2021 - 1/1/2024 | 1,455,000 | 1,544,427 | |
b | California Statewide Communities Development Authority (Southern California Edison Company), 2.625% due 11/1/2033 (put 12/1/2023) | 4,895,000 | 5,172,008 |
California Statewide Communities Development Authority (Sutter Health Obligated Group), Series A, 5.00% due 8/15/2024 | 535,000 | 577,902 | |
Calipatria (Educational Facilities; Insured: ACA) USD GO, Series B, Zero Coupon due 8/1/2025 | 3,860,000 | 3,283,895 | |
Carson Redevelopment Successor Agency (Redevelopment Project Area No 1; Insured: AGM), Series A, 5.00% due 10/1/2026 | 500,000 | 589,225 | |
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 | 668,118 | |
Chino Basin Regional Financing Authority (Subordinate-Inland Empire), Series A, 5.00% due 6/1/2027 - 6/1/2030 | 1,935,000 | 2,615,179 | |
Chula Vista Elementary School District GO, Series A, 2.00% due 8/1/2021 | 4,000,000 | 4,060,960 | |
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 | 702,849 | |
City of Antioch Public Financing Authority (Municipal Facilities Project), 5.00% due 5/1/2022 - 5/1/2024 | 1,400,000 | 1,588,100 | |
City of Chula Vista (Police Facility Project) COP, 5.00% due 10/1/2024 | 1,700,000 | 1,991,023 | |
City of Chula Vista Financing Authority (Infrastructure, Facilities and Equipment), 5.00% due 5/1/2026 - 5/1/2027 | 3,500,000 | 4,309,870 | |
City of Clovis (Water System Facilities; Insured: BAM), 5.00% due 3/1/2021 - 3/1/2023 | 2,270,000 | 2,443,306 | |
City of Delano (Central California Foundation for Health) COP, 5.00% due 1/1/2024 (pre-refunded 1/1/2023) | 270,000 | 298,947 | |
City of Los Angeles CA, 4.00% due 6/24/2021 | 11,500,000 | 11,818,665 | |
City of Manteca (Water Supply System), 5.00% due 7/1/2021 - 7/1/2023 | 1,650,000 | 1,741,042 | |
City of Norco CA, 5.00% due 9/1/2025 | 1,000,000 | 1,181,730 | |
City of San Jose Financing Authority (Civic Center Project), Series A, 5.00% due 6/1/2024 (pre-refunded 6/1/2023) | 750,000 | 845,220 | |
City of San Jose Financing Authority (Civic Center Project) ETM, | |||
Series A, | |||
4.00% due 6/1/2021 | 1,000,000 | 1,025,040 | |
5.00% due 6/1/2022 - 6/1/2023 | 1,745,000 | 1,928,477 | |
Compton (Insured: BAM) USD GO, Series B, 5.00% due 6/1/2028 - 6/1/2029 | 1,625,000 | 2,072,520 | |
Contra Costa Transportation Authority, | |||
Series A, | |||
b | 0.36% (LIBOR 1 Month + 0.25%) due 3/1/2034 (put 9/1/2021) | 7,500,000 | 7,422,562 |
5.00% due 3/1/2021 | 575,000 | 586,535 | |
County of Los Angeles CA, Series A, 4.00% due 6/30/2021 | 15,000,000 | 15,423,150 | |
County of Los Angeles Metropolitan Transportation Authority (Green Bond), Series A, 5.00% due 6/1/2028 - 6/1/2030 | 7,500,000 | 10,043,850 | |
County of Los Angeles Redevelopment Refunding Authority (Bunker Hill Project), Series C, 5.00% due 6/1/2022 - 6/1/2024 | 2,500,000 | 2,750,140 | |
Desert Sands (Educational Facilities; Insured: BAM) USD COP, 5.00% due 3/1/2021 | 1,080,000 | 1,102,129 | |
Dinuba (CAP APPREC; Insured AGM) USD GO, Zero Coupon due 8/1/2030 | 460,000 | 376,124 | |
Downey Public Financing Authority (Public Capital Improvements), 5.00% due 12/1/2025 - 12/1/2027 | 1,445,000 | 1,806,747 | |
Elk Grove Finance Authority (Poppy Ridge CFD No. 2003-1 and East Franklin CFD No. 2002-1), 5.00% due 9/1/2021 - 9/1/2025 | 1,200,000 | 1,347,518 | |
Emeryville Redevelopment Agency (Emeryville and Shellmound Park Projects; Insured: AGM), | |||
Series A, | |||
5.00% due 9/1/2022 - 9/1/2024 | 6,675,000 | 7,617,550 | |
a | 5.00% due 9/1/2023 | 2,420,000 | 2,747,716 |
Fresno USD GO, | |||
Series C, | |||
3.00% due 8/1/2021 | 1,770,000 | 1,811,896 | |
4.00% due 8/1/2026 - 8/1/2027 | 725,000 | 873,883 | |
Fullerton Redevelopment Agency Successor Agency, Series A, 4.00% due 9/1/2021 | 700,000 | 724,052 | |
Fullerton Redevelopment Agency Successor Agency (Insured: BAM), Series A, 4.00% due 9/1/2022 - 9/1/2023 | 2,050,000 | 2,237,986 | |
Glendale Community College District GO, Series B, 3.00% due 8/1/2021 | 525,000 | 537,269 | |
Grossmont Healthcare District GO, Series D, 5.00% due 7/15/2022 | 960,000 | 1,042,109 | |
Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2027 | 1,230,000 | 1,481,191 | |
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2021 | 1,275,000 | 1,324,444 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2021 - 7/1/2027 | 2,735,000 | 3,111,607 | |
Hacienda La Puente (Educational Facilities; Insured: AGM) USD COP, 5.00% due 6/1/2022 - 6/1/2025 | 2,755,000 | 3,197,769 | |
Imperial Irrigation District Electric System Revenue, Series C, 5.00% due 11/1/2024 (pre-refunded 11/1/2020) | 500,000 | 501,950 | |
Jurupa Public Financing Authority (Insured BAM), Series A, 5.00% due 9/1/2021 - 9/1/2025 | 3,220,000 | 3,603,290 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 43 |
Thornburg California Limited Term Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
La Canada USD GO, Series B, 4.00% due 8/1/2022 - 8/1/2024 | $ 680,000 | $ 751,773 | |
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 | 4,917,655 | |
c | Liberty Union High School District GO, Series B, 4.00% due 8/1/2021 | 1,000,000 | 1,031,800 |
Lodi Public Financing Authority (City Police Building and Jail), 5.00% due 10/1/2020 - 10/1/2023 | 4,145,000 | 4,345,611 | |
Los Altos Elementary School District, 3.00% due 7/15/2021 | 2,425,000 | 2,478,374 | |
Los Angeles (Educational Facilities and Information Technology Infrastructure) USD GO, | |||
Series B, 5.00% due 7/1/2023 | 3,000,000 | 3,392,490 | |
Series D, 5.00% due 7/1/2022 - 7/1/2024 | 5,750,000 | 6,504,497 | |
Los Angeles (Insured: BAM) USD GO, Series B-1, 5.00% due 7/1/2029 | 2,500,000 | 3,231,600 | |
Los Angeles County Schools, Series A-2, 3.00% due 2/1/2021 | 3,000,000 | 3,027,990 | |
Los Angeles County Schools Regionalized Business Services Corp. (Insured: AMBAC) COP, Series A, Zero Coupon due 8/1/2021 | 2,135,000 | 2,129,748 | |
Los Angeles Department of Airports AMT, | |||
Series A, 5.00% due 5/15/2029 | 4,000,000 | 4,815,600 | |
Series B, 5.00% due 5/15/2025 - 5/15/2026 | 10,220,000 | 12,431,657 | |
Los Angeles Department of Water, Series A, 5.00% due 7/1/2027 | 1,565,000 | 2,035,173 | |
Los Angeles Department of Water & Power Power System Revenue (SPA Bank of America, N.A.), | |||
b | Series A-3, 0.11% due 7/1/2035 (put 10/1/2020) | 11,000,000 | 11,000,000 |
b | Series A-7, 0.11% due 7/1/2035 (put 10/1/2020) | 10,200,000 | 10,200,000 |
b | Los Angeles Department of Water (SPA Royal Bank of Canada), Series B-2, 0.10% due 7/1/2035 (put 10/1/2020) | 3,700,000 | 3,700,000 |
Los Angeles Department of Water and Power (Power System Capital Improvements), Series A, 5.00% due 7/1/2025 - 7/1/2026 | 800,000 | 981,820 | |
Los Angeles USD GO, Series A, 5.00% due 7/1/2024 | 4,600,000 | 5,402,194 | |
Lynwood (Insured: AGM) USD GO, 5.00% due 8/1/2023 | 1,000,000 | 1,130,120 | |
Manteca Community Facilities District No. 1989-2 (Educational Facilities; Insured: AGM) USD, Series F, 5.00% due 9/1/2021 - 9/1/2023 | 1,250,000 | 1,350,130 | |
b | Metropolitan Water District of Southern California (SPA PNC Bank, N.A.), Series A, 0.11% due 7/1/2047 (put 10/1/2020) | 2,935,000 | 2,935,000 |
Milpitas Redevelopment Agency (Redevelopment Project Area No. 1), 5.00% due 9/1/2025 | 2,300,000 | 2,789,049 | |
Milpitas USD GO, 5.00% due 8/1/2021 | 585,000 | 608,886 | |
Modesto Irrigation District (San Joaquin Valley Electric System), Series A, 5.00% due 7/1/2022 | 1,000,000 | 1,078,560 | |
Moreno Valley Public Financing Authority (Public Improvements), 5.00% due 11/1/2024 | 1,455,000 | 1,724,320 | |
Murrieta Valley Public Financing Authority (Educational Facilities; Insured: BAM) USD GO, 5.00% due 9/1/2023 | 1,080,000 | 1,232,010 | |
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 | 4,706,634 | |
b | Northern California Energy Authority (Commodity Supply Revenue), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 5,000,000 | 5,575,050 |
Oakland (County of Alameda Educational Facilities) USD GO, | |||
Series A, | |||
a | 5.00% due 8/1/2022 | 745,000 | 808,906 |
5.00% due 8/1/2023 - 8/1/2025 | 2,000,000 | 2,360,531 | |
Oceanside (Insured: AGM) USD GO, Series F, 4.00% due 8/1/2021 - 8/1/2023 | 1,725,000 | 1,841,201 | |
Palomar Pomerado Health (Insured: Natl-Re) GO, Series A, Zero Coupon due 8/1/2021 | 2,850,000 | 2,831,332 | |
Pittsburg Successor Agency Redevelopment Agency (Insured: AGM), Series A, 5.00% due 9/1/2021 | 1,000,000 | 1,041,560 | |
Pomona Public Financing Authority (Facilities Improvements; Insured: AGM), Series BC, 4.00% due 6/1/2024 - 6/1/2026 | 725,000 | 836,669 | |
Rancho Santa Fe Community Services District Financing Authority, Series A, 5.00% due 9/1/2025 | 1,745,000 | 2,055,296 | |
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 | 1,214,015 | |
b | Regents of the University of California Medical Center Pooled Revenue, Series B-2, 0.12% due 5/15/2032 (put 10/1/2020) | 3,525,000 | 3,525,000 |
Riverside County Infrastructure Financing Authority (Capital Improvement Projects), Series A, 5.00% due 11/1/2020 - 11/1/2021 | 1,205,000 | 1,233,114 | |
Riverside County Public Financing Authority, 4.00% due 5/1/2021 | 295,000 | 301,278 | |
Riverside County Public Financing Authority (Capital Facilities Project), | |||
4.00% due 11/1/2020 | 465,000 | 466,395 | |
5.00% due 11/1/2021 - 11/1/2025 | 2,000,000 | 2,277,790 | |
Riverside Financing Authority (Educational Facilities; Insured: BAM) USD, 5.00% due 9/1/2022 - 9/1/2025 | 1,245,000 | 1,451,464 | |
Riverside Redevelopment Agency Successor Agency, Series A, 5.00% due 9/1/2022 | 600,000 | 647,034 | |
Sacramento City (Educational Facilities Improvements) USD GO, 5.00% due 7/1/2021 | 3,600,000 | 3,712,716 | |
Sacramento City (Educational Facilities Improvements; Insured: AGM) USD GO, 5.00% due 7/1/2021 - 7/1/2022 | 1,100,000 | 1,167,433 | |
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 | 5,980,263 | |
Sacramento County Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District), Series A, 5.00% due 12/1/2027 - 12/1/2029 | 2,820,000 | 3,786,154 | |
Salinas Valley Solid Waste Authority AMT (Insured: AGM), Series A, 5.00% due 8/1/2023 | 1,530,000 | 1,725,014 | |
San Diego (Educational System Capital Projects) USD GO, Series R-3, 5.00% due 7/1/2023 - 7/1/2024 | 8,000,000 | 9,134,470 | |
San Diego County Regional Airport Authority, | |||
5.00% due 7/1/2029 - 7/1/2030 | 2,000,000 | 2,621,300 | |
Series A, 5.00% due 7/1/2030 | 330,000 | 426,403 | |
San Diego USD, Series A, 5.00% due 6/30/2021 | 5,000,000 | 5,179,050 | |
San Francisco City and County Airports Commission (San Francisco International Airport), REF-Series A, 5.00% due 5/1/2026 | 5,000,000 | 6,163,400 | |
San Francisco City and County Airports Commission (San Francisco International Airport) AMT, REF-Series H, 5.00% due 5/1/2028 | 6,500,000 | 8,247,850 |
44 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
San Jose, Series A-1, 3.50% due 10/1/2021 | $ 55,000 | $ 56,070 | |
San Jose Redevelopment Agency Successor Agency, Series B, 5.00% due 8/1/2021 | 500,000 | 519,175 | |
San Mateo County Joint Powers Financing Authority (Maple Street Correctional Center), 5.00% due 6/15/2021 - 6/15/2023 | 1,995,000 | 2,165,161 | |
Santa Clara County Financing Authority (Multiple Facilities Projects), Series P, 5.00% due 5/15/2025 | 6,755,000 | 8,192,194 | |
Santa Margarita Water District (Talega Community Facilities), Series A, 5.00% due 9/1/2026 - 9/1/2027 | 1,050,000 | 1,291,223 | |
Semitropic Water Storage Improvement District (Irrigation Water System; Insured: AGM), Series A, 5.00% due 12/1/2022 - 12/1/2027 | 3,535,000 | 4,252,827 | |
South Bay/San Diego County USD GO, Zero Coupon due 8/1/2022 | 2,250,000 | 2,242,507 | |
South Placer Wastewater Authority (Roseville), 5.00% due 11/1/2029 - 11/1/2030 | 700,000 | 941,406 | |
Southern California Public Power Authority (Canyon Power Project), | |||
Series A, | |||
b | 2.25% due 7/1/2040 (put 5/1/2021) | 1,500,000 | 1,502,520 |
5.00% due 7/1/2029 - 7/1/2030 | 2,750,000 | 3,304,677 | |
Southern California Public Power Authority (Magnolia Power Project), 5.00% due 7/1/2022 | 2,795,000 | 3,026,929 | |
Southwestern Community College District GO, Series B, 4.00% due 8/1/2024 - 8/1/2026 | 1,125,000 | 1,328,860 | |
State of California (LOC Citibank, N.A.) GO, | |||
b | Series B-1, 0.10% due 5/1/2034 (put 10/1/2020) | 3,000,000 | 3,000,000 |
b | Series B-2, 0.12% due 5/1/2034 (put 10/1/2020) | 3,050,000 | 3,050,000 |
b | State of California (LOC MUFG Union Bank, N.A.) GO, Series B-Subseries B5, 0.10% due 5/1/2040 (put 10/1/2020) | 8,460,000 | 8,460,000 |
State of California Department of Water Resources Power Supply Revenue ETM, Series O, 5.00% due 5/1/2021 | 500,000 | 514,000 | |
State of California GO, 5.00% due 11/1/2029 | 5,000,000 | 6,711,150 | |
Stockton (Insured:BAM) USD GO, 5.00% due 8/1/2027 | 1,200,000 | 1,486,068 | |
Stockton Public Financing Authority (Stockton Water Revenue; Green Bond; Insured: BAM), Series A, 5.00% due 10/1/2020 - 10/1/2027 | 3,960,000 | 4,596,545 | |
Stockton Public Financing Authority (Stockton Water Revenue; Insured: BAM), Series A, 5.00% due 10/1/2028 | 545,000 | 707,966 | |
Successor Agency to the City of Colton Redevelopment Agency (Multiple Redevelopment Project Areas; Insured: BAM), | |||
5.00% due 8/1/2021 - 8/1/2023 | 1,865,000 | 2,024,833 | |
a | 5.00% due 8/1/2025 | 950,000 | 1,153,908 |
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 | 3,385,271 | |
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 | 1,885,000 | 2,241,112 | |
Successor Agency to the Commerce Community Development Commission (Multiple Redevelopment Project Areas; Insured: AGM), Series A, 5.00% due 8/1/2027 - 8/1/2030 | 3,315,000 | 4,080,307 | |
Successor Agency to the Community Development Agency of the City of Menlo Park (Las Pulgas Community Development Project), 5.00% due 10/1/2020 | 325,000 | 325,039 | |
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 | 1,594,693 | |
Successor Agency to the Community Redevelopment Agency of the City of Palmdale (Merged Redevelopment Project Areas), Series A, 5.00% due 9/1/2025 - 9/1/2026 | 1,000,000 | 1,229,688 | |
Successor Agency to the Poway Redevelopment Agency (Paguay Redevelopment Project), Series A, 5.00% due 6/15/2025 | 4,665,000 | 5,624,404 | |
Successor Agency to the Rancho Cucamonga Redevelopment Project (Rancho Redevelopment Project Area; Insured: AGM), | |||
5.00% due 9/1/2023 | 1,000,000 | 1,133,580 | |
a | 5.00% due 9/1/2024 | 2,000,000 | 2,350,840 |
Successor Agency to the Redevelopment Agency of the City and County of San Francisco (San Francisco Redevelopment Projects), Series C, 5.00% due 8/1/2021 | 1,000,000 | 1,038,390 | |
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 | 514,458 | |
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 | 2,472,730 | |
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 | 1,412,061 | |
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 | 5,431,691 | |
Temecula Valley Financing Authority (Educational Facilities; Insured: BAM) USD, 5.00% due 9/1/2021 - 9/1/2025 | 1,690,000 | 1,893,219 | |
Temecula Valley Financing Authority (Insured: BAM) USD, 5.00% due 9/1/2027 | 2,220,000 | 2,654,498 | |
Trustees of the California State University (Educational Facilities Improvements), Series A, 5.00% due 11/1/2026 | 1,000,000 | 1,255,290 | |
c | Tulare County Transportation Authority, 5.00% due 2/1/2029 - 2/1/2030 | 3,135,000 | 4,226,219 |
Tulare Public Financing Authority (Insured: BAM), | |||
4.00% due 4/1/2021 - 4/1/2022 | 525,000 | 543,601 | |
5.00% due 4/1/2023 - 4/1/2028 | 1,410,000 | 1,697,308 | |
University of California, Series AB, 5.00% due 5/15/2021 | 300,000 | 308,871 | |
Val Verde (Insured BAM) USD GO, Series A, 4.00% due 8/1/2021 - 8/1/2023 | 1,525,000 | 1,627,318 | |
Ventura County Public Financing Authority (Office Building Purchase and Improvements), Series B, 5.00% due 11/1/2023 - 11/1/2024 | 1,560,000 | 1,787,322 | |
Vista Redevelopment Agency (Vista Redevelopment Project; Insured: AGM), Series B1, 5.00% due 9/1/2021 - 9/1/2023 | 1,000,000 | 1,095,885 | |
West Contra Costa (Insured AGM) USD GO, | |||
Series E, 4.00% due 8/1/2021 - 8/1/2025 | 2,320,000 | 2,493,617 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 45 |
Thornburg California Limited Term Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Series F, 4.00% due 8/1/2021 - 8/1/2024 | $ 3,205,000 | $ 3,419,098 | |
West Contra Costa (Insured: Natl-Re) USD GO, Zero Coupon due 8/1/2028 | 160,000 | 146,320 | |
William S. Hart Union High School District (Educational Facilities; Insured: AGM) GO, Series B, Zero Coupon due 9/1/2021 | 800,000 | 798,280 | |
Total Investments — 99.4% (Cost $552,759,409) | $573,339,292 | ||
Other Assets Less Liabilities — 0.6% | 3,300,129 | ||
Net Assets — 100.0% | $576,639,421 |
Footnote Legend | |
a | Segregated as collateral for a when-issued security. |
b | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2020. |
c | When-issued security. |
d | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2020, the aggregate value of these securities in the Fund’s portfolio was $3,249,993, representing 0.56% of the Fund’s net assets. |
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 |
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. |
SPA | Stand-by Purchase Agreement |
USD | Unified School District |
46 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
MUNICIPAL BONDS — 97.3% | |||
Albuquerque Bernalillo County Water Utility Authority, 5.00% due 7/1/2024 | $ 25,000 | $ 29,404 | |
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 | 2,347,060 | |
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 | 1,805,100 | |
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 | 2,840,311 | |
Series A, 4.00% due 8/1/2029 | 1,300,000 | 1,430,325 | |
Bernalillo County (Government Services), | |||
5.25% due 4/1/2027 | 300,000 | 361,668 | |
Series B, 5.70% due 4/1/2027 | 3,000,000 | 3,686,940 | |
Bernalillo County (Government Services; Insured: AMBAC), 5.25% due 10/1/2022 - 10/1/2025 | 8,295,000 | 9,737,926 | |
Bernalillo County (Government Services; Insured: Natl-IBC), | |||
Series B, | |||
5.00% due 4/1/2021 | 660,000 | 676,045 | |
5.70% due 4/1/2027 | 815,000 | 1,001,757 | |
Bernalillo Municipal School District No. 1 (State Aid Withholding) GO, | |||
a | 3.00% due 8/1/2022 | 200,000 | 208,762 |
a | 4.00% due 8/1/2021 - 8/1/2026 | 470,000 | 515,536 |
Central New Mexico Community College (Campus Buildings Acquisition & Improvements) GO, | |||
4.00% due 8/15/2023 | 1,920,000 | 1,983,898 | |
Series A, 5.00% due 8/15/2021 - 8/15/2022 | 2,535,000 | 2,694,425 | |
City of Albuquerque , Series A, 4.00% due 7/1/2037 (pre-refunded 7/1/2023) | 120,000 | 132,512 | |
City of Albuquerque (City Infrastructure Improvements), | |||
Series A, | |||
4.00% due 7/1/2035 | 2,070,000 | 2,515,050 | |
b | 5.00% due 7/1/2025 | 200,000 | 245,352 |
5.00% due 7/1/2033 - 7/1/2034 | 2,300,000 | 2,726,803 | |
City of Albuquerque (City Infrastructure Improvements) GO, Series A, 5.00% due 7/1/2026 | 870,000 | 1,092,520 | |
City of Albuquerque (I-25/Paseo del Norte Interchange), 5.00% due 7/1/2025 - 7/1/2027 (pre-refunded 7/1/2023) | 1,095,000 | 1,239,167 | |
City of Albuquerque GO, | |||
Series A, | |||
4.00% due 7/1/2021 | 855,000 | 879,000 | |
5.00% due 7/1/2022 | 600,000 | 649,674 | |
City of Albuquerque Refuse Removal & Disposal Revenue, 5.00% due 7/1/2030 - 7/1/2038 | 1,510,000 | 1,963,497 | |
City of Farmington (Arizona Public Service Co.-Four Corners Project), | |||
Series A, 4.70% due 5/1/2024 | 965,000 | 968,233 | |
Series B, 4.70% due 9/1/2024 | 4,000,000 | 4,013,400 | |
c | City of Farmington (Public Service Co. of New Mexico), Series D, 1.10% due 6/1/2040 (put 6/1/2023) | 3,500,000 | 3,519,040 |
City of Las Cruces (Joint Utility System), Series A, 4.00% due 6/1/2021 - 6/1/2025 | 2,215,000 | 2,458,418 | |
City of Las Cruces GO, 5.00% due 8/1/2021 | 1,500,000 | 1,559,355 | |
b | City of Roswell, 4.00% due 8/1/2029 | 260,000 | 309,067 |
City of Roswell (Joint Water and Sewer Improvement; Insured: BAM), 5.00% due 6/1/2026 - 6/1/2036 | 2,050,000 | 2,472,049 | |
City of Santa Fe, Series A, 5.00% due 6/1/2034 - 6/1/2038 | 1,870,000 | 2,315,346 | |
City of Santa Fe (El Castillo Retirement Residences), 4.50% due 5/15/2027 | 3,275,000 | 3,327,334 | |
City of Santa Fe (Public Facilities) GRT, 5.00% due 6/1/2028 - 6/1/2029 | 1,880,000 | 2,193,171 | |
County of Sandoval GO, | |||
5.00% due 8/1/2025 - 8/1/2028 | 1,570,000 | 1,972,048 | |
b | 5.00% due 8/1/2027 - 8/1/2029 | 445,000 | 582,145 |
County of Santa Fe GO, 5.00% due 7/1/2024 | 825,000 | 966,842 | |
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2020 - 10/1/2026 | 2,305,000 | 2,457,131 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2035 - 7/1/2037 | 2,200,000 | 2,577,452 | |
Las Cruces School District No. 2 (State Aid Withholding) GO, 5.00% due 8/1/2025 - 8/1/2028 | 3,800,000 | 4,694,378 | |
New Mexico Educational Assistance Foundation (Student Loans), Series A-1, 5.00% due 12/1/2022 | 3,000,000 | 3,018,840 | |
New Mexico Finance Authority, | |||
5.00% due 6/1/2038 | 1,150,000 | 1,468,423 | |
Series B, 5.00% due 6/1/2032 - 6/1/2033 | 4,125,000 | 5,381,094 | |
Series D, 5.00% due 6/15/2029 - 6/1/2033 | 995,000 | 1,265,863 | |
New Mexico Finance Authority (State Highway Infrastructure), Series A, 5.00% due 6/15/2026 - 6/15/2027 | 2,415,000 | 2,819,782 | |
New Mexico Finance Authority (The Public Project Revolving Fund Program), | |||
Series A, 5.00% due 6/15/2031 | 1,000,000 | 1,203,530 | |
Series C, 5.00% due 6/1/2024 | 55,000 | 56,763 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 47 |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), | |||
5.00% due 7/1/2032 | $1,000,000 | $ 1,024,780 | |
Series A, 5.00% due 7/1/2032 - 7/1/2034 | 1,310,000 | 1,399,530 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), | |||
5.00% due 8/1/2031 | 600,000 | 709,062 | |
Series A, 5.00% due 8/1/2036 - 8/1/2038 | 2,955,000 | 3,665,902 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA Wells Fargo Bank, N.A.), | |||
c | Series C, 0.13% due 8/1/2034 (put 10/1/2020) | 935,000 | 935,000 |
c | Series D, 0.13% due 8/1/2034 (put 10/1/2020) | 935,000 | 935,000 |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services), 5.00% due 8/1/2031 | 1,150,000 | 1,414,166 | |
New Mexico Hospital Equipment Loan Council (San Juan Regional Medical Center, Inc.), 5.00% due 6/1/2021 - 6/1/2031 | 1,440,000 | 1,726,575 | |
New Mexico Housing Authority (El Paseo Apartments; Insured: AMBAC) AMT, Series A, 5.30% due 12/1/2022 | 15,000 | 15,037 | |
New Mexico Institute of Mining and Technology (Campus Buildings Acquisition & Improvements), 5.00% due 7/1/2023 - 7/1/2028 | 3,215,000 | 3,319,459 | |
New Mexico Institute of Mining and Technology (Campus Buildings Acquisition & Improvements; Insured: AGM), 4.00% due 12/1/2035 - 12/1/2040 | 2,595,000 | 2,984,358 | |
New Mexico Mortgage Finance Authority (Collateralized: GNMA, FNMA, FHLMC), | |||
Series C, 2.85% due 7/1/2031 | 630,000 | 685,094 | |
Series F, | |||
2.60% due 7/1/2034 | 610,000 | 657,879 | |
2.85% due 7/1/2039 | 1,580,000 | 1,680,251 | |
3.50% due 7/1/2050 | 990,000 | 1,089,564 | |
New Mexico Mortgage Finance Authority (NIBP SFM Loan Program; Collateralized: GNMA, FNMA, FHLMC), Series I, 4.625% due 3/1/2028 | 490,000 | 504,955 | |
New Mexico Municipal Energy Acquisition Authority, | |||
Series A, | |||
b | 4.00% due 5/1/2024 | 250,000 | 280,650 |
c | 5.00% due 11/1/2039 (put 5/1/2025) | 1,500,000 | 1,789,020 |
Regents of New Mexico State University (Campus Buildings Acquisition & Improvements), | |||
Series A, | |||
b | 5.00% due 4/1/2032 | 230,000 | 279,087 |
5.00% due 4/1/2034 - 4/1/2036 | 5,705,000 | 6,841,301 | |
Regents of New Mexico State University (Campus Buildings Acquisition & Improvements; Insured: BAM), Series A, 5.00% due 4/1/2030 | 1,440,000 | 1,818,374 | |
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 | 5,205,735 | |
6.00% due 6/1/2021 | 50,000 | 51,859 | |
San Juan County (County Capital Improvements), Series B, 5.00% due 6/15/2028 - 6/15/2030 | 2,645,000 | 3,075,300 | |
Santa Fe County (County Buildings & Facilities) GRT, Series A, 5.00% due 6/1/2026 - 6/1/2027 | 940,000 | 1,129,586 | |
Santa Fe County (County Correctional System; Insured: AGM), 6.00% due 2/1/2027 | 1,250,000 | 1,476,437 | |
Santa Fe Gasoline Tax, 5.00% due 6/1/2024 - 6/1/2028 | 1,540,000 | 1,896,202 | |
Santa Fe Public School District GO, 5.00% due 8/1/2021 - 8/1/2030 | 1,500,000 | 1,746,377 | |
State of New Mexico (Educational Facilities), | |||
5.00% due 7/1/2028 | 465,000 | 605,862 | |
Series A, 5.00% due 7/1/2025 | 2,040,000 | 2,467,421 | |
State of New Mexico GO, 5.00% due 3/1/2029 | 2,000,000 | 2,692,960 | |
Town of Silver City (Public Facility Capital Projects), | |||
Series A, | |||
4.00% due 6/1/2029 | 1,000,000 | 1,024,450 | |
4.25% due 6/1/2032 | 1,050,000 | 1,077,352 | |
University of New Mexico (SPA U.S. Bank N.A.), | |||
c | 0.11% due 6/1/2026 (put 10/7/2020) | 1,875,000 | 1,875,000 |
c | Series C, 0.11% due 6/1/2030 (put 10/7/2020) | 2,500,000 | 2,500,000 |
Village of Los Ranchos de Albuquerque (Albuquerque Academy), 5.00% due 9/1/2029 - 9/1/2032 | 1,330,000 | 1,623,831 | |
Zuni Public School District (Teacher Housing Projects), 5.00% due 8/1/2028 | 1,600,000 | 1,727,984 | |
Total Investments — 97.3% (Cost $147,872,074) | $156,293,836 | ||
Other Assets Less Liabilities — 2.7% | 4,359,313 | ||
Net Assets — 100.0% | $160,653,149 |
48 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Footnote Legend | |
a | When-issued security. |
b | Segregated as collateral for a when-issued security. |
c | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2020. |
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 |
Natl-IBC | Insured by National Public Finance Gurantee Corp. and IBC Bank |
SPA | Stand-by Purchase Agreement |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 49 |
Thornburg New York Intermediate Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
MUNICIPAL BONDS — 99.1% | |||
City of New York (City Budget Financial Management) GO, Series G, 5.00% due 8/1/2030 | $1,000,000 | $ 1,143,110 | |
City of New York GO, | |||
Series A, 5.00% due 8/1/2039 | 1,000,000 | 1,233,800 | |
Series F1, 5.00% due 4/1/2037 | 940,000 | 1,136,855 | |
Erie County Fiscal Stability Authority, Series D, 5.00% due 9/1/2034 | 850,000 | 1,069,963 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2028 - 7/1/2036 | 1,500,000 | 1,722,255 | |
Hempstead Town Local Development Corp. (Hofstra University), 5.00% due 7/1/2028 | 500,000 | 516,800 | |
Hudson Yards Infrastructure Corp. (Hudson Yards Subway Station), Series A, 5.00% due 2/15/2035 | 1,000,000 | 1,187,300 | |
Long Island Power Authority (Electric System Capital Improvements; Insured: AGC), Series C, 5.25% due 9/1/2029 | 645,000 | 868,989 | |
Metropolitan Transportation Authority (Green Bond), Series C-1, 5.00% due 11/15/2028 | 1,000,000 | 1,067,970 | |
Metropolitan Transportation Authority (Transit and Commuter System), Series B-1, 5.00% due 5/15/2022 | 600,000 | 617,412 | |
Monroe County (Monroe Community College Association, Inc.; Insured: AGM) IDC, 5.00% due 1/15/2028 - 1/15/2029 | 550,000 | 615,955 | |
Nassau County (Insured: BAM) GO, Series B, 5.00% due 4/1/2026 | 1,000,000 | 1,120,530 | |
Nassau County GO, Series C, 4.00% due 3/15/2021 | 1,000,000 | 1,016,960 | |
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 | 1,933,926 | |
New York City Health and Hospitals Corp. (Healthcare Facilities Improvements) GO, Series A, 5.00% due 2/15/2025 | 1,000,000 | 1,004,060 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
Series A1, 5.00% due 8/1/2038 | 1,000,000 | 1,225,440 | |
Series A2, 5.00% due 5/1/2039 | 1,000,000 | 1,240,470 | |
a | New York City Water & Sewer System (SPA U.S. Bank N.A.), Series 3A, 0.12% due 6/15/2043 (put 10/1/2020) | 600,000 | 600,000 |
New York State Dormitory Authority, Series A, 5.00% due 2/15/2032 | 1,000,000 | 1,227,460 | |
New York State Dormitory Authority (Barnard College), Series A 4.00% due 7/1/2024 - 7/1/2025 | 350,000 | 398,717 | |
New York State Dormitory Authority (Columbia University Teachers College), Series A, 5.00% due 7/1/2027 | 750,000 | 806,220 | |
New York State Dormitory Authority (Green Bond-Cornell University), Series D, 5.00% due 7/1/2036 | 500,000 | 756,890 | |
New York State Dormitory Authority (Metropolitan Transportation Authority & State Urban Development Corp.), Series A, 5.00% due 12/15/2027 | 1,500,000 | 1,648,350 | |
New York State Dormitory Authority (Northwell Health Obligated Group), Series A, 5.00% due 5/1/2033 | 100,000 | 124,845 | |
New York State Dormitory Authority (School District Financing Program) (State Aid Withholding), Series C, 5.00% due 10/1/2023 | 575,000 | 652,079 | |
New York State Dormitory Authority (School District Financing Program; Insured: AGM) (State Aid Withholding), | |||
Series A, 5.00% due 10/1/2028 | 200,000 | 234,428 | |
Series H, | |||
5.00% due 10/1/2024 | 480,000 | 502,694 | |
5.00% due 10/1/2024 (pre-refunded 10/1/2021) | 520,000 | 545,137 | |
New York State Dormitory Authority (St. John’s University; Insured: Natl-Re), Series C, 5.25% due 7/1/2022 | 1,000,000 | 1,072,280 | |
New York State Dormitory Authority (State Aid Withholding), Series A, 5.00% due 10/1/2033 | 100,000 | 122,163 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), Series D, 4.00% due 2/15/2040 | 500,000 | 577,865 | |
New York State Dormitory Authority (State of New York Sales Tax Revenue), Series A, 5.00% due 3/15/2033 | 500,000 | 608,705 | |
New York State Environmental Facilities Corp. (State of New York State Revolving Fund), 5.00% due 6/15/2029 - 6/15/2038 | 1,250,000 | 1,344,025 | |
a | New York State Housing Finance Agency (LOC Landesbank Hessen-Thuringen), Series A, 0.14% due 11/1/2046 (put 10/1/2020) | 400,000 | 400,000 |
New York State Thruway Authority, | |||
Series J, 5.00% due 1/1/2033 | 325,000 | 366,525 | |
Series N, 5.00% due 1/1/2035 | 250,000 | 318,325 | |
Oneida County Local Development Corp. (Utica College), 5.00% due 7/1/2025 - 7/1/2032 | 855,000 | 977,297 | |
Onondaga Civic Development Corp. (State University of New York Upstate Medical University), 5.50% due 12/1/2031 (pre-refunded 12/1/2021) | 1,000,000 | 1,062,190 | |
Port Authority of New York & New Jersey AMT, 5.00% due 11/1/2039 | 200,000 | 245,428 | |
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 | 2,652,902 | |
b | State of New York Mortgage Agency, Series 223, 2.65% due 10/1/2034 | 450,000 | 465,759 |
Syracuse Industrial Development Agency (Syracuse City School District) (State Aid Withholding), 5.25% due 5/1/2026 | 2,150,000 | 2,211,748 | |
Tompkins County Development Corp. (Ithaca College Project), 5.00% due 7/1/2034 - 7/1/2037 | 820,000 | 995,833 | |
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 | 1,000,130 | |
c | Triborough Bridge & Tunnel Authority, Series D 5.00% due 11/15/2033 | 250,000 | 327,605 |
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 | 1,172,970 | |
5.00% due 11/15/2029 | 1,000,000 | 1,153,580 | |
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series A, 5.00% due 9/1/2038 | 250,000 | 301,690 | |
Utility Debt Securitization Authority (Long Island Power Authority-Electric Service), Series TE, 5.00% due 12/15/2029 - 12/15/2030 | 2,000,000 | 2,297,390 | |
West Seneca Central School District (Facilities Improvements; Insured: BAM) (State Aid Withholding) GO, 5.00% due 11/15/2023 | 1,300,000 | 1,475,461 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2029 - 7/1/2034 | 450,000 | 519,854 | |
Total Investments — 99.1% (Cost $45,422,292) | $47,888,340 | ||
Other Assets Less Liabilities — 0.9% | 428,928 |
50 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Net Assets — 100.0% | $48,317,268 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2020. |
b | Segregated as collateral for a when-issued security. |
c | When-issued security. |
To simplify the listings of securities, abbreviations are used per the table below:
AGC | Insured by Assured Guaranty Corp. |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
BAM | Insured by Build America Mutual Insurance Co. |
ETM | Escrowed to Maturity |
GO | General Obligation |
IDC | Industrial Development Corp. |
LOC | Letter of Credit |
Natl-Re | Insured by National Public Finance Guarantee Corp. |
SPA | Stand-by Purchase Agreement |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 51 |
Thornburg Intermediate Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Municipal Bonds — 99.2% | |||
Alabama — 1.3% | |||
Alabama Public School & College Authority (Educational Facilities), Series B, 5.00% due 6/1/2026 | $ 4,380,000 | $ 4,915,411 | |
East Alabama Health Care Authority (Health Care Facilities Capital Improvements) GO, Series A, 5.00% due 9/1/2027 | 1,250,000 | 1,325,025 | |
UAB Medicine Finance Authority (University Hospital), Series B, 5.00% due 9/1/2032 | 6,000,000 | 7,220,220 | |
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 | 503,945 | |
City of Valdez (BP Pipelines (Alaska), Inc. Project), Series C, 5.00% due 1/1/2021 | 2,000,000 | 2,022,200 | |
Arizona — 2.2% | |||
Arizona (Scottsdale Lincoln Hospitals) HFA , 5.00% due 12/1/2031 | 2,500,000 | 2,921,975 | |
Arizona Board of Regents (University of Arizona SPEED), 5.00% due 8/1/2024 - 8/1/2029 | 2,635,000 | 2,860,305 | |
County of Pima (Providence Day School Project) IDA, 5.00% due 12/1/2030 | 2,000,000 | 2,009,080 | |
a | County of Yavapai, (Waste Management, Inc.) AMT, IDA, 2.80% due 6/1/2027 (put 6/1/2021) | 2,000,000 | 2,028,780 |
Northern Arizona University (Insured: BAM), Series B, 5.00% due 6/1/2039 | 1,300,000 | 1,642,810 | |
Salt River Project Agricultural Improvement and Power District (Salt River Electric System), 5.00% due 1/1/2033 - 1/1/2037 | 7,000,000 | 8,880,215 | |
Salt Verde Financial Corp. (Gas Supply Acquisition), 5.25% due 12/1/2022 - 12/1/2028 | 2,770,000 | 3,165,965 | |
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 | 4,265,288 | |
California — 5.7% | |||
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 | 4,216,805 | |
California (Adventist Health System/West) HFFA, Series A, 5.00% due 3/1/2026 | 2,815,000 | 3,129,323 | |
California (Children’s Hospital Los Angeles) HFFA, | |||
Series A, | |||
b | 5.00% due 11/15/2022 | 1,000,000 | 1,084,470 |
5.00% due 8/15/2032 - 8/15/2033 | 950,000 | 1,117,654 | |
California (Dignity Health) HFFA, Series A, 5.25% due 3/1/2027 | 5,250,000 | 5,341,560 | |
California Infrastructure and Economic Development Bank (King City Joint Union High School District), 5.75% due 8/15/2029 | 1,500,000 | 1,503,165 | |
City of Los Angeles CA, 4.00% due 6/24/2021 | 4,000,000 | 4,110,840 | |
Delano Financing Authority (City of Delano Police Station and Woollomes Avenue Bridge), Series A, 5.00% due 12/1/2025 | 2,555,000 | 2,572,936 | |
Franklin-McKinley School District (Insured: Natl-Re) GO, 5.25% due 8/1/2027 | 1,000,000 | 1,303,140 | |
Fresno (Educational Facilities and Improvements; Insured: Natl-Re) USD GO, Series A, 6.00% due 8/1/2026 | 1,410,000 | 1,665,280 | |
Jurupa Public Financing Authority (Eastvale Community Services; Insured: AGM), Series A, 5.50% due 9/1/2025 - 9/1/2027 | 2,530,000 | 2,897,343 | |
Los Angeles Department of Airports AMT, Series A, 5.00% due 5/15/2036 | 3,635,000 | 4,464,180 | |
M-S-R Energy Authority, Series B, 6.125% due 11/1/2029 | 2,460,000 | 3,163,855 | |
North City West School Facilities Financing Authority (Carmel Valley Schools; Insured: AGM), Series A, 5.00% due 9/1/2024 | 1,080,000 | 1,175,083 | |
a | Northern California Energy Authority (Commodity Supply Revenue), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 5,000,000 | 5,575,050 |
Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2032 - 8/1/2034 | 3,000,000 | 3,543,770 | |
Redwood City Redevelopment Agency (Redevelopment Area A-2; Insured: AMBAC), Series A-2, Zero Coupon due 7/15/2023 | 2,065,000 | 2,028,367 | |
San Francisco City & County Airport Comm-San Francisco International Airport AMT, Series A, 5.00% due 5/1/2038 | 2,500,000 | 3,111,775 | |
Saratoga Union School District (Insured: Natl-Re) USD GO, Series B, Zero Coupon due 9/1/2023 | 900,000 | 892,476 | |
State of California (Kindergarten-University Facilities) GO, 5.25% due 9/1/2026 | 5,000,000 | 5,229,200 | |
State of California GO, 5.00% due 11/1/2029 | 1,000,000 | 1,342,200 | |
Colorado — 1.2% | |||
Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2039 | 1,925,000 | 2,371,215 | |
Housing Authority of the City and County of Denver (Three Towers Rehabilitation; Insured: AGM) AMT, 5.20% due 11/1/2027 | 1,335,000 | 1,339,192 | |
Regional Transportation District (North Metro Rail Line) COP, Series A, 5.00% due 6/1/2028 | 1,650,000 | 1,847,043 | |
State of Colorado COP, | |||
Series A, | |||
5.00% due 9/1/2029 - 9/1/2032 | 2,915,000 | 3,727,472 | |
b | 5.00% due 9/1/2031 | 2,290,000 | 2,906,170 |
Connecticut — 2.3% | |||
City of Hartford (Various Public Improvements; Insured: AGM) GO, Series A, 5.00% due 7/1/2031 | 1,700,000 | 1,988,235 | |
State of Connecticut (Various Capital Projects) GO, Series B, 5.00% due 5/15/2027 | 1,000,000 | 1,229,890 | |
State of Connecticut GO, | |||
Series A, 5.00% due 4/15/2033 - 4/15/2035 | 12,415,000 | 15,409,399 | |
Series C, 5.00% due 6/15/2028 - 6/15/2029 | 1,890,000 | 2,437,526 | |
Series E, 5.00% due 9/15/2033 | 2,650,000 | 3,319,999 | |
District of Columbia — 1.8% | |||
Metropolitan Washington Airports Authority (Dulles Toll Road Revenue), Series A, 5.00% due 10/1/2038 - 10/1/2039 | 3,000,000 | 3,668,610 | |
Metropolitan Washington Airports Authority (Dulles Toll Road Revenue; Insured: AGC), Series B, Zero Coupon due 10/1/2023 - 10/1/2024 | 9,890,000 | 9,327,223 | |
Washington Convention & Sports Authority, Series A, 5.00% due 10/1/2028 | 1,105,000 | 1,226,462 |
52 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Washington Metropolitan Area Transit Authority, 5.00% due 7/1/2032 - 7/1/2037 | $ 3,325,000 | $ 4,076,805 | |
Florida — 6.7% | |||
Broward County (Airport System Improvements) AMT, 5.00% due 10/1/2034 - 10/1/2035 | 3,500,000 | 4,155,330 | |
City of Jacksonville (Better Jacksonville Plan), Series A, 5.00% due 10/1/2026 | 2,075,000 | 2,247,723 | |
City of Lakeland (Electric Power System Smart Grid Project; Insured: AGM), 5.25% due 10/1/2027 - 10/1/2036 | 6,450,000 | 8,977,614 | |
City of Orlando (Senior Tourist Development; Insured: AGM), Series A, 5.00% due 11/1/2032 - 11/1/2037 | 3,430,000 | 4,098,979 | |
a | County of Manatee (Florida Power & Light Co.), 0.15% due 9/1/2024 (put 10/1/2020) | 1,100,000 | 1,100,000 |
JEA Water & Sewer System Revenue, Series A, 5.00% due 10/1/2034 - 10/1/2035 | 1,100,000 | 1,452,244 | |
Lake County School Board (School District Facility Projects) COP, Series B, 5.00% due 6/1/2026 | 1,210,000 | 1,299,516 | |
Manatee County (Public Utilities System Improvements), 5.00% due 10/1/2026 - 10/1/2033 | 6,080,000 | 7,267,435 | |
Miami-Dade County (Miami International Airport), Series B, 5.00% due 10/1/2028 - 10/1/2031 | 5,335,000 | 6,111,576 | |
Miami-Dade County (Nicklaus Children’s Hospital) HFA, 5.00% due 8/1/2035 - 8/1/2037 | 2,905,000 | 3,465,795 | |
Miami-Dade County (Seaport Properties) GO, Series C, 5.00% due 10/1/2023 | 1,040,000 | 1,089,577 | |
Miami-Dade County Educational Facilities Authority (University of Miami; Insured: AMBAC), Series B, 5.25% due 4/1/2024 | 1,000,000 | 1,139,220 | |
Miami-Dade County School Board (Insured: AMBAC) COP, Series D, 5.00% due 10/1/2021 | 3,035,000 | 3,172,212 | |
Miami-Dade County School Board COP, Series A, 5.00% due 5/1/2030 | 3,250,000 | 3,849,657 | |
Orange County (Tourist Development), Series A, 5.00% due 10/1/2031 | 2,000,000 | 2,346,880 | |
Palm Beach County (Boca Raton Regional Hospital) HFA, 5.00% due 12/1/2025 (pre-refunded 12/1/2024) | 500,000 | 597,980 | |
Palm Beach County School District COP, Series C, 5.00% due 8/1/2028 | 595,000 | 768,109 | |
a | Sarasota County Public Hospital Board (Sarasota Memorial Hospital; Insured: Natl-Re), Series A, 3.006% (CPI + 2.05%) due 10/1/2021 | 1,335,000 | 1,363,931 |
School Board of Broward County (Educational Facilities and Equipment) COP, Series A, 5.00% due 7/1/2027 | 2,000,000 | 2,154,380 | |
School Board of Broward County (Educational Facilities) COP, Series B, 5.00% due 7/1/2032 | 2,000,000 | 2,371,300 | |
School District of Broward County COP, | |||
Series A, | |||
5.00% due 7/1/2026 | 545,000 | 587,401 | |
5.00% due 7/1/2026 (pre-refunded 7/1/2022) | 2,455,000 | 2,661,441 | |
School District of Manatee County (School Facilities Improvement; Insured: AGM), 5.00% due 10/1/2032 | 2,250,000 | 2,711,835 | |
State of Florida GO, 4.00% due 7/1/2030 | 1,000,000 | 1,028,190 | |
Sunshine State Governmental Finance Commission (Miami-Dade County Program), Series B-1, 5.00% due 9/1/2028 | 3,500,000 | 3,957,800 | |
Georgia — 2.8% | |||
Athens-Clarke County Unified Government Development Authority (UGAREF Bolton Commons, LLC), 5.00% due 6/15/2024 - 6/15/2028 | 2,320,000 | 2,617,104 | |
City of Atlanta (Water & Wastewater System; Insured: Natl-Re), Series A, 5.50% due 11/1/2022 | 530,000 | 561,715 | |
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 | 5,954,502 | |
Main Street Natural Gas, Inc., Series A, 5.00% due 5/15/2035 - 5/15/2037 | 11,170,000 | 15,022,690 | |
Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2035 - 1/1/2038 | 4,340,000 | 5,421,793 | |
Guam — 0.8% | |||
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2023 - 10/1/2025 | 6,500,000 | 6,998,395 | |
Guam Waterworks Authority (Water and Wastewater System), 5.25% due 7/1/2024 | 1,000,000 | 1,109,300 | |
Hawaii — 1.2% | |||
County of Hawaii GO, Series A, 5.00% due 9/1/2033 | 1,250,000 | 1,512,400 | |
State of Hawaii GO, | |||
Series DZ, 5.00% due 12/1/2027 (pre-refunded 12/1/2021) | 3,635,000 | 3,837,869 | |
Series DZ-2016, 5.00% due 12/1/2027 (pre-refunded 12/1/2021) | 6,365,000 | 6,720,231 | |
Illinois — 11.6% | |||
Chicago O’Hare International Airport (2016 Airport Projects), Series C, 5.00% due 1/1/2029 - 1/1/2030 | 1,765,000 | 2,119,679 | |
Chicago O’Hare International Airport (2017 Airport Projects), Series B, 5.00% due 1/1/2034 - 1/1/2037 | 8,160,000 | 9,595,713 | |
Chicago Park District (Capital Improvement Plan) GO, | |||
Series A, | |||
5.00% due 1/1/2027 | 1,945,000 | 2,155,741 | |
b | 5.00% due 1/1/2029 | 1,995,000 | 2,191,587 |
Series B, 5.00% due 1/1/2025 - 1/1/2030 | 4,500,000 | 4,943,825 | |
Series D, 5.00% due 1/1/2028 | 3,450,000 | 3,806,385 | |
City of Chicago (Midway Airport), | |||
Series B, | |||
5.00% due 1/1/2032 - 1/1/2033 | 9,805,000 | 10,927,557 | |
5.25% due 1/1/2034 | 4,700,000 | 5,102,931 | |
City of Chicago (Wastewater Transmission System), Series C-2, 5.00% due 1/1/2028 - 1/1/2029 | 7,865,000 | 9,036,189 | |
City of Chicago (Wastewater Transmission System; Insured: AGM), Series B, 5.00% due 1/1/2034 | 1,375,000 | 1,647,979 | |
City of Chicago (Water System), Series A-1, 5.00% due 11/1/2024 | 1,000,000 | 1,159,210 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2037 | 4,250,000 | 5,017,550 | |
City of Chicago (Water System; Insured: BHAC-CR AMBAC), 5.75% due 11/1/2030 | 1,270,000 | 1,598,816 | |
City of Chicago GO, |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 53 |
Thornburg Intermediate Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Series A, | |||
5.625% due 1/1/2031 | $ 1,500,000 | $ 1,624,290 | |
6.00% due 1/1/2038 | 7,500,000 | 8,177,025 | |
City of Mount Vernon (Various Municipal Capital Improvements; Insured: AGM) GO, 4.00% due 12/15/2025 | 1,900,000 | 1,914,421 | |
Cook County GO, Series A, 5.25% due 11/15/2024 | 3,000,000 | 3,014,820 | |
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 | 1,981,480 | |
Illinois (Midwest Care Center I, Inc.; Collateralized: GNMA) HFA, 5.70% due 2/20/2021 | 95,000 | 95,180 | |
a | Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group; SPA U.S. Bank, N.A.), Series A-4, 0.10% due 8/15/2042 (put 10/1/2020) | 500,000 | 500,000 |
Illinois Finance Authority (Rush University Medical Center), Series A, 5.00% due 11/15/2033 | 1,000,000 | 1,162,540 | |
Illinois Finance Authority (Silver Cross Hospital and Medical Centers), 5.00% due 8/15/2024 | 1,000,000 | 1,158,160 | |
Illinois Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | 5,550,000 | 6,472,632 | |
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 | 3,329,591 | |
Metropolitan Pier & Exposition Authority (McCormick Place Expansion Project), Series B, 5.00% due 12/15/2022 | 1,000,000 | 1,067,970 | |
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 | 7,553,951 | |
Regional Transportation Authority (Insured: Natl-Re), Series A, 6.00% due 7/1/2031 | 1,070,000 | 1,458,089 | |
Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2029 | 2,000,000 | 2,416,960 | |
State of Illinois, Series B, 5.00% due 6/15/2030 - 6/15/2032 | 12,165,000 | 13,805,938 | |
State of Illinois GO, Series D, 5.00% due 11/1/2027 - 11/1/2028 | 4,250,000 | 4,626,452 | |
Tazewell County School District (Insured: Natl-Re) GO, 9.00% due 12/1/2024 | 1,205,000 | 1,622,822 | |
Indiana — 2.9% | |||
Board of Trustees for the Vincennes University, Series J, 5.375% due 6/1/2022 | 895,000 | 898,714 | |
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 | 2,779,331 | |
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 | 1,100,620 |
Indiana (Ascension Health Credit Group) HFFA, 5.00% due 11/15/2034 - 11/15/2036 | 8,325,000 | 9,821,166 | |
Indiana Bond Bank (Hendricks Regional Health Financing Program; Insured: AMBAC), Series A, 5.25% due 4/1/2023 | 2,000,000 | 2,248,420 | |
Indiana Bond Bank (Natural Gas Utility Improvements), Series A, 5.25% due 10/15/2020 | 5,340,000 | 5,347,850 | |
Indiana Finance Authority (Marian University), 5.25% due 9/15/2022 - 9/15/2023 (pre-refunded 9/15/2021) | 5,085,000 | 5,329,792 | |
Indiana Finance Authority (Sisters of St. Francis Health Services, Inc.), 5.00% due 11/1/2021 | 605,000 | 607,317 | |
c | Southwest Allen Multi School Building Corp., 5.00% due 7/15/2033 | 1,500,000 | 1,896,045 |
Iowa — 0.4% | |||
Iowa Finance Authority (UnityPoint Health), Series C, 5.00% due 2/15/2030 - 2/15/2032 | 4,100,000 | 4,654,631 | |
Kansas — 0.1% | |||
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 | 803,948 | |
Kentucky — 1.4% | |||
a | Kentucky Public Energy Authority, Series A, 4.00% due 4/1/2048 (put 4/1/2024) | 6,500,000 | 7,168,070 |
Kentucky State Property & Building Commission (Insured: AGM), Series A, 5.00% due 11/1/2035 | 4,000,000 | 5,152,800 | |
Louisville/Jefferson County Metropolitan Government (Norton Suburban Hospital and Kosair Children’s Hospital), Series A, 5.25% due 10/1/2026 | 2,320,000 | 2,624,198 | |
Louisiana — 2.6% | |||
East Baton Rouge Sewerage Commission, Series B, 5.00% due 2/1/2030 - 2/1/2032 (pre-refunded 2/1/2025) | 6,825,000 | 8,225,081 | |
Jefferson Sales Tax District (Insured: AGM), Series B, 5.00% due 12/1/2031 - 12/1/2035 | 3,770,000 | 4,807,703 | |
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 | 6,815,332 | |
New Orleans Regional Transit Authority (Insured: AGM), 5.00% due 12/1/2023 - 12/1/2024 | 2,000,000 | 2,014,840 | |
Parish of Lafourche (Roads, Highways and Bridges), 5.00% due 1/1/2024 - 1/1/2025 | 3,685,000 | 4,304,804 | |
a | Parish of St. Charles (Valero Energy Corp. Refinery), 4.00% due 12/1/2040 (put 6/1/2022) | 1,000,000 | 1,051,480 |
Maryland — 0.0% | |||
Montgomery County GO, Series C, 5.00% due 10/1/2025 | 365,000 | 450,330 | |
Massachusetts — 1.7% | |||
Massachusetts (Insured: BHAC-CR FGIC), 5.50% due 1/1/2029 | 8,370,000 | 11,229,611 | |
Massachusetts Bay Transportation Authority (Transportation Capital Program), Series A, 5.25% due 7/1/2030 | 1,000,000 | 1,400,900 | |
Massachusetts Development Finance Agency (CareGroup Healthcare System), Series I, 5.00% due 7/1/2036 | 1,750,000 | 2,048,655 | |
Massachusetts Development Finance Agency (Simmons College), Series J, 5.50% due 10/1/2025 - 10/1/2028 | 1,790,000 | 1,988,186 | |
Massachusetts Educational Financing Authority (Higher Education Student Loans), Series A, 5.50% due 1/1/2022 | 1,130,000 | 1,131,345 | |
Michigan — 2.4% | |||
Board of Governors of Wayne State University (Educational Facilities and Equipment), Series A, 5.00% due 11/15/2031 | 1,010,000 | 1,182,235 | |
City of Troy (Downtown Development Authority-Community Center Facilities) GO, 5.00% due 11/1/2025 | 300,000 | 315,228 | |
County of Genesee (Water Supply System; Insured: BAM) GO, | |||
5.00% due 11/1/2024 - 11/1/2030 | 3,360,000 | 3,720,761 | |
5.125% due 11/1/2032 | 750,000 | 829,005 | |
5.25% due 11/1/2026 - 11/1/2028 | 2,920,000 | 3,256,265 | |
Detroit City School District (School Building & Site Improvement; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2026 | 3,150,000 | 3,910,946 |
54 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Detroit City School District (School Building & Site; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | $ 1,100,000 | $ 1,402,368 | |
Kalamazoo Hospital Finance Authority (Bronson Healthcare), | |||
5.25% due 5/15/2026 | 175,000 | 179,960 | |
5.25% due 5/15/2026 (pre-refunded 5/15/2021) | 1,110,000 | 1,145,043 | |
Michigan Finance Authority (Government Loan Program), Series F, 5.00% due 4/1/2026 | 1,580,000 | 1,654,592 | |
Michigan Finance Authority (McLaren Health System), Series A, 5.00% due 2/15/2039 | 3,200,000 | 3,945,632 | |
Michigan Public School Academy (Will Carleton Charter School), 8.00% due 8/1/2035 | 820,000 | 822,517 | |
Michigan State Housing Development Authority, Series B, 2.95% due 12/1/2039 | 3,000,000 | 3,147,840 | |
Minnesota — 0.3% | |||
Minnesota Higher Education Facilities Authority, (University of St. Thomas), 5.00% due 10/1/2034 - 10/1/2035 | 600,000 | 736,478 | |
Minnesota Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), Series F, 2.45% due 7/1/2034 | 2,465,000 | 2,507,620 | |
Mississippi — 0.7% | |||
Mississippi Development Bank (Jackson Public School District; Insured BAM) GO, 5.25% due 10/1/2037 - 10/1/2038 | 5,250,000 | 6,550,465 | |
Mississippi Development Bank (Vicksburg Warren School District; Insured: BAM), 5.50% due 3/1/2038 | 700,000 | 893,102 | |
Missouri — 0.4% | |||
City of Excelsior Springs (Insured: BAM) COP, Series B, 4.00% due 3/1/2031 | 150,000 | 186,918 | |
a | Missouri Health and Educational Facilities Authority (Washington University; SPA JP Morgan Chase Bank, N.A.), Series B, 0.10% due 9/1/2030 (put 10/1/2020) | 1,400,000 | 1,400,000 |
Missouri Health and Educational Facilities Authority (Webster University) ETM, 5.00% due 4/1/2021 | 2,520,000 | 2,577,179 | |
Nebraska — 0.6% | |||
a | Central Plains Energy Project, 5.00% due 3/1/2050 (put 1/1/2024) | 5,350,000 | 6,065,777 |
Nevada — 1.2% | |||
Carson City (Carson Tahoe Regional Healthcare), 5.00% due 9/1/2027 - 9/1/2032 | 3,180,000 | 3,518,961 | |
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 | 7,347,866 | |
Washoe County NV GO, 5.00% due 7/1/2032 (pre-refunded 7/1/2021) | 1,905,000 | 1,972,894 | |
New Hampshire — 0.7% | |||
a | New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA State Street Bank and Trust Co.), Series A-1, 0.12% due 7/1/2035 (put 10/1/2020) | 940,000 | 940,000 |
New Hampshire Municipal Bond Bank, Series C, 5.00% due 8/15/2026 | 1,860,000 | 2,118,559 | |
State of New Hampshire (Turnpike System), Series B, 5.00% due 2/1/2022 - 2/1/2024 | 4,005,000 | 4,268,525 | |
New Jersey — 4.2% | |||
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 | 692,591 | |
Essex County Improvement Authority (County Correctional Facilities & Gibraltar Facilities; Insured: Natl-Re) GO, 5.50% due 10/1/2024 | 2,500,000 | 3,016,275 | |
New Jersey (School Facilities Construction) EDA, 5.00% due 3/1/2026 - 6/15/2038 | 6,515,000 | 7,460,659 | |
New Jersey (School Facilities Construction; Insured: AMBAC) EDA, Series N-1, 5.50% due 9/1/2026 | 3,000,000 | 3,607,560 | |
New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N-1, 5.50% due 9/1/2027 | 1,700,000 | 2,080,188 | |
New Jersey (Transit Corp.) EDA, 5.00% due 11/1/2036 | 2,950,000 | 3,374,829 | |
New Jersey State Health Care Facilities Financing Authority (Virtua Health), 5.00% due 7/1/2027 - 7/1/2028 | 3,000,000 | 3,421,250 | |
New Jersey Transportation Trust Fund Authority, | |||
Series A, 5.00% due 12/15/2032 | 485,000 | 569,962 | |
Series BB, 5.00% due 6/15/2034 | 2,000,000 | 2,334,480 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), 5.00% due 6/15/2023 - 6/15/2031 | 3,500,000 | 3,922,845 | |
New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), 5.00% due 6/15/2038 | 3,500,000 | 4,018,665 | |
New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 12/15/2034 - 12/15/2036 | 5,500,000 | 6,363,425 | |
Passaic Valley Sewage Commissioners GO, Series G, 5.75% due 12/1/2022 | 3,000,000 | 3,342,150 | |
New Mexico — 1.5% | |||
City of Farmington (Arizona Public Service Co.-Four Corners Project), Series B, 4.70% due 9/1/2024 | 3,000,000 | 3,010,050 | |
City of Farmington (Public Service Co. of New Mexico), | |||
a | Series C, 1.15% due 6/1/2040 (put 6/1/2024) | 1,500,000 | 1,510,785 |
a | Series D, 1.10% due 6/1/2040 (put 6/1/2023) | 3,000,000 | 3,016,320 |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), 5.00% due 7/1/2032 | 2,130,000 | 2,182,781 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Series A, 5.00% due 8/1/2039 | 440,000 | 543,136 | |
a | New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA Wells Fargo Bank, N.A.), Series D, 0.13% due 8/1/2034 (put 10/1/2020) | 5,900,000 | 5,900,000 |
New York — 8.4% | |||
City of New York (City Budget Financial Management) GO, | |||
Series G, 5.00% due 8/1/2027 | 4,530,000 | 5,198,628 | |
Series J, 5.00% due 8/1/2030 - 8/1/2031 | 9,000,000 | 10,454,040 | |
a | City of New York (LOC Mizuho Bank, Ltd.) GO, Series G-6, 0.13% due 4/1/2042 (put 10/1/2020) | 6,900,000 | 6,900,000 |
a | City of New York (SPA Barclays Bank plc) GO, Series B, 0.12% due 10/1/2046 (put 10/1/2020) | 1,505,000 | 1,505,000 |
Erie County Industrial Development Agency (City of Buffalo School District) (State Aid Withholding), Series A, 5.00% due 5/1/2027 | 5,000,000 | 5,573,700 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 55 |
Thornburg Intermediate Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Long Island Power Authority, | |||
Series A, | |||
5.00% due 9/1/2036 - 9/1/2037 | $ 900,000 | $ 1,178,146 | |
b | 5.00% due 9/1/2038 | 400,000 | 521,244 |
Metropolitan Transportation Authority, Series D, 5.00% due 11/15/2031 | 6,215,000 | 6,501,822 | |
Metropolitan Transportation Authority (Green Bond), | |||
Series A2, 5.00% due 11/15/2025 | 4,500,000 | 4,823,010 | |
Series C-1, 5.00% due 11/15/2030 | 2,285,000 | 2,431,560 | |
Nassau County (Insured: BAM) GO, Series B, 5.00% due 4/1/2026 | 1,300,000 | 1,456,689 | |
Nassau County GO, Series C, 4.00% due 3/15/2021 | 2,000,000 | 2,033,920 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.00% due 5/1/2032 - 11/1/2032 | 2,000,000 | 2,655,430 | |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA Barclays Bank plc), Seiries B-3, 0.12% due 11/1/2042 (put 10/1/2020) | 500,000 | 500,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA Mizuho Bank, Ltd.), Series A-4, 0.13% due 8/1/2043 (put 10/1/2020) | 990,000 | 990,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA State Street Bank and Trust Co.), Series A-6, 0.12% due 8/1/2039 (put 10/1/2020) | 1,500,000 | 1,500,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA U.S. Bank, N.A.), Series A-5, 0.12% due 8/1/2039 (put 10/1/2020) | 1,780,000 | 1,780,000 |
a | New York City Water & Sewer System (LOC Citibank, N.A.), Series F, 0.12% due 6/15/2035 (put 10/1/2020) | 1,120,000 | 1,120,000 |
a | New York City Water & Sewer System (SPA Landesbank Hessen-Thuringen), Series BB-1, 0.13% due 6/15/2039 (put 10/1/2020) | 3,500,000 | 3,500,000 |
a | New York City Water & Sewer System (SPA Mizuho Bank, Ltd.), Series AA-6, 0.14% due 6/15/2048 (put 10/1/2020) | 2,000,000 | 2,000,000 |
New York City Water & Sewer System (SPA State Street Bank and Trust Co.), | |||
a | Series 3B, 0.12% due 6/15/2043 (put 10/1/2020) | 8,645,000 | 8,645,000 |
a | Series B-2, 0.12% due 6/15/2045 (put 10/1/2020) | 600,000 | 600,000 |
a | Series B-4, 0.12% due 6/15/2045 (put 10/1/2020) | 500,000 | 500,000 |
a | New York City Water & Sewer System (SPA U.S. Bank N.A.), Series 3A, 0.12% due 6/15/2043 (put 10/1/2020) | 1,500,000 | 1,500,000 |
a | New York City Water & Sewer System (SPA U.S. Bank, N.A.), Series B-1, 0.12% due 6/15/2045 (put 10/1/2020) | 550,000 | 550,000 |
New York State Dormitory Authority, | |||
Series A, 5.00% due 3/15/2037 | 735,000 | 916,839 | |
Series B, 5.00% due 3/31/2021 | 2,000,000 | 2,047,540 | |
New York State Dormitory Authority (Metropolitan Transportation Authority & State Urban Development Corp.), Series A, 5.00% due 12/15/2027 | 2,500,000 | 2,747,250 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), Series D, 4.00% due 2/15/2040 | 1,000,000 | 1,155,730 | |
New York State Dormitory Authority (State of New York Sales Tax Revenue), Series A, 5.00% due 3/15/2033 | 500,000 | 608,705 | |
New York State Dormitory Authority (State University Educational Facilities), Series A, 5.25% due 5/15/2021 | 255,000 | 262,905 | |
a | New York State Housing Finance Agency (160 Madison Ave, LLC; LOC Landesbank Hessen-Thuringen), Series A, 0.14% due 11/1/2046 (put 10/1/2020) | 5,000,000 | 5,000,000 |
New York State Urban Development Corp. (State of New York Sales Tax Revenue), Series A, 5.00% due 3/15/2037 | 500,000 | 634,260 | |
a | Triborough Bridge and Tunnel Authority (LOC U.S. Bank, N.A.), Series 2005B-4C, 0.12% due 1/1/2031 (put 10/1/2020) | 690,000 | 690,000 |
North Carolina — 1.2% | |||
Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), Series A, 5.00% due 1/15/2028 | 2,190,000 | 2,399,430 | |
North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2030 | 3,000,000 | 3,563,550 | |
State of North Carolina, 5.00% due 3/1/2033 | 5,000,000 | 6,577,700 | |
Ohio — 5.1% | |||
Akron, Bath and Copley Joint Township Hospital District (Children’s Hospital Medical Center of Akron), 5.00% due 11/15/2024 | 1,000,000 | 1,074,330 | |
c | Akron, Bath and Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.00% due 11/15/2027 - 11/15/2029 | 1,160,000 | 1,442,444 |
American Municipal Power, Inc. (AMP Fremont Energy Center), Series B, 5.25% due 2/15/2028 (pre-refunded 2/15/2022) | 4,000,000 | 4,276,520 | |
Cincinnati City School District (School Improvement Project) COP, 5.00% due 12/15/2031 | 3,075,000 | 3,581,360 | |
City of Cleveland (Bridges and Roadways), Series A-2, 5.00% due 10/1/2028 - 10/1/2029 (pre-refunded 10/1/2023) | 2,520,000 | 2,880,385 | |
City of Cleveland (Public Facilities Improvements), Series A-1, 5.00% due 11/15/2027 - 11/15/2030 (pre-refunded 11/15/2023) | 5,185,000 | 5,955,335 | |
City of Cleveland (Various Municipal Capital Improvements) GO, 5.00% due 12/1/2024 | 1,000,000 | 1,092,570 | |
City of Cleveland GO, | |||
5.00% due 12/1/2026 | 15,000 | 16,368 | |
5.00% due 12/1/2026 (pre-refunded 12/1/2022) | 1,215,000 | 1,340,631 | |
City of Cleveland Income Tax Revenue, 5.00% due 10/1/2033 - 10/1/2035 | 1,450,000 | 1,811,391 | |
Cleveland-Cuyahoga County Port Authority (County Administration Offices), 5.00% due 7/1/2025 | 1,780,000 | 2,147,801 | |
County of Allen (Catholic Health Partners-Mercy Health West Facility), Series A, 5.00% due 5/1/2025 - 5/1/2026 | 8,325,000 | 8,926,490 | |
County of Cuyahoga (Musical Arts Association), 5.00% due 1/1/2030 - 1/1/2039 | 3,170,000 | 3,870,891 | |
County of Hamilton (Cincinnati Children’s Hospital Medical Center), 5.00% due 5/15/2028 - 5/15/2031 | 8,085,000 | 9,261,294 | |
Deerfield Township (Public Street Improvements-Wilkens Blvd.), 5.00% due 12/1/2025 | 840,000 | 843,032 | |
Greene County Vocational School District (School Facilities Construction and Improvement) GO, | |||
b | 5.00% due 12/1/2030 | 625,000 | 817,019 |
5.00% due 12/1/2031 - 12/1/2033 | 1,955,000 | 2,530,563 | |
Lucas County Health Care Facility (Sunset Retirement Community), |
56 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
5.00% due 8/15/2021 | $ 260,000 | $ 268,226 | |
5.125% due 8/15/2025 | 1,350,000 | 1,393,875 | |
Pennsylvania — 8.0% | |||
Allegheny County (Propel Charter School-McKeesport) IDA, | |||
Series C, | |||
5.90% due 8/15/2026 | 605,000 | 606,664 | |
6.375% due 8/15/2035 | 1,130,000 | 1,133,390 | |
Allegheny County Hospital Development Authority (University of Pittsburgh Medical Center), Series A, 5.00% due 7/15/2034 | 1,150,000 | 1,440,099 | |
Bucks County (Waste Management, Inc.) AMT, IDA, Series A-2, 2.75% due 12/1/2022 | 7,000,000 | 7,280,770 | |
City of Philadelphia (Pennsylvania Gas Works), 5.00% due 8/1/2032 - 8/1/2034 | 2,300,000 | 2,682,708 | |
City of Philadelphia (Philadelphia Gas Works), 5.00% due 8/1/2036 - 8/1/2037 | 5,485,000 | 6,503,038 | |
City of Philadelphia (Water and Wastewater System), Series A, 5.00% due 10/1/2029 - 11/1/2038 | 2,100,000 | 2,655,989 | |
City of Pittsburgh (Capital Projects) GO, 5.00% due 9/1/2035 - 9/1/2036 | 1,215,000 | 1,485,399 | |
County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2029 | 3,000,000 | 3,595,320 | |
b | Dallastown Area School District (State Aid Withholding) GO, Series A, 4.00% due 5/1/2021 | 460,000 | 469,812 |
Lancaster County Solid Waste Management Authority (Acquisition of Susquehanna Resource Management Facility), Series A, 5.25% due 12/15/2030 | 3,000,000 | 3,448,620 | |
Monroeville Financing Authority (University of Pittsburgh Medical Center), 5.00% due 2/15/2026 | 3,490,000 | 4,249,110 | |
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 | 6,255,900 | |
c | Pennsylvania Turnpike Commission, Series B, 5.00% due 12/1/2033 - 12/1/2038 | 1,450,000 | 1,876,140 |
Pennsylvania Turnpike Commission (Highway Improvements), | |||
Series A, 5.35% due 12/1/2030 (pre-refunded 12/1/2020) | 1,540,000 | 1,553,059 | |
Series A-1, 5.00% due 12/1/2035 - 12/1/2036 | 1,750,000 | 2,129,183 | |
Series C-2, 5.35% due 12/1/2030 (pre-refunded 12/1/2020) | 2,460,000 | 2,480,861 | |
Philadelphia Authority for Industrial Development (Thomas Jefferson University), Series A, 5.00% due 9/1/2032 - 9/1/2034 | 5,685,000 | 6,785,960 | |
Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2032 - 4/1/2036 | 11,125,000 | 13,235,368 | |
Pittsburgh Water & Sewer Authority (Water and Sewer System; Insured: AGM), | |||
Series A, 5.00% due 9/1/2030 - 9/1/2031 | 8,740,000 | 9,765,312 | |
Series B, 5.00% due 9/1/2031 (pre-refunded 9/1/2023) | 3,665,000 | 4,176,377 | |
Rhode Island — 0.5% | |||
State of Rhode Island and Providence Plantations (Consolidated Capital Development Loan) GO, Series B, 4.00% due 10/15/2023 | 800,000 | 861,408 | |
State of Rhode Island and Providence Plantations (Training School Project) COP, Series B, 5.00% due 10/1/2024 | 3,595,000 | 4,068,749 | |
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 | 2,250,390 | |
South Dakota — 0.4% | |||
South Dakota Health and Educational Facilities Authority (Avera Health), Series A, 5.00% due 7/1/2023 (pre-refunded 7/1/2021) | 1,575,000 | 1,631,621 | |
South Dakota Health and Educational Facilities Authority (Sanford Health), 5.00% due 11/1/2028 - 11/1/2029 | 1,800,000 | 2,155,264 | |
Tennessee — 1.8% | |||
County of Shelby Health, Educational and Housing Facility Board (Methodist Le Bonheur Healthcare), | |||
b | 5.00% due 5/1/2027 | 635,000 | 795,154 |
5.00% due 5/1/2031 - 5/1/2035 | 2,925,000 | 3,526,049 | |
Metropolitan Government of Nashville and Davidson County (Green Projects), Series B, 5.00% due 7/1/2033 - 7/1/2036 | 3,000,000 | 3,734,580 | |
Tennessee Energy Acquisition Corp. (The Gas Project), | |||
Series A, 5.25% due 9/1/2023 | 7,000,000 | 7,882,700 | |
Series C, 5.00% due 2/1/2023 | 2,500,000 | 2,718,600 | |
Texas — 8.6% | |||
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2025 - 2/15/2034 | 9,720,000 | 11,505,210 | |
City of Dallas (Trinity River Corridor Infrastructure) GO, 5.00% due 2/15/2028 | 1,000,000 | 1,147,400 | |
City of Galveston (Galveston Island Convention Center; Insured: AGM), | |||
Series A, 5.00% due 9/1/2021 | 545,000 | 564,533 | |
Series B, 5.00% due 9/1/2024 | 1,115,000 | 1,197,276 | |
City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2027 | 1,175,000 | 1,445,015 | |
City of Houston Airport System Revenue, Series D, 5.00% due 7/1/2030 | 2,000,000 | 2,522,440 | |
City of McAllen (International Toll Bridge; Insured: AGM), Series A, 5.00% due 3/1/2028 - 3/1/2032 | 6,120,000 | 7,418,050 | |
City of San Antonio (Airport System Capital Improvements) AMT, 5.00% due 7/1/2024 - 7/1/2025 | 3,225,000 | 3,461,297 | |
City of San Antonio (Water System), Series A, 5.00% due 5/15/2033 - 5/15/2034 | 3,075,000 | 3,753,015 | |
City of Texas City (ARCO Pipe Line Co. Project) IDC, 7.375% due 10/1/2020 | 2,705,000 | 2,705,514 | |
Dallas Area Rapid Transit, Series A, 5.00% due 12/1/2035 - 12/1/2036 | 7,200,000 | 8,646,696 | |
Dallas County Utility & Reclamation District GO, 5.00% due 2/15/2027 | 1,905,000 | 2,397,709 | |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series A, 5.00% due 12/1/2028 | 3,000,000 | 3,525,630 | |
Harris County Cultural Education Facilities Finance Corp. (TECO Project), 5.00% due 11/15/2028 - 11/15/2033 | 2,225,000 | 2,804,658 | |
Houston Airport System Revenue, Series D, 5.00% due 7/1/2035 | 1,750,000 | 2,135,280 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 57 |
Thornburg Intermediate Municipal Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.), | |||
6.50% due 5/15/2031 (pre-refunded 5/15/2021) | $ 360,000 | $ 374,126 | |
Series S, 6.50% due 5/15/2031 (pre-refunded 5/15/2021) | 415,000 | 431,202 | |
Lower Colorado River Authority, | |||
Series A, | |||
5.00% due 5/15/2026 | 9,415,000 | 10,113,216 | |
5.00% due 5/15/2026 (pre-refunded 5/15/2022) | 55,000 | 59,283 | |
Metropolitan Transit Authority of Harris County, 5.00% due 11/1/2029 - 11/1/2030 | 4,040,000 | 5,255,129 | |
North Texas Tollway Authority (NTTA System), Series A, 5.00% due 1/1/2037 | 1,750,000 | 2,115,242 | |
San Antonio Water System, | |||
5.00% due 5/15/2038 | 2,110,000 | 2,749,035 | |
Series A, 5.00% due 5/15/2037 | 500,000 | 631,185 | |
Series C, 5.00% due 5/15/2032 - 5/15/2033 | 1,590,000 | 2,146,754 | |
State of Texas, 4.00% due 8/26/2021 | 6,715,000 | 6,944,250 | |
Stephen F Austin State University (Financing System), Series A, 5.00% due 10/15/2030 - 10/15/2033 | 1,265,000 | 1,608,477 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2024 - 8/15/2025 | 2,250,000 | 2,617,575 | |
Utah — 0.3% | |||
a | County of Utah (IHC Health Services, Inc. Obligated Group), Series B-1, 5.00% due 5/15/2056 (put 8/1/2022) | 2,500,000 | 2,686,025 |
Virginia — 0.1% | |||
a,b | Halifax County (VirginiaI Electric and Power Co. Poject) IDA, Series A, 0.45% due 12/1/2041 (put 4/1/2022) | 500,000 | 500,040 |
Washington — 3.9% | |||
King County Public Hospital District No. 2 (EvergreenHealth Medical Center) GO, 5.00% due 12/1/2028 - 12/1/2030 | 4,545,000 | 5,264,497 | |
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 | 8,676,339 | |
Skagit County Public Hospital District No. 2 (Island Hospital) GO, 5.00% due 12/1/2027 - 12/1/2028 (pre-refunded 12/1/2022) | 4,640,000 | 5,121,911 | |
State of Washington (Acquisition and Improvements of Real and Personal Property) COP, Series A, 5.00% due 7/1/2030 | 4,415,000 | 5,559,103 | |
State of Washington (Various Purposes) GO, | |||
c | 5.00% due 6/1/2038 | 1,965,000 | 2,517,853 |
Series C, 5.00% due 2/1/2036 - 2/1/2037 | 7,425,000 | 9,527,939 | |
Washington Higher Education Facilities Authority (Seattle Pacific University), 5.00% due 10/1/2038 - 10/1/2040 | 3,340,000 | 4,066,982 | |
Wisconsin — 1.4% | |||
Wisconsin Health & Educational Facilities Authority (ProHealth Care, Inc.), 5.00% due 8/15/2023 - 8/15/2026 | 10,925,000 | 11,352,689 | |
WPPI Energy, Series A, 5.00% due 7/1/2029 - 7/1/2036 | 2,980,000 | 3,780,357 | |
Total Investments — 99.2% (Cost $968,920,494) | $1,039,303,544 | ||
Other Assets Less Liabilities — 0.8% | 8,647,591 | ||
Net Assets — 100.0% | $1,047,951,135 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2020. |
b | Segregated as collateral for a when-issued security. |
c | When-issued security. |
To simplify the listings of securities, abbreviations are used per the table below:
AGC | Insured by Assured Guaranty Corp. |
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 |
CPI | Consumer Price Index |
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 |
IDC | Industrial Development Corp. |
JEA | Jacksonville Electric Authority |
LOC | Letter of Credit |
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 |
58 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Thornburg Strategic Municipal Income Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Municipal Bonds — 99.4% | |||
Alabama — 0.7% | |||
a | Selma (International Paper Co.) IDB, Series A, 2.00% due 11/1/2033 (put 10/1/2024) | $2,025,000 | $ 2,111,002 |
Arizona — 2.6% | |||
a | Arizona (Banner Health Obligated Group; LOC Bank of America N.A.) HFA, Series C, 0.13% due 1/1/2046 (put 10/1/2020) | 1,000,000 | 1,000,000 |
Arizona (Scottsdale Lincoln Hospitals) HFA , 5.00% due 12/1/2031 | 2,500,000 | 2,921,975 | |
a | County of Yavapai, (Waste Management, Inc.) AMT, IDA, 2.80% due 6/1/2027 (put 6/1/2021) | 1,500,000 | 1,521,585 |
Pima County (Providence Day School) IDA, 5.125% due 12/1/2040 | 710,000 | 713,096 | |
Pinal County (Tucson Electric Power Co.) IDA, 4.00% due 9/1/2029 | 1,520,000 | 1,628,710 | |
Arkansas — 0.4% | |||
University of Arkansas Board of Trustees (Fayetteville Campus), Series A, 5.00% due 11/1/2036 | 1,000,000 | 1,158,230 | |
California — 8.2% | |||
ABAG Finance Authority for Nonprofit Corporations (Episcopal Senior Communities), Series A, 5.00% due 7/1/2047 | 1,635,000 | 1,696,885 | |
Benicia (Benicia High School; Insured: AGM) USD GO, Series C, Zero Coupon due 8/1/2026 | 830,000 | 780,208 | |
California (Children’s Hospital Los Angeles) HFFA, | |||
Series A, | |||
5.00% due 11/15/2034 | 420,000 | 451,332 | |
b | 5.00% due 8/15/2036 | 500,000 | 578,015 |
California (Community Program Developmental Disabilities; Insured: California Mtg Insurance) HFFA, 6.25% due 2/1/2026 | 1,500,000 | 1,528,920 | |
a | California Infrastructure and Economic Development Bank (Los Angeles County Museum of Art), Series A, 0.754% (LIBOR 1 Month + 0.65%) due 12/1/2050 (put 2/1/2021) | 1,000,000 | 995,088 |
c | California Pollution Control Financing Authority (Poseidon Resources (Channelside) L.P. Desalination Project) AMT, 5.00% due 11/21/2045 | 1,000,000 | 1,024,630 |
Calipatria (Educational Facilities; Insured: ACA) USD GO, Series B, Zero Coupon due 8/1/2025 | 1,870,000 | 1,590,902 | |
City of Moorpark Mobile Home Park (Villa Del Arroyo), Series A, 6.15% due 5/15/2031 | 1,000,000 | 1,026,740 | |
City of Palm Springs Financing Authority (Downtown Revitalization Project), Series B, 5.25% due 6/1/2027 | 1,620,000 | 1,742,310 | |
County of El Dorado (El Dorado Hills Development-Community Facilities), 5.00% due 9/1/2026 | 625,000 | 681,713 | |
Daly County Housing Development Finance Agency (Franciscan Country Club Mobile Home Park Acquisition), Series A, 5.25% due 12/15/2023 | 650,000 | 651,879 | |
M-S-R Energy Authority, Series A, 6.50% due 11/1/2039 | 1,245,000 | 1,972,130 | |
a | Northern California Energy Authority (Commodity Supply Revenue), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 2,000,000 | 2,230,020 |
Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2035 | 1,000,000 | 1,172,260 | |
Redwood City Redevelopment Agency (Redevelopment Project Area 2; Insured: AMBAC), Zero Coupon due 7/15/2021 | 1,285,000 | 1,280,567 | |
Riverside County Asset Leasing Corp. (Riverside County Hospital; Insured: Natl-Re), Zero Coupon due 6/1/2021 | 535,000 | 533,684 | |
San Francisco City & County Airport Comm-San Francisco International Airport AMT, Series A, 5.00% due 5/1/2038 | 1,000,000 | 1,244,710 | |
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 | 510,915 | |
San Francisco City & County Redevelopment Financing Authority (Redevelopment Project; Insured: Natl-Re), Series D, Zero Coupon due 8/1/2023 | 1,025,000 | 1,008,784 | |
State of California GO, 5.00% due 11/1/2029 | 1,000,000 | 1,342,200 | |
Union Elementary School District (Santa Clara County District Schools; Insured: Natl-Re) GO, Series D, Zero Coupon due 9/1/2027 | 905,000 | 851,125 | |
Colorado — 2.4% | |||
a | City & County of Denver (SPA JP Morgan Chase Bank, N.A.) COP, Series A-3, 0.13% due 12/1/2031 (put 10/1/2020) | 1,245,000 | 1,245,000 |
Crystal Valley Metropolitan District No 2 (REF-SER A; Insured AGM) GO, | |||
Series A | |||
5.00% due 12/1/2025 - 12/1/2030 | 1,410,000 | 1,792,203 | |
b | 5.00% due 12/1/2028 | 400,000 | 512,472 |
Denver Convention Center Hotel Authority, 5.00% due 12/1/2028 | 1,000,000 | 1,082,770 | |
Public Authority for Colorado Energy (Natural Gas Purchase), 6.50% due 11/15/2038 | 260,000 | 410,901 | |
Regional Transportation District (FasTracks Transportation System) COP, Series A, 5.00% due 6/1/2044 | 565,000 | 621,444 | |
Village Metropolitan District (REF) GO, 5.00% due 12/1/2040 | 1,000,000 | 1,025,630 | |
b | Wild Plum Metropolitan District GO, Series A, 5.00% due 12/1/2049 | 595,000 | 577,608 |
Connecticut — 3.3% | |||
City of New Haven (Insured: AGM) GO, Series B, 5.00% due 2/1/2026 - 2/1/2030 | 2,620,000 | 3,225,764 | |
State of Connecticut GO, | |||
Series A, 5.00% due 4/15/2035 | 2,000,000 | 2,465,240 | |
Series E, 5.00% due 9/15/2033 | 1,350,000 | 1,691,320 | |
University of Connecticut (Insured: AGM), Series A, 5.00% due 4/15/2028 | 1,975,000 | 2,536,018 | |
Delaware — 0.3% | |||
Delaware (Nanticoke Memorial Hospital) HFA ETM, 5.00% due 7/1/2021 | 1,000,000 | 1,035,440 | |
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 | 1,302,705 | |
Florida — 5.1% | |||
Broward County (Airport System Improvements) AMT, 5.00% due 10/1/2037 | 1,000,000 | 1,176,710 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 59 |
Thornburg Strategic Municipal Income Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
c | Charlotte County (Town & Country Utilities Projects) IDA, AMT, 5.00% due 10/1/2029 | $ 500,000 | $ 541,025 |
a | County of Manatee (Florida Power & Light Co.), 0.15% due 9/1/2024 (put 10/1/2020) | 2,000,000 | 2,000,000 |
Florida Higher Educational Facilities Financing Authority (Nova Southeastern University), 5.00% due 4/1/2027 (pre-refunded 4/1/2022) | 1,000,000 | 1,072,160 | |
a | Gainesville Utilities System Revenue (SPA Barclays Bank plc), Series C-REMK 05/20/20 0.11% due 10/1/2026 (put 10/1/2020) | 2,090,000 | 2,090,000 |
a | JEA Water & Sewer System Revenue (SPA U.S. Bank, N.A.), Series A-1, 0.10% due 10/1/2038 (put 10/1/2020) | 2,385,000 | 2,385,000 |
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 | 1,381,688 | |
Miami-Dade County School Board (District School Facilities and Infrastructure) COP, Series A, 5.00% due 8/1/2027 | 1,100,000 | 1,188,231 | |
Orange County (Tourist Development), Series A, 5.00% due 10/1/2031 | 1,000,000 | 1,173,440 | |
a | Sarasota County Public Hospital Board (Sarasota Memorial Hospital; Insured: Natl-Re), Series A, 3.006% (CPI + 2.05%) due 10/1/2021 | 675,000 | 689,628 |
Tampa Sports Authority (Tampa Bay Arena; Insured: Natl-Re), 5.75% due 10/1/2020 | 110,000 | 110,014 | |
Volusia County Educational Facilities Authority (Embry-Riddle Aeronautical University, Inc.), Series B, 5.00% due 10/15/2030 | 1,500,000 | 1,739,805 | |
Georgia — 1.8% | |||
Main Street Natural Gas, Inc., Series A, 5.00% due 5/15/2037 | 2,640,000 | 3,586,942 | |
Main Street Natural Gas, Inc. (Georgia Gas), Series A, 5.50% due 9/15/2023 | 350,000 | 391,660 | |
Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2039 | 1,225,000 | 1,518,767 | |
Guam — 0.7% | |||
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2027 | 1,000,000 | 1,075,560 | |
Guam Waterworks Authority (Water and Wastewater System), | |||
5.00% due 7/1/2028 | 500,000 | 550,095 | |
5.25% due 7/1/2024 | 500,000 | 554,650 | |
Illinois — 14.8% | |||
Chicago Midway International Airport (AMT), Series A, 5.00% due 1/1/2030 | 1,500,000 | 1,655,085 | |
Chicago Park District (Various Capital Projects) GO, Series A, 5.00% due 1/1/2035 | 2,000,000 | 2,154,900 | |
Chicago Park District GO, Series A, 5.00% due 1/1/2027 | 825,000 | 961,356 | |
City of Chicago, 5.00% due 1/1/2022 | 1,195,000 | 1,208,025 | |
City of Chicago (Chicago O’Hare International Airport), Series C, 5.00% due 1/1/2031 | 500,000 | 595,670 | |
City of Chicago (Riverwalk Expansion Project; Insured: AGM), 5.00% due 1/1/2031 | 500,000 | 551,110 | |
City of Chicago (Wastewater Transmission System), Series C, 5.00% due 1/1/2030 | 1,500,000 | 1,715,910 | |
City of Chicago (Water System Improvements), 5.00% due 11/1/2029 | 200,000 | 216,540 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2037 | 1,500,000 | 1,770,900 | |
City of Chicago GO, | |||
Series A, | |||
5.00% due 1/1/2039 | 1,000,000 | 1,023,220 | |
5.625% due 1/1/2031 | 500,000 | 541,430 | |
6.00% due 1/1/2038 | 2,330,000 | 2,540,329 | |
Cook County GO, Series A, 5.25% due 11/15/2033 | 1,000,000 | 1,004,700 | |
Illinois Finance Authority (Advocate Health Care Network), 5.00% due 8/1/2029 | 2,195,000 | 2,491,830 | |
a | Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group; SPA JP Morgan Chase Bank, N.A.), Series A-3, 0.13% due 8/15/2042 (put 10/1/2020) | 3,100,000 | 3,100,000 |
a | Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group; SPA U.S. Bank, N.A.), Series A-2, 0.10% due 8/15/2042 (put 10/1/2020) | 600,000 | 600,000 |
Illinois Finance Authority (Silver Cross Hospital & Medical Centers), 5.00% due 8/15/2035 | 2,355,000 | 2,692,683 | |
Illinois Finance Authority (Southern Illinois Healthcare), 5.00% due 3/1/2032 - 3/1/2034 | 700,000 | 845,826 | |
Illinois State University (Insured: AGM), Series A, 5.00% due 4/1/2021 - 4/1/2036 | 1,915,000 | 2,246,646 | |
Illinois Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | 1,000,000 | 1,166,240 | |
Kane, Cook, & DuPage Counties School District No. 46 GO, | |||
Series A, 5.00% due 1/1/2031 | 2,255,000 | 2,559,222 | |
Series D, 5.00% due 1/1/2028 | 1,000,000 | 1,140,590 | |
Metropolitan Water Reclamation District of Greater Chicago (Various Capital Improvement Projects) GO, Series C, 5.25% due 12/1/2032 | 40,000 | 56,305 | |
Regional Transportation Authority (Insured: AGM), Series A, 5.75% due 6/1/2034 | 1,100,000 | 1,522,400 | |
Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2029 | 1,000,000 | 1,208,480 | |
State of Illinois, Series B, 5.00% due 6/15/2032 - 6/15/2035 | 4,500,000 | 5,047,700 | |
State of Illinois GO, | |||
5.50% due 5/1/2039 | 375,000 | 414,983 | |
Series D, 5.00% due 11/1/2028 | 3,000,000 | 3,261,750 | |
Will County School District No. 114 (Educational Facilities; Insured: Natl-Re) GO, Series C, Zero Coupon due 12/1/2023 | 570,000 | 557,278 | |
Indiana — 1.1% | |||
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 | 1,018,070 | |
a | City of Whiting AMT, 5.00% due 12/1/2044 (put 6/5/2026) | 1,000,000 | 1,210,390 |
Indiana Finance Authority (Marian University), 6.375% due 9/15/2041 (pre-refunded 9/15/2021) | 1,000,000 | 1,058,840 | |
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 | 2,318,180 | |
Kentucky — 2.7% |
60 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Kentucky Economic (Norton Healthcare, Inc.; Insured: Natl-Re) DFA, Series B, Zero Coupon due 10/1/2021 - 10/1/2022 | $3,365,000 | $ 3,289,009 | |
Kentucky Higher Education Student Loan Corp. AMT, Series A-1, 5.00% due 6/1/2029 | 500,000 | 596,880 | |
a | Kentucky Public Energy Authority, Series A, 4.00% due 4/1/2048 (put 4/1/2024) | 4,000,000 | 4,411,120 |
Louisiana — 2.2% | |||
City of New Orleans (Water System Facilities Improvement), 5.00% due 12/1/2034 | 400,000 | 460,696 | |
Louisiana Energy and Power Authority (LEPA Unit No. 1; Insured: AGM), Series A, 5.25% due 6/1/2038 | 2,250,000 | 2,492,460 | |
New Orleans Aviation Board (Louis Armstrong New Orleans International Airport CFC Revenue; Insured: AGM), 5.00% due 1/1/2029 | 700,000 | 866,635 | |
a | Parish of St. Charles (Valero Energy Corp. Refinery), 4.00% due 12/1/2040 (put 6/1/2022) | 2,750,000 | 2,891,570 |
Maine — 0.4% | |||
Maine State Housing Authority AMT, Series C-1, 3.00% due 11/15/2023 | 1,000,000 | 1,060,700 | |
Massachusetts — 0.2% | |||
Massachusetts Development Finance Agency (Jordan Hospital and Milton Hospital), Series H-1, 5.00% due 7/1/2032 - 7/1/2033 | 555,000 | 645,218 | |
Massachusetts Educational Financing Authority (MEFA Loan Program), Series I, 6.00% due 1/1/2028 | 60,000 | 60,070 | |
Michigan — 5.5% | |||
Board of Governors of Wayne State University (Educational Facilities and Equipment), Series A, 5.00% due 11/15/2033 | 1,250,000 | 1,457,362 | |
City of Detroit GO, 5.00% due 4/1/2023 - 4/1/2024 | 900,000 | 939,454 | |
City of Troy (Downtown Development Authority-Community Center Facilities) GO, 5.25% due 11/1/2032 | 1,025,000 | 1,077,839 | |
County of Genesee (Water Supply System; Insured: BAM) GO, 5.375% due 11/1/2038 | 1,000,000 | 1,105,080 | |
Detroit City School District (School Building & Site; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1,000,000 | 1,274,880 | |
Detroit City School District (School Building & Site; Insured: Q-SBLF) GO, Series A, 5.00% due 5/1/2025 | 1,000,000 | 1,067,160 | |
Detroit Downtown Development Authority (Catalyst Development Project; Insured: AGM), Series A, 5.00% due 7/1/2024 | 850,000 | 979,897 | |
Kalamazoo Hospital Finance Authority (Bronson Methodist Hospital), | |||
5.25% due 5/15/2041 | 140,000 | 143,433 | |
5.25% due 5/15/2041 (pre-refunded 5/15/2021) | 860,000 | 887,150 | |
Livonia Public School District (School Building & Site; Insured: AGM) GO, Series I, 5.00% due 5/1/2036 | 225,000 | 247,478 | |
Michigan Finance Authority (State Dept. of Human Services Office Buildings), Series F, 5.00% due 4/1/2031 | 1,000,000 | 1,045,550 | |
Michigan Finance Authority (Trinity Health Corp. Obligated Group), 5.00% due 12/1/2027 | 165,000 | 208,474 | |
Michigan Public School Academy (Will Carleton Charter School), 8.00% due 8/1/2035 | 890,000 | 892,732 | |
Michigan State Housing Development Authority, Series B, 2.95% due 12/1/2039 | 2,000,000 | 2,098,560 | |
Michigan Strategic Fund (Detroit Edison Company; Insured: Natl-IBC, AMBAC), 7.00% due 5/1/2021 | 250,000 | 259,418 | |
Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport), | |||
Series B, | |||
5.00% due 12/1/2031 - 12/1/2034 | 1,790,000 | 2,063,888 | |
b | 5.00% due 12/1/2033 | 825,000 | 951,134 |
Minnesota — 0.7% | |||
Minnesota Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), Series F, 2.55% due 7/1/2039 | 2,215,000 | 2,245,102 | |
Nebraska — 1.3% | |||
a | Central Plains Energy Project, 5.00% due 3/1/2050 (put 1/1/2024) | 1,650,000 | 1,870,753 |
Douglas County Health Facilities (Nebraska Methodist Health System), 5.00% due 11/1/2029 - 11/1/2030 | 1,750,000 | 2,078,942 | |
Nevada — 1.5% | |||
Carson City (Carson Tahoe Regional Healthcare), 5.00% due 9/1/2037 | 1,000,000 | 1,171,680 | |
City of Las Vegas Special Improvement District No. 814 (Summerlin Vlg 21 & 24A), 4.00% due 6/1/2039 - 6/1/2044 | 1,100,000 | 1,086,048 | |
Clark County School District (Insured: AGM), GO, Series B, 5.00% due 6/15/2031 | 1,650,000 | 2,121,537 | |
New Jersey — 5.6% | |||
New Jersey (New Jersey Transit Corp.) EDA, 5.00% due 11/1/2033 | 500,000 | 583,980 | |
New Jersey (School Facilities Construction) EDA, 5.00% due 3/1/2026 - 6/15/2038 | 2,680,000 | 2,995,735 | |
New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N-1, 5.50% due 9/1/2027 | 1,000,000 | 1,223,640 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), | |||
Series A-1, | |||
a | 1.32% (MUNIPSA + 1.20%) due 6/15/2034 (put 12/15/2021) | 1,000,000 | 1,010,417 |
5.00% due 6/15/2027 | 3,000,000 | 3,505,080 | |
New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), 5.00% due 6/15/2038 | 1,500,000 | 1,722,285 | |
New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 6/15/2024 - 12/15/2039 | 5,050,000 | 5,822,839 | |
New Mexico — 4.7% | |||
City of Farmington (Arizona Public Service Co.-Four Corners Project), Series B, 4.70% due 9/1/2024 | 1,000,000 | 1,003,350 | |
City of Farmington (Public Service Co. of New Mexico), | |||
a | Series B, 1.875% due 4/1/2033 (put 10/1/2021) | 1,500,000 | 1,515,180 |
a | Series D, 1.10% due 6/1/2040 (put 6/1/2023) | 1,000,000 | 1,005,440 |
City of Santa Fe (El Castillo Retirement Project), Series A, 5.00% due 5/15/2044 | 950,000 | 1,002,497 | |
City of Santa Fe (El Castillo Retirement Residences), 5.00% due 5/15/2034 | 1,465,000 | 1,489,773 | |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), 5.00% due 7/1/2032 | 2,525,000 | 2,587,570 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 61 |
Thornburg Strategic Municipal Income Fund | September 30, 2020
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Series A, 5.00% due 8/1/2039 | $1,000,000 | $ 1,234,400 | |
New Mexico Mortgage Finance Authority (Collateralized: GNMA, FNMA, FHLMC), | |||
Series F, | |||
2.85% due 7/1/2039 | 985,000 | 1,047,498 | |
3.50% due 7/1/2050 | 1,975,000 | 2,173,626 | |
a | New Mexico Municipal Energy Acquisition Authority, Series A, 5.00% due 11/1/2039 (put 5/1/2025) | 1,000,000 | 1,192,680 |
New York — 9.3% | |||
City Of Elmira GO, 4.00% due 5/27/2021 | 790,000 | 794,321 | |
City of New York (City Budget Financial Management) GO, | |||
Series G, 5.00% due 8/1/2023 | 3,000,000 | 3,388,290 | |
Series J, 5.00% due 8/1/2031 | 1,500,000 | 1,740,390 | |
a | City of New York (SPA JP Morgan Chase Bank, N.A.) GO, Series F-6, 0.13% due 6/1/2044 (put 10/1/2020) | 1,000,000 | 1,000,000 |
Metropolitan Transportation Authority (Transit and Commuter System), Series B-1, 5.00% due 5/15/2022 | 2,000,000 | 2,058,040 | |
Nassau County GO, Series C, 4.00% due 3/15/2021 | 1,550,000 | 1,576,288 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.00% due 5/1/2033 | 1,000,000 | 1,322,660 | |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA Mizuho Bank, Ltd.), Series A-4, 0.13% due 8/1/2043 (put 10/1/2020) | 540,000 | 540,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA State Street Bank and Trust Co.), Series A-6, 0.12% due 8/1/2039 (put 10/1/2020) | 2,000,000 | 2,000,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA U.S. Bank, N.A.), Series A-5, 0.12% due 8/1/2039 (put 10/1/2020) | 1,890,000 | 1,890,000 |
a | New York City Water & Sewer System (LOC Citibank, N.A.), Series F, 0.12% due 6/15/2035 (put 10/1/2020) | 1,500,000 | 1,500,000 |
a | New York City Water & Sewer System (SPA Landesbank Hessen-Thuringen), Series BB-1, 0.13% due 6/15/2039 (put 10/1/2020) | 1,500,000 | 1,500,000 |
a | New York City Water & Sewer System (SPA Mizuho Bank, Ltd.), Seiries A-1, 0.12% due 6/15/2044 (put 10/1/2020) | 600,000 | 600,000 |
a | New York City Water & Sewer System (SPA U.S. Bank N.A.), Series 3A, 0.12% due 6/15/2043 (put 10/1/2020) | 500,000 | 500,000 |
a | New York City Water & Sewer System (SPA U.S. Bank, N.A.), Series B-1, 0.12% due 6/15/2045 (put 10/1/2020) | 700,000 | 700,000 |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), Series D, 4.00% due 2/15/2040 | 1,000,000 | 1,155,730 | |
a | New York State Housing Finance Agency (160 Madison Ave, LLC; LOC Landesbank Hessen-Thuringen), Series A, 0.14% due 11/1/2046 (put 10/1/2020) | 5,215,000 | 5,215,000 |
Town of Oyster Bay (Insured: BAM) GO, Series B, 5.00% due 8/15/2021 | 500,000 | 520,320 | |
North Carolina — 1.5% | |||
a | Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group; SPA JP Morgan Chase Bank, N.A.), Series C, 0.13% due 1/15/2037 (put 10/1/2020) | 625,000 | 625,000 |
North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2029 | 1,500,000 | 1,785,150 | |
North Carolina Turnpike Authority, 5.00% due 1/1/2029 - 1/1/2030 | 1,000,000 | 1,235,945 | |
a | University of North Carolina at Chapel Hill, Series A, 0.454% (LIBOR 1 Month + 0.35%) due 12/1/2041 (put 12/1/2021) | 1,000,000 | 1,000,177 |
Ohio — 1.5% | |||
Akron, Bath and Copley Joint Hospital District (Summa Health), 5.25% due 11/15/2030 | 1,420,000 | 1,698,149 | |
d | Akron, Bath Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.00% due 11/15/2030 - 11/15/2032 | 1,000,000 | 1,261,568 |
City of Akron (Community Learning Centers), Series A, 5.00% due 12/1/2031 | 625,000 | 669,844 | |
Cleveland-Cuyahoga County Port Authority (Flats East Development Project; LOC Fifth Third Bank), Series B, 7.00% due 5/15/2040 | 885,000 | 890,717 | |
Pennsylvania — 6.5% | |||
Allegheny County (Propel Charter School) IDA, Series A, 6.75% due 8/15/2035 | 845,000 | 847,797 | |
Bucks County (Waste Management, Inc.) AMT, IDA, Series A-2, 2.75% due 12/1/2022 | 4,000,000 | 4,160,440 | |
Coatesville Area School District (Insured: AGM) (State Aid Withholding) GO, 5.00% due 8/1/2024 - 8/1/2025 | 1,475,000 | 1,728,716 | |
Commonwealth Financing Authority, 5.00% due 6/1/2029 | 1,000,000 | 1,278,190 | |
County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2029 | 1,000,000 | 1,198,440 | |
Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group), 5.00% due 9/1/2033 | 700,000 | 873,740 | |
d | Pennsylvania Turnpike Commission, Series B, 5.00% due 12/1/2036 | 350,000 | 451,626 |
Pennsylvania Turnpike Commission (Highway Improvements), | |||
Series A, 5.35% due 12/1/2030 (pre-refunded 12/1/2020) | 770,000 | 776,530 | |
Series A-1, 5.00% due 12/1/2037 | 750,000 | 907,282 | |
Series C-2, 5.35% due 12/1/2030 (pre-refunded 12/1/2020) | 1,230,000 | 1,240,431 | |
Philadelphia (Philadelphia) IDA, 5.00% due 5/1/2024 | 1,000,000 | 1,141,350 | |
Philadelphia (Thomas Jefferson University) IDA, Series A, 5.00% due 9/1/2035 | 1,500,000 | 1,769,535 | |
Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2038 | 1,360,000 | 1,600,489 | |
Pittsburgh Water & Sewer Authority (Insured: AGM), Series B, 5.00% due 9/1/2033 | 1,000,000 | 1,431,830 | |
School District of Philadelphia (State Aid Witholding) GO, Series A, 5.00% due 9/1/2038 | 100,000 | 120,283 | |
Rhode Island — 0.2% | |||
Pawtucket Housing Authority, 5.50% due 9/1/2022 - 9/1/2024 | 475,000 | 491,119 | |
South Dakota — 0.1% | |||
South Dakota Health & Educational Facilities Authority (Avera Health), Series A, 5.00% due 7/1/2027 (pre-refunded 7/1/2021) | 400,000 | 414,380 | |
Tennessee — 0.6% |
62 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Shelby County Health, Educational and Housing Facility (Methodist Le Bonheur Healthcare), 5.00% due 5/1/2036 | $1,000,000 | $ 1,190,850 | |
b | Tennessee Energy Acquisition Corp. (The Gas Project), Series A, 5.25% due 9/1/2024 | 500,000 | 582,720 |
Texas — 5.9% | |||
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2031 | 1,930,000 | 2,277,844 | |
City of Houston (Combined Utility System), Series D, 5.00% due 11/15/2028 | 2,500,000 | 2,961,525 | |
City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2032 | 2,500,000 | 3,029,000 | |
City of Texas City (ARCO Pipe Line Co. Project) IDC, 7.375% due 10/1/2020 | 1,165,000 | 1,165,221 | |
Lower Colorado River Authority, | |||
Series A, | |||
5.00% due 5/15/2026 | 2,980,000 | 3,200,997 | |
5.00% due 5/15/2026 (pre-refunded 5/15/2022) | 20,000 | 21,557 | |
North Texas Tollway Authority (NTTA System), Series A, 5.00% due 1/1/2034 | 750,000 | 1,064,655 | |
San Antonio Energy Acquisition Public Facilities Corp. (Natural Gas Supply Agreement), 5.50% due 8/1/2021 | 40,000 | 41,496 | |
State of Texas, 4.00% due 8/26/2021 | 2,665,000 | 2,755,983 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2034 | 1,250,000 | 1,425,913 | |
U. S. Virgin Islands — 0.7% | |||
Virgin Islands Public Finance Authority GO, Series C, 5.00% due 10/1/2021 | 2,000,000 | 1,996,740 | |
Utah — 1.0% | |||
a | City of Murray (IHC Health Services, Inc. Obligated Group; SPA Barclays Bank plc), Series C, 0.13% due 5/15/2037 (put 10/1/2020) | 950,000 | 950,000 |
Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2039 | 700,000 | 861,784 | |
Utah Transit Authority (Integrated Mass Transit System), Series A, 5.00% due 6/15/2033 (pre-refunded 6/15/2025) | 1,000,000 | 1,220,280 | |
Virginia — 0.2% | |||
a | Halifax County (VirginiaI Electric and Power Co. Poject) IDA, Series A, 0.45% due 12/1/2041 (put 4/1/2022) | 500,000 | 500,040 |
Washington — 2.2% | |||
Port of Seattle AMT, 5.00% due 4/1/2039 | 1,705,000 | 2,052,564 | |
d | State of Washington (Various Purposes) GO, 5.00% due 6/1/2038 | 1,000,000 | 1,281,350 |
Washington Health Care Facilities Authority (Catholic Health Initiatives), Series A, 5.75% due 1/1/2045 | 2,000,000 | 2,237,040 | |
c | Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group), 5.00% due 1/1/2044 | 1,000,000 | 1,014,380 |
West Virginia — 0.5% | |||
a | West Virginia (Appalachian Power Co.) EDA, Series B, 2.625% due 12/1/2042 (put 6/1/2022) | 1,500,000 | 1,545,660 |
Wisconsin — 1.8% | |||
c | Public Finance Authority (Alabama Proton Therapy Center), 6.25% due 10/1/2031 | 1,000,000 | 1,044,650 |
d | Public Finance Authority (Renown Regional Medical Center), 5.00% due 6/1/2036 | 650,000 | 815,386 |
a,b | Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group), Series B-4, 5.00% due 8/15/2054 (put 1/29/2025) | 1,250,000 | 1,482,175 |
Wisconsin Housing (Collateralized: FNMA) EDA, Series C, 2.75% due 9/1/2039 | 2,000,000 | 2,063,080 | |
Total Investments — 99.4% (Cost $282,758,952) | $300,702,649 | ||
Other Assets Less Liabilities — 0.6% | 1,911,408 | ||
Net Assets — 100.0% | $302,614,057 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2020. |
b | Segregated as collateral for a when-issued security. |
c | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2020, the aggregate value of these securities in the Fund’s portfolio was $3,624,685, representing 1.20% of the Fund’s net assets. |
d | When-issued security. |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 63 |
Thornburg Strategic Municipal Income Fund | September 30, 2020
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 Assured Guaranty Corp. |
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 |
CPI | Consumer Price Index |
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 |
IDB | Industrial Development Board |
IDC | Industrial Development Corp. |
JEA | Jacksonville Electric 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 |
64 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
September 30, 2020
THORNBURG SHORT DURATION MUNICIPAL FUND | THORNBURG LIMITED TERM MUNICIPAL FUND | THORNBURG CALIFORNIA LIMITED TERM MUNICIPAL FUND | THORNBURG NEW MEXICO INTERMEDIATE MUNICIPAL FUND | |
ASSETS | ||||
Investment in securities, at cost | $ 154,009,616 | $ 5,465,871,552 | $ 552,759,409 | $ 147,872,074 |
Investments at value | 155,473,360 | 5,704,461,468 | 573,339,292 | 156,293,836 |
Cash | 369,513 | 102,174 | 262,016 | 3,913,929 |
Receivable for investments sold | 2,800,000 | 4,680,902 | 11,520,000 | 5,044 |
Receivable for fund shares sold | 30,600 | 20,833,921 | 421,188 | 5,244 |
Principal and interest receivable | 1,042,110 | 57,335,288 | 5,058,566 | 1,878,649 |
Prepaid expenses and other assets | 141,585 | 387,831 | 27,324 | 18,439 |
Total Assets | 159,857,168 | 5,787,801,584 | 590,628,386 | 162,115,141 |
Liabilities | ||||
Payable for investments purchased | 2,594,523 | 38,075,683 | 13,085,516 | 724,383 |
Payable for fund shares redeemed | 11,349 | 5,735,635 | 479,664 | 553,917 |
Payable to investment advisor and other affiliates | 29,506 | 2,007,191 | 205,321 | 101,049 |
Accounts payable and accrued expenses | 99,981 | 889,047 | 118,001 | 69,291 |
Dividends payable | 1,982 | 621,938 | 100,463 | 13,352 |
Total Liabilities | 2,737,341 | 47,329,494 | 13,988,965 | 1,461,992 |
Net Assets | $ 157,119,827 | $ 5,740,472,090 | $ 576,639,421 | $ 160,653,149 |
NET ASSETS CONSIST OF | ||||
Net capital paid in on shares of beneficial interest | $ 157,863,990 | $ 5,540,854,056 | $ 560,904,410 | $ 153,552,967 |
Distributable earnings (accumulated loss) | (744,163) | 199,618,034 | 15,735,011 | 7,100,182 |
Net Assets | $ 157,119,827 | $ 5,740,472,090 | $ 576,639,421 | $ 160,653,149 |
NET ASSET VALUE | ||||
Class A Shares: | ||||
Net assets applicable to shares outstanding | $ 24,580,571 | $ 942,857,256 | $ 109,101,874 | $ 80,462,916 |
Shares outstanding | 1,987,642 | 64,412,816 | 7,904,634 | 5,968,930 |
Net asset value and redemption price per share | $ 12.37 | $ 14.64 | $ 13.80 | $ 13.48 |
Maximum offering price per share (net asset value, plus 2.25% of offering price) | $ 12.65 * | $ 14.98 * | $ 14.12 * | $ 13.76 ** |
Class C Shares: | ||||
Net assets applicable to shares outstanding | - | 231,225,923 | 17,573,027 | - |
Shares outstanding | - | 15,768,118 | 1,272,078 | - |
Net asset value and redemption price per share*** | - | 14.66 | 13.81 | - |
Class D Shares: | ||||
Net assets applicable to shares outstanding | - | - | - | 14,474,958 |
Shares outstanding | - | - | - | 1,073,275 |
Net asset value and redemption price per share | - | - | - | 13.49 |
September 30, 2020
THORNBURG SHORT DURATION MUNICIPAL FUND | THORNBURG LIMITED TERM MUNICIPAL FUND | THORNBURG CALIFORNIA LIMITED TERM MUNICIPAL FUND | THORNBURG NEW MEXICO INTERMEDIATE MUNICIPAL FUND | |
Class I Shares: | ||||
Net assets applicable to shares outstanding | $ 132,539,256 | $ 4,566,388,911 | $ 449,964,520 | $ 65,715,275 |
Shares outstanding | 10,725,157 | 311,922,687 | 32,568,146 | 4,876,957 |
Net asset value and redemption price per share | 12.36 | 14.64 | 13.82 | 13.47 |
* | The sales load was 1.50% from October 1, 2019 thru September 29, 2020 and was changed to the current rate on September 30, 2020. |
** | Net asset value, plus 2.00% of offering price. |
*** | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
September 30, 2020
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | THORNBURG STRATEGIC MUNICIPAL INCOME FUND | |
ASSETS | |||
Investment in securities, at cost | $ 45,422,292 | $ 968,920,494 | $ 282,758,952 |
Investments at value | 47,888,340 | 1,039,303,544 | 300,702,649 |
Cash | 247,009 | 2,092,562 | 1,903,020 |
Receivable for investments sold | - | 2,966,470 | 696,458 |
Receivable for fund shares sold | 4,231 | 897,567 | 607,260 |
Principal and interest receivable | 633,350 | 12,206,358 | 3,106,286 |
Prepaid expenses and other assets | 16,194 | 123,266 | 51,751 |
Total Assets | 48,789,124 | 1,057,589,767 | 307,067,424 |
Liabilities | |||
Payable for investments purchased | 328,045 | 7,545,894 | 3,717,087 |
Payable for fund shares redeemed | 46,549 | 1,182,159 | 499,643 |
Payable to investment advisor and other affiliates | 19,301 | 460,951 | 118,864 |
Accounts payable and accrued expenses | 62,963 | 207,373 | 103,469 |
Dividends payable | 14,998 | 242,255 | 14,304 |
Total Liabilities | 471,856 | 9,638,632 | 4,453,367 |
Net Assets | $ 48,317,268 | $ 1,047,951,135 | $ 302,614,057 |
NET ASSETS CONSIST OF | |||
Net capital paid in on shares of beneficial interest | $ 46,262,516 | $ 987,733,637 | $ 286,630,667 |
Distributable earnings | 2,054,752 | 60,217,498 | 15,983,390 |
Net Assets | $ 48,317,268 | $ 1,047,951,135 | $ 302,614,057 |
NET ASSET VALUE | |||
Class A Shares: | |||
Net assets applicable to shares outstanding | $ 27,119,673 | $ 326,769,991 | $ 61,536,570 |
Shares outstanding | 2,093,208 | 22,739,462 | 4,015,238 |
Net asset value and redemption price per share | $ 12.96 | $ 14.37 | $ 15.33 |
Maximum offering price per share (net asset value, plus 2.00% of offering price) | $ 13.22 | $ 14.66 | $ 15.64 |
Class C Shares: | |||
Net assets applicable to shares outstanding | - | 52,996,105 | 15,591,383 |
Shares outstanding | - | 3,683,565 | 1,016,317 |
Net asset value and redemption price per share* | - | 14.39 | 15.34 |
Class I Shares: | |||
Net assets applicable to shares outstanding | 21,197,595 | 668,185,039 | 225,486,104 |
Shares outstanding | 1,635,974 | 46,555,840 | 14,699,891 |
Net asset value and redemption price per share | 12.96 | 14.35 | 15.34 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Year Ended September 30, 2020
THORNBURG SHORT DURATION MUNICIPAL FUND | THORNBURG LIMITED TERM MUNICIPAL FUND | THORNBURG CALIFORNIA LIMITED TERM MUNICIPAL FUND | THORNBURG NEW MEXICO INTERMEDIATE MUNICIPAL FUND | |
INVESTMENT INCOME | ||||
Interest income | $ 3,151,837 | $ 132,891,251 | $ 11,166,245 | $ 4,491,101 |
EXPENSES | ||||
Investment management fees | 710,076 | 15,606,434 | 2,610,890 | 800,151 |
Administration fees | 157,053 | 5,064,239 | 466,837 | 141,855 |
Distribution and service fees | ||||
Class A Shares | 39,822 | 2,261,034 | 272,829 | 204,129 |
Class C Shares | ��� - | 1,410,218 | 120,998 | - |
Class D Shares | - | - | - | 75,431 |
Transfer agent fees | ||||
Class A Shares | 33,394 | 506,477 | 45,476 | 45,902 |
Class C Shares | - | 147,062 | 13,054 | - |
Class D Shares | - | - | - | 9,621 |
Class I Shares | 120,214 | 3,368,153 | 263,945 | 22,105 |
Registration and filing fees | ||||
Class A Shares | 17,740 | 28,017 | 7,429 | 5,322 |
Class C Shares | - | 20,286 | 5,790 | - |
Class D Shares | - | - | - | 4,677 |
Class I Shares | 17,250 | 91,233 | 10,311 | 5,447 |
Custodian fees | 50,894 | 358,876 | 77,576 | 48,739 |
Professional fees | 47,138 | 134,272 | 49,993 | 45,521 |
Trustee and officer fees | 14,920 | 402,902 | 35,745 | 11,215 |
Other expenses | 18,879 | 349,322 | 36,504 | 19,386 |
Total Expenses | 1,227,380 | 29,748,525 | 4,017,377 | 1,439,501 |
Less: | ||||
Expenses reimbursed | (299,963) | - | (731,936) | (28,751) |
Net Expenses | 927,417 | 29,748,525 | 3,285,441 | 1,410,750 |
Net Investment Income (Loss) | $ 2,224,420 | $ 103,142,726 | $ 7,880,804 | $ 3,080,351 |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) | (1,987,126) | (5,351,683) | (270,846) | (354,507) |
Net change in unrealized appreciation (depreciation) | 34,198 | 67,365,942 | 3,553,135 | 1,819,177 |
Net Realized and Unrealized Gain (Loss) | (1,952,928) | 62,014,259 | 3,282,289 | 1,464,670 |
Change in Net Assets Resulting from Operations | $ 271,492 | $ 165,156,985 | $ 11,163,093 | $ 4,545,021 |
Year Ended September 30, 2020
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | THORNBURG STRATEGIC MUNICIPAL INCOME FUND | |
INVESTMENT INCOME | |||
Interest income | $ 1,452,421 | $ 34,665,616 | $ 10,009,477 |
EXPENSES | |||
Investment management fees | 241,856 | 5,007,162 | 2,248,441 |
Administration fees | 42,881 | 943,196 | 265,698 |
Distribution and service fees | |||
Class A Shares | 67,704 | 783,683 | 147,033 |
Class C Shares | - | 404,353 | 109,725 |
Transfer agent fees | |||
Class A Shares | 19,646 | 180,200 | 53,011 |
Class C Shares | - | 43,268 | 12,180 |
Class I Shares | 17,699 | 408,260 | 187,060 |
Registration and filing fees | |||
Class A Shares | 7,649 | 21,469 | 15,314 |
Class C Shares | - | 16,656 | 15,111 |
Class I Shares | 6,692 | 28,240 | 17,315 |
Custodian fees | 37,904 | 105,553 | 63,968 |
Professional fees | 43,296 | 57,454 | 53,411 |
Trustee and officer fees | 3,325 | 74,122 | 20,954 |
Other expenses | 14,200 | 86,945 | 32,924 |
Total Expenses | 502,852 | 8,160,561 | 3,242,145 |
Less: | |||
Expenses reimbursed | (75,775) | (972,635) | (568,432) |
Investment management fees waived | (16,328) | - | (455,567) |
Net Expenses | 410,749 | 7,187,926 | 2,218,146 |
Net Investment Income (Loss) | $ 1,041,672 | $ 27,477,690 | $ 7,791,331 |
REALIZED AND UNREALIZED GAIN (LOSS) | |||
Net realized gain (loss) | 128,345 | (604,721) | (1,091,775) |
Net change in unrealized appreciation (depreciation) | (237,988) | 730,702 | 523,541 |
Net Realized and Unrealized Gain (Loss) | (109,643) | 125,981 | (568,234) |
Change in Net Assets Resulting from Operations | $ 932,029 | $ 27,603,671 | $ 7,223,097 |
THORNBURG SHORT DURATION MUNICIPAL FUND | THORNBURG LIMITED TERM MUNICIPAL FUND | |||
Year Ended September 30, 2020 | Year Ended September 30, 2019 | Year Ended September 30, 2020 | Year Ended September 30, 2019 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 2,224,420 | $ 3,215,935 | $ 103,142,726 | $ 122,156,025 |
Net realized gain (loss) | (1,987,126) | (169,603) | (5,351,683) | (11,356,119) |
Net change in unrealized appreciation (depreciation) | 34,198 | 1,829,461 | 67,365,942 | 165,364,756 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 271,492 | 4,875,793 | 165,156,985 | 276,164,662 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (207,150) | (262,793) | (14,780,175) | (17,773,721) |
Class C Shares | - | - | (3,922,727) | (6,148,179) |
Class I Shares | (2,016,586) | (2,953,142) | (84,517,925) | (98,235,022) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 7,613,606 | (2,770,805) | 16,555,890 | (146,463,605) |
Class C Shares | - | - | (97,283,343) | (135,672,142) |
Class I Shares | (89,783,308) | 60,596,807 | (375,430,005) | (315,109,295) |
Net Increase (Decrease) in Net Assets | (84,121,946) | 59,485,860 | (394,221,300) | (443,237,302) |
NET ASSETS | ||||
Beginning of Year | 241,241,773 | 181,755,913 | 6,134,693,390 | 6,577,930,692 |
End of Year | $ 157,119,827 | $ 241,241,773 | $ 5,740,472,090 | $ 6,134,693,390 |
THORNBURG CALIFORNIA LIMITED TERM MUNICIPAL FUND | THORNBURG NEW MEXICO INTERMEDIATE MUNICIPAL FUND | |||
Year Ended September 30, 2020 | Year Ended September 30, 2019 | Year Ended September 30, 2020 | Year Ended September 30, 2019 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 7,880,804 | $ 8,754,413 | $ 3,080,351 | $ 3,980,700 |
Net realized gain (loss) | (270,846) | (967,268) | (354,507) | 506,448 |
Net change in unrealized appreciation (depreciation) | 3,553,135 | 10,697,992 | 1,819,177 | 3,783,935 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,163,093 | 18,485,137 | 4,545,021 | 8,271,083 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (1,452,741) | (1,870,732) | (1,503,763) | (2,111,980) |
Class C Shares | (257,030) | (451,533) | - | - |
Class D Shares | - | - | (238,733) | (356,830) |
Class I Shares | (6,171,650) | (6,432,174) | (1,358,851) | (1,511,890) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (5,179,291) | (15,984,630) | (5,116,349) | (12,251,499) |
Class C Shares | (10,650,900) | (13,246,225) | - | - |
Class D Shares | - | - | (1,549,936) | (2,990,005) |
Class I Shares | 96,508,365 | (24,597,797) | 3,043,793 | 6,986,154 |
Net Increase (Decrease) in Net Assets | 83,959,846 | (44,097,954) | (2,178,818) | (3,964,967) |
NET ASSETS | ||||
Beginning of Year | 492,679,575 | 536,777,529 | 162,831,967 | 166,796,934 |
End of Year | $ 576,639,421 | $ 492,679,575 | $ 160,653,149 | $ 162,831,967 |
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | |||
Year Ended September 30, 2020 | Year Ended September 30, 2019 | Year Ended September 30, 2020 | Year Ended September 30, 2019 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 1,041,672 | $ 1,336,401 | $ 27,477,690 | $ 31,318,235 |
Net realized gain (loss) | 128,345 | 83,145 | (604,721) | (1,568,098) |
Net change in unrealized appreciation (depreciation) | (237,988) | 1,328,381 | 730,702 | 46,711,129 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 932,029 | 2,747,927 | 27,603,671 | 76,461,266 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (543,298) | (719,633) | (7,666,340) | (7,524,534) |
Class C Shares | - | - | (1,402,561) | (1,916,359) |
Class I Shares | (494,706) | (616,768) | (18,372,806) | (21,877,342) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 745,060 | (8,173,078) | 12,212,921 | (21,630,968) |
Class C Shares | - | - | (24,162,208) | (30,593,410) |
Class I Shares | (3,288,294) | (59,783) | (61,366,720) | (205,746,732) |
Net Increase (Decrease) in Net Assets | (2,649,209) | (6,821,335) | (73,154,043) | (212,828,079) |
NET ASSETS | ||||
Beginning of Year | 50,966,477 | 57,787,812 | 1,121,105,178 | 1,333,933,257 |
End of Year | $ 48,317,268 | $ 50,966,477 | $ 1,047,951,135 | $ 1,121,105,178 |
THORNBURG STRATEGIC MUNICIPAL INCOME FUND | ||
Year Ended September 30, 2020 | Year Ended September 30, 2019 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income (loss) | $ 7,791,331 | $ 7,434,381 |
Net realized gain (loss) | (1,091,775) | (38,431) |
Net change in unrealized appreciation (depreciation) | 523,541 | 9,029,130 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 7,223,097 | 16,425,080 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (1,452,003) | (1,394,124) |
Class C Shares | (365,911) | (475,727) |
Class I Shares | (5,978,359) | (5,564,530) |
FUND SHARE TRANSACTIONS | ||
Class A Shares | 5,512,944 | 643,486 |
Class C Shares | (4,473,597) | (5,595,820) |
Class I Shares | 6,403,584 | 27,507,142 |
Net Increase (Decrease) in Net Assets | 6,869,755 | 31,545,507 |
NET ASSETS | ||
Beginning of Year | 295,744,302 | 264,198,795 |
End of Year | $ 302,614,057 | $ 295,744,302 |
September 30, 2020
September 30, 2020
Class A | Class C | Class D | Class I | |
Short Duration Municipal Fund | X | X | ||
Limited Term Municipal Fund | X | X | X | |
Limited Term California Fund | X | X | X | |
Intermediate New Mexico Fund | X | X | X | |
Intermediate New York Fund | X | X | ||
Intermediate Municipal Fund | X | X | X | |
Strategic Municipal Income Fund | X | X | X |
September 30, 2020
September 30, 2020
SHORT DURATION MUNICIPAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Municipal Bonds | $ 155,473,360 | $ — | $ 155,473,360 | $ — |
Total Investments in Securities | $ 155,473,360 | $ — | $ 155,473,360 | $ — |
Total Assets | $ 155,473,360 | $ — | $ 155,473,360 | $ — |
LIMITED TERM MUNICIPAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Municipal Bonds | $ 5,704,461,468 | $ — | $ 5,704,461,468 | $ — |
Total Investments in Securities | $ 5,704,461,468 | $ — | $ 5,704,461,468 | $ — |
Total Assets | $ 5,704,461,468 | $ — | $ 5,704,461,468 | $ — |
LIMITED TERM CALIFORNIA FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Municipal Bonds | $ 573,339,292 | $ — | $ 573,339,292 | $ — |
Total Investments in Securities | $ 573,339,292 | $ — | $ 573,339,292 | $ — |
Total Assets | $ 573,339,292 | $ — | $ 573,339,292 | $ — |
INTERMEDIATE NEW MEXICO FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Municipal Bonds | $ 156,293,836 | $ — | $ 156,293,836 | $ — |
Total Investments in Securities | $ 156,293,836 | $ — | $ 156,293,836 | $ — |
Total Assets | $ 156,293,836 | $ — | $ 156,293,836 | $ — |
INTERMEDIATE NEW YORK FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Municipal Bonds | $ 47,888,340 | $ — | $ 47,888,340 | $ — |
Total Investments in Securities | $ 47,888,340 | $ — | $ 47,888,340 | $ — |
Total Assets | $ 47,888,340 | $ — | $ 47,888,340 | $— |
September 30, 2020
INTERMEDIATE MUNICIPAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Municipal Bonds | $ 1,039,303,544 | $ — | $ 1,039,303,544 | $ — |
Total Investments in Securities | $ 1,039,303,544 | $ — | $ 1,039,303,544 | $ — |
Total Assets | $ 1,039,303,544 | $ — | $ 1,039,303,544 | $ — |
STRATEGIC MUNICIPAL INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ��� | |||
Municipal Bonds | $ 300,702,649 | $ — | $ 300,702,649 | $ — |
Total Investments in Securities | $ 300,702,649 | $ — | $ 300,702,649 | $ — |
Total Assets | $ 300,702,649 | $ — | $ 300,702,649 | $— |
SHORT DURATION MUNICIPAL FUND | LIMITED TERM MUNICIPAL FUND, LIMITED TERM CALIFORNIA FUND | INTERMEDIATE NEW MEXICO FUND, INTERMEDIATE NEW YORK FUND, INTERMEDIATE MUNICIPAL FUND | STRATEGIC MUNICIPAL INCOME FUND | ||||
DAILY NET ASSETS | FEE RATE | DAILY NET ASSETS | FEE RATE | DAILY NET ASSETS | FEE RATE | DAILY NET ASSETS | FEE RATE |
Up to $1 billion | 0.400% | Up to $500 million | 0.500% | Up to $500 million | 0.500% | Up to $500 million | 0.750% |
Next $500 million | 0.300 | Next $500 million | 0.400 | Next $500 million | 0.450 | Next $500 million | 0.675 |
Next $500 million | 0.250 | Next $500 million | 0.300 | Next $500 million | 0.400 | Next $500 million | 0.625 |
Over $2 billion | 0.225 | Next $500 million | 0.250 | Next $500 million | 0.350 | Next $500 million | 0.575 |
Over $2 billion | 0.225 | Over $2 billion | 0.275 | Over $2 billion | 0.500 |
Effective Management Fee | |
Short Duration Municipal Fund | 0.400% |
Limited Term Municipal Fund | 0.273 |
Limited Term California Fund | 0.494 |
Intermediate New Mexico Fund | 0.500 |
Intermediate New York Fund | 0.500 |
Intermediate Municipal Fund | 0.470 |
Strategic Municipal Income Fund | 0.750 |
September 30, 2020
Administrative Services 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 |
Commissions | CDSC fees | |
Short Duration Municipal Fund | $ 44 | $ — |
Limited Term Municipal Fund | 7,750 | 10,469 |
Limited Term California Fund | 410 | 379 |
Intermediate New Mexico Fund | 1,398 | — |
Intermediate New York Fund | 12 | — |
Intermediate Municipal Fund | 2,914 | 3,774 |
Strategic Municipal Income Fund | 1,592 | 1,703 |
September 30, 2020
Class A | Class C | Class I | |
Short Duration Municipal Fund | 0.70% | —% | 0.50% |
Limited Term California Fund* | 0.74 | 1.02 | 0.49 |
Intermediate New Mexico Fund | — | — | 0.67 |
Intermediate New York Fund | 0.99 | — | 0.67 |
Intermediate Municipal Fund* | 0.77 | 1.14 | 0.53 |
Strategic Municipal Income Fund* | 0.81 | 1.28 | 0.59 |
* | The advisor agreed to waive fees for the Limited Term California Fund, Intermediate Municipal Fund and Strategic Municipal Income Fund at the fee rates reflected in the table on 2/1/2020. For the period between October 1, 2019 through January 31, 2020 the Advisor agreed to waive rates as follows: Intermediate Municipal Fund, Class C - 1.24%; Strategic Municipal Income Fund, Class A - 1.00%, Class C - 1.47%, Class I - 0.78%. |
Contractual: | Class A | Class C | Class I | Total | |
Short Duration Municipal Fund | $ 66,611 | $ — | $ 233,352 | $ 299,963 | |
Limited Term California Fund | 131,953 | 26,951 | 573,032 | 731,936 | |
Intermediate New Mexico Fund | — | — | 25,543 | 25,543 | |
Intermediate New York Fund | 32,525 | — | 43,250 | 75,775 | |
Intermediate Municipal Fund | 299,274 | 67,904 | 605,457 | 972,635 | |
Strategic Municipal Income Fund | 139,950 | 26,802 | 401,680 | 568,432 | |
Voluntary: | Class A | Class C | Class D | Class I | Total |
Intermediate New Mexico Fund | $ — | $ — | $ 3,208 | $ — | $ 3,208 |
Intermediate New York Fund | 9,146 | — | — | 7,182 | 16,328 |
Strategic Municipal Income Fund | 89,449 | 27,805 | — | 338,313 | 455,567 |
Percentage of Direct Investments | |
Short Duration Municipal Fund | 67.38% |
Limited Term Municipal Fund | 2.59 |
Limited Term California Fund | — |
Intermediate New Mexico Fund | 14.17 |
Intermediate New York Fund | — |
Intermediate Municipal Fund | 0.12 |
Strategic Municipal Income Fund | 8.51 |
Purchases | Sales | Realized gains/(losses) | |
Short Duration Municipal Fund | $ 15,104,119 | $ 30,692,046 | $ (696,968) |
Limited Term Municipal Fund | 60,190,910 | — | — |
Limited Term California Fund | 6,013,289 | — | — |
Intermediate New Mexico Fund | 2,174,991 | 1,456,697 | (67,956) |
Intermediate New York Fund | — | 5,053,757 | 23,162 |
Intermediate Municipal Fund | 1,221,719 | 46,386,386 | 296,180 |
Strategic Municipal Income Fund | 1,456,697 | 2,572,840 | 1,914 |
September 30, 2020
Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Short Duration Municipal Fund | $ 154,009,617 | $ 1,524,764 | $ (61,021) | $ 1,463,743 |
Limited Term Municipal Fund | 5,465,660,287 | 241,347,736 | (2,546,555) | 238,801,181 |
Limited Term California Fund | 552,752,835 | 20,970,790 | (384,333) | 20,586,457 |
Intermediate New Mexico Fund | 147,947,678 | 8,486,972 | (140,814) | 8,346,158 |
Intermediate New York Fund | 45,403,860 | 2,594,228 | (109,748) | 2,484,480 |
Intermediate Municipal Fund | 969,020,050 | 71,004,192 | (720,698) | 70,283,494 |
Strategic Municipal Income Fund | 282,739,208 | 18,271,357 | (307,916) | 17,963,441 |
Deferred Tax Basis | |
Capital Losses | |
Short Duration Municipal Fund | $ 1,986,442 |
Limited Term Municipal Fund | 5,041,102 |
Limited Term California Fund | 270,846 |
Intermediate New Mexico Fund | 383,201 |
Intermediate Municipal Fund | 571,900 |
Strategic Municipal Income Fund | 1,105,093 |
Cumulative Capital Losses | ||
Short-Term | Long-Term | |
Short Duration Municipal Fund | $ 183,961 | $ 37,503 |
Limited Term Municipal Fund | 18,191,997 | 15,328,110 |
Limited Term California Fund | 2,943,193 | 1,639,785 |
Intermediate New Mexico Fund | 111,504 | 737,919 |
Intermediate New York Fund | 414,730 | — |
Intermediate Municipal Fund | 4,505,182 | 4,980,970 |
Strategic Municipal Income Fund | 878,069 | — |
Utilized Capital Loss Carryforwards | |
Intermediate New Mexico Fund | $ 27,057 |
Intermediate New York Fund | 64,295 |
September 30, 2020
Distributable Earnings | Net Capital Paid | |
Limited Term Municipal Fund | $ 282,230 | $ (282,230) |
Intermediate New Mexico Fund | 9,679 | (9,679) |
Intermediate New York Fund | 1,592 | (1,592) |
Undistributed net tax exempt income | Undistributed Tax Basis Ordinary Income | Undistributed tax basis capital gains | |
Short Duration Municipal Fund | $ 1,982 | $ — | $ — |
Limited Term Municipal Fund | — | — | — |
Limited Term California Fund | 102,841 | — | — |
Intermediate New Mexico Fund | — | — | — |
Intermediate New York Fund | — | — | — |
Intermediate Municipal Fund | 234,310 | — | — |
Strategic Municipal Income Fund | 17,415 | — | — |
DISTRIBUTIONS FROM: | ||||
TAX EXEMPT INCOME | ORDINARY INCOME | |||
2020 | 2019 | 2020 | 2019 | |
Short Duration Municipal Fund | $ 2,220,186 | $ 3,204,635 | $ 3,550 | $ 11,300 |
Limited Term Municipal Fund | 103,089,629 | 122,138,207 | 131,198 | 18,715 |
Limited Term California Fund | 7,881,358 | 8,752,440 | 63 | 1,999 |
Intermediate New Mexico Fund | 3,101,347 | 3,976,891 | — | 3,809 |
Intermediate New York Fund | 1,037,331 | 1,335,918 | 673 | 483 |
Intermediate Municipal Fund | 27,342,478 | 31,234,545 | 99,229 | 83,690 |
Strategic Municipal Income Fund | 7,709,943 | 7,354,552 | 86,330 | 79,829 |
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
SHORT DURATION MUNICIPAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 731,061 | $ 8,972,616 | 985,212 | $ 12,093,230 |
Shares issued to shareholders in reinvestment of dividends | 16,748 | 206,723 | 21,204 | 261,359 |
Shares repurchased | (127,043) | (1,565,733) | (1,228,414) | (15,125,394) |
Net increase (decrease) | 620,766 | $ 7,613,606 | (221,998) | $ (2,770,805) |
Class I Shares | ||||
Shares sold | 5,025,376 | $ 62,115,513 | 8,234,527 | $ 101,374,617 |
Shares issued to shareholders in reinvestment of dividends | 158,225 | 1,954,280 | 230,292 | 2,839,589 |
Shares repurchased | (12,611,158) | (153,853,101) | (3,539,014) | (43,617,399) |
Net increase (decrease) | (7,427,557) | $ (89,783,308) | 4,925,805 | $ 60,596,807 |
September 30, 2020
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
LIMITED TERM MUNICIPAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 14,438,696 | $ 209,892,549 | 13,658,346 | $ 195,633,417 |
Shares issued to shareholders in reinvestment of dividends | 931,526 | 13,529,223 | 1,149,701 | 16,469,051 |
Shares repurchased | (14,302,952) | (206,865,882) | (25,081,271) | (358,566,073) |
Net increase (decrease) | 1,067,270 | $ 16,555,890 | (10,273,224) | $ (146,463,605) |
Class C Shares | ||||
Shares sold | 2,432,771 | $ 35,474,012 | 1,605,055 | $ 22,970,017 |
Shares issued to shareholders in reinvestment of dividends | 237,122 | 3,449,053 | 376,902 | 5,404,463 |
Shares repurchased | (9,354,417) | (136,206,408) | (11,422,496) | (164,046,622) |
Net increase (decrease) | (6,684,524) | $ (97,283,343) | (9,440,539) | $ (135,672,142) |
Class I Shares | ||||
Shares sold | 107,567,039 | $ 1,562,478,507 | 104,092,829 | $ 1,488,791,962 |
Shares issued to shareholders in reinvestment of dividends | 5,234,033 | 76,032,722 | 6,098,914 | 87,365,336 |
Shares repurchased | (139,389,568) | (2,013,941,234) | (132,701,949) | (1,891,266,593) |
Net increase (decrease) | (26,588,496) | $ (375,430,005) | (22,510,206) | $ (315,109,295) |
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
LIMITED TERM CALIFORNIA FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 1,061,614 | $ 14,585,397 | 1,166,943 | $ 15,894,863 |
Shares issued to shareholders in reinvestment of dividends | 94,558 | 1,299,017 | 124,346 | 1,692,823 |
Shares repurchased | (1,536,975) | (21,063,705) | (2,474,418) | (33,572,316) |
Net increase (decrease) | (380,803) | $ (5,179,291) | (1,183,129) | $ (15,984,630) |
Class C Shares | ||||
Shares sold | 117,691 | $ 1,617,272 | 152,314 | $ 2,075,247 |
Shares issued to shareholders in reinvestment of dividends | 14,536 | 199,848 | 25,843 | 351,865 |
Shares repurchased | (905,828) | (12,468,020) | (1,149,285) | (15,673,337) |
Net increase (decrease) | (773,601) | $ (10,650,900) | (971,128) | $ (13,246,225) |
Class I Shares | ||||
Shares sold | 16,475,167 | $ 226,332,653 | 8,778,679 | $ 119,359,166 |
Shares issued to shareholders in reinvestment of dividends | 362,053 | 4,979,919 | 361,463 | 4,927,943 |
Shares repurchased | (9,832,111) | (134,804,207) | (10,973,012) | (148,884,906) |
Net increase (decrease) | 7,005,109 | $ 96,508,365 | (1,832,870) | $ (24,597,797) |
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
INTERMEDIATE NEW MEXICO FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 562,508 | $ 7,498,577 | 234,408 | $ 3,072,960 |
Shares issued to shareholders in reinvestment of dividends | 99,224 | 1,328,286 | 141,896 | 1,869,564 |
Shares repurchased | (1,043,651) | (13,943,212) | (1,308,484) | (17,194,023) |
Net increase (decrease) | (381,919) | $ (5,116,349) | (932,180) | $ (12,251,499) |
September 30, 2020
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
INTERMEDIATE NEW MEXICO FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class D Shares | ||||
Shares sold | 53,924 | $ 719,625 | 49,324 | $ 646,870 |
Shares issued to shareholders in reinvestment of dividends | 17,365 | 232,542 | 25,795 | 339,947 |
Shares repurchased | (187,540) | (2,502,103) | (302,963) | (3,976,822) |
Net increase (decrease) | (116,251) | $ (1,549,936) | (227,844) | $ (2,990,005) |
Class I Shares | ||||
Shares sold | 675,728 | $ 9,080,572 | 1,057,272 | $ 13,882,892 |
Shares issued to shareholders in reinvestment of dividends | 92,474 | 1,237,314 | 103,598 | 1,365,495 |
Shares repurchased | (549,551) | (7,274,093) | (632,748) | (8,262,233) |
Net increase (decrease) | 218,651 | $ 3,043,793 | 528,122 | $ 6,986,154 |
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
INTERMEDIATE NEW YORK FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 329,798 | $ 4,284,723 | 109,181 | $ 1,394,851 |
Shares issued to shareholders in reinvestment of dividends | 34,192 | 442,503 | 46,317 | 591,531 |
Shares repurchased | (310,185) | (3,982,166) | (794,796) | (10,159,460) |
Net increase (decrease) | 53,805 | $ 745,060 | (639,298) | $ (8,173,078) |
Class I Shares | ||||
Shares sold | 310,893 | $ 4,033,267 | 742,617 | $ 9,506,280 |
Shares issued to shareholders in reinvestment of dividends | 32,099 | 415,446 | 43,073 | 550,736 |
Shares repurchased | (602,244) | (7,737,007) | (794,596) | (10,116,799) |
Net increase (decrease) | (259,252) | $ (3,288,294) | (8,906) | $ (59,783) |
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
INTERMEDIATE MUNICIPAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 3,770,584 | $ 54,073,340 | 3,767,982 | $ 53,079,171 |
Shares issued to shareholders in reinvestment of dividends | 499,100 | 7,138,551 | 496,765 | 6,996,037 |
Shares repurchased | (3,440,641) | (48,998,970) | (5,845,339) | (81,706,176) |
Net increase (decrease) | 829,043 | $ 12,212,921 | (1,580,592) | $ (21,630,968) |
Class C Shares | ||||
Shares sold | 527,758 | $ 7,544,787 | 595,781 | $ 8,375,099 |
Shares issued to shareholders in reinvestment of dividends | 79,617 | 1,139,985 | 113,502 | 1,598,215 |
Shares repurchased | (2,290,311) | (32,846,980) | (2,875,902) | (40,566,724) |
Net increase (decrease) | (1,682,936) | $ (24,162,208) | (2,166,619) | $ (30,593,410) |
Class I Shares | ||||
Shares sold | 12,338,502 | $ 176,114,977 | 20,388,015 | $ 284,155,586 |
Shares issued to shareholders in reinvestment of dividends | 1,048,615 | 14,980,062 | 1,175,839 | 16,516,753 |
Shares repurchased | (17,848,724) | (252,461,759) | (36,252,366) | (506,419,071) |
Net increase (decrease) | (4,461,607) | $ (61,366,720) | (14,688,512) | $ (205,746,732) |
September 30, 2020
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
STRATEGIC MUNICIPAL INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 882,345 | $ 13,470,933 | 1,105,890 | $ 16,584,191 |
Shares issued to shareholders in reinvestment of dividends | 94,150 | 1,434,924 | 91,356 | 1,376,932 |
Shares repurchased | (624,508) | (9,392,913) | (1,156,578) | (17,317,637) |
Net increase (decrease) | 351,987 | $ 5,512,944 | 40,668 | $ 643,486 |
Class C Shares | ||||
Shares sold | 71,278 | $ 1,091,387 | 168,343 | $ 2,526,426 |
Shares issued to shareholders in reinvestment of dividends | 22,591 | 344,627 | 29,512 | 444,738 |
Shares repurchased | (387,212) | (5,909,611) | (569,863) | (8,566,984) |
Net increase (decrease) | (293,343) | $ (4,473,597) | (372,008) | $ (5,595,820) |
Class I Shares | ||||
Shares sold | 5,837,360 | $ 88,993,637 | 5,083,758 | $ 76,479,655 |
Shares issued to shareholders in reinvestment of dividends | 387,567 | 5,913,428 | 358,400 | 5,409,565 |
Shares repurchased | (5,841,661) | (88,503,481) | (3,633,064) | (54,382,078) |
Net increase (decrease) | 383,266 | $ 6,403,584 | 1,809,094 | $ 27,507,142 |
Purchases | Sales | |
Short Duration Municipal Fund | $ 51,294,416 | $ 130,786,906 |
Limited Term Municipal Fund | 1,074,689,810 | 1,586,116,306 |
Limited Term California Fund | 157,672,568 | 117,247,996 |
Intermediate New Mexico Fund | 34,015,663 | 34,126,099 |
Intermediate New York Fund | 8,560,745 | 9,318,535 |
Intermediate Municipal Fund | 181,818,190 | 245,598,377 |
Strategic Municipal Income Fund | 93,563,300 | 90,593,158 |
Short 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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2020 | $ 12.36 | 0.13 | 0.01 | 0.14 | (0.13) | — | — | (0.13) | $12.37 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 12.36 | 0.16 | (0.01) | 0.15 | (0.15) | — | — | (0.15) | $12.36 |
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 |
(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. |
Short Duration Municipal Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | 1.04 | 0.70 | 1.03 | 1.14 | 38.44 | $ 24,581 | |
2019 | 1.26 | 0.70 | 0.99 | 2.02 | 33.60 | $ 16,899 | |
2018 | 0.92 | 0.70 | 1.06 | 0.02 | 35.36 | $ 19,497 | |
2017 | 0.72 | 0.67 | 1.16 | 0.98 | 42.94 | $ 16,412 | |
2016 | 0.24 | 0.70 | 2.19 | 0.15 | 21.17 | $ 4,241 | |
CLASS I SHARES | |||||||
2020 | 1.28 | 0.50 | 0.65 | 1.26 | 38.44 | $ 132,539 | |
2019 | 1.47 | 0.50 | 0.64 | 2.22 | 33.60 | $ 224,343 | |
2018 | 1.12 | 0.50 | 0.64 | 0.30 | 35.36 | $ 162,259 | |
2017 | 0.85 | 0.49 | 0.67 | 1.09 | 42.94 | $ 53,765 | |
2016 | 0.43 | 0.50 | 0.72 | 0.36 | 21.17 | $ 38,572 |
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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2020 | $ 14.46 | 0.24 | 0.18 | 0.42 | (0.24) | — | — | (0.24) | $14.64 |
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 |
CLASS C SHARES | |||||||||
2020 | $ 14.48 | 0.20 | 0.18 | 0.38 | (0.20) | — | — | (0.20) | $14.66 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 14.46 | 0.27 | 0.18 | 0.45 | (0.27) | — | — | (0.27) | $14.64 |
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 |
(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. |
Limited Term Municipal Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | 1.63 | 0.69 | 0.69 | 2.91 | 20.62 | $ 942,857 | |
2019 | 1.80 | 0.69 | 0.69 | 4.41 | 21.22 | $ 915,684 | |
2018 | 1.67 | 0.71 | 0.71 | (0.64) | 16.29 | $ 1,037,769 | |
2017 | 1.62 | 0.73 | 0.73 | 0.24 | 17.56 | $ 1,314,094 | |
2016 | 1.54 | 0.72 | 0.72 | 2.32 | 14.53 | $ 1,697,329 | |
CLASS C SHARES | |||||||
2020 | 1.39 | 0.94 | 0.94 | 2.65 | 20.62 | $ 231,226 | |
2019 | 1.56 | 0.94 | 0.94 | 4.16 | 21.22 | $ 325,144 | |
2018 | 1.43 | 0.95 | 0.95 | (0.94) | 16.29 | $ 450,402 | |
2017 | 1.38 | 0.97 | 0.97 | 0.01 | 17.56 | $ 605,898 | |
2016 | 1.30 | 0.96 | 0.96 | 2.07 | 14.53 | $ 741,637 | |
CLASS I SHARES | |||||||
2020 | 1.87 | 0.46 | 0.46 | 3.15 | 20.62 | $ 4,566,389 | |
2019 | 2.04 | 0.45 | 0.45 | 4.67 | 21.22 | $ 4,893,865 | |
2018 | 1.95 | 0.43 | 0.43 | (0.36) | 16.29 | $ 5,089,760 | |
2017 | 1.93 | 0.42 | 0.42 | 0.49 | 17.56 | $ 5,265,576 | |
2016 | 1.85 | 0.41 | 0.41 | 2.64 | 14.53 | $ 5,506,166 |
Limited Term California 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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2020 | $ 13.72 | 0.18 | 0.08 | 0.26 | (0.18) | — | — | (0.18) | $13.80 |
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 |
CLASS C SHARES | |||||||||
2020 | $ 13.73 | 0.15 | 0.07 | 0.22 | (0.14) | — | — | (0.14) | $13.81 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 13.73 | 0.21 | 0.10 | 0.31 | (0.22) | — | — | (0.22) | $13.82 |
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 |
(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. |
Limited Term California Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | 1.33 | 0.80 | 0.92 | 1.93 | 25.88 | $ 109,102 | |
2019 | 1.58 | 0.93 | 0.93 | 3.63 | 17.86 | $ 113,635 | |
2018 | 1.50 | 0.92 | 0.92 | (0.92) | 25.20 | $ 127,346 | |
2017 | 1.33 | 0.93 | 0.93 | (0.11) | 18.25 | $ 158,142 | |
2016 | 1.28 | 0.93 | 0.93 | 2.32 | 16.47 | $ 193,321 | |
CLASS C SHARES | |||||||
2020 | 1.06 | 1.09 | 1.20 | 1.64 | 25.88 | $ 17,573 | |
2019 | 1.31 | 1.21 | 1.21 | 3.34 | 17.86 | $ 28,083 | |
2018 | 1.23 | 1.19 | 1.19 | (1.18) | 25.20 | $ 40,608 | |
2017 | 1.08 | 1.19 | 1.19 | (0.36) | 18.25 | $ 56,737 | |
2016 | 1.04 | 1.18 | 1.18 | 2.06 | 16.47 | $ 68,229 | |
CLASS I SHARES | |||||||
2020 | 1.56 | 0.54 | 0.69 | 2.25 | 25.88 | $ 449,964 | |
2019 | 1.84 | 0.67 | 0.68 | 3.90 | 17.86 | $ 350,962 | |
2018 | 1.76 | 0.66 | 0.67 | (0.65) | 25.20 | $ 368,824 | |
2017 | 1.62 | 0.64 | 0.64 | 0.19 | 18.25 | $ 434,859 | |
2016 | 1.60 | 0.62 | 0.62 | 2.64 | 16.47 | $ 476,364 |
Intermediate New Mexico 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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2020 | $ 13.35 | 0.24 | 0.14 | 0.38 | (0.25) | — | — | (0.25) | $13.48 |
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 |
CLASS D SHARES | |||||||||
2020 | $ 13.36 | 0.21 | 0.13 | 0.34 | (0.21) | — | — | (0.21) | $13.49 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 13.34 | 0.29 | 0.13 | 0.42 | (0.29) | — | — | (0.29) | $13.47 |
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 |
(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. |
Intermediate New Mexico Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | 1.83 | 0.98 | 0.98 | 2.84 | 22.92 | $ 80,463 | |
2019 | 2.37 | 0.97 | 0.97 | 5.15 | 17.26 | $ 84,782 | |
2018 | 2.51 | 0.97 | 0.97 | 0.24 | 7.77 | $ 94,686 | |
2017 | 2.36 | 0.98 | 0.98 | (0.38) | 8.61 | $ 116,915 | |
2016 | 2.18 | 0.97 | 0.97 | 3.11 | 6.80 | $ 136,743 | |
CLASS D SHARES | |||||||
2020 | 1.57 | 1.24 | 1.26 | 2.58 | 22.92 | $ 14,475 | |
2019 | 2.10 | 1.24 | 1.25 | 4.87 | 17.26 | $ 15,888 | |
2018 | 2.26 | 1.23 | 1.23 | (0.02) | 7.77 | $ 18,436 | |
2017 | 2.13 | 1.21 | 1.21 | (0.61) | 8.61 | $ 22,666 | |
2016 | 1.94 | 1.21 | 1.21 | 2.94 | 6.80 | $ 28,489 | |
CLASS I SHARES | |||||||
2020 | 2.13 | 0.67 | 0.71 | 3.16 | 22.92 | $ 65,715 | |
2019 | 2.66 | 0.67 | 0.69 | 5.39 | 17.26 | $ 62,162 | |
2018 | 2.82 | 0.67 | 0.68 | 0.62 | 7.77 | $ 53,675 | |
2017 | 2.68 | 0.66 | 0.66 | (0.13) | 8.61 | $ 62,243 | |
2016 | 2.52 | 0.63 | 0.63 | 3.53 | 6.80 | $ 65,843 |
Intermediate New York 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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2020 | $ 12.95 | 0.26 | 0.01 | 0.27 | (0.26) | — | — | (0.26) | $12.96 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 12.95 | 0.30 | 0.01 | 0.31 | (0.30) | — | — | (0.30) | $12.96 |
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 |
(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. |
Intermediate New York Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | 2.01 | 0.99 | 1.14 | 2.10 | 18.61 | $ 27,120 | |
2019 | 2.38 | 0.99 | 1.12 | 5.16 | 17.75 | $ 26,416 | |
2018 | 2.36 | 0.99 | 1.08 | (0.68) | 15.88 | $ 33,778 | |
2017 | 2.50 | 0.99 | 1.09 | (0.52) | 11.11 | $ 36,576 | |
2016 | 2.18 | 0.96 | 1.03 | 3.91 | 7.02 | $ 45,009 | |
CLASS I SHARES | |||||||
2020 | 2.33 | 0.67 | 0.91 | 2.43 | 18.61 | $ 21,197 | |
2019 | 2.69 | 0.67 | 0.88 | 5.50 | 17.75 | $ 24,550 | |
2018 | 2.68 | 0.67 | 0.82 | (0.36) | 15.88 | $ 24,010 | |
2017 | 2.81 | 0.67 | 0.77 | (0.20) | 11.11 | $ 27,217 | |
2016 | 2.51 | 0.63 | 0.72 | 4.25 | 7.02 | $ 31,498 |
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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2020 | $ 14.33 | 0.35 | 0.04 | 0.39 | (0.35) | — | — | (0.35) | $14.37 |
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 |
CLASS C SHARES | |||||||||
2020 | $ 14.35 | 0.30 | 0.04 | 0.34 | (0.30) | — | — | (0.30) | $14.39 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 14.31 | 0.38 | 0.04 | 0.42 | (0.38) | — | — | (0.38) | $14.35 |
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 |
(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. |
Intermediate Municipal Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | 2.45 | 0.81 | 0.90 | 2.76 | 17.84 | $ 326,770 | |
2019 | 2.44 | 0.89 | 0.89 | 6.39 | 15.88 | $ 313,967 | |
2018 | 2.29 | 0.89 | 0.89 | (0.21) | 20.68 | $ 324,199 | |
2017 | 2.15 | 0.92 | 0.92 | (0.08) | 24.04 | $ 387,790 | |
2016 | 2.00 | 0.92 | 0.92 | 4.17 | 10.80 | $ 467,335 | |
CLASS C SHARES | |||||||
2020 | 2.08 | 1.18 | 1.28 | 2.38 | 17.84 | $ 52,996 | |
2019 | 2.08 | 1.24 | 1.26 | 6.02 | 15.88 | $ 76,994 | |
2018 | 1.94 | 1.24 | 1.26 | (0.55) | 20.68 | $ 104,093 | |
2017 | 1.83 | 1.24 | 1.27 | (0.40) | 24.04 | $ 140,176 | |
2016 | 1.68 | 1.24 | 1.27 | 3.84 | 10.80 | $ 170,149 | |
CLASS I SHARES | |||||||
2020 | 2.69 | 0.56 | 0.65 | 3.01 | 17.84 | $ 668,185 | |
2019 | 2.67 | 0.65 | 0.65 | 6.66 | 15.88 | $ 730,144 | |
2018 | 2.55 | 0.63 | 0.63 | 0.05 | 20.68 | $ 905,641 | |
2017 | 2.45 | 0.62 | 0.62 | 0.15 | 24.04 | $ 951,888 | |
2016 | 2.30 | 0.61 | 0.61 | 4.57 | 10.80 | $ 958,674 |
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 | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2020 | $ 15.32 | 0.38 | 0.01 | 0.39 | (0.38) | — | — | (0.38) | $15.33 |
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 |
CLASS C SHARES | |||||||||
2020 | $ 15.34 | 0.30 | — (c) | 0.30 | (0.30) | — | — | (0.30) | $15.34 |
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 |
CLASS I SHARES | |||||||||
2020 | $ 15.33 | 0.41 | 0.01 | 0.42 | (0.41) | — | — | (0.41) | $15.34 |
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 |
(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. |
Strategic Municipal Income Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
CLASS A SHARES(b) | |||||||
2020 | 2.47 | 0.87 | 1.26 | 2.56 | 32.45 | $ 61,537 | |
2019 | 2.59 | 1.00 | 1.26 | 6.08 | 20.04 | $ 56,124 | |
2018 | 2.49 | 1.00 | 1.28 | 0.36 | 21.06 | $ 53,693 | |
2017 | 2.30 | 1.09 | 1.30 | (0.23) | 27.35 | $ 61,525 | |
2016 | 2.11 | 1.25 | 1.29 | 4.63 | 11.24 | $ 79,058 | |
CLASS C SHARES | |||||||
2020 | 2.00 | 1.35 | 1.65 | 2.02 | 32.45 | $ 15,591 | |
2019 | 2.13 | 1.47 | 1.65 | 5.58 | 20.04 | $ 20,085 | |
2018 | 2.01 | 1.48 | 1.64 | (0.12) | 21.06 | $ 24,951 | |
2017 | 1.88 | 1.52 | 1.66 | (0.59) | 27.35 | $ 32,926 | |
2016 | 1.80 | 1.55 | 1.66 | 4.32 | 11.24 | $ 38,773 | |
CLASS I SHARES | |||||||
2020 | 2.68 | 0.65 | 0.99 | 2.79 | 32.45 | $ 225,486 | |
2019 | 2.81 | 0.78 | 0.98 | 6.24 | 20.04 | $ 219,535 | |
2018 | 2.72 | 0.78 | 0.96 | 0.59 | 21.06 | $ 185,555 | |
2017 | 2.56 | 0.83 | 0.94 | 0.09 | 27.35 | $ 174,892 | |
2016 | 2.42 | 0.93 | 0.93 | 4.96 | 11.24 | $ 190,658 |
Thornburg Municipal Funds
September 30, 2020 (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. |
Actual | Hypothetical * | |||||
Ending Account Value 9/30/20 | Expenses Paid During Period 4/1/20-9/30/20 | Ending Account Value 9/30/20 | Expenses Paid During Period† 4/1/20-9/30/20 | Annualized Expense Ratio | ||
SHORT DURATION MUNICIPAL FUND | ||||||
CLASS A SHARES | $1,012.92 | $3.52 | $1,021.50 | $3.54 | 0.70% | |
CLASS I SHARES | $1,013.11 | $2.52 | $1,022.50 | $2.53 | 0.50% | |
LIMITED TERM MUNICIPAL FUND | ||||||
CLASS A SHARES | $1,027.48 | $3.60 | $1,021.45 | $3.59 | 0.71% | |
CLASS C SHARES | $1,025.46 | $4.86 | $1,020.20 | $4.85 | 0.96% | |
CLASS I SHARES | $1,027.87 | $2.48 | $1,022.55 | $2.48 | 0.49% | |
LIMITED TERM CALIFORNIA FUND | ||||||
CLASS A SHARES | $1,021.66 | $3.74 | $1,021.30 | $3.74 | 0.74% | |
CLASS C SHARES | $1,020.21 | $5.15 | $1,019.90 | $5.15 | 1.02% | |
CLASS I SHARES | $1,023.67 | $2.48 | $1,022.55 | $2.48 | 0.49% | |
INTERMEDIATE NEW MEXICO FUND | ||||||
CLASS A SHARES | $1,027.24 | $5.07 | $1,020.00 | $5.05 | 1.00% | |
CLASS D SHARES | $1,026.75 | $6.28 | $1,018.80 | $6.26 | 1.24% | |
CLASS I SHARES | $1,028.93 | $3.40 | $1,021.65 | $3.39 | 0.67% | |
INTERMEDIATE NEW YORK FUND | ||||||
CLASS A SHARES | $1,023.26 | $5.01 | $1,020.05 | $5.00 | 0.99% | |
CLASS I SHARES | $1,024.90 | $3.39 | $1,021.65 | $3.39 | 0.67% |
September 30, 2020 (Unaudited)
Actual | Hypothetical * | |||||
Ending Account Value 9/30/20 | Expenses Paid During Period 4/1/20-9/30/20 | Ending Account Value 9/30/20 | Expenses Paid During Period† 4/1/20-9/30/20 | Annualized Expense Ratio | ||
INTERMEDIATE MUNICIPAL FUND | ||||||
CLASS A SHARES | $1,033.86 | $3.92 | $1,021.15 | $3.89 | 0.77% | |
CLASS C SHARES | $1,031.92 | $5.79 | $1,019.30 | $5.76 | 1.14% | |
CLASS I SHARES | $1,035.13 | $2.70 | $1,022.35 | $2.68 | 0.53% | |
STRATEGIC MUNICIPAL INCOME FUND | ||||||
CLASS A SHARES | $1,037.57 | $4.13 | $1,020.95 | $4.09 | 0.81% | |
CLASS C SHARES | $1,034.43 | $6.51 | $1,018.60 | $6.46 | 1.28% | |
CLASS I SHARES | $1,038.69 | $3.01 | $1,022.05 | $2.98 | 0.59% |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
† | Expenses are equal to the annualized expense ratio for each class multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period. |
September 30, 2020 (Unaudited)
TAX EXEMPT | TAXABLE ORDINARY | |
Short Duration Municipal Fund | $ 2,220,186 | $ 3,550 |
Limited Term Municipal Fund | 103,089,629 | 131,198 |
Limited Term California Fund | 7,881,358 | 63 |
Intermediate New Mexico Fund | 3,101,347 | — |
Intermediate New York Fund | 1,037,331 | 673 |
Intermediate Municipal Fund | 27,342,478 | 99,229 |
Strategic Municipal Income Fund | 7,709,943 | 86,330 |
September 30, 2020 (Unaudited)
September 30, 2020 (Unaudited)
• | Thornburg Short Duration Municipal Fund – the Trustees considered that the Fund underperformed its benchmark index and Morningstar category for the year-to-date, one-, three-, and five-year periods, and ranked in the fourth quartile of a selected peer group of funds for all such periods. The Trustees noted, however, that the extent of the underperformance was not significant, considered explanations from the Advisor respecting the effects of market and economic conditions on the Fund’s investment performance during relevant periods, and observed that the Fund has met its objective of generating current income that is exempt from federal income tax while preserving the Fund’s capital. |
• | Thornburg Limited Term Municipal Fund – the Trustees considered that, while the Fund underperformed its benchmark index for the year-to-date, one-, three-, five-, ten-, and fifteen-year periods, the extent of that underperformance was not significant, and the Fund outperformed its Morningstar category over each such period and also ranked in the first quartile of a selected peer group of funds for the year-to-date, one-, three-, five, and ten-year periods. The Trustees also observed that the Fund has met its primary objective of generating current income that is exempt from federal income tax while preserving the Fund’s capital. |
• | Thornburg California Limited Term Municipal Fund – the Trustees considered that, while the Fund underperformed its benchmark index for the year-to-date, one-, three-, five-, ten-, and fifteen-year periods, and underperformed its Morningstar category for certain of those periods, the extent of that underperformance was not significant, and the Fund outperformed its Morningstar category in certain other periods and ranked in the first or second quartile of a selected peer group of funds for the year-to-date, one-, and ten-year periods. The Trustees also observed that the Fund has met its primary objective of generating current income that is exempt from federal and California state individual income taxes while preserving the Fund’s capital. |
• | Thornburg New Mexico Intermediate Municipal Fund – the Trustees considered that, while the Fund underperformed its benchmark index for the year-to-date, one-, three-, five-, ten-, and fifteen-year periods, and underperformed its Morningstar category for certain of those periods, the extent of that underperformance was not significant, and the Fund outperformed its Morningstar category in certain other periods. The Trustees considered comparisons of the Fund’s performance to a selected peer group of Funds but noted the reduced utility of those comparisons given the lack of other funds focused on investments in New Mexico debt obligations. The Trustees also observed that the Fund has met its primary objective of generating current income that is exempt from federal and New Mexico state individual income taxes while preserving the Fund’s capital. |
• | Thornburg New York Intermediate Municipal Fund – the Trustees considered that, while the Fund underperformed its benchmark index for the year-to-date, one-, three-, five-, ten-, and fifteen-year periods, the extent of that underperformance was not significant, and the Fund outperformed its Morningstar category over each such period except the three- and five-year periods and ranked in the first or second quartiles of a selected peer group of funds for the year-to-date, one-, and ten-year periods. The Trustees also observed that the Fund has met its primary objective of generating current income that is exempt from federal and New York state and city individual income taxes while preserving the Fund’s capital. |
• | Thornburg Intermediate Municipal Fund – the Trustees considered that, while the Fund underperformed its benchmark index for the year-to-date, one-, three-, five-, ten-, and fifteen-year periods, and underperformed its Morningstar category for certain of those periods, the extent of that underperformance was not significant, and the Fund outperformed its Morningstar category in certain other periods and ranked in the top three quartiles of a selected peer group of funds over most periods. The Trustees also observed that the Fund has met its primary objective of generating current income that is exempt from federal income tax while preserving the Fund’s capital. |
• | Thornburg Strategic Municipal Income Fund – the Trustees considered that, while the Fund underperformed its benchmark index for the year-to-date, one-, three-, five-, and ten-year periods, and underperformed its Morningstar category for certain of those periods, the extent of that underperformance was not significant, and the Fund outperformed its Morningstar category in certain other periods and ranked in the top three quartiles of a selected peer group of funds over most periods. The Trustees also observed that the Fund has met its primary objective of generating a high level current income that is exempt from federal income tax. |
September 30, 2020 (Unaudited)
• | Thornburg Short Duration Municipal Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was higher than the medians of the two peer groups considered but comparable to other funds in the peer groups, and that the total expense levels of two representative share classes were higher than the medians of their respective peer groups after waivers of fees and reimbursement of expenses but comparable to other funds in the peer groups. |
• | Thornburg Limited Term Municipal Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was lower than the medians of the two peer groups considered, and that the total expense levels of two representative share classes were comparable to the medians of their respective peer groups. |
• | Thornburg California Limited Term Municipal Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was higher than the medians of the two peer groups considered but comparable to other funds in the peer groups, and that the total expense levels of two representative share classes were equal to or lower than the medians of their respective peer groups after waivers of fees and reimbursement of expenses. |
• | Thornburg New Mexico Intermediate Municipal Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was, after fee waivers and expense reimbursements, lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was higher than the medians of the two peer groups considered but comparable to other funds in the peer groups, and that the total expense levels of two representative share classes were higher than the medians of their respective peer groups after waivers of fees and reimbursement of expenses but comparable to other funds in the peer groups. |
• | Thornburg New York Intermediate Municipal Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was higher than the medians of the two peer groups considered but comparable to other funds in the peer groups, and that the total expense levels of two representative share classes were higher than the medians of their respective peer groups after waivers of fees and reimbursement of expenses but comparable to other funds in the peer groups. |
• | Thornburg Intermediate Municipal Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was higher than the medians of the two peer groups considered but comparable to other funds in the peer groups, and that the total expense levels of two representative share classes after waivers of fees and reimbursement of expenses were comparable to the medians of their respective peer groups. |
• | Thornburg Strategic Municipal Income Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s stated advisory fee was higher than the medians of the two peer groups considered but comparable to other funds in the peer groups, and that the total expense levels of two representative share classes were lower than or comparable to the medians of their respective peer groups after fee waivers and expense reimbursements. |
September 30, 2020 (Unaudited)
September 30, 2020 (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, 74 Trustee Since 1984, Chairman of Trustees(4) | 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, 65 Trustee since 2001, Vice Chairman of Trustees, Member of Governance & Nominating Committee and Operations Risk Oversight Committee(5) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager, and until 2019 Chief Investment Officer, and, until 2016, CEO and President, of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(3) | ||
David A. Ater, 75 Trustee since 1994, Lead Independent Trustee, Chair of Governance and Nominating Committee and Member of Audit Committee | Principal in Ater & Associates, Santa Fe, New Mexico (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 59 Trustee since 2012, Chair of the 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, 71 Trustee since 2004, Member of Audit Committee, Governance and Nominating Committee, and Operations Risk Oversight Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 57 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, 56 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, 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, 66 Trustee since 2004, Chair of Operations Risk Oversight Committee and Member of Governance & Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, New Mexico (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 61 Trustee since 1996, Member of Audit Committee and 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 and design company). | None |
September 30, 2020 (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) | ||
Nimish Bhatt, 57 Chief Financial Officer since 2019, Treasurer 2016-2019, Secretary 2018-2019(6) | 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, 46 President since 2016(6) | 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. | Not applicable |
Randy Dry, 46 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 |
John Hackett, 54 Vice President since 2020 | Chief Marketing Officer, Thornburg Investment Management, Inc. (since 2020); Global Head of Product Marketing, Northern Trust Asset Management (2016-2020); Principal and Head of Marketing and Business Development, The Townsend Group (2013-2016). | Not applicable |
Curtis Holloway, 53 Treasurer since 2019(6) | 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, 40 Vice President since 2014 | Head of Investments since 2019, and Portfolio Manager and Managing Director since 2013, of Thornburg Investment Management, Inc. | Not applicable |
Jeff Klingelhofer, 39 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, Associate Portfolio Manager from 2012-2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 49, Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. from 2014-2017; Vice President, Citi Fund Services, Inc. from 2007-2014. | Not applicable |
Michael Mastroianni, 43 Secretary since 2019; Vice President 2019- 2020(6) | 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 |
Stephen Velie, 53 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Trust is organized as a Massachusetts business trust, and currently comprises a complex of 22 separate investment “Funds” or “series.” Thornburg Investment Management, Inc. is the investment advisor to, and manages, the 22 Funds of the Trust. Each Trustee oversees the 22 Funds of the Trust. |
(3) | 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. |
(4) | 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 22 active Funds of the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares of the Trust. |
(5) | 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. |
(6) | 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 |
■ | Thornburg Summit Fund |
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Long/Short Equity Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Ultra Short Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Short Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
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800.847.0200 | TH4629 |
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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 As bottom-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, 2020 (Unaudited)
![]() | |
Jason Brady, cfa Portfolio Manager CEO, President, and Managing Director |
1-YR | 3-YR | 5-YR | SINCE INCEP. | |
Class I Shares (Incep: 7/31/15) | 1.08% | 1.78% | 1.33% | 1.30% |
FTSE 1-Month T-Bill Index (Since 7/31/15) | 0.86% | 1.57% | 1.09% | 1.06% |
Annualized Distribution Yield | 0.09% |
SEC Yield | 0.09% |
FINAL VALUE |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img3a9a32184.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgf7662b565.jpg)
Thornburg Capital Management Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Mutual Fund — 0.0% | |||
a | State Street Institutional Treasury Money Market Fund Premier Class, 0.02% | 48,246 | $ 48,246 |
Total Mutual Fund (Cost $48,246) | 48,246 | ||
Municipal Bonds — 28.5% | |||
b | California Public Finance Authority (Sharp Healthcare Obligated Group; LOC Barclays Bank plc), 0.11% due 8/1/2052 | $12,235,000 | 12,235,000 |
Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group; SPA JP Morgan Chase Bank, N.A.), | |||
b | 0.13% due 1/15/2038 | 1,900,000 | 1,900,000 |
b | 0.13% due 1/15/2037 | 785,000 | 785,000 |
b | City & County of Denver (SPA JP Morgan Chase Bank, N.A.) COP, 0.13% due 12/1/2029 | 1,500,000 | 1,500,000 |
b | City of Minneapolis (Fairview Health Services Obligated Group; LOC: Wells Fargo Bank N.A.), 0.10% due 11/15/2048 | 22,600,000 | 22,600,000 |
City of Murray (IHC Health Services, Inc. Obligated Group), | |||
b | 0.12% due 5/15/2036 | 1,900,000 | 1,900,000 |
b | 0.12% due 5/15/2036 | 5,950,000 | 5,950,000 |
b | City of Murray (IHC Health Services, Inc. Obligated Group; SPA JP Morgan Chase Bank, N.A), 0.13% due 5/15/2037 | 500,000 | 500,000 |
b | City of New York (LOC Mizuho Bank, Ltd.) GO, 0.13% due 4/1/2042 | 27,215,000 | 27,215,000 |
City of New York (SPA Barclays Bank plc) GO, | |||
b | 0.12% due 10/1/2046 | 10,000,000 | 10,000,000 |
b | 0.12% due 10/1/2046 | 3,570,000 | 3,570,000 |
b | City of Phoenix (Mayo Clinic Arizona; Guaranty: Mayo Clinic; SPA Northern Trust Company) IDA, 0.09% due 11/15/2052 | 37,000,000 | 37,000,000 |
b | County of Jackson (Chevron Corp.), 0.10% due 6/1/2023 | 1,480,000 | 1,480,000 |
b | County of Montgomery (SPA U.S. Bank, N.A.) GO, 0.12% due 11/1/2037 | 3,350,000 | 3,350,000 |
b | Gulf Coast (Exxon Mobil Corp.) IDA, 0.09% due 11/1/2041 | 7,100,000 | 7,100,000 |
b | Health & Educational Facilities Authority of the State of Missouri (Washington University; SPA Wells Fargo Bank, N.A.), 0.10% due 9/1/2030 | 2,300,000 | 2,300,000 |
b | Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group; SPA JP Morgan Chase Bank, N.A), 0.13% due 8/15/2042 | 3,970,000 | 3,970,000 |
b | Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group; SPA JP Morgan Chase Bank, N.A.), 0.13% due 8/15/2042 | 500,000 | 500,000 |
Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group; SPA U.S. Bank, N.A.), | |||
b | 0.10% due 8/15/2042 | 6,900,000 | 6,900,000 |
b | 0.10% due 8/15/2042 | 13,270,000 | 13,270,000 |
b | Indiana Finance Authority (Franciscan Alliance, Inc. Obligated Group; LOC Barclays Bank Plc), 0.12% due 11/1/2037 | 6,600,000 | 6,600,000 |
Indiana Finance Authority (Franciscan Alliance, Inc. Obligated Group; LOC Wells Fargo Bank, N.A.), | |||
b | 0.10% due 11/1/2039 | 1,800,000 | 1,800,000 |
b | 0.10% due 11/1/2039 | 2,010,000 | 2,010,000 |
b | Indiana Finance Authority (Franciscan Alliance, Inc. Obligated Group; SPA Wells Fargo Bank, N.A.), 0.11% due 2/1/2037 | 3,800,000 | 3,800,000 |
Los Angeles Department of Water & Power Power System Revenue (SPA Bank of America, N.A.), | |||
b | 0.11% due 7/1/2035 | 1,000,000 | 1,000,000 |
b | 0.11% due 7/1/2035 | 1,050,000 | 1,050,000 |
b | Los Angeles Department of Water & Power Power System Revenue (SPA TD Bank, N.A.), 0.11% due 7/1/2034 | 2,500,000 | 2,500,000 |
b | Los Angeles Department of Water (SPA Royal Bank of Canada), 0.10% due 7/1/2035 | 6,800,000 | 6,800,000 |
Lower Neches Valley Authority Industrial Development Corp. (Exxon Capital Ventures, Inc.; Guaranty: Exxon MobilCorp.), | |||
b | 0.09% due 11/1/2038 | 5,200,000 | 5,200,000 |
b | 0.09% due 5/1/2046 | 2,350,000 | 2,350,000 |
b | Massachusetts Development Finance Agency (Trustees of Boston University; LOC: TD Bank, N.A.), 0.12% due 10/1/2042 | 3,640,000 | 3,640,000 |
Metropolitan Water District of Southern California (SPA PNC Bank, N.A.), | |||
b | 0.11% due 7/1/2035 | 4,700,000 | 4,700,000 |
b | 0.11% due 7/1/2047 | 9,345,000 | 9,345,000 |
Mississippi Business Finance Corp. (Chevron USA, Inc.; Guaranty: Chevron Corp.), | |||
b | 0.10% due 12/1/2030 | 1,855,000 | 1,855,000 |
b | 0.10% due 11/1/2035 | 30,450,000 | 30,450,000 |
b | 0.10% due 11/1/2035 | 9,585,000 | 9,585,000 |
b | Missouri Development Finance Board (Nelson Gallery Foundation; SPA U.S. Bank, N.A.), 0.10% due 12/1/2037 | 16,980,000 | 16,980,000 |
b | New Hampshire Health and Education Facilities Authority Act (SPA State Street Bank and Trust Co.), 0.13% due 7/1/2035 | 8,560,000 | 8,560,000 |
b | New Hampshire Health and Education Facilities Authority Act (SPA Wells Fargo Bank, N.A.), 0.12% due 7/1/2033 | 7,360,000 | 7,360,000 |
b | New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA State Street Bank and Trust Co.), 0.12% due 7/1/2035 | 6,665,000 | 6,665,000 |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA Wells Fargo Bank, N.A.), | |||
b | 0.13% due 8/1/2034 | 4,670,000 | 4,670,000 |
b | 0.13% due 8/1/2034 | 5,745,000 | 5,745,000 |
b | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA Barclays Bank plc), 0.12% due 11/1/2042 | 6,700,000 | 6,700,000 |
6 | Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JP Morgan Chase Bank, N.A.), | |||
b | 0.13% due 11/1/2036 | $11,940,000 | $ 11,940,000 |
b | 0.13% due 8/1/2039 | 14,300,000 | 14,300,000 |
b | 0.13% due 2/1/2045 | 6,760,000 | 6,760,000 |
b | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA Mizuho Bank, Ltd.), 0.13% due 8/1/2043 | 520,000 | 520,000 |
b | New York City Water & Sewer System (SPA Bank of Montreal), 0.11% due 6/15/2049 | 600,000 | 600,000 |
b | New York City Water & Sewer System (SPA JP Morgan Chase Bank, N.A.), 0.13% due 6/15/2050 | 590,000 | 590,000 |
New York City Water & Sewer System (SPA Landesbank Hessen-Thuringen), | |||
b | 0.15% due 6/15/2044 | 16,000,000 | 16,000,000 |
b | 0.13% due 6/15/2039 | 600,000 | 600,000 |
b | New York City Water & Sewer System (SPA Mizuho Bank, Ltd.), 0.14% due 6/15/2048 | 15,210,000 | 15,210,000 |
b | New York State Housing Finance Agency (160 Madison Ave, LLC; LOC Landesbank Hessen-Thuringen), 0.14% due 11/1/2046 | 23,900,000 | 23,900,000 |
b | New York State Housing Finance Agency (LOC Landesbank Hessen-Thuringen), 0.14% due 11/1/2046 | 3,900,000 | 3,900,000 |
Regents of the University of California Medical Center Pooled Revenue, | |||
b | 0.10% due 5/15/2032 | 9,710,000 | 9,710,000 |
b | 0.12% due 5/15/2032 | 1,800,000 | 1,800,000 |
b | 0.10% due 5/15/2047 | 13,315,000 | 13,315,000 |
b | State of California (LOC Barclays Bank plc) GO, 0.10% due 5/1/2033 | 7,605,000 | 7,605,000 |
State of California (LOC Citibank, N.A.) GO, | |||
b | 0.10% due 5/1/2034 | 13,095,000 | 13,095,000 |
b | 0.12% due 5/1/2034 | 6,450,000 | 6,450,000 |
b | 0.10% due 5/1/2034 | 3,760,000 | 3,760,000 |
b | State of California (LOC State Street Bank & Trust Co.) GO, 0.12% due 5/1/2034 | 3,090,000 | 3,090,000 |
b | Triborough Bridge and Tunnel Authority (LOC Citibank, N.A.), 0.10% due 1/1/2032 | 1,000,000 | 1,000,000 |
b | Triborough Bridge and Tunnel Authority (LOC U.S. Bank, N.A.), 0.12% due 1/1/2031 | 550,000 | 550,000 |
b | Virginia College Building Authority (University of Richmond; SPA Wells Fargo Bank, N.A.), 0.10% due 11/1/2036 | 5,000,000 | 5,000,000 |
Total Municipal Bonds (Cost $473,085,000) | 473,085,000 | ||
Commercial Paper — 60.7% | |||
Ameren Illinois Co., | |||
0.12% due 10/1/2020 | 33,000,000 | 33,000,000 | |
0.10% due 10/2/2020 | 33,000,000 | 32,999,908 | |
American Honda Finance, 0.18% due 10/22/2020 | 32,000,000 | 31,996,640 | |
c | Avangrid, Inc., 0.12% due 10/13/2020 | 33,000,000 | 32,998,680 |
c | Avery Dennison, Corp., 0.16% due 10/8/2020 | 4,170,000 | 4,169,870 |
c | BAT Capital Corp., 0.10% due 10/6/2020 | 660,000 | 659,991 |
BAT International Finance, | |||
c,d | 0.12% due 10/14/2020 | 1,000,000 | 999,957 |
c,d | 0.21% due 10/14/2020 | 18,000,000 | 17,998,635 |
c,d | 0.23% due 10/14/2020 | 1,000,000 | 999,917 |
c,d | 0.27% due 10/14/2020 | 12,000,000 | 11,998,830 |
c,d | Bell Canada, 0.14% due 10/8/2020 | 33,000,000 | 32,999,102 |
c | California Edison, 0.16% due 10/5/2020 | 34,000,000 | 33,999,395 |
Canadian National Railway Co., | |||
c,d | 0.12% due 10/13/2020 | 23,000,000 | 22,999,080 |
c,d | 0.11% due 10/26/2020 | 11,000,000 | 10,999,160 |
Canadian Pacific, | |||
c,d | 0.17% due 10/5/2020 | 5,000,000 | 4,999,905 |
c,d | 0.17% due 10/7/2020 | 5,000,000 | 4,999,858 |
c,d | 0.14% due 10/13/2020 | 23,000,000 | 22,998,927 |
c,d | 0.14% due 10/14/2020 | 10,000,000 | 9,999,494 |
c | CenterPoint Energy, Inc., 0.16% due 10/28/2020 | 34,000,000 | 33,995,920 |
Consolidated Edison Co., | |||
c | 0.13% due 10/5/2020 | 1,000,000 | 999,986 |
c | 0.12% due 10/7/2020 | 31,000,000 | 30,999,380 |
c | 0.11% due 10/14/2020 | 1,000,000 | 999,960 |
c | 0.11% due 10/19/2020 | 1,000,000 | 999,945 |
c | Daimler Finance North America, 0.15% due 10/13/2020 | 3,500,000 | 3,499,825 |
c | Ecolab Inc., 0.10% due 10/1/2020 | 33,000,000 | 33,000,000 |
c,d | Electricite de France S.A., 0.14% due 10/23/2020 | 34,000,000 | 33,997,091 |
See notes to financial statements. | Annual Report | 7 |
Thornburg Capital Management Fund | September 30, 2020
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Emerson Electric Co., | |||
c | 0.09% due 10/7/2020 | $21,000,000 | $ 20,999,685 |
c | 0.09% due 10/8/2020 | 1,350,000 | 1,349,976 |
c | Eni Finance USA Inc., 0.12% due 10/1/2020 | 25,000,000 | 25,000,000 |
c | Entergy Corp., 0.10% due 10/2/2020 | 33,000,000 | 32,999,908 |
c,d | Experian Finance PLC, 0.19% due 10/2/2020 | 15,200,000 | 15,199,920 |
c | Hitachi America Capital Ltd., 0.18% due 10/1/2020 | 34,000,000 | 34,000,000 |
c | Intercontinental Exchange, Inc., 0.15% due 10/5/2020 | 500,000 | 499,992 |
Kentucky Utilities , | |||
c | 0.15% due 10/2/2020 | 17,000,000 | 16,999,929 |
c | 0.15% due 10/5/2020 | 13,345,000 | 13,344,778 |
c | 0.15% due 10/8/2020 | 2,655,000 | 2,654,923 |
c | Keurig DR Paper, 0.15% due 10/13/2020 | 1,865,000 | 1,864,907 |
Louisville Gas & Electric Co., | |||
c | 0.15% due 10/5/2020 | 25,000,000 | 24,999,583 |
c | 0.15% due 10/8/2020 | 8,000,000 | 7,999,767 |
Mccormick & Company, | |||
c | 0.11% due 10/6/2020 | 12,250,000 | 12,249,813 |
c | 0.13% due 10/6/2020 | 21,750,000 | 21,749,607 |
c | Novartis Finance Corp., 0.10% due 10/13/2020 | 33,000,000 | 32,998,900 |
Oglethorpe Power Corp., | |||
c | 0.16% due 10/2/2020 | 16,095,000 | 16,094,928 |
c | 0.22% due 10/15/2020 | 10,758,000 | 10,757,080 |
c | 0.17% due 10/22/2020 | 7,147,000 | 7,146,291 |
One Gas, Inc., | |||
c | 0.11% due 10/2/2020 | 15,000,000 | 14,999,954 |
c | 0.11% due 10/5/2020 | 5,000,000 | 4,999,939 |
c | 0.11% due 10/13/2020 | 9,000,000 | 8,999,670 |
c | 0.11% due 10/14/2020 | 4,000,000 | 3,999,841 |
c | 0.11% due 10/19/2020 | 1,000,000 | 999,945 |
c | Pfizer Inc., 0.09% due 10/21/2020 | 500,000 | 499,975 |
PPL Electric Utilities Corp., | |||
c | 0.12% due 10/1/2020 | 30,000,000 | 30,000,000 |
c | 0.11% due 10/7/2020 | 4,000,000 | 3,999,927 |
c | Roche Holding, Inc., 0.09% due 10/14/2020 | 5,000,000 | 4,999,837 |
Stanley Works (The), | |||
c | 0.10% due 10/20/2020 | 24,500,000 | 24,498,707 |
c | 0.10% due 10/22/2020 | 7,500,000 | 7,499,562 |
Telstra Corp., Ltd., | |||
c,d | 0.13% due 10/6/2020 | 22,565,000 | 22,564,593 |
c,d | 0.13% due 10/22/2020 | 11,435,000 | 11,434,133 |
c,d | Telus Corp., 0.13% due 10/7/2020 | 33,000,000 | 32,999,285 |
c | Wec Energy Group, Inc., 0.13% due 10/5/2020 | 34,000,000 | 33,999,509 |
Wisconsin Gas Co., 0.10% due 10/5/2020 | 19,000,000 | 18,999,789 | |
Wisconsin Power & Light, 0.10% due 10/6/2020 | 34,000,000 | 33,999,528 | |
Total Commercial Paper (Cost $1,008,713,637) | 1,008,713,637 | ||
Mortgage Backed — 2.5% | |||
Federal Home Loan Bank, | |||
0.08% due 10/9/2020 | 25,000,000 | 24,999,500 | |
0.073% due 10/23/2020 | 16,770,000 | 16,769,221 | |
Total Mortgage Backed (Cost $41,768,721) | 41,768,721 | ||
U.S. Treasury Securities — 14.0% | |||
United States Treasury Bill, | |||
0.083% due 10/1/2020 | 50,000,000 | 50,000,000 | |
0.081% due 10/29/2020 | 19,000,000 | 18,998,803 | |
0.09% due 10/13/2020 | 50,000,000 | 49,998,500 | |
0.068% due 10/20/2020 | 14,000,000 | 13,999,453 | |
0.074% due 10/27/2020 | 50,000,000 | 49,997,328 | |
0.076% due 10/8/2020 | 50,000,000 | 49,999,261 | |
Total U.S. Treasury Securities (Cost $232,993,345) | 232,993,345 |
8 | Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Total Investments — 105.7% (Cost $1,756,608,949) | $1,756,608,949 | ||
Liabilities Net of Other Assets — (5.7)% | (95,320,743) | ||
Net Assets — 100.0% | $1,661,288,206 |
Footnote Legend | |
a | Rate represents the money market fund annualized seven-day yield at September 30, 2020. |
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 | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2020, the aggregate value of these securities in the Fund’s portfolio was $857,717,772, representing 51.63% of the Fund’s net assets. |
d | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
To simplify the listings of securities, abbreviations are used per the table below:
COP | Certificates of Participation |
GO | General Obligation |
IDA | Industrial Development Authority |
LOC | Letter of Credit |
SPA | Stand-by Purchase Agreement |
See notes to financial statements. | Annual Report | 9 |
Thornburg Capital Management Fund | September 30, 2020
ASSETS | |
Investment in securities, at cost | $ 1,756,608,949 |
Investments at value | 1,756,608,949 |
Receivable for investments sold | 3,700,000 |
Dividends receivable | 1,095 |
Principal and interest receivable | 32,389 |
Prepaid expenses and other assets | 110 |
Total Assets | 1,760,342,543 |
Liabilities | |
Payable for investments purchased | 98,998,497 |
Accounts payable and accrued expenses | 55,840 |
Total Liabilities | 99,054,337 |
Net Assets | $ 1,661,288,206 |
NET ASSETS CONSIST OF | |
Net capital paid in on shares of beneficial interest | $ 1,661,287,758 |
Distributable earnings | 448 |
Net Assets | $ 1,661,288,206 |
NET ASSET VALUE | |
Class I Shares: | |
Net assets applicable to shares outstanding | $ 1,661,288,206 |
Shares outstanding | 166,131,145 |
Net asset value and redemption price per share | $ 10.00 |
Thornburg Capital Management Fund | Year Ended September 30, 2020
INVESTMENT INCOME | |
Interest income | $ 13,417,891 |
Dividend income | 167,792 |
Total Income | 13,585,683 |
EXPENSES | |
Transfer agent fees | 4,890 |
Custodian fees | 116,673 |
Professional fees | 32,180 |
Officer fees | 11,598 |
Other expenses | 22,488 |
Total Expenses | 187,829 |
Net Investment Income (Loss) | $ 13,397,854 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) | 452 |
Net Realized and Unrealized Gain (Loss) | 452 |
Change in Net Assets Resulting from Operations | $ 13,398,306 |
Thornburg Capital Management Fund
Year Ended September 30, 2020 | Year Ended September 30, 2019 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 13,397,854 | $ 27,257,128 |
Net realized gain (loss) on investments | 452 | - |
Net Increase (Decrease) in Net Assets Resulting from Operations | 13,398,306 | 27,257,128 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class I Shares | (13,421,553) | (27,257,128) |
FUND SHARE TRANSACTIONS | ||
Class I Shares | 108,634,305 | 227,151,860 |
Net Increase (Decrease) in Net Assets | 108,611,058 | 227,151,860 |
NET ASSETS | ||
Beginning of Year | 1,552,677,148 | 1,325,525,288 |
End of Year | $ 1,661,288,206 | $ 1,552,677,148 |
Thornburg Capital Management Fund | September 30, 2020
Thornburg Capital Management Fund | September 30, 2020
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
Short-Term Investments | $ 1,756,608,949 | $ 48,246 | $ 1,756,560,703 | $ — |
Total Assets | $ 1,756,608,949 | $ 48,246 | $ 1,756,560,703 | $— |
Thornburg Capital Management Fund | September 30, 2020
Cost of investments for tax purposes | $ 1,756,608,949 |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ - |
2020 | 2019 | |
Distributions from: | ||
Ordinary income | $ 13,421,553 | $ 27,257,128 |
Total | $ 13,421,553 | $ 27,257,128 |
YEAR ENDED September 30, 2020 | YEAR ENDED September 30, 2019 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class I Shares | ||||
Shares sold | 1,021,124,579 | $ 10,211,245,791 | 710,137,132 | $ 7,101,371,322 |
Shares issued to shareholders in reinvestment of dividends | 1,342,193 | 13,421,929 | 2,724,210 | 27,242,096 |
Shares repurchased | (1,011,603,342) | (10,116,033,415) | (690,146,156) | (6,901,461,558) |
Net increase | 10,863,430 | $ 108,634,305 | 22,715,186 | $ 227,151,860 |
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 (b) | ||||||||
2020 | $ 10.00 | 0.10 | 0.01 | 0.11 | (0.11) | — | (0.11) | $ 10.00 |
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 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Portfolio turnover rate equals zero due to no long term investment transactions in the period. |
+ | Based on weighted average shares outstanding. |
Ratios to Average Net Assets | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | 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) | |
Class I (b) | |||||||
2020 | 1.00 | 0.01 | 0.01 | 1.08 | — (c) | $ 1,661,288 | |
2019 | 2.44 | 0.02 | 0.02 | 2.48 | — (c) | $ 1,552,677 | |
2018 | 1.76 | 0.02 | 0.02 | 1.76 | — (c) | $ 1,325,525 | |
2017 | 0.89 | 0.03 | 0.03 | 0.87 | — (c) | $ 1,130,021 | |
2016 | 0.45 | 0.03 | 0.03 | 0.45 | — (c) | $ 1,393,536 |
Thornburg Capital Management Fund
Thornburg Capital Management Fund | September 30, 2020 (Unaudited)
BEGINNING ACCOUNT VALUE 4/1/20 | ENDING ACCOUNT VALUE 9/30/20 | EXPENSES PAID DURING PERIOD† 4/1/20—9/30/20 | |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,001.69 | $0.05 |
Hypothetical* | $1,000.00 | $1,024.95 | $0.05 |
† | Expenses are equal to the annualized expense ratio for each class (I: 0.01%) multiplied by the average account value over the period, multiplied by 183/366 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, 2020 (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, 74 Trustee Since 1984, Chairman of Trustees(4) | 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, 65 Trustee since 2001, Vice Chairman of Trustees, Member of Governance & Nominating Committee and Operations Risk Oversight Committee(5) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager, and until 2019 Chief Investment Officer, and, until 2016, CEO and President, of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(3) | ||
David A. Ater, 75 Trustee since 1994, Lead Independent Trustee, Chair of Governance and Nominating Committee and Member of Audit Committee | Principal in Ater & Associates, Santa Fe, New Mexico (developer, planner and broker of residential and commercial real estate); owner, developer and broker for various real estate projects. | None |
Sally Corning, 59 Trustee since 2012, Chair of the 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, 71 Trustee since 2004, Member of Audit Committee, Governance and Nominating Committee, and Operations Risk Oversight Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 57 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, 56 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, 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, 66 Trustee since 2004, Chair of Operations Risk Oversight Committee and Member of Governance & Nominating Committee | President of Dirks, Van Essen, Murray & April, Santa Fe, New Mexico (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 61 Trustee since 1996, Member of Audit Committee and 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 and 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) | ||
Nimish Bhatt, 57 Chief Financial Officer since 2019, Treasurer 2016-2019, Secretary 2018-2019(6) | 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, 46 President since 2016(6) | 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. | Not applicable |
Randy Dry, 46 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 |
John Hackett, 54 Vice President since 2020 | Chief Marketing Officer, Thornburg Investment Management, Inc. (since 2020); Global Head of Product Marketing, Northern Trust Asset Management (2016-2020); Principal and Head of Marketing and Business Development, The Townsend Group (2013-2016). | Not applicable |
Curtis Holloway, 53 Treasurer since 2019(6) | 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, 40 Vice President since 2014 | Head of Investments since 2019, and Portfolio Manager and Managing Director since 2013, of Thornburg Investment Management, Inc. | Not applicable |
Jeff Klingelhofer, 39 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, Associate Portfolio Manager from 2012-2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 49, Vice President since 2017 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. from 2014-2017; Vice President, Citi Fund Services, Inc. from 2007-2014. | Not applicable |
Michael Mastroianni, 43 Secretary since 2019; Vice President 2019- 2020(6) | 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 |
Stephen Velie, 53 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Trust is organized as a Massachusetts business trust, and currently comprises a complex of 22 separate investment “Funds” or “series.” Thornburg Investment Management, Inc. is the investment advisor to, and manages, the 22 Funds of the Trust. Each Trustee oversees the 22 Funds of the Trust. |
(3) | 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. |
(4) | 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 22 active Funds of the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares of the Trust. |
(5) | 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. |
(6) | 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. |
September 30, 2020 (Unaudited)
September 30, 2020 (Unaudited)
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Value Fund |
■ | Thornburg Better World Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Value Fund |
■ | Thornburg Core Growth Fund |
■ | Thornburg Long/Short Equity Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Ultra Short Income Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Short Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913img5502bb572.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-302185/g41913imgc08530986.jpg)
800.847.0200 | TH3477 |
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, 2019 | Year Ended September 30, 2020 | |||||||
Thornburg Investment Trust | $ | 796,908 | $ | 804,919 |
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, 2019 | Year Ended September 30, 2020 | |||||||
Thornburg Investment Trust | $ | 0 | $ | 5,000 |
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, 2019 | Year Ended September 30, 2020 | |||||||
Thornburg Investment Trust | $ | 588,458 | $ | 551,290 |
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, 2019 | Year Ended September 30, 2020 | |||||||
Thornburg Investment Trust | $ | 11,325 | $ | 13,855 |
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. The figure shown under All Other Fees for the year ended September 30, 2020 includes amounts from out of pocket expenses during the 2019 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, 2020, 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
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: Short 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, Ultra Short 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 23, 2020 |
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 23, 2020 | |
By: | /s/ Nimish Bhatt | |
Nimish Bhatt | ||
Treasurer and principal financial officer | ||
Date: | November 23, 2020 |