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
Date of reporting period: March 31, 2021
Item 1. Reports to Stockholders
The following Semi-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 Small/Mid Cap Core Fund
Thornburg International Equity Fund
Thornburg Small/Mid Cap 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 Equity Fund (Thornburg International Value Fund) |
Thornburg Better World International Fund |
Thornburg International Growth Fund |
Thornburg Developing World Fund |
Domestic Equity |
Thornburg Small/Mid Cap Core Fund (Thornburg Value Fund) |
Thornburg Small/Mid Cap Growth Fund (Thornburg Core Growth Fund) |
Alternatives |
Thornburg Long/Short Equity Fund |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active 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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March 31, 2021 (Unaudited)
Jason Brady, cfa Portfolio Manager CEO, President, and Managing Director |
March 31, 2021 (Unaudited)
March 31, 2021 (Unaudited)
March 31, 2021 (Unaudited)
Brian McMahon Portfolio Manager Chief Investment Strategist and Managing Director | Jason Brady, cfa Portfolio Manager CEO, President, and Managing Director |
Ben Kirby, cfa Portfolio Manager Head of Investments and Managing Director | Matt Burdett Portfolio Manager and Managing Director |
March 31, 2021 (Unaudited)
March 31, 2021 (Unaudited)
Brian McMahon Portfolio Manager Chief Investment Strategist and Managing Director | Miguel Oleaga Portfolio Manager and Managing Director |
THORNBURG INVESTMENT INCOME BUILDER FUND | FINAL VALUE |
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 | 45.76% | 7.46% | 8.43% | 6.53% | 9.08% |
With sales charge | 39.17% | 5.82% | 7.43% | 6.04% | 8.81% |
Class C Shares (Incep: 12/24/02) | |||||
Without sales charge | 44.74% | 6.66% | 7.63% | 5.76% | 8.39% |
With sales charge | 43.74% | 6.66% | 7.63% | 5.76% | 8.39% |
Class I Shares (Incep: 11/3/03) | 46.06% | 7.72% | 8.73% | 6.85% | 8.55% |
Class R3 Shares (Incep: 2/1/05) | 45.17% | 7.08% | 8.07% | 6.18% | 7.14% |
Class R4 Shares (Incep: 2/1/08) | 45.38% | 7.17% | 8.15% | 6.30% | 5.65% |
Class R5 Shares (Incep: 2/1/07) | 45.94% | 7.61% | 8.61% | 6.72% | 6.34% |
Class R6 Shares (Incep: 4/10/17) | 46.19% | 7.81% | - | - | 8.10% |
MSCI World Net Total Return USD Index (Since 12/24/02) | 54.03% | 12.81% | 13.36% | 9.88% | 9.26% |
THORNBURG SUMMIT FUND | FINAL VALUE |
THORNBURG SUMMIT FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class I Shares (Incep: 3/1/19) | 48.43% | - | - | - | 20.64% |
60% MSCI ACWI Net / 40% Bloomberg Barclays Global (Since 3/1/19) | 32.72% | - | - | - | 12.39% |
THORNBURG GLOBAL OPPORTUNITIES FUND | FINAL VALUE |
THORNBURG GLOBAL OPPORTUNITIES FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 7/28/06) | |||||
Without sales charge | 73.68% | 11.96% | 11.33% | 10.46% | 10.21% |
With sales charge | 65.88% | 10.25% | 10.31% | 9.96% | 9.87% |
Class C Shares (Incep: 7/28/06) | |||||
Without sales charge | 72.43% | 11.13% | 10.51% | 9.63% | 9.37% |
With sales charge | 71.43% | 11.13% | 10.51% | 9.63% | 9.37% |
Class I Shares (Incep: 7/28/06) | 74.18% | 12.29% | 11.68% | 10.87% | 10.67% |
Class R3 Shares (Incep: 2/1/08) | 73.34% | 11.73% | 11.12% | 10.31% | 7.62% |
Class R4 Shares (Incep: 2/1/08) | 73.48% | 11.84% | 11.22% | 10.42% | 7.72% |
Class R5 Shares (Incep: 2/1/08) | 74.21% | 12.29% | 11.67% | 10.87% | 8.18% |
Class R6 Shares (Incep: 4/10/17) | 74.40% | 12.44% | - | - | 11.16% |
MSCI AC World Net Total Return USD Index (Since 7/28/06) | 54.60% | 12.07% | 13.21% | 9.14% | 7.20% |
THORNBURG INTERNATIONAL EQUITY FUND | FINAL VALUE |
THORNBURG INTERNATIONAL EQUITY FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 5/28/98) | |||||
Without sales charge | 58.39% | 10.34% | 10.74% | 5.84% | 8.01% |
With sales charge | 51.29% | 8.65% | 9.72% | 5.35% | 7.79% |
Class C Shares (Incep: 5/28/98) | |||||
Without sales charge | 57.27% | 9.53% | 9.93% | 5.06% | 7.17% |
With sales charge | 56.27% | 9.53% | 9.93% | 5.06% | 7.17% |
Class I Shares (Incep: 3/30/01) | 58.88% | 10.67% | 11.11% | 6.22% | 7.94% |
Class R3 Shares (Incep: 7/1/03) | 58.08% | 10.12% | 10.54% | 5.65% | 8.78% |
Class R4 Shares (Incep: 2/1/07) | 58.35% | 10.33% | 10.76% | 5.85% | 5.10% |
Class R5 Shares (Incep: 2/1/05) | 58.74% | 10.61% | 11.05% | 6.13% | 7.52% |
Class R6 Shares (Incep: 5/1/12) | 59.11% | 10.83% | 11.27% | - | 8.10% |
MSCI EAFE Net Total Return USD Index (Since 5/28/98) | 44.57% | 6.02% | 8.85% | 5.52% | 4.65% |
MSCI AC World ex USA Net Total Return USD Index (Since 5/28/98) | 49.41% | 6.51% | 9.76% | 4.93% | 5.21% |
THORNBURG BETTER WORLD INTERNATIONAL FUND | FINAL VALUE |
THORNBURG BETTER WORLD INTERNATIONAL FUND | 1-YR | 3-YR | 5-YR | SINCE INCEPTION |
Class A Shares (Incep: 10/1/15) | ||||
Without sales charge | 70.58% | 13.96% | 13.56% | 13.12% |
With sales charge | 62.88% | 12.23% | 12.51% | 12.19% |
Class C Shares (Incep: 10/1/15) | ||||
Without sales charge | 69.49% | 13.30% | 12.92% | 12.48% |
With sales charge | 68.49% | 13.30% | 12.92% | 12.48% |
Class I Shares (Incep: 10/1/15) | 71.78% | 14.75% | 14.40% | 13.96% |
MSCI AC World ex USA Net Total Return USD Index (Since 9/30/15) | 49.41% | 6.51% | 9.76% | 9.39% |
THORNBURG INTERNATIONAL GROWTH FUND | FINAL VALUE |
THORNBURG INTERNATIONAL GROWTH FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 2/1/07) | |||||
Without sales charge | 51.86% | 9.92% | 12.29% | 9.56% | 8.43% |
With sales charge | 45.02% | 8.24% | 11.26% | 9.05% | 8.08% |
Class C Shares (Incep: 2/1/07) | |||||
Without sales charge | 50.69% | 9.07% | 11.44% | 8.72% | 7.65% |
With sales charge | 49.69% | 9.07% | 11.44% | 8.72% | 7.65% |
Class I Shares (Incep: 2/1/07) | 52.34% | 10.26% | 12.68% | 9.99% | 8.93% |
Class R3 Shares (Incep: 2/1/08) | 51.53% | 9.70% | 12.11% | 9.43% | 7.56% |
Class R4 Shares (Incep: 2/1/08) | 51.75% | 9.81% | 12.22% | 9.56% | 7.68% |
Class R5 Shares (Incep: 2/1/08) | 52.33% | 10.26% | 12.68% | 9.99% | 8.11% |
Class R6 Shares (Incep: 2/1/13) | 52.50% | 10.36% | 12.80% | - | 9.92% |
MSCI AC World ex USA Growth Net Total Return USD Index (Since 2/1/07) | 49.36% | 10.31% | 12.03% | 6.69% | 5.04% |
THORNBURG DEVELOPING WORLD FUND | FINAL VALUE |
THORNBURG DEVELOPING WORLD FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 12/16/09) | |||||
Without sales charge | 65.54% | 11.08% | 12.84% | 6.30% | 8.22% |
With sales charge | 58.04% | 9.39% | 11.81% | 5.81% | 7.78% |
Class C Shares (Incep: 12/16/09) | |||||
Without sales charge | 64.25% | 10.24% | 11.97% | 5.50% | 7.44% |
With sales charge | 63.25% | 10.24% | 11.97% | 5.50% | 7.44% |
Class I Shares (Incep: 12/16/09) | 66.10% | 11.50% | 13.27% | 6.77% | 8.72% |
Class R5 Shares (Incep: 2/1/13) | 66.16% | 11.51% | 13.27% | - | 7.03% |
Class R6 Shares (Incep: 2/1/13) | 66.31% | 11.60% | 13.38% | - | 7.13% |
MSCI Emerging Markets Net Total Return USD Index (Since 12/16/09) | 58.39% | 6.48% | 12.07% | 3.65% | 5.17% |
THORNBURG SMALL/MID CAP CORE FUND | FINAL VALUE |
THORNBURG SMALL/MID CAP CORE FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 10/2/95) | |||||
Without sales charge | 61.42% | 12.13% | 13.30% | 9.91% | 10.16% |
With sales charge | 54.16% | 10.42% | 12.26% | 9.40% | 9.96% |
Class C Shares (Incep: 10/2/95) | |||||
Without sales charge | 60.13% | 11.20% | 12.40% | 9.05% | 9.31% |
With sales charge | 59.13% | 11.20% | 12.40% | 9.05% | 9.31% |
Class I Shares (Incep: 11/2/98) | 61.99% | 12.51% | 13.71% | 10.32% | 8.45% |
Class R3 Shares (Incep: 7/1/03) | 61.42% | 12.10% | 13.30% | 9.91% | 8.76% |
Class R4 Shares (Incep: 2/1/07) | 61.58% | 12.21% | 13.41% | 10.02% | 7.19% |
Class R5 Shares (Incep: 2/1/05) | 62.00% | 12.50% | 13.71% | 10.31% | 8.91% |
S&P 500 Total Return Index (Since 10/2/95) | 56.35% | 16.78% | 16.29% | 13.91% | 9.89% |
Russell 2500 Total Return Index (Since 10/2/95) | 89.40% | 15.34% | 15.93% | 12.20% | 10.73% |
THORNBURG SMALL/MID CAP GROWTH FUND | FINAL VALUE |
THORNBURG SMALL/MID CAP GROWTH FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 12/27/00) | |||||
Without sales charge | 54.83% | 16.98% | 17.20% | 13.46% | 8.17% |
With sales charge | 47.85% | 15.19% | 16.12% | 12.94% | 7.93% |
Class C Shares (Incep: 12/27/00) | |||||
Without sales charge | 53.70% | 16.05% | 16.28% | 12.58% | 7.32% |
With sales charge | 52.70% | 16.05% | 16.28% | 12.58% | 7.32% |
Class I Shares (Incep: 11/3/03) | 55.36% | 17.37% | 17.63% | 13.92% | 10.66% |
Class R3 Shares (Incep: 7/1/03) | 54.56% | 16.78% | 17.03% | 13.33% | 10.67% |
Class R4 Shares (Incep: 2/1/07) | 54.73% | 16.91% | 17.15% | 13.45% | 8.22% |
Class R5 Shares (Incep: 10/3/05) | 55.37% | 17.39% | 17.63% | 13.91% | 10.02% |
Russell 2500 Growth Total Return Index(Since 12/27/00) | 87.50% | 19.96% | 19.91% | 14.21% | 9.50% |
Russell 3000 Growth Total Return Index(Since 12/27/00) | 64.31% | 22.39% | 20.87% | 16.35% | 8.17% |
THORNBURG LONG/SHORT EQUITY FUND | FINAL VALUE |
THORNBURG LONG/SHORT EQUITY FUND* | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class I Shares (Incep: 12/30/16) | -6.01% | -3.94% | 2.05% | 5.29% | 4.56% |
S&P 500 Total Return Index (Since 12/30/16) | 56.35% | 16.78% | 16.29% | 13.91% | 10.67% |
Thornburg Investment Income Builder Fund | March 31, 2021 (Unaudited)
RUSSELL 1000 INDEX | RUSSELL 2000 INDEX | |
Real Estate | 29% | 37% |
Financials | 23% | 33% |
Utilities | 13% | 3% |
Energy | 12% | 10% |
Consumer Staples | 5% | 4% |
Materials | 5% | 1% |
Communication Services | 5% | 5% |
Information Technology | 4% | 1% |
Health Care | 3% | 0% |
Consumer Discretionary | 1% | 3% |
Industrials | 0% | 3% |
Thornburg Investment Income Builder Fund | March 31, 2021 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.8% |
Vodafone Group plc | 4.3% |
Orange SA | 4.2% |
Samsung Electronics Co. Ltd. | 3.6% |
Deutsche Telekom AG | 3.6% |
China Mobile Ltd. | 3.3% |
Broadcom, Inc. | 3.3% |
Total SE | 3.3% |
CME Group, Inc. | 3.1% |
JPMorgan Chase & Co. | 2.9% |
SECTOR EXPOSURE (percent of equity holdings) | |
Financials | 25.7% |
Communication Services | 19.9% |
Information Technology | 18.1% |
Health Care | 10.8% |
Consumer Staples | 6.0% |
Energy | 4.6% |
Materials | 4.3% |
Consumer Discretionary | 4.1% |
Utilities | 2.9% |
Real Estate | 2.1% |
Industrials | 1.5% |
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¢ | 19.0¢ | 21.0¢ | 29.0¢ | 88.0¢ |
2021 | 22.5¢ |
Thornburg Investment Income Builder Fund | March 31, 2021 (Unaudited)
As of 3/31/2021 | |
Telecommunication Services | 19.9% |
Semiconductors & Semiconductor Equipment | 12.6% |
Diversified Financials | 12.6% |
Pharmaceuticals, Biotechnology & Life Sciences | 10.8% |
Banks | 7.4% |
Insurance | 5.8% |
Technology Hardware & Equipment | 5.5% |
Food & Staples Retailing | 5.1% |
Energy | 4.6% |
Materials | 4.3% |
As of 12/31/2020 | |
Telecommunication Services | 18.9% |
Semiconductors & Semiconductor Equipment | 14.3% |
Diversified Financials | 12.8% |
Pharmaceuticals, Biotechnology & Life Sciences | 11.2% |
Banks | 6.6% |
Technology Hardware & Equipment | 6.0% |
Food Staples & Retailing | 5.0% |
Energy | 4.9% |
Insurance | 4.6% |
Materials | 4.1% |
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% |
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 | March 31, 2021 (Unaudited)
SECTOR EXPOSURE (percent of equity holdings) | |
Communication Services | 21.3% |
Information Technology | 20.1% |
Consumer Discretionary | 18.6% |
Financials | 13.2% |
Health Care | 9.3% |
Energy | 7.0% |
Materials | 4.3% |
Consumer Staples | 3.8% |
Industrials | 2.4% |
TOP TEN LONG HOLDINGS | |
Amazon.com, Inc. | 2.3% |
Capital One Financial Corp. | 2.0% |
Facebook, Inc. Class A | 1.7% |
Total SE | 1.7% |
Deutsche Telekom AG | 1.6% |
Citigroup, Inc. | 1.5% |
Tencent Holdings Ltd. | 1.3% |
Merck & Co., Inc. | 1.3% |
Meituan Class B | 1.2% |
Reliance Industries Ltd. | 1.2% |
THORNBURG SUMMIT FUND | NASDAQ SYMBOLS | CUSIPS |
Class I | TSUMX | 885-216-580 |
Thornburg Global Opportunities Fund | March 31, 2021 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Capital One Financial Corp. | 5.9% |
Samsung Electronics Co. Ltd. | 5.1% |
Reliance Industries Ltd. | 4.9% |
NN Group N.V. | 4.8% |
Alphabet, Inc. Class A | 4.8% |
Barratt Developments plc | 4.6% |
Citigroup, Inc. | 4.5% |
Qorvo, Inc. | 4.3% |
Facebook, Inc. Class A | 4.2% |
China Telecom Corp. Ltd. | 4.0% |
SECTOR EXPOSURE | |
Financials | 18.9% |
Information Technology | 17.2% |
Communication Services | 16.4% |
Consumer Discretionary | 12.2% |
Materials | 9.5% |
Energy | 7.5% |
Health Care | 6.3% |
Industrials | 5.9% |
Consumer Staples | 2.6% |
Other Assets Less Liabilities | 3.5% |
TOP TEN INDUSTRY GROUPS | |
Semiconductors & Semiconductor Equipment | 9.9% |
Diversified Financials | 9.6% |
Materials | 9.5% |
Media & Entertainment | 9.0% |
Energy | 7.5% |
Telecommunication Services | 7.4% |
Retailing | 6.2% |
Pharmaceuticals, Biotechnology & Life Sciences | 5.6% |
Technology Hardware & Equipment | 5.1% |
Insurance | 4.8% |
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 Equity Fund | March 31, 2021 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Citigroup, Inc. | 3.5% |
Telefonaktiebolaget LM Ericsson Class B | 2.9% |
TOTAL S.A. | 2.9% |
JPMorgan Chase & Co. | 2.8% |
Tencent Holdings Ltd. | 2.7% |
Ping An Bank Co. Ltd. Class A | 2.6% |
Alibaba Group Holding Ltd. | 2.6% |
LVMH Moet Hennessy Louis Vuitton SE | 2.5% |
Sika AG | 2.5% |
adidas AG | 2.5% |
SECTOR EXPOSURE | |
Industrials | 18.9% |
Financials | 18.4% |
Information Technology | 14.1% |
Consumer Discretionary | 11.9% |
Materials | 8.8% |
Communication Services | 8.2% |
Consumer Staples | 5.4% |
Utilities | 5.0% |
Health Care | 3.4% |
Energy | 2.9% |
Other Assets Less Liabilities | 3.0% |
TOP TEN INDUSTRY GROUPS | |
Banks | 15.1% |
Capital Goods | 12.6% |
Materials | 8.8% |
Consumer Durables & Apparel | 7.9% |
Media & Entertainment | 7.2% |
Technology Hardware & Equipment | 6.4% |
Utilities | 5.0% |
Transportation | 4.5% |
Semiconductors & Semiconductor Equipment | 4.4% |
Retailing | 4.0% |
THORNBURG INTERNATIONAL EQUITY 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 | March 31, 2021 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Coursera, Inc. | 3.5% |
Tencent Holdings Ltd. | 2.7% |
ING Groep N.V. | 2.6% |
Mitsubishi UFJ Financial Group, Inc. | 2.5% |
Barratt Developments plc | 2.4% |
Intesa Sanpaolo S.p.A. | 2.3% |
Kuehne + Nagel International AG | 2.2% |
CME Group, Inc. | 2.1% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 2.0% |
Recruit Holdings Co. Ltd. | 2.0% |
SECTOR EXPOSURE | |
Industrials | 20.6% |
Consumer Discretionary | 17.3% |
Financials | 16.6% |
Information Technology | 12.8% |
Materials | 8.6% |
Utilities | 6.4% |
Communication Services | 5.3% |
Consumer Staples | 2.9% |
Health Care | 2.5% |
Real Estate | 2.0% |
Other Assets Less Liabilities | 5.0% |
TOP TEN INDUSTRY GROUPS | |
Capital Goods | 11.3% |
Banks | 9.2% |
Consumer Durables & Apparel | 8.8% |
Materials | 8.6% |
Utilities | 6.4% |
Commercial & Professional Services | 5.3% |
Software & Services | 4.6% |
Insurance | 4.5% |
Semiconductors & Semiconductor Equipment | 4.4% |
Media & Entertainment | 4.4% |
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 | March 31, 2021 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Alibaba Group Holding Ltd. | 5.6% |
Tencent Holdings Ltd. | 5.0% |
Adyen N.V. | 4.8% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.3% |
Activision Blizzard, Inc. | 3.7% |
AstraZeneca plc | 3.2% |
MercadoLibre, Inc. | 3.0% |
Ubisoft Entertainment S.A. | 3.0% |
Nestle S.A. | 3.0% |
ASML Holding N.V. | 2.8% |
SECTOR EXPOSURE | |
Information Technology | 30.0% |
Consumer Discretionary | 25.0% |
Communication Services | 18.2% |
Health Care | 8.8% |
Industrials | 6.1% |
Consumer Staples | 3.0% |
Materials | 2.8% |
Financials | 2.2% |
Real Estate | 1.2% |
Energy | 0.5% |
Other Assets Less Liabilities | 2.2% |
TOP TEN INDUSTRY GROUPS | |
Software & Services | 20.4% |
Media & Entertainment | 16.4% |
Retailing | 14.5% |
Semiconductors & Semiconductor Equipment | 9.6% |
Pharmaceuticals, Biotechnology & Life Sciences | 7.5% |
Consumer Durables & Apparel | 4.9% |
Commercial & Professional Services | 4.8% |
Consumer Services | 3.5% |
Food, Beverage & Tobacco | 3.0% |
Materials | 2.8% |
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 | March 31, 2021 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 7.1% |
Tencent Holdings Ltd. | 5.9% |
Alibaba Group Holding Ltd. | 5.4% |
Samsung Electronics Co. Ltd. | 4.4% |
AIA Group Ltd. | 3.5% |
Micron Technology, Inc. | 3.0% |
Adani Ports & Special Economic Zone Ltd. | 3.0% |
HDFC Bank Ltd. | 2.9% |
China Gas Holdings Ltd. | 2.8% |
Ping An Insurance Group Co. of China Ltd. Class H | 2.6% |
SECTOR EXPOSURE | |
Information Technology | 23.8% |
Financials | 20.1% |
Consumer Discretionary | 14.7% |
Communication Services | 12.0% |
Consumer Staples | 9.4% |
Industrials | 5.2% |
Utilities | 4.1% |
Materials | 3.7% |
Energy | 2.9% |
Other Assets Less Liabilities | 4.1% |
TOP TEN INDUSTRY GROUPS | |
Semiconductors & Semiconductor Equipment | 12.0% |
Retailing | 11.6% |
Banks | 9.4% |
Media & Entertainment | 9.3% |
Technology Hardware & Equipment | 6.7% |
Insurance | 6.1% |
Transportation | 5.2% |
Software & Services | 5.1% |
Diversified Financials | 4.6% |
Utilities | 4.1% |
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 Small/Mid Cap Core Fund | March 31, 2021 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
LPL Financial Holdings, Inc. | 3.2% |
Avantor, Inc. | 3.1% |
Pinnacle Financial Partners, Inc. | 2.7% |
Jones Lang LaSalle, Inc. | 2.6% |
AES Corp. | 2.5% |
Assured Guaranty Ltd. | 2.5% |
Zynga, Inc. Class A | 2.4% |
Spirit AeroSystems Holdings, Inc. Class A | 2.3% |
Diamondback Energy, Inc. | 2.3% |
Horizon Therapeutics plc | 2.3% |
SECTOR EXPOSURE | |
Industrials | 21.1% |
Information Technology | 18.6% |
Financials | 12.8% |
Health Care | 11.8% |
Consumer Discretionary | 10.7% |
Materials | 7.2% |
Consumer Staples | 6.8% |
Communication Services | 3.5% |
Real Estate | 2.6% |
Utilities | 2.5% |
Energy | 2.3% |
Other Assets Less Liabilities | 0.1% |
TOP TEN INDUSTRY GROUPS | |
Capital Goods | 12.7% |
Software & Services | 11.2% |
Materials | 7.2% |
Commercial & Professional Services | 6.9% |
Health Care Equipment & Services | 6.4% |
Consumer Services | 5.5% |
Diversified Financials | 5.4% |
Pharmaceuticals, Biotechnology & Life Sciences | 5.4% |
Banks | 4.9% |
Food, Beverage & Tobacco | 4.8% |
THORNBURG SMALL/MID CAP CORE 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 Small/Mid Cap Growth Fund | March 31, 2021 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Horizon Therapeutics plc | 3.7% |
Zynga, Inc. Class A | 3.6% |
Freshpet, Inc. | 2.8% |
Avantor, Inc. | 2.8% |
Fox Factory Holding Corp. | 2.6% |
Floor & Decor Holdings, Inc. Class A | 2.6% |
Globant S.A. | 2.5% |
Amedisys, Inc. | 2.5% |
Black Knight, Inc. | 2.5% |
Entegris, Inc. | 2.4% |
SECTOR EXPOSURE | |
Information Technology | 31.1% |
Health Care | 23.1% |
Industrials | 18.4% |
Consumer Discretionary | 13.4% |
Consumer Staples | 6.0% |
Communication Services | 4.6% |
Financials | 3.4% |
Other Assets Less Liabilities | 0.0% |
TOP TEN INDUSTRY GROUPS | |
Software & Services | 21.7% |
Pharmaceuticals, Biotechnology & Life Sciences | 13.8% |
Capital Goods | 11.7% |
Health Care Equipment & Services | 9.3% |
Semiconductors & Semiconductor Equipment | 7.9% |
Commercial & Professional Services | 5.0% |
Media & Entertainment | 4.6% |
Food, Beverage & Tobacco | 4.4% |
Retailing | 3.7% |
Consumer Durables & Apparel | 3.6% |
THORNBURG SMALL/MID CAP 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 | March 31, 2021 (Unaudited)
SECTOR EXPOSURE | |
Financials | 8.5% |
Information Technology | 7.8% |
Communication Services | 7.1% |
Health Care | 7.0% |
Industrials | 6.6% |
Materials | 4.5% |
Consumer Discretionary | 3.5% |
Consumer Staples | 1.8% |
Energy | 1.6% |
Real Estate | -1.5% |
Other Assets Less Liabilities | 53.1% |
PORTFOLIO EXPOSURE | ||
1Q21 | 4Q20 | |
Gross Long | 89.31% | 96.04% |
Gross Short | -42.29% | -54.07% |
Net Equity | 47.03% | 41.97% |
ASSETS BY GEOGRAPHY | ||
Long | Short | |
United States | 68.07% | 31.93% |
Ex-U.S | 63.76% | 36.24% |
TOP TEN LONG HOLDINGS | |
Quanta Services, Inc. | 5.6% |
Alphabet, Inc. Class C | 4.3% |
Mastercard, Inc. Class A | 4.1% |
Assured Guaranty Ltd. | 3.6% |
ITT, Inc. | 3.4% |
OneMain Holdings, Inc. | 3.3% |
AbbVie, Inc. | 3.1% |
Sonos, Inc. | 3.1% |
PTC, Inc. | 3.1% |
Capital One Financial Corp. | 3.0% |
THORNBURG LONG/SHORT EQUITY FUND | NASDAQ SYMBOLS | CUSIPS |
Class I | THLSX | 885-216-689 |
Thornburg Investment Income Builder Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Common Stock — 82.2% | |||
Automobiles & Components — 0.5% | |||
Automobiles — 0.5% | |||
Stellantis N.V. | 2,764,000 | $ 48,892,415 | |
48,892,415 | |||
Banks — 6.0% | |||
Banks — 6.0% | |||
Citigroup, Inc. | 1,309,352 | 95,255,358 | |
JPMorgan Chase & Co. | 2,103,084 | 320,152,477 | |
Regions Financial Corp. | 11,467,529 | 236,919,149 | |
652,326,984 | |||
Capital Goods — 1.3% | |||
Aerospace & Defense — 0.5% | |||
BAE Systems plc | 7,148,500 | 49,767,327 | |
Industrial Conglomerates — 0.8% | |||
Siemens AG | 536,500 | 88,081,498 | |
137,848,825 | |||
Diversified Financials — 10.4% | |||
Capital Markets — 5.9% | |||
a | Apollo Investment Corp. | 4,244,410 | 58,233,305 |
CME Group, Inc. | 1,637,124 | 334,349,835 | |
a | SLR Investment Corp. | 4,607,900 | 81,836,304 |
UBS Group AG | 11,179,372 | 173,104,914 | |
Diversified Financial Services — 2.4% | |||
Equitable Holdings, Inc. | 5,802,340 | 189,272,331 | |
M&G plc | 24,604,000 | 70,348,118 | |
Mortgage Real Estate Investment Trusts — 2.1% | |||
a | Chimera Investment Corp. | 16,496,159 | 209,501,219 |
Granite Point Mortgage Trust, Inc. | 1,417,500 | 16,967,475 | |
1,133,613,501 | |||
Energy — 3.6% | |||
Oil, Gas & Consumable Fuels — 3.6% | |||
LUKOIL PJSC Sponsored ADR | 530,900 | 42,928,574 | |
a,b,c | Malamute Energy, Inc. | 12,439 | 12,439 |
Total SE | 7,589,800 | 354,019,717 | |
396,960,730 | |||
Food & Staples Retailing — 4.2% | |||
Food & Staples Retailing — 4.2% | |||
Tesco plc | 78,027,630 | 246,171,260 | |
Walgreens Boots Alliance, Inc. | 3,970,066 | 217,956,623 | |
464,127,883 | |||
Food, Beverage & Tobacco — 0.7% | |||
Food Products — 0.7% | |||
Nestle S.A. | 710,600 | 79,198,650 | |
79,198,650 | |||
Insurance — 4.7% | |||
Insurance — 4.7% | |||
Assicurazioni Generali SpA | 11,464,147 | 229,354,731 | |
AXA S.A. | 1,020,000 | 27,373,984 | |
NN Group N.V. | 5,350,300 | 261,575,437 | |
518,304,152 | |||
Materials — 3.6% | |||
Chemicals — 1.2% | |||
LyondellBasell Industries N.V. Class A | 1,210,996 | 126,004,134 |
36 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Metals & Mining — 2.4% | |||
c | Glencore plc | 38,178,800 | $ 149,610,048 |
MMC Norilsk Nickel PJSC Sponsored ADR | 3,682,100 | 114,807,878 | |
390,422,060 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 8.9% | |||
Biotechnology — 2.8% | |||
AbbVie, Inc. | 2,871,000 | 310,699,620 | |
Pharmaceuticals — 6.1% | |||
AstraZeneca plc | 1,326,900 | 132,566,708 | |
Merck & Co., Inc. | 1,794,638 | 138,348,643 | |
Novartis AG | 288,200 | 24,628,804 | |
Pfizer, Inc. | 3,657,727 | 132,519,449 | |
Roche Holding AG | 735,700 | 237,760,742 | |
976,523,966 | |||
Real Estate — 1.7% | |||
Equity Real Estate Investment Trusts — 1.7% | |||
Crown Castle International Corp. | 352,254 | 60,633,481 | |
Lamar Advertising Co. Class A | 587,275 | 55,156,868 | |
Washington Real Estate Investment Trust | 3,063,074 | 67,693,935 | |
183,484,284 | |||
Retailing — 2.9% | |||
Specialty Retail — 2.9% | |||
Home Depot, Inc. | 1,021,257 | 311,738,699 | |
b,c | RGIS Restructure Equity | 338,576 | 6,094,368 |
317,833,067 | |||
Semiconductors & Semiconductor Equipment — 10.4% | |||
Semiconductors & Semiconductor Equipment — 10.4% | |||
Broadcom, Inc. | 777,839 | 360,652,831 | |
QUALCOMM, Inc. | 1,909,206 | 253,141,623 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 25,568,000 | 526,002,033 | |
1,139,796,487 | |||
Technology Hardware & Equipment — 4.5% | |||
Communications Equipment — 0.9% | |||
Cisco Systems, Inc. | 1,841,551 | 95,226,602 | |
Technology Hardware, Storage & Peripherals — 3.6% | |||
Samsung Electronics Co. Ltd. | 5,570,789 | 400,673,492 | |
495,900,094 | |||
Telecommunication Services — 16.4% | |||
Diversified Telecommunication Services — 8.8% | |||
China Telecom Corp. Ltd. | 334,555,000 | 114,902,285 | |
Deutsche Telekom AG | 19,287,100 | 388,350,758 | |
Orange S.A. | 37,020,780 | 456,066,898 | |
Wireless Telecommunication Services — 7.6% | |||
China Mobile Ltd. | 55,120,774 | 361,251,262 | |
Vodafone Group plc | 259,891,924 | 472,508,622 | |
1,793,079,825 | |||
Utilities — 2.4% | |||
Electric Utilities — 2.1% | |||
c | Electricite de France S.A. | 2,860,000 | 38,368,868 |
Enel SpA | 18,941,171 | 188,649,162 | |
Multi-Utilities — 0.3% | |||
E.ON SE | 2,954,200 | 34,380,610 | |
261,398,640 | |||
Total Common Stock (Cost $6,365,643,887) | 8,989,711,563 |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 37 |
Thornburg Investment Income Builder Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
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 | $ 10,020,000 |
10,020,000 | |||
Diversified Financials — 0.0% | |||
Capital Markets — 0.0% | |||
e,f | Morgan Stanley Series A, 4.00% (LIBOR 3 Month + 0.70%) | 120,000 | 2,910,000 |
2,910,000 | |||
Energy — 0.2% | |||
Oil, Gas & Consumable Fuels — 0.2% | |||
e | Crestwood Equity Partners, L.P. 9.25% | 2,166,596 | 18,719,389 |
18,719,389 | |||
Total Preferred Stock (Cost $34,858,652) | 31,649,389 | ||
Asset Backed Securities — 2.8% | |||
Auto Receivables — 1.5% | |||
ACC Trust, | |||
d | Series 2019-1 Class C, 6.41% due 2/20/2024 | $ 2,500,000 | 2,584,118 |
d | Series 2020-A Class A, 6.00% due 3/20/2023 | 12,216,707 | 12,586,658 |
d | Series 2020-A Class B, 12.50% due 6/20/2025 | 6,680,000 | 6,876,545 |
American Credit Acceptance Receivables Trust, | |||
d | Series 2019-3 Class B1, 5.42% due 5/12/2026 | 6,850,000 | 7,166,275 |
d | Series 2019-4 Class F, 5.37% due 9/14/2026 | 5,000,000 | 5,224,651 |
d | Series 2020-1 Class F, 4.75% due 11/13/2026 | 5,460,000 | 5,601,105 |
Carvana Auto Receivables Trust, | |||
b,d | Series 2019-4A Class R, due 10/15/2026 | 32,000 | 14,800,000 |
b,d | Series 2021-N1 Class R, due 1/10/2028 | 24,500 | 11,989,075 |
b,d | Series 2021-P1 Class R, due 12/10/2027 | 24,000 | 5,814,000 |
b,d | Chase Auto Credit Linked Notes, Series 2021-1 Class R, 28.348% due 9/25/2028 | 3,950,000 | 3,950,000 |
CPS Auto Receivables Trust, | |||
d | Series 2018-B Class E, 5.61% due 12/16/2024 | 5,158,000 | 5,473,561 |
d | Series 2019-A Class E, 5.81% due 3/16/2026 | 1,000,000 | 1,066,494 |
d | Series 2020-A Class E, 4.09% due 12/15/2025 | 2,000,000 | 2,086,659 |
d | Series 2020-C Class F, 6.67% due 11/15/2027 | 3,000,000 | 3,188,369 |
b,d | Credit Suisse ABS Trust Series 2020-AT1 Class CERT, due 6/15/2026 | 40,000 | 2,920,000 |
d | DT Auto Owner Trust, Series 2020-1A Class E, 3.48% due 2/16/2027 | 4,500,000 | 4,615,570 |
Flagship Credit Auto Trust, | |||
b,d | Series 2018-4 Class R, due 3/16/2026 | 53,000 | 8,904,000 |
b,d | Series 2019-1 Class R, due 6/15/2026 | 6,000 | 1,008,000 |
b,d | Series 2019-2 Class R, due 12/15/2026 | 53,000 | 13,753,500 |
b,d | Series 2019-3 Class R, due 12/15/2026 | 60,000 | 17,730,000 |
b,d | Series 2019-4 Class R, due 3/15/2027 | 42,000 | 15,120,000 |
d | Foursight Capital Automobile Receivables Trust, Series 2020-1 Class F, 4.62% due 6/15/2027 | 3,180,000 | 3,217,814 |
b,d | Santander Consumer Auto Receivables Trust Series 2020-AA Class R, due 1/16/2029 | 45,588 | 1,937,490 |
d | Veros Automobile Receivables Trust, Series 2020-1 Class D, 5.64% due 2/16/2027 | 5,000,000 | 5,057,104 |
d | Westlake Automobile Receivables Trust, Series 2019-3A Class F, 4.72% due 4/15/2026 | 8,000,000 | 8,214,754 |
170,885,742 | |||
Other Asset Backed — 1.3% | |||
d | Amur Equipment Finance Receivables VIII, LLC, Series 2020-1A Class E, 7.00% due 1/20/2027 | 5,536,362 | 5,420,347 |
d | Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046 | 8,200,000 | 8,505,202 |
d | CFG Investments Ltd., Series 2019-1 Class A, 5.56% due 8/15/2029 | 13,500,000 | 13,549,290 |
d | Consumer Loan Underlying Bond CLUB Credit Trust, Series 2020-P1 Class C, 4.61% due 3/15/2028 | 5,000,000 | 5,147,023 |
Consumer Loan Underlying Bond Credit Trust, | |||
d | Series 2018-P3 Class C, 5.54% due 1/15/2026 | 4,000,000 | 4,126,025 |
d | Series 2019-HP1 Class C, 4.70% due 12/15/2026 | 6,700,000 | 6,907,717 |
b,d,f | Series 2019-HP1 Class CERT, due 12/15/2026 | 400,000 | 5,960,000 |
d | Series 2019-P1 Class C, 4.66% due 7/15/2026 | 7,500,000 | 7,705,452 |
38 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
LendingClub Receivables Trust, | |||
b,d | Series 2019-1 Class CERT, due 7/17/2045 | $ 281,200 | $ 4,639,800 |
d | Series 2019-7 Class R1, due 1/15/2027 | 6,250,000 | 3,125,000 |
d | Series 2019-7 Class R2, due 1/15/2027 | 1,250,000 | 625,000 |
b,d | Series 2020-JPSL Class R, due 2/15/2025 | 170,000 | 7,318,500 |
LendingPoint Asset Securitization Trust, | |||
d | Series 2020-REV1 Class B, 4.494% due 10/15/2028 | 8,000,000 | 8,426,066 |
d | Series 2020-REV1 Class C, 7.699% due 10/15/2028 | 25,750,000 | 26,491,747 |
d | Marlette Funding Trust, Series 2019-1A Class C, 4.42% due 4/16/2029 | 5,344,000 | 5,493,053 |
Mosaic Solar Loan Trust, | |||
b,d | Series 2020-2A Class R, due 8/20/2046 | 6,200,000 | 3,172,941 |
b,d | Series 2021-1A Class R, due 12/20/2046 | 8,500,000 | 3,054,921 |
Prosper Pass-Thru Trust, | |||
d | Series 2019-ST1 Class CERT, due 7/15/2025 | 38,500,000 | 8,877,457 |
d | Series 2019-ST2 Class R1, due 11/15/2025 | 17,477,134 | 7,320,362 |
d | Series 2019-ST2 Class R2, due 11/15/2025 | 8,738,067 | 3,659,972 |
139,525,875 | |||
Total Asset Backed Securities (Cost $272,348,318) | 310,411,617 | ||
Corporate Bonds — 8.7% | |||
Automobiles & Components — 0.0% | |||
Auto Components — 0.0% | |||
d,g | Nexteer Automotive Group Ltd., 5.875% due 11/15/2021 | 4,300,000 | 4,300,000 |
4,300,000 | |||
Capital Goods — 0.1% | |||
Machinery — 0.1% | |||
Mueller Industries, Inc., 6.00% due 3/1/2027 | 7,679,000 | 7,833,118 | |
7,833,118 | |||
Commercial & Professional Services — 0.3% | |||
Commercial Services & Supplies — 0.3% | |||
d,g | Cimpress plc, 7.00% due 6/15/2026 | 27,804,000 | 29,394,389 |
d | Nielsen Finance, LLC / Nielsen Finance Co., 5.00% due 4/15/2022 | 5,987,000 | 5,992,867 |
35,387,256 | |||
Consumer Services — 0.3% | |||
Hotels, Restaurants & Leisure — 0.3% | |||
d | Nathan’s Famous, Inc., 6.625% due 11/1/2025 | 6,188,000 | 6,342,762 |
d | SeaWorld Parks & Entertainment, Inc., 8.75% due 5/1/2025 | 21,000,000 | 22,740,480 |
29,083,242 | |||
Diversified Financials — 0.6% | |||
Capital Markets — 0.2% | |||
b,c,h | JPR Royalty Sub, LLC, 14.00% due 9/1/2020 | 5,000,000 | 0 |
d | StoneX Group, Inc., 8.625% due 6/15/2025 | 19,973,000 | 21,130,835 |
Diversified Financial Services — 0.4% | |||
Antares Holdings L.P., | |||
d | 6.00% due 8/15/2023 | 18,000,000 | 19,245,060 |
d | 8.50% due 5/18/2025 | 11,500,000 | 13,568,160 |
e,f | JPMorgan Chase & Co., Series I, 3.682% (LIBOR 3 Month + 3.47%) due 4/30/2021 | 7,334,000 | 7,309,871 |
61,253,926 | |||
Energy — 2.8% | |||
Energy Equipment & Services — 0.1% | |||
Odebrecht Offshore Drilling Finance Ltd., | |||
d,g | 6.72% due 12/1/2022 | 2,037,249 | 1,990,371 |
d,g,i | 7.72% due 12/1/2026 PIK | 18,066,281 | 3,063,861 |
d,e,g | Odebrecht Oil & Gas Finance Ltd. (Guaranty: Odebrecht Oleo e Gas S.A.), Zero coupon due 4/26/2021 | 2,337,727 | 17,556 |
c,d,g,h | Schahin II Finance Co. SPV Ltd., 5.875% due 9/25/2023 | 11,396,734 | 719,590 |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 39 |
Thornburg Investment Income Builder Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Oil, Gas & Consumable Fuels — 2.7% | |||
d | Citgo Holding, Inc., 9.25% due 8/1/2024 | $ 14,196,000 | $ 14,231,632 |
d | CITGO Petroleum Corp., 7.00% due 6/15/2025 | 8,000,000 | 8,227,040 |
f | Energy Transfer Operating L.P., 3.223% (LIBOR 3 Month + 3.02%) due 11/1/2066 | 13,820,000 | 9,635,995 |
f | Enterprise TE Partners L.P., Series 1, 2.968% (LIBOR 3 Month + 2.78%) due 6/1/2067 | 7,000,000 | 5,586,000 |
Kinder Morgan Energy Partners L.P., | |||
5.00% due 3/1/2043 | 10,000,000 | 11,257,300 | |
5.80% due 3/15/2035 | 10,000,000 | 12,226,900 | |
Kinder Morgan, Inc., | |||
5.30% due 12/1/2034 | 23,630,000 | 28,047,156 | |
5.55% due 6/1/2045 | 5,000,000 | 5,985,500 | |
b,c,d,h | Linc USA GP / Linc Energy Finance USA, Inc., 9.625% due 10/31/2017 | 14,760,101 | 295,202 |
ONEOK Partners L.P., 4.90% due 3/15/2025 | 9,544,000 | 10,621,040 | |
d | Par Petroleum, LLC / Par Petroleum Finance Corp., 7.75% due 12/15/2025 | 1,672,000 | 1,692,733 |
Petroleos Mexicanos, | |||
g | 5.95% due 1/28/2031 | 7,820,000 | 7,485,695 |
d,g | 6.875% due 10/16/2025 | 2,000,000 | 2,161,460 |
c,h | RAAM Global Energy Co., 12.50% due 10/1/2015 | 15,000,000 | 1,500 |
Summit Midstream Holdings, LLC / Summit Midstream Finance Corp., 5.50% due 8/15/2022 | 7,497,000 | 7,354,632 | |
e,f | Summit Midstream Partners L.P., Series A, 9.50% (LIBOR 3 Month + 7.43%) due 12/15/2022 | 16,097,000 | 9,982,233 |
Transcontinental Gas Pipe Line Co., LLC, 7.85% due 2/1/2026 | 32,700,000 | 41,476,680 | |
Williams Companies, Inc., | |||
3.70% due 1/15/2023 | 29,129,000 | 30,477,673 | |
4.55% due 6/24/2024 | 69,318,000 | 76,421,015 | |
5.75% due 6/24/2044 | 14,198,000 | 17,316,875 | |
306,275,639 | |||
Food & Staples Retailing — 0.0% | |||
Food & Staples Retailing — 0.0% | |||
d | KeHE Distributors, LLC / KeHE Finance Corp., 8.625% due 10/15/2026 | 5,267,000 | 5,876,129 |
5,876,129 | |||
Food, Beverage & Tobacco — 0.5% | |||
Tobacco — 0.5% | |||
Vector Group Ltd., | |||
d | 5.75% due 2/1/2029 | 7,475,000 | 7,705,455 |
d | 10.50% due 11/1/2026 | 40,305,000 | 43,152,145 |
50,857,600 | |||
Insurance — 0.7% | |||
Insurance — 0.7% | |||
d,e,f,g | Dai-ichi Life Insurance Co. Ltd., 7.25% (LIBOR 3 Month + 4.56%) due 7/25/2021 | 9,000,000 | 9,158,310 |
d | MetLife, Inc., 9.25% due 4/8/2068 | 12,000,000 | 17,794,200 |
d,f,g | QBE Insurance Group Ltd., 7.50% (USSW10 + 6.03%) due 11/24/2043 | 40,000,000 | 44,584,400 |
71,536,910 | |||
Materials — 0.3% | |||
Chemicals — 0.1% | |||
d,g | Consolidated Energy Finance S.A., 6.875% due 6/15/2025 | 13,000,000 | 13,261,170 |
Containers & Packaging — 0.1% | |||
d | Matthews International Corp., 5.25% due 12/1/2025 | 14,969,000 | 15,476,898 |
Metals & Mining — 0.1% | |||
d | Cleveland-Cliffs, Inc., 6.75% due 3/15/2026 | 5,000,000 | 5,435,200 |
34,173,268 | |||
Media & Entertainment — 0.1% | |||
Media — 0.1% | |||
d,g | Telenet Finance Luxembourg Notes Sarl, 5.50% due 3/1/2028 | 10,000,000 | 10,478,200 |
10,478,200 | |||
Real Estate — 0.2% | |||
Equity Real Estate Investment Trusts — 0.2% | |||
CoreCivic, Inc., |
40 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
4.625% due 5/1/2023 | $ 11,364,000 | $ 11,222,973 | |
4.75% due 10/15/2027 | 15,935,000 | 14,204,618 | |
25,427,591 | |||
Retailing — 0.2% | |||
Specialty Retail — 0.2% | |||
d | Michaels Stores, Inc., 8.00% due 7/15/2027 | 20,055,000 | 22,191,459 |
22,191,459 | |||
Software & Services — 0.2% | |||
Software — 0.2% | |||
d | Solera, LLC / Solera Finance, Inc., 10.50% due 3/1/2024 | 24,990,000 | 25,788,680 |
25,788,680 | |||
Telecommunication Services — 2.0% | |||
Diversified Telecommunication Services — 1.5% | |||
g | Deutsche Telekom International Finance B.V. (Guaranty: Deutsche Telekom AG), 8.75% due 6/15/2030 | 26,150,000 | 38,789,079 |
Qwest Corp., 6.75% due 12/1/2021 | 9,000,000 | 9,293,670 | |
g | Telefonica Emisiones SAU (Guaranty: Telefonica S.A.), 7.045% due 6/20/2036 | 85,390,000 | 118,908,991 |
Wireless Telecommunication Services — 0.5% | |||
Digicel International Finance Ltd. / Digicel Holdings Bermuda Ltd., | |||
d,g | 8.00% due 12/31/2026 | 10,003,281 | 9,681,375 |
d,g | 8.75% due 5/25/2024 | 36,785,955 | 38,016,938 |
214,690,053 | |||
Transportation — 0.3% | |||
Airlines — 0.3% | |||
American Airlines Pass Through Trust, | |||
Series 2013-2 Class A, 4.95% due 7/15/2024 | 7,484,963 | 7,478,301 | |
Series 2016-3 Class B, 3.75% due 4/15/2027 | 13,554,299 | 12,727,351 | |
Series 2019-1 Class B, 3.85% due 8/15/2029 | 9,195,273 | 8,390,134 | |
US Airways Pass Through Trust, Series 2010-1 Class A, 6.25% due 10/22/2024 | 1,160,063 | 1,165,864 | |
29,761,650 | |||
Utilities — 0.1% | |||
Gas Utilities — 0.1% | |||
d,g | Rockpoint Gas Storage Canada Ltd., 7.00% due 3/31/2023 | 12,648,000 | 12,792,440 |
12,792,440 | |||
Total Corporate Bonds (Cost $836,247,988) | 947,707,161 | ||
Convertible Bonds — 0.5% | |||
Diversified Financials — 0.5% | |||
Mortgage Real Estate Investment Trusts — 0.5% | |||
Chimera Investment Corp., 7.00% due 4/1/2023 | 25,000,000 | 48,642,250 | |
48,642,250 | |||
Total Convertible Bonds (Cost $25,000,000) | 48,642,250 | ||
Other Government — 0.0% | |||
Brazilian Government International Bond (BRL), 12.50% due 1/5/2022 | 20,000,000 | 3,762,003 | |
Total Other Government (Cost $12,359,554) | 3,762,003 | ||
Mortgage Backed — 1.4% | |||
d,f | Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class B1, 4.099% due 5/25/2059 | 5,000,000 | 5,020,080 |
f | Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 2.766% due 8/25/2033 | 34,659 | 34,659 |
Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,f | Series 2019-1 Class B4, 3.945% due 3/25/2050 | 1,074,083 | 1,087,659 |
d,f | Series 2019-1 Class B5, 3.945% due 3/25/2050 | 489,808 | 465,041 |
d,f | Series 2019-1 Class B6, 3.025% due 3/25/2050 | 972,054 | 543,828 |
d,f | Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, Series 2016-SH2 Class M4, 3.75% due 12/25/2045 | 923,071 | 946,211 |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 41 |
Thornburg Investment Income Builder Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
CIM Trust, Whole Loan Securities Trust CMO, | |||
d,f,j | Series 2020-J1 Class AIO1, 0.476% due 7/25/2050 | $154,903,839 | $ 1,574,567 |
d,f,j | Series 2020-J1 Class AIO2, 0.50% due 7/25/2050 | 138,161,577 | 1,563,243 |
d,f,j | Series 2020-J1 Class AIOS, 0.20% due 6/25/2050 | 168,333,025 | 768,053 |
d,f | Series 2020-J1 Class B4, 3.476% due 7/25/2050 | 1,426,847 | 1,361,150 |
d,f | Series 2020-J1 Class B5, 3.476% due 7/25/2050 | 713,917 | 599,360 |
d,f | Series 2020-J1 Class B6, 3.476% due 7/25/2050 | 1,299,775 | 631,052 |
d,f,j | Series 2020-J2 Class AX1, 0.31% due 1/25/2051 | 147,750,875 | 1,028,080 |
d,f,j | Series 2020-J2 Class AXS, 0.21% due 1/25/2051 | 155,078,446 | 776,354 |
d,f | Series 2020-J2 Class B4, 2.81% due 1/25/2051 | 491,000 | 322,574 |
d,f | Series 2020-J2 Class B5, 2.81% due 1/25/2051 | 164,000 | 90,401 |
d,f | Series 2020-J2 Class B6, 2.81% due 1/25/2051 | 655,000 | 209,647 |
Citigroup Mortgage Loan Trust, Inc., Whole Loan Securities Trust CMO, | |||
f | Series 2004-HYB2 Class B1, 2.615% due 3/25/2034 | 277,554 | 277,554 |
d,f | Series 2020-EXP1 Class B1, 4.467% due 5/25/2060 | 2,150,000 | 2,102,557 |
d,f | Series 2020-EXP1 Class B2, 4.467% due 5/25/2060 | 1,450,000 | 1,239,784 |
d,f | Series 2020-EXP1 Class B3, 4.467% due 5/25/2060 | 725,000 | 379,447 |
d,j | Series 2020-EXP1 Class XS, 0.000% due 5/25/2060 | 129,016,930 | 3,695,174 |
d,f,j | Series 2020-EXP2 Class A3IW, 1.099% due 8/25/2050 | 152,857,239 | 3,158,734 |
d,f,j | Series 2020-EXP2 Class A4IW, 1.099% due 8/25/2050 | 16,432,153 | 339,564 |
d,f | Series 2020-EXP2 Class B5, 3.599% due 8/25/2050 | 577,660 | 411,164 |
d,f | Series 2020-EXP2 Class B6, 3.599% due 8/25/2050 | 1,385,008 | 623,443 |
CSMC Trust, Whole Loan Securities Trust CMO, | |||
d,f | Series 2020-AFC1 Class M1, 2.841% due 2/25/2050 | 3,808,500 | 3,865,364 |
b,d,f,j | Series 2021-AFC1 Class AIOS, 0.25% due 3/25/2056 | 145,000,000 | 1,015,000 |
d,f | Series 2021-AFC1 Class B3, 4.413% due 3/25/2056 | 215,000 | 204,710 |
b,d,f,j | Series 2021-AFC1 Class XS, 3.423% due 3/25/2056 | 145,000,000 | 11,863,204 |
Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,f,j | Series 2020-2 Class AX1, 0.758% due 8/1/2050 | 298,995,771 | 5,113,067 |
d,f,j | Series 2020-2 Class AX2, 0.50% due 8/1/2050 | 51,246,320 | 606,275 |
d,f | Series 2020-2 Class B4, 3.758% due 8/1/2050 | 880,170 | 773,347 |
d,f | Series 2020-2 Class B5, 3.758% due 8/1/2050 | 2,640,509 | 2,276,959 |
d,f | Series 2020-2 Class B6C, 3.687% due 8/1/2050 | 3,520,678 | 1,931,684 |
d,f | Galton Funding Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-H1 Class B1, 3.386% due 1/25/2060 | 4,379,900 | 4,371,121 |
GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
d,f,j | Series 2020-INV1 Class A11X, 3.50% due 10/25/2050 | 3,116,978 | 176,105 |
d,f,j | Series 2020-INV1 Class A12X, 3.00% due 10/25/2050 | 37,320,392 | 1,808,457 |
d,f,j | Series 2020-INV1 Class AIOS, 0.19% due 10/25/2050 | 166,190,342 | 839,245 |
d,f,j | Series 2020-INV1 Class AX1, 0.02% due 10/25/2050 | 134,938,878 | 3,198 |
d,f,j | Series 2020-INV1 Class AX2, 0.50% due 10/25/2050 | 6,726,109 | 60,795 |
d,f,j | Series 2020-INV1 Class AX4, 0.95% due 10/25/2050 | 7,241,231 | 126,044 |
d,f | Series 2020-INV1 Class B4, 3.97% due 10/25/2050 | 1,989,577 | 1,998,075 |
d,f | Series 2020-INV1 Class B5, 3.97% due 10/25/2050 | 1,989,577 | 1,790,217 |
d,f | Series 2020-INV1 Class B6, 3.97% due 10/25/2050 | 4,565,182 | 3,038,813 |
d,f,j | Series 2020-INV1 Class BX, 0.47% due 10/25/2050 | 22,707,025 | 460,803 |
d,f | Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class B1, 4.087% due 9/25/2059 | 3,000,000 | 3,026,383 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,f | Series 2016-5 Class B5, 2.542% due 12/25/2046 | 2,000,000 | 1,302,747 |
d,f,j | Series 2020-3 Class AX1, 0.199% due 8/25/2050 | 50,925,815 | 152,380 |
d,f,j | Series 2020-4 Class A11X, 5.132% (5.25% - LIBOR 1 Month) due 11/25/2050 | 9,284,659 | 760,471 |
d,f,j | Series 2020-4 Class A3X, 0.50% due 11/25/2050 | 42,090,454 | 369,167 |
d,f,j | Series 2020-4 Class A4X, 0.50% due 11/25/2050 | 5,831,082 | 13,241 |
d,f,j | Series 2020-4 Class AX1, 0.195% due 11/25/2050 | 155,466,973 | 470,645 |
d,f,j | Series 2020-4 Class AX3, 3.50% due 11/25/2050 | 4,301,376 | 264,086 |
d,f,j | Series 2020-4 Class AX4, 0.55% due 11/25/2050 | 9,926,848 | 95,773 |
d,f | Series 2020-4 Class B4, 3.745% due 11/25/2050 | 2,052,499 | 2,009,246 |
d,f | Series 2020-4 Class B5, 3.745% due 11/25/2050 | 947,459 | 844,585 |
d,f | Series 2020-4 Class B6, 3.65% due 11/25/2050 | 1,603,555 | 1,137,561 |
d,f,j | Series 2020-7 Class A3X, 0.50% due 1/25/2051 | 74,994,363 | 741,889 |
d,f,j | Series 2020-7 Class AX1, 0.215% due 1/25/2051 | 356,408,855 | 1,288,988 |
d,f,j | Series 2020-7 Class AX3, 3.50% due 1/25/2051 | 24,503,109 | 1,681,465 |
d,f,j | Series 2020-7 Class AX4, 0.40% due 1/25/2051 | 22,721,065 | 157,807 |
d,f | Series 2020-7 Class B4, 3.615% due 1/25/2051 | 2,513,150 | 2,372,157 |
42 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,f | Series 2020-7 Class B5, 3.615% due 1/25/2051 | $ 1,761,184 | $ 1,414,971 |
d,f | Series 2020-7 Class B6, 3.615% due 1/25/2051 | 2,290,000 | 1,032,675 |
f | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 3.187% due 8/25/2034 | 1,525,150 | 1,537,165 |
d,f | Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class B1, 3.81% due 9/25/2059 | 1,500,000 | 1,518,226 |
b,d | Saluda Grade Alternative Mortgage Grade, Whole Loan Securities Trust CMO, Series 2020-FIG1 Class C, due 9/25/2050 | 47,282,669 | 5,787,493 |
d,f | Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-7 Class B3, 3.738% due 10/25/2047 | 2,289,822 | 2,356,635 |
SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,f,j | Series 2019-3 Class AIOS, 0.375% due 9/25/2059 | 175,227,424 | 611,141 |
d,f | Series 2019-3 Class B2, 5.663% due 9/25/2059 | 7,910,000 | 7,570,604 |
d,f | Series 2019-3 Class B3, 5.942% due 9/25/2059 | 3,366,214 | 2,148,112 |
b,d,f | Series 2019-3 Class C, due 9/25/2059 | 950 | 950 |
b,d | Series 2019-3 Class XS1, due 9/25/2059 | 175,021,557 | 4,620,114 |
b,d | Series 2019-3 Class XS2, due 9/25/2059 | 180,603,979 | 3,091,796 |
Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, | |||
d,f | Series 2018-IMC2 Class B1, 5.669% due 10/25/2048 | 3,000,000 | 3,070,455 |
d,f | Series 2019-1 Class B1, 4.766% due 6/25/2049 | 2,000,000 | 2,009,635 |
d,f | Series 2019-INV1 Class B1, 3.657% due 9/27/2049 | 10,000,000 | 10,178,074 |
Verus Securitization Trust, Whole Loan Securities Trust CMO, | |||
d,f | Series 2019-2 Class B1, 4.437% due 5/25/2059 | 1,577,000 | 1,578,519 |
d | Series 2019-INV1 Class B1, 4.991% due 12/25/2059 | 4,700,000 | 4,700,000 |
d,f | Series 2020-1 Class B1, 3.624% due 1/25/2060 | 2,000,000 | 2,016,746 |
d,f | Vista Point Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class B2, 5.375% due 3/25/2065 | 4,500,000 | 4,508,429 |
Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
d,f,j | Series 2020-3 Class AIO1, 0.241% due 6/25/2050 | 352,157,925 | 1,724,870 |
d,f | Series 2020-3 Class B5, 3.241% due 6/25/2050 | 1,046,000 | 660,385 |
d,f | Series 2020-3 Class B6, 3.241% due 6/25/2050 | 2,091,953 | 1,230,407 |
Total Mortgage Backed (Cost $144,398,597) | 151,627,856 | ||
Loan Participations — 0.8% | |||
Commercial & Professional Services — 0.5% | |||
Professional Services — 0.5% | |||
k | Harland Clarke Holdings Corp., 5.75% (LIBOR 3 Month + 4.75%) due 11/3/2023 | 19,096,954 | 16,906,151 |
k | Par Pacific Holdings, Inc., 7.00% (LIBOR 3 Month + 6.75%) due 1/12/2026 | 13,312,987 | 13,213,139 |
k | R.R. Donnelley & Sons Company, 5.109% (LIBOR 1 Month + 5.00%) due 1/15/2024 | 16,617,500 | 16,503,338 |
k | RGIS Services, LLC, 8.50% (LIBOR 1 Month + 7.50%) due 6/25/2025 | 7,002,093 | 6,879,557 |
53,502,185 | |||
Energy — 0.1% | |||
Oil, Gas & Consumable Fuels — 0.1% | |||
k | Citgo Holding, Inc., 8.00% (LIBOR 3 Month + 7.00%) due 8/1/2023 | 7,974,027 | 7,651,079 |
b,i,k | Malamute Energy, Inc., 0.203% (LIBOR 3 Month + 1.50% PIK) due 11/22/2022 | 320,916 | 3,209 |
7,654,288 | |||
Real Estate — 0.2% | |||
Equity Real Estate Investment Trusts — 0.2% | |||
k | CoreCivic, Inc., 5.50% (LIBOR 1 Month + 4.50%) due 12/18/2024 | 13,130,625 | 12,632,712 |
k | GEO Group, Inc., 2.75% (LIBOR 1 Month + 2.00%) due 3/22/2024 | 7,835,968 | 6,955,832 |
19,588,544 | |||
Transportation — 0.0% | |||
Airlines — 0.0% | |||
b,k | Wheels Up Partners, LLC, 7.50% (3 Month LIBOR + 6.50%) due 8/17/2025 | 9,286,956 | 7,568,870 |
7,568,870 | |||
Total Loan Participations (Cost $91,474,877) | 88,313,887 | ||
Short-Term Investments — 2.9% | |||
a | Thornburg Capital Management Fund | 31,298,168 | 312,981,685 |
Total Short-Term Investments (Cost $312,981,685) | 312,981,685 | ||
Total Investments — 99.6% (Cost $8,095,313,558) | $10,884,807,411 |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 43 |
Thornburg Investment Income Builder Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Other Assets Less Liabilities — 0.4% | 47,003,866 | ||
Net Assets — 100.0% | $10,931,811,277 |
Outstanding Forward Currency Contracts To Buy Or Sell At March 31, 2021 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Great Britain Pound | SSB | Sell | 393,459,900 | 4/14/2021 | 542,437,180 | $ — | $ (6,182,026) |
Swiss Franc | SSB | Sell | 40,482,500 | 4/26/2021 | 42,855,108 | 2,944,497 | — |
Euro | SSB | Sell | 239,498,400 | 5/18/2021 | 281,105,532 | 9,311,425 | — |
Total | $ 12,255,922 | $ (6,182,026) | |||||
Net unrealized appreciation (depreciation) | $ 6,073,896 |
* | Counterparty includes State Street Bank and Trust Company ("SSB"). |
Footnote Legend | |
a | Investment in Affiliates. |
b | Security currently fair valued by the Valuation and Pricing Committee using procedures approved by the Trustees’ Audit Committee. |
c | Non-income producing. |
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 March 31, 2021, the aggregate value of these securities in the Fund’s portfolio was $906,717,092, representing 8.29% 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 March 31, 2021. |
g | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
h | Bond in default. |
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 March 31, 2021. |
j | Interest only. |
k | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at March 31, 2021. |
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 |
USSW10 | USD 10 Year Swap Rate |
44 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
COUNTRY EXPOSURE * (percent of Fund) | |
United States | 44.8% |
United Kingdom | 8.9% |
France | 8.0% |
Germany | 5.0% |
Switzerland | 4.8% |
Taiwan | 4.8% |
China | 4.4% |
Italy | 3.8% |
South Korea | 3.7% |
Netherlands | 2.4% |
Australia | 1.8% |
Russian Federation | 1.5% |
Spain | 1.1% |
Jamaica | 0.4% |
Canada | 0.4% |
Ireland | 0.3% |
Cayman Islands | 0.1% |
Denmark | 0.1% |
Belgium | 0.1% |
Mexico | 0.1% |
Brazil | 0.1% |
Japan | 0.1% |
Other Assets Less Liabilities | 3.3% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 45 |
Thornburg Summit Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Common Stock — 53.9% | |||
Automobiles & Components — 1.7% | |||
Auto Components — 0.0% | |||
a | Faurecia SE | 505 | $ 26,888 |
Automobiles — 1.7% | |||
Ferrari N.V. | 2,134 | 446,604 | |
Stellantis N.V. | 29,638 | 527,260 | |
1,000,752 | |||
Banks — 2.3% | |||
Banks — 2.3% | |||
Citigroup, Inc. | 12,096 | 879,984 | |
a | HDFC Bank Ltd. ADR | 6,155 | 478,182 |
1,358,166 | |||
Capital Goods — 0.8% | |||
Machinery — 0.8% | |||
a | Kornit Digital Ltd. | 4,551 | 451,095 |
451,095 | |||
Consumer Durables & Apparel — 1.4% | |||
Household Durables — 1.4% | |||
a | Barratt Developments plc | 38,770 | 399,152 |
Sony Corp. | 3,879 | 406,204 | |
805,356 | |||
Consumer Services — 0.5% | |||
Hotels, Restaurants & Leisure — 0.5% | |||
Wyndham Hotels & Resorts, Inc. | 4,387 | 306,125 | |
306,125 | |||
Diversified Financials — 2.5% | |||
Capital Markets — 0.5% | |||
CME Group, Inc. | 1,466 | 299,401 | |
Consumer Finance — 2.0% | |||
Capital One Financial Corp. | 9,204 | 1,171,025 | |
1,470,426 | |||
Energy — 3.8% | |||
Oil, Gas & Consumable Fuels — 3.8% | |||
Diamondback Energy, Inc. | 7,154 | 525,747 | |
Reliance Industries Ltd. | 26,084 | 715,534 | |
Total SE | 21,057 | 982,186 | |
2,223,467 | |||
Food & Staples Retailing — 0.8% | |||
Food & Staples Retailing — 0.8% | |||
a | Grocery Outlet Holding Corp. | 12,489 | 460,719 |
460,719 | |||
Food, Beverage & Tobacco — 0.7% | |||
Beverages — 0.7% | |||
Kweichow Moutai Co. Ltd. Class A | 1,330 | 407,623 | |
407,623 | |||
Health Care Equipment & Services — 0.5% | |||
Health Care Equipment & Supplies — 0.5% | |||
Cooper Companies, Inc. | 790 | 303,431 | |
303,431 | |||
Household & Personal Products — 0.6% | |||
Personal Products — 0.6% |
46 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Estee Lauder Cos, Inc. Class A | 1,110 | $ 322,844 | |
322,844 | |||
Insurance — 2.3% | |||
Insurance — 2.3% | |||
AIA Group Ltd. | 34,000 | 412,421 | |
Assured Guaranty Ltd. | 8,111 | 342,933 | |
NN Group N.V. | 12,133 | 593,181 | |
1,348,535 | |||
Materials — 2.3% | |||
Chemicals — 1.6% | |||
International Flavors & Fragrances, Inc. | 4,162 | 581,057 | |
PPG Industries, Inc. | 2,508 | 376,852 | |
Metals & Mining — 0.7% | |||
Lundin Mining Corp. | 39,415 | 405,535 | |
1,363,444 | |||
Media & Entertainment — 7.9% | |||
Entertainment — 3.5% | |||
Activision Blizzard, Inc. | 4,253 | 395,529 | |
Nintendo Co. Ltd. | 677 | 377,922 | |
a | Sea Ltd. ADR | 3,043 | 679,289 |
a | Zynga, Inc. Class A | 59,517 | 607,668 |
Interactive Media & Services — 4.4% | |||
a | Cargurus, Inc. | 22,375 | 533,196 |
a | Facebook, Inc. Class A | 3,366 | 991,388 |
Tencent Holdings Ltd. | 10,100 | 792,504 | |
Z Holdings Corp. | 55,600 | 276,481 | |
4,653,977 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 4.5% | |||
Life Sciences Tools & Services — 1.0% | |||
a | Avantor, Inc. | 20,882 | 604,116 |
Pharmaceuticals — 3.5% | |||
AstraZeneca plc | 7,105 | 709,840 | |
Merck & Co., Inc. | 9,626 | 742,068 | |
Roche Holding AG | 1,736 | 561,034 | |
2,617,058 | |||
Retailing — 6.4% | |||
Internet & Direct Marketing Retail — 4.7% | |||
a | Amazon.com, Inc. | 429 | 1,327,361 |
a,b | Meituan Class B | 19,300 | 740,312 |
a | MercadoLibre, Inc. | 473 | 696,322 |
Specialty Retail — 1.7% | |||
Home Depot, Inc. | 2,333 | 712,148 | |
TJX Companies, Inc. | 4,406 | 291,457 | |
3,767,600 | |||
Semiconductors & Semiconductor Equipment — 3.5% | |||
Semiconductors & Semiconductor Equipment — 3.5% | |||
ASML Holding N.V. | 1,140 | 691,166 | |
a | Micron Technology, Inc. | 8,006 | 706,209 |
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 5,259 | 622,035 | |
2,019,410 | |||
Software & Services — 6.8% | |||
Information Technology Services — 4.9% | |||
a | 21Vianet Group, Inc. ADR | 17,065 | 551,200 |
a,b | Adyen N.V. | 203 | 453,144 |
a | GDS Holdings Ltd. ADR | 3,666 | 297,276 |
Mastercard, Inc. Class A | 1,321 | 470,342 |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 47 |
Thornburg Summit Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
a | Shopify, Inc. Class A | 555 | $ 614,107 |
Visa, Inc. Class A | 2,317 | 490,578 | |
Software — 1.9% | |||
Microsoft Corp. | 3,006 | 708,725 | |
a | ServiceNow, Inc. | 831 | 415,591 |
4,000,963 | |||
Technology Hardware & Equipment — 0.6% | |||
Electronic Equipment, Instruments & Components — 0.6% | |||
Keyence Corp. | 746 | 338,690 | |
338,690 | |||
Telecommunication Services — 3.5% | |||
Diversified Telecommunication Services — 3.5% | |||
a | Converge ICT Solutions, Inc. | 1,151,061 | 443,468 |
Deutsche Telekom AG | 46,472 | 935,726 | |
Telefonica Brasil S.A. ADR | 88,398 | 695,692 | |
2,074,886 | |||
Transportation — 0.5% | |||
Air Freight & Logistics — 0.5% | |||
a | InPost S.A. | 18,163 | 297,472 |
297,472 | |||
Total Common Stock (Cost $26,749,669) | 31,592,039 | ||
Asset Backed Securities — 4.1% | |||
Auto Receivables — 0.1% | |||
b | American Credit Acceptance Receivables Trust, Series 2019-2 Class B, 3.05% due 5/12/2023 | $ 27,023 | 27,037 |
b | Flagship Credit Auto Trust, Series 2018-3 Class A, 3.07% due 2/15/2023 | 1,150 | 1,150 |
28,187 | |||
Other Asset Backed — 3.5% | |||
Aqua Finance Trust, | |||
b | Series 2019-A Class A, 3.14% due 7/16/2040 | 56,261 | 57,734 |
b | Series 2019-A, 3.47% due 7/16/2040 | 200,000 | 210,322 |
b | Avant Loans Funding Trust, Series 2019-B Class B, 3.15% due 10/15/2026 | 525,000 | 529,568 |
Conn’s Receivables Funding, LLC, | |||
b | Series 2019-A Class A, 3.40% due 10/16/2023 | 115,772 | 116,136 |
b | Series 2020-A Class A, 1.71% due 6/16/2025 | 66,359 | 66,386 |
b | Consumer Lending Receivables Trust, Series 2019-A Class A, 3.52% due 4/15/2026 | 2,188 | 2,190 |
b | Diamond Resorts Owner Trust, Series 2018-1 Class A, 3.70% due 1/21/2031 | 34,101 | 35,610 |
b,c | ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | 196,172 | 183,110 |
b | Foundation Finance Trust, Series 2019-1A Class A, 3.86% due 11/15/2034 | 94,060 | 97,215 |
b | Freed ABS Trust, Series 2019-1 Class B, 3.87% due 6/18/2026 | 138,834 | 140,407 |
b | Marlette Funding Trust, Series 2018-4A Class A, 3.71% due 12/15/2028 | 23,027 | 23,046 |
b | MelTel Land Funding, LLC, Series 2019-1A Class A, 3.768% due 4/15/2049 | 98,766 | 104,149 |
b | New Residential Advance Receivables Trust Advance Receivables Backed, Series 2020-T1 Class DT1, 3.011% due 8/15/2053 | 250,000 | 251,429 |
b,d | SBA Tower Trust, Series 2014-2A Class C, 3.869% due 10/15/2049 | 30,000 | 32,099 |
b | Sierra Timeshare Receivables Funding, LLC, Series 2019-1A Class A, 3.20% due 1/20/2036 | 37,890 | 39,279 |
b | SoFi Consumer Loan Program Trust, Series 2018-3 Class C, 4.67% due 8/25/2027 | 125,000 | 129,968 |
b | SoFi Consumer Loan Program, LLC, Series 2017-6 Class A2, 2.82% due 11/25/2026 | 19,284 | 19,304 |
b | Upstart Securitization Trust, Series 2019-1 Class B, 4.19% due 4/20/2026 | 6,153 | 6,161 |
2,044,113 | |||
Student Loan — 0.5% | |||
SMB Private Education Loan Trust, | |||
b | Series 2015-C Class A2A, 2.75% due 7/15/2027 | 63,510 | 64,125 |
b | Series 2020-BA Class A1A, 1.29% due 7/15/2053 | 253,935 | 254,414 |
318,539 | |||
Total Asset Backed Securities (Cost $2,307,095) | 2,390,839 | ||
Corporate Bonds — 1.1% |
48 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Commercial & Professional Services — 0.0% | |||
Commercial Services & Supplies — 0.0% | |||
b | Nielsen Finance, LLC / Nielsen Finance Co., 5.00% due 4/15/2022 | $ 23,000 | $ 23,022 |
23,022 | |||
Diversified Financials — 0.0% | |||
Capital Markets — 0.0% | |||
b | Owl Rock Technology Finance Corp., 4.75% due 12/15/2025 | 11,000 | 11,734 |
11,734 | |||
Food, Beverage & Tobacco — 0.4% | |||
Tobacco — 0.4% | |||
b | Vector Group Ltd., 10.50% due 11/1/2026 | 251,000 | 268,731 |
268,731 | |||
Real Estate — 0.1% | |||
Equity Real Estate Investment Trusts — 0.1% | |||
Service Properties Trust, 4.95% due 2/15/2027 | 40,000 | 39,540 | |
39,540 | |||
Telecommunication Services — 0.6% | |||
Wireless Telecommunication Services — 0.6% | |||
Sprint Communications, Inc., 9.25% due 4/15/2022 | 310,000 | 333,938 | |
333,938 | |||
Total Corporate Bonds (Cost $648,495) | 676,965 | ||
Convertible Bonds — 0.3% | |||
Diversified Financials — 0.3% | |||
Consumer Finance — 0.3% | |||
EZCORP, Inc., 2.375% due 5/1/2025 | 230,000 | 187,390 | |
187,390 | |||
Total Convertible Bonds (Cost $182,998) | 187,390 | ||
U.S. Treasury Securities — 19.1% | |||
United States Treasury Notes, | |||
0.125%, 5/31/2022 - 2/15/2024 | 2,000,000 | 1,996,063 | |
0.625%, 5/15/2030 - 8/15/2030 | 3,475,000 | 3,156,988 | |
1.125%, 2/15/2031 | 1,950,000 | 1,842,445 | |
1.375%, 4/30/2021 | 750,000 | 750,732 | |
2.625%, 6/15/2021 | 750,000 | 753,984 | |
United States Treasury Notes Inflationary Index, | |||
0.125%, 1/15/2030 - 7/15/2030 | 1,119,997 | 1,214,662 | |
0.25%, 2/15/2050 | 508,655 | 533,379 | |
0.50%, 1/15/2028 | 657,405 | 732,537 | |
3.625%, 4/15/2028 | 147,154 | 198,150 | |
Total U.S. Treasury Securities (Cost $11,458,262) | 11,178,940 | ||
Mortgage Backed — 8.5% | |||
b,d | Angel Oak Mortgage Trust I, LLC, Whole Loan Securities Trust CMO, Series 2019-2 Class A1, 3.628% due 3/25/2049 | 62,169 | 63,457 |
b,d | Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1, 3.805% due 1/25/2049 | 95,882 | 97,705 |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, Series 2019-1 Class MA, 3.50% due 7/25/2058 | 82,874 | 89,136 | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool RC1535, 2.00% due 8/1/2035 | 637,510 | 654,838 | |
Pool SB0308, 2.50% due 1/1/2035 | 326,321 | 343,620 | |
Pool SB0448, 2.00% due 11/1/2035 | 480,805 | 496,522 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | 134,323 | 133,263 | |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool BP8943, 2.00% due 7/1/2035 | 198,134 | 203,400 | |
Pool BP9550, 2.50% due 7/1/2035 | 231,434 | 242,352 |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 49 |
Thornburg Summit Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Pool CA7128, 2.00% due 9/1/2030 | $ 618,034 | $ 639,047 | |
Pool FM3758, 2.50% due 8/1/2031 | 193,820 | 202,418 | |
Pool MA4012, 2.00% due 5/1/2035 | 146,088 | 149,971 | |
Pool MA4045, 2.00% due 6/1/2040 | 164,774 | 167,267 | |
Pool MA4095, 2.00% due 8/1/2035 | 521,887 | 535,758 | |
Pool MA4279, 2.00% due 3/1/2036 | 497,005 | 510,491 | |
b,d | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class B3, 4.125% due 12/25/2049 | 121,751 | 127,022 |
b,d | JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-6 Class A5, 3.50% due 12/25/2048 | 3,672 | 3,679 |
b,d | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 118,827 | 123,448 |
b,d | TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2018-2 Class B3, 3.791% due 7/25/2048 | 172,338 | 178,927 |
Total Mortgage Backed (Cost $4,944,181) | 4,962,321 | ||
Loan Participations — 0.1% | |||
Real Estate — 0.1% | |||
Equity Real Estate Investment Trusts — 0.1% | |||
e | CoreCivic, Inc., 5.50% (LIBOR 1 Month + 4.50%) due 12/18/2024 | 74,500 | 71,675 |
71,675 | |||
Total Loan Participations (Cost $71,521) | 71,675 | ||
Exchange-Traded Funds — 3.3% | |||
a | Invesco DB Agriculture Fund | 14,323 | 242,631 |
a | Invesco DB Base Metals Fund | 47,028 | 876,132 |
a | SPDR Gold Shares Fund | 4,950 | 791,802 |
Total Exchange-Traded Funds (Cost $1,708,874) | 1,910,565 | ||
Short-Term Investments — 9.0% | |||
Egypt Treasury Bills (EGP), 13.75% due 1/18/2022 | 2,600,000 | 149,220 | |
Egypt Treasury Bills (EGP), 13.82% due 10/12/2021 | 3,500,000 | 207,824 | |
f | Thornburg Capital Management Fund | 492,787 | 4,927,871 |
Total Short-Term Investments (Cost $5,287,994) | 5,284,915 | ||
Total Investments — 99.4% (Cost $53,359,089) | $58,255,649 | ||
Other Assets Less Liabilities — 0.6% | 324,997 | ||
Net Assets — 100.0% | $58,580,646 |
Outstanding Forward Currency Contracts To Buy Or Sell At March 31, 2021 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Euro | MSC | Buy | 433,820 | 4/28/2021 | 508,973 | $ — | $ (19,643) |
Japanese Yen | MSC | Buy | 121,100,000 | 4/28/2021 | 1,093,976 | — | (75,688) |
Total | — | $ (95,331) | |||||
Net unrealized appreciation (depreciation) | $ (95,331) |
* | Counterparty includes Morgan Stanely & Co. Inc. ("MSC"). |
50 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
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 March 31, 2021, the aggregate value of these securities in the Fund’s portfolio was $4,482,020, representing 7.65% of the Fund’s net assets. |
c | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
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 March 31, 2021. |
e | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at March 31, 2021. |
f | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
CMO | Collateralized Mortgage Obligation |
EGP | Denominated in Egyptian Pound |
LIBOR | London Interbank Offered Rates |
Mtg | Mortgage |
UMBS | Uniform Mortgage Backed Securities |
COUNTRY EXPOSURE * (percent of Fund) | |
United States | 61.9% |
China | 4.8% |
Netherlands | 3.0% |
Japan | 2.4% |
Taiwan | 2.2% |
India | 2.0% |
United Kingdom | 1.9% |
France | 1.7% |
Germany | 1.6% |
Argentina | 1.2% |
Brazil | 1.2% |
Canada | 1.0% |
Switzerland | 1.0% |
Israel | 0.8% |
Italy | 0.8% |
Philippines | 0.7% |
Hong Kong | 0.7% |
Chile | 0.7% |
Poland | 0.5% |
Ireland | 0.3% |
Other Assets Less Liabilities | 9.6% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 51 |
Thornburg Global Opportunities Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES | VALUE | |
Common Stock — 96.5% | |||
Banks — 4.5% | |||
Banks — 4.5% | |||
Citigroup, Inc. | 671,318 | $ 48,838,384 | |
48,838,384 | |||
Capital Goods — 3.5% | |||
Electrical Equipment — 3.5% | |||
Vestas Wind Systems A/S | 185,024 | 37,977,574 | |
37,977,574 | |||
Commercial & Professional Services — 2.4% | |||
Professional Services — 2.4% | |||
a | CACI International, Inc. Class A | 103,000 | 25,405,980 |
25,405,980 | |||
Consumer Durables & Apparel — 4.6% | |||
Household Durables — 4.6% | |||
a | Barratt Developments plc | 4,834,780 | 49,775,891 |
49,775,891 | |||
Consumer Services — 1.4% | |||
Hotels, Restaurants & Leisure — 1.4% | |||
a | Galaxy Entertainment Group Ltd. | 1,634,462 | 14,717,117 |
14,717,117 | |||
Diversified Financials — 9.6% | |||
Capital Markets — 3.7% | |||
Charles Schwab Corp. | 621,929 | 40,537,332 | |
Consumer Finance — 5.9% | |||
Capital One Financial Corp. | 499,156 | 63,507,618 | |
104,044,950 | |||
Energy — 7.5% | |||
Oil, Gas & Consumable Fuels — 7.5% | |||
Reliance Industries Ltd. | 1,992,913 | 52,301,827 | |
Total SE | 611,899 | 28,541,505 | |
80,843,332 | |||
Food & Staples Retailing — 2.6% | |||
Food & Staples Retailing — 2.6% | |||
Tesco plc | 8,832,699 | 27,866,496 | |
27,866,496 | |||
Health Care Equipment & Services — 0.7% | |||
Health Care Providers & Services — 0.7% | |||
a | DaVita, Inc. | 74,297 | 8,006,988 |
8,006,988 | |||
Insurance — 4.8% | |||
Insurance — 4.8% | |||
NN Group N.V. | 1,069,674 | 52,296,216 | |
52,296,216 | |||
Materials — 9.5% | |||
Chemicals — 5.2% | |||
CF Industries Holdings, Inc. | 623,240 | 28,282,631 | |
a | OCI N.V. | 1,301,962 | 28,139,124 |
Metals & Mining — 4.3% | |||
Lundin Mining Corp. | 1,886,186 | 19,406,688 | |
Mineral Resources Ltd. | 919,290 | 26,547,341 | |
102,375,784 | |||
Media & Entertainment — 9.0% |
52 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Interactive Media & Services — 9.0% | |||
a | Alphabet, Inc. Class A | 24,948 | $ 51,455,749 |
a | Facebook, Inc. Class A | 153,509 | 45,213,006 |
96,668,755 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 5.6% | |||
Biotechnology — 3.4% | |||
AbbVie, Inc. | 342,680 | 37,084,829 | |
Pharmaceuticals — 2.2% | |||
Roche Holding AG | 71,626 | 23,147,820 | |
60,232,649 | |||
Retailing — 6.2% | |||
Internet & Direct Marketing Retail — 3.1% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 148,401 | 33,646,959 |
Specialty Retail — 3.1% | |||
TJX Companies, Inc. | 499,007 | 33,009,313 | |
66,656,272 | |||
Semiconductors & Semiconductor Equipment — 9.9% | |||
Semiconductors & Semiconductor Equipment — 9.9% | |||
a | Micron Technology, Inc. | 316,913 | 27,954,896 |
a | Qorvo, Inc. | 255,504 | 46,680,581 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,558,114 | 32,054,565 | |
106,690,042 | |||
Software & Services — 2.2% | |||
Information Technology Services — 2.2% | |||
a | GDS Holdings Ltd. ADR | 288,603 | 23,402,817 |
23,402,817 | |||
Technology Hardware & Equipment — 5.1% | |||
Technology Hardware, Storage & Peripherals — 5.1% | |||
Samsung Electronics Co. Ltd. | 765,727 | 55,074,158 | |
55,074,158 | |||
Telecommunication Services — 7.4% | |||
Diversified Telecommunication Services — 4.5% | |||
China Telecom Corp. Ltd. | 124,622,045 | 42,801,207 | |
a | Converge ICT Solutions, Inc. | 16,520,723 | 6,364,924 |
Wireless Telecommunication Services — 2.9% | |||
a | T-Mobile US, Inc. | 249,308 | 31,235,799 |
80,401,930 | |||
Total Common Stock (Cost $624,363,095) | 1,041,275,335 | ||
Short-Term Investments — 3.9% | |||
b | Thornburg Capital Management Fund | 4,162,748 | 41,627,476 |
Total Short-Term Investments (Cost $41,627,476) | 41,627,476 | ||
Total Investments — 100.4% (Cost $665,990,571) | $1,082,902,811 | ||
Liabilities Net of Other Assets — (0.4)% | (4,242,291) | ||
Net Assets — 100.0% | $1,078,660,520 |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 53 |
Thornburg Global Opportunities Fund | March 31, 2021 (Unaudited)
Outstanding Forward Currency Contracts To Buy Or Sell At March 31, 2021 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Great Britain Pound | SSB | Sell | 30,161,600 | 4/14/2021 | 41,581,806 | $ — | $ (473,898) |
Euro | SSB | Sell | 17,028,000 | 5/18/2021 | 19,986,209 | 662,029 | — |
Total | $ 662,029 | $ (473,898) | |||||
Net unrealized appreciation (depreciation) | $ 188,131 |
* | 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 |
COUNTRY EXPOSURE * (percent of equity holdings) | |
United States | 46.8% |
China | 9.6% |
Netherlands | 7.7% |
United Kingdom | 7.5% |
South Korea | 5.3% |
India | 5.0% |
Denmark | 3.6% |
Taiwan | 3.1% |
France | 2.7% |
Australia | 2.6% |
Switzerland | 2.2% |
Chile | 1.9% |
Macao | 1.4% |
Philippines | 0.6% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
54 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Thornburg International Equity Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES | VALUE | |
Common Stock — 97.0% | |||
Banks — 15.1% | |||
Banks — 15.1% | |||
China Merchants Bank Co. Ltd. Class A | 11,572,481 | $ 90,214,154 | |
Citigroup, Inc. | 1,820,967 | 132,475,349 | |
a | Intesa Sanpaolo SpA | 28,373,760 | 76,879,366 |
JPMorgan Chase & Co. | 688,576 | 104,821,925 | |
Mitsubishi UFJ Financial Group, Inc. | 13,745,984 | 73,456,751 | |
Ping An Bank Co. Ltd. Class A | 28,809,658 | 96,735,404 | |
574,582,949 | |||
Capital Goods — 12.6% | |||
Aerospace & Defense — 2.2% | |||
a | Safran S.A. | 603,602 | 82,145,305 |
Construction & Engineering — 3.5% | |||
Ferrovial S.A. | 2,390,799 | 62,326,029 | |
Vinci S.A. | 683,348 | 70,007,003 | |
Electrical Equipment — 5.0% | |||
ABB Ltd. | 2,904,875 | 87,777,845 | |
Schneider Electric SE | 484,596 | 74,019,217 | |
a | Siemens Energy AG | 789,086 | 28,325,305 |
Machinery — 1.9% | |||
Knorr-Bremse AG | 278,140 | 34,711,520 | |
Kone OYJ Class B | 481,223 | 39,311,243 | |
478,623,467 | |||
Commercial & Professional Services — 1.8% | |||
Professional Services — 1.8% | |||
Recruit Holdings Co. Ltd. | 1,422,883 | 69,406,106 | |
69,406,106 | |||
Consumer Durables & Apparel — 7.9% | |||
Household Durables — 1.8% | |||
Sony Corp. | 651,453 | 68,219,440 | |
Textiles, Apparel & Luxury Goods — 6.1% | |||
a | adidas AG | 303,532 | 94,754,417 |
Kering S.A. | 56,573 | 39,049,583 | |
LVMH Moet Hennessy Louis Vuitton SE | 143,828 | 95,819,778 | |
297,843,218 | |||
Diversified Financials — 2.3% | |||
Capital Markets — 2.3% | |||
CME Group, Inc. | 420,210 | 85,819,488 | |
85,819,488 | |||
Energy — 2.9% | |||
Oil, Gas & Consumable Fuels — 2.9% | |||
Total SE | 2,365,587 | 110,340,778 | |
110,340,778 | |||
Food, Beverage & Tobacco — 4.0% | |||
Beverages — 2.8% | |||
Kweichow Moutai Co. Ltd. Class A | 154,060 | 47,216,863 | |
Wuliangye Yibin Co. Ltd. Class A | 1,426,608 | 58,322,260 | |
Tobacco — 1.2% | |||
Swedish Match AB | 580,219 | 45,296,339 | |
150,835,462 | |||
Household & Personal Products — 1.4% | |||
Personal Products — 1.4% | |||
Shiseido Co. Ltd. | 784,360 | 52,576,382 | |
52,576,382 |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 55 |
Thornburg International Equity Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES | VALUE | |
Insurance — 1.0% | |||
Insurance — 1.0% | |||
Assicurazioni Generali SpA | 1,896,334 | $ 37,938,555 | |
37,938,555 | |||
Materials — 8.8% | |||
Chemicals — 5.9% | |||
Air Liquide S.A. | 368,641 | 60,220,129 | |
Linde plc | 240,426 | 67,357,275 | |
Sika AG | 332,437 | 94,966,926 | |
Construction Materials — 2.9% | |||
Anhui Conch Cement Co. Ltd. Class A | 8,869,004 | 69,301,356 | |
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A | 5,142,826 | 40,138,364 | |
331,984,050 | |||
Media & Entertainment — 7.2% | |||
Entertainment — 2.9% | |||
Nintendo Co. Ltd. | 79,775 | 44,532,786 | |
Walt Disney Co. | 347,423 | 64,106,492 | |
Interactive Media & Services — 4.3% | |||
Tencent Holdings Ltd. | 1,323,292 | 103,832,999 | |
Z Holdings Corp. | 12,154,249 | 60,439,192 | |
272,911,469 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 3.4% | |||
Life Sciences Tools & Services — 1.3% | |||
Lonza Group AG | 85,794 | 47,964,397 | |
Pharmaceuticals — 2.1% | |||
AstraZeneca plc | 400,496 | 40,012,387 | |
Roche Holding AG | 125,718 | 40,629,067 | |
128,605,851 | |||
Retailing — 4.0% | |||
Internet & Direct Marketing Retail — 4.0% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 424,878 | 96,332,589 |
a,b | Meituan Class B | 1,421,861 | 54,539,940 |
150,872,529 | |||
Semiconductors & Semiconductor Equipment — 4.4% | |||
Semiconductors & Semiconductor Equipment — 4.4% | |||
Infineon Technologies AG | 2,058,209 | 87,265,939 | |
LONGi Green Energy Technology Co. Ltd. Class A | 1,290,996 | 17,331,449 | |
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 521,777 | 61,715,784 | |
166,313,172 | |||
Software & Services — 3.3% | |||
Information Technology Services — 3.3% | |||
Amadeus IT Group S.A. | 804,735 | 56,981,376 | |
Mastercard, Inc. Class A | 193,440 | 68,874,312 | |
125,855,688 | |||
Technology Hardware & Equipment — 6.4% | |||
Communications Equipment — 2.9% | |||
Telefonaktiebolaget LM Ericsson Class B | 8,462,437 | 111,964,298 | |
Electronic Equipment, Instruments & Components — 1.7% | |||
Keyence Corp. | 146,001 | 66,285,575 | |
Technology Hardware, Storage & Peripherals — 1.8% | |||
Samsung Electronics Co. Ltd. | 924,305 | 66,479,723 | |
244,729,596 | |||
Telecommunication Services — 1.0% | |||
Diversified Telecommunication Services — 1.0% | |||
a | Vantage Towers AG | 1,383,718 | 38,944,467 |
56 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
38,944,467 | |||
Transportation — 4.5% | |||
Marine — 2.4% | |||
Kuehne + Nagel International AG | 312,794 | $ 89,256,247 | |
Road & Rail — 2.1% | |||
Canadian Pacific Railway Ltd. | 213,086 | 80,821,389 | |
170,077,636 | |||
Utilities — 5.0% | |||
Electric Utilities — 3.8% | |||
a | Electricite de France S.A. | 1,364,067 | 18,299,898 |
Enel SpA | 5,915,401 | 58,915,863 | |
Iberdrola S.A. | 5,291,187 | 68,161,651 | |
Multi-Utilities — 1.2% | |||
E.ON SE | 3,742,361 | 43,553,129 | |
188,930,541 | |||
Total Common Stock (Cost $2,603,134,313) | 3,677,191,404 | ||
Short-Term Investments — 4.4% | |||
c | Thornburg Capital Management Fund | 16,681,605 | 166,816,051 |
Total Short-Term Investments (Cost $166,816,051) | 166,816,051 | ||
Total Investments — 101.4% (Cost $2,769,950,364) | $3,844,007,455 | ||
Liabilities Net of Other Assets — (1.4)% | (52,977,142) | ||
Net Assets — 100.0% | $3,791,030,313 |
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 March 31, 2021, the aggregate value of these securities in the Fund’s portfolio was $54,539,940, representing 1.44% 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 |
COUNTRY EXPOSURE * (percent of equity holdings) | |
China | 18.3% |
France | 15.0% |
United States | 12.4% |
Japan | 11.8% |
Switzerland | 9.8% |
Germany | 8.9% |
Spain | 5.1% |
Italy | 4.7% |
Sweden | 4.3% |
United Kingdom | 2.9% |
Canada | 2.2% |
South Korea | 1.8% |
Taiwan | 1.7% |
Finland | 1.1% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 57 |
Thornburg Better World International Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES | VALUE | |
Common Stock — 95.0% | |||
Banks — 9.2% | |||
Banks — 9.2% | |||
DNB ASA | 171,359 | $ 3,646,298 | |
ING Groep N.V. | 417,518 | 5,107,751 | |
a | Intesa Sanpaolo SpA | 1,666,634 | 4,515,784 |
Mitsubishi UFJ Financial Group, Inc. | 916,700 | 4,898,726 | |
18,168,559 | |||
Capital Goods — 11.3% | |||
Construction & Engineering — 1.3% | |||
Vinci S.A. | 24,699 | 2,530,341 | |
Electrical Equipment — 7.9% | |||
ABB Ltd. | 124,079 | 3,749,348 | |
a | Ballard Power Systems, Inc. | 68,505 | 1,667,412 |
Schneider Electric SE | 25,079 | 3,830,671 | |
a | Shoals Technologies Group, Inc. Class A | 25,000 | 869,500 |
a | Siemens Energy AG | 106,515 | 3,823,499 |
Vestas Wind Systems A/S | 8,494 | 1,743,458 | |
Machinery — 2.1% | |||
a | Alstom S.A. | 44,804 | 2,234,071 |
a | Sandvik AB | 71,068 | 1,941,595 |
22,389,895 | |||
Commercial & Professional Services — 5.3% | |||
Professional Services — 5.3% | |||
Experian plc | 111,626 | 3,842,571 | |
Recruit Holdings Co. Ltd. | 81,100 | 3,955,937 | |
RELX plc | 104,564 | 2,622,122 | |
10,420,630 | |||
Consumer Durables & Apparel — 8.8% | |||
Household Durables — 4.3% | |||
a | Barratt Developments plc | 462,977 | 4,766,524 |
Sony Corp. | 35,404 | 3,707,468 | |
Textiles, Apparel & Luxury Goods — 4.5% | |||
a | adidas AG | 10,892 | 3,400,185 |
a | Dr. Martens plc | 150,000 | 937,172 |
LVMH Moet Hennessy Louis Vuitton SE | 4,471 | 2,978,629 | |
Shenzhou International Group Holdings Ltd. | 77,300 | 1,601,861 | |
17,391,839 | |||
Consumer Services — 4.3% | |||
Diversified Consumer Services — 4.3% | |||
a | Coursera, Inc. | 154,072 | 6,933,240 |
a | TAL Education Group ADR | 28,094 | 1,512,862 |
8,446,102 | |||
Diversified Financials — 2.9% | |||
Capital Markets — 2.9% | |||
CME Group, Inc. | 20,071 | 4,099,100 | |
Hong Kong Exchanges & Clearing Ltd. | 26,400 | 1,553,281 | |
5,652,381 | |||
Food, Beverage & Tobacco — 2.9% | |||
Food Products — 2.9% | |||
a | Darling Ingredients, Inc. | 47,747 | 3,513,224 |
a | Nomad Foods Ltd. | 80,717 | 2,216,489 |
5,729,713 | |||
Health Care Equipment & Services — 0.6% | |||
Health Care Providers & Services — 0.6% | |||
a | Innovage Holding Corp. | 48,363 | 1,247,282 |
58 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
1,247,282 | |||
Insurance — 4.5% | |||
Insurance — 4.5% | |||
AIA Group Ltd. | 242,205 | $ 2,937,952 | |
Assicurazioni Generali SpA | 117,046 | 2,341,653 | |
AXA S.A. | 135,270 | 3,630,273 | |
8,909,878 | |||
Materials — 8.6% | |||
Chemicals — 3.4% | |||
Koninklijke DSM N.V. | 5,723 | 968,449 | |
Linde plc | 13,902 | 3,894,757 | |
Sika AG | 6,483 | 1,851,992 | |
Construction Materials — 1.3% | |||
CRH plc | 54,881 | 2,565,594 | |
Containers & Packaging — 2.5% | |||
a | SCG Packaging PCL | 2,291,500 | 3,428,084 |
SIG Combibloc Group AG | 62,042 | 1,434,945 | |
Paper & Forest Products — 1.4% | |||
Mondi plc | 108,472 | 2,766,479 | |
16,910,300 | |||
Media & Entertainment — 4.4% | |||
Interactive Media & Services — 4.2% | |||
a | Bilibili, Inc. Class Z | 9,400 | 1,001,171 |
a | Bumble, Inc. Class A | 32,773 | 2,044,380 |
Tencent Holdings Ltd. | 67,589 | 5,303,416 | |
Media — 0.2% | |||
a | Zhihu, Inc. ADR | 38,802 | 314,684 |
8,663,651 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 1.9% | |||
Life Sciences Tools & Services — 1.0% | |||
Lonza Group AG | 3,478 | 1,944,427 | |
Pharmaceuticals — 0.9% | |||
Roche Holding AG | 5,676 | 1,834,348 | |
3,778,775 | |||
Real Estate — 2.0% | |||
Real Estate Management & Development — 2.0% | |||
Vonovia SE | 59,835 | 3,908,386 | |
3,908,386 | |||
Retailing — 4.2% | |||
Internet & Direct Marketing Retail — 3.0% | |||
a,b | Meituan Class B | 87,072 | 3,339,920 |
a | Pinduoduo, Inc. ADR | 18,471 | 2,472,897 |
Specialty Retail — 1.2% | |||
China Tourism Group Duty Free Corp. Ltd. Class A | 52,070 | 2,431,363 | |
8,244,180 | |||
Semiconductors & Semiconductor Equipment — 4.4% | |||
Semiconductors & Semiconductor Equipment — 4.4% | |||
Infineon Technologies AG | 84,952 | 3,601,877 | |
LONGi Green Energy Technology Co. Ltd. Class A | 75,810 | 1,017,739 | |
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 34,232 | 4,048,961 | |
8,668,577 | |||
Software & Services — 4.6% | |||
Information Technology Services — 4.6% | |||
a | Amadeus IT Group S.A. | 50,072 | 3,545,479 |
a | Appier Group, Inc. | 33,086 | 481,088 |
Edenred | 31,305 | 1,635,125 |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 59 |
Thornburg Better World International Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES | VALUE | |
Visa, Inc. Class A | 16,413 | $ 3,475,124 | |
9,136,816 | |||
Technology Hardware & Equipment — 3.8% | |||
Communications Equipment — 1.7% | |||
Telefonaktiebolaget LM Ericsson Class B | 263,365 | 3,484,514 | |
Electronic Equipment, Instruments & Components — 2.1% | |||
Keyence Corp. | 2,862 | 1,299,370 | |
Murata Manufacturing Co. Ltd. | 34,900 | 2,786,957 | |
7,570,841 | |||
Telecommunication Services — 0.9% | |||
Diversified Telecommunication Services — 0.9% | |||
a | Vantage Towers AG | 66,071 | 1,859,555 |
1,859,555 | |||
Transportation — 4.0% | |||
Marine — 2.2% | |||
Kuehne + Nagel International AG | 15,328 | 4,373,868 | |
Road & Rail — 1.8% | |||
Canadian Pacific Railway Ltd. | 9,048 | 3,431,816 | |
7,805,684 | |||
Utilities — 6.4% | |||
Electric Utilities — 2.8% | |||
Enel SpA | 341,841 | 3,404,648 | |
Iberdrola S.A. | 170,472 | 2,196,039 | |
Independent Power and Renewable Electricity Producers — 2.0% | |||
China Longyuan Power Group Corp. Ltd. Class H | 2,847,000 | 3,867,241 | |
Multi-Utilities — 1.6% | |||
E.ON SE | 266,753 | 3,104,438 | |
12,572,366 | |||
Total Common Stock (Cost $165,663,979) | 187,475,410 | ||
Short-Term Investments — 8.8% | |||
c | Thornburg Capital Management Fund | 1,743,726 | 17,437,255 |
Total Short-Term Investments (Cost $17,437,255) | 17,437,255 | ||
Total Investments — 103.8% (Cost $183,101,234) | $204,912,665 | ||
Liabilities Net of Other Assets — (3.8)% | (7,571,945) | ||
Net Assets — 100.0% | $197,340,720 |
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 March 31, 2021, the aggregate value of these securities in the Fund’s portfolio was $3,339,920, representing 1.69% 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 |
60 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
COUNTRY EXPOSURE * (percent of equity holdings) | |
China | 12.2% |
United States | 11.8% |
United Kingdom | 11.2% |
Germany | 10.5% |
Japan | 9.1% |
France | 9.0% |
Switzerland | 8.1% |
Italy | 5.5% |
Netherlands | 3.2% |
Spain | 3.1% |
Sweden | 2.9% |
Canada | 2.7% |
Hong Kong | 2.4% |
Taiwan | 2.2% |
Norway | 2.0% |
Thailand | 1.8% |
Ireland | 1.4% |
Denmark | 0.9% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 61 |
Thornburg International Growth Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES | VALUE | |
Common Stock — 97.8% | |||
Automobiles & Components — 2.1% | |||
Automobiles — 2.1% | |||
Ferrari N.V. | 197,400 | $ 41,311,872 | |
41,311,872 | |||
Capital Goods — 1.3% | |||
Trading Companies & Distributors — 1.3% | |||
MonotaRO Co. Ltd. | 981,492 | 26,539,508 | |
26,539,508 | |||
Commercial & Professional Services — 4.8% | |||
Professional Services — 4.8% | |||
Experian plc | 1,133,600 | 39,022,618 | |
Nihon M&A Center, Inc. | 1,412,600 | 38,183,895 | |
Wolters Kluwer N.V. | 202,312 | 17,585,065 | |
94,791,578 | |||
Consumer Durables & Apparel — 4.9% | |||
Textiles, Apparel & Luxury Goods — 4.9% | |||
a | adidas AG | 146,339 | 45,683,047 |
LVMH Moet Hennessy Louis Vuitton SE | 76,636 | 51,055,737 | |
96,738,784 | |||
Consumer Services — 3.5% | |||
Diversified Consumer Services — 1.5% | |||
a | TAL Education Group ADR | 559,182 | 30,111,951 |
Hotels, Restaurants & Leisure — 2.0% | |||
b | Evolution Gaming Group AB | 261,139 | 38,452,702 |
68,564,653 | |||
Diversified Financials — 2.2% | |||
Capital Markets — 2.2% | |||
Japan Exchange Group, Inc. | 1,814,600 | 42,527,767 | |
42,527,767 | |||
Energy — 0.5% | |||
Oil, Gas & Consumable Fuels — 0.5% | |||
Reliance Industries Ltd. | 387,900 | 10,640,839 | |
10,640,839 | |||
Food, Beverage & Tobacco — 3.0% | |||
Food Products — 3.0% | |||
Nestle S.A. | 522,487 | 58,232,852 | |
58,232,852 | |||
Health Care Equipment & Services — 1.3% | |||
Health Care Equipment & Supplies — 1.3% | |||
b | Siemens Healthineers AG | 464,054 | 25,141,861 |
25,141,861 | |||
Materials — 2.8% | |||
Chemicals — 2.0% | |||
Air Liquide S.A. | 115,600 | 18,884,082 | |
Sika AG | 70,200 | 20,053,960 | |
Containers & Packaging — 0.8% | |||
SIG Combibloc Group AG | 733,844 | 16,972,787 | |
55,910,829 | |||
Media & Entertainment — 16.4% | |||
Entertainment — 7.3% | |||
Activision Blizzard, Inc. | 785,375 | 73,039,875 |
62 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
a | Sea Ltd. ADR | 49,364 | $ 11,019,526 |
a | Ubisoft Entertainment S.A. | 775,908 | 59,034,787 |
Interactive Media & Services — 9.1% | |||
carsales.com Ltd. | 2,668,722 | 36,101,366 | |
Tencent Holdings Ltd. | 1,256,900 | 98,623,506 | |
a | Yandex N.V. Class A | 711,576 | 45,583,558 |
323,402,618 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 7.5% | |||
Biotechnology — 1.7% | |||
CSL Ltd. | 160,443 | 32,251,435 | |
Life Sciences Tools & Services — 2.6% | |||
Lonza Group AG | 92,500 | 51,713,485 | |
Pharmaceuticals — 3.2% | |||
AstraZeneca plc | 630,982 | 63,039,571 | |
147,004,491 | |||
Real Estate — 1.2% | |||
Real Estate Management & Development — 1.2% | |||
a | KE Holdings, Inc. ADR | 397,857 | 22,669,892 |
22,669,892 | |||
Retailing — 14.5% | |||
Internet & Direct Marketing Retail — 12.4% | |||
a | Alibaba Group Holding Ltd. | 328,400 | 9,293,423 |
a | Alibaba Group Holding Ltd. Sponsored ADR | 442,854 | 100,408,288 |
a,b | Boozt AB | 1,167,293 | 24,352,436 |
a,b | Just Eat Takeaway.com N.V. | 316,870 | 29,214,677 |
a | MercadoLibre, Inc. | 40,852 | 60,139,863 |
Prosus N.V. | 183,197 | 20,366,370 | |
Multiline Retail — 1.9% | |||
B&M European Value Retail S.A. | 5,299,337 | 38,559,282 | |
Specialty Retail — 0.2% | |||
a,b | Auto1 Group SE | 69,612 | 3,947,004 |
286,281,343 | |||
Semiconductors & Semiconductor Equipment — 9.6% | |||
Semiconductors & Semiconductor Equipment — 9.6% | |||
ASML Holding N.V. | 90,229 | 54,704,571 | |
SK Hynix, Inc. | 425,644 | 49,832,410 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4,121,000 | 84,779,974 | |
189,316,955 | |||
Software & Services — 20.4% | |||
Information Technology Services — 18.0% | |||
a | 21Vianet Group, Inc. ADR | 1,155,427 | 37,320,292 |
a,b | Adyen N.V. | 42,179 | 94,153,418 |
a | Amadeus IT Group S.A. | 280,984 | 19,895,810 |
Edenred | 497,037 | 25,961,266 | |
a | Globant S.A. | 48,952 | 10,162,925 |
Mastercard, Inc. Class A | 126,123 | 44,906,094 | |
a | Shopify, Inc. Class A | 40,267 | 44,555,435 |
Visa, Inc. Class A | 198,311 | 41,988,388 | |
a | Wix.com Ltd. | 124,836 | 34,856,708 |
Software — 2.4% | |||
a | Atlassian Corp. plc Class A | 130,494 | 27,502,916 |
a | Blue Prism Group plc | 611,224 | 10,701,438 |
a | Unifiedpost Group S.A. | 443,632 | 9,634,979 |
401,639,669 | |||
Telecommunication Services — 1.8% | |||
Diversified Telecommunication Services — 1.8% | |||
b | Cellnex Telecom S.A. | 607,840 | 34,999,166 |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 63 |
Thornburg International Growth Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES | VALUE | |
34,999,166 | |||
Total Common Stock (Cost $1,269,577,982) | 1,925,714,677 | ||
Short-Term Investments — 2.1% | |||
c | Thornburg Capital Management Fund | 4,181,815 | $ 41,818,152 |
Total Short-Term Investments (Cost $41,818,152) | 41,818,152 | ||
Total Investments — 99.9% (Cost $1,311,396,134) | $1,967,532,829 | ||
Other Assets Less Liabilities — 0.1% | 1,611,286 | ||
Net Assets — 100.0% | $1,969,144,115 |
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 March 31, 2021, the aggregate value of these securities in the Fund’s portfolio was $250,261,264, representing 12.71% 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 |
COUNTRY EXPOSURE * (percent of equity holdings) | |
China | 16.6% |
United States | 10.3% |
Netherlands | 8.6% |
France | 8.0% |
United Kingdom | 7.9% |
Switzerland | 7.6% |
Japan | 5.6% |
Germany | 5.4% |
Taiwan | 5.0% |
Australia | 3.5% |
Sweden | 3.3% |
Argentina | 3.1% |
Spain | 2.8% |
South Korea | 2.6% |
Russian Federation | 2.4% |
Canada | 2.3% |
Italy | 2.1% |
Israel | 1.8% |
India | 0.6% |
Belgium | 0.5% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
64 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Thornburg Developing World Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES | VALUE | |
Common Stock — 95.0% | |||
Automobiles & Components — 0.8% | |||
Automobiles — 0.8% | |||
Geely Automobile Holdings Ltd. | 3,934,273 | $ 10,010,152 | |
10,010,152 | |||
Banks — 9.4% | |||
Banks — 9.4% | |||
a | Bank Rakyat Indonesia Persero Tbk PT | 68,330,338 | 20,699,035 |
Credicorp Ltd. | 156,290 | 21,344,525 | |
a | Grupo Financiero Banorte SAB de C.V. | 2,991,932 | 16,870,284 |
a | HDFC Bank Ltd. | 1,705,941 | 34,868,383 |
a | ICICI Bank Ltd. | 2,263,014 | 18,037,256 |
111,819,483 | |||
Consumer Durables & Apparel — 1.5% | |||
Textiles, Apparel & Luxury Goods — 1.5% | |||
Shenzhou International Group Holdings Ltd. | 887,208 | 18,385,306 | |
18,385,306 | |||
Consumer Services — 0.8% | |||
Hotels, Restaurants & Leisure — 0.8% | |||
a | Galaxy Entertainment Group Ltd. | 1,099,374 | 9,899,047 |
9,899,047 | |||
Diversified Financials — 4.6% | |||
Capital Markets — 2.8% | |||
Banco BTG Pactual S.A. | 684,982 | 11,810,559 | |
East Money Information Co. Ltd. Class A | 2,830,916 | 11,772,810 | |
Hong Kong Exchanges & Clearing Ltd. | 167,958 | 9,882,043 | |
Consumer Finance — 1.8% | |||
SBI Cards & Payment Services Ltd. | 1,644,531 | 20,946,395 | |
54,411,807 | |||
Energy — 2.9% | |||
Oil, Gas & Consumable Fuels — 2.9% | |||
LUKOIL PJSC Sponsored ADR | 242,967 | 19,646,312 | |
Reliance Industries Ltd. | 597,932 | 15,418,489 | |
35,064,801 | |||
Food & Staples Retailing — 3.9% | |||
Food & Staples Retailing — 3.9% | |||
a | Empreendimentos Pague Menos S/A | 2,448,868 | 3,933,051 |
Magnit PJSC Sponsored GDR | 1,315,291 | 19,716,212 | |
Wal-Mart de Mexico SAB de CV | 7,212,321 | 22,777,236 | |
46,426,499 | |||
Food, Beverage & Tobacco — 2.7% | |||
Beverages — 1.3% | |||
Wuliangye Yibin Co. Ltd. Class A | 373,584 | 15,272,775 | |
Food Products — 1.4% | |||
b | China Feihe Ltd. | 5,900,293 | 16,697,296 |
31,970,071 | |||
Household & Personal Products — 2.8% | |||
Household Products — 0.9% | |||
a,b | Blue Moon Group Holdings Ltd. | 7,940,734 | 11,358,352 |
Personal Products — 1.9% | |||
a | Natura & Co. Holding S.A. | 1,890,345 | 16,167,501 |
a | Yatsen Holding Ltd. ADR | 485,663 | 5,997,938 |
33,523,791 | |||
Insurance — 6.1% |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 65 |
Thornburg Developing World Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES | VALUE | |
Insurance — 6.1% | |||
AIA Group Ltd. | 3,490,883 | $ 42,344,486 | |
Ping An Insurance Group Co. of China Ltd. Class H | 2,571,205 | 30,609,977 | |
72,954,463 | |||
Materials — 3.7% | |||
Chemicals — 1.3% | |||
Sociedad Quimica y Minera de Chile S.A. Sponsored ADR | 293,898 | 15,597,167 | |
Construction Materials — 1.3% | |||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A | 1,876,668 | 14,646,886 | |
Metals & Mining — 1.1% | |||
Severstal PAO GDR | 664,863 | 13,416,935 | |
43,660,988 | |||
Media & Entertainment — 9.3% | |||
Entertainment — 1.4% | |||
NetEase, Inc. | 835,687 | 17,005,915 | |
Interactive Media & Services — 7.9% | |||
NAVER Corp. | 71,239 | 23,730,597 | |
Tencent Holdings Ltd. | 892,034 | 69,994,049 | |
110,730,561 | |||
Retailing — 10.7% | |||
Internet & Direct Marketing Retail — 9.2% | |||
a | Alibaba Group Holding Ltd. | 2,260,460 | 63,968,974 |
a,b | Meituan Class B | 517,630 | 19,855,323 |
Prosus N.V. | 228,926 | 25,450,152 | |
Multiline Retail — 0.7% | |||
a,b | Fix Price Group Ltd. GDR | 847,808 | 8,274,606 |
Specialty Retail — 0.8% | |||
Lojas Quero Quero S/A | 3,596,667 | 9,789,370 | |
127,338,425 | |||
Semiconductors & Semiconductor Equipment — 12.0% | |||
Semiconductors & Semiconductor Equipment — 12.0% | |||
MediaTek, Inc. | 647,913 | 22,003,564 | |
a | Micron Technology, Inc. | 410,841 | 36,240,285 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4,100,112 | 84,350,252 | |
142,594,101 | |||
Software & Services — 5.1% | |||
Information Technology Services — 5.1% | |||
a | 21Vianet Group, Inc. ADR | 568,007 | 18,346,626 |
a | EPAM Systems, Inc. | 21,956 | 8,709,726 |
a | Globant S.A. | 36,801 | 7,640,256 |
Infosys Ltd. Sponsored ADR | 317,464 | 5,942,926 | |
a | Pagseguro Digital Ltd. Class A | 273,417 | 12,659,207 |
TravelSky Technology Ltd. Class H | 3,503,450 | 8,192,938 | |
61,491,679 | |||
Technology Hardware & Equipment — 6.7% | |||
Electronic Equipment, Instruments & Components — 2.3% | |||
Hon Hai Precision Industry Co. Ltd. | 1,364,471 | 5,929,779 | |
a | IPG Photonics Corp. | 41,734 | 8,803,370 |
Sunny Optical Technology Group Co. Ltd. | 527,431 | 12,022,070 | |
Technology Hardware, Storage & Peripherals — 4.4% | |||
Samsung Electronics Co. Ltd. | 731,747 | 52,630,180 | |
79,385,399 | |||
Telecommunication Services — 2.7% | |||
Diversified Telecommunication Services — 2.7% | |||
a | Converge ICT Solutions, Inc. | 51,676,210 | 19,909,248 |
Telefonica Brasil S.A. | 1,641,924 | 12,902,259 |
66 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
32,811,507 | |||
Transportation — 5.2% | |||
Air Freight & Logistics — 1.0% | |||
a | InPost S.A. | 707,327 | $ 11,584,551 |
Transportation Infrastructure — 4.2% | |||
a | Adani Ports & Special Economic Zone Ltd. | 3,684,464 | 35,396,454 |
a | Grupo Aeroportuario del Pacifico SAB de CV Class B | 1,418,756 | 14,809,843 |
61,790,848 | |||
Utilities — 4.1% | |||
Gas Utilities — 4.1% | |||
China Gas Holdings Ltd. | 8,063,974 | 33,037,596 | |
a | Infraestructura Energetica Nova SAB de CV | 3,986,918 | 15,409,698 |
48,447,294 | |||
Total Common Stock (Cost $755,370,469) | 1,132,716,222 | ||
Preferred Stock — 0.9% | |||
Retailing — 0.9% | |||
Multiline Retail — 0.9% | |||
Lojas Americanas S.A. 0.054% | 2,644,831 | 10,506,679 | |
10,506,679 | |||
Total Preferred Stock (Cost $12,197,093) | 10,506,679 | ||
Rights — 0.0% | |||
Materials — 0.0% | |||
Chemicals — 0.0% | |||
a | Sociedad Quimica y Minera de Chile S.A., 4/19/2021 | 54,791 | 169,853 |
169,853 | |||
Total Rights (Cost $0) | 169,853 | ||
Short-Term Investments — 4.8% | |||
c | Thornburg Capital Management Fund | 5,695,858 | 56,958,577 |
Total Short-Term Investments (Cost $56,958,577) | 56,958,577 | ||
Total Investments — 100.7% (Cost $824,526,139) | $1,200,351,331 | ||
Liabilities Net of Other Assets — (0.7)% | (8,185,175) | ||
Net Assets — 100.0% | $1,192,166,156 |
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 March 31, 2021, the aggregate value of these securities in the Fund’s portfolio was $56,185,577, representing 4.71% 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 Semi-Annual Report | 67 |
Thornburg Developing World Fund | March 31, 2021 (Unaudited)
COUNTRY EXPOSURE * (percent of equity holdings) | |
China | 35.2% |
India | 11.4% |
Taiwan | 9.8% |
Brazil | 6.8% |
South Korea | 6.7% |
Mexico | 6.1% |
United States | 5.4% |
Russian Federation | 5.3% |
Hong Kong | 4.6% |
Peru | 1.9% |
Indonesia | 1.8% |
Philippines | 1.7% |
Chile | 1.4% |
Poland | 1.0% |
Macao | 0.9% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
68 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Thornburg Small/Mid Cap Core Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES | VALUE | |
Common Stock — 99.9% | |||
Banks — 4.9% | |||
Banks — 4.9% | |||
Pinnacle Financial Partners, Inc. | 252,607 | $ 22,396,136 | |
Signature Bank | 86,168 | 19,482,585 | |
41,878,721 | |||
Capital Goods — 12.7% | |||
Aerospace & Defense — 5.9% | |||
a | Kratos Defense & Security Solutions, Inc. | 437,411 | 11,932,572 |
Spirit AeroSystems Holdings, Inc. Class A | 407,453 | 19,822,588 | |
a | Teledyne Technologies, Inc. | 44,994 | 18,611,768 |
Building Products — 1.8% | |||
a | Builders FirstSource, Inc. | 325,552 | 15,095,846 |
Electrical Equipment — 1.3% | |||
a | TPI Composites, Inc. | 194,648 | 10,983,987 |
Machinery — 3.7% | |||
a | Chart Industries, Inc. | 119,168 | 16,963,565 |
ITT, Inc. | 153,198 | 13,927,230 | |
107,337,556 | |||
Commercial & Professional Services — 6.9% | |||
Commercial Services & Supplies — 5.3% | |||
a | Casella Waste Systems, Inc. Class A | 283,879 | 18,046,188 |
a | Clean Harbors, Inc. | 158,421 | 13,316,869 |
a | IAA, Inc. | 249,086 | 13,734,602 |
Professional Services — 1.6% | |||
Booz Allen Hamilton Holding Corp. Class A | 166,458 | 13,404,863 | |
58,502,522 | |||
Consumer Durables & Apparel — 1.9% | |||
Household Durables — 1.9% | |||
a | Sonos, Inc. | 431,948 | 16,185,092 |
16,185,092 | |||
Consumer Services — 5.5% | |||
Diversified Consumer Services — 3.6% | |||
a | Bright Horizons Family Solutions, Inc. | 77,122 | 13,222,567 |
a | Terminix Global Holdings, Inc. | 356,802 | 17,008,751 |
Hotels, Restaurants & Leisure — 1.9% | |||
a | Norwegian Cruise Line Holdings Ltd. | 584,984 | 16,139,709 |
46,371,027 | |||
Diversified Financials — 5.4% | |||
Capital Markets — 3.2% | |||
LPL Financial Holdings, Inc. | 191,554 | 27,231,316 | |
Consumer Finance — 2.2% | |||
OneMain Holdings, Inc. | 351,711 | 18,893,915 | |
46,125,231 | |||
Energy — 2.3% | |||
Oil, Gas & Consumable Fuels — 2.3% | |||
Diamondback Energy, Inc. | 268,371 | 19,722,585 | |
19,722,585 | |||
Food & Staples Retailing — 2.0% | |||
Food & Staples Retailing — 2.0% | |||
a | Grocery Outlet Holding Corp. | 462,232 | 17,051,738 |
17,051,738 | |||
Food, Beverage & Tobacco — 4.8% |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 69 |
Thornburg Small/Mid Cap Core Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES | VALUE | |
Food Products — 4.8% | |||
a | Darling Ingredients, Inc. | 202,740 | $ 14,917,609 |
a | Freshpet, Inc. | 71,685 | 11,384,295 |
a | SunOpta, Inc. | 978,426 | 14,451,352 |
40,753,256 | |||
Health Care Equipment & Services — 6.4% | |||
Health Care Equipment & Supplies — 3.0% | |||
a | Haemonetics Corp. | 112,800 | 12,521,928 |
a | Heska Corp. | 76,686 | 12,918,524 |
Health Care Providers & Services — 3.4% | |||
a | Amedisys, Inc. | 56,309 | 14,910,060 |
a | PetIQ, Inc. | 388,674 | 13,704,645 |
54,055,157 | |||
Insurance — 2.5% | |||
Insurance — 2.5% | |||
Assured Guaranty Ltd. | 494,953 | 20,926,613 | |
20,926,613 | |||
Materials — 7.2% | |||
Chemicals — 5.0% | |||
Element Solutions, Inc. | 730,170 | 13,354,809 | |
Huntsman Corp. | 449,233 | 12,951,388 | |
Sensient Technologies Corp. | 200,462 | 15,636,036 | |
Containers & Packaging — 2.2% | |||
Crown Holdings, Inc. | 194,576 | 18,881,655 | |
60,823,888 | |||
Media & Entertainment — 2.4% | |||
Entertainment — 2.4% | |||
a | Zynga, Inc. Class A | 2,014,108 | 20,564,043 |
20,564,043 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 5.4% | |||
Life Sciences Tools & Services — 3.1% | |||
a | Avantor, Inc. | 892,657 | 25,824,567 |
Pharmaceuticals — 2.3% | |||
a | Horizon Therapeutics plc | 213,291 | 19,631,304 |
45,455,871 | |||
Real Estate — 2.6% | |||
Real Estate Management & Development — 2.6% | |||
a | Jones Lang LaSalle, Inc. | 121,551 | 21,762,491 |
21,762,491 | |||
Retailing — 3.3% | |||
Multiline Retail — 1.6% | |||
a | Ollie’s Bargain Outlet Holdings, Inc. | 150,077 | 13,056,699 |
Specialty Retail — 1.7% | |||
a | Floor & Decor Holdings, Inc. Class A | 153,347 | 14,641,572 |
27,698,271 | |||
Semiconductors & Semiconductor Equipment — 4.8% | |||
Semiconductors & Semiconductor Equipment — 4.8% | |||
a | Cohu, Inc. | 297,794 | 12,459,701 |
Entegris, Inc. | 146,006 | 16,323,471 | |
a | MaxLinear, Inc. | 348,543 | 11,878,345 |
40,661,517 | |||
Software & Services — 11.2% | |||
Information Technology Services — 8.1% | |||
a | Black Knight, Inc. | 222,817 | 16,486,230 |
a | Globant S.A. | 61,370 | 12,741,026 |
70 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
a | LiveRamp Holdings, Inc. | 232,513 | $ 12,062,774 |
a,b | Nuvei Corp. | 217,215 | 13,084,408 |
a | Repay Holdings Corp. Class A | 610,963 | 14,345,411 |
Software — 3.1% | |||
a | Elastic N.V. | 115,653 | 12,860,614 |
a | Varonis Systems, Inc. Class B | 261,978 | 13,449,950 |
95,030,413 | |||
Technology Hardware & Equipment — 2.6% | |||
Electronic Equipment, Instruments & Components — 2.6% | |||
a | Flex Ltd. | 747,481 | 13,686,377 |
a | PAR Technology Corp. | 123,290 | 8,064,399 |
21,750,776 | |||
Telecommunication Services — 1.1% | |||
Diversified Telecommunication Services — 1.1% | |||
a | Radius Global Infrastructure, Inc. Class A | 667,242 | 9,808,457 |
9,808,457 | |||
Transportation — 1.5% | |||
Air Freight & Logistics — 1.5% | |||
a | XPO Logistics, Inc. | 104,262 | 12,855,505 |
12,855,505 | |||
Utilities — 2.5% | |||
Independent Power and Renewable Electricity Producers — 2.5% | |||
AES Corp. | 791,068 | 21,208,533 | |
21,208,533 | |||
Total Common Stock (Cost $768,323,252) | 846,529,263 | ||
Short-Term Investments — 0.1% | |||
c | Thornburg Capital Management Fund | 96,017 | 960,169 |
Total Short-Term Investments (Cost $960,169) | 960,169 | ||
Total Investments — 100.0% (Cost $769,283,421) | $847,489,432 | ||
Other Assets Less Liabilities — 0.0% | 44,194 | ||
Net Assets — 100.0% | $847,533,626 |
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 March 31, 2021, the aggregate value of these securities in the Fund’s portfolio was $13,084,408, representing 1.54% of the Fund’s net assets. |
c | Investment in Affiliates. |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 71 |
Thornburg Small/Mid Cap Growth Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES | VALUE | |
Common Stock — 100.0% | |||
Automobiles & Components — 2.6% | |||
Auto Components — 2.6% | |||
a | Fox Factory Holding Corp. | 144,990 | $ 18,422,429 |
18,422,429 | |||
Banks — 2.0% | |||
Banks — 2.0% | |||
Signature Bank | 62,969 | 14,237,291 | |
14,237,291 | |||
Capital Goods — 11.7% | |||
Aerospace & Defense — 1.9% | |||
a | Teledyne Technologies, Inc. | 31,784 | 13,147,452 |
Building Products — 2.2% | |||
a | Trex Co., Inc. | 168,935 | 15,464,310 |
Electrical Equipment — 3.0% | |||
a | Plug Power, Inc. | 293,252 | 10,510,152 |
a | TPI Composites, Inc. | 195,835 | 11,050,969 |
Machinery — 4.6% | |||
a | Chart Industries, Inc. | 118,084 | 16,809,257 |
a | Kornit Digital Ltd. | 163,274 | 16,183,719 |
83,165,859 | |||
Commercial & Professional Services — 5.0% | |||
Commercial Services & Supplies — 3.4% | |||
a | Casella Waste Systems, Inc. Class A | 222,299 | 14,131,548 |
a | IAA, Inc. | 180,895 | 9,974,550 |
Professional Services — 1.6% | |||
Booz Allen Hamilton Holding Corp. Class A | 142,818 | 11,501,133 | |
35,607,231 | |||
Consumer Durables & Apparel — 3.6% | |||
Household Durables — 2.1% | |||
a | Sonos, Inc. | 399,513 | 14,969,752 |
Leisure Products — 1.5% | |||
a | YETI Holdings, Inc. | 147,882 | 10,678,559 |
25,648,311 | |||
Consumer Services — 3.5% | |||
Hotels, Restaurants & Leisure — 3.5% | |||
a | Penn National Gaming, Inc. | 116,274 | 12,190,166 |
a | Planet Fitness, Inc. Class A | 165,230 | 12,772,279 |
24,962,445 | |||
Diversified Financials — 1.4% | |||
Capital Markets — 1.4% | |||
a | Open Lending Corp. Class A | 279,912 | 9,914,483 |
9,914,483 | |||
Food & Staples Retailing — 1.6% | |||
Food & Staples Retailing — 1.6% | |||
a | Grocery Outlet Holding Corp. | 307,137 | 11,330,284 |
11,330,284 | |||
Food, Beverage & Tobacco — 4.4% | |||
Food Products — 4.4% | |||
a | Darling Ingredients, Inc. | 156,472 | 11,513,210 |
a | Freshpet, Inc. | 125,976 | 20,006,248 |
31,519,458 | |||
Health Care Equipment & Services — 9.3% |
72 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Health Care Equipment & Supplies — 5.0% | |||
a | Eargo, Inc. | 114,951 | $ 5,741,802 |
a | Establishment Labs Holdings, Inc. | 54,430 | 3,403,508 |
a | Heska Corp. | 96,987 | 16,338,430 |
a | Nevro Corp. | 69,363 | 9,676,139 |
Health Care Providers & Services — 4.3% | |||
a | Amedisys, Inc. | 66,645 | 17,646,929 |
a | PetIQ, Inc. | 373,626 | 13,174,053 |
65,980,861 | |||
Media & Entertainment — 4.6% | |||
Entertainment — 3.6% | |||
a | Zynga, Inc. Class A | 2,509,979 | 25,626,886 |
Interactive Media & Services — 1.0% | |||
a | Eventbrite, Inc. Class A | 317,975 | 7,046,326 |
32,673,212 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 13.8% | |||
Biotechnology — 3.9% | |||
a | Kodiak Sciences, Inc. | 61,810 | 7,008,636 |
a | Mirati Therapeutics, Inc. | 41,397 | 7,091,306 |
a | Natera, Inc. | 131,398 | 13,342,153 |
Life Sciences Tools & Services — 6.2% | |||
a | Avantor, Inc. | 675,784 | 19,550,431 |
a | NanoString Technologies, Inc. | 156,736 | 10,299,123 |
a | Repligen Corp. | 72,554 | 14,105,223 |
Pharmaceuticals — 3.7% | |||
a | Horizon Therapeutics plc | 284,543 | 26,189,338 |
97,586,210 | |||
Retailing — 3.7% | |||
Specialty Retail — 3.7% | |||
a | Floor & Decor Holdings, Inc. Class A | 191,062 | 18,242,600 |
a | Leslie’s, Inc. | 339,283 | 8,309,040 |
26,551,640 | |||
Semiconductors & Semiconductor Equipment — 7.9% | |||
Semiconductors & Semiconductor Equipment — 7.9% | |||
Cohu, Inc. | 329,386 | 13,781,510 | |
Entegris, Inc. | 154,687 | 17,294,007 | |
a | MaxLinear, Inc. | 330,532 | 11,264,531 |
Monolithic Power Systems, Inc. | 37,716 | 13,321,668 | |
55,661,716 | |||
Software & Services — 21.7% | |||
Information Technology Services — 10.8% | |||
a | Black Knight, Inc. | 236,670 | 17,511,213 |
a | Globant S.A. | 87,169 | 18,097,156 |
a | LiveRamp Holdings, Inc. | 264,702 | 13,732,740 |
a | Repay Holdings Corp. Class A | 705,920 | 16,575,002 |
a | Shift4 Payments, Inc. Class A | 126,699 | 10,390,585 |
Software — 10.9% | |||
a | Alteryx, Inc. Class A | 135,495 | 11,240,665 |
a | Avalara, Inc. | 106,105 | 14,157,590 |
a | Elastic N.V. | 141,627 | 15,748,922 |
a | Lightspeed POS, Inc. | 179,438 | 11,270,501 |
a | LivePerson, Inc. | 184,569 | 9,734,169 |
a | Varonis Systems, Inc. Class B | 298,206 | 15,309,896 |
153,768,439 | |||
Technology Hardware & Equipment — 1.5% | |||
Electronic Equipment, Instruments & Components — 1.5% | |||
a | nLight, Inc. | 323,495 | 10,481,238 |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 73 |
Thornburg Small/Mid Cap Growth Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES | VALUE | |
10,481,238 | |||
Transportation — 1.7% | |||
Air Freight & Logistics — 1.7% | |||
a | XPO Logistics, Inc. | 99,685 | $ 12,291,161 |
12,291,161 | |||
Total Common Stock (Cost $706,264,617) | 709,802,268 | ||
Short-Term Investments — 0.1% | |||
b | Thornburg Capital Management Fund | 44,923 | 449,233 |
Total Short-Term Investments (Cost $449,233) | 449,233 | ||
Total Investments — 100.1% (Cost $706,713,850) | $710,251,501 | ||
Liabilities Net of Other Assets — (0.1)% | (489,298) | ||
Net Assets — 100.0% | $709,762,203 |
Footnote Legend | |
a | Non-income producing. |
b | Investment in Affiliates. |
COUNTRY EXPOSURE * (percent of equity holdings) | |
United States | 95.6% |
Israel | 2.3% |
Canada | 1.6% |
Costa Rica | 0.5% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
74 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Thornburg Long/Short Equity Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Common Stock — 89.5% | |||
Capital Goods — 14.7% | |||
Aerospace & Defense — 3.9% | |||
Spirit AeroSystems Holdings, Inc. Class A | 5,829 | $ 283,581 | |
a,b | Teledyne Technologies, Inc. | 997 | 412,409 |
Construction & Engineering — 5.6% | |||
b | Quanta Services, Inc. | 11,163 | 982,121 |
Machinery — 5.2% | |||
a,b | Chart Industries, Inc. | 2,216 | 315,447 |
b | ITT, Inc. | 6,537 | 594,279 |
2,587,837 | |||
Commercial & Professional Services — 3.5% | |||
Commercial Services & Supplies — 0.9% | |||
a | Clean Harbors, Inc. | 2,019 | 169,717 |
Professional Services — 2.6% | |||
b | Booz Allen Hamilton Holding Corp. Class A | 5,635 | 453,787 |
623,504 | |||
Consumer Durables & Apparel — 3.1% | |||
Household Durables — 3.1% | |||
a,b | Sonos, Inc. | 14,492 | 543,015 |
543,015 | |||
Diversified Financials — 6.3% | |||
Consumer Finance — 6.3% | |||
b | Capital One Financial Corp. | 4,124 | 524,697 |
b | OneMain Holdings, Inc. | 10,888 | 584,903 |
1,109,600 | |||
Energy — 1.6% | |||
Oil, Gas & Consumable Fuels — 1.6% | |||
b | Diamondback Energy, Inc. | 3,721 | 273,456 |
273,456 | |||
Food & Staples Retailing — 1.4% | |||
Food & Staples Retailing — 1.4% | |||
a,b | Grocery Outlet Holding Corp. | 6,622 | 244,286 |
244,286 | |||
Food, Beverage & Tobacco — 1.8% | |||
Food Products — 1.8% | |||
a | Nomad Foods Ltd. | 11,783 | 323,561 |
323,561 | |||
Health Care Equipment & Services — 4.0% | |||
Health Care Equipment & Supplies — 4.0% | |||
Cooper Companies, Inc. | 534 | 205,104 | |
a,b | Haemonetics Corp. | 4,534 | 503,319 |
708,423 | |||
Insurance — 5.6% | |||
Insurance — 5.6% | |||
Assured Guaranty Ltd. | 15,185 | 642,022 | |
James River Group Holdings Ltd. | 7,528 | 343,427 | |
985,449 | |||
Materials — 4.5% | |||
Chemicals — 1.6% | |||
b | Huntsman Corp. | 10,111 | 291,500 |
Containers & Packaging — 2.9% | |||
b | Crown Holdings, Inc. | 5,206 | 505,190 |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 75 |
Thornburg Long/Short Equity Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
796,690 | |||
Media & Entertainment — 10.4% | |||
Entertainment — 3.5% | |||
b | Activision Blizzard, Inc. | 2,957 | $ 275,001 |
a,b | Zynga, Inc. Class A | 33,308 | 340,075 |
Interactive Media & Services — 6.9% | |||
a | Alphabet, Inc. Class C | 365 | 755,050 |
a,b | Facebook, Inc. Class A | 1,591 | 468,597 |
1,838,723 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 5.3% | |||
Biotechnology — 3.1% | |||
b | AbbVie, Inc. | 5,124 | 554,519 |
Life Sciences Tools & Services — 2.2% | |||
a,b | Avantor, Inc. | 13,389 | 387,344 |
941,863 | |||
Real Estate — 1.6% | |||
Real Estate Management & Development — 1.6% | |||
a | Jones Lang LaSalle, Inc. | 1,524 | 272,857 |
272,857 | |||
Retailing — 9.9% | |||
Internet & Direct Marketing Retail — 4.8% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 1,574 | 356,873 |
a | Amazon.com, Inc. | 156 | 482,677 |
Multiline Retail — 1.9% | |||
a,b | Ollie’s Bargain Outlet Holdings, Inc. | 3,880 | 337,560 |
Specialty Retail — 3.2% | |||
a,b | CarMax, Inc. | 2,765 | 366,805 |
Home Depot, Inc. | 680 | 207,570 | |
1,751,485 | |||
Software & Services — 15.8% | |||
Information Technology Services — 10.1% | |||
a,b | Black Knight, Inc. | 5,579 | 412,790 |
a | LiveRamp Holdings, Inc. | 5,311 | 275,535 |
b | Mastercard, Inc. Class A | 2,035 | 724,562 |
a,b | Repay Holdings Corp. Class A | 15,093 | 354,383 |
Software — 5.7% | |||
a,b | Elastic N.V. | 1,825 | 202,940 |
a,b | PTC, Inc. | 3,908 | 537,936 |
a,b | Varonis Systems, Inc. Class B | 5,193 | 266,609 |
2,774,755 | |||
Total Common Stock (Cost $11,568,377) | 15,775,504 | ||
Total Long-Term Investments — 89.5% (Cost $11,568,377) | 15,775,504 | ||
Short-Term Investments — 53.9% | |||
c | Thornburg Capital Management Fund | 949,723 | 9,497,233 |
Total Short-Term Investments (Cost $9,497,233) | 9,497,233 | ||
Total Investments — 143.4% (Cost $21,065,610) | $25,272,737 | ||
Liabilities Net of Other Assets — (43.4)% | (7,651,414) | ||
Common Stock Sold Short — (42.6)% | |||
Automobiles & Components — (2.0)% | |||
Automobiles — (2.0)% |
76 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Harley-Davidson, Inc. | (8,848) | $ (354,805) | |
(354,805) | |||
Capital Goods — (5.2)% | |||
Machinery — (3.2)% | |||
a | Proto Labs, Inc. | (1,327) | (161,562) |
Snap-on, Inc. | (1,738) | (401,026) | |
Trading Companies & Distributors — (2.0)% | |||
GATX Corp. | (3,824) | (354,638) | |
(917,226) | |||
Commercial & Professional Services — (4.2)% | |||
Commercial Services & Supplies — (1.7)% | |||
HNI Corp. | (7,459) | (295,078) | |
Professional Services — (2.5)% | |||
Robert Half International, Inc. | (5,668) | (442,501) | |
(737,579) | |||
Consumer Durables & Apparel — (0.6)% | |||
Household Durables — (0.6)% | |||
a | Tupperware Brands Corp. | (4,133) | (109,152) |
(109,152) | |||
Consumer Services — (3.6)% | |||
Hotels, Restaurants & Leisure — (3.6)% | |||
a | Brinker International, Inc. | (3,237) | (230,021) |
Cracker Barrel Old Country Store, Inc. | (2,294) | (396,587) | |
(626,608) | |||
Diversified Financials — (1.8)% | |||
Capital Markets — (1.8)% | |||
a | Focus Financial Partners, Inc. Class A | (7,808) | (324,969) |
(324,969) | |||
Food, Beverage & Tobacco — (1.4)% | |||
Food Products — (1.4)% | |||
Hormel Foods Corp. | (5,117) | (244,490) | |
(244,490) | |||
Health Care Equipment & Services — (2.3)% | |||
Health Care Providers & Services — (2.3)% | |||
Patterson Cos, Inc. | (12,407) | (396,403) | |
(396,403) | |||
Insurance — (1.6)% | |||
Insurance — (1.6)% | |||
a | Lemonade, Inc. | (1,442) | (134,294) |
a | Trupanion, Inc. | (2,016) | (153,639) |
(287,933) | |||
Media & Entertainment — (1.1)% | |||
Interactive Media & Services — (1.1)% | |||
a | TripAdvisor, Inc. | (3,592) | (193,214) |
(193,214) | |||
Real Estate — (3.1)% | |||
Equity Real Estate Investment Trusts — (2.1)% | |||
Extra Space Storage, Inc. | (2,845) | (377,105) | |
Real Estate Management & Development — (1.0)% | |||
a | Redfin Corp. | (2,561) | (170,537) |
(547,642) | |||
Retailing — (3.3)% |
See notes to financial statements. | Thornburg Equity Funds Semi-Annual Report | 77 |
Thornburg Long/Short Equity Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Multiline Retail — (2.3)% | |||
Canadian Tire Corp. Ltd. Class A | (2,823) | $ (400,593) | |
Specialty Retail — (1.0)% | |||
a | Sleep Number Corp. | (1,308) | (187,685) |
(588,278) | |||
Software & Services — (7.4)% | |||
Information Technology Services — (6.9)% | |||
International Business Machines Corp. | (3,019) | (402,312) | |
Paychex, Inc. | (4,797) | (470,202) | |
Western Union Co. | (13,942) | (343,810) | |
Software — (0.5)% | |||
a | Asana, Inc. Class A | (2,744) | (78,423) |
(1,294,747) | |||
Technology Hardware & Equipment — (0.6)% | |||
Electronic Equipment, Instruments & Components — (0.6)% | |||
Badger Meter, Inc. | (1,114) | (103,680) | |
(103,680) | |||
Telecommunication Services — (2.2)% | |||
Diversified Telecommunication Services — (2.2)% | |||
AT&T, Inc. | (13,045) | (394,872) | |
(394,872) | |||
Transportation — (2.2)% | |||
Air Freight & Logistics — (2.2)% | |||
CH Robinson Worldwide, Inc. | (3,974) | (379,240) | |
(379,240) | |||
Total Common Stock Sold Short (Proceeds $6,562,831) | (7,500,838) | ||
Exchange-Traded Funds Sold Short — (0.1)% | |||
a | Direxion Daily Emerging Markets Bear 3X | (919) | (8,050) |
a | Direxion Daily Energy Bear 3X | (535) | (9,855) |
a | Direxion Daily Financial Bear 3X | (90) | (3,128) |
a | Direxion Daily S&P 500 Bear 3X | (26) | (815) |
a | Direxion Daily Small Cap Bear 3X | (6) | (217) |
ProShares UltraPro Short QQQ | (11) | (144) | |
Total Exchange-Traded Funds Sold Short (Proceeds $3,579,243) | (22,209) | ||
Total Securities Sold Short (Proceeds $10,142,074) | $ (7,523,047) | ||
Net Assets — 100.0% | $17,621,323 |
Footnote Legend | |
a | Non-income producing. |
b | All or a portion of the security is pledged as collateral for securities sold short. At March 31, 2021, the value of securities pledged was $9,832,416. |
c | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
78 | Thornburg Equity Funds Semi-Annual Report | See notes to financial statements. |
March 31, 2021 (Unaudited)
THORNBURG INVESTMENT INCOME BUILDER FUND | THORNBURG SUMMIT FUND | THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL EQUITY FUND | THORNBURG BETTER WORLD INTERNATIONAL FUND | |
ASSETS | |||||
Investments at cost | |||||
Non-affiliated issuers | $ 7,418,371,212 | $ 48,431,218 | $ 624,363,095 | $ 2,603,134,313 | $ 165,663,979 |
Non-controlled affiliated issuers | 676,942,346 | 4,927,871 | 41,627,476 | 166,816,051 | 17,437,255 |
Investments at value | |||||
Non-affiliated issuers | 10,222,242,459 | 53,327,778 | 1,041,275,335 | 3,677,191,404 | 187,475,410 |
Non-controlled affiliated issuers | 662,564,952 | 4,927,871 | 41,627,476 | 166,816,051 | 17,437,255 |
Cash | 1,107,662 | 1,883 | - | - | - |
Foreign currency at value (a) | 90 | 50 | 25 | 1,598,196 | 68,296 |
Unrealized appreciation on forward currency contracts | 12,255,922 | - | 662,029 | - | - |
Receivable for investments sold | 43,526,214 | 1,488,107 | 7,132 | - | 1,425,838 |
Receivable for fund shares sold | 8,510,436 | - | 611,247 | 4,200,735 | 721,658 |
Dividends receivable | 36,467,303 | 70,217 | 2,078,313 | 8,435,086 | 239,769 |
Tax reclaims receivable | 30,244,251 | 14,874 | 376,067 | 3,421,581 | 84,986 |
Principal and interest receivable | 21,064,403 | 62,743 | - | - | - |
Prepaid expenses and other assets | 292,772 | 35,579 | 114,642 | 192,350 | 41,531 |
Total Assets | 11,038,276,464 | 59,929,102 | 1,086,752,266 | 3,861,855,403 | 207,494,743 |
Liabilities | |||||
Unrealized depreciation on forward currency contracts | 6,182,026 | 95,331 | 473,898 | - | - |
Payable for investments purchased | 38,699,300 | 1,143,580 | 1,381,837 | 34,421,685 | 9,845,779 |
Payable for fund shares redeemed | 7,925,878 | - | 825,066 | 3,677,596 | 41,823 |
Payable to investment advisor and other affiliates | 9,198,245 | 31,582 | 954,470 | 3,006,018 | 155,752 |
Payable for short sale financing | - | 11 | - | - | - |
IRS compliance fees for foreign withholding tax claims payable | 21,030,131 | - | - | 27,591,120 | - |
Deferred taxes payable | - | 11,426 | 3,386,257 | - | - |
Accounts payable and accrued expenses | 7,767,795 | 66,526 | 1,070,218 | 2,128,671 | 110,669 |
Dividends payable | 15,347,437 | - | - | - | - |
Total Liabilities | 106,150,812 | 1,348,456 | 8,091,746 | 70,825,090 | 10,154,023 |
Commitments and contingencies | |||||
Unrealized depreciation on unfunded commmitments | (314,375) | - | - | - | - |
Net Assets | $ 10,931,811,277 | $ 58,580,646 | $ 1,078,660,520 | $ 3,791,030,313 | $ 197,340,720 |
NET ASSETS CONSIST OF | |||||
Net capital paid in on shares of beneficial interest | $ 9,322,642,733 | $ 46,094,770 | $ 593,208,801 | $ 2,519,447,683 | $ 151,162,361 |
Distributable earnings | 1,609,168,544 | 12,485,876 | 485,451,719 | 1,271,582,630 | 46,178,359 |
Net Assets | $ 10,931,811,277 | $ 58,580,646 | $ 1,078,660,520 | $ 3,791,030,313 | $ 197,340,720 |
March 31, 2021 (Unaudited)
THORNBURG INVESTMENT INCOME BUILDER FUND | THORNBURG SUMMIT FUND | THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL EQUITY FUND | THORNBURG BETTER WORLD INTERNATIONAL FUND | |
NET ASSET VALUE | |||||
Class A Shares: | |||||
Net assets applicable to shares outstanding | $ 3,829,294,546 | $ - | $ 265,623,259 | $ 956,765,190 | $ 21,602,469 |
Shares outstanding | 166,514,637 | - | 6,999,548 | 33,245,604 | 1,109,084 |
Net asset value and redemption price per share | $ 23.00 | $ - | $ 37.95 | $ 28.78 | $ 19.48 |
Maximum offering price per share (net asset value, plus 4.50% of offering price) | $ 24.08 | $ - | $ 39.74 | $ 30.14 | $ 20.40 |
Class C Shares: | |||||
Net assets applicable to shares outstanding | 1,115,056,234 | - | 124,915,932 | 31,917,262 | 3,604,286 |
Shares outstanding | 48,552,886 | - | 3,450,940 | 1,261,474 | 187,541 |
Net asset value and redemption price per share* | 22.97 | - | 36.20 | 25.30 | 19.22 |
Class I Shares: | |||||
Net assets applicable to shares outstanding | 5,789,839,611 | 58,580,646 | 586,663,503 | 2,039,948,729 | 172,133,965 |
Shares outstanding | 249,929,484 | 4,328,163 | 15,412,468 | 68,341,952 | 8,628,074 |
Net asset value and redemption price per share | 23.17 | 13.53 | 38.06 | 29.85 | 19.95 |
Class R3 Shares: | |||||
Net assets applicable to shares outstanding | 26,361,859 | - | 4,032,313 | 171,733,866 | - |
Shares outstanding | 1,146,833 | - | 107,508 | 5,963,904 | - |
Net asset value and redemption price per share | 22.99 | - | 37.51 | 28.80 | - |
Class R4 Shares: | |||||
Net assets applicable to shares outstanding | 13,713,094 | - | 6,463,024 | 109,256,887 | - |
Shares outstanding | 595,727 | - | 171,515 | 3,823,820 | - |
Net asset value and redemption price per share | 23.02 | - | 37.68 | 28.57 | - |
Class R5 Shares: | |||||
Net assets applicable to shares outstanding | 47,118,973 | - | 33,848,983 | 156,167,193 | - |
Shares outstanding | 2,035,462 | - | 888,393 | 5,236,485 | - |
Net asset value and redemption price per share | 23.15 | - | 38.10 | 29.82 | - |
Class R6 Shares: | |||||
Net assets applicable to shares outstanding | 110,426,960 | - | 57,113,506 | 325,241,186 | - |
Shares outstanding | 4,781,987 | - | 1,495,722 | 10,949,481 | - |
Net asset value and redemption price per share | 23.09 | - | 38.18 | 29.70 | - |
(a) | Cost of foreign currency is $90; $51; $26; $1,603,030; $68,503 respectively. |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
March 31, 2021 (Unaudited)
THORNBURG INTERNATIONAL GROWTH FUND | THORNBURG DEVELOPING WORLD FUND | THORNBURG SMALL/MID CAP CORE FUND | THORNBURG SMALL/MID CAP GROWTH FUND | THORNBURG LONG/SHORT EQUITY FUND | |
ASSETS | |||||
Investments at cost | |||||
Non-affiliated issuers | $ 1,269,577,982 | $ 767,567,562 | $ 768,323,252 | $ 706,264,617 | $ 11,568,377 |
Non-controlled affiliated issuers | 41,818,152 | 56,958,577 | 960,169 | 449,233 | 9,497,233 |
Investments at value | |||||
Non-affiliated issuers | 1,925,714,677 | 1,143,392,754 | 846,529,263 | 709,802,268 | 15,775,504 |
Non-controlled affiliated issuers | 41,818,152 | 56,958,577 | 960,169 | 449,233 | 9,497,233 |
Foreign currency at value (a) | 56 | 6,259,881 | - | - | - |
Receivable for investments sold | - | 16,185,921 | 8,972,714 | 5,790,571 | - |
Receivable for fund shares sold | 3,249,134 | 4,701,619 | 134,366 | 211,772 | - |
Dividends receivable | 2,255,354 | 2,426,571 | 40,406 | 23,012 | 3,726 |
Tax reclaims receivable | 375,005 | 458,012 | - | - | 16,655 |
Prepaid expenses and other assets | 173,908 | 97,980 | 85,468 | 96,745 | 35,550 |
Total Assets | 1,973,586,286 | 1,230,481,315 | 856,722,386 | 716,373,601 | 25,328,668 |
Liabilities | |||||
Securities sold short | - | - | - | - | 7,523,047(b) |
Payable for investments purchased | 981,906 | 29,045,978 | 7,587,913 | 5,440,778 | 1,156 |
Payable for fund shares redeemed | 1,372,662 | 379,694 | 566,812 | 433,465 | 15,461 |
Payable to investment advisor and other affiliates | 1,560,245 | 1,081,859 | 687,358 | 583,541 | 3,463 |
Payable for short sale financing | - | - | - | - | 4,569 |
Deferred taxes payable | 14,263 | 7,073,301 | - | - | - |
Accounts payable and accrued expenses | 513,095 | 734,327 | 346,677 | 153,614 | 147,556 |
Dividends payable for short sales | - | - | - | - | 12,093 |
Total Liabilities | 4,442,171 | 38,315,159 | 9,188,760 | 6,611,398 | 7,707,345 |
Net Assets | $ 1,969,144,115 | $ 1,192,166,156 | $ 847,533,626 | $ 709,762,203 | $ 17,621,323 |
NET ASSETS CONSIST OF | |||||
Net capital paid in on shares of beneficial interest | $ 1,261,819,479 | $ 901,042,215 | $ 566,655,931 | $ 427,864,911 | $ 24,396,578 |
Distributable earnings (accumulated loss) | 707,324,636 | 291,123,941 | 280,877,695 | 281,897,292 | (6,775,255) |
Net Assets | $ 1,969,144,115 | $ 1,192,166,156 | $ 847,533,626 | $ 709,762,203 | $ 17,621,323 |
March 31, 2021 (Unaudited)
THORNBURG INTERNATIONAL GROWTH FUND | THORNBURG DEVELOPING WORLD FUND | THORNBURG SMALL/MID CAP CORE FUND | THORNBURG SMALL/MID CAP GROWTH FUND | THORNBURG LONG/SHORT EQUITY FUND | |
NET ASSET VALUE | |||||
Class A Shares: | |||||
Net assets applicable to shares outstanding | $ 159,902,929 | $ 128,645,776 | $ 449,981,657 | $ 342,395,428 | $ - |
Shares outstanding | 5,297,846 | 4,547,456 | 4,844,678 | 6,958,647 | - |
Net asset value and redemption price per share | $ 30.18 | $ 28.29 | $ 92.88 | $ 49.20 | $ - |
Maximum offering price per share (net asset value, plus 4.50% of offering price) | $ 31.60 | $ 29.62 | $ 97.26 | $ 51.52 | $ - |
Class C Shares: | |||||
Net assets applicable to shares outstanding | 33,538,743 | 52,998,828 | 20,140,744 | 27,919,566 | - |
Shares outstanding | 1,216,021 | 1,985,699 | 241,170 | 685,796 | - |
Net asset value and redemption price per share* | 27.58 | 26.69 | 83.51 | 40.71 | - |
Class I Shares: | |||||
Net assets applicable to shares outstanding | 1,642,116,227 | 927,115,437 | 333,702,323 | 282,299,922 | 17,621,323 |
Shares outstanding | 52,649,212 | 32,088,500 | 3,477,677 | 5,241,892 | 1,876,784 |
Net asset value and redemption price per share | 31.19 | 28.89 | 95.96 | 53.85 | 9.39 |
Class R3 Shares: | |||||
Net assets applicable to shares outstanding | 8,279,774 | - | 24,363,612 | 31,094,406 | - |
Shares outstanding | 278,274 | - | 263,604 | 639,738 | - |
Net asset value and redemption price per share | 29.75 | - | 92.43 | 48.60 | - |
Class R4 Shares: | |||||
Net assets applicable to shares outstanding | 9,402,438 | - | 5,089,432 | 2,342,701 | - |
Shares outstanding | 313,858 | - | 54,421 | 47,504 | - |
Net asset value and redemption price per share | 29.96 | - | 93.52 | 49.32 | - |
Class R5 Shares: | |||||
Net assets applicable to shares outstanding | 40,045,064 | 4,249,340 | 14,255,858 | 23,710,180 | - |
Shares outstanding | 1,280,262 | 147,562 | 148,782 | 440,810 | - |
Net asset value and redemption price per share | 31.28 | 28.80 | 95.82 | 53.79 | - |
Class R6 Shares: | |||||
Net assets applicable to shares outstanding | 75,858,940 | 79,156,775 | - | - | - |
Shares outstanding | 2,416,893 | 2,737,013 | - | - | - |
Net asset value and redemption price per share | 31.39 | 28.92 | - | - | - |
(a) | Cost of foreign currency is $57; $6,251,426; $0; $0; $0 respectively. |
(b) | Proceeds $10,142,074. |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Six Months Ended March 31, 2021 (Unaudited)
THORNBURG INVESTMENT INCOME BUILDER FUND | THORNBURG SUMMIT FUND | THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL EQUITY FUND | THORNBURG BETTER WORLD INTERNATIONAL FUND | |
INVESTMENT INCOME | |||||
Dividend income | |||||
Non-affiliated issuers | $ 248,744,928 | $ 285,851 | $ 14,816,322 | $ 27,864,694 | $ 1,130,155 |
Non-controlled affiliated issuers | 16,967,527 | 3,192 | 29,932 | 97,884 | 8,073 |
Dividend taxes withheld | (13,084,028) | (18,737) | (618,304) | (3,140,892) | (157,336) |
Interest income | 99,731,554 | 209,795 | - | 12,554,683 | - |
Foreign withholding tax claims | 34,790,606 | - | - | 33,530,114 | - |
Less: IRS compliance fees for foreign withholding tax claims | (21,030,131) | - | - | (27,591,120) | - |
Total Income | 366,120,456 | 480,101 | 14,227,950 | 43,315,363 | 980,892 |
EXPENSES | |||||
Investment management fees | 36,154,127 | 192,212 | 4,282,223 | 13,321,657 | 701,354 |
Administration fees | 4,476,771 | 22,172 | 437,018 | 1,548,236 | 62,107 |
Distribution and service fees | |||||
Class A Shares | 4,417,727 | - | 309,236 | 1,151,750 | 20,779 |
Class C Shares | 5,837,609 | - | 611,676 | 168,609 | 13,926 |
Class R3 Shares | 64,381 | - | 9,704 | 410,608 | - |
Class R4 Shares | 16,887 | - | 7,414 | 135,036 | - |
Transfer agent fees | |||||
Class A Shares | 1,139,200 | - | 110,480 | 511,300 | 12,606 |
Class C Shares | 749,250 | - | 75,850 | 11,887 | 1,590 |
Class I Shares | 2,823,499 | 977 | 312,266 | 636,410 | 20,092 |
Class R3 Shares | 29,622 | - | 4,049 | 166,032 | - |
Class R4 Shares | 24,386 | - | 10,775 | 128,702 | - |
Class R5 Shares | 58,504 | - | 45,841 | 180,834 | - |
Class R6 Shares | 5,311 | - | 1,435 | 4,592 | - |
Registration and filing fees | |||||
Class A Shares | 37,219 | - | 8,757 | 12,394 | 6,586 |
Class C Shares | 12,824 | - | 7,233 | 6,353 | 9,166 |
Class I Shares | 96,806 | 15,914 | 23,993 | 40,519 | 10,344 |
Class R3 Shares | 6,220 | - | 6,211 | 8,317 | - |
Class R4 Shares | 6,212 | - | 6,200 | 11,141 | - |
Class R5 Shares | 6,076 | - | 6,198 | 6,243 | - |
Class R6 Shares | 6,340 | - | 6,031 | 8,554 | - |
Dividend expense on securities sold short | - | 10,228 | - | - | - |
Short sale financing fees | - | 3,162 | - | - | - |
Custodian fees | 551,650 | 37,196 | 88,683 | 236,336 | 31,839 |
Professional fees | 172,993 | 28,841 | 38,345 | 80,771 | 29,915 |
Trustee and officer fees | 336,607 | 1,310 | 32,841 | 103,062 | 3,605 |
Tax reclaim collection fees | 6,988,181 | - | - | 6,912,961 | - |
Other expenses | 569,792 | 8,902 | 66,632 | 178,285 | 11,046 |
Total Expenses | 64,588,194 | 320,914 | 6,509,091 | 25,980,589 | 934,955 |
Less: | |||||
Expenses reimbursed | (337,789) | (53,805) | (281,126) | (392,212) | (86,462) |
Investment management fees waived | - | - | (219,290) | - | - |
Net Expenses | 64,250,405 | 267,109 | 6,008,675 | 25,588,377 | 848,493 |
Net Investment Income (Loss) | $ 301,870,051 | $ 212,992 | $ 8,219,275 | $ 17,726,986 | $ 132,399 |
THORNBURG INVESTMENT INCOME BUILDER FUND | THORNBURG SUMMIT FUND | THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL EQUITY FUND | THORNBURG BETTER WORLD INTERNATIONAL FUND | |
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) on: | |||||
Investments | |||||
Non-affiliated issuer investments* | $ 214,182,722 | $ 9,450,826 | $ 66,521,758 | $ 200,611,717 | $ 24,956,083 |
Non-controlled affiliated issuers | (101,710,588) | - | - | - | - |
Securities sold short | - | (418,144) | - | - | - |
Options written | - | 85,725 | - | - | - |
Forward currency contracts | (40,095,935) | 65,822 | (2,033,581) | (1,362,743) | - |
Foreign currency transactions | 1,470,324 | (13,482) | 16,013 | (508,997) | 8,496 |
Net realized gain (loss) | 73,846,523 | 9,170,747 | 64,504,190 | 198,739,977 | 24,964,579 |
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | ��� | ||||
Non-affiliated issuers investments** | 1,747,019,237 | (747,078) | 173,477,844 | 413,386,751 | 5,114,362 |
Non-controlled affiliated issuers | 228,085,372 | - | - | - | - |
Securities sold short | - | (26,894) | - | - | - |
Forward currency contracts | 13,421,873 | (110,856) | 300,185 | - | - |
Foreign currency translations | (2,222,671) | (1,602) | (47,317) | (89,256) | (6,026) |
Change in net unrealized appreciation (depreciation) | 1,986,303,811 | (886,430) | 173,730,712 | 413,297,495 | 5,108,336 |
Net Realized and Unrealized Gain (Loss) | 2,060,150,334 | 8,284,317 | 238,234,902 | 612,037,472 | 30,072,915 |
Change in Net Assets Resulting from Operations | $ 2,362,020,385 | $ 8,497,309 | $ 246,454,177 | $ 629,764,458 | $ 30,205,314 |
* Net of foreign capital gain taxes | $ - | $ - | $ 51,739 | $ - | $ 102,575 |
** Net of change in deferred taxes | $ - | $ 7,907 | $ 780,662 | $ - | $ - |
Six Months Ended March 31, 2021 (Unaudited)
THORNBURG INTERNATIONAL GROWTH FUND | THORNBURG DEVELOPING WORLD FUND | THORNBURG SMALL/MID CAP CORE FUND | THORNBURG SMALL/MID CAP GROWTH FUND | THORNBURG LONG/SHORT EQUITY FUND | |
INVESTMENT INCOME | |||||
Dividend income | |||||
Non-affiliated issuers | $ 9,745,285 | $ 5,871,987 | $ 4,837,281 | $ 936,656 | $ 200,002 |
Non-controlled affiliated issuers | 52,775 | 27,261 | 5,542 | 15,075 | 5,658 |
Dividend taxes withheld | (1,156,200) | (949,697) | (13,848) | - | (540) |
Interest income | 39 | 13,274 | 149,570 | - | - |
Foreign withholding tax claims | 4,961 | 46,702 | 473,479 | - | - |
Total Income | 8,646,860 | 5,009,527 | 5,452,024 | 951,731 | 205,120 |
EXPENSES | |||||
Investment management fees | 7,779,684 | 5,132,627 | 3,508,972 | 3,228,252 | 188,107 |
Administration fees | 840,139 | 470,727 | 355,129 | 325,714 | 13,095 |
Distribution and service fees | |||||
Class A Shares | 199,711 | 154,289 | 543,006 | 448,761 | - |
Class C Shares | 185,200 | 268,952 | 102,817 | 162,712 | - |
Class R3 Shares | 19,278 | - | 64,766 | 85,389 | - |
Class R4 Shares | 10,768 | - | 6,328 | 3,241 | - |
Transfer agent fees | |||||
Class A Shares | 55,009 | 58,282 | 180,170 | 120,060 | - |
Class C Shares | 22,072 | 29,810 | 12,012 | 12,676 | - |
Class I Shares | 429,810 | 243,670 | 133,674 | 75,804 | 42,639 |
Class R3 Shares | 7,853 | - | 28,264 | 38,297 | - |
Class R4 Shares | 11,060 | - | 6,115 | 3,207 | - |
Class R5 Shares | 48,813 | 3,767 | 26,504 | 28,015 | - |
Class R6 Shares | 2,512 | 5,896 | - | - | - |
Registration and filing fees | |||||
Class A Shares | 9,079 | 6,414 | 5,520 | 9,168 | - |
Class C Shares | 6,353 | 5,414 | 4,314 | 5,629 | - |
Class I Shares | 40,930 | 14,311 | 6,132 | 4,427 | 18,039 |
Class R3 Shares | 6,163 | - | 7,015 | 6,819 | - |
Class R4 Shares | 6,159 | - | 6,103 | 6,039 | - |
Class R5 Shares | 6,611 | 6,554 | 6,291 | 4,722 | - |
Class R6 Shares | 6,188 | 6,716 | - | - | - |
Dividend expense on securities sold short | - | - | - | - | 169,749 |
Short sale financing fees | - | - | - | - | 69,554 |
Custodian fees | 114,767 | 116,967 | 37,576 | 31,597 | 24,818 |
Professional fees | 53,765 | 34,711 | 45,246 | 39,900 | 24,249 |
Trustee and officer fees | 54,223 | 29,662 | 25,759 | 22,235 | 1,953 |
Tax reclaim collection fees | 1,028 | 9,008 | 93,457 | - | - |
Other expenses | 98,535 | 62,213 | 47,554 | 44,490 | 14,228 |
Total Expenses | 10,015,710 | 6,659,990 | 5,252,724 | 4,707,154 | 566,431 |
Less: | |||||
Expenses reimbursed | (80,837) | (246,752) | (219,827) | (148,056) | (101,400) |
Investment management fees waived | - | - | (615,330) | (564,290) | - |
Net Expenses | 9,934,873 | 6,413,238 | 4,417,567 | 3,994,808 | 465,031 |
Net Investment Income (Loss) | $ (1,288,013) | $ (1,403,711) | $ 1,034,457 | $ (3,043,077) | $ (259,911) |
THORNBURG INTERNATIONAL GROWTH FUND | THORNBURG DEVELOPING WORLD FUND | THORNBURG SMALL/MID CAP CORE FUND | THORNBURG SMALL/MID CAP GROWTH FUND | THORNBURG LONG/SHORT EQUITY FUND | |
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) on: | |||||
Non-affiliated issuer investments* | $ 60,301,562 | $ 77,410,078 | $ 190,838,157 | $ 282,439,098 | $ 18,647,072 |
Securities sold short | - | - | - | - | (5,937,763) |
Forward currency contracts | - | - | (1,003,750) | - | - |
Foreign currency transactions | (82,821) | 60,359 | (10,795) | (7,926) | 2,775 |
Net realized gain (loss) | 60,218,741 | 77,470,437 | 189,823,612 | 282,431,172 | 12,712,084 |
Net change in unrealized appreciation (depreciation) on: | |||||
Non-affiliated issuers investments** | 78,781,572 | 129,790,396 | (16,262,056) | (214,840,350) | (12,802,865) |
Securities sold short | - | - | - | - | (32,137) |
Forward currency contracts | - | - | (266,046) | - | - |
Foreign currency translations | (45,938) | (38,373) | (2,573) | - | - |
Change in net unrealized appreciation (depreciation) | 78,735,634 | 129,752,023 | (16,530,675) | (214,840,350) | (12,835,002) |
Net Realized and Unrealized Gain (Loss) | 138,954,375 | 207,222,460 | 173,292,937 | 67,590,822 | (122,918) |
Change in Net Assets Resulting from Operations | $ 137,666,362 | $ 205,818,749 | $ 174,327,394 | $ 64,547,745 | $ (382,829) |
* Net of foreign capital gain taxes | $ - | $ 1,289,765 | $ - | $ - | $ 13,220 |
** Net of change in deferred taxes | $ (14,263) | $ (4,778,087) | $ - | $ - | $ 5,703 |
THORNBURG INVESTMENT INCOME BUILDER FUND | THORNBURG SUMMIT FUND | |||
Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 301,870,051 | $ 510,658,547 | $ 212,992 | $ 308,428 |
Net realized gain (loss) | 73,846,523 | (577,191,926) | 9,170,747 | 1,557,455 |
Net change in unrealized appreciation (depreciation) | 1,986,303,811 | (1,428,530,575) | (886,430) | 4,633,041 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,362,020,385 | (1,495,063,954) | 8,497,309 | 6,498,924 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (86,673,924) | (140,160,970) | - | - |
Class C Shares | (24,080,277) | (79,560,108) | - | - |
Class I Shares | (138,974,056) | (314,611,492) | (3,131,550) | (621,180) |
Class R3 Shares | (583,927) | (1,267,495) | - | - |
Class R4 Shares | (313,221) | (812,804) | - | - |
Class R5 Shares | (1,175,660) | (2,414,331) | - | - |
Class R6 Shares | (2,592,303) | (6,442,480) | - | - |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 209,194,929 | (49,476,916) | - | - |
Class C Shares | (589,068,148) | (868,358,997) | - | - |
Class I Shares | (414,540,809) | (1,543,717,711) | 7,328,938 | 4,518,788 |
Class R3 Shares | (3,266,899) | (7,352,750) | - | - |
Class R4 Shares | (2,107,116) | (8,875,014) | - | - |
Class R5 Shares | (7,886,271) | (7,465,990) | - | - |
Class R6 Shares | 3,513,319 | (52,296,768) | - | - |
Net Increase (Decrease) in Net Assets | 1,303,466,022 | (4,577,877,780) | 12,694,697 | 10,396,532 |
NET ASSETS | ||||
Beginning of Period | 9,628,345,255 | 14,206,223,035 | 45,885,949 | 35,489,417 |
End of Period | $ 10,931,811,277 | $ 9,628,345,255 | $ 58,580,646 | $ 45,885,949 |
* | Unaudited. |
THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL EQUITY FUND | |||
Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 8,219,275 | $ 3,625,850 | $ 17,726,986 | $ 15,405,945 |
Net realized gain (loss) | 64,504,190 | 91,290,872 | 198,739,977 | 89,230,219 |
Net change in unrealized appreciation (depreciation) | 173,730,712 | 55,658,913 | 413,297,495 | 341,282,065 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 246,454,177 | 150,575,635 | 629,764,458 | 445,918,229 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (15,556,948) | (3,426,643) | (27,537,806) | (42,355,549) |
Class C Shares | (8,198,327) | (1,537,470) | (1,051,963) | (4,756,124) |
Class I Shares | (35,542,985) | (13,354,554) | (59,075,703) | (110,539,987) |
Class R3 Shares | (248,649) | (49,078) | (4,557,933) | (10,029,695) |
Class R4 Shares | (365,924) | (78,406) | (3,204,878) | (7,549,189) |
Class R5 Shares | (2,182,325) | (717,913) | (4,382,041) | (10,042,628) |
Class R6 Shares | (3,376,167) | (912,732) | (9,265,153) | (15,441,134) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 5,929,730 | (49,299,840) | (3,311,973) | 99,533,983 |
Class C Shares | (13,293,975) | (51,909,198) | (18,020,253) | (39,363,578) |
Class I Shares | (35,038,553) | (311,808,803) | 48,669,551 | (108,657,322) |
Class R3 Shares | (296,970) | (1,256,092) | (5,326,075) | (22,070,273) |
Class R4 Shares | 329,247 | (5,125,432) | (8,991,598) | (30,031,627) |
Class R5 Shares | (4,849,615) | (14,791,789) | 1,606,710 | (29,013,912) |
Class R6 Shares | 4,090,703 | (7,851,038) | 32,959,734 | 12,559,232 |
Net Increase (Decrease) in Net Assets | 137,853,419 | (311,543,353) | 568,275,077 | 128,160,426 |
NET ASSETS | ||||
Beginning of Period | 940,807,101 | 1,252,350,454 | 3,222,755,236 | 3,094,594,810 |
End of Period | $ 1,078,660,520 | $ 940,807,101 | $ 3,791,030,313 | $ 3,222,755,236 |
* | Unaudited. |
THORNBURG BETTER WORLD INTERNATIONAL FUND | THORNBURG INTERNATIONAL GROWTH FUND | |||
Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 132,399 | $ 474,031 | $ (1,288,013) | $ (1,385,908) |
Net realized gain (loss) | 24,964,579 | 232,885 | 60,218,741 | 17,984,192 |
Net change in unrealized appreciation (depreciation) | 5,108,336 | 15,450,789 | 78,735,634 | 409,550,877 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 30,205,314 | 16,157,705 | 137,666,362 | 426,149,161 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | - | (63,296) | (1,957,081) | (553,089) |
Class C Shares | - | (1,257) | (510,190) | (259,350) |
Class I Shares | (467,138) | (847,463) | (19,125,765) | (9,871,216) |
Class R3 Shares | - | - | (88,563) | (31,060) |
Class R4 Shares | - | - | (114,616) | (43,446) |
Class R5 Shares | - | - | (406,256) | (238,867) |
Class R6 Shares | - | - | (845,284) | (427,726) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 6,301,396 | 475,565 | 11,595,435 | (658,225) |
Class C Shares | 863,179 | 67,109 | (11,184,507) | (17,565,314) |
Class I Shares | 63,211,613 | 10,539,620 | 91,688,695 | (92,300,016) |
Class R3 Shares | - | - | 1,486,101 | (1,468,341) |
Class R4 Shares | - | - | 522,764 | (1,153,056) |
Class R5 Shares | - | - | 3,846,352 | (3,155,973) |
Class R6 Shares | - | - | 10,513,220 | 1,479,004 |
Net Increase (Decrease) in Net Assets | 100,114,364 | 26,327,983 | 223,086,667 | 299,902,486 |
NET ASSETS | ||||
Beginning of Period | 97,226,356 | 70,898,373 | 1,746,057,448 | 1,446,154,962 |
End of Period | $ 197,340,720 | $ 97,226,356 | $ 1,969,144,115 | $ 1,746,057,448 |
* | Unaudited. |
THORNBURG DEVELOPING WORLD FUND | THORNBURG SMALL/MID CAP CORE FUND | |||
Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ (1,403,711) | $ 3,274,034 | $ 1,034,457 | $ 1,744,940 |
Net realized gain (loss) | 77,470,437 | (2,003,259) | 189,823,612 | 11,874,128 |
Net change in unrealized appreciation (depreciation) | 129,752,023 | 94,509,590 | (16,530,675) | 17,621,872 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 205,818,749 | 95,780,365 | 174,327,394 | 31,240,940 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | - | (1,058,043) | - | (1,021,543) |
Class C Shares | - | (162,600) | - | - |
Class I Shares | (1,240,033) | (8,943,418) | - | (2,037,070) |
Class R3 Shares | - | - | - | (56,105) |
Class R4 Shares | - | - | - | (16,670) |
Class R5 Shares | (5,775) | (37,097) | - | (99,060) |
Class R6 Shares | (173,993) | (910,491) | - | - |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 2,960,085 | (5,603,232) | (30,673,408) | (51,175,123) |
Class C Shares | (6,831,823) | (19,685,805) | (7,366,147) | (13,648,455) |
Class I Shares | 104,472,056 | 16,516,659 | (22,078,435) | (83,209,561) |
Class R3 Shares | - | - | (6,230,624) | (5,633,179) |
Class R4 Shares | - | - | (549,087) | (1,844,975) |
Class R5 Shares | 889,548 | 41,232 | (3,130,884) | (4,640,120) |
Class R6 Shares | 1,422,687 | (505,210) | - | - |
Net Increase (Decrease) in Net Assets | 307,311,501 | 75,432,360 | 104,298,809 | (132,140,921) |
NET ASSETS | ||||
Beginning of Period | 884,854,655 | 809,422,295 | 743,234,817 | 875,375,738 |
End of Period | $ 1,192,166,156 | $ 884,854,655 | $ 847,533,626 | $ 743,234,817 |
* | Unaudited. |
THORNBURG SMALL/MID CAP GROWTH FUND | THORNBURG LONG/SHORT EQUITY FUND | |||
Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ (3,043,077) | $ (3,874,283) | $ (259,911) | $ (2,385,554) |
Net realized gain (loss) | 282,431,172 | 50,944,890 | 12,712,084 | (23,621,017) |
Net change in unrealized appreciation (depreciation) | (214,840,350) | 142,486,057 | (12,835,002) | 12,752,397 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 64,547,745 | 189,556,664 | (382,829) | (13,254,174) |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (21,786,815) | (23,521,075) | - | - |
Class C Shares | (2,420,920) | (3,795,871) | - | - |
Class I Shares | (16,872,585) | (21,867,930) | - | (3,836,877) |
Class R3 Shares | (2,196,040) | (2,684,133) | - | - |
Class R4 Shares | (173,350) | (332,371) | - | - |
Class R5 Shares | (1,374,412) | (1,703,398) | - | - |
From return of capital | ||||
Class I Shares | - | - | - | (116,403) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 8,462,394 | 5,416,106 | - | - |
Class C Shares | (9,939,265) | (6,578,344) | - | - |
Class I Shares | (4,930,251) | (33,564,742) | (32,389,754) | (152,774,131) |
Class R3 Shares | (3,275,618) | (2,857,103) | - | - |
Class R4 Shares | (493,759) | (1,963,162) | - | - |
Class R5 Shares | 305,475 | (1,806,614) | - | - |
Net Increase (Decrease) in Net Assets | 9,852,599 | 94,298,027 | (32,772,583) | (169,981,585) |
NET ASSETS | ||||
Beginning of Period | 699,909,604 | 605,611,577 | 50,393,906 | 220,375,491 |
End of Period | $ 709,762,203 | $ 699,909,604 | $ 17,621,323 | $ 50,393,906 |
* | Unaudited. |
Thornburg Long/Short Equity Fund | Six Months Ended March 31, 2021 (Unaudited)
Cash Flows from Operating Activities: | |
Net change in net assets resulting from operations | $ (382,829) |
Changes in assets and liabilities: | |
(Increase) decrease in assets: | |
Cash segregated as collateral on securities sold short | 19,644,064 |
Dividends receivable | 11,064 |
Prepaid expenses and other assets | (30,319) |
Increase (decrease) in liabilities: | |
Payable for short sale financing | (8,506) |
Payable for dividends on securities sold short | 3,006 |
Payable to investment adviser | (50,664) |
Payable for deferred taxes | (5,703) |
Accrued expenses and other payables | 15,672 |
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 | (11,693,873) |
Payments to cover securities sold short | (37,662,273) |
Proceeds from disposition of investments in securities | 54,315,804 |
Proceeds from securities sold short | 6,202,554 |
Purchases of short term investments, net | 1,875,471 |
Net realized (gain) loss: | |
Investment transactions | (18,647,072) |
Securities sold short | 5,937,763 |
Net unrealized (gain) loss: | |
Investments | 12,802,865 |
Securities sold short | 32,137 |
Net cash provided by (used in) operating activities | $ 32,359,161 |
Cash Flows from Financing Activities: | |
Fund shares sold | $ 584,043 |
Fund shares redeemed | (32,949,774) |
Net cash provided by (used in) financing activities | $ (32,365,731) |
Net decrease in cash during the period | $ (6,570) |
Cash and foreign currency, beginning of period: | $ 6,570 |
Cash and foreign currency, end of period: | $ 0 |
March 31, 2021 (Unaudited)
March 31, 2021 (Unaudited)
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 Equity 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 | ||
Small/Mid Cap Core Fund | X | X | X | X | X | X | |
Small/Mid Cap Growth Fund | X | X | X | X | X | X | |
Long/Short Equity Fund | X |
March 31, 2021 (Unaudited)
March 31, 2021 (Unaudited)
March 31, 2021 (Unaudited)
March 31, 2021 (Unaudited)
INCOME BUILDER FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 8,989,711,563 | $ 8,983,604,756 | $ — | $ 6,106,807 |
Preferred Stock | 31,649,389 | 21,629,389 | 10,020,000 | — |
Asset Backed Securities | 310,411,617 | — | 188,339,390 | 122,072,227 |
Corporate Bonds | 947,707,161 | — | 947,411,959 | 295,202 |
Convertible Bonds | 48,642,250 | — | 48,642,250 | — |
Other Government | 3,762,003 | — | 3,762,003 | — |
Mortgage Backed | 151,627,856 | — | 125,249,299 | 26,378,557 |
Loan Participations | 88,313,887 | — | 80,741,808 | 7,572,079 |
Short-Term Investments | 312,981,685 | 312,981,685 | — | — |
Total Investments in Securities | $ 10,884,807,411 | $ 9,318,215,830 | $ 1,404,166,709 | $ 162,424,872(a) |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 12,255,922 | $ — | $ 12,255,922 | $ — |
Total Assets | $ 10,897,063,333 | $ 9,318,215,830 | $ 1,416,422,631 | $ 162,424,872 |
Liabilities | ||||
Other Financial Instruments | ||||
Forward Currency Contracts | $ (6,182,026) | $ — | $ (6,182,026) | $ — |
Total Liabilities | $ (6,182,026) | $ — | $ (6,182,026) | $— |
(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 March 31, 2021. |
FAIR VALUE AT March 31, 2021 | VALUATION TECHNIQUE(S) | UNOBSERVABLE INPUT | RANGE (WEIGHTED AVERAGE) | |
Common Stock | $ 12,439 | Reference instrument | Discount for lack of marketability | 95.24%/(N/A) (a) |
6,094,368 | Broker quote | Broker quote | $18.00/(N/A) | |
Asset-Backed Securities | 122,072,227 | Purchase price | Purchase price | $35.94-$48,935.00/($25,246.98) |
Corporate Bond | 295,202 | Recovery analysis | Expected recovery | $2.00/(N/A) (a) |
Loan Participations | 3,209 | Reference instrument | Expected recovery | $1.00/(N/A) (a) |
7,568,870 | Discounted cash flows | Credit spread | $20.0%/(N/A) | |
Mortgage Backed | 26,378,557 | Purchase price | Purchase price | $0.70-$100/($7.06) |
Total | $ 162,424,872 | |||
(a) Represents price used after factoring in market impact including discounts, as applicable. |
INCOME BUILDER FUND | COMMON STOCK | MORTGAGE BACKED | ASSET BACKED SECURITIES | CORPORATE BONDS | LOAN PARTICIPATIONS | TOTAL (e) |
Beginning Balance 9/30/2020 | $ 4,362,810 | $ 11,864,214 | $ 79,275,090 | $ 799,823 | $ 7,896,518 | $ 104,198,455 |
Accrued Discounts (Premiums) | – | (456,755) | (8,373,181) | – | 5,221 | (8,824,715) |
Net Realized Gain (Loss)(a) | – | (2,846,276) | 32,281 | – | 3,543 | (2,810,452) |
Gross Purchases | – | 21,899,395 | 43,100,937 | – | 2,420 | 65,002,752 |
Gross Sales | – | – | (306,250) | (231,063) | (710,435) | (1,247,748) |
Net Change in Unrealized Appreciation (Depreciation)(b)(c) | 1,743,997 | 438,073 | 8,343,350 | (273,558) | 374,812 | 10,626,674 |
Transfers into Level 3 | – | – | – | – | – | – |
Transfers out of Level 3(d) | – | (4,520,094) | – | – | – | (4,520,094) |
Ending Balance 3/31/2021 | $ 6,106,807 | $ 26,378,557 | $ 122,072,227 | $ 295,202 | $ 7,572,079 | $ 162,424,872 |
March 31, 2021 (Unaudited)
(a) | Amount of net realized gain (loss) from investments recognized in income is included in the Fund’s Statement of Operations for the six months ended March 31, 2021. |
(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 six months ended March 31, 2021. |
(c) | The net change in unrealized appreciation (depreciation) attributable to securities owned at March 31, 2021, which were valued using significant unobservable inputs, was $10,656,822. This is included within net change in unrealized appreciation (depreciation) on investments in the Fund’s the Statement of Operations for the six months ended March 31, 2021. |
(d) | Transfers out of Level 3 were into Level 2, and were due to changes in other significant observable inputs available during the six months ended March 31, 2021. Transfers out of Level 3 are based on the beginning market value of the period in which they occurred. |
(e) | Level 3 investments represent 1.49% of total net assets at the six months ended March 31, 2021. 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 | $ 31,592,039 | $ 31,592,039 | $ — | $ — |
Asset Backed Securities | 2,390,839 | — | 2,390,839 | — |
Corporate Bonds | 676,965 | — | 676,965 | — |
Convertible Bonds | 187,390 | — | 187,390 | — |
U.S. Treasury Securities | 11,178,940 | 11,178,940 | — | — |
Mortgage Backed | 4,962,321 | — | 4,962,321 | — |
Loan Participations | 71,675 | — | 71,675 | — |
Exchange-Traded Funds | 1,910,565 | 1,910,565 | — | — |
Short-Term Investments | 5,284,915 | 4,927,871 | 357,044 | — |
Total Investments in Securities | $ 58,255,649 | $ 49,609,415 | $ 8,646,234 | $ — |
Total Assets | $ 58,255,649 | $ 49,609,415 | $ 8,646,234 | $ — |
Liabilities | ||||
Other Financial Instruments | ||||
Forward Currency Contracts | $ (95,331) | $ — | $ (95,331) | $ — |
Total Liabilities | $ (95,331) | $ — | $ (95,331) | $ — |
GLOBAL OPPORTUNITIES FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 1,041,275,335 | $ 1,041,275,335 | $ — | $ — |
Short-Term Investments | 41,627,476 | 41,627,476 | — | — |
Total Investments in Securities | $ 1,082,902,811 | $ 1,082,902,811 | $ — | $ — |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 662,029 | $ — | $ 662,029 | $ — |
Total Assets | $ 1,083,564,840 | $ 1,082,902,811 | $ 662,029 | $ — |
Liabilities | ||||
Other Financial Instruments | ||||
Forward Currency Contracts | $ (473,898) | $ — | $ (473,898) | $ — |
Total Liabilities | $ (473,898) | $ — | $ (473,898) | $ — |
INTERNATIONAL EQUITY FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 3,677,191,404 | $ 3,677,191,404 | $ — | $ — |
Short-Term Investments | 166,816,051 | 166,816,051 | — | — |
Total Investments in Securities | $ 3,844,007,455 | $ 3,844,007,455 | $ — | $ — |
Total Assets | $ 3,844,007,455 | $ 3,844,007,455 | $ — | $— |
March 31, 2021 (Unaudited)
BETTER WORLD INTERNATIONAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 187,475,410 | $ 187,475,410 | $ — | $ — |
Short-Term Investments | 17,437,255 | 17,437,255 | — | — |
Total Investments in Securities | $ 204,912,665 | $ 204,912,665 | $ — | $ — |
Total Assets | $ 204,912,665 | $ 204,912,665 | $ — | $ — |
INTERNATIONAL GROWTH FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 1,925,714,677 | $ 1,925,714,677 | $ — | $ — |
Short-Term Investments | 41,818,152 | 41,818,152 | — | — |
Total Investments in Securities | $ 1,967,532,829 | $ 1,967,532,829 | $ — | $ — |
Total Assets | $ 1,967,532,829 | $ 1,967,532,829 | $ — | $ — |
DEVELOPING WORLD FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 1,132,716,222 | $ 1,132,716,222 | $ — | $ — |
Preferred Stock | 10,506,679 | 10,506,679 | — | — |
Rights | 169,853 | 169,853 | — | — |
Short-Term Investments | 56,958,577 | 56,958,577 | — | — |
Total Investments in Securities | $ 1,200,351,331 | $ 1,200,351,331 | $ — | $ — |
Total Assets | $ 1,200,351,331 | $ 1,200,351,331 | $ — | $ — |
SMALL/MID CAP CORE FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 846,529,263 | $ 846,529,263 | $ — | $ — |
Short-Term Investments | 960,169 | 960,169 | — | — |
Total Investments in Securities | $ 847,489,432 | $ 847,489,432 | $ — | $ — |
Total Assets | $ 847,489,432 | $ 847,489,432 | $ — | $ — |
SMALL/MID CAP GROWTH FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 709,802,268 | $ 709,802,268 | $ — | $ — |
Short-Term Investments | 449,233 | 449,233 | — | — |
Total Investments in Securities | $ 710,251,501 | $ 710,251,501 | $ — | $ — |
Total Assets | $ 710,251,501 | $ 710,251,501 | $ — | $— |
March 31, 2021 (Unaudited)
LONG/SHORT EQUITY FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 15,775,504 | $ 15,775,504 | $ — | $ — |
Short-Term Investments | 9,497,233 | 9,497,233 | — | — |
Total Investments in Securities | $ 25,272,737 | $ 25,272,737 | $ — | $ — |
Total Assets | $ 25,272,737 | $ 25,272,737 | $ — | $ — |
Liabilities | ||||
Investment in Securities Sold Short | ||||
Common Stock | $ (7,500,838) | $ (7,500,838) | $ — | $ — |
Exchange-Traded Funds | (22,209) | (22,209) | — | — |
Total Investment in Securities Sold Short | $ (7,523,047) | $ (7,523,047) | $ — | $ — |
Total Liabilities | $ (7,523,047) | $ (7,523,047) | $ — | $— |
INCOME BUILDER FUND, GLOBAL OPPORTUNITIES FUND, INTERNATIONAL EQUITY FUND, INTERNATIONAL GROWTH FUND, SMALL/MID CAP CORE FUND, SMALL/MID CAP 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 |
Effective Management Fee | |
Income Builder Fund | 0.699% |
Summit Fund | 0.750 |
Global Opportunities Fund | 0.848 |
International Equity Fund | 0.745 |
Better World International Fund | 0.975 |
International Growth Fund | 0.801 |
Developing World Fund | 0.943 |
Small/Mid Cap Core Fund | 0.855 |
Small/Mid Cap Growth Fund | 0.858 |
Long/Short Equity Fund | 1.250 |
March 31, 2021 (Unaudited)
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 | $ 75,148 | $ 27,688 |
Global Opportunities Fund | 3,851 | 1,534 |
International Equity Fund | 6,073 | 694 |
Better World International Fund | 3,401 | — |
International Growth Fund | 7,393 | 120 |
Developing World Fund | 4,991 | — |
Small/Mid Cap Core Fund | 3,948 | 711 |
Small/Mid Cap Growth Fund | 7,332 | 634 |
March 31, 2021 (Unaudited)
Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | |
Income Builder Fund | —% | —% | —% | —% | 1.40% | 0.99% | 0.80% |
Summit Fund | — | — | 0.99 | — | — | — | — |
Global Opportunities Fund | — | — | — | 1.50 | 1.40 | 0.99 | 0.85 |
International Equity Fund | — | — | — | 1.45 | 1.25 | 0.99 | — |
Better World International Fund | 1.83 | 2.38 | 1.09 | — | — | — | — |
International Growth Fund | — | — | — | 1.50 | 0.40 | 0.99 | 0.89 |
Developing World Fund | — | — | 1.09 | — | — | 1.09 | 0.99 |
Small/Mid Cap Core Fund | 1.18 | 2.04 | 0.84 | 1.20 | 1.10 | 0.84 | — |
Small/Mid Cap Growth Fund | 1.20 | 2.03 | 0.84 | 1.35 | 1.25 | 0.84 | — |
Contractual: | Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Income Builder Fund | $ — | $ — | $ — | $ 7,002 | $ 8,086 | $ 23,970 | $ 20,409 | $ 59,467 |
Summit Fund | — | — | 53,805 | — | — | — | — | 53,805 |
Global Opportunities Fund | — | — | — | 9,013 | 10,656 | 43,172 | 29,825 | 92,666 |
International Equity Fund | — | — | — | 104,302 | 66,437 | 98,612 | — | 269,351 |
Better World International Fund | — | 7,798 | 78,664 | — | — | — | — | 86,462 |
International Growth Fund | — | — | — | 10,991 | 7,364 | 42,353 | 20,129 | 80,837 |
Developing World Fund | — | — | 192,545 | — | — | 10,045 | 44,162 | 246,752 |
Small/Mid Cap Core Fund | 325,925 | 15,397 | 363,810 | 71,410 | 15,510 | 43,105 | — | 835,157 |
Small/Mid Cap Growth Fund | 269,320 | 24,359 | 291,703 | 67,543 | 8,993 | 50,428 | — | 712,346 |
Voluntary: | Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Income Builder Fund | $ — | $ 273,078 | $ — | $ 5,244 | $ — | $ — | $ — | $ 278,322 |
Global Opportunities Fund | 53,738 | 26,553 | 307,039 | 842 | 1,289 | 7,064 | 11,225 | 407,750 |
International Equity Fund | — | — | — | — | — | — | 122,861 | 122,861 |
Long/Short Equity Fund | — | — | 101,400 | — | — | — | — | 101,400 |
Percentage of Direct Investments | |
Income Builder Fund | 1.33% |
Summit Fund | 90.46 |
Global Opportunities Fund | 5.20 |
International Equity Fund | 1.22 |
Better World International Fund | 22.70 |
International Growth Fund | 2.34 |
Developing World Fund | 4.27 |
Small/Mid Cap Core Fund | 5.24 |
Small/Mid Cap Growth Fund | 4.73 |
Long/Short Equity Fund | 36.58 |
Purchases | Sales | Realized gains/(losses) | |
Small/Mid Cap Core Fund | $ — | $ 19,996,628 | $ 7,234,838 |
Small/Mid Cap Growth Fund | 19,996,628 | — | — |
March 31, 2021 (Unaudited)
INCOME BUILDER FUND | Market Value 9/30/20 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 3/31/21 | Dividend Income |
Apollo Investment Corp. | $ 40,544,502 | $ - | $ (7,305,170) | $ (8,062,557) | $ 33,056,530 | $ 58,233,305 | $ 3,313,872 |
Chimera Investment Corp | 119,720,189 | 18,582,666 | - | - | 71,198,364 | 209,501,219 | 9,747,695 |
Malamute Energy, Inc. | 130,610 | - | - | - | (118,171) | 12,439 | - |
MFA Financial, Inc. | 66,249,600 | - | (87,749,129) | (93,648,031) | 115,147,560 | - | - |
SLR Investment Corp | 73,035,215 | - | - | - | 8,801,089 | 81,836,304 | 3,778,478 |
Thornburg Capital Mgmt. Fund | 76,840,627 | 908,350,192 | (672,209,134) | - | - | 312,981,685 | 127,482 |
Total | $376,520,743 | $926,932,858 | $(767,263,433) | $(101,710,588) | $228,085,372 | $662,564,952 | $16,967,527 |
SUMMIT FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 5,456,497 | $ 25,738,039 | $ (26,266,665) | $ - | $ - | $ 4,927,871 | $ 3,192 |
GLOBAL OPPORTUNITIES FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 69,189,955 | $150,441,085 | $(178,003,564) | $ - | $ - | $ 41,627,476 | $ 29,932 |
INTERNATIONAL EQUITY FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 91,288,131 | $628,149,243 | $(552,621,323) | $ - | $ - | $166,816,051 | $ 97,884 |
BETTER WORLD INTERNATIONAL FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 6,414,924 | $ 80,116,533 | $ (69,094,202) | $ - | $ - | $ 17,437,255 | $ 8,073 |
INTERNATIONAL GROWTH FUND | |||||||
Thornburg Capital Mgmt. Fund | $138,392,151 | $204,186,205 | $(300,760,204) | $ - | $ - | $ 41,818,152 | $ 52,775 |
DEVELOPING WORLD FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 38,182,670 | $149,359,428 | $(130,583,521) | $ - | $ - | $ 56,958,577 | $ 27,261 |
SMALL/MID CAP CORE FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 20,456,644 | $100,744,091 | $(120,240,566) | $ - | $ - | $ 960,169 | $ 5,542 |
SMALL/MID CAP GROWTH FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 50,196,079 | $105,253,857 | $(155,000,703) | $ - | $ - | $ 449,233 | $ 15,075 |
LONG/SHORT EQUITY FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 11,372,704 | $ 30,809,259 | $ (32,684,730) | $ - | $ - | $ 9,497,233 | $ 5,658 |
March 31, 2021 (Unaudited)
Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Income Builder Fund | $ 8,095,313,558 | $ 3,257,494,716 | $ (468,000,863) | $ 2,789,493,853 |
Summit Fund | 53,359,089 | 5,831,761 | (935,201) | 4,896,560 |
Global Opportunities Fund | 665,990,571 | 422,708,403 | (5,796,163) | 416,912,240 |
International Equity Fund | 2,769,950,364 | 1,082,380,905 | (8,323,814) | 1,074,057,091 |
Better World International Fund | 183,101,234 | 26,105,638 | (4,294,207) | 21,811,431 |
International Growth Fund | 1,311,396,134 | 684,044,821 | (27,908,126) | 656,136,695 |
Developing World Fund | 824,526,139 | 406,395,746 | (30,570,554) | 375,825,192 |
Small/Mid Cap Core Fund | 769,283,421 | 103,291,693 | (25,085,682) | 78,206,011 |
Small/Mid Cap Growth Fund | 706,713,850 | 53,734,264 | (50,196,613) | 3,537,651 |
Long/Short Equity Fund | 10,923,536 | 8,412,519 | (1,586,365) | 6,826,154 |
Deferred Tax Basis | ||
Late-Year Ordinary Losses | Capital Losses | |
Income Builder Fund | $ — | $ 642,612,020 |
Small/Mid Cap Core 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 | — |
March 31, 2021 (Unaudited)
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
INCOME BUILDER FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 27,609,034 | $ 559,525,206 | 33,954,304 | $ 671,006,488 |
Shares issued to shareholders in reinvestment of dividends | 3,507,983 | 77,348,275 | 6,804,754 | 130,105,110 |
Shares repurchased | (20,303,413) | (427,678,552) | (44,294,126) | (850,588,514) |
Net increase (decrease) | 10,813,604 | $ 209,194,929 | (3,535,068) | $ (49,476,916) |
Class C Shares | ||||
Shares sold | 1,357,004 | $ 29,209,679 | 5,035,779 | $ 103,086,006 |
Shares issued to shareholders in reinvestment of dividends | 1,085,900 | 23,824,500 | 3,776,942 | 72,439,023 |
Shares repurchased | (31,652,892) | (642,102,327) | (53,608,115) | (1,043,884,026) |
Net increase (decrease) | (29,209,988) | $ (589,068,148) | (44,795,394) | $ (868,358,997) |
Class I Shares | ||||
Shares sold | 15,477,297 | $ 335,145,746 | 55,456,674 | $ 1,115,101,799 |
Shares issued to shareholders in reinvestment of dividends | 5,578,499 | 123,843,745 | 14,622,421 | 281,259,056 |
Shares repurchased | (41,519,677) | (873,530,300) | (156,683,732) | (2,940,078,566) |
Net increase (decrease) | (20,463,881) | $ (414,540,809) | (86,604,637) | $ (1,543,717,711) |
Class R3 Shares | ||||
Shares sold | 53,207 | $ 1,136,226 | 155,368 | $ 3,111,082 |
Shares issued to shareholders in reinvestment of dividends | 25,555 | 562,423 | 61,979 | 1,188,934 |
Shares repurchased | (233,984) | (4,965,548) | (580,564) | (11,652,766) |
Net increase (decrease) | (155,222) | $ (3,266,899) | (363,217) | $ (7,352,750) |
Class R4 Shares | ||||
Shares sold | 45,734 | $ 970,570 | 240,918 | $ 4,861,777 |
Shares issued to shareholders in reinvestment of dividends | 12,226 | 269,415 | 29,673 | 569,279 |
Shares repurchased | (158,974) | (3,347,101) | (733,982) | (14,306,070) |
Net increase (decrease) | (101,014) | $ (2,107,116) | (463,391) | $ (8,875,014) |
Class R5 Shares | ||||
Shares sold | 213,767 | $ 4,617,405 | 820,902 | $ 15,807,888 |
Shares issued to shareholders in reinvestment of dividends | 38,525 | 853,331 | 103,929 | 2,006,543 |
Shares repurchased | (623,456) | (13,357,007) | (1,257,618) | (25,280,421) |
Net increase (decrease) | (371,164) | $ (7,886,271) | (332,787) | $ (7,465,990) |
March 31, 2021 (Unaudited)
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
INCOME BUILDER FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R6 Shares | ||||
Shares sold | 314,103 | $ 6,895,581 | 701,888 | $ 14,357,341 |
Shares issued to shareholders in reinvestment of dividends | 106,941 | 2,368,251 | 307,076 | 5,895,100 |
Shares repurchased | (265,989) | (5,750,513) | (3,624,270) | (72,549,209) |
Net increase (decrease) | 155,055 | $ 3,513,319 | (2,615,306) | $ (52,296,768) |
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
SUMMIT FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class I Shares | ||||
Shares sold | 446,084 | $ 6,123,997 | 444,858 | $ 5,392,575 |
Shares issued to shareholders in reinvestment of dividends | 241,184 | 3,005,041 | 54,495 | 546,992 |
Shares repurchased | (126,679) | (1,800,100) | (122,156) | (1,420,779) |
Net increase (decrease) | 560,589 | $ 7,328,938 | 377,197 | $ 4,518,788 |
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
GLOBAL OPPORTUNITIES FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 478,529 | $ 16,662,817 | 919,497 | $ 26,340,798 |
Shares issued to shareholders in reinvestment of dividends | 442,778 | 14,478,834 | 108,824 | 3,274,818 |
Shares repurchased | (720,461) | (25,211,921) | (2,811,987) | (78,915,456) |
Net increase (decrease) | 200,846 | $ 5,929,730 | (1,783,666) | $ (49,299,840) |
Class C Shares | ||||
Shares sold | 58,827 | $ 1,956,476 | 157,029 | $ 4,196,787 |
Shares issued to shareholders in reinvestment of dividends | 255,394 | 7,988,719 | 50,480 | 1,438,786 |
Shares repurchased | (697,167) | (23,239,170) | (2,077,863) | (57,544,771) |
Net increase (decrease) | (382,946) | $ (13,293,975) | (1,870,354) | $ (51,909,198) |
Class I Shares | ||||
Shares sold | 988,911 | $ 35,796,995 | 2,616,768 | $ 74,537,277 |
Shares issued to shareholders in reinvestment of dividends | 991,331 | 32,632,180 | 401,346 | 12,189,854 |
Shares repurchased | (3,013,832) | (103,467,728) | (14,134,777) | (398,535,934) |
Net increase (decrease) | (1,033,590) | $ (35,038,553) | (11,116,663) | $ (311,808,803) |
Class R3 Shares | ||||
Shares sold | 6,971 | $ 241,653 | 19,293 | $ 557,451 |
Shares issued to shareholders in reinvestment of dividends | 7,186 | 232,451 | 1,382 | 40,806 |
Shares repurchased | (22,435) | (771,074) | (63,158) | (1,854,349) |
Net increase (decrease) | (8,278) | $ (296,970) | (42,483) | $ (1,256,092) |
Class R4 Shares | ||||
Shares sold | 19,815 | $ 712,383 | 101,219 | $ 2,951,799 |
Shares issued to shareholders in reinvestment of dividends | 9,046 | 293,903 | 1,970 | 57,789 |
Shares repurchased | (19,014) | (677,039) | (280,309) | (8,135,020) |
Net increase (decrease) | 9,847 | $ 329,247 | (177,120) | $ (5,125,432) |
March 31, 2021 (Unaudited)
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
GLOBAL OPPORTUNITIES FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R5 Shares | ||||
Shares sold | 83,796 | $ 2,996,187 | 305,578 | $ 8,968,629 |
Shares issued to shareholders in reinvestment of dividends | 58,719 | 1,934,612 | 22,000 | 668,594 |
Shares repurchased | (284,777) | (9,780,414) | (826,155) | (24,429,012) |
Net increase (decrease) | (142,262) | $ (4,849,615) | (498,577) | $ (14,791,789) |
Class R6 Shares | ||||
Shares sold | 91,872 | $ 3,382,804 | 69,831 | $ 1,970,397 |
Shares issued to shareholders in reinvestment of dividends | 101,230 | 3,347,578 | 28,664 | 874,386 |
Shares repurchased | (72,815) | (2,639,679) | (368,733) | (10,695,821) |
Net increase (decrease) | 120,287 | $ 4,090,703 | (270,238) | $ (7,851,038) |
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
INTERNATIONAL EQUITY FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 1,809,726 | $ 49,197,634 | 11,036,296 | $ 241,090,076 |
Shares issued to shareholders in reinvestment of dividends | 967,980 | 25,503,852 | 1,690,808 | 38,525,668 |
Shares repurchased | (2,852,066) | (78,013,459) | (8,031,502) | (180,081,761) |
Net increase (decrease) | (74,360) | $ (3,311,973) | 4,695,602 | $ 99,533,983 |
Class C Shares | ||||
Shares sold | 74,717 | $ 1,823,727 | 195,610 | $ 3,778,936 |
Shares issued to shareholders in reinvestment of dividends | 43,045 | 994,770 | 191,682 | 3,835,544 |
Shares repurchased | (892,020) | (20,838,750) | (2,354,864) | (46,978,058) |
Net increase (decrease) | (774,258) | $ (18,020,253) | (1,967,572) | $ (39,363,578) |
Class I Shares | ||||
Shares sold | 6,315,208 | $ 183,598,333 | 11,666,281 | $ 261,415,569 |
Shares issued to shareholders in reinvestment of dividends | 1,980,851 | 54,339,971 | 4,341,837 | 102,568,667 |
Shares repurchased | (6,633,812) | (189,268,753) | (20,858,200) | (472,641,558) |
Net increase (decrease) | 1,662,247 | $ 48,669,551 | (4,850,082) | $ (108,657,322) |
Class R3 Shares | ||||
Shares sold | 667,214 | $ 18,854,789 | 1,461,732 | $ 32,465,771 |
Shares issued to shareholders in reinvestment of dividends | 170,983 | 4,488,294 | 413,171 | 9,398,883 |
Shares repurchased | (1,041,618) | (28,669,158) | (2,891,680) | (63,934,927) |
Net increase (decrease) | (203,421) | $ (5,326,075) | (1,016,777) | $ (22,070,273) |
Class R4 Shares | ||||
Shares sold | 286,904 | $ 7,839,148 | 1,014,688 | $ 22,543,980 |
Shares issued to shareholders in reinvestment of dividends | 102,231 | 2,670,773 | 260,515 | 5,889,205 |
Shares repurchased | (723,308) | (19,501,519) | (2,630,333) | (58,464,812) |
Net increase (decrease) | (334,173) | $ (8,991,598) | (1,355,130) | $ (30,031,627) |
March 31, 2021 (Unaudited)
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
INTERNATIONAL EQUITY FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R5 Shares | ||||
Shares sold | 799,113 | $ 23,490,831 | 832,970 | $ 19,366,221 |
Shares issued to shareholders in reinvestment of dividends | 158,583 | 4,338,871 | 419,984 | 9,913,022 |
Shares repurchased | (932,587) | (26,222,992) | (2,520,371) | (58,293,155) |
Net increase (decrease) | 25,109 | $ 1,606,710 | (1,267,417) | $ (29,013,912) |
Class R6 Shares | ||||
Shares sold | 2,116,222 | $ 59,699,759 | 2,995,276 | $ 68,309,226 |
Shares issued to shareholders in reinvestment of dividends | 300,976 | 8,231,829 | 595,017 | 14,007,969 |
Shares repurchased | (1,254,193) | (34,971,854) | (3,097,513) | (69,757,963) |
Net increase (decrease) | 1,163,005 | $ 32,959,734 | 492,780 | $ 12,559,232 |
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
BETTER WORLD INTERNATIONAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 436,631 | $ 7,831,337 | 114,611 | $ 1,657,250 |
Shares issued to shareholders in reinvestment of dividends | - | - | 4,491 | 63,453 |
Shares repurchased | (84,900) | (1,529,941) | (91,706) | (1,245,138) |
Net increase (decrease) | 351,731 | $ 6,301,396 | 27,396 | $ ��475,565 |
Class C Shares | ||||
Shares sold | 62,580 | $ 1,105,413 | 34,557 | $ 461,786 |
Shares issued to shareholders in reinvestment of dividends | - | - | 98 | 1,371 |
Shares repurchased | (14,312) | (242,234) | (28,068) | (396,048) |
Net increase (decrease) | 48,268 | $ 863,179 | 6,587 | $ 67,109 |
Class I Shares | ||||
Shares sold | 3,822,836 | $ 70,355,436 | 1,328,088 | $ 19,955,598 |
Shares issued to shareholders in reinvestment of dividends | 23,974 | 433,682 | 52,598 | 757,411 |
Shares repurchased | (400,580) | (7,577,505) | (744,884) | (10,173,389) |
Net increase (decrease) | 3,446,230 | $ 63,211,613 | 635,802 | $ 10,539,620 |
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
INTERNATIONAL GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 1,093,958 | $ 33,316,888 | 1,297,427 | $ 31,637,514 |
Shares issued to shareholders in reinvestment of dividends | 61,272 | 1,791,587 | 23,326 | 515,953 |
Shares repurchased | (771,460) | (23,513,040) | (1,401,138) | (32,811,692) |
Net increase (decrease) | 383,770 | $ 11,595,435 | (80,385) | $ (658,225) |
Class C Shares | ||||
Shares sold | 91,294 | $ 2,550,062 | 175,714 | $ 3,810,999 |
Shares issued to shareholders in reinvestment of dividends | 18,333 | 491,332 | 11,608 | 237,299 |
Shares repurchased | (511,310) | (14,225,901) | (983,986) | (21,613,612) |
Net increase (decrease) | (401,683) | $ (11,184,507) | (796,664) | $ (17,565,314) |
March 31, 2021 (Unaudited)
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
INTERNATIONAL GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class I Shares | ||||
Shares sold | 7,220,141 | $ 227,377,119 | 12,835,206 | $ 318,511,331 |
Shares issued to shareholders in reinvestment of dividends | 582,668 | 17,584,909 | 391,788 | 9,122,885 |
Shares repurchased | (4,842,209) | (153,273,333) | (17,920,940) | (419,934,232) |
Net increase (decrease) | 2,960,600 | $ 91,688,695 | (4,693,946) | $ (92,300,016) |
Class R3 Shares | ||||
Shares sold | 71,036 | $ 2,159,965 | 52,273 | $ 1,302,229 |
Shares issued to shareholders in reinvestment of dividends | 2,994 | 86,381 | 1,287 | 28,171 |
Shares repurchased | (25,105) | (760,245) | (119,819) | (2,798,741) |
Net increase (decrease) | 48,925 | $ 1,486,101 | (66,259) | $ (1,468,341) |
Class R4 Shares | ||||
Shares sold | 125,527 | $ 3,837,889 | 113,210 | $ 2,602,942 |
Shares issued to shareholders in reinvestment of dividends | 2,535 | 73,581 | 1,043 | 22,891 |
Shares repurchased | (113,523) | (3,388,706) | (167,124) | (3,778,889) |
Net increase (decrease) | 14,539 | $ 522,764 | (52,871) | $ (1,153,056) |
Class R5 Shares | ||||
Shares sold | 354,662 | $ 11,150,355 | 263,078 | $ 6,601,246 |
Shares issued to shareholders in reinvestment of dividends | 13,159 | 398,322 | 9,969 | 232,842 |
Shares repurchased | (251,050) | (7,702,325) | (404,011) | (9,990,061) |
Net increase (decrease) | 116,771 | $ 3,846,352 | (130,964) | $ (3,155,973) |
Class R6 Shares | ||||
Shares sold | 473,126 | $ 14,837,952 | 351,598 | $ 8,989,166 |
Shares issued to shareholders in reinvestment of dividends | 26,476 | 803,816 | 17,210 | 404,097 |
Shares repurchased | (159,254) | (5,128,548) | (310,608) | (7,914,259) |
Net increase (decrease) | 340,348 | $ 10,513,220 | 58,200 | $ 1,479,004 |
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
DEVELOPING WORLD FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 695,807 | $ 19,003,880 | 1,146,678 | $ 24,308,415 |
Shares issued to shareholders in reinvestment of dividends | - | - | 43,975 | 993,822 |
Shares repurchased | (587,028) | (16,043,795) | (1,496,605) | (30,905,469) |
Net increase (decrease) | 108,779 | $ 2,960,085 | (305,952) | $ (5,603,232) |
Class C Shares | ||||
Shares sold | 141,144 | $ 3,801,346 | 111,773 | $ 2,300,998 |
Shares issued to shareholders in reinvestment of dividends | - | - | 7,219 | 155,419 |
Shares repurchased | (411,874) | (10,633,169) | (1,128,640) | (22,142,222) |
Net increase (decrease) | (270,730) | $ (6,831,823) | (1,009,648) | $ (19,685,805) |
March 31, 2021 (Unaudited)
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
DEVELOPING WORLD FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class I Shares | ||||
Shares sold | 6,087,672 | $ 177,059,555 | 10,202,334 | $ 215,024,040 |
Shares issued to shareholders in reinvestment of dividends | 42,677 | 1,197,932 | 375,751 | 8,646,014 |
Shares repurchased | (2,605,077) | (73,785,431) | (10,311,719) | (207,153,395) |
Net increase (decrease) | 3,525,272 | $ 104,472,056 | 266,366 | $ 16,516,659 |
Class R5 Shares | ||||
Shares sold | 43,426 | $ 1,264,596 | 33,619 | $ 734,249 |
Shares issued to shareholders in reinvestment of dividends | 206 | 5,772 | 1,618 | 37,097 |
Shares repurchased | (13,318) | (380,820) | (34,873) | (730,114) |
Net increase (decrease) | 30,314 | $ 889,548 | 364 | $ 41,232 |
Class R6 Shares | ||||
Shares sold | 323,196 | $ 9,515,289 | 454,541 | $ 9,880,133 |
Shares issued to shareholders in reinvestment of dividends | 5,578 | 156,695 | 35,374 | 814,301 |
Shares repurchased | (280,090) | (8,249,297) | (514,983) | (11,199,644) |
Net increase (decrease) | 48,684 | $ 1,422,687 | (25,068) | $ (505,210) |
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
SMALL/MID CAP CORE FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 126,117 | $ 10,506,870 | 288,597 | $ 19,780,089 |
Shares issued to shareholders in reinvestment of dividends | - | - | 12,595 | 978,628 |
Shares repurchased | (479,629) | (41,180,278) | (1,024,526) | (71,933,840) |
Net increase (decrease) | (353,512) | $ (30,673,408) | (723,334) | $ (51,175,123) |
Class C Shares | ||||
Shares sold | 12,048 | $ 921,284 | 57,059 | $ 3,443,055 |
Shares issued to shareholders in reinvestment of dividends | - | - | 6 | 388 |
Shares repurchased | (110,685) | (8,287,431) | (268,475) | (17,091,898) |
Net increase (decrease) | (98,637) | $ (7,366,147) | (211,410) | $ (13,648,455) |
Class I Shares | ||||
Shares sold | 113,766 | $ 10,447,730 | 459,761 | $ 30,842,745 |
Shares issued to shareholders in reinvestment of dividends | - | - | 24,275 | 1,940,096 |
Shares repurchased | (365,090) | (32,526,165) | (1,618,372) | (115,992,402) |
Net increase (decrease) | (251,324) | $ (22,078,435) | (1,134,336) | $ (83,209,561) |
Class R3 Shares | ||||
Shares sold | 13,247 | $ 1,168,458 | 42,910 | $ 2,947,610 |
Shares issued to shareholders in reinvestment of dividends | - | - | 710 | 54,895 |
Shares repurchased | (84,583) | (7,399,082) | (123,016) | (8,635,684) |
Net increase (decrease) | (71,336) | $ (6,230,624) | (79,396) | $ (5,633,179) |
March 31, 2021 (Unaudited)
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
SMALL/MID CAP CORE FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R4 Shares | ||||
Shares sold | 2,149 | $ 193,955 | 11,761 | $ 812,495 |
Shares issued to shareholders in reinvestment of dividends | - | - | 193 | 15,077 |
Shares repurchased | (8,120) | (743,042) | (40,626) | (2,672,547) |
Net increase (decrease) | (5,971) | $ (549,087) | (28,672) | $ (1,844,975) |
Class R5 Shares | ||||
Shares sold | 11,170 | $ 1,018,237 | 29,790 | $ 2,070,138 |
Shares issued to shareholders in reinvestment of dividends | - | - | 1,241 | 99,060 |
Shares repurchased | (46,109) | (4,149,121) | (92,380) | (6,809,318) |
Net increase (decrease) | (34,939) | $ (3,130,884) | (61,349) | $ (4,640,120) |
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
SMALL/MID CAP GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 390,025 | $ 20,099,241 | 829,379 | $ 33,408,666 |
Shares issued to shareholders in reinvestment of dividends | 427,260 | 20,478,571 | 605,286 | 22,341,083 |
Shares repurchased | (626,706) | (32,115,418) | (1,265,384) | (50,333,643) |
Net increase (decrease) | 190,579 | $ 8,462,394 | 169,281 | $ 5,416,106 |
Class C Shares | ||||
Shares sold | 54,686 | $ 2,285,103 | 175,078 | $ 6,081,451 |
Shares issued to shareholders in reinvestment of dividends | 59,367 | 2,361,004 | 114,950 | 3,593,352 |
Shares repurchased | (339,088) | (14,585,372) | (465,487) | (16,253,147) |
Net increase (decrease) | (225,035) | $ (9,939,265) | (175,459) | $ (6,578,344) |
Class I Shares | ||||
Shares sold | 195,599 | $ 11,120,032 | 588,568 | $ 25,800,618 |
Shares issued to shareholders in reinvestment of dividends | 316,266 | 16,572,326 | 521,773 | 20,870,933 |
Shares repurchased | (579,135) | (32,622,609) | (1,815,355) | (80,236,293) |
Net increase (decrease) | (67,270) | $ (4,930,251) | (705,014) | $ (33,564,742) |
Class R3 Shares | ||||
Shares sold | 133,140 | $ 6,880,141 | 141,540 | $ 5,705,049 |
Shares issued to shareholders in reinvestment of dividends | 45,769 | 2,168,563 | 71,185 | 2,603,937 |
Shares repurchased | (242,068) | (12,324,322) | (280,132) | (11,166,089) |
Net increase (decrease) | (63,159) | $ (3,275,618) | (67,407) | $ (2,857,103) |
Class R4 Shares | ||||
Shares sold | 6,820 | $ 341,933 | 348,295 | $ 13,926,331 |
Shares issued to shareholders in reinvestment of dividends | 2,342 | 112,549 | 3,935 | 145,702 |
Shares repurchased | (19,032) | (948,241) | (400,790) | (16,035,195) |
Net increase (decrease) | (9,870) | $ (493,759) | (48,560) | $ (1,963,162) |
March 31, 2021 (Unaudited)
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
SMALL/MID CAP GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R5 Shares | ||||
Shares sold | 40,824 | $ 2,268,443 | 101,716 | $ 4,477,449 |
Shares issued to shareholders in reinvestment of dividends | 24,886 | 1,302,303 | 40,988 | 1,637,470 |
Shares repurchased | (58,762) | (3,265,271) | (181,180) | (7,921,533) |
Net increase (decrease) | 6,948 | $ 305,475 | (38,476) | $ (1,806,614) |
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
LONG/SHORT EQUITY FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class I Shares | ||||
Shares sold | 58,885 | $ 574,025 | 2,122,192 | $ 22,307,505 |
Shares issued to shareholders in reinvestment of dividends | - | - | 356,382 | 3,806,159 |
Shares repurchased | (3,390,703) | (32,963,779) | (17,661,485) | (178,887,795) |
Net increase (decrease) | (3,331,818) | $ (32,389,754) | (15,182,911) | $ (152,774,131) |
LONG | SOLD SHORT | |||
Purchases | Sales | Cover | Sales | |
Income Builder Fund | $ 869,341,628 | $ 1,815,769,760 | $ — | $ — |
Summit Fund | 44,840,934 | 44,391,472 | 2,438,363 | — |
Global Opportunities Fund | 144,557,652 | 223,743,908 | — | — |
International Equity Fund | 786,710,662 | 845,964,717 | — | — |
Better World International Fund | 162,994,771 | 96,424,397 | — | — |
International Growth Fund | 443,326,763 | 263,140,593 | — | — |
Developing World Fund | 314,858,524 | 232,874,934 | — | — |
Small/Mid Cap Core Fund | 901,592,548 | 953,430,147 | — | — |
Small/Mid Cap Growth Fund | 946,063,547 | 954,266,293 | — | — |
Long/Short Equity Fund | 11,406,908 | 53,316,233 | 37,662,273 | 6,202,554 |
March 31, 2021 (Unaudited)
Type of Derivative(a) | Counter Party | Asset Derivatives | Liability Derivatives | Net Amount | |
Income Builder Fund | Foreign currency contracts | SSB | $ 12,255,922 | $ (6,182,026) | $ 6,073,896 |
Summit Fund | Foreign currency contracts | MSC | - | (95,331) | (95,331) |
Global Opportunities Fund | Foreign currency contracts | SSB | 662,029 | (473,898) | 188,131 |
(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. |
March 31, 2021 (Unaudited)
Net Realized | Net Change in Unrealized | ||||
Type of Derivative(a) | Gain (Loss) | Appreciation (Depreciation) | |||
Income Builder Fund | Foreign currency contracts | $ (40,095,935) | $ 13,421,873 | ||
Summit Fund | Foreign currency contracts | 65,822 | (110,856) | ||
Summit Fund | Written Options | 85,725 | — | ||
Global Opportunities Fund | Foreign currency contracts | (2,033,581) | 300,185 | ||
International Equity Fund | Foreign currency contracts | (1,362,743) | — | ||
Small/Mid Cap Core Fund | Foreign currency contracts | (1,003,750) | (266,046) |
(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. The Statement of Operations location for written option contracts is Net realized gain (loss) on: options written and Net change in unrealized appreciation (depreciation) on: options written. |
Income Builder Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 18.70 | 0.62 | 4.20 | 4.82 | (0.52) | — | — | (0.52) | $23.00 |
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 | |||||||||
2021 (c) | $ 18.68 | 0.52 | 4.21 | 4.73 | (0.44) | — | — | (0.44) | $22.97 |
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 | |||||||||
2021 (c) | $ 18.84 | 0.64 | 4.24 | 4.88 | (0.55) | — | — | (0.55) | $23.17 |
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 | |||||||||
2021 (c) | $ 18.70 | 0.57 | 4.20 | 4.77 | (0.48) | — | — | (0.48) | $22.99 |
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 | |||||||||
2021 (c) | $ 18.72 | 0.58 | 4.21 | 4.79 | (0.49) | — | — | (0.49) | $23.02 |
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 | |||||||||
2021 (c) | $ 18.83 | 0.63 | 4.23 | 4.86 | (0.54) | — | — | (0.54) | $23.15 |
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 | |||||||||
2021 (c) | $ 18.78 | 0.66 | 4.21 | 4.87 | (0.56) | — | — | (0.56) | $23.09 |
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 (e) | $ 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) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
(e) | Effective date of this class of shares was April 10, 2017. |
+ | 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) | |||||||
2021 (c) | 5.86 (d) | 1.27 (d) | 1.27 (d) | 25.90 | 8.71 | $ 3,829,294 | |
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 | |||||||
2021 (c) | 4.89 (d) | 2.02 (d) | 2.07 (d) | 25.44 | 8.71 | $ 1,115,056 | |
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 | |||||||
2021 (c) | 6.02 (d) | 1.06 (d) | 1.06 (d) | 26.01 | 8.71 | $ 5,789,840 | |
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 | |||||||
2021 (c) | 5.40 (d) | 1.63 (d) | 1.73 (d) | 25.64 | 8.71 | $ 26,362 | |
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 | |||||||
2021 (c) | 5.48 (d) | 1.53 (d) | 1.65 (d) | 25.73 | 8.71 | $ 13,713 | |
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 | |||||||
2021 (c) | 5.88 (d) | 1.12 (d) | 1.22 (d) | 25.93 | 8.71 | $ 47,119 | |
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 | |||||||
2021 (c) | 6.21 (d) | 0.94 (d) | 0.98 (d) | 26.05 | 8.71 | $ 110,427 | |
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 (e) | 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 PERIOD) | |||||||||
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 I SHARES | |||||||||
2021 (d) | $ 12.18 | 0.05 | 2.10 | 2.15 | (0.22) | (0.58) | — | (0.80) | $13.53 |
2020 | $ 10.47 | 0.09 | 1.80 | 1.89 | (0.13) | (0.05) | — | (0.18) | $12.18 |
2019 (f) | $ 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 2021, 2020 and 2019 would have been 0.99%, 0.99% and 0.99% 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 2021, 2020 and 2019 would have been 1.20%, 1.31% and 1.71% respectively. |
(c) | Not annualized for periods less than one year. |
(d) | Unaudited Six Month Period Ended March 31. |
(e) | Annualized. |
(f) | Fund commenced operations on March 1, 2019. |
+ | 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 PERIOD (Thousands) | |
CLASS I SHARES | |||||||
2021 (d) | 0.83 (e) | 1.04 (e) | 1.25 (e) | 18.33 | 83.60 | $ 58,581 | |
2020 | 0.81 | 1.09 | 1.41 | 18.45 | 139.88 | $ 45,886 | |
2019 (f) | 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 PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 31.69 | 0.27 | 8.29 | 8.56 | — (d) | (2.30) | — | (2.30) | $37.95 |
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 | |||||||||
2021 (c) | $ 30.44 | 0.12 | 7.94 | 8.06 | — | (2.30) | — | (2.30) | $36.20 |
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 | |||||||||
2021 (c) | $ 31.81 | 0.32 | 8.32 | 8.64 | (0.09) | (2.30) | — | (2.39) | $38.06 |
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 | |||||||||
2021 (c) | $ 31.38 | 0.22 | 8.21 | 8.43 | — | (2.30) | — | (2.30) | $37.51 |
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 | |||||||||
2021 (c) | $ 31.50 | 0.26 | 8.22 | 8.48 | — | (2.30) | — | (2.30) | $37.68 |
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 | |||||||||
2021 (c) | $ 31.84 | 0.31 | 8.34 | 8.65 | (0.09) | (2.30) | — | (2.39) | $38.10 |
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 | |||||||||
2021 (c) | $ 31.93 | 0.36 | 8.32 | 8.68 | (0.13) | (2.30) | — | (2.43) | $38.18 |
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 (f) | $ 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) | Unaudited Six Month Period Ended March 31. |
(d) | Dividends from net investment income per share were less than $(0.01). |
(e) | Annualized. |
(f) | Effective date of this class of shares was April 10, 2017. |
(g) | 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) | |||||||
2021 (c) | 1.55 (e) | 1.28 (e) | 1.33 (e) | 28.19 | 15.19 | $ 265,623 | |
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 | |||||||
2021 (c) | 0.70 (e) | 2.07 (e) | 2.12 (e) | 27.68 | 15.19 | $ 124,916 | |
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 | |||||||
2021 (c) | 1.83 (e) | 0.99 (e) | 1.10 (e) | 28.35 | 15.19 | $ 586,664 | |
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 | |||||||
2021 (c) | 1.26 (e) | 1.50 (e) | 2.01 (e) | 28.05 | 15.19 | $ 4,032 | |
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 | |||||||
2021 (c) | 1.49 (e) | 1.40 (e) | 1.80 (e) | 28.10 | 15.19 | $ 6,463 | |
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 | |||||||
2021 (c) | 1.76 (e) | 0.99 (e) | 1.30 (e) | 28.36 | 15.19 | $ 33,849 | |
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 | |||||||
2021 (c) | 2.01 (e) | 0.85 (e) | 1.01 (e) | 28.41 | 15.19 | $ 57,114 | |
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 (f) | 0.77 (e) | 0.85 (e) | 13.31 (e)(g) | 10.02 | 43.70 | $ 1,576 |
International Equity Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 24.78 | 0.11 | 4.72 | 4.83 | (0.06) | (0.77) | — | (0.83) | $28.78 |
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 (e) | $ 27.46 | 0.36 | 0.25 | 0.61 | (0.39) | (4.25) | — | (4.64) | $23.43 |
CLASS C SHARES | |||||||||
2021 (c) | $ 21.91 | — (f) | 4.16 | 4.16 | — | (0.77) | — | (0.77) | $25.30 |
2020 | $ 20.33 | (0.08) | 2.94 | 2.86 | — | (1.28) | — | (1.28) | $21.91 |
2019 | $ 20.01 | — (f) | 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 | |||||||||
2021 (c) | $ 25.70 | 0.16 | 4.88 | 5.04 | (0.12) | (0.77) | — | (0.89) | $29.85 |
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 | |||||||||
2021 (c) | $ 24.77 | 0.08 | 4.72 | 4.80 | — | (0.77) | — | (0.77) | $28.80 |
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 | |||||||||
2021 (c) | $ 24.60 | 0.10 | 4.68 | 4.78 | (0.04) | (0.77) | — | (0.81) | $28.57 |
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 | |||||||||
2021 (c) | $ 25.66 | 0.15 | 4.88 | 5.03 | (0.10) | (0.77) | — | (0.87) | $29.82 |
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) | — (g) | (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 | |||||||||
2021 (c) | $ 25.59 | 0.18 | 4.86 | 5.04 | (0.16) | (0.77) | — | (0.93) | $29.70 |
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) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
(e) | Class B shares converted to Class A shares on August 29, 2016. |
(f) | Net investment income (loss) was less than $(0.01) per share. |
(g) | Dividends from net investment income per share were less than $(0.01). |
+ | Based on weighted average shares outstanding. |
International 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 (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of PERIOD (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 (c) | 0.80 (d) | 1.61 (d) | 1.61 (d) | 19.78 | 23.26 | $ 956,765 | |
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 (e) | 1.51 | 1.28 | 1.28 | 1.90 | 103.90 | $ 990,194 | |
CLASS C SHARES | |||||||
2021 (c) | (0.02) (d) | 2.32 (d) | 2.32 (d) | 19.30 | 23.26 | $ 31,917 | |
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 | |||||||
2021 (c) | 1.10 (d) | 1.32 (d) | 1.32 (d) | 19.93 | 23.26 | $ 2,039,949 | |
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 | |||||||
2021 (c) | 0.56 (d) | 1.83 (d) | 1.96 (d) | 19.66 | 23.26 | $ 171,734 | |
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 | |||||||
2021 (c) | 0.75 (d) | 1.62 (d) | 1.74 (d) | 19.73 | 23.26 | $ 109,257 | |
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 | |||||||
2021 (c) | 1.03 (d) | 1.39 (d) | 1.53 (d) | 19.89 | 23.26 | $ 156,167 | |
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 | |||||||
2021 (c) | 1.28 (d) | 1.19 (d) | 1.28 (d) | 20.00 | 23.26 | $ 325,241 | |
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 PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 15.66 | (0.03) | 3.85 | 3.82 | — | — | — | — | $19.48 |
2020 | $ 12.85 | — (e) | 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 (f) | $ 11.94 | 0.03 | 2.04 | 2.07 | (0.15) | — | — | (0.15) | $13.86 |
CLASS C SHARES | |||||||||
2021 (c) | $ 15.51 | (0.09) | 3.80 | 3.71 | — | — | — | — | $19.22 |
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 | — (e) | 0.67 | 0.67 | — | (0.37) | — | (0.37) | $14.32 |
2017 | $ 13.79 | 0.02 | 0.97 | 0.99 | (0.07) | (0.69) | — | (0.76) | $14.02 |
2016 (f) | $ 11.94 | (0.05) | 2.04 | 1.99 | (0.14) | — | — | (0.14) | $13.79 |
CLASS I SHARES | |||||||||
2021 (c) | $ 16.06 | 0.03 | 3.93 | 3.96 | (0.07) | — | — | (0.07) | $19.95 |
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 (f) | $ 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) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
(e) | Net investment income (loss) was less than $0.01 per share. |
(f) | Fund commenced operations on October 1, 2015. |
(g) | 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 PERIOD (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 (c) | (0.30) (d) | 1.65 (d) | 1.65 (d) | 24.39 | 72.74 | $ 21,603 | |
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 (f) | 0.21 | 1.83 | 7.27 (g) | 16.60 | 180.60 | $ 1,666 | |
CLASS C SHARES | |||||||
2021 (c) | (1.05) (d) | 2.38 (d) | 2.94 (d) | 23.92 | 72.74 | $ 3,604 | |
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 (f) | (0.40) | 2.38 | 13.13 (g) | 15.94 | 180.60 | $ 822 | |
CLASS I SHARES | |||||||
2021 (c) | 0.28 (d) | 1.09 (d) | 1.22 (d) | 24.72 | 72.74 | $ 172,134 | |
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 (f) | 0.76 | 1.09 | 2.28 | 17.44 | 180.60 | $ 27,781 |
International Growth Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 28.37 | (0.05) | 2.24 | 2.19 | — | (0.38) | — | (0.38) | $30.18 |
2020 | $ 21.46 | (0.08) | 7.10 | 7.02 | — (e) | (0.11) | — | (0.11) | $28.37 |
2019 | $ 23.78 | — (f) | (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 | — (f) | 1.45 | 1.45 | (0.01) | — | — | (0.01) | $19.22 |
CLASS C SHARES | |||||||||
2021 (c) | $ 26.06 | (0.17) | 2.07 | 1.90 | — | (0.38) | — | (0.38) | $27.58 |
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 | |||||||||
2021 (c) | $ 29.27 | (0.01) | 2.31 | 2.30 | — | (0.38) | — | (0.38) | $31.19 |
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 | |||||||||
2021 (c) | $ 28.01 | (0.09) | 2.21 | 2.12 | — | (0.38) | — | (0.38) | $29.75 |
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 | — (f) | 1.42 | 1.42 | (0.01) | — | — | (0.01) | $19.07 |
CLASS R4 SHARES | |||||||||
2021 (c) | $ 28.18 | (0.07) | 2.23 | 2.16 | — | (0.38) | — | (0.38) | $29.96 |
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 | — (e) | — | — | — | $23.73 |
2016 | $ 17.68 | 0.01 | 1.43 | 1.44 | (0.01) | — | — | (0.01) | $19.11 |
CLASS R5 SHARES | |||||||||
2021 (c) | $ 29.35 | (0.02) | 2.33 | 2.31 | — | (0.38) | — | (0.38) | $31.28 |
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 | |||||||||
2021 (c) | $ 29.44 | — (f) | 2.33 | 2.33 | — | (0.38) | — | (0.38) | $31.39 |
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) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
(e) | Dividends from net investment income per share were less than $(0.01). |
(f) | 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 PERIOD (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 (c) | (0.36) (d) | 1.25 (d) | 1.25 (d) | 7.75 | 14.49 | $ 159,903 | |
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 | |||||||
2021 (c) | (1.21) (d) | 2.07 (d) | 2.07 (d) | 7.32 | 14.49 | $ 33,539 | |
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 | |||||||
2021 (c) | (0.09) (d) | 0.98 (d) | 0.98 (d) | 7.89 | 14.49 | $ 1,642,116 | |
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 | |||||||
2021 (c) | (0.60) (d) | 1.50 (d) | 1.79 (d) | 7.60 | 14.49 | $ 8,280 | |
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 | |||||||
2021 (c) | (0.49) (d) | 1.40 (d) | 1.57 (d) | 7.70 | 14.49 | $ 9,402 | |
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 | |||||||
2021 (c) | (0.10) (d) | 0.99 (d) | 1.21 (d) | 7.90 | 14.49 | $ 40,045 | |
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 | |||||||
2021 (c) | 0.01 (d) | 0.89 (d) | 0.95 (d) | 7.95 | 14.49 | $ 75,859 | |
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 PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 22.92 | (0.07) | 5.44 | 5.37 | — | — | — | — | $28.29 |
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 | |||||||||
2021 (c) | $ 21.71 | (0.16) | 5.14 | 4.98 | — | — | — | — | $26.69 |
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 | |||||||||
2021 (c) | $ 23.40 | (0.02) | 5.55 | 5.53 | (0.04) | — | — | (0.04) | $28.89 |
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 | |||||||||
2021 (c) | $ 23.33 | (0.03) | 5.54 | 5.51 | (0.04) | — | — | (0.04) | $28.80 |
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 | |||||||||
2021 (c) | $ 23.43 | (0.01) | 5.57 | 5.56 | (0.07) | — | — | (0.07) | $28.92 |
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) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
(e) | 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 PERIOD (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 (c) | (0.51) (d) | 1.43 (d) | 1.43 (d) | 23.43 | 22.74 | $ 128,646 | |
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 | |||||||
2021 (c) | (1.27) (d) | 2.21 (d) | 2.21 (d) | 23.00 | 22.74 | $ 52,999 | |
2020 | (0.64) | 2.20 | 2.23 | 12.42 (e) | 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 | |||||||
2021 (c) | (0.17) (d) | 1.09 (d) | 1.14 (d) | 23.65 | 22.74 | $ 927,115 | |
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 | |||||||
2021 (c) | (0.18) (d) | 1.09 (d) | 1.64 (d) | 23.64 | 22.74 | $ 4,249 | |
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 | |||||||
2021 (c) | (0.06) (d) | 0.99 (d) | 1.11 (d) | 23.72 | 22.74 | $ 79,157 | |
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 |
Small/Mid Cap Core Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 74.81 | 0.06 | 18.01 | 18.07 | — | — | — | — | $92.88 |
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 (e) | $ 49.17 | 0.32 | 4.76 | 5.08 | (0.17) | — | — | (0.17) | $54.08 |
CLASS C SHARES | |||||||||
2021 (c) | $ 67.54 | (0.26) | 16.23 | 15.97 | — | — | — | — | $83.51 |
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 | |||||||||
2021 (c) | $ 77.16 | 0.21 | 18.59 | 18.80 | — | — | — | — | $95.96 |
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 | |||||||||
2021 (c) | $ 74.46 | 0.05 | 17.92 | 17.97 | — | — | — | — | $92.43 |
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 | |||||||||
2021 (c) | $ 75.30 | 0.09 | 18.13 | 18.22 | — | — | — | — | $93.52 |
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 | |||||||||
2021 (c) | $ 77.05 | 0.21 | 18.56 | 18.77 | — | — | — | — | $95.82 |
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) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
(e) | Class B shares converted to Class A shares on August 29, 2016. |
+ | Based on weighted average shares outstanding. |
Small/Mid Cap Core 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) | |||||||
2021 (c) | 0.14 (d) | 1.19 (d) | 1.34 (d) | 24.15 | 113.70 | $ 449,982 | |
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 (e) | 0.63 | 1.39 | 1.39 | 10.33 | 31.10 | $ 374,237 | |
CLASS C SHARES | |||||||
2021 (c) | (0.68) (d) | 2.01 (d) | 2.16 (d) | 23.64 | 113.70 | $ 20,141 | |
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 | |||||||
2021 (c) | 0.47 (d) | 0.86 (d) | 1.09 (d) | 24.37 | 113.70 | $ 333,702 | |
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 | |||||||
2021 (c) | 0.11 (d) | 1.22 (d) | 1.77 (d) | 24.13 | 113.70 | $ 24,364 | |
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 | |||||||
2021 (c) | 0.21 (d) | 1.12 (d) | 1.73 (d) | 24.20 | 113.70 | $ 5,089 | |
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 | |||||||
2021 (c) | 0.47 (d) | 0.86 (d) | 1.44 (d) | 24.36 | 113.70 | $ 14,256 | |
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 |
Small/Mid Cap Growth Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 48.17 | (0.23) | 4.48 | 4.25 | — | (3.22) | — | (3.22) | $49.20 |
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 | |||||||||
2021 (c) | $ 40.53 | (0.36) | 3.76 | 3.40 | — | (3.22) | — | (3.22) | $40.71 |
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 | |||||||||
2021 (c) | $ 52.36 | (0.16) | 4.87 | 4.71 | — | (3.22) | — | (3.22) | $53.85 |
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 | |||||||||
2021 (c) | $ 47.67 | (0.28) | 4.43 | 4.15 | — | (3.22) | — | (3.22) | $48.60 |
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 | |||||||||
2021 (c) | $ 48.30 | (0.25) | 4.49 | 4.24 | — | (3.22) | — | (3.22) | $49.32 |
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 | |||||||||
2021 (c) | $ 52.30 | (0.17) | 4.88 | 4.71 | — | (3.22) | — | (3.22) | $53.79 |
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. |
(c) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
+ | Based on weighted average shares outstanding. |
Small/Mid Cap 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 PERIOD (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 (c) | (0.90) (d) | 1.15 (d) | 1.30 (d) | 9.00 | 133.06 | $ 342,395 | |
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 | |||||||
2021 (c) | (1.68) (d) | 1.94 (d) | 2.09 (d) | 8.57 | 133.06 | $ 27,920 | |
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 | |||||||
2021 (c) | (0.59) (d) | 0.84 (d) | 1.04 (d) | 9.16 | 133.06 | $ 282,300 | |
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 | |||||||
2021 (c) | (1.09) (d) | 1.35 (d) | 1.75 (d) | 8.88 | 133.06 | $ 31,094 | |
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 | |||||||
2021 (c) | (0.98) (d) | 1.25 (d) | 1.94 (d) | 8.95 | 133.06 | $ 2,343 | |
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 | |||||||
2021 (c) | (0.59) (d) | 0.84 (d) | 1.24 (d) | 9.17 | 133.06 | $ 23,710 | |
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 PERIOD) | |||||||||
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 I SHARES | |||||||||
2021 (d) | $ 9.68 | (0.08) | (0.21) | (0.29) | — | — | — | — | $ 9.39 |
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 (g) | $ 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 2021, 2020, 2019, 2018 and 2017 would have been 1.50%, 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 2021, 2020, 2019, 2018 and 2017 would have been 2.17%, 1.55%, 1.53%, 1.48% and 1.81%, respectively. |
(c) | Not annualized for periods less than one year. |
(d) | Unaudited Six Month Period Ended March 31. |
(e) | Annualized. |
(f) | 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. |
(g) | Fund commenced operations on December 30, 2016. |
+ | 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 PERIOD (Thousands) | |
CLASS I SHARES | |||||||
2021 (d) | (1.73) (e) | 3.09 (e) | 3.76 (e) | (3.00) | 58.61 | $ 17,621 | |
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 (f) | 2.82 | 6.83 | 65.72 | $ 203,804 | |
2017 (g) | (1.56) (e) | 3.42 (e)(f) | 3.78 (e) | 11.30 | 61.69 | $ 79,739 |
March 31, 2021 (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 and Class C2 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 3/31/21 | Expenses Paid During Period 10/1/20-3/31/21 | Ending Account Value 3/31/21 | Expenses Paid During Period† 10/1/20-3/31/21 | Annualized Expense Ratio | ||
INCOME BUILDER FUND | ||||||
CLASS A SHARES | $1,259.03 | $ 7.15 | $1,018.60 | $ 6.39 | 1.27% | |
CLASS C SHARES | $1,254.35 | $11.35 | $1,014.86 | $10.15 | 2.02% | |
CLASS I SHARES | $1,260.11 | $ 5.97 | $1,019.65 | $ 5.34 | 1.06% | |
CLASS R3 SHARES | $1,256.39 | $ 9.17 | $1,016.80 | $ 8.20 | 1.63% | |
CLASS R4 SHARES | $1,257.26 | $ 8.61 | $1,017.30 | $ 7.70 | 1.53% | |
CLASS R5 SHARES | $1,259.32 | $ 6.31 | $1,019.35 | $ 5.64 | 1.12% | |
CLASS R6 SHARES | $1,260.48 | $ 5.30 | $1,020.24 | $ 4.73 | 0.94% | |
SUMMIT FUND | ||||||
CLASS I SHARES | $1,183.33 | $ 5.66 | $1,019.75 | $ 5.24 | 1.04% | |
GLOBAL OPPORTUNITIES FUND | ||||||
CLASS A SHARES | $1,281.89 | $ 7.28 | $1,018.55 | $ 6.44 | 1.28% | |
CLASS C SHARES | $1,276.79 | $11.75 | $1,014.61 | $10.40 | 2.07% | |
CLASS I SHARES | $1,283.50 | $ 5.64 | $1,020.00 | $ 4.99 | 0.99% | |
CLASS R3 SHARES | $1,280.45 | $ 8.53 | $1,017.45 | $ 7.54 | 1.50% | |
CLASS R4 SHARES | $1,280.98 | $ 7.96 | $1,017.95 | $ 7.04 | 1.40% | |
CLASS R5 SHARES | $1,283.58 | $ 5.64 | $1,020.00 | $ 4.99 | 0.99% | |
CLASS R6 SHARES | $1,284.13 | $ 4.84 | $1,020.69 | $ 4.28 | 0.85% |
March 31, 2021 (Unaudited)
Actual | Hypothetical * | |||||
Ending Account Value 3/31/21 | Expenses Paid During Period 10/1/20-3/31/21 | Ending Account Value 3/31/21 | Expenses Paid During Period† 10/1/20-3/31/21 | Annualized Expense Ratio | ||
INTERNATIONAL EQUITY FUND | ||||||
CLASS A SHARES | $1,197.84 | $ 8.82 | $1,016.90 | $ 8.10 | 1.61% | |
CLASS C SHARES | $1,193.00 | $12.68 | $1,013.36 | $11.65 | 2.32% | |
CLASS I SHARES | $1,199.34 | $ 7.24 | $1,018.35 | $ 6.64 | 1.32% | |
CLASS R3 SHARES | $1,196.63 | $10.02 | $1,015.81 | $ 9.20 | 1.83% | |
CLASS R4 SHARES | $1,197.28 | $ 8.87 | $1,016.85 | $ 8.15 | 1.62% | |
CLASS R5 SHARES | $1,198.91 | $ 7.62 | $1,018.00 | $ 6.99 | 1.39% | |
CLASS R6 SHARES | $1,200.03 | $ 6.53 | $1,019.00 | $ 5.99 | 1.19% | |
BETTER WORLD INTERNATIONAL FUND | ||||||
CLASS A SHARES | $1,243.93 | $ 9.23 | $1,016.70 | $ 8.30 | 1.65% | |
CLASS C SHARES | $1,239.20 | $13.29 | $1,013.06 | $11.94 | 2.38% | |
CLASS I SHARES | $1,247.19 | $ 6.11 | $1,019.50 | $ 5.49 | 1.09% | |
INTERNATIONAL GROWTH FUND | ||||||
CLASS A SHARES | $1,077.52 | $ 6.47 | $1,018.70 | $ 6.29 | 1.25% | |
CLASS C SHARES | $1,073.22 | $10.70 | $1,014.61 | $10.40 | 2.07% | |
CLASS I SHARES | $1,078.91 | $ 5.08 | $1,020.04 | $ 4.94 | 0.98% | |
CLASS R3 SHARES | $1,076.00 | $ 7.76 | $1,017.45 | $ 7.54 | 1.50% | |
CLASS R4 SHARES | $1,076.98 | $ 7.25 | $1,017.95 | $ 7.04 | 1.40% | |
CLASS R5 SHARES | $1,079.04 | $ 5.13 | $1,020.00 | $ 4.99 | 0.99% | |
CLASS R6 SHARES | $1,079.48 | $ 4.61 | $1,020.49 | $ 4.48 | 0.89% | |
DEVELOPING WORLD FUND | ||||||
CLASS A SHARES | $1,234.29 | $ 7.97 | $1,017.80 | $ 7.19 | 1.43% | |
CLASS C SHARES | $1,229.95 | $12.29 | $1,013.91 | $11.10 | 2.21% | |
CLASS I SHARES | $1,236.48 | $ 6.08 | $1,019.50 | $ 5.49 | 1.09% | |
CLASS R5 SHARES | $1,236.42 | $ 6.08 | $1,019.50 | $ 5.49 | 1.09% | |
CLASS R6 SHARES | $1,237.18 | $ 5.52 | $1,020.00 | $ 4.99 | 0.99% | |
SMALL/MID CAP CORE FUND | ||||||
CLASS A SHARES | $1,241.54 | $ 6.65 | $1,019.00 | $ 5.99 | 1.19% | |
CLASS C SHARES | $1,236.44 | $11.21 | $1,014.91 | $10.10 | 2.01% | |
CLASS I SHARES | $1,243.65 | $ 4.81 | $1,020.64 | $ 4.33 | 0.86% | |
CLASS R3 SHARES | $1,241.33 | $ 6.82 | $1,018.85 | $ 6.14 | 1.22% | |
CLASS R4 SHARES | $1,241.96 | $ 6.26 | $1,019.35 | $ 5.64 | 1.12% | |
CLASS R5 SHARES | $1,243.60 | $ 4.81 | $1,020.64 | $ 4.33 | 0.86% | |
SMALL/MID CAP GROWTH FUND | ||||||
CLASS A SHARES | $1,089.95 | $ 5.99 | $1,019.20 | $ 5.79 | 1.15% | |
CLASS C SHARES | $1,085.71 | $10.09 | $1,015.26 | $ 9.75 | 1.94% | |
CLASS I SHARES | $1,091.61 | $ 4.38 | $1,020.74 | $ 4.23 | 0.84% | |
CLASS R3 SHARES | $1,088.75 | $ 7.03 | $1,018.20 | $ 6.79 | 1.35% | |
CLASS R4 SHARES | $1,089.50 | $ 6.51 | $1,018.70 | $ 6.29 | 1.25% | |
CLASS R5 SHARES | $1,091.73 | $ 4.38 | $1,020.74 | $ 4.23 | 0.84% | |
LONG/SHORT EQUITY FUND | ||||||
CLASS I SHARES | $ 970.05 | $15.18 | $1,009.52 | $15.48 | 3.09% |
* | 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 182/365 to reflect the one-half year period. |
March 31, 2021 (Unaudited)
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Equity Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Small/Mid Cap Core Fund |
■ | Thornburg Small/Mid Cap 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 |
800.847.0200 | TH4624 |
Thornburg Fixed Income Funds |
Thornburg Limited Term U.S. Government Fund |
Thornburg Limited Term Income Fund |
Thornburg Ultra Short Income Fund |
Thornburg Strategic Income Fund |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active 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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March 31, 2021 (Unaudited)
Jason Brady, cfa Portfolio Manager CEO, President, and Managing Director |
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | FINAL VALUE |
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 | 0.15% | 2.33% | 1.27% | 1.40% | 4.49% |
With sales charge | -1.35% | 1.80% | 0.97% | 1.25% | 4.44% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | -0.16% | 2.03% | 0.96% | 1.10% | 3.40% |
With sales charge | -0.65% | 2.03% | 0.96% | 1.10% | 3.40% |
Class C2 Shares (Incep: 9/30/20) | |||||
Without sales charge | - | - | - | - | -1.80% |
With sales charge | - | - | - | - | -2.44% |
Class I Shares (Incep: 7/5/96) | 0.43% | 2.62% | 1.57% | 1.72% | 3.88% |
Class R3 Shares (Incep: 7/1/03) | 0.04% | 2.23% | 1.19% | 1.32% | 2.25% |
Class R4 Shares (Incep: 2/1/14) | 0.04% | 2.23% | 1.18% | - | 1.26% |
Class R5 Shares (Incep: 5/1/12) | 0.36% | 2.55% | 1.52% | - | 1.36% |
Bloomberg Barclays U.S. Government Intermediate Total Return Index Value Unhedged ( Since 11/16/87) | -1.20% | 3.75% | 2.07% | 2.28% | 5.23% |
THORNBURG LIMITED TERM INCOME FUND | FINAL VALUE |
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 | 6.46% | 4.19% | 3.12% | 3.22% | 4.79% |
With sales charge | 4.88% | 3.67% | 2.81% | 3.07% | 4.73% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 6.30% | 3.96% | 2.89% | 2.99% | 4.47% |
With sales charge | 5.80% | 3.96% | 2.89% | 2.99% | 4.47% |
Class C2 Shares (Incep: 9/30/20) | |||||
Without sales charge | - | - | - | - | -0.87% |
With sales charge | - | - | - | - | -1.50% |
Class I Shares (Incep: 7/5/96) | 6.83% | 4.49% | 3.46% | 3.57% | 4.98% |
Class R3 Shares (Incep: 7/1/03) | 6.22% | 3.98% | 2.94% | 3.09% | 3.62% |
Class R4 Shares (Incep: 2/1/14) | 6.30% | 3.98% | 2.96% | - | 2.64% |
Class R5 Shares (Incep: 5/1/12) | 6.83% | 4.45% | 3.35% | - | 3.09% |
Class R6 Shares (Incep: 4/10/17) | 6.90% | 4.56% | - | - | 3.89% |
Bloomberg Barclays U.S. Aggregate Bond Total Return Index Value USD (Since 10/1/92) | 0.71% | 4.65% | 3.10% | 3.44% | 5.23% |
Bloomberg Barclays Intermediate U.S. Government/Credit Total Return Index Value Unhedged (Since 10/1/92) | 2.01% | 4.36% | 2.75% | 2.88% | 4.76% |
THORNBURG ULTRA SHORT INCOME FUND | FINAL VALUE |
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 | 4.82% | 2.76% | 2.05% | - | 1.77% |
With sales charge | 3.21% | 2.24% | 1.74% | - | 1.55% |
Class I Shares (Incep: 12/30/13) | 4.95% | 2.94% | 2.23% | - | 1.95% |
ICE BofAML U.S. Treasury Bill Index (Since 12/30/13) | 0.12% | 1.55% | 1.21% | - | 0.87% |
Bloomberg Barclays U.S. Aggregate 1-3 Year Total Return Index Value Unhedged USD (Since 12/30/13) | 1.19% | 2.95% | 1.96% | - | 1.69% |
THORNBURG STRATEGIC INCOME FUND | FINAL VALUE |
THORNBURG STRATEGIC INCOME FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 12/19/07) | |||||
Without sales charge | 14.68% | 5.40% | 5.50% | 4.90% | 5.93% |
With sales charge | 9.49% | 3.80% | 4.54% | 4.42% | 5.56% |
Class C Shares (Incep: 12/19/07) | |||||
Without sales charge | 13.84% | 4.62% | 4.76% | 4.24% | 5.28% |
With sales charge | 12.84% | 4.62% | 4.76% | 4.24% | 5.28% |
Class I Shares (Incep: 12/19/07) | 15.02% | 5.74% | 5.88% | 5.26% | 6.27% |
Class R3 Shares (Incep: 5/1/12) | 14.26% | 5.09% | 5.32% | - | 4.64% |
Class R4 Shares (Incep: 2/1/14) | 14.37% | 5.12% | 5.30% | - | 3.98% |
Class R5 Shares (Incep: 5/1/12) | 15.01% | 5.77% | 5.89% | - | 5.10% |
Class R6 Shares (Incep: 4/10/17) | 15.06% | 5.83% | - | - | 5.50% |
Bloomberg Barclays U.S. Universal Total Return Index Value Unhedged (Since 12/19/07) | 2.95% | 4.86% | 3.59% | 3.77% | 4.27% |
Thornburg Limited Term U.S. Government Fund | March 31, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 196 |
Effective Duration | 3.1 Yrs |
Average Maturity | 3.7 Yrs |
Annualized Distribution Yield | 1.07% |
SEC Yield | 0.65% |
8% | 2% | 7% | 27% | 31% | 8% | 1% | 3% | 0% | 5% | 9% |
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | LTUSX | 885-215-103 |
Class C | LTUCX | 885-215-830 |
Class C2 | LTUQX | 885-216-465 |
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 | March 31, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 756 |
Effective Duration | 3.2 Yrs |
Average Maturity | 3.8 Yrs |
Annualized Distribution Yield | 1.30% |
SEC Yield | 0.89% |
7% | 12% | 15% | 12% | 16% | 13% | 4% | 4% | 2% | 6% | 10% |
THORNBURG LIMITED TERM INCOME FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | THIFX | 885-215-509 |
Class C | THICX | 885-215-764 |
Class C2 | THIQX | 885-216-424 |
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 | March 31, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 304 |
Effective Duration | 0.5 Yrs |
Average Maturity | 0.7 Yrs |
Annualized Distribution Yield | 1.26% |
SEC Yield | 0.89% |
12% | 62% | 18% | 4% | 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 | March 31, 2021 (Unaudited)
PORTFOLIO COMPOSITION | |
Corporate/Convertible Bonds | 43.7% |
Asset Backed Securities | 21.5% |
Bank Loans | 5.6% |
Common & Preferred Stock | 0.7% |
U.S. Treasury Securities | 1.9% |
U.S. Government Agencies | 0.1% |
Other Fixed Income | 13.8% |
Other Assets Less Liabilities | 12.7% |
Annualized Distribution Yield | 3.82% |
SEC Yield | 2.09% |
TOP TEN INDUSTRY GROUPS | |
Diversified Financials | 5.7% |
Software & Services | 4.9% |
Energy | 3.8% |
Materials | 3.4% |
Telecommunication Services | 3.1% |
Utilities | 3.0% |
Insurance | 2.9% |
Capital Goods | 2.7% |
Technology Hardware & Equipment | 2.3% |
Food, Beverage & Tobacco | 2.2% |
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 | March 31, 2021 (Unaudited)
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
U.S. Treasury Securities — 14.4% | |||
United States Treasury Notes, | |||
0.625% due 5/15/2030 - 8/15/2030 | $28,900,000 | $ 26,269,360 | |
1.50% due 10/31/2024 - 2/15/2030 | 10,885,000 | 10,966,790 | |
United States Treasury Notes Inflationary Index, | |||
0.125% due 1/15/2030 - 7/15/2030 | 11,905,197 | 12,904,215 | |
0.25% due 7/15/2029 | 1,288,337 | 1,419,012 | |
Total U.S. Treasury Securities (Cost $53,904,111) | 51,559,377 | ||
U.S. Government Agencies — 7.9% | |||
a | Durrah MSN 35603 (Guaranty: Export-Import Bank of the United States), 1.684% due 1/22/2025 | 512,550 | 523,181 |
b | HNA Group LLC (Guaranty: Export-Import Bank of the United States), Series 2015, 2.291% due 6/30/2027 | 1,694,259 | 1,779,699 |
a | MSN 41079 and 41084 Ltd. (Guaranty: Export-Import Bank of the United States), 1.717% due 7/13/2024 | 494,359 | 504,111 |
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a,c | 0.591% (LIBOR 3 Month + 0.35%) due 4/15/2025 | 1,487,500 | 1,440,272 |
a | 1.70% due 12/20/2022 | 1,045,000 | 1,040,036 |
a | 2.46% due 12/15/2025 | 1,250,000 | 1,201,450 |
Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), | |||
a | 2.06% due 1/15/2026 | 1,750,000 | 1,754,707 |
a | 2.512% due 1/15/2026 | 2,637,500 | 2,693,942 |
Small Business Administration Participation Certificates, | |||
Series 2001-20D Class 1, 6.35% due 4/1/2021 | 29,857 | 29,857 | |
Series 2001-20F Class 1, 6.44% due 6/1/2021 | 24,266 | 24,432 | |
Series 2002-20A Class 1, 6.14% due 1/1/2022 | 24,629 | 25,072 | |
Series 2002-20K Class 1, 5.08% due 11/1/2022 | 47,428 | 48,364 | |
Series 2005-20H Class 1, 5.11% due 8/1/2025 | 66,232 | 70,040 | |
Series 2007-20D Class 1, 5.32% due 4/1/2027 | 182,469 | 197,032 | |
Series 2007-20F Class 1, 5.71% due 6/1/2027 | 106,521 | 115,960 | |
Series 2007-20I Class 1, 5.56% due 9/1/2027 | 360,146 | 392,444 | |
Series 2007-20K Class 1, 5.51% due 11/1/2027 | 237,195 | 257,619 | |
Series 2008-20G Class 1, 5.87% due 7/1/2028 | 608,979 | 670,983 | |
Series 2011-20G Class 1, 3.74% due 7/1/2031 | 895,594 | 952,175 | |
Series 2011-20K Class 1, 2.87% due 11/1/2031 | 1,305,579 | 1,353,523 | |
Series 2014-20H Class 1, 2.88% due 8/1/2034 | 798,658 | 832,698 | |
Series 2015-20B Class 1, 2.46% due 2/1/2035 | 665,921 | 684,612 | |
Series 2015-20G Class 1, 2.88% due 7/1/2035 | 1,380,632 | 1,442,408 | |
Series 2015-20I Class 1, 2.82% due 9/1/2035 | 1,457,556 | 1,522,829 | |
Series 2017-20I Class 1, 2.59% due 9/1/2037 | 2,798,341 | 2,904,393 | |
Series 2017-20K Class 1, 2.79% due 11/1/2037 | 1,304,083 | 1,363,507 | |
Thirax 1, LLC (Guaranty: Export-Import Bank of the United States), 0.968% due 1/14/2033 | 1,500,000 | 1,419,375 | |
Ulani MSN 35940 LLC (Guaranty: Export-Import Bank of the United States), 2.227% due 5/16/2025 | 1,770,834 | 1,765,999 | |
a,c | Washington Aircraft 2 Co. Ltd. (Guaranty: Export-Import Bank of the United States), 0.625% (LIBOR 3 Month + 0.43%) due 6/26/2024 | 1,264,065 | 1,262,257 |
Total U.S. Government Agencies (Cost $27,802,176) | 28,272,977 | ||
Mortgage Backed — 68.5% | |||
Federal Home Loan Mtg Corp., Pool J21208, 2.50% due 11/1/2027 | 1,632,531 | 1,703,733 | |
Federal Home Loan Mtg Corp., CMO REMIC, | |||
Series 1351 Class TE, 7.00% due 8/15/2022 | 16,270 | 16,742 | |
Series 3291 Class BY, 4.50% due 3/15/2022 | 5,564 | 5,611 | |
Series 3704 Class DC, 4.00% due 11/15/2036 | 167,966 | 172,664 | |
Series 3867 Class VA, 4.50% due 3/15/2024 | 808,590 | 845,424 | |
Series 3922 Class PQ, 2.00% due 4/15/2041 | 277,285 | 282,129 | |
Series 4050 Class MV, 3.50% due 8/15/2023 | 871,139 | 898,333 | |
Series 4097 Class TE, 1.75% due 5/15/2039 | 256,332 | 257,010 | |
c | Series 4105 Class FG, 0.506% (LIBOR 1 Month + 0.40%) due 9/15/2042 | 865,979 | 870,741 |
Series 4120 Class TC, 1.50% due 10/15/2027 | 895,517 | 916,237 | |
Series 4120 Class UE, 2.00% due 10/15/2027 | 978,704 | 1,009,062 | |
Federal Home Loan Mtg Corp., Multi-Family Structured Pass Through, | |||
Series K035 Class A1, 2.615% due 3/25/2023 | 666,431 | 674,652 | |
c | Series K035 Class A2, 3.458% due 8/25/2023 | 3,000,000 | 3,195,083 |
Series K037 Class A1, 2.592% due 4/25/2023 | 596,946 | 608,316 | |
Series K038 Class A1, 2.604% due 10/25/2023 | 1,439,748 | 1,465,047 |
14 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Series K042 Class A1, 2.267% due 6/25/2024 | $ 1,908,577 | $ 1,952,970 | |
c | Series K047 Class A2, 3.329% due 5/25/2025 | 1,250,000 | 1,365,016 |
c | Series K061 Class A2, 3.347% due 11/25/2026 | 290,000 | 320,842 |
c | Series K069 Class A2, 3.187% due 9/25/2027 | 180,000 | 198,245 |
Series K072 Class A2, 3.444% due 12/25/2027 | 120,000 | 133,996 | |
Series K095 Class A2, 2.785% due 6/25/2029 | 577,000 | 620,124 | |
Series K718 Class A2, 2.791% due 1/25/2022 | 1,484,273 | 1,503,856 | |
Series K729 Class A2, 3.136% due 10/25/2024 | 3,500,000 | 3,751,673 | |
Series K730 Class A1, 3.452% due 9/25/2024 | 198,779 | 203,667 | |
c | Series K730 Class A2, 3.59% due 1/25/2025 | 190,000 | 206,722 |
c | Series KF15 Class A, 0.789% (LIBOR 1 Month + 0.67%) due 2/25/2023 | 381,868 | 381,590 |
Series KS03 Class A2, 2.79% due 6/25/2022 | 2,500,000 | 2,559,160 | |
Federal Home Loan Mtg Corp., REMIC, | |||
Pool D98887, 3.50% due 1/1/2032 | 415,550 | 444,095 | |
Pool E09025, 2.50% due 3/1/2028 | 86,138 | 89,938 | |
Pool G13804, 5.00% due 3/1/2025 | 96,983 | 101,835 | |
Pool G15227, 3.50% due 12/1/2029 | 1,358,140 | 1,466,760 | |
Pool G16710, 3.00% due 11/1/2030 | 1,911,752 | 2,028,563 | |
Pool G18435, 2.50% due 5/1/2027 | 879,112 | 917,453 | |
Pool G18446, 2.50% due 10/1/2027 | 1,633,662 | 1,704,913 | |
Pool J11371, 4.50% due 12/1/2024 | 101,628 | 105,827 | |
Pool J20795, 2.50% due 10/1/2027 | 2,085,495 | 2,176,463 | |
Pool J37586, 3.50% due 9/1/2032 | 261,254 | 284,385 | |
Pool T61943, 3.50% due 8/1/2045 | 248,641 | 260,291 | |
Pool T65457, 3.00% due 1/1/2048 | 1,083,109 | 1,112,354 | |
Federal Home Loan Mtg Corp., REMIC, UMBS Collateral, | |||
Pool SB8010, 2.50% due 10/1/2034 | 1,251,997 | 1,301,732 | |
Pool SB8030, 2.00% due 12/1/2034 | 1,621,915 | 1,664,400 | |
Pool ZS7299, 3.00% due 10/1/2030 | 1,007,056 | 1,074,413 | |
Pool ZS7942, 3.00% due 2/1/2033 | 3,255,852 | 3,493,994 | |
Pool ZT1958, 3.00% due 5/1/2034 | 4,537,712 | 4,868,178 | |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, | |||
c | Series 2017-3 Class HA, 3.25% due 7/25/2056 | 1,504,780 | 1,606,064 |
c | Series 2017-4 Class HT, 3.25% due 6/25/2057 | 4,071,953 | 4,311,569 |
c | Series 2018-1 Class HA, 3.00% due 5/25/2057 | 1,924,212 | 2,037,379 |
c | Series 2018-2 Class HA, 3.00% due 11/25/2057 | 1,105,999 | 1,168,607 |
Series 2018-3 Class HA, 3.00% due 8/25/2057 | 1,399,085 | 1,480,049 | |
Series 2018-3 Class MA, 3.50% due 8/25/2057 | 1,820,622 | 1,954,801 | |
Series 2018-4 Class HA, 3.00% due 3/25/2058 | 1,669,972 | 1,767,286 | |
Series 2018-4 Class MA, 3.50% due 3/25/2058 | 1,331,386 | 1,430,891 | |
Series 2019-1 Class MA, 3.50% due 7/25/2058 | 3,798,402 | 4,085,378 | |
Series 2019-2 Class MA, 3.50% due 8/25/2058 | 3,135,917 | 3,377,495 | |
Series 2019-3 Class MA, 3.50% due 10/25/2058 | 1,425,360 | 1,533,798 | |
Series 2019-4 Class MA, 3.00% due 2/25/2059 | 1,827,228 | 1,935,330 | |
Series 2020-1 Class MA, 2.50% due 8/25/2059 | 2,904,941 | 3,021,046 | |
Series 2020-2 Class A1D, 1.75% due 9/25/2030 | 3,275,156 | 3,319,806 | |
Series 2020-2 Class MA, 2.00% due 11/25/2059 | 2,155,494 | 2,207,975 | |
Series 2020-3 Class MA, 2.00% due 5/25/2060 | 907,144 | 927,957 | |
Series 2020-3 Class MT, 2.00% due 5/25/2060 | 930,358 | 930,724 | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool RC1280, 3.00% due 3/1/2035 | 946,983 | 1,013,009 | |
Pool RC1535, 2.00% due 8/1/2035 | 3,073,708 | 3,157,253 | |
Pool RC1826, 2.00% due 2/1/2036 | 1,980,303 | 2,034,128 | |
Pool RD5043, 2.00% due 12/1/2030 | 3,510,078 | 3,621,091 | |
Pool SB8068, 1.50% due 10/1/2035 | 3,951,474 | 3,972,591 | |
Pool SB8083, 1.50% due 1/1/2036 | 1,612,233 | 1,620,849 | |
Pool ZS4730, 3.50% due 8/1/2047 | 1,805,634 | 1,914,837 | |
Pool ZS8034, 3.00% due 6/1/2033 | 2,411,716 | 2,587,353 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
Series 2015-SC02 Class 2A, 3.50% due 9/25/2045 | 462,139 | 468,335 | |
Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | 606,185 | 611,901 | |
Series 2016-SC02 Class 2A, 3.50% due 10/25/2046 | 409,502 | 401,821 | |
Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | 789,319 | 783,426 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 15 |
Thornburg Limited Term U.S. Government Fund | March 31, 2021 (Unaudited)
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | $ 605,348 | $ 600,573 | |
Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | 383,943 | 386,980 | |
Federal National Mtg Assoc., | |||
c | Pool 895572, 2.846% (LIBOR 12 Month + 1.82%) due 6/1/2036 | 98,408 | 103,192 |
Pool BF0130, 3.50% due 8/1/2056 | 494,772 | 539,032 | |
Pool BF0144, 3.50% due 10/1/2056 | 694,213 | 756,315 | |
Pool MA1582, 3.50% due 9/1/2043 | 2,412,443 | 2,624,447 | |
Federal National Mtg Assoc., CMO, | |||
c | Series 2015-SB5 Class A10, 3.15% due 9/25/2035 | 493,767 | 507,255 |
c | Series 2018-SB47 Class A5H, 2.92% due 1/25/2038 | 1,085,783 | 1,125,640 |
Federal National Mtg Assoc., CMO REMIC, | |||
Series 1993-32 Class H, 6.00% due 3/25/2023 | 2,913 | 3,024 | |
c | Series 2009-17 Class AH, 0.575% due 3/25/2039 | 285,380 | 268,162 |
Series 2009-52 Class AJ, 4.00% due 7/25/2024 | 919 | 932 | |
Series 2011-70 Class CA, 3.00% due 8/25/2026 | 1,433,281 | 1,496,342 | |
c | Series 2013-81 Class FW, 0.409% (LIBOR 1 Month + 0.30%) due 1/25/2043 | 1,609,269 | 1,612,166 |
c | Series 2013-92 Class FA, 0.659% (LIBOR 1 Month + 0.55%) due 9/25/2043 | 1,101,828 | 1,112,985 |
Federal National Mtg Assoc., Grantor Trust, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 996,905 | 1,067,519 | |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool 252648, 6.50% due 5/1/2022 | 3,332 | 3,341 | |
Pool 342947, 7.25% due 4/1/2024 | 514 | 514 | |
Pool AB8442, 2.00% due 2/1/2028 | 1,932,848 | 1,987,723 | |
Pool AB8447, 2.50% due 2/1/2028 | 821,821 | 857,456 | |
Pool AE0704, 4.00% due 1/1/2026 | 850,690 | 907,582 | |
Pool AJ1752, 3.50% due 9/1/2026 | 803,457 | 858,151 | |
Pool AK6518, 3.00% due 3/1/2027 | 483,764 | 512,161 | |
Pool AK6768, 3.00% due 3/1/2027 | 881,352 | 931,235 | |
Pool AL6582, 3.50% due 4/1/2030 | 829,798 | 895,911 | |
Pool AL7801, 2.50% due 11/1/2030 | 2,764,342 | 2,893,172 | |
Pool AL9445, 3.00% due 7/1/2031 | 22,137 | 23,613 | |
Pool AL9821, 2.50% due 1/1/2032 | 3,163,486 | 3,323,184 | |
Pool AS4916, 3.00% due 5/1/2030 | 1,598,160 | 1,695,267 | |
Pool AS9733, 4.00% due 6/1/2047 | 1,657,633 | 1,828,702 | |
Pool AS9749, 4.00% due 6/1/2047 | 786,181 | 847,645 | |
Pool AU2669, 2.50% due 10/1/2028 | 899,092 | 938,876 | |
Pool AZ3778, 3.00% due 4/1/2030 | 2,194,839 | 2,327,431 | |
Pool BM4153, 3.00% due 6/1/2033 | 2,327,557 | 2,481,502 | |
Pool BM4864, 3.50% due 5/1/2033 | 1,431,175 | 1,543,424 | |
Pool BM5490, 3.50% due 11/1/2031 | 1,662,466 | 1,788,844 | |
Pool BP8943, 2.00% due 7/1/2035 | 1,271,048 | 1,304,831 | |
Pool BP9589, 2.50% due 8/1/2035 | 3,225,983 | 3,378,165 | |
Pool CA0200, 3.00% due 8/1/2032 | 1,508,557 | 1,618,556 | |
Pool CA0942, 2.50% due 12/1/2032 | 1,400,991 | 1,470,842 | |
Pool CA3904, 3.00% due 7/1/2034 | 3,427,135 | 3,685,333 | |
Pool CA4102, 3.50% due 8/1/2029 | 1,261,895 | 1,359,976 | |
Pool CA5271, 2.50% due 3/1/2035 | 1,726,142 | 1,817,517 | |
Pool CA5282, 3.00% due 3/1/2035 | 3,745,702 | 4,027,900 | |
Pool CA6862, 2.00% due 9/1/2035 | 1,879,020 | 1,940,285 | |
Pool CA7128, 2.00% due 9/1/2030 | 4,612,191 | 4,769,005 | |
Pool CA7470, 2.00% due 10/1/2035 | 3,348,151 | 3,457,317 | |
Pool CA7535, 1.50% due 10/1/2030 | 4,024,066 | 4,098,909 | |
Pool CA7891, 1.50% due 11/1/2035 | 1,918,532 | 1,935,783 | |
Pool FM1126, 3.00% due 3/1/2033 | 2,261,363 | 2,402,331 | |
Pool FM1523, 2.50% due 8/1/2029 | 1,642,637 | 1,709,767 | |
Pool FM2831, 2.50% due 5/1/2032 | 2,439,409 | 2,555,649 | |
Pool FM3494, 2.50% due 4/1/2048 | 1,979,082 | 2,045,717 | |
Pool FM4948, 1.50% due 12/1/2035 | 1,077,471 | 1,084,220 | |
Pool FM5458, 1.50% due 12/1/2035 | 1,621,134 | 1,632,879 | |
Pool MA2353, 3.00% due 8/1/2035 | 1,175,048 | 1,238,727 | |
Pool MA2480, 4.00% due 12/1/2035 | 1,203,509 | 1,318,050 | |
Pool MA3465, 4.00% due 9/1/2038 | 830,519 | 893,854 | |
Pool MA3557, 4.00% due 1/1/2029 | 1,136,506 | 1,211,249 | |
Pool MA3681, 3.00% due 6/1/2034 | 802,324 | 846,843 |
16 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Pool MA3826, 3.00% due 11/1/2029 | $ 1,756,649 | $ 1,865,586 | |
Pool MA3896, 2.50% due 1/1/2035 | 201,302 | 209,287 | |
Pool MA3953, 2.50% due 3/1/2030 | 882,592 | 923,799 | |
Pool MA4012, 2.00% due 5/1/2035 | 2,958,291 | 3,036,919 | |
Pool MA4016, 2.50% due 5/1/2040 | 2,034,236 | 2,099,784 | |
Pool MA4042, 2.00% due 6/1/2035 | 3,639,523 | 3,736,258 | |
Pool MA4045, 2.00% due 6/1/2040 | 3,130,697 | 3,178,066 | |
Pool MA4095, 2.00% due 8/1/2035 | 2,713,813 | 2,785,944 | |
Pool MA4123, 2.00% due 9/1/2035 | 3,521,266 | 3,614,858 | |
Pool MA4148, 2.00% due 10/1/2030 | 908,570 | 937,302 | |
Pool MA4154, 1.50% due 10/1/2035 | 1,504,902 | 1,512,949 | |
Pool MA4155, 2.00% due 10/1/2035 | 1,470,307 | 1,509,387 | |
Pool MA4173, 2.00% due 11/1/2030 | 941,261 | 971,062 | |
Pool MA4178, 1.50% due 11/1/2035 | 1,913,335 | 1,923,565 | |
Pool MA4260, 1.50% due 2/1/2036 | 4,442,673 | 4,466,400 | |
Pool MA4279, 2.00% due 3/1/2036 | 1,590,416 | 1,633,570 | |
Government National Mtg Assoc., | |||
c | Pool 751392, 5.00% due 2/20/2061 | 1,423,323 | 1,492,495 |
c | Pool 894205, 2.25% (H15T1Y + 1.50%) due 8/20/2039 | 312,782 | 319,332 |
c | Pool MA0100, 2.875% (H15T1Y + 1.50%) due 5/20/2042 | 282,646 | 293,834 |
Pool MA0907, 2.00% due 4/20/2028 | 1,087,816 | 1,117,330 | |
Government National Mtg Assoc., CMO, | |||
Series 2010-160 Class VY, 4.50% due 1/20/2022 | 89,001 | 89,211 | |
Series 2016-32 Class LJ, 2.50% due 12/20/2040 | 1,801,792 | 1,829,658 | |
Series 2017-186 Class VA, 3.00% due 2/20/2031 | 2,385,666 | 2,512,871 | |
Mortgage-Linked Amortizing Notes CMO, Series 2012-1 Class A10, 2.06% due 1/15/2022 | 290,833 | 293,598 | |
Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 3,275,156 | 3,350,787 | |
Total Mortgage Backed (Cost $241,405,436) | 244,854,843 | ||
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 | 3,770,270 | |
3,770,270 | |||
Total Corporate Bonds (Cost $3,717,728) | 3,770,270 | ||
Short-Term Investments — 7.9% | |||
d | State Street Institutional Treasury Money Market Fund Premier Class 0.01% | 24,031,179 | 24,031,179 |
United States Treasury Bill 0.03% due 4/1/2021 | 4,268,000 | 4,268,000 | |
Total Short-Term Investments (Cost $28,299,179) | 28,299,179 | ||
Total Investments — 99.8% (Cost $355,128,630) | $356,756,646 | ||
Other Assets Less Liabilities — 0.2% | 850,272 | ||
Net Assets — 100.0% | $357,606,918 |
Footnote Legend | |
a | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
b | Bond in default. |
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 March 31, 2021. |
d | Rate represents the money market fund annualized seven-day yield at March 31, 2021. |
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 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 17 |
Thornburg Limited Term Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
U.S. Treasury Securities — 11.5% | |||
United States Treasury Notes, | |||
0.25% due 7/31/2025 | $ 32,485,000 | $ 31,774,391 | |
0.625% due 5/15/2030 - 8/15/2030 | 276,401,000 | 250,914,992 | |
0.875% due 11/15/2030 | 104,231,000 | 96,413,675 | |
1.125% due 2/15/2031 | 144,000,000 | 136,057,500 | |
1.50% due 10/31/2024 - 2/15/2030 | 93,435,000 | 96,404,910 | |
1.625% due 2/15/2026 - 8/15/2029 | 174,250,000 | 176,505,023 | |
1.75% due 11/15/2029 | 62,136,000 | 62,893,283 | |
2.25% due 11/15/2025 - 8/15/2027 | 31,662,000 | 33,642,934 | |
2.625% due 2/15/2029 | 17,058,000 | 18,454,624 | |
United States Treasury Notes Inflationary Index, | |||
0.125% due 1/15/2030 | 39,089,150 | 42,333,351 | |
0.25% due 1/15/2025 - 7/15/2029 | 49,534,312 | 54,469,314 | |
0.375% due 7/15/2027 | 67,231,296 | 74,620,514 | |
0.875% due 1/15/2029 | 55,375,973 | 63,542,784 | |
Total U.S. Treasury Securities (Cost $1,138,111,569) | 1,138,027,295 | ||
U.S. Government Agencies — 0.6% | |||
ALEX Alpha, LLC (Guaranty: Export-Import Bank of the United States), 1.617% due 8/15/2024 | 1,521,738 | 1,549,706 | |
Export Leasing (2009), LLC (Guaranty: Export-Import Bank of the United States), 1.859% due 8/28/2021 | 366,195 | 366,605 | |
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a,b | 0.591% (LIBOR 3 Month + 0.35%) due 4/15/2025 | 4,403,000 | 4,263,205 |
b | 1.70% due 12/20/2022 | 2,080,000 | 2,070,120 |
Private Export Funding Corp. (Guaranty: Export-Import Bank of the United States), Series KK, 3.55% due 1/15/2024 | 10,000,000 | 10,770,800 | |
Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), | |||
b | 2.06% due 1/15/2026 | 750,000 | 752,018 |
b | 2.512% due 1/15/2026 | 3,250,000 | 3,319,550 |
Santa Rosa Leasing, LLC (Guaranty: Export-Import Bank of the United States), 1.693% due 8/15/2024 | 1,820,139 | 1,848,060 | |
Small Business Administration Participation Certificates, | |||
Series 2001-20J Class 1, 5.76% due 10/1/2021 | 16,076 | 16,188 | |
Series 2008-20D Class 1, 5.37% due 4/1/2028 | 635,022 | 690,924 | |
Series 2009-20E Class 1, 4.43% due 5/1/2029 | 375,207 | 401,430 | |
Series 2009-20K Class 1, 4.09% due 11/1/2029 | 2,670,806 | 2,832,620 | |
Series 2011-20E Class 1, 3.79% due 5/1/2031 | 3,344,883 | 3,550,084 | |
Series 2011-20F Class 1, 3.67% due 6/1/2031 | 576,647 | 610,994 | |
Series 2011-20G Class 1, 3.74% due 7/1/2031 | 3,582,378 | 3,808,700 | |
Series 2011-20I Class 1, 2.85% due 9/1/2031 | 5,689,749 | 5,897,198 | |
Series 2011-20K Class 1, 2.87% due 11/1/2031 | 5,081,966 | 5,268,587 | |
Series 2012-20D Class 1, 2.67% due 4/1/2032 | 4,506,747 | 4,653,788 | |
Series 2012-20J Class 1, 2.18% due 10/1/2032 | 3,928,637 | 4,002,601 | |
Series 2012-20K Class 1, 2.09% due 11/1/2032 | 2,393,056 | 2,433,779 | |
a,c | U.S. Department of Transportation, 6.001% due 12/7/2031 | 3,000,000 | 3,111,150 |
Total U.S. Government Agencies (Cost $61,201,914) | 62,218,107 | ||
Other Government — 0.2% | |||
b,c | Bermuda Government International Bond, 2.375% due 8/20/2030 | 6,800,000 | 6,651,080 |
Carpintero Finance Ltd. (Guaranty: Export Credits Guarantee Department), | |||
b,c | 2.004% due 9/18/2024 | 3,652,981 | 3,731,995 |
b,c | 2.581% due 11/11/2024 | 3,786,699 | 3,926,327 |
b,c | Khadrawy Ltd. (Guaranty: Export Credits Guarantee Department), 2.471% due 3/31/2025 | 2,604,529 | 2,692,067 |
Total Other Government (Cost $16,836,816) | 17,001,469 | ||
Mortgage Backed — 26.6% | |||
Angel Oak Mortgage Trust, LLC, Whole Loan Securities Trust CMO, | |||
a,c | Series 2018-2 Class A1, 3.674% due 7/27/2048 | 2,346,143 | 2,359,644 |
a,c | Series 2020-2 Class A3, 5.00% due 1/26/2065 | 15,718,365 | 16,172,601 |
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2018-1 Class A1, 3.763% due 4/25/2048 | 6,620,310 | 6,632,388 |
a,c | Series 2018-1 Class A3, 4.206% due 4/25/2048 | 4,397,401 | 4,401,683 |
a,c | Series 2019-1 Class A1, 3.805% due 1/25/2049 | 11,793,460 | 12,017,762 |
18 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
a,c | Series 2019-1 Class A3, 4.208% due 1/25/2049 | $ 6,164,856 | $ 6,266,559 |
a,c | Series 2019-2 Class A1, 3.347% due 4/25/2049 | 5,859,615 | 5,982,730 |
a,c | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 13,107,112 | 13,445,882 |
c | Series 2020-1 Class A2, 2.927% due 3/25/2055 | 6,518,000 | 6,642,980 |
c | Series 2020-1 Class A3, 3.328% due 3/25/2055 | 4,500,000 | 4,603,675 |
c | Series 2020-1 Class M1, 4.277% due 3/25/2055 | 3,189,000 | 3,337,300 |
a,c | Bayview Commercial Asset Trust CMO, Series 2004-3 Class A2, 0.739% (LIBOR 1 Month + 0.63%) due 1/25/2035 | 1,200,994 | 1,190,798 |
c | Bravo Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 4,070,572 | 4,184,191 |
a,c | Bunker Hill Loan Depositary Trust, Whole Loan Securities Trust CMO, Series 2020-1, 3.253% due 2/25/2055 | 3,285,000 | 3,351,907 |
c | CFMT Issuer Trust, Whole Loan Securities Trust CMO, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | 13,548,396 | 13,539,966 |
Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, | |||
a,c | Series 2016-SH1 Class M3, 3.75% due 4/25/2045 | 3,115,948 | 3,118,165 |
a,c | Series 2016-SH2 Class M3, 3.75% due 12/25/2045 | 3,177,727 | 3,231,213 |
a,c | CIM Trust, Whole Loan Securities Trust CMO, Series 18-INV1 Class A4, 4.00% due 8/25/2048 | 2,781,672 | 2,835,505 |
Citigroup Mortgage Loan Trust, Inc., Whole Loan Securities Trust CMO, | |||
a | Series 2004-HYB2 Class B1, 2.615% due 3/25/2034 | 77,021 | 77,021 |
a,c | Series 2014-A Class A, 4.00% due 1/25/2035 | 956,661 | 1,007,200 |
a,c | Series 2014-J1 Class B4, 3.641% due 6/25/2044 | 1,489,969 | 1,538,041 |
CSMC Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2013-HYB1 Class B3, 2.929% due 4/25/2043 | 3,231,955 | 3,329,558 |
a,c | Series 2021-AFC1 Class-A1, 0.83% due 3/25/2056 | 15,942,852 | 15,995,159 |
a,c | Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 0.715% due 5/25/2065 | 12,288,663 | 12,163,697 |
a,c | Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class A1, 2.739% due 11/25/2059 | 11,836,924 | 12,061,052 |
Federal Home Loan Mtg Corp., Pool J17504, 3.00% due 12/1/2026 | 602,463 | 637,199 | |
Federal Home Loan Mtg Corp., CMO REMIC, | |||
Series 3195 Class PD, 6.50% due 7/15/2036 | 402,236 | 469,113 | |
Series 3291 Class BY, 4.50% due 3/15/2022 | 7,419 | 7,481 | |
Series 3504 Class PC, 4.00% due 1/15/2039 | 3,005 | 3,023 | |
Series 3838 Class GV, 4.00% due 3/15/2024 | 3,381,806 | 3,510,755 | |
Series 3919 Class VB, 4.00% due 8/15/2024 | 1,421,405 | 1,445,685 | |
Series 3922 Class PQ, 2.00% due 4/15/2041 | 415,927 | 423,194 | |
Series 4050 Class MV, 3.50% due 8/15/2023 | 995,303 | 1,026,372 | |
Series 4079 Class WV, 3.50% due 3/15/2027 | 0 | 0 | |
Series 4097 Class TE, 1.75% due 5/15/2039 | 768,997 | 771,031 | |
Series 4120 Class TC, 1.50% due 10/15/2027 | 1,162,836 | 1,189,741 | |
Federal Home Loan Mtg Corp., Multi-Family Structured Pass Through, Series K717 Class A2, 2.991% due 9/25/2021 | 4,444,886 | 4,474,169 | |
Federal Home Loan Mtg Corp., Multifamily Structured Pass Through Certificates, | |||
a | Series K719 Class A2, 2.731% due 6/25/2022 | 2,488,319 | 2,488,319 |
Series K722 Class A2, 2.406% due 3/25/2023 | 4,800,000 | 4,930,366 | |
Series K725 Class A1, 2.666% due 5/25/2023 | 5,325,860 | 5,417,090 | |
Federal Home Loan Mtg Corp., REMIC, | |||
Pool D98887, 3.50% due 1/1/2032 | 1,391,052 | 1,486,607 | |
Pool G16710, 3.00% due 11/1/2030 | 518,543 | 550,227 | |
Pool T65457, 3.00% due 1/1/2048 | 9,724,769 | 9,987,352 | |
Federal Home Loan Mtg Corp., REMIC, UMBS Collateral, Pool ZS7942, 3.00% due 2/1/2033 | 43,759,799 | 46,960,503 | |
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 | 7,245,727 | 7,667,731 |
a | Series 2017-3 Class HA, 3.25% due 7/25/2056 | 12,557,690 | 13,402,923 |
a | Series 2017-4 Class HT, 3.25% due 6/25/2057 | 10,915,266 | 11,557,580 |
a | Series 2018-1 Class HA, 3.00% due 5/25/2057 | 7,648,744 | 8,098,583 |
a | Series 2018-2 Class HA, 3.00% due 11/25/2057 | 17,695,984 | 18,697,711 |
Series 2018-3 Class HA, 3.00% due 8/25/2057 | 20,146,824 | 21,312,713 | |
Series 2018-3 Class MA, 3.50% due 8/25/2057 | 15,409,046 | 16,544,688 | |
Series 2018-4 Class HA, 3.00% due 3/25/2058 | 16,423,811 | 17,380,869 | |
Series 2019-1 Class MA, 3.50% due 7/25/2058 | 38,267,177 | 41,158,331 | |
Series 2019-2 Class MA, 3.50% due 8/25/2058 | 37,564,510 | 40,458,323 | |
Series 2019-3 Class MA, 3.50% due 10/25/2058 | 20,120,375 | 21,651,095 | |
Series 2019-4 Class MA, 3.00% due 2/25/2059 | 28,190,945 | 29,858,780 | |
Series 2020-1 Class MA, 2.50% due 8/25/2059 | 4,992,371 | 5,191,906 | |
Series 2020-2 Class A1D, 1.75% due 9/25/2030 | 51,317,018 | 52,016,623 | |
Series 2020-2 Class MA, 2.00% due 11/25/2059 | 18,403,609 | 18,851,695 | |
Series 2020-3 Class MA, 2.00% due 5/25/2060 | 20,873,376 | 21,352,297 | |
Series 2020-3 Class MT, 2.00% due 5/25/2060 | 5,386,772 | 5,388,889 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 19 |
Thornburg Limited Term Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool QN2877, 2.00% due 7/1/2035 | $ 32,420,636 | $ 33,284,569 | |
Pool RA1833, 4.00% due 10/1/2049 | 1,276,702 | 1,375,142 | |
Pool RC1280, 3.00% due 3/1/2035 | 6,363,724 | 6,807,419 | |
Pool RC1535, 2.00% due 8/1/2035 | 67,431,769 | 69,264,605 | |
Pool RC1826, 2.00% due 2/1/2036 | 80,251,758 | 82,433,049 | |
Pool RD5039, 2.00% due 10/1/2030 | 66,467,042 | 68,569,186 | |
Pool RD5045, 2.00% due 11/1/2030 | 23,392,339 | 24,132,165 | |
Pool SB0308, 2.50% due 1/1/2035 | 58,051,746 | 61,129,156 | |
Pool SB0448, 2.00% due 11/1/2035 | 72,120,679 | 74,478,232 | |
Pool SB8068, 1.50% due 10/1/2035 | 68,509,259 | 68,875,374 | |
Pool SB8083, 1.50% due 1/1/2036 | 89,259,107 | 89,736,110 | |
Pool SD0257, 3.00% due 1/1/2050 | 2,589,956 | 2,738,131 | |
Pool ZS8034, 3.00% due 6/1/2033 | 36,778,666 | 39,457,130 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | 2,323,708 | 2,345,622 | |
Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | 16,597,215 | 16,473,319 | |
Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | 1,463,782 | 1,475,360 | |
Federal National Mtg Assoc., CMO REMIC, | |||
Series 2007-42 Class PA, 5.50% due 4/25/2037 | 53,440 | 56,320 | |
a | Series 2009-17 Class AH, 0.575% due 3/25/2039 | 475,634 | 446,936 |
Series 2009-52 Class AJ, 4.00% due 7/25/2024 | 1,532 | 1,553 | |
Series 2012-129 Class LA, 3.50% due 12/25/2042 | 2,917,862 | 3,077,111 | |
a | Series 2013-81 Class FW, 0.409% (LIBOR 1 Month + 0.30%) due 1/25/2043 | 5,847,229 | 5,857,753 |
Federal National Mtg Assoc., Grantor Trust, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 17,944,282 | 19,215,344 | |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool 897936, 5.50% due 8/1/2021 | 6,590 | 6,606 | |
Pool AE0704, 4.00% due 1/1/2026 | 2,212,626 | 2,360,600 | |
Pool AK6518, 3.00% due 3/1/2027 | 674,789 | 714,399 | |
Pool AS3111, 3.00% due 8/1/2029 | 4,906,446 | 5,217,525 | |
Pool AS4916, 3.00% due 5/1/2030 | 497,545 | 527,776 | |
Pool AS7323, 2.50% due 6/1/2031 | 3,419,825 | 3,592,463 | |
Pool AS8242, 2.50% due 11/1/2031 | 5,778,751 | 6,047,931 | |
Pool AS9749, 4.00% due 6/1/2047 | 6,674,415 | 7,196,221 | |
Pool AV5059, 3.00% due 2/1/2029 | 3,097,387 | 3,293,768 | |
Pool BM4324, 3.50% due 7/1/2033 | 4,481,940 | 4,878,189 | |
Pool BM5490, 3.50% due 11/1/2031 | 5,486,139 | 5,903,186 | |
Pool BP8943, 2.00% due 7/1/2035 | 41,916,261 | 43,030,356 | |
Pool BP9550, 2.50% due 7/1/2035 | 6,833,225 | 7,155,574 | |
Pool BP9589, 2.50% due 8/1/2035 | 1,302,665 | 1,364,116 | |
Pool CA0200, 3.00% due 8/1/2032 | 11,227,923 | 12,046,621 | |
Pool CA3904, 3.00% due 7/1/2034 | 7,558,449 | 8,127,897 | |
Pool CA4102, 3.50% due 8/1/2029 | 7,223,809 | 7,785,278 | |
Pool CA5282, 3.00% due 3/1/2035 | 4,980,319 | 5,355,532 | |
Pool CA6862, 2.00% due 9/1/2035 | 14,701,854 | 15,181,207 | |
Pool CA7128, 2.00% due 9/1/2030 | 7,486,281 | 7,740,814 | |
Pool CA7470, 2.00% due 10/1/2035 | 66,723,865 | 68,899,392 | |
Pool CA7532, 1.50% due 10/1/2030 | 4,756,623 | 4,842,559 | |
Pool CA7536, 2.00% due 11/1/2030 | 12,943,545 | 13,377,591 | |
Pool CA7540, 2.00% due 10/1/2030 | 12,057,395 | 12,467,345 | |
Pool CA7891, 1.50% due 11/1/2035 | 17,951,845 | 18,113,269 | |
Pool FM1542, 3.50% due 9/1/2034 | 2,953,596 | 3,214,640 | |
Pool FM3758, 2.50% due 8/1/2031 | 32,931,838 | 34,392,682 | |
Pool FM4948, 1.50% due 12/1/2035 | 25,570,952 | 25,731,105 | |
Pool FM5458, 1.50% due 12/1/2035 | 33,898,130 | 34,143,726 | |
Pool FP0000, 3.00% due 11/1/2027 | 7,071,568 | 7,483,453 | |
Pool MA2815, 3.00% due 11/1/2026 | 1,445,273 | 1,526,904 | |
Pool MA3465, 4.00% due 9/1/2038 | 7,448,096 | 8,016,079 | |
Pool MA3953, 2.50% due 3/1/2030 | 5,931,015 | 6,207,927 | |
Pool MA4016, 2.50% due 5/1/2040 | 24,376,932 | 25,162,417 | |
Pool MA4095, 2.00% due 8/1/2035 | 54,282,528 | 55,725,306 | |
Pool MA4123, 2.00% due 9/1/2035 | 62,810,579 | 64,480,025 | |
Pool MA4148, 2.00% due 10/1/2030 | 29,982,825 | 30,930,959 |
20 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Pool MA4154, 1.50% due 10/1/2035 | $ 58,173,883 | $ 58,484,944 | |
Pool MA4155, 2.00% due 10/1/2035 | 56,836,572 | 58,347,234 | |
Pool MA4173, 2.00% due 11/1/2030 | 80,541,703 | 83,091,726 | |
Pool MA4178, 1.50% due 11/1/2035 | 53,573,371 | 53,859,833 | |
Pool MA4260, 1.50% due 2/1/2036 | 115,971,132 | 116,590,512 | |
Pool MA4279, 2.00% due 3/1/2036 | 29,820,302 | 30,629,447 | |
a,c | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 5,005,905 | 5,110,783 |
a,c | FWD Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-INV1 Class A1, 2.81% due 6/25/2049 | 4,738,309 | 4,891,657 |
a,c | Galton Funding Mortgage Trust, Whole Loan Securities Trust CMO, Series 2018-1 Class A43, 3.50% due 11/25/2057 | 650,297 | 654,196 |
a,c | GCAT LLC, Whole Loan Securities Trust CMO, Series 2019-NQM1 Class A1, 2.985% due 2/25/2059 | 10,559,103 | 10,598,680 |
GCAT Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2019-NQM2 Class A1, 2.855% due 9/25/2059 | 11,695,924 | 11,785,890 |
a,c | Series 2019-NQM3 Class A1, 2.686% due 11/25/2059 | 13,778,794 | 14,052,695 |
Government National Mtg Assoc., | |||
a | Pool 731491, 5.31% due 12/20/2060 | 57,594 | 64,600 |
a | Pool MA0100, 2.875% (H15T1Y + 1.50%) due 5/20/2042 | 285,501 | 296,802 |
Government National Mtg Assoc., CMO, Series 2016-32 Class LJ, 2.50% due 12/20/2040 | 7,095,786 | 7,205,527 | |
a,c | GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, Series 2020-PJ2 Class B3, 3.596% due 7/25/2050 | 5,245,956 | 5,342,372 |
Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2018-2 Class A1, 3.985% due 11/25/2058 | 2,983,788 | 3,034,571 |
a,c | Series 2019-1 Class A1, 3.454% due 1/25/2059 | 8,657,202 | 8,657,202 |
a,c | Series 2019-1 Class M1, 3.951% due 1/25/2059 | 14,500,000 | 14,500,000 |
a,c | Series 2019-3 3.031% due 11/25/2059 | 7,594,851 | 7,723,007 |
JPMBB Commercial Mortgage Securities Trust, Series 2016-C1 Class A2, 2.668% due 3/15/2049 | 2,435,993 | 2,438,377 | |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2014-IVR3 Class B4, 2.553% due 9/25/2044 | 2,037,577 | 2,040,913 |
a,c | Series 2017-2 Class A6, 3.00% due 5/25/2047 | 2,052,852 | 2,079,000 |
a,c | Series 2017-6 Class A5, 3.50% due 12/25/2048 | 972,704 | 974,528 |
a,c | Series 2018-3 Class B2, 3.753% due 9/25/2048 | 2,597,721 | 2,683,400 |
a,c | Series 2018-6 Class B2, 3.928% due 12/25/2048 | 1,074,034 | 1,101,457 |
a,c | Series 2019-5 Class B3, 4.54% due 11/25/2049 | 8,304,121 | 8,851,332 |
a,c | Series 2019-HYB1 Class B3, 3.865% due 10/25/2049 | 5,754,455 | 5,892,740 |
a,c | Series 2019-INV2 Class B3A, 3.785% due 2/25/2050 | 9,640,759 | 9,630,274 |
a,c | Mello Warehouse Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-2 0.909% (LIBOR 1 Month + 0.80%) due 11/25/2053 | 20,000,000 | 20,017,788 |
a | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 3.187% due 8/25/2034 | 207,221 | 208,854 |
a,c | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 3,119,210 | 3,240,502 |
MFA Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2020-NQM3 1.014% due 1/26/2065 | 11,761,688 | 11,755,086 |
a,c | Series 2021-INV1 0.852% due 1/25/2056 | 12,704,966 | 12,671,488 |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22 Class A4, 3.306% due 4/15/2048 | 1,100,000 | 1,179,218 | |
Mortgage-Linked Amortizing Notes CMO, Series 2012-1 Class A10, 2.06% due 1/15/2022 | 246,089 | 248,429 | |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2017-2A Class A3, 4.00% due 3/25/2057 | 5,400,208 | 5,762,706 |
a,c | Series 2017-3A Class A1, 4.00% due 4/25/2057 | 6,564,481 | 6,964,485 |
a,c | Series 2017-4A Class A1, 4.00% due 5/25/2057 | 7,760,216 | 8,256,260 |
a,c | Series 2017-5A Class A1, 1.609% (LIBOR 1 Month + 1.50%) due 6/25/2057 | 597,007 | 606,788 |
a,c | Series 2017-6A Class A1, 4.00% due 8/27/2057 | 3,153,504 | 3,375,284 |
a,c | Series 2018-1A Class A1A, 4.00% due 12/25/2057 | 3,746,796 | 3,999,683 |
a,c | Series 2018-2A Class A1, 4.50% due 2/25/2058 | 7,329,413 | 7,817,942 |
a,c | Series 2018-RPL1 Class A1, 3.50% due 12/25/2057 | 4,645,705 | 4,858,187 |
RAMP Trust, Whole Loan Securities Trust CMO, Series 2003-SL1 Class A31, 7.125% due 4/25/2031 | 676,581 | 694,842 | |
a,c | RCKT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class B3, 3.517% due 2/25/2050 | 3,254,958 | 3,237,014 |
Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 38,168,759 | 39,050,164 | |
Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a | Series 2013-6 Class B4, 3.499% due 5/25/2043 | 894,015 | 916,142 |
a | Series 2013-7 Class B4, 3.528% due 6/25/2043 | 1,069,220 | 1,088,595 |
a,c | Series 2017-5 Class A4, 3.50% due 8/25/2047 | 825,583 | 826,945 |
SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2019-3 Class A1, 2.703% due 9/25/2059 | 7,517,780 | 7,623,916 |
a,c | Series 2019-3 Class A3, 3.082% due 9/25/2059 | 3,182,209 | 3,229,499 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 21 |
Thornburg Limited Term Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Series 2020-2 | |||
a,c | 1.381% due 5/25/2065 | $ 32,536,201 | $ 32,043,934 |
a,c | 1.587% due 5/25/2065 | 6,320,055 | 6,188,813 |
a,c | Series 2020-2 Class A3, 1.895% due 5/25/2065 | 2,157,735 | 2,112,168 |
a,c | Shellpoint Asset Funding Trust, Whole Loan Securities Trust CMO, Series 2013-1 Class A1, 3.75% due 7/25/2043 | 2,004,074 | 2,032,832 |
a,c | Spruce Hill Mortgage Loan Trust, Inc., Whole Loan Securities Trust CMO, Series 2020-SH1 Class A1, 2.521% due 1/28/2050 | 22,411,202 | 22,811,928 |
a,c | Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2019-IMC1 Class A1, 3.468% due 2/25/2049 | 5,301,575 | 5,301,575 |
a | Structured Asset Securities Corp., Mortgage Pass-Through Ctfs, Whole Loan Securities Trust CMO, Series 2003-9A Class 2A2, 2.288% due 3/25/2033 | 591,193 | 591,193 |
Verus Securitization Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2019-2 Class A1, 3.211% due 5/25/2059 | 419,813 | 420,518 |
a,c | Series 2019-3 Class A1, 2.784% due 7/25/2059 | 12,528,304 | 12,790,475 |
a,c | Series 2020-1 Class M1, 3.021% due 1/25/2060 | 5,000,000 | 5,102,687 |
a,c | Series 2020-2 Class M1, 5.36% due 5/25/2060 | 3,275,000 | 3,475,773 |
a,c | Series 2020-INV1 Class M1, 5.50% due 3/25/2060 | 900,000 | 953,498 |
a,c | Series 2021-R1 0.82% due 10/25/2063 | 25,870,905 | 25,648,838 |
a,c | Vista Point Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1, 1.475% due 4/25/2065 | 15,976,449 | 15,864,136 |
a,c | WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2015-3 Class B4, 3.892% due 3/20/2045 | 1,691,183 | 1,751,849 |
Total Mortgage Backed (Cost $2,636,699,286) | 2,644,660,398 | ||
Asset Backed Securities — 17.7% | |||
Auto Receivables — 3.1% | |||
ACC Trust, | |||
c | Series 2019-2 Class A, 2.82% due 2/21/2023 | 6,138,763 | 6,177,381 |
c | Series 2020-A Class A, 6.00% due 3/20/2023 | 12,995,522 | 13,389,057 |
American Credit Acceptance Receivables Trust, | |||
c | Series 2019-2 Class B, 3.05% due 5/12/2023 | 30,716 | 30,732 |
c | Series 2020-2 Class C, 3.88% due 4/13/2026 | 11,500,000 | 12,104,642 |
c | Series 2020-2 Class D, 5.65% due 5/13/2026 | 4,250,000 | 4,693,368 |
Arivo Acceptance Auto Loan Receivables Trust, | |||
c | Series 2019-1 Class A, 2.99% due 7/15/2024 | 2,611,139 | 2,648,686 |
c | Series 2019-1 Class B, 3.37% due 6/15/2025 | 3,547,000 | 3,674,399 |
c | Series 2021-1A Class A, 1.19% due 1/15/2027 | 11,590,023 | 11,665,647 |
c | Avid Automobile Receivables Trust, Series 2019-1 Class A, 2.62% due 2/15/2024 | 4,567,866 | 4,598,014 |
CarNow Auto Receivables Trust, | |||
c | Series 2019-1A Class A, 2.72% due 11/15/2022 | 1,987,992 | 1,995,737 |
c | Series 2020-1A Class A, 1.76% due 2/15/2023 | 8,118,829 | 8,153,841 |
Carvana Auto Receivables Trust, | |||
c | Series 2019-1A Class D, 3.88% due 10/15/2024 | 11,723,000 | 12,200,994 |
c | Series 2020-N1A Class A, 1.53% due 1/16/2024 | 8,116,387 | 8,144,447 |
c | CIG Auto Receivables Trust, Series 2020-1A Class A, 0.68% due 10/12/2023 | 8,867,765 | 8,870,770 |
CPS Auto Receivables Trust, | |||
c | Series 2017-D Class D, 3.73% due 9/15/2023 | 2,845,374 | 2,882,557 |
c | Series 2019-A Class B, 3.58% due 12/16/2024 | 2,395,351 | 2,400,171 |
c | Series 2020-A Class A, 2.09% due 5/15/2023 | 4,989,118 | 5,005,439 |
c | Series 2021-A Class A, 0.35% due 1/16/2024 | 10,925,357 | 10,921,441 |
Drive Auto Receivables Trust, Series 2019-1 Class D 4.09% due 6/15/2026 | 12,500,000 | 13,034,261 | |
c | DT Auto Owner Trust, Series 2019-4A Class D, 2.85% due 7/15/2025 | 7,500,000 | 7,749,437 |
c | Exeter Automobile Receivables Trust, Series 2019-3A Class D, 3.11% due 8/15/2025 | 2,000,000 | 2,081,185 |
FHF Trust, | |||
c | Series 2020-1A Class A, 2.59% due 12/15/2023 | 15,896,186 | 16,016,550 |
c | Series 2021-1A Class A, 1.27% due 3/15/2027 | 24,825,000 | 24,804,327 |
c | Flagship Credit Auto Trust, Series 2019-2 Class D, 3.53% due 5/15/2025 | 3,500,000 | 3,661,397 |
c | Foursight Capital Automobile Receivables Trust, Series 2019-1 Class A2, 2.58% due 3/15/2023 | 379,026 | 379,249 |
GLS Auto Receivables Issuer Trust, | |||
c | Series 2019-1A Class A, 3.37% due 1/17/2023 | 79,145 | 79,208 |
c | Series 2019-4A Class A, 2.47% due 11/15/2023 | 3,255,248 | 3,278,943 |
c | Series 2020-1A Class A, 2.17% due 2/15/2024 | 11,081,397 | 11,173,831 |
c | Series 2020-3A Class A, 0.69% due 10/16/2023 | 7,204,750 | 7,214,478 |
c | Series 2020-3A Class B, 1.38% due 8/15/2024 | 5,200,000 | 5,244,469 |
c | NextGear Floorplan Master Owner Trust, Series 2018-2A Class A2, 3.69% due 10/15/2023 | 15,049,000 | 15,317,318 |
b,c | Oscar US Funding Trust IX, LLC, Series 2018-2A Class A4, 3.63% due 9/10/2025 | 1,850,000 | 1,916,192 |
22 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
b,c | Oscar US Funding XI, LLC, Series 2019-2A Class A3, 2.59% due 9/11/2023 | $ 14,400,000 | $ 14,646,371 |
b,c | Oscar US Funding XII, LLC, Series 2021-1A Class A3, 0.70% due 4/10/2025 | 18,000,000 | 17,951,830 |
c | Skopos Auto Receivables Trust, Series 2019-1A Class A, 2.90% due 12/15/2022 | 1,937,372 | 1,939,899 |
Tesla Auto Lease Trust, | |||
c | Series 2018-B Class A, 3.71% due 8/20/2021 | 1,123,499 | 1,125,890 |
c | Series 2020-A Class A2, 0.55% due 5/22/2023 | 5,679,938 | 5,686,980 |
United Auto Credit Securitization Trust, | |||
c | Series 2019-1 Class D, 3.47% due 8/12/2024 | 6,750,000 | 6,835,307 |
c | Series 2020-1 Class A, 0.85% due 5/10/2022 | 2,742,103 | 2,743,282 |
c | USASF Receivables, LLC, Series 2020-1A Class A, 2.47% due 8/15/2023 | 26,650,321 | 26,934,050 |
309,371,777 | |||
Credit Card — 1.3% | |||
c,d | Brex Commercial Charge Card Master Trust, Series 2021-1 Class A, 2.09% due 7/17/2024 | 3,400,000 | 3,399,749 |
c,e | Continental Credit Card, LLC, Series 2019-1A Class A, 3.83% due 8/15/2026 | 23,000,000 | 23,563,716 |
c,e | Continental Finance Credit Card ABS Master Trust, Series 2020-1A Class A, 2.24% due 12/15/2028 | 17,500,000 | 17,633,308 |
c | Fair Square Issuance Trust, Series 2020-AA Class A, 2.90% due 9/20/2024 | 32,330,000 | 32,692,817 |
c | Genesis Private Label Amortizing Trust, Series 2020-1 Class A, 2.08% due 7/20/2030 | 5,667,463 | 5,674,651 |
c | Genesis Sales Finance Master Trust, Series 2020-AA, 1.65% due 9/22/2025 | 15,000,000 | 15,088,034 |
c | Mercury Financial Credit Card Master Trust, Series 2021-1A Class A 1.54% due 3/20/2026 | 30,900,000 | 30,904,672 |
128,956,947 | |||
Other Asset Backed — 10.6% | |||
c | Affirm Asset Securitization Trust, Series 2021-A 0.88% due 8/15/2025 | 14,500,000 | 14,505,808 |
c | Amur Equipment Finance Receivables VI, LLC, Series 2018-2A Class A2, 3.89% due 7/20/2022 | 2,064,328 | 2,099,911 |
c | Amur Equipment Finance Receivables VII, LLC, Series 2019-1A Class A2, 2.63% due 6/20/2024 | 5,657,316 | 5,750,168 |
c | Amur Equipment Finance Receivables VIII, LLC, Series 2020-1A Class A2, 1.68% due 8/20/2025 | 16,516,812 | 16,665,975 |
Appalachian Consumer Rate Relief Funding, LLC, Series 2013-1 Class A1, 2.008% due 2/1/2024 | 3,417,237 | 3,475,618 | |
Aqua Finance Trust, | |||
c | Series 2017-A Class A, 3.72% due 11/15/2035 | 1,795,871 | 1,847,661 |
c | Series 2019-A Class A, 3.14% due 7/16/2040 | 12,827,563 | 13,163,238 |
c | Series 2020-AA Class A, 1.90% due 7/17/2046 | 38,351,760 | 38,717,049 |
c | Series 2020-AA Class C, 3.97% due 7/17/2046 | 6,300,000 | 6,490,249 |
c | Avant Loans Funding Trust, Series 2019-B Class B, 3.15% due 10/15/2026 | 4,850,000 | 4,892,203 |
c | Bankers Healthcare Group Securitization Trust, Series 2020-A Class A, 2.56% due 9/17/2031 | 5,434,495 | 5,446,554 |
a,c | Bayview Opportunity Master Fund IV Trust, Series 2017-RT1 Class A1, 3.00% due 3/28/2057 | 1,775,535 | 1,803,102 |
c | BCC Funding Corp. XVI, LLC, Series 2019-1A Class A2, 2.46% due 8/20/2024 | 16,124,974 | 16,308,519 |
c | BCC Funding XVII, LLC, Series 2020-1 Class A2, 0.91% due 8/20/2025 | 9,000,000 | 9,014,345 |
c | BRE Grand Islander Timeshare Issuer, LLC, Series 2017-1A Class A, 2.94% due 5/25/2029 | 1,998,578 | 2,047,691 |
c | CFG Investments Ltd., Series 2019-1 Class A, 5.56% due 8/15/2029 | 6,000,000 | 6,021,907 |
Conn’s Receivables Funding, LLC, | |||
c | Series 2019-A Class A, 3.40% due 10/16/2023 | 573,074 | 574,875 |
c | Series 2020-A Class A, 1.71% due 6/16/2025 | 6,742,056 | 6,744,792 |
c | Consumer Loan Underlying Bond Credit Trust, Series 2018-P3 Class A, 3.82% due 1/15/2026 | 71,891 | 71,954 |
c | Crossroads Asset Trust, Series 2021-A 0.82% due 3/20/2024 | 7,000,000 | 7,008,476 |
Dell Equipment Finance Trust, | |||
c | Series 2020-1 Class A2, 2.26% due 6/22/2022 | 8,708,471 | 8,782,985 |
c | Series 2020-1 Class D, 5.92% due 3/23/2026 | 6,000,000 | 6,428,490 |
c | Dext, LLC, Series 2020-1 Class A, 1.46% due 2/16/2027 | 26,839,274 | 26,879,202 |
Diamond Resorts Owner Trust, | |||
c | Series 2018-1 Class A, 3.70% due 1/21/2031 | 4,978,673 | 5,199,103 |
c | Series 2019-1A Class A, 2.89% due 2/20/2032 | 12,783,042 | 13,174,223 |
c | DLL Securitization Trust, Series 2017-A Class A4, 2.43% due 11/17/2025 | 931,723 | 936,181 |
b,c | ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | 3,923,445 | 3,662,196 |
Entergy New Orleans Storm Recovery Funding I, LLC, Series 2015-1 Class A, 2.67% due 6/1/2027 | 6,510,230 | 6,625,137 | |
c | ExteNet, LLC, Series 2019-1A Class A2, 3.204% due 7/26/2049 | 9,855,000 | 10,164,680 |
Foundation Finance Trust, | |||
c | Series 2017-1A Class A, 3.30% due 7/15/2033 | 1,605,496 | 1,635,632 |
c | Series 2019-1A Class A, 3.86% due 11/15/2034 | 13,662,245 | 14,120,405 |
c | Series 2020-1A Class A, 3.54% due 7/16/2040 | 12,731,913 | 13,175,188 |
c | Series 2020-1A Class B, 4.62% due 7/16/2040 | 3,000,000 | 3,064,779 |
c | Series 2021-1A Class A, 1.27% due 5/15/2041 | 21,047,000 | 20,938,390 |
Freed ABS Trust, | |||
c | Series 2019-1 Class B, 3.87% due 6/18/2026 | 2,082,507 | 2,106,110 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 23 |
Thornburg Limited Term Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
c | Series 2019-2 Class A, 2.62% due 11/18/2026 | $ 2,040,030 | $ 2,046,950 |
c | Series 2019-2 Class B, 3.19% due 11/18/2026 | 2,500,000 | 2,534,720 |
c | Series 2020-2CP Class A, 4.52% due 6/18/2027 | 4,691,761 | 4,730,846 |
c | Series 2020-3FP Class A, 2.40% due 9/20/2027 | 3,382,657 | 3,395,464 |
c | Series 2020-FP1 Class A, 2.52% due 3/18/2027 | 5,223,488 | 5,254,276 |
c | Series 2021-1CP Class A, 0.66% due 3/20/2028 | 10,749,200 | 10,729,913 |
a,c | Gracie Point International Funding, Series 2020-B Class A, 1.515% (LIBOR 1 Month + 1.40%) due 5/2/2023 | 11,899,534 | 11,917,686 |
HERO Funding Trust, | |||
c | Series 2015-1A Class A, 3.84% due 9/21/2040 | 4,344,160 | 4,555,855 |
c | Series 2017-2A Class A1, 3.28% due 9/20/2048 | 889,078 | 915,001 |
Hilton Grand Vacations Trust, | |||
c | Series 2019-AA Class A, 2.34% due 7/25/2033 | 8,491,747 | 8,731,781 |
c | Series 2020-AA Class A, 2.74% due 2/25/2039 | 1,516,711 | 1,576,337 |
c | HIN Timeshare Trust, Series 2020-A Class A, 1.39% due 10/9/2039 | 7,662,179 | 7,736,634 |
c | InStar Leasing III, LLC, Series 2021-1A 2.30% due 2/15/2054 | 9,962,880 | 9,843,482 |
c | Lendingpoint Asset Securitization Trust, Series 2020-1 Class A, 2.512% due 2/10/2026 | 267,859 | 267,920 |
c | LendingPoint Asset Securitization Trust, Series 2020-REV1 Class A, 2.731% due 10/15/2028 | 41,000,000 | 41,814,626 |
LL ABS Trust, | |||
c | Series 2019-1A Class A, 2.87% due 3/15/2027 | 2,020,466 | 2,029,404 |
c | Series 2020-1A Class A, 2.33% due 1/17/2028 | 9,185,195 | 9,277,906 |
c | Loanpal Solar Loan Ltd., Series 2021-1GS 2.29% due 1/20/2048 | 23,526,870 | 23,476,741 |
Marlette Funding Trust, | |||
c | Series 2019-2A Class A, 3.13% due 7/16/2029 | 1,087,909 | 1,094,530 |
c | Series 2019-4A Class A, 2.39% due 12/17/2029 | 2,456,605 | 2,475,016 |
c | Series 2019-4A Class B, 2.95% due 12/17/2029 | 1,500,000 | 1,530,625 |
c | Series 2020-2A Class A, 1.02% due 9/16/2030 | 6,603,408 | 6,612,385 |
c | MelTel Land Funding, LLC, Series 2019-1A Class A, 3.768% due 4/15/2049 | 9,283,999 | 9,789,974 |
c | Mosaic Solar Loan Trust, Series 2021A Class A, 2.10% due 4/20/2046 | 6,409,647 | 6,470,277 |
Nationstar HECM Loan Trust, | |||
a,c | Series 2019-1A Class A, 2.651% due 6/25/2029 | 3,653,935 | 3,659,747 |
a,c | Series 2020-1A Class A1, 1.269% due 9/25/2030 | 30,975,096 | 31,028,676 |
c | New Residential Advance Receivables Trust Advance Receivables Backed, Series 2020-T1 Class AT1, 1.426% due 8/15/2053 | 55,450,000 | 55,574,812 |
NRZ Advance Receivables Trust 2015-ON1, | |||
c | Series 2020-T2 Class AT2, 1.475% due 9/15/2053 | 40,000,000 | 40,084,408 |
c | Series 2020-T2 Class BT2, 1.724% due 9/15/2053 | 3,000,000 | 3,006,982 |
c | Series 2020-T3 Class AT3, 1.317% due 10/15/2052 | 29,000,000 | 29,090,898 |
c | Ocwen Master Advance Receivables Trust, Series 2020-T1 Class AT1, 1.278% due 8/15/2052 | 56,025,000 | 56,162,950 |
c | Oportun Funding X, LLC, Series 2018-C Class A, 4.10% due 10/8/2024 | 7,550,000 | 7,620,161 |
c | Oportun Funding XIII, LLC, Series 2019-A Class B, 3.87% due 8/8/2025 | 7,500,000 | 7,673,649 |
c | Oportun Funding, LLC, Series 2020-1 Class A, 2.20% due 5/15/2024 | 10,677,949 | 10,741,935 |
Pagaya AI Debt Selection Trust, | |||
c | Series 2020-3 Class A, 2.10% due 5/17/2027 | 5,956,184 | 6,003,823 |
c | Series 2021-1 Class A, 1.18% due 11/15/2027 | 38,900,000 | 38,931,278 |
Pawnee Equipment Receivables, LLC, | |||
c | Series 2019-1 Class A2, 2.29% due 10/15/2024 | 17,043,899 | 17,242,411 |
c | Series 2020-1 Class A, 1.37% due 11/17/2025 | 11,941,407 | 12,011,783 |
c | PFS Financing Corp., Series 2020-B Class A, 1.21% due 6/15/2024 | 15,600,000 | 15,745,684 |
SCF Equipment Leasing, LLC, | |||
c | Series 2019-2A Class A1, 2.22% due 6/20/2024 | 6,710,757 | 6,772,899 |
c | Series 2019-2A Class C, 3.11% due 6/21/2027 | 3,000,000 | 3,112,468 |
c | Sierra Timeshare Receivables Funding, LLC, Series 2019-1A Class A, 3.20% due 1/20/2036 | 1,856,628 | 1,924,689 |
Small Business Lending Trust, | |||
c | Series 2019-A Class A, 2.85% due 7/15/2026 | 1,461,006 | 1,458,882 |
c | Series 2020-A Class A, 2.62% due 12/15/2026 | 6,006,581 | 6,029,265 |
SoFi Consumer Loan Program, | |||
c | Series 2018-2 Class C, 4.25% due 4/26/2027 | 13,170,000 | 13,580,749 |
c | Series 2019-1 Class D, 4.42% due 2/25/2028 | 2,955,000 | 3,067,672 |
SoFi Consumer Loan Program Trust, | |||
c | Series 2018-3 Class C, 4.67% due 8/25/2027 | 8,085,000 | 8,406,300 |
c | Series 2019-2 Class A, 3.01% due 4/25/2028 | 1,374,944 | 1,384,165 |
c | Series 2019-3 Class A, 2.90% due 5/25/2028 | 4,733,718 | 4,762,975 |
c | SpringCastle America Funding, LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 54,327,205 | 54,752,054 |
c | Tax Ease Funding, LLC, Series 2016-1A Class A, 3.131% due 6/15/2028 | 987,319 | 989,450 |
24 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
c,e | Theorem Funding Trust, Series 2020-1A Class A, 2.48% due 10/15/2026 | $ 10,873,239 | $ 10,977,833 |
Towd Point Mortgage Trust, | |||
a,c | Series 2016-5 Class A1, 2.50% due 10/25/2056 | 4,804,483 | 4,896,618 |
a,c | Series 2017-1 Class A1, 2.75% due 10/25/2056 | 2,424,104 | 2,465,481 |
a,c | Series 2018-1 Class A1, 3.00% due 1/25/2058 | 848,924 | 874,283 |
a,c | Series 2018-2 Class A1, 3.25% due 3/25/2058 | 6,943,452 | 7,240,065 |
a,c | Series 2018-3 Class A1, 3.75% due 5/25/2058 | 4,850,665 | 5,105,204 |
a,c | Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 8,276,962 | 8,585,446 |
a,c | Series 2019-HY2 Class 1, 1.109% (LIBOR 1 Month + 1.00%) due 5/25/2058 | 23,753,427 | 23,955,239 |
Upstart Pass-Through Trust, | |||
c | Series 2020-ST2 Class A, 3.50% due 3/20/2028 | 1,687,719 | 1,719,860 |
c | Series 2020-ST3 Class A, 3.35% due 4/20/2028 | 8,199,344 | 8,366,345 |
Upstart Securitization Trust, | |||
c | Series 2019-1 Class B, 4.19% due 4/20/2026 | 609,114 | 609,923 |
c | Series 2019-2 Class A, 2.897% due 9/20/2029 | 3,919,508 | 3,938,577 |
c | Series 2019-2 Class B, 3.734% due 9/20/2029 | 10,900,000 | 11,103,605 |
c | Series 2019-3 Class A, 2.684% due 1/21/2030 | 1,851,350 | 1,864,930 |
c | Series 2019-3 Class B, 3.829% due 1/21/2030 | 2,350,000 | 2,409,047 |
c | Series 2020-1 Class B, 3.093% due 4/22/2030 | 3,250,000 | 3,326,941 |
c | Series 2020-3 Class A, 1.702% due 11/20/2030 | 15,946,859 | 16,070,137 |
c | Series 2021-1 Class A, 0.87% due 3/20/2031 | 11,309,922 | 11,278,395 |
c | VB-S1 Issuer, LLC, Series 2020-1A Class C2, 3.031% due 6/15/2050 | 6,500,000 | 6,803,777 |
1,050,763,616 | |||
Rec Vehicle Loan — 0.1% | |||
c | Octane Receivables Trust, Series 2020-1A Class A, 1.71% due 2/20/2025 | 13,304,810 | 13,423,531 |
13,423,531 | |||
Student Loan — 2.6% | |||
College Ave Student Loans, | |||
a,c | Series 2021-A Class A1, 1.229% (LIBOR 1 Month + 1.10%) due 7/25/2051 | 11,725,000 | 11,771,921 |
c | Series 2021-A Class A2, 1.60% due 7/25/2051 | 3,500,000 | 3,459,637 |
Commonbond Student Loan Trust, | |||
c | Series 18-CGS, Class A1, 3.87% due 2/25/2046 | 4,009,456 | 4,128,659 |
c | Series 2020-1 Class A, 1.69% due 10/25/2051 | 27,597,913 | 27,631,302 |
c | Series 2021-AGS 1.20% due 3/25/2052 | 17,500,000 | 17,443,617 |
a,c | Navient Private Education Loan Trust, Student Loan, Series 2015-AA Class A2B, 1.306% (LIBOR 1 Month + 1.20%) due 12/15/2028 | 2,136,590 | 2,147,497 |
Navient Private Education Refi Loan Trust, | |||
a,c | Series 2019-D Class A2B, 1.156% (LIBOR 1 Month + 1.05%) due 12/15/2059 | 14,037,914 | 14,151,146 |
c | Series 2021-A Class A, 0.84% due 5/15/2069 | 7,255,399 | 7,234,457 |
Navient Student Loan Trust, | |||
a | Series 2014-1 Class A3, 0.619% (LIBOR 1 Month + 0.51%) due 6/25/2031 | 6,929,188 | 6,870,703 |
a,c | Series 2016-6A Class A2, 0.859% (LIBOR 1 Month + 0.75%) due 3/25/2066 | 6,720,386 | 6,740,077 |
Nelnet Student Loan Trust, | |||
a,c | Series 2013-1A Class A, 0.709% (LIBOR 1 Month + 0.60%) due 6/25/2041 | 4,686,000 | 4,644,015 |
a,c | Series 2015-2A Class A2, 0.709% (LIBOR 1 Month + 0.60%) due 9/25/2047 | 33,525,957 | 33,209,814 |
a,c | Series 2015-3A Class A2, 0.709% (LIBOR 1 Month + 0.60%) due 2/27/2051 | 2,340,776 | 2,326,556 |
a,c | Series 2016-A Class A1A, 1.859% (LIBOR 1 Month + 1.75%) due 12/26/2040 | 2,589,167 | 2,603,187 |
a,c | Pennsylvania Higher Education Assistance Agency, Series 2012-1A Class A1, 0.659% (LIBOR 1 Month + 0.55%) due 5/25/2057 | 1,134,167 | 1,123,004 |
SLM Student Loan Trust, | |||
a | Series 2011-2 Class A2, 1.309% (LIBOR 1 Month + 1.20%) due 10/25/2034 | 13,352,000 | 13,656,638 |
a | Series 2013-6 Class A3, 0.759% (LIBOR 1 Month + 0.65%) due 6/25/2055 | 32,863,659 | 32,796,832 |
SMB Private Education Loan Trust, | |||
a,c | Series 2015-A Class A3, 1.606% (LIBOR 1 Month + 1.50%) due 2/17/2032 | 10,000,000 | 10,113,422 |
a,c | Series 2020-A Class A1, 0.406% (LIBOR 1 Month + 0.30%) due 3/15/2027 | 3,238,421 | 3,236,523 |
c | Series 2020-BA Class A1A, 1.29% due 7/15/2053 | 36,016,432 | 36,084,358 |
a,c | Series 2021-A Class A1, 0.606% (LIBOR 1 Month + 0.50%) due 1/15/2053 | 9,020,200 | 9,010,493 |
c | SoFi Professional Loan Program, LLC, Series 2017-E Class A2B, 2.72% due 11/26/2040 | 3,670,563 | 3,719,165 |
254,103,023 | |||
Total Asset Backed Securities (Cost $1,728,209,165) | 1,756,618,894 | ||
Corporate Bonds — 34.2% |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 25 |
Thornburg Limited Term Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Automobiles & Components — 1.5% | |||
Automobiles — 1.4% | |||
a,b,c | BMW Finance N.V., 0.991% (LIBOR 3 Month + 0.79%) due 8/12/2022 | $ 25,800,000 | $ 26,013,882 |
c | BMW US Capital, LLC, 2.95% due 4/14/2022 | 1,894,000 | 1,944,986 |
Daimler Finance North America, LLC, | |||
a,c | 1.094% (LIBOR 3 Month + 0.90%) due 2/15/2022 | 19,050,000 | 19,164,110 |
c | 2.125% due 3/10/2025 | 16,900,000 | 17,361,201 |
c | 3.40% due 2/22/2022 | 6,000,000 | 6,156,360 |
c | 3.70% due 5/4/2023 | 4,725,000 | 5,016,107 |
c | Harley-Davidson Financial Services, Inc., Series CO, 4.05% due 2/4/2022 | 7,976,000 | 8,200,843 |
Hyundai Capital America, | |||
c | 1.80% due 10/15/2025 - 1/10/2028 | 9,765,000 | 9,565,626 |
c | 2.375% due 2/10/2023 | 11,460,000 | 11,771,827 |
c | 3.95% due 2/1/2022 | 13,767,000 | 14,128,934 |
c | 6.375% due 4/8/2030 | 7,872,000 | 9,860,467 |
Hyundai Capital Services, Inc., | |||
b,c | 1.25% due 2/8/2026 | 2,970,000 | 2,897,087 |
b,c | 3.75% due 3/5/2023 | 2,029,000 | 2,138,059 |
a,c | Nissan Motor Acceptance Corp., 0.875% (LIBOR 3 Month + 0.65%) due 7/13/2022 | 1,560,000 | 1,559,158 |
c | Volkswagen Group of America Finance, LLC, 2.50% due 9/24/2021 | 5,375,000 | 5,427,944 |
Trading Companies & Distributors — 0.1% | |||
b,c | Mitsubishi UFJ Lease & Finance Co. Ltd., 3.406% due 2/28/2022 | 2,800,000 | 2,863,168 |
144,069,759 | |||
Banks — 1.0% | |||
Banks — 1.0% | |||
a,b,c | ABN AMRO Bank N.V., 0.76% (LIBOR 3 Month + 0.57%) due 8/27/2021 | 6,800,000 | 6,814,076 |
b,c | Banco Nacional de Panama, 2.50% due 8/11/2030 | 2,755,000 | 2,556,695 |
a | Capital One NA/Mclean VA, 1.013% (LIBOR 3 Month + 0.82%) due 8/8/2022 | 28,150,000 | 28,364,222 |
a | Citizens Bank N.A./Providence RI, 1.143% (LIBOR 3 Month + 0.95%) due 3/29/2023 | 20,500,000 | 20,756,250 |
b,c | Kookmin Bank, 2.50% due 11/4/2030 | 0 | 0 |
Santander Holdings USA, Inc., | |||
3.45% due 6/2/2025 | 11,276,000 | 12,042,542 | |
4.40% due 7/13/2027 | 4,940,000 | 5,460,824 | |
Sumitomo Mitsui Trust Bank Ltd., | |||
b,c | 0.80% due 9/12/2023 | 14,760,000 | 14,813,579 |
b,c | 0.85% due 3/25/2024 | 6,550,000 | 6,548,232 |
Zions Bancorp N.A., 3.35% due 3/4/2022 | 6,750,000 | 6,909,165 | |
104,265,585 | |||
Capital Goods — 0.8% | |||
Aerospace & Defense — 0.4% | |||
Boeing Co., 2.196% due 2/4/2026 | 13,696,000 | 13,655,323 | |
Teledyne Technologies, Inc., | |||
2.25% due 4/1/2028 | 14,951,000 | 14,881,179 | |
2.75% due 4/1/2031 | 7,501,000 | 7,496,574 | |
Industrial Conglomerates — 0.0% | |||
Trane Technologies Co. LLC, 6.391% due 11/15/2027 | 3,000,000 | 3,685,470 | |
Machinery — 0.4% | |||
Flowserve Corp., | |||
3.50% due 10/1/2030 | 8,414,000 | 8,566,882 | |
4.00% due 11/15/2023 | 2,595,000 | 2,746,574 | |
nVent Finance Sarl, | |||
b | 3.95% due 4/15/2023 | 7,980,000 | 8,353,464 |
b | 4.55% due 4/15/2028 | 7,023,000 | 7,431,739 |
a | Otis Worldwide Corp., 0.688% (LIBOR 3 Month + 0.45%) due 4/5/2023 | 9,850,000 | 9,850,197 |
76,667,402 | |||
Commercial & Professional Services — 0.2% | |||
Commercial Services & Supplies — 0.2% | |||
c | CoStar Group, Inc., 2.80% due 7/15/2030 | 11,350,000 | 11,136,279 |
Quanta Services, Inc., 2.90% due 10/1/2030 | 7,579,000 | 7,682,605 |
26 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
18,818,884 | |||
Commercial Services — 0.1% | |||
Transportation Infrastructure — 0.1% | |||
b,c | Adani Ports & Special Economic Zone Ltd., 3.10% due 2/2/2031 | $ 6,300,000 | $ 5,963,643 |
5,963,643 | |||
Consumer Durables & Apparel — 0.2% | |||
Household Durables — 0.2% | |||
Panasonic Corp., | |||
b,c | 2.536% due 7/19/2022 | 16,810,000 | 17,206,044 |
b,c | 2.679% due 7/19/2024 | 2,000,000 | 2,112,900 |
19,318,944 | |||
Consumer Services — 0.2% | |||
Hotels, Restaurants & Leisure — 0.1% | |||
Starbucks Corp., 2.55% due 11/15/2030 | 9,790,000 | 9,823,090 | |
Transportation Infrastructure — 0.1% | |||
b,c | Adani Ports & Special Economic Zone Ltd., 3.375% due 7/24/2024 | 13,465,000 | 14,136,500 |
23,959,590 | |||
Diversified Financials — 5.8% | |||
Capital Markets — 1.8% | |||
Ares Capital Corp., | |||
3.25% due 7/15/2025 | 8,155,000 | 8,416,613 | |
3.50% due 2/10/2023 | 3,695,000 | 3,851,705 | |
4.20% due 6/10/2024 | 6,509,000 | 7,026,335 | |
4.25% due 3/1/2025 | 4,560,000 | 4,892,698 | |
c | Ares Finance Co., LLC, 4.00% due 10/8/2024 | 5,000,000 | 5,340,700 |
c | Blackstone Secured Lending Fund, 2.75% due 9/16/2026 | 3,926,000 | 3,900,088 |
a | Charles Schwab Corp., 0.51% (SOFR + 0.50%) due 3/18/2024 | 18,814,000 | 18,920,487 |
Intercontinental Exchange, Inc., 2.10% due 6/15/2030 | 5,902,000 | 5,679,554 | |
Legg Mason, Inc., 4.75% due 3/15/2026 | 5,000,000 | 5,748,850 | |
b,c,d | LSEGA Financing plc, 1.375% due 4/6/2026 | 14,720,000 | 14,579,571 |
Main Street Capital Corp., | |||
3.00% due 7/14/2026 | 18,976,000 | 18,845,066 | |
5.20% due 5/1/2024 | 2,835,000 | 3,053,550 | |
Owl Rock Technology Finance Corp., | |||
c | 3.75% due 6/17/2026 | 12,276,000 | 12,535,760 |
c | 4.75% due 12/15/2025 | 17,883,000 | 19,075,617 |
Sixth Street Specialty Lending, Inc., 2.50% due 8/1/2026 | 5,100,000 | 5,054,610 | |
SLR Investment Corp., 4.50% due 1/20/2023 | 13,191,000 | 13,718,376 | |
TPG Specialty Lending, Inc., 3.875% due 11/1/2024 | 27,220,000 | 28,526,832 | |
Consumer Finance — 0.3% | |||
a | Wells Fargo & Co., 4.478% (LIBOR 3 Month + 3.77%) due 4/4/2031 | 9,900,000 | 11,378,763 |
a,c | Wells Fargo Bank NA, 1.00% (LIBOR 3 Month + 0.20%) due 5/18/2022 | 14,750,000 | 14,832,747 |
Diversified Financial Services — 3.3% | |||
c | Antares Holdings L.P., 3.95% due 7/15/2026 | 7,750,000 | 7,834,165 |
Bank of America Corp., | |||
a | 1.197% (SOFR + 1.01%) due 10/24/2026 | 14,462,000 | 14,265,172 |
a | 1.898% (SOFR + 1.53%) due 7/23/2031 | 19,137,000 | 18,002,750 |
a,b | Barclays plc, 1.574% (LIBOR 3 Month + 1.38%) due 5/16/2024 | 17,500,000 | 17,758,125 |
BNP Paribas S.A., | |||
a,b,c | 1.323% (SOFR + 1.00%) due 1/13/2027 | 7,000,000 | 6,852,370 |
a,b,c | 2.219% (SOFR + 2.07%) due 6/9/2026 | 4,800,000 | 4,921,200 |
Citigroup, Inc., | |||
a | 1.122% (SOFR + 0.77%) due 1/28/2027 | 11,526,000 | 11,267,011 |
a | 2.572% (SOFR + 2.11%) due 6/3/2031 | 9,720,000 | 9,706,198 |
a | 3.106% (SOFR + 2.84%) due 4/8/2026 | 4,265,000 | 4,555,063 |
3.40% due 5/1/2026 | 9,700,000 | 10,537,013 | |
a | 4.412% (SOFR + 3.91%) due 3/31/2031 | 10,815,000 | 12,294,600 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 27 |
Thornburg Limited Term Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Deutsche Bank AG, | |||
a,b | 1.42% (LIBOR 3 Month + 1.23%) due 2/27/2023 | $ 17,100,000 | $ 17,180,199 |
b | 5.00% due 2/14/2022 | 6,350,000 | 6,576,695 |
a | Goldman Sachs Group, Inc., Series VAR, 1.093% (SOFR + 0.79%) due 12/9/2026 | 4,746,000 | 4,647,995 |
HSBC Holdings plc, | |||
a,b | 1.589% (SOFR + 1.29%) due 5/24/2027 | 6,100,000 | 6,004,779 |
a,b | 1.645% (SOFR + 1.54%) due 4/18/2026 | 3,025,000 | 3,027,874 |
a,b | 2.013% (SOFR + 1.73%) due 9/22/2028 | 9,550,000 | 9,382,111 |
a,b | 2.099% (SOFR + 1.93%) due 6/4/2026 | 6,800,000 | 6,921,108 |
a,b | 2.357% (SOFR + 1.95%) due 8/18/2031 | 4,000,000 | 3,850,760 |
JPMorgan Chase & Co., | |||
a | 1.04% (SOFR + 0.70%) due 2/4/2027 | 8,800,000 | 8,582,024 |
a | 1.045% (SOFR + 0.80%) due 11/19/2026 | 24,140,000 | 23,596,126 |
a,b | Lloyds Banking Group plc, 3.87% (H15T1Y + 3.50%) due 7/9/2025 | 3,500,000 | 3,807,790 |
b | Mitsubishi UFJ Financial Group, Inc., 2.623% due 7/18/2022 | 10,800,000 | 11,097,972 |
Mizuho Financial Group, Inc., | |||
a,b | 0.818% (LIBOR 3 Month + 0.63%) due 5/25/2024 | 4,854,000 | 4,875,892 |
a,b | 2.226% (LIBOR 3 Month + 0.83%) due 5/25/2026 | 4,800,000 | 4,936,128 |
a,b | 3.922% (LIBOR 3 Month + 1.00%) due 9/11/2024 | 10,850,000 | 11,655,612 |
Morgan Stanley, | |||
a | 0.725% (SOFR + 0.70%) due 1/20/2023 | 15,775,000 | 15,812,544 |
a | 0.84% (SOFR + 0.83%) due 6/10/2022 | 4,675,000 | 4,679,582 |
National Securities Clearing Corp., | |||
c | 0.75% due 12/7/2025 | 12,550,000 | 12,251,059 |
c | 1.50% due 4/23/2025 | 7,000,000 | 7,072,100 |
a,b | Natwest Group plc, 1.664% (LIBOR 3 Month + 1.47%) due 5/15/2023 | 1,952,000 | 1,974,097 |
Societe Generale S.A., | |||
b,c | 2.625% due 1/22/2025 | 4,000,000 | 4,147,760 |
b,c | 3.875% due 3/28/2024 | 8,000,000 | 8,627,360 |
b,c | 4.25% due 9/14/2023 | 9,000,000 | 9,728,910 |
b | Sumitomo Mitsui Financial Group, Inc., 0.948% due 1/12/2026 | 11,650,000 | 11,333,469 |
a,b,c | UBS Group AG, 2.014% (LIBOR 3 Month + 1.78%) due 4/14/2021 | 5,800,000 | 5,802,668 |
Western Union Co., 2.85% due 1/10/2025 | 7,256,000 | 7,622,355 | |
Insurance — 0.4% | |||
a,c | AIG Global Funding, 0.661% (LIBOR 3 Month + 0.46%) due 6/25/2021 | 9,910,000 | 9,919,613 |
c | Global Atlantic Fin Co., 4.40% due 10/15/2029 | 27,285,000 | 28,920,190 |
577,406,361 | |||
Energy — 2.4% | |||
Energy Equipment & Services — 0.1% | |||
c | Hanwha Energy USA Holdings Corp., 2.375% due 7/30/2022 | 5,100,000 | 5,213,067 |
Oceaneering International, Inc., 4.65% due 11/15/2024 | 5,000,000 | 4,799,450 | |
b,c,f,g | Schahin II Finance Co. SPV Ltd., 5.875% due 9/25/2023 | 3,997,362 | 252,393 |
Oil, Gas & Consumable Fuels — 2.3% | |||
BP Capital Markets America, Inc., | |||
a | 0.84% (LIBOR 3 Month + 0.65%) due 9/19/2022 | 6,771,000 | 6,805,058 |
1.749% due 8/10/2030 | 4,765,000 | 4,501,734 | |
Buckeye Partners L.P., 4.15% due 7/1/2023 | 7,000,000 | 7,190,470 | |
c | Colorado Interstate Gas Co., LLC / Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 9,168,000 | 10,204,076 |
Energen Corp., 4.625% due 9/1/2021 | 10,000,000 | 10,050,800 | |
EQM Midstream Partners L.P., Series 5Y, 4.75% due 7/15/2023 | 3,853,000 | 4,000,069 | |
Exxon Mobil Corp., 3.482% due 3/19/2030 | 4,726,000 | 5,137,446 | |
c | Florida Gas Transmission Co., LLC, 3.875% due 7/15/2022 | 10,435,000 | 10,766,624 |
Galaxy Pipeline Assets Bidco Ltd., | |||
b,c | 1.75% due 9/30/2027 | 32,435,000 | 32,442,460 |
b,c | 2.16% due 3/31/2034 | 10,040,000 | 9,763,398 |
Gray Oak Pipeline, LLC, | |||
c | 2.00% due 9/15/2023 | 5,293,000 | 5,388,962 |
c | 3.45% due 10/15/2027 | 12,955,000 | 13,343,132 |
Gulf South Pipeline Co. L.P., 4.00% due 6/15/2022 | 13,850,000 | 14,186,139 | |
HollyFrontier Corp., 2.625% due 10/1/2023 | 4,986,000 | 5,136,777 | |
c | Midwest Connector Capital Co., LLC, 4.625% due 4/1/2029 | 16,535,000 | 16,822,709 |
NuStar Logistics L.P., 4.75% due 2/1/2022 | 5,000,000 | 5,076,400 |
28 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
a | Occidental Petroleum Corp., 1.644% (LIBOR 3 Month + 1.45%) due 8/15/2022 | $ 11,200,000 | $ 11,067,616 |
b | Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), 6.50% due 1/23/2029 | 10,007,000 | 10,120,479 |
Sinopec Group Overseas Development 2018 Ltd., | |||
b,c | 1.45% due 1/8/2026 | 20,550,000 | 20,286,960 |
b,c | 3.75% due 9/12/2023 | 11,800,000 | 12,591,190 |
c | Tennessee Gas Pipeline Co., LLC, 2.90% due 3/1/2030 | 17,879,000 | 17,945,689 |
243,093,098 | |||
Food & Staples Retailing — 0.6% | |||
Food & Staples Retailing — 0.6% | |||
7-Eleven, Inc., | |||
c | 0.625% due 2/10/2023 | 5,947,000 | 5,951,401 |
c | 0.80% due 2/10/2024 | 18,780,000 | 18,723,660 |
b,c | Alimentation Couche-Tard, Inc., 2.70% due 7/26/2022 | 15,850,000 | 16,277,474 |
b,c | CK Hutchison International 20 Ltd., 2.50% due 5/8/2030 | 4,000,000 | 3,977,400 |
Walgreens Boots Alliance, Inc., 3.20% due 4/15/2030 | 14,360,000 | 14,941,293 | |
59,871,228 | |||
Food, Beverage & Tobacco — 0.9% | |||
Beverages — 0.2% | |||
b,c | Becle SAB de CV, 3.75% due 5/13/2025 | 13,750,000 | 14,913,387 |
Molson Coors Brewing Co., 2.10% due 7/15/2021 | 3,035,000 | 3,044,773 | |
Food Products — 0.4% | |||
Campbell Soup Co., 2.375% due 4/24/2030 | 4,860,000 | 4,791,377 | |
General Mills, Inc., | |||
a | 0.763% (LIBOR 3 Month + 0.54%) due 4/16/2021 | 3,380,000 | 3,380,439 |
a | 1.233% (LIBOR 3 Month + 1.01%) due 10/17/2023 | 2,475,000 | 2,513,858 |
Ingredion, Inc., 2.90% due 6/1/2030 | 14,725,000 | 15,054,104 | |
JM Smucker Co., 2.375% due 3/15/2030 | 16,283,000 | 16,057,480 | |
Tobacco — 0.3% | |||
Altria Group, Inc., 3.40% due 5/6/2030 | 4,870,000 | 5,085,108 | |
BAT Capital Corp., | |||
2.726% due 3/25/2031 | 2,950,000 | 2,867,105 | |
3.557% due 8/15/2027 | 5,838,000 | 6,213,150 | |
BAT International Finance plc, | |||
b | 1.668% due 3/25/2026 | 4,764,000 | 4,714,692 |
b,c | 3.95% due 6/15/2025 | 3,000,000 | 3,281,460 |
b,c | Imperial Brands Finance plc, 3.50% due 7/26/2026 | 3,000,000 | 3,203,610 |
85,120,543 | |||
Health Care Equipment & Services — 0.5% | |||
Health Care Equipment & Supplies — 0.3% | |||
c | Alcon Finance Corp., 2.60% due 5/27/2030 | 4,800,000 | 4,813,248 |
Boston Scientific Corp., 2.65% due 6/1/2030 | 6,824,000 | 6,878,182 | |
DENTSPLY SIRONA, Inc., 3.25% due 6/1/2030 | 4,755,000 | 4,967,216 | |
Zimmer Biomet Holdings, Inc., 3.55% due 3/20/2030 | 13,574,000 | 14,529,881 | |
Health Care Providers & Services — 0.2% | |||
AmerisourceBergen Corp., 2.80% due 5/15/2030 | 14,705,000 | 15,007,188 | |
Catholic Health Initiatives, 2.95% due 11/1/2022 | 7,000,000 | 7,254,520 | |
53,450,235 | |||
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 | 3,726,052 |
b,c | 3.80% due 4/8/2024 | 3,900,000 | 4,161,534 |
7,887,586 | |||
Insurance — 4.2% | |||
Insurance — 4.2% | |||
b,c | AIA Group Ltd., 3.375% due 4/7/2030 | 4,800,000 | 5,129,568 |
b,c | Ascot Group Ltd., 4.25% due 12/15/2030 | 4,528,000 | 4,681,635 |
c | Belrose Funding Trust, 2.33% due 8/15/2030 | 9,685,000 | 9,332,757 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 29 |
Thornburg Limited Term Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Brighthouse Financial, Inc., 5.625% due 5/15/2030 | $ 10,707,000 | $ 12,534,042 | |
Brown & Brown, Inc., 2.375% due 3/15/2031 | 3,758,000 | 3,616,887 | |
b,c | DaVinciRe Holdings Ltd., 4.75% due 5/1/2025 | 10,260,000 | 11,336,992 |
Enstar Group Ltd., | |||
b | 4.50% due 3/10/2022 | 1,950,000 | 2,009,709 |
b | 4.95% due 6/1/2029 | 19,899,000 | 22,329,066 |
Equitable Financial Life Global Funding, | |||
c | 1.00% due 1/9/2026 | 8,665,000 | 8,465,965 |
c | 1.40% due 7/7/2025 - 8/27/2027 | 22,031,000 | 21,650,793 |
c | 1.75% due 11/15/2030 | 5,835,000 | 5,448,140 |
c | 1.80% due 3/8/2028 | 7,633,000 | 7,464,769 |
Fairfax Financial Holdings Ltd., | |||
b,c | 3.375% due 3/3/2031 | 5,261,000 | 5,241,429 |
b | 4.625% due 4/29/2030 | 19,677,000 | 21,464,655 |
b,c | Fidelis Insurance Holdings Ltd., 4.875% due 6/30/2030 | 17,531,000 | 18,106,017 |
c | Fidelity & Guaranty Life Holdings, Inc., 5.50% due 5/1/2025 | 6,571,000 | 7,505,002 |
Fidelity National Financial, Inc., | |||
2.45% due 3/15/2031 | 11,554,000 | 11,175,606 | |
3.40% due 6/15/2030 | 11,286,000 | 11,819,602 | |
First American Financial Corp., 4.00% due 5/15/2030 | 4,845,000 | 5,230,953 | |
GA Global Funding Trust, | |||
c,d | 1.00% due 4/8/2024 | 9,000,000 | 8,989,920 |
c | 1.625% due 1/15/2026 | 7,538,000 | 7,530,160 |
c | Guardian Life Global Funding, 0.875% due 12/10/2025 | 29,350,000 | 28,708,409 |
Horace Mann Educators Corp., 4.50% due 12/1/2025 | 4,800,000 | 5,254,320 | |
Infinity Property & Casualty Corp., 5.00% due 9/19/2022 | 4,690,000 | 4,956,673 | |
Jackson National Life Global Funding, | |||
a,c | 0.657% (LIBOR 3 Month + 0.48%) due 6/11/2021 | 6,150,000 | 6,155,166 |
c | 3.25% due 1/30/2024 | 10,000,000 | 10,674,700 |
b,c | Lancashire Holdings Ltd., 5.70% due 10/1/2022 | 11,000,000 | 11,733,260 |
c | MassMutual Global Funding II, 2.95% due 1/11/2025 | 15,000,000 | 15,977,100 |
Mercury General Corp., 4.40% due 3/15/2027 | 3,751,000 | 4,226,027 | |
Metropolitan Life Global Funding I, | |||
a,c | 0.358% (SOFR + 0.32%) due 1/7/2024 | 14,683,000 | 14,707,080 |
c | 0.40% due 1/7/2024 | 9,789,000 | 9,746,124 |
b | Montpelier Re Holdings Ltd., 4.70% due 10/15/2022 | 5,000,000 | 5,303,350 |
a,c | New York Life Global Funding, 0.242% (SOFR + 0.22%) due 2/2/2023 | 14,125,000 | 14,119,774 |
c | Protective Life Corp., 3.40% due 1/15/2030 | 19,740,000 | 20,507,689 |
a,c | Protective Life Global Funding, 0.713% (LIBOR 3 Month + 0.52%) due 6/28/2021 | 17,000,000 | 17,018,020 |
Reliance Standard Life Global Funding II, | |||
c | 2.75% due 5/7/2025 | 13,490,000 | 14,133,743 |
c | 3.85% due 9/19/2023 | 9,950,000 | 10,703,911 |
c | Sammons Financial Group, Inc., 4.45% due 5/12/2027 | 7,950,000 | 8,397,029 |
413,386,042 | |||
Materials — 0.6% | |||
Chemicals — 0.2% | |||
c | Chevron Phillips Chemical Co., LLC / Chevron Phillips Chemical Co., L.P., 5.125% due 4/1/2025 | 9,870,000 | 11,267,592 |
b,c | OCP S.A., 5.625% due 4/25/2024 | 8,555,000 | 9,297,745 |
Containers & Packaging — 0.3% | |||
b,c | CCL Industries, Inc., 3.05% due 6/1/2030 | 9,810,000 | 9,973,533 |
c | Graphic Packaging International, LLC, 1.512% due 4/15/2026 | 6,873,000 | 6,824,339 |
c | Silgan Holdings, Inc., 1.40% due 4/1/2026 | 10,204,000 | 9,992,063 |
Metals & Mining — 0.1% | |||
b | AngloGold Ashanti Holdings plc (Guaranty: AngloGold Ashanti Ltd.), 5.125% due 8/1/2022 | 6,500,000 | 6,792,240 |
b,c | Newcrest Finance Pty Ltd., 3.25% due 5/13/2030 | 2,961,000 | 3,105,201 |
57,252,713 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.8% | |||
Biotechnology — 0.4% | |||
Gilead Sciences, Inc., 0.75% due 9/29/2023 | 6,817,000 | 6,824,635 | |
Regeneron Pharmaceuticals, Inc., 1.75% due 9/15/2030 | 19,469,000 | 18,014,861 |
30 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Royalty Pharma plc, | |||
b,c | 1.20% due 9/2/2025 | $ 7,532,000 | $ 7,394,842 |
b,c | 1.75% due 9/2/2027 | 11,312,000 | 11,053,068 |
Pharmaceuticals — 0.4% | |||
AbbVie, Inc., | |||
2.95% due 11/21/2026 | 2,460,000 | 2,618,719 | |
3.45% due 3/15/2022 | 5,000,000 | 5,115,500 | |
a,b | AstraZeneca plc, 0.857% (LIBOR 3 Month + 0.67%) due 8/17/2023 | 10,524,000 | 10,611,876 |
Bayer US Finance II, LLC, | |||
a,c | 0.831% (LIBOR 3 Month + 0.63%) due 6/25/2021 | 9,500,000 | 9,510,070 |
c | 3.50% due 6/25/2021 | 2,700,000 | 2,711,745 |
c | 4.25% due 12/15/2025 | 2,500,000 | 2,783,450 |
c | Viatris, Inc., 2.30% due 6/22/2027 | 4,935,000 | 4,978,033 |
81,616,799 | |||
Real Estate — 1.1% | |||
Equity Real Estate Investment Trusts — 1.1% | |||
American Tower Corp., | |||
1.50% due 1/31/2028 | 19,800,000 | 18,908,208 | |
2.40% due 3/15/2025 | 7,375,000 | 7,689,470 | |
3.375% due 5/15/2024 | 5,475,000 | 5,870,131 | |
Crown Castle International Corp., 1.05% due 7/15/2026 | 43,475,000 | 42,076,409 | |
c | SBA Tower Trust, 2.836% due 1/15/2050 | 12,525,000 | 13,108,289 |
Service Properties Trust, | |||
4.35% due 10/1/2024 | 10,161,000 | 10,111,414 | |
4.65% due 3/15/2024 | 4,233,000 | 4,234,482 | |
5.25% due 2/15/2026 | 4,020,000 | 4,069,245 | |
106,067,648 | |||
Retailing — 0.3% | |||
Internet & Direct Marketing Retail — 0.1% | |||
Booking Holdings, Inc., 4.625% due 4/13/2030 | 7,323,000 | 8,512,035 | |
Specialty Retail — 0.2% | |||
Advance Auto Parts, Inc., | |||
1.75% due 10/1/2027 | 4,763,000 | 4,687,459 | |
3.90% due 4/15/2030 | 15,465,000 | 16,795,454 | |
29,994,948 | |||
Semiconductors & Semiconductor Equipment — 1.0% | |||
Semiconductors & Semiconductor Equipment — 1.0% | |||
Broadcom, Inc., | |||
c | 1.95% due 2/15/2028 | 2,607,000 | 2,533,535 |
3.459% due 9/15/2026 | 3,127,000 | 3,357,116 | |
4.11% due 9/15/2028 | 15,820,000 | 17,273,067 | |
4.15% due 11/15/2030 | 2,980,000 | 3,215,331 | |
4.75% due 4/15/2029 | 4,310,000 | 4,844,698 | |
5.00% due 4/15/2030 | 2,607,000 | 2,971,250 | |
c | Microchip Technology, Inc., 0.972% due 2/15/2024 | 18,694,000 | 18,669,324 |
Micron Technology, Inc., | |||
4.663% due 2/15/2030 | 4,150,000 | 4,732,784 | |
5.327% due 2/6/2029 | 7,690,000 | 9,020,601 | |
SK Hynix, Inc., | |||
b,c | 1.00% due 1/19/2024 | 6,800,000 | 6,787,488 |
b,c | 1.50% due 1/19/2026 | 10,200,000 | 10,042,818 |
Xilinx, Inc., 2.375% due 6/1/2030 | 13,277,000 | 12,985,304 | |
96,433,316 | |||
Software & Services — 1.7% | |||
Information Technology Services — 0.5% | |||
b | Genpact Luxembourg Sarl, 3.375% due 12/1/2024 | 7,160,000 | 7,715,473 |
b | Genpact Luxembourg Sarl/ Genpact USA, Inc., 1.75% due 4/10/2026 | 14,899,000 | 14,794,856 |
c | Leidos, Inc., 2.30% due 2/15/2031 | 8,489,000 | 8,025,331 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 31 |
Thornburg Limited Term Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Moody’s Corp., 3.75% due 3/24/2025 | $ 8,127,000 | $ 8,893,620 | |
e | Total System Services, Inc., 4.00% due 6/1/2023 | 3,835,000 | 4,107,668 |
Interactive Media & Services — 0.2% | |||
Baidu, Inc., | |||
b | 1.72% due 4/9/2026 | 7,251,000 | 7,226,346 |
b | 3.875% due 9/29/2023 | 6,000,000 | 6,412,380 |
b | 4.375% due 5/14/2024 | 6,376,000 | 7,001,741 |
Internet Software & Services — 0.3% | |||
Tencent Holdings Ltd., | |||
b,c | 1.81% due 1/26/2026 | 19,525,000 | 19,631,997 |
b,c | 2.39% due 6/3/2030 | 12,650,000 | 12,174,360 |
Software — 0.7% | |||
c | Infor, Inc., 1.75% due 7/15/2025 | 12,382,000 | 12,500,743 |
Oracle Corp., | |||
1.65% due 3/25/2026 | 15,136,000 | 15,244,979 | |
2.30% due 3/25/2028 | 11,268,000 | 11,403,329 | |
ServiceNow, Inc., 1.40% due 9/1/2030 | 9,700,000 | 8,768,994 | |
VMware, Inc., 4.50% due 5/15/2025 | 22,691,000 | 25,320,887 | |
169,222,704 | |||
Technology Hardware & Equipment — 1.5% | |||
Communications Equipment — 0.3% | |||
Motorola Solutions, Inc., 2.30% due 11/15/2030 | 1,582,000 | 1,498,866 | |
b | Telefonaktiebolaget LM Ericsson, 4.125% due 5/15/2022 | 23,265,000 | 24,059,267 |
Electronic Equipment, Instruments & Components — 0.7% | |||
b | Allegion plc, 3.50% due 10/1/2029 | 9,280,000 | 9,750,496 |
b | Flex Ltd., 4.875% due 5/12/2030 | 24,711,000 | 28,051,927 |
Ingram Micro, Inc., 5.45% due 12/15/2024 | 5,596,000 | 6,378,825 | |
Trimble, Inc., 4.75% due 12/1/2024 | 17,000,000 | 19,027,420 | |
Vontier Corp., | |||
c | 1.80% due 4/1/2026 | 5,272,000 | 5,242,899 |
c | 2.40% due 4/1/2028 | 3,766,000 | 3,699,605 |
Technology Hardware, Storage & Peripherals — 0.5% | |||
Hewlett Packard Enterprise Co., 4.65% due 10/1/2024 | 7,560,000 | 8,456,389 | |
HP, Inc., 3.00% due 6/17/2027 | 22,397,000 | 23,704,313 | |
b | Lenovo Group Ltd., 5.875% due 4/24/2025 | 10,600,000 | 12,010,224 |
NetApp, Inc., 2.375% due 6/22/2027 | 10,375,000 | 10,584,160 | |
152,464,391 | |||
Telecommunication Services — 1.4% | |||
Diversified Telecommunication Services — 0.5% | |||
AT&T, Inc., | |||
0.90% due 3/25/2024 | 9,625,000 | 9,646,560 | |
1.65% due 2/1/2028 | 2,905,000 | 2,812,214 | |
1.70% due 3/25/2026 | 9,905,000 | 9,905,891 | |
2.30% due 6/1/2027 | 4,880,000 | 4,975,258 | |
c | 2.55% due 12/1/2033 | 1,016,000 | 964,377 |
Qwest Corp., 6.75% due 12/1/2021 | 3,000,000 | 3,097,890 | |
Verizon Communications, Inc., | |||
1.45% due 3/20/2026 | 6,872,000 | 6,876,398 | |
2.10% due 3/22/2028 | 4,816,000 | 4,831,604 | |
Road & Rail — 0.2% | |||
b,c | NTT Finance Corp., 1.162% due 4/3/2026 | 20,000,000 | 19,727,200 |
Wireless Telecommunication Services — 0.7% | |||
Sprint Communications, Inc., 9.25% due 4/15/2022 | 67,194,000 | 72,382,721 | |
135,220,113 | |||
Transportation — 0.3% | |||
Air Freight & Logistics — 0.1% | |||
TTX Co., | |||
c | 4.15% due 1/15/2024 | 6,000,000 | 6,546,480 |
c | 5.453% due 1/2/2022 | 265,810 | 275,706 |
32 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Airlines — 0.2% | |||
American Airlines Pass Through Trust, Series 2013-2 Class A, 4.95% due 7/15/2024 | $ 3,159,164 | $ 3,156,352 | |
US Airways Pass Through Trust, | |||
Series 2010-1 Class A, 6.25% due 10/22/2024 | 2,905,185 | 2,919,711 | |
Series 2013-1 Class B, 5.375% due 5/15/2023 | 18,899,508 | 18,855,284 | |
Diversified Consumer Services — 0.0% | |||
University of Chicago, Series 12-B, 3.065% due 10/1/2024 | 700,000 | 709,975 | |
32,463,508 | |||
Unknown I2 — 0.2% | |||
Food Products — 0.1% | |||
Flowers Foods, Inc., 2.40% due 3/15/2031 | 6,680,000 | 6,517,809 | |
Health Care Providers & Services — 0.1% | |||
AmerisourceBergen Corp., 0.737% due 3/15/2023 | 14,719,000 | 14,731,953 | |
21,249,762 | |||
Utilities — 6.8% | |||
Electric Utilities — 5.9% | |||
AEP Texas, Inc., 2.10% due 7/1/2030 | 19,455,000 | 18,779,133 | |
c | Alexander Funding Trust, 1.841% due 11/15/2023 | 29,610,000 | 30,027,501 |
Alliant Energy Finance, LLC, | |||
c | 1.40% due 3/15/2026 | 5,240,000 | 5,139,602 |
c | 3.75% due 6/15/2023 | 9,673,000 | 10,282,012 |
Ameren Corp., | |||
1.75% due 3/15/2028 | 9,990,000 | 9,663,827 | |
3.50% due 1/15/2031 | 12,460,000 | 13,249,466 | |
American Electric Power Co., Inc., | |||
0.75% due 11/1/2023 | 9,667,000 | 9,670,480 | |
2.30% due 3/1/2030 | 14,211,000 | 13,852,030 | |
Appalachian Power Co., 3.40% due 6/1/2025 | 7,000,000 | 7,531,090 | |
Avangrid, Inc., | |||
3.15% due 12/1/2024 | 8,870,000 | 9,543,056 | |
3.20% due 4/15/2025 | 9,395,000 | 10,069,185 | |
Black Hills Corp., 2.50% due 6/15/2030 | 5,490,000 | 5,396,615 | |
CenterPoint Energy, Inc., 3.60% due 11/1/2021 | 8,901,000 | 9,066,648 | |
b,c | Comision Federal de Electricidad, 3.348% due 2/9/2031 | 12,437,000 | 12,005,809 |
Consolidated Edison Co. of New York, Inc., | |||
Series 20A, 3.35% due 4/1/2030 | 6,835,000 | 7,337,714 | |
a | Series C, 0.601% (LIBOR 3 Month + 0.40%) due 6/25/2021 | 12,575,000 | 12,584,054 |
Consolidated Edison, Inc., 0.65% due 12/1/2023 | 34,039,000 | 33,983,176 | |
Dominion Energy, Inc., | |||
3.375% due 4/1/2030 | 2,948,000 | 3,140,475 | |
Series B, 3.60% due 3/15/2027 | 29,576,000 | 32,698,634 | |
Edison International, 2.40% due 9/15/2022 | 4,900,000 | 4,997,265 | |
b,c | Enel Finance International N.V., 4.625% due 9/14/2025 | 18,443,000 | 20,870,837 |
Entergy Arkansas, LLC, 4.00% due 6/1/2028 | 3,965,000 | 4,427,398 | |
Entergy Louisiana, LLC, | |||
0.62% due 11/17/2023 | 6,555,000 | 6,560,572 | |
4.80% due 5/1/2021 | 4,300,000 | 4,312,857 | |
Entergy Mississippi, Inc., 3.25% due 12/1/2027 | 4,727,000 | 5,062,712 | |
Entergy Texas, Inc., 3.45% due 12/1/2027 | 12,000,000 | 12,844,920 | |
Eversource Energy, | |||
1.65% due 8/15/2030 | 6,560,000 | 6,083,678 | |
3.80% due 12/1/2023 | 12,395,000 | 13,398,995 | |
Exelon Corp., 4.05% due 4/15/2030 | 9,640,000 | 10,719,294 | |
Interstate Power and Light Co., 2.30% due 6/1/2030 | 1,860,000 | 1,836,192 | |
c | ITC Holdings Corp., 2.95% due 5/14/2030 | 14,800,000 | 15,152,536 |
c | Jersey Central Power & Light Co., 4.30% due 1/15/2026 | 7,094,000 | 7,772,825 |
c | Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | 14,660,000 | 13,818,956 |
c | Midland Cogeneration Venture L.P., 6.00% due 3/15/2025 | 2,151,866 | 2,233,851 |
c | Narragansett Electric Co., 3.395% due 4/9/2030 | 6,905,000 | 7,353,411 |
NextEra Energy Capital Holdings, Inc., | |||
a | 0.452% (LIBOR 3 Month + 0.27%) due 2/22/2023 | 33,970,000 | 33,971,359 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 33 |
Thornburg Limited Term Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
0.65% due 3/1/2023 | $ 5,000,000 | $ 5,015,150 | |
c | Niagara Mohawk Power Corp., 1.96% due 6/27/2030 | 9,775,000 | 9,377,060 |
Northern States Power Co., 3.30% due 6/15/2024 | 10,000,000 | 10,664,000 | |
Oklahoma Gas & Electric Co., 3.25% due 4/1/2030 | 14,795,000 | 15,797,213 | |
Pacific Gas and Electric Co., | |||
1.367% due 3/10/2023 | 11,228,000 | 11,230,133 | |
1.75% due 6/16/2022 | 17,691,000 | 17,715,414 | |
PacifiCorp, 3.50% due 6/15/2029 | 2,963,000 | 3,226,707 | |
PPL Capital Funding, Inc., 4.125% due 4/15/2030 | 24,434,000 | 27,531,009 | |
Public Service Co. of New Mexico, 5.35% due 10/1/2021 | 3,000,000 | 3,033,420 | |
Puget Energy, Inc., 4.10% due 6/15/2030 | 4,742,000 | 5,155,313 | |
c | Rochester Gas and Electric Corp., 1.85% due 12/1/2030 | 4,800,000 | 4,491,792 |
San Diego Gas & Electric Co., 3.60% due 9/1/2023 | 4,212,000 | 4,490,076 | |
a,d | Southern California Edison Co., 0.65% (SOFR + 0.64%) due 4/3/2023 | 19,476,000 | 19,493,528 |
Southern Co., | |||
3.25% due 7/1/2026 | 2,769,000 | 2,964,768 | |
Series 21-B 1.75% due 3/15/2028 | 5,000,000 | 4,854,300 | |
Series A, 3.70% due 4/30/2030 | 4,889,000 | 5,281,929 | |
Southern Power Co., 0.90% due 1/15/2026 | 4,703,000 | 4,569,670 | |
b,c | Transelec S.A., 4.25% due 1/14/2025 | 6,000,000 | 6,538,980 |
Gas Utilities — 0.9% | |||
a | CenterPoint Energy Resources Corp., 0.684% (LIBOR 3 Month + 0.50%) due 3/2/2023 | 7,649,000 | 7,649,153 |
NiSource, Inc., 0.95% due 8/15/2025 | 14,735,000 | 14,452,383 | |
a | ONE Gas, Inc., 0.787% (LIBOR 3 Month + 0.61%) due 3/11/2023 | 37,827,000 | 37,822,839 |
Southern Co. Gas Capital Corp., | |||
1.75% due 1/15/2031 | 19,569,000 | 18,160,619 | |
3.50% due 9/15/2021 | 9,925,000 | 9,983,756 | |
Southwest Gas Corp., 2.20% due 6/15/2030 | 4,810,000 | 4,688,932 | |
679,626,309 | |||
Total Corporate Bonds (Cost $3,317,953,903) | 3,394,891,111 | ||
Convertible Bonds — 0.0% | |||
Diversified Financials — 0.0% | |||
Capital Markets — 0.0% | |||
Ares Capital Corp., 4.625% due 3/1/2024 | 3,936,000 | 4,284,690 | |
4,284,690 | |||
Total Convertible Bonds (Cost $3,737,195) | 4,284,690 | ||
Loan Participations — 0.7% | |||
Capital Goods — 0.3% | |||
Aerospace & Defense — 0.3% | |||
h,i | Boeing Co., 1.434% (LIBOR 3 Month + 1.25%) due 2/7/2022 | 26,302,314 | 26,276,012 |
26,276,012 | |||
Media & Entertainment — 0.2% | |||
Media — 0.2% | |||
h,i | Charter Communications Operating, LLC, 1.86% (LIBOR 1 Month + 1.75%) due 2/1/2027 | 19,484,849 | 19,377,682 |
h | Lamar Media Corp., 1.604% (LIBOR 1 Month + 1.50%) due 2/5/2027 | 4,750,000 | 4,706,965 |
h | Nielsen Finance LLC, 2.103% (LIBOR 1 Month + 2.00%) due 10/4/2023 | 1,428,184 | 1,425,285 |
25,509,932 | |||
Utilities — 0.2% | |||
Electric Utilities — 0.2% | |||
h | Pacific Gas & Electric Company, 2.375% (LIBOR 3 Month + 2.25%) due 1/3/2022 | 19,515,000 | 19,515,000 |
19,515,000 | |||
Total Loan Participations (Cost $70,657,635) | 71,300,944 | ||
Long-Term Municipal Bonds — 0.5% | |||
Colorado Educational & Cultural Facilities Authority, |
34 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Series B, | |||
2.474% due 3/1/2022 | $ 600,000 | $ 610,332 | |
2.691% due 3/1/2023 | 580,000 | 601,866 | |
New Jersey Transportation Trust Fund Authority, | |||
2.551% due 6/15/2023 | 1,170,000 | 1,201,052 | |
2.631% due 6/15/2024 | 860,000 | 893,841 | |
New York State Urban Development Corp., Series D-1, 2.55% due 3/15/2022 | 29,675,000 | 30,246,541 | |
Redlands Redevelopment Agency Successor Agency (Insured: AMBAC) ETM, Series A, 5.818% due 8/1/2022 | 555,000 | 580,891 | |
Rutgers The State University of New Jersey, Series K, 3.028% due 5/1/2021 | 1,500,000 | 1,502,745 | |
State of Connecticut GO, | |||
Series A, | |||
3.471% due 9/15/2022 | 4,695,000 | 4,915,430 | |
4.00% due 9/15/2021 | 3,980,000 | 4,048,456 | |
Total Long-Term Municipal Bonds (Cost $43,627,057) | 44,601,154 | ||
Short-Term Investments — 8.2% | |||
j | Thornburg Capital Management Fund | 81,278,652 | 812,786,524 |
Total Short-Term Investments (Cost $812,786,524) | 812,786,524 | ||
Total Investments — 100.2% (Cost $9,829,821,064) | $9,946,390,586 | ||
Liabilities Net of Other Assets — (0.2)% | (19,635,361) | ||
Net Assets — 100.0% | $9,926,755,225 |
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 March 31, 2021. |
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 March 31, 2021, the aggregate value of these securities in the Fund’s portfolio was $3,533,130,902, representing 35.59% of the Fund’s net assets. |
d | When-issued security. |
e | Segregated as collateral for a when-issued security. |
f | Bond in default. |
g | Non-income producing. |
h | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at March 31, 2021. |
i | 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. |
j | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
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 |
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 Semi-Annual Report | 35 |
Thornburg Ultra Short Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
U.S. Treasury Securities — 1.8% | |||
United States Treasury Note, 1.125% due 9/30/2021 | $425,000 | $ 427,291 | |
United States Treasury Notes Inflationary Index, 0.125% due 4/15/2022 | 322,638 | 331,529 | |
Total U.S. Treasury Securities (Cost $750,113) | 758,820 | ||
U.S. Government Agencies — 0.3% | |||
Export Leasing (2009), LLC (Guaranty: Export-Import Bank of the United States), 1.859% due 8/28/2021 | 5,307 | 5,313 | |
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a,b | 0.591% (LIBOR 3 Month + 0.35%) due 4/15/2025 | 42,500 | 41,151 |
b | 1.70% due 12/20/2022 | 20,000 | 19,905 |
Small Business Administration Participation Certificates, | |||
Series 2005-20K Class 1, 5.36% due 11/1/2025 | 11,351 | 12,058 | |
Series 2009-20E Class 1, 4.43% due 5/1/2029 | 37,521 | 40,143 | |
Total U.S. Government Agencies (Cost $117,011) | 118,570 | ||
Mortgage Backed — 6.3% | |||
a,c | Angel Oak Mortgage Trust, LLC, Whole Loan Securities Trust CMO, Series 2018-2 Class A1, 3.674% due 7/27/2048 | 26,510 | 26,663 |
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2018-1 Class A1, 3.763% due 4/25/2048 | 41,637 | 41,713 |
a,c | Series 2019-1 Class A1, 3.805% due 1/25/2049 | 54,790 | 55,832 |
a,c | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 57,487 | 58,973 |
c | Bravo Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 45,995 | 47,279 |
COMM Mortgage Trust, | |||
Series 2012-CR5 Class ASB, 2.388% due 12/10/2045 | 38,498 | 38,970 | |
Series 2014-CR15 Class A2, 2.928% due 2/10/2047 | 236,007 | 236,690 | |
Series 2014-LC17 Class A3, 3.723% due 10/10/2047 | 60,000 | 60,810 | |
Series 2016-COR1 Class A2, 2.499% due 10/10/2049 | 331,454 | 333,906 | |
Federal Home Loan Mtg Corp., Pool G15523, 2.50% due 8/1/2025 | 41,667 | 43,360 | |
Federal Home Loan Mtg Corp., Multi-Family Structured Pass Through, | |||
Series K020 Class A1, 1.573% due 1/25/2022 | 5,295 | 5,299 | |
Series K036 Class A1, 2.777% due 4/25/2023 | 84,077 | 86,138 | |
Series K717 Class A2, 2.991% due 9/25/2021 | 94,572 | 95,195 | |
a | Federal Home Loan Mtg Corp., REMIC, Series 3877 Class FA, 0.456% (LIBOR 1 Month + 0.35%) due 11/15/2040 | 45,751 | 45,876 |
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 | 45,143 | 48,182 |
a | Series 2018-1 Class HA, 3.00% due 5/25/2057 | 32,070 | 33,956 |
a | Series 2018-2 Class HA, 3.00% due 11/25/2057 | 126,400 | 133,555 |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool AS7323, 2.50% due 6/1/2031 | 219,368 | 230,442 | |
Pool AS8538, 2.50% due 12/1/2026 | 111,136 | 115,717 | |
Pool FM1126, 3.00% due 3/1/2033 | 41,997 | 44,615 | |
Pool MA3557, 4.00% due 1/1/2029 | 76,002 | 81,001 | |
a,c | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 38,806 | 39,618 |
a,c | FWD Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-INV1 Class A1, 2.81% due 6/25/2049 | 63,178 | 65,222 |
a,c | GCAT LLC, Whole Loan Securities Trust CMO, Series 2019-NQM1 Class A1, 2.985% due 2/25/2059 | 51,760 | 51,954 |
a,c | GCAT Trust, Whole Loan Securities Trust CMO, Series 2019-NQM2 Class A1, 2.855% due 9/25/2059 | 58,774 | 59,226 |
Government National Mtg Assoc., Series 2013-55 Class AB, 1.579% due 12/16/2042 | 67,334 | 67,561 | |
a,c | Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1, 3.454% due 1/25/2059 | 38,953 | 38,952 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2017-2 Class A6, 3.00% due 5/25/2047 | 4,687 | 4,747 |
a,c | Series 2017-6 Class A5, 3.50% due 12/25/2048 | 4,270 | 4,278 |
a,c | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 178,241 | 185,172 |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7 Class AAB, 2.469% due 2/15/2046 | 56,394 | 57,256 | |
a,c | New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2017-5A Class A1, 1.609% (LIBOR 1 Month + 1.50%) due 6/25/2057 | 31,421 | 31,936 |
a,c | SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class A1, 2.703% due 9/25/2059 | 59,823 | 60,668 |
a,c | Verus Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class A1, 2.784% due 7/25/2059 | 71,319 | 72,811 |
WFRBS Commercial Mortgage Trust, Series 2013-C14, 2.977% due 6/15/2046 | 93,934 | 96,386 | |
Total Mortgage Backed (Cost $2,652,065) | 2,699,959 | ||
Asset Backed Securities — 53.8% |
36 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Auto Receivables — 20.6% | |||
ACC Trust, | |||
c | Series 2019-2 Class A, 2.82% due 2/21/2023 | $ 30,166 | $ 30,356 |
c | Series 2020-A Class A, 6.00% due 3/20/2023 | 137,438 | 141,600 |
Ally Auto Receivables Trust, | |||
Series 2017-4 Class A4, 1.96% due 7/15/2022 | 69,435 | 69,467 | |
Series 2018-2 Class A3, 2.92% due 11/15/2022 | 28,484 | 28,616 | |
American Credit Acceptance Receivables Trust, | |||
c | Series 2018-2 Class C, 3.70% due 7/10/2024 | 4,981 | 4,983 |
c | Series 2019-2 Class B, 3.05% due 5/12/2023 | 33,779 | 33,796 |
c | Series 2020-1 Class A, 1.89% due 4/13/2023 | 23,674 | 23,713 |
c | Series 2020-4 Class A, 0.53% due 3/13/2024 | 264,558 | 264,706 |
c | Series 2021-1 Class A, 0.35% due 5/13/2024 | 183,034 | 182,998 |
c | ARI Fleet Lease Trust, Series 2019-A Class A2A, 2.41% due 11/15/2027 | 235,165 | 237,157 |
c | Arivo Acceptance Auto Loan Receivables Trust, Series 2019-1 Class A, 2.99% due 7/15/2024 | 123,500 | 125,276 |
c | Avid Automobile Receivables Trust, Series 2019-1 Class A, 2.62% due 2/15/2024 | 118,175 | 118,955 |
c | Bank of The West Auto Trust, Series 2019-1 Class A2, 2.40% due 10/17/2022 | 3,197 | 3,199 |
c | Capital Auto Receivables Asset Trust, Series 2018-1 Class A4, 2.93% due 6/20/2022 | 133,063 | 133,349 |
CarMax Auto Owner Trust, | |||
Series 2017-2 Class B, 2.41% due 12/15/2022 | 425,000 | 426,698 | |
Series 2017-4 Class C, 2.70% due 10/16/2023 | 60,000 | 60,939 | |
Series 2018-3 Class A3, 3.13% due 6/15/2023 | 126,705 | 128,330 | |
CarNow Auto Receivables Trust, | |||
c | Series 2019-1A Class A, 2.72% due 11/15/2022 | 16,608 | 16,673 |
c | Series 2020-1A Class A, 1.76% due 2/15/2023 | 136,249 | 136,836 |
Carvana Auto Receivables Trust, | |||
c | Series 2020-N1A Class A, 1.53% due 1/16/2024 | 68,205 | 68,441 |
c | Series 2021-P1 Class N, 2.16% due 12/10/2027 | 300,000 | 300,001 |
CIG Auto Receivables Trust, | |||
c | Series 2019-1A Class B, 3.59% due 8/15/2024 | 375,000 | 383,229 |
c | Series 2020-1A Class A, 0.68% due 10/12/2023 | 104,678 | 104,714 |
CPS Auto Receivables Trust, | |||
c | Series 2019-A Class B, 3.58% due 12/16/2024 | 20,300 | 20,340 |
c | Series 2019-B Class B, 3.09% due 4/17/2023 | 33,664 | 33,751 |
c | Series 2019-D Class A, 2.17% due 12/15/2022 | 4,175 | 4,177 |
c | Series 2019-D Class B, 2.35% due 11/15/2023 | 107,000 | 107,706 |
c | Series 2020-A Class A, 2.09% due 5/15/2023 | 84,123 | 84,398 |
c | Series 2021-A Class A, 0.35% due 1/16/2024 | 110,357 | 110,318 |
c | CPS Auto Trust, Series 2017-A Class D, 4.61% due 12/15/2022 | 87,679 | 88,680 |
Drive Auto Receivables Trust, Series 2018-4 Class C 3.66% due 11/15/2024 | 30,161 | 30,294 | |
c | DT Auto Owner Trust, Series 2018-3A Class C, 3.79% due 7/15/2024 | 382,879 | 385,798 |
Exeter Automobile Receivables Trust, | |||
c | Series 2017-3A Class C, 3.68% due 7/17/2023 | 372,266 | 378,808 |
c | Series 2020-1A Class A, 2.05% due 6/15/2023 | 37,424 | 37,488 |
FHF Trust, | |||
c | Series 2020-1A Class A, 2.59% due 12/15/2023 | 122,022 | 122,946 |
c | Series 2021-1A Class A, 1.27% due 3/15/2027 | 125,000 | 124,896 |
Fifth Third Auto Trust, Series 2017-1 Class A4, 2.03% due 7/15/2024 | 44,492 | 44,514 | |
c | Flagship Credit Auto Trust, Series 2018-4 Class A, 3.41% due 5/15/2023 | 49,336 | 49,544 |
Ford Credit Floorplan Master Owner Trust, Series 2018-3 Class A1, 3.52% due 10/15/2023 | 55,000 | 55,949 | |
Foursight Capital Automobile Receivables Trust, | |||
c | Series 2019-1 Class A2, 2.58% due 3/15/2023 | 4,259 | 4,261 |
c | Series 2021-1 Class A1, 0.27% due 2/15/2022 | 158,943 | 158,928 |
GLS Auto Receivables Issuer Trust, | |||
c | Series 2019-1A Class A, 3.37% due 1/17/2023 | 275 | 275 |
c | Series 2019-4A Class A, 2.47% due 11/15/2023 | 18,708 | 18,844 |
c | Series 2020-1A Class A, 2.17% due 2/15/2024 | 118,460 | 119,448 |
c | Series 2020-3A Class A, 0.69% due 10/16/2023 | 39,005 | 39,057 |
c | Series 2021-1A Class A, 0.34% due 5/15/2024 | 200,000 | 199,940 |
GM Financial Automobile Leasing Trust, | |||
Series 2019-1 Class A3, 2.98% due 12/20/2021 | 10,743 | 10,754 | |
Series 2019-1 Class A4, 3.08% due 12/20/2022 | 271,000 | 271,774 | |
Series 2019-1 Class C, 3.56% due 12/20/2022 | 300,000 | 303,264 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 37 |
Thornburg Ultra Short Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Honda Auto Receivables Owner Trust, Series 2018-3 Class A3, 2.95% due 8/22/2022 | $ 24,957 | $ 25,147 | |
a,c | Navistar Financial Dealer Note Master Trust, Series 2020-1 Class A, 1.059% (LIBOR 1 Month + 0.95%) due 7/25/2025 | 123,000 | 123,841 |
c | NextGear Floorplan Master Owner Trust, Series 2018-2A Class A2, 3.69% due 10/15/2023 | 206,000 | 209,673 |
Nissan Auto Receivables Owner Trust, Series 2017-A Class A4, 2.11% due 5/15/2023 | 10,607 | 10,623 | |
c | Octane Receivables Trust, Series 2019-1A Class A, 3.16% due 9/20/2023 | 165,785 | 167,629 |
b,c | OSCAR US Funding Trust, Series 2018-1A Class A3, 3.23% due 5/10/2022 | 10,303 | 10,307 |
b,c | Oscar US Funding XI, LLC, Series 2019-2A Class A3, 2.59% due 9/11/2023 | 100,000 | 101,711 |
b,c | Oscar US Funding XII, LLC, Series 2021-1A Class A1, 0.222% due 3/10/2022 | 400,000 | 399,951 |
c | Prestige Auto Receivables Trust, Series 2019-1A Class B, 2.53% due 1/16/2024 | 328,000 | 331,634 |
c | Santander Consumer Auto Receivables Trust, Series 2021-AA Class A1, 0.182% due 1/18/2022 | 135,187 | 135,168 |
Santander Drive Auto Receivables Trust, Series 2018-5 Class C, 3.81% due 12/16/2024 | 244,402 | 245,968 | |
c | Skopos Auto Receivables Trust, Series 2019-1A Class A, 2.90% due 12/15/2022 | 29,231 | 29,269 |
c | TCF Auto Receivables Owner Trust, Series 2016-PT1A Class B, 2.92% due 10/17/2022 | 14,462 | 14,472 |
Tesla Auto Lease Trust, | |||
c | Series 2019-A Class A2, 2.13% due 4/20/2022 | 52,747 | 53,089 |
c | Series 2020-A Class A2, 0.55% due 5/22/2023 | 202,855 | 203,106 |
United Auto Credit Securitization Trust, | |||
c | Series 2018-2 Class D, 4.26% due 5/10/2023 | 110,957 | 111,013 |
c | Series 2020-1 Class A, 0.85% due 5/10/2022 | 76,473 | 76,506 |
c | Series 2021-1 Class A, 0.34% due 7/10/2023 | 200,000 | 199,958 |
c | USASF Receivables, LLC, Series 2020-1A Class A, 2.47% due 8/15/2023 | 112,449 | 113,646 |
Westlake Automobile Receivables Trust, | |||
c | Series 2020-1A Class A2, 1.44% due 9/15/2023 | 147,207 | 147,878 |
c | Series 2020-3A Class A1, 0.207% due 10/15/2021 | 10,502 | 10,501 |
World Omni Automobile Lease Securitization Trust, Series 2018-B Class B, 3.43% due 3/15/2024 | 175,000 | 175,891 | |
8,727,165 | |||
Credit Card — 5.9% | |||
American Express Credit Account Master Trust, | |||
Series 2018-8 Class A, 3.18% due 4/15/2024 | 250,000 | 253,309 | |
Series 2019-1 Class A, 2.87% due 10/15/2024 | 200,000 | 204,990 | |
a | Barclays Dryrock Issuance Trust, Series 2018-1 Class A, 0.436% (LIBOR 1 Month + 0.33%) due 7/15/2024 | 250,000 | 250,295 |
a | Capital One Multi-Asset Execution Trust, Series 2016-A2 Class A2, 0.736% (LIBOR 1 Month + 0.63%) due 2/15/2024 | 350,000 | 350,058 |
a | Discover Card Execution Note Trust, Series 2018-A3 Class A3, 0.336% (LIBOR 1 Month + 0.23%) due 12/15/2023 | 345,000 | 345,125 |
c | Fair Square Issuance Trust, Series 2020-AA Class A, 2.90% due 9/20/2024 | 220,000 | 222,469 |
Genesis Private Label Amortizing Trust, | |||
c | Series 2020-1 Class A, 2.08% due 7/20/2030 | 257,612 | 257,939 |
c | Series 2020-1 Class B, 2.83% due 7/20/2030 | 100,000 | 100,441 |
c | Series 2020-1 Class C, 4.19% due 7/20/2030 | 100,000 | 101,316 |
World Financial Network Credit Card Master Trust, Series 2019-B Class A, 2.49% due 4/15/2026 | 400,000 | 410,343 | |
2,496,285 | |||
Other Asset Backed — 22.5% | |||
Affirm Asset Securitization Trust, | |||
c | Series 2020-A Class A, 2.10% due 2/18/2025 | 200,000 | 202,117 |
c | Series 2020-Z2 Class A, 1.90% due 1/15/2025 | 220,877 | 222,675 |
c | Amur Equipment Finance Receivables VI, LLC, Series 2018-2A Class A2, 3.89% due 7/20/2022 | 58,981 | 59,997 |
c | Amur Equipment Finance Receivables VII, LLC, Series 2019-1A Class A2, 2.63% due 6/20/2024 | 67,349 | 68,454 |
c | Amur Equipment Finance Receivables VIII, LLC, Series 2020-1A Class A2, 1.68% due 8/20/2025 | 92,273 | 93,106 |
c | Aqua Finance Trust, Series 2019-A Class A, 3.14% due 7/16/2040 | 56,261 | 57,734 |
c | Ascentium Equipment Receivables, Series 2017-2A Class C, 2.87% due 8/10/2022 | 90,000 | 91,446 |
Avant Loans Funding Trust, | |||
c | Series 2019-A Class B, 3.80% due 12/15/2022 | 103,215 | 103,536 |
c | Series 2019-B Class B, 3.15% due 10/15/2026 | 150,000 | 151,305 |
a,c | Bayview Opportunity Master Fund, Series 2017-RT3 Class A, 3.50% due 1/28/2058 | 43,297 | 43,768 |
a,c | Bayview Opportunity Master Fund IV Trust, Series 2017-RT1 Class A1, 3.00% due 3/28/2057 | 62,951 | 63,928 |
c | BCC Funding Corp. XVI, LLC, Series 2019-1A Class A2, 2.46% due 8/20/2024 | 109,269 | 110,513 |
c | BCC Funding XVII, LLC, Series 2020-1 Class A1, 0.31% due 10/20/2021 | 224,814 | 224,739 |
c | BRE Grand Islander Timeshare Issuer, LLC, Series 2017-1A Class A, 2.94% due 5/25/2029 | 96,806 | 99,185 |
Conn’s Receivables Funding, LLC, | |||
c | Series 2019-A Class A, 3.40% due 10/16/2023 | 78,146 | 78,392 |
c | Series 2020-A Class A, 1.71% due 6/16/2025 | 126,082 | 126,133 |
c | Consumer Lending Receivables Trust, Series 2019-A Class A, 3.52% due 4/15/2026 | 2,734 | 2,737 |
c | Consumer Loan Underlying Bond CLUB Credit Trust, Series 2020-P1 Class A, 2.26% due 3/15/2028 | 58,271 | 58,615 |
38 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Consumer Loan Underlying Bond Credit Trust, | |||
c | Series 2018-P3 Class A, 3.82% due 1/15/2026 | $ 958 | $ 959 |
c | Series 2019-P2 Class A, 2.47% due 10/15/2026 | 31,792 | 31,927 |
c | Crossroads Asset Trust, Series 2021-A Class A1, 0.374% due 12/20/2021 | 194,312 | 194,277 |
Dell Equipment Finance Trust, | |||
c | Series 2018-1 Class B, 3.34% due 6/22/2023 | 152,291 | 152,621 |
c | Series 2020-1 Class A2, 2.26% due 6/22/2022 | 73,180 | 73,807 |
c | Dext, LLC, Series 2020-1 Class A, 1.46% due 2/16/2027 | 165,419 | 165,665 |
c | Diamond Resorts Owner Trust, Series 2019-1A Class A, 2.89% due 2/20/2032 | 109,726 | 113,083 |
c | DLL Securitization Trust, Series 2017-A Class A4, 2.43% due 11/17/2025 | 170,816 | 171,633 |
c | DLL, LLC, Series 2018-ST2 Class A3, 3.46% due 1/20/2022 | 13,053 | 13,072 |
Foundation Finance Trust, | |||
c | Series 2016-1A Class A, 3.96% due 6/15/2035 | 12,455 | 12,563 |
c | Series 2017-1A Class A, 3.30% due 7/15/2033 | 20,069 | 20,445 |
c | Series 2019-1A Class A, 3.86% due 11/15/2034 | 70,545 | 72,911 |
Freed ABS Trust, | |||
c | Series 2019-1 Class B, 3.87% due 6/18/2026 | 50,485 | 51,057 |
c | Series 2019-2 Class A, 2.62% due 11/18/2026 | 30,111 | 30,213 |
c | Series 2020-2CP Class A, 4.52% due 6/18/2027 | 44,402 | 44,771 |
c | Series 2020-3FP Class A, 2.40% due 9/20/2027 | 57,988 | 58,208 |
c | Series 2020-FP1 Class A, 2.52% due 3/18/2027 | 84,250 | 84,746 |
c | Series 2021-1CP Class A, 0.66% due 3/20/2028 | 139,238 | 138,989 |
a,c | Gracie Point International Funding, Series 2020-B Class A, 1.515% (LIBOR 1 Month + 1.40%) due 5/2/2023 | 99,996 | 100,149 |
c | Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033 | 97,982 | 100,751 |
c | LendingClub Receivables Trust, Series 2020-6A Class A, 2.75% due 11/15/2047 | 191,481 | 192,799 |
c | Lendingpoint Asset Securitization Trust, Series 2020-1 Class A, 2.512% due 2/10/2026 | 3,720 | 3,721 |
Lendmark Funding Trust, | |||
c | Series 2018-1A Class A, 3.81% due 12/21/2026 | 350,000 | 351,471 |
c | Series 2018-2A Class A, 4.23% due 4/20/2027 | 200,000 | 203,893 |
LL ABS Trust, | |||
c | Series 2019-1A Class A, 2.87% due 3/15/2027 | 46,837 | 47,044 |
c | Series 2019-1A Class B, 3.52% due 3/15/2027 | 100,000 | 101,593 |
c | Series 2020-1A Class A, 2.33% due 1/17/2028 | 134,090 | 135,444 |
Marlette Funding Trust, | |||
c | Series 2019-2A Class A, 3.13% due 7/16/2029 | 45,970 | 46,250 |
c | Series 2019-4A Class A, 2.39% due 12/17/2029 | 56,941 | 57,368 |
c | Series 2020-1A Class B, 2.38% due 3/15/2030 | 150,000 | 151,920 |
c | Series 2020-2A Class A, 1.02% due 9/16/2030 | 47,851 | 47,916 |
MMAF Equipment Finance, LLC, | |||
c | Series 2014-AA Class A5, 2.33% due 12/8/2025 | 194,186 | 196,038 |
c | Series 2017-AA Class A4, 2.41% due 8/16/2024 | 349,976 | 352,579 |
c | Series 2018-A Class A3, 3.20% due 9/12/2022 | 59,041 | 59,462 |
Nationstar HECM Loan Trust, | |||
a,c | Series 2019-1A Class A, 2.651% due 6/25/2029 | 34,149 | 34,203 |
a,c | Series 2020-1A Class A1, 1.269% due 9/25/2030 | 89,009 | 89,163 |
c | NMEF Funding, LLC, Series 2021-A Class A1, 0.341% due 3/15/2022 | 400,000 | 399,882 |
c | Oportun Funding, LLC, Series 2020-1 Class A, 2.20% due 5/15/2024 | 160,330 | 161,290 |
c | Pagaya AI Debt Selection Trust, Series 2020-3 Class A, 2.10% due 5/17/2027 | 171,856 | 173,231 |
c | Pawnee Equipment Receivables, LLC, Series 2019-1 Class A2, 2.29% due 10/15/2024 | 105,563 | 106,792 |
PFS Financing Corp., | |||
c | Series 2018-F Class A, 3.52% due 10/15/2023 | 350,000 | 355,735 |
c | Series 2018-F Class B, 3.77% due 10/15/2023 | 259,000 | 262,838 |
a,c | Series 2019-B Class A, 0.656% (LIBOR 1 Month + 0.55%) due 9/15/2023 | 250,000 | 250,398 |
c | Prosper Marketplace Issuance Trust, Series 2019-3A Class A, 3.19% due 7/15/2025 | 48,989 | 49,019 |
PSNH Funding, LLC 3, Series 2018-1 Class A1, 3.094% due 2/1/2026 | 50,341 | 52,311 | |
c | Regional Management Issuance Trust, Series 2019-1 Class A, 3.05% due 11/15/2028 | 175,000 | 179,054 |
SCF Equipment Leasing, LLC, | |||
c | Series 2019-2A Class A1, 2.22% due 6/20/2024 | 50,711 | 51,181 |
c | Series 2021-1A Class A1, 0.234% due 3/11/2022 | 302,736 | 302,624 |
Small Business Lending Trust, | |||
c | Series 2019-A Class A, 2.85% due 7/15/2026 | 17,393 | 17,368 |
c | Series 2020-A Class A, 2.62% due 12/15/2026 | 94,912 | 95,271 |
c | SoFi Consumer Loan Program Trust, Series 2019-2 Class A, 3.01% due 4/25/2028 | 21,052 | 21,194 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 39 |
Thornburg Ultra Short Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
SoFi Consumer Loan Program, LLC, | |||
c | Series 2017-4 Class A, 2.50% due 5/26/2026 | $ 2,918 | $ 2,920 |
c | Series 2017-6 Class A2, 2.82% due 11/25/2026 | 68,098 | 68,168 |
c | Tax Ease Funding, LLC, Series 2016-1A Class A, 3.131% due 6/15/2028 | 11,525 | 11,550 |
c | Theorem Funding Trust, Series 2020-1A Class A, 2.48% due 10/15/2026 | 96,467 | 97,395 |
Towd Point Mortgage Trust, | |||
a,c | Series 2016-5 Class A1, 2.50% due 10/25/2056 | 32,245 | 32,863 |
a,c | Series 2018-2 Class A1, 3.25% due 3/25/2058 | 56,451 | 58,862 |
a,c | Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 168,918 | 175,213 |
a,c | Series 2019-HY2 Class 1, 1.109% (LIBOR 1 Month + 1.00%) due 5/25/2058 | 99,283 | 100,126 |
c | Upstart Pass-Through Trust, Series 2020-ST3 Class A, 3.35% due 4/20/2028 | 70,381 | 71,814 |
Upstart Securitization Trust, | |||
c | Series 2019-1 Class B, 4.19% due 4/20/2026 | 12,305 | 12,322 |
c | Series 2019-2 Class A, 2.897% due 9/20/2029 | 37,688 | 37,871 |
c | Series 2019-2 Class B, 3.734% due 9/20/2029 | 150,000 | 152,802 |
c | Series 2019-3 Class A, 2.684% due 1/21/2030 | 100,073 | 100,807 |
c | Series 2019-3 Class B, 3.829% due 1/21/2030 | 150,000 | 153,769 |
c | Series 2020-3 Class A, 1.702% due 11/20/2030 | 120,505 | 121,437 |
c | Series 2021-1 Class A, 0.87% due 3/20/2031 | 144,999 | 144,595 |
c | Verizon Owner Trust, Series 2018-1A Class A1A, 2.82% due 9/20/2022 | 14,560 | 14,590 |
c | VSE VOI Mortgage, LLC, Series 2016-A Class A, 2.54% due 7/20/2033 | 161,214 | 162,014 |
9,558,397 | |||
Student Loan — 4.8% | |||
a,c | Earnest Student Loan Program, LLC, Series 2016-B Class A1, 2.159% (LIBOR 1 Month + 2.05%) due 2/26/2035 | 118,642 | 118,752 |
Navient Private Education Loan Trust, | |||
a,c | Series 2014-AA Class A2B, 1.356% (LIBOR 1 Month + 1.25%) due 2/15/2029 | 325,923 | 327,959 |
a,c | Series 2017-A Class A2B, 1.006% (LIBOR 1 Month + 0.90%) due 12/16/2058 | 103,157 | 103,377 |
Navient Student Loan Trust, | |||
a,c | Series 2016-6A Class A2, 0.859% (LIBOR 1 Month + 0.75%) due 3/25/2066 | 48,348 | 48,490 |
a,c | Series 2017-1A Class A2, 0.859% (LIBOR 1 Month + 0.75%) due 7/26/2066 | 108,146 | 108,284 |
Nelnet Student Loan Trust, | |||
a,c | Series 2012-2A Class A, 0.909% (LIBOR 1 Month + 0.80%) due 12/26/2033 | 119,401 | 118,980 |
a,c | Series 2015-3A Class A2, 0.709% (LIBOR 1 Month + 0.60%) due 2/27/2051 | 46,582 | 46,300 |
a,c | Series 2016-A Class A1A, 1.859% (LIBOR 1 Month + 1.75%) due 12/26/2040 | 21,658 | 21,776 |
a,c | Pennsylvania Higher Education Assistance Agency, Series 2012-1A Class A1, 0.659% (LIBOR 1 Month + 0.55%) due 5/25/2057 | 20,621 | 20,418 |
a,c | SLM Private Education Loan Trust, Series 2014-A Class A3, 1.606% (LIBOR 1 Month + 1.50%) due 3/15/2032 | 105,984 | 106,141 |
SLM Student Loan Trust, | |||
a | Series 2011-2 Class A1, 0.709% (LIBOR 1 Month + 0.60%) due 11/25/2027 | 40,611 | 40,632 |
a | Series 2013-4 Class A, 0.659% (LIBOR 1 Month + 0.55%) due 6/25/2043 | 31,239 | 31,199 |
a | Series 2013-6 Class A3, 0.759% (LIBOR 1 Month + 0.65%) due 6/25/2055 | 193,930 | 193,536 |
SMB Private Education Loan Trust, | |||
a,c | Series 2015-A Class A2B, 1.106% (LIBOR 1 Month + 1.00%) due 6/15/2027 | 48,361 | 48,454 |
a,c | Series 2015-B Class A2B, 1.306% (LIBOR 1 Month + 1.20%) due 7/15/2027 | 56,846 | 57,043 |
a,c | Series 2016-B Class A2B, 1.556% (LIBOR 1 Month + 1.45%) due 2/17/2032 | 168,436 | 170,167 |
a,c | Series 2020-A Class A1, 0.406% (LIBOR 1 Month + 0.30%) due 3/15/2027 | 74,387 | 74,343 |
a,c | Series 2020-PTB Class A1, 0.409% (LIBOR 1 Month + 0.30%) due 9/15/2054 | 236,939 | 236,781 |
SoFi Professional Loan Program, LLC, | |||
c | Series 2016-B Class A2B, 2.74% due 10/25/2032 | 21,793 | 21,978 |
c | Series 2016-E Class A2B, 2.49% due 1/25/2036 | 125,392 | 126,179 |
a,c | Series 2017-A Class A1, 0.809% (LIBOR 1 Month + 0.70%) due 3/26/2040 | 32,175 | 32,199 |
2,052,988 | |||
Total Asset Backed Securities (Cost $22,659,032) | 22,834,835 | ||
Corporate Bonds — 24.2% | |||
Automobiles & Components — 2.9% | |||
Automobiles — 2.4% | |||
c | BMW US Capital, LLC, 2.95% due 4/14/2022 | 130,000 | 133,500 |
a,c | Daimler Finance North America, LLC, 1.094% (LIBOR 3 Month + 0.90%) due 2/15/2022 | 150,000 | 150,898 |
a,c | Daimler Finance North America, LLC,, 0.742% (LIBOR 3 Month + 0.55%) due 5/4/2021 | 150,000 | 150,054 |
c | Hyundai Capital America, 3.95% due 2/1/2022 | 70,000 | 71,840 |
a,c | Nissan Motor Acceptance Corp., 0.883% (LIBOR 3 Month + 0.69%) due 9/28/2022 | 33,000 | 33,014 |
40 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
b | Toyota Motor Corp., 2.157% due 7/2/2022 | $ 18,000 | $ 18,414 |
a | Toyota Motor Credit Corp., 0.371% (SOFR + 0.34%) due 10/14/2022 | 250,000 | 250,360 |
a,c | Volkswagen Group of America Finance, LLC, 1.141% (LIBOR 3 Month + 0.94%) due 11/12/2021 | 200,000 | 200,910 |
Trading Companies & Distributors — 0.5% | |||
b,c | Mitsubishi UFJ Lease & Finance Co. Ltd., 3.406% due 2/28/2022 | 200,000 | 204,512 |
1,213,502 | |||
Banks — 1.8% | |||
Banks — 1.8% | |||
a,b,c | ABN AMRO Bank N.V., 0.76% (LIBOR 3 Month + 0.57%) due 8/27/2021 | 200,000 | 200,414 |
a | PNC Bank NA, 0.501% (LIBOR 3 Month + 0.33%) due 2/24/2023 | 250,000 | 250,353 |
Santander Holdings USA, Inc., 4.45% due 12/3/2021 | 40,000 | 40,919 | |
Zions Bancorp N.A., 3.35% due 3/4/2022 | 250,000 | 255,895 | |
747,581 | |||
Commercial & Professional Services — 0.2% | |||
Professional Services — 0.2% | |||
Verisk Analytics, Inc., 5.80% due 5/1/2021 | 100,000 | 100,384 | |
100,384 | |||
Consumer Durables & Apparel — 0.5% | |||
Household Durables — 0.5% | |||
b,c | Panasonic Corp., 2.536% due 7/19/2022 | 200,000 | 204,712 |
204,712 | |||
Diversified Financials — 3.2% | |||
Consumer Finance — 0.6% | |||
a,c | Wells Fargo Bank NA, 1.00% (LIBOR 3 Month + 0.20%) due 5/18/2022 | 250,000 | 251,402 |
Diversified Financial Services — 2.5% | |||
a | Citigroup, Inc., 0.888% (SOFR + 0.87%) due 11/4/2022 | 100,000 | 100,291 |
a,b | Credit Suisse Group Funding Guernsey Ltd., 2.513% (LIBOR 3 Month + 2.29%) due 4/16/2021 | 250,000 | 250,175 |
a,b | Deutsche Bank AG, 1.42% (LIBOR 3 Month + 1.23%) due 2/27/2023 | 100,000 | 100,469 |
a | Goldman Sachs Group, Inc., Series FRN, 0.433% (SOFR + 0.41%) due 1/27/2023 | 250,000 | 249,807 |
Morgan Stanley, | |||
a | 0.725% (SOFR + 0.70%) due 1/20/2023 | 125,000 | 125,298 |
a | 0.84% (SOFR + 0.83%) due 6/10/2022 | 35,000 | 35,034 |
a,b,c | UBS Group AG, 2.014% (LIBOR 3 Month + 1.78%) due 4/14/2021 | 200,000 | 200,092 |
Insurance — 0.1% | |||
a,c | AIG Global Funding, 0.661% (LIBOR 3 Month + 0.46%) due 6/25/2021 | 50,000 | 50,049 |
1,362,617 | |||
Energy — 0.2% | |||
Oil, Gas & Consumable Fuels — 0.2% | |||
EQM Midstream Partners L.P., Series 5Y, 4.75% due 7/15/2023 | 21,000 | 21,801 | |
a | Occidental Petroleum Corp., 1.644% (LIBOR 3 Month + 1.45%) due 8/15/2022 | 70,000 | 69,173 |
90,974 | |||
Food & Staples Retailing — 0.9% | |||
Food & Staples Retailing — 0.9% | |||
a,c | 7-Eleven, Inc., 0.645% (LIBOR 3 Month + 0.45%) due 8/10/2022 | 190,000 | 190,182 |
b,c | Alimentation Couche-Tard, Inc., 2.70% due 7/26/2022 | 170,000 | 174,585 |
364,767 | |||
Food, Beverage & Tobacco — 0.6% | |||
Beverages — 0.6% | |||
Molson Coors Brewing Co., 2.10% due 7/15/2021 | 235,000 | 235,757 | |
Food Products — 0.0% | |||
a | General Mills, Inc., 0.763% (LIBOR 3 Month + 0.54%) due 4/16/2021 | 20,000 | 20,002 |
255,759 | |||
Health Care Equipment & Services — 0.7% | |||
Health Care Equipment & Supplies — 0.7% | |||
Zimmer Biomet Holdings, Inc., 3.375% due 11/30/2021 | 300,000 | 303,531 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 41 |
Thornburg Ultra Short Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
303,531 | |||
Insurance — 2.4% | |||
Insurance — 2.4% | |||
b | Enstar Group Ltd., 4.50% due 3/10/2022 | $ 50,000 | $ 51,531 |
c | Guardian Life Global Funding, 3.40% due 4/25/2023 | 57,000 | 60,447 |
Infinity Property & Casualty Corp., 5.00% due 9/19/2022 | 100,000 | 105,686 | |
Jackson National Life Global Funding, | |||
a,c | 0.657% (LIBOR 3 Month + 0.48%) due 6/11/2021 | 100,000 | 100,084 |
c | 2.10% due 10/25/2021 | 100,000 | 100,977 |
c | MassMutual Global Funding II, 2.00% due 4/15/2021 | 200,000 | 200,102 |
a,c | New York Life Global Funding, 0.242% (SOFR + 0.22%) due 2/2/2023 | 250,000 | 249,907 |
Reliance Standard Life Global Funding II, | |||
c | 2.625% due 7/22/2022 | 75,000 | 77,037 |
c | 3.85% due 9/19/2023 | 50,000 | 53,789 |
999,560 | |||
Media & Entertainment — 0.4% | |||
Media — 0.4% | |||
c | Cox Communications, Inc., 3.25% due 12/15/2022 | 160,000 | 167,338 |
167,338 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 1.2% | |||
Pharmaceuticals — 1.2% | |||
a | AbbVie, Inc., 0.532% (LIBOR 3 Month + 0.35%) due 5/21/2021 | 200,000 | 200,058 |
a,b | AstraZeneca plc, 0.857% (LIBOR 3 Month + 0.67%) due 8/17/2023 | 65,000 | 65,543 |
c | Bayer US Finance II, LLC, 3.50% due 6/25/2021 | 250,000 | 251,087 |
516,688 | |||
Real Estate — 1.1% | |||
Equity Real Estate Investment Trusts — 1.1% | |||
SBA Tower Trust, | |||
c | 2.836% due 1/15/2050 | 100,000 | 104,657 |
c | 3.722% due 4/9/2048 | 370,000 | 376,627 |
481,284 | |||
Telecommunication Services — 1.4% | |||
Wireless Telecommunication Services — 1.4% | |||
Sprint Communications, Inc., 9.25% due 4/15/2022 | 550,000 | 592,471 | |
592,471 | |||
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 | 35,276 |
35,276 | |||
Utilities — 6.6% | |||
Electric Utilities — 5.1% | |||
c | Alliant Energy Finance, LLC, 3.75% due 6/15/2023 | 42,000 | 44,644 |
CenterPoint Energy, Inc., 3.60% due 11/1/2021 | 150,000 | 152,792 | |
a | Consolidated Edison Co. of New York, Inc., Series C, 0.601% (LIBOR 3 Month + 0.40%) due 6/25/2021 | 165,000 | 165,119 |
a | Dominion Energy, Inc., Series D, 0.714% (LIBOR 3 Month + 0.53%) due 9/15/2023 | 225,000 | 225,342 |
a | Duke Energy Florida, LLC, Series A, 0.44% (LIBOR 3 Month + 0.25%) due 11/26/2021 | 165,000 | 165,148 |
NextEra Energy Capital Holdings, Inc., | |||
a | 0.452% (LIBOR 3 Month + 0.27%) due 2/22/2023 | 200,000 | 200,008 |
a | 0.672% (LIBOR 3 Month + 0.48%) due 5/4/2021 | 200,000 | 200,056 |
Pacific Gas and Electric Co., 1.75% due 6/16/2022 | 185,000 | 185,255 | |
a | PPL Electric Utilities Corp., 0.443% (LIBOR 3 Month + 0.25%) due 9/28/2023 | 200,000 | 199,872 |
Public Service Enterprise Group, 2.65% due 11/15/2022 | 50,000 | 51,713 | |
a | Southern California Edison Co., Series D, 0.454% (LIBOR 3 Month + 0.27%) due 12/3/2021 | 190,000 | 190,004 |
Tampa Electric Co., 2.60% due 9/15/2022 | 185,000 | 189,222 | |
Virginia Electric & Power Co., 2.95% due 1/15/2022 | 205,000 | 207,747 | |
Gas Utilities — 1.5% | |||
a | Atmos Energy Corp., 0.565% (LIBOR 3 Month + 0.38%) due 3/9/2023 | 170,000 | 170,017 |
42 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
a | CenterPoint Energy Resources Corp., 0.684% (LIBOR 3 Month + 0.50%) due 3/2/2023 | $155,000 | $ 155,003 |
a | ONE Gas, Inc., 0.787% (LIBOR 3 Month + 0.61%) due 3/11/2023 | 215,000 | 214,977 |
Southern Co. Gas Capital Corp., 3.50% due 9/15/2021 | 100,000 | 100,592 | |
2,817,511 | |||
Total Corporate Bonds (Cost $10,169,426) | 10,253,955 | ||
Long-Term Municipal Bonds — 0.6% | |||
Colorado Educational & Cultural Facilities Authority, Series B, 2.474% due 3/1/2022 | 50,000 | 50,861 | |
New Jersey Transportation Trust Fund Authority, | |||
2.551% due 6/15/2023 | 30,000 | 30,796 | |
2.631% due 6/15/2024 | 25,000 | 25,984 | |
New York State Urban Development Corp., Series D-1, 2.55% due 3/15/2022 | 120,000 | 122,311 | |
State of Connecticut GO, | |||
Series A, | |||
3.471% due 9/15/2022 | 20,000 | 20,939 | |
4.00% due 9/15/2021 | 20,000 | 20,344 | |
Total Long-Term Municipal Bonds (Cost $265,061) | 271,235 | ||
Short-Term Investments — 13.4% | |||
d | Thornburg Capital Management Fund | 493,424 | 4,934,244 |
TriState Insured Cash Sweep 0.30% due 10/1/2050 | 750,173 | 750,173 | |
Total Short-Term Investments (Cost $5,684,417) | 5,684,417 | ||
Total Investments — 100.4% (Cost $42,297,125) | $42,621,791 | ||
Liabilities Net of Other Assets — (0.4)% | (187,510) | ||
Net Assets — 100.0% | $42,434,281 |
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 March 31, 2021. |
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 March 31, 2021, the aggregate value of these securities in the Fund’s portfolio was $23,697,989, representing 55.85% of the Fund’s net assets. |
d | 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 |
UMBS | Uniform Mortgage Backed Securities |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 43 |
Thornburg Strategic Income Fund | March 31, 2021 (Unaudited)
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 | $ 847 |
847 | |||
Retailing — 0.1% | |||
Specialty Retail — 0.1% | |||
a,b | RGIS Restructure Equity | 91,468 | 1,646,424 |
1,646,424 | |||
Total Common Stock (Cost $2,404,877) | 1,647,271 | ||
Preferred Stock — 0.6% | |||
Banks — 0.3% | |||
Banks — 0.3% | |||
c,d | AgriBank, FCB 6.875% (LIBOR 3 Month + 4.23%) | 40,000 | 4,320,000 |
c,d | CoBank ACB Series F, 6.25% (LIBOR 3 Month + 4.56%) | 50,000 | 5,262,500 |
9,582,500 | |||
Diversified Financials — 0.1% | |||
Diversified Financial Services — 0.1% | |||
c | Compass Diversified Holdings Series C, 7.875% | 108,150 | 2,757,825 |
2,757,825 | |||
Energy — 0.2% | |||
Oil, Gas & Consumable Fuels — 0.2% | |||
c | Crestwood Equity Partners, L.P. 9.25% | 653,920 | 5,649,869 |
5,649,869 | |||
Total Preferred Stock (Cost $16,666,798) | 17,990,194 | ||
Asset Backed Securities — 21.5% | |||
Auto Receivables — 6.0% | |||
ACC Trust, | |||
e | Series 2019-1 Class C, 6.41% due 2/20/2024 | $ 3,500,000 | 3,617,766 |
e | Series 2019-2 Class B, 3.63% due 8/21/2023 | 3,400,000 | 3,463,571 |
e | Series 2019-2 Class C, 5.24% due 10/21/2024 | 1,900,000 | 1,964,848 |
e | Series 2020-A Class A, 6.00% due 3/20/2023 | 4,275,848 | 4,405,330 |
e | American Credit Acceptance Receivables Trust, Series 2019-2 Class F, 5.81% due 6/12/2026 | 2,550,000 | 2,674,474 |
Arivo Acceptance Auto Loan Receivables Trust, | |||
e | Series 2019-1 Class A, 2.99% due 7/15/2024 | 1,146,784 | 1,163,274 |
e | Series 2019-1 Class B, 3.37% due 6/15/2025 | 2,000,000 | 2,071,835 |
e | Series 2021-1A Class A, 1.19% due 1/15/2027 | 1,159,002 | 1,166,565 |
e | Series 2021-1A Class C, 3.77% due 3/15/2027 | 900,000 | 917,937 |
e | Series 2021-1A Class D, 5.83% due 1/18/2028 | 850,000 | 856,335 |
Avid Automobile Receivables Trust, | |||
e | Series 2018-1 Class C, 5.13% due 2/18/2025 | 2,000,000 | 2,005,823 |
e | Series 2019-1 Class A, 2.62% due 2/15/2024 | 945,402 | 951,641 |
CarNow Auto Receivables Trust, | |||
e | Series 2019-1A Class A, 2.72% due 11/15/2022 | 498,244 | 500,185 |
e | Series 2020-1A Class A, 1.76% due 2/15/2023 | 3,606,587 | 3,622,141 |
Carvana Auto Receivables Trust, | |||
a,e | Series 2019-4A Class R, due 10/15/2026 | 8,000 | 3,700,000 |
e | Series 2020-N1A Class E, 5.20% due 7/15/2027 | 5,000,000 | 5,371,785 |
a,e | Series 2020-P1 Class R, due 9/8/2027 | 20,000 | 4,959,400 |
a,e | Series 2021-N1 Class R, due 1/10/2028 | 16,371 | 8,011,149 |
a,e | Series 2021-P1 Class R, due 12/10/2027 | 23,500 | 5,692,875 |
Chase Auto Credit Linked Notes, | |||
a,e | Series 2020-2 Class R, 31.355% due 2/25/2028 | 7,986,296 | 7,986,296 |
a,e | Series 2021-1 Class R, 28.348% due 9/25/2028 | 3,500,000 | 3,500,000 |
44 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e | CIG Auto Receivables Trust, Series 2019-1A Class D, 4.85% due 5/15/2026 | $ 2,000,000 | $ 2,048,636 |
CPS Auto Receivables Trust, | |||
e | Series 2018-B Class E, 5.61% due 12/16/2024 | 3,500,000 | 3,714,126 |
e | Series 2018-C Class E, 6.07% due 9/15/2025 | 2,000,000 | 2,142,521 |
e | Series 2019-A Class B, 3.58% due 12/16/2024 | 608,987 | 610,213 |
e | Series 2019-B Class E, 5.00% due 3/17/2025 | 3,320,000 | 3,493,014 |
e | Series 2020-A Class F, 6.93% due 3/15/2027 | 3,500,000 | 3,689,664 |
e | Series 2020-B Class D, 4.75% due 4/15/2026 | 1,400,000 | 1,509,824 |
e | Series 2020-C Class F, 6.67% due 11/15/2027 | 1,000,000 | 1,062,790 |
a,e | Credit Suisse ABS Trust Series 2020-AT1 Class CERT, due 6/15/2026 | 10,000 | 730,000 |
e | Drive Auto Receivables Trust, Series 2017-BA Class E, 5.30% due 7/15/2024 | 2,365,002 | 2,376,691 |
e | FHF Trust, Series 2020-1A Class A, 2.59% due 12/15/2023 | 3,327,883 | 3,353,081 |
e | First Investors Auto Owner, Series 2019-1A Class E, 4.53% due 6/16/2025 | 3,640,000 | 3,787,592 |
Flagship Credit Auto Trust, | |||
a,e | Series 2018-4 Class R, due 3/16/2026 | 13,000 | 2,184,000 |
a,e | Series 2019-1 Class R, due 6/15/2026 | 24,000 | 4,032,000 |
a,e | Series 2019-2 Class R, due 12/15/2026 | 13,000 | 3,373,500 |
a,e | Series 2019-3 Class R, due 12/15/2026 | 15,000 | 4,432,500 |
a,e | Series 2019-4 Class R, due 3/15/2027 | 8,000 | 2,880,000 |
Foursight Capital Automobile Receivables Trust, | |||
e | Series 2018-1 Class E, 5.56% due 1/16/2024 | 1,000,000 | 1,036,438 |
e | Series 2018-2 Class E, 5.50% due 10/15/2024 | 1,370,000 | 1,448,938 |
e | Series 2018-2 Class F, 6.48% due 6/15/2026 | 335,000 | 353,848 |
e | Series 2019-1 Class F, 5.57% due 11/16/2026 | 500,000 | 519,713 |
e | Series 2020-1 Class E, 3.49% due 4/15/2026 | 1,100,000 | 1,147,549 |
e | Series 2021-1 Class F, 4.06% due 8/15/2028 | 2,830,000 | 2,808,002 |
GLS Auto Receivables Issuer Trust, | |||
e | Series 2019-4A Class D, 4.09% due 8/17/2026 | 5,000,000 | 5,217,104 |
e | Series 2020-2A Class C, 4.57% due 4/15/2026 | 2,025,000 | 2,187,316 |
e | Series 2020-3A Class B, 1.38% due 8/15/2024 | 3,000,000 | 3,025,655 |
e | Prestige Auto Receivables Trust, Series 2018-1A Class E, 5.03% due 1/15/2026 | 2,625,000 | 2,737,061 |
Santander Consumer Auto Receivables Trust, | |||
a,e | Series 2020-AA Class R, due 1/16/2029 | 25,000 | 1,062,500 |
e | Series 2021-AA Class F, 5.79% due 8/15/2028 | 3,000,000 | 3,021,620 |
a,e | Series 2021-AA Class R, due 8/15/2028 | 28,500 | 5,158,500 |
Skopos Auto Receivables Trust, | |||
e | Series 2019-1A Class A, 2.90% due 12/15/2022 | 178,634 | 178,868 |
e | Series 2019-1A Class C, 3.63% due 9/16/2024 | 2,000,000 | 2,052,073 |
e | Series 2019-1A Class D, 5.24% due 4/15/2025 | 2,650,000 | 2,749,164 |
e | Tesla Auto Lease Trust, Series 2018-B Class E, 7.87% due 6/20/2022 | 7,825,000 | 8,027,092 |
e | U.S. Auto Funding, LLC, Series 2019-1A Class C, 5.34% due 3/15/2023 | 2,511,000 | 2,551,455 |
United Auto Credit Securitization Trust, | |||
e | Series 2020-1 Class F, 9.08% due 1/12/2026 | 3,205,000 | 3,440,249 |
e | Series 2021-1 Class F, 4.30% due 9/10/2027 | 6,125,000 | 6,105,007 |
e | USASF Receivables, LLC, Series 2020-1A Class A, 2.47% due 8/15/2023 | 5,301,149 | 5,357,587 |
e | Veros Automobile Receivables Trust, Series 2020-1 Class D, 5.64% due 2/16/2027 | 7,000,000 | 7,079,946 |
e | Westlake Automobile Receivables Trust, Series 2019-3A Class F, 4.72% due 4/15/2026 | 2,000,000 | 2,053,689 |
183,342,756 | |||
Credit Card — 2.3% | |||
e,f | Brex Commercial Charge Card Master Trust, Series 2021-1 Class A, 2.09% due 7/17/2024 | 3,150,000 | 3,149,767 |
Continental Credit Card, LLC, | |||
e | Series 2019-1A Class A, 3.83% due 8/15/2026 | 7,000,000 | 7,171,566 |
e | Series 2019-1A Class C, 6.16% due 8/15/2026 | 6,440,000 | 6,759,080 |
Continental Finance Credit Card ABS Master Trust, | |||
e | Series 2020-1A Class A, 2.24% due 12/15/2028 | 3,000,000 | 3,022,853 |
e | Series 2020-1A Class B, 3.66% due 12/15/2028 | 3,700,000 | 3,739,536 |
Fair Square Issuance Trust, | |||
e | Series 2020-AA Class A, 2.90% due 9/20/2024 | 6,000,000 | 6,067,334 |
e | Series 2020-AA Class C, 5.40% due 9/20/2024 | 9,500,000 | 9,688,750 |
Genesis Private Label Amortizing Trust, | |||
e | Series 2020-1 Class B, 2.83% due 7/20/2030 | 2,775,000 | 2,787,224 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 45 |
Thornburg Strategic Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e,g | Series 2020-1 Class C, 4.19% due 7/20/2030 | $ 2,175,000 | $ 2,203,612 |
e | Series 2020-1 Class D, 6.63% due 7/20/2030 | 1,550,000 | 1,591,560 |
Genesis Sales Finance Master Trust, | |||
e | Series 2020-AA Class C, 2.99% due 9/22/2025 | 1,780,000 | 1,787,615 |
e | Series 2020-AA Class D, 4.71% due 9/22/2025 | 2,300,000 | 2,309,420 |
e | Mercury Financial Credit Card Master Trust, Series 2021-1A Class D, 6.26% due 3/20/2026 | 5,000,000 | 5,032,240 |
Perimeter Master Note Business Trust, | |||
e | Series 2019-1A Class D, 10.37% due 12/15/2022 | 3,026,000 | 3,103,375 |
e | Series 2019-2A Class A, 4.23% due 5/15/2024 | 2,966,000 | 3,079,685 |
e | Series 2019-2A Class B, 5.21% due 5/15/2024 | 6,500,000 | 6,712,467 |
e | Series 2019-2A Class C, 7.06% due 5/15/2024 | 650,000 | 668,824 |
68,874,908 | |||
Other Asset Backed — 11.8% | |||
d,e | 321 Henderson Receivables II, LLC, Series 2006-3A Class A1, 0.306% (LIBOR 1 Month + 0.20%) due 9/15/2041 | 1,204,127 | 1,173,919 |
e | Amur Equipment Finance Receivables VII, LLC, Series 2019-1A Class A2, 2.63% due 6/20/2024 | 1,346,980 | 1,369,088 |
Amur Equipment Finance Receivables VIII, LLC, | |||
e | Series 2020-1A Class E, 7.00% due 1/20/2027 | 2,237,613 | 2,190,724 |
e | Series 2020-1A Class F, 7.00% due 12/20/2027 | 6,301,302 | 6,501,285 |
Aqua Finance Trust, | |||
e | Series 2019-A Class C, 4.01% due 7/16/2040 | 4,400,000 | 4,651,170 |
e | Series 2019-A Class D, 6.07% due 7/16/2040 | 9,900,000 | 10,364,579 |
e | Series 2020-AA Class A, 1.90% due 7/17/2046 | 3,334,936 | 3,366,700 |
e | Series 2020-AA Class C, 3.97% due 7/17/2046 | 2,000,000 | 2,060,397 |
e | Series 2020-AA Class D, 7.15% due 7/17/2046 | 2,550,000 | 2,644,910 |
Avant Loans Funding Trust, | |||
e | Series 2019-A Class B, 3.80% due 12/15/2022 | 825,717 | 828,290 |
e | Series 2019-B Class B, 3.15% due 10/15/2026 | 975,000 | 983,484 |
d,e,h | Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A Class A, 4.213% due 12/16/2041 | 5,151,198 | 5,185,109 |
e | CFG Investments Ltd., Series 2019-1 Class A, 5.56% due 8/15/2029 | 7,711,364 | 7,739,519 |
Conn’s Receivables Funding, LLC, | |||
e | Series 2019-A Class A, 3.40% due 10/16/2023 | 289,431 | 290,341 |
e | Series 2019-A Class B, 4.36% due 10/16/2023 | 2,082,131 | 2,089,430 |
e | Series 2020-A Class A, 1.71% due 6/16/2025 | 1,907,816 | 1,908,590 |
e | Consumer Lending Receivables Trust, Series 2019-A Class A, 3.52% due 4/15/2026 | 69,981 | 70,048 |
Consumer Loan Underlying Bond CLUB Credit Trust, | |||
e | Series 2019-P2 Class C, 4.41% due 10/15/2026 | 1,500,000 | 1,536,550 |
e | Series 2020-P1 Class B, 2.92% due 3/15/2028 | 1,500,000 | 1,524,311 |
Consumer Loan Underlying Bond Credit Trust, | |||
e | Series 2018-P3 Class C, 5.54% due 1/15/2026 | 5,500,000 | 5,673,285 |
e | Series 2019-HP1 Class C, 4.70% due 12/15/2026 | 5,000,000 | 5,155,013 |
a,d,e | Series 2019-HP1 Class CERT, due 12/15/2026 | 100,000 | 1,490,000 |
e | Series 2019-P1 Class C, 4.66% due 7/15/2026 | 4,500,000 | 4,623,271 |
e | Credit Suisse ABS Trust, Series 2018-LD1 Class D, 6.30% due 7/25/2024 | 2,177,000 | 2,187,794 |
e | Dext, LLC, Series 2020-1 Class A, 1.46% due 2/16/2027 | 4,135,481 | 4,141,634 |
Diamond Resorts Owner Trust, | |||
e | Series 2018-1 Class A, 3.70% due 1/21/2031 | 1,364,020 | 1,424,412 |
e | Series 2019-1A Class A, 2.89% due 2/20/2032 | 3,566,085 | 3,675,212 |
e,h | ECAF I Ltd., Series 2015-1A Class B1, 5.802% due 6/15/2040 | 5,057,931 | 3,841,470 |
e | ExteNet, LLC, Series 2019-1A Class A2, 3.204% due 7/26/2049 | 5,000,000 | 5,157,118 |
Foundation Finance Trust, | |||
e | Series 2017-1A Class A, 3.30% due 7/15/2033 | 782,679 | 797,371 |
e | Series 2019-1A Class A, 3.86% due 11/15/2034 | 4,373,800 | 4,520,474 |
e | Series 2019-1A Class C, 5.66% due 11/15/2034 | 575,000 | 576,943 |
e | Series 2020-1A Class A, 3.54% due 7/16/2040 | 3,006,177 | 3,110,841 |
e | Series 2020-1A Class C, 5.75% due 7/16/2040 | 4,025,000 | 4,110,302 |
e | Series 2021-1A Class A, 1.27% due 5/15/2041 | 4,000,000 | 3,979,359 |
e | Series 2021-1A Class D, 4.96% due 5/15/2041 | 2,345,000 | 2,332,522 |
Freed ABS Trust, | |||
e | Series 2019-1 Class B, 3.87% due 6/18/2026 | 1,262,126 | 1,276,430 |
e | Series 2019-2 Class A, 2.62% due 11/18/2026 | 752,778 | 755,332 |
e | Series 2019-2 Class C, 4.86% due 11/18/2026 | 5,000,000 | 5,149,692 |
e | Series 2020-2CP Class A, 4.52% due 6/18/2027 | 1,184,041 | 1,193,904 |
46 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e | Series 2020-3FP Class A, 2.40% due 9/20/2027 | $ 386,589 | $ 388,053 |
e | Series 2020-FP1 Class A, 2.52% due 3/18/2027 | 2,274,745 | 2,288,152 |
e | Series 2021-1CP Class A, 0.66% due 3/20/2028 | 2,784,767 | 2,779,770 |
e | HERO Funding Trust, Series 2017-2A Class A1, 3.28% due 9/20/2048 | 1,778,156 | 1,830,002 |
e | Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033 | 2,514,863 | 2,585,951 |
e | InStar Leasing III, LLC, Series 2021-1A Class C, 5.29% due 2/15/2054 | 5,991,070 | 5,832,212 |
LendingClub Receivables Trust, | |||
a,e | Series 2019-1 Class CERT, due 7/17/2045 | 70,300 | 1,159,950 |
e | Series 2019-7 Class R1, due 1/15/2027 | ���2,267,377 | 1,133,688 |
e | Series 2019-7 Class R2, due 1/15/2027 | 379,730 | 189,865 |
e | Series 2020-6A Class A, 2.75% due 11/15/2047 | 9,765,541 | 9,832,761 |
a,e | Series 2020-JPSL Class R, due 2/15/2025 | 30,000 | 1,291,500 |
Lendingpoint Asset Securitization Trust, | |||
e | Series 2020-1 Class A, 2.512% due 2/10/2026 | 59,524 | 59,538 |
e | Series 2020-1 Class B, 3.107% due 2/10/2026 | 10,450,000 | 10,490,751 |
LendingPoint Asset Securitization Trust, | |||
e | Series 2020-REV1 Class B, 4.494% due 10/15/2028 | 4,000,000 | 4,213,033 |
e | Series 2020-REV1 Class C, 7.699% due 10/15/2028 | 4,000,000 | 4,115,223 |
e | Lendmark Funding Trust, Series 2018-1A Class A, 3.81% due 12/21/2026 | 975,000 | 979,098 |
LL ABS Trust, | |||
e | Series 2019-1A Class A, 2.87% due 3/15/2027 | 576,452 | 579,003 |
e | Series 2020-1A Class C, 6.54% due 1/17/2028 | 2,200,000 | 2,349,630 |
Loanpal Solar Loan Ltd., | |||
a,e,i | Series 2021-1GS Class R, due 1/20/2048 | 13,252,480 | 10,469,022 |
e | Series 2021-2GS Class C, 3.50% due 3/20/2048 | 3,378,000 | 3,033,672 |
Marlette Funding Trust, | |||
e | Series 2019-1A Class C, 4.42% due 4/16/2029 | 3,000,000 | 3,083,675 |
e | Series 2020-1A Class B, 2.38% due 3/15/2030 | 1,850,000 | 1,873,674 |
e | Series 2020-2A Class A, 1.02% due 9/16/2030 | 1,435,524 | 1,437,475 |
e | MelTel Land Funding, LLC, Series 2019-1A Class A, 3.768% due 4/15/2049 | 5,432,127 | 5,728,176 |
Mosaic Solar Loan Trust, | |||
e | Series 2020-1A Class C, 4.47% due 4/20/2046 | 1,600,000 | 1,641,501 |
e | Series 2020-2A Class D, 5.42% due 8/20/2046 | 1,580,000 | 1,629,924 |
a,e | Series 2020-2A Class R, due 8/20/2046 | 1,375,000 | 703,676 |
a,e | Series 2021-1A Class R, due 12/20/2046 | 8,600,000 | 3,090,861 |
d,e | Nationstar HECM Loan Trust, Series 2020-1A Class A1, 1.269% due 9/25/2030 | 8,010,801 | 8,024,658 |
New Residential Advance Receivables Trust Advance Receivables Backed, | |||
e | Series 2020-T1 Class AT1, 1.426% due 8/15/2053 | 5,000,000 | 5,011,254 |
e | Series 2020-T1 Class BT1, 1.823% due 8/15/2053 | 3,000,000 | 3,010,081 |
e | Series 2020-T1 Class CT1, 2.269% due 8/15/2053 | 3,400,000 | 3,416,678 |
e | Series 2020-T1 Class DT1, 3.011% due 8/15/2053 | 6,575,000 | 6,612,584 |
e | NMEF Funding LLC, Series 2019-A Class A, 2.73% due 8/17/2026 | 2,001,500 | 2,011,323 |
NRZ Advance Receivables Trust, | |||
e | Series 2020-T2 Class CT2, 2.17% due 9/15/2053 | 3,000,000 | 3,008,289 |
e | Series 2020-T2 Class DT2, 2.863% due 9/15/2053 | 5,550,000 | 5,565,023 |
e | Series 2020-T3 Class DT3, 2.458% due 10/15/2052 | 4,400,000 | 4,416,722 |
Ocwen Master Advance Receivables Trust, | |||
e | Series 2020-T1 Class AT1, 1.278% due 8/15/2052 | 8,000,000 | 8,019,698 |
e | Series 2020-T1 Class BT1, 1.774% due 8/15/2052 | 2,850,000 | 2,859,237 |
e | Series 2020-T1 Class CT1, 2.32% due 8/15/2052 | 1,480,000 | 1,485,736 |
e | Series 2020-T1 Class DT1, 3.061% due 8/15/2052 | 8,355,000 | 8,392,307 |
e | Oportun Funding IX, LLC, Series 2018-B Class B, 4.50% due 7/8/2024 | 550,000 | 550,145 |
Oportun Funding X, LLC, | |||
e | Series 2018-C Class A, 4.10% due 10/8/2024 | 2,690,000 | 2,714,998 |
e | Series 2018-C Class B, 4.59% due 10/8/2024 | 1,000,000 | 1,008,190 |
e | Oportun Funding, LLC, Series 2020-1 Class B, 3.45% due 5/15/2024 | 9,900,000 | 10,076,465 |
Pagaya AI Debt Selection Trust, | |||
e | Series 2020-3 Class A, 2.10% due 5/17/2027 | 3,844,158 | 3,874,905 |
e | Series 2021-1 Class A, 1.18% due 11/15/2027 | 11,000,000 | 11,008,845 |
e | Pawnee Equipment Receivables, LLC, Series 2020-1 Class A, 1.37% due 11/17/2025 | 2,985,352 | 3,002,946 |
e | PFS Financing Corp., Series 2020-B Class A, 1.21% due 6/15/2024 | 2,500,000 | 2,523,347 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 47 |
Thornburg Strategic Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Prosper Pass-Thru Trust, | |||
e | Series 2019-ST1 Class CERT, due 7/15/2025 | $ 13,363,728 | $ 3,081,452 |
e | Series 2019-ST2 Class R1, due 11/15/2025 | 6,385,267 | 2,674,493 |
e | Series 2019-ST2 Class R2, due 11/15/2025 | 3,193,133 | 1,337,456 |
e | Regional Management Issuance Trust, Series 2019-1 Class A, 3.05% due 11/15/2028 | 225,000 | 230,212 |
e | Republic FInance Issuance Trust, Series 2019-A Class C, 5.10% due 11/22/2027 | 1,800,000 | 1,866,623 |
SCF Equipment Leasing, LLC, | |||
e | Series 2019-1A Class D, 4.56% due 5/20/2027 | 3,000,000 | 2,965,382 |
e | Series 2019-2A Class C, 3.11% due 6/21/2027 | 7,300,000 | 7,573,673 |
Small Business Lending Trust, | |||
e | Series 2019-A Class A, 2.85% due 7/15/2026 | 434,823 | 434,191 |
e | Series 2020-A Class A, 2.62% due 12/15/2026 | 2,796,518 | 2,807,079 |
e | SolarCity LMC Series I, LLC, Series 2013-1 Class A, 4.80% due 11/20/2038 | 1,692,013 | 1,777,076 |
e | SolarCity LMC Series II, LLC, Series 2014-1 Class A, 4.59% due 4/20/2044 | 2,126,284 | 2,232,842 |
e | SpringCastle America Funding, LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 8,452,307 | 8,518,406 |
e | Upgrade Receivables Trust, Series 2019-2A Class A, 2.77% due 10/15/2025 | 13,445 | 13,452 |
Upstart Pass-Through Trust, | |||
e | Series 2020-ST2 Class A, 3.50% due 3/20/2028 | 2,869,122 | 2,923,761 |
e | Series 2020-ST3 Class A, 3.35% due 4/20/2028 | 4,222,838 | 4,308,847 |
Upstart Securitization Trust, | |||
e | Series 2017-1 Class C, 6.35% due 6/20/2024 | 869,400 | 870,903 |
e | Series 2017-2 Class C, 5.59% due 3/20/2025 | 2,883,642 | 2,887,768 |
a,e,i | Series 2018-2 Class CERT, due 12/22/2025 | 84,500 | 4,098,250 |
e | Series 2019-1 Class B, 4.19% due 4/20/2026 | 205,089 | 205,361 |
e | Series 2019-2 Class A, 2.897% due 9/20/2029 | 1,130,627 | 1,136,128 |
e | Series 2019-3 Class A, 2.684% due 1/21/2030 | 1,334,306 | 1,344,094 |
a,e | Series 2021-1 Class CERT, due 3/20/2031 | 11,275 | 5,666,251 |
361,987,790 | |||
Rec Vehicle Loan — 0.1% | |||
e | Octane Receivables Trust, Series 2020-1A Class A, 1.71% due 2/20/2025 | 2,361,801 | 2,382,875 |
2,382,875 | |||
Student Loan — 1.3% | |||
College Ave Student Loans, | |||
d,e | Series 2021-A Class A1, 1.229% (LIBOR 1 Month + 1.10%) due 7/25/2051 | 3,750,000 | 3,765,007 |
e | Series 2021-A Class A2, 1.60% due 7/25/2051 | 500,000 | 494,234 |
Commonbond Student Loan Trust, | |||
e | Series 18-CGS, Class A1, 3.87% due 2/25/2046 | 1,093,488 | 1,125,998 |
e | Series 2020-1 Class A, 1.69% due 10/25/2051 | 3,942,559 | 3,947,329 |
Earnest Student Loan Program, LLC, | |||
d,e | Series 2016-B Class A1, 2.159% (LIBOR 1 Month + 2.05%) due 2/26/2035 | 237,283 | 237,505 |
e | Series 2016-C Class A2, 2.68% due 7/25/2035 | 399,661 | 400,057 |
d,e | Navient Private Education Refi Loan Trust, Series 2019-D Class A2B, 1.156% (LIBOR 1 Month + 1.05%) due 12/15/2059 | 5,849,131 | 5,896,311 |
Nelnet Student Loan Trust, | |||
d,e | Series 2015-2A Class A2, 0.709% (LIBOR 1 Month + 0.60%) due 9/25/2047 | 3,042,875 | 3,014,181 |
d,e | Series 2016-A Class A1A, 1.859% (LIBOR 1 Month + 1.75%) due 12/26/2040 | 649,746 | 653,265 |
SLM Student Loan Trust, | |||
d | Series 2008-2 Class A3, 0.968% (LIBOR 3 Month + 0.75%) due 4/25/2023 | 802,532 | 789,960 |
d | Series 2008-5 Class A4, 1.918% (LIBOR 3 Month + 1.70%) due 7/25/2023 | 1,098,758 | 1,106,564 |
d | Series 2011-2 Class A2, 1.309% (LIBOR 1 Month + 1.20%) due 10/25/2034 | 5,000,000 | 5,114,079 |
d | Series 2012-1 Class A3, 1.059% (LIBOR 1 Month + 0.95%) due 9/25/2028 | 2,161,390 | 2,125,831 |
d | Series 2013-6 Class A3, 0.759% (LIBOR 1 Month + 0.65%) due 6/25/2055 | 2,386,830 | 2,381,976 |
SMB Private Education Loan Trust, | |||
d,e | Series 2021-A Class A1, 0.606% (LIBOR 1 Month + 0.50%) due 1/15/2053 | 237,374 | 237,118 |
a,e | Series 2021-A Class R, due 1/15/2053 | 2,742 | 8,500,200 |
39,789,615 | |||
Total Asset Backed Securities (Cost $628,023,458) | 656,377,944 | ||
Corporate Bonds — 42.8% | |||
Automobiles & Components — 1.4% |
48 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Auto Components — 0.2% | |||
e,h | Nexteer Automotive Group Ltd., 5.875% due 11/15/2021 | $ 2,000,000 | $ 2,000,000 |
e | Real Hero Merger Sub 2, Inc., 6.25% due 2/1/2029 | 4,616,000 | 4,760,111 |
Automobiles — 1.2% | |||
d,e,h | BMW Finance N.V., 0.991% (LIBOR 3 Month + 0.79%) due 8/12/2022 | 4,000,000 | 4,033,160 |
Daimler Finance North America, LLC, | |||
d,e | 1.094% (LIBOR 3 Month + 0.90%) due 2/15/2022 | 5,500,000 | 5,532,945 |
e | 2.125% due 3/10/2025 | 7,500,000 | 7,704,675 |
e | 3.75% due 11/5/2021 | 1,505,000 | 1,534,498 |
Hyundai Capital America, | |||
e | 1.80% due 10/15/2025 - 1/10/2028 | 1,933,000 | 1,907,258 |
e | 2.375% due 2/10/2023 | 6,747,000 | 6,930,586 |
e | 3.95% due 2/1/2022 | 1,202,000 | 1,233,601 |
e | 6.375% due 4/8/2030 | 985,000 | 1,233,811 |
Hyundai Capital Services, Inc., | |||
e,h | 1.25% due 2/8/2026 | 830,000 | 809,624 |
e,h | 3.75% due 3/5/2023 | 971,000 | 1,023,191 |
Nissan Motor Acceptance Corp., | |||
d,e | 0.875% (LIBOR 3 Month + 0.65%) due 7/13/2022 | 440,000 | 439,762 |
d,e | 0.883% (LIBOR 3 Month + 0.69%) due 9/28/2022 | 460,000 | 460,189 |
Volkswagen Group of America Finance, LLC, | |||
e | 2.50% due 9/24/2021 | 1,425,000 | 1,439,036 |
e | 4.00% due 11/12/2021 | 2,500,000 | 2,554,550 |
43,596,997 | |||
Banks — 0.5% | |||
Banks — 0.5% | |||
e,h | Banco Nacional de Panama, 2.50% due 8/11/2030 | 2,295,000 | 2,129,806 |
d | Capital One NA/Mclean VA, 1.013% (LIBOR 3 Month + 0.82%) due 8/8/2022 | 3,000,000 | 3,022,830 |
d | Citizens Bank N.A./Providence RI, 1.143% (LIBOR 3 Month + 0.95%) due 3/29/2023 | 4,000,000 | 4,050,000 |
e,h | Kookmin Bank, 2.50% due 11/4/2030 | 0 | 0 |
e,h | Macquarie Bank Ltd., 3.624% due 6/3/2030 | 2,800,000 | 2,864,736 |
Santander Holdings USA, Inc., 3.45% due 6/2/2025 | 3,000,000 | 3,203,940 | |
15,271,312 | |||
Capital Goods — 2.2% | |||
Aerospace & Defense — 1.4% | |||
Boeing Co., 2.196% due 2/4/2026 | 5,118,000 | 5,102,799 | |
BWX Technologies, Inc., | |||
e | 4.125% due 6/30/2028 | 880,000 | 890,965 |
e,f | 4.125% due 4/15/2029 | 7,406,000 | 7,505,240 |
e | 5.375% due 7/15/2026 | 6,805,000 | 7,037,323 |
e | Spirit AeroSystems, Inc., 7.50% due 4/15/2025 | 5,123,000 | 5,505,842 |
Teledyne Technologies, Inc., | |||
2.25% due 4/1/2028 | 4,423,000 | 4,402,345 | |
2.75% due 4/1/2031 | 2,217,000 | 2,215,692 | |
e | TransDigm, Inc., 6.25% due 3/15/2026 | 9,244,000 | 9,799,842 |
Machinery — 0.7% | |||
e,h | ATS Automation Tooling Systems, Inc., 4.125% due 12/15/2028 | 3,565,000 | 3,546,890 |
Flowserve Corp., 3.50% due 10/1/2030 | 4,053,000 | 4,126,643 | |
Mueller Industries, Inc., 6.00% due 3/1/2027 | 9,441,000 | 9,630,481 | |
nVent Finance Sarl, | |||
h | 3.95% due 4/15/2023 | 2,000,000 | 2,093,600 |
h | 4.55% due 4/15/2028 | 3,000,000 | 3,174,600 |
Trading Companies & Distributors — 0.1% | |||
e | IAA, Inc., 5.50% due 6/15/2027 | 2,479,000 | 2,598,760 |
67,631,022 | |||
Commercial & Professional Services — 1.2% | |||
Commercial Services & Supplies — 1.1% | |||
e,g | ACCO Brands Corp., 4.25% due 3/15/2029 | 9,246,000 | 8,989,701 |
e,h | Cimpress plc, 7.00% due 6/15/2026 | 9,141,000 | 9,663,865 |
e | CoStar Group, Inc., 2.80% due 7/15/2030 | 3,120,000 | 3,061,250 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 49 |
Thornburg Strategic Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Nielsen Finance, LLC / Nielsen Finance Co., | |||
e | 5.00% due 4/15/2022 | $ 5,075,000 | $ 5,079,974 |
e | 5.875% due 10/1/2030 | 2,727,000 | 2,954,868 |
Quanta Services, Inc., 2.90% due 10/1/2030 | 1,975,000 | 2,001,998 | |
Professional Services — 0.1% | |||
Gartner, Inc., | |||
e | 3.75% due 10/1/2030 | 1,815,000 | 1,797,558 |
e | 4.50% due 7/1/2028 | 1,829,000 | 1,885,644 |
35,434,858 | |||
Commercial Services — 0.1% | |||
Transportation Infrastructure — 0.1% | |||
e,h | Adani International Container Terminal Pvt Ltd., 3.00% due 2/16/2031 | 4,575,000 | 4,375,027 |
4,375,027 | |||
Consumer Durables & Apparel — 0.8% | |||
Household Durables — 0.1% | |||
e | CD&R Smokey Buyer, Inc., 6.75% due 7/15/2025 | 875,000 | 937,834 |
e,h | Panasonic Corp., 2.536% due 7/19/2022 | 2,790,000 | 2,855,732 |
Leisure Products — 0.3% | |||
e | Vista Outdoor, Inc., 4.50% due 3/15/2029 | 9,310,000 | 9,214,573 |
Textiles, Apparel & Luxury Goods — 0.4% | |||
Under Armour, Inc., 3.25% due 6/15/2026 | 6,389,000 | 6,397,817 | |
e | Wolverine World Wide, Inc., 5.00% due 9/1/2026 | 4,160,000 | 4,233,174 |
23,639,130 | |||
Consumer Services — 0.8% | |||
Hotels, Restaurants & Leisure — 0.6% | |||
Hyatt Hotels Corp., 5.75% due 4/23/2030 | 4,475,000 | 5,227,292 | |
e | Nathan’s Famous, Inc., 6.625% due 11/1/2025 | 8,320,000 | 8,528,083 |
SeaWorld Parks & Entertainment, Inc., | |||
e | 8.75% due 5/1/2025 | 2,906,000 | 3,146,849 |
e | 9.50% due 8/1/2025 | 3,025,000 | 3,290,414 |
Transportation Infrastructure — 0.2% | |||
e,h | Adani Ports & Special Economic Zone Ltd., 3.375% due 7/24/2024 | 5,135,000 | 5,391,083 |
25,583,721 | |||
Diversified Financials — 5.1% | |||
Capital Markets — 2.1% | |||
Ares Capital Corp., | |||
3.25% due 7/15/2025 | 5,320,000 | 5,490,666 | |
4.20% due 6/10/2024 | 690,000 | 744,841 | |
4.25% due 3/1/2025 | 350,000 | 375,536 | |
e | Blackstone Secured Lending Fund, 2.75% due 9/16/2026 | 2,731,000 | 2,712,975 |
a,d | Citigroup Global Markets Holdings, Inc., 6.40% due 1/29/2035 | 4,108,000 | 4,114,162 |
e | Compass Group Diversified Holdings, LLC, 5.25% due 4/15/2029 | 5,610,000 | 5,851,847 |
a,b,e,j | JPR Royalty Sub, LLC, 14.00% due 9/1/2020 | 2,000,000 | 0 |
e | LPL Holdings, Inc., 4.625% due 11/15/2027 | 1,840,000 | 1,918,826 |
Main Street Capital Corp., | |||
3.00% due 7/14/2026 | 5,250,000 | 5,213,775 | |
5.20% due 5/1/2024 | 3,073,000 | 3,309,898 | |
Owl Rock Technology Finance Corp., | |||
e | 3.75% due 6/17/2026 | 3,540,000 | 3,614,906 |
e | 4.75% due 12/15/2025 | 6,409,000 | 6,836,416 |
Sixth Street Specialty Lending, Inc., 2.50% due 8/1/2026 | 1,200,000 | 1,189,320 | |
SLR Investment Corp., 4.50% due 1/20/2023 | 3,875,000 | 4,029,923 | |
e | StoneX Group, Inc., 8.625% due 6/15/2025 | 10,254,000 | 10,848,424 |
TPG Specialty Lending, Inc., 3.875% due 11/1/2024 | 7,310,000 | 7,660,953 | |
Consumer Finance — 0.3% | |||
e | FirstCash, Inc., 4.625% due 9/1/2028 | 9,115,000 | 9,307,691 |
Diversified Financial Services — 2.4% |
50 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Antares Holdings L.P., | |||
e | 3.95% due 7/15/2026 | $ 1,750,000 | $ 1,769,005 |
e | 6.00% due 8/15/2023 | 4,435,000 | 4,741,769 |
e | 8.50% due 5/18/2025 | 2,750,000 | 3,244,560 |
d,h | Barclays plc, 1.574% (LIBOR 3 Month + 1.38%) due 5/16/2024 | 2,500,000 | 2,536,875 |
e,h | BNP Paribas S.A., 3.375% due 1/9/2025 | 5,000,000 | 5,366,850 |
d | Citigroup, Inc., 1.122% (SOFR + 0.77%) due 1/28/2027 | 9,250,000 | 9,042,152 |
Deutsche Bank AG, | |||
d,h | 1.42% (LIBOR 3 Month + 1.23%) due 2/27/2023 | 2,800,000 | 2,813,132 |
h | 5.00% due 2/14/2022 | 3,500,000 | 3,624,950 |
HSBC Holdings plc, | |||
d,h | 1.589% (SOFR + 1.29%) due 5/24/2027 | 3,500,000 | 3,445,365 |
d,h | 1.645% (SOFR + 1.54%) due 4/18/2026 | 3,750,000 | 3,753,563 |
d | JPMorgan Chase & Co., 1.04% (SOFR + 0.70%) due 2/4/2027 | 8,727,000 | 8,510,832 |
d,h | Mizuho Financial Group, Inc., 0.818% (LIBOR 3 Month + 0.63%) due 5/25/2024 | 2,946,000 | 2,959,286 |
d | Morgan Stanley, 0.725% (SOFR + 0.70%) due 1/20/2023 | 3,500,000 | 3,508,330 |
d | Morgan Stanley MTN, 1.624% (LIBOR 3 Month + 1.40%) due 4/21/2021 | 3,000,000 | 3,001,950 |
d,h | Natwest Group plc, 1.664% (LIBOR 3 Month + 1.47%) due 5/15/2023 | 1,398,000 | 1,413,825 |
Societe Generale S.A., | |||
e,h | 2.625% due 1/22/2025 | 3,000,000 | 3,110,820 |
e,h | 3.875% due 3/28/2024 | 2,000,000 | 2,156,840 |
e,h | 4.25% due 9/14/2023 | 3,000,000 | 3,242,970 |
e | United Wholesale Mortgage, LLC, 5.50% due 11/15/2025 | 3,672,000 | 3,828,758 |
Western Union Co., 2.85% due 1/10/2025 | 2,338,000 | 2,456,046 | |
Insurance — 0.3% | |||
e | Global Atlantic Fin Co., 4.40% due 10/15/2029 | 7,275,000 | 7,710,991 |
155,459,028 | |||
Energy — 3.5% | |||
Energy Equipment & Services — 0.3% | |||
e | Enviva Partners L.P. / Enviva Partners Finance Corp., 6.50% due 1/15/2026 | 6,270,000 | 6,572,465 |
e | Hanwha Energy USA Holdings Corp., 2.375% due 7/30/2022 | 1,915,000 | 1,957,455 |
Odebrecht Offshore Drilling Finance Ltd., | |||
e,h | 6.72% due 12/1/2022 | 265,709 | 259,595 |
e,h,k | 7.72% due 12/1/2026 PIK | 2,356,293 | 399,604 |
c,e,h | Odebrecht Oil & Gas Finance Ltd. (Guaranty: Odebrecht Oleo e Gas S.A.), Zero coupon due 4/26/2021 | 304,899 | 2,290 |
b,e,h,j | Schahin II Finance Co. SPV Ltd., 5.875% due 9/25/2023 | 10,461,182 | 660,519 |
Oil, Gas & Consumable Fuels — 3.2% | |||
Boardwalk Pipelines L.P., 4.80% due 5/3/2029 | 3,920,000 | 4,342,654 | |
e | Citgo Holding, Inc., 9.25% due 8/1/2024 | 5,572,000 | 5,585,986 |
e | CITGO Petroleum Corp., 7.00% due 6/15/2025 | 1,800,000 | 1,851,084 |
e | Colorado Interstate Gas Co., LLC / Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 725,000 | 806,932 |
d | Energy Transfer Operating L.P., 3.223% (LIBOR 3 Month + 3.02%) due 11/1/2066 | 1,200,000 | 836,700 |
EQM Midstream Partners L.P., Series 5Y, 4.75% due 7/15/2023 | 1,171,000 | 1,215,697 | |
e | Florida Gas Transmission Co., LLC, 3.875% due 7/15/2022 | 4,765,000 | 4,916,432 |
Galaxy Pipeline Assets Bidco Ltd., | |||
e,h | 2.16% due 3/31/2034 | 4,360,000 | 4,239,882 |
e,h | 2.625% due 3/31/2036 | 6,630,000 | 6,353,396 |
Gray Oak Pipeline, LLC, | |||
e | 2.00% due 9/15/2023 | 1,409,000 | 1,434,545 |
e | 3.45% due 10/15/2027 | 5,130,000 | 5,283,695 |
Gulf South Pipeline Co. L.P., 4.00% due 6/15/2022 | 4,860,000 | 4,977,952 | |
e | Gulfstream Natural Gas System, LLC, 4.60% due 9/15/2025 | 5,000,000 | 5,571,300 |
HollyFrontier Corp., 2.625% due 10/1/2023 | 1,304,000 | 1,343,433 | |
a,b,e,j | Linc USA GP / Linc Energy Finance USA, Inc., 9.625% due 10/31/2017 | 1,005,628 | 20,113 |
e | Midwest Connector Capital Co., LLC, 4.625% due 4/1/2029 | 5,487,000 | 5,582,474 |
Northern Border Pipeline Co., Series A, 7.50% due 9/15/2021 | 2,150,000 | 2,222,391 | |
d | Occidental Petroleum Corp., 1.644% (LIBOR 3 Month + 1.45%) due 8/15/2022 | 3,500,000 | 3,458,630 |
e | Par Petroleum, LLC / Par Petroleum Finance Corp., 7.75% due 12/15/2025 | 451,000 | 456,592 |
e,f,h | Parkland Corp., 4.50% due 10/1/2029 | 1,825,000 | 1,833,340 |
Parkland Fuel Corp., | |||
e,h | 5.875% due 7/15/2027 | 3,726,000 | 3,973,854 |
e,h | 6.00% due 4/1/2026 | 450,000 | 470,277 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 51 |
Thornburg Strategic Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Petroleos Mexicanos, | |||
h | 5.95% due 1/28/2031 | $ 2,802,000 | $ 2,682,215 |
e,h | 6.875% due 10/16/2025 | 2,800,000 | 3,026,044 |
h | Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), 6.50% due 1/23/2029 | 4,118,000 | 4,164,698 |
Plains All American Pipeline L.P. / PAA Finance Corp., 3.55% due 12/15/2029 | 4,106,000 | 4,105,548 | |
b,j | RAAM Global Energy Co., 12.50% due 10/1/2015 | 2,000,000 | 200 |
e,h | Sinopec Group Overseas Development 2018 Ltd., 1.45% due 1/8/2026 | 8,500,000 | 8,391,200 |
Summit Midstream Holdings, LLC / Summit Midstream Finance Corp., 5.50% due 8/15/2022 | 1,210,000 | 1,187,022 | |
c,d | Summit Midstream Partners L.P., Series A, 9.50% (LIBOR 3 Month + 7.43%) due 12/15/2022 | 2,114,000 | 1,310,955 |
Sunoco L.P. / Sunoco Finance Corp., | |||
5.50% due 2/15/2026 | 451,000 | 464,683 | |
6.00% due 4/15/2027 | 1,933,000 | 2,021,763 | |
Tennessee Gas Pipeline Co., LLC, 7.00% due 3/15/2027 | 2,251,000 | 2,825,613 | |
106,809,228 | |||
Food & Staples Retailing — 0.7% | |||
Food & Staples Retailing — 0.7% | |||
7-Eleven, Inc., | |||
e | 0.625% due 2/10/2023 | 1,600,000 | 1,601,184 |
e | 0.80% due 2/10/2024 | 5,236,000 | 5,220,292 |
Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons, LLC, | |||
e | 3.25% due 3/15/2026 | 1,910,000 | 1,902,742 |
e | 3.50% due 3/15/2029 | 349,000 | 331,787 |
e | 4.625% due 1/15/2027 | 7,104,000 | 7,360,028 |
e,h | Alimentation Couche-Tard, Inc., 2.70% due 7/26/2022 | 4,000,000 | 4,107,880 |
e | KeHE Distributors, LLC / KeHE Finance Corp., 8.625% due 10/15/2026 | 1,887,000 | 2,105,232 |
22,629,145 | |||
Food, Beverage & Tobacco — 2.1% | |||
Beverages — 0.2% | |||
e,h | Central American Bottling Corp., 5.75% due 1/31/2027 | 1,433,000 | 1,519,009 |
e,h | Coca-Cola Icecek A/S, 4.215% due 9/19/2024 | 3,000,000 | 3,093,090 |
Food Products — 0.8% | |||
e,h | Barry Callebaut Services N.V., 5.50% due 6/15/2023 | 4,000,000 | 4,360,760 |
d | General Mills, Inc., 1.233% (LIBOR 3 Month + 1.01%) due 10/17/2023 | 2,530,000 | 2,569,721 |
Kraft Heinz Foods Co., 3.875% due 5/15/2027 | 4,582,000 | 5,011,288 | |
Post Holdings, Inc., | |||
e | 4.625% due 4/15/2030 | 8,247,000 | 8,267,782 |
e | 5.625% due 1/15/2028 | 3,730,000 | 3,936,344 |
Tobacco — 1.1% | |||
Altria Group, Inc., 2.45% due 2/4/2032 | 9,890,000 | 9,398,665 | |
BAT Capital Corp., 2.726% due 3/25/2031 | 7,615,000 | 7,401,018 | |
e,h | Imperial Brands Finance plc, 3.50% due 7/26/2026 | 2,000,000 | 2,135,740 |
Vector Group Ltd., | |||
e | 5.75% due 2/1/2029 | 7,475,000 | 7,705,454 |
e | 10.50% due 11/1/2026 | 7,353,000 | 7,872,416 |
63,271,287 | |||
Health Care Equipment & Services — 1.2% | |||
Health Care Equipment & Supplies — 0.3% | |||
e | Hill-Rom Holdings, Inc., 4.375% due 9/15/2027 | 2,020,000 | 2,081,368 |
e | Hologic, Inc., 3.25% due 2/15/2029 | 6,462,000 | 6,378,640 |
Health Care Providers & Services — 0.8% | |||
e | Centene Corp.,5.375% due 6/1/2026 - 8/15/2026 | 10,310,000 | 10,790,930 |
Charles River Laboratories International, Inc., | |||
e | 3.75% due 3/15/2029 | 940,000 | 944,202 |
e | 4.00% due 3/15/2031 | 910,000 | 926,617 |
Tenet Healthcare Corp., | |||
4.625% due 7/15/2024 | 2,320,000 | 2,368,186 | |
e | 4.625% due 6/15/2028 | 850,000 | 872,312 |
e | 4.875% due 1/1/2026 | 2,826,000 | 2,936,751 |
e | 5.125% due 11/1/2027 | 1,153,000 | 1,205,992 |
e | Universal Health Services, Inc., 2.65% due 10/15/2030 | 4,646,000 | 4,488,872 |
52 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Health Care Technology — 0.1% | |||
e | Change Healthcare Holdings, LLC / Change Healthcare Finance, Inc., 5.75% due 3/1/2025 | $ 3,215,000 | $ 3,276,117 |
36,269,987 | |||
Household & Personal Products — 1.1% | |||
Household Products — 1.0% | |||
e | Energizer Holdings, Inc., 4.75% due 6/15/2028 | 8,110,000 | 8,360,518 |
e | Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 5.00% due 12/31/2026 | 400,000 | 399,252 |
Prestige Brands, Inc., | |||
e | 3.75% due 4/1/2031 | 6,386,000 | 6,104,441 |
e | 5.125% due 1/15/2028 | 3,840,000 | 4,030,003 |
Spectrum Brands, Inc., | |||
e | 3.875% due 3/15/2031 | 4,675,000 | 4,574,488 |
e | 5.50% due 7/15/2030 | 5,705,000 | 6,104,806 |
Personal Products — 0.1% | |||
e | Edgewell Personal Care Co., 5.50% due 6/1/2028 | 2,368,000 | 2,500,821 |
32,074,329 | |||
Insurance — 2.9% | |||
Insurance — 2.9% | |||
e,h | Ascot Group Ltd., 4.25% due 12/15/2030 | 1,245,000 | 1,287,243 |
Brighthouse Financial, Inc., 5.625% due 5/15/2030 | 3,750,000 | 4,389,900 | |
Brown & Brown, Inc., 2.375% due 3/15/2031 | 984,000 | 947,051 | |
e,h | DaVinciRe Holdings Ltd., 4.75% due 5/1/2025 | 4,790,000 | 5,292,806 |
d | Enstar Finance, LLC, 5.75% (5-Yr. CMT + 5.47%) due 9/1/2040 | 1,672,000 | 1,747,190 |
Enstar Group Ltd., | |||
h | 4.50% due 3/10/2022 | 2,000,000 | 2,061,240 |
h | 4.95% due 6/1/2029 | 5,835,000 | 6,547,570 |
Equitable Financial Life Global Funding, | |||
e | 1.00% due 1/9/2026 | 3,000,000 | 2,931,090 |
e | 1.40% due 8/27/2027 | 6,475,000 | 6,240,670 |
e | 1.80% due 3/8/2028 | 2,219,000 | 2,170,093 |
Fairfax Financial Holdings Ltd., | |||
e,h | 3.375% due 3/3/2031 | 1,520,000 | 1,514,346 |
h | 4.625% due 4/29/2030 | 3,000,000 | 3,272,550 |
h | 4.85% due 4/17/2028 | 3,000,000 | 3,339,000 |
e,h | Fidelis Insurance Holdings Ltd., 4.875% due 6/30/2030 | 4,409,000 | 4,553,615 |
e | Fidelity & Guaranty Life Holdings, Inc., 5.50% due 5/1/2025 | 3,000,000 | 3,426,420 |
Fidelity National Financial, Inc., | |||
2.45% due 3/15/2031 | 3,031,000 | 2,931,735 | |
3.40% due 6/15/2030 | 3,137,000 | 3,285,317 | |
First American Financial Corp., 4.00% due 5/15/2030 | 1,843,000 | 1,989,813 | |
GA Global Funding Trust, | |||
e,f | 1.00% due 4/8/2024 | 2,825,000 | 2,821,836 |
e | 1.625% due 1/15/2026 | 2,089,000 | 2,086,828 |
Infinity Property & Casualty Corp., 5.00% due 9/19/2022 | 1,826,000 | 1,929,826 | |
e,h | Lancashire Holdings Ltd., 5.70% due 10/1/2022 | 4,900,000 | 5,226,634 |
Mercury General Corp., 4.40% due 3/15/2027 | 2,438,000 | 2,746,748 | |
e | Protective Life Corp., 3.40% due 1/15/2030 | 4,902,000 | 5,092,639 |
Reliance Standard Life Global Funding II, | |||
e | 2.75% due 5/7/2025 - 1/21/2027 | 6,420,000 | 6,720,977 |
e | 3.85% due 9/19/2023 | 3,000,000 | 3,227,310 |
e | Sammons Financial Group, Inc., 4.45% due 5/12/2027 | 2,000,000 | 2,112,460 |
89,892,907 | |||
Materials — 2.8% | |||
Chemicals — 0.7% | |||
e,h | Consolidated Energy Finance S.A., 6.875% due 6/15/2025 | 500,000 | 510,045 |
e,h | NOVA Chemicals Corp., 4.875% due 6/1/2024 | 8,355,000 | 8,744,092 |
e,h | Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.75% due 4/30/2026 | 5,713,000 | 5,870,793 |
e,h | OCP S.A., 5.625% due 4/25/2024 | 4,710,000 | 5,118,922 |
e | Valvoline, Inc., 3.625% due 6/15/2031 | 1,368,000 | 1,324,197 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 53 |
Thornburg Strategic Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Containers & Packaging — 1.6% | |||
e,h | Ardagh Metal Packaging Finance USA, LLC / Ardagh Metal Packaging Finance plc, 3.25% due 9/1/2028 | $ 6,660,000 | $ 6,584,742 |
Ball Corp., 2.875% due 8/15/2030 | 7,300,000 | 7,030,922 | |
Graphic Packaging International, LLC, | |||
e | 3.50% due 3/15/2028 - 3/1/2029 | 8,150,000 | 8,095,443 |
4.875% due 11/15/2022 | 7,780,000 | 8,164,021 | |
e | Matthews International Corp., 5.25% due 12/1/2025 | 8,598,000 | 8,889,730 |
e | Sealed Air Corp., 4.00% due 12/1/2027 | 4,505,000 | 4,605,191 |
e | Silgan Holdings, Inc., 1.40% due 4/1/2026 | 6,169,000 | 6,040,870 |
Metals & Mining — 0.5% | |||
h | AngloGold Ashanti Holdings plc, 3.75% due 10/1/2030 | 6,614,000 | 6,681,264 |
e | Cleveland-Cliffs, Inc., 6.75% due 3/15/2026 | 6,430,000 | 6,989,667 |
e | Compass Minerals International, Inc., 6.75% due 12/1/2027 | 2,144,000 | 2,312,390 |
86,962,289 | |||
Media & Entertainment — 1.4% | |||
Media — 1.4% | |||
CCO Holdings, LLC / CCO Holdings Capital Corp., | |||
e | 4.25% due 2/1/2031 | 6,548,000 | 6,561,030 |
e | 5.375% due 6/1/2029 | 3,614,000 | 3,886,749 |
e | Sirius XM Radio, Inc., 3.875% due 8/1/2022 | 18,024,000 | 18,130,882 |
e,h | Telenet Finance Luxembourg Notes Sarl, 5.50% due 3/1/2028 | 12,000,000 | 12,573,840 |
41,152,501 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.4% | |||
Biotechnology — 0.2% | |||
Royalty Pharma plc, | |||
e,h | 1.20% due 9/2/2025 | 4,086,000 | 4,011,594 |
e,h | 1.75% due 9/2/2027 | 4,272,000 | 4,174,214 |
Life Sciences Tools & Services — 0.1% | |||
e | Avantor Funding, Inc. (EUR), 2.625% due 11/1/2025 | 2,000,000 | 2,401,385 |
Pharmaceuticals — 0.1% | |||
a,b,j | Atlas U.S. Royalty, LLC Participation Rights, Zero coupon due 3/15/2027 | 5,450,000 | 0 |
e | Bayer US Finance II, LLC, 4.25% due 12/15/2025 | 2,500,000 | 2,783,450 |
13,370,643 | |||
Real Estate — 1.1% | |||
Equity Real Estate Investment Trusts — 1.1% | |||
CoreCivic, Inc., 4.75% due 10/15/2027 | 3,278,000 | 2,922,042 | |
Crown Castle International Corp., 1.05% due 7/15/2026 | 10,029,000 | 9,706,367 | |
GEO Group, Inc., 6.00% due 4/15/2026 | 4,625,000 | 3,338,094 | |
e | Iron Mountain, Inc., 5.25% due 7/15/2030 | 8,085,000 | 8,336,039 |
Retail Opportunity Investments Partnership L.P. (Guaranty: Retail Opportunity Investments Corp.), 5.00% due 12/15/2023 | 1,500,000 | 1,604,385 | |
Service Properties Trust, | |||
4.35% due 10/1/2024 | 2,295,000 | 2,283,800 | |
4.65% due 3/15/2024 | 900,000 | 900,315 | |
4.95% due 2/15/2027 | 2,850,000 | 2,817,225 | |
5.25% due 2/15/2026 | 700,000 | 708,575 | |
Real Estate Management & Development — 0.0% | |||
e | Cushman & Wakefield US Borrower, LLC, 6.75% due 5/15/2028 | 1,825,000 | 1,966,292 |
34,583,134 | |||
Retailing — 0.7% | |||
Internet & Direct Marketing Retail — 0.3% | |||
e,h | B2W Digital Lux Sarl, 4.375% due 12/20/2030 | 2,000,000 | 1,954,800 |
e | Expedia Group, Inc., 6.25% due 5/1/2025 | 801,000 | 926,236 |
MercadoLibre, Inc., | |||
2.375% due 1/14/2026 | 4,760,000 | 4,723,158 | |
3.125% due 1/14/2031 | 2,800,000 | 2,663,976 | |
Specialty Retail — 0.4% | |||
Advance Auto Parts, Inc., | |||
1.75% due 10/1/2027 | 1,792,000 | 1,763,579 |
54 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
3.90% due 4/15/2030 | $ 4,000,000 | $ 4,344,120 | |
e | Michaels Stores, Inc., 8.00% due 7/15/2027 | 5,230,000 | 5,787,152 |
22,163,021 | |||
Semiconductors & Semiconductor Equipment — 1.0% | |||
Semiconductors & Semiconductor Equipment — 1.0% | |||
Broadcom, Inc., | |||
e | 1.95% due 2/15/2028 | 2,175,000 | 2,113,709 |
4.11% due 9/15/2028 | 2,104,000 | 2,297,252 | |
4.75% due 4/15/2029 | 511,000 | 574,395 | |
5.00% due 4/15/2030 | 2,175,000 | 2,478,891 | |
e | Microchip Technology, Inc., 0.972% due 2/15/2024 | 5,137,000 | 5,130,219 |
Micron Technology, Inc., | |||
4.663% due 2/15/2030 | 1,186,000 | 1,352,550 | |
5.327% due 2/6/2029 | 2,031,000 | 2,382,424 | |
Qorvo, Inc., | |||
e | 3.375% due 4/1/2031 | 950,000 | 930,449 |
4.375% due 10/15/2029 | 5,128,000 | 5,481,729 | |
SK Hynix, Inc., | |||
e,h | 1.00% due 1/19/2024 | 2,800,000 | 2,794,848 |
e,h | 1.50% due 1/19/2026 | 4,400,000 | 4,332,196 |
29,868,662 | |||
Software & Services — 4.0% | |||
Information Technology Services — 1.0% | |||
h | Genpact Luxembourg Sarl, 3.375% due 12/1/2024 | 6,586,000 | 7,096,942 |
h | Genpact Luxembourg Sarl/ Genpact USA, Inc., 1.75% due 4/10/2026 | 4,541,000 | 4,509,258 |
e | Leidos, Inc., 2.30% due 2/15/2031 | 2,220,000 | 2,098,744 |
Sabre GLBL, Inc., | |||
e | 7.375% due 9/1/2025 | 2,757,000 | 3,008,438 |
e | 9.25% due 4/15/2025 | 2,267,000 | 2,707,909 |
e | Science Applications International Corp., 4.875% due 4/1/2028 | 10,006,000 | 10,342,402 |
Interactive Media & Services — 0.1% | |||
Baidu, Inc., | |||
h | 1.72% due 4/9/2026 | 2,149,000 | 2,141,694 |
h | 4.375% due 5/14/2024 | 1,424,000 | 1,563,751 |
Internet Software & Services — 0.4% | |||
e | Arches Buyer, Inc., 4.25% due 6/1/2028 | 6,399,000 | 6,383,706 |
e | Twitter, Inc., 3.875% due 12/15/2027 | 4,458,000 | 4,670,914 |
Software — 2.5% | |||
CDK Global, Inc., | |||
4.875% due 6/1/2027 | 11,768,000 | 12,320,272 | |
e | 5.25% due 5/15/2029 | 460,000 | 491,708 |
5.875% due 6/15/2026 | 2,000,000 | 2,074,360 | |
e | Fair Isaac Corp., 5.25% due 5/15/2026 | 4,135,000 | 4,577,404 |
e | Infor, Inc., 1.75% due 7/15/2025 | 2,250,000 | 2,271,578 |
e | LogMeIn, Inc, 5.50% due 9/1/2027 | 857,000 | 897,099 |
MSCI, Inc., | |||
e | 3.875% due 2/15/2031 | 9,973,000 | 10,187,818 |
e | 5.375% due 5/15/2027 | 3,750,000 | 4,015,500 |
e,h | Open Text Corp., 3.875% due 2/15/2028 | 7,761,000 | 7,822,079 |
Oracle Corp., | |||
1.65% due 3/25/2026 | 4,565,000 | 4,597,868 | |
2.30% due 3/25/2028 | 3,399,000 | 3,439,822 | |
e | PTC, Inc., 3.625% due 2/15/2025 | 11,847,000 | 12,144,478 |
e | Solera, LLC / Solera Finance, Inc., 10.50% due 3/1/2024 | 6,027,000 | 6,219,623 |
VMware, Inc., 4.50% due 5/15/2025 | 6,000,000 | 6,695,400 | |
122,278,767 | |||
Technology Hardware & Equipment — 2.1% | |||
Communications Equipment — 0.4% | |||
Motorola Solutions, Inc., 2.30% due 11/15/2030 | 337,000 | 319,290 | |
h | Telefonaktiebolaget LM Ericsson, 4.125% due 5/15/2022 | 11,163,000 | 11,544,105 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 55 |
Thornburg Strategic Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Electronic Equipment, Instruments & Components — 0.9% | |||
h | Allegion plc, 3.50% due 10/1/2029 | $ 2,320,000 | $ 2,437,624 |
h | Flex Ltd., 4.875% due 5/12/2030 | 7,332,000 | 8,323,286 |
Ingram Micro, Inc., 5.45% due 12/15/2024 | 1,951,000 | 2,223,925 | |
e,h | Sensata Technologies B.V., 4.875% due 10/15/2023 | 3,358,000 | 3,595,646 |
Trimble, Inc., 4.75% due 12/1/2024 | 6,525,000 | 7,303,172 | |
Vontier Corp., | |||
e | 1.80% due 4/1/2026 | 1,533,000 | 1,524,538 |
e | 2.40% due 4/1/2028 | 1,095,000 | 1,075,695 |
Technology Hardware, Storage & Peripherals — 0.8% | |||
Hewlett Packard Enterprise Co., 4.65% due 10/1/2024 | 1,900,000 | 2,125,283 | |
HP, Inc., 3.00% due 6/17/2027 | 6,500,000 | 6,879,405 | |
h | Lenovo Group Ltd., 5.875% due 4/24/2025 | 10,993,000 | 12,455,509 |
NetApp, Inc., 2.375% due 6/22/2027 | 4,000,000 | 4,080,640 | |
63,888,118 | |||
Telecommunication Services — 2.6% | |||
Diversified Telecommunication Services — 0.9% | |||
Qwest Corp., 6.75% due 12/1/2021 | 15,706,000 | 16,218,487 | |
Videotron Ltd., | |||
e,h | 5.125% due 4/15/2027 | 2,400,000 | 2,535,984 |
e,h | 5.375% due 6/15/2024 | 6,000,000 | 6,608,940 |
e,h | Virgin Media Secured Finance plc, 5.50% due 5/15/2029 | 1,800,000 | 1,919,106 |
Wireless Telecommunication Services — 1.7% | |||
America Movil SAB de C.V. (MXN), 6.45% due 12/5/2022 | 45,000,000 | 2,224,296 | |
Digicel International Finance Ltd. / Digicel Holdings Bermuda Ltd., | |||
e,h | 8.00% due 12/31/2026 | 1,111,755 | 1,075,979 |
e,h | 8.75% due 5/25/2024 | 4,866,916 | 5,029,659 |
e,h | MTN Mauritius Investment Ltd., 4.755% due 11/11/2024 | 4,125,000 | 4,317,679 |
e,h | SK Telecom Co. Ltd., 3.75% due 4/16/2023 | 3,000,000 | 3,184,140 |
Sprint Communications, Inc., 9.25% due 4/15/2022 | 20,251,000 | 21,814,782 | |
T-Mobile USA, Inc., | |||
2.625% due 4/15/2026 | 3,748,000 | 3,800,509 | |
g | 5.375% due 4/15/2027 | 3,690,000 | 3,911,031 |
e,h | Vmed O2 UK Financing I plc, 4.25% due 1/31/2031 | 7,818,000 | 7,595,969 |
80,236,561 | |||
Transportation — 0.3% | |||
Airlines — 0.3% | |||
American Airlines Pass Through Trust, | |||
Series 2013-2 Class A, 4.95% due 7/15/2024 | 1,697,385 | 1,695,875 | |
Series 2016-3 Class B, 3.75% due 4/15/2027 | 955,304 | 897,021 | |
e | British Airways Pass Through Trust, Series 20-1A Class PPT, 4.25% due 5/15/2034 | 1,856,696 | 1,943,905 |
Continental Airlines Pass Through Trust, Series 2005-ERJ1, 9.798% due 10/1/2022 | 22,075 | 22,075 | |
US Airways Pass Through Trust, | |||
Series 2010-1 Class A, 6.25% due 10/22/2024 | 773,376 | 777,243 | |
Series 2012-1 Class A, 5.90% due 4/1/2026 | 1,037,007 | 1,078,290 | |
Series 2013-1 Class B, 5.375% due 5/15/2023 | 1,887,053 | 1,882,637 | |
8,297,046 | |||
Utilities — 2.8% | |||
Electric Utilities — 2.0% | |||
AEP Texas, Inc., 2.10% due 7/1/2030 | 4,500,000 | 4,343,670 | |
e | Alexander Funding Trust, 1.841% due 11/15/2023 | 9,000,000 | 9,126,900 |
e | Alliant Energy Finance, LLC, 1.40% due 3/15/2026 | 1,500,000 | 1,471,260 |
Appalachian Power Co., Series AA, 2.70% due 4/1/2031 | 4,705,000 | 4,694,461 | |
Black Hills Corp., 2.50% due 6/15/2030 | 1,000,000 | 982,990 | |
e,h | Colbun S.A., 3.15% due 3/6/2030 | 2,800,000 | 2,864,792 |
e,h | Comision Federal de Electricidad, 3.348% due 2/9/2031 | 3,763,000 | 3,632,537 |
e,h | Enel Finance International N.V., 4.625% due 9/14/2025 | 4,057,000 | 4,591,063 |
Entergy Texas, Inc., 3.45% due 12/1/2027 | 3,000,000 | 3,211,230 | |
e | Midland Cogeneration Venture L.P., 6.00% due 3/15/2025 | 537,966 | 558,463 |
NextEra Energy Capital Holdings, Inc., 0.65% due 3/1/2023 | 10,000,000 | 10,030,300 |
56 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Pacific Gas and Electric Co., | |||
1.367% due 3/10/2023 | $ 3,318,000 | $ 3,318,630 | |
1.75% due 6/16/2022 | 4,357,000 | 4,363,013 | |
Puget Energy, Inc., 4.10% due 6/15/2030 | 1,950,000 | 2,119,962 | |
Southern Co., 3.25% due 7/1/2026 | 6,725,000 | 7,200,457 | |
Gas Utilities — 0.8% | |||
d | CenterPoint Energy Resources Corp., 0.684% (LIBOR 3 Month + 0.50%) due 3/2/2023 | 2,196,000 | 2,196,044 |
d | ONE Gas, Inc., 0.787% (LIBOR 3 Month + 0.61%) due 3/11/2023 | 11,175,000 | 11,173,771 |
e,h | Rockpoint Gas Storage Canada Ltd., 7.00% due 3/31/2023 | 9,476,000 | 9,584,216 |
85,463,759 | |||
Total Corporate Bonds (Cost $1,291,520,362) | 1,310,202,479 | ||
Convertible Bonds — 0.9% | |||
Diversified Financials — 0.5% | |||
Consumer Finance — 0.3% | |||
EZCORP, Inc., 2.375% due 5/1/2025 | 13,431,000 | 10,942,773 | |
Diversified Financial Services — 0.0% | |||
EZCORP, Inc., 2.875% due 7/1/2024 | 215,000 | 197,318 | |
Mortgage Real Estate Investment Trusts — 0.2% | |||
Chimera Investment Corp., 7.00% due 4/1/2023 | 2,758,000 | 5,366,213 | |
16,506,304 | |||
Health Care Equipment & Services — 0.0% | |||
Health Care Providers & Services — 0.0% | |||
b,h,j | NMC Health Jersey Ltd., 1.875% due 4/30/2025 | 3,800,000 | 516,116 |
516,116 | |||
Media & Entertainment — 0.4% | |||
Media — 0.4% | |||
Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00% due 10/15/2029 | 18,000,000 | 11,017,980 | |
11,017,980 | |||
Total Convertible Bonds (Cost $27,973,816) | 28,040,400 | ||
Long-Term Municipal Bonds — 0.5% | |||
California Health Facilities Financing Authority, 7.875% due 2/1/2026 | 1,940,000 | 1,950,418 | |
City of Chicago IL GO, Series B, 7.045% due 1/1/2029 | 2,580,000 | 2,967,774 | |
City of Detroit GO, | |||
Series B | |||
1.817% due 4/1/2022 | 655,000 | 650,991 | |
2.017% due 4/1/2023 | 275,000 | 272,552 | |
2.189% due 4/1/2024 | 275,000 | 271,849 | |
2.511% due 4/1/2025 | 465,000 | 460,857 | |
New Jersey Transportation Trust Fund Authority, | |||
2.551% due 6/15/2023 | 2,115,000 | 2,171,132 | |
2.631% due 6/15/2024 | 1,565,000 | 1,626,583 | |
New York Transportation Development Corp., 4.248% due 9/1/2035 | 3,510,000 | 3,837,904 | |
West Contra Costa USD, 2.612% due 8/1/2032 | 980,000 | 933,087 | |
Total Long-Term Municipal Bonds (Cost $14,391,582) | 15,143,147 | ||
Other Government — 1.0% | |||
e,h | Egypt Government International Bond, Series 144A 5.875% due 2/16/2031 | 3,530,000 | 3,304,433 |
e,h | Finance Department Government of Sharjah, 3.625% due 3/10/2033 | 12,382,000 | 12,189,708 |
Indonesia Treasury Bond (IDR), | |||
7.50% due 5/15/2038 - 4/15/2040 | 80,985,000,000 | 5,606,006 | |
8.375% due 4/15/2039 | 44,919,000,000 | 3,299,791 | |
e,h | Oman Government International Bond, Series 144A 6.75% due 10/28/2027 | 3,800,000 | 4,194,136 |
Russian Federal Bond (RUB), 6.00% due 10/6/2027 | 187,279,000 | 2,377,856 | |
Total Other Government (Cost $31,691,594) | 30,971,930 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 57 |
Thornburg Strategic Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
U.S. Treasury Securities — 1.9% | |||
United States Treasury Notes, | |||
0.625%, 8/15/2030 | $ 41,923,000 | $ 37,999,269 | |
0.875%, 11/15/2030 | 13,704,000 | 12,676,200 | |
United States Treasury Notes Inflationary Index, 0.125%, 1/15/2030 | 6,607,705 | 7,156,111 | |
Total U.S. Treasury Securities (Cost $61,929,654) | 57,831,580 | ||
U.S. Government Agencies — 0.1% | |||
c,d,e | Farm Credit Bank of Texas, Series 4 5.70% (5-Yr. CMT + 5.42%), 9/15/2025 | 3,835,000 | 4,189,738 |
Total U.S. Government Agencies (Cost $3,835,000) | 4,189,738 | ||
Mortgage Backed — 12.3% | |||
d,e | Angel Oak Mortgage Trust, LLC, Whole Loan Securities Trust CMO, Series 2018-2 Class A1, 3.674% due 7/27/2048 | 795,303 | 799,879 |
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2018-1 Class A1, 3.763% due 4/25/2048 | 2,027,730 | 2,031,430 |
d,e | Series 2018-1 Class A3, 4.206% due 4/25/2048 | 716,922 | 717,620 |
d,e | Series 2019-1 Class A1, 3.805% due 1/25/2049 | 2,191,584 | 2,233,266 |
d,e | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 4,636,353 | 4,756,186 |
d | Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 2.766% due 8/25/2033 | 34,659 | 34,659 |
e | Bravo Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 4,024,576 | 4,136,912 |
d,e | Bunker Hill Loan Depositary Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class B1, 5.214% due 2/25/2055 | 3,500,000 | 3,716,506 |
d,e | Cascade MH Asset Trust, Whole Loan Securities Trust CMO, Series 2021-MH1 Class B3, 7.595% due 2/25/2046 | 1,936,119 | 1,733,309 |
e | CFMT Issuer Trust, Whole Loan Securities Trust CMO, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | 2,803,116 | 2,801,372 |
Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-1 Class B4, 3.945% due 3/25/2050 | 749,905 | 759,384 |
d,e | Series 2019-1 Class B5, 3.945% due 3/25/2050 | 377,152 | 358,082 |
d,e | Series 2019-1 Class B6, 3.025% due 3/25/2050 | 679,448 | 380,126 |
d,e | Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, Series 2016-SH2 Class M4, 3.75% due 12/25/2045 | 1,384,607 | 1,419,317 |
CIM Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 18-INV1 Class A4, 4.00% due 8/25/2048 | 625,095 | 637,192 |
d,e,i | Series 2020-J1 Class AIO1, 0.476% due 7/25/2050 | 38,726,241 | 393,644 |
d,e,i | Series 2020-J1 Class AIO2, 0.50% due 7/25/2050 | 34,540,394 | 390,811 |
d,e,i | Series 2020-J1 Class AIOS, 0.20% due 6/25/2050 | 42,083,130 | 192,013 |
d,e | Series 2020-J1 Class B4, 3.476% due 7/25/2050 | 356,958 | 340,523 |
d,e | Series 2020-J1 Class B5, 3.476% due 7/25/2050 | 178,479 | 149,840 |
d,e | Series 2020-J1 Class B6, 3.476% due 7/25/2050 | 325,435 | 158,001 |
d,e,i | Series 2020-J2 Class AX1, 0.31% due 1/25/2051 | 147,750,875 | 1,028,080 |
d,e,i | Series 2020-J2 Class AXS, 0.21% due 1/25/2051 | 155,077,994 | 776,351 |
d,e | Series 2020-J2 Class B4, 2.81% due 1/25/2051 | 491,000 | 322,574 |
d,e | Series 2020-J2 Class B5, 2.81% due 1/25/2051 | 164,000 | 90,401 |
d,e | Series 2020-J2 Class B6, 2.81% due 1/25/2051 | 654,523 | 209,494 |
Citigroup Mortgage Loan Trust, Inc., Whole Loan Securities Trust CMO, | |||
d | Series 2004-HYB2 Class B1, 2.615% due 3/25/2034 | 34,694 | 34,694 |
d,e | Series 2014-A Class A, 4.00% due 1/25/2035 | 736,629 | 775,544 |
d,e | Series 2019-IMC1 Class B1, 3.97% due 7/25/2049 | 1,500,000 | 1,532,212 |
d,e | Series 2020-EXP1 Class B1, 4.467% due 5/25/2060 | 1,180,900 | 1,154,842 |
d,e | Series 2020-EXP1 Class B2, 4.467% due 5/25/2060 | 770,600 | 658,881 |
d,e | Series 2020-EXP1 Class B3, 4.467% due 5/25/2060 | 386,242 | 202,150 |
e,i | Series 2020-EXP1 Class XS, 0.000% due 5/25/2060 | 70,685,067 | 2,024,491 |
d,e,i | Series 2020-EXP2 Class A3IW, 1.099% due 8/25/2050 | 39,005,346 | 806,030 |
d,e,i | Series 2020-EXP2 Class A4IW, 1.099% due 8/25/2050 | 4,220,388 | 87,213 |
d,e | Series 2020-EXP2 Class B5, 3.599% due 8/25/2050 | 151,080 | 107,535 |
d,e | Series 2020-EXP2 Class B6, 3.599% due 8/25/2050 | 369,020 | 166,109 |
CSMC Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2013-HYB1 Class B3, 2.929% due 4/25/2043 | 2,826,547 | 2,911,907 |
a,d,e,i | Series 2021-AFC1 Class AIOS, 0.25% due 3/25/2056 | 90,841,527 | 635,891 |
d,e | Series 2021-AFC1 Class B3, 4.413% due 3/25/2056 | 146,228 | 139,230 |
a,d,e,i | Series 2021-AFC1 Class XS, 3.423% due 3/25/2056 | 90,841,527 | 7,432,218 |
d,e | Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 0.715% due 5/25/2065 | 2,835,845 | 2,807,007 |
d,e | Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class A1, 2.739% due 11/25/2059 | 3,462,930 | 3,528,499 |
d,i | Federal Home Loan Mtg Corp., Multifamily Structured Pass Through Certificates IO, Series KIR1 Class X, 1.058% due 3/25/2026 | 34,940,458 | 1,604,191 |
Federal Home Loan Mtg Corp., REMIC, UMBS Collateral, Pool ZS7942, 3.00% due 2/1/2033 | 14,851,257 | 15,937,516 |
58 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool QN2877, 2.00% due 7/1/2035 | $ 8,528,970 | $ 8,756,246 | |
Pool RC1535, 2.00% due 8/1/2035 | 17,759,201 | 18,241,906 | |
Pool RC1826, 2.00% due 2/1/2036 | 14,852,269 | 15,255,962 | |
Pool SB0308, 2.50% due 1/1/2035 | 15,897,711 | 16,740,472 | |
Pool SB0448, 2.00% due 11/1/2035 | 21,121,174 | 21,811,604 | |
Pool ZS8034, 3.00% due 6/1/2033 | 9,646,863 | 10,349,411 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-SC01 Class M1, 3.597% due 12/25/2046 | 910,392 | 919,652 |
d,e | Series 2017-SC02 Class M1, 3.837% due 5/25/2047 | 241,291 | 243,445 |
Federal National Mtg Assoc., CMO REMIC, Series 1994-37 Class L, 6.50% due 3/25/2024 | 501 | 534 | |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool BP8943, 2.00% due 7/1/2035 | 9,719,778 | 9,978,120 | |
Pool MA4279, 2.00% due 3/1/2036 | 16,898,171 | 17,356,686 | |
First Republic Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e,i | Series 2020-1 Class A2IO, 1.245% due 4/25/2050 | 196,499,692 | 4,752,836 |
d,e | Series 2020-1 Class B3, 2.885% due 4/25/2050 | 1,421,811 | 1,262,042 |
d,e | Series 2020-1 Class B4, 2.885% due 4/25/2050 | 1,325,000 | 1,160,444 |
d,e | Series 2020-1 Class B5, 2.885% due 4/25/2050 | 470,000 | 343,978 |
d,e | Series 2020-1 Class B6, 2.885% due 4/25/2050 | 755,000 | 428,276 |
Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 776,109 | 792,369 |
d,e | Series 2018-3 Class B4, 4.496% due 5/25/2048 | 5,589,743 | 5,545,559 |
d,e | Series 2019-2 Class B3, 4.125% due 12/25/2049 | 3,791,806 | 3,955,972 |
d,e,i | Series 2020-2 Class AX1, 0.758% due 8/1/2050 | 73,314,753 | 1,253,741 |
d,e,i | Series 2020-2 Class AX2, 0.50% due 8/1/2050 | 12,564,184 | 148,642 |
d,e | Series 2020-2 Class B4, 3.758% due 8/1/2050 | 216,581 | 190,296 |
d,e | Series 2020-2 Class B5, 3.758% due 8/1/2050 | 646,776 | 557,727 |
d,e | Series 2020-2 Class B6C, 3.687% due 8/1/2050 | 864,494 | 474,320 |
d,e | FREMF Mortgage Trust, Series 2016-KF24 Class B, 5.119% (LIBOR 1 Month + 5.00%) due 10/25/2026 | 394,039 | 402,207 |
d,e | Galton Funding Mortgage Trust, Whole Loan Securities Trust CMO, Series 2018-1 Class A43, 3.50% due 11/25/2057 | 295,589 | 297,362 |
d,e | GCAT LLC, Whole Loan Securities Trust CMO, Series 2019-NQM1 Class A1, 2.985% due 2/25/2059 | 3,364,420 | 3,377,031 |
GCAT Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-NQM2 Class A1, 2.855% due 9/25/2059 | 3,297,193 | 3,322,555 |
d,e | Series 2019-NQM3 Class A1, 2.686% due 11/25/2059 | 2,497,855 | 2,547,509 |
GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, | |||
d,e,i | Series 2020-PJ3 Class A11X, 3.50% due 10/25/2050 | 6,378,737 | 512,225 |
d,e,i | Series 2020-PJ3 Class AIOS, 0.20% due 10/25/2050 | 209,709,780 | 1,042,132 |
d,e,i | Series 2020-PJ3 Class AX1, 0.111% due 10/25/2050 | 189,224,985 | 403,333 |
d,e,i | Series 2020-PJ3 Class AX2, 0.50% due 10/25/2050 | 17,649,649 | 215,448 |
d,e,i | Series 2020-PJ3 Class AX4, 0.35% due 10/25/2050 | 17,408,982 | 148,944 |
GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
d,e,i | Series 2020-INV1 Class A11X, 3.50% due 10/25/2050 | 2,077,985 | 117,403 |
d,e,i | Series 2020-INV1 Class A12X, 3.00% due 10/25/2050 | 24,880,764 | 1,205,662 |
d,e,i | Series 2020-INV1 Class AIOS, 0.19% due 10/25/2050 | 110,793,979 | 559,499 |
d,e,i | Series 2020-INV1 Class AX1, 0.02% due 10/25/2050 | 89,959,252 | 2,132 |
d,e,i | Series 2020-INV1 Class AX2, 0.50% due 10/25/2050 | 4,484,073 | 40,530 |
d,e,i | Series 2020-INV1 Class AX4, 0.95% due 10/25/2050 | 4,827,050 | 84,022 |
d,e | Series 2020-INV1 Class B4, 3.97% due 10/25/2050 | 1,326,714 | 1,332,380 |
d,e | Series 2020-INV1 Class B5, 3.97% due 10/25/2050 | 1,326,714 | 1,193,774 |
d,e | Series 2020-INV1 Class B6, 3.97% due 10/25/2050 | 3,044,043 | 2,026,267 |
d,e,i | Series 2020-INV1 Class BX, 0.47% due 10/25/2050 | 15,137,359 | 307,188 |
Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2018-2 Class A1, 3.985% due 11/25/2058 | 6,369,392 | 6,477,797 |
d,e | Series 2019-1 Class A1, 3.454% due 1/25/2059 | 2,531,915 | 2,531,915 |
d,e,g | Series 2019-1 Class B1, 4.80% due 1/25/2059 | 3,400,000 | 3,400,000 |
d,e | Series 2019-2 Class B1, 4.087% due 9/25/2059 | 7,764,000 | 7,832,280 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2015-4 Class B4, 3.601% due 6/25/2045 | 1,138,616 | 1,095,986 |
d,e | Series 2016-5 Class B4, 2.542% due 12/25/2046 | 1,630,300 | 1,404,714 |
d,e | Series 2016-5 Class B5, 2.542% due 12/25/2046 | 1,235,600 | 804,837 |
d,e | Series 2017-2 Class A6, 3.00% due 5/25/2047 | 281,213 | 284,794 |
d,e | Series 2017-5 Class B6, 3.115% due 10/26/2048 | 2,965,479 | 2,247,322 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 59 |
Thornburg Strategic Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,e | Series 2017-6 Class A5, 3.50% due 12/25/2048 | $ 128,103 | $ 128,343 |
d,e | Series 2019-8 Class B4, 4.202% due 3/25/2050 | 3,529,229 | 3,499,092 |
d,e,i | Series 2020-3 Class AX1, 0.199% due 8/25/2050 | 33,384,701 | 99,894 |
d,e,i | Series 2020-4 Class A11X, 5.132% (5.25% - LIBOR 1 Month) due 11/25/2050 | 6,189,773 | 506,981 |
d,e,i | Series 2020-4 Class A3X, 0.50% due 11/25/2050 | 28,060,303 | 246,111 |
d,e,i | Series 2020-4 Class A4X, 0.50% due 11/25/2050 | 3,887,636 | 8,828 |
d,e,i | Series 2020-4 Class AX1, 0.195% due 11/25/2050 | 103,644,649 | 313,763 |
d,e,i | Series 2020-4 Class AX3, 3.50% due 11/25/2050 | 2,867,412 | 176,047 |
d,e,i | Series 2020-4 Class AX4, 0.55% due 11/25/2050 | 6,617,899 | 63,849 |
d,e | Series 2020-4 Class B4, 3.745% due 11/25/2050 | 1,368,989 | 1,340,140 |
d,e | Series 2020-4 Class B5, 3.745% due 11/25/2050 | 631,311 | 562,764 |
d,e | Series 2020-4 Class B6, 3.65% due 11/25/2050 | 1,069,000 | 758,348 |
d,e,i | Series 2020-7 Class A3X, 0.50% due 1/25/2051 | 18,934,244 | 187,309 |
d,e,i | Series 2020-7 Class AX1, 0.215% due 1/25/2051 | 90,039,272 | 325,636 |
d,e,i | Series 2020-7 Class AX3, 3.50% due 1/25/2051 | 6,183,694 | 424,341 |
d,e,i | Series 2020-7 Class AX4, 0.40% due 1/25/2051 | 5,785,704 | 40,184 |
d,e | Series 2020-7 Class B4, 3.615% due 1/25/2051 | 651,044 | 614,519 |
d,e | Series 2020-7 Class B5, 3.615% due 1/25/2051 | 454,148 | 364,872 |
d,e | Series 2020-7 Class B6, 3.615% due 1/25/2051 | 588,631 | 265,443 |
d,e | Series 2020-LTV1 Class B3A, 3.899% due 6/25/2050 | 2,843,696 | 2,961,599 |
d,e | JPMorgan Wealth Management, Whole Loan Securities Trust CMO, Series 2021-CL1 Class M1, 1.317% (SOFR + 1.30%) due 3/25/2051 | 6,717,762 | 6,717,760 |
d | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 3.187% due 8/25/2034 | 82,889 | 83,542 |
d,e | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 1,188,270 | 1,234,477 |
d,e | MFA Trust, Whole Loan Securities Trust CMO, Series 2020-NQM3 Class M1, 2.654% due 1/26/2065 | 800,000 | 806,189 |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-3A Class A1, 4.00% due 4/25/2057 | 1,651,442 | 1,752,072 |
d,e | Series 2017-4A Class A1, 4.00% due 5/25/2057 | 1,478,136 | 1,572,621 |
d,e | Series 2017-5A Class A1, 1.609% (LIBOR 1 Month + 1.50%) due 6/25/2057 | 942,642 | 958,086 |
d,e | Series 2017-6A Class A1, 4.00% due 8/27/2057 | 727,732 | 778,912 |
d,e | Series 2018-1A Class A1A, 4.00% due 12/25/2057 | 1,338,142 | 1,428,458 |
d,e | Series 2020-NQM1 Class B2, 4.525% due 1/26/2060 | 1,214,000 | 1,234,850 |
a,e | Saluda Grade Alternative Mortgage Grade, Whole Loan Securities Trust CMO, Series 2020-FIG1 Class C, due 9/25/2050 | 12,610,864 | 1,543,595 |
Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 10,293,348 | 10,531,045 | |
Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2015-4 Class B4, 3.154% due 11/25/2030 | 1,686,000 | 1,669,555 |
d,e | Series 2016-3 Class B3, 3.659% due 11/25/2046 | 3,368,102 | 3,413,174 |
d,e | Series 2017-5 Class A4, 3.50% due 8/25/2047 | 300,212 | 300,707 |
d,e | Series 2017-7 Class B3, 3.738% due 10/25/2047 | 1,470,066 | 1,512,960 |
d,e | Series 2018-7 Class B4, 4.224% due 9/25/2048 | 1,802,000 | 1,854,694 |
SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-3 Class A1, 2.703% due 9/25/2059 | 2,392,927 | 2,426,711 |
d,e,i | Series 2019-3 Class AIOS, 0.375% due 9/25/2059 | 43,806,958 | 152,786 |
d,e | Series 2019-3 Class B2, 5.663% due 9/25/2059 | 1,978,000 | 1,893,130 |
d,e | Series 2019-3 Class B3, 5.942% due 9/25/2059 | 842,000 | 537,313 |
a,e | Series 2019-3 Class XS1, due 9/25/2059 | 43,755,491 | 1,155,031 |
a,e | Series 2019-3 Class XS2, due 9/25/2059 | 45,151,100 | 772,951 |
d,e | Series 2020-2 Class A3, 1.895% due 5/25/2065 | 3,998,958 | 3,914,506 |
d,e | Shellpoint Co-Originator Trust, Whole Loan Securities Trust CMO, Series 2016-1 Class B4, 3.618% due 11/25/2046 | 3,270,029 | 3,223,266 |
Spruce Hill Mortgage Loan Trust, Inc., Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-SH1 Class B1, 4.992% due 4/29/2049 | 2,500,000 | 2,516,396 |
d,e | Series 2020-SH1 Class A1, 2.521% due 1/28/2050 | 3,219,472 | 3,277,038 |
Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2018-IMC2 Class B1, 5.669% due 10/25/2048 | 1,909,000 | 1,953,833 |
d,e | Series 2019-1 Class B1, 4.766% due 6/25/2049 | 2,629,000 | 2,641,665 |
d,e | Series 2019-IMC1 Class A2, 3.651% due 2/25/2049 | 5,316,216 | 5,316,216 |
TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2018-2 Class B3, 3.791% due 7/25/2048 | 2,718,287 | 2,822,214 |
d,e | Series 2018-2 Class B4, 3.791% due 7/25/2048 | 2,040,000 | 1,833,573 |
Verus Securitization Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-3 Class A1, 2.784% due 7/25/2059 | 3,090,473 | 3,155,146 |
d,e | Series 2019-3 Class B1, 4.043% due 7/25/2059 | 300,000 | 308,676 |
d,e | Series 2019-4 Class B1, 3.86% due 11/25/2059 | 3,250,000 | 3,324,437 |
60 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,e | Series 2019-INV3 Class B2, 4.791% due 11/25/2059 | $ 1,385,000 | $ 1,400,305 |
d,e | Series 2020-1 Class B1, 3.624% due 1/25/2060 | 1,500,000 | 1,512,559 |
d,e | Series 2020-2 Class B1, 5.36% due 5/25/2060 | 2,225,000 | 2,366,582 |
d,e | Series 2020-INV1 Class B1, 5.75% due 3/25/2060 | 875,000 | 923,437 |
d,e | Series 2020-INV1 Class B2, 6.00% due 3/25/2060 | 1,416,000 | 1,440,992 |
d,e | Series 2021-R1 Class B2, 4.199% due 10/25/2063 | 1,125,000 | 1,130,999 |
Vista Point Securitization Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2020-1 Class B1, 5.375% due 3/25/2065 | 2,625,000 | 2,760,359 |
d,e | Series 2020-1 Class B2, 5.375% due 3/25/2065 | 4,473,000 | 4,481,379 |
d,e | Series 2020-2 Class A2, 1.986% due 4/25/2065 | 4,020,028 | 4,069,321 |
Wells Fargo Commercial Mortgage Trust, Series 2016-C34 Class A2, 2.603% due 6/15/2049 | 5,797,160 | 5,888,564 | |
Total Mortgage Backed (Cost $370,008,468) | 376,330,765 | ||
Loan Participations — 5.6% | |||
Capital Goods — 0.5% | |||
Aerospace & Defense — 0.3% | |||
l,m | Boeing Co., 1.434% (LIBOR 3 Month + 1.25%) due 2/7/2022 | 8,824,267 | 8,815,444 |
l | Spirit Aerosystems, Inc., 6.00% (LIBOR 1 Month + 5.25%) due 1/15/2025 | 249,375 | 250,103 |
Trading Companies & Distributors — 0.2% | |||
l,m | IAA, Inc., 2.375% (LIBOR 1 Month + 2.25%) due 6/28/2026 | 7,450,052 | 7,394,176 |
16,459,723 | |||
Commercial & Professional Services — 0.7% | |||
Professional Services — 0.7% | |||
l | Harland Clarke Holdings Corp., 5.75% (LIBOR 3 Month + 4.75%) due 11/3/2023 | 5,058,945 | 4,478,582 |
l | Par Pacific Holdings, Inc., 7.00% (LIBOR 3 Month + 6.75%) due 1/12/2026 | 4,425,195 | 4,392,006 |
l | R.R. Donnelley & Sons Company, 5.109% (LIBOR 1 Month + 5.00%) due 1/15/2024 | 2,932,500 | 2,912,354 |
l | RGIS Services, LLC, 8.50% (LIBOR 1 Month + 7.50%) due 6/25/2025 | 1,891,651 | 1,858,547 |
h,l | Titan Acquisition Co., Ltd., 4.203% (LIBOR 3 Month + 4.00%) due 5/1/2026 | 8,247,913 | 8,227,294 |
21,868,783 | |||
Consumer Services — 0.1% | |||
Hotels, Restaurants & Leisure — 0.1% | |||
l | SeaWorld Parks & Entertainment, Inc., 3.75% (LIBOR 1 Month + 3.00%) due 3/31/2024 | 3,454,020 | 3,391,951 |
3,391,951 | |||
Energy — 0.1% | |||
Oil, Gas & Consumable Fuels — 0.1% | |||
l | Citgo Holding, Inc., 8.00% (LIBOR 3 Month + 7.00%) due 8/1/2023 | 4,085,385 | 3,919,927 |
a,k,l | Malamute Energy, Inc., 0.203% (LIBOR 3 Month + 1.50% PIK) due 11/22/2022 | 21,852 | 219 |
3,920,146 | |||
Food, Beverage & Tobacco — 0.1% | |||
Food Products — 0.1% | |||
l | Post Holdings, Inc., 4.75% (LIBOR 1 Month + 4.00%) due 10/21/2024 | 2,304,305 | 2,314,859 |
l | UTZ Quality Foods, LLC, 3.109% (LIBOR 1 Month + 3.00%) due 1/20/2028 | 498,750 | 497,608 |
2,812,467 | |||
Health Care Equipment & Services — 0.6% | |||
Health Care Equipment & Supplies — 0.2% | |||
l | Avantor Funding, Inc., 3.25% (LIBOR 1 Month + 2.25%) due 11/21/2024 | 7,110,537 | 7,108,759 |
Health Care Providers & Services — 0.4% | |||
l | Change Healthcare Holdings LLC, 3.50% (LIBOR 3 Month + 2.50%) due 3/1/2024 | 10,598,539 | 10,581,688 |
17,690,447 | |||
Household & Personal Products — 0.2% | |||
Household Durables — 0.0% | |||
l | Spectrum Brands, Inc., 2.50% (LIBOR 3 Month + 2.00%) due 3/3/2028 | 1,000,000 | 996,880 |
Household Products — 0.2% | |||
l | Energizer Holdings, Inc., 2.75% (LIBOR 1 Month + 2.25%) due 12/22/2027 | 5,630,000 | 5,599,485 |
6,596,365 |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 61 |
Thornburg Strategic Income Fund | March 31, 2021 (Unaudited)
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Materials — 0.6% | |||
Chemicals — 0.1% | |||
l | SCIH Salt Holdings Inc., 5.50% (LIBOR 3 Month + 4.50%) due 3/16/2027 | $ 3,611,850 | $ 3,611,850 |
Paper & Forest Products — 0.5% | |||
l | Neenah, Inc., 5.00% (LIBOR 3 Month + 4.00%) due 6/30/2027 | 13,651,838 | 13,651,838 |
��� | 17,263,688 | ||
Media & Entertainment — 0.4% | |||
Media — 0.4% | |||
l | ABG Intermediate Holdings 2 LLC, 6.25% (LIBOR 3 Month + 5.25%) due 9/27/2024 | 5,385,935 | 5,385,935 |
l | CSC Holdings, LLC, 2.356% (LIBOR 1 Month + 2.25%) due 7/17/2025 | 7,247,351 | 7,140,163 |
12,526,098 | |||
Real Estate — 0.3% | |||
Equity Real Estate Investment Trusts — 0.2% | |||
l | CoreCivic, Inc., 5.50% (LIBOR 1 Month + 4.50%) due 12/18/2024 | 2,793,750 | 2,687,811 |
l | GEO Group, Inc., 2.75% (LIBOR 1 Month + 2.00%) due 3/22/2024 | 4,540,874 | 4,030,843 |
Real Estate Management & Development — 0.1% | |||
l | Railworks, LLC, 6.50% (LIBOR 3 Month + 5.50%) due 12/8/2027 | 2,137,938 | 2,145,955 |
8,864,609 | |||
Semiconductors & Semiconductor Equipment — 0.2% | |||
Information Technology Services — 0.2% | |||
l | Xperi Corporation, 4.109% (LIBOR 1 Month + 4.00%) due 6/2/2025 | 7,230,495 | 7,233,532 |
7,233,532 | |||
Software & Services — 0.9% | |||
Internet Software & Services — 0.5% | |||
l,m | Dun & Bradstreet Corporation (The), 3.359% (LIBOR 1 Month + 3.25%) due 2/6/2026 | 13,855,804 | 13,769,205 |
Software — 0.4% | |||
l | LogMeIn, Inc., 4.854% (LIBOR 1 Month + 4.75%) due 8/31/2027 | 7,409,430 | 7,383,941 |
l | Sabre GLBL, Inc., 4.75% (LIBOR 1 Month + 4.00%) due 12/17/2027 | 934,658 | 943,425 |
l | Sophia, L.P., 4.50% (LIBOR 3 Month + 3.75%) due 10/7/2027 | 5,051,340 | 5,045,026 |
27,141,597 | |||
Technology Hardware & Equipment — 0.2% | |||
Technology Hardware, Storage & Peripherals — 0.2% | |||
l | Western Digital Corporation, 1.615% (LIBOR 3 Month + 1.50%) due 2/27/2023 | 5,714,777 | 5,696,947 |
5,696,947 | |||
Telecommunication Services — 0.5% | |||
Diversified Telecommunication Services — 0.5% | |||
l | Colorado Buyer, Inc., 8.25% (LIBOR 3 Month + 7.25%) due 5/1/2025 | 3,000,000 | 2,970,000 |
Intelsat Jackson Holdings S.A., | |||
h,l | 6.50% (LIBOR 3 Month + 5.50%), due 7/13/2022 | 1,473,571 | 1,489,043 |
h,l | 8.75% (PRIME + 5.50%), due 1/2/2024 | 9,800,000 | 9,990,708 |
14,449,751 | |||
Utilities — 0.2% | |||
Electric Utilities — 0.2% | |||
l | Pacific Gas & Electric Company, 2.375% (LIBOR 3 Month + 2.25%) due 1/3/2022 | 5,200,000 | 5,200,000 |
5,200,000 | |||
Total Loan Participations (Cost $168,703,044) | 171,116,104 | ||
Short-Term Investments — 12.5% | |||
Egypt Treasury Bills (EGP), 13.73% due 2/1/2022 | 15,000,000 | 856,997 | |
Egypt Treasury Bills (EGP), 13.74% due 8/24/2021 | 28,000,000 | 1,692,043 | |
Egypt Treasury Bills (EGP), 13.75% due 1/18/2022 | 57,000,000 | 3,271,349 | |
Egypt Treasury Bills (EGP), 13.82% due 10/12/2021 | 85,500,000 | 5,076,853 | |
n | Thornburg Capital Management Fund | 37,196,418 | 371,964,180 |
Total Short-Term Investments (Cost $382,936,451) | 382,861,422 |
62 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Total Investments — 99.8% (Cost $3,000,085,104) | $3,052,702,974 | ||
Other Assets Less Liabilities — 0.2% | 5,956,749 | ||
Net Assets — 100.0% | $3,058,659,723 |
Outstanding Forward Currency Contracts To Buy Or Sell At March 31, 2021 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Euro | SSB | Sell | 1,959,500 | 9/23/2021 | 2,306,377 | $ 35,792 | $ — |
Net unrealized appreciation (depreciation) | $ 35,792 |
* | 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 March 31, 2021. |
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 March 31, 2021, the aggregate value of these securities in the Fund’s portfolio was $1,685,415,788, representing 55.10% of the Fund’s net assets. |
f | When-issued security. |
g | Segregated as collateral for a when-issued security. |
h | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
i | Interest only. |
j | Bond in default. |
k | 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 March 31, 2021. |
l | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at March 31, 2021. |
m | 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. |
n | Investment in Affiliates. |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 63 |
Thornburg Strategic Income Fund | March 31, 2021 (Unaudited)
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 |
EGP | Denominated in Egyptian Pound |
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 |
RUB | Denominated in Russian Ruble |
SOFR | Secured Overnight Financing Rate |
SPV | Special Purpose Vehicle |
UMBS | Uniform Mortgage Backed Securities |
USD | Unified School District |
VA | Veterans Affairs |
64 | Thornburg Fixed Income Funds Semi-Annual Report | See notes to financial statements. |
COUNTRY EXPOSURE * (percent of Fund) | |
United States | 73.1% |
Canada | 2.2% |
United Kingdom | 1.4% |
Germany | 1.0% |
China | 0.9% |
United Arab Emirates | 0.8% |
Cayman Islands | 0.8% |
Bermuda | 0.6% |
Belgium | 0.6% |
Mexico | 0.5% |
South Korea | 0.5% |
France | 0.5% |
Ireland | 0.4% |
Sweden | 0.4% |
Luxembourg | 0.4% |
India | 0.3% |
Indonesia | 0.3% |
Australia | 0.3% |
New Zealand | 0.3% |
Argentina | 0.2% |
United Republic of Tanzania | 0.2% |
Jamaica | 0.2% |
Japan | 0.2% |
Morocco | 0.2% |
Italy | 0.1% |
South Africa | 0.1% |
Oman | 0.1% |
Denmark | 0.1% |
Egypt | 0.1% |
Brazil | 0.1% |
Turkey | 0.1% |
Chile | 0.1% |
Russian Federation | 0.1% |
Panama | 0.1% |
Guatemala | 0.0%** |
Switzerland | 0.0%** |
Other Assets Less Liabilities | 12.7% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
** | Country percentage was less than 0.1%. |
See notes to financial statements. | Thornburg Fixed Income Funds Semi-Annual Report | 65 |
March 31, 2021 (Unaudited)
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 | $ 355,128,630 | $ 9,017,034,540 | $ 37,362,881 | $ 2,628,120,924 |
Non-controlled affiliated issuers | - | 812,786,524 | 4,934,244 | 371,964,180 |
Investments at value | ||||
Non-affiliated issuers | 356,756,646 | 9,133,604,062 | 37,687,547 | 2,680,738,794 |
Non-controlled affiliated issuers | - | 812,786,524 | 4,934,244 | 371,964,180 |
Cash | - | 1,168,703 | - | 3,185,373 |
Unrealized appreciation on forward currency contracts | - | - | - | 35,792 |
Receivable for investments sold | - | 10,811,833 | - | 4,455,768 |
Receivable for fund shares sold | 552,690 | 39,560,749 | 303,381 | 16,480,665 |
Receivable from investment advisor | - | - | 8,444 | - |
Dividends receivable | 52 | 101,887 | 610 | 192,888 |
Principal and interest receivable | 964,094 | 35,119,892 | 86,443 | 19,352,647 |
Prepaid expenses and other assets | 108,577 | 641,276 | 46,091 | 317,503 |
Total Assets | 358,382,059 | 10,033,794,926 | 43,066,760 | 3,096,723,610 |
Liabilities | ||||
Payable for investments purchased | - | 82,190,189 | 561,481 | 30,188,246 |
Payable for fund shares redeemed | 445,865 | 19,185,381 | 9,113 | 4,925,104 |
Payable to investment advisor and other affiliates | 176,094 | 3,842,295 | - | 1,416,052 |
Accounts payable and accrued expenses | 77,050 | 176,893 | 60,716 | 264,922 |
Dividends payable | 76,132 | 1,644,943 | 1,169 | 1,248,156 |
Total Liabilities | 775,141 | 107,039,701 | 632,479 | 38,042,480 |
Commitments and contingencies | ||||
Unrealized depreciation on unfunded commmitments | - | - | - | (21,407) |
Net Assets | $ 357,606,918 | $ 9,926,755,225 | $ 42,434,281 | $ 3,058,659,723 |
NET ASSETS CONSIST OF | ||||
Net capital paid in on shares of beneficial interest | $ 369,711,928 | $ 9,801,681,444 | $ 42,130,881 | $ 3,004,641,612 |
Distributable earnings (accumulated loss) | (12,105,010) | 125,073,781 | 303,400 | 54,018,111 |
Net Assets | $ 357,606,918 | $ 9,926,755,225 | $ 42,434,281 | $ 3,058,659,723 |
March 31, 2021 (Unaudited)
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 | $ 91,657,144 | $ 843,898,223 | $ 10,792,353 | $ 287,733,322 |
Shares outstanding | 7,001,591 | 61,177,151 | 863,516 | 23,299,489 |
Net asset value and redemption price per share | $ 13.09 | $ 13.79 | $ 12.50 | $ 12.35 |
Maximum offering price per share (net asset value, plus 2.25% of offering price) | $ 13.39 | $ 14.11 | $ 12.79 | $ 12.93 * |
Class C Shares: | ||||
Net assets applicable to shares outstanding | 13,258,389 | 386,137,185 | - | 96,020,732 |
Shares outstanding | 1,006,826 | 28,037,967 | - | 7,789,474 |
Net asset value and redemption price per share** | 13.17 | 13.77 | - | 12.33 |
Class C2 Shares: | ||||
Net assets applicable to shares outstanding | 459,614 | 10,429,786 | - | - |
Shares outstanding | 34,895 | 757,241 | - | - |
Net asset value and redemption price per share** | 13.17 | 13.77 | - | - |
Class I Shares: | ||||
Net assets applicable to shares outstanding | 239,059,325 | 8,363,040,592 | 31,641,928 | 2,549,841,673 |
Shares outstanding | 18,262,278 | 606,111,735 | 2,533,168 | 207,060,502 |
Net asset value and redemption price per share | 13.09 | 13.80 | 12.49 | 12.31 |
Class R3 Shares: | ||||
Net assets applicable to shares outstanding | 8,266,145 | 60,795,706 | - | 950,460 |
Shares outstanding | 631,100 | 4,404,199 | - | 77,072 |
Net asset value and redemption price per share | 13.10 | 13.80 | - | 12.33 |
Class R4 Shares: | ||||
Net assets applicable to shares outstanding | 2,613,885 | 10,000,279 | - | 1,921,693 |
Shares outstanding | 199,731 | 725,255 | - | 155,888 |
Net asset value and redemption price per share | 13.09 | 13.79 | - | 12.33 |
Class R5 Shares: | ||||
Net assets applicable to shares outstanding | 2,292,416 | 148,541,806 | - | 58,937,025 |
Shares outstanding | 174,991 | 10,768,710 | - | 4,783,108 |
Net asset value and redemption price per share | 13.10 | 13.79 | - | 12.32 |
Class R6 Shares: | ||||
Net assets applicable to shares outstanding | - | 103,911,648 | - | 63,254,818 |
Shares outstanding | - | 7,516,691 | - | 5,120,906 |
Net asset value and redemption price per share | - | 13.82 | - | 12.35 |
* | 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. |
Six Months Ended March 31, 2021 (Unaudited)
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 | $ 294 | $ - | $ 3,403 | $ 587,928 |
Non-controlled affiliated issuers | - | 679,039 | - | 219,077 |
Interest income | 2,509,760 | 92,494,618 | 350,421 | 59,397,076 |
Foreign withholding tax claims | - | - | - | 42,117 |
Total Income | 2,510,054 | 93,173,657 | 353,824 | 60,246,198 |
EXPENSES | ||||
Investment management fees | 684,610 | 14,315,258 | 48,555 | 8,025,759 |
Administration fees | 158,154 | 4,034,934 | 16,815 | 1,118,913 |
Distribution and service fees | ||||
Class A Shares | 114,848 | 1,047,245 | 8,994 | 341,419 |
Class C Shares | 36,025 | 967,841 | - | 479,570 |
Class C2 Shares* | 311 | 20,581 | - | - |
Class R3 Shares | 23,046 | 156,012 | - | 2,556 |
Class R4 Shares | 3,398 | 8,439 | - | 2,294 |
Transfer agent fees | ||||
Class A Shares | 33,627 | 298,184 | 14,890 | 94,918 |
Class C Shares | 8,996 | 141,133 | - | 50,970 |
Class C2 Shares* | 362 | 1,928 | - | - |
Class I Shares | 84,631 | 2,599,353 | 8,609 | 681,350 |
Class R3 Shares | 3,967 | 24,179 | - | 938 |
Class R4 Shares | 3,979 | 10,438 | - | 4,340 |
Class R5 Shares | 3,765 | 186,011 | - | 42,331 |
Class R6 Shares | - | 4,043 | - | 2,264 |
Registration and filing fees | ||||
Class A Shares | 10,443 | 50,575 | 9,746 | 17,643 |
Class C Shares | 5,693 | 18,096 | - | 8,318 |
Class C2 Shares* | 1,562 | 5,907 | - | - |
Class I Shares | 18,931 | 243,349 | 8,681 | 136,082 |
Class R3 Shares | 6,814 | 7,768 | - | 6,895 |
Class R4 Shares | 6,262 | 6,322 | - | 6,212 |
Class R5 Shares | 6,946 | 7,929 | - | 6,998 |
Class R6 Shares | - | 6,252 | - | 6,126 |
Custodian fees | 34,602 | 197,034 | 31,638 | 107,719 |
Professional fees | 25,655 | 74,141 | 24,155 | 51,217 |
Trustee and officer fees | 10,869 | 264,880 | 1,173 | 70,664 |
Tax reclaim collection fees | - | - | - | 8,531 |
Other expenses | 23,107 | 333,983 | 6,923 | 105,741 |
Total Expenses | 1,310,603 | 25,031,815 | 180,179 | 11,379,768 |
Less: | ||||
Expenses reimbursed | (29,863) | (159,018) | (58,875) | (1,074,949) |
Investment management fees waived | - | - | (54,044) | (1,521,033) |
Net Expenses | 1,280,740 | 24,872,797 | 67,260 | 8,783,786 |
Net Investment Income (Loss) | $ 1,229,314 | $ 68,300,860 | $ 286,564 | $ 51,462,412 |
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 | $ 89,605 | $ 33,251,971 | $ 18,463 | $ 10,603,475 |
Forward currency contracts | - | - | - | (77,112) |
Foreign currency transactions | - | - | - | (75,070) |
Net realized gain (loss) | 89,605 | 33,251,971 | 18,463 | 10,451,293 |
Net change in unrealized appreciation (depreciation) on: | ||||
Non-affiliated issuers investments | (6,924,971) | (157,211,615) | (151,531) | 13,035,446 |
Forward currency contracts | - | - | - | 30,510 |
Foreign currency translations | - | - | - | (8,875) |
Change in net unrealized appreciation (depreciation) | (6,924,971) | (157,211,615) | (151,531) | 13,057,081 |
Net Realized and Unrealized Gain (Loss) | (6,835,366) | (123,959,644) | (133,068) | 23,508,374 |
Change in Net Assets Resulting from Operations | $ (5,606,052) | $ (55,658,784) | $ 153,496 | $ 74,970,786 |
* | Class C2 Shares commenced operations on October 1, 2020. |
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | THORNBURG LIMITED TERM INCOME FUND | |||
Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 1,229,314 | $ 3,607,100 | $ 68,300,860 | $ 138,807,651 |
Net realized gain (loss) | 89,605 | 959,377 | 33,251,971 | 112,069,566 |
Net change in unrealized appreciation (depreciation) | (6,924,971) | 6,172,607 | (157,211,615) | 184,146,634 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (5,606,052) | 10,739,084 | (55,658,784) | 435,023,851 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (508,833) | (1,088,304) | (15,762,248) | (16,819,606) |
Class C Shares | (54,069) | (203,518) | (6,803,355) | (9,033,756) |
Class C2 Shares** | (318) | - | (76,655) | - |
Class I Shares | (1,671,985) | (3,276,526) | (154,301,866) | (150,085,898) |
Class R3 Shares | (44,945) | (129,884) | (1,107,737) | (1,693,873) |
Class R4 Shares | (13,311) | (37,348) | (115,501) | (156,081) |
Class R5 Shares | (14,524) | (26,237) | (3,044,236) | (3,822,501) |
Class R6 Shares | - | - | (2,083,410) | (2,558,644) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 6,712,224 | 19,305,043 | 96,170,222 | 100,507,407 |
Class C Shares | (4,426,146) | 2,021,887 | (16,856,907) | 42,742,513 |
Class C2 Shares** | 465,056 | - | 10,622,232 | - |
Class I Shares | 558,668 | 94,687,939 | 1,563,133,583 | 2,342,418,095 |
Class R3 Shares | (766,171) | (147,783) | 1,305,883 | (5,953,611) |
Class R4 Shares | (106,813) | 429,413 | 3,758,550 | (1,808,601) |
Class R5 Shares | 34,409 | 1,374,063 | 2,958,173 | 37,267,857 |
Class R6 Shares | - | - | 7,834,755 | 34,109,655 |
Net Increase (Decrease) in Net Assets | (5,442,810) | 123,647,829 | 1,429,972,699 | 2,800,136,807 |
NET ASSETS | ||||
Beginning of Period | 363,049,728 | 239,401,899 | 8,496,782,526 | 5,696,645,719 |
End of Period | $ 357,606,918 | $ 363,049,728 | $ 9,926,755,225 | $ 8,496,782,526 |
* | Unaudited. |
** | Class C2 Shares commenced operations on October 1, 2020. |
THORNBURG ULTRA SHORT INCOME FUND | THORNBURG STRATEGIC INCOME FUND | |||
Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 286,564 | $ 633,706 | $ 51,462,412 | $ 62,938,266 |
Net realized gain (loss) | 18,463 | 159,418 | 10,451,293 | 19,345,602 |
Net change in unrealized appreciation (depreciation) | (151,531) | 152,074 | 13,057,081 | 33,461,654 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 153,496 | 945,198 | 74,970,786 | 115,745,522 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (94,873) | (159,045) | (5,731,377) | (7,184,136) |
Class C Shares | - | - | (1,633,071) | (2,749,238) |
Class I Shares | (344,502) | (621,189) | (47,742,717) | (49,465,381) |
Class R3 Shares | - | - | (19,731) | (37,522) |
Class R4 Shares | - | - | (35,610) | (40,053) |
Class R5 Shares | - | - | (1,185,320) | (1,183,705) |
Class R6 Shares | - | - | (1,153,840) | (874,952) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 2,731,907 | 87,189 | 35,993,785 | 28,075,890 |
Class C Shares | - | - | (8,132,073) | (18,368,245) |
Class I Shares | 3,612,261 | 3,253,888 | 777,317,505 | 573,823,914 |
Class R3 Shares | - | - | (165,580) | (553,775) |
Class R4 Shares | - | - | 273,450 | 324,328 |
Class R5 Shares | - | - | 14,882,896 | 31,573,177 |
Class R6 Shares | - | - | 23,787,959 | 16,927,688 |
Net Increase (Decrease) in Net Assets | 6,058,289 | 3,506,041 | 861,427,062 | 686,013,512 |
NET ASSETS | ||||
Beginning of Period | 36,375,992 | 32,869,951 | 2,197,232,661 | 1,511,219,149 |
End of Period | $ 42,434,281 | $ 36,375,992 | $ 3,058,659,723 | $ 2,197,232,661 |
* | Unaudited. |
March 31, 2021 (Unaudited)
Class A | Class C | Class C2 | Class I | Class R3 | Class R4 | Class R5 | Class R6 | |
Limited Term U.S. Government Fund | X | X | X | X | X | X | X | |
Limited Term Income Fund | X | X | X | X | X | X | X | X |
March 31, 2021 (Unaudited)
Class A | Class C | Class C2 | Class I | Class R3 | Class R4 | Class R5 | Class R6 | |
Ultra Short Income Fund | X | X | ||||||
Strategic Income Fund | X | X | X | X | X | X | X |
March 31, 2021 (Unaudited)
March 31, 2021 (Unaudited)
March 31, 2021 (Unaudited)
LIMITED TERM U.S. GOVERNMENT FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Corporate Bonds | $ 3,770,270 | $ — | $ 3,770,270 | $ — |
U.S. Treasury Securities | 51,559,377 | 51,559,377 | — | — |
U.S. Government Agencies | 28,272,977 | — | 28,272,977 | — |
Mortgage Backed | 244,854,843 | — | 244,854,843 | — |
Short-Term Investments | 28,299,179 | 24,031,179 | 4,268,000 | — |
Total Investments in Securities | $ 356,756,646 | $ 75,590,556 | $ 281,166,090 | $ — |
Total Assets | $ 356,756,646 | $ 75,590,556 | $ 281,166,090 | $ — |
LIMITED TERM INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Asset Backed Securities | $ 1,756,618,894 | $ — | $ 1,756,618,894 | $ — |
Corporate Bonds | 3,394,891,111 | — | 3,394,891,111 | — |
Convertible Bonds | 4,284,690 | — | 4,284,690 | — |
Long-Term Municipal Bonds | 44,601,154 | — | 44,601,154 | — |
Other Government | 17,001,469 | — | 17,001,469 | — |
U.S. Treasury Securities | 1,138,027,295 | 1,138,027,295 | — | — |
U.S. Government Agencies | 62,218,107 | — | 62,218,107 | — |
Mortgage Backed | 2,644,660,398 | — | 2,644,660,398 | — |
Loan Participations | 71,300,944 | — | 71,300,944 | — |
Short-Term Investments | 812,786,524 | 812,786,524 | — | — |
Total Investments in Securities | $ 9,946,390,586 | $ 1,950,813,819 | $ 7,995,576,767 | $ — |
Total Assets | $ 9,946,390,586 | $ 1,950,813,819 | $ 7,995,576,767 | $ — |
ULTRA SHORT INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Asset Backed Securities | $ 22,834,835 | $ — | $ 22,834,835 | $ — |
Corporate Bonds | 10,253,955 | — | 10,253,955 | — |
Long-Term Municipal Bonds | 271,235 | — | 271,235 | — |
U.S. Treasury Securities | 758,820 | 758,820 | — | — |
U.S. Government Agencies | 118,570 | — | 118,570 | — |
Mortgage Backed | 2,699,959 | — | 2,699,959 | — |
Short-Term Investments | 5,684,417 | 4,934,244 | 750,173 | — |
Total Investments in Securities | $ 42,621,791 | $ 5,693,064 | $ 36,928,727 | $ — |
Total Assets | $ 42,621,791 | $ 5,693,064 | $ 36,928,727 | $— |
March 31, 2021 (Unaudited)
STRATEGIC INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 1,647,271 | $ — | $ — | $ 1,647,271 |
Preferred Stock | 17,990,194 | 17,990,194 | — | — |
Asset Backed Securities | 656,377,944 | — | 562,205,514 | 94,172,430 |
Corporate Bonds | 1,310,202,479 | — | 1,306,068,204 | 4,134,275 |
Convertible Bonds | 28,040,400 | — | 28,040,400 | — |
Long-Term Municipal Bonds | 15,143,147 | — | 15,143,147 | — |
Other Government | 30,971,930 | — | 30,971,930 | — |
U.S. Treasury Securities | 57,831,580 | 57,831,580 | — | — |
U.S. Government Agencies | 4,189,738 | — | 4,189,738 | — |
Mortgage Backed | 376,330,765 | — | 364,791,079 | 11,539,686 |
Loan Participations | 171,116,104 | — | 171,115,885 | 219 |
Short-Term Investments | 382,861,422 | 371,964,180 | 10,897,242 | — |
Total Investments in Securities | $ 3,052,702,974 | $ 447,785,954 | $ 2,493,423,139 | $ 111,493,881(a) |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 35,792 | $ — | $ 35,792 | $ — |
Total Assets | $ 3,052,738,766 | $ 447,785,954 | $ 2,493,458,931 | $111,493,881 |
(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 March 31, 2021. |
FAIR VALUE AT March 31, 2021 | VALUATION TECHNIQUE(S) | UNOBSERVABLE INPUT | RANGE (WEIGHTED AVERAGE) | |
Common Stock | $ 847 | Reference instrument | Discount for lack of marketability | 95.24/(N/A) (a) |
1,646,424 | Broker quote | Broker quote | $18.00/(N/A) | |
Asset-Backed Securities | 94,172,430 | Purchase price | Purchase price | $35.94-$310,000.00/($45,718.22) |
Corporate Bond | 4,114,162 | Purchase price | Purchase price | $100.15/(N/A) |
20,113 | Recovery analysis | Expected recovery | $2.00/(N/A) (a) | |
Loan Participations | 219 | Reference instrument | Expected recovery | $1.00/(N/A) (a) |
Mortgage Backed | 11,539,686 | Purchase price | Purchase price | $0.70-$12.24/($7.32) |
Total | $ 111,493,881 | |||
(a) Represents price used after factoring in market impact including discounts, as applicable. |
STRATEGIC INCOME FUND | COMMON STOCK | MORTGAGE BACKED | ASSET BACKED SECURITIES | CORPORATE BONDS | LOAN PARTICIPATIONS | WARRANTS | TOTAL (e) |
Beginning Balance 9/30/2020 | $ 1,152,244 | $ 3,100,428 | $ 36,506,745 | $ 220,427 | $ 270,437 | $ 66,611 | $ 41,316,892 |
Accrued Discounts (Premiums) | – | (231,412) | (3,254,116) | (4,156) | – | – | (3,489,684) |
Net Realized Gain (Loss)(a) | – | (737,256) | (4,481) | – | – | (3,806,456) | (4,548,193) |
Gross Purchases | – | 10,323,174 | 70,730,186 | 4,114,162 | 165 | – | 85,167,687 |
Gross Sales | – | – | (4,087,500) | (15,742) | – | – | (4,103,242) |
Net Change in Unrealized Appreciation (Depreciation)(b)(c) | 495,027 | 226,413 | 3,281,591 | (180,416) | (21,633) | 3,739,845 | 7,540,827 |
Transfers into Level 3(d) | – | – | – | – | – | – | – |
Transfers out of Level 3(d) | – | (1,141,661) | (8,999,995) | – | (248,750) | – | (10,390,406) |
Ending Balance 3/31/2021 | $ 1,647,271 | $ 11,539,686 | $ 94,172,430 | $ 4,134,275 | $ 219 | $ – | $ 111,493,881 |
March 31, 2021 (Unaudited)
(a) | Amount of net realized gain (loss) from investments recognized in income is included in the Fund’s Statement of Operations for the six months ended March 31, 2021. |
(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 six months ended March 31, 2021. |
(c) | The net change in unrealized appreciation (depreciation) attributable to securities owned at March 31, 2021, which were valued using significant unobservable inputs, was $3,773,597. This is included within net change in unrealized appreciation (depreciation) on investments in the Fund’s Statement of Operations for the six months ended March 31, 2021. |
(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 six months ended March 31, 2021. 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 3.65% of total net assets at the six months ended March 31, 2021. 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 |
Effective Management Fee | |
Limited Term U.S. Government Fund | 0.375% |
Limited Term Income Fund | 0.307 |
Ultra Short Income Fund | 0.250 |
Strategic Income Fund | 0.621 |
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 |
March 31, 2021 (Unaudited)
Commissions | CDSC fees | |
Limited Term U.S. Government Fund | $ 3,075 | $ 2,067 |
Limited Term Income Fund | 28,758 | 35,879 |
Ultra Short Income Fund | 500 | — |
Strategic Income Fund | 24,882 | 5,303 |
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 |
Contractual: | Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Limited Term U.S. Government Fund | $ — | $ — | $ — | $ 11,855 | $ 7,160 | $ 8,968 | $ — | $ 27,983 |
Limited Term Income Fund | — | — | — | 7,878 | 5,726 | 136,579 | 6,800 | 156,983 |
Ultra Short Income Fund | 28,676 | — | 30,199 | — | — | — | — | 58,875 |
Strategic Income Fund | 112,641 | 39,630 | 1,841,092 | 7,571 | 7,794 | 75,182 | 50,629 | 2,134,539 |
March 31, 2021 (Unaudited)
Voluntary: | Class A | Class C | Class C2 | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Limited Term U.S. Government Fund | $ — | $ — | $ 1,880 | $ — | $ — | $ — | $ — | $ — | 1,880 |
Limited Term Income Fund | — | — | 2,035 | — | — | — | — | — | 2,035 |
Ultra Short Income Fund | 12,554 | — | — | 41,490 | — | — | — | — | 54,044 |
Strategic Income Fund | 48,787 | 17,105 | — | 376,739 | 183 | 328 | 9,340 | 8,961 | 461,443 |
Percentage of Direct Investments | |
Limited Term U.S. Government Fund | 10.59% |
Limited Term Income Fund | 0.10 |
Ultra Short Income Fund | 24.37 |
Strategic Income Fund | 0.39 |
LIMITED TERM INCOME FUND | Market Value 9/30/20 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 3/31/21 | Dividend Income |
Thornburg Capital Mgmt. Fund | $902,817,411 | $1,875,283,953 | $(1,965,314,840) | $- | $- | $812,786,524 | $679,039 |
ULTRA SHORT INCOME FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 7,005,333 | $ 26,516,770 | $ (28,587,859) | $- | $- | $ 4,934,244 | $ 3,403 |
STRATEGIC INCOME FUND | |||||||
Thornburg Capital Mgmt. Fund | $211,462,661 | $ 670,696,018 | $ (510,194,499) | $- | $- | $371,964,180 | $219,077 |
March 31, 2021 (Unaudited)
Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Limited Term U.S. Government Fund | $ 355,128,630 | $ 5,626,412 | $ (3,998,396) | $ 1,628,016 |
Limited Term Income Fund | 9,829,821,064 | 202,298,216 | (85,728,694) | 116,569,522 |
Ultra Short Income Fund | 42,297,125 | 357,770 | (33,104) | 324,666 |
Strategic Income Fund | 3,000,085,104 | 96,992,339 | (44,374,469) | 52,617,870 |
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 |
March 31, 2021 (Unaudited)
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
LIMITED TERM U.S. GOVERNMENT FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 1,126,666 | $ 15,003,452 | 2,642,451 | $ 35,134,519 |
Shares issued to shareholders in reinvestment of dividends | 36,355 | 482,360 | 78,863 | 1,044,911 |
Shares repurchased | (661,227) | (8,773,588) | (1,271,682) | (16,874,387) |
Net increase (decrease) | 501,794 | $ 6,712,224 | 1,449,632 | $ 19,305,043 |
Class C Shares | ||||
Shares sold | 132,152 | $ 1,771,561 | 815,326 | $ 10,884,423 |
Shares issued to shareholders in reinvestment of dividends | 3,871 | 51,689 | 14,039 | 187,126 |
Shares repurchased | (466,247) | (6,249,396) | (677,776) | (9,049,662) |
Net increase (decrease) | (330,224) | $ (4,426,146) | 151,589 | $ 2,021,887 |
Class C2 Shares* | ||||
Shares sold | 46,076 | $ 612,763 | - | $ - |
Shares issued to shareholders in reinvestment of dividends | 24 | 318 | - | - |
Shares repurchased | (11,205) | (148,025) | - | - |
Net increase (decrease) | 34,895 | $ 465,056 | - | $ - |
Class I Shares | ||||
Shares sold | 4,362,997 | $ 58,021,830 | 12,998,539 | $ 172,600,042 |
Shares issued to shareholders in reinvestment of dividends | 96,084 | 1,275,004 | 189,526 | 2,514,621 |
Shares repurchased | (4,420,843) | (58,738,166) | (6,056,901) | (80,426,724) |
Net increase (decrease) | 38,238 | $ 558,668 | 7,131,164 | $ 94,687,939 |
Class R3 Shares | ||||
Shares sold | 194,919 | $ 2,598,322 | 393,691 | $ 5,235,969 |
Shares issued to shareholders in reinvestment of dividends | 3,250 | 43,167 | 9,039 | 119,748 |
Shares repurchased | (256,019) | (3,407,660) | (414,384) | (5,503,500) |
Net increase (decrease) | (57,850) | $ (766,171) | (11,654) | $ (147,783) |
Class R4 Shares | ||||
Shares sold | 48,805 | $ 650,508 | 97,858 | $ 1,293,192 |
Shares issued to shareholders in reinvestment of dividends | 1,001 | 13,277 | 2,762 | 36,584 |
Shares repurchased | (57,878) | (770,598) | (67,904) | (900,363) |
Net increase (decrease) | (8,072) | $ (106,813) | 32,716 | $ 429,413 |
Class R5 Shares | ||||
Shares sold | 36,747 | $ 488,971 | 186,498 | $ 2,474,789 |
Shares issued to shareholders in reinvestment of dividends | 853 | 11,319 | 1,776 | 23,610 |
Shares repurchased | (34,934) | (465,881) | (84,416) | (1,124,336) |
Net increase (decrease) | 2,666 | $ 34,409 | 103,858 | $ 1,374,063 |
* Effective date of this class of shares was October 1, 2020. |
March 31, 2021 (Unaudited)
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
LIMITED TERM INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 17,611,068 | $ 247,255,314 | 25,358,970 | $ 351,981,034 |
Shares issued to shareholders in reinvestment of dividends | 1,022,384 | 14,301,061 | 1,147,937 | 15,716,458 |
Shares repurchased | (11,816,438) | (165,386,153) | (19,549,412) | (267,190,085) |
Net increase (decrease) | 6,817,014 | $ 96,170,222 | 6,957,495 | $ 100,507,407 |
Class C Shares | ||||
Shares sold | 5,738,815 | $ 80,451,360 | 11,004,870 | $ 152,813,009 |
Shares issued to shareholders in reinvestment of dividends | 437,252 | 6,108,048 | 605,039 | 8,263,846 |
Shares repurchased | (7,362,409) | (103,416,315) | (8,589,890) | (118,334,342) |
Net increase (decrease) | (1,186,342) | $ (16,856,907) | 3,020,019 | $ 42,742,513 |
Class C2 Shares* | ||||
Shares sold | 784,350 | $ 11,004,920 | - | $ - |
Shares issued to shareholders in reinvestment of dividends | 5,494 | 76,655 | - | - |
Shares repurchased | (32,603) | (459,343) | - | - |
Net increase (decrease) | 757,241 | $ 10,622,232 | - | $ - |
Class I Shares | ||||
Shares sold | 193,222,020 | $ 2,709,351,063 | 275,322,068 | $ 3,813,138,961 |
Shares issued to shareholders in reinvestment of dividends | 9,705,980 | 135,821,982 | 9,432,946 | 129,462,434 |
Shares repurchased | (91,645,437) | (1,282,039,462) | (117,108,981) | (1,600,183,300) |
Net increase (decrease) | 111,282,563 | $ 1,563,133,583 | 167,646,033 | $ 2,342,418,095 |
Class R3 Shares | ||||
Shares sold | 1,161,063 | $ 16,283,448 | 4,100,485 | $ 56,161,846 |
Shares issued to shareholders in reinvestment of dividends | 78,405 | 1,097,592 | 119,427 | 1,633,183 |
Shares repurchased | (1,148,368) | (16,075,157) | (4,628,637) | (63,748,640) |
Net increase (decrease) | 91,100 | $ 1,305,883 | (408,725) | $ (5,953,611) |
Class R4 Shares | ||||
Shares sold | 358,372 | $ 4,974,569 | 274,766 | $ 3,832,830 |
Shares issued to shareholders in reinvestment of dividends | 5,942 | 83,082 | 8,041 | 109,881 |
Shares repurchased | (92,747) | (1,299,101) | (422,326) | (5,751,312) |
Net increase (decrease) | 271,567 | $ 3,758,550 | (139,519) | $ (1,808,601) |
Class R5 Shares | ||||
Shares sold | 2,804,824 | $ 39,277,366 | 11,096,010 | $ 152,435,476 |
Shares issued to shareholders in reinvestment of dividends | 206,268 | 2,885,323 | 265,764 | 3,640,483 |
Shares repurchased | (2,801,021) | (39,204,516) | (8,644,758) | (118,808,102) |
Net increase (decrease) | 210,071 | $ 2,958,173 | 2,717,016 | $ 37,267,857 |
Class R6 Shares | ||||
Shares sold | 2,829,717 | $ 39,663,468 | 8,117,200 | $ 111,218,072 |
Shares issued to shareholders in reinvestment of dividends | 146,012 | 2,046,956 | 185,047 | 2,543,167 |
Shares repurchased | (2,418,837) | (33,875,669) | (5,772,365) | (79,651,584) |
Net increase (decrease) | 556,892 | $ 7,834,755 | 2,529,882 | $ 34,109,655 |
* Effective date of this class of shares was October 1, 2020. |
March 31, 2021 (Unaudited)
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
ULTRA SHORT INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 337,655 | $ 4,232,930 | 398,979 | $ 4,992,139 |
Shares issued to shareholders in reinvestment of dividends | 7,530 | 94,395 | 12,648 | 157,583 |
Shares repurchased | (127,263) | (1,595,418) | (407,526) | (5,062,533) |
Net increase (decrease) | 217,922 | $ 2,731,907 | 4,101 | $ 87,189 |
Class I Shares | ||||
Shares sold | 1,206,860 | $ 15,118,895 | 1,014,415 | $ 12,687,671 |
Shares issued to shareholders in reinvestment of dividends | 26,821 | 335,982 | 47,672 | 593,593 |
Shares repurchased | (945,849) | (11,842,616) | (808,165) | (10,027,376) |
Net increase (decrease) | 287,832 | $ 3,612,261 | 253,922 | $ 3,253,888 |
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
STRATEGIC INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 5,253,474 | $ 64,974,235 | 6,387,405 | $ 76,212,253 |
Shares issued to shareholders in reinvestment of dividends | 405,933 | 5,027,064 | 544,250 | 6,486,790 |
Shares repurchased | (2,745,008) | (34,007,514) | (4,618,329) | (54,623,153) |
Net increase (decrease) | 2,914,399 | $ 35,993,785 | 2,313,326 | $ 28,075,890 |
Class C Shares | ||||
Shares sold | 1,329,332 | $ 16,431,906 | 1,813,398 | $ 21,514,486 |
Shares issued to shareholders in reinvestment of dividends | 124,436 | 1,537,991 | 208,946 | 2,485,809 |
Shares repurchased | (2,118,971) | (26,101,970) | (3,565,797) | (42,368,540) |
Net increase (decrease) | (665,203) | $ (8,132,073) | (1,543,453) | $ (18,368,245) |
Class I Shares | ||||
Shares sold | 83,120,945 | $ 1,026,742,142 | 84,574,669 | $ 1,000,393,477 |
Shares issued to shareholders in reinvestment of dividends | 3,415,742 | 42,181,982 | 3,623,511 | 43,101,042 |
Shares repurchased | (23,598,060) | (291,606,619) | (40,057,843) | (469,670,605) |
Net increase (decrease) | 62,938,627 | $ 777,317,505 | 48,140,337 | $ 573,823,914 |
Class R3 Shares | ||||
Shares sold | 13,220 | $ 163,092 | 36,527 | $ 433,436 |
Shares issued to shareholders in reinvestment of dividends | 1,269 | 15,692 | 1,700 | 20,224 |
Shares repurchased | (27,847) | (344,364) | (87,292) | (1,007,435) |
Net increase (decrease) | (13,358) | $ (165,580) | (49,065) | $ (553,775) |
Class R4 Shares | ||||
Shares sold | 74,349 | $ 920,701 | 46,177 | $ 553,373 |
Shares issued to shareholders in reinvestment of dividends | 2,477 | 30,630 | 2,820 | 33,532 |
Shares repurchased | (54,636) | (677,881) | (22,782) | (262,577) |
Net increase (decrease) | 22,190 | $ 273,450 | 26,215 | $ 324,328 |
March 31, 2021 (Unaudited)
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
STRATEGIC INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R5 Shares | ||||
Shares sold | 1,269,727 | $ 15,702,044 | 2,956,685 | $ 35,300,817 |
Shares issued to shareholders in reinvestment of dividends | 94,006 | 1,162,012 | 95,753 | 1,137,727 |
Shares repurchased | (160,429) | (1,981,160) | (412,572) | (4,865,367) |
Net increase (decrease) | 1,203,304 | $ 14,882,896 | 2,639,866 | $ 31,573,177 |
Class R6 Shares | ||||
Shares sold | 2,857,656 | $ 35,353,468 | 1,965,388 | $ 23,771,299 |
Shares issued to shareholders in reinvestment of dividends | 47,981 | 594,949 | 23,620 | 281,816 |
Shares repurchased | (979,990) | (12,160,458) | (607,573) | (7,125,427) |
Net increase (decrease) | 1,925,647 | $ 23,787,959 | 1,381,435 | $ 16,927,688 |
Purchases | Sales | |
Limited Term U.S. Government Fund | $ 231,366,039 | $ 174,262,634 |
Limited Term Income Fund | 3,425,993,196 | 963,894,571 |
Ultra Short Income Fund | 21,262,991 | 5,948,417 |
Strategic Income Fund | 1,099,071,102 | 303,891,414 |
March 31, 2021 (Unaudited)
Type of Derivative(a) | Counter Party | Asset Derivatives | Liability Derivatives | Net Amount | |
Strategic Income Fund | Foreign currency contracts | SSB | $ 35,792 | $ — | $ 35,792 |
(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) | |||
Strategic Income Fund | Foreign currency contracts | $ (77,112) | $ 30,510 |
(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 PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 13.38 | 0.03 | (0.25) | (0.22) | (0.07) | — | — | (0.07) | $13.09 |
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 (e) | $ 13.26 | 0.14 | 0.05 | 0.19 | (0.20) | — | — | (0.20) | $13.25 |
CLASS C SHARES | |||||||||
2021 (c) | $ 13.46 | 0.01 | (0.25) | (0.24) | (0.05) | — | — | (0.05) | $13.17 |
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 C2 SHARES | |||||||||
2021 (c)(f) | $ 13.46 | — (g) | (0.24) | (0.24) | (0.05) | — | — | (0.05) | $13.17 |
CLASS I SHARES | |||||||||
2021 (c) | $ 13.38 | 0.05 | (0.25) | (0.20) | (0.09) | — | — | (0.09) | $13.09 |
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 | |||||||||
2021 (c) | $ 13.39 | 0.03 | (0.26) | (0.23) | (0.06) | — | — | (0.06) | $13.10 |
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 | |||||||||
2021 (c) | $ 13.37 | 0.03 | (0.25) | (0.22) | (0.06) | — | — | (0.06) | $13.09 |
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 | |||||||||
2021 (c) | $ 13.39 | 0.05 | (0.25) | (0.20) | (0.09) | — | — | (0.09) | $13.10 |
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) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
(e) | Class B shares converted to Class A shares on August 29, 2016. |
(f) | Effective date of this class of shares was October 1, 2020. |
(g) | Net investment income (loss) was less than $0.01 per share. |
+ | 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) | |||||||
2021 (c) | 0.52 (d) | 0.86 (d) | 0.86 (d) | (1.62) | 49.90 | $ 91,657 | |
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 (e) | 1.08 | 0.91 | 0.91 | 1.41 | 9.78 | $ 111,874 | |
CLASS C SHARES | |||||||
2021 (c) | 0.16 (d) | 1.22 (d) | 1.22 (d) | (1.79) | 49.90 | $ 13,258 | |
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 C2 SHARES | |||||||
2021 (c)(f) | 0.08 (d) | 1.24 (d) | 5.17 (d) | (1.80) | 49.90 | $ 460 | |
CLASS I SHARES | |||||||
2021 (c) | 0.78 (d) | 0.60 (d) | 0.60 (d) | (1.50) | 49.90 | $ 239,059 | |
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 | |||||||
2021 (c) | 0.38 (d) | 0.99 (d) | 1.25 (d) | (1.69) | 49.90 | $ 8,266 | |
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 | |||||||
2021 (c) | 0.39 (d) | 0.99 (d) | 1.52 (d) | (1.62) | 49.90 | $ 2,614 | |
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 | |||||||
2021 (c) | 0.71 (d) | 0.67 (d) | 1.47 (d) | (1.53) | 49.90 | $ 2,293 | |
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 PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 14.14 | 0.09 | (0.17) | (0.08) | (0.10) | (0.17) | — | (0.27) | $13.79 |
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 | |||||||||
2021 (c) | $ 14.12 | 0.07 | (0.17) | (0.10) | (0.08) | (0.17) | — | (0.25) | $13.77 |
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 C2 SHARES | |||||||||
2021 (c)(e) | $ 14.12 | 0.05 | (0.17) | (0.12) | (0.06) | (0.17) | — | (0.23) | $13.77 |
CLASS I SHARES | |||||||||
2021 (c) | $ 14.15 | 0.11 | (0.17) | (0.06) | (0.12) | (0.17) | — | (0.29) | $13.80 |
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 | |||||||||
2021 (c) | $ 14.15 | 0.07 | (0.17) | (0.10) | (0.08) | (0.17) | — | (0.25) | $13.80 |
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 | |||||||||
2021 (c) | $ 14.14 | 0.07 | (0.17) | (0.10) | (0.08) | (0.17) | — | (0.25) | $13.79 |
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) | — (g) | (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 | |||||||||
2021 (c) | $ 14.14 | 0.11 | (0.17) | (0.06) | (0.12) | (0.17) | — | (0.29) | $13.79 |
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 | |||||||||
2021 (c) | $ 14.17 | 0.11 | (0.17) | (0.06) | (0.12) | (0.17) | — | (0.29) | $13.82 |
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 (h) | $ 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) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
(e) | Effective date of this class of shares was October 1, 2020. |
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) | |||||||
2021 (c) | 1.26 (d) | 0.75 (d) | 0.75 (d) | (0.60) | 11.53 | $ 843,898 | |
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 | |||||||
2021 (c) | 1.01 (d) | 0.99 (d) | 0.99 (d) | (0.72) | 11.53 | $ 386,137 | |
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 C2 SHARES | |||||||
2021 (c)(e) | 0.70 (d) | 1.24 (d) | 1.30 (d) | (0.87) | 11.53 | $ 10,430 | |
CLASS I SHARES | |||||||
2021 (c) | 1.51 (d) | 0.49 (d) | 0.49 (d) | (0.47) | 11.53 | $ 8,363,040 | |
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 | |||||||
2021 (c) | 1.01 (d) | 0.99 (d) | 1.02 (d) | (0.72) | 11.53 | $ 60,796 | |
2020 | 1.75 | 0.99 | 1.02 | 6.54 (f) | 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 | |||||||
2021 (c) | 1.01 (d) | 0.99 (d) | 1.16 (d) | (0.72) | 11.53 | $ 10,000 | |
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 | |||||||
2021 (c) | 1.52 (d) | 0.49 (d) | 0.67 (d) | (0.47) | 11.53 | $ 148,542 | |
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 | |||||||
2021 (c) | 1.58 (d) | 0.42 (d) | 0.43 (d) | (0.43) | 11.53 | $ 103,912 | |
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 (h) | 2.28 (d) | 0.45 (d) | 24.38 (d)(i) | 1.92 | 26.90 | $ 770 |
(f) | The total return based on the NAV which reflects the adjustments in accordance with U.S. GAAP is 6.47%. |
(g) | Total from investment operations was less than $0.01 per share. |
(h) | Effective date of this class of shares was April 10, 2017. |
(i) | Due to the size of net assets and fixed expenses, ratios may appear disproportionate. |
+ | Based on weighted average shares outstanding. |
Ultra Short Income Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 12.59 | 0.08 | (0.03) | 0.05 | (0.10) | (0.04) | — | (0.14) | $12.50 |
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 | |||||||||
2021 (c) | $ 12.58 | 0.10 | (0.04) | 0.06 | (0.11) | (0.04) | — | (0.15) | $12.49 |
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. |
(c) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
+ | 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) | |||||||
2021 (c) | 1.33 (d) | 0.50 (d) | 1.42 (d) | 0.34 | 18.40 | $ 10,792 | |
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 | |||||||
2021 (c) | 1.52 (d) | 0.30 (d) | 0.78 (d) | 0.44 | 18.40 | $ 31,642 | |
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 PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 12.24 | 0.23 | 0.14 | 0.37 | (0.26) | — | — | (0.26) | $12.35 |
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 | |||||||||
2021 (c) | $ 12.22 | 0.18 | 0.14 | 0.32 | (0.21) | — | — | (0.21) | $12.33 |
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 | |||||||||
2021 (c) | $ 12.20 | 0.25 | 0.14 | 0.39 | (0.28) | — | — | (0.28) | $12.31 |
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 | |||||||||
2021 (c) | $ 12.22 | 0.21 | 0.14 | 0.35 | (0.24) | — | — | (0.24) | $12.33 |
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 | |||||||||
2021 (c) | $ 12.22 | 0.21 | 0.14 | 0.35 | (0.24) | — | — | (0.24) | $12.33 |
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 | |||||||||
2021 (c) | $ 12.21 | 0.25 | 0.14 | 0.39 | (0.28) | — | — | (0.28) | $12.32 |
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 | |||||||||
2021 (c) | $ 12.24 | 0.25 | 0.14 | 0.39 | (0.28) | — | — | (0.28) | $12.35 |
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 (f) | $ 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) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
(e) | The total return based on the NAV which reflects the adjustments in accordance with U.S. GAAP is 6.46%. |
(f) | Effective date of this class of shares was April 10, 2017. |
(g) | Due to the size of net assets and fixed expenses, ratios may appear disproportionate. |
(h) | 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) | |||||||
2021 (c) | 3.72 (d) | 0.95 (d) | 1.07 (d) | 3.03 | 13.43 | $ 287,733 | |
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 | |||||||
2021 (c) | 2.91 (d) | 1.74 (d) | 1.86 (d) | 2.63 | 13.43 | $ 96,021 | |
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 | |||||||
2021 (c) | 4.05 (d) | 0.60 (d) | 0.81 (d) | 3.19 | 13.43 | $ 2,549,842 | |
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 | |||||||
2021 (c) | 3.40 (d) | 1.25 (d) | 2.77 (d) | 2.86 | 13.43 | $ 950 | |
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 | |||||||
2021 (c) | 3.46 (d) | 1.25 (d) | 2.14 (d) | 2.86 | 13.43 | $ 1,922 | |
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 | |||||||
2021 (c) | 4.08 (d) | 0.60 (d) | 0.92 (d) | 3.19 | 13.43 | $ 58,937 | |
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 | |||||||
2021 (c) | 4.13 (d) | 0.53 (d) | 0.77 (d) | 3.23 | 13.43 | $ 63,255 | |
2020 | 3.77 | 0.53 | 0.88 | 6.55 (e) | 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 (f) | 5.83 (d) | 0.00 (d) | 200.66 (d)(g) | 3.99 | 44.74 | $ — (h) |
March 31, 2021 (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 and Class C2 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 3/31/21 | Expenses Paid During Period 10/1/20-3/31/21 | Ending Account Value 3/31/21 | Expenses Paid During Period† 10/1/20-3/31/21 | Annualized Expense Ratio | ||
LIMITED TERM U.S. GOVERNMENT FUND | ||||||
CLASS A SHARES | $ 983.76 | $4.25 | $1,020.64 | $4.33 | 0.86% | |
CLASS C SHARES | $ 982.12 | $6.03 | $1,018.85 | $6.14 | 1.22% | |
CLASS C2 SHARES** | $ 981.97 | $6.13 | $1,018.75 | $6.24 | 1.24% | |
CLASS I SHARES | $ 985.04 | $2.97 | $1,021.94 | $3.02 | 0.60% | |
CLASS R3 SHARES | $ 983.14 | $4.89 | $1,020.00 | $4.99 | 0.99% | |
CLASS R4 SHARES | $ 983.85 | $4.90 | $1,020.00 | $4.99 | 0.99% | |
CLASS R5 SHARES | $ 984.71 | $3.32 | $1,021.59 | $3.38 | 0.67% | |
LIMITED TERM INCOME FUND | ||||||
CLASS A SHARES | $ 994.02 | $3.73 | $1,021.19 | $3.78 | 0.75% | |
CLASS C SHARES | $ 992.76 | $4.92 | $1,020.00 | $4.99 | 0.99% | |
CLASS C2 SHARES** | $ 991.35 | $6.16 | $1,018.75 | $6.24 | 1.24% | |
CLASS I SHARES | $ 995.32 | $2.44 | $1,022.49 | $2.47 | 0.49% | |
CLASS R3 SHARES | $ 992.82 | $4.92 | $1,020.00 | $4.99 | 0.99% | |
CLASS R4 SHARES | $ 992.81 | $4.92 | $1,020.00 | $4.99 | 0.99% | |
CLASS R5 SHARES | $ 995.29 | $2.44 | $1,022.49 | $2.47 | 0.49% | |
CLASS R6 SHARES | $ 995.67 | $2.09 | $1,022.84 | $2.12 | 0.42% | |
ULTRA SHORT INCOME FUND | ||||||
CLASS A SHARES | $1,003.42 | $2.50 | $1,022.44 | $2.52 | 0.50% | |
CLASS I SHARES | $1,004.41 | $1.50 | $1,023.44 | $1.51 | 0.30% |
March 31, 2021 (Unaudited)
Actual | Hypothetical * | |||||
Ending Account Value 3/31/21 | Expenses Paid During Period 10/1/20-3/31/21 | Ending Account Value 3/31/21 | Expenses Paid During Period† 10/1/20-3/31/21 | Annualized Expense Ratio | ||
STRATEGIC INCOME FUND | ||||||
CLASS A SHARES | $1,030.27 | $4.81 | $1,020.19 | $4.78 | 0.95% | |
CLASS C SHARES | $1,026.28 | $8.79 | $1,016.26 | $8.75 | 1.74% | |
CLASS I SHARES | $1,031.94 | $3.04 | $1,021.94 | $3.02 | 0.60% | |
CLASS R3 SHARES | $1,028.62 | $6.32 | $1,018.70 | $6.29 | 1.25% | |
CLASS R4 SHARES | $1,028.60 | $6.32 | $1,018.70 | $6.29 | 1.25% | |
CLASS R5 SHARES | $1,031.94 | $3.04 | $1,021.94 | $3.02 | 0.60% | |
CLASS R6 SHARES | $1,032.28 | $2.69 | $1,022.29 | $2.67 | 0.53% |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
** | Effective date of this class of shares was October 1, 2020. |
† | Expenses are equal to the annualized expense ratio for each class multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
March 31, 2021 (Unaudited)
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Equity Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Small/Mid Cap Core Fund |
■ | Thornburg Small/Mid Cap 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 |
800.847.0200 | TH4625 |
Thornburg Municipal Funds |
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 |
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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March 31, 2021 (Unaudited)
Jason Brady, cfa Portfolio Manager CEO, President, and Managing Director |
THORNBURG SHORT DURATION MUNICIPAL FUND | FINAL VALUE |
THORNBURG SHORT DURATION MUNICIPAL FUND | 1-YR | 3-YR | 5-YR | SINCE INCEPTION |
Class A Shares (Incep: 12/30/13) | ||||
Without sales charge | 1.38% | 1.18% | 0.84% | 0.69% |
With sales charge | -0.17% | 0.67% | 0.54% | 0.48% |
Class I Shares (Incep: 12/30/13) | 1.50% | 1.36% | 1.04% | 0.88% |
ICE BofAML 1-3 Year U.S. Municipal Securities Index (Since 12/30/13) | 2.47% | 2.23% | 1.55% | 1.34% |
THORNBURG LIMITED TERM MUNICIPAL FUND | FINAL VALUE |
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 | 3.02% | 2.66% | 1.60% | 2.24% | 4.56% |
With sales charge | 1.46% | 2.14% | 1.30% | 2.09% | 4.52% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 2.66% | 2.38% | 1.34% | 1.98% | 3.08% |
With sales charge | 2.16% | 2.38% | 1.34% | 1.98% | 3.08% |
Class C2 Shares (Incep: 9/30/20) | |||||
Without sales charge | - | - | - | - | 0.04% |
With sales charge | - | - | - | - | -0.61% |
Class I Shares (Incep: 7/5/96) | 3.17% | 2.88% | 1.87% | 2.55% | 3.64% |
ICE BofAML 1-10 Year U.S. Municipal Securities Index (Since 9/28/84) | 4.21% | 3.69% | 2.42% | 2.80% | - |
THORNBURG CALIFORNIA LIMITED TERM MUNICIPAL FUND | FINAL VALUE |
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 | 2.20% | 2.02% | 1.08% | 2.22% | 3.94% |
With sales charge | 0.65% | 1.49% | 0.78% | 2.06% | 3.89% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 1.91% | 1.71% | 0.81% | 1.95% | 2.93% |
With sales charge | 1.41% | 1.71% | 0.81% | 1.95% | 2.93% |
Class C2 Shares (Incep: 9/30/20) | |||||
Without sales charge | - | - | - | - | -0.09% |
With sales charge | - | - | - | - | -0.74% |
Class I Shares (Incep: 4/1/97) | 2.53% | 2.27% | 1.36% | 2.53% | 3.40% |
ICE BofAML 1-10 Year U.S. Municipal Securities Index (Since 2/19/87) | 4.21% | 3.69% | 2.42% | 2.80% | - |
THORNBURG NEW MEXICO INTERMEDIATE MUNICIPAL FUND | FINAL VALUE |
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 | 3.01% | 3.10% | 1.83% | 2.65% | 4.07% |
With sales charge | 0.95% | 2.39% | 1.41% | 2.44% | 4.00% |
Class D Shares (Incep: 6/1/99) | 2.75% | 2.80% | 1.55% | 2.40% | 3.01% |
Class I Shares (Incep: 2/1/07) | 3.34% | 3.41% | 2.13% | 2.98% | 3.32% |
ICE BofAML 3-15 Year U.S. Municipal Securities Index (Since 6/18/91) | 5.27% | 4.69% | 3.14% | 3.99% | - |
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | FINAL VALUE |
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 | 2.98% | 2.74% | 1.61% | 2.91% | 3.55% |
With sales charge | 0.93% | 2.04% | 1.20% | 2.70% | 3.46% |
Class I Shares (Incep: 2/1/10) | 3.31% | 3.06% | 1.93% | 3.24% | 3.15% |
ICE BofAML 3-15 Year U.S. Municipal Securities Index (Since 9/5/97) | 5.27% | 4.69% | 3.14% | 3.99% | 4.78% |
THORNBURG INTERMEDIATE MUNICIPAL FUND | FINAL VALUE |
THORNBURG INTERMEDIATE MUNICIPAL FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 7/22/91) | |||||
Without sales charge | 4.73% | 3.64% | 2.33% | 3.48% | 4.52% |
With sales charge | 2.62% | 2.95% | 1.92% | 3.27% | 4.44% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 4.34% | 3.27% | 1.98% | 3.14% | 3.73% |
With sales charge | 3.74% | 3.27% | 1.98% | 3.14% | 3.73% |
Class C2 Shares (Incep: 9/30/20) | |||||
Without sales charge | - | - | - | - | 1.10% |
With sales charge | - | - | - | - | 0.45% |
Class I Shares (Incep: 7/5/96) | 4.99% | 3.90% | 2.59% | 3.78% | 4.27% |
ICE BofAML 3-15 Year U.S. Municipal Securities Index (Since 7/22/91) | 5.27% | 4.69% | 3.14% | 3.99% | - |
THORNBURG STRATEGIC MUNICIPAL INCOME FUND | FINAL VALUE |
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 | 5.47% | 3.64% | 2.46% | 4.43% | 5.36% |
With sales charge | 3.33% | 2.96% | 2.05% | 4.22% | 5.19% |
Class C Shares (Incep: 4/1/09) | |||||
Without sales charge | 4.97% | 3.18% | 2.00% | 4.05% | 5.00% |
With sales charge | 4.37% | 3.18% | 2.00% | 4.05% | 5.00% |
Class I Shares (Incep: 4/1/09) | 5.77% | 3.89% | 2.70% | 4.72% | 5.66% |
ICE BofAML U.S. Municipal Master Index (Since 4/1/09) | 5.60% | 4.92% | 3.53% | 4.73% | 4.93% |
Thornburg Short Duration Municipal Fund | March 31, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 206 |
Effective Duration | 1.3 Yrs |
Average Maturity | 1.4 Yrs |
Annualized Distribution Yield | 0.18% |
SEC Yield | -0.31% |
25% | 28% | 17% | 11% | 11% | 9% |
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 | March 31, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 1,691 |
Effective Duration | 2.8 Yrs |
Average Maturity | 3.4 Yrs |
Annualized Distribution Yield | 1.16% |
SEC Yield | -0.07% |
10% | 18% | 12% | 12% | 12% | 8% | 6% | 6% | 5% | 5% | 5% |
THORNBURG LIMITED TERM MUNICIPAL FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | LTMFX | 885-215-459 |
Class C | LTMCX | 885-215-442 |
Class C2 | LTMQX | 885-216-556 |
Class I | LTMIX | 885-215-434 |
Thornburg California Limited Term Municipal Fund | March 31, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 363 |
Effective Duration | 2.8 Yrs |
Average Maturity | 3.4 Yrs |
Annualized Distribution Yield | 0.99% |
SEC Yield | -0.16% |
4% | 23% | 11% | 12% | 14% | 9% | 9% | 6% | 4% | 6% | 3% |
THORNBURG CALIFORNIA LIMITED TERM MUNICIPAL FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | LTCAX | 885-215-426 |
Class C | LTCCX | 885-215-418 |
Class C2 | LTCQX | 885-216-515 |
Class I | LTCIX | 885-215-392 |
Thornburg New Mexico Intermediate Municipal Fund | March 31, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 156 |
Effective Duration | 4.3 Yrs |
Average Maturity | 7.9 Yrs |
Annualized Distribution Yield | 1.28% |
SEC Yield | 0.14% |
3% | 4% | 6% | 7% | 3% | 8% | 8% | 8% | 7% | 3% | 41% |
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 | March 31, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 64 |
Effective Duration | 4.1 Yrs |
Average Maturity | 9.0 Yrs |
Annualized Distribution Yield | 1.75% |
SEC Yield | -0.02% |
2% | 9% | 4% | 7% | 4% | 3% | 1% | 6% | 5% | 10% | 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 | March 31, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 496 |
Effective Duration | 4.4 Yrs |
Average Maturity | 8.7 Yrs |
Annualized Distribution Yield | 2.15% |
SEC Yield | 0.32% |
3% | 6% | 5% | 6% | 6% | 3% | 4% | 6% | 5% | 4% | 51% |
THORNBURG INTERMEDIATE MUNICIPAL FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | THIMX | 885-215-202 |
Class C | THMCX | 885-215-780 |
Class C2 | THMQX | 885-216-374 |
Class I | THMIX | 885-215-673 |
Thornburg Strategic Municipal Income Fund | March 31, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 282 |
Effective Duration | 4.1 Yrs |
Average Maturity | 8.2 Yrs |
Annualized Distribution Yield | 1.81% |
SEC Yield | 0.42% |
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 | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 73.6% | |||
Alabama — 1.4% | |||
Alabama Public School and College Authority, Series A, 5.00% due 11/1/2025 | $1,000,000 | $ 1,201,500 | |
a | Selma (International Paper Co.) IDB, Series A, 2.00% due 11/1/2033 (put 10/1/2024) | 1,500,000 | 1,569,210 |
Arizona — 1.1% | |||
Arizona Transportation Board, 5.00% due 7/1/2025 | 1,010,000 | 1,203,001 | |
a | Maricopa County (Banner Health Obligated Group) IDA, Series B, 0.43% (MUNIPSA + 0.38%) due 1/1/2035 (put 10/18/2022) | 920,000 | 925,454 |
California — 3.9% | |||
California (Sutter Health Obligated Group) HFFA, Series A, 4.00% due 8/15/2040 (pre-refunded 8/15/2025) | 1,000,000 | 1,151,890 | |
a | California Infrastructure and Economic Development Bank (California Academy of Sciences), Series D, 0.456% (LIBOR 1 Month + 0.38%) due 8/1/2047 (put 8/1/2021) | 2,000,000 | 1,999,752 |
City of Los Angeles CA, 4.00% due 6/24/2021 | 1,500,000 | 1,512,495 | |
Los Angeles Department of Water & Power Power System Revenue, Series B, 4.00% due 7/1/2021 | 500,000 | 504,720 | |
Los Angeles USD, Series RYQ, 5.00% due 7/1/2021 | 925,000 | 935,934 | |
Riverside County Office of Education Pooled Notes, Series A, 2.00% due 12/1/2021 | 1,000,000 | 1,012,140 | |
State of California GO, 5.00% due 8/1/2021 - 2/1/2024 | 815,000 | 863,476 | |
Colorado — 2.3% | |||
Board of Water Commissioners City & County of Denver, Series B, 5.00% due 9/15/2025 | 1,150,000 | 1,379,310 | |
a | Colorado (Adventist Health System/Sunbelt Obligated Group) HFA, Series C, 5.00% due 11/15/2036 (put 11/15/2026) | 800,000 | 987,112 |
Crystal Valley Metropolitan District No 2 (Insured: AGM) GO, Series A, 5.00% due 12/1/2022 - 12/1/2024 | 365,000 | 410,609 | |
Interlocken Metropolitan District (Insured: AGM) GO, Series A-1, 5.00% due 12/1/2021 - 12/1/2023 | 1,825,000 | 1,984,286 | |
Connecticut — 1.8% | |||
State of Connecticut GO, Series C, 5.00% due 6/15/2022 | 715,000 | 755,791 | |
State of Connecticut Special Tax Revenue, | |||
Series B, 5.00% due 10/1/2021 | 525,000 | 537,532 | |
Series C, 5.00% due 10/1/2022 | 680,000 | 728,763 | |
University of Connecticut, Series A, 5.00% due 2/15/2022 | 1,580,000 | 1,644,764 | |
District of Columbia — 0.4% | |||
District of Columbia (Federal Highway Grant Anticipation), 5.00% due 12/1/2025 | 685,000 | 822,986 | |
Florida — 3.0% | |||
Broward County School Board (Educational Facilities) COP, Series A, 5.00% due 7/1/2024 | 1,415,000 | 1,623,769 | |
City of Orlando (Insured: AGM), Series A, 4.00% due 11/1/2021 | 900,000 | 918,315 | |
a | Escambia County (International Paper Co.), 2.00% due 11/1/2033 (put 10/1/2024) | 775,000 | 809,077 |
Florida Department of Management Services, Series A, 5.00% due 9/1/2025 | 1,000,000 | 1,193,670 | |
State of Florida (Department of Transportation Right-of-Way Acquisition & Bridge Construction) GO, Series B, 5.00% due 7/1/2023 | 255,000 | 282,468 | |
State of Florida GO, Series C, 5.00% due 6/1/2025 | 1,000,000 | 1,188,370 | |
Georgia — 2.7% | |||
City of Atlanta (Atlantic Station Project), 5.00% due 12/1/2021 | 650,000 | 668,102 | |
Georgia State Road & Tollway Authority, 5.00% due 6/1/2024 | 1,000,000 | 1,145,870 | |
Main Street Natural Gas, Inc., Series A, 5.00% due 5/15/2022 | 1,000,000 | 1,051,300 | |
Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2024 | 1,430,000 | 1,600,628 | |
a | Private Colleges & Universities Authority (Emory University), Series B, 0.47% (MUNIPSA + 0.42%) due 10/1/2039 (put 8/16/2022) | 1,000,000 | 991,510 |
Illinois — 4.2% | |||
Chicago Park District GO, Series B, 5.00% due 1/1/2022 | 400,000 | 411,672 | |
City of Chicago (Water System), Series 2017-2, 5.00% due 11/1/2022 | 600,000 | 641,046 | |
Cook County Community College District No. 508 (City Colleges of Chicago) GO, 5.00% due 12/1/2023 | 500,000 | 545,660 | |
Cook County School District No. 170 Chicago Heights (Insured: AGM) GO, Series D, 5.00% due 12/1/2022 | 1,500,000 | 1,615,950 | |
State of Illinois (State Facilities Improvements) GO, | |||
4.875% due 5/1/2021 | 500,000 | 501,590 | |
5.00% due 3/1/2022 | 575,000 | 597,414 | |
Series A, 5.00% due 10/1/2022 | 1,000,000 | 1,062,480 | |
Series D, 5.00% due 11/1/2021 - 11/1/2024 | 1,500,000 | 1,642,790 | |
Village of Tinley Park GO, | |||
4.00% due 12/1/2021 | 585,000 | 599,584 | |
5.00% due 12/1/2024 | 870,000 | 976,479 | |
Indiana — 0.6% | |||
a | Indiana Finance Authority (Indiana University Health, Inc. Obligated Group), Series L, 0.33% (MUNIPSA + 0.28%) due 12/1/2046 (put 7/2/2021) | 1,300,000 | 1,300,764 |
Kentucky — 0.8% | |||
Kentucky State Property & Building Commission (Project No. 112), Series B, 5.00% due 11/1/2021 | 1,500,000 | 1,540,800 |
20 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Louisiana — 1.7% | |||
a | Louisiana Offshore Terminal Authority (Loop, Inc.), 1.65% due 9/1/2027 (put 12/1/2023) | $1,500,000 | $ 1,534,665 |
a | Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series B, 5.00% due 5/15/2050 (put 5/15/2025) | 875,000 | 1,021,344 |
Shreveport Water & Sewer Revenue (Insured: BAM), Series C, 5.00% due 12/1/2023 | 860,000 | 954,135 | |
Maryland — 0.9% | |||
Maryland Health & Higher Educational Facilities Authority (UPMC Obligated Group), Series B, 5.00% due 4/15/2022 - 4/15/2024 | 1,200,000 | 1,304,472 | |
Washington County (Diakon Lutheran Social Ministries Obligated Group), Series B, 5.00% due 1/1/2022 - 1/1/2023 | 510,000 | 536,057 | |
Massachusetts — 0.8% | |||
a | Commonwealth of Massachusetts GO, Series A, 5.00% due 6/1/2044 (put 6/1/2023) | 1,000,000 | 1,104,550 |
University of Massachusetts Building Authority (University of Massachusetts), Series 2021-1, 5.00% due 11/1/2024 | 500,000 | 583,195 | |
Michigan — 1.0% | |||
Detroit Downtown Development Authority (Catalyst Development Project; Insured: AGM), Series A, 5.00% due 7/1/2021 - 7/1/2022 | 500,000 | 518,515 | |
Livonia Public Schools School District (Insured: BAM) GO, 5.00% due 5/1/2021 | 585,000 | 586,925 | |
Michigan State Hospital Finance Authority (Trinity Health Corp. Obligated Group), Series C, 5.00% due 12/1/2021 | 500,000 | 515,885 | |
Northern Michigan University, Series A, 5.00% due 12/1/2021 | 435,000 | 448,341 | |
Minnesota — 0.8% | |||
a | Minnesota Housing Finance Agency (Residential Single Family Development; Collateralized: GNMA, FNMA, FHLMC), 0.60% (MUNIPSA + 0.55%) due 7/1/2041 (put 12/12/2023) | 1,000,000 | 1,013,379 |
State of Minnesota GO, Series D, 5.00% due 10/1/2021 | 500,000 | 512,075 | |
Mississippi — 0.2% | |||
Mississippi Development Bank (Jackson Public School District; Insured: BAM), 5.00% due 10/1/2022 | 375,000 | 401,719 | |
Nebraska — 1.4% | |||
Central Plains Energy Project, | |||
a | 4.00% due 12/1/2049 (put 8/1/2025) | 1,500,000 | 1,706,415 |
a | 5.00% due 3/1/2050 (put 1/1/2024) | 1,000,000 | 1,113,660 |
Nevada — 2.7% | |||
b | Clark County Department of Aviation, Series A, 5.00% due 7/1/2021 | 2,000,000 | 2,022,860 |
a | Clark County Nevada Pollution Control Revenue (Nevada Power Co.), 1.65% due 1/1/2036 (put 3/31/2023) | 500,000 | 512,270 |
Clark County School District (School Facilities Improvements) GO, Series C, 5.00% due 6/15/2021 | 250,000 | 252,292 | |
c | County of Washoe GO, 5.00% due 7/1/2024 | 1,470,000 | 1,686,002 |
Las Vegas Valley Water District GO, Series B, 5.00% due 6/1/2023 | 900,000 | 993,690 | |
New Jersey — 4.5% | |||
New Jersey (Middlesex Water Co) EDA, Series A, 5.00% due 10/1/2023 | 1,500,000 | 1,671,690 | |
New Jersey EDA, Series S, 5.00% due 6/15/2022 - 6/15/2024 | 205,000 | 224,692 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements; Insured: AMBAC), Series A, 5.25% due 12/15/2021 | 1,000,000 | 1,034,270 | |
Passaic Valley Sewer Commissioners (Sewer System), Series G, 5.75% due 12/1/2021 | 500,000 | 517,620 | |
State of New Jersey (COVID-19 GO Emergency Bonds) GO, | |||
Series A, | |||
4.00% due 6/1/2023 | 1,000,000 | 1,076,780 | |
5.00% due 6/1/2024 - 6/1/2025 | 1,500,000 | 1,746,330 | |
Tobacco Settlement Financing Corp., Series A, 5.00% due 6/1/2021 | 1,790,000 | 1,803,282 | |
Township of Moorestown GO, 2.50% due 7/30/2021 | 1,000,000 | 1,007,540 | |
New Mexico — 4.9% | |||
Albuquerque Municipal School District No 12 (State Aid Withholding) GO, Series B, 5.00% due 8/1/2024 | 1,000,000 | 1,152,820 | |
City of Albuquerque GO, Series A, 5.00% due 7/1/2021 - 7/1/2022 | 1,075,000 | 1,102,007 | |
City of Farmington (Public Service Co. of New Mexico), | |||
Series B, | |||
a | 1.875% due 4/1/2033 (put 10/1/2021) | 750,000 | 755,640 |
a | 2.125% due 6/1/2040 (put 6/1/2022) | 1,000,000 | 1,020,190 |
a | Series D, 1.10% due 6/1/2040 (put 6/1/2023) | 500,000 | 506,925 |
City of Las Cruces GO, 5.00% due 8/1/2021 | 1,500,000 | 1,523,625 | |
New Mexico Finance Authority, Series B, 5.00% due 6/15/2021 | 325,000 | 328,113 | |
New Mexico Municipal Energy Acquisition Authority, Series A, 4.00% due 11/1/2021 - 11/1/2022 | 1,750,000 | 1,820,327 | |
New Mexico State University (Insured: BAM), Series A, 5.00% due 4/1/2021 | 400,000 | 400,000 | |
State of New Mexico Severance Tax Permanent Fund, | |||
Series A, 5.00% due 7/1/2021 - 7/1/2023 | 710,000 | 741,043 | |
Series B, 4.00% due 7/1/2023 | 240,000 | 260,196 | |
University of New Mexico, Series A, 5.00% due 6/1/2023 | 280,000 | 305,668 | |
New York — 7.6% | |||
County of Suffolk (Insured: BAM) GO, Series D, 5.00% due 10/15/2025 | 750,000 | 890,190 | |
County of Suffolk GO, Series I, 2.00% due 7/22/2021 | 1,000,000 | 1,003,770 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 21 |
Thornburg Short Duration Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Metropolitan Transportation Authority (Transit and Commuter System), Series B-1, 5.00% due 5/15/2022 | $1,500,000 | $ 1,570,620 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
c | 5.00% due 11/1/2024 | 1,000,000 | 1,162,920 |
Series D, 5.00% due 11/1/2024 - 11/1/2025 | 2,000,000 | 2,362,860 | |
New York State Dormitory Authority (School District Bond Financing Program) (State Aid Withholding), Series F, 5.00% due 10/1/2022 | 800,000 | 856,456 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), Series A, 5.00% due 2/15/2025 | 1,000,000 | 1,132,390 | |
New York State Environmental Facilities Corp. (State of New York State Revolving Fund), 5.00% due 5/15/2025 | 500,000 | 572,815 | |
New York State Housing Finance Agency, Series I, 2.70% due 11/1/2023 | 1,000,000 | 1,054,460 | |
New York State Urban Development Corp., Series D, 5.00% due 3/15/2024 | 1,000,000 | 1,092,560 | |
Oneida County Local Development Corp. (Utica College), 5.00% due 7/1/2022 - 7/1/2024 | 825,000 | 879,092 | |
Tobacco Settlement Asset Securitization Corp., Series A, 5.00% due 6/1/2021 | 1,000,000 | 1,007,530 | |
Town of Oyster Bay (Insured: BAM) GO, Series B, 5.00% due 8/15/2021 | 500,000 | 508,535 | |
Town of Oyster Bay GO, 4.00% due 3/1/2023 | 850,000 | 909,313 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Assoc.), 5.00% due 7/1/2023 | 425,000 | 460,670 | |
North Carolina — 0.6% | |||
County of New Hanover, 4.00% due 8/1/2025 | 1,000,000 | 1,149,500 | |
North Dakota — 0.5% | |||
County of McKenzie, 5.00% due 8/1/2022 | 1,000,000 | 1,064,230 | |
Ohio — 3.0% | |||
City of Cleveland (Parking Facility; Insured: AGM), 5.25% due 9/15/2021 | 500,000 | 510,770 | |
City of Columbus GO, Series A, 5.00% due 4/1/2022 | 1,200,000 | 1,257,888 | |
a | County of Franklin (Trinity Health Corp. Obligated Group), Series OH, 0.10% due 12/1/2046 (put 5/3/2021) | 1,000,000 | 1,000,198 |
County of Scioto (Southern Ohio Medical Center), 5.00% due 2/15/2022 - 2/15/2023 | 3,130,000 | 3,336,720 | |
Oklahoma — 0.1% | |||
Muskogee Industrial Trust (Muskogee County ISD No. 20), 5.00% due 9/1/2023 | 200,000 | 218,888 | |
Pennsylvania — 1.9% | |||
City of Philadelphia GO, Series A, 5.00% due 8/1/2021 | 750,000 | 761,295 | |
Coatesville Area School District (Insured: AGM) (State Aid Withholding) GO ETM, 5.00% due 8/1/2021 | 1,000,000 | 1,015,560 | |
County of Allegheny GO, Series C-75, 4.00% due 11/1/2021 | 700,000 | 715,687 | |
Philadelphia Authority for Industrial Development, 5.00% due 5/1/2022 | 400,000 | 420,052 | |
Plum Borough School District (Insured: BAM) (State Aid Withholding) GO, | |||
Series A, 4.00% due 9/15/2021 | 425,000 | 431,311 | |
Series B, 5.00% due 9/15/2021 | 430,000 | 438,291 | |
South Carolina — 1.2% | |||
a | City of Charleston Waterworks & Sewer System Revenue (Capital Improvement), Series B, 0.447% (LIBOR 1 Month + 0.37%) due 1/1/2035 (put 1/1/2022) | 2,500,000 | 2,506,473 |
South Dakota — 0.5% | |||
South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group), Series A, 5.00% due 9/1/2021 - 9/1/2024 | 870,000 | 964,284 | |
Tennessee — 1.1% | |||
City of Memphis GO, 5.00% due 5/1/2021 | 400,000 | 401,412 | |
State of Tennessee GO, Series A, 5.00% due 8/1/2021 | 500,000 | 508,005 | |
Tennessee Energy Acquisition Corp. (The Gas Project), Series C, 5.00% due 2/1/2023 | 1,310,000 | 1,413,529 | |
Texas — 11.4% | |||
City of Conroe GO, 5.00% due 3/1/2022 - 3/1/2024 | 465,000 | 513,356 | |
a | City of Houston (Combined Utility System), Series C, 0.436% (LIBOR 1 Month + 0.36%) due 5/15/2034 (put 8/1/2021) | 3,200,000 | 3,200,515 |
City of Olmos Park Higher Education Facilities Corp. (University of the Incarnate Word), 5.00% due 12/1/2022 | 1,000,000 | 1,074,400 | |
City of San Antonio TX Electric & Gas Systems Revenue, | |||
5.25% due 2/1/2025 | 1,000,000 | 1,178,920 | |
a | Series B, 2.00% due 2/1/2033 (put 12/1/2021) | 400,000 | 401,140 |
Comal (Guaranty: PSF-GTD) ISD GO, 5.00% due 2/1/2024 | 500,000 | 566,515 | |
a | Cypress-Fairbanks (Guaranty: PSF-GTD) ISD GO, Series B-1, 1.25% due 2/15/2036 (put 8/15/2022) | 925,000 | 939,791 |
a | Denton (Guaranty: PSF-GTD) ISD GO , Series B, 2.00% due 8/1/2044 (put 8/1/2024) | 1,000,000 | 1,052,980 |
a | Houston (Guaranty: PSF-GTD) ISD GO, Series A-2, 2.25% due 6/1/2039 (put 6/1/2022) | 260,000 | 265,580 |
Houston Airport System Revenue, Series B, 5.00% due 7/1/2022 - 7/1/2023 | 780,000 | 832,686 | |
Little Elm (Guaranty: PSF-GTD) ISD GO, 5.00% due 8/15/2022 | 1,300,000 | 1,385,137 | |
Lower Colorado River Authority, 5.00% due 5/15/2024 | 725,000 | 826,609 | |
a | North East (Guaranty: PSF-GTD) ISD GO, 2.375% due 8/1/2047 (put 8/1/2022) | 285,000 | 293,462 |
a | Pflugerville (Guaranty: PSF-GTD) ISD GO, Series A, 2.25% due 8/15/2037 (put 8/15/2022) | 1,200,000 | 1,234,284 |
a | Prosper (Guaranty: PSF-GTD) ISD GO, Series B, 2.00% due 2/15/2050 (put 8/15/2023) | 750,000 | 780,412 |
Sam Rayburn Municipal Power Agency, 5.00% due 10/1/2021 | 510,000 | 522,306 | |
San Antonio Water System, |
22 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Series A, | |||
a | 2.625% due 5/1/2049 (put 5/1/2024) | $1,080,000 | $ 1,154,477 |
5.00% due 5/15/2021 | 1,250,000 | 1,256,750 | |
a | Series B, 2.00% due 5/1/2044 (put 11/1/2022) | 405,000 | 416,190 |
State of Texas, 4.00% due 8/26/2021 | 3,550,000 | 3,605,948 | |
Texas Municipal Gas Acquisition & Supply Corp. III, 5.00% due 12/15/2022 - 12/15/2024 | 1,500,000 | 1,676,620 | |
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) | 500,000 | 526,665 |
Virginia — 0.8% | |||
a | Halifax County (VirginiaI Electric and Power Co. Project) IDA, Series A, 0.45% due 12/1/2041 (put 4/1/2022) | 500,000 | 499,700 |
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), 5.00% due 1/1/2022 - 1/1/2024 | 1,000,000 | 1,075,496 | |
Washington — 1.0% | |||
Central Puget Sound Regional Transit Authority (Green Bond), Series S-1, 5.00% due 11/1/2025 | 1,000,000 | 1,200,990 | |
State of Washington GO, 5.00% due 6/1/2024 | 500,000 | 573,545 | |
University of Washington, 5.00% due 4/1/2023 | 300,000 | 328,743 | |
West Virginia — 1.2% | |||
Mason County (Appalachian Power Co.), Series L, 2.75% due 10/1/2022 | 1,000,000 | 1,035,620 | |
a,b | West Virginia (Appalachian Power Co.) EDA, Series A, 2.625% due 12/1/2042 (put 6/1/2022) | 1,425,000 | 1,462,649 |
Wisconsin — 1.3% | |||
City of Superior (DTE Electric Co.; Insured: NATL), Series E, 6.90% due 8/1/2021 | 1,000,000 | 1,022,200 | |
a | Wisconsin Health & Educational Facilities Authority (Ascension Health Alliance System), Series B-4, 5.00% due 11/15/2043 (put 6/1/2021) | 1,500,000 | 1,510,905 |
Total Long-Term Municipal Bonds — 73.6% (Cost $147,972,976) | 149,354,102 | ||
Short-Term Municipal Bonds — 26.3% | |||
Colorado — 1.6% | |||
City & County of Denver (SPA JPMorgan Chase Bank, N.A.) COP, | |||
a | Series A2, 0.06% due 12/1/2029 (put 4/1/2021) | 800,000 | 800,000 |
a | Series A-3, 0.06% due 12/1/2031 (put 4/1/2021) | 2,355,000 | 2,355,000 |
Florida — 7.1% | |||
City of Gainesville Utilities System Revenue (SPA Barclays Bank plc), | |||
a | Series A, 0.06% due 10/1/2026 (put 4/1/2021) | 1,500,000 | 1,500,000 |
a | Series C, 0.06% due 10/1/2026 (put 4/1/2021) | 1,000,000 | 1,000,000 |
a | City of West Palm Beach Utility System Revenue (Insured: AGC) (SPA JPMorgan Chase Bank, N.A.), Series C, 0.09% due 10/1/2038 (put 4/8/2021) | 3,100,000 | 3,100,000 |
a | County of Manatee (Florida Power & Light Co.), 0.07% due 9/1/2024 (put 4/1/2021) | 1,100,000 | 1,100,000 |
a | JEA Water & Sewer System Revenue (SPA U.S. Bank, N.A.), Series A-1, 0.06% due 10/1/2038 (put 4/1/2021) | 3,880,000 | 3,880,000 |
a | Miami-Dade County (Florida Power & Light Co.) IDA, 0.07% due 6/1/2021 (put 4/1/2021) | 3,900,000 | 3,900,000 |
Illinois — 0.7% | |||
a | Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group; SPA U.S. Bank, N.A.), Series A2, 0.06% due 8/15/2042 (put 4/1/2021) | 615,000 | 615,000 |
a | Illinois Finance Authority (University of Chicago Medical Center Obligated Group; LOC Wells Fargo Bank N.A.), Series B, 0.05% due 8/1/2044 (put 4/1/2021) | 800,000 | 800,000 |
Indiana — 1.5% | |||
a | Indiana Finance Authority (Franciscan Alliance, Inc. Obligated Group; LOC Barclays Bank plc), Series I, 0.06% due 11/1/2037 (put 4/1/2021) | 2,950,000 | 2,950,000 |
Minnesota — 2.6% | |||
a | City of Minneapolis St. Paul Housing & Redevelopment Authority (Allina Health Obligated Group; LOC JPMorgan Chase Bank, N.A.), Series B-1, 0.06% due 11/15/2035 (put 4/1/2021) | 5,200,000 | 5,200,000 |
New Hampshire — 2.2% | |||
New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA State Street Bank and Trust Co.), | |||
a | Series A1, 0.06% due 7/1/2035 (put 4/1/2021) | 1,700,000 | 1,700,000 |
a | Series A2, 0.05% due 7/1/2035 (put 4/1/2021) | 825,000 | 825,000 |
a | New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA Wells Fargo Bank, N.A.), Series B, 0.05% due 7/1/2033 (put 4/1/2021) | 2,000,000 | 2,000,000 |
New Mexico — 1.1% | |||
a | New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA Wells Fargo Bank, N.A.), Series D, 0.06% due 8/1/2034 (put 4/1/2021) | 2,300,000 | 2,300,000 |
New York — 4.8% | |||
a | City of New York (SPA JPMorgan Chase Bank, N.A.) GO, Series 1, 0.06% due 3/1/2040 (put 4/1/2021) | 1,000,000 | 1,000,000 |
a | City of New York (SPA Wells Fargo Bank, N.A.) GO, Subseries F-5, 0.06% due 6/1/2044 (put 4/1/2021) | 800,000 | 800,000 |
a | City of New York Municipal Water Finance Authority Water And Sewer System Revenue, Series EE-2, 0.07% due 6/15/2045 (put 4/1/2021) | 2,000,000 | 2,000,000 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 23 |
Thornburg Short Duration Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JPMorgan Chase Bank, N.A.), Subseries C-4, 0.06% due 11/1/2036 (put 4/1/2021) | $1,655,000 | $ 1,655,000 |
a | New York City Water & Sewer System (LOC Citibank N.A.), Series F, 0.07% due 6/15/2035 (put 4/1/2021) | 700,000 | 700,000 |
a | New York City Water & Sewer System (SPA Landesbank Hessen-Thuringen), Series BB-1, 0.07% due 6/15/2039 (put 4/1/2021) | 2,000,000 | 2,000,000 |
a | New York State Housing Finance Agency (LOC Landesbank Hessen-Thuringen), Series A, 0.06% due 11/1/2046 (put 4/1/2021) | 1,500,000 | 1,500,000 |
North Carolina — 0.9% | |||
a | Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group; SPA JPMorgan Chase Bank, N.A.), Series B, 0.06% due 1/15/2038 (put 4/1/2021) | 1,900,000 | 1,900,000 |
Texas — 0.5% | |||
a | Lower Neches Valley Authority (Exxon Capital Ventures, Inc.; Guaranty: Exxon Mobil Corp.) IDC, 0.05% due 11/1/2051 (put 4/1/2021) | 1,000,000 | 1,000,000 |
Utah — 2.2% | |||
a | City of Murray (IHC Health Services, Inc. Obligated Group; SPA JPMorgan Chase Bank, N.A.), Series A, 0.06% due 5/15/2037 (put 4/1/2021) | 2,500,000 | 2,500,000 |
a | County of Weber (IHC Health Services, Inc. Obligated Group; SPA Bank of New York Mellon), Series A, 0.06% due 2/15/2031 (put 4/1/2021) | 1,900,000 | 1,900,000 |
Virginia — 1.1% | |||
a | Loudoun County (Howard Hughes Medical Institute) EDA, Series E, 0.08% due 2/15/2038 (put 4/8/2021) | 2,300,000 | 2,300,000 |
Total Short-Term Municipal Bonds — 26.3% (Cost $53,280,000) | 53,280,000 | ||
Total Investments — 99.9% (Cost $201,252,976) | $202,634,102 | ||
Other Assets Less Liabilities — 0.1% | 272,547 | ||
Net Assets — 100.0% | $202,906,649 |
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 March 31, 2021. |
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. |
BAM | Insured by Build America Mutual Insurance Co. |
COP | Certificates of Participation |
EDA | Economic Development Authority |
ETM | Escrowed to Maturity |
FHLMC | Insured by Federal Home Loan Mortgage Corp. |
FNMA | Collateralized by Federal National Mortgage Association |
GNMA | Collateralized by Government National Mortgage Association |
GO | General Obligation |
HFA | Health Facilities Authority |
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 |
USD | Unified School District |
24 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
Thornburg Limited Term Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 88.1% | |||
Alabama — 1.0% | |||
Alabama Public School & College Authority, | |||
Series A, | |||
5.00% due 11/1/2027 - 11/1/2031 | $ 9,000,000 | $ 11,844,845 | |
a | 5.00% due 11/1/2028 | 3,500,000 | 4,550,770 |
Alabama Public School & College Authority (Education System Capital Improvements), | |||
Series A, 5.00% due 6/1/2021 - 6/1/2022 | 10,940,000 | 11,295,923 | |
Series B, 5.00% due 6/1/2023 | 735,000 | 810,808 | |
Alabama State Board of Education (Calhoun Community College), 4.00% due 5/1/2021 - 5/1/2022 | 2,230,000 | 2,280,741 | |
Chatom (Powersouth Energy Co-operative Projects; Insured: AGM) IDB, 5.00% due 8/1/2025 - 8/1/2030 | 3,830,000 | 4,696,859 | |
East Alabama Health Care Authority, Series A, 5.00% due 9/1/2021 - 9/1/2022 | 2,045,000 | 2,103,249 | |
Lower Alabama Gas District, Series A, 5.00% due 9/1/2029 | 3,625,000 | 4,641,813 | |
Lower Alabama Gas District (Guaranty: Goldman Sachs Group, Inc.), 4.00% due 12/1/2023 - 12/1/2025 | 1,220,000 | 1,372,209 | |
b | Selma (International Paper Co.) IDB, Series A, 2.00% due 11/1/2033 (put 10/1/2024) | 2,500,000 | 2,615,350 |
UAB Medicine Finance Authority (University Hospital), Series B, 5.00% due 9/1/2025 - 9/1/2027 | 8,915,000 | 10,864,423 | |
Water Works Board of the City of Birmingham, 5.00% due 1/1/2029 | 2,230,000 | 2,819,255 | |
Arizona — 2.1% | |||
Arizona (Scottsdale Lincoln Hospitals) HFA, 5.00% due 12/1/2022 - 12/1/2024 | 3,360,000 | 3,779,165 | |
c | Arizona Board of Regents (Arizona State University), Series C, 5.00% due 7/1/2028 - 7/1/2031 | 3,125,000 | 4,119,500 |
Arizona Board of Regents (Arizona State University) COP, Series A, 5.00% due 9/1/2021 - 9/1/2023 | 13,980,000 | 14,969,997 | |
Arizona Board of Regents (Northern Arizona University Projects) COP, 5.00% due 9/1/2022 - 9/1/2023 | 5,825,000 | 6,202,202 | |
Arizona Board of Regents (University of Arizona), 5.00% due 8/1/2023 - 8/1/2024 | 1,350,000 | 1,515,938 | |
Arizona Board of Regents (University of Arizona) COP, | |||
5.00% due 6/1/2022 - 6/1/2028 | 1,690,000 | 1,956,774 | |
Series C, 5.00% due 6/1/2022 | 6,080,000 | 6,413,488 | |
Arizona Transportation Board, | |||
5.00% due 7/1/2025 | 5,700,000 | 6,789,213 | |
Series A, | |||
5.00% due 7/1/2021 | 7,465,000 | 7,550,847 | |
5.00% due 7/1/2022 (pre-refunded 7/1/2021) | 5,000,000 | 5,057,950 | |
City of Phoenix Civic Improvement Corp., Series A, 5.00% due 7/1/2022 - 7/1/2025 | 8,580,000 | 9,799,644 | |
City of Tucson (Street and Highway Projects), Series A, 5.00% due 7/1/2022 | 2,135,000 | 2,261,798 | |
b | Maricopa County (Banner Health Obligated Group) IDA, Series B, 0.43% (MUNIPSA + 0.38%) due 1/1/2035 (put 10/18/2022) | 8,535,000 | 8,585,595 |
Northern Arizona University (Insured: BAM), Series B, 5.00% due 6/1/2025 - 6/1/2030 | 1,580,000 | 1,990,536 | |
Pima County (Ina & Roger Road Wastewater Reclamation Facilities), | |||
Series A, | |||
3.00% due 7/1/2021 | 1,200,000 | 1,208,196 | |
5.00% due 7/1/2021 | 400,000 | 404,644 | |
Pima County (Ina & Roger Road Wastewater Reclamation Facilities) ETM, | |||
Series A, | |||
3.00% due 7/1/2022 | 1,325,000 | 1,368,076 | |
5.00% due 7/1/2022 | 500,000 | 528,605 | |
Pima County (Sewer System & Fleet Services Facilities Expansion) COP, Series A, 5.00% due 12/1/2021 - 12/1/2022 | 2,495,000 | 2,632,708 | |
Pima County Sewer System Revenue COP, Series B, 5.00% due 7/1/2027 - 7/1/2030 | 4,250,000 | 5,495,955 | |
Pinal County (Detention and Training Facilities), Series A, 5.00% due 8/1/2021 - 8/1/2025 | 5,075,000 | 5,607,520 | |
Pinal County (Hunt Highway (Phases III-V), Ironwood Drive, Public Safety Radio & Court Buildings), 5.00% due 8/1/2025 | 3,000,000 | 3,445,500 | |
Pinal County (Tucson Electric Power Co.) IDA, 4.00% due 9/1/2029 | 3,320,000 | 3,533,078 | |
Pinal County Community College District GO, | |||
c | 4.00% due 7/1/2022 | 400,000 | 418,496 |
c | 5.00% due 7/1/2023 - 7/1/2030 | 5,000,000 | 6,242,569 |
Salt River Project Agricultural Improvement and Power District (Salt River Electric System), 5.00% due 1/1/2026 - 1/1/2029 | 8,405,000 | 10,493,955 | |
State of Arizona COP, Series A, 5.00% due 10/1/2025 | 3,375,000 | 4,041,529 | |
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 | 654,907 | |
California — 5.4% | |||
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 | 6,805,780 | |
Anaheim Public Financing Authority (Public Improvements; Insured: AGM), Series C, Zero Coupon due 9/1/2022 | 3,250,000 | 3,236,578 | |
Cabrillo (Educational Facilities; Insured: AMBAC) USD GO, Series A, Zero Coupon due 8/1/2021 | 1,000,000 | 999,710 | |
b | California (Kaiser Foundation Hospitals) HFFA, Series B, 5.00% due 11/1/2029 (put 11/1/2022) | 1,075,000 | 1,155,733 |
California Educational Facilities Authority (Chapman University), 5.00% due 4/1/2021 | 4,870,000 | 4,870,000 | |
b,d | California Pollution Control Financing Authority (Republic Services, Inc. Project), Series B, 0.10% due 8/1/2024 (put 5/3/2021) | 5,000,000 | 5,000,000 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 25 |
Thornburg Limited Term Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
California State Public Works Board (California School for the Deaf Riverside Campus), Series H, 5.00% due 4/1/2021 | $ 890,000 | $ 890,000 | |
California State Public Works Board (Coalinga State Hospital), Series H, 5.00% due 6/1/2021 - 6/1/2022 | 16,555,000 | 17,238,412 | |
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 | 11,611,685 | |
California State Public Works Board (Various Capital Projects), | |||
Series A, 5.00% due 10/1/2021 | 1,000,000 | 1,023,930 | |
Series G, 5.00% due 11/1/2021 | 1,750,000 | 1,798,965 | |
b | California Statewide Communities Development Authority (Adventist Health System/West Obligated Group), Series A, 5.00% due 3/1/2037 (put 3/1/2027) | 1,775,000 | 2,155,400 |
Castaic Lake Water Agency (Water System Improvement; Insured: AMBAC) COP, Zero Coupon due 8/1/2023 | 10,125,000 | 10,067,693 | |
Chino Basin Regional Financing Authority, Series A, 5.00% due 6/1/2021 | 2,500,000 | 2,518,825 | |
City of Los Angeles CA, 4.00% due 6/24/2021 | 48,475,000 | 48,878,797 | |
County of Los Angeles Metropolitan Transportation Authority (Green Bond), Series A, 5.00% due 6/1/2028 | 3,485,000 | 4,511,890 | |
County of Los Angeles Redevelopment Refunding Authority (Bunker Hill Project), Series C, 5.00% due 6/1/2021 - 12/1/2024 | 30,060,000 | 33,141,885 | |
Los Angeles (Educational Facilities and Information Technology Infrastructure) USD GO, | |||
Series A, 5.00% due 7/1/2023 | 8,950,000 | 9,915,526 | |
Series B, 5.00% due 7/1/2023 | 11,950,000 | 13,235,939 | |
Series D, 5.00% due 7/1/2022 - 7/1/2024 | 22,900,000 | 25,256,078 | |
Los Angeles USD GO, Series A, 5.00% due 7/1/2024 | 1,500,000 | 1,726,710 | |
Needles (Insured: Natl-Re) USD GO, Series B, Zero Coupon due 8/1/2023 | 1,005,000 | 989,784 | |
North City West School Facilities Financing Authority (Carmel Valley Educational Facilities; Insured: AGM), Series A, 5.00% due 9/1/2023 | 4,545,000 | 4,847,061 | |
b | Northern California Energy Authority (Commodity Supply Revenue), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 35,000,000 | 38,921,400 |
Palomar Community College District GO, Series B, Zero Coupon due 8/1/2021 | 2,560,000 | 2,558,848 | |
Riverside County Office of Education Pooled Notes, Series A, 2.00% due 12/1/2021 | 1,000,000 | 1,012,140 | |
Rocklin (Insured: Natl-Re) USD GO, Zero Coupon due 8/1/2022 | 3,910,000 | 3,901,789 | |
Sacramento City (Educational Facilities Improvements) USD GO, 5.00% due 7/1/2021 | 3,265,000 | 3,300,784 | |
Sacramento City Financing Authority (Merged Downtown & Oak Park; Insured: Natl-Re), Series A, Zero Coupon due 12/1/2021 | 1,600,000 | 1,596,288 | |
Sacramento County Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District), 5.00% due 12/1/2031 | 1,250,000 | 1,722,125 | |
San Diego Convention Center Expansion Financing Authority, Series A, 5.00% due 4/15/2021 - 4/15/2022 | 11,000,000 | 11,401,570 | |
Santa Fe Springs Community Development Commission (Consolidated Redevelopment Project; Insured: Natl-Re), Series A, Zero Coupon due 9/1/2024 | 7,000,000 | 6,871,200 | |
State of California GO, 5.00% due 9/1/2021 - 12/1/2031 | 17,285,000 | 21,368,737 | |
Turlock Public Financing Authority Water Revenue, 4.00% due 3/1/2027 | 8,750,000 | 8,885,800 | |
West Contra Costa (Educational Facilities; Insured: AGC) USD GO, Series C-1, Zero Coupon due 8/1/2022 | 4,000,000 | 3,984,000 | |
West Covina Redevelopment Agency (Fashion Plaza), 6.00% due 9/1/2022 | 2,870,000 | 2,991,545 | |
Colorado — 1.4% | |||
City & County of Denver (Buell Theatre Property) COP, 5.00% due 12/1/2021 - 12/1/2023 | 5,545,000 | 5,883,226 | |
City & County of Denver School District No. 1 (Eastbridge Elementary and Conservatory Green K-8 Schools) COP, Series C, 5.00% due 12/15/2021 - 12/15/2023 | 3,210,000 | 3,471,093 | |
City of Aurora COP, 5.00% due 12/1/2027 - 12/1/2029 | 7,155,000 | 9,233,598 | |
b | Colorado (Adventist Health System/Sunbelt Obligated Group) HFA, 5.00% due 11/15/2049 (put 11/19/2026) | 11,150,000 | 13,762,110 |
Colorado (Northern Colorado Medical Center) HFA, ETM, 5.00% due 5/15/2025 - 5/15/2026 | 1,305,000 | 1,572,435 | |
Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2026 | 2,315,000 | 2,851,409 | |
Colorado Educational & Cultural Facilities Authority (National Conference of State Legislatures) ETM, 5.00% due 6/1/2021 | 1,000,000 | 1,007,510 | |
County of Larimer (Jail Facilities Project) COP, 5.00% due 12/1/2028 - 12/1/2029 | 3,025,000 | 3,938,742 | |
Durango School District No. 9-R (State Aid Witholding) GO, Series R, 5.00% due 11/1/2030 - 11/1/2031 | 3,195,000 | 4,281,132 | |
El Paso County (Judicial Complex; Insured: AGM) COP, 5.00% due 12/1/2022 - 12/1/2028 | 2,500,000 | 2,969,051 | |
El Paso County (Pikes Peak Regional Development Center) COP, | |||
4.00% due 12/1/2021 | 1,000,000 | 1,025,540 | |
5.00% due 12/1/2023 | 1,330,000 | 1,496,622 | |
El Paso County Falcon School District No. 49 COP, 5.00% due 12/15/2023 - 12/15/2024 | 1,600,000 | 1,828,502 | |
Interlocken Metropolitan District (Insured: AGM) GO, | |||
Series A-1, 5.00% due 12/1/2024 - 12/1/2026 | 2,375,000 | 2,831,204 | |
Series A-2, 5.00% due 12/1/2027 | 365,000 | 459,995 | |
Regional Transportation District (Denver Transit Partners, LLC), 5.00% due 7/15/2024 - 1/15/2031 | 3,245,000 | 4,014,702 | |
Regional Transportation District (North Metro Rail Line) COP, Series A, 5.00% due 6/1/2023 - 6/1/2024 | 8,000,000 | 8,800,680 | |
Regional Transportation District COP, 5.00% due 6/1/2030 | 3,000,000 | 3,867,690 | |
Regional Transportation District Sales Tax Revenue (Green Bond), Series B, 5.00% due 11/1/2029 - 11/1/2030 | 4,500,000 | 5,948,430 | |
State of Colorado COP, | |||
Series A, | |||
5.00% due 9/1/2024 - 9/1/2026 | 3,695,000 | 4,406,764 | |
a | 5.00% due 9/1/2028 | 1,215,000 | 1,542,977 |
Connecticut — 1.8% | |||
City of Hartford (Various Public Improvements; Insured: AGM) GO, |
26 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Series A, 5.00% due 7/1/2024 - 7/1/2025 | $ 1,820,000 | $ 2,117,211 | |
Series B, 5.00% due 10/1/2022 | 1,765,000 | 1,889,291 | |
State of Connecticut (Educational Facilities) GO, | |||
Series B, 5.00% due 6/15/2024 - 6/15/2025 | 30,400,000 | 35,268,875 | |
Series E, 5.00% due 9/1/2023 | 5,550,000 | 6,175,985 | |
State of Connecticut (Various Capital Projects) GO, | |||
Series B, 5.00% due 5/15/2027 | 16,615,000 | 20,203,508 | |
Series E, 5.00% due 8/15/2024 | 1,845,000 | 2,048,264 | |
State of Connecticut GO, | |||
Series B, 5.00% due 2/15/2024 | 7,000,000 | 7,928,130 | |
Series C, 5.00% due 6/15/2022 - 6/15/2028 | 12,540,000 | 15,371,760 | |
Series E, 5.00% due 9/15/2028 | 2,560,000 | 3,285,683 | |
State of Connecticut Special Tax Revenue, | |||
5.00% due 5/1/2031 | 5,000,000 | 6,562,900 | |
Series B, 5.00% due 10/1/2021 | 2,200,000 | 2,252,514 | |
State of Connecticut, Special Tax Revenue (Transportation Infrastructure Purposes), Series A, 5.00% due 8/1/2026 | 1,200,000 | 1,426,200 | |
Delaware — 0.1% | |||
Delaware Transportation Authority, 5.00% due 9/1/2027 - 9/1/2031 | 2,900,000 | 3,750,556 | |
Delaware Transportation Authority (Transportation System), 5.00% due 7/1/2022 | 1,440,000 | 1,526,630 | |
District of Columbia — 0.2% | |||
District of Columbia (Federal Highway Grant Anticipation), 5.00% due 12/1/2025 - 12/1/2031 | 2,500,000 | 3,141,585 | |
Washington Metropolitan Area Transit Authority, 5.00% due 7/1/2022 - 7/1/2028 | 6,405,000 | 7,360,340 | |
Florida — 5.5% | |||
Alachua County School Board (Educational Facilities) COP, 5.00% due 7/1/2022 - 7/1/2023 | 3,850,000 | 4,182,443 | |
Broward County School Board (Educational Facilities) COP, | |||
Series A, 5.00% due 7/1/2021 - 7/1/2027 | 22,880,000 | 25,464,980 | |
Series B, 5.00% due 7/1/2023 - 7/1/2025 | 9,275,000 | 10,748,101 | |
Series C, 5.00% due 7/1/2025 - 7/1/2026 | 12,830,000 | 15,476,218 | |
Broward County School Board COP, | |||
Series A, 5.00% due 7/1/2028 | 8,590,000 | 10,978,621 | |
Series B, 5.00% due 7/1/2029 | 8,920,000 | 11,604,028 | |
Central Florida Expressway Authority, 5.00% due 7/1/2022 - 7/1/2026 | 4,100,000 | 4,615,956 | |
City of Cape Coral (Water and Sewer System Improvements), 5.00% due 10/1/2022 - 10/1/2026 | 5,435,000 | 6,516,105 | |
City of Jacksonville, | |||
5.00% due 10/1/2027 | 400,000 | 501,240 | |
Series C, 5.00% due 10/1/2023 | 1,105,000 | 1,232,362 | |
City of Lakeland (Lakeland Regional Health Systems), 5.00% due 11/15/2026 - 11/15/2028 | 2,105,000 | 2,574,171 | |
City of Miami (Stormwater Management Utility System), 5.00% due 9/1/2026 - 9/1/2028 | 2,675,000 | 3,326,009 | |
City of North Miami Beach (North Miami Beach Water Project), 5.00% due 8/1/2021 | 1,000,000 | 1,015,340 | |
City of Orlando (Senior Tourist Development; Insured: AGM), 5.00% due 11/1/2023 - 11/1/2027 | 3,545,000 | 4,145,523 | |
Florida Department of Management Services, Series A, 5.00% due 9/1/2025 | 3,185,000 | 3,801,839 | |
Florida Higher Educational Facilities Financing Authority (University of Tampa) ETM, Series A, 5.00% due 4/1/2022 | 620,000 | 648,917 | |
Florida State Board of Governors (University System Capital Improvements), Series A, 4.00% due 7/1/2021 - 7/1/2022 | 8,600,000 | 8,821,298 | |
Fort Myers Utility System Revenue, | |||
5.00% due 10/1/2023 | 990,000 | 1,013,384 | |
5.00% due 10/1/2023 (pre-refunded 10/1/2021) | 2,370,000 | 2,425,695 | |
Hillsborough County (Court Facilities), Series B, 5.00% due 11/1/2021 | 4,880,000 | 5,018,202 | |
Hillsborough County (Jail and Storm Water Projects), Series A, 5.00% due 11/1/2021 - 11/1/2022 | 5,305,000 | 5,593,422 | |
Hillsborough County School Board (Master Lease Program) COP, 5.00% due 7/1/2027 - 7/1/2029 | 15,410,000 | 19,272,889 | |
JEA Electric System, Series A, 5.00% due 10/1/2024 (pre-refunded 10/1/2023) | 1,200,000 | 1,339,872 | |
JEA Electric System ETM, Series A, 5.00% due 10/1/2023 | 1,395,000 | 1,560,991 | |
Lee County School Board (School Facilities Improvements) COP, 5.00% due 8/1/2023 - 8/1/2024 | 3,000,000 | 3,406,950 | |
Manatee County (County Capital Projects), 5.00% due 10/1/2021 | 2,775,000 | 2,841,378 | |
Manatee County (Public Utilities Improvements), 5.00% due 10/1/2024 - 10/1/2025 | 970,000 | 1,129,466 | |
Manatee County School District (School Facilities Improvements; Insured: AGM), 5.00% due 10/1/2025 - 10/1/2027 | 2,900,000 | 3,499,855 | |
Marion County School Board (Insured: BAM) COP, Series B, 5.00% due 6/1/2021 - 6/1/2024 | 5,570,000 | 6,028,785 | |
Miami Beach GO, | |||
4.00% due 9/1/2021 | 1,015,000 | 1,030,915 | |
5.00% due 9/1/2022 | 1,000,000 | 1,019,690 | |
Miami-Dade County (Miami International Airport), Series B, 5.00% due 10/1/2025 | 2,500,000 | 2,895,250 | |
Miami-Dade County (Transit System), 5.00% due 7/1/2023 - 7/1/2025 | 10,215,000 | 11,843,148 | |
Miami-Dade County Aviation Revenue, Series A, 5.00% due 10/1/2025 - 10/1/2031 | 3,000,000 | 3,818,120 | |
Miami-Dade County Expressway Authority (Toll System), Series B, 5.00% due 7/1/2024 - 7/1/2025 | 4,000,000 | 4,560,040 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 27 |
Thornburg Limited Term Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Miami-Dade County School Board (Educational Facilities Improvements) COP, | |||
Series A, | |||
5.00% due 5/1/2022 - 5/1/2024 | $ 15,535,000 | $ 17,228,754 | |
b | 5.00% due 5/1/2031 (put 5/1/2024) | 2,550,000 | 2,905,342 |
Series C, 5.00% due 5/1/2025 | 15,000,000 | 17,628,600 | |
Orange County (Orlando Health, Inc.; Insured: Natl-Re) HFA ETM, Series C, 6.25% due 10/1/2021 | 420,000 | 432,613 | |
Orange County School Board (Educational Facilities) COP, Series D, 5.00% due 8/1/2021 - 8/1/2025 | 8,100,000 | 8,851,354 | |
Orange County School Board COP, 5.00% due 8/1/2027 | 610,000 | 764,458 | |
Orange County Water Utility System Revenue, 5.00% due 10/1/2026 | 1,400,000 | 1,735,062 | |
Palm Beach County (Baptist Health South Florida Obligated Group) HFA, 5.00% due 8/15/2024 - 8/15/2027 | 1,360,000 | 1,627,782 | |
Palm Beach County School Board (Educational Facilities) COP, | |||
Series B, 5.00% due 8/1/2022 - 8/1/2024 | 10,095,000 | 11,347,580 | |
Series C, | |||
4.00% due 8/1/2021 | 3,835,000 | 3,883,206 | |
5.00% due 8/1/2022 | 1,810,000 | 1,925,568 | |
Palm Beach County School District COP, | |||
Series C, 5.00% due 8/1/2021 - 8/1/2026 | 10,130,000 | 11,403,867 | |
Series D, 5.00% due 8/1/2030 | 1,050,000 | 1,240,964 | |
Polk County (Water and Wastewater Utility Systems), 5.00% due 10/1/2023 | 1,420,000 | 1,520,919 | |
Polk County (Water and Wastewater Utility Systems; Insured: AGM), 3.00% due 10/1/2021 | 3,125,000 | 3,168,562 | |
Reedy Creek Improvement District (Buena Vista Drive Corridor Improvements) GO, Series A, 5.00% due 6/1/2023 | 1,940,000 | 2,133,496 | |
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 | 2,727,296 | |
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 | 4,773,410 | |
South Florida Water Management District (Everglades Restoration Plan) COP, 5.00% due 10/1/2021 - 10/1/2022 | 3,750,000 | 3,936,632 | |
St. Johns County School Board COP, | |||
Series A, | |||
5.00% due 7/1/2023 - 7/1/2029 | 7,665,000 | 9,553,399 | |
a | 5.00% due 7/1/2024 | 350,000 | 401,898 |
State of Florida GO, | |||
4.00% due 7/1/2030 | 6,460,000 | 6,519,432 | |
Series C, 5.00% due 6/1/2025 | 1,845,000 | 2,192,543 | |
Sunshine State Governmental Financing Commission (Miami-Dade County Program), Series B-1, 5.00% due 9/1/2021 - 9/1/2024 | 7,275,000 | 7,876,064 | |
Sunshine State Governmental Financing Commission (Miami-Dade County Program; Insured: AGM), Series A, 5.00% due 9/1/2021 | 5,000,000 | 5,100,000 | |
Volusia County Educational Facilities Authority (Embry-Riddle Aeronautical University, Inc.), Series B, 5.00% due 10/15/2023 - 10/15/2025 | 1,750,000 | 1,998,634 | |
Volusia County School Board, 5.00% due 10/1/2029 | 510,000 | 617,610 | |
Volusia County School Board (University High School, River Springs Middle School) COP, Series B, 5.00% due 8/1/2024 | 1,000,000 | 1,147,930 | |
Georgia — 1.8% | |||
Athens-Clarke County Unified Government Development Authority (UGAREF Central Precinct, LLC), 5.00% due 6/15/2022 - 6/15/2023 | 1,270,000 | 1,365,806 | |
City of Atlanta, Series A, 5.00% due 7/1/2027 - 7/1/2030 | 5,100,000 | 6,576,796 | |
City of Atlanta (Airport Passenger Facility), | |||
5.00% due 1/1/2024 - 1/1/2025 | 3,850,000 | 4,339,605 | |
Series B, 5.00% due 1/1/2023 - 1/1/2025 | 2,645,000 | 2,938,267 | |
City of Atlanta (Atlantic Station Project), 5.00% due 12/1/2022 - 12/1/2024 | 3,290,000 | 3,638,708 | |
City of Atlanta (Water & Wastewater System), 5.00% due 11/1/2021 - 11/1/2025 | 6,630,000 | 7,267,166 | |
Development Authority of Fulton County (Georgia Tech Athletic Assoc.) ETM, 5.00% due 10/1/2022 | 4,420,000 | 4,731,301 | |
Georgia State Road & Tollway Authority, 5.00% due 6/1/2025 - 6/1/2031 | 9,545,000 | 12,262,729 | |
Main Street Natural Gas, Inc., Series A, 5.00% due 5/15/2023 - 5/15/2029 | 14,265,000 | 17,219,454 | |
Municipal Electric Authority of Georgia, | |||
4.00% due 11/1/2023 - 11/1/2025 | 3,850,000 | 4,286,600 | |
5.00% due 1/1/2026 - 1/1/2031 | 8,450,000 | 10,667,539 | |
a | 5.00% due 11/1/2027 | 600,000 | 751,368 |
Series A, 5.00% due 1/1/2026 - 1/1/2030 | 6,300,000 | 7,773,107 | |
b | Private Colleges & Universities Authority (Emory University), Series B, 0.47% (MUNIPSA + 0.42%) due 10/1/2039 (put 8/16/2022) | 18,400,000 | 18,243,784 |
Savannah (International Paper Co.) EDA, 1.90% due 8/1/2024 | 4,000,000 | 4,159,600 | |
Guam — 0.4% | |||
Government of Guam (Various Capital Projects), Series D, 5.00% due 11/15/2021 - 11/15/2024 | 9,670,000 | 10,430,134 | |
Guam Government, Series A, 5.00% due 1/1/2025 | 305,000 | 312,643 | |
Guam Government Waterworks Authority (Water & Wastewater System Improvements), 5.25% due 7/1/2022 - 7/1/2023 | 1,695,000 | 1,812,671 | |
Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2023 - 10/1/2026 | 4,330,000 | 4,902,379 | |
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2022 | 6,340,000 | 6,721,541 | |
Hawaii — 0.6% | |||
City and County of Honolulu (Capital Improvements) GO, Series B, 5.00% due 11/1/2021 - 11/1/2022 | 9,465,000 | 10,050,482 | |
City and County of Honolulu (Capital Improvements) GO ETM, Series A, 5.00% due 11/1/2022 | 1,750,000 | 1,881,460 |
28 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
County of Hawaii (Capital Improvements) GO, | |||
Series A, 5.00% due 9/1/2023 | $ 800,000 | $ 890,232 | |
Series B, 5.00% due 9/1/2023 | 1,500,000 | 1,669,185 | |
Series C, 5.00% due 9/1/2021 - 9/1/2026 | 5,250,000 | 5,791,802 | |
Series D, 5.00% due 9/1/2023 - 9/1/2026 | 3,085,000 | 3,636,495 | |
Series E, | |||
5.00% due 9/1/2021 - 9/1/2026 | 3,665,000 | 3,925,516 | |
a | 5.00% due 9/1/2022 | 1,000,000 | 1,067,150 |
Honolulu City & County Board of Water Supply, Series A, 5.00% due 7/1/2024 (pre-refunded 7/1/2022) | 1,000,000 | 1,060,210 | |
State of Hawaii (Hawaiian Home Lands Settlement) GO, | |||
Series DZ, 5.00% due 12/1/2022 (pre-refunded 12/1/2021) | 4,000,000 | 4,128,280 | |
Series EA, 5.00% due 12/1/2021 | 3,000,000 | 3,095,760 | |
Idaho — 0.1% | |||
Idaho (Trinity Health Credit Group) HFA, Series D, 5.00% due 12/1/2022 - 12/1/2024 | 4,350,000 | 4,886,947 | |
Illinois — 5.4% | |||
Chicago Midway International Airport, Series B, 5.00% due 1/1/2022 - 1/1/2024 | 3,700,000 | 3,981,429 | |
Chicago O’Hare International Airport (2016 Airport Projects), Series C, 5.00% due 1/1/2027 | 1,750,000 | 2,096,150 | |
Chicago Park District (Capital Improvement Plan) GO, | |||
Series A, 5.00% due 1/1/2024 - 1/1/2025 | 1,915,000 | 2,132,222 | |
Series B, 5.00% due 1/1/2022 - 1/1/2024 | 4,430,000 | 4,720,301 | |
Series C, 5.00% due 1/1/2022 - 1/1/2023 | 5,155,000 | 5,428,718 | |
Series D, 5.00% due 1/1/2023 - 1/1/2024 | 3,435,000 | 3,730,132 | |
Chicago Park District GO, Series D, 5.00% due 1/1/2024 | 1,060,000 | 1,169,625 | |
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 | 1,528,230 | |
City of Chicago (Chicago Midway Airport), Series B, 5.00% due 1/1/2023 - 1/1/2024 | 22,275,000 | 23,931,783 | |
City of Chicago (Riverwalk Expansion Project; Insured: AGM), 5.00% due 1/1/2023 | 1,000,000 | 1,042,870 | |
City of Chicago (Wastewater Transmission System), Series C, 5.00% due 1/1/2022 - 1/1/2025 | 15,750,000 | 17,533,232 | |
City of Chicago (Water System), | |||
Series 2017-2, 5.00% due 11/1/2021 - 11/1/2024 | 2,650,000 | 2,893,111 | |
Series A, 5.00% due 11/1/2027 | 6,250,000 | 7,570,062 | |
Series A-1, 5.00% due 11/1/2024 | 4,000,000 | 4,586,560 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2028 | 2,000,000 | 2,528,460 | |
City of Waukegan (Lakehurst Redevelopment Project; Insured: AGM) GO, Series A, 5.00% due 12/30/2021 - 12/30/2022 | 3,100,000 | 3,246,133 | |
Community College District No. 503 (Black Hawk College; Insured: AGM) GO, 5.00% due 12/1/2021 - 12/1/2024 | 10,935,000 | 12,036,701 | |
Community College District No. 516 (Waubonsee Community College) GO, Series A, 5.00% due 12/15/2021 | 6,175,000 | 6,372,909 | |
Community Unit School District No. 5 (Insured: BAM) GO, 5.00% due 4/15/2024 - 4/15/2026 | 1,650,000 | 1,939,656 | |
Cook County Community College District No. 508 (City Colleges of Chicago) GO, | |||
5.00% due 12/1/2021 - 12/1/2024 | 6,800,000 | 7,303,420 | |
5.25% due 12/1/2025 - 12/1/2026 | 3,365,000 | 3,690,043 | |
Cook County School District No 87 Berkeley (Insured: AGM) GO, 5.00% due 12/1/2029 | 500,000 | 652,215 | |
Cook County School District No.170 (Insured: AGM) GO, Series D, 5.00% due 12/1/2024 | 1,190,000 | 1,377,818 | |
County of Cook (Capital Improvement Plan) GO, | |||
Series A, 5.00% due 11/15/2021 | 5,000,000 | 5,148,700 | |
Series C, | |||
4.00% due 11/15/2021 - 11/15/2022 | 3,000,000 | 3,108,120 | |
5.00% due 11/15/2021 - 11/15/2022 | 3,605,000 | 3,782,968 | |
County of Cook Sales Tax Revenue, 5.00% due 11/15/2028 | 2,250,000 | 2,838,780 | |
Forest Preserve District of Cook County GO, Series A, 5.00% due 11/15/2021 | 1,500,000 | 1,540,710 | |
Forest Preserve District of DuPage County GO, 5.00% due 11/1/2021 - 11/1/2024 | 8,955,000 | 10,063,376 | |
Illinois Finance Authority (Advocate Health Care), 5.00% due 8/1/2023 - 8/1/2024 | 1,365,000 | 1,545,521 | |
Illinois Finance Authority (NorthShore University HealthSystem Obligated Group), | |||
5.00% due 8/15/2031 | 2,000,000 | 2,631,020 | |
Series A, 5.00% due 8/15/2023 - 8/15/2030 | 5,990,000 | 7,648,853 | |
Illinois Finance Authority (Rush University Medical Center), Series A, 5.00% due 11/15/2021 - 11/15/2025 | 2,770,000 | 3,174,476 | |
Illinois Finance Authority (Trinity Health), Series L, 4.00% due 12/1/2021 | 1,265,000 | 1,296,562 | |
Illinois State Toll Highway Authority, | |||
5.00% due 1/1/2025 | 2,000,000 | 2,330,120 | |
Series D, 5.00% due 1/1/2023 - 1/1/2024 | 10,500,000 | 11,647,140 | |
Kane McHenry Cook & DeKalb Counties Unit School District No. 300 (Insured: AMBAC) GO, Zero Coupon due 12/1/2021 | 1,235,000 | 1,231,666 | |
Kane McHenry Cook & DeKalb Counties Unit School District No. 300 (Insured: AMBAC) GO ETM, Zero Coupon due 12/1/2021 | 765,000 | 763,516 | |
Kane McHenry Cook & DeKalb Counties Unit School District No. 300 GO, 5.00% due 1/1/2024 | 7,150,000 | 8,019,940 | |
Knox & Warren Counties Community Unit School District No 205 Galesburg GO, |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 29 |
Thornburg Limited Term Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Series B, | |||
4.00% due 12/1/2021 - 12/1/2024 | $ 4,625,000 | $ 4,977,239 | |
5.00% due 12/1/2025 - 12/1/2029 | 7,400,000 | 9,131,444 | |
McHenry County Conservation District GO, 5.00% due 2/1/2025 | 2,000,000 | 2,323,480 | |
Metropolitan Water Reclamation District of Greater Chicago (Green Bond), GO, Series E, 5.00% due 12/1/2025 | 1,000,000 | 1,193,990 | |
Peoria Metropolitan Airport Authority GO, Series D, 5.00% due 12/1/2027 | 1,000,000 | 1,216,160 | |
Sales Tax Securitization Corp., | |||
5.00% due 1/1/2028 | 3,655,000 | 4,497,185 | |
Series A, 5.00% due 1/1/2029 | 2,790,000 | 3,425,395 | |
State of Illinois, Series B, 5.00% due 6/15/2026 - 6/15/2029 | 20,000,000 | 23,778,850 | |
State of Illinois (Insured: BAM-Natl-Re), Series 1, 6.00% due 6/15/2026 | 235,000 | 291,865 | |
State of Illinois (State Facilities Improvements) GO, | |||
5.00% due 7/1/2021 | 1,735,000 | 1,753,773 | |
Series D, 5.00% due 11/1/2021 - 11/1/2024 | 6,150,000 | 6,688,274 | |
State of Illinois GO, | |||
5.50% due 5/1/2024 - 5/1/2030 | 2,350,000 | 2,774,669 | |
Series A, 5.00% due 12/1/2021 | 4,500,000 | 4,629,240 | |
Series D, 5.00% due 11/1/2023 - 11/1/2028 | 36,240,000 | 42,282,125 | |
Village of Tinley Park GO, 4.00% due 12/1/2022 | 625,000 | 663,719 | |
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 | 23,717,697 | |
Indiana — 1.0% | |||
Avon Community School Building Corp (Educational Facilities; Insured: State Intercept), 5.00% due 7/15/2021 - 7/15/2027 | 6,730,000 | 7,508,864 | |
City of Carmel Redevelopment Authority (Road and Intersection Improvements), 5.00% due 8/1/2021 - 8/1/2022 | 3,725,000 | 3,874,908 | |
City of Indianapolis Department of Public Utilities Gas Utility Revenue, Series A, 5.00% due 8/15/2021 - 8/15/2022 | 1,100,000 | 1,167,591 | |
Duneland School Building Corp. (State Aid Withholding), Zero Coupon due 8/1/2021 | 3,270,000 | 3,268,659 | |
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 | 3,406,200 | |
Indiana Bond Bank (Columbus Learning Center), 5.00% due 8/1/2021 | 660,000 | 670,468 | |
Indiana Finance Authority (Community Health Network), Series A, 5.00% due 5/1/2021 - 5/1/2022 | 3,480,000 | 3,551,306 | |
Indiana Finance Authority (CWA Authority, Inc. Wastewater System Project), Series A, 5.00% due 10/1/2021 - 10/1/2024 | 2,000,000 | 2,212,450 | |
Indiana Finance Authority (Indiana University Health, Inc. Obligated Group), | |||
b | Series L, 0.33% (MUNIPSA + 0.28%) due 12/1/2046 (put 7/2/2021) | 8,700,000 | 8,705,116 |
b | Series M, 0.33% (MUNIPSA + 0.28%) due 12/1/2046 (put 7/2/2021) | 6,000,000 | 6,003,528 |
Indiana Finance Authority (Marian University Health Sciences) ETM, 5.00% due 9/15/2021 | 2,320,000 | 2,370,298 | |
Indiana Finance Authority (Parkview Health System), 5.00% due 5/1/2022 | 1,135,000 | 1,193,698 | |
Indiana Municipal Power Agency (Power Supply System), Series A, 5.00% due 1/1/2026 - 1/1/2028 | 4,235,000 | 5,177,838 | |
Lake Central Multi-District School Building Corp. (Educational Facilities) (State Aid Withholding), | |||
Series B, | |||
4.00% due 1/15/2022 | 1,455,000 | 1,497,835 | |
5.00% due 7/15/2021 - 7/15/2022 | 2,250,000 | 2,327,403 | |
Perry Township Multischool Building Corp. (Educational Facilities) (State Aid Withholding), 5.00% due 7/10/2021 | 1,000,000 | 1,012,690 | |
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 | 5,155,553 | |
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 | 6,282,917 | |
Iowa Finance Authority (Genesis Health System), 5.00% due 7/1/2022 - 7/1/2024 | 6,085,000 | 6,638,104 | |
Kansas — 0.9% | |||
Kansas (National Bio and Agro-Defense Facility) DFA, Series G, 5.00% due 4/1/2021 - 4/1/2025 | 32,470,000 | 34,895,527 | |
Kansas DFA, Series SRF, 5.00% due 5/1/2026 | 765,000 | 931,969 | |
Seward County No. 480 USD GO, | |||
Series B, | |||
5.00% due 9/1/2024 - 9/1/2026 | 4,020,000 | 4,768,166 | |
a | 5.00% due 9/1/2027 (pre-refunded 9/1/2025) | 2,100,000 | 2,506,287 |
Unified Government of Wyandotte County/Kansas City (Utility Systems Improvement), | |||
Series A, | |||
5.00% due 9/1/2022 - 9/1/2023 | 3,000,000 | 3,229,450 | |
a | 5.00% due 9/1/2024 | 600,000 | 685,434 |
Wyandotte County No. 500 (General Improvement) USD GO, Series A, 5.00% due 9/1/2025 - 9/1/2026 | 5,675,000 | 6,791,171 | |
Kentucky — 2.1% | |||
Kentucky Economic (Norton Healthcare, Inc.; Insured: Natl-Re) DFA, Series B, Zero Coupon due 10/1/2021 - 10/1/2023 | 7,080,000 | 6,986,700 | |
b | Kentucky Public Energy Authority, Series A, 4.00% due 4/1/2048 (put 4/1/2024) | 77,915,000 | 85,412,760 |
30 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Kentucky State Property & Building Commission (Kentucky Finance and Administration Cabinet; Insured BAM), 5.00% due 4/1/2031 | $ 11,760,000 | $ 14,422,111 | |
a | Kentucky State Property & Building Commission (Project No. 112), Series B, 5.00% due 11/1/2021 | 1,050,000 | 1,078,560 |
Lexington-Fayette Urban County Government Public Facilities Corp. (Eastern State Hospital), Series A, 5.00% due 6/1/2022 | 6,165,000 | 6,209,820 | |
Louisville/Jefferson County Metropolitan Government (Norton Healthcare, Inc.), 5.00% due 10/1/2026 | 3,000,000 | 3,679,770 | |
Turnpike Authority of Kentucky (Revitalization Projects), Series B, 5.00% due 7/1/2025 - 7/1/2026 | 5,615,000 | 6,729,303 | |
Louisiana — 2.6% | |||
City of Bossier (Public Improvements; Insured: AGM), Series ST-2010, 4.50% due 12/1/2021 | 2,240,000 | 2,300,502 | |
City of New Orleans (Public Improvements) GO, 5.00% due 12/1/2021 | 1,200,000 | 1,236,912 | |
City of New Orleans (Public Improvements; Insured: AGM) GO, 5.00% due 12/1/2021 | 5,700,000 | 5,875,332 | |
City of Shreveport (Water and Sewer System; Insured: BAM), Series A, 5.00% due 12/1/2022 - 12/1/2024 | 15,195,000 | 16,944,525 | |
City of Shreveport (Water and Sewer System; Insured: BAM) ETM, Series A, 5.00% due 12/1/2021 | 8,185,000 | 8,446,429 | |
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 | 6,037,721 | |
East Baton Rouge Sewerage Commission (Wastewater System Improvements), | |||
Series A, 5.00% due 2/1/2028 - 2/1/2030 | 2,400,000 | 3,075,084 | |
Series B, 5.00% due 2/1/2023 - 2/1/2025 | 2,150,000 | 2,435,945 | |
Ernest N. Morial - New Orleans Exhibition Hall Authority (Convention Center), 5.00% due 7/15/2021 - 7/15/2023 | 2,780,000 | 2,904,855 | |
Jefferson Sales Tax District (Insured: AGM), | |||
Series A, 5.00% due 12/1/2023 - 12/1/2027 | 4,700,000 | 5,572,380 | |
Series B, 5.00% due 12/1/2027 - 12/1/2028 | 4,690,000 | 5,835,795 | |
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 | 1,878,347 | |
Louisiana Energy & Power Authority (Rodemacher Unit No. 2 Power), 5.00% due 1/1/2023 | 1,740,000 | 1,857,989 | |
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 | 18,278,509 | |
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 | 3,587,092 | |
Louisiana Office Facilities Corp. (Louisiana Division of Administration), 5.00% due 11/1/2022 | 1,455,000 | 1,562,452 | |
Louisiana Offshore Terminal Authority (Loop, INC), | |||
b | Series A, 1.65% due 9/1/2033 (put 12/1/2023) | 5,000,000 | 5,115,550 |
b | Series C, 1.65% due 9/1/2034 (put 12/1/2023) | 5,000,000 | 5,115,550 |
b | Louisiana Offshore Terminal Authority (Loop, Inc.), 1.65% due 9/1/2027 (put 12/1/2023) | 6,150,000 | 6,292,126 |
Louisiana Public Facilities Authority (Hurricane Recovery Program), 5.00% due 6/1/2022 - 6/1/2023 | 7,945,000 | 8,599,695 | |
b | Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series B, 5.00% due 5/15/2050 (put 5/15/2025) | 3,500,000 | 4,085,375 |
Louisiana State Office Facilities Corp. (State Capitol), Series A, 5.00% due 5/1/2021 | 4,595,000 | 4,610,853 | |
Parish of LaFourche (Roads, Highways & Bridges), 5.00% due 1/1/2022 - 1/1/2023 | 930,000 | 982,068 | |
b | Parish of St. Charles (Valero Energy Corp. Refinery), 4.00% due 12/1/2040 (put 6/1/2022) | 19,125,000 | 19,903,196 |
Shreveport Water & Sewer Revenue (Insured: BAM), Series C, 5.00% due 12/1/2024 - 12/1/2026 | 2,420,000 | 2,832,927 | |
State of Louisiana GO, Series C, 5.00% due 8/1/2021 | 11,175,000 | 11,349,442 | |
Maine — 0.1% | |||
Maine Governmental Facilities Authority (Augusta & Machias Courthouses), Series A, 5.00% due 10/1/2021 - 10/1/2023 | 3,935,000 | 4,223,625 | |
Maryland — 1.1% | |||
County of Charles GO, 5.00% due 10/1/2031 | 2,150,000 | 2,807,620 | |
Maryland (Public Health Laboratory) EDC, | |||
4.00% due 6/1/2022 | 8,245,000 | 8,295,459 | |
5.00% due 6/1/2021 | 8,725,000 | 8,792,008 | |
Maryland Health & Higher Educational Facilities Authority (UPMC Obligated Group), | |||
Series B, | |||
5.00% due 4/15/2025 - 4/15/2030 | 5,075,000 | 6,347,141 | |
a | 5.00% due 4/15/2027 | 1,930,000 | 2,402,464 |
Montgomery County GO, Series C, 5.00% due 10/1/2025 | 1,250,000 | 1,501,275 | |
Prince County George’s GO, Series A, 5.00% due 9/15/2026 | 6,110,000 | 7,543,956 | |
State of Maryland Department of Transportation, 5.00% due 10/1/2029 | 6,850,000 | 9,008,983 | |
State of Maryland GO, | |||
Series A, 5.00% due 3/1/2031 | 5,000,000 | 6,794,900 | |
Series B, 5.00% due 8/1/2024 | 6,955,000 | 8,025,166 | |
Washington Suburban Sanitary Commission, 5.00% due 6/1/2030 | 3,000,000 | 3,933,210 | |
Massachusetts — 1.2% | |||
Commonwealth of Massachusetts GO, Series G, 5.00% due 9/1/2029 | 5,000,000 | 6,618,550 | |
Massachusetts (Insured: BHAC-CR FGIC), 5.50% due 1/1/2029 | 8,300,000 | 10,934,420 | |
Massachusetts Development Finance Agency (Beth Israel Lahey Health Obligated Group), 5.00% due 7/1/2027 - 7/1/2028 | 2,000,000 | 2,523,860 | |
Massachusetts Development Finance Agency (CareGroup Healthcare System), Series I, 5.00% due 7/1/2023 - 7/1/2026 | 11,020,000 | 12,833,206 | |
Massachusetts Development Finance Agency (CareGroup Obligated Group), Series I, 5.00% due 7/1/2027 | 450,000 | 547,389 | |
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 | 17,350,426 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 31 |
Thornburg Limited Term Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Massachusetts Development Finance Agency (Simmons College), Series J, 5.25% due 10/1/2023 | $ 595,000 | $ 661,920 | |
Massachusetts School Building Authority, Series C, 5.00% due 8/15/2029 | 2,440,000 | 2,904,015 | |
b | Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, 5.00% due 1/1/2039 (put 1/1/2023) | 3,630,000 | 3,934,593 |
University of Massachusetts Building Authority (University of Massachusetts), Series 2021-1, 5.00% due 11/1/2026 - 11/1/2031 | 9,500,000 | 12,151,140 | |
Michigan — 2.5% | |||
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 | 2,124,337 | |
County of Genesee (Water Supply System; Insured: BAM) GO, 5.00% due 11/1/2022 | 600,000 | 643,518 | |
County of Livingston (Howell Public Schools; Insured: Q-SBLF) GO, 4.00% due 5/1/2021 | 1,000,000 | 1,002,780 | |
Livonia Public Schools School District (School Building & Site) GO, Series I, 5.00% due 5/1/2021 | 900,000 | 902,952 | |
Michigan Finance Authority ((McLaren Health Care Corp. Obligated Group), 5.00% due 2/15/2029 | 1,000,000 | 1,287,950 | |
Michigan Finance Authority (Beaumont Health Credit Group), 5.00% due 8/1/2023 - 8/1/2025 | 18,800,000 | 21,405,120 | |
Michigan Finance Authority (Henry Ford Health System), 5.00% due 11/15/2027 | 1,000,000 | 1,226,800 | |
Michigan Finance Authority (LOC JP Morgan Chase Bank, N.A.) (State Aid Withholding), Series A-2, 4.00% due 8/20/2021 | 7,000,000 | 7,101,640 | |
Michigan Finance Authority (McLaren Health Care Corp. Obligated Group), 5.00% due 2/15/2028 | 1,000,000 | 1,264,090 | |
Michigan Finance Authority (Trinity Health Credit Group), 5.00% due 12/1/2022 - 12/1/2028 | 10,500,000 | 12,342,860 | |
Michigan State Building Authority, Series I, 5.00% due 10/15/2030 | 2,500,000 | 3,350,425 | |
Michigan State Building Authority (Facilities Program), Series I, 5.00% due 4/15/2023 - 4/15/2026 | 1,865,000 | 2,138,096 | |
Michigan Strategic Fund (Detroit Edison Company; Insured: AMBAC), 7.00% due 5/1/2021 | 4,115,000 | 4,135,122 | |
Royal Oak Hospital Finance Authority (William Beaumont Hospital), 5.00% due 9/1/2021 - 9/1/2024 | 5,740,000 | 6,184,832 | |
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 | 1,802,142 | |
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 | 7,168,350 | |
St. Johns Public Schools (Insured: Natl-Re/Q-SBLF) GO, 5.00% due 5/1/2021 | 330,000 | 331,155 | |
State Building Authority of the State of Michigan (Higher Education Facilities Program), Series I-A, 5.00% due 10/15/2021 - 10/15/2023 | 11,715,000 | 12,888,566 | |
State of Michigan Trunk Line Revenue, Series B, 5.00% due 11/15/2028 - 11/15/2030 | 32,500,000 | 42,961,450 | |
Warren Consolidated School District (Insured: Q-SBLF) GO, 5.00% due 5/1/2021 | 1,000,000 | 1,003,500 | |
Wayne State University, Series A, 5.00% due 11/15/2023 - 11/15/2026 | 12,640,000 | 14,908,472 | |
Minnesota — 0.2% | |||
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 | 1,125,000 | |
Minnesota Higher Education Facilities Authority, 5.00% due 10/1/2029 | 300,000 | 385,683 | |
Minnesota Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), | |||
Series F, | |||
1.90% due 1/1/2029 | 270,000 | 277,868 | |
1.95% due 7/1/2029 | 640,000 | 660,269 | |
b | Minnesota Housing Finance Agency (Residential Single Family Development; Collateralized: GNMA, FNMA, FHLMC), 0.60% (MUNIPSA + 0.55%) due 7/1/2041 (put 12/12/2023) | 7,525,000 | 7,625,677 |
Port Authority of the City of St. Paul (Minnesota Andersen Office Building), | |||
Series 3, | |||
a | 5.00% due 12/1/2021 | 965,000 | 995,909 |
5.00% due 12/1/2022 | 1,250,000 | 1,349,762 | |
St. Paul Housing and Redevelopment Authority (HealthPartners), 5.00% due 7/1/2023 - 7/1/2025 | 1,850,000 | 2,089,361 | |
Mississippi — 0.1% | |||
Mississippi Development Bank (Jackson Public School District; Insured: BAM), 5.00% due 10/1/2024 - 10/1/2028 | 2,400,000 | 2,924,718 | |
Mississippi Development Bank (MDOT-Harrison County Highway), Series A-GA, 5.00% due 1/1/2022 - 1/1/2023 | 2,500,000 | 2,661,580 | |
Mississippi Development Bank (MDOT-Madison County Highway), 5.00% due 1/1/2022 - 1/1/2023 | 2,250,000 | 2,390,670 | |
Missouri — 0.6% | |||
City of Excelsior Springs (Insured: BAM) COP, | |||
Series A, 4.00% due 9/1/2024 - 9/1/2028 | 1,860,000 | 2,163,694 | |
Series B, 4.00% due 3/1/2025 - 3/1/2030 | 1,230,000 | 1,429,460 | |
Jackson County (Parking Facility Projects), 4.00% due 12/1/2021 | 1,000,000 | 1,025,720 | |
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 | 15,084,316 | |
Missouri Development Finance Board (City of Independence Electric System) ISD, | |||
Series F, | |||
4.00% due 6/1/2021 | 2,465,000 | 2,478,631 | |
a | 4.00% due 6/1/2022 | 3,155,000 | 3,282,778 |
Platte County (Community & Resource Centers), 5.00% due 4/1/2021 | 2,440,000 | 2,440,000 | |
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 | 5,478,288 | |
Nebraska — 1.2% | |||
Central Plains Energy Project, | |||
b | 4.00% due 12/1/2049 (put 8/1/2025) | 8,500,000 | 9,669,685 |
b | 5.00% due 3/1/2050 (put 1/1/2024) | 50,000,000 | 55,683,000 |
Douglas County Hospital Authority No. 3 (Nebraska Methodist Health System), 5.00% due 11/1/2022 - 11/1/2025 | 6,980,000 | 7,955,257 |
32 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Nevada — 3.7% | |||
Carson City (Carson Tahoe Regional Healthcare), 5.00% due 9/1/2023 - 9/1/2027 | $ 1,705,000 | $ 2,000,655 | |
Carson City (Carson Tahoe Regional Healthcare) ETM, 5.00% due 9/1/2022 | 2,450,000 | 2,616,331 | |
Clark County Department of Aviation, | |||
Series A, 5.00% due 7/1/2021 | 1,855,000 | 1,876,203 | |
Series C, 5.00% due 7/1/2021 | 2,500,000 | 2,528,050 | |
Clark County School District (Acquisition of Transportation & Technology Equipment) GO, | |||
Series C, 5.00% due 6/15/2022 | 2,560,000 | 2,702,848 | |
Series D, 5.00% due 6/15/2021 - 6/15/2022 | 47,150,000 | 48,848,370 | |
Series E, 5.00% due 6/15/2021 | 21,405,000 | 21,601,284 | |
Clark County School District (Insured: BAM) GO, Series B, 5.00% due 6/15/2025 | 6,910,000 | 8,144,541 | |
Clark County School District GO, Series A, 5.00% due 6/15/2023 | 4,000,000 | 4,407,760 | |
County of Washoe (Reno-Sparks Convention & Visitors Authority) GO, 5.00% due 7/1/2021 - 7/1/2022 | 4,200,000 | 4,248,737 | |
c | County of Washoe GO, 5.00% due 7/1/2027 - 7/1/2031 | 15,220,000 | 20,085,349 |
Las Vegas Convention and Visitors Authority, Series C, 5.00% due 7/1/2023 - 7/1/2026 | 3,050,000 | 3,502,118 | |
Las Vegas Valley Water District GO, | |||
Series A, 5.00% due 6/1/2023 - 6/1/2026 | 55,955,000 | 64,548,999 | |
Series B, 5.00% due 12/1/2025 | 20,000,000 | 23,731,000 | |
Series C, 5.00% due 6/1/2021 | 5,000,000 | 5,038,400 | |
State of Nevada (Water Pollution Control Revolving Fund) GO, 5.00% due 8/1/2030 | 1,530,000 | 1,997,231 | |
New Hampshire — 0.1% | |||
New Hampshire Municipal Bond Bank (Educational Facilities; Insured: State Intercept), Series C, 5.25% due 8/15/2022 | 2,770,000 | 2,962,598 | |
New Jersey — 3.5% | |||
City of Jersey City (Qualified General Improvement; Insured: BAM) (State Aid Withholding) GO, | |||
Series A, | |||
4.00% due 8/1/2021 | 2,805,000 | 2,837,482 | |
5.00% due 8/1/2022 - 8/1/2023 | 4,985,000 | 5,389,066 | |
Essex County Improvement Authority (County Correctional Facilities & Gibraltar Facilities; Insured: Natl-Re) GO, 5.50% due 10/1/2024 | 5,000,000 | 5,892,350 | |
New Jersey (Insured: Natl-Re) EDA, Series K, 5.25% due 12/15/2021 | 1,000,000 | 1,034,400 | |
New Jersey (New Jersey Transit Corporation) (State Aid Withholding) EDA, Series B, 5.00% due 11/1/2024 | 8,000,000 | 9,205,280 | |
New Jersey (New Jersey Transit Corporation) EDA, | |||
5.00% due 11/1/2029 | 40,000 | 50,377 | |
Series B, 5.00% due 11/1/2023 | 2,500,000 | 2,788,850 | |
New Jersey (School Facilities Construction) EDA, | |||
5.00% due 3/1/2026 - 6/15/2029 | 5,600,000 | 6,741,685 | |
Series UU, 5.00% due 6/15/2028 | 7,930,000 | 8,952,891 | |
New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N-1, 5.50% due 9/1/2027 | 2,750,000 | 3,442,258 | |
New Jersey (SELF DESIGNATED SOCIAL BONDS-S) EDA, Series S, 5.00% due 6/15/2030 - 6/15/2031 | 830,000 | 1,060,943 | |
New Jersey (State of New Jersey Department of the Treasury) EDA, | |||
5.00% due 6/15/2028 - 6/15/2031 | 5,240,000 | 6,553,784 | |
Series BBB, | |||
5.00% due 6/15/2021 | 2,000,000 | 2,018,640 | |
5.50% due 6/15/2029 | 1,000,000 | 1,231,330 | |
New Jersey (Virtua Health Issue) HFFA, 5.00% due 7/1/2023 - 7/1/2024 | 1,535,000 | 1,716,307 | |
New Jersey EDA, | |||
5.00% due 3/1/2025 | 775,000 | 807,612 | |
Series XX, 5.00% due 6/15/2026 | 1,140,000 | 1,329,593 | |
New Jersey Transit Corp. (Urban Public Transportation Capital Improvement), Series A, 5.00% due 9/15/2021 | 3,395,000 | 3,467,381 | |
New Jersey Transportation Trust Fund Authority, Series A, 5.00% due 12/15/2029 | 1,550,000 | 1,924,868 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), | |||
5.00% due 6/15/2023 - 6/15/2028 | 10,515,000 | 12,016,079 | |
Series A, 5.25% due 12/15/2022 | 2,000,000 | 2,165,100 | |
Series A-1, | |||
b | 1.25% (MUNIPSA + 1.20%) due 6/15/2034 (put 12/15/2021) | 8,250,000 | 8,316,247 |
5.00% due 6/15/2025 - 6/15/2027 | 30,535,000 | 35,969,852 | |
Series B, 5.00% due 6/15/2021 | 2,570,000 | 2,593,618 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements; Insured: AMBAC), | |||
Series A, 5.25% due 12/15/2021 | 6,000,000 | 6,205,620 | |
Series B, 5.25% due 12/15/2023 | 3,545,000 | 3,995,392 | |
New Jersey Transportation Trust Fund Authority (Transportation System), | |||
5.00% due 12/15/2026 - 12/15/2027 | 17,785,000 | 21,734,046 | |
Series A, 5.00% due 6/15/2024 - 12/15/2025 | 5,015,000 | 5,885,452 | |
Passaic Valley Sewer Commissioners (Sewer System), Series G, 5.75% due 12/1/2021 | 4,500,000 | 4,658,580 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 33 |
Thornburg Limited Term Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
State of New Jersey (COVID-19 GO Emergency Bonds) GO, Series A, 5.00% due 6/1/2024 - 6/1/2025 | $ 2,500,000 | $ 2,923,000 | |
State of New Jersey (COVID-19 GO Emergency Bonds-SE) GO, 5.00% due 6/1/2026 - 6/1/2029 | 21,000,000 | 26,351,925 | |
Township of Moorestown GO, 2.50% due 7/30/2021 | 10,000,000 | 10,075,400 | |
New Mexico — 1.1% | |||
Albuquerque Municipal School District No 12 (State Aid Witholding) GO, Series A, 5.00% due 8/1/2021 - 8/1/2026 | 2,550,000 | 2,802,059 | |
Carlsbad Municipal School District (Educational Facilities) (State Aid Withholding) GO, 5.00% due 8/1/2023 | 1,650,000 | 1,832,820 | |
City of Albuquerque (City Infrastructure Improvements) GO, Series A, 5.00% due 7/1/2023 | 1,360,000 | 1,504,786 | |
City of Albuquerque GO, Series A, 5.00% due 7/1/2021 | 1,020,000 | 1,031,883 | |
City of Farmington (Public Service Co. of New Mexico), | |||
Series B, | |||
b | 1.875% due 4/1/2033 (put 10/1/2021) | 5,335,000 | 5,375,119 |
b | 2.125% due 6/1/2040 (put 6/1/2022) | 3,500,000 | 3,570,665 |
b | Series C, 1.15% due 6/1/2040 (put 6/1/2024) | 4,500,000 | 4,558,545 |
b | Series D, 1.10% due 6/1/2040 (put 6/1/2023) | 7,000,000 | 7,096,950 |
City of Las Cruces GO, 5.00% due 8/1/2021 | 955,000 | 970,041 | |
City of Santa Fe (El Castillo Retirement Residences), 4.50% due 5/15/2022 | 1,100,000 | 1,111,429 | |
a | New Mexico Educational Assistance Foundation (Student Loans), Series A-1, 5.00% due 12/1/2021 | 3,000,000 | 3,010,830 |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), 5.00% due 8/1/2024 - 8/1/2025 | 1,780,000 | 2,072,733 | |
New Mexico Mortgage Finance Authority (Collateralized: GNMA, FNMA, FHLMC), Series F, 3.50% due 7/1/2050 | 10,495,000 | 11,519,732 | |
New Mexico Municipal Energy Acquisition Authority, | |||
Series A, | |||
4.00% due 5/1/2021 - 11/1/2024 | 3,800,000 | 4,090,925 | |
b | 5.00% due 11/1/2039 (put 5/1/2025) | 4,600,000 | 5,379,930 |
New Mexico State University, Series B, 5.00% due 4/1/2021 - 4/1/2022 | 1,440,000 | 1,466,433 | |
New Mexico State University (Insured: BAM), Series A, 5.00% due 4/1/2029 | 1,645,000 | 2,069,328 | |
New Mexico State University ETM, Series B, 5.00% due 4/1/2021 - 4/1/2022 | 1,655,000 | 1,687,346 | |
Rio Rancho Public School District No. 94 (State Aid Withholding) GO, Series A, 5.00% due 8/1/2026 | 1,085,000 | 1,328,062 | |
Santa Fe County (County Buildings & Facilities) GRT, Series A, 5.00% due 6/1/2025 | 1,250,000 | 1,472,662 | |
State of New Mexico Severance Tax Permanent Fund, Series A, 5.00% due 7/1/2026 | 600,000 | 734,910 | |
New York — 6.1% | |||
City of New York (City Budget Financial Management) GO, | |||
Series D, 5.00% due 8/1/2022 | 3,000,000 | 3,188,880 | |
Series G, 5.00% due 8/1/2021 - 8/1/2023 | 25,145,000 | 26,734,895 | |
Series J, 5.00% due 8/1/2021 - 8/1/2024 | 40,480,000 | 45,015,448 | |
Series K, 5.00% due 8/1/2021 - 8/1/2022 | 20,850,000 | 21,793,948 | |
City of New York GO, Series D, 5.00% due 8/1/2021 | 2,020,000 | 2,051,371 | |
City of New York GO ETM, Series D, 5.00% due 8/1/2021 | 980,000 | 995,102 | |
County of Suffolk (Insured: AGM) GO, Series A, 5.00% due 2/1/2025 | 800,000 | 931,808 | |
County of Suffolk (Insured: BAM) GO, Series D, 5.00% due 10/15/2025 | 750,000 | 890,190 | |
County of Suffolk GO, Series I, 2.00% due 7/22/2021 | 5,000,000 | 5,018,850 | |
Long Island Power Authority, Series A, 5.00% due 9/1/2026 - 9/1/2030 | 3,475,000 | 4,481,347 | |
Metropolitan Transportation Authority, | |||
5.00% due 11/15/2025 - 11/15/2027 | 2,335,000 | 2,738,573 | |
5.25% due 11/15/2028 - 11/15/2029 | 16,100,000 | 19,150,272 | |
Series B, | |||
4.00% due 11/15/2026 | 1,660,000 | 1,921,251 | |
5.00% due 11/15/2025 - 11/15/2028 | 6,035,000 | 7,172,514 | |
Series D-1, 5.00% due 11/15/2028 - 11/15/2029 | 4,990,000 | 5,879,273 | |
Series F, 5.00% due 11/15/2025 | 1,055,000 | 1,248,044 | |
Metropolitan Transportation Authority (Green Bond), | |||
Series A2, 5.00% due 11/15/2027 | 3,450,000 | 4,172,257 | |
Series B, 5.00% due 11/15/2027 | 1,845,000 | 2,278,723 | |
Series C-1, 5.00% due 11/15/2024 - 11/15/2026 | 6,840,000 | 8,111,042 | |
Metropolitan Transportation Authority (Transit and Commuter System), Series B-1, 5.00% due 5/15/2022 | 15,430,000 | 16,156,444 | |
Monroe County (St. John Fisher College) IDC, Series A, 5.00% due 6/1/2022 | 2,000,000 | 2,104,600 | |
Nassau County Interim Finance Authority, Series A, 5.00% due 11/15/2025 - 11/15/2031 | 8,120,000 | 10,906,711 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
c | 5.00% due 11/1/2026 - 11/1/2031 | 8,500,000 | 10,901,065 |
5.00% due 5/1/2028 | 1,500,000 | 1,903,980 | |
Series 1, 5.00% due 11/1/2026 - 11/1/2029 | 9,000,000 | 11,377,090 | |
Series A, 5.00% due 11/1/2028 - 11/1/2030 | 10,485,000 | 13,475,365 | |
Series D, 5.00% due 11/1/2024 - 11/1/2025 | 2,750,000 | 3,226,433 | |
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 | 3,024,200 |
34 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
New York City Water & Sewer System, | |||
Series DD, 5.00% due 6/15/2026 | $ 1,250,000 | $ 1,530,737 | |
Series EE, 5.00% due 6/15/2031 | 7,000,000 | 9,489,060 | |
New York GO, Series J, 5.00% due 8/1/2026 | 750,000 | 915,503 | |
New York State Dormitory Authority, Series A, 5.00% due 3/15/2030 | 8,040,000 | 10,126,139 | |
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 | 770,973 | |
Series H, 5.00% due 10/1/2021 | 750,000 | 767,655 | |
New York State Dormitory Authority (School Districts Financing Program; Insured: AGC) (State Aid Withholding), | |||
5.25% due 10/1/2023 | 140,000 | 143,392 | |
5.25% due 10/1/2023 (pre-refunded 10/1/2021) | 1,860,000 | 1,906,798 | |
New York State Dormitory Authority (School Districts Financing Program; Insured: AGM) (State Aid Withholding), | |||
Series A, 5.00% due 10/1/2021 - 10/1/2024 | 7,400,000 | 8,134,831 | |
Series F, 5.00% due 10/1/2021 | 1,250,000 | 1,278,937 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), | |||
Series A, 5.00% due 2/15/2025 - 3/15/2031 | 22,610,000 | 29,493,978 | |
Series D, 5.00% due 2/15/2030 | 1,230,000 | 1,613,662 | |
New York State Dormitory Authority (State of New York Sales Tax Revenue), Series E, 5.00% due 3/15/2029 | 4,135,000 | 5,311,904 | |
b | New York State Energy Research & Development Authority (New York State Electric & Gas Corp.), Series C, 2.625% due 4/1/2034 (put 7/3/2023) | 1,415,000 | 1,479,128 |
New York State Environmental Facilities Corp. (State of New York State Revolving Fund), 5.00% due 5/15/2025 | 1,075,000 | 1,231,552 | |
New York State Housing Finance Agency, Series I, 2.70% due 11/1/2023 | 2,125,000 | 2,240,727 | |
New York State Thruway Authority (Governor Thomas E. Dewey Thruway), | |||
Series I, 5.00% due 1/1/2022 | 3,000,000 | 3,105,000 | |
Series K, 5.00% due 1/1/2024 - 1/1/2025 | 3,000,000 | 3,452,440 | |
New York State Urban Development Corp., | |||
5.00% due 3/15/2031 | 1,500,000 | 1,976,220 | |
Series E, 5.00% due 3/15/2031 | 5,000,000 | 6,514,700 | |
State of New York Mortgage Agency, | |||
Series 223, | |||
1.85% due 4/1/2026 | 400,000 | 414,640 | |
1.90% due 10/1/2026 | 815,000 | 847,013 | |
1.95% due 4/1/2027 | 1,000,000 | 1,045,790 | |
2.00% due 10/1/2027 | 775,000 | 808,604 | |
2.05% due 4/1/2028 | 450,000 | 470,007 | |
2.25% due 4/1/2030 | 1,320,000 | 1,370,358 | |
2.30% due 10/1/2030 | 1,110,000 | 1,152,158 | |
Suffolk County (Catholic Health Services) EDC, 5.00% due 7/1/2021 - 7/1/2022 | 10,000,000 | 10,108,550 | |
Town of Oyster Bay (Insured: BAM) GO, 4.00% due 11/1/2023 - 11/1/2026 | 3,195,000 | 3,628,505 | |
Town of Oyster Bay GO, 4.00% due 3/1/2024 | 825,000 | 909,092 | |
Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels), | |||
Series A, 5.00% due 11/15/2021 | 5,140,000 | 5,293,892 | |
Series C-1, 5.00% due 11/15/2026 | 4,000,000 | 4,949,280 | |
West Seneca Central School District (Insured: BAM) (State Aid Withholding) GO, 5.00% due 11/15/2022 | 1,000,000 | 1,073,230 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2024 - 7/1/2028 | 1,395,000 | 1,596,370 | |
North Carolina — 1.7% | |||
Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), | |||
Series A, | |||
4.00% due 1/15/2022 | 875,000 | 900,944 | |
5.00% due 1/15/2023 - 1/15/2024 | 4,255,000 | 4,612,031 | |
City of Charlotte (Equipment Acquisition & Public Facilities) COP, Series C, 5.00% due 12/1/2021 - 12/1/2025 | 7,940,000 | 8,898,278 | |
b | Columbus County Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), 2.00% due 11/1/2033 (put 10/1/2024) | 1,100,000 | 1,155,396 |
County of Buncombe (Primary, Middle School & Community College Facilities), Series A, 5.00% due 6/1/2022 - 6/1/2024 | 2,350,000 | 2,571,460 | |
County of Dare (Educational Facility Capital Projects), | |||
Series A, | |||
4.00% due 6/1/2022 | 490,000 | 511,717 | |
5.00% due 6/1/2021 - 6/1/2024 | 1,925,000 | 2,005,689 | |
County of New Hanover, 4.00% due 8/1/2025 | 2,300,000 | 2,643,850 | |
County of Randolph, | |||
Series B, 5.00% due 10/1/2021 - 10/1/2023 | 3,560,000 | 3,787,133 | |
Series C, 5.00% due 10/1/2021 - 10/1/2023 | 900,000 | 958,296 | |
New County Hanover, 5.00% due 8/1/2027 | 3,685,000 | 4,654,597 | |
North Carolina Eastern Municipal Power Agency ETM, Series A, 5.00% due 1/1/2022 | 4,715,000 | 4,880,638 | |
North Carolina Municipal Power Agency (Catawba Electric), Series B, 4.00% due 1/1/2022 | 1,250,000 | 1,284,500 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 35 |
Thornburg Limited Term Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
North Carolina Turnpike Authority, 5.00% due 1/1/2023 - 1/1/2029 | $ 17,630,000 | $ 20,979,623 | |
b | University of North Carolina at Chapel Hill, Series A, 0.427% (LIBOR 1 Month + 0.35%) due 12/1/2041 (put 12/1/2021) | 40,500,000 | 40,538,718 |
Winston-Salem State University (Student Housing and Student Services Facilities), 5.00% due 4/1/2022 | 945,000 | 988,375 | |
North Dakota — 0.0% | |||
County of Mckenzie, 5.00% due 8/1/2021 | 1,455,000 | 1,478,105 | |
County of McKenzie, 5.00% due 8/1/2022 | 1,000,000 | 1,064,230 | |
Ohio — 3.0% | |||
Akron, Bath & Copley Joint Township Hospital District (Children’s Hospital Medical Center), 5.00% due 11/15/2021 | 1,000,000 | 1,029,230 | |
American Municipal Power, Inc. (AMP Fremont Energy Center), Series B, 5.00% due 2/15/2022 | 2,750,000 | 2,861,155 | |
Cincinnati City School District Board of Education (Educational Facilities; Insured: Natl-Re) GO, 5.25% due 12/1/2023 | 2,690,000 | 3,042,793 | |
City of Akron (Community Learning Centers), Series A, 5.00% due 12/1/2021 | 4,120,000 | 4,249,080 | |
City of Cleveland (Municipal Street System Improvements) GO, | |||
Series A, | |||
3.00% due 12/1/2021 | 2,305,000 | 2,346,398 | |
4.00% due 12/1/2022 - 12/1/2023 | 6,725,000 | 7,247,145 | |
5.00% due 12/1/2025 - 12/1/2026 | 7,165,000 | 8,550,245 | |
City of Cleveland (Parking Facility; Insured: AGM), 5.25% due 9/15/2021 | 2,035,000 | 2,078,834 | |
City of Cleveland (Parking Facility; Insured: AGM) ETM, 5.25% due 9/15/2021 | 965,000 | 986,452 | |
City of Cleveland (Parks & Recreation Facilities), 5.00% due 10/1/2021 - 10/1/2023 | 2,830,000 | 3,035,519 | |
City of Cleveland (Police & Fire Pension Payment), 5.00% due 5/15/2021 | 750,000 | 754,005 | |
City of Cleveland (Public Facilities Improvements), 5.00% due 10/1/2025 - 10/1/2028 | 3,200,000 | 3,972,499 | |
City of Cleveland (Public Facilities), 5.00% due 10/1/2022 - 10/1/2023 | 2,060,000 | 2,255,495 | |
City of Columbus GO, Series A, 5.00% due 4/1/2022 | 1,800,000 | 1,886,832 | |
City of Toledo (Water System Improvements), 5.00% due 11/15/2021 - 11/15/2023 | 7,005,000 | 7,484,241 | |
Cleveland State University (Campus Capital Projects), 5.00% due 6/1/2021 - 6/1/2022 | 3,000,000 | 3,071,000 | |
County of Cuyahoga (Convention Hotel Project) COP, 5.00% due 12/1/2023 - 12/1/2024 | 17,160,000 | 18,903,333 | |
b | County of Franklin (Trinity Health Corp. Obligated Group), Series OH, 0.10% due 12/1/2046 (put 5/3/2021) | 4,500,000 | 4,500,891 |
County of Scioto (Southern Ohio Medical Center), 5.00% due 2/15/2025 | 1,695,000 | 1,959,827 | |
Franklin County Convention Facilities Authority (Greater Columbus Convention Center) ETM, 5.00% due 12/1/2021 - 12/1/2024 | 2,500,000 | 2,735,525 | |
b | Ohio Higher Educational Facility Commission (Case Western Reserve University), 1.625% due 12/1/2034 (put 12/1/2026) | 2,200,000 | 2,281,224 |
Ohio Turnpike & Infrastructure Commission, Series A, 5.00% due 2/15/2027 - 2/15/2028 | 14,555,000 | 18,229,494 | |
Ohio Water Development Authority, Series A, 5.00% due 12/1/2030 | 1,000,000 | 1,219,770 | |
State of Ohio (Major New Street Infrastructure Project), | |||
Series 1, 5.00% due 12/15/2021 | 2,500,000 | 2,585,900 | |
Series 2016-1, 5.00% due 12/15/2026 | 1,000,000 | 1,226,060 | |
State of Ohio GO, | |||
Series A, 5.00% due 6/15/2028 - 6/15/2031 | 4,775,000 | 6,356,734 | |
Series C, 5.00% due 3/1/2029 - 3/1/2031 | 3,350,000 | 4,470,476 | |
Series V, | |||
5.00% due 5/1/2021 - 5/1/2028 | 35,010,000 | 40,159,695 | |
a | 5.00% due 5/1/2022 | 11,250,000 | 11,842,987 |
Youngstown City School District (Educational Facilities) (State Aid Withholding) GO, 4.00% due 12/1/2021 - 12/1/2023 | 5,240,000 | 5,255,389 | |
Oklahoma — 0.6% | |||
Canadian County Educational Facilities Authority (Mustang Public Schools) ISD, | |||
4.50% due 9/1/2021 | 2,290,000 | 2,329,388 | |
5.00% due 9/1/2027 | 1,000,000 | 1,215,000 | |
Cleveland County Educational Facilities Authority (Moore Public Schools) ISD, 5.00% due 6/1/2023 | 5,355,000 | 5,893,124 | |
Muskogee Industrial Trust (Muskogee County No. 20) ISD, 5.00% due 9/1/2024 - 9/1/2027 | 3,550,000 | 4,172,028 | |
Oklahoma (INTEGRIS Health) DFA, Series A, 5.00% due 8/15/2022 - 8/15/2025 | 4,725,000 | 5,281,247 | |
Oklahoma Capitol Improvement Authority (State Highway Capital Improvement), 5.00% due 7/1/2023 | 325,000 | 359,197 | |
Oklahoma County Finance Authority (Midwest City Public Service) ISD, 5.00% due 10/1/2022 - 10/1/2026 | 3,450,000 | 3,901,957 | |
Tulsa County Industrial Authority (Broken Arrow Public Schools) ISD, 4.50% due 9/1/2021 | 8,775,000 | 8,925,667 | |
Tulsa County Industrial Authority ISD, 5.00% due 9/1/2021 - 9/1/2022 | 3,025,000 | 3,154,502 | |
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 | 11,159,565 | |
Polk County Dallas School District No. 2 (Capital Improvements) (State Aid Withholding) GO, Zero Coupon due 6/15/2021 | 1,475,000 | 1,473,613 | |
Tri-County Metropolitan Transportation District of Oregon, Series A, 5.00% due 10/1/2028 | 2,845,000 | 3,529,905 | |
Pennsylvania — 5.8% | |||
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 | 2,220,042 | |
Allegheny County Hospital Development Authority, 5.00% due 7/15/2028 - 7/15/2029 | 7,425,000 | 9,564,273 | |
Allegheny County Sanitary Authority (2015 Capital Project), 5.00% due 12/1/2023 - 12/1/2024 | 19,150,000 | 21,613,779 | |
Allegheny County Sanitary Authority (2015 Capital Project; Insured: BAM), 5.00% due 12/1/2025 | 1,000,000 | 1,193,570 |
36 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Allegheny County Sanitary Authority (Insured: BAM), 5.00% due 12/1/2029 | $ 2,830,000 | $ 3,365,181 | |
Altoona Area School District (State Aid Withholding) (Insured: AGM) GO, 3.00% due 12/1/2022 | 1,335,000 | 1,397,264 | |
City of Philadelphia (Insured: AGM) GO, 5.00% due 8/1/2025 - 8/1/2027 | 28,685,000 | 34,470,414 | |
City of Philadelphia (Pennsylvania Gas Works), 5.00% due 8/1/2023 - 8/1/2025 | 10,900,000 | 12,363,058 | |
City of Philadelphia (Water and Wastewater System), 5.00% due 10/1/2024 - 10/1/2026 | 5,455,000 | 6,455,639 | |
City of Philadelphia Airport Revenue, Series A, 5.00% due 7/1/2029 | 1,000,000 | 1,296,590 | |
City of Philadelphia GO, Series A, 5.00% due 8/1/2025 | 10,710,000 | 12,644,012 | |
City of Pittsburgh (Insured: BAM) GO, 5.00% due 9/1/2022 | 1,100,000 | 1,171,918 | |
Commonwealth Financing Authority (Tobacco Master Settlement), 5.00% due 6/1/2023 | 930,000 | 1,021,791 | |
Commonwealth of Pennsylvania (Capital Facilities Projects) GO, Series 1, 5.00% due 3/15/2022 | 12,485,000 | 13,051,444 | |
Commonwealth of Pennsylvania (Capital Facilities) GO, Series D, 5.00% due 8/15/2023 - 8/15/2025 | 39,450,000 | 45,287,044 | |
Commonwealth of Pennsylvania GO, | |||
4.00% due 11/15/2027 | 4,775,000 | 4,885,350 | |
5.00% due 7/15/2030 | 12,930,000 | 16,832,791 | |
Cumberland County Municipal Authority (Penn State Health Obligated Group), 5.00% due 11/1/2027 - 11/1/2029 | 3,150,000 | 4,022,862 | |
Economy Borough Municipal Authority (Beaver County Sewer System; Insured: BAM), 4.00% due 12/15/2022 | 1,180,000 | 1,253,490 | |
Lancaster County Solid Waste Management Authority (Harrisburg Resource Recovery Facility), | |||
Series A, | |||
5.00% due 12/15/2023 | 2,680,000 | 3,021,512 | |
5.25% due 12/15/2024 | 4,770,000 | 5,405,698 | |
Luzerne County (Insured: AGM) GO, Series A, 5.00% due 11/15/2021 - 11/15/2024 | 11,840,000 | 12,976,365 | |
Luzerne County (Insured: AGM) IDA GO, 5.00% due 12/15/2021 - 12/15/2027 | 6,045,000 | 6,776,321 | |
Monroeville Finance Authority (University of Pittsburgh Medical Center), 5.00% due 2/15/2022 | 1,250,000 | 1,302,350 | |
Montgomery County Higher Education & Health Authority (Abington Memorial Hospital), 5.00% due 6/1/2022 | 2,800,000 | 2,947,420 | |
Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group), 5.00% due 9/1/2026 - 9/1/2029 | 3,575,000 | 4,452,102 | |
Northampton Borough Municipal Authority (Water System; Insured: AGM), | |||
3.00% due 5/15/2023 | 1,255,000 | 1,292,801 | |
4.00% due 5/15/2021 - 5/15/2022 | 1,685,000 | 1,736,071 | |
Pennsylvania Economic Development Financing Authority, Series A, 5.00% due 11/15/2026 | 2,310,000 | 2,847,006 | |
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group), | |||
5.00% due 3/15/2026 | 220,000 | 266,367 | |
Series A-1, 5.00% due 4/15/2024 - 4/15/2030 | 10,095,000 | 12,683,602 | |
Pennsylvania Higher Educational Facilities Authority (Shippensburg University Student Services, Inc. Student Housing) ETM, 4.00% due 10/1/2022 | 1,570,000 | 1,629,425 | |
Pennsylvania Higher Educational Facilities Authority (University of Pennsylvania Health System), 5.00% due 8/15/2027 | 1,000,000 | 1,254,290 | |
Pennsylvania Turnpike Commission, | |||
Series A-1, 5.00% due 12/1/2022 - 12/1/2027 | 5,050,000 | 6,110,035 | |
Series B, 5.00% due 12/1/2029 - 12/1/2030 | 1,275,000 | 1,683,299 | |
Philadelphia (Philadelphia) IDA, 5.00% due 5/1/2024 - 5/1/2028 | 2,975,000 | 3,613,801 | |
Philadelphia Gas Works Co. (Insured: AGM), | |||
Series A, 5.00% due 8/1/2024 - 8/1/2031 | 5,185,000 | 6,495,573 | |
a | Series B, 5.00% due 8/1/2024 | 500,000 | 572,510 |
Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2021 - 4/1/2027 | 7,850,000 | 8,907,992 | |
Pittsburgh Water & Sewer Authority (Insured: AGM), | |||
Series B, | |||
5.00% due 9/1/2028 - 9/1/2031 | 1,295,000 | 1,668,766 | |
a | 5.00% due 9/1/2030 | 450,000 | 590,895 |
Pittsburgh Water and Sewer Authority, | |||
Series A, 5.00% due 9/1/2024 | 7,365,000 | 8,147,605 | |
Series B, 5.00% due 9/1/2024 (pre-refunded 9/1/2023) | 2,395,000 | 2,669,251 | |
Pittsburgh Water and Sewer Authority ETM, Series B, 5.00% due 9/1/2023 | 2,520,000 | 2,814,890 | |
Plum Borough School District (Insured: BAM) (State Aid Withholding) GO, | |||
Series A, 5.00% due 9/15/2022 - 9/15/2024 | 4,790,000 | 5,213,553 | |
Series B, 5.00% due 9/15/2023 | 470,000 | 517,146 | |
Series C, 4.00% due 9/15/2021 | 1,610,000 | 1,633,908 | |
School District of Philadelphia, Series A, 4.00% due 6/30/2021 | 12,800,000 | 12,918,144 | |
School District of Philadelphia (State Aid Withholding) GO, Series A, 5.00% due 9/1/2023 - 9/1/2028 | 2,400,000 | 2,854,415 | |
Southeastern Pennsylvania Transportation Authority, 5.00% due 6/1/2022 - 6/1/2028 | 7,705,000 | 9,170,007 | |
Sports & Exhibition Authority of Pittsburgh and Allegheny County (Allegheny Regional Asset District; Insured: AGM), | |||
4.00% due 2/1/2022 | 1,200,000 | 1,236,612 | |
5.00% due 2/1/2029 - 2/1/2030 | 5,675,000 | 7,254,131 | |
York County GO, Series A, 5.00% due 6/1/2028 - 6/1/2030 | 3,000,000 | 3,883,290 | |
Rhode Island — 1.1% | |||
Rhode Island Clean Water Finance Agency (Public Drinking Water Supply or Treatment Facilities), Series B, 5.00% due 10/1/2021 - 10/1/2023 | 6,660,000 | 7,156,369 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 37 |
Thornburg Limited Term Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Rhode Island Commerce Corp., Series B, 5.00% due 6/15/2028 | $ 2,060,000 | $ 2,509,121 | |
Rhode Island Health and Educational Building Corp. (University of Rhode Island Auxiliary Enterprise), Series C, 5.00% due 9/15/2023 | 1,400,000 | 1,554,490 | |
Rhode Island Health and Educational Building Corp. (University of Rhode Island), Series B, 5.00% due 9/15/2022 - 9/15/2025 | 965,000 | 1,088,451 | |
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 | 27,250,545 | |
Series B, 4.00% due 10/15/2021 - 10/15/2022 | 2,000,000 | 2,079,160 | |
State of Rhode Island and Providence Plantations (Energy Conservation) COP, Series C, 5.00% due 4/1/2022 | 2,020,000 | 2,119,505 | |
State of Rhode Island and Providence Plantations (Information Technology) COP, 5.00% due 11/1/2024 | 3,010,000 | 3,506,018 | |
State of Rhode Island and Providence Plantations (Kent County Courthouse) COP, Series A, 5.00% due 10/1/2021 - 10/1/2023 | 5,600,000 | 5,983,345 | |
State of Rhode Island and Providence Plantations (Training School) COP, Series B, 5.00% due 10/1/2021 - 10/1/2023 | 8,865,000 | 9,422,367 | |
South Carolina — 0.7% | |||
Beaufort-Jasper Water & Sewer Authority (Waterworks & Sewer System), Series B, 5.00% due 3/1/2022 - 3/1/2025 | 4,000,000 | 4,445,750 | |
Berkeley County School District (School Facility Equipment Acquisition), 5.00% due 12/1/2021 - 12/1/2024 | 3,000,000 | 3,343,760 | |
Charleston County (South Aviation Avenue Construction), 5.00% due 12/1/2022 - 12/1/2023 | 4,270,000 | 4,720,698 | |
City of Charleston Public Facilities Corp. (City of Charleston Project), Series A, 5.00% due 9/1/2021 - 9/1/2025 | 2,160,000 | 2,416,290 | |
b | City of Charleston Waterworks & Sewer System Revenue (Capital Improvement), Series B, 0.447% (LIBOR 1 Month + 0.37%) due 1/1/2035 (put 1/1/2022) | 17,800,000 | 17,846,084 |
Greenwood County (Self Regional Healthcare), Series B, 5.00% due 10/1/2022 | 1,000,000 | 1,046,790 | |
SCAGO Educational Facilities Corp. (School District of Pickens County), 5.00% due 12/1/2021 - 12/1/2025 | 5,320,000 | 5,866,688 | |
South Dakota — 0.2% | |||
South Dakota Building Authority, | |||
Series B, | |||
5.00% due 6/1/2022 | 500,000 | 526,800 | |
5.00% due 6/1/2024 (pre-refunded 6/1/2023) | 1,000,000 | 1,102,710 | |
South Dakota Health & Educational Facilities Authority (Avera Health) ETM, Series A, 5.00% due 7/1/2021 | 1,670,000 | 1,689,038 | |
South Dakota Health & Educational Facilities Authority (Monument Health), Series A, 5.00% due 9/1/2025 - 9/1/2027 | 3,350,000 | 4,117,503 | |
South Dakota Health & Educational Facilities Authority (Sanford Health), 5.00% due 11/1/2021 - 11/1/2025 | 2,825,000 | 3,173,536 | |
Tennessee — 0.1% | |||
Shelby County GO, 5.00% due 4/1/2029 | 4,445,000 | 5,806,592 | |
Tennessee Energy Acquisition Corp. (The Gas Project), Series A, 5.25% due 9/1/2023 | 1,115,000 | 1,241,519 | |
Texas — 14.5% | |||
Bexar County Hospital District (University Health System) GO, 5.00% due 2/15/2022 - 2/15/2027 | 7,355,000 | 8,442,021 | |
Board of Regents of the University of Texas System, Series A, 5.00% due 8/15/2030 | 4,500,000 | 6,035,625 | |
Cities of Dallas and Fort Worth (DFW International Airport Terminal Renewal & Improvement Program), Series D, 5.25% due 11/1/2023 | 3,000,000 | 3,086,580 | |
City of Austin (Electric Utility), Series A, 5.00% due 11/15/2029 - 11/15/2031 | 7,400,000 | 9,814,145 | |
City of Austin (Water and Wastewater System), | |||
5.00% due 11/15/2022 | 245,000 | 252,394 | |
5.00% due 11/15/2022 (pre-refunded 11/15/2021) | 2,395,000 | 2,466,607 | |
City of Beaumont (Waterworks & Sewer System Improvements; Insured: AGM), Series A, 5.00% due 9/1/2023 - 9/1/2024 | 7,500,000 | 8,325,300 | |
City of Beaumont GO, 5.00% due 3/1/2022 - 3/1/2026 | 3,930,000 | 4,467,458 | |
City of Brownsville (Water, Wastewater & Electric Utilities Systems), | |||
5.00% due 9/1/2022 | 1,300,000 | 1,381,575 | |
Series A, 5.00% due 9/1/2022 - 9/1/2023 | 3,900,000 | 4,245,613 | |
City of Bryan (Electric System Improvements), 5.00% due 7/1/2026 | 535,000 | 649,998 | |
City of Conroe GO, 5.00% due 3/1/2026 - 3/1/2029 | 810,000 | 1,014,380 | |
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2022 - 2/15/2025 | 5,500,000 | 6,113,700 | |
City of Dallas (Trinity River Corridor Infrastructure) GO, | |||
5.00% due 2/15/2024 - 2/15/2026 | 20,640,000 | 23,341,111 | |
Series A, 5.00% due 2/15/2024 | 10,235,000 | 11,136,192 | |
City of Dallas GO, 5.00% due 2/15/2022 - 2/15/2024 | 20,635,000 | 21,491,841 | |
City of Houston (Combined Utility System), | |||
Series C, | |||
b | 0.436% (LIBOR 1 Month + 0.36%) due 5/15/2034 (put 8/1/2021) | 18,525,000 | 18,527,983 |
5.00% due 5/15/2022 - 5/15/2024 | 14,695,000 | 16,355,583 | |
Series D, 5.00% due 11/15/2022 - 11/15/2024 | 17,535,000 | 19,560,069 | |
City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2023 - 3/1/2028 | 48,505,000 | 57,230,157 | |
City of Laredo (Acquire & Purchase Personal Property) GO, 5.00% due 2/15/2022 - 2/15/2026 | 4,505,000 | 5,100,494 | |
City of Laredo (City Infrastructure Improvements) GO, Series A, 5.00% due 2/15/2022 - 2/15/2027 | 2,750,000 | 3,213,631 | |
City of Laredo (Sports Venues; Insured: AGM) ETM, 5.00% due 3/15/2022 - 3/15/2024 | 3,800,000 | 4,068,649 | |
City of Lubbock (Waterworks System) GO, 5.00% due 2/15/2022 - 2/15/2025 | 29,935,000 | 33,955,026 | |
City of McAllen (International Toll Bridge System; Insured: AGM), Series A, 5.00% due 3/1/2024 - 3/1/2027 | 3,015,000 | 3,538,219 | |
City of Olmos Park Higher Education Facilities Corp. (University of the Incarnate Word), 5.00% due 12/1/2021 | 1,000,000 | 1,029,950 |
38 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
City of Pflugerville GO, 5.00% due 8/1/2026 | $ 900,000 | $ 1,109,817 | |
b | City of San Antonio, 1.75% due 2/1/2049 (put 12/1/2025) | 10,750,000 | 11,286,425 |
City of San Antonio (CPS Energy), 5.25% due 2/1/2024 | 7,000,000 | 7,962,920 | |
City of San Antonio (San Antonio Water System), Series A, 5.00% due 5/15/2023 - 5/15/2026 | 3,700,000 | 4,294,906 | |
City of San Antonio GO, 5.00% due 8/1/2026 | 1,400,000 | 1,719,620 | |
City of San Antonio Public Facilities Corp. (Convention Center Refinancing & Expansion), 5.00% due 9/15/2022 | 1,450,000 | 1,550,152 | |
Clifton Higher Education Finance Corp. (IDEA Public Schools), 5.00% due 8/15/2023 | 845,000 | 893,199 | |
Comal (Guaranty: PSF-GTD) ISD GO, 5.00% due 2/1/2024 - 2/1/2029 | 3,350,000 | 4,182,673 | |
Conroe (Guaranty: PSF-GTD) ISD GO, | |||
5.00% due 2/15/2031 | 500,000 | 630,195 | |
Series A, 5.00% due 2/15/2030 | 2,000,000 | 2,662,960 | |
Cypress-Fairbanks (Guaranty: PSF-GTD) ISD GO, | |||
Series A, 5.00% due 2/15/2028 - 2/15/2031 | 6,000,000 | 7,902,865 | |
b | Series A-2, 1.25% due 2/15/2036 (put 8/15/2022) | 5,500,000 | 5,587,945 |
Series B-1, | |||
b | 1.25% due 2/15/2036 (put 8/15/2022) | 3,500,000 | 3,555,965 |
b | 2.125% due 2/15/2040 (put 8/16/2021) | 4,800,000 | 4,836,816 |
b | Series B-3, 1.25% due 2/15/2040 (put 8/15/2022) | 7,000,000 | 7,111,930 |
Dallas (Guaranty: PSF-GTD) ISD GO, | |||
b | 5.00% due 2/15/2036 (pre-refunded 2/15/2022) | 3,215,000 | 3,350,188 |
5.00% due 2/15/2036 (pre-refunded 2/15/2022) | 760,000 | 791,517 | |
Dallas County Utility & Reclamation District GO, 5.00% due 2/15/2022 - 2/15/2027 | 12,435,000 | 14,486,929 | |
b | Denton (Guaranty: PSF-GTD) ISD GO, 2.00% due 8/1/2043 (put 8/1/2023) | 700,000 | 728,343 |
b | Denton (Guaranty: PSF-GTD) ISD GO , Series B, 2.00% due 8/1/2044 (put 8/1/2024) | 2,500,000 | 2,632,450 |
Grayson County (State Highway Toll System) GO, 5.00% due 1/1/2022 | 3,000,000 | 3,107,790 | |
Gulf Coast Waste Disposal Authority (Bayport Area Wastewater Treatment System; Insured: AGM), 5.00% due 10/1/2022 - 10/1/2025 | 3,485,000 | 3,913,594 | |
Harris County (Flood Control), 5.00% due 10/1/2025 - 10/1/2027 | 14,305,000 | 17,767,497 | |
Harris County (Tax Road) GO, Series A, 5.00% due 10/1/2025 - 10/1/2028 | 8,985,000 | 11,257,420 | |
Harris County (Texas Permanent Improvement) GO, | |||
Series A, | |||
5.00% due 10/1/2025 - 10/1/2026 | 4,150,000 | 5,069,503 | |
a | 5.00% due 10/1/2027 | 7,415,000 | 9,401,478 |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health), Series A, 5.00% due 12/1/2022 - 12/1/2025 | 6,445,000 | 7,444,361 | |
Harris County Cultural Education Facilities Finance Corp. (TECO Project), 5.00% due 11/15/2021 - 11/15/2027 | 5,300,000 | 6,296,455 | |
Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center), Series A, 5.00% due 5/15/2021 - 5/15/2029 | 11,650,000 | 14,072,958 | |
Harris County-Houston Sports Authority (Insured: AGM), | |||
5.00% due 11/15/2022 | 1,090,000 | 1,172,960 | |
Series A, 5.00% due 11/15/2023 - 11/15/2024 | 17,905,000 | 20,005,268 | |
Harris County-Houston Sports Authority (Insured: AGM) ETM, 5.00% due 11/15/2022 | 4,320,000 | 4,664,606 | |
Hays County GO, 5.00% due 2/15/2022 - 2/15/2025 | 6,000,000 | 6,595,241 | |
Highland Park (Guaranty: PSF-GTD) ISD GO, 5.00% due 2/15/2024 | 1,015,000 | 1,151,101 | |
b | Houston (Guaranty: PSF-GTD) ISD GO, 2.40% due 6/1/2030 (put 6/1/2021) | 4,000,000 | 4,014,120 |
b | Houston (Insured: PSF-GTD) ISD GO, Series B, 2.40% due 6/1/2036 (put 6/1/2021) | 1,725,000 | 1,731,089 |
Houston Airport System Revenue, | |||
Series B, 5.00% due 7/1/2021 - 7/1/2028 | 9,455,000 | 11,493,159 | |
Series D, 5.00% due 7/1/2027 | 3,355,000 | 4,183,886 | |
Houston Community College System GO, Series A, 5.00% due 2/15/2029 - 2/15/2031 | 5,920,000 | 7,830,260 | |
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.) ETM, Series A, 5.875% due 5/15/2021 | 315,000 | 316,985 | |
Houston Higher Education Finance Corp. (KIPP, Inc.; Guaranty: PSF-GTD), 5.00% due 8/15/2021 - 8/15/2022 | 1,485,000 | 1,566,489 | |
Katy (Educational Facilities Improvements; Guaranty: PSF-GTD) ISD GO, Series A, 5.00% due 2/15/2023 - 2/15/2026 | 9,670,000 | 11,231,536 | |
Keller (Guaranty: PSF-GTD) ISD GO, Series A, 5.00% due 8/15/2023 | 1,715,000 | 1,911,042 | |
La Salle County (Insured: AGM) GO, 5.00% due 3/1/2022 - 3/1/2028 | 18,885,000 | 22,033,226 | |
Laredo Community College District (School Facilities Improvements) GO, 5.00% due 8/1/2022 - 8/1/2024 | 1,980,000 | 2,190,659 | |
Lower Colorado River Authority, | |||
Series A, | |||
5.00% due 5/15/2025 | 8,020,000 | 8,441,451 | |
5.00% due 5/15/2025 (pre-refunded 5/15/2022) | 55,000 | 57,934 | |
Lower Colorado River Authority (LCRA Transmission Services Corp.), 5.00% due 5/15/2026 - 5/15/2031 | 5,125,000 | 6,604,889 | |
Metropolitan Transit Authority of Harris County, | |||
5.00% due 11/1/2022 - 11/1/2028 | 18,750,000 | 22,656,295 | |
Series D, 5.00% due 11/1/2021 - 11/1/2027 | 8,355,000 | 9,594,655 | |
New Caney (Guaranty: PSF-GTD) ISD GO, 5.00% due 2/15/2024 (pre-refunded 8/15/2022) | 865,000 | 921,389 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 39 |
Thornburg Limited Term Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
North Harris County Regional Water Authority (Regional Water Production Design, Acquisition and Construction), 5.00% due 12/15/2021 - 12/15/2026 | $ 5,490,000 | $ 6,404,118 | |
North Texas Tollway Authority (North Texas Tollway System), Series A, 5.00% due 1/1/2026 - 1/1/2029 | 7,550,000 | 9,369,325 | |
North Texas Tollway Authority ETM, 5.00% due 1/1/2022 | 655,000 | 677,840 | |
b | Pflugerville (Guaranty: PSF-GTD) ISD GO, Series A, 2.25% due 8/15/2037 (put 8/15/2022) | 2,750,000 | 2,828,567 |
Port Authority of Houston of Harris County Texas GO, Series A-2 5.00% due 10/1/2030 | 400,000 | 536,968 | |
Round Rock (Educational Facilities Improvements) ISD GO, 5.00% due 8/1/2026 - 8/1/2027 | 2,100,000 | 2,614,932 | |
Round Rock (Educational Facilities Improvements; Guaranty: PSF-GTD) ISD GO, 5.00% due 8/1/2022 - 8/1/2029 | 8,065,000 | 9,484,399 | |
Round Rock (SCH BLDG; Guaranty: PSF-GTD) ISD GO, 5.00% due 8/1/2026 | 6,240,000 | 7,640,256 | |
Sam Rayburn Municipal Power Agency, 5.00% due 10/1/2021 | 2,705,000 | 2,770,272 | |
San Antonio (Guaranty: PSF-GTD) ISD GO, | |||
5.00% due 8/15/2029 | 3,430,000 | 4,201,270 | |
Series B, 5.00% due 8/15/2029 | 2,395,000 | 3,149,952 | |
San Antonio Water System, | |||
a,b | 2.00% due 5/1/2043 (put 11/1/2021) | 500,000 | 505,305 |
Series A, | |||
b | 2.625% due 5/1/2049 (put 5/1/2024) | 3,000,000 | 3,206,880 |
5.00% due 5/15/2023 | 425,000 | 467,602 | |
Series C, 5.00% due 5/15/2029 - 5/15/2030 | 2,000,000 | 2,632,060 | |
State of Texas, 4.00% due 8/26/2021 | 147,100,000 | 149,418,296 | |
Stephen F Austin State University, 5.00% due 10/15/2022 - 10/15/2029 | 9,690,000 | 11,588,350 | |
Tarrant Regional Water District, Series A, 5.00% due 3/1/2022 - 3/1/2027 | 7,850,000 | 9,202,331 | |
Texas Municipal Gas Acquisition & Supply Corp. III, 5.00% due 12/15/2025 - 12/15/2030 | 3,750,000 | 4,669,035 | |
Texas State University System, Series A, 5.00% due 3/15/2028 - 3/15/2030 | 13,090,000 | 16,808,059 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2022 - 8/15/2024 | 2,130,000 | 2,377,096 | |
Texas Transportation Commission (Highway Improvements) GO, 5.00% due 4/1/2022 - 4/1/2024 | 10,380,000 | 11,429,046 | |
Texas Transportation Commission State Highway Fund, Series A, 5.00% due 4/1/2024 | 1,650,000 | 1,882,914 | |
Texas Water Development Board, 5.00% due 8/1/2031 | 2,920,000 | 3,890,433 | |
Walnut Creek Special Utility District (Water System Improvements; Insured: BAM), 5.00% due 1/10/2022 - 1/10/2024 | 1,275,000 | 1,387,939 | |
Utah — 1.0% | |||
b | County of Utah (IHC Health Services, Inc. Obligated Group), Series B-1, 5.00% due 5/15/2056 (put 8/1/2022) | 9,500,000 | 10,006,635 |
Granite School District Board of Education GO, 5.00% due 6/1/2030 | 4,135,000 | 5,529,942 | |
University of Utah, Series A-1, 5.00% due 8/1/2029 - 8/1/2031 | 1,350,000 | 1,796,712 | |
Utah State Board of Regents (Insured: Natl-Re), Series A, 5.50% due 4/1/2029 | 30,365,000 | 39,514,278 | |
Utah Transit Authority (Integrated Mass Transit System), Series A, 5.00% due 6/15/2022 - 6/15/2025 | 3,545,000 | 3,998,695 | |
Virginia — 0.7% | |||
City of Richmond GO, Series A, 5.00% due 7/15/2031 | 5,070,000 | 6,788,324 | |
County of Fairfax (State Aid Withholding) GO, | |||
Series A, | |||
4.50% due 10/1/2027 | 4,975,000 | 6,155,269 | |
5.00% due 10/1/2030 | 2,000,000 | 2,670,780 | |
County of Henrico (State Aid Witholding) GO, Series A, 5.00% due 8/1/2030 | 1,000,000 | 1,346,880 | |
Fairfax County (Inova Health System) IDA, | |||
4.00% due 5/15/2022 | 5,550,000 | 5,790,204 | |
5.00% due 5/15/2022 | 5,000,000 | 5,272,050 | |
b | Halifax County (VirginiaI Electric and Power Co. Project) IDA, Series A, 0.45% due 12/1/2041 (put 4/1/2022) | 2,000,000 | 1,998,800 |
Virginia Commonwealth Transportation Board, 5.00% due 9/15/2028 | 3,945,000 | 4,983,837 | |
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), 5.00% due 1/1/2025 - 1/1/2030 | 3,885,000 | 4,711,322 | |
Washington — 2.3% | |||
Central Puget Sound Regional Transit Authority (Green Bond), Series S-1, 5.00% due 11/1/2025 | 2,000,000 | 2,401,980 | |
Clark County School District No 37 Vancouver (State Aid Withholding) GO, 5.00% due 12/1/2026 - 12/1/2028 | 1,700,000 | 2,158,771 | |
Energy Northwest (Nine Canyon Wind Project Phase I-III), 5.00% due 7/1/2021 - 7/1/2025 | 4,850,000 | 5,191,946 | |
Marysville School District No. 25 (Snohomish County Educational Facilities) (State Aid Withholding) GO, 5.00% due 12/1/2021 - 12/1/2023 | 6,070,000 | 6,511,167 | |
Skagit County Public Hospital District No. 1 (Skagit Regional Health), Series A, 5.00% due 12/1/2021 - 12/1/2023 | 2,410,000 | 2,530,305 | |
Skagit County Public Hospital District No. 1 (Skagit Regional Health) GO, 5.00% due 12/1/2021 - 12/1/2022 | 6,770,000 | 7,151,624 | |
Skagit County Public Hospital District No. 2 (Island Hospital) GO, | |||
4.00% due 12/1/2021 | 1,000,000 | 1,024,740 | |
5.00% due 12/1/2022 | 1,700,000 | 1,832,600 | |
State of Washington (Capital Projects) GO, Series R-G, 5.00% due 7/1/2025 | 10,475,000 | 12,240,771 | |
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 | 6,343,650 | |
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 | 21,435,901 | |
State of Washington (Various Purposes) GO, Series C, 5.00% due 2/1/2025 - 2/1/2029 | 45,385,000 | 56,778,161 | |
State of Washington COP, Series D, 5.00% due 7/1/2031 | 3,200,000 | 4,226,272 |
40 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
State of Washington GO, 5.00% due 6/1/2025 - 6/1/2030 | $ 4,900,000 | $ 6,181,276 | |
West Virginia — 0.5% | |||
Mason County (Appalachian Power Co.), Series L, 2.75% due 10/1/2022 | 15,000,000 | 15,534,300 | |
West Virginia (Appalachian Power Co.) EDA, | |||
b | Series A, 2.625% due 12/1/2042 (put 6/1/2022) | 4,500,000 | 4,618,890 |
b | Series B, 2.625% due 12/1/2042 (put 6/1/2022) | 6,000,000 | 6,158,520 |
West Virginia Higher Education Policy Commission (Higher Education Facilities), Series A, 5.00% due 4/1/2021 - 4/1/2022 | 2,500,000 | 2,569,615 | |
Wisconsin — 1.5% | |||
Public Finance Authority (Renown Regional Medical Center), Series A, 5.00% due 6/1/2027 - 6/1/2030 | 3,095,000 | 3,988,951 | |
State of Wisconsin GO, Series 2021-2, 5.00% due 5/1/2029 | 4,100,000 | 5,366,777 | |
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group), | |||
b | 5.00% due 8/15/2054 (put 1/25/2023) | 10,485,000 | 11,361,860 |
b | 5.00% due 8/15/2054 (put 1/26/2022) | 9,520,000 | 9,882,331 |
b | Series B-4, 5.00% due 8/15/2054 (put 1/29/2025) | 16,065,000 | 18,719,259 |
Wisconsin Health & Educational Facilities Authority (Ascension Health Alliance System), | |||
5.00% due 11/15/2025 - 11/15/2026 | 3,235,000 | 3,886,847 | |
b | Series B-4, 5.00% due 11/15/2043 (put 6/1/2021) | 13,745,000 | 13,844,926 |
Wisconsin Health & Educational Facilities Authority (Marquette University), 5.00% due 10/1/2023 - 10/1/2026 | 1,575,000 | 1,846,630 | |
Wisconsin Health & Educational Facilities Authority (ProHealth Care, Inc.), | |||
5.00% due 8/15/2021 | 2,575,000 | 2,618,440 | |
5.00% due 8/15/2022 (pre-refunded 8/15/2021) | 1,600,000 | 1,628,192 | |
Wisconsin Health & Educational Facilities Authority (UnityPoint Health), Series A, 5.00% due 12/1/2022 | 1,000,000 | 1,076,110 | |
Wisconsin Housing & Economic Development Authority (Collateralized: FNMA), | |||
Series C, | |||
1.65% due 9/1/2026 | 1,615,000 | 1,677,581 | |
1.75% due 9/1/2027 | 1,645,000 | 1,711,442 | |
1.80% due 3/1/2028 | 1,660,000 | 1,726,749 | |
1.95% due 3/1/2029 | 1,695,000 | 1,762,105 | |
WPPI Energy, Series A, 5.00% due 7/1/2022 - 7/1/2028 | 1,835,000 | 2,126,678 | |
WPPI Energy (Power Supply System), Series A, 5.00% due 7/1/2021 | 4,100,000 | 4,148,585 | |
Total Long-Term Municipal Bonds — 88.1% (Cost $5,003,832,621) | 5,220,316,946 | ||
Short-Term Municipal Bonds — 11.0% | |||
Alabama — 0.0% | |||
b | City of Mobile Alabama (Alabama Power Co.) IDB, Series 1, 0.09% due 6/1/2034 (put 4/1/2021) | 510,000 | 510,000 |
Colorado — 0.5% | |||
City & County of Denver (SPA JPMorgan Chase Bank, N.A.) COP, | |||
b | Series A1 0.06% due 12/1/2029 (put 4/1/2021) | 11,980,000 | 11,980,000 |
b | Series A-3, 0.06% due 12/1/2031 (put 4/1/2021) | 19,135,000 | 19,135,000 |
District of Columbia — 0.1% | |||
b | District of Columbia (Georgetown University; LOC Sumitomo Mitsui Banking Corporation), Series C-1, 0.05% due 4/1/2041 (put 4/8/2021) | 2,980,000 | 2,980,000 |
Florida — 2.4% | |||
City of Gainesville FL Utilities System Revenue (SPA Barclays Bank plc), | |||
Series B, | |||
b | 0.06% due 10/1/2038 (put 4/8/2021) | 9,725,000 | 9,725,000 |
b | 0.06% due 10/1/2042 (put 4/1/2021) | 37,470,000 | 37,470,000 |
b | City of Gainesville FL Utilities System Revenue (SPA State Street Bank and Trust Co.), Series A, 0.09% due 10/1/2036 (put 4/8/2021) | 25,060,000 | 25,060,000 |
b | City of Gainesville Utilities System Revenue (SPA Barclays Bank plc), Series A, 0.06% due 10/1/2026 (put 4/1/2021) | 1,385,000 | 1,385,000 |
b | City of West Palm Beach Utility System Revenue (Insured: AGC) (SPA JPMorgan Chase Bank, N.A.), Series C, 0.09% due 10/1/2038 (put 4/8/2021) | 15,660,000 | 15,660,000 |
b | County of Manatee (Florida Power & Light Co.), 0.07% due 9/1/2024 (put 4/1/2021) | 12,200,000 | 12,200,000 |
b | JEA Water & Sewer System Revenue (SPA U.S. Bank, N.A.), Series A-1, 0.06% due 10/1/2038 (put 4/1/2021) | 1,305,000 | 1,305,000 |
Miami-Dade County (Florida Power & Light Co.) IDA, | |||
b | 0.07% due 6/1/2021 (put 4/1/2021) | 41,100,000 | 41,100,000 |
b | 0.08% due 6/1/2021 (put 4/1/2021) | 1,000,000 | 1,000,000 |
Illinois — 0.4% | |||
b | Illinois Finance Authority (Advocate Health Care Network Obligated Group; SPA JPMorgan Chase Bank, N.A.), Series C1, 0.09% due 11/1/2038 (put 4/8/2021) | 525,000 | 525,000 |
b | Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group; SPA JPMorgan Chase Bank, N.A.), Series A3, 0.06% due 8/15/2042 (put 4/1/2021) | 22,155,000 | 22,155,000 |
b | University of Illinois (LOC JPMorgan Chase Bank, N.A), 0.09% due 1/15/2022 (put 4/8/2021) | 455,000 | 455,000 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 41 |
Thornburg Limited Term Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Indiana — 1.3% | |||
Indiana Finance Authority (Franciscan Alliance, Inc. Obligated Group; LOC Barclays Bank plc), | |||
b | Series I, 0.06% due 11/1/2037 (put 4/1/2021) | $ 5,055,000 | $ 5,055,000 |
b | Series J, 0.06% due 11/1/2037 (put 4/1/2021) | 6,110,000 | 6,110,000 |
b | Indiana Finance Authority (Marion County Capital Improvement Board; SPA U.S. Bank, N.A.), Series A-3, 0.07% due 2/1/2037 (put 4/1/2021) | 42,730,000 | 42,730,000 |
b | Indiana Finance Authority (Parkview Health System Obligated Group; LOC Wells Fargo Bank N.A.), Series B, 0.06% due 11/1/2039 (put 4/1/2021) | 20,280,000 | 20,280,000 |
Massachusetts — 0.2% | |||
b | Massachusetts Health & Educational Facilities Authority (Mass General Brigham, Inc.; SPA JPMorgan Chase Bank, N.A.), Series P1, 0.07% due 7/1/2027 (put 4/8/2021) | 12,200,000 | 12,200,000 |
b | Massachusetts Water Resources Authority (SPA TD Bank N.A.), Series A, 0.07% due 8/1/2037 (put 4/8/2021) | 2,495,000 | 2,495,000 |
Michigan — 0.0% | |||
b | Oakland University (LOC JPMorgan Chase Bank N.A.), 0.07% due 3/1/2031 (put 4/8/2021) | 2,190,000 | 2,190,000 |
Missouri — 0.2% | |||
b | Kansas City (LOC Sumitomo Mitsui Banking), Series F, 0.08% due 4/15/2025 (put 4/8/2021) | 4,325,000 | 4,325,000 |
b | Missouri Development Finance Board (Nelson Gallery Foundation; SPA U.S. Bank, N.A.), Series A, 0.06% due 12/1/2037 (put 4/1/2021) | 8,400,000 | 8,400,000 |
b | State of Missouri Health & Educational Facilities Authority (SSM Health Care Corp.), Series D, 0.05% due 6/1/2036 (put 4/8/2021) | 1,155,000 | 1,155,000 |
New Hampshire — 0.4% | |||
b | New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA State Street Bank and Trust Co.), Series A1, 0.06% due 7/1/2035 (put 4/1/2021) | 7,620,000 | 7,620,000 |
b | New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA Wells Fargo Bank, N.A.), Series B, 0.05% due 7/1/2033 (put 4/1/2021) | 14,680,000 | 14,680,000 |
New Mexico — 1.0% | |||
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA Wells Fargo Bank, N.A.), | |||
b | Series C, 0.06% due 8/1/2034 (put 4/1/2021) | 31,715,000 | 31,715,000 |
b | Series D, 0.06% due 8/1/2034 (put 4/1/2021) | 5,945,000 | 5,945,000 |
University of New Mexico (SPA U.S. Bank, N.A.), | |||
b | 0.07% due 6/1/2026 (put 4/8/2021) | 2,940,000 | 2,940,000 |
b | Series B, 0.07% due 6/1/2026 (put 4/8/2021) | 6,165,000 | 6,165,000 |
b | Series C, 0.07% due 6/1/2030 (put 4/8/2021) | 9,770,000 | 9,770,000 |
New York — 2.9% | |||
b | City of New York (LOC Sumitomo Mitsui Banking Corporation) GO, Series A-4, 0.05% due 10/1/2041 (put 4/8/2021) | 4,825,000 | 4,825,000 |
b | City of New York (SPA Barclays Bank plc) GO, Series B-4, 0.06% due 10/1/2046 (put 4/1/2021) | 13,190,000 | 13,190,000 |
b | City of New York Muncipal Water Finance Athority Water And Sewer System Revenue, 0.07% due 6/15/2045 (put 4/1/2021) | 31,700,000 | 31,700,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JPMorgan Chase Bank, N.A.), | |||
b | Series A-4, 0.06% due 8/1/2039 (put 4/1/2021) | 9,500,000 | 9,500,000 |
b | Series E4, 0.06% due 2/1/2045 (put 4/1/2021) | 29,270,000 | 29,270,000 |
b | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA MIZUHO Bank Ltd.), Series A-4, 0.07% due 8/1/2043 (put 4/1/2021) | 9,880,000 | 9,880,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue (SPA U.S. Bank, N.A.), | |||
b | Series A-5, 0.07% due 8/1/2039 (put 4/1/2021) | 1,100,000 | 1,100,000 |
b | Series B-5, 0.07% due 8/1/2042 (put 4/1/2021) | 3,570,000 | 3,570,000 |
b | New York City Water & Sewer System (LOC Citibank N.A.), Series F, 0.07% due 6/15/2035 (put 4/1/2021) | 16,200,000 | 16,200,000 |
b | New York City Water & Sewer System (SPA Landesbank Hessen-Thuringen), Series BB-1, 0.07% due 6/15/2039 (put 4/1/2021) | 30,240,000 | 30,240,000 |
b | New York City Water & Sewer System (SPA MIZUHO Bank Ltd.), Series A-1, 0.06% due 6/15/2044 (put 4/1/2021) | 1,965,000 | 1,965,000 |
b | New York City Water & Sewer System (SPA U.S. Bank, N.A.), Series 3A, 0.07% due 6/15/2043 (put 4/1/2021) | 785,000 | 785,000 |
b | New York State Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.; LOC Mizuho Bank Ltd.), Series A2, 0.05% due 5/1/2039 (put 4/8/2021) | 10,400,000 | 10,400,000 |
b | Triborough Bridge & Tunnel Authority (LOC U.S. Bank, N.A.), Series 2005B-4C, 0.07% due 1/1/2031 (put 4/1/2021) | 11,585,000 | 11,585,000 |
North Carolina — 0.2% | |||
Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group; SPA JPMorgan Chase Bank, N.A.), | |||
b | Series B, 0.06% due 1/15/2038 (put 4/1/2021) | 7,955,000 | 7,955,000 |
b | Series C, 0.06% due 1/15/2037 (put 4/1/2021) | 1,230,000 | 1,230,000 |
Ohio — 0.0% | |||
b | Ohio Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group; SPA U.S. Bank, N.A.), Series B-3, 0.05% due 1/1/2039 (put 4/1/2021) | 1,950,000 | 1,950,000 |
Pennsylvania — 0.2% | |||
b | Hospitals & Higher Education Facilities Authority of Philadelphia (Children’s Hospital of Philadelphia Obligated Group; SPA Wells Fargo Bank, N.A.), Series B, 0.06% due 7/1/2025 (put 4/1/2021) | 10,000,000 | 10,000,000 |
Texas — 0.8% | |||
b | Gulf Coast (Exxon Mobil Corp.) IDA, 0.05% due 11/1/2041 (put 4/1/2021) | 35,895,000 | 35,895,000 |
b | San Antonio Education Facilities Corp. (Trinity University), 0.08% due 6/1/2033 (put 4/8/2021) | 10,800,000 | 10,800,000 |
42 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Utah — 0.2% | |||
b | City of Murray (IHC Health Services, Inc. Obligated Group; SPA JPMorgan Chase Bank, N.A.), Series B, 0.06% due 5/15/2037 (put 4/1/2021) | $ 7,355,000 | $ 7,355,000 |
b | County of Utah (IHC Health Services, Inc. Obligated Group; SPA JPMorgan Chase Bank, N.A.), 0.09% due 5/15/2051 (put 4/8/2021) | 4,050,000 | 4,050,000 |
Virginia — 0.2% | |||
Loudoun County (Howard Hughes Medical Institute) EDA, | |||
b | Series A, 0.04% due 2/15/2038 (put 4/8/2021) | 8,650,000 | 8,650,000 |
b | Series E, 0.08% due 2/15/2038 (put 4/8/2021) | 730,000 | 730,000 |
Washington — 0.0% | |||
b | Washington Higher Education Facilities Authority (Whitman College Kappa Alpha Theta Corp.; SPA JPMorgan Chase Bank, N.A.), 0.08% due 10/1/2029 (put 4/8/2021) | 970,000 | 970,000 |
Total Short-Term Municipal Bonds — 11.0% (Cost $650,215,000) | 650,215,000 | ||
Total Investments — 99.1% (Cost $5,654,047,621) | $5,870,531,946 | ||
Other Assets Less Liabilities — 0.9% | 54,247,603 | ||
Net Assets — 100.0% | $5,924,779,549 |
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 March 31, 2021. |
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 March 31, 2021, the aggregate value of these securities in the Fund’s portfolio was $5,000,000, representing 0.08% of the Fund’s net assets. |
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 |
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 |
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 Semi-Annual Report | 43 |
Thornburg California Limited Term Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
LONG-TERM MUNICIPAL BONDS — 94.8% | |||
Alameda County Joint Powers Authority (Alameda County Medical Center Highland Hospital), Series A, 5.00% due 12/1/2024 | $ 2,500,000 | $ 2,819,100 | |
Alameda County Joint Powers Authority (Juvenile Justice), 5.00% due 12/1/2021 | 500,000 | 516,250 | |
Alameda County Joint Powers Authority (Public Facilities Capital Projects), 5.00% due 12/1/2021 | 1,000,000 | 1,032,500 | |
Anaheim Public Financing Authority (Public Improvements; Insured: AGM), Series C, Zero Coupon due 9/1/2022 | 3,000,000 | 2,987,610 | |
Apple Valley Public Financing Authority (Insured: BAM), | |||
Series A, | |||
3.00% due 6/1/2021 | 430,000 | 431,587 | |
4.00% due 6/1/2026 - 6/1/2028 | 990,000 | 1,163,536 | |
Bay Area Toll Authority (San Francisco Bay Area Toll Bridge), | |||
a | Series A, 2.95% due 4/1/2047 (put 4/1/2026) | 4,775,000 | 5,264,724 |
a | Series G, 2.00% due 4/1/2053 (put 4/1/2024) | 1,500,000 | 1,557,585 |
Bonita (Educational Facilities) USD GO, 5.00% due 8/1/2024 (pre-refunded 8/1/2022) | 1,000,000 | 1,064,440 | |
Brentwood Infrastructure Financing Authority (Residential Single Family Development; Insured: AGM), | |||
5.00% due 11/1/2026 | 2,000,000 | 2,053,000 | |
Series A, 5.00% due 9/2/2021 - 9/2/2023 | 4,460,000 | 4,838,353 | |
California (Adventist Health System/West Obligated Group) HFFA, Series A, 4.00% due 3/1/2026 | 820,000 | 946,600 | |
California (Cedars-Sinai Medical Center Obligated Group) HFFA, 5.00% due 8/15/2021 - 11/15/2024 | 2,650,000 | 2,892,167 | |
California (Children’s Hospital Los Angeles Obligated Group) HFFA, Series A, 5.00% due 8/15/2030 | 2,190,000 | 2,645,410 | |
California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 11/15/2023 | 1,835,000 | 1,964,074 | |
California (Children’s Hospital of Orange County Obligated Group) HFFA, | |||
5.00% due 11/1/2021 - 11/1/2028 | 3,510,000 | 4,178,471 | |
b | 5.00% due 11/1/2023 | 785,000 | 879,514 |
a | California (Kaiser Foundation Hospitals) HFFA, Series C, 5.00% due 6/1/2041 (put 11/1/2029) | 2,000,000 | 2,633,520 |
California (Kaiser Permanente) HFFA, Series A-1, 5.00% due 11/1/2027 | 3,025,000 | 3,858,357 | |
California (PIH Health, Inc. Obligated Group) HFFA, Series A, 5.00% due 6/1/2027 - 6/1/2030 | 3,315,000 | 4,284,352 | |
a | California (Providence St. Joseph Health Obligated Group) HFFA, 5.00% due 10/1/2039 (put 10/1/2027) | 3,000,000 | 3,782,850 |
California (St. Joseph Health System) HFFA, Series A, 5.00% due 7/1/2024 | 1,000,000 | 1,103,910 | |
California (Sutter Health Obligated Group) HFFA, Series A, 4.00% due 8/15/2040 (pre-refunded 8/15/2025) | 1,000,000 | 1,151,890 | |
California Infrastructure and Economic Development Bank (California Academy of Sciences), | |||
a | Series A, 0.455% (LIBOR 1 Month + 0.38%) due 8/1/2047 (put 8/1/2021) | 180,000 | 180,044 |
a | Series C, 0.455% (LIBOR 1 Month + 0.38%) due 8/1/2047 (put 8/1/2021) | 750,000 | 750,689 |
a | Series D, 0.456% (LIBOR 1 Month + 0.38%) due 8/1/2047 (put 8/1/2021) | 6,000,000 | 5,999,256 |
California Infrastructure and Economic Development Bank (The Scripps Research Institute), 5.00% due 7/1/2024 - 7/1/2027 | 850,000 | 1,011,568 | |
California Municipal Finance Authority (Biola University Residential Hall and Parking Structure), 5.00% due 10/1/2021 - 10/1/2023 | 555,000 | 586,311 | |
California Municipal Finance Authority (Biola University), 5.00% due 10/1/2021 - 10/1/2027 | 2,610,000 | 2,968,160 | |
California Municipal Finance Authority (Biola University, Inc.), 5.00% due 10/1/2030 | 1,000,000 | 1,197,960 | |
California Municipal Finance Authority (Collegiate Housing Foundation Davis-I, LLC-West Village; Insured: BAM), 5.00% due 5/15/2028 | 2,905,000 | 3,629,507 | |
a,c | California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 0.20% due 11/1/2042 (put 4/15/2021) | 1,500,000 | 1,500,000 |
a | California Pollution Control Financing Authority (Waste Management, Inc.) AMT, Series A, 2.50% due 11/1/2038 (put 5/1/2024) | 2,000,000 | 2,121,060 |
a | California Pollution Control Financing Authority AMT, Series A, 2.50% due 7/1/2031 (put 5/1/2024) | 1,125,000 | 1,138,095 |
California School Cash Reserve Program Authority, Series A, 2.00% due 6/30/2021 | 3,000,000 | 3,013,440 | |
California State Public Works Board (California School for the Deaf Riverside Campus), Series H, 5.00% due 4/1/2022 | 565,000 | 592,035 | |
California State Public Works Board (Correctional and Rehabilitation Facilities), | |||
Series A, 5.00% due 9/1/2022 - 9/1/2024 | 13,780,000 | 15,121,131 | |
Series G, 5.00% due 11/1/2022 | 1,500,000 | 1,614,015 | |
California State Public Works Board (Judicial Council Projects), | |||
Series A, 5.00% due 3/1/2023 - 3/1/2024 | 2,400,000 | 2,618,302 | |
Series D, 5.00% due 12/1/2021 - 12/1/2022 | 4,300,000 | 4,437,637 | |
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 | 7,851,740 | |
California State Public Works Board (Yuba City Courthouse), Series D, 5.00% due 6/1/2022 | 1,950,000 | 2,058,595 | |
a | California Statewide Communities Development Authority (Adventist Health System/West Obligated Group), Series A, 5.00% due 3/1/2037 (put 3/1/2027) | 2,000,000 | 2,428,620 |
California Statewide Communities Development Authority (CHF-Irvine, LLC), Series A, 5.00% due 5/15/2027 | 500,000 | 607,545 | |
California Statewide Communities Development Authority (Cottage Health System), 5.00% due 11/1/2025 (pre-refunded 11/1/2024) | 135,000 | 157,176 | |
California Statewide Communities Development Authority (Cottage Health System) ETM, | |||
4.00% due 11/1/2021 | 150,000 | 153,186 | |
5.00% due 11/1/2022 - 11/1/2024 | 475,000 | 533,564 | |
California Statewide Communities Development Authority (Irvine East Campus Apartments), 5.00% due 5/15/2021 - 5/15/2027 | 2,760,000 | 3,041,977 | |
a | California Statewide Communities Development Authority (Kaiser Foundation Hospitals), Series 2003-D, 5.00% due 5/1/2033 (put 11/1/2029) | 3,500,000 | 4,609,640 |
California Statewide Communities Development Authority (Methodist Hospital of Southern California Obligated Group), 5.00% due 1/1/2022 - 1/1/2024 | 960,000 | 1,030,868 | |
a | California Statewide Communities Development Authority (Southern California Edison Company), 2.625% due 11/1/2033 (put 12/1/2023) | 4,895,000 | 5,177,882 |
California Statewide Communities Development Authority (Sutter Health Obligated Group), Series A, 5.00% due 8/15/2024 (pre-refunded 8/15/2022) | 535,000 | 570,080 |
44 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
Calipatria (Educational Facilities; Insured: ACA) USD GO, Series B, Zero Coupon due 8/1/2025 | $ 3,860,000 | $ 3,318,519 | |
Carson Redevelopment Successor Agency (Redevelopment Project Area No 1; Insured: AGM), Series A, 5.00% due 10/1/2026 | 500,000 | 576,345 | |
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 | 650,303 | |
Chula Vista Elementary School District GO, Series A, 2.00% due 8/1/2021 | 4,000,000 | 4,025,120 | |
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 | 702,576 | |
City of Antioch Public Financing Authority (Municipal Facilities Project), 5.00% due 5/1/2022 - 5/1/2024 | 1,400,000 | 1,554,569 | |
City of Chula Vista (Police Facility Project) COP, 5.00% due 10/1/2024 | 1,700,000 | 1,952,314 | |
City of Chula Vista Financing Authority (Infrastructure, Facilities and Equipment), 5.00% due 5/1/2026 - 5/1/2027 | 3,500,000 | 4,236,600 | |
City of Clovis (Water System Facilities; Insured: BAM), 5.00% due 3/1/2022 - 3/1/2023 | 1,720,000 | 1,839,330 | |
City of Delano (Central California Foundation for Health) COP, 5.00% due 1/1/2024 (pre-refunded 1/1/2023) | 270,000 | 292,658 | |
City of Los Angeles CA, 4.00% due 6/24/2021 | 11,500,000 | 11,595,795 | |
City of Manteca (Water Supply System), 5.00% due 7/1/2021 - 7/1/2023 | 1,650,000 | 1,699,118 | |
City of Norco CA, 5.00% due 9/1/2025 | 1,000,000 | 1,196,630 | |
City of San Jose Financing Authority (Civic Center Project), Series A, 5.00% due 6/1/2024 (pre-refunded 6/1/2023) | 750,000 | 827,497 | |
City of San Jose Financing Authority (Civic Center Project) ETM, | |||
Series A, | |||
4.00% due 6/1/2021 | 1,000,000 | 1,005,890 | |
b | 5.00% due 6/1/2022 | 745,000 | 785,819 |
5.00% due 6/1/2023 | 1,000,000 | 1,101,030 | |
Compton (Insured: BAM) USD GO, Series B, 5.00% due 6/1/2028 - 6/1/2029 | 1,625,000 | 2,018,290 | |
Contra Costa County Schools Pooled Notes, Series A, 2.00% due 12/1/2021 | 2,000,000 | 2,016,720 | |
Contra Costa Transportation Authority, | |||
Series A, | |||
a | 0.331% (LIBOR 1 Month + 0.25%) due 3/1/2034 (put 9/1/2021) | 7,500,000 | 7,500,922 |
5.00% due 3/1/2022 | 850,000 | 887,349 | |
Coronado Community Development Agency Successor Agency, Series A, 5.00% due 9/1/2022 | 585,000 | 620,931 | |
County of Los Angeles CA, Series A, 4.00% due 6/30/2021 | 15,000,000 | 15,137,700 | |
County of Los Angeles Redevelopment Refunding Authority (Bunker Hill Project), Series C, 5.00% due 6/1/2022 - 6/1/2024 | 2,500,000 | 2,729,420 | |
Dinuba (CAP APPREC; Insured: AGM) USD GO, Zero Coupon due 8/1/2030 | 460,000 | 385,489 | |
Downey Public Financing Authority (Public Capital Improvements), 5.00% due 12/1/2025 - 12/1/2027 | 1,445,000 | 1,783,205 | |
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 | 1,332,072 | |
Emeryville Redevelopment Agency (Emeryville and Shellmound Park Projects; Insured: AGM), Series A, 5.00% due 9/1/2022 - 9/1/2024 | 9,095,000 | 10,122,174 | |
Escondido (Wastewater System), Series A, 5.00% due 9/1/2021 | 250,000 | 254,930 | |
Fontana Redevelopment Agency Successor Agency, Series A, 5.00% due 10/1/2021 | 3,975,000 | 4,069,486 | |
Fresno USD GO, | |||
Series C, | |||
3.00% due 8/1/2021 | 1,770,000 | 1,786,815 | |
4.00% due 8/1/2026 - 8/1/2027 | 725,000 | 859,632 | |
Fullerton Redevelopment Agency Successor Agency, Series A, 4.00% due 9/1/2021 | 700,000 | 710,444 | |
Fullerton Redevelopment Agency Successor Agency (Insured: BAM), Series A, 4.00% due 9/1/2022 - 9/1/2025 | 3,050,000 | 3,317,065 | |
Glendale Community College District GO, Series B, 3.00% due 8/1/2021 | 525,000 | 530,072 | |
Grossmont Healthcare District GO, Series D, 5.00% due 7/15/2022 | 960,000 | 1,021,037 | |
Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2027 | 1,230,000 | 1,477,968 | |
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2021 | 1,275,000 | 1,300,627 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2021 - 7/1/2027 | 2,760,000 | 3,100,520 | |
Hacienda La Puente (Educational Facilities; Insured: AGM) USD COP, 5.00% due 6/1/2022 - 6/1/2025 | 2,755,000 | 3,154,296 | |
Hemet (Insured: AGM) USD GO, Series A, 5.00% due 8/1/2021 | 650,000 | 660,036 | |
Jurupa Public Financing Authority (Insured: BAM), Series A, 5.00% due 9/1/2021 - 9/1/2025 | 3,220,000 | 3,545,286 | |
La Canada USD GO, Series B, 4.00% due 8/1/2022 - 8/1/2024 | 680,000 | 737,829 | |
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 | 4,822,520 | |
La Quinta Redevelopment Agency Successor Agency, Series A, 4.00% due 9/1/2027 | 410,000 | 445,600 | |
Liberty Union High School District GO, Series B, 4.00% due 8/1/2021 | 1,000,000 | 1,012,720 | |
Lodi Public Financing Authority (City Police Building and Jail), 5.00% due 10/1/2021 - 10/1/2023 | 3,180,000 | 3,306,063 | |
Los Altos Elementary School District, 3.00% due 7/15/2021 | 2,425,000 | 2,444,424 | |
Los Angeles (Educational Facilities and Information Technology Infrastructure) USD GO, | |||
Series B, 5.00% due 7/1/2023 | 3,000,000 | 3,322,830 | |
Series D, 5.00% due 7/1/2022 - 7/1/2024 | 5,750,000 | 6,371,435 | |
Los Angeles (Insured: BAM) USD GO, Series B-1, 5.00% due 7/1/2029 | 2,500,000 | 3,179,400 | |
Los Angeles County Schools Regionalized Business Services Corp. (Insured: AMBAC) COP, Series A, Zero Coupon due 8/1/2021 | 2,135,000 | 2,132,246 | |
Los Angeles Department of Airports AMT, | |||
Series A, 5.00% due 5/15/2029 | 4,000,000 | 4,806,520 | |
Series B, 5.00% due 5/15/2025 - 5/15/2026 | 10,220,000 | 12,241,604 | |
Los Angeles Department of Water, Series A, 5.00% due 7/1/2027 | 1,600,000 | 2,022,064 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 45 |
Thornburg California Limited Term Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
Los Angeles Department of Water and Power (Power System Capital Improvements), Series A, 5.00% due 7/1/2025 - 7/1/2026 | $ 800,000 | $ 959,235 | |
Los Angeles USD GO, Series A, 5.00% due 7/1/2024 | 4,600,000 | 5,295,244 | |
Lynwood (Insured: AGM) USD GO, 5.00% due 8/1/2023 | 1,000,000 | 1,107,630 | |
Manteca Community Facilities District No. 1989-2 (Educational Facilities; Insured: AGM) USD, | |||
Series F, | |||
b | 5.00% due 9/1/2021 | 750,000 | 764,430 |
5.00% due 9/1/2023 | 500,000 | 555,140 | |
Milpitas Redevelopment Agency (Redevelopment Project Area No. 1), 5.00% due 9/1/2025 | 2,300,000 | 2,741,945 | |
Milpitas USD GO, 5.00% due 8/1/2021 | 585,000 | 594,383 | |
Modesto CA Wastewater Revenue, Series B, 5.00% due 11/1/2027 - 11/1/2030 | 4,000,000 | 5,213,324 | |
Modesto Irrigation District, 5.00% due 10/1/2021 | 225,000 | 230,470 | |
Modesto Irrigation District (San Joaquin Valley Electric System), Series A, 5.00% due 7/1/2022 | 1,295,000 | 1,371,781 | |
Moreno Valley Public Financing Authority (Public Improvements), 5.00% due 11/1/2024 | 1,455,000 | 1,685,879 | |
Mount San Jacinto Community College District GO, Series B, 5.00% due 8/1/2021 | 350,000 | 355,628 | |
Murrieta Valley Public Financing Authority (Educational Facilities; Insured: BAM) USD GO, 5.00% due 9/1/2023 | 1,080,000 | 1,204,546 | |
d | Norman Y Mineta San Jose International Airport SJC AMT, Series A, 5.00% due 3/1/2029 - 3/1/2031 | 1,545,000 | 1,989,044 |
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 | 4,607,429 | |
a | Northern California Energy Authority (Commodity Supply Revenue), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 5,000,000 | 5,560,200 |
Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2022 - 8/1/2025 | 2,745,000 | 3,083,798 | |
Oceanside (Insured: AGM) USD GO, Series F, 4.00% due 8/1/2021 - 8/1/2023 | 1,725,000 | 1,809,827 | |
Palomar Pomerado Health (Insured: Natl-Re) GO, Series A, Zero Coupon due 8/1/2021 | 2,850,000 | 2,845,297 | |
Pittsburg Successor Agency Redevelopment Agency (Insured: AGM), Series A, 5.00% due 9/1/2021 | 1,000,000 | 1,018,880 | |
Pomona Public Financing Authority (Facilities Improvements; Insured: AGM), Series BC, 4.00% due 6/1/2024 - 6/1/2026 | 725,000 | 821,186 | |
Rancho Santa Fe Community Services District Financing Authority, Series A, 5.00% due 9/1/2025 | 1,745,000 | 2,035,019 | |
Redding CA Wastewater System Revenue, 5.00% due 6/1/2029 - 6/1/2031 | 2,760,000 | 3,688,954 | |
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 | 1,187,852 | |
Riverside County Infrastructure Financing Authority (Capital Improvement Projects), Series A, 5.00% due 11/1/2021 | 500,000 | 513,995 | |
Riverside County Office of Education Pooled Notes, Series A, 2.00% due 12/1/2021 | 2,000,000 | 2,024,280 | |
Riverside County Public Financing Authority, 4.00% due 5/1/2021 | 295,000 | 295,817 | |
Riverside County Public Financing Authority (Capital Facilities Project), 5.00% due 11/1/2021 - 11/1/2025 | 2,000,000 | 2,237,060 | |
Riverside County Public Financing Authority (Riverside County), 5.00% due 11/1/2026 | 1,000,000 | 1,208,460 | |
Riverside Financing Authority (Educational Facilities; Insured: BAM) USD, 5.00% due 9/1/2022 - 9/1/2025 | 1,245,000 | 1,423,331 | |
Riverside Redevelopment Agency Successor Agency, Series A, 5.00% due 9/1/2022 | 600,000 | 640,656 | |
Sacramento City (Educational Facilities Improvements) USD GO, 5.00% due 7/1/2021 | 3,600,000 | 3,639,456 | |
Sacramento City (Educational Facilities Improvements; Insured: AGM) USD GO, 5.00% due 7/1/2021 - 7/1/2022 | 1,100,000 | 1,146,134 | |
Sacramento City Schools Joint Power Financing Authority (Sacramento City USD Educational Facility Sublease; Insured: BAM), Series A, 5.00% due 3/1/2022 - 3/1/2025 | 4,530,000 | 5,000,284 | |
Sacramento County (Insured: AGM) COP, 5.00% due 10/1/2026 - 10/1/2029 | 2,965,000 | 3,726,436 | |
Sacramento County Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District), | |||
5.00% due 12/1/2031 | 1,000,000 | 1,377,700 | |
Series A, 5.00% due 12/1/2027 - 12/1/2029 | 2,820,000 | 3,670,557 | |
a | Sacramento Municipal Utility District, Series A, 5.00% due 8/15/2049 (put 10/17/2023) | 600,000 | 657,396 |
Salinas Valley Solid Waste Authority (Insured: AGM) AMT , Series A, 5.00% due 8/1/2023 | 1,530,000 | 1,685,739 | |
San Bernardino Redevelopment Agency Successor Agency (Insured: AGM), Series A, 5.00% due 12/1/2023 | 150,000 | 167,457 | |
San Diego (Educational System Capital Projects) USD GO, Series R-3, 5.00% due 7/1/2023 - 7/1/2024 | 8,000,000 | 8,930,350 | |
San Diego County Regional Airport Authority, | |||
5.00% due 7/1/2029 - 7/1/2030 | 2,000,000 | 2,620,250 | |
Series A, 5.00% due 7/1/2030 | 330,000 | 427,063 | |
San Diego Redevelopment Agency Successor Agency, Series A, 5.00% due 9/1/2021 - 9/1/2028 | 350,000 | 398,012 | |
San Diego USD, Series A, 5.00% due 6/30/2021 | 5,000,000 | 5,057,700 | |
San Francisco City and County Airports Commission (San Francisco International Airport), REF-Series A, 5.00% due 5/1/2026 | 5,000,000 | 6,104,300 | |
San Francisco City and County Airports Commission (San Francisco International Airport) AMT, REF-Series H, 5.00% due 5/1/2028 | 6,500,000 | 8,210,475 | |
San Jose, Series A-1, 3.50% due 10/1/2021 | 25,000 | 25,354 | |
San Jose Redevelopment Agency Successor Agency, Series B, 5.00% due 8/1/2021 | 500,000 | 507,710 | |
San Mateo County Joint Powers Financing Authority (Maple Street Correctional Center), 5.00% due 6/15/2021 - 6/15/2023 | 1,995,000 | 2,119,451 | |
Santa Clara County Financing Authority (Multiple Facilities Projects), Series P, 5.00% due 5/15/2025 | 6,755,000 | 8,035,005 | |
Santa Margarita Water District (Talega Community Facilities), Series A, 5.00% due 9/1/2026 - 9/1/2027 | 1,050,000 | 1,294,404 | |
Semitropic Water Storage Improvement District (Irrigation Water System; Insured: AGM), Series A, 5.00% due 12/1/2022 - 12/1/2027 | 3,535,000 | 4,141,289 | |
South Bay/San Diego County USD GO, Zero Coupon due 8/1/2022 | 2,250,000 | 2,246,130 | |
South Placer Wastewater Authority (Roseville), 5.00% due 11/1/2029 - 11/1/2030 | 700,000 | 924,779 | |
Southern California Public Power Authority (Canyon Power Project), Series A, 5.00% due 7/1/2029 - 7/1/2030 | 2,750,000 | 3,211,285 | |
Southern California Public Power Authority (Magnolia Power Project), 5.00% due 7/1/2022 | 2,795,000 | 2,964,852 | |
Southwestern Community College District GO, Series B, 4.00% due 8/1/2024 - 8/1/2026 | 1,125,000 | 1,289,748 |
46 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
State of California Department of Water Resources Power Supply Revenue ETM, Series O, 5.00% due 5/1/2021 | $ 500,000 | $ 501,745 | |
State of California GO, 5.00% due 11/1/2029 | 5,000,000 | 6,602,350 | |
Stockton (Insured: BAM) USD GO, 5.00% due 8/1/2027 | 1,200,000 | 1,441,212 | |
Stockton Public Financing Authority (Insured: BAM), 5.00% due 9/1/2021 | 100,000 | 101,889 | |
Stockton Public Financing Authority (Stockton Water Revenue; Green Bond; Insured: BAM), Series A, 5.00% due 10/1/2021 - 10/1/2027 | 3,545,000 | 4,102,372 | |
Stockton Public Financing Authority (Stockton Water Revenue; Insured: BAM), Series A, 5.00% due 10/1/2028 | 545,000 | 696,112 | |
Successor Agency to the City of Colton Redevelopment Agency (Multiple Redevelopment Project Areas; Insured: BAM), 5.00% due 8/1/2021 - 8/1/2025 | 2,815,000 | 3,104,240 | |
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 | 3,370,575 | |
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 | 1,990,000 | 2,361,786 | |
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 | 4,045,196 | |
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 | 1,555,998 | |
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 | 1,216,458 | |
Successor Agency to the Poway Redevelopment Agency (Paguay Redevelopment Project), Series A, 5.00% due 6/15/2025 | 4,665,000 | 5,524,806 | |
Successor Agency to the Rancho Cucamonga Redevelopment Project (Rancho Redevelopment Project Area; Insured: AGM), 5.00% due 9/1/2023 - 9/1/2024 | 3,350,000 | 3,796,187 | |
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 | 1,015,550 | |
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 | 505,355 | |
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 | 2,419,090 | |
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 | 1,381,469 | |
Successor Agency to the Rosemead Community Development Commission (Rosemead Merged Project Area; Insured: BAM), 5.00% due 10/1/2021 - 10/1/2026 | 4,090,000 | 4,582,520 | |
Temecula Valley Financing Authority (Educational Facilities; Insured: BAM) USD, 5.00% due 9/1/2021 - 9/1/2025 | 1,890,000 | 2,076,352 | |
Temecula Valley Financing Authority (Insured: BAM) USD, 5.00% due 9/1/2027 | 2,220,000 | 2,589,341 | |
Trustees of the California State University (Educational Facilities Improvements), Series A, 5.00% due 11/1/2026 | 1,000,000 | 1,221,730 | |
Tulare County Transportation Authority, 5.00% due 2/1/2029 - 2/1/2030 | 3,135,000 | 4,164,169 | |
Tulare Public Financing Authority (Insured: BAM), | |||
4.00% due 4/1/2021 - 4/1/2022 | 525,000 | 534,065 | |
5.00% due 4/1/2023 - 4/1/2028 | 1,410,000 | 1,667,867 | |
Turlock Public Financing Authority Water Revenue, 4.00% due 3/1/2027 | 4,500,000 | 4,569,840 | |
University of California, Series AB, 5.00% due 5/15/2021 | 300,000 | 301,617 | |
Val Verde (Insured: BAM) USD GO, Series A, 4.00% due 8/1/2021 - 8/1/2023 | 1,525,000 | 1,595,036 | |
Ventura County Community College District GO, 5.00% due 8/1/2024 | 835,000 | 948,051 | |
Ventura County Public Financing Authority (Office Building Purchase and Improvements), Series B, 5.00% due 11/1/2023 - 11/1/2024 | 1,560,000 | 1,751,862 | |
Vista Redevelopment Agency (Vista Redevelopment Project; Insured: AGM), Series B1, 5.00% due 9/1/2021 - 9/1/2023 | 1,000,000 | 1,070,835 | |
West Contra Costa (Insured: AGM) USD GO, | |||
Series E, 4.00% due 8/1/2021 - 8/1/2025 | 2,320,000 | 2,441,681 | |
Series F, 4.00% due 8/1/2021 - 8/1/2024 | 4,230,000 | 4,426,041 | |
West Contra Costa (Insured: Natl-Re) USD GO, Zero Coupon due 8/1/2028 | 160,000 | 145,312 | |
William S. Hart Union High School District (Educational Facilities; Insured: AGM) GO, Series B, Zero Coupon due 9/1/2021 | 800,000 | 799,584 | |
TOTAL LONG-TERM MUNICIPAL BONDS — 94.8% (Cost $484,425,593) | $502,556,066 | ||
SHORT-TERM MUNICIPAL BONDS — 3.8% | |||
a | California Municipal Finance Authority (Chevron USA, Inc.; Guaranty: Chevron Corp.), 0.04% due 11/1/2035 (put 4/1/2021) | 12,700,000 | 12,700,000 |
a | Irvine Ranch Water District (LOC U.S. Bank, N.A.), Series A, 0.04% due 10/1/2041 (put 4/1/2021) | 1,990,000 | 1,990,000 |
a | Los Angeles Department of Water & Power Power System Revenue (SPA Bank of America N.A.), Series A-3, 0.05% due 7/1/2035 (put 4/1/2021) | 500,000 | 500,000 |
a | Los Angeles Department of Water (SPA UBS AG), Series A, 0.04% due 7/1/2035 (put 4/1/2021) | 1,700,000 | 1,700,000 |
a | Metropolitan Water District of Southern California (SPA PNC Bank, N.A.), Series A, 0.05% due 7/1/2047 (put 4/1/2021) | 2,290,000 | 2,290,000 |
a | Sacramento Suburban Water District (LOC Sumitomo Mitsui Banking) COP, Series A, 0.07% due 11/1/2034 (put 4/8/2021) | 1,100,000 | 1,100,000 |
TOTAL SHORT-TERM MUNICIPAL BONDS — 3.8% (Cost $20,280,000) | $ 20,280,000 | ||
Total Investments — 98.6% (Cost $504,705,593) | $522,836,066 | ||
Other Assets Less Liabilities — 1.4% | 7,497,540 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 47 |
Thornburg California Limited Term Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
Net Assets — 100.0% | $530,333,606 |
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 March 31, 2021. |
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 March 31, 2021, the aggregate value of these securities in the Fund’s portfolio was $1,500,000, representing 0.28% of the Fund’s net assets. |
d | When-issued security. |
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 |
48 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
Thornburg New Mexico Intermediate Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
LONG-TERM MUNICIPAL BONDS — 95.6% | |||
Albuquerque Bernalillo County Water Utility Authority, 5.00% due 7/1/2023 - 7/1/2024 | $ 65,000 | $ 73,053 | |
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 | 2,297,620 | |
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 | 1,774,300 | |
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 | 2,781,884 | |
Series A, 4.00% due 8/1/2029 | 1,300,000 | 1,409,356 | |
Albuquerque Municipal School District No. 12 (State Aid Withholding) GO, | |||
Series A, | |||
4.00% due 8/1/2030 - 8/1/2031 | 650,000 | 786,320 | |
5.00% due 8/1/2027 - 8/1/2029 | 1,100,000 | 1,403,803 | |
Bernalillo County (Government Services), | |||
5.25% due 4/1/2027 | 300,000 | 353,625 | |
Series B, 5.70% due 4/1/2027 | 3,000,000 | 3,598,290 | |
Bernalillo County (Government Services; Insured: AMBAC), 5.25% due 10/1/2022 - 10/1/2025 | 8,295,000 | 9,513,189 | |
Bernalillo County (Government Services; Insured: Natl-IBC), | |||
Series B, | |||
5.00% due 4/1/2021 | 660,000 | 660,000 | |
5.70% due 4/1/2027 | 815,000 | 975,539 | |
Bernalillo County GO, Series A, 4.00% due 8/15/2022 | 100,000 | 105,290 | |
Bernalillo Municipal School District No. 1 (State Aid Withholding) GO, | |||
3.00% due 8/1/2022 | 200,000 | 207,338 | |
4.00% due 8/1/2021 - 8/1/2026 | 470,000 | 511,625 | |
Central New Mexico Community College (Campus Buildings Acquisition & Improvements) GO, | |||
4.00% due 8/15/2023 | 1,920,000 | 1,946,957 | |
Series A, 5.00% due 8/15/2021 - 8/15/2022 | 2,535,000 | 2,633,036 | |
City of Albuquerque , Series A, 4.00% due 7/1/2037 (pre-refunded 7/1/2023) | 120,000 | 130,171 | |
City of Albuquerque (City Infrastructure Improvements), | |||
Series A, | |||
4.00% due 7/1/2035 | 2,070,000 | 2,464,459 | |
5.00% due 7/1/2025 - 7/1/2034 | 2,500,000 | 2,951,957 | |
City of Albuquerque (City Infrastructure Improvements) GO, Series A, 5.00% due 7/1/2026 | 870,000 | 1,065,367 | |
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 | 1,212,252 | |
City of Albuquerque GO, | |||
Series A, | |||
4.00% due 7/1/2021 | 855,000 | 862,943 | |
5.00% due 7/1/2022 | 600,000 | 635,910 | |
City of Albuquerque Refuse Removal & Disposal Revenue, 5.00% due 7/1/2030 - 7/1/2038 | 1,510,000 | 1,955,420 | |
a | City of Farmington (Public Service Co. of New Mexico), Series D, 1.10% due 6/1/2040 (put 6/1/2023) | 3,500,000 | 3,548,475 |
City of Las Cruces (Joint Utility System), Series A, 4.00% due 6/1/2021 - 6/1/2025 | 2,215,000 | 2,410,446 | |
City of Las Cruces GO, 5.00% due 8/1/2021 | 1,500,000 | 1,523,625 | |
City of Roswell, 4.00% due 8/1/2029 | 260,000 | 308,792 | |
City of Roswell (Joint Water and Sewer Improvement; Insured: BAM), 5.00% due 6/1/2026 - 6/1/2036 | 2,050,000 | 2,455,681 | |
City of Santa Fe, Series A, 5.00% due 6/1/2034 - 6/1/2038 | 1,870,000 | 2,298,125 | |
City of Santa Fe (El Castillo Retirement Residences), 4.50% due 5/15/2027 | 3,275,000 | 3,323,634 | |
City of Santa Fe (Public Facilities) GRT, 5.00% due 6/1/2028 - 6/1/2029 | 1,880,000 | 2,151,507 | |
County of Sandoval GO, 5.00% due 8/1/2025 - 8/1/2029 | 2,015,000 | 2,487,888 | |
County of Santa Fe GO, 5.00% due 7/1/2021 - 7/1/2024 | 950,000 | 1,077,486 | |
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2026 | 2,000,000 | 2,119,360 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2035 - 7/1/2037 | 2,200,000 | 2,590,638 | |
Las Cruces School District No. 2 (State Aid Withholding) GO, | |||
5.00% due 8/1/2025 - 8/1/2028 | 3,800,000 | 4,642,216 | |
Series C, 5.00% due 8/1/2024 | 425,000 | 485,465 | |
New Mexico Educational Assistance Foundation (Student Loans), Series A-1, 5.00% due 12/1/2022 | 3,000,000 | 3,010,800 | |
New Mexico Finance Authority, | |||
Series B, 5.00% due 6/1/2032 - 6/1/2033 | 4,125,000 | 5,300,361 | |
Series D, 5.00% due 6/15/2029 - 6/1/2033 | 995,000 | 1,252,055 | |
New Mexico Finance Authority (New Mexico Finance Authority Public Project Revolving Fund), | |||
4.00% due 6/1/2021 | 100,000 | 100,607 | |
5.00% due 6/15/2022 | 150,000 | 158,699 | |
New Mexico Finance Authority (State Highway Infrastructure), Series A, 5.00% due 6/15/2026 - 6/15/2027 | 2,415,000 | 2,765,260 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 49 |
Thornburg New Mexico Intermediate Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
New Mexico Finance Authority (State of New Mexico Department of Transportation), Series A, 5.00% due 6/15/2024 | $2,000,000 | $ 2,299,200 | |
New Mexico Finance Authority (The Public Project Revolving Fund Program), | |||
5.00% due 6/1/2038 | 1,150,000 | 1,456,026 | |
Series A, 5.00% due 6/15/2031 | 1,000,000 | 1,184,450 | |
Series C, 5.00% due 6/1/2024 | 55,000 | 55,418 | |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), | |||
5.00% due 7/1/2032 | 1,000,000 | 1,041,820 | |
Series A, 5.00% due 7/1/2032 - 7/1/2034 | 1,310,000 | 1,498,130 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), | |||
5.00% due 8/1/2031 | 1,750,000 | 2,129,611 | |
Series A, 5.00% due 8/1/2036 - 8/1/2038 | 2,955,000 | 3,707,454 | |
New Mexico Hospital Equipment Loan Council (San Juan Regional Medical Center, Inc.), 5.00% due 6/1/2021 - 6/1/2031 | 1,440,000 | 1,782,846 | |
New Mexico Housing Authority (El Paseo Apartments; Insured: AMBAC) AMT, Series A, 5.30% due 12/1/2022 | 10,000 | 10,025 | |
New Mexico Institute of Mining and Technology (Campus Buildings Acquisition & Improvements), 5.00% due 7/1/2023 - 7/1/2028 | 3,215,000 | 3,249,838 | |
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 | 2,994,088 | |
New Mexico Mortgage Finance Authority (Collateralized: GNMA, FNMA, FHLMC), | |||
Series C, 2.85% due 7/1/2031 | 605,000 | 642,879 | |
Series F, | |||
2.60% due 7/1/2034 | 610,000 | 647,234 | |
2.85% due 7/1/2039 | 1,580,000 | 1,656,851 | |
3.50% due 7/1/2050 | 935,000 | 1,026,293 | |
New Mexico Mortgage Finance Authority (NIBP SFM Loan Program; Collateralized: GNMA, FNMA, FHLMC), Series I, 4.625% due 3/1/2028 | 410,000 | 415,920 | |
New Mexico Municipal Energy Acquisition Authority, | |||
Series A, | |||
4.00% due 5/1/2024 | 250,000 | 277,033 | |
a | 5.00% due 11/1/2039 (put 5/1/2025) | 1,500,000 | 1,754,325 |
Regents of New Mexico State University (Campus Buildings Acquisition & Improvements), Series A, 5.00% due 4/1/2032 - 4/1/2036 | 5,935,000 | 7,114,163 | |
Regents of New Mexico State University (Campus Buildings Acquisition & Improvements; Insured: BAM), Series A, 5.00% due 4/1/2030 | 1,440,000 | 1,793,779 | |
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 | 5,094,690 | |
6.00% due 6/1/2021 | 50,000 | 50,420 | |
San Juan County (County Capital Improvements), Series B, 5.00% due 6/15/2028 - 6/15/2030 | 2,645,000 | 2,996,745 | |
Santa Fe County (County Buildings & Facilities) GRT, Series A, 5.00% due 6/1/2026 - 6/1/2027 | 940,000 | 1,105,764 | |
Santa Fe County (County Correctional System; Insured: AGM), 6.00% due 2/1/2027 | 1,100,000 | 1,280,532 | |
Santa Fe Gasoline Tax, 5.00% due 6/1/2024 - 6/1/2028 | 1,540,000 | 1,866,334 | |
Santa Fe Public School District GO, 5.00% due 8/1/2021 - 8/1/2030 | 1,500,000 | 1,692,412 | |
State of New Mexico GO, 5.00% due 3/1/2029 | 2,000,000 | 2,602,180 | |
State of New Mexico Severance Tax Permanent Fund, | |||
5.00% due 7/1/2022 - 7/1/2028 | 665,000 | 810,950 | |
Series A, 5.00% due 7/1/2025 - 7/1/2030 | 2,790,000 | 3,425,955 | |
Series B, 4.00% due 7/1/2021 | 755,000 | 762,022 | |
Town of Silver City (Public Facility Capital Projects), | |||
Series A, | |||
4.00% due 6/1/2029 | 1,000,000 | 1,005,190 | |
4.25% due 6/1/2032 | 1,050,000 | 1,055,817 | |
Village of Los Ranchos de Albuquerque (Albuquerque Academy), 5.00% due 9/1/2029 - 9/1/2032 | 1,330,000 | 1,657,246 | |
Zuni Public School District (Teacher Housing Projects), 5.00% due 8/1/2028 | 1,600,000 | 1,697,296 | |
TOTAL LONG-TERM MUNICIPAL BONDS — 95.6% (Cost $142,491,612) | $150,161,760 | ||
SHORT-TERM MUNICIPAL BONDS — 2.3% | |||
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA Wells Fargo Bank, N.A.), | |||
a | Series C, 0.06% due 8/1/2034 (put 4/1/2021) | 935,000 | 935,000 |
a | Series D, 0.06% due 8/1/2034 (put 4/1/2021) | 835,000 | 835,000 |
University of New Mexico (SPA U.S. Bank, N.A.), | |||
a | 0.07% due 6/1/2026 (put 4/8/2021) | 325,000 | 325,000 |
a | Series C, 0.07% due 6/1/2030 (put 4/8/2021) | 1,500,000 | 1,500,000 |
TOTAL SHORT-TERM MUNICIPAL BONDS — 2.3% (Cost $3,595,000) | $ 3,595,000 | ||
Total Investments — 97.9% (Cost $146,086,612) | $153,756,760 | ||
Other Assets Less Liabilities — 2.1% | 3,230,720 |
50 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
Net Assets — 100.0% | $156,987,480 |
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 March 31, 2021. |
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 Semi-Annual Report | 51 |
Thornburg New York Intermediate Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
LONG-TERM MUNICIPAL BONDS — 97.2% | |||
City of New York (City Budget Financial Management) GO, Series G, 5.00% due 8/1/2030 | $1,000,000 | $ 1,124,010 | |
City of New York GO, | |||
Series A, 5.00% due 8/1/2039 | 1,000,000 | 1,241,490 | |
Series F1, 5.00% due 4/1/2037 | 940,000 | 1,147,157 | |
Erie County Fiscal Stability Authority, Series D, 5.00% due 9/1/2034 | 850,000 | 1,032,911 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2028 - 7/1/2036 | 1,500,000 | 1,721,410 | |
Hempstead Town Local Development Corp. (Hofstra University), 5.00% due 7/1/2028 | 500,000 | 505,360 | |
Hudson Yards Infrastructure Corp. (Hudson Yards Subway Station), Series A, 5.00% due 2/15/2035 | 1,000,000 | 1,198,600 | |
Long Island Power Authority (Electric System Capital Improvements; Insured: AGC), Series C, 5.25% due 9/1/2029 | 645,000 | 852,516 | |
Metropolitan Transportation Authority, Series D-1, 5.00% due 11/15/2031 | 1,000,000 | 1,175,100 | |
Metropolitan Transportation Authority (Transit and Commuter System), Series B-1, 5.00% due 5/15/2022 | 600,000 | 628,248 | |
Monroe County (Monroe Community College Association, Inc.; Insured: AGM) IDC, 5.00% due 1/15/2028 - 1/15/2029 | 550,000 | 607,908 | |
Monroe County (Rochester City School District) (State Aid Withholding) IDC, 5.00% due 5/1/2033 | 620,000 | 768,868 | |
Nassau County (Insured: BAM) GO, Series B, 5.00% due 4/1/2026 | 1,000,000 | 1,095,830 | |
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 | 1,899,741 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
Series A1, 5.00% due 8/1/2038 | 1,000,000 | 1,224,560 | |
Series A2, 5.00% due 5/1/2039 | 1,000,000 | 1,236,170 | |
New York State Dormitory Authority, Series A, 5.00% due 2/15/2032 | 1,000,000 | 1,222,620 | |
New York State Dormitory Authority (Barnard College), Series A, 4.00% due 7/1/2024 - 7/1/2025 | 350,000 | 394,649 | |
New York State Dormitory Authority (Columbia University Teachers College), Series A, 5.00% due 7/1/2027 | 750,000 | 792,502 | |
New York State Dormitory Authority (Green Bond-Cornell University), Series D, 5.00% due 7/1/2036 | 500,000 | 739,155 | |
New York State Dormitory Authority (Metropolitan Transportation Authority & State Urban Development Corp.), Series A, 5.00% due 12/15/2027 | 1,500,000 | 1,619,940 | |
New York State Dormitory Authority (Northwell Health Obligated Group), Series A, 5.00% due 5/1/2033 | 100,000 | 125,309 | |
New York State Dormitory Authority (School District Financing Program) (State Aid Withholding), Series C, 5.00% due 10/1/2023 | 575,000 | 640,699 | |
New York State Dormitory Authority (School District Financing Program; Insured: AGM) (State Aid Withholding), | |||
Series A, 5.00% due 10/1/2028 | 200,000 | 229,380 | |
Series H, | |||
5.00% due 10/1/2024 | 480,000 | 491,021 | |
5.00% due 10/1/2024 (pre-refunded 10/1/2021) | 520,000 | 532,449 | |
New York State Dormitory Authority (St. John’s University; Insured: Natl-Re), Series C, 5.25% due 7/1/2022 | 1,000,000 | 1,060,530 | |
New York State Dormitory Authority (State Aid Withholding), Series A, 5.00% due 10/1/2033 | 100,000 | 120,655 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), Series D, 4.00% due 2/15/2040 | 500,000 | 576,600 | |
New York State Dormitory Authority (State of New York Sales Tax Revenue), Series A, 5.00% due 3/15/2033 | 500,000 | 607,935 | |
New York State Environmental Facilities Corp. (State of New York State Revolving Fund), 5.00% due 5/15/2025 - 6/15/2038 | 1,500,000 | 1,601,931 | |
New York State Thruway Authority, | |||
Series J, 5.00% due 1/1/2033 | 325,000 | 363,360 | |
Series N, 5.00% due 1/1/2035 | 250,000 | 314,847 | |
Oneida County Local Development Corp. (Utica College), 5.00% due 7/1/2025 - 7/1/2032 | 855,000 | 971,694 | |
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 | 1,035,310 | |
Port Authority of New York & New Jersey AMT, 5.00% due 11/1/2039 | 200,000 | 245,656 | |
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 | 2,598,813 | |
State of New York Mortgage Agency, Series 223, 2.65% due 10/1/2034 | 450,000 | 466,929 | |
Syracuse Industrial Development Agency (Syracuse City School District) (State Aid Withholding), 5.25% due 5/1/2026 | 2,150,000 | 2,157,847 | |
Tompkins County Development Corp. (Ithaca College Project), 5.00% due 7/1/2034 - 7/1/2037 | 820,000 | 977,863 | |
Town of Hempstead, 5.00% due 8/15/2025 | 250,000 | 298,778 | |
Triborough Bridge & Tunnel Authority, Series D, 5.00% due 11/15/2033 | 250,000 | 328,702 | |
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 | 1,145,860 | |
5.00% due 11/15/2029 | 1,000,000 | 1,139,730 | |
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series A, 5.00% due 9/1/2038 | 250,000 | 313,580 | |
Utility Debt Securitization Authority, Series A, 5.00% due 12/15/2026 | 350,000 | 407,732 | |
Utility Debt Securitization Authority (Long Island Power Authority-Electric Service), Series TE, 5.00% due 12/15/2029 - 12/15/2030 | 2,000,000 | 2,244,210 | |
West Seneca Central School District (Facilities Improvements; Insured: BAM) (State Aid Withholding) GO, 5.00% due 11/15/2023 | 1,300,000 | 1,450,735 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2029 - 7/1/2034 | 450,000 | 516,013 | |
TOTAL LONG-TERM MUNICIPAL BONDS — 97.2% (Cost $42,787,783) | $45,192,913 | ||
SHORT-TERM MUNICIPAL BONDS — 1.3% | |||
a | New York City Water & Sewer System (SPA JPMorgan Chase Bank, N.A.), Series AA2, 0.06% due 6/15/2050 (put 4/1/2021) | 600,000 | 600,000 |
TOTAL SHORT-TERM MUNICIPAL BONDS — 1.3% (Cost $600,000) | $ 600,000 |
52 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
Total Investments — 98.5% (Cost $43,387,783) | $45,792,913 | ||
Other Assets Less Liabilities — 1.5% | 702,745 | ||
Net Assets — 100.0% | $46,495,658 |
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 March 31, 2021. |
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. |
GO | General Obligation |
IDC | Industrial Development Corp. |
Natl-Re | Insured by National Public Finance Guarantee Corp. |
SPA | Stand-by Purchase Agreement |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 53 |
Thornburg Intermediate Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 95.9% | |||
Alabama — 1.7% | |||
Alabama Public School & College Authority (Educational Facilities), Series B, 5.00% due 6/1/2026 (pre-refunded 6/1/2023) | $ 4,380,000 | $ 4,832,629 | |
Alabama Public School and College Authority, Series A, 5.00% due 11/1/2039 | 3,500,000 | 4,558,015 | |
East Alabama Health Care Authority (Health Care Facilities Capital Improvements) GO, Series A, 5.00% due 9/1/2027 | 1,250,000 | 1,302,975 | |
UAB Medicine Finance Authority (University Hospital), Series B, 5.00% due 9/1/2032 | 6,000,000 | 7,291,560 | |
Arizona — 2.4% | |||
Arizona (Scottsdale Lincoln Hospitals) HFA , 5.00% due 12/1/2031 | 2,500,000 | 2,895,000 | |
Arizona Board of Regents (University of Arizona SPEED), 5.00% due 8/1/2024 - 8/1/2029 | 2,635,000 | 2,802,313 | |
City of Mesa AZ Utility System Revenue, 5.00% due 7/1/2033 | 1,600,000 | 2,011,536 | |
a | County of Yavapai, (Waste Management, Inc.) AMT, IDA, 2.80% due 6/1/2027 (put 6/1/2021) | 2,000,000 | 2,006,780 |
Northern Arizona University (Insured: BAM), Series B, 5.00% due 6/1/2039 | 1,300,000 | 1,631,201 | |
Pima County Sewer System Revenue COP, Series B, 5.00% due 7/1/2031 | 900,000 | 1,195,389 | |
Salt River Project Agricultural Improvement and Power District (Salt River Electric System), 5.00% due 1/1/2033 - 1/1/2037 | 7,000,000 | 8,726,125 | |
Salt Verde Financial Corp. (Gas Supply Acquisition), 5.25% due 12/1/2022 - 12/1/2028 | 2,770,000 | 3,154,598 | |
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 | 4,183,776 | |
California — 4.9% | |||
Alameda County Joint Powers Authority (Alameda County Medical Center Highland Hospital), Series A, 5.25% due 12/1/2027 - 12/1/2029 | 3,650,000 | 4,131,194 | |
California (Adventist Health System/West) HFFA, Series A, 5.00% due 3/1/2026 | 2,815,000 | 3,061,566 | |
California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 11/15/2022 - 8/15/2033 | 1,950,000 | 2,202,476 | |
California Infrastructure and Economic Development Bank (King City Joint Union High School District), 5.75% due 8/15/2029 | 1,500,000 | 1,502,430 | |
Delano Financing Authority (City of Delano Police Station and Woollomes Avenue Bridge), Series A, 5.00% due 12/1/2025 | 2,555,000 | 2,564,096 | |
Franklin-McKinley School District (Insured: Natl-Re) GO, 5.25% due 8/1/2027 | 1,000,000 | 1,266,640 | |
Fresno (Educational Facilities and Improvements; Insured: Natl-Re) USD GO, Series A, 6.00% due 8/1/2026 | 1,410,000 | 1,625,702 | |
Jurupa Public Financing Authority (Eastvale Community Services; Insured: AGM), Series A, 5.50% due 9/1/2025 - 9/1/2027 | 2,530,000 | 2,840,621 | |
Los Angeles Department of Airports AMT, Series A, 5.00% due 5/15/2036 | 3,635,000 | 4,506,564 | |
M-S-R Energy Authority, Series B, 6.125% due 11/1/2029 | 2,460,000 | 3,140,485 | |
North City West School Facilities Financing Authority (Carmel Valley Schools; Insured: AGM), Series A, 5.00% due 9/1/2024 | 1,080,000 | 1,151,680 | |
a | Northern California Energy Authority (Commodity Supply Revenue), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 5,000,000 | 5,560,200 |
Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2032 - 8/1/2034 | 3,000,000 | 3,498,020 | |
Redwood City Redevelopment Agency (Redevelopment Area A-2; Insured: AMBAC), Series A-2, Zero Coupon due 7/15/2023 | 2,065,000 | 2,038,630 | |
Sacramento County Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District), 5.00% due 12/1/2032 | 575,000 | 804,902 | |
San Francisco City & County Airport Comm-San Francisco International Airport AMT, Series A, 5.00% due 5/1/2038 | 2,500,000 | 3,129,600 | |
Saratoga Union School District (Insured: Natl-Re) USD GO, Series B, Zero Coupon due 9/1/2023 | 900,000 | 894,033 | |
State of California (Kindergarten-University Facilities) GO, 5.25% due 9/1/2026 | 5,000,000 | 5,103,650 | |
State of California GO, 5.00% due 11/1/2029 | 1,000,000 | 1,320,050 | |
Colorado — 1.2% | |||
Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2039 | 1,925,000 | 2,422,343 | |
Housing Authority of the City and County of Denver (Three Towers Rehabilitation; Insured: AGM) AMT, 5.20% due 11/1/2027 | 1,335,000 | 1,339,633 | |
Regional Transportation District (North Metro Rail Line) COP, Series A, 5.00% due 6/1/2028 | 1,650,000 | 1,812,030 | |
State of Colorado COP, Series A, 5.00% due 9/1/2029 - 9/1/2032 | 5,205,000 | 6,530,231 | |
Connecticut — 3.0% | |||
City of Hartford (Various Public Improvements; Insured: AGM) GO, Series A, 5.00% due 7/1/2031 | 1,700,000 | 1,985,685 | |
State of Connecticut (Various Capital Projects) GO, Series B, 5.00% due 5/15/2027 | 1,000,000 | 1,215,980 | |
State of Connecticut GO, | |||
Series A, 5.00% due 4/15/2033 - 4/15/2035 | 12,415,000 | 15,335,742 | |
Series C, 5.00% due 6/15/2028 - 6/15/2029 | 1,890,000 | 2,411,099 | |
Series E, 5.00% due 9/15/2033 | 2,650,000 | 3,302,880 | |
State of Connecticut, Special Tax Revenue, Series A, 5.00% due 5/1/2037 - 5/1/2038 | 5,250,000 | 6,644,733 | |
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 | 3,692,565 | |
Metropolitan Washington Airports Authority (Dulles Toll Road Revenue; Insured: AGC), Series B, Zero Coupon due 10/1/2023 - 10/1/2024 | 9,890,000 | 9,652,902 | |
Washington Convention & Sports Authority, Series A, 5.00% due 10/1/2028 | 1,105,000 | 1,329,160 | |
Washington Metropolitan Area Transit Authority, 5.00% due 7/1/2032 - 7/1/2037 | 3,325,000 | 4,059,711 | |
Florida — 6.6% | |||
Broward County (Airport System Improvements) AMT, 5.00% due 10/1/2034 - 10/1/2035 | 3,500,000 | 4,192,255 | |
City of Jacksonville (Better Jacksonville Plan), Series A, 5.00% due 10/1/2026 | 2,075,000 | 2,224,151 | |
City of Lakeland (Electric Power System Smart Grid Project; Insured: AGM), 5.25% due 10/1/2027 - 10/1/2036 | 6,450,000 | 8,717,586 | |
City of Orlando (Senior Tourist Development; Insured: AGM), Series A, 5.00% due 11/1/2032 - 11/1/2037 | 3,430,000 | 4,112,896 | |
JEA Water & Sewer System Revenue, Series A, 5.00% due 10/1/2034 - 10/1/2035 | 1,225,000 | 1,592,091 |
54 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Lake County School Board (School District Facility Projects) COP, Series B, 5.00% due 6/1/2026 | $ 1,210,000 | $ 1,272,206 | |
Manatee County (Public Utilities System Improvements), 5.00% due 10/1/2026 - 10/1/2033 | 6,080,000 | 7,100,239 | |
Miami-Dade County (Miami International Airport), Series B, 5.00% due 10/1/2028 - 10/1/2031 | 5,335,000 | 6,155,297 | |
Miami-Dade County (Nicklaus Children’s Hospital) HFA, 5.00% due 8/1/2035 - 8/1/2037 | 2,905,000 | 3,473,879 | |
Miami-Dade County (Seaport Properties) GO, Series C, 5.00% due 10/1/2023 | 1,040,000 | 1,064,721 | |
Miami-Dade County Educational Facilities Authority (University of Miami; Insured: AMBAC), Series B, 5.25% due 4/1/2024 | 1,000,000 | 1,145,680 | |
Miami-Dade County School Board (Insured: AMBAC) COP, Series D, 5.00% due 10/1/2021 | 3,035,000 | 3,107,021 | |
Miami-Dade County School Board COP, Series A, 5.00% due 5/1/2030 | 3,250,000 | 3,798,957 | |
Orange County (Tourist Development), Series A, 5.00% due 10/1/2031 | 2,000,000 | 2,447,540 | |
Palm Beach County (Boca Raton Regional Hospital) HFA, 5.00% due 12/1/2025 (pre-refunded 12/1/2024) | 500,000 | 582,595 | |
Palm Beach County School District COP, Series C, 5.00% due 8/1/2028 | 595,000 | 760,011 | |
a | Sarasota County Public Hospital Board (Sarasota Memorial Hospital; Insured: Natl-Re), Series A, 4.426% (CPI + 2.05%) due 10/1/2021 | 1,335,000 | 1,356,644 |
School Board of Broward County (Educational Facilities and Equipment) COP, Series A, 5.00% due 7/1/2027 | 2,000,000 | 2,117,900 | |
School Board of Broward County (Educational Facilities) COP, Series B, 5.00% due 7/1/2032 | 2,000,000 | 2,354,020 | |
School District of Broward County COP, | |||
Series A, | |||
5.00% due 7/1/2026 | 545,000 | 577,231 | |
5.00% due 7/1/2026 (pre-refunded 7/1/2022) | 2,455,000 | 2,599,845 | |
School District of Manatee County (School Facilities Improvement; Insured: AGM), 5.00% due 10/1/2032 | 2,250,000 | 2,693,272 | |
State of Florida GO, 4.00% due 7/1/2030 | 1,000,000 | 1,009,200 | |
Sunshine State Governmental Finance Commission (Miami-Dade County Program), Series B-1, 5.00% due 9/1/2028 | 3,500,000 | 3,888,955 | |
Georgia — 3.0% | |||
Athens-Clarke County Unified Government Development Authority (UGAREF Bolton Commons, LLC), 5.00% due 6/15/2024 - 6/15/2028 | 2,320,000 | 2,560,266 | |
City of Atlanta (Water & Wastewater System; Insured: Natl-Re), Series A, 5.50% due 11/1/2022 | 365,000 | 386,513 | |
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 | 5,821,758 | |
Georgia State Road & Tollway Authority (GARVEE), 5.00% due 6/1/2032 | 1,000,000 | 1,319,520 | |
Main Street Natural Gas, Inc., Series A, 5.00% due 5/15/2035 - 5/15/2037 | 11,170,000 | 15,129,595 | |
Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2035 - 1/1/2038 | 4,340,000 | 5,336,001 | |
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 | 6,889,805 | |
Guam Waterworks Authority (Water and Wastewater System), 5.25% due 7/1/2024 | 1,000,000 | 1,094,590 | |
Hawaii — 1.8% | |||
County of Hawaii GO, Series A, 5.00% due 9/1/2033 | 1,250,000 | 1,504,275 | |
State of Hawaii Airports System Revenue AMT, Series A, 5.00% due 7/1/2032 - 7/1/2033 | 5,000,000 | 6,357,360 | |
State of Hawaii GO, | |||
Series DZ, 5.00% due 12/1/2027 (pre-refunded 12/1/2021) | 3,635,000 | 3,751,574 | |
Series DZ-2016, 5.00% due 12/1/2027 (pre-refunded 12/1/2021) | 6,365,000 | 6,569,126 | |
Illinois — 11.5% | |||
Chicago O’Hare International Airport (2016 Airport Projects), Series C, 5.00% due 1/1/2029 - 1/1/2030 | 1,765,000 | 2,109,162 | |
Chicago O’Hare International Airport (2017 Airport Projects), Series B, 5.00% due 1/1/2034 - 1/1/2037 | 8,160,000 | 9,772,522 | |
Chicago Park District (Capital Improvement Plan) GO, | |||
Series A, 5.00% due 1/1/2027 - 1/1/2029 | 3,940,000 | 4,311,476 | |
Series B, 5.00% due 1/1/2025 - 1/1/2030 | 4,500,000 | 4,915,840 | |
Series D, 5.00% due 1/1/2028 | 3,450,000 | 3,775,163 | |
City of Chicago (Midway Airport), | |||
Series B, | |||
5.00% due 1/1/2032 - 1/1/2033 | 9,805,000 | 10,861,134 | |
5.25% due 1/1/2034 | 4,700,000 | 5,051,137 | |
City of Chicago (Wastewater Transmission System), Series C-2, 5.00% due 1/1/2028 - 1/1/2029 | 7,865,000 | 9,090,344 | |
City of Chicago (Wastewater Transmission System; Insured: AGM), Series B, 5.00% due 1/1/2034 | 1,375,000 | 1,649,643 | |
City of Chicago (Water System), Series A-1, 5.00% due 11/1/2024 | 1,000,000 | 1,146,640 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2037 | 4,250,000 | 5,236,255 | |
City of Chicago (Water System; Insured: BHAC-CR AMBAC), 5.75% due 11/1/2030 | 1,270,000 | 1,647,977 | |
City of Chicago GO, | |||
Series A, | |||
5.625% due 1/1/2031 | 1,585,000 | 1,912,477 | |
6.00% due 1/1/2038 | 7,500,000 | 9,051,300 | |
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 | 1,986,920 | |
Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group), Series A, 5.00% due 7/15/2031 | 175,000 | 218,293 | |
Illinois Finance Authority (Rush University Medical Center), Series A, 5.00% due 11/15/2033 | 1,000,000 | 1,163,250 | |
Illinois Finance Authority (Silver Cross Hospital and Medical Centers), 5.00% due 8/15/2024 | 1,000,000 | 1,129,030 | |
Illinois Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | 5,550,000 | 6,496,885 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 55 |
Thornburg Intermediate Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
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 | $ 3,273,690 | |
Metropolitan Pier & Exposition Authority (McCormick Place Expansion Project), Series B, 5.00% due 12/15/2022 | 1,000,000 | 1,063,870 | |
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 | 7,573,099 | |
Regional Transportation Authority (Insured: Natl-Re), Series A, 6.00% due 7/1/2031 | 1,070,000 | 1,452,514 | |
Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2029 | 2,000,000 | 2,455,480 | |
State of Illinois, Series B, 5.00% due 6/15/2030 - 6/15/2032 | 12,165,000 | 14,379,148 | |
State of Illinois GO, Series D, 5.00% due 11/1/2027 - 11/1/2028 | 4,250,000 | 4,987,788 | |
Tazewell County School District (Insured: Natl-Re) GO, 9.00% due 12/1/2024 | 1,205,000 | 1,568,609 | |
Indiana — 2.2% | |||
Board of Trustees for the Vincennes University, Series J, 5.375% due 6/1/2022 | 895,000 | 898,383 | |
City of Indianapolis Department of Public Utilities Water System Revenue, Series A, 5.00% due 10/1/2034 | 1,000,000 | 1,257,850 | |
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 | 1,084,450 |
Indiana (Ascension Health Credit Group) HFFA, | |||
b | 5.00% due 11/15/2034 | 1,325,000 | 1,577,492 |
5.00% due 11/15/2035 - 11/15/2036 | 7,000,000 | 8,323,790 | |
Indiana Bond Bank (Hendricks Regional Health Financing Program; Insured: AMBAC), Series A, 5.25% due 4/1/2023 | 2,000,000 | 2,202,320 | |
Indiana Finance Authority (Marian University), 5.25% due 9/15/2022 - 9/15/2023 (pre-refunded 9/15/2021) | 5,085,000 | 5,200,887 | |
Indiana Finance Authority (Sisters of St. Francis Health Services, Inc.), 5.00% due 11/1/2021 | 605,000 | 607,251 | |
Southwest Allen Multi School Building Corp., 5.00% due 7/15/2033 | 1,500,000 | 1,861,185 | |
Iowa — 0.4% | |||
Iowa Finance Authority (UnityPoint Health), Series C, 5.00% due 2/15/2030 - 2/15/2032 | 4,100,000 | 4,607,399 | |
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 | 790,400 | |
Kentucky — 1.4% | |||
a | Kentucky Public Energy Authority, Series A, 4.00% due 4/1/2048 (put 4/1/2024) | 6,500,000 | 7,125,495 |
Kentucky State Property & Building Commission (Insured: AGM), Series A, 5.00% due 11/1/2035 | 4,000,000 | 5,152,480 | |
Louisville/Jefferson County Metropolitan Government (Norton Suburban Hospital and Kosair Children’s Hospital), Series A, 5.25% due 10/1/2026 | 2,320,000 | 2,600,140 | |
Louisiana — 2.5% | |||
City of Shreveport LA Water & Sewer Revenue (Insured: AGM), Series A, 5.00% due 12/1/2036 | 1,000,000 | 1,214,340 | |
East Baton Rouge Sewerage Commission, Series B, 5.00% due 2/1/2030 - 2/1/2032 (pre-refunded 2/1/2025) | 6,825,000 | 8,027,565 | |
Jefferson Sales Tax District (Insured: AGM), Series B, 5.00% due 12/1/2031 - 12/1/2035 | 3,895,000 | 4,827,760 | |
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 | 6,707,867 | |
Parish of Lafourche (Roads, Highways and Bridges), 5.00% due 1/1/2024 - 1/1/2025 | 3,685,000 | 4,204,475 | |
a | Parish of St. Charles (Valero Energy Corp. Refinery), 4.00% due 12/1/2040 (put 6/1/2022) | 1,000,000 | 1,040,690 |
Maryland — 0.0% | |||
Montgomery County GO, Series C, 5.00% due 10/1/2025 | 365,000 | 438,372 | |
Massachusetts — 1.9% | |||
Massachusetts (Insured: BHAC-CR FGIC), 5.50% due 1/1/2029 | 8,370,000 | 11,026,638 | |
Massachusetts Bay Transportation Authority (Transportation Capital Program), Series A, 5.25% due 7/1/2030 | 1,000,000 | 1,359,410 | |
Massachusetts Development Finance Agency (CareGroup Healthcare System), Series I, 5.00% due 7/1/2033 - 7/1/2036 | 3,250,000 | 3,885,672 | |
Massachusetts Development Finance Agency (Simmons College), Series J, 5.50% due 10/1/2025 - 10/1/2028 | 1,790,000 | 1,996,084 | |
Massachusetts Educational Financing Authority (Higher Education Student Loans), Series A, 5.50% due 1/1/2022 | 1,130,000 | 1,131,198 | |
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 | 1,166,883 | |
City of Troy (Downtown Development Authority-Community Center Facilities) GO, 5.00% due 11/1/2025 (pre-refunded 11/1/2021) | 300,000 | 308,397 | |
County of Genesee (Water Supply System; Insured: BAM) GO, | |||
5.00% due 11/1/2024 - 11/1/2030 | 3,360,000 | 3,668,448 | |
5.125% due 11/1/2032 | 750,000 | 818,970 | |
5.25% due 11/1/2026 - 11/1/2028 | 2,920,000 | 3,205,310 | |
Detroit City School District (School Building & Site Improvement; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2026 | 3,150,000 | 3,842,023 | |
Detroit City School District (School Building & Site; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1,100,000 | 1,379,378 | |
Kalamazoo Hospital Finance Authority (Bronson Healthcare), | |||
5.25% due 5/15/2026 | 175,000 | 175,935 | |
5.25% due 5/15/2026 (pre-refunded 5/15/2021) | 1,110,000 | 1,116,349 | |
Michigan Finance Authority (Government Loan Program), Series F, 5.00% due 4/1/2026 | 1,580,000 | 1,617,604 | |
Michigan Finance Authority (McLaren Health System), Series A, 5.00% due 2/15/2039 | 3,200,000 | 3,997,632 | |
Michigan Public School Academy (Will Carleton Charter School), 8.00% due 8/1/2035 | 820,000 | 822,690 | |
Michigan State Housing Development Authority, Series B, 2.95% due 12/1/2039 | 3,000,000 | 3,108,000 | |
Minnesota — 0.3% | |||
Minnesota Higher Education Facilities Authority, (University of St. Thomas), 5.00% due 10/1/2034 - 10/1/2035 | 600,000 | 746,482 |
56 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Minnesota Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), Series F, 2.45% due 7/1/2034 | $ 2,005,000 | $ 2,092,779 | |
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 | 6,579,775 | |
Mississippi Development Bank (Vicksburg Warren School District; Insured: BAM), 5.50% due 3/1/2038 | 700,000 | 910,077 | |
Missouri — 0.3% | |||
City of Excelsior Springs (Insured: BAM) COP, Series B, 4.00% due 3/1/2031 | 150,000 | 183,680 | |
Missouri Health and Educational Facilities Authority (Webster University) ETM, 5.00% due 4/1/2021 | 2,520,000 | 2,520,000 | |
Nebraska — 0.6% | |||
a | Central Plains Energy Project, 5.00% due 3/1/2050 (put 1/1/2024) | 5,350,000 | 5,958,081 |
Nevada — 1.2% | |||
Carson City (Carson Tahoe Regional Healthcare), | |||
5.00% due 9/1/2027 (pre-refunded 9/1/2022) | 2,450,000 | 2,616,502 | |
5.00% due 9/1/2032 | 730,000 | 879,548 | |
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 | 7,177,941 | |
Washoe County NV GO, 5.00% due 7/1/2032 (pre-refunded 7/1/2021) | 1,905,000 | 1,927,269 | |
New Hampshire — 0.7% | |||
a | New Hampshire Business Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, Series A4, 2.15% due 8/1/2038 (put 7/1/2024) | 750,000 | 784,320 |
New Hampshire Municipal Bond Bank, Series C, 5.00% due 8/15/2026 (pre-refunded 8/15/2023) | 1,860,000 | 2,069,473 | |
State of New Hampshire (Turnpike System), Series B, 5.00% due 2/1/2022 - 2/1/2024 | 4,005,000 | 4,164,809 | |
New Jersey — 4.6% | |||
Essex County Improvement Authority (County Correctional Facilities & Gibraltar Facilities; Insured: Natl-Re) GO, 5.50% due 10/1/2024 | 2,500,000 | 2,946,175 | |
New Jersey (School Facilities Construction) EDA, 5.00% due 3/1/2026 - 6/15/2038 | 6,515,000 | 7,702,275 | |
New Jersey (School Facilities Construction; Insured: AMBAC) EDA, Series N-1, 5.50% due 9/1/2026 | 3,000,000 | 3,675,060 | |
New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N-1, 5.50% due 9/1/2027 | 1,700,000 | 2,127,941 | |
New Jersey (State of New Jersey Department of the Treasury) EDA, Series DDD, 5.00% due 6/15/2033 | 1,000,000 | 1,185,250 | |
New Jersey (Transit Corp.) EDA, 5.00% due 11/1/2036 | 2,950,000 | 3,607,289 | |
New Jersey State Health Care Facilities Financing Authority (Virtua Health), 5.00% due 7/1/2027 - 7/1/2028 | 3,000,000 | 3,369,760 | |
New Jersey Transportation Trust Fund Authority, | |||
Series A, 5.00% due 12/15/2032 | 485,000 | 591,390 | |
Series AA, 5.00% due 6/15/2036 - 6/15/2040 | 1,500,000 | 1,851,190 | |
Series BB, 5.00% due 6/15/2034 | 2,000,000 | 2,430,380 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), 5.00% due 6/15/2023 - 6/15/2031 | 3,500,000 | 3,951,360 | |
New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), 5.00% due 6/15/2038 | 3,500,000 | 4,205,460 | |
New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 12/15/2034 - 12/15/2036 | 5,500,000 | 6,630,035 | |
Passaic Valley Sewage Commissioners GO, Series G, 5.75% due 12/1/2022 | 3,000,000 | 3,263,670 | |
New Mexico — 0.7% | |||
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 | 1,519,515 |
a | Series D, 1.10% due 6/1/2040 (put 6/1/2023) | 3,000,000 | 3,041,550 |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), 5.00% due 7/1/2032 | 2,130,000 | 2,219,077 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Series A, 5.00% due 8/1/2039 | 440,000 | 549,384 | |
New York — 5.8% | |||
City of New York (City Budget Financial Management) GO, | |||
Series G, 5.00% due 8/1/2027 | 4,530,000 | 5,104,676 | |
Series J, 5.00% due 8/1/2030 - 8/1/2031 | 9,000,000 | 10,287,950 | |
City of New York GO, | |||
Series C, 5.00% due 8/1/2035 | 500,000 | 640,805 | |
Series C-1, 5.00% due 8/1/2032 | 1,000,000 | 1,303,350 | |
Erie County Industrial Development Agency (City of Buffalo School District) (State Aid Withholding), Series A, 5.00% due 5/1/2027 | 5,000,000 | 5,474,250 | |
Long Island Power Authority, Series A, 5.00% due 9/1/2036 - 9/1/2038 | 1,300,000 | 1,679,242 | |
Metropolitan Transportation Authority, | |||
Series D, 5.00% due 11/15/2030 - 11/15/2035 | 8,295,000 | 9,907,685 | |
Series D-1, 5.00% due 11/15/2031 | 2,285,000 | 2,685,103 | |
Metropolitan Transportation Authority (Green Bond), | |||
Series A1, 5.00% due 11/15/2035 - 11/15/2036 | 1,820,000 | 2,125,252 | |
Series A2, 5.00% due 11/15/2025 | 600,000 | 709,968 | |
Nassau County (Insured: BAM) GO, Series B, 5.00% due 4/1/2026 | 1,300,000 | 1,424,579 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
5.00% due 5/1/2032 - 11/1/2036 | 4,230,000 | 5,460,626 | |
c | 5.00% due 11/1/2033 | 1,000,000 | 1,310,060 |
New York State Dormitory Authority, Series A, 5.00% due 3/15/2037 | 735,000 | 912,767 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 57 |
Thornburg Intermediate Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
New York State Dormitory Authority (Metropolitan Transportation Authority & State Urban Development Corp.), Series A, 5.00% due 12/15/2027 | $ 2,500,000 | $ 2,699,900 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), | |||
Series A, 5.00% due 3/15/2035 - 3/15/2036 | 2,650,000 | 3,437,486 | |
Series D, 4.00% due 2/15/2040 | 1,000,000 | 1,153,200 | |
New York State Dormitory Authority (State of New York Sales Tax Revenue), Series A, 5.00% due 3/15/2033 | 500,000 | 607,935 | |
New York State Dormitory Authority (State University Educational Facilities), Series A, 5.25% due 5/15/2021 | 255,000 | 256,436 | |
New York State Urban Development Corp. (State of New York Personal Income Tax Revenue), Series A, 5.00% due 3/15/2041 | 1,500,000 | 1,885,800 | |
New York State Urban Development Corp. (State of New York Sales Tax Revenue), Series A, 5.00% due 3/15/2037 | 500,000 | 630,525 | |
North Carolina — 1.2% | |||
Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), Series A, 5.00% due 1/15/2028 | 2,190,000 | 2,370,325 | |
North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2030 (pre-refunded 6/1/2025) | 3,000,000 | 3,564,090 | |
State of North Carolina, 5.00% due 3/1/2033 | 5,000,000 | 6,349,200 | |
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 | 1,052,600 | |
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 | 1,443,872 | |
American Municipal Power, Inc. (AMP Fremont Energy Center), Series B, 5.25% due 2/15/2028 (pre-refunded 2/15/2022) | 4,000,000 | 4,176,040 | |
Cincinnati City School District (School Improvement Project) COP, 5.00% due 12/15/2031 | 3,075,000 | 3,563,310 | |
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 | 2,819,048 | |
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 | 5,828,770 | |
City of Cleveland (Various Municipal Capital Improvements) GO, 5.00% due 12/1/2024 | 1,000,000 | 1,076,770 | |
City of Cleveland GO, | |||
5.00% due 12/1/2026 | 15,000 | 16,142 | |
5.00% due 12/1/2026 (pre-refunded 12/1/2022) | 1,215,000 | 1,312,236 | |
City of Cleveland Income Tax Revenue, 5.00% due 10/1/2033 - 10/1/2035 | 1,450,000 | 1,789,782 | |
Cleveland-Cuyahoga County Port Authority (County Administration Offices), 5.00% due 7/1/2025 | 1,780,000 | 2,097,392 | |
County of Allen (Catholic Health Partners-Mercy Health West Facility), Series A, 5.00% due 5/1/2025 - 5/1/2026 (pre-refunded 5/1/2022) | 8,325,000 | 8,758,566 | |
County of Cuyahoga (Musical Arts Association), 5.00% due 1/1/2030 - 1/1/2039 | 3,170,000 | 3,692,740 | |
County of Hamilton (Cincinnati Children’s Hospital Medical Center), 5.00% due 5/15/2028 - 5/15/2031 | 8,085,000 | 9,136,235 | |
Greene County Vocational School District (School Facilities Construction and Improvement) GO, 5.00% due 12/1/2030 - 12/1/2033 | 2,580,000 | 3,261,868 | |
Lucas County Health Care Facility (Sunset Retirement Community), | |||
5.00% due 8/15/2021 | 260,000 | 263,648 | |
5.125% due 8/15/2025 | 1,350,000 | 1,369,386 | |
State of Ohio GO, Series A, 5.00% due 6/15/2033 | 505,000 | 684,982 | |
Pennsylvania — 7.6% | |||
Allegheny County (Propel Charter School-McKeesport) IDA, | |||
Series C, | |||
5.90% due 8/15/2026 | 605,000 | 607,178 | |
6.375% due 8/15/2035 | 1,130,000 | 1,134,373 | |
Allegheny County Hospital Development Authority (University of Pittsburgh Medical Center), Series A, 5.00% due 7/15/2034 | 1,150,000 | 1,448,552 | |
Bucks County (Waste Management, Inc.) AMT, IDA, Series A-2, 2.75% due 12/1/2022 | 7,000,000 | 7,269,500 | |
City of Philadelphia (Pennsylvania Gas Works), 5.00% due 8/1/2032 - 8/1/2034 | 2,300,000 | 2,682,996 | |
City of Philadelphia (Philadelphia Gas Works), 5.00% due 8/1/2036 - 8/1/2037 | 5,485,000 | 6,521,200 | |
City of Philadelphia (Water and Wastewater System), Series A, 5.00% due 10/1/2029 - 11/1/2038 | 2,100,000 | 2,632,584 | |
City of Pittsburgh (Capital Projects) GO, 5.00% due 9/1/2035 - 9/1/2036 | 1,215,000 | 1,480,816 | |
County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2029 | 3,000,000 | 3,517,050 | |
Dallastown Area School District (State Aid Withholding) GO, Series A, 4.00% due 5/1/2021 | 460,000 | 461,251 | |
Lancaster County Solid Waste Management Authority (Acquisition of Susquehanna Resource Management Facility), Series A, 5.25% due 12/15/2030 | 3,000,000 | 3,386,640 | |
Monroeville Financing Authority (University of Pittsburgh Medical Center), 5.00% due 2/15/2026 | 3,490,000 | 4,215,571 | |
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 | 6,160,100 | |
Pennsylvania Turnpike Commission, Series B, 5.00% due 12/1/2033 - 12/1/2038 | 1,450,000 | 1,869,050 | |
Pennsylvania Turnpike Commission (Highway Improvements), Series A-1, 5.00% due 12/1/2035 - 12/1/2036 | 1,750,000 | 2,135,588 | |
Philadelphia Authority for Industrial Development (Thomas Jefferson University), Series A, 5.00% due 9/1/2032 - 9/1/2034 | 5,000,000 | 5,964,500 | |
Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2032 - 4/1/2036 | 11,125,000 | 13,519,285 | |
Pittsburgh Water & Sewer Authority (Water and Sewer System; Insured: AGM), | |||
Series A, 5.00% due 9/1/2030 - 9/1/2031 | 8,740,000 | 9,635,267 | |
Series B, 5.00% due 9/1/2031 (pre-refunded 9/1/2023) | 3,665,000 | 4,084,679 | |
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 | 846,744 | |
State of Rhode Island and Providence Plantations (Training School Project) COP, Series B, 5.00% due 10/1/2024 | 3,595,000 | 4,023,093 | |
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 | 2,242,180 |
58 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
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 | $ 1,593,333 | |
South Dakota Health and Educational Facilities Authority (Sanford Health), 5.00% due 11/1/2028 - 11/1/2029 | 1,800,000 | 2,144,474 | |
Tennessee — 1.8% | |||
County of Shelby Health, Educational and Housing Facility Board (Methodist Le Bonheur Healthcare), 5.00% due 5/1/2027 - 5/1/2035 | 3,560,000 | 4,360,652 | |
Metropolitan Government of Nashville and Davidson County (Green Projects), Series B, 5.00% due 7/1/2033 - 7/1/2036 | 3,000,000 | 3,689,190 | |
Tennessee Energy Acquisition Corp. (The Gas Project), | |||
Series A, 5.25% due 9/1/2023 | 7,000,000 | 7,794,290 | |
Series C, 5.00% due 2/1/2023 | 2,650,000 | 2,859,429 | |
Texas — 8.2% | |||
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2025 - 2/15/2034 | 9,720,000 | 11,320,713 | |
City of Dallas (Trinity River Corridor Infrastructure) GO, 5.00% due 2/15/2028 | 1,000,000 | 1,128,440 | |
City of Galveston (Galveston Island Convention Center; Insured: AGM), | |||
Series A, 5.00% due 9/1/2021 | 545,000 | 555,573 | |
Series B, 5.00% due 9/1/2024 | 1,115,000 | 1,188,378 | |
City of Houston (Combined Utility System), Series A, 5.00% due 11/15/2032 | 1,875,000 | 2,496,769 | |
City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2027 | 1,175,000 | 1,417,743 | |
City of Houston Airport System Revenue, Series D, 5.00% due 7/1/2030 | 2,000,000 | 2,509,420 | |
City of McAllen (International Toll Bridge; Insured: AGM), Series A, 5.00% due 3/1/2028 - 3/1/2032 | 6,120,000 | 7,371,547 | |
City of San Antonio (Airport System Capital Improvements) AMT, 5.00% due 7/1/2024 - 7/1/2025 | 3,225,000 | 3,409,524 | |
City of San Antonio (Water System), Series A, 5.00% due 5/15/2033 - 5/15/2034 | 3,075,000 | 3,724,195 | |
Dallas Area Rapid Transit, Series A, 5.00% due 12/1/2035 - 12/1/2036 | 7,200,000 | 8,569,984 | |
Dallas County Utility & Reclamation District GO, 5.00% due 2/15/2027 | 1,905,000 | 2,347,284 | |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series A, 5.00% due 12/1/2028 | 3,000,000 | 3,469,080 | |
Harris County Cultural Education Facilities Finance Corp. (TECO Project), 5.00% due 11/15/2028 - 11/15/2033 | 2,225,000 | 2,763,694 | |
Houston Airport System Revenue, Series D, 5.00% due 7/1/2035 | 1,750,000 | 2,150,925 | |
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.), | |||
6.50% due 5/15/2031 (pre-refunded 5/15/2021) | 360,000 | 362,538 | |
Series S, 6.50% due 5/15/2031 (pre-refunded 5/15/2021) | 415,000 | 417,955 | |
Lower Colorado River Authority, | |||
Series A, | |||
5.00% due 5/15/2026 | 9,415,000 | 9,908,817 | |
5.00% due 5/15/2026 (pre-refunded 5/15/2022) | 55,000 | 57,934 | |
Lower Colorado River Authority (LCRA Transmission Services Corp.), 5.00% due 5/15/2028 - 5/15/2038 | 970,000 | 1,242,460 | |
Metropolitan Transit Authority of Harris County, 5.00% due 11/1/2029 - 11/1/2030 | 4,040,000 | 5,205,903 | |
North Texas Tollway Authority (NTTA System), Series A, 5.00% due 1/1/2037 | 1,750,000 | 2,082,430 | |
San Antonio Water System, | |||
5.00% due 5/15/2038 | 2,110,000 | 2,715,169 | |
Series A, 5.00% due 5/15/2037 | 500,000 | 625,190 | |
Series C, 5.00% due 5/15/2032 - 5/15/2033 | 1,590,000 | 2,097,095 | |
Stephen F Austin State University (Financing System), Series A, 5.00% due 10/15/2030 - 10/15/2033 | 1,265,000 | 1,564,832 | |
Texas Municipal Gas Acquisition & Supply Corp. III, 5.00% due 12/15/2032 | 800,000 | 1,059,176 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2024 - 8/15/2025 | 2,490,000 | 2,848,591 | |
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 | 2,633,325 |
Virginia — 0.3% | |||
a | Halifax County (VirginiaI Electric and Power Co. Project) IDA, Series A, 0.45% due 12/1/2041 (put 4/1/2022) | 500,000 | 499,700 |
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), 5.00% due 1/1/2032 - 1/1/2033 | 2,000,000 | 2,427,320 | |
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 | 5,256,240 | |
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 | 8,490,686 | |
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 | 5,012,314 | |
State of Washington (Acquisition and Improvements of Real and Personal Property) COP, Series A, 5.00% due 7/1/2030 | 4,415,000 | 5,473,761 | |
State of Washington (Various Purposes) GO, | |||
5.00% due 6/1/2038 | 1,965,000 | 2,546,345 | |
Series C, 5.00% due 2/1/2036 - 2/1/2037 | 7,425,000 | 9,413,135 | |
Washington Higher Education Facilities Authority (Seattle Pacific University), 5.00% due 10/1/2038 - 10/1/2040 | 3,340,000 | 4,048,407 | |
Wisconsin — 1.5% | |||
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group), 5.00% due 8/15/2033 | 600,000 | 745,062 | |
Wisconsin Health & Educational Facilities Authority (ProHealth Care, Inc.), 5.00% due 8/15/2023 - 8/15/2026 (pre-refunded 8/15/2021) | 10,925,000 | 11,117,499 | |
WPPI Energy, Series A, 5.00% due 7/1/2029 - 7/1/2036 | 2,980,000 | 3,715,352 | |
Total Long-Term Municipal Bonds — 95.9% (Cost $916,599,166) | 988,462,727 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 59 |
Thornburg Intermediate Municipal Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Short-Term Municipal Bonds — 3.0% | |||
Florida — 0.3% | |||
a | City of Gainesville FL Utilities System Revenue (SPA Barclays Bank plc), Series B, 0.06% due 10/1/2038 (put 4/8/2021) | $ 1,585,000 | $ 1,585,000 |
a | City of West Palm Beach Utility System Revenue (Insured: AGC) (SPA JPMorgan Chase Bank, N.A.), Series C, 0.09% due 10/1/2038 (put 4/8/2021) | 700,000 | 700,000 |
a | County of Manatee (Florida Power & Light Co.), 0.07% due 9/1/2024 (put 4/1/2021) | 1,100,000 | 1,100,000 |
Illinois — 0.1% | |||
a | Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group; SPA JPMorgan Chase Bank, N.A.), 0.06% due 8/15/2042 (put 4/1/2021) | 900,000 | 900,000 |
Louisiana — 0.1% | |||
a | Louisiana Public Facilities Authority (SPA Bank of New York Mellon), Series B3, 0.07% due 7/1/2047 (put 4/8/2021) | 540,000 | 540,000 |
Missouri — 0.1% | |||
a | Kansas City (LOC Sumitomo Mitsui Banking), Series F, 0.08% due 4/15/2025 (put 4/8/2021) | 500,000 | 500,000 |
a | Missouri Development Finance Board (Nelson Gallery Foundation; SPA Northern Trust Company), Series A, 0.06% due 12/1/2033 (put 4/1/2021) | 575,000 | 575,000 |
New Mexico — 0.7% | |||
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA Wells Fargo Bank, N.A.), | |||
a | Series C, 0.06% due 8/1/2034 (put 4/1/2021) | 1,875,000 | 1,875,000 |
a | Series D, 0.06% due 8/1/2034 (put 4/1/2021) | 4,900,000 | 4,900,000 |
New York — 1.2% | |||
a | City of New York (SPA Barclays Bank plc) GO, Series B-4, 0.06% due 10/1/2046 (put 4/1/2021) | 3,700,000 | 3,700,000 |
a | City of New York (SPA JPMorgan Chase Bank, N.A.) GO, Series 1, 0.06% due 3/1/2040 (put 4/1/2021) | 1,050,000 | 1,050,000 |
a | City of New York Municipal Water Finance Authority Water And Sewer System Revenue, Series EE-2, 0.07% due 6/15/2045 (put 4/1/2021) | 2,000,000 | 2,000,000 |
a | New York (LOC U.S. BANK N.A.) GO, Series L4, 0.07% due 4/1/2038 (put 4/1/2021) | 500,000 | 500,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JPMorgan Chase Bank, N.A.), Series E3, 0.06% due 2/1/2045 (put 4/1/2021) | 3,000,000 | 3,000,000 |
a | New York City Water & Sewer System (LOC Citibank N.A.), Series F, 0.07% due 6/15/2035 (put 4/1/2021) | 2,550,000 | 2,550,000 |
Pennsylvania — 0.2% | |||
a | Hospitals & Higher Education Facilities Authority of Philadelphia (Children’s Hospital of Philadelphia Obligated Group; SPA Bank of America N.A.), 0.06% due 7/1/2041 (put 4/1/2021) | 2,000,000 | 2,000,000 |
Virginia — 0.3% | |||
a | Loudoun County (Howard Hughes Medical Institute) EDA, Series E, 0.08% due 2/15/2038 (put 4/8/2021) | 3,240,000 | 3,240,000 |
Total Short-Term Municipal Bonds — 3.0% (Cost $30,715,000) | 30,715,000 | ||
Total Investments — 98.9% (Cost $947,314,166) | $1,019,177,727 | ||
Other Assets Less Liabilities — 1.1% | 11,226,076 | ||
Net Assets — 100.0% | $1,030,403,803 |
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 March 31, 2021. |
b | Segregated as collateral for a when-issued security. |
c | When-issued security. |
60 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
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 |
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 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 61 |
Thornburg Strategic Municipal Income Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 86.4% | |||
Alabama — 0.6% | |||
a | Selma (International Paper Co.) IDB, Series A, 2.00% due 11/1/2033 (put 10/1/2024) | $2,025,000 | $ 2,118,434 |
Arizona — 1.8% | |||
Arizona (Scottsdale Lincoln Hospitals) HFA , 5.00% due 12/1/2031 | 2,500,000 | 2,895,000 | |
a | County of Yavapai, (Waste Management, Inc.) AMT, IDA, 2.80% due 6/1/2027 (put 6/1/2021) | 1,500,000 | 1,505,085 |
Pinal County (Tucson Electric Power Co.) IDA, 4.00% due 9/1/2029 | 1,520,000 | 1,617,554 | |
Arkansas — 0.3% | |||
University of Arkansas Board of Trustees (Fayetteville Campus), Series A, 5.00% due 11/1/2036 | 1,000,000 | 1,141,610 | |
California — 7.1% | |||
ABAG Finance Authority for Nonprofit Corporations (Episcopal Senior Communities), Series A, 5.00% due 7/1/2047 | 1,635,000 | 1,717,191 | |
Benicia (Benicia High School; Insured: AGM) USD GO, Series C, Zero Coupon due 8/1/2026 | 830,000 | 775,535 | |
California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 11/15/2034 - 8/15/2036 | 920,000 | 1,037,730 | |
California (Community Program Developmental Disabilities; Insured: California Mtg Insurance) HFFA, 6.25% due 2/1/2026 | 1,500,000 | 1,506,870 | |
b | California Pollution Control Financing Authority (Poseidon Resources (Channelside) L.P. Desalination Project) AMT, 5.00% due 11/21/2045 | 1,000,000 | 1,058,720 |
a,b | California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 0.20% due 11/1/2042 (put 4/15/2021) | 1,000,000 | 1,000,000 |
Calipatria (Educational Facilities; Insured: ACA) USD GO, Series B, Zero Coupon due 8/1/2025 | 1,870,000 | 1,607,676 | |
City of Moorpark Mobile Home Park (Villa Del Arroyo), Series A, 6.15% due 5/15/2031 | 1,000,000 | 1,005,750 | |
City of Palm Springs Financing Authority (Downtown Revitalization Project), Series B, 5.25% due 6/1/2027 | 1,620,000 | 1,699,105 | |
County of El Dorado (El Dorado Hills Development-Community Facilities), 5.00% due 9/1/2026 | 625,000 | 665,219 | |
Daly County Housing Development Finance Agency (Franciscan Country Club Mobile Home Park Acquisition), Series A, 5.25% due 12/15/2023 | 650,000 | 652,178 | |
M-S-R Energy Authority, Series A, 6.50% due 11/1/2039 | 1,245,000 | 2,000,466 | |
a | Northern California Energy Authority (Commodity Supply Revenue), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 2,000,000 | 2,224,080 |
Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2035 | 1,000,000 | 1,164,380 | |
Redwood City Redevelopment Agency (Redevelopment Project Area 2; Insured: AMBAC), Zero Coupon due 7/15/2021 | 1,285,000 | 1,283,754 | |
Riverside County Asset Leasing Corp. (Riverside County Hospital; Insured: Natl-Re), Zero Coupon due 6/1/2021 | 535,000 | 534,834 | |
San Francisco City & County Airport Comm-San Francisco International Airport AMT, Series A, 5.00% due 5/1/2038 | 1,000,000 | 1,251,840 | |
San Francisco City & County Redevelopment Financing Authority (Redevelopment Project; Insured: Natl-Re), Series D, Zero Coupon due 8/1/2023 | 1,025,000 | 1,015,375 | |
State of California GO, 5.00% due 11/1/2029 | 1,000,000 | 1,320,050 | |
Union Elementary School District (Santa Clara County District Schools; Insured: Natl-Re) GO, Series D, Zero Coupon due 9/1/2027 | 905,000 | 848,039 | |
Colorado — 2.4% | |||
Crystal Valley Metropolitan District No 2 (Insured: AGM) GO, Series A, 5.00% due 12/1/2025 - 12/1/2030 | 1,810,000 | 2,253,407 | |
Denver Convention Center Hotel Authority, 5.00% due 12/1/2028 | 1,000,000 | 1,165,450 | |
Durango School District No. 9-R (State Aid Witholding) GO, Series R, 5.00% due 11/1/2031 | 1,000,000 | 1,338,120 | |
Public Authority for Colorado Energy (Natural Gas Purchase), 6.50% due 11/15/2038 | 260,000 | 400,026 | |
Regional Transportation District, Series A, 5.00% due 7/15/2032 | 600,000 | 762,498 | |
Regional Transportation District (FasTracks Transportation System) COP, Series A, 5.00% due 6/1/2044 | 565,000 | 615,375 | |
Village Metropolitan District (REF) GO, 5.00% due 12/1/2040 | 1,000,000 | 1,090,420 | |
Wild Plum Metropolitan District GO, Series A, 5.00% due 12/1/2049 | 595,000 | 605,793 | |
Connecticut — 3.2% | |||
City of New Haven (Insured: AGM) GO, Series B, 5.00% due 2/1/2026 - 2/1/2030 | 2,620,000 | 3,239,074 | |
State of Connecticut GO, | |||
Series A, 5.00% due 4/15/2035 | 2,000,000 | 2,463,420 | |
Series E, 5.00% due 9/15/2033 | 1,350,000 | 1,682,599 | |
State of Connecticut, Special Tax Revenue, Series A, 5.00% due 5/1/2037 | 750,000 | 950,415 | |
University of Connecticut (Insured: AGM), Series A, 5.00% due 4/15/2028 | 1,975,000 | 2,485,419 | |
Delaware — 0.3% | |||
Delaware (Nanticoke Memorial Hospital) HFA ETM, 5.00% due 7/1/2021 | 1,000,000 | 1,011,450 | |
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 | 1,383,195 | |
Florida — 3.1% | |||
Broward County (Airport System Improvements) AMT, 5.00% due 10/1/2037 | 1,000,000 | 1,190,190 | |
b | Charlotte County (Town & Country Utilities Projects) IDA, AMT, 5.00% due 10/1/2029 | 500,000 | 565,040 |
County of Miami-Dade Aviation Revenue, Series A, 5.00% due 10/1/2032 | 500,000 | 653,015 | |
Florida Department of Management Services, Series A, 5.00% due 9/1/2025 | 500,000 | 596,835 | |
Florida Higher Educational Facilities Financing Authority (Nova Southeastern University), 5.00% due 4/1/2027 (pre-refunded 4/1/2022) | 1,000,000 | 1,047,190 | |
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 | 1,373,387 | |
Miami-Dade County School Board (District School Facilities and Infrastructure) COP, Series A, 5.00% due 8/1/2027 | 1,100,000 | 1,168,497 | |
Orange County (Tourist Development), Series A, 5.00% due 10/1/2031 | 1,000,000 | 1,223,770 | |
a | Sarasota County Public Hospital Board (Sarasota Memorial Hospital; Insured: Natl-Re), Series A, 4.426% (CPI + 2.05%) due 10/1/2021 | 675,000 | 685,944 |
Town of Davie (Nova Southeastern University, Inc.), 5.00% due 4/1/2032 | 400,000 | 480,992 |
62 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Volusia County Educational Facilities Authority (Embry-Riddle Aeronautical University, Inc.), Series B, 5.00% due 10/15/2030 | $1,500,000 | $ 1,742,325 | |
Georgia — 1.6% | |||
Main Street Natural Gas, Inc., | |||
Series A, | |||
5.00% due 5/15/2037 | 2,640,000 | 3,603,257 | |
5.50% due 9/15/2023 | 350,000 | 392,483 | |
Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2039 | 1,225,000 | 1,498,163 | |
Guam — 0.6% | |||
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2027 | 1,000,000 | 1,059,440 | |
Guam Waterworks Authority (Water and Wastewater System), | |||
5.00% due 7/1/2028 | 500,000 | 543,860 | |
5.25% due 7/1/2024 | 500,000 | 547,295 | |
Hawaii — 0.8% | |||
State of Hawaii Airports System Revenue AMT, Series A, 5.00% due 7/1/2034 | 2,000,000 | 2,519,560 | |
State of Hawaii Harbor System Revenue AMT, Series A, 5.00% due 7/1/2029 | 250,000 | 319,213 | |
Illinois — 12.2% | |||
Chicago Midway International Airport AMT, Series A, 5.00% due 1/1/2030 | 1,500,000 | 1,655,430 | |
Chicago Park District (Various Capital Projects) GO, Series A, 5.00% due 1/1/2035 | 2,000,000 | 2,157,180 | |
Chicago Park District GO, Series A, 5.00% due 1/1/2027 | 825,000 | 958,031 | |
City of Chicago, 5.00% due 1/1/2022 | 1,195,000 | 1,217,789 | |
City of Chicago (Chicago O’Hare International Airport), Series C, 5.00% due 1/1/2031 | 500,000 | 596,590 | |
City of Chicago (Riverwalk Expansion Project; Insured: AGM), 5.00% due 1/1/2031 | 500,000 | 545,740 | |
City of Chicago (Wastewater Transmission System), Series C, 5.00% due 1/1/2030 | 1,500,000 | 1,731,450 | |
City of Chicago (Water System Improvements), 5.00% due 11/1/2029 | 200,000 | 213,392 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2037 | 1,500,000 | 1,848,090 | |
City of Chicago GO, | |||
Series A, | |||
5.00% due 1/1/2039 | 1,000,000 | 1,171,270 | |
5.625% due 1/1/2031 | 500,000 | 603,305 | |
c | 6.00% due 1/1/2038 | 2,330,000 | 2,811,937 |
Illinois Finance Authority (Advocate Health Care Network), 5.00% due 8/1/2029 | 2,195,000 | 2,511,190 | |
Illinois Finance Authority (Silver Cross Hospital & Medical Centers), 5.00% due 8/15/2035 | 2,355,000 | 2,684,206 | |
Illinois Finance Authority (Southern Illinois Healthcare), 5.00% due 3/1/2032 - 3/1/2034 | 700,000 | 843,218 | |
Illinois State University (Insured: AGM), Series A, 5.00% due 4/1/2021 - 4/1/2036 | 1,915,000 | 2,238,090 | |
Illinois Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | 1,000,000 | 1,170,610 | |
Kane, Cook, & DuPage Counties School District No. 46 GO, | |||
Series A, 5.00% due 1/1/2031 | 2,255,000 | 2,519,263 | |
Series D, 5.00% due 1/1/2028 | 1,000,000 | 1,119,570 | |
Metropolitan Water Reclamation District of Greater Chicago (Various Capital Improvement Projects) GO, Series C, 5.25% due 12/1/2032 | 40,000 | 55,298 | |
Metropolitan Water Reclamation District of Greater Chicago Go, Series A, 5.00% due 12/1/2025 | 500,000 | 596,995 | |
Regional Transportation Authority (Insured: AGM), Series A, 5.75% due 6/1/2034 | 1,100,000 | 1,481,711 | |
Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2029 | 1,000,000 | 1,227,740 | |
State of Illinois, Series B, 5.00% due 6/15/2032 - 6/15/2035 | 4,500,000 | 5,256,220 | |
State of Illinois GO, | |||
5.50% due 5/1/2039 | 375,000 | 465,735 | |
Series D, 5.00% due 11/1/2028 | 3,000,000 | 3,516,810 | |
Will County School District No. 114 (Educational Facilities; Insured: Natl-Re) GO, Series C, Zero Coupon due 12/1/2023 | 570,000 | 553,371 | |
Indiana — 1.0% | |||
City of Indianapolis Department of Public Utilities Water System Revenue, Series A, 5.00% due 10/1/2034 | 1,000,000 | 1,257,850 | |
a | City of Whiting AMT, 5.00% due 12/1/2044 (put 6/5/2026) | 1,000,000 | 1,202,800 |
Indiana Finance Authority (Marian University), 6.375% due 9/15/2041 (pre-refunded 9/15/2021) | 1,000,000 | 1,027,790 | |
Kansas — 0.7% | |||
Unified Government of Wyandotte County/Kansas City (Utility System Improvement), Series A, 5.00% due 9/1/2031 - 9/1/2032 | 2,000,000 | 2,270,930 | |
Kentucky — 2.4% | |||
Kentucky Economic (Norton Healthcare, Inc.; Insured: Natl-Re) DFA, Series B, Zero Coupon due 10/1/2021 - 10/1/2022 | 3,365,000 | 3,336,600 | |
Kentucky Higher Education Student Loan Corp. AMT, Series A-1, 5.00% due 6/1/2029 | 500,000 | 601,500 | |
a | Kentucky Public Energy Authority, Series A, 4.00% due 4/1/2048 (put 4/1/2024) | 4,000,000 | 4,384,920 |
Louisiana — 2.7% | |||
City of New Orleans (Water System Facilities Improvement), 5.00% due 12/1/2034 (pre-refunded 12/1/2024) | 400,000 | 467,852 | |
Louisiana Energy and Power Authority (Louisiana Energy & Power Authority Unit No. 1; Insured: AGM), Series A, 5.25% due 6/1/2038 | 2,250,000 | 2,462,265 | |
Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series A, 5.00% due 5/15/2035 - 5/15/2037 | 1,925,000 | 2,415,126 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 63 |
Thornburg Strategic Municipal Income Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
New Orleans Aviation Board (Louis Armstrong New Orleans International Airport CFC Revenue; Insured: AGM), 5.00% due 1/1/2029 | $ 700,000 | $ 871,192 | |
a | Parish of St. Charles (Valero Energy Corp. Refinery), 4.00% due 12/1/2040 (put 6/1/2022) | 2,750,000 | 2,861,898 |
Maine — 0.3% | |||
Maine State Housing Authority AMT, Series C-1, 3.00% due 11/15/2023 | 1,000,000 | 1,052,170 | |
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 | 652,331 | |
Massachusetts Educational Financing Authority, Series I, 6.00% due 1/1/2028 | 35,000 | 35,029 | |
Michigan — 4.9% | |||
Board of Governors of Wayne State University (Educational Facilities and Equipment), Series A, 5.00% due 11/15/2033 | 1,250,000 | 1,441,925 | |
City of Detroit GO, | |||
5.00% due 4/1/2023 - 4/1/2024 | 900,000 | 973,365 | |
Series A, 5.00% due 4/1/2032 | 300,000 | 373,002 | |
City of Troy (Downtown Development Authority-Community Center Facilities) GO, 5.25% due 11/1/2032 (pre-refunded 11/1/2021) | 1,025,000 | 1,055,155 | |
County of Genesee (Water Supply System; Insured: BAM) GO, 5.375% due 11/1/2038 | 1,000,000 | 1,093,580 | |
Detroit City School District (School Building & Site; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1,000,000 | 1,253,980 | |
Detroit City School District (School Building & Site; Insured: Q-SBLF) GO, Series A, 5.00% due 5/1/2025 | 1,000,000 | 1,051,130 | |
Detroit Downtown Development Authority (Catalyst Development Project; Insured: AGM), Series A, 5.00% due 7/1/2024 | 850,000 | 965,804 | |
Kalamazoo Hospital Finance Authority (Bronson Methodist Hospital), | |||
5.25% due 5/15/2041 | 140,000 | 140,713 | |
5.25% due 5/15/2041 (pre-refunded 5/15/2021) | 860,000 | 864,919 | |
Livonia Public School District (School Building & Site; Insured: AGM) GO, Series I, 5.00% due 5/1/2036 (pre-refunded 5/1/2023) | 225,000 | 247,424 | |
Michigan Finance Authority (State Department of Human Services Office Buildings), Series F, 5.00% due 4/1/2031 | 1,000,000 | 1,023,540 | |
Michigan Finance Authority (Trinity Health Corp. Obligated Group), 5.00% due 12/1/2027 | 165,000 | 205,887 | |
Michigan Public School Academy (Will Carleton Charter School), 8.00% due 8/1/2035 | 890,000 | 892,919 | |
Michigan State Housing Development Authority, Series B, 2.95% due 12/1/2039 | 2,000,000 | 2,072,000 | |
Michigan Strategic Fund (Detroit Edison Company; Insured: Natl-IBC, AMBAC), 7.00% due 5/1/2021 | 250,000 | 251,203 | |
Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport), Series B, 5.00% due 12/1/2031 - 12/1/2034 | 2,615,000 | 3,010,843 | |
Minnesota — 0.5% | |||
Minnesota Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), Series F, 2.55% due 7/1/2039 | 1,800,000 | 1,847,934 | |
Nebraska — 1.2% | |||
a | Central Plains Energy Project, 5.00% due 3/1/2050 (put 1/1/2024) | 1,650,000 | 1,837,539 |
Douglas County Health Facilities (Nebraska Methodist Health System), 5.00% due 11/1/2029 - 11/1/2030 | 1,750,000 | 2,085,431 | |
Nevada — 1.4% | |||
Carson City (Carson Tahoe Regional Healthcare), 5.00% due 9/1/2037 | 1,000,000 | 1,190,600 | |
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 | 1,142,802 | |
Clark County School District (Insured: AGM), GO, Series B, 5.00% due 6/15/2031 | 1,650,000 | 2,102,941 | |
Las Vegas Valley Water District GO, Series A, 5.00% due 6/1/2030 | 400,000 | 487,716 | |
New Hampshire — 0.2% | |||
a | New Hampshire Business Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, Series A4, 2.15% due 8/1/2038 (put 7/1/2024) | 500,000 | 522,880 |
New Jersey — 5.2% | |||
New Jersey (New Jersey Transit Corp.) EDA, 5.00% due 11/1/2033 | 500,000 | 617,965 | |
New Jersey (School Facilities Construction) EDA, 5.00% due 3/1/2026 - 6/15/2038 | 2,680,000 | 3,061,219 | |
New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N-1, 5.50% due 9/1/2027 | 1,000,000 | 1,251,730 | |
New Jersey (State of New Jersey Department of the Treasury) EDA, Series DDD, 5.00% due 6/15/2033 | 500,000 | 592,625 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), | |||
Series A-1, | |||
a | 1.25% (MUNIPSA + 1.20%) due 6/15/2034 (put 12/15/2021) | 1,000,000 | 1,008,030 |
5.00% due 6/15/2027 | 3,000,000 | 3,534,600 | |
New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), 5.00% due 6/15/2038 | 1,500,000 | 1,802,340 | |
New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 6/15/2024 - 12/15/2039 | 5,050,000 | 6,039,207 | |
New Mexico — 3.9% | |||
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 | 1,511,280 |
a | Series D, 1.10% due 6/1/2040 (put 6/1/2023) | 1,000,000 | 1,013,850 |
City of Santa Fe (El Castillo Retirement Project), Series A, 5.00% due 5/15/2044 | 950,000 | 1,028,375 | |
City of Santa Fe (El Castillo Retirement Residences), 5.00% due 5/15/2034 | 1,465,000 | 1,489,949 | |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), 5.00% due 7/1/2032 | 2,525,000 | 2,630,595 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Series A, 5.00% due 8/1/2039 | 1,000,000 | 1,248,600 | |
New Mexico Mortgage Finance Authority (Collateralized: GNMA, FNMA, FHLMC), | |||
Series F, |
64 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
2.85% due 7/1/2039 | $ 985,000 | $ 1,032,910 | |
3.50% due 7/1/2050 | 1,865,000 | 2,047,099 | |
a | New Mexico Municipal Energy Acquisition Authority, Series A, 5.00% due 11/1/2039 (put 5/1/2025) | 1,000,000 | 1,169,550 |
New York — 5.6% | |||
City Of Elmira GO, 4.00% due 5/27/2021 | 790,000 | 791,477 | |
City of New York (City Budget Financial Management) GO, | |||
Series G, 5.00% due 8/1/2023 | 3,000,000 | 3,325,530 | |
Series J, 5.00% due 8/1/2031 | 1,500,000 | 1,713,975 | |
City of New York GO, Series C-1, 5.00% due 8/1/2032 | 500,000 | 651,675 | |
County of Nassau (Insured: BAM) GO, Series B, 5.00% due 4/1/2034 (pre-refunded 4/1/2024) | 500,000 | 569,565 | |
County of Suffolk (Insured: AGM) GO, Series B, 5.00% due 10/15/2026 | 1,000,000 | 1,212,270 | |
County of Suffolk GO, Series I, 2.00% due 7/22/2021 | 1,500,000 | 1,505,655 | |
Metropolitan Transportation Authority (Green Bond), Series A1, 5.00% due 11/15/2030 | 1,045,000 | 1,244,480 | |
Metropolitan Transportation Authority (Transit and Commuter System), Series B-1, 5.00% due 5/15/2022 | 2,000,000 | 2,094,160 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.00% due 5/1/2033 | 1,000,000 | 1,298,990 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), | |||
Series A, 5.00% due 3/15/2036 | 1,000,000 | 1,291,640 | |
Series D, 4.00% due 2/15/2040 | 1,000,000 | 1,153,200 | |
Port Authority of New York & New Jersey AMT, Series 223, 5.00% due 7/15/2033 | 750,000 | 975,818 | |
Town of Oyster Bay (Insured: AGM) GO, 4.00% due 3/1/2027 | 800,000 | 946,528 | |
Town of Oyster Bay (Insured: BAM) GO, Series B, 5.00% due 8/15/2021 | 500,000 | 508,535 | |
North Carolina — 2.1% | |||
North Carolina Medical Care Commission (Caromont Health Obligated Group), Series A, 5.00% due 2/1/2027 - 2/1/2032 | 1,900,000 | 2,472,269 | |
North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2029 (pre-refunded 6/1/2025) | 1,500,000 | 1,782,045 | |
North Carolina Turnpike Authority, 5.00% due 2/1/2024 - 1/1/2030 | 1,500,000 | 1,825,430 | |
a | University of North Carolina at Chapel Hill, Series A, 0.427% (LIBOR 1 Month + 0.35%) due 12/1/2041 (put 12/1/2021) | 1,000,000 | 1,000,956 |
Ohio — 1.3% | |||
Akron, Bath and Copley Joint Hospital District (Summa Health), 5.25% due 11/15/2030 | 1,420,000 | 1,720,472 | |
Akron, Bath Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.00% due 11/15/2030 - 11/15/2032 | 1,000,000 | 1,276,807 | |
City of Akron (Community Learning Centers), Series A, 5.00% due 12/1/2031 | 625,000 | 657,994 | |
Cleveland-Cuyahoga County Port Authority (Flats East Development Project; LOC FirstMerit Bank, N.A.), Series B, 7.00% due 5/15/2040 | 875,000 | 878,675 | |
Pennsylvania — 5.7% | |||
Allegheny County (Propel Charter School) IDA, Series A, 6.75% due 8/15/2035 | 845,000 | 847,484 | |
Bucks County (Waste Management, Inc.) AMT, IDA, Series A-2, 2.75% due 12/1/2022 | 4,000,000 | 4,154,000 | |
Coatesville Area School District (Insured: AGM) (State Aid Withholding) GO, 5.00% due 8/1/2024 - 8/1/2025 | 1,475,000 | 1,736,252 | |
Commonwealth Financing Authority, 5.00% due 6/1/2029 | 1,000,000 | 1,254,500 | |
County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2029 | 1,000,000 | 1,172,350 | |
Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group), 5.00% due 9/1/2033 | 700,000 | 870,422 | |
Pennsylvania Turnpike Commission, Series B, 5.00% due 12/1/2036 | 350,000 | 449,428 | |
Pennsylvania Turnpike Commission (Highway Improvements), Series A-1, 5.00% due 12/1/2037 | 750,000 | 912,945 | |
Philadelphia (Philadelphia) IDA, 5.00% due 5/1/2024 | 1,000,000 | 1,137,900 | |
Philadelphia (Thomas Jefferson University) IDA, Series A, 5.00% due 9/1/2035 | 1,500,000 | 1,774,575 | |
Philadelphia Airport Revenue, Series A, 5.00% due 7/1/2030 | 750,000 | 985,958 | |
Philadelphia Airport Revenue AMT, Series B, 5.00% due 7/1/2030 | 925,000 | 1,126,622 | |
Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2038 | 1,360,000 | 1,635,604 | |
Pittsburgh Water & Sewer Authority (Insured: AGM), Series B, 5.00% due 9/1/2033 | 1,000,000 | 1,377,450 | |
School District of Philadelphia (State Aid Witholding) GO, Series A, 5.00% due 9/1/2038 | 100,000 | 122,843 | |
Rhode Island — 0.2% | |||
Pawtucket Housing Authority, 5.50% due 9/1/2022 - 9/1/2024 | 475,000 | 491,110 | |
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 | 404,656 | |
Tennessee — 1.2% | |||
d | Memphis-Shelby County Airport Authority AMT, Series A, 5.00% due 7/1/2033 | 1,770,000 | 2,276,963 |
Shelby County Health, Educational and Housing Facility (Methodist Le Bonheur Healthcare), 5.00% due 5/1/2036 | 1,000,000 | 1,209,840 | |
Tennessee Energy Acquisition Corp. (The Gas Project), Series A, 5.25% due 9/1/2024 | 500,000 | 577,105 | |
Texas — 5.7% | |||
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2031 | 1,930,000 | 2,244,107 | |
City of Houston (Combined Utility System), | |||
Series A, 5.00% due 11/15/2032 | 1,000,000 | 1,331,610 | |
Series D, 5.00% due 11/15/2028 | 2,500,000 | 2,901,325 | |
City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2032 | 2,500,000 | 2,999,750 | |
a | Denton (Guaranty: PSF-GTD) ISD GO , Series B, 2.00% due 8/1/2044 (put 8/1/2024) | 500,000 | 526,490 |
See notes to financial statements. | Thornburg Municipal Funds Semi-Annual Report | 65 |
Thornburg Strategic Municipal Income Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Lower Colorado River Authority, | |||
Series A, | |||
5.00% due 5/15/2026 | $2,980,000 | $ 3,136,301 | |
5.00% due 5/15/2026 (pre-refunded 5/15/2022) | 20,000 | 21,067 | |
North Texas Tollway Authority (NTTA System), Series A, 5.00% due 1/1/2034 | 750,000 | 1,037,843 | |
San Antonio Energy Acquisition Public Facilities Corp. (Natural Gas Supply Agreement), 5.50% due 8/1/2021 | 40,000 | 40,631 | |
a | San Antonio Water System, Series A, 2.625% due 5/1/2049 (put 5/1/2024) | 500,000 | 534,480 |
State of Texas, 4.00% due 8/26/2021 | 2,665,000 | 2,707,000 | |
Texas Municipal Gas Acquisition & Supply Corp. III, 5.00% due 12/15/2031 | 500,000 | 655,265 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2034 | 1,250,000 | 1,416,550 | |
U. S. Virgin Islands — 0.6% | |||
Virgin Islands Public Finance Authority GO, Series C, 5.00% due 10/1/2021 | 2,000,000 | 1,989,020 | |
Utah — 0.6% | |||
Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2039 | 700,000 | 842,366 | |
Utah Transit Authority (Integrated Mass Transit System), Series A, 5.00% due 6/15/2033 (pre-refunded 6/15/2025) | 1,000,000 | 1,186,990 | |
Virginia — 0.5% | |||
a | Halifax County (VirginiaI Electric and Power Co. Project) IDA, Series A, 0.45% due 12/1/2041 (put 4/1/2022) | 500,000 | 499,700 |
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2034 | 1,000,000 | 1,206,020 | |
Washington — 1.6% | |||
Port of Seattle AMT, 5.00% due 4/1/2039 | 1,705,000 | 2,059,214 | |
State of Washington (Various Purposes) GO, 5.00% due 6/1/2038 | 1,000,000 | 1,295,850 | |
Washington Health Care Facilities Authority (Catholic Health Initiatives), Series A, 5.75% due 1/1/2045 (pre-refunded 1/1/2023) | 2,000,000 | 2,194,480 | |
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 | 1,539,630 |
Wisconsin — 1.7% | |||
Public Finance Authority (Renown Regional Medical Center), 5.00% due 6/1/2036 | 650,000 | 827,157 | |
a | Public Finance Authority (St. John’s College), 3.00% due 10/1/2045 (put 10/1/2026) | 1,500,000 | 1,505,850 |
a | 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 | 1,456,525 |
Wisconsin Housing (Collateralized: FNMA) EDA, Series C, 2.75% due 9/1/2039 | 2,000,000 | 2,070,400 | |
Total Long-Term Municipal Bonds — 86.4% (Cost $276,297,446) | 295,811,006 | ||
Short-Term Municipal Bonds — 13.1% | |||
California — 1.2% | |||
a | Los Angeles Department of Water & Power Power System Revenue (SPA Bank of America N.A.), Series A-3, 0.05% due 7/1/2035 (put 4/1/2021) | 2,500,000 | 2,500,000 |
a | Metropolitan Water District of Southern California (SPA PNC Bank, N.A.), Series A, 0.05% due 7/1/2047 (put 4/1/2021) | 1,000,000 | 1,000,000 |
a | State of California GO (LOC Citibank N.A.), Series B3, 0.04% due 5/1/2034 (put 4/1/2021) | 705,000 | 705,000 |
Colorado — 0.2% | |||
a | City & County of Denver (SPA JPMorgan Chase Bank, N.A.) COP, Series A-3, 0.06% due 12/1/2031 (put 4/1/2021) | 830,000 | 830,000 |
Florida — 3.3% | |||
a | City of Gainesville FL Utilities System Revenue (SPA State Street Bank and Trust Co.), Series A, 0.09% due 10/1/2036 (put 4/8/2021) | 1,300,000 | 1,300,000 |
a | City of Gainesville Utilities System Revenue (SPA Barclays Bank plc), Series C, 0.06% due 10/1/2026 (put 4/1/2021) | 2,090,000 | 2,090,000 |
a | City of West Palm Beach Utility System Revenue (Insured: AGC) (SPA JPMorgan Chase Bank, N.A.), Series C, 0.09% due 10/1/2038 (put 4/8/2021) | 6,000,000 | 6,000,000 |
a | County of Manatee (Florida Power & Light Co.), 0.07% due 9/1/2024 (put 4/1/2021) | 2,000,000 | 2,000,000 |
Massachusetts — 0.3% | |||
a | Massachusetts Development Finance Agency (Tufts University; SPA U.S. Bank, N.A.), Series R, 0.05% due 8/15/2048 (put 4/1/2021) | 1,000,000 | 1,000,000 |
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 A2, 0.05% due 7/1/2035 (put 4/1/2021) | 1,600,000 | 1,600,000 |
a | New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA Wells Fargo Bank, N.A.), Series B, 0.05% due 7/1/2033 (put 4/1/2021) | 675,000 | 675,000 |
New Mexico — 1.0% | |||
a | New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA Wells Fargo Bank, N.A.), Series C, 0.06% due 8/1/2034 (put 4/1/2021) | 2,320,000 | 2,320,000 |
a | University of New Mexico (SPA U.S. Bank, N.A.), Series B, 0.07% due 6/1/2026 (put 4/8/2021) | 1,000,000 | 1,000,000 |
New York — 6.0% | |||
a | City of New York (SPA Barclays Bank plc) GO, Series B-4, 0.06% due 10/1/2046 (put 4/1/2021) | 950,000 | 950,000 |
a | City of New York GO (SPA JPMorgan Chase Bank, N.A.), 0.06% due 6/1/2044 (put 4/1/2021) | 500,000 | 500,000 |
66 | Thornburg Municipal Funds Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JPMorgan Chase Bank, N.A.), | |||
a | 0.06% due 8/1/2042 (put 4/1/2021) | $2,400,000 | $ 2,400,000 |
a | Series E4, 0.06% due 2/1/2045 (put 4/1/2021) | 750,000 | 750,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA U.S. Bank, N.A.), Series A-5, 0.07% due 8/1/2039 (put 4/1/2021) | 1,890,000 | 1,890,000 |
a | New York City Water & Sewer System (LOC Citibank N.A.), Series F, 0.07% due 6/15/2035 (put 4/1/2021) | 6,500,000 | 6,500,000 |
a | New York City Water & Sewer System (SPA JPMorgan Chase Bank, N.A.), Series AA2, 0.06% due 6/15/2050 (put 4/1/2021) | 1,200,000 | 1,200,000 |
a | New York State Housing Finance Agency (160 Madison Ave, LLC; LOC Landesbank Hessen-Thuringen), 0.06% due 11/1/2046 (put 4/1/2021) | 5,215,000 | 5,215,000 |
a | New York State Housing Finance Agency (LOC Landesbank Hessen-Thuringen), Series A, 0.06% due 11/1/2046 (put 4/1/2021) | 1,300,000 | 1,300,000 |
Texas — 0.2% | |||
a | Lower Neches Valley Authority (Exxon Capital Ventures, Inc.; Guaranty: Exxon Mobil Corp.) IDC, 0.05% due 11/1/2051 (put 4/1/2021) | 600,000 | 600,000 |
Utah — 0.2% | |||
a | City of Murray (IHC Health Services, Inc. Obligated Group; SPA JPMorgan Chase Bank, N.A.), Series A, 0.06% due 5/15/2037 (put 4/1/2021) | 730,000 | 730,000 |
Total Short-Term Municipal Bonds — 13.1% (Cost $45,055,000) | 45,055,000 | ||
Total Investments — 99.5% (Cost $321,352,446) | $340,866,006 | ||
Other Assets Less Liabilities — 0.5% | 1,648,394 | ||
Net Assets — 100.0% | $342,514,400 |
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 March 31, 2021. |
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 March 31, 2021, the aggregate value of these securities in the Fund’s portfolio was $2,623,760, representing 0.77% 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:
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. |
ISD | Independent School District |
LIBOR | London Interbank Offered Rates |
LOC | Letter of Credit |
Mtg | Mortgage |
MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index |
Natl-IBC | Insured by National Public Finance Gurantee Corp. and IBC Bank |
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 Semi-Annual Report | 67 |
March 31, 2021 (Unaudited)
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 | $ 201,252,976 | $ 5,654,047,621 | $ 504,705,593 | $ 146,086,612 |
Investments at value | 202,634,102 | 5,870,531,946 | 522,836,066 | 153,756,760 |
Cash | 329,864 | 4,874,232 | 574,298 | 1,537,129 |
Receivable for investments sold | 1,200,000 | 27,968,316 | 2,030,000 | 45,369 |
Receivable for fund shares sold | 5,000 | 12,939,936 | 1,713,653 | 4,482 |
Principal and interest receivable | 1,642,602 | 63,163,800 | 6,001,303 | 1,862,842 |
Prepaid expenses and other assets | 103,882 | 379,567 | 31,116 | 20,537 |
Total Assets | 205,915,450 | 5,979,857,797 | 533,186,436 | 157,227,119 |
Liabilities | ||||
Payable for investments purchased | 2,848,379 | 41,747,692 | 1,989,201 | - |
Payable for fund shares redeemed | 5,237 | 9,877,374 | 469,902 | 62,937 |
Payable to investment advisor and other affiliates | 62,763 | 2,112,108 | 198,893 | 105,744 |
Accounts payable and accrued expenses | 91,161 | 857,189 | 100,112 | 60,601 |
Dividends payable | 1,261 | 483,885 | 94,722 | 10,357 |
Total Liabilities | 3,008,801 | 55,078,248 | 2,852,830 | 239,639 |
Net Assets | $ 202,906,649 | $ 5,924,779,549 | $ 530,333,606 | $ 156,987,480 |
NET ASSETS CONSIST OF | ||||
Net capital paid in on shares of beneficial interest | $ 203,741,902 | $ 5,749,945,451 | $ 517,260,217 | $ 150,636,960 |
Distributable earnings (accumulated loss) | (835,253) | 174,834,098 | 13,073,389 | 6,350,520 |
Net Assets | $ 202,906,649 | $ 5,924,779,549 | $ 530,333,606 | $ 156,987,480 |
NET ASSET VALUE | ||||
Class A Shares: | ||||
Net assets applicable to shares outstanding | $ 24,690,692 | $ 990,284,098 | $ 104,287,254 | $ 75,807,332 |
Shares outstanding | 1,997,343 | 67,932,054 | 7,594,832 | 5,650,354 |
Net asset value and redemption price per share | $ 12.36 | $ 14.58 | $ 13.73 | $ 13.42 |
Maximum offering price per share (net asset value, plus 2.25% of offering price) | $ 12.64 | $ 14.92 | $ 14.05 | $ 13.69 * |
Class C Shares: | ||||
Net assets applicable to shares outstanding | - | 163,871,849 | 12,644,029 | - |
Shares outstanding | - | 11,221,140 | 920,048 | - |
Net asset value and redemption price per share** | - | 14.60 | 13.74 | - |
Class C2 Shares: | ||||
Net assets applicable to shares outstanding | - | 3,239,360 | 148,951 | - |
Shares outstanding | - | 221,778 | 10,839 | - |
Net asset value and redemption price per share** | - | 14.61 | 13.74 | - |
Class D Shares: | ||||
Net assets applicable to shares outstanding | - | - | - | 13,511,077 |
Shares outstanding | - | - | - | 1,006,576 |
Net asset value and redemption price per share | - | - | - | 13.42 |
March 31, 2021 (Unaudited)
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 | $ 178,215,957 | $ 4,767,384,242 | $ 413,253,372 | $ 67,669,071 |
Shares outstanding | 14,427,265 | 327,001,274 | 30,065,265 | 5,045,932 |
Net asset value and redemption price per share | 12.35 | 14.58 | 13.75 | 13.41 |
* | 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. |
March 31, 2021 (Unaudited)
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | THORNBURG STRATEGIC MUNICIPAL INCOME FUND | |
ASSETS | |||
Investment in securities, at cost | $ 43,387,783 | $ 947,314,166 | $ 321,352,446 |
Investments at value | 45,792,913 | 1,019,177,727 | 340,866,006 |
Cash | 158,875 | 1,397,221 | 341,917 |
Receivable for investments sold | - | 60,368 | 120,908 |
Receivable for fund shares sold | 4,157 | 798,937 | 766,934 |
Principal and interest receivable | 624,762 | 12,300,817 | 3,465,047 |
Prepaid expenses and other assets | 16,468 | 108,348 | 74,252 |
Total Assets | 46,597,175 | 1,033,843,418 | 345,635,064 |
Liabilities | |||
Payable for investments purchased | - | 1,309,530 | 2,259,246 |
Payable for fund shares redeemed | 15,542 | 1,224,577 | 611,163 |
Payable to investment advisor and other affiliates | 21,205 | 461,168 | 148,824 |
Accounts payable and accrued expenses | 50,560 | 204,646 | 88,266 |
Dividends payable | 14,210 | 239,694 | 13,165 |
Total Liabilities | 101,517 | 3,439,615 | 3,120,664 |
Net Assets | $ 46,495,658 | $ 1,030,403,803 | $ 342,514,400 |
NET ASSETS CONSIST OF | |||
Net capital paid in on shares of beneficial interest | $ 44,577,152 | $ 968,681,438 | $ 324,713,885 |
Distributable earnings | 1,918,506 | 61,722,365 | 17,800,515 |
Net Assets | $ 46,495,658 | $ 1,030,403,803 | $ 342,514,400 |
NET ASSET VALUE | |||
Class A Shares: | |||
Net assets applicable to shares outstanding | $ 25,815,432 | $ 332,686,868 | $ 66,496,546 |
Shares outstanding | 1,998,410 | 23,122,600 | 4,311,002 |
Net asset value and redemption price per share | $ 12.92 | $ 14.39 | $ 15.42 |
Maximum offering price per share (net asset value, plus 2.00% of offering price) | $ 13.18 | $ 14.68 | $ 15.73 |
Class C Shares: | |||
Net assets applicable to shares outstanding | - | 38,475,630 | 13,188,936 |
Shares outstanding | - | 2,670,958 | 854,157 |
Net asset value and redemption price per share* | - | 14.41 | 15.44 |
Class C2 Shares: | |||
Net assets applicable to shares outstanding | - | 1,109,326 | - |
Shares outstanding | - | 76,993 | - |
Net asset value and redemption price per share* | - | 14.41 | - |
Class I Shares: | |||
Net assets applicable to shares outstanding | 20,680,226 | 658,131,979 | 262,828,918 |
Shares outstanding | 1,600,726 | 45,799,154 | 17,024,253 |
Net asset value and redemption price per share | 12.92 | 14.37 | 15.44 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Six Months Ended March 31, 2021 (Unaudited)
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 | $ 927,152 | $ 59,377,490 | $ 5,033,103 | $ 1,939,210 |
Less: | ||||
EXPENSES | ||||
Investment management fees | 360,151 | 7,955,618 | 1,354,227 | 396,706 |
Administration fees | 77,876 | 2,534,502 | 240,768 | 68,732 |
Distribution and service fees | ||||
Class A Shares | 24,670 | 1,231,778 | 135,514 | 98,157 |
Class C Shares | - | 444,032 | 34,778 | - |
Class C2 Shares* | - | 5,253 | 416 | - |
Class D Shares | - | - | - | 35,117 |
Transfer agent fees | ||||
Class A Shares | 16,857 | 249,720 | 20,955 | 22,227 |
Class C Shares | - | 77,936 | 7,088 | - |
Class C2 Shares* | - | 681 | 272 | - |
Class D Shares | - | - | - | 4,887 |
Class I Shares | 19,104 | 1,706,270 | 145,296 | 10,995 |
Registration and filing fees | ||||
Class A Shares | 9,160 | 31,042 | 4,562 | 4,077 |
Class C Shares | - | 13,341 | 3,499 | - |
Class C2 Shares* | - | 5,804 | 1,254 | - |
Class D Shares | - | - | - | 3,673 |
Class I Shares | 68,068 | 160,438 | 7,687 | 3,996 |
Custodian fees | 21,612 | 187,716 | 40,007 | 23,183 |
Professional fees | 21,319 | 56,787 | 24,434 | 21,757 |
Trustee and officer fees | 4,784 | 183,052 | 17,677 | 5,143 |
Other expenses | 8,202 | 179,845 | 19,810 | 9,293 |
Total Expenses | 631,803 | 15,023,815 | 2,058,244 | 707,943 |
Less: | ||||
Expenses reimbursed | (156,973) | (4,716) | (429,841) | (15,242) |
Investment management fees waived | - | - | (102,187) | - |
Net Expenses | 474,830 | ��� 15,019,099 | 1,526,216 | 692,701 |
Net Investment Income (Loss) | $ 452,322 | $ 44,358,391 | $ 3,506,887 | $ 1,246,509 |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) | (8,472) | (2,682,725) | (210,955) | (9,085) |
Net change in unrealized appreciation (depreciation) | (82,618) | (22,105,591) | (2,449,410) | (751,614) |
Net Realized and Unrealized Gain (Loss) | (91,090) | (24,788,316) | (2,660,365) | (760,699) |
Change in Net Assets Resulting from Operations | $ 361,232 | $ 19,570,075 | $ 846,522 | $ 485,810 |
* | Class C2 Shares commenced operations on October 1, 2020. |
Six Months Ended March 31, 2021 (Unaudited)
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | THORNBURG STRATEGIC MUNICIPAL INCOME FUND | |
INVESTMENT INCOME | |||
Interest income | $ 684,045 | $ 15,972,280 | $ 4,655,878 |
Less: | |||
EXPENSES | |||
Investment management fees | 119,149 | 2,447,821 | 1,197,022 |
Administration fees | 20,645 | 449,162 | 138,162 |
Distribution and service fees | |||
Class A Shares | 32,938 | 418,472 | 80,091 |
Class C Shares | - | 124,570 | 40,530 |
Class C2 Shares* | - | 1,944 | - |
Transfer agent fees | |||
Class A Shares | 8,248 | 91,050 | 24,230 |
Class C Shares | - | 19,008 | 6,314 |
Class C2 Shares* | - | 362 | - |
Class I Shares | 8,627 | 232,324 | 88,135 |
Registration and filing fees | |||
Class A Shares | 5,662 | 17,456 | 11,704 |
Class C Shares | - | 8,972 | 8,660 |
Class C2 Shares* | - | 3,893 | - |
Class I Shares | 5,119 | 34,781 | 15,795 |
Custodian fees | 16,718 | 52,860 | 29,880 |
Professional fees | 20,962 | 27,432 | 24,203 |
Trustee and officer fees | 1,554 | 34,029 | 9,720 |
Other expenses | 5,845 | 35,214 | 15,657 |
Total Expenses | 245,467 | 3,999,350 | 1,690,103 |
Less: | |||
Expenses reimbursed | (39,123) | (721,297) | (296,744) |
Investment management fees waived | (4,524) | - | (334,613) |
Net Expenses | 201,820 | 3,278,053 | 1,058,746 |
Net Investment Income (Loss) | $ 482,225 | $ 12,694,227 | $ 3,597,132 |
REALIZED AND UNREALIZED GAIN (LOSS) | |||
Net realized gain (loss) | (71,249) | 43,073 | 247,403 |
Net change in unrealized appreciation (depreciation) | (60,918) | 1,480,511 | 1,569,863 |
Net Realized and Unrealized Gain (Loss) | (132,167) | 1,523,584 | 1,817,266 |
Change in Net Assets Resulting from Operations | $ 350,058 | $ 14,217,811 | $ 5,414,398 |
* | Class C2 Shares commenced operations on October 1, 2020. |
THORNBURG SHORT DURATION MUNICIPAL FUND | THORNBURG LIMITED TERM MUNICIPAL FUND | |||
Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 452,322 | $ 2,224,420 | $ 44,358,391 | $ 103,142,726 |
Net realized gain (loss) | (8,472) | (1,987,126) | (2,682,725) | (5,351,683) |
Net change in unrealized appreciation (depreciation) | (82,618) | 34,198 | (22,105,591) | 67,365,942 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 361,232 | 271,492 | 19,570,075 | 165,156,985 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (41,503) | (207,150) | (6,621,822) | (14,780,175) |
Class C Shares | - | - | (928,028) | (3,922,727) |
Class C2 Shares** | - | - | (6,004) | - |
Class I Shares | (410,819) | (2,016,586) | (36,798,157) | (84,517,925) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 119,458 | 7,613,606 | 51,476,627 | 16,555,890 |
Class C Shares | - | - | (66,605,783) | (97,283,343) |
Class C2 Shares** | - | - | 3,253,721 | - |
Class I Shares | 45,758,454 | (89,783,308) | 220,966,830 | (375,430,005) |
Net Increase (Decrease) in Net Assets | 45,786,822 | (84,121,946) | 184,307,459 | (394,221,300) |
NET ASSETS | ||||
Beginning of Period | 157,119,827 | 241,241,773 | 5,740,472,090 | 6,134,693,390 |
End of Period | $ 202,906,649 | $ 157,119,827 | $ 5,924,779,549 | $ 5,740,472,090 |
* | Unaudited. |
** | Class C2 Shares commenced operations on October 1, 2020. |
THORNBURG CALIFORNIA LIMITED TERM MUNICIPAL FUND | THORNBURG NEW MEXICO INTERMEDIATE MUNICIPAL FUND | |||
Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 3,506,887 | $ 7,880,804 | $ 1,246,509 | $ 3,080,351 |
Net realized gain (loss) | (210,955) | (270,846) | (9,085) | (354,507) |
Net change in unrealized appreciation (depreciation) | (2,449,410) | 3,553,135 | (751,614) | 1,819,177 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 846,522 | 11,163,093 | 485,810 | 4,545,021 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (589,184) | (1,452,741) | (569,888) | (1,503,763) |
Class C Shares | (55,596) | (257,030) | - | - |
Class C2 Shares** | (540) | - | - | - |
Class D Shares | - | - | (83,548) | (238,733) |
Class I Shares | (2,862,824) | (6,171,650) | (582,036) | (1,358,851) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (4,256,772) | (5,179,291) | (4,310,469) | (5,116,349) |
Class C Shares | (4,857,347) | (10,650,900) | - | - |
Class C2 Shares** | 149,457 | - | - | - |
Class D Shares | - | - | (900,248) | (1,549,936) |
Class I Shares | (34,679,531) | 96,508,365 | 2,294,710 | 3,043,793 |
Net Increase (Decrease) in Net Assets | (46,305,815) | 83,959,846 | (3,665,669) | (2,178,818) |
NET ASSETS | ||||
Beginning of Period | 576,639,421 | 492,679,575 | 160,653,149 | 162,831,967 |
End of Period | $ 530,333,606 | $ 576,639,421 | $ 156,987,480 | $ 160,653,149 |
* | Unaudited. |
** | Class C2 Shares commenced operations on October 1, 2020. |
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | |||
Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 482,225 | $ 1,041,672 | $ 12,694,227 | $ 27,477,690 |
Net realized gain (loss) | (71,249) | 128,345 | 43,073 | (604,721) |
Net change in unrealized appreciation (depreciation) | (60,918) | (237,988) | 1,480,511 | 730,702 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 350,058 | 932,029 | 14,217,811 | 27,603,671 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (250,061) | (543,298) | (3,878,181) | (7,666,340) |
Class C Shares | - | - | (402,632) | (1,402,561) |
Class C2 Shares** | - | - | (5,691) | - |
Class I Shares | (236,243) | (494,706) | (8,426,440) | (18,372,806) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (1,230,130) | 745,060 | 5,443,751 | 12,212,921 |
Class C Shares | - | - | (14,547,247) | (24,162,208) |
Class C2 Shares** | - | - | 1,112,003 | - |
Class I Shares | (455,234) | (3,288,294) | (11,060,706) | (61,366,720) |
Net Increase (Decrease) in Net Assets | (1,821,610) | (2,649,209) | (17,547,332) | (73,154,043) |
NET ASSETS | ||||
Beginning of Period | 48,317,268 | 50,966,477 | 1,047,951,135 | 1,121,105,178 |
End of Period | $ 46,495,658 | $ 48,317,268 | $ 1,030,403,803 | $ 1,047,951,135 |
* | Unaudited. |
** | Class C2 Shares commenced operations on October 1, 2020. |
THORNBURG STRATEGIC MUNICIPAL INCOME FUND | ||
Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income (loss) | $ 3,597,132 | $ 7,791,331 |
Net realized gain (loss) | 247,403 | (1,091,775) |
Net change in unrealized appreciation (depreciation) | 1,569,863 | 523,541 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,414,398 | 7,223,097 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (676,881) | (1,452,003) |
Class C Shares | (110,810) | (365,911) |
Class I Shares | (2,809,582) | (5,978,359) |
FUND SHARE TRANSACTIONS | ||
Class A Shares | 4,552,271 | 5,512,944 |
Class C Shares | (2,481,678) | (4,473,597) |
Class I Shares | 36,012,625 | 6,403,584 |
Net Increase (Decrease) in Net Assets | 39,900,343 | 6,869,755 |
NET ASSETS | ||
Beginning of Period | 302,614,057 | 295,744,302 |
End of Period | $ 342,514,400 | $ 302,614,057 |
* | Unaudited. |
March 31, 2021 (Unaudited)
March 31, 2021 (Unaudited)
Class A | Class C | Class C2 | Class D | Class I | |
Short Duration Municipal Fund | X | X | |||
Limited Term Municipal Fund | X | X | X | X | |
Limited Term California Fund | X | X | X | X | |
Intermediate New Mexico Fund | X | X | X | ||
Intermediate New York Fund | X | X | |||
Intermediate Municipal Fund | X | X | X | X | |
Strategic Municipal Income Fund | X | X | X |
March 31, 2021 (Unaudited)
March 31, 2021 (Unaudited)
SHORT DURATION MUNICIPAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 149,354,102 | $ — | $ 149,354,102 | $ — |
Short-Term Municipal Bonds | 53,280,000 | — | 53,280,000 | — |
Total Investments in Securities | $ 202,634,102 | $ — | $ 202,634,102 | $ — |
Total Assets | $ 202,634,102 | $ — | $ 202,634,102 | $ — |
LIMITED TERM MUNICIPAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 5,220,316,946 | $ — | $ 5,220,316,946 | $ — |
Short-Term Municipal Bonds | 650,215,000 | — | 650,215,000 | — |
Total Investments in Securities | $ 5,870,531,946 | $ — | $ 5,870,531,946 | $ — |
Total Assets | $ 5,870,531,946 | $ — | $ 5,870,531,946 | $ — |
LIMITED TERM CALIFORNIA FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 502,556,066 | $ — | $ 502,556,066 | $ — |
Short-Term Municipal Bonds | 20,280,000 | — | 20,280,000 | — |
Total Investments in Securities | $ 522,836,066 | $ — | $ 522,836,066 | $ — |
Total Assets | $ 522,836,066 | $ — | $ 522,836,066 | $ — |
INTERMEDIATE NEW MEXICO FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 150,161,760 | $ — | $ 150,161,760 | $ — |
Short-Term Municipal Bonds | 3,595,000 | — | 3,595,000 | — |
Total Investments in Securities | $ 153,756,760 | $ — | $ 153,756,760 | $ — |
Total Assets | $ 153,756,760 | $ — | $ 153,756,760 | $— |
March 31, 2021 (Unaudited)
INTERMEDIATE NEW YORK FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 45,192,913 | $ — | $ 45,192,913 | $ — |
Short-Term Municipal Bonds | 600,000 | — | 600,000 | — |
Total Investments in Securities | $ 45,792,913 | $ — | $ 45,792,913 | $ — |
Total Assets | $ 45,792,913 | $ — | $ 45,792,913 | $ — |
INTERMEDIATE MUNICIPAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 988,462,727 | $ — | $ 988,462,727 | $ — |
Short-Term Municipal Bonds | 30,715,000 | — | 30,715,000 | — |
Total Investments in Securities | $ 1,019,177,727 | $ — | $ 1,019,177,727 | $ — |
Total Assets | $ 1,019,177,727 | $ — | $ 1,019,177,727 | $ — |
STRATEGIC MUNICIPAL INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 295,811,006 | $ — | $ 295,811,006 | $ — |
Short-Term Municipal Bonds | 45,055,000 | — | 45,055,000 | — |
Total Investments in Securities | $ 340,866,006 | $ — | $ 340,866,006 | $ — |
Total Assets | $ 340,866,006 | $ — | $ 340,866,006 | $— |
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 |
March 31, 2021 (Unaudited)
Effective Management Fee | |
Short Duration Municipal Fund | 0.400% |
Limited Term Municipal Fund | 0.272 |
Limited Term California Fund | 0.490 |
Intermediate New Mexico Fund | 0.500 |
Intermediate New York Fund | 0.500 |
Intermediate Municipal Fund | 0.472 |
Strategic Municipal Income Fund | 0.750 |
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 | $ 162 | $ — |
Limited Term Municipal Fund | 21,529 | 8,270 |
Limited Term California Fund | 965 | 8 |
Intermediate New Mexico Fund | 142 | — |
Intermediate New York Fund | (18) | — |
Intermediate Municipal Fund | 1,536 | 2,895 |
Strategic Municipal Income Fund | 821 | 400 |
March 31, 2021 (Unaudited)
Class A | Class C | Class C2 | Class I | |
Short Duration Municipal Fund | 0.70% | —% | —% | 0.50% |
Limited Term California Fund | 0.74 | 1.02 | 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 | 1.14 | 0.53 |
Strategic Municipal Income Fund | 0.81 | 1.28 | — | 0.59 |
Contractual: | Class A | Class C | Class C2 | Class I | Total | |
Short Duration Municipal Fund | $ 32,055 | $ — | $ — | $ 124,918 | $ 156,973 | |
Limited Term California Fund | 73,279 | 14,534 | 1,675 | 340,353 | 429,841 | |
Intermediate New Mexico Fund | — | — | — | 12,218 | 12,218 | |
Intermediate New York Fund | 16,149 | — | — | 22,974 | 39,123 | |
Intermediate Municipal Fund | 222,279 | 37,736 | 4,514 | 456,768 | 721,297 | |
Strategic Municipal Income Fund | 121,640 | 24,857 | — | 389,651 | 536,148 | |
Voluntary: | Class A | Class C | Class C2 | Class D | Class I | Total |
Limited Term Municipal Fund | $ — | $ — | $ 4,716 | $ — | $ — | $ 4,716 |
Limited Term California Fund | 20,077 | 2,571 | 24 | — | 79,515 | 102,187 |
Intermediate New Mexico Fund | — | — | — | 3,024 | — | 3,024 |
Intermediate New York Fund | 2,502 | — | — | — | 2,022 | 4,524 |
Strategic Municipal Income Fund | 19,129 | 4,027 | — | — | 72,053 | 95,209 |
Percentage of Direct Investments | |
Short Duration Municipal Fund | 63.96% |
Limited Term Municipal Fund | 2.62 |
Limited Term California Fund | — |
Intermediate New Mexico Fund | 14.60 |
Intermediate New York Fund | — |
Intermediate Municipal Fund | 0.12 |
Strategic Municipal Income Fund | 8.32 |
March 31, 2021 (Unaudited)
Purchases | Sales | Realized gains/(losses) | |
Short Duration Municipal Fund | $ 3,112,598 | $ — | $ — |
Limited Term Municipal Fund | 10,339,915 | — | — |
Limited Term California Fund | — | 1,310,016 | — |
Intermediate New York Fund | — | 1,023,773 | (293) |
Intermediate Municipal Fund | — | 11,118,724 | 6,019 |
Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Short Duration Municipal Fund | $ 201,252,976 | $ 1,510,126 | $ (129,000) | $ 1,381,126 |
Limited Term Municipal Fund | 5,654,047,621 | 222,617,306 | (6,132,981) | 216,484,325 |
Limited Term California Fund | 504,705,593 | 18,306,248 | (175,775) | 18,130,473 |
Intermediate New Mexico Fund | 146,086,612 | 7,717,715 | (47,567) | 7,670,148 |
Intermediate New York Fund | 43,387,783 | 2,457,232 | (52,102) | 2,405,130 |
Intermediate Municipal Fund | 947,314,166 | 72,420,536 | (556,975) | 71,863,561 |
Strategic Municipal Income Fund | 321,352,446 | 19,839,429 | (325,869) | 19,513,560 |
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 | — |
March 31, 2021 (Unaudited)
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
SHORT DURATION MUNICIPAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 72,104 | $ 891,224 | 731,061 | $ 8,972,616 |
Shares issued to shareholders in reinvestment of dividends | 3,353 | 41,449 | 16,748 | 206,723 |
Shares repurchased | (65,756) | (813,215) | (127,043) | (1,565,733) |
Net increase (decrease) | 9,701 | $ 119,458 | 620,766 | $ 7,613,606 |
Class I Shares | ||||
Shares sold | 4,602,194 | $ 56,883,549 | 5,025,376 | $ 62,115,513 |
Shares issued to shareholders in reinvestment of dividends | 32,583 | 402,477 | 158,225 | 1,954,280 |
Shares repurchased | (932,669) | (11,527,572) | (12,611,158) | (153,853,101) |
Net increase (decrease) | 3,702,108 | $ 45,758,454 | (7,427,557) | $ (89,783,308) |
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
LIMITED TERM MUNICIPAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 8,979,026 | $ 131,389,184 | 14,438,696 | $ 209,892,549 |
Shares issued to shareholders in reinvestment of dividends | 408,273 | 5,970,627 | 931,526 | 13,529,223 |
Shares repurchased | (5,868,061) | (85,883,184) | (14,302,952) | (206,865,882) |
Net increase (decrease) | 3,519,238 | $ 51,476,627 | 1,067,270 | $ 16,555,890 |
Class C Shares | ||||
Shares sold | 1,246,863 | $ 18,282,592 | 2,432,771 | $ 35,474,012 |
Shares issued to shareholders in reinvestment of dividends | 59,879 | 877,171 | 237,122 | 3,449,053 |
Shares repurchased | (5,853,720) | (85,765,546) | (9,354,417) | (136,206,408) |
Net increase (decrease) | (4,546,978) | $ (66,605,783) | (6,684,524) | $ (97,283,343) |
Class C2 Shares* | ||||
Shares sold | 250,401 | $ 3,673,188 | - | $ - |
Shares issued to shareholders in reinvestment of dividends | 410 | 6,004 | - | - |
Shares repurchased | (29,033) | (425,471) | - | - |
Net increase (decrease) | 221,778 | $ 3,253,721 | - | $ - |
Class I Shares | ||||
Shares sold | 53,532,978 | $ 783,631,441 | 107,567,039 | $ 1,562,478,507 |
Shares issued to shareholders in reinvestment of dividends | 2,313,357 | 33,830,700 | 5,234,033 | 76,032,722 |
Shares repurchased | (40,767,748) | (596,495,311) | (139,389,568) | (2,013,941,234) |
Net increase (decrease) | 15,078,587 | $ 220,966,830 | (26,588,496) | $ (375,430,005) |
* Effective date of this class of shares was October 1, 2020. |
March 31, 2021 (Unaudited)
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
LIMITED TERM CALIFORNIA FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 644,787 | $ 8,894,943 | 1,061,614 | $ 14,585,397 |
Shares issued to shareholders in reinvestment of dividends | 36,934 | 508,730 | 94,558 | 1,299,017 |
Shares repurchased | (991,523) | (13,660,445) | (1,536,975) | (21,063,705) |
Net increase (decrease) | (309,802) | $ (4,256,772) | (380,803) | $ (5,179,291) |
Class C Shares | ||||
Shares sold | 43,770 | $ 604,236 | 117,691 | $ 1,617,272 |
Shares issued to shareholders in reinvestment of dividends | 3,550 | 48,933 | 14,536 | 199,848 |
Shares repurchased | (399,350) | (5,510,516) | (905,828) | (12,468,020) |
Net increase (decrease) | (352,030) | $ (4,857,347) | (773,601) | $ (10,650,900) |
Class C2 Shares* | ||||
Shares sold | 10,805 | $ 148,988 | - | $ - |
Shares issued to shareholders in reinvestment of dividends | 39 | 540 | - | - |
Shares repurchased | (5) | (71) | - | - |
Net increase (decrease) | 10,839 | $ 149,457 | - | $ - |
Class I Shares | ||||
Shares sold | 8,191,416 | $ 113,069,362 | 16,475,167 | $ 226,332,653 |
Shares issued to shareholders in reinvestment of dividends | 170,222 | 2,347,408 | 362,053 | 4,979,919 |
Shares repurchased | (10,864,519) | (150,096,301) | (9,832,111) | (134,804,207) |
Net increase (decrease) | (2,502,881) | $ (34,679,531) | 7,005,109 | $ 96,508,365 |
* Effective date of this class of shares was October 1, 2020. | ||||
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
INTERMEDIATE NEW MEXICO FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 77,623 | $ 1,047,006 | 562,508 | $ 7,498,577 |
Shares issued to shareholders in reinvestment of dividends | 37,199 | 501,566 | 99,224 | 1,328,286 |
Shares repurchased | (433,398) | (5,859,041) | (1,043,651) | (13,943,212) |
Net increase (decrease) | (318,576) | $ (4,310,469) | (381,919) | $ (5,116,349) |
Class D Shares | ||||
Shares sold | 26,638 | $ 361,576 | 53,924 | $ 719,625 |
Shares issued to shareholders in reinvestment of dividends | 6,082 | 82,052 | 17,365 | 232,542 |
Shares repurchased | (99,419) | (1,343,876) | (187,540) | (2,502,103) |
Net increase (decrease) | (66,699) | $ (900,248) | (116,251) | $ (1,549,936) |
Class I Shares | ||||
Shares sold | 340,835 | $ 4,609,546 | 675,728 | $ 9,080,572 |
Shares issued to shareholders in reinvestment of dividends | 39,482 | 532,100 | 92,474 | 1,237,314 |
Shares repurchased | (211,342) | (2,846,936) | (549,551) | (7,274,093) |
Net increase (decrease) | 168,975 | $ 2,294,710 | 218,651 | $ 3,043,793 |
March 31, 2021 (Unaudited)
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
INTERMEDIATE NEW YORK FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 11,922 | $ 154,915 | 329,798 | $ 4,284,723 |
Shares issued to shareholders in reinvestment of dividends | 15,692 | 203,611 | 34,192 | 442,503 |
Shares repurchased | (122,412) | (1,588,656) | (310,185) | (3,982,166) |
Net increase (decrease) | (94,798) | $ (1,230,130) | 53,805 | $ 745,060 |
Class I Shares | ||||
Shares sold | 141,082 | $ 1,832,227 | 310,893 | $ 4,033,267 |
Shares issued to shareholders in reinvestment of dividends | 15,227 | 197,600 | 32,099 | 415,446 |
Shares repurchased | (191,557) | (2,485,061) | (602,244) | (7,737,007) |
Net increase (decrease) | (35,248) | $ (455,234) | (259,252) | $ (3,288,294) |
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
INTERMEDIATE MUNICIPAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 2,489,814 | $ 35,858,515 | 3,770,584 | $ 54,073,340 |
Shares issued to shareholders in reinvestment of dividends | 247,705 | 3,571,686 | 499,100 | 7,138,551 |
Shares repurchased | (2,354,381) | (33,986,450) | (3,440,641) | (48,998,970) |
Net increase (decrease) | 383,138 | $ 5,443,751 | 829,043 | $ 12,212,921 |
Class C Shares | ||||
Shares sold | 173,156 | $ 2,501,315 | 527,758 | $ 7,544,787 |
Shares issued to shareholders in reinvestment of dividends | 23,967 | 345,906 | 79,617 | 1,139,985 |
Shares repurchased | (1,209,730) | (17,394,468) | (2,290,311) | (32,846,980) |
Net increase (decrease) | (1,012,607) | $ (14,547,247) | (1,682,936) | $ (24,162,208) |
Class C2 Shares* | ||||
Shares sold | 76,649 | $ 1,107,045 | - | $ - |
Shares issued to shareholders in reinvestment of dividends | 394 | 5,691 | - | - |
Shares repurchased | (50) | (733) | - | - |
Net increase (decrease) | 76,993 | $ 1,112,003 | - | $ - |
Class I Shares | ||||
Shares sold | 5,618,323 | $ 81,000,139 | 12,338,502 | $ 176,114,977 |
Shares issued to shareholders in reinvestment of dividends | 491,314 | 7,074,132 | 1,048,615 | 14,980,062 |
Shares repurchased | (6,866,323) | (99,134,977) | (17,848,724) | (252,461,759) |
Net increase (decrease) | (756,686) | $ (11,060,706) | (4,461,607) | $ (61,366,720) |
* Effective date of this class of shares was October 1, 2020. | ||||
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
STRATEGIC MUNICIPAL INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 565,976 | $ 8,711,125 | 882,345 | $ 13,470,933 |
Shares issued to shareholders in reinvestment of dividends | 42,900 | 661,760 | 94,150 | 1,434,924 |
Shares repurchased | (313,112) | (4,820,614) | (624,508) | (9,392,913) |
Net increase (decrease) | 295,764 | $ 4,552,271 | 351,987 | $ 5,512,944 |
March 31, 2021 (Unaudited)
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
STRATEGIC MUNICIPAL INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class C Shares | ||||
Shares sold | 132,620 | $ 2,047,516 | 71,278 | $ 1,091,387 |
Shares issued to shareholders in reinvestment of dividends | 6,905 | 106,595 | 22,591 | 344,627 |
Shares repurchased | (301,685) | (4,635,789) | (387,212) | (5,909,611) |
Net increase (decrease) | (162,160) | $ (2,481,678) | (293,343) | $ (4,473,597) |
Class I Shares | ||||
Shares sold | 3,549,934 | $ 54,946,210 | 5,837,360 | $ 88,993,637 |
Shares issued to shareholders in reinvestment of dividends | 180,698 | 2,790,279 | 387,567 | 5,913,428 |
Shares repurchased | (1,406,270) | (21,723,864) | (5,841,661) | (88,503,481) |
Net increase (decrease) | 2,324,362 | $ 36,012,625 | 383,266 | $ 6,403,584 |
Purchases | Sales | |
Short Duration Municipal Fund | $ 64,235,618 | $ 17,730,500 |
Limited Term Municipal Fund | 642,370,716 | 462,759,927 |
Limited Term California Fund | 38,662,184 | 58,000,285 |
Intermediate New Mexico Fund | 6,578,624 | 5,280,000 |
Intermediate New York Fund | 2,808,810 | 3,053,940 |
Intermediate Municipal Fund | 62,075,736 | 54,182,547 |
Strategic Municipal Income Fund | 36,311,679 | 13,599,470 |
Short Duration Municipal Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 12.37 | 0.02 | (0.01) | 0.01 | (0.02) | — | — | (0.02) | $12.36 |
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) | — (e) | (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 | |||||||||
2021 (c) | $ 12.36 | 0.03 | (0.01) | 0.02 | (0.03) | — | — | (0.03) | $12.35 |
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) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
(e) | 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 PERIOD (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 (c) | 0.34 (d) | 0.70 (d) | 0.96 (d) | 0.09 | 15.98 | $ 24,691 | |
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 | |||||||
2021 (c) | 0.53 (d) | 0.50 (d) | 0.66 (d) | 0.19 | 15.98 | $ 178,216 | |
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 PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 14.64 | 0.10 | (0.06) | 0.04 | (0.10) | — | — | (0.10) | $14.58 |
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 | |||||||||
2021 (c) | $ 14.66 | 0.08 | (0.06) | 0.02 | (0.08) | — | — | (0.08) | $14.60 |
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 C2 SHARES | |||||||||
2021 (c)(e) | $ 14.66 | 0.05 | (0.04) | 0.01 | (0.06) | — | — | (0.06) | $14.61 |
CLASS I SHARES | |||||||||
2021 (c) | $ 14.64 | 0.11 | (0.06) | 0.05 | (0.11) | — | — | (0.11) | $14.58 |
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. |
(c) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
(e) | Effective date of this class of shares was October 1, 2020. |
+ | 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 PERIOD (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 (c) | 1.34 (d) | 0.69 (d) | 0.69 (d) | 0.26 | 9.07 | $ 990,284 | |
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 | |||||||
2021 (c) | 1.05 (d) | 0.98 (d) | 0.98 (d) | 0.11 | 9.07 | $ 163,872 | |
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 C2 SHARES | |||||||
2021 (c)(e) | 0.74 (d) | 1.24 (d) | 1.82 (d) | 0.04 | 9.07 | $ 3,240 | |
CLASS I SHARES | |||||||
2021 (c) | 1.57 (d) | 0.46 (d) | 0.46 (d) | 0.37 | 9.07 | $ 4,767,384 | |
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 PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 13.80 | 0.07 | (0.07) | — (d) | (0.07) | — | — | (0.07) | $13.73 |
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 | |||||||||
2021 (c) | $ 13.81 | 0.06 | (0.07) | (0.01) | (0.06) | — | — | (0.06) | $13.74 |
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 C2 SHARES | |||||||||
2021 (c)(f) | $ 13.81 | 0.06 | (0.07) | (0.01) | (0.06) | — | — | (0.06) | $13.74 |
CLASS I SHARES | |||||||||
2021 (c) | $ 13.82 | 0.09 | (0.07) | 0.02 | (0.09) | — | — | (0.09) | $13.75 |
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. |
(c) | Unaudited Six Month Period Ended March 31. |
(d) | Total from investment operations was less than $0.01 per share. |
(e) | Annualized. |
(f) | Effective date of this class of shares was October 1, 2020. |
+ | 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 PERIOD (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 (c) | 1.09 (e) | 0.74 (e) | 0.91 (e) | 0.03 | 8.29 | $ 104,287 | |
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 | |||||||
2021 (c) | 0.80 (e) | 1.02 (e) | 1.27 (e) | (0.11) | 8.29 | $ 12,644 | |
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 C2 SHARES | |||||||
2021 (c)(f) | 0.84 (e) | 0.99 (e) | 3.64 (e) | (0.09) | 8.29 | $ 149 | |
CLASS I SHARES | |||||||
2021 (c) | 1.33 (e) | 0.49 (e) | 0.69 (e) | 0.16 | 8.29 | $ 413,254 | |
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 PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 13.48 | 0.10 | (0.06) | 0.04 | (0.10) | — | — | (0.10) | $13.42 |
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 | |||||||||
2021 (c) | $ 13.49 | 0.08 | (0.07) | 0.01 | (0.08) | — | — | (0.08) | $13.42 |
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 | |||||||||
2021 (c) | $ 13.47 | 0.12 | (0.06) | 0.06 | (0.12) | — | — | (0.12) | $13.41 |
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. |
(c) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
+ | 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 PERIOD (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 (c) | 1.47 (d) | 0.98 (d) | 0.98 (d) | 0.28 | 3.61 | $ 75,807 | |
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 | |||||||
2021 (c) | 1.20 (d) | 1.24 (d) | 1.28 (d) | 0.07 | 3.61 | $ 13,511 | |
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 | |||||||
2021 (c) | 1.77 (d) | 0.67 (d) | 0.71 (d) | 0.43 | 3.61 | $ 67,669 | |
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 PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 12.96 | 0.12 | (0.04) | 0.08 | (0.12) | �� | — | (0.12) | $12.92 |
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 | |||||||||
2021 (c) | $ 12.96 | 0.14 | (0.04) | 0.10 | (0.14) | — | — | (0.14) | $12.92 |
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. |
(c) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
+ | 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 PERIOD (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 (c) | 1.88 (d) | 0.99 (d) | 1.13 (d) | 0.64 | 6.18 | $ 25,816 | |
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 | |||||||
2021 (c) | 2.20 (d) | 0.67 (d) | 0.90 (d) | 0.80 | 6.18 | $ 20,680 | |
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 PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 14.37 | 0.17 | 0.02 | 0.19 | (0.17) | — | — | (0.17) | $14.39 |
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 | |||||||||
2021 (c) | $ 14.39 | 0.14 | 0.02 | 0.16 | (0.14) | — | — | (0.14) | $14.41 |
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 C2 SHARES | |||||||||
2021 (c)(e) | $ 14.39 | 0.14 | 0.02 | 0.16 | (0.14) | — | — | (0.14) | $14.41 |
CLASS I SHARES | |||||||||
2021 (c) | $ 14.35 | 0.18 | 0.02 | 0.20 | (0.18) | — | — | (0.18) | $14.37 |
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. |
(c) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
(e) | Effective date of this class of shares was October 1, 2020. |
+ | 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 PERIOD (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 (c) | 2.31 (d) | 0.77 (d) | 0.90 (d) | 1.30 | 5.47 | $ 332,687 | |
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 | |||||||
2021 (c) | 1.94 (d) | 1.14 (d) | 1.32 (d) | 1.11 | 5.47 | $ 38,476 | |
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 C2 SHARES | |||||||
2021 (c)(e) | 1.90 (d) | 1.14 (d) | 2.65 (d) | 1.10 | 5.47 | $ 1,109 | |
CLASS I SHARES | |||||||
2021 (c) | 2.55 (d) | 0.53 (d) | 0.67 (d) | 1.42 | 5.47 | $ 658,132 | |
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 PERIOD) | |||||||||
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) | |||||||||
2021 (c) | $ 15.33 | 0.16 | 0.09 | 0.25 | (0.16) | — | — | (0.16) | $15.42 |
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 | |||||||||
2021 (c) | $ 15.34 | 0.13 | 0.10 | 0.23 | (0.13) | — | — | (0.13) | $15.44 |
2020 | $ 15.34 | 0.30 | — (e) | 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 | |||||||||
2021 (c) | $ 15.34 | 0.18 | 0.10 | 0.28 | (0.18) | — | — | (0.18) | $15.44 |
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) | Unaudited Six Month Period Ended March 31. |
(d) | Annualized. |
(e) | 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 PERIOD (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 (c) | 2.11 (d) | 0.81 (d) | 1.25 (d) | 1.65 | 4.87 | $ 66,496 | |
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 | |||||||
2021 (c) | 1.64 (d) | 1.28 (d) | 1.71 (d) | 1.48 | 4.87 | $ 13,189 | |
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 | |||||||
2021 (c) | 2.33 (d) | 0.59 (d) | 0.97 (d) | 1.83 | 4.87 | $ 262,829 | |
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 |
March 31, 2021 (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 and Class C2 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 3/31/21 | Expenses Paid During Period 10/1/20-3/31/21 | Ending Account Value 3/31/21 | Expenses Paid During Period† 10/1/20-3/31/21 | Annualized Expense Ratio | ||
SHORT DURATION MUNICIPAL FUND | ||||||
CLASS A SHARES | $1,000.87 | $3.49 | $1,021.44 | $3.53 | 0.70% | |
CLASS I SHARES | $1,001.86 | $2.50 | $1,022.44 | $2.52 | 0.50% | |
LIMITED TERM MUNICIPAL FUND | ||||||
CLASS A SHARES | $1,002.60 | $3.45 | $1,021.49 | $3.48 | 0.69% | |
CLASS C SHARES | $1,001.11 | $4.89 | $1,020.04 | $4.94 | 0.98% | |
CLASS C2 SHARES** | $1,000.37 | $6.18 | $1,018.75 | $6.24 | 1.24% | |
CLASS I SHARES | $1,003.73 | $2.30 | $1,022.64 | $2.32 | 0.46% | |
LIMITED TERM CALIFORNIA FUND | ||||||
CLASS A SHARES | $1,000.34 | $3.69 | $1,021.24 | $3.73 | 0.74% | |
CLASS C SHARES | $ 998.94 | $5.08 | $1,019.85 | $5.14 | 1.02% | |
CLASS C2 SHARES** | $ 999.10 | $4.93 | $1,020.00 | $4.99 | 0.99% | |
CLASS I SHARES | $1,001.59 | $2.45 | $1,022.49 | $2.47 | 0.49% | |
INTERMEDIATE NEW MEXICO FUND | ||||||
CLASS A SHARES | $1,002.78 | $4.89 | $1,020.04 | $4.94 | 0.98% | |
CLASS D SHARES | $1,000.73 | $6.19 | $1,018.75 | $6.24 | 1.24% | |
CLASS I SHARES | $1,004.32 | $3.35 | $1,021.59 | $3.38 | 0.67% | |
INTERMEDIATE NEW YORK FUND | ||||||
CLASS A SHARES | $1,006.39 | $4.95 | $1,020.00 | $4.99 | 0.99% | |
CLASS I SHARES | $1,008.00 | $3.35 | $1,021.59 | $3.38 | 0.67% |
March 31, 2021 (Unaudited)
Actual | Hypothetical * | |||||
Ending Account Value 3/31/21 | Expenses Paid During Period 10/1/20-3/31/21 | Ending Account Value 3/31/21 | Expenses Paid During Period† 10/1/20-3/31/21 | Annualized Expense Ratio | ||
INTERMEDIATE MUNICIPAL FUND | ||||||
CLASS A SHARES | $1,013.02 | $3.86 | $1,021.09 | $3.88 | 0.77% | |
CLASS C SHARES | $1,011.14 | $5.72 | $1,019.25 | $5.74 | 1.14% | |
CLASS C2 SHARES** | $1,010.96 | $5.72 | $1,019.25 | $5.74 | 1.14% | |
CLASS I SHARES | $1,014.23 | $2.66 | $1,022.29 | $2.67 | 0.53% | |
STRATEGIC MUNICIPAL INCOME FUND | ||||||
CLASS A SHARES | $1,016.52 | $4.07 | $1,020.89 | $4.08 | 0.81% | |
CLASS C SHARES | $1,014.79 | $6.43 | $1,018.55 | $6.44 | 1.28% | |
CLASS I SHARES | $1,018.28 | $2.97 | $1,021.99 | $2.97 | 0.59% |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
** | Effective date of this class of shares was October 1, 2020. |
† | Expenses are equal to the annualized expense ratio for each class multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
March 31, 2021 (Unaudited)
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Equity Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Small/Mid Cap Core Fund |
■ | Thornburg Small/Mid Cap 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 |
800.847.0200 | TH4626 |
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 | March 31, 2021 (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) | 0.23% | 1.55% | 1.30% | 1.19% |
FTSE 1-Month T-Bill Index (Since 7/31/15) | 0.08% | 1.37% | 1.09% | 0.97% |
Annualized Distribution Yield | 0.14% |
SEC Yield | 0.13% |
FINAL VALUE |
Thornburg Capital Management Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Short-Term Municipal Bonds — 3.4% | |||
New York — 3.4% | |||
City of New York (SPA Barclays Bank plc) GO, | |||
a | Series B-4, 0.06% due 10/1/2046 (put 4/1/2021) | $ 24,805,000 | $ 24,805,000 |
a | Series B-5, 0.05% due 10/1/2046 (put 4/1/2021) | 9,005,000 | 9,005,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA Barclays Bank plc), Series-B3, 0.05% due 11/1/2042 (put 4/1/2021) | 2,250,000 | 2,250,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA MIZUHO Bank Ltd.), Series A-4, 0.07% due 8/1/2043 (put 4/1/2021) | 1,200,000 | 1,200,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA U.S. Bank, N.A.), Series B-5, 0.07% due 8/1/2042 (put 4/1/2021) | 11,760,000 | 11,760,000 |
a | New York City Water & Sewer System (SPA JPMorgan Chase Bank, N.A.), Series AA2, 0.06% due 6/15/2050 (put 4/1/2021) | 9,725,000 | 9,725,000 |
a | New York State Housing Finance Agency (LOC Landesbank Hessen-Thuringen), Series A, 0.06% due 11/1/2046 (put 4/1/2021) | 4,500,000 | 4,500,000 |
Total Short-Term Municipal Bonds — 3.4% (Cost $63,245,000) | 63,245,000 | ||
Mutual Fund — 4.3% | |||
b | State Street Institutional Treasury Money Market Fund Premier Class, 0.01% | 78,976,051 | 78,976,051 |
Total Mutual Fund (Cost $78,976,051) | 78,976,051 | ||
Corporate Bonds — 5.4% | |||
TriState Insured Cash Sweep, 0.30% due 10/1/2050 | 100,149,099 | 100,149,099 | |
Total Corporate Bonds (Cost $100,149,099) | 100,149,099 | ||
Commercial Paper — 84.8% | |||
Ameren Illinois Co., 0.11% due 4/1/2021 | 2,000,000 | 2,000,000 | |
American Honda Finance, | |||
0.17% due 4/7/2021 | 35,545,000 | 35,543,993 | |
0.18% due 4/22/2021 | 2,000,000 | 1,999,790 | |
Amphenol Corp., | |||
c | 0.15% due 4/1/2021 | 21,500,000 | 21,500,000 |
c | 0.15% due 4/20/2021 | 13,000,000 | 12,998,971 |
c | 0.15% due 4/27/2021 | 3,000,000 | 2,999,675 |
c | Archer-Daniels Midland Co., 0.08% due 4/7/2021 | 39,000,000 | 38,999,480 |
Arizona Public Service Co., | |||
0.08% due 4/1/2021 | 5,000,000 | 5,000,000 | |
0.09% due 4/5/2021 | 7,000,000 | 6,999,930 | |
0.09% due 4/7/2021 | 25,000,000 | 24,999,625 | |
c | AT&T, Inc., 0.15% due 4/16/2021 | 37,000,000 | 36,997,687 |
c | Avery Dennison Corp., 0.10% due 4/1/2021 | 37,000,000 | 37,000,000 |
c,d | BAT International Finance plc, 0.25% due 4/14/2021 | 36,655,000 | 36,651,691 |
Canadian Pacific, | |||
c,d | 0.15% due 4/6/2021 | 12,000,000 | 11,999,750 |
c,d | 0.15% due 4/7/2021 | 6,000,000 | 5,999,850 |
c,d | 0.15% due 4/12/2021 | 4,000,000 | 3,999,817 |
c,d | 0.16% due 4/16/2021 | 4,000,000 | 3,999,733 |
Caterpillar Financial Services Co., 0.08% due 4/30/2021 | 5,000,000 | 4,999,678 | |
CenterPoint Energy, Inc., | |||
c | 0.19% due 4/20/2021 | 1,000,000 | 999,900 |
c | 0.19% due 4/19/2021 | 20,000,000 | 19,998,100 |
c | 0.20% due 4/19/2021 | 10,000,000 | 9,999,000 |
c | 0.20% due 4/21/2021 | 6,000,000 | 5,999,333 |
c | Colgate Palmolive Co., 0.08% due 4/8/2021 | 10,356,000 | 10,355,839 |
Consolidated Edison Co., | |||
c | 0.12% due 4/5/2021 | 4,000,000 | 3,999,947 |
c | 0.13% due 4/5/2021 | 32,000,000 | 31,999,538 |
c | CVS Corp., 0.08% due 4/1/2021 | 37,000,000 | 37,000,000 |
c | Emerson Electric Co., 0.05% due 4/8/2021 | 20,000,000 | 19,999,806 |
ENI Finance USA, Inc., | |||
c | 0.145% due 4/1/2021 | 3,101,000 | 3,101,000 |
c | 0.15% due 4/1/2021 | 2,000,000 | 2,000,000 |
c | 0.18% due 4/1/2021 | 6,994,000 | 6,994,000 |
6 | Semi-Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
c | 0.12% due 4/5/2021 | $ 808,000 | $ 807,989 |
c | 0.145% due 4/5/2021 | 14,000,000 | 13,999,774 |
c | 0.12% due 4/6/2021 | 2,561,000 | 2,560,957 |
c | 0.17% due 4/6/2021 | 545,000 | 544,987 |
c | 0.20% due 4/13/2021 | 5,000,000 | 4,999,667 |
c | 0.20% due 4/15/2021 | 1,331,000 | 1,330,896 |
c | Evergy Metro, Inc., 0.12% due 4/5/2021 | 37,000,000 | 36,999,507 |
c,d | Experian Finance PLC, 0.08% due 4/1/2021 | 25,000,000 | 25,000,000 |
Florida Power and Lighting Co., | |||
0.08% due 4/13/2021 | 2,000,000 | 1,999,947 | |
0.08% due 4/29/2021 | 34,000,000 | 33,997,884 | |
c | Hitachi America Capital Ltd., 0.12% due 4/8/2021 | 2,000,000 | 1,999,953 |
Intercontinental Exchange, Inc., | |||
c | 0.16% due 4/12/2021 | 14,000,000 | 13,999,316 |
c | 0.18% due 4/14/2021 | 21,432,000 | 21,430,607 |
Kellogg Co., | |||
c | 0.10% due 4/12/2021 | 28,330,000 | 28,329,134 |
c | 0.15% due 4/15/2021 | 7,000,000 | 6,999,592 |
Kentucky Utilities, | |||
c | 0.16% due 4/5/2021 | 25,000,000 | 24,999,556 |
c | 0.16% due 4/6/2021 | 11,000,000 | 10,999,756 |
c | 0.17% due 4/12/2021 | 2,000,000 | 1,999,896 |
c | Kimberly Clark Corp., 0.05% due 4/13/2021 | 6,000,000 | 5,999,900 |
c | L’Oreal USA, Inc, 0.05% due 4/6/2021 | 34,000,000 | 33,999,764 |
Louisville Gas & Electric Co., | |||
c | 0.16% due 4/5/2021 | 7,000,000 | 6,999,876 |
c | 0.16% due 4/6/2021 | 22,554,000 | 22,553,499 |
c | 0.16% due 4/9/2021 | 6,000,000 | 5,999,787 |
c | 0.18% due 4/13/2021 | 2,000,000 | 1,999,880 |
LVMH Moet Hennessy Louis Vuitton SE, | |||
c,d | 0.10% due 4/7/2021 | 33,600,000 | 33,599,440 |
c,d | 0.10% due 4/22/2021 | 3,000,000 | 2,999,825 |
c,d | 0.10% due 4/23/2021 | 750,000 | 749,954 |
Marathon Petroleum Corp., | |||
c | 0.26% due 4/1/2021 | 8,100,000 | 8,100,000 |
c | 0.50% due 4/28/2021 | 14,000,000 | 13,994,750 |
c | 0.52% due 4/28/2021 | 15,000,000 | 14,994,150 |
Mccormick & Company, | |||
c | 0.10% due 4/1/2021 | 3,000,000 | 3,000,000 |
c | 0.15% due 4/1/2021 | 10,644,000 | 10,644,000 |
c | 0.15% due 4/16/2021 | 12,635,000 | 12,634,210 |
c | 0.16% due 4/23/2021 | 2,000,000 | 1,999,804 |
MidAmerican Energy Co., | |||
0.07% due 4/1/2021 | 33,580,000 | 33,580,000 | |
0.10% due 4/9/2021 | 4,000,000 | 3,999,911 | |
Mondelez International, Inc., | |||
c | 0.12% due 4/6/2021 | 5,000,000 | 4,999,917 |
c | 0.12% due 4/7/2021 | 31,000,000 | 30,999,380 |
NextEra Energy Capital Holdings, Inc., | |||
c | 0.14% due 4/5/2021 | 1,000,000 | 999,984 |
c | 0.16% due 4/12/2021 | 21,000,000 | 20,998,973 |
c | 0.17% due 4/16/2021 | 1,500,000 | 1,499,894 |
Northern Illinois Gas Corp., 0.11% due 4/6/2021 | 36,000,000 | 35,999,450 | |
NSTAR Electric Co., | |||
0.13% due 4/8/2021 | 14,340,000 | 14,339,637 | |
0.09% due 4/14/2021 | 23,000,000 | 22,999,252 | |
Oglethorpe Power Corp., | |||
c | 0.18% due 4/13/2021 | 3,714,000 | 3,713,777 |
c | 0.18% due 4/20/2021 | 5,756,000 | 5,755,453 |
One Gas, Inc., | |||
c | 0.17% due 4/1/2021 | 9,100,000 | 9,100,000 |
c | 0.12% due 4/7/2021 | 4,280,000 | 4,279,914 |
PacifiCorp, 0.10% due 4/1/2021 | 37,000,000 | 37,000,000 |
See notes to financial statements. | Semi-Annual Report | 7 |
Thornburg Capital Management Fund | March 31, 2021 (Unaudited)
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Peoples Gas Light & Coke Co., | |||
0.10% due 4/5/2021 | $ 17,000,000 | $ 16,999,811 | |
0.12% due 4/5/2021 | 19,000,000 | 18,999,747 | |
PPG Industries, Inc., | |||
0.17% due 4/21/2021 | 10,000,000 | 9,999,056 | |
0.16% due 4/22/2021 | 25,000,000 | 24,997,667 | |
0.17% due 4/22/2021 | 1,000,000 | 999,901 | |
PPL Electric Utilities Corp., | |||
c | 0.17% due 4/9/2021 | 3,000,000 | 2,999,887 |
c | 0.18% due 4/19/2021 | 34,000,000 | 33,996,940 |
Ryder System, Inc., | |||
0.14% due 4/1/2021 | 5,000,000 | 5,000,000 | |
0.16% due 4/14/2021 | 5,000,000 | 4,999,711 | |
San Diego Gas & Electric Co., | |||
c | 0.13% due 4/1/2021 | 35,000,000 | 35,000,000 |
c | 0.14% due 4/5/2021 | 35,000,000 | 34,999,456 |
Sempra Energy, | |||
c | 0.17% due 4/1/2021 | 22,000,000 | 22,000,000 |
c | 0.18% due 4/7/2021 | 18,000,000 | 17,999,460 |
c | Southern California Edison, 0.23% due 4/1/2021 | 39,000,000 | 39,000,000 |
c | Stanley Works (The), 0.05% due 4/1/2021 | 23,650,000 | 23,650,000 |
Total Capital Canada, Ltd., | |||
c,d | 0.09% due 4/6/2021 | 500,000 | 499,994 |
c,d | 0.08% due 4/7/2021 | 2,668,000 | 2,667,964 |
Union Electric Co., 0.15% due 4/16/2021 | 39,000,000 | 38,997,562 | |
Wec Energy Group, Inc., | |||
c | 0.18% due 4/5/2021 | 35,000,000 | 34,999,300 |
c | 0.18% due 4/12/2021 | 2,000,000 | 1,999,890 |
Wisconsin Gas Co., 0.12% due 4/6/2021 | 30,000,000 | 29,999,500 | |
Wisconsin Power & Light Co., 0.09% due 4/1/2021 | 37,000,000 | 37,000,000 | |
Wisconsin Public Service Corp., 0.08% due 4/6/2021 | 35,000,000 | 34,999,611 | |
Total Commercial Paper (Cost $1,563,475,389) | 1,563,475,389 | ||
Repurchase Agreement — 4.1% | |||
Bank of New York Tri-Party Repurchase Agreement, 0.17% dated 3/31/2021 due 4/1/2021, repurchase price $75,000,354 collateralized by 24 corporate debt securities, having an average coupon of 2.82%, a minimum credit rating of BBB-, maturity dates from 4/15/2024 to 3/25/2061, and having an aggregate market value of $80,226,248 at 3/31/2021 | 75,000,000 | 75,000,000 | |
Total Repurchase Agreements (Cost $75,000,000) | 75,000,000 | ||
Total Investments — 102.0% (Cost $1,880,845,539) | $1,880,845,539 | ||
Liabilities Net of Other Assets — (2.0)% | (36,306,444) | ||
Net Assets — 100.0% | $1,844,539,095 |
Footnote Legend | |
a | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
b | Rate represents the money market fund annualized seven-day yield at March 31, 2021. |
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 March 31, 2021, the aggregate value of these securities in the Fund’s portfolio was $1,075,023,726, representing 58.28% 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:
GO | General Obligation |
LOC | Letter of Credit |
SPA | Stand-by Purchase Agreement |
8 | Semi-Annual Report | See notes to financial statements. |
Thornburg Capital Management Fund | March 31, 2021 (Unaudited)
ASSETS | |
Investment in securities, at cost | $ 1,880,845,539 |
Investments at value | 1,880,845,539 |
Dividends receivable | 65 |
Principal and interest receivable | 27,312 |
Prepaid expenses and other assets | 6,702 |
Total Assets | 1,880,879,618 |
Liabilities | |
Payable for investments purchased | 36,279,417 |
Accounts payable and accrued expenses | 61,106 |
Total Liabilities | 36,340,523 |
Net Assets | $ 1,844,539,095 |
NET ASSETS CONSIST OF | |
Net capital paid in on shares of beneficial interest | $ 1,844,533,305 |
Distributable earnings | 5,790 |
Net Assets | $ 1,844,539,095 |
NET ASSET VALUE | |
Class I Shares: | |
Net assets applicable to shares outstanding | $ 1,844,539,095 |
Shares outstanding | 184,455,700 |
Net asset value and redemption price per share | $ 10.00 |
Thornburg Capital Management Fund | Six Months Ended March 31, 2021 (Unaudited)
INVESTMENT INCOME | |
Interest income | $ 1,366,153 |
Dividend income | 703 |
Total Income | 1,366,856 |
EXPENSES | |
Transfer agent fees | 1,480 |
Custodian fees | 51,744 |
Professional fees | 17,722 |
Officer fees | 6,136 |
Tax reclaim collection fees | - |
Other expenses | 7,140 |
Total Expenses | 84,222 |
Net Investment Income (Loss) | $ 1,282,634 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) | 5,796 |
Net Realized and Unrealized Gain (Loss) | 5,796 |
Change in Net Assets Resulting from Operations | $ 1,288,430 |
Thornburg Capital Management Fund
Six Months Ended March 31, 2021* | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 1,282,634 | $ 13,397,854 |
Net realized gain (loss) on investments | 5,796 | 452 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,288,430 | 13,398,306 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class I Shares | (1,283,088) | (13,421,553) |
FUND SHARE TRANSACTIONS | ||
Class I Shares | 183,245,547 | 108,634,305 |
Net Increase (Decrease) in Net Assets | 183,250,889 | 108,611,058 |
NET ASSETS | ||
Beginning of Period | 1,661,288,206 | 1,552,677,148 |
End of Period | $ 1,844,539,095 | $ 1,661,288,206 |
* | Unaudited. |
Thornburg Capital Management Fund | March 31, 2021 (Unaudited)
Thornburg Capital Management Fund | March 31, 2021 (Unaudited)
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
Short-Term Investments | $ 1,880,845,539 | $ 78,976,051 | $ 1,801,869,488 | $ — |
Total Assets | $ 1,880,845,539 | $ 78,976,051 | $ 1,801,869,488 | $— |
Cost of investments for tax purposes | $ 1,880,845,539 |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ - |
SIX MONTHS ENDED March 31, 2021 | YEAR ENDED September 30, 2020 (AUDITED) | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class I Shares | ||||
Shares sold | 495,796,119 | $ 4,957,961,189 | 1,021,124,579 | $ 10,211,245,791 |
Shares issued to shareholders in reinvestment of dividends | 128,309 | 1,283,088 | 1,342,193 | 13,421,929 |
Shares repurchased | (477,599,873) | (4,775,998,730) | (1,011,603,342) | (10,116,033,415) |
Net increase | 18,324,555 | $ 183,245,547 | 10,863,430 | $ 108,634,305 |
Per Share Performance (For a Share Outstanding throughout the Period) | ||||||||
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) | ||||||||
2021 (c) | $ 10.00 | 0.01 | — (d) | 0.01 | (0.01) | — | (0.01) | $ 10.00 |
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) | Unaudited Six Month Period Ended March 31. |
(d) | Net realized and unrealized gain (loss) on investments was less than $0.01 per share. |
(e) | Annualized. |
(f) | 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) | |||||||
2021 (c) | 0.13 (e) | 0.01 (e) | 0.01 (e) | 0.06 | — (f) | $ 1,844,539 | |
2020 | 1.00 | 0.01 | 0.01 | 1.08 | — (f) | $ 1,661,288 | |
2019 | 2.44 | 0.02 | 0.02 | 2.48 | — (f) | $ 1,552,677 | |
2018 | 1.76 | 0.02 | 0.02 | 1.76 | — (f) | $ 1,325,525 | |
2017 | 0.89 | 0.03 | 0.03 | 0.87 | — (f) | $ 1,130,021 | |
2016 | 0.45 | 0.03 | 0.03 | 0.45 | — (f) | $ 1,393,536 |
Thornburg Capital Management Fund | March 31, 2021 (Unaudited)
BEGINNING ACCOUNT VALUE 10/1/20 | ENDING ACCOUNT VALUE 3/31/21 | EXPENSES PAID DURING PERIOD† 10/1/20—3/31/21 | |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,000.64 | $0.05 |
Hypothetical* | $1,000.00 | $1,024.88 | $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 182/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
March 31, 2021 (Unaudited)
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Summit Fund |
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Equity Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Small/Mid Cap Core Fund |
■ | Thornburg Small/Mid Cap 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 |
800.847.0200 | TH3478 |
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
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 Thornburg Investment Trust’s disclosure controls and procedures provide reasonable assurance that material information relating to Thornburg Investment 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 Thornburg Investment 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 second fiscal quarter) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a) (1) | Not Applicable |
(a) (2) |
(a) (3) | Not Applicable |
(b) |
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, Intermediate Municipal Fund, Strategic Municipal Income Fund, California Limited Term Municipal Fund, New Mexico Intermediate Municipal Fund, New York Intermediate Municipal Fund, Limited Term U.S. Government Fund, Limited Term Income Fund, Ultra Short Income Fund, Strategic Income Fund, Small/Mid Cap Core Fund, International Equity Fund, Small/Mid Cap Growth Fund, International Growth Fund, Investment Income Builder Fund, Global Opportunities 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: | May 26, 2021 |
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: | May 26, 2021 | |
By: | /s/ Nimish Bhatt | |
Nimish Bhatt | ||
Principal financial officer | ||
Date: | May 26, 2021 |