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, 2021
Date of reporting period: September 30, 2021
Item 1. Reports to Stockholders
The following annual reports are attached hereto, in order:
Thornburg Short Duration Municipal Fund
Thornburg Limited Term Municipal Fund
Thornburg Intermediate Municipal Fund
Thornburg Strategic Municipal Income Fund
Thornburg California Limited Term Municipal Fund
Thornburg New Mexico Intermediate Municipal Fund
Thornburg New York Intermediate Municipal Fund
Thornburg Limited Term U.S. Government Fund
Thornburg Limited Term Income Fund
Thornburg Ultra Short Income Fund
Thornburg Strategic Income Fund
Thornburg 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 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 |
U.S. Equity |
Thornburg Small/Mid Cap Core Fund (Thornburg Value Fund) |
Thornburg Small/Mid Cap Growth Fund (Thornburg Core Growth Fund) |
4 | |
12 | |
22 | |
24 | |
Schedule of Investments | |
35 | |
45 | |
51 | |
54 | |
58 | |
61 | |
64 | |
68 | |
71 | |
74 | |
78 | |
82 | |
87 | |
110 | |
128 | |
129 | |
131 | |
137 | |
139 |
September 30, 2021 (Unaudited)
Jason Brady, cfa Portfolio Manager CEO, President, and Managing Director |
September 30, 2021 (Unaudited)
September 30, 2021 (Unaudited)
September 30, 2021 (Unaudited)
September 30, 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 |
September 30, 2021 (Unaudited)
September 30, 2021 (Unaudited)
September 30, 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 | 28.90% | 6.59% | 7.68% | 7.78% | 8.96% |
With sales charge | 23.11% | 4.96% | 6.69% | 7.29% | 8.70% |
Class C Shares (Incep: 12/24/02) | |||||
Without sales charge | 27.93% | 5.79% | 6.88% | 7.00% | 8.27% |
With sales charge | 26.93% | 5.79% | 6.88% | 7.00% | 8.27% |
Class I Shares (Incep: 11/3/03) | 29.18% | 6.84% | 7.95% | 8.10% | 8.45% |
Class R3 Shares (Incep: 2/1/05) | 28.39% | 6.19% | 7.30% | 7.44% | 7.06% |
Class R4 Shares (Incep: 2/1/08) | 28.60% | 6.31% | 7.41% | 7.55% | 5.61% |
Class R5 Shares (Incep: 2/1/07) | 29.07% | 6.74% | 7.85% | 7.98% | 6.29% |
Class R6 Shares (Incep: 4/10/17) | 29.32% | 6.94% | - | - | 7.78% |
MSCI World Net Total Return USD Index (Since 12/24/02) | 28.82% | 13.14% | 13.74% | 12.68% | 9.43% |
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) | 24.63% | - | - | - | 18.69% |
60% MSCI All Country (AC) World Net Total Return USD Index/40% Bloomberg Global Aggregate Bond Index (Since 3/1/19) | 15.48% | - | - | - | 11.52% |
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 | 32.82% | 13.42% | 12.02% | 13.18% | 10.11% |
With sales charge | 26.85% | 11.69% | 11.00% | 12.66% | 9.78% |
Class C Shares (Incep: 7/28/06) | |||||
Without sales charge | 31.77% | 12.57% | 11.18% | 12.32% | 9.27% |
With sales charge | 30.77% | 12.57% | 11.18% | 12.32% | 9.27% |
Class I Shares (Incep: 7/28/06) | 33.17% | 13.75% | 12.37% | 13.59% | 10.57% |
Class R3 Shares (Incep: 2/1/08) | 32.48% | 13.17% | 11.79% | 13.00% | 7.60% |
Class R4 Shares (Incep: 2/1/08) | 32.62% | 13.28% | 11.90% | 13.11% | 7.70% |
Class R5 Shares (Incep: 2/1/08) | 33.18% | 13.75% | 12.35% | 13.58% | 8.16% |
Class R6 Shares (Incep: 4/10/17) | 33.32% | 13.90% | - | - | 10.78% |
MSCI AC World Net Total Return USD Index (Since 7/28/06) | 27.44% | 12.58% | 13.20% | 11.90% | 7.39% |
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 | 19.66% | 12.24% | 10.00% | 8.22% | 7.82% |
With sales charge | 14.26% | 10.53% | 8.99% | 7.72% | 7.61% |
Class C Shares (Incep: 5/28/98) | |||||
Without sales charge | 18.83% | 11.46% | 9.21% | 7.43% | 6.99% |
With sales charge | 17.83% | 11.46% | 9.21% | 7.43% | 6.99% |
Class I Shares (Incep: 3/30/01) | 20.05% | 12.61% | 10.38% | 8.61% | 7.74% |
Class R3 Shares (Incep: 7/1/03) | 19.46% | 12.03% | 9.81% | 8.03% | 8.52% |
Class R4 Shares (Incep: 2/1/07) | 19.69% | 12.25% | 10.03% | 8.24% | 4.92% |
Class R5 Shares (Incep: 2/1/05) | 19.97% | 12.54% | 10.30% | 8.53% | 7.29% |
Class R6 Shares (Incep: 5/1/12) | 20.21% | 12.77% | 10.53% | - | 7.67% |
MSCI AC World ex USA Net Total Return USD Index (Since 5/28/98) | 23.92% | 8.03% | 8.94% | 7.48% | 5.20% |
MSCI EAFE Net Total Return USD Index (Since 5/28/98) | 25.73% | 7.62% | 8.81% | 8.10% | 4.75% |
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 | 37.04% | 17.62% | 13.24% | 13.79% |
With sales charge | 30.85% | 15.84% | 12.20% | 12.93% |
Class C Shares (Incep: 10/1/15) | ||||
Without sales charge | 35.91% | 16.87% | 12.56% | 13.11% |
With sales charge | 34.91% | 16.87% | 12.56% | 13.11% |
Class I Shares (Incep: 10/1/15) | 37.72% | 18.39% | 14.05% | 14.61% |
MSCI AC World ex USA Net Total Return USD Index (Since 9/30/15) | 23.92% | 8.03% | 8.94% | 8.99% |
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 | 8.07% | 10.38% | 11.51% | 10.38% | 8.15% |
With sales charge | 3.20% | 8.70% | 10.48% | 9.87% | 7.82% |
Class C Shares (Incep: 2/1/07) | |||||
Without sales charge | 7.21% | 9.54% | 10.66% | 9.53% | 7.38% |
With sales charge | 6.21% | 9.54% | 10.66% | 9.53% | 7.38% |
Class I Shares (Incep: 2/1/07) | 8.34% | 10.72% | 11.88% | 10.79% | 8.64% |
Class R3 Shares (Incep: 2/1/08) | 7.78% | 10.15% | 11.32% | 10.22% | 7.29% |
Class R4 Shares (Incep: 2/1/08) | 7.91% | 10.27% | 11.43% | 10.35% | 7.40% |
Class R5 Shares (Incep: 2/1/08) | 8.35% | 10.71% | 11.89% | 10.79% | 7.83% |
Class R6 Shares (Incep: 2/1/13) | 8.46% | 10.84% | 12.01% | - | 9.38% |
MSCI AC World ex USA Growth Net Total Return USD Index (Since 2/1/07) | 16.95% | 11.94% | 11.22% | 9.32% | 5.05% |
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 | 20.33% | 13.68% | 10.72% | 8.54% | 7.63% |
With sales charge | 14.92% | 11.95% | 9.70% | 8.04% | 7.21% |
Class C Shares (Incep: 12/16/09) | |||||
Without sales charge | 19.49% | 12.82% | 9.88% | 7.73% | 6.85% |
With sales charge | 18.49% | 12.82% | 9.88% | 7.73% | 6.85% |
Class I Shares (Incep: 12/16/09) | 20.78% | 14.09% | 11.14% | 9.01% | 8.12% |
Class R5 Shares (Incep: 2/1/13) | 20.72% | 14.09% | 11.14% | - | 6.31% |
Class R6 Shares (Incep: 2/1/13) | 20.90% | 14.20% | 11.25% | - | 6.42% |
MSCI Emerging Markets Net Total Return USD Index (Since 12/16/09) | 18.20% | 8.58% | 9.23% | 6.09% | 4.63% |
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 | 30.46% | 10.70% | 12.82% | 13.66% | 10.16% |
With sales charge | 24.59% | 9.02% | 11.79% | 13.14% | 9.97% |
Class C Shares (Incep: 10/2/95) | |||||
Without sales charge | 29.40% | 9.80% | 11.92% | 12.78% | 9.31% |
With sales charge | 28.40% | 9.80% | 11.92% | 12.78% | 9.31% |
Class I Shares (Incep: 11/2/98) | 30.88% | 11.07% | 13.22% | 14.09% | 8.50% |
Class R3 Shares (Incep: 7/1/03) | 30.41% | 10.68% | 12.81% | 13.68% | 8.80% |
Class R4 Shares (Incep: 2/1/07) | 30.54% | 10.79% | 12.92% | 13.79% | 7.30% |
Class R5 Shares (Incep: 2/1/05) | 30.88% | 11.07% | 13.22% | 14.08% | 8.97% |
S&P 500 Total Return Index (Since 10/2/95) | 30.00% | 15.99% | 16.90% | 16.63% | 10.06% |
Russell 2500 Total Return Index (Since 10/2/95) | 45.03% | 12.47% | 14.25% | 15.27% | 10.62% |
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 | 14.69% | 14.49% | 16.54% | 16.36% | 8.23% |
With sales charge | 9.53% | 12.74% | 15.47% | 15.83% | 8.00% |
Class C Shares (Incep: 12/27/00) | |||||
Without sales charge | 13.80% | 13.60% | 15.63% | 15.46% | 7.38% |
With sales charge | 12.80% | 13.60% | 15.63% | 15.46% | 7.38% |
Class I Shares (Incep: 11/3/03) | 15.04% | 14.88% | 16.96% | 16.82% | 10.67% |
Class R3 Shares (Incep: 7/1/03) | 14.45% | 14.30% | 16.37% | 16.23% | 10.67% |
Class R4 Shares (Incep: 2/1/07) | 14.56% | 14.41% | 16.48% | 16.34% | 8.29% |
Class R5 Shares (Incep: 10/3/05) | 15.04% | 14.87% | 16.96% | 16.82% | 10.05% |
Russell 2500 Growth Total Return Index (Since 12/27/00) | 31.98% | 16.01% | 18.21% | 17.20% | 9.38% |
Russell 3000 Total Return Growth Index (Since 12/27/00) | 27.57% | 21.27% | 22.30% | 19.40% | 8.56% |
Thornburg Investment Income Builder Fund | September 30, 2021 (Unaudited)
RUSSELL 1000 INDEX | RUSSELL 2000 INDEX | |
Financials | 25% | 35% |
Real Estate | 24% | 36% |
Utilities | 13% | 3% |
Energy | 10% | 10% |
Materials | 6% | 3% |
Consumer Staples | 5% | 5% |
Consumer Discretionary | 4% | 1% |
Health Care | 4% | 1% |
Information Technology | 4% | 1% |
Communication Services | 4% | 2% |
Industrials | 1% | 3% |
Thornburg Investment Income Builder Fund | September 30, 2021 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.1% |
Orange SA | 3.8% |
Vodafone Group plc | 3.8% |
TotalEnergies SE | 3.8% |
Broadcom, Inc. | 3.5% |
Samsung Electronics Co. Ltd. | 3.2% |
China Mobile Ltd. | 3.0% |
CME Group, Inc. | 2.9% |
AbbVie, Inc. | 2.9% |
JPMorgan Chase & Co. | 2.7% |
SECTOR EXPOSURE (percent of equity holdings) | |
Financials | 27.0% |
Information Technology | 16.6% |
Communication Services | 16.0% |
Health Care | 12.0% |
Consumer Staples | 5.5% |
Energy | 5.4% |
Utilities | 4.8% |
Materials | 4.7% |
Consumer Discretionary | 3.5% |
Industrials | 3.3% |
Real Estate | 1.2% |
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¢ | 27.5¢ | 31.0¢ |
Thornburg Investment Income Builder Fund | September 30, 2021 (Unaudited)
As of 9/30/2021 | |
Telecommunication Services | 16.0% |
Pharmaceuticals, Biotechnology & Life Sciences | 12.0% |
Semiconductors & Semiconductor Equipment | 11.7% |
Diversified Financials | 11.7% |
Banks | 7.9% |
Insurance | 7.4% |
Energy | 5.4% |
Food & Staples Retailing | 5.1% |
Technology Hardware & Equipment | 4.9% |
Utilities | 4.8% |
As of 6/30/2021 | |
Telecommunication Services | 18.0% |
Diversified Financials | 12.5% |
Semiconductors & Semiconductor Equipment | 12.1% |
Pharmaceuticals, Biotechnology & Life Sciences | 11.2% |
Banks | 7.2% |
Insurance | 6.4% |
Technology Hardware & Equipment | 5.4% |
Food & Staples Retailing | 4.9% |
Energy | 4.8% |
Utilities | 4.7% |
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% |
THORNBURG INVESTMENT INCOME BUILDER FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | TIBAX | 885-215-558 |
Class C | TIBCX | 885-215-541 |
Class I | TIBIX | 885-215-467 |
Class R3 | TIBRX | 885-215-384 |
Class R4 | TIBGX | 885-215-186 |
Class R5 | TIBMX | 885-215-236 |
Class R6 | TIBOX | 885-216-663 |
Thornburg Summit Fund | September 30, 2021 (Unaudited)
SECTOR EXPOSURE (percent of equity holdings) | |
Information Technology | 26.8% |
Financials | 18.2% |
Communication Services | 17.6% |
Consumer Discretionary | 14.6% |
Health Care | 9.3% |
Industrials | 4.4% |
Materials | 3.2% |
Energy | 3.1% |
Consumer Staples | 2.8% |
TOP TEN LONG HOLDINGS | |
Microsoft Corp. | 2.3% |
Alphabet, Inc. Class A | 2.2% |
JPMorgan Chase & Co. | 2.1% |
Apple, Inc. | 1.7% |
Amazon.com, Inc. | 1.6% |
TotalEnergies SE | 1.6% |
Merck & Co., Inc. | 1.6% |
Deutsche Telekom AG | 1.5% |
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 1.4% |
Capital One Financial Corp. | 1.4% |
THORNBURG SUMMIT FUND | NASDAQ SYMBOLS | CUSIPS |
Class I | TSUMX | 885-216-580 |
Thornburg Global Opportunities Fund | September 30, 2021 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Reliance Industries Ltd. | 5.9% |
Alphabet, Inc. Class A | 5.4% |
Capital One Financial Corp. | 5.2% |
NN Group NV | 4.9% |
Facebook, Inc. Class A | 4.5% |
Samsung Electronics Co. Ltd. | 4.4% |
TotalEnergies SE | 4.4% |
Citigroup, Inc. | 4.2% |
Barratt Developments plc | 3.8% |
China Telecom Corp. Ltd. | 3.8% |
SECTOR EXPOSURE | |
Financials | 17.8% |
Communication Services | 17.7% |
Information Technology | 13.0% |
Materials | 11.8% |
Energy | 10.3% |
Consumer Discretionary | 10.0% |
Health Care | 7.9% |
Industrials | 5.6% |
Consumer Staples | 3.2% |
Other Assets Less Liabilities | 2.7% |
TOP TEN INDUSTRY GROUPS | |
Media & Entertainment | 11.8% |
Materials | 11.8% |
Energy | 10.3% |
Diversified Financials | 8.7% |
Semiconductors & Semiconductor Equipment | 8.5% |
Pharmaceuticals, Biotechnology & Life Sciences | 7.4% |
Telecommunication Services | 5.9% |
Retailing | 5.2% |
Insurance | 4.9% |
Technology Hardware & Equipment | 4.4% |
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 | September 30, 2021 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
TotalEnergies SE | 3.5% |
Kuehne + Nagel International AG | 2.9% |
China Merchants Bank Co. Ltd. Class A | 2.8% |
LVMH Moet Hennessy Louis Vuitton SE | 2.8% |
Mitsubishi UFJ Financial Group, Inc. | 2.8% |
Kweichow Moutai Co. Ltd. Class A | 2.7% |
ABB Ltd. | 2.6% |
Telefonaktiebolaget LM Ericsson Class B | 2.6% |
adidas AG | 2.6% |
Z Holdings Corp. | 2.3% |
SECTOR EXPOSURE | |
Industrials | 17.8% |
Information Technology | 16.4% |
Financials | 14.1% |
Consumer Discretionary | 10.5% |
Communication Services | 7.5% |
Materials | 7.1% |
Utilities | 5.6% |
Consumer Staples | 5.1% |
Energy | 3.5% |
Health Care | 3.2% |
Other Assets Less Liabilities | 9.2% |
TOP TEN INDUSTRY GROUPS | |
Banks | 10.8% |
Capital Goods | 10.7% |
Consumer Durables & Apparel | 8.8% |
Materials | 7.1% |
Technology Hardware & Equipment | 6.9% |
Media & Entertainment | 6.2% |
Semiconductors & Semiconductor Equipment | 5.8% |
Utilities | 5.6% |
Transportation | 4.8% |
Food, Beverage & Tobacco | 4.1% |
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 | September 30, 2021 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Kanzhun Ltd. ADR | 5.2% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 3.2% |
Renesas Electronics Corp. | 3.2% |
China Longyuan Power Group Corp. Ltd. Class H | 3.2% |
ING Groep N.V. | 3.1% |
Mitsubishi UFJ Financial Group, Inc. | 3.0% |
Schneider Electric SE | 2.8% |
ABB Ltd. | 2.8% |
NIO, Inc. ADR | 2.6% |
Telefonaktiebolaget LM Ericsson Class B | 2.4% |
SECTOR EXPOSURE | |
Information Technology | 21.7% |
Industrials | 17.9% |
Financials | 12.2% |
Consumer Discretionary | 11.7% |
Communication Services | 10.4% |
Materials | 9.7% |
Utilities | 4.1% |
Real Estate | 1.7% |
Health Care | 1.6% |
Other Assets Less Liabilities | 9.0% |
TOP TEN INDUSTRY GROUPS | |
Banks | 12.2% |
Semiconductors & Semiconductor Equipment | 11.3% |
Media & Entertainment | 10.4% |
Materials | 9.7% |
Capital Goods | 8.7% |
Software & Services | 6.1% |
Consumer Durables & Apparel | 5.5% |
Commercial & Professional Services | 5.1% |
Technology Hardware & Equipment | 4.3% |
Utilities | 4.1% |
THORNBURG BETTER WORLD INTERNATIONAL FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | TBWAX | 885-216-721 |
Class C | TBWCX | 885-216-713 |
Class I | TBWIX | 885-216-697 |
Thornburg International Growth Fund | September 30, 2021 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Adyen NV | 5.5% |
Nestle SA | 4.5% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.0% |
MercadoLibre, Inc. | 3.9% |
AstraZeneca plc | 3.8% |
Alibaba Group Holding Ltd. | 3.3% |
Activision Blizzard, Inc. | 3.2% |
ASML Holding NV | 3.1% |
Tencent Holdings Ltd. | 3.1% |
Shopify, Inc. Class A | 2.8% |
SECTOR EXPOSURE | |
Information Technology | 30.2% |
Consumer Discretionary | 20.7% |
Communication Services | 17.2% |
Industrials | 8.5% |
Health Care | 8.3% |
Consumer Staples | 5.1% |
Materials | 3.9% |
Financials | 1.9% |
Energy | 0.8% |
Other Assets Less Liabilities | 3.4% |
TOP TEN INDUSTRY GROUPS | |
Software & Services | 21.6% |
Media & Entertainment | 15.3% |
Retailing | 13.0% |
Semiconductors & Semiconductor Equipment | 8.6% |
Pharmaceuticals, Biotechnology & Life Sciences | 8.1% |
Commercial & Professional Services | 5.6% |
Food, Beverage & Tobacco | 5.1% |
Consumer Durables & Apparel | 4.1% |
Materials | 3.9% |
Capital Goods | 2.0% |
THORNBURG INTERNATIONAL GROWTH FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | TIGAX | 885-215-319 |
Class C | TIGCX | 885-215-293 |
Class I | TINGX | 885-215-244 |
Class R3 | TIGVX | 885-215-178 |
Class R4 | TINVX | 885-215-160 |
Class R5 | TINFX | 885-215-152 |
Class R6 | THGIX | 885-216-820 |
Thornburg Developing World Fund | September 30, 2021 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 8.1% |
Tencent Holdings Ltd. | 4.7% |
Samsung Electronics Co. Ltd. | 3.9% |
AIA Group Ltd. | 3.1% |
Bank Rakyat Indonesia Persero Tbk PT | 3.1% |
HDFC Bank Ltd. | 3.1% |
Micron Technology, Inc. | 3.0% |
LUKOIL PJSC Sponsored ADR | 2.8% |
China Longyuan Power Group Corp. Ltd. Class H | 2.8% |
Converge ICT Solutions, Inc. | 2.7% |
SECTOR EXPOSURE | |
Information Technology | 27.2% |
Financials | 17.6% |
Consumer Discretionary | 13.6% |
Communication Services | 11.0% |
Consumer Staples | 7.1% |
Materials | 6.6% |
Energy | 5.8% |
Industrials | 4.8% |
Utilities | 3.4% |
Health Care | 0.8% |
Other Assets Less Liabilities | 2.1% |
TOP TEN INDUSTRY GROUPS | |
Semiconductors & Semiconductor Equipment | 13.4% |
Banks | 10.0% |
Media & Entertainment | 7.2% |
Software & Services | 7.0% |
Technology Hardware & Equipment | 6.8% |
Retailing | 6.6% |
Materials | 6.6% |
Energy | 5.8% |
Diversified Financials | 4.4% |
Telecommunication Services | 3.8% |
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 | September 30, 2021 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Avantor, Inc. | 3.8% |
LPL Financial Holdings, Inc. | 3.2% |
Jones Lang LaSalle, Inc. | 3.1% |
Signature Bank | 3.0% |
OneMain Holdings, Inc. | 2.7% |
Sensient Technologies Corp. | 2.6% |
AES Corp. | 2.5% |
Diamondback Energy, Inc. | 2.5% |
Casella Waste Systems, Inc. Class A | 2.5% |
Pinnacle Financial Partners, Inc. | 2.3% |
SECTOR EXPOSURE | |
Information Technology | 22.1% |
Industrials | 18.9% |
Health Care | 12.6% |
Financials | 11.1% |
Consumer Discretionary | 8.6% |
Materials | 8.3% |
Real Estate | 4.6% |
Communication Services | 4.5% |
Energy | 4.1% |
Consumer Staples | 2.5% |
Utilities | 2.5% |
Other Assets Less Liabilities | 0.2% |
TOP TEN INDUSTRY GROUPS | |
Software & Services | 10.0% |
Capital Goods | 9.5% |
Health Care Equipment & Services | 8.8% |
Materials | 8.3% |
Commercial & Professional Services | 7.3% |
Semiconductors & Semiconductor Equipment | 6.3% |
Diversified Financials | 5.9% |
Technology Hardware & Equipment | 5.8% |
Banks | 5.2% |
Real Estate | 4.6% |
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 | September 30, 2021 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Avantor, Inc. | 4.1% |
Heska Corp. | 3.4% |
Repligen Corp. | 3.2% |
Kornit Digital Ltd. | 3.1% |
Nuvei Corp. | 3.0% |
Floor & Decor Holdings, Inc. Class A | 2.9% |
Elastic N.V. | 2.8% |
Horizon Therapeutics plc | 2.8% |
Zynga, Inc. Class A | 2.8% |
Chart Industries, Inc. | 2.8% |
SECTOR EXPOSURE | |
Information Technology | 35.1% |
Health Care | 21.6% |
Industrials | 17.2% |
Consumer Discretionary | 12.7% |
Communication Services | 5.1% |
Financials | 4.1% |
Consumer Staples | 3.8% |
Other Assets Less Liabilities | 0.4% |
TOP TEN INDUSTRY GROUPS | |
Software & Services | 22.5% |
Pharmaceuticals, Biotechnology & Life Sciences | 12.2% |
Capital Goods | 10.0% |
Health Care Equipment & Services | 9.4% |
Semiconductors & Semiconductor Equipment | 7.2% |
Retailing | 5.5% |
Technology Hardware & Equipment | 5.4% |
Commercial & Professional Services | 5.1% |
Media & Entertainment | 5.1% |
Food, Beverage & Tobacco | 3.8% |
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 Investment Income Builder Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Common Stock — 84.2% | |||
Automobiles & Components — 0.5% | |||
Automobiles — 0.5% | |||
Stellantis NV | 2,764,000 | $ 52,602,016 | |
52,602,016 | |||
Banks — 6.6% | |||
Banks — 6.6% | |||
BNP Paribas SA | 1,824,000 | 116,700,735 | |
Citigroup, Inc. | 765,314 | 53,709,737 | |
JPMorgan Chase & Co. | 1,817,580 | 297,519,670 | |
Regions Financial Corp. | 11,467,529 | 244,373,043 | |
712,303,185 | |||
Capital Goods — 2.8% | |||
Aerospace & Defense — 0.7% | |||
BAE Systems plc | 9,463,900 | 71,680,094 | |
Construction & Engineering — 1.1% | |||
Bouygues SA | 2,959,200 | 122,414,279 | |
Industrial Conglomerates — 1.0% | |||
Siemens AG | 645,200 | 105,523,103 | |
299,617,476 | |||
Diversified Financials — 9.9% | |||
Capital Markets — 5.3% | |||
a | Apollo Investment Corp. | 3,787,783 | 49,127,545 |
CME Group, Inc. | 1,610,270 | 311,394,013 | |
a | SLR Investment Corp. | 4,607,900 | 88,149,127 |
UBS Group AG | 8,018,372 | 127,986,149 | |
Diversified Financial Services — 2.0% | |||
Equitable Holdings, Inc. | 5,628,308 | 166,823,049 | |
M&G plc | 15,374,000 | 42,004,949 | |
Mortgage Real Estate Investment Trusts — 2.6% | |||
a | Chimera Investment Corp. | 17,842,311 | 264,958,318 |
Granite Point Mortgage Trust, Inc. | 1,417,500 | 18,668,475 | |
1,069,111,625 | |||
Energy — 4.3% | |||
Oil, Gas & Consumable Fuels — 4.3% | |||
LUKOIL PJSC Sponsored ADR | 649,200 | 61,644,502 | |
a,b,c | Malamute Energy, Inc. | 12,439 | 12,439 |
TotalEnergies SE | 8,562,100 | 409,250,770 | |
470,907,711 | |||
Food & Staples Retailing — 4.3% | |||
Food & Staples Retailing — 4.3% | |||
Tesco plc | 86,962,630 | 296,162,844 | |
Walgreens Boots Alliance, Inc. | 3,663,195 | 172,353,325 | |
468,516,169 | |||
Food, Beverage & Tobacco — 0.3% | |||
Food Products — 0.3% | |||
Nestle SA | 289,900 | 34,930,056 | |
34,930,056 | |||
Insurance — 6.3% | |||
Insurance — 6.3% | |||
Assicurazioni Generali SpA | 12,024,147 | 254,661,622 | |
Aviva plc | 6,072,000 | 32,180,847 | |
AXA SA | 3,398,000 | 94,169,609 | |
Legal & General Group plc | 5,479,000 | 20,585,070 | |
NN Group NV | 5,350,300 | 280,260,664 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 35 |
Thornburg Investment Income Builder Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
681,857,812 | |||
Materials — 4.0% | |||
Chemicals — 1.1% | |||
LyondellBasell Industries NV Class A | 1,320,889 | $ 123,965,433 | |
Metals & Mining — 2.9% | |||
Glencore plc | 41,903,800 | 197,119,841 | |
MMC Norilsk Nickel PJSC ADR | 3,858,600 | 114,619,311 | |
435,704,585 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 10.1% | |||
Biotechnology — 2.9% | |||
AbbVie, Inc. | 2,871,000 | 309,694,770 | |
Pharmaceuticals — 7.2% | |||
AstraZeneca plc | 1,111,000 | 133,895,198 | |
Merck & Co., Inc. | 2,009,769 | 150,953,750 | |
Novartis AG | 223,100 | 18,294,012 | |
Organon & Co. | 200,976 | 6,590,003 | |
Pfizer, Inc. | 5,122,685 | 220,326,682 | |
Roche Holding AG | 702,400 | 256,354,754 | |
1,096,109,169 | |||
Real Estate — 1.0% | |||
Equity Real Estate Investment Trusts — 1.0% | |||
Lamar Advertising Co. Class A, | 264,029 | 29,954,090 | |
Washington Real Estate Investment Trust | 3,063,074 | 75,811,082 | |
105,765,172 | |||
Retailing — 2.5% | |||
Specialty Retail — 2.5% | |||
Home Depot, Inc. | 828,813 | 272,066,155 | |
272,066,155 | |||
Semiconductors & Semiconductor Equipment — 9.9% | |||
Semiconductors & Semiconductor Equipment — 9.9% | |||
Broadcom, Inc. | 777,839 | 377,197,466 | |
QUALCOMM, Inc. | 1,909,206 | 246,249,390 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 21,840,000 | 451,696,698 | |
1,075,143,554 | |||
Technology Hardware & Equipment — 4.1% | |||
Communications Equipment — 0.9% | |||
Cisco Systems, Inc. | 1,841,551 | 100,235,621 | |
Technology Hardware, Storage & Peripherals — 3.2% | |||
Samsung Electronics Co. Ltd. | 5,648,500 | 350,176,503 | |
450,412,124 | |||
Telecommunication Services — 13.5% | |||
Diversified Telecommunication Services — 6.7% | |||
d | China Telecom Corp. Ltd. Class H, | 334,555,000 | 111,051,898 |
Deutsche Telekom AG | 10,161,000 | 203,770,659 | |
Orange SA | 37,920,780 | 410,108,006 | |
Wireless Telecommunication Services — 6.8% | |||
d | China Mobile Ltd. | 55,120,774 | 330,740,448 |
Vodafone Group plc | 269,148,924 | 409,561,710 | |
1,465,232,721 | |||
Utilities — 4.1% | |||
Electric Utilities — 3.4% | |||
Electricite de France SA | 8,856,000 | 111,285,757 | |
Endesa SA | 4,387,800 | 88,490,945 | |
Enel SpA | 22,506,171 | 172,739,751 | |
Multi-Utilities — 0.7% |
36 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
E.ON SE | 5,714,000 | $ 69,743,349 | |
442,259,802 | |||
Total Common Stock (Cost $6,804,008,860) | 9,132,539,332 | ||
Preferred Stock — 0.3% | |||
Banks — 0.1% | |||
Banks — 0.1% | |||
e,f,g | First Horizon Bank 3.75% (LIBOR 3 Month + 0.85%) | 12,000 | 10,248,744 |
10,248,744 | |||
Diversified Financials — 0.0% | |||
Capital Markets — 0.0% | |||
f,g | Morgan Stanley Series A, 4.00% (LIBOR 3 Month + 0.70%) | 120,000 | 3,009,600 |
3,009,600 | |||
Energy — 0.2% | |||
Oil, Gas & Consumable Fuels — 0.2% | |||
f | Crestwood Equity Partners LP 9.25% | 2,166,596 | 21,644,294 |
21,644,294 | |||
Total Preferred Stock (Cost $34,858,652) | 34,902,638 | ||
Asset Backed Securities — 3.0% | |||
Auto Receivables — 1.7% | |||
ACC Trust, | |||
e | Series 2019-1 Class C, 6.41% due 2/20/2024 | $ 2,500,000 | 2,556,120 |
e | Series 2020-A Class A, 6.00% due 3/20/2023 | 7,641,067 | 7,761,938 |
e | Series 2020-A Class B, 12.50% due 6/20/2025 | 6,680,000 | 7,066,490 |
American Credit Acceptance Receivables Trust, | |||
e | Series 2019-3 Class F, 5.42% due 5/12/2026 | 6,850,000 | 7,140,142 |
e | Series 2019-4 Class F, 5.37% due 9/14/2026 | 5,000,000 | 5,200,891 |
e | Series 2020-1 Class F, 4.75% due 11/13/2026 | 5,460,000 | 5,624,495 |
Carvana Auto Receivables Trust, | |||
e | Series 2019-4A Class R, due 10/15/2026 | 32,000 | 11,818,893 |
e | Series 2021-N1 Class R, due 1/10/2028 | 24,500 | 12,829,048 |
e | Series 2021-N2 Class R, due 3/10/2028 | 10,500 | 6,682,320 |
e | Series 2021-P1 Class R, due 12/10/2027 | 24,000 | 6,140,278 |
e | Series 2021-P2 Class R, due 5/10/2028 | 8,000 | 3,952,320 |
CPS Auto Receivables Trust, | |||
e | Series 2018-B Class E, 5.61% due 12/16/2024 | 5,158,000 | 5,423,409 |
e | Series 2019-A Class E, 5.81% due 3/16/2026 | 1,000,000 | 1,057,466 |
e | Series 2020-A Class E, 4.09% due 12/15/2025 | 2,000,000 | 2,066,145 |
e | Series 2020-C Class F, 6.67% due 11/15/2027 | 3,000,000 | 3,171,948 |
b,e | CPS Auto Securitization Trust, Series 2021-1A Class A, 7.86% due 6/16/2026 | 14,000,000 | 14,028,000 |
b,e | Credit Suisse ABS Trust, Series 2020-AT1 Class CERT, 0.01% due 6/15/2026 | 40,000 | 2,408,220 |
e | DT Auto Owner Trust, Series 2020-1A Class E, 3.48% due 2/16/2027 | 4,500,000 | 4,618,139 |
Flagship Credit Auto Trust, | |||
e | Series 2018-4 Class R, 0.01% due 3/16/2026 | 53,000 | 6,542,664 |
e | Series 2019-1 Class R, 0.01% due 6/15/2026 | 6,000 | 860,242 |
e | Series 2019-2 Class R, 0.01% due 12/15/2026 | 53,000 | 11,148,402 |
e | Series 2019-3 Class R, 0.01% due 12/15/2026 | 60,000 | 13,328,154 |
e | Series 2019-4 Class R, 0.01% due 3/15/2027 | 42,000 | 11,587,787 |
e | Foursight Capital Automobile Receivables Trust, Series 2020-1 Class F, 4.62% due 6/15/2027 | 3,180,000 | 3,266,728 |
e | JPMorgan Chase Bank NA - CACLN, Series 2021-1 Class R, 28.348% due 9/25/2028 | 3,917,792 | 4,030,585 |
e | Santander Consumer Auto Receivables Trust, Series 2020-AA Class R, 0.01% due 1/16/2029 | 45,588 | 8,630,606 |
e | Veros Automobile Receivables Trust, Series 2020-1 Class D, 5.64% due 2/16/2027 | 5,000,000 | 5,043,938 |
e | Westlake Automobile Receivables Trust, Series 2019-3A Class F, 4.72% due 4/15/2026 | 8,000,000 | 8,192,416 |
182,177,784 | |||
Other Asset Backed — 1.3% | |||
e | Amur Equipment Finance Receivables VIII LLC, Series 2020-1A Class E, 7.00% due 1/20/2027 | 5,536,362 | 5,722,309 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 37 |
Thornburg Investment Income Builder Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e | Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046 | $ 8,200,000 | $ 8,513,515 |
CFG Investments Ltd., | |||
e | Series 2021-1 Class C, 7.48% due 5/20/2032 | 2,340,000 | 2,395,066 |
e | Series 2021-1 Class D, 9.07% due 5/20/2032 | 800,000 | 819,653 |
Consumer Loan Underlying Bond Credit Trust, | |||
e | Series 2018-P3 Class C, 5.54% due 1/15/2026 | 3,653,029 | 3,690,470 |
e | Series 2019-HP1 Class C, 4.70% due 12/15/2026 | 6,700,000 | 6,888,038 |
e,g | Series 2019-HP1 Class CERT, due 12/15/2026 | 400,000 | 3,971,160 |
e | Series 2019-P1 Class C, 4.66% due 7/15/2026 | 7,500,000 | 7,634,407 |
e | Series 2020-P1 Class C, 4.61% due 3/15/2028 | 5,000,000 | 5,131,265 |
b,e | Goldman Home Improvement Trust, Series 2021-GRN2 Class R due 6/20/2051 | 42,000 | 6,805,680 |
LendingClub Receivables Trust, | |||
e | Series 2019-1 Class CERT, due 7/17/2045 | 281,200 | 3,358,246 |
e | Series 2019-7 Class R1, 0.01% due 1/15/2027 | 6,250,000 | 3,131,250 |
e | Series 2019-7 Class R2, 0.01% due 1/15/2027 | 1,250,000 | 626,250 |
LendingPoint Asset Securitization Trust, | |||
e | Series 2020-REV1 Class B, 4.494% due 10/15/2028 | 8,000,000 | 8,430,433 |
e | Series 2020-REV1 Class C, 7.699% due 10/15/2028 | 25,750,000 | 27,209,003 |
Marlette Funding Trust, | |||
e | Series 2019-1A Class C, 4.42% due 4/16/2029 | 5,344,000 | 5,406,729 |
e | Series 2021-1A Class R, due 6/16/2031 | 9,550 | 3,643,603 |
e | Series 2021-2A Class R, due 9/15/2031 | 26,000 | 10,043,329 |
Mosaic Solar Loan Trust, | |||
b,e | Series 2020-2A Class R, 0.01% due 8/20/2046 | 5,976,667 | 2,942,911 |
b,e | Series 2021-1A Class R, 0.01% due 12/20/2046 | 8,500,000 | 4,142,900 |
b,e | Series 2021-2A Class R, 0.01% due 4/22/2047 | 10,000,000 | 2,296,000 |
Prosper Pass-Thru Trust, | |||
e | Series 2019-ST1 Class CERT, 0.01% due 7/15/2025 | 38,500,000 | 11,442,693 |
e | Series 2019-ST2 Class R1, 0.01% due 11/15/2025 | 17,477,134 | 5,792,756 |
e | Series 2019-ST2 Class R2, 0.01% due 11/15/2025 | 8,738,067 | 2,896,212 |
e | Upstart Pass-Through Trust, Series 2021-ST4 0.01% due 7/20/2027 | 1,375,000 | 1,521,631 |
144,455,509 | |||
Student Loan — 0.0% | |||
e | SoFi Professional Loan Program Trust, Series 2021-B Class R1, due 2/15/2047 | 23,000 | 1,500,750 |
1,500,750 | |||
Total Asset Backed Securities (Cost $289,369,131) | 328,134,043 | ||
Corporate Bonds — 8.0% | |||
Commercial & Professional Services — 0.5% | |||
Commercial Services & Supplies — 0.5% | |||
e,h | Cimpress plc, 7.00% due 6/15/2026 | 27,804,000 | 29,014,586 |
CoreCivic, Inc., 8.25% due 4/15/2026 | 20,726,000 | 21,144,251 | |
50,158,837 | |||
Consumer Services — 0.3% | |||
Hotels, Restaurants & Leisure — 0.3% | |||
e | Nathan’s Famous, Inc., 6.625% due 11/1/2025 | 6,188,000 | 6,311,760 |
e | SeaWorld Parks & Entertainment, Inc., 8.75% due 5/1/2025 | 21,000,000 | 22,571,430 |
28,883,190 | |||
Diversified Financials — 0.6% | |||
Capital Markets — 0.2% | |||
b,c,e,i | JPR Royalty Sub LLC, 14.00% due 9/1/2020 | 5,000,000 | 0 |
e | StoneX Group, Inc., 8.625% due 6/15/2025 | 17,784,000 | 19,139,319 |
Diversified Financial Services — 0.4% | |||
Antares Holdings LP, | |||
e | 6.00% due 8/15/2023 | 18,000,000 | 19,494,900 |
e | 8.50% due 5/18/2025 | 11,500,000 | 13,711,910 |
f,g | JPMorgan Chase & Co., Series I, 3.599% (LIBOR 3 Month + 3.47%) due 1/30/2022 | 7,334,000 | 7,357,395 |
59,703,524 |
38 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Energy — 2.9% | |||
Energy Equipment & Services — 0.1% | |||
Odebrecht Offshore Drilling Finance Ltd., | |||
e,h | 6.72% due 12/1/2022 | $ 1,325,766 | $ 1,305,389 |
e,h,j | 7.72% due 12/1/2026 PIK | 18,678,406 | 4,423,607 |
e,f,h | Odebrecht Oil & Gas Finance Ltd. (Guaranty: Odebrecht Oleo e Gas SA), Zero coupon due 11/1/2021 | 2,337,727 | 19,520 |
c,e,h,i | Schahin II Finance Co. SPV Ltd., 5.875% due 9/25/2023 | 11,396,735 | 587,274 |
Oil, Gas & Consumable Fuels — 2.8% | |||
e | Citgo Holding, Inc., 9.25% due 8/1/2024 | 14,196,000 | 14,303,748 |
e | CITGO Petroleum Corp., 7.00% due 6/15/2025 | 8,000,000 | 8,183,360 |
g | Energy Transfer LP, 3.143% (LIBOR 3 Month + 3.02%) due 11/1/2066 | 13,820,000 | 11,371,234 |
g | Enterprise TE Partners LP, Series 1, 2.897% (LIBOR 3 Month + 2.78%) due 6/1/2067 | 7,000,000 | 5,880,000 |
Kinder Morgan Energy Partners LP, | |||
5.00% due 3/1/2043 | 10,000,000 | 11,885,200 | |
5.80% due 3/15/2035 | 10,000,000 | 12,810,500 | |
Kinder Morgan, Inc., | |||
5.30% due 12/1/2034 | 23,630,000 | 29,145,951 | |
5.55% due 6/1/2045 | 5,000,000 | 6,383,600 | |
ONEOK Partners LP, 4.90% due 3/15/2025 | 9,544,000 | 10,592,504 | |
e | Par Petroleum LLC/Par Petroleum Finance Corp., 7.75% due 12/15/2025 | 1,672,000 | 1,671,064 |
h | Petroleos Mexicanos, 5.95% due 1/28/2031 | 7,820,000 | 7,576,563 |
Petroleos Mexicanos (EUR), 3.75% due 2/21/2024 | 2,000,000 | 2,392,827 | |
c,i | 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 | 7,423,454 | |
f,g | Summit Midstream Partners LP, Series A, 9.50% (LIBOR 3 Month + 7.43%) due 12/15/2022 | 16,097,000 | 12,995,913 |
Transcontinental Gas Pipe Line Co. LLC, 7.85% due 2/1/2026 | 32,700,000 | 40,803,060 | |
Williams Cos., Inc., | |||
3.70% due 1/15/2023 | 29,129,000 | 30,091,422 | |
4.55% due 6/24/2024 | 69,318,000 | 75,642,574 | |
5.75% due 6/24/2044 | 14,198,000 | 18,748,317 | |
314,238,581 | |||
Food & Staples Retailing — 0.0% | |||
Food & Staples Retailing — 0.0% | |||
e | KeHE Distributors LLC/KeHE Finance Corp., 8.625% due 10/15/2026 | 4,675,000 | 5,057,041 |
5,057,041 | |||
Food, Beverage & Tobacco — 0.4% | |||
Tobacco — 0.4% | |||
e | Vector Group Ltd., 10.50% due 11/1/2026 | 44,464,000 | 46,904,184 |
46,904,184 | |||
Insurance — 0.6% | |||
Insurance — 0.6% | |||
e | MetLife, Inc., 9.25% due 4/8/2068 | 12,000,000 | 18,293,520 |
e,g,h | QBE Insurance Group Ltd., 7.50% (USSW10 + 6.03%) due 11/24/2043 | 40,000,000 | 44,925,200 |
63,218,720 | |||
Materials — 0.3% | |||
Chemicals — 0.1% | |||
e,h | Consolidated Energy Finance SA, 6.875% due 6/15/2025 | 13,000,000 | 13,442,520 |
Containers & Packaging — 0.1% | |||
e | Matthews International Corp., 5.25% due 12/1/2025 | 14,969,000 | 15,420,166 |
Metals & Mining — 0.1% | |||
e | Cleveland-Cliffs, Inc., 6.75% due 3/15/2026 | 5,000,000 | 5,330,150 |
34,192,836 | |||
Media & Entertainment — 0.1% | |||
Media — 0.1% | |||
e,h | Telenet Finance Luxembourg Notes Sarl, 5.50% due 3/1/2028 | 10,000,000 | 10,524,700 |
10,524,700 | |||
Telecommunication Services — 2.0% |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 39 |
Thornburg Investment Income Builder Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Diversified Telecommunication Services — 1.6% | |||
h | Deutsche Telekom International Finance BV (Guaranty: Deutsche Telekom AG), 8.75% due 6/15/2030 | $ 26,150,000 | $ 38,833,011 |
Qwest Corp., 6.75% due 12/1/2021 | 9,000,000 | 9,079,290 | |
h | Telefonica Emisiones SA (Guaranty: Telefonica SA), 7.045% due 6/20/2036 | 85,390,000 | 123,142,627 |
Wireless Telecommunication Services — 0.4% | |||
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., | |||
e,h | 8.00% due 12/31/2026 | 10,003,281 | 9,688,478 |
e,h | 8.75% due 5/25/2024 | 36,785,955 | 38,129,622 |
218,873,028 | |||
Transportation — 0.2% | |||
Airlines — 0.2% | |||
American Airlines Pass Through Trust, | |||
Series 2013-2 Class A, 4.95% due 7/15/2024 | 3,230,834 | 3,309,828 | |
Series 2016-3 Class B, 3.75% due 4/15/2027 | 12,739,181 | 12,265,029 | |
Series 2019-1 Class B, 3.85% due 8/15/2029 | 8,708,804 | 8,308,634 | |
US Airways Pass Through Trust, Series 2010-1 Class A, 6.25% due 10/22/2024 | 1,063,224 | 1,093,739 | |
24,977,230 | |||
Utilities — 0.1% | |||
Gas Utilities — 0.1% | |||
e,h | Rockpoint Gas Storage Canada Ltd., 7.00% due 3/31/2023 | 12,648,000 | 12,852,012 |
12,852,012 | |||
Total Corporate Bonds (Cost $741,193,843) | 869,583,883 | ||
Other Government — 0.1% | |||
Brazilian Government International Bond (BRL), 12.50% due 1/5/2022 | 20,000,000 | 3,713,905 | |
Total Other Government (Cost $12,311,133) | 3,713,905 | ||
Mortgage Backed — 1.3% | |||
g | Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 2.395% due 8/25/2033 | 33,451 | 33,451 |
Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, | |||
e,g | Series 2019-1 Class B4, 3.925% due 3/25/2050 | 1,070,627 | 1,119,843 |
e,g | Series 2019-1 Class B5, 3.925% due 3/25/2050 | 489,808 | 471,231 |
e,g | Series 2019-1 Class B6, 2.005% due 3/25/2050 | 792,095 | 457,998 |
e,g | Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, Series 2016-SH2 Class M4, 3.75% due 12/25/2045 | 923,071 | 955,822 |
CIM Trust, Whole Loan Securities Trust CMO, | |||
e,g,k | Series 2020-J1 Class AIO1, 0.471% due 7/25/2050 | 94,219,880 | 783,014 |
e,g,k | Series 2020-J1 Class AIO2, 0.50% due 7/25/2050 | 84,036,440 | 837,280 |
e,g,k | Series 2020-J1 Class AIOS, 0.20% due 6/25/2050 | 107,516,985 | 468,333 |
e,g | Series 2020-J1 Class B4, 3.471% due 7/25/2050 | 1,411,323 | 1,434,153 |
e,g | Series 2020-J1 Class B5, 3.471% due 7/25/2050 | 706,149 | 660,471 |
e,g | Series 2020-J1 Class B6, 3.471% due 7/25/2050 | 1,299,775 | 772,036 |
e,g,k | Series 2020-J2 Class AX1, 0.279% due 1/25/2051 | 131,119,415 | 932,823 |
e,g,k | Series 2020-J2 Class AXS, 0.21% due 1/25/2051 | 138,369,036 | 770,107 |
e,g | Series 2020-J2 Class B4, 2.779% due 1/25/2051 | 491,000 | 373,393 |
e,g | Series 2020-J2 Class B5, 2.779% due 1/25/2051 | 164,000 | 124,252 |
e,g | Series 2020-J2 Class B6, 2.779% due 1/25/2051 | 655,000 | 216,491 |
Citigroup Mortgage Loan Trust, Inc., Whole Loan Securities Trust CMO, | |||
e,g,k | Series 2020-EXP2 Class A3IW, 1.064% due 8/25/2050 | 101,015,422 | 1,882,927 |
e,g,k | Series 2020-EXP2 Class A4IW, 1.064% due 8/25/2050 | 10,859,158 | 202,415 |
e,g | Series 2020-EXP2 Class B5, 3.564% due 8/25/2050 | 574,403 | 512,749 |
e,g | Series 2020-EXP2 Class B6, 3.564% due 8/25/2050 | 1,372,785 | 782,129 |
Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
g | Series 2004-HYB2 Class B1, 2.467% due 3/25/2034 | 244,446 | 244,446 |
e,g | Series 2020-EXP1 Class B1, 4.467% due 5/25/2060 | 2,150,000 | 2,210,295 |
e,g | Series 2020-EXP1 Class B2, 4.467% due 5/25/2060 | 1,450,000 | 1,354,383 |
e,g | Series 2020-EXP1 Class B3, 4.467% due 5/25/2060 | 725,000 | 423,666 |
e,k | Series 2020-EXP1 Class XS, 0.01% due 5/25/2060 | 76,997,232 | 57,748 |
e,g,k | Series 2021-J1 Class A5IX, 0.114% due 4/25/2051 | 131,180,304 | 550,695 |
e,g,k | Series 2021-J1 Class AIOS, 0.23% due 4/25/2051 | 133,339,280 | 1,296,338 |
e,g | Series 2021-J1 Class B4, 2.614% due 4/25/2051 | 379,000 | 273,312 |
40 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e,g | Series 2021-J1 Class B5, 2.614% due 4/25/2051 | $ 615,000 | $ 369,213 |
e,g | Series 2021-J1 Class B6, 2.614% due 4/25/2051 | 460,000 | 162,751 |
e,g,k | Series 2021-J3 Class A3I1, 0.50% due 9/25/2051 | 17,100,000 | 333,450 |
e,g,k | Series 2021-J3 Class A5I2, 0.25% due 9/25/2051 | 140,743,000 | 1,460,209 |
e,g,k | Series 2021-J3 Class AIOS, due 9/25/2051 | 147,492,000 | 448,376 |
e,g | Series 2021-J3 Class B4, 2.863% due 9/25/2051 | 1,033,000 | 815,976 |
e,g | Series 2021-J3 Class B6, 2.863% due 9/25/2051 | 590,000 | 243,972 |
CSMC Trust, Whole Loan Securities Trust CMO, | |||
e,g | Series 2020-AFC1 Class M1, 2.841% due 2/25/2050 | 3,808,500 | 3,859,819 |
e,g,k | Series 2021-AFC1 Class AIOS, 0.25% due 3/25/2056 | 126,837,899 | 824,738 |
e,g | Series 2021-AFC1 Class B3, 4.402% due 3/25/2056 | 215,000 | 205,041 |
e,g,k | Series 2021-AFC1 Class XS, 3.42% due 3/25/2056 | 126,837,899 | 7,413,802 |
Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, | |||
e,g,k | Series 2020-2 Class AX1, 0.717% due 8/25/2050 | 178,007,948 | 2,633,521 |
e,g,k | Series 2020-2 Class AX2, 0.50% due 8/25/2050 | 30,509,636 | 336,158 |
e,g | Series 2020-2 Class B4, 3.717% due 8/25/2050 | 871,502 | 876,619 |
e,g | Series 2020-2 Class B5, 3.717% due 8/25/2050 | 2,614,505 | 2,601,856 |
e,g | Series 2020-2 Class B6C, 3.574% due 8/25/2050 | 3,486,006 | 2,348,835 |
e,g | Galton Funding Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-H1 Class B1, 3.386% due 1/25/2060 | 4,379,900 | 4,414,248 |
GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
e,g,k | Series 2020-INV1 Class A11X, 3.472% due 10/25/2050 | 2,210,629 | 117,550 |
e,g,k | Series 2020-INV1 Class A12X, 2.976% due 10/25/2050 | 26,468,441 | 1,206,744 |
e,g,k | Series 2020-INV1 Class AIOS, 0.19% due 10/25/2050 | 126,647,277 | 660,200 |
e,g,k | Series 2020-INV1 Class AX1, due 10/25/2050 | 95,701,614 | 957 |
e,g,k | Series 2020-INV1 Class AX2, 0.476% due 10/25/2050 | 4,770,304 | 36,966 |
e,g,k | Series 2020-INV1 Class AX4, 0.942% due 10/25/2050 | 5,135,640 | 82,908 |
e,g | Series 2020-INV1 Class B4, 3.918% due 10/25/2050 | 1,969,549 | 2,031,024 |
e,g | Series 2020-INV1 Class B5, 3.918% due 10/25/2050 | 1,969,549 | 1,924,229 |
e,g | Series 2020-INV1 Class B6, 3.918% due 10/25/2050 | 4,527,957 | 3,378,935 |
e,g,k | Series 2020-INV1 Class BX, 0.418% due 10/25/2050 | 22,478,447 | 374,500 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
e,g | Series 2016-5 Class B5, 2.387% due 12/25/2046 | 2,000,000 | 1,617,964 |
e,g,k | Series 2020-3 Class AX1, 0.196% due 8/25/2050 | 26,792,875 | 61,674 |
e,g,k | Series 2020-4 Class A11X, 5.166% (5.25% - LIBOR 1 Month) due 11/25/2050 | 5,037,566 | 347,810 |
e,g,k | Series 2020-4 Class A3X, 0.50% due 11/25/2050 | 22,836,965 | 162,830 |
e,g,k | Series 2020-4 Class A4X, 0.50% due 11/25/2050 | 655,158 | 243 |
e,g,k | Series 2020-4 Class AX1, 0.162% due 11/25/2050 | 84,351,521 | 148,745 |
e,g,k | Series 2020-4 Class AX3, 3.50% due 11/25/2050 | 2,333,792 | 116,482 |
e,g,k | Series 2020-4 Class AX4, 0.55% due 11/25/2050 | 5,385,997 | 42,243 |
e,g | Series 2020-4 Class B4, 3.712% due 11/25/2050 | 2,030,986 | 2,090,443 |
e,g | Series 2020-4 Class B5, 3.712% due 11/25/2050 | 937,528 | 939,197 |
e,g | Series 2020-4 Class B6, 3.712% due 11/25/2050 | 1,603,555 | 1,447,571 |
e,g,k | Series 2020-7 Class A3X, 0.50% due 1/25/2051 | 47,550,417 | 418,253 |
e,g,k | Series 2020-7 Class AX1, 0.167% due 1/25/2051 | 225,982,180 | 543,894 |
e,g,k | Series 2020-7 Class AX3, 3.50% due 1/25/2051 | 15,536,275 | 964,952 |
e,g,k | Series 2020-7 Class AX4, 0.40% due 1/25/2051 | 14,406,364 | 101,082 |
e,g | Series 2020-7 Class B4, 3.567% due 1/25/2051 | 2,485,493 | 2,523,972 |
e,g | Series 2020-7 Class B5, 3.567% due 1/25/2051 | 1,741,802 | 1,622,719 |
e,g | Series 2020-7 Class B6, 3.48% due 1/25/2051 | 2,290,000 | 1,388,603 |
e,g,k | Series 2021-11 Class A3X, 0.50% due 1/25/2052 | 20,811,465 | 395,516 |
e,g,k | Series 2021-11 Class AX1, 0.242% due 1/25/2052 | 396,408,850 | 3,663,175 |
e,g,k | Series 2021-11 Class AX4, 0.30% due 1/25/2052 | 51,533,150 | 589,751 |
e,g | Series 2021-11 Class B5, 3.042% due 1/25/2052 | 3,873,366 | 3,262,143 |
e,g | Series 2021-11 Class B6, 3.042% due 1/25/2052 | 4,547,212 | 2,364,859 |
Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, | |||
e,g,k | Series 2021-INV2 Class AX1, 0.145% due 8/25/2051 | 119,218,956 | 698,039 |
e,g,k | Series 2021-INV2 Class AX4, 0.70% due 8/25/2051 | 8,168,670 | 252,863 |
e,g | Series 2021-INV2 Class B5, 3.345% due 8/25/2051 | 328,477 | 283,469 |
e,g | Series 2021-INV2 Class B6, 3.345% due 8/25/2051 | 1,579,487 | 862,933 |
e,g,k | Series 2021-INV3 Class AX1, 0.183% due 10/25/2051 | 142,000,000 | 1,065,000 |
e,g,k | Series 2021-INV3 Class AX4, 0.55% due 10/25/2051 | 11,500,000 | 291,094 |
e,g | Series 2021-INV3 Class B5, 3.233% due 10/25/2051 | 460,000 | 402,910 |
e,g | Series 2021-INV3 Class B6, 3.233% due 10/25/2051 | 1,990,000 | 1,158,959 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 41 |
Thornburg Investment Income Builder Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
g | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 2.621% due 8/25/2034 | $ 1,379,570 | $ 1,384,346 |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
e,g,k | Series 2021-INV1 Class AX1, 0.774% due 6/25/2051 | 120,630,227 | 3,533,911 |
e,g | Series 2021-INV1 Class B5, 3.274% due 6/25/2051 | 1,143,877 | 987,165 |
e,g | Series 2021-INV1 Class B6, 3.274% due 6/25/2051 | 2,053,249 | 1,212,218 |
e,g | Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class B1, 3.81% due 9/25/2059 | 1,500,000 | 1,531,045 |
e | Saluda Grade Alternative Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-FIG1 Class C, 0.01% due 9/25/2050 | 6,002,836 | 729,531 |
e,g | Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-7 Class B3, 3.722% due 10/25/2047 | 2,255,929 | 2,338,168 |
SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, | |||
e,g,k | Series 2019-3 Class AIOS, 0.375% due 9/25/2059 | 114,109,374 | 466,639 |
e,g | Series 2019-3 Class B2, 5.663% due 9/25/2059 | 7,910,000 | 7,699,777 |
e,g | Series 2019-3 Class B3, 5.976% due 9/25/2059 | 3,366,214 | 2,520,514 |
b,e,g | Series 2019-3 Class C, due 9/25/2059 | 950 | 950 |
e | Series 2019-3 Class XS1, 0.01% due 9/25/2059 | 113,612,982 | 500,181 |
e | Series 2019-3 Class XS2, 0.01% due 9/25/2059 | 113,612,982 | 603,660 |
Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, | |||
e,g | Series 2018-IMC2 Class B1, 5.669% due 10/25/2048 | 3,000,000 | 3,023,462 |
e,g | Series 2019-INV1 Class B1, 3.657% due 9/27/2049 | 10,000,000 | 10,303,998 |
e,g | Verus Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class B1, 3.624% due 1/25/2060 | 2,000,000 | 2,038,557 |
e,g | Vista Point Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class B2, 5.375% due 3/25/2065 | 4,500,000 | 4,637,108 |
Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
e,g,k | Series 2020-3 Class AIO1, 0.214% due 6/25/2050 | 251,149,378 | 990,382 |
e,g | Series 2020-3 Class B5, 3.214% due 6/25/2050 | 1,046,000 | 881,660 |
e,g | Series 2020-3 Class B6, 3.214% due 6/25/2050 | 2,061,402 | 1,698,441 |
Total Mortgage Backed (Cost $145,108,423) | 136,275,499 | ||
Loan Participations — 0.5% | |||
Commercial & Professional Services — 0.2% | |||
Professional Services — 0.2% | |||
l | Par Pacific Holdings, Inc., 6.87% (LIBOR 3 Month + 6.75%) due 1/12/2026 | 12,943,181 | 12,824,492 |
l | R.R. Donnelley & Sons Company, 5.084% (LIBOR 1 Month + 5.00%) due 1/15/2024 | 4,636,364 | 4,617,818 |
l | RGIS Services LLC, 8.50% (LIBOR 1 Month + 7.50%) due 6/25/2025 | 2,871,460 | 2,928,889 |
20,371,199 | |||
Energy — 0.1% | |||
Oil, Gas & Consumable Fuels — 0.1% | |||
l | CITGO Holding, Inc., 8.00% (LIBOR 3 Month + 7.00%) due 8/1/2023 | 7,913,465 | 7,802,677 |
7,802,677 | |||
Real Estate — 0.1% | |||
Equity Real Estate Investment Trusts — 0.1% | |||
l | CoreCivic, Inc., 5.50% (LIBOR 1 Month + 4.50%) due 12/18/2024 | 12,601,875 | 12,468,043 |
12,468,043 | |||
Software & Services — 0.1% | |||
Information Technology Services — 0.1% | |||
l | Vericast Corp., 8.75% (LIBOR 3 Month + 7.75%) due 6/16/2026 | 15,208,551 | 14,229,577 |
14,229,577 | |||
Total Loan Participations (Cost $54,143,900) | 54,871,496 | ||
Short-Term Investments — 2.5% | |||
a | Thornburg Capital Management Fund | 27,142,684 | 271,426,844 |
Total Short-Term Investments (Cost $271,426,844) | 271,426,844 | ||
Total Investments — 99.9% (Cost $8,352,420,786) | $10,831,447,640 | ||
Other Assets Less Liabilities — 0.1% | 15,286,346 | ||
Net Assets — 100.0% | $10,846,733,986 |
42 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2021 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Great Britain Pound | SSB | Sell | 427,026,100 | 10/14/2021 | 575,379,784 | $ 17,402,902 | $ — |
Swiss Franc | SSB | Sell | 30,134,800 | 10/26/2021 | 32,352,384 | 497,097 | — |
Euro | SSB | Sell | 311,853,900 | 11/18/2021 | 361,542,377 | 6,346,991 | — |
Total | $ 24,246,990 | — | |||||
Net unrealized appreciation (depreciation) | $ 24,246,990 |
* | 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 | On November 12, 2020, the President of the United States issued an Executive Order (the "Order") to prohibit, beginning January 11, 2021, US persons (which includes the Fund) from transacting in certain securities and derivatives of publicly traded securities of any company designated as a "Communist Chinese military company" (collectively with securities of certain subsidiaries of such companies and related depositary receipts that may be covered by the Order, "CCMC Securities") by the US Department of Defense or the US Department of the Treasury’s Office of Foreign Assets Control ("OFAC") unless such transactions are for purposes of divestment and occur through November 11, 2021. In addition, US persons are also prohibited from transacting in CCMS Securities designated as such 60 days after such designation. |
e | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $834,301,503, representing 7.69% of the Fund’s net assets. |
f | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
g | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2021. |
h | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
i | Bond in default. |
j | Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at September 30, 2021. |
k | Interest only. |
l | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 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 |
EUR | Denominated in Euro |
LIBOR | London Interbank Offered Rates |
PIK | Payment-in-kind |
SPV | Special Purpose Vehicle |
USSW10 | USD 10 Year Swap Rate |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 43 |
Thornburg Investment Income Builder Fund | September 30, 2021
COUNTRY EXPOSURE * (percent of net assets) | |
United States | 43.2% |
France | 11.7% |
United Kingdom | 9.3% |
Taiwan | 4.2% |
Switzerland | 4.2% |
China | 4.1% |
Italy | 3.9% |
Germany | 3.9% |
South Korea | 3.2% |
Netherlands | 2.6% |
Australia | 2.2% |
Spain | 1.9% |
Russian Federation | 1.6% |
Jamaica | 0.4% |
Canada | 0.4% |
Ireland | 0.3% |
Belgium | 0.1% |
Brazil | 0.1% |
Mexico | 0.1% |
Other Assets Less Liabilities | 2.6% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
44 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Thornburg Summit Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Common Stock — 52.7% | |||
Automobiles & Components — 0.9% | |||
Automobiles — 0.9% | |||
Stellantis NV | 29,307 | $ 559,764 | |
559,764 | |||
Banks — 4.4% | |||
Banks — 4.4% | |||
ING Groep NV | 47,543 | 691,204 | |
JPMorgan Chase & Co. | 8,027 | 1,313,940 | |
a | KakaoBank Corp. | 4,563 | 263,606 |
Mitsubishi UFJ Financial Group, Inc. | 83,000 | 490,640 | |
2,759,390 | |||
Capital Goods — 1.5% | |||
Machinery — 1.5% | |||
a | Kornit Digital Ltd. | 2,660 | 385,008 |
Otis Worldwide Corp. | 7,080 | 582,543 | |
967,551 | |||
Consumer Durables & Apparel — 1.4% | |||
Household Durables — 1.4% | |||
Barratt Developments plc | 50,065 | 442,564 | |
Sony Group Corp. | 3,879 | 430,641 | |
873,205 | |||
Consumer Services — 0.8% | |||
Hotels, Restaurants & Leisure — 0.8% | |||
Wyndham Hotels & Resorts, Inc. | 6,571 | 507,215 | |
507,215 | |||
Diversified Financials — 3.1% | |||
Capital Markets — 0.9% | |||
CME Group, Inc. | 3,021 | 584,201 | |
Consumer Finance — 2.2% | |||
Capital One Financial Corp. | 5,390 | 873,018 | |
a | SBI Cards & Payment Services Ltd. | 33,681 | 463,689 |
1,920,908 | |||
Energy — 1.6% | |||
Oil, Gas & Consumable Fuels — 1.6% | |||
TotalEnergies SE | 21,326 | 1,019,339 | |
1,019,339 | |||
Food, Beverage & Tobacco — 0.7% | |||
Beverages — 0.7% | |||
Wuliangye Yibin Co. Ltd. Class A | 12,800 | 433,221 | |
433,221 | |||
Household & Personal Products — 0.8% | |||
Personal Products — 0.8% | |||
Estee Lauder Cos., Inc. Class A | 1,599 | 479,588 | |
479,588 | |||
Insurance — 2.1% | |||
Insurance — 2.1% | |||
Assured Guaranty Ltd. | 14,890 | 697,001 | |
NN Group NV | 12,024 | 629,844 | |
1,326,845 | |||
Materials — 1.7% | |||
Chemicals — 1.7% | |||
Linde plc | 2,158 | 633,114 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 45 |
Thornburg Summit Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
PPG Industries, Inc. | 3,041 | $ 434,893 | |
1,068,007 | |||
Media & Entertainment — 7.8% | |||
Entertainment — 2.9% | |||
Activision Blizzard, Inc. | 4,330 | 335,099 | |
a | Sea Ltd. ADR | 2,600 | 828,698 |
a | Walt Disney Co. | 3,726 | 630,327 |
Interactive Media & Services — 4.9% | |||
a | Alphabet, Inc. Class A | 511 | 1,366,169 |
a | Facebook, Inc. Class A | 2,185 | 741,567 |
a | Kanzhun Ltd. ADR | 13,145 | 473,088 |
Tencent Holdings Ltd. | 7,900 | 471,620 | |
4,846,568 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 4.9% | |||
Life Sciences Tools & Services — 1.0% | |||
a | Avantor, Inc. | 14,567 | 595,790 |
Pharmaceuticals — 3.9% | |||
AstraZeneca plc | 7,105 | 856,278 | |
Merck & Co., Inc. | 12,854 | 965,464 | |
Roche Holding AG | 1,736 | 633,588 | |
3,051,120 | |||
Retailing — 4.6% | |||
Internet & Direct Marketing Retail — 2.8% | |||
a | Amazon.com, Inc. | 312 | 1,024,933 |
a | MercadoLibre, Inc. | 438 | 735,577 |
Specialty Retail — 1.8% | |||
Home Depot, Inc. | 2,498 | 819,993 | |
TJX Companies, Inc. | 4,406 | 290,708 | |
2,871,211 | |||
Semiconductors & Semiconductor Equipment — 3.6% | |||
Semiconductors & Semiconductor Equipment — 3.6% | |||
ASML Holding NV | 1,003 | 749,299 | |
NVIDIA Corp. | 2,885 | 597,657 | |
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 8,021 | 895,545 | |
2,242,501 | |||
Software & Services — 7.7% | |||
Information Technology Services — 5.4% | |||
a,b | Adyen NV | 227 | 634,547 |
Mastercard, Inc. Class A | 2,382 | 828,174 | |
Nomura Research Institute Ltd. | 12,700 | 466,810 | |
a | Shopify, Inc. Class A | 489 | 662,976 |
Visa, Inc. Class A | 3,673 | 818,161 | |
Software — 2.3% | |||
Microsoft Corp. | 5,044 | 1,422,005 | |
4,832,673 | |||
Technology Hardware & Equipment — 2.8% | |||
Electronic Equipment, Instruments & Components — 1.1% | |||
Keyence Corp. | 1,125 | 671,480 | |
Technology Hardware, Storage & Peripherals — 1.7% | |||
Apple, Inc. | 7,512 | 1,062,948 | |
1,734,428 | |||
Telecommunication Services — 1.5% | |||
Diversified Telecommunication Services — 1.5% | |||
Deutsche Telekom AG | 46,472 | 931,958 | |
931,958 |
46 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Transportation — 0.8% | |||
Road & Rail — 0.8% | |||
Canadian Pacific Railway Ltd. | 7,195 | $ 468,179 | |
468,179 | |||
Total Common Stock (Cost $27,179,768) | 32,893,671 | ||
Asset Backed Securities — 9.8% | |||
Credit Card — 0.7% | |||
b | Mission Lane Credit Card Master Trust, Series 2021-A Class A, 1.59% due 9/15/2026 | $ 450,000 | 449,878 |
449,878 | |||
Other Asset Backed — 8.2% | |||
Aqua Finance Trust, | |||
b | Series 2019-A Class A, 3.14% due 7/16/2040 | 41,409 | 42,409 |
b | Series 2019-A Class B 3.47% due 7/16/2040 | 200,000 | 206,764 |
b | Avant Loans Funding Trust, Series 2019-B Class B, 3.15% due 10/15/2026 | 217,129 | 217,574 |
b | AXIS Equipment Finance Receivables LLC, Series 2021-1A Class F, 6.09% due 2/20/2029 | 600,000 | 600,662 |
b | Conn’s Receivables Funding LLC, Series 2020-A Class A, 1.71% due 6/16/2025 | 20,407 | 20,410 |
b | Diamond Resorts Owner Trust, Series 2018-1 Class A, 3.70% due 1/21/2031 | 26,123 | 26,821 |
b,c | ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | 190,224 | 180,265 |
b | Foundation Finance Trust, Series 2019-1A Class A, 3.86% due 11/15/2034 | 73,740 | 76,117 |
b | Freed ABS Trust, Series 2019-1 Class B, 3.87% due 6/18/2026 | 24,578 | 24,668 |
b,d | Goldman Home Improvement Trust, Series 2021-GRN2 Class R due 6/20/2051 | 2,000 | 324,080 |
b | LendingPoint Asset Securitization Trust, Series 2021-A Class A, 1.00% due 12/15/2028 | 356,252 | 356,375 |
Marlette Funding Trust, | |||
b | Series 2021-1A Class R, due 6/16/2031 | 1,200 | 457,835 |
b | Series 2021-2A Class R, due 9/15/2031 | 1,150 | 444,224 |
b,d | Mosaic Solar Loan Trust, Series 2021-2A Class R, 0.01% due 4/22/2047 | 1,150,000 | 264,040 |
b | New Residential Advance Receivables Trust Advance Receivables Backed, Series 2020-T1 Class DT1, 3.011% due 8/15/2053 | 250,000 | 251,005 |
b | New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2020-APT1 Class AT1, 1.035% due 12/16/2052 | 400,000 | 399,889 |
b,e | SBA Tower Trust, Series 2014-2A Class C, 3.869% due 10/15/2049 | 30,000 | 31,339 |
b | Sierra Timeshare Receivables Funding LLC, Series 2019-1A Class A, 3.20% due 1/20/2036 | 30,186 | 31,147 |
b | SoFi Consumer Loan Program Trust, Series 2018-3 Class C, 4.67% due 8/25/2027 | 125,000 | 127,841 |
Upstart Pass-Through Trust, | |||
b | Series 2021-ST4 0.01% due 7/20/2027 | 500,000 | 553,320 |
b | Series 2021-ST7 Class A 1.85% due 9/20/2029 | 490,209 | 489,807 |
5,126,592 | |||
Student Loan — 0.9% | |||
b,e | Navient Private Education Loan Trust, Series 2015-AA Class A2B, 1.284% (LIBOR 1 Month + 1.20%) due 12/15/2028 | 305,727 | 307,669 |
SMB Private Education Loan Trust, | |||
b | Series 2015-C Class A2A, 2.75% due 7/15/2027 | 29,796 | 29,923 |
b | Series 2020-B Class A1A, 1.29% due 7/15/2053 | 216,566 | 217,110 |
554,702 | |||
Total Asset Backed Securities (Cost $5,989,190) | 6,131,172 | ||
Corporate Bonds — 3.2% | |||
Automobiles & Components — 0.5% | |||
Automobiles — 0.5% | |||
b | Hyundai Capital America, 0.875% due 6/14/2024 | 300,000 | 298,464 |
298,464 | |||
Diversified Financials — 0.5% | |||
Capital Markets — 0.5% | |||
Owl Rock Technology Finance Corp., | |||
2.50% due 1/15/2027 | 300,000 | 301,356 | |
b | 4.75% due 12/15/2025 | 11,000 | 12,024 |
313,380 | |||
Energy — 0.8% | |||
Oil, Gas & Consumable Fuels — 0.8% |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 47 |
Thornburg Summit Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Petroleos Mexicanos (EUR), 3.75% due 2/21/2024 | $ 170,000 | $ 203,390 | |
b,c | SA Global Sukuk Ltd., 0.946% due 6/17/2024 | 300,000 | 297,168 |
500,558 | |||
Food, Beverage & Tobacco — 0.4% | |||
Tobacco — 0.4% | |||
b | Vector Group Ltd., 10.50% due 11/1/2026 | 251,000 | 264,775 |
264,775 | |||
Real Estate — 0.1% | |||
Equity Real Estate Investment Trusts — 0.1% | |||
Service Properties Trust, 4.95% due 2/15/2027 | 40,000 | 39,802 | |
39,802 | |||
Technology Hardware & Equipment — 0.4% | |||
Technology Hardware, Storage & Peripherals — 0.4% | |||
Dell International LLC/EMC Corp., 4.90% due 10/1/2026 | 250,000 | 287,845 | |
287,845 | |||
Telecommunication Services — 0.5% | |||
Wireless Telecommunication Services — 0.5% | |||
Sprint Communications, Inc., 9.25% due 4/15/2022 | 310,000 | 323,485 | |
323,485 | |||
Total Corporate Bonds (Cost $2,008,027) | 2,028,309 | ||
Convertible Bonds — 0.3% | |||
Diversified Financials — 0.3% | |||
Diversified Financial Services — 0.3% | |||
EZCORP, Inc., 2.375% due 5/1/2025 | 230,000 | 210,195 | |
210,195 | |||
Total Convertible Bonds (Cost $187,932) | 210,195 | ||
U.S. Treasury Securities — 11.2% | |||
United States Treasury Inflation Indexed Bonds, 0.125%, 7/15/2031 | 203,686 | 224,403 | |
United States Treasury Notes, | |||
0.125%, 5/31/2022 - 2/15/2024 | 2,000,000 | 1,995,985 | |
0.625%, 5/15/2030 - 8/15/2030 | 1,275,000 | 1,190,454 | |
1.25%, 8/15/2031 | 300,000 | 292,734 | |
1.625%, 5/15/2031 | 400,000 | 404,750 | |
United States Treasury Notes Inflationary Index, | |||
0.125%, 1/15/2030 - 7/15/2030 | 1,168,868 | 1,286,790 | |
0.25%, 2/15/2050 | 530,855 | 598,470 | |
0.50%, 1/15/2028 | 686,092 | 768,284 | |
3.625%, 4/15/2028 | 153,575 | 205,298 | |
Total U.S. Treasury Securities (Cost $6,936,574) | 6,967,168 | ||
Mortgage Backed — 9.7% | |||
b,e | Angel Oak Mortgage Trust I LLC, Whole Loan Securities Trust CMO, Series 2019-2 Class A1, 3.628% due 3/25/2049 | 31,492 | 31,799 |
b,e | Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1, 3.805% due 1/25/2049 | 69,467 | 70,242 |
Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
b,e,f | Series 2021-J1 Class A5IX, 0.114% due 4/25/2051 | 13,308,147 | 55,867 |
b,e,f | Series 2021-J1 Class AIOS, 0.23% due 4/25/2051 | 19,048,468 | 185,191 |
b,e | Series 2021-J1 Class B4, 2.614% due 4/25/2051 | 100,000 | 72,114 |
b,e | Series 2021-J1 Class B5, 2.614% due 4/25/2051 | 100,000 | 60,035 |
b,e | Series 2021-J1 Class B6, 2.614% due 4/25/2051 | 100,000 | 35,380 |
COMM Mortgage Trust, CMBS, Series 2015-LC23 Class ASB, 3.598% due 10/10/2048 | 482,367 | 509,277 | |
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 | 70,375 | 73,802 | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool RC1535, 2.00% due 8/1/2035 | 556,804 | 573,631 |
48 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Pool SB0308, 2.50% due 1/1/2035 | $ 289,224 | $ 304,886 | |
Pool SB0448, 2.00% due 11/1/2035 | 443,539 | 460,418 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | 106,431 | 107,469 | |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool BP8943, 2.00% due 7/1/2035 | 160,677 | 165,475 | |
Pool BP9550, 2.50% due 7/1/2035 | 206,430 | 217,174 | |
Pool CA7128, 2.00% due 9/1/2030 | 547,032 | 566,257 | |
Pool FM3758, 2.50% due 8/1/2031 | 153,274 | 160,132 | |
Pool MA4012, 2.00% due 5/1/2035 | 117,426 | 120,932 | |
Pool MA4045, 2.00% due 6/1/2040 | 140,776 | 143,723 | |
Pool MA4095, 2.00% due 8/1/2035 | 429,301 | 442,121 | |
Pool MA4279, 2.00% due 3/1/2036 | 460,272 | 474,226 | |
b,e | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class B3, 4.088% due 12/25/2049 | 120,463 | 127,299 |
JPMorgan Chase Commercial Mortgage Securities Trust, CMBS, | |||
b | Series 2012-HSBC Class A, 3.093% due 7/5/2032 | 244,028 | 247,400 |
Series 2013-LC11 Class A5, 2.96% due 4/15/2046 | 425,000 | 438,532 | |
b,e | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 92,583 | 95,358 |
e | Morgan Stanley Bank of America Merrill Lynch Trust, CMBS, Series 2013-C10 Class ASB, 3.912% due 7/15/2046 | 153,794 | 157,229 |
b,e | TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2018-2 Class B3, 3.779% due 7/25/2048 | 169,831 | 176,404 |
Total Mortgage Backed (Cost $6,041,533) | 6,072,373 | ||
Loan Participations — 0.1% | |||
Real Estate — 0.1% | |||
Equity Real Estate Investment Trusts — 0.1% | |||
g | CoreCivic, Inc., 5.50% (LIBOR 1 Month + 4.50%) due 12/18/2024 | 71,500 | 70,740 |
70,740 | |||
Total Loan Participations (Cost $68,987) | 70,740 | ||
Exchange-Traded Funds — 3.4% | |||
a | Invesco DB Agriculture Fund | 14,323 | 273,856 |
a | Invesco DB Base Metals Fund | 30,762 | 636,773 |
a | SPDR Gold Shares Fund | 7,233 | 1,187,803 |
Total Exchange-Traded Funds (Cost $1,796,234) | 2,098,432 | ||
Short-Term Investments — 10.2% | |||
Egypt Treasury Bills (EGP), | |||
12.55% due 6/21/2022 | $ 5,865,000 | 341,651 | |
12.564% due 5/10/2022 | 1,700,000 | 100,306 | |
h | Thornburg Capital Management Fund | 594,607 | 5,946,069 |
Total Short-Term Investments (Cost $6,389,745) | 6,388,026 | ||
Total Investments — 100.6% (Cost $56,597,990) | $62,860,086 | ||
Liabilities Net of Other Assets — (0.6)% | (394,238) | ||
Net Assets — 100.0% | $62,465,848 |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2021 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Euro | MSC | Buy | 433,820 | 10/28/2021 | 502,741 | $ — | $ (10,502) |
Japanese Yen | MSC | Buy | 121,100,000 | 10/28/2021 | 1,088,272 | — | (10,234) |
Total | — | $ (20,736) | |||||
Net unrealized appreciation (depreciation) | $ (20,736) |
* | Counterparty includes Morgan Stanely & Co. Inc. ("MSC"). |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 49 |
Thornburg Summit Fund | September 30, 2021
Footnote Legend | |
a | Non-income producing. |
b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $8,795,239, representing 14.08% 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 | Security currently fair valued by the Valuation and Pricing Committee using procedures approved by the Trustees’ Audit Committee. |
e | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2021. |
f | Interest only. |
g | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 2021. |
h | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
CMBS | Commercial Mortgage-Backed Securities |
CMO | Collateralized Mortgage Obligation |
EGP | Denominated in Egyptian Pound |
EUR | Denominated in Euro |
LIBOR | London Interbank Offered Rates |
Mtg | Mortgage |
UMBS | Uniform Mortgage Backed Securities |
COUNTRY EXPOSURE * (percent of net assets) | |
United States | 64.7% |
Netherlands | 4.3% |
Japan | 3.3% |
United Kingdom | 3.1% |
Taiwan | 2.8% |
China | 2.2% |
Canada | 1.8% |
France | 1.6% |
Germany | 1.5% |
Argentina | 1.2% |
Switzerland | 1.0% |
India | 0.8% |
Israel | 0.6% |
Saudi Arabia | 0.5% |
South Korea | 0.4% |
Mexico | 0.3% |
Cayman Islands | 0.3% |
Other Assets Less Liabilities | 9.6% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
50 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Thornburg Global Opportunities Fund | September 30, 2021
Issuer-Description | SHARES | VALUE | |
Common Stock — 97.3% | |||
Banks — 4.2% | |||
Banks — 4.2% | |||
Citigroup, Inc. | 647,645 | $ 45,451,726 | |
45,451,726 | |||
Capital Goods — 3.1% | |||
Electrical Equipment — 3.1% | |||
Vestas Wind Systems A/S | 846,005 | 33,940,078 | |
33,940,078 | |||
Commercial & Professional Services — 2.5% | |||
Professional Services — 2.5% | |||
a | CACI International, Inc. Class A | 103,000 | 26,996,300 |
26,996,300 | |||
Consumer Durables & Apparel — 3.8% | |||
Household Durables — 3.8% | |||
Barratt Developments plc | 4,681,462 | 41,383,123 | |
41,383,123 | |||
Consumer Services — 1.0% | |||
Hotels, Restaurants & Leisure — 1.0% | |||
a | Galaxy Entertainment Group Ltd. | 2,036,462 | 10,449,150 |
10,449,150 | |||
Diversified Financials — 8.7% | |||
Capital Markets — 3.5% | |||
Charles Schwab Corp. | 517,204 | 37,673,139 | |
Consumer Finance — 5.2% | |||
Capital One Financial Corp. | 345,786 | 56,006,959 | |
93,680,098 | |||
Energy — 10.3% | |||
Oil, Gas & Consumable Fuels — 10.3% | |||
Reliance Industries Ltd. | 1,959,056 | 64,439,498 | |
TotalEnergies SE | 990,399 | 47,339,035 | |
111,778,533 | |||
Food & Staples Retailing — 3.2% | |||
Food & Staples Retailing — 3.2% | |||
Tesco plc | 10,281,699 | 35,015,698 | |
35,015,698 | |||
Health Care Equipment & Services — 0.5% | |||
Health Care Technology — 0.5% | |||
a | Teladoc Health, Inc. | 39,490 | 5,007,727 |
5,007,727 | |||
Insurance — 4.9% | |||
Insurance — 4.9% | |||
NN Group NV | 1,004,081 | 52,596,005 | |
52,596,005 | |||
Materials — 11.8% | |||
Chemicals — 6.9% | |||
CF Industries Holdings, Inc. | 602,439 | 33,628,145 | |
a | OCI NV | 1,399,845 | 41,356,321 |
Metals & Mining — 4.9% | |||
Antofagasta plc | 621,589 | 11,295,995 | |
Freeport-McMoRan, Inc. | 78,698 | 2,560,046 | |
Lundin Mining Corp. | 1,414,277 | 10,172,164 | |
Mineral Resources Ltd. | 919,290 | 29,174,679 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 51 |
Thornburg Global Opportunities Fund | September 30, 2021
Issuer-Description | SHARES | VALUE | |
128,187,350 | |||
Media & Entertainment — 11.8% | |||
Interactive Media & Services — 11.8% | |||
a | Alphabet, Inc. Class A | 22,087 | $ 59,050,036 |
a | Facebook, Inc. Class A | 143,209 | 48,603,703 |
Tencent Holdings Ltd. | 344,554 | 20,569,432 | |
128,223,171 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 7.4% | |||
Biotechnology — 3.4% | |||
AbbVie, Inc. | 342,680 | 36,964,891 | |
Pharmaceuticals — 4.0% | |||
Pfizer, Inc. | 398,413 | 17,135,743 | |
Roche Holding AG | 71,626 | 26,141,324 | |
80,241,958 | |||
Retailing — 5.2% | |||
Internet & Direct Marketing Retail — 2.2% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 161,363 | 23,889,792 |
Specialty Retail — 3.0% | |||
TJX Companies, Inc. | 499,007 | 32,924,482 | |
56,814,274 | |||
Semiconductors & Semiconductor Equipment — 8.5% | |||
Semiconductors & Semiconductor Equipment — 8.5% | |||
Micron Technology, Inc. | 316,913 | 22,494,485 | |
a | Qorvo, Inc. | 220,190 | 36,813,566 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,558,114 | 32,225,043 | |
91,533,094 | |||
Software & Services — 0.1% | |||
Information Technology Services — 0.1% | |||
a | GDS Holdings Ltd. ADR | 20,954 | 1,186,206 |
1,186,206 | |||
Technology Hardware & Equipment — 4.4% | |||
Technology Hardware, Storage & Peripherals — 4.4% | |||
Samsung Electronics Co. Ltd. | 765,727 | 47,470,940 | |
47,470,940 | |||
Telecommunication Services — 5.9% | |||
Diversified Telecommunication Services — 5.2% | |||
China Telecom Corp. Ltd. Class H, | 124,622,045 | 41,366,934 | |
a | Converge ICT Solutions, Inc. | 18,627,181 | 14,556,676 |
Wireless Telecommunication Services — 0.7% | |||
a | T-Mobile US, Inc. | 58,396 | 7,460,673 |
63,384,283 | |||
Total Common Stock (Cost $660,975,446) | 1,053,339,714 | ||
Short-Term Investments — 3.2% | |||
b | Thornburg Capital Management Fund | 3,442,707 | 34,427,071 |
Total Short-Term Investments (Cost $34,427,071) | 34,427,071 | ||
Total Investments — 100.5% (Cost $695,402,517) | $1,087,766,785 | ||
Liabilities Net of Other Assets — (0.5)% | (4,941,728) | ||
Net Assets — 100.0% | $1,082,825,057 |
52 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2021 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Great Britain Pound | SSB | Sell | 26,948,700 | 10/14/2021 | 36,310,982 | $ 1,098,260 | $ — |
Euro | SSB | Sell | 21,569,600 | 11/18/2021 | 25,006,340 | 438,994 | — |
Total | $ 1,537,254 | — | |||||
Net unrealized appreciation (depreciation) | $ 1,537,254 |
* | 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 | 44.5% |
Netherlands | 8.9% |
China | 8.3% |
United Kingdom | 7.2% |
India | 6.1% |
South Korea | 4.5% |
France | 4.5% |
Denmark | 3.2% |
Taiwan | 3.1% |
Australia | 2.8% |
Switzerland | 2.5% |
Chile | 2.0% |
Philippines | 1.4% |
Macao | 1.0% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 53 |
Thornburg International Equity Fund | September 30, 2021
Issuer-Description | SHARES | VALUE | |
Common Stock — 90.8% | |||
Automobiles & Components — 0.5% | |||
Automobiles — 0.5% | |||
a | NIO, Inc. ADR | 451,311 | $ 16,080,211 |
16,080,211 | |||
Banks — 10.8% | |||
Banks — 10.8% | |||
China Merchants Bank Co. Ltd. Class A | 11,942,141 | 92,822,621 | |
Citigroup, Inc. | 477,310 | 33,497,616 | |
ING Groep NV | 4,628,032 | 67,284,652 | |
Intesa Sanpaolo SpA | 25,525,573 | 72,262,489 | |
Mitsubishi UFJ Financial Group, Inc. | 15,564,909 | 92,009,291 | |
357,876,669 | |||
Capital Goods — 10.7% | |||
Aerospace & Defense — 2.1% | |||
Safran SA | 542,046 | 68,558,305 | |
Construction & Engineering — 1.9% | |||
Ferrovial SA | 2,146,055 | 62,640,481 | |
Electrical Equipment — 5.8% | |||
ABB Ltd. | 2,612,544 | 87,394,333 | |
Schneider Electric SE | 436,094 | 72,633,142 | |
a | Siemens Energy AG | 1,290,935 | 34,531,821 |
Machinery — 0.9% | |||
Kone OYJ Class B | 432,342 | 30,371,312 | |
356,129,394 | |||
Commercial & Professional Services — 2.3% | |||
Professional Services — 2.3% | |||
Recruit Holdings Co. Ltd. | 1,279,412 | 78,205,108 | |
78,205,108 | |||
Consumer Durables & Apparel — 8.8% | |||
Household Durables — 2.3% | |||
Sony Group Corp. | 689,535 | 76,551,246 | |
Textiles, Apparel & Luxury Goods — 6.5% | |||
adidas AG | 273,121 | 85,830,028 | |
Kering SA | 50,895 | 36,148,710 | |
LVMH Moet Hennessy Louis Vuitton SE | 129,431 | 92,706,714 | |
291,236,698 | |||
Consumer Services — 1.2% | |||
Hotels, Restaurants & Leisure — 1.2% | |||
b | Evolution AB | 259,147 | 39,245,023 |
39,245,023 | |||
Diversified Financials — 2.2% | |||
Capital Markets — 2.2% | |||
CME Group, Inc. | 377,771 | 73,053,356 | |
73,053,356 | |||
Energy — 3.5% | |||
Oil, Gas & Consumable Fuels — 3.5% | |||
TotalEnergies SE | 2,456,720 | 117,426,163 | |
117,426,163 | |||
Food, Beverage & Tobacco — 4.1% | |||
Beverages — 4.1% | |||
Kweichow Moutai Co. Ltd. Class A | 313,858 | 88,589,040 | |
Wuliangye Yibin Co. Ltd. Class A | 1,454,225 | 49,218,779 | |
137,807,819 |
54 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Household & Personal Products — 1.0% | |||
Personal Products — 1.0% | |||
Shiseido Co. Ltd. | 488,878 | $ 32,857,210 | |
32,857,210 | |||
Insurance — 1.1% | |||
Insurance — 1.1% | |||
Assicurazioni Generali SpA | 1,704,676 | 36,103,647 | |
36,103,647 | |||
Materials — 7.1% | |||
Chemicals — 5.9% | |||
Air Liquide SA | 331,413 | 53,079,126 | |
Linde plc | 243,280 | 71,543,408 | |
Sika AG | 219,240 | 69,317,762 | |
Construction Materials — 1.2% | |||
CRH plc | 865,915 | 40,633,874 | |
234,574,170 | |||
Media & Entertainment — 6.2% | |||
Entertainment — 2.5% | |||
a | Bilibili, Inc. Class Z | 484,391 | 32,046,738 |
Nintendo Co. Ltd. | 108,200 | 51,706,899 | |
Interactive Media & Services — 3.7% | |||
a | Kanzhun Ltd. ADR | 1,039,865 | 37,424,741 |
Tencent Holdings Ltd. | 139,578 | 8,332,628 | |
Z Holdings Corp. | 12,229,400 | 78,268,850 | |
207,779,856 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 3.2% | |||
Pharmaceuticals — 3.2% | |||
AstraZeneca plc | 516,740 | 62,276,332 | |
Roche Holding AG | 121,062 | 44,183,968 | |
106,460,300 | |||
Semiconductors & Semiconductor Equipment — 5.8% | |||
Semiconductors & Semiconductor Equipment — 5.8% | |||
Infineon Technologies AG | 1,855,232 | 75,875,593 | |
a | Renesas Electronics Corp. | 4,328,786 | 53,275,896 |
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 576,898 | 64,410,662 | |
193,562,151 | |||
Software & Services — 3.7% | |||
Information Technology Services — 3.7% | |||
a | Amadeus IT Group SA | 280,937 | 18,477,724 |
Mastercard, Inc. Class A | 173,958 | 60,481,717 | |
a | Shopify, Inc. Class A | 33,819 | 45,851,124 |
124,810,565 | |||
Technology Hardware & Equipment — 6.9% | |||
Communications Equipment — 2.6% | |||
Telefonaktiebolaget LM Ericsson Class B | 7,685,804 | 86,749,071 | |
Electronic Equipment, Instruments & Components — 2.3% | |||
Keyence Corp. | 129,970 | 77,575,324 | |
Technology Hardware, Storage & Peripherals — 2.0% | |||
Samsung Electronics Co. Ltd. | 1,056,941 | 65,524,636 | |
229,849,031 | |||
Telecommunication Services — 1.3% | |||
Diversified Telecommunication Services — 1.3% | |||
Vantage Towers AG | 1,243,231 | 41,977,929 | |
41,977,929 | |||
Transportation — 4.8% |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 55 |
Thornburg International Equity Fund | September 30, 2021
Issuer-Description | SHARES | VALUE | |
Marine — 2.9% | |||
Kuehne + Nagel International AG | 281,638 | $ 96,151,510 | |
Road & Rail — 1.9% | |||
Canadian Pacific Railway Ltd. | 957,580 | 62,309,731 | |
158,461,241 | |||
Utilities — 5.6% | |||
Electric Utilities — 4.2% | |||
Electricite de France SA | 2,225,228 | 27,962,532 | |
Endesa SA | 648,331 | 13,075,214 | |
Enel SpA | 6,742,496 | 51,750,121 | |
Iberdrola SA | 4,750,930 | 47,796,387 | |
Multi-Utilities — 1.4% | |||
E.ON SE | 3,691,898 | 45,062,186 | |
185,646,440 | |||
Total Common Stock (Cost $2,328,739,807) | 3,019,142,981 | ||
Short-Term Investments — 10.6% | |||
c | Thornburg Capital Management Fund | 35,202,712 | 352,027,123 |
Total Short-Term Investments (Cost $352,027,123) | 352,027,123 | ||
Total Investments — 101.4% (Cost $2,680,766,930) | $3,371,170,104 | ||
Liabilities Net of Other Assets — (1.4)% | (45,908,606) | ||
Net Assets — 100.0% | $3,325,261,498 |
Footnote Legend | |
a | Non-income producing. |
b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $39,245,023, representing 1.18% 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 |
56 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
COUNTRY EXPOSURE * (percent of equity holdings) | |
Japan | 17.9% |
France | 13.1% |
China | 10.8% |
Switzerland | 9.8% |
Germany | 9.4% |
United States | 7.9% |
Italy | 5.3% |
Spain | 4.7% |
United Kingdom | 4.4% |
Sweden | 4.2% |
Canada | 3.6% |
Netherlands | 2.2% |
South Korea | 2.2% |
Taiwan | 2.1% |
Ireland | 1.4% |
Finland | 1.0% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 57 |
Thornburg Better World International Fund | September 30, 2021
Issuer-Description | SHARES | VALUE | |
Common Stock — 91.0% | |||
Automobiles & Components — 2.6% | |||
Automobiles — 2.6% | |||
a | NIO, Inc. ADR | 249,349 | $ 8,884,305 |
8,884,305 | |||
Banks — 12.2% | |||
Banks — 12.2% | |||
Bank of Ningbo Co. Ltd. Class A, | 684,514 | 3,711,367 | |
China Merchants Bank Co. Ltd. Class A | 883,890 | 6,870,207 | |
DNB Bank ASA | 208,018 | 4,729,223 | |
ING Groep NV | 745,631 | 10,840,358 | |
Intesa Sanpaolo SpA | 2,063,622 | 5,842,081 | |
Mitsubishi UFJ Financial Group, Inc. | 1,765,000 | 10,433,495 | |
42,426,731 | |||
Capital Goods — 8.7% | |||
Construction & Engineering — 2.1% | |||
Skanska AB Class B | 291,934 | 7,323,918 | |
Electrical Equipment — 5.6% | |||
ABB Ltd. | 288,475 | 9,650,012 | |
Schneider Electric SE | 58,105 | 9,677,612 | |
Machinery — 1.0% | |||
Kone OYJ Class B | 49,929 | 3,507,430 | |
30,158,972 | |||
Commercial & Professional Services — 5.1% | |||
Professional Services — 5.1% | |||
Experian plc | 117,157 | 4,907,721 | |
Recruit Holdings Co. Ltd. | 100,500 | 6,143,145 | |
RELX plc | 104,564 | 3,010,004 | |
a | Visional, Inc. | 58,986 | 3,794,735 |
17,855,605 | |||
Consumer Durables & Apparel — 5.5% | |||
Household Durables — 3.9% | |||
Barratt Developments plc | 687,119 | 6,073,985 | |
Sony Group Corp. | 66,283 | 7,358,649 | |
Textiles, Apparel & Luxury Goods — 1.6% | |||
adidas AG | 18,268 | 5,740,836 | |
19,173,470 | |||
Consumer Services — 1.6% | |||
Diversified Consumer Services — 1.6% | |||
a | Coursera, Inc. | 170,795 | 5,405,662 |
5,405,662 | |||
Materials — 9.7% | |||
Chemicals — 6.0% | |||
Air Liquide SA | 26,286 | 4,209,967 | |
Albemarle Corp. | 15,973 | 3,497,608 | |
JSR Corp. | 71,000 | 2,552,163 | |
Koninklijke DSM NV | 11,447 | 2,289,124 | |
Linde plc | 28,124 | 8,270,663 | |
Construction Materials — 1.5% | |||
CRH plc | 112,428 | 5,275,789 | |
Containers & Packaging — 1.4% | |||
SCG Packaging PCL | 2,690,500 | 4,780,628 | |
Paper & Forest Products — 0.8% | |||
Mondi plc | 116,721 | 2,860,363 | |
33,736,305 | |||
Media & Entertainment — 10.4% |
58 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Entertainment — 2.2% | |||
a | Sea Ltd. ADR | 24,352 | $ 7,761,713 |
Interactive Media & Services — 8.2% | |||
a | Bumble, Inc. Class A | 90,004 | 4,498,400 |
a | Kanzhun Ltd. ADR | 504,362 | 18,151,988 |
Z Holdings Corp. | 929,500 | 5,948,853 | |
36,360,954 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 1.6% | |||
Life Sciences Tools & Services — 1.6% | |||
a,b | Wuxi Biologics Cayman, Inc. | 350,000 | 5,677,101 |
5,677,101 | |||
Real Estate — 1.7% | |||
Real Estate Management & Development — 1.7% | |||
Vonovia SE | 99,514 | 5,972,221 | |
5,972,221 | |||
Retailing — 2.0% | |||
Internet & Direct Marketing Retail — 2.0% | |||
a | MercadoLibre, Inc. | 4,100 | 6,885,540 |
6,885,540 | |||
Semiconductors & Semiconductor Equipment — 11.3% | |||
Semiconductors & Semiconductor Equipment — 11.3% | |||
Infineon Technologies AG | 175,060 | 7,159,634 | |
LONGi Green Energy Technology Co. Ltd. Class A | 384,620 | 4,889,059 | |
a | Renesas Electronics Corp. | 900,000 | 11,076,618 |
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 100,368 | 11,206,087 | |
Tokyo Electron Ltd. | 11,000 | 4,859,563 | |
39,190,961 | |||
Software & Services — 6.1% | |||
Information Technology Services — 6.1% | |||
Edenred | 39,095 | 2,104,578 | |
Nomura Research Institute Ltd. | 93,200 | 3,425,725 | |
a | Shopify, Inc. Class A | 4,382 | 5,941,028 |
Visa, Inc. Class A | 16,413 | 3,655,996 | |
a | Wix.com Ltd. | 31,311 | 6,136,017 |
21,263,344 | |||
Technology Hardware & Equipment — 4.3% | |||
Communications Equipment — 2.4% | |||
Telefonaktiebolaget LM Ericsson Class B | 757,267 | 8,547,214 | |
Electronic Equipment, Instruments & Components — 1.9% | |||
Halma plc | 89,745 | 3,423,188 | |
Keyence Corp. | 5,265 | 3,142,526 | |
15,112,928 | |||
Transportation — 4.1% | |||
Marine — 2.4% | |||
Kuehne + Nagel International AG | 24,226 | 8,270,782 | |
Road & Rail — 1.7% | |||
Canadian Pacific Railway Ltd. | 91,646 | 5,963,405 | |
14,234,187 | |||
Utilities — 4.1% | |||
Independent Power and Renewable Electricity Producers — 3.2% | |||
China Longyuan Power Group Corp. Ltd. Class H | 4,509,000 | 11,064,216 | |
Multi-Utilities — 0.9% | |||
E.ON SE | 266,753 | 3,255,906 | |
14,320,122 | |||
Total Common Stock (Cost $291,986,297) | 316,658,408 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 59 |
Thornburg Better World International Fund | September 30, 2021
Issuer-Description | SHARES | VALUE | |
Exchange-Traded Funds — 0.3% | |||
a | KraneShares Global Carbon ETF | 22,521 | 925,388 |
Total Exchange-Traded Funds (Cost $893,592) | 925,388 | ||
Short-Term Investments — 9.1% | |||
c | Thornburg Capital Management Fund | 3,170,072 | $ 31,700,716 |
Total Short-Term Investments (Cost $31,700,716) | 31,700,716 | ||
Total Investments — 100.4% (Cost $324,580,605) | $349,284,512 | ||
Liabilities Net of Other Assets — (0.4)% | (1,374,818) | ||
Net Assets — 100.0% | $347,909,694 |
Footnote Legend | |
a | Non-income producing. |
b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $5,677,101, representing 1.63% 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 | 18.7% |
Japan | 18.6% |
United States | 8.4% |
United Kingdom | 8.1% |
Germany | 7.0% |
Taiwan | 6.0% |
Switzerland | 5.7% |
Sweden | 5.0% |
Netherlands | 4.1% |
Canada | 3.8% |
Argentina | 2.2% |
France | 2.0% |
Israel | 1.9% |
Italy | 1.8% |
Ireland | 1.7% |
Thailand | 1.5% |
Norway | 1.5% |
Finland | 1.1% |
Austria | 0.9% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
60 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Thornburg International Growth Fund | September 30, 2021
Issuer-Description | SHARES | VALUE | |
Common Stock — 96.6% | |||
Automobiles & Components — 2.0% | |||
Automobiles — 2.0% | |||
Ferrari NV | 181,295 | $ 37,912,410 | |
37,912,410 | |||
Capital Goods — 2.0% | |||
Machinery — 1.2% | |||
Otis Worldwide Corp. | 273,220 | 22,480,541 | |
Trading Companies & Distributors — 0.8% | |||
MonotaRO Co. Ltd. | 723,892 | 16,222,518 | |
38,703,059 | |||
Commercial & Professional Services — 5.6% | |||
Professional Services — 5.6% | |||
Experian plc | 923,584 | 38,689,050 | |
Nihon M&A Center, Inc. | 1,276,012 | 37,469,235 | |
Wolters Kluwer NV | 307,210 | 32,563,185 | |
108,721,470 | |||
Consumer Durables & Apparel — 4.1% | |||
Textiles, Apparel & Luxury Goods — 4.1% | |||
adidas AG | 111,657 | 35,088,929 | |
LVMH Moet Hennessy Louis Vuitton SE | 62,455 | 44,734,243 | |
79,823,172 | |||
Consumer Services — 1.6% | |||
Hotels, Restaurants & Leisure — 1.6% | |||
a | Evolution AB | 198,337 | 30,036,003 |
30,036,003 | |||
Diversified Financials — 1.9% | |||
Capital Markets — 1.9% | |||
Japan Exchange Group, Inc. | 1,519,635 | 37,686,933 | |
37,686,933 | |||
Energy — 0.8% | |||
Oil, Gas & Consumable Fuels — 0.8% | |||
Reliance Industries Ltd. | 456,350 | 15,394,488 | |
15,394,488 | |||
Food, Beverage & Tobacco — 5.1% | |||
Beverages — 0.6% | |||
Kweichow Moutai Co. Ltd. Class A | 42,081 | 11,877,713 | |
Food Products — 4.5% | |||
Nestle SA | 724,210 | 87,260,077 | |
99,137,790 | |||
Health Care Equipment & Services — 0.2% | |||
Health Care Providers & Services — 0.2% | |||
b | Oncoclinicas do Brasil Servicos Medicos SA | 1,980,924 | 4,899,793 |
4,899,793 | |||
Materials — 3.9% | |||
Chemicals — 2.9% | |||
Air Liquide SA | 199,294 | 31,918,939 | |
Sika AG | 73,339 | 23,187,810 | |
Containers & Packaging — 1.0% | |||
SIG Combibloc Group AG | 733,844 | 19,512,517 | |
74,619,266 | |||
Media & Entertainment — 15.3% | |||
Entertainment — 6.9% |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 61 |
Thornburg International Growth Fund | September 30, 2021
Issuer-Description | SHARES | VALUE | |
Activision Blizzard, Inc. | 798,936 | $ 61,829,657 | |
b | Sea Ltd. ADR | 94,208 | 30,026,916 |
b | Ubisoft Entertainment SA | 693,750 | 41,543,287 |
Interactive Media & Services — 8.4% | |||
b | Baltic Classifieds Group plc | 2,675,000 | 6,948,714 |
carsales.com Ltd. | 2,162,106 | 38,808,743 | |
b | Hemnet Group AB | 585,636 | 11,305,456 |
Tencent Holdings Ltd. | 1,003,500 | 59,907,662 | |
b | Yandex NV Class A | 559,313 | 44,571,653 |
294,942,088 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 8.1% | |||
Biotechnology — 1.6% | |||
CSL Ltd. | 146,025 | 30,509,167 | |
Life Sciences Tools & Services — 2.7% | |||
Lonza Group AG | 70,498 | 52,881,210 | |
Pharmaceuticals — 3.8% | |||
AstraZeneca plc | 598,886 | 72,176,381 | |
155,566,758 | |||
Retailing — 13.0% | |||
Internet & Direct Marketing Retail — 11.1% | |||
b | About You Holding SE | 100,000 | 2,834,977 |
b | Alibaba Group Holding Ltd. | 3,426,546 | 63,438,863 |
b | Amazon.com, Inc. | 3,389 | 11,133,001 |
a,b | Boozt AB | 956,158 | 15,750,620 |
a,b | Just Eat Takeaway.com NV | 323,926 | 23,667,329 |
a,b | Meituan Class B | 427,100 | 13,633,639 |
b | MercadoLibre, Inc. | 44,482 | 74,703,071 |
Prosus NV | 104,727 | 8,382,452 | |
Multiline Retail — 1.9% | |||
B&M European Value Retail SA | 4,734,336 | 37,559,429 | |
251,103,381 | |||
Semiconductors & Semiconductor Equipment — 8.6% | |||
Semiconductors & Semiconductor Equipment — 8.6% | |||
ASML Holding NV | 81,294 | 60,731,348 | |
SK Hynix, Inc. | 325,681 | 27,880,349 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 3,718,000 | 76,895,985 | |
165,507,682 | |||
Software & Services — 21.6% | |||
Information Technology Services — 19.4% | |||
b | 21Vianet Group, Inc. | 1,882,289 | 32,582,423 |
a,b | Adyen NV | 38,038 | 106,329,969 |
b | Amadeus IT Group SA | 159,135 | 10,466,591 |
b | Dlocal Ltd. | 247,315 | 13,493,506 |
Edenred | 327,801 | 17,646,322 | |
b | GDS Holdings Ltd. Class A | 1,864,788 | 13,222,656 |
b | Globant SA | 6,494 | 1,824,879 |
Mastercard, Inc. Class A | 112,498 | 39,113,305 | |
Nomura Research Institute Ltd. | 418,000 | 15,364,303 | |
b | Shopify, Inc. Class A | 40,357 | 54,715,214 |
Visa, Inc. Class A | 185,208 | 41,255,082 | |
b | Wix.com Ltd. | 141,159 | 27,662,929 |
Software — 2.2% | |||
b | Atlassian Corp. plc Class A | 84,687 | 33,148,185 |
b | Unifiedpost Group SA | 443,632 | 9,129,341 |
415,954,705 | |||
Telecommunication Services — 1.9% | |||
Diversified Telecommunication Services — 1.9% | |||
a | Cellnex Telecom SA | 581,256 | 35,853,759 |
62 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
35,853,759 | |||
Transportation — 0.9% | |||
Air Freight & Logistics — 0.9% | |||
DSV AS | 69,287 | $ 16,584,793 | |
16,584,793 | |||
Total Common Stock (Cost $1,262,679,966) | 1,862,447,550 | ||
Short-Term Investments — 3.3% | |||
c | Thornburg Capital Management Fund | 6,424,027 | 64,240,267 |
Total Short-Term Investments (Cost $64,240,267) | 64,240,267 | ||
Total Investments — 99.9% (Cost $1,326,920,233) | $1,926,687,817 | ||
Other Assets Less Liabilities — 0.1% | 1,717,424 | ||
Net Assets — 100.0% | $1,928,405,241 |
Footnote Legend | |
a | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $225,271,319, representing 11.68% of the Fund’s net assets. |
b | Non-income producing. |
c | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
COUNTRY EXPOSURE * (percent of equity holdings) | |
United States | 11.3% |
China | 10.9% |
Netherlands | 10.7% |
Switzerland | 9.8% |
United Kingdom | 9.6% |
France | 7.3% |
Taiwan | 5.8% |
Japan | 5.7% |
Argentina | 4.0% |
Australia | 3.7% |
Sweden | 3.1% |
Canada | 3.0% |
Spain | 2.5% |
Russian Federation | 2.4% |
Germany | 2.0% |
Italy | 2.0% |
South Korea | 1.5% |
Israel | 1.5% |
Denmark | 0.9% |
India | 0.8% |
Uruguay | 0.7% |
Belgium | 0.5% |
Brazil | 0.3% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 63 |
Thornburg Developing World Fund | September 30, 2021
Issuer-Description | SHARES | VALUE | |
Common Stock — 97.9% | |||
Automobiles & Components — 3.1% | |||
Auto Components — 2.0% | |||
a | K Car Co. Ltd. | 187,500 | $ 3,959,037 |
a,b | Sona Blw Precision Forgings Ltd. | 2,677,338 | 20,232,226 |
Automobiles — 1.1% | |||
a | Li Auto, Inc. Class A | 976,909 | 12,699,760 |
36,891,023 | |||
Banks — 10.0% | |||
Banks — 10.0% | |||
Bank Rakyat Indonesia Persero Tbk PT | 138,448,029 | 36,902,865 | |
Grupo Financiero Banorte SAB de CV | 3,186,070 | 20,419,311 | |
HDFC Bank Ltd. | 1,705,941 | 36,422,014 | |
ICICI Bank Ltd. | 1,304,076 | 12,272,384 | |
a | KakaoBank Corp. | 207,007 | 11,958,850 |
117,975,424 | |||
Capital Goods — 1.0% | |||
Machinery — 1.0% | |||
Shenzhen Inovance Technology Co. Ltd. Class A | 1,190,757 | 11,572,899 | |
11,572,899 | |||
Consumer Durables & Apparel — 1.2% | |||
Textiles, Apparel & Luxury Goods — 1.2% | |||
Shenzhou International Group Holdings Ltd. | 664,402 | 14,100,910 | |
14,100,910 | |||
Consumer Services — 2.7% | |||
Hotels, Restaurants & Leisure — 2.7% | |||
a | Huazhu Group Ltd. | 99,960 | 458,183 |
a | Huazhu Group Ltd. ADR | 165,442 | 7,587,170 |
Yum China Holdings, Inc. | 395,916 | 23,327,014 | |
31,372,367 | |||
Diversified Financials — 4.4% | |||
Capital Markets — 2.5% | |||
East Money Information Co. Ltd. Class A | 3,865,599 | 20,438,722 | |
a | XP, Inc. Class A | 229,679 | 9,226,205 |
Consumer Finance — 1.9% | |||
a | SBI Cards & Payment Services Ltd. | 1,644,531 | 22,640,367 |
52,305,294 | |||
Energy — 5.8% | |||
Oil, Gas & Consumable Fuels — 5.8% | |||
LUKOIL PJSC Sponsored ADR | 346,470 | 32,905,743 | |
Novatek PJSC Sponsored GDR | 77,309 | 20,241,412 | |
Reliance Industries Ltd. | 456,663 | 14,720,499 | |
67,867,654 | |||
Food & Staples Retailing — 3.2% | |||
Food & Staples Retailing — 3.2% | |||
Magnit PJSC Sponsored GDR | 1,240,655 | 20,918,457 | |
Wal-Mart de Mexico SAB de CV | 5,097,380 | 17,274,022 | |
38,192,479 | |||
Food, Beverage & Tobacco — 2.6% | |||
Beverages — 1.3% | |||
Wuliangye Yibin Co. Ltd. Class A | 466,015 | 15,772,449 | |
Food Products — 1.3% | |||
b | China Feihe Ltd. | 9,048,727 | 15,251,887 |
31,024,336 |
64 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Health Care Equipment & Services — 0.8% | |||
Health Care Providers & Services — 0.8% | |||
a | Oncoclinicas do Brasil Servicos Medicos SA | 3,784,958 | $ 9,362,050 |
9,362,050 | |||
Household & Personal Products — 1.3% | |||
Personal Products — 1.3% | |||
a | Natura & Co. Holding SA | 1,890,345 | 15,818,395 |
15,818,395 | |||
Insurance — 3.2% | |||
Insurance — 3.2% | |||
AIA Group Ltd. | 3,223,412 | 37,083,421 | |
37,083,421 | |||
Materials — 6.6% | |||
Chemicals — 2.5% | |||
Sociedad Quimica y Minera de Chile SA Sponsored ADR | 535,538 | 28,769,101 | |
Construction Materials — 1.3% | |||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A | 2,258,268 | 15,400,579 | |
Metals & Mining — 2.8% | |||
First Quantum Minerals Ltd. | 915,523 | 16,950,114 | |
Severstal PAO GDR | 791,263 | 16,525,504 | |
77,645,298 | |||
Media & Entertainment — 7.2% | |||
Interactive Media & Services — 7.2% | |||
NAVER Corp. | 93,269 | 30,262,709 | |
Tencent Holdings Ltd. | 923,480 | 55,130,571 | |
85,393,280 | |||
Retailing — 6.6% | |||
Internet & Direct Marketing Retail — 3.7% | |||
a | Alibaba Group Holding Ltd. | 1,612,641 | 29,856,337 |
a,b | Meituan Class B | 439,979 | 14,044,755 |
Multiline Retail — 0.9% | |||
Fix Price Group Ltd. GDR | 1,239,151 | 11,133,772 | |
Specialty Retail — 2.0% | |||
China Tourism Group Duty Free Corp. Ltd. Class A | 310,010 | 12,420,433 | |
Lojas Quero Quero S/A | 3,596,667 | 10,732,376 | |
78,187,673 | |||
Semiconductors & Semiconductor Equipment — 13.4% | |||
Semiconductors & Semiconductor Equipment — 13.4% | |||
MediaTek, Inc. | 865,429 | 27,855,972 | |
Micron Technology, Inc. | 496,248 | 35,223,683 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4,592,560 | 94,983,708 | |
158,063,363 | |||
Software & Services — 7.0% | |||
Information Technology Services — 7.0% | |||
a | Dlocal Ltd. | 166,185 | 9,067,054 |
a | GDS Holdings Ltd. Class A | 1,948,711 | 13,817,729 |
a | Globant SA | 38,093 | 10,704,514 |
Infosys Ltd. Sponsored ADR | 1,061,355 | 23,615,149 | |
a,b | Network International Holdings plc | 2,971,096 | 14,543,827 |
a | Pagseguro Digital Ltd. Class A | 213,692 | 11,052,150 |
82,800,423 | |||
Technology Hardware & Equipment — 6.8% | |||
Electronic Equipment, Instruments & Components — 2.9% | |||
Hon Hai Precision Industry Co. Ltd. | 6,225,761 | 23,238,346 | |
Sunny Optical Technology Group Co. Ltd. | 411,959 | 10,787,096 | |
Technology Hardware, Storage & Peripherals — 3.9% |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 65 |
Thornburg Developing World Fund | September 30, 2021
Issuer-Description | SHARES | VALUE | |
Samsung Electronics Co. Ltd. | 749,173 | $ 46,444,681 | |
80,470,123 | |||
Telecommunication Services — 3.8% | |||
Diversified Telecommunication Services — 3.8% | |||
a | Converge ICT Solutions, Inc. | 40,788,574 | 31,875,251 |
Telefonica Brasil SA | 1,641,924 | 12,925,544 | |
44,800,795 | |||
Transportation — 3.8% | |||
Air Freight & Logistics — 1.8% | |||
a | InPost SA | 1,242,372 | 20,615,205 |
Transportation Infrastructure — 2.0% | |||
Grupo Aeroportuario del Pacifico SAB de CV Class B | 2,043,811 | 23,763,517 | |
44,378,722 | |||
Utilities — 3.4% | |||
Electric Utilities — 0.6% | |||
Enel Chile SA | 153,684,216 | 7,291,850 | |
Independent Power and Renewable Electricity Producers — 2.8% | |||
China Longyuan Power Group Corp. Ltd. Class H | 13,291,384 | 32,614,492 | |
39,906,342 | |||
Total Common Stock (Cost $828,588,771) | 1,155,212,271 | ||
Short-Term Investments — 2.5% | |||
c | Thornburg Capital Management Fund | 2,922,482 | 29,224,822 |
Total Short-Term Investments (Cost $29,224,822) | 29,224,822 | ||
Total Investments — 100.4% (Cost $857,813,593) | $1,184,437,093 | ||
Liabilities Net of Other Assets — (0.4)% | (4,590,493) | ||
Net Assets — 100.0% | $1,179,846,600 |
Footnote Legend | |
a | Non-income producing. |
b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $64,072,695, representing 5.43% 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 |
66 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
COUNTRY EXPOSURE * (percent of equity holdings) | |
China | 26.4% |
Taiwan | 12.6% |
India | 11.2% |
Russian Federation | 8.8% |
South Korea | 8.0% |
Brazil | 6.0% |
Mexico | 5.3% |
United States | 4.0% |
Hong Kong | 3.2% |
Indonesia | 3.2% |
Chile | 3.1% |
Philippines | 2.8% |
Poland | 1.8% |
Zambia | 1.5% |
United Arab Emirates | 1.3% |
Uruguay | 0.8% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 67 |
Thornburg Small/Mid Cap Core Fund | September 30, 2021
Issuer-Description | SHARES | VALUE | |
Common Stock — 99.8% | |||
Banks — 5.2% | |||
Banks — 5.2% | |||
Pinnacle Financial Partners, Inc. | 204,805 | $ 19,268,055 | |
Signature Bank | 90,869 | 24,741,811 | |
44,009,866 | |||
Capital Goods — 9.5% | |||
Aerospace & Defense — 2.2% | |||
Spirit AeroSystems Holdings, Inc. Class A | 415,025 | 18,339,955 | |
Building Products — 2.1% | |||
a | Builders FirstSource, Inc. | 347,871 | 17,998,846 |
Machinery — 5.2% | |||
a | Chart Industries, Inc. | 88,499 | 16,913,044 |
a | Gates Industrial Corp. plc | 985,824 | 16,039,356 |
ITT, Inc. | 133,932 | 11,496,723 | |
80,787,924 | |||
Commercial & Professional Services — 7.3% | |||
Commercial Services & Supplies — 5.8% | |||
a | Casella Waste Systems, Inc. Class A | 271,343 | 20,605,787 |
a | Clean Harbors, Inc. | 151,425 | 15,728,515 |
a | IAA, Inc. | 238,086 | 12,992,353 |
Professional Services — 1.5% | |||
Booz Allen Hamilton Holding Corp. Class A | 159,108 | 12,625,220 | |
61,951,875 | |||
Consumer Durables & Apparel — 1.4% | |||
Household Durables — 1.4% | |||
a | Sonos, Inc. | 357,241 | 11,560,319 |
11,560,319 | |||
Consumer Services — 4.5% | |||
Diversified Consumer Services — 2.7% | |||
a | Bright Horizons Family Solutions, Inc. | 73,717 | 10,277,624 |
a | Terminix Global Holdings, Inc. | 306,993 | 12,792,398 |
Hotels, Restaurants & Leisure — 1.8% | |||
a | Norwegian Cruise Line Holdings Ltd. | 559,149 | 14,934,870 |
38,004,892 | |||
Diversified Financials — 5.9% | |||
Capital Markets — 3.2% | |||
LPL Financial Holdings, Inc. | 172,615 | 27,059,127 | |
Consumer Finance — 2.7% | |||
OneMain Holdings, Inc. | 417,897 | 23,122,241 | |
50,181,368 | |||
Energy — 4.1% | |||
Oil, Gas & Consumable Fuels — 4.1% | |||
Chesapeake Energy Corp. | 215,812 | 13,291,861 | |
Diamondback Energy, Inc. | 222,818 | 21,094,180 | |
34,386,041 | |||
Food, Beverage & Tobacco — 2.5% | |||
Food Products — 2.5% | |||
Lamb Weston Holdings, Inc. | 151,075 | 9,271,473 | |
a | SunOpta, Inc. | 1,341,508 | 11,979,666 |
21,251,139 | |||
Health Care Equipment & Services — 8.8% | |||
Health Care Equipment & Supplies — 5.9% | |||
a | Envista Holdings Corp. | 373,604 | 15,620,383 |
68 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
a | Haemonetics Corp. | 231,819 | $ 16,364,103 |
a | Heska Corp. | 70,025 | 18,104,264 |
Health Care Providers & Services — 2.9% | |||
a | Amedisys, Inc. | 47,460 | 7,076,286 |
a | PetIQ, Inc. Class A | 704,960 | 17,602,851 |
74,767,887 | |||
Materials — 8.3% | |||
Chemicals — 4.4% | |||
Element Solutions, Inc. | 697,923 | 15,130,971 | |
Sensient Technologies Corp. | 241,154 | 21,964,306 | |
Containers & Packaging — 2.1% | |||
Crown Holdings, Inc. | 176,954 | 17,833,424 | |
Metals & Mining — 1.8% | |||
Hudbay Minerals, Inc. | 2,444,645 | 15,230,138 | |
70,158,839 | |||
Media & Entertainment — 2.6% | |||
Entertainment — 1.6% | |||
a | Zynga, Inc. Class A | 1,819,666 | 13,702,085 |
Media — 1.0% | |||
a | WideOpenWest, Inc. | 426,970 | 8,389,960 |
22,092,045 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 3.8% | |||
Life Sciences Tools & Services — 3.8% | |||
a | Avantor, Inc. | 795,969 | 32,555,132 |
32,555,132 | |||
Real Estate — 4.6% | |||
Equity Real Estate Investment Trusts — 1.5% | |||
Kite Realty Group Trust | 635,541 | 12,939,615 | |
Real Estate Management & Development — 3.1% | |||
a | Jones Lang LaSalle, Inc. | 106,413 | 26,400,001 |
39,339,616 | |||
Retailing — 2.7% | |||
Multiline Retail — 1.0% | |||
a | Ollie’s Bargain Outlet Holdings, Inc. | 143,450 | 8,647,166 |
Specialty Retail — 1.7% | |||
a | Floor & Decor Holdings, Inc. Class A | 115,349 | 13,933,006 |
22,580,172 | |||
Semiconductors & Semiconductor Equipment — 6.3% | |||
Semiconductors & Semiconductor Equipment — 6.3% | |||
Brooks Automation, Inc. | 155,925 | 15,958,924 | |
a | Cohu, Inc. | 329,323 | 10,518,577 |
Entegris, Inc. | 109,737 | 13,815,888 | |
a | MaxLinear, Inc. | 264,444 | 13,023,867 |
53,317,256 | |||
Software & Services — 10.0% | |||
Information Technology Services — 3.8% | |||
a,b | Nuvei Corp. | 155,261 | 17,786,492 |
a | Repay Holdings Corp. Class A | 625,919 | 14,414,915 |
Software — 6.2% | |||
a | Agilysys, Inc. | 166,712 | 8,729,040 |
a | Black Knight, Inc. | 212,977 | 15,334,344 |
a | Elastic NV | 110,547 | 16,470,397 |
a | Varonis Systems, Inc. Class B | 193,976 | 11,803,440 |
84,538,628 | |||
Technology Hardware & Equipment — 5.8% |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 69 |
Thornburg Small/Mid Cap Core Fund | September 30, 2021
Issuer-Description | SHARES | VALUE | |
Electronic Equipment, Instruments & Components — 5.8% | |||
a | Flex Ltd. | 674,626 | $ 11,927,387 |
a | II-VI, Inc. | 206,094 | 12,233,740 |
a | PAR Technology Corp. | 138,633 | 8,527,316 |
a | Teledyne Technologies, Inc. | 37,821 | 16,247,145 |
48,935,588 | |||
Telecommunication Services — 1.9% | |||
Diversified Telecommunication Services — 1.9% | |||
a | Radius Global Infrastructure, Inc. Class A | 960,760 | 15,689,211 |
15,689,211 | |||
Transportation — 2.1% | |||
Air Freight & Logistics — 1.0% | |||
a | GXO Logistics, Inc. | 113,228 | 8,881,605 |
Road & Rail — 1.1% | |||
a | XPO Logistics, Inc. | 113,228 | 9,010,684 |
17,892,289 | |||
Utilities — 2.5% | |||
Independent Power and Renewable Electricity Producers — 2.5% | |||
AES Corp. | 944,660 | 21,566,588 | |
21,566,588 | |||
Total Common Stock (Cost $750,005,221) | 845,566,675 | ||
Short-Term Investments — 0.3% | |||
c | Thornburg Capital Management Fund | 228,088 | 2,280,880 |
Total Short-Term Investments (Cost $2,280,880) | 2,280,880 | ||
Total Investments — 100.1% (Cost $752,286,101) | $847,847,555 | ||
Liabilities Net of Other Assets — (0.1)% | (1,070,576) | ||
Net Assets — 100.0% | $846,776,979 |
Footnote Legend | |
a | Non-income producing. |
b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $17,786,492, representing 2.10% of the Fund’s net assets. |
c | Investment in Affiliates. |
70 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Thornburg Small/Mid Cap Growth Fund | September 30, 2021
Issuer-Description | SHARES | VALUE | |
Common Stock — 99.6% | |||
Automobiles & Components — 2.6% | |||
Auto Components — 2.6% | |||
a | Fox Factory Holding Corp. | 124,726 | $ 18,027,896 |
18,027,896 | |||
Banks — 2.7% | |||
Banks — 2.7% | |||
Signature Bank | 67,059 | 18,258,825 | |
18,258,825 | |||
Capital Goods — 10.0% | |||
Building Products — 2.2% | |||
a | Trex Co., Inc. | 152,010 | 15,494,379 |
Machinery — 7.8% | |||
a | Chart Industries, Inc. | 101,622 | 19,420,980 |
a | Kornit Digital Ltd. | 145,838 | 21,108,592 |
Rexnord Corp. | 203,323 | 13,071,636 | |
69,095,587 | |||
Commercial & Professional Services — 5.1% | |||
Commercial Services & Supplies — 3.6% | |||
a | Casella Waste Systems, Inc. Class A | 207,289 | 15,741,526 |
a | IAA, Inc. | 168,682 | 9,204,977 |
Professional Services — 1.5% | |||
Booz Allen Hamilton Holding Corp. Class A | 133,177 | 10,567,595 | |
35,514,098 | |||
Consumer Durables & Apparel — 3.5% | |||
Household Durables — 1.8% | |||
a | Sonos, Inc. | 372,534 | 12,055,200 |
Leisure Products — 1.7% | |||
a | YETI Holdings, Inc. | 137,898 | 11,816,480 |
23,871,680 | |||
Consumer Services — 1.1% | |||
Hotels, Restaurants & Leisure — 1.1% | |||
a | Penn National Gaming, Inc. | 108,424 | 7,856,403 |
7,856,403 | |||
Diversified Financials — 1.4% | |||
Capital Markets — 1.4% | |||
a | Open Lending Corp. Class A | 261,011 | 9,414,667 |
9,414,667 | |||
Food, Beverage & Tobacco — 3.8% | |||
Food Products — 3.8% | |||
a | Freshpet, Inc. | 113,753 | 16,231,415 |
a | Oatly Group AB ADR | 658,847 | 9,961,767 |
26,193,182 | |||
Health Care Equipment & Services — 9.4% | |||
Health Care Equipment & Supplies — 8.1% | |||
a | AtriCure, Inc. | 148,024 | 10,295,069 |
CONMED Corp. | 110,403 | 14,444,025 | |
a | Heska Corp. | 90,440 | 23,382,358 |
a | Silk Road Medical, Inc. | 139,078 | 7,653,462 |
Health Care Providers & Services — 1.3% | |||
a | Amedisys, Inc. | 62,146 | 9,265,968 |
65,040,882 | |||
Media & Entertainment — 5.1% |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 71 |
Thornburg Small/Mid Cap Growth Fund | September 30, 2021
Issuer-Description | SHARES | VALUE | |
Entertainment — 2.9% | |||
a | Zynga, Inc. Class A | 2,603,201 | $ 19,602,103 |
Interactive Media & Services — 2.2% | |||
a | Eventbrite, Inc. Class A | 816,379 | 15,437,727 |
35,039,830 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 12.2% | |||
Biotechnology — 4.8% | |||
a | Horizon Therapeutics plc | 179,140 | 19,622,995 |
a | Natera, Inc. | 122,527 | 13,654,409 |
Life Sciences Tools & Services — 7.4% | |||
a | Avantor, Inc. | 697,386 | 28,523,088 |
a | Repligen Corp. | 76,271 | 22,041,556 |
83,842,048 | |||
Retailing — 5.5% | |||
Internet & Direct Marketing Retail — 1.2% | |||
a | Overstock.com, Inc. | 103,642 | 8,075,785 |
Specialty Retail — 4.3% | |||
a | Floor & Decor Holdings, Inc. Class A | 162,910 | 19,677,899 |
a | Leslie’s, Inc. | 503,325 | 10,338,295 |
38,091,979 | |||
Semiconductors & Semiconductor Equipment — 7.2% | |||
Semiconductors & Semiconductor Equipment — 7.2% | |||
Entegris, Inc. | 144,243 | 18,160,194 | |
a | MaxLinear, Inc. | 294,496 | 14,503,928 |
Monolithic Power Systems, Inc. | 35,172 | 17,047,165 | |
49,711,287 | |||
Software & Services — 22.5% | |||
Information Technology Services — 8.1% | |||
a | BigCommerce Holdings, Inc. Series 1 | 196,896 | 9,970,813 |
a,b | Nuvei Corp. | 178,914 | 20,496,148 |
a | Repay Holdings Corp. Class A | 607,888 | 13,999,661 |
a | Shift4 Payments, Inc. Class A | 148,319 | 11,497,689 |
Software — 14.4% | |||
a | Anaplan, Inc. | 203,832 | 12,411,331 |
a | Black Knight, Inc. | 220,689 | 15,889,608 |
a | Domo, Inc. Class B | 161,634 | 13,648,375 |
a | Elastic NV | 132,064 | 19,676,215 |
a | LivePerson, Inc. | 193,147 | 11,386,016 |
a | Procore Technologies, Inc. | 129,007 | 11,525,485 |
a | Varonis Systems, Inc. Class B | 242,842 | 14,776,936 |
155,278,277 | |||
Technology Hardware & Equipment — 5.4% | |||
Communications Equipment — 2.3% | |||
a | Calix, Inc. | 324,379 | 16,034,054 |
Electronic Equipment, Instruments & Components — 3.1% | |||
a | nLight, Inc. | 301,650 | 8,503,514 |
a | Teledyne Technologies, Inc. | 29,640 | 12,732,751 |
37,270,319 | |||
Transportation — 2.1% | |||
Air Freight & Logistics — 1.0% | |||
a | GXO Logistics, Inc. | 92,955 | 7,291,390 |
Road & Rail — 1.1% | |||
a | XPO Logistics, Inc. | 92,955 | 7,397,359 |
14,688,749 | |||
Total Common Stock (Cost $606,871,111) | 687,195,709 |
72 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Short-Term Investments — 0.6% | |||
c | Thornburg Capital Management Fund | 414,275 | $ 4,142,746 |
Total Short-Term Investments (Cost $4,142,746) | 4,142,746 | ||
Total Investments — 100.2% (Cost $611,013,857) | $691,338,455 | ||
Liabilities Net of Other Assets — (0.2)% | (1,101,249) | ||
Net Assets — 100.0% | $690,237,206 |
Footnote Legend | |
a | Non-income producing. |
b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $20,496,148, representing 2.97% 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) | |
United States | 93.9% |
Israel | 3.1% |
Canada | 3.0% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 73 |
September 30, 2021
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 | $ 7,760,674,560 | $ 50,651,921 | $ 660,975,446 | $ 2,328,739,807 | $ 292,879,889 |
Non-controlled affiliated issuers | 591,746,226 | 5,946,069 | 34,427,071 | 352,027,123 | 31,700,716 |
Investments at value | |||||
Non-affiliated issuers | 10,157,773,367 | 56,914,017 | 1,053,339,714 | 3,019,142,981 | 317,583,796 |
Non-controlled affiliated issuers | 673,674,273 | 5,946,069 | 34,427,071 | 352,027,123 | 31,700,716 |
Cash | - | 1,834 | 27 | 140 | 15 |
Foreign currency at value (a) | 2,407,129 | 51 | 24 | - | 59,938 |
Unrealized appreciation on forward currency contracts | 24,246,990 | - | 1,537,254 | - | - |
Receivable for investments sold | 12,765,250 | 1,556 | 1,434 | 3,678,293 | 1,658,309 |
Due from broker | 1,164,542 | - | - | - | - |
Receivable for fund shares sold | 5,715,904 | - | 342,053 | 4,030,035 | 3,279,863 |
Dividends receivable | 23,052,822 | 80,828 | 2,251,698 | 5,922,318 | 689,529 |
Tax reclaims receivable | 38,901,270 | 23,881 | 567,847 | 3,519,915 | 209,473 |
Principal and interest receivable | 18,938,519 | 73,217 | - | - | - |
Prepaid expenses and other assets | 74,606 | 17,279 | 61,883 | 63,272 | 33,665 |
Total Assets | 10,958,714,672 | 63,058,732 | 1,092,529,005 | 3,388,384,077 | 355,215,304 |
Liabilities | |||||
Unrealized depreciation on forward currency contracts | - | 20,736 | - | - | - |
Payable for investments purchased | 1,164,542 | 473,499 | 2,760,129 | 4,758,885 | 4,563,069 |
Payable for fund shares redeemed | 8,639,819 | - | 343,289 | 3,670,597 | 672,654 |
Payable to custodian | 7,462,985 | - | - | - | - |
Due to broker | 1,422,954 | - | - | - | 1,649,663 |
Payable to investment advisor and other affiliates | 9,295,180 | 31,311 | 1,024,687 | 2,595,776 | 278,255 |
IRS compliance fees for foreign withholding tax claims payable | 58,811,633 | - | - | 50,324,968 | - |
Deferred taxes payable | - | 2,144 | 4,956,483 | - | - |
Accounts payable and accrued expenses | 4,769,358 | 65,194 | 619,360 | 1,772,353 | 141,969 |
Dividends payable | 20,414,215 | - | - | - | - |
Total Liabilities | 111,980,686 | 592,884 | 9,703,948 | 63,122,579 | 7,305,610 |
Net Assets | $ 10,846,733,986 | $ 62,465,848 | $ 1,082,825,057 | $ 3,325,261,498 | $ 347,909,694 |
NET ASSETS CONSIST OF | |||||
Net capital paid in on shares of beneficial interest | $ 9,252,406,311 | $ 46,894,756 | $ 566,822,727 | $ 2,209,701,508 | $ 281,691,294 |
Distributable earnings | 1,594,327,675 | 15,571,092 | 516,002,330 | 1,115,559,990 | 66,218,400 |
Net Assets | $ 10,846,733,986 | $ 62,465,848 | $ 1,082,825,057 | $ 3,325,261,498 | $ 347,909,694 |
September 30, 2021
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 | $ 3,876,333,563 | $ - | $ 277,126,331 | $ 543,261,911 | $ 40,286,581 |
Shares outstanding | 168,812,437 | - | 7,048,562 | 18,893,342 | 1,877,570 |
Net asset value and redemption price per share | $ 22.96 | $ - | $ 39.32 | $ 28.75 | $ 21.46 |
Maximum offering price per share (net asset value, plus 4.50% of offering price) | $ 24.04 | $ - | $ 41.17 | $ 30.10 | $ 22.47 |
Class C Shares: | |||||
Net assets applicable to shares outstanding | 922,522,861 | - | 112,419,441 | 27,188,825 | 5,597,437 |
Shares outstanding | 40,230,328 | - | 3,008,788 | 1,079,065 | 265,496 |
Net asset value and redemption price per share* | 22.93 | - | 37.36 | 25.20 | 21.08 |
Class I Shares: | |||||
Net assets applicable to shares outstanding | 5,858,019,820 | 62,465,848 | 605,580,515 | 2,000,722,956 | 302,025,676 |
Shares outstanding | 253,249,510 | 4,383,805 | 15,334,527 | 66,968,900 | 13,712,185 |
Net asset value and redemption price per share | 23.13 | 14.25 | 39.49 | 29.88 | 22.03 |
Class R3 Shares: | |||||
Net assets applicable to shares outstanding | 24,970,600 | - | 3,776,204 | 157,723,857 | - |
Shares outstanding | 1,087,949 | - | 97,289 | 5,486,241 | - |
Net asset value and redemption price per share | 22.95 | - | 38.81 | 28.75 | - |
Class R4 Shares: | |||||
Net assets applicable to shares outstanding | 12,750,864 | - | 6,177,241 | 104,734,961 | - |
Shares outstanding | 554,756 | - | 158,331 | 3,667,814 | - |
Net asset value and redemption price per share | 22.98 | - | 39.01 | 28.56 | - |
Class R5 Shares: | |||||
Net assets applicable to shares outstanding | 38,748,705 | - | 20,672,845 | 160,007,178 | - |
Shares outstanding | 1,676,346 | - | 522,942 | 5,361,470 | - |
Net asset value and redemption price per share | 23.11 | - | 39.53 | 29.84 | - |
Class R6 Shares: | |||||
Net assets applicable to shares outstanding | 113,387,573 | - | 57,072,480 | 331,621,810 | - |
Shares outstanding | 4,917,485 | - | 1,439,629 | 11,145,442 | - |
Net asset value and redemption price per share | 23.06 | - | 39.64 | 29.75 | - |
(a) | Cost of foreign currency is $2,408,999; $51; $24; $0; $59,813 respectively. |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
September 30, 2021
THORNBURG INTERNATIONAL GROWTH FUND | THORNBURG DEVELOPING WORLD FUND | THORNBURG SMALL/MID CAP CORE FUND | THORNBURG SMALL/MID CAP GROWTH FUND | |
ASSETS | ||||
Investments at cost | ||||
Non-affiliated issuers | $ 1,262,679,966 | $ 828,588,771 | $ 750,005,221 | $ 606,871,111 |
Non-controlled affiliated issuers | 64,240,267 | 29,224,822 | 2,280,880 | 4,142,746 |
Investments at value | ||||
Non-affiliated issuers | 1,862,447,550 | 1,155,212,271 | 845,566,675 | 687,195,709 |
Non-controlled affiliated issuers | 64,240,267 | 29,224,822 | 2,280,880 | 4,142,746 |
Cash | 26 | 34 | 454 | 498 |
Foreign currency at value (a) | 411,075 | 348,617 | - | - |
Receivable for investments sold | 4,085,572 | 4,260,421 | - | - |
Receivable for fund shares sold | 2,495,112 | 2,928,000 | 601,627 | 42,085 |
Dividends receivable | 1,262,390 | 2,597,474 | 148,408 | 43,580 |
Tax reclaims receivable | 1,033,189 | 366,564 | - | - |
Prepaid expenses and other assets | 61,334 | 45,284 | 64,951 | 63,540 |
Total Assets | 1,936,036,515 | 1,194,983,487 | 848,662,995 | 691,488,158 |
Liabilities | ||||
Payable for investments purchased | 1,559 | 4,000,985 | - | - |
Payable for fund shares redeemed | 5,025,294 | 3,308,521 | 852,375 | 484,636 |
Payable to investment advisor and other affiliates | 1,563,083 | 1,004,648 | 697,808 | ��579,573 |
Deferred taxes payable | 537,183 | 6,343,715 | - | - |
Accounts payable and accrued expenses | 504,155 | 479,018 | 335,833 | 186,743 |
Total Liabilities | 7,631,274 | 15,136,887 | 1,886,016 | 1,250,952 |
Net Assets | $ 1,928,405,241 | $ 1,179,846,600 | $ 846,776,979 | $ 690,237,206 |
NET ASSETS CONSIST OF | ||||
Net capital paid in on shares of beneficial interest | $ 1,222,206,864 | $ 916,916,241 | $ 532,639,957 | $ 370,995,357 |
Distributable earnings | 706,198,377 | 262,930,359 | 314,137,022 | 319,241,849 |
Net Assets | $ 1,928,405,241 | $ 1,179,846,600 | $ 846,776,979 | $ 690,237,206 |
September 30, 2021
THORNBURG INTERNATIONAL GROWTH FUND | THORNBURG DEVELOPING WORLD FUND | THORNBURG SMALL/MID CAP CORE FUND | THORNBURG SMALL/MID CAP GROWTH FUND | |
NET ASSET VALUE | ||||
Class A Shares: | ||||
Net assets applicable to shares outstanding | $ 154,613,104 | $ 131,471,420 | $ 454,487,680 | $ 340,544,865 |
Shares outstanding | 5,107,916 | 4,766,603 | 4,656,718 | 6,578,202 |
Net asset value and redemption price per share | $ 30.27 | $ 27.58 | $ 97.60 | $ 51.77 |
Maximum offering price per share (net asset value, plus 4.50% of offering price) | $ 31.70 | $ 28.88 | $ 102.20 | $ 54.21 |
Class C Shares: | ||||
Net assets applicable to shares outstanding | 27,864,384 | 40,932,742 | 17,364,380 | 23,432,866 |
Shares outstanding | 1,011,399 | 1,578,837 | 198,682 | 549,197 |
Net asset value and redemption price per share* | 27.55 | 25.93 | 87.40 | 42.67 |
Class I Shares: | ||||
Net assets applicable to shares outstanding | 1,584,102,463 | 925,280,119 | 332,235,095 | 274,356,767 |
Shares outstanding | 50,576,094 | 32,790,429 | 3,289,862 | 4,834,068 |
Net asset value and redemption price per share | 31.32 | 28.22 | 100.99 | 56.75 |
Class R3 Shares: | ||||
Net assets applicable to shares outstanding | 7,642,969 | - | 23,594,085 | 26,880,611 |
Shares outstanding | 256,438 | - | 242,996 | 526,128 |
Net asset value and redemption price per share | 29.80 | - | 97.10 | 51.09 |
Class R4 Shares: | ||||
Net assets applicable to shares outstanding | 9,902,535 | - | 4,385,598 | 2,076,547 |
Shares outstanding | 329,827 | - | 44,616 | 40,038 |
Net asset value and redemption price per share | 30.02 | - | 98.30 | 51.86 |
Class R5 Shares: | ||||
Net assets applicable to shares outstanding | 36,395,806 | 4,156,531 | 14,710,141 | 22,945,550 |
Shares outstanding | 1,158,673 | 147,788 | 145,873 | 404,794 |
Net asset value and redemption price per share | 31.41 | 28.12 | 100.84 | 56.68 |
Class R6 Shares: | ||||
Net assets applicable to shares outstanding | 107,883,980 | 78,005,788 | - | - |
Shares outstanding | 3,420,813 | 2,760,300 | - | - |
Net asset value and redemption price per share | 31.54 | 28.26 | - | - |
(a) | Cost of foreign currency is $408,369; $351,404; $0; $0 respectively. |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Year Ended September 30, 2021
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 | $ 494,034,052 | $ 640,720 | $ 29,692,321 | $ 69,918,808 | $ 3,816,603 |
Non-controlled affiliated issuers | 17,058,440 | 6,554 | 54,499 | 221,869 | 18,901 |
Dividend taxes withheld | (34,913,518) | (41,709) | (1,848,458) | (7,820,185) | (420,132) |
Interest income | 187,127,027 | 648,665 | 35,490 | 17,822,749 | 1,522 |
Foreign withholding tax claims | 99,665,676 | - | 530,674 | 64,695,542 | 29,083 |
Less: IRS compliance fees for foreign withholding tax claims | (58,811,633) | - | - | (50,324,968) | - |
Total Income | 704,160,044 | 1,254,230 | 28,464,526 | 94,513,815 | 3,445,977 |
EXPENSES | |||||
Investment management fees | 74,957,105 | 425,106 | 8,969,271 | 27,218,387 | 2,077,553 |
Administration fees | 9,126,071 | 48,123 | 901,917 | 3,113,901 | 179,994 |
Distribution and service fees | �� | ||||
Class A Shares | 9,346,270 | - | 660,348 | 2,179,839 | 61,470 |
Class C Shares | 11,024,069 | - | 1,224,981 | 321,519 | 36,697 |
Class R3 Shares | 129,943 | - | 20,046 | 839,638 | - |
Class R4 Shares | 33,930 | - | 15,451 | 273,141 | - |
Transfer agent fees | |||||
Class A Shares | 2,320,000 | - | 212,090 | 1,195,380 | 27,996 |
Class C Shares | 1,009,591 | - | 111,895 | 16,748 | 4,439 |
Class I Shares | 4,336,475 | 5,386 | 427,635 | 1,497,250 | 91,140 |
Class R3 Shares | 57,350 | - | 10,002 | 380,617 | - |
Class R4 Shares | 39,943 | - | 23,592 | 297,132 | - |
Class R5 Shares | 117,548 | - | 94,411 | 423,776 | - |
Class R6 Shares | 8,613 | - | 3,733 | 10,915 | - |
Registration and filing fees | |||||
Class A Shares | 93,481 | - | 23,263 | 30,803 | 16,551 |
Class C Shares | 25,828 | - | 16,063 | 15,774 | 21,528 |
Class I Shares | 217,072 | 37,073 | 55,759 | 107,761 | 41,644 |
Class R3 Shares | 13,927 | - | 13,917 | 19,945 | - |
Class R4 Shares | 13,950 | - | 13,895 | 24,791 | - |
Class R5 Shares | 13,813 | - | 13,651 | 14,732 | - |
Class R6 Shares | 14,363 | - | 13,631 | 20,799 | - |
Dividend expense on securities sold short | - | 10,228 | - | - | - |
Short sale financing fees | - | 3,162 | - | - | - |
Custodian fees | 999,314 | 79,758 | 196,877 | 580,235 | 86,136 |
Professional fees | 413,303 | 54,733 | 74,480 | 154,709 | 58,185 |
Trustee and officer fees | 617,130 | 2,999 | 60,704 | 206,916 | 10,129 |
Tax reclaim collection fees | 13,583,933 | - | - | 11,210,916 | - |
Other expenses | 1,237,533 | 19,876 | 122,781 | 353,152 | 19,128 |
Total Expenses | 129,750,555 | 686,444 | 13,280,393 | 50,508,776 | 2,732,590 |
Less: | |||||
Expenses reimbursed | (193,150) | (111,914) | (368,030) | (946,667) | (244,009) |
Investment management fees waived | - | - | (402,051) | - | - |
Net Expenses | 129,557,405 | 574,530 | 12,510,312 | 49,562,109 | 2,488,581 |
Net Investment Income (Loss) | $ 574,602,639 | $ 679,700 | $ 15,954,214 | $ 44,951,706 | $ 957,396 |
Year Ended September 30, 2021
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*† | $ 506,664,103 | $ 10,728,125 | $ 123,100,333 | $ 572,000,578 | $ 43,198,813 |
Non-controlled affiliated issuers | (106,982,541) | - | - | - | - |
Securities sold short | - | (418,144) | - | - | - |
Options written | - | 85,725 | - | - | - |
Forward currency contracts | (37,221,227) | (24,544) | (1,993,917) | (1,362,743) | - |
Foreign currency transactions | 443,241 | (31,008) | (42,769) | (620,323) | (81,264) |
Net realized gain (loss) | 362,903,576 | 10,340,154 | 121,063,647 | 570,017,512 | 43,117,549 |
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | |||||
Non-affiliated issuers investments** | 1,340,561,173 | 627,740 | 147,359,646 | 29,732,834 | 8,006,838 |
Non-controlled affiliated issuers | 324,390,812 | - | - | - | - |
Securities sold short | - | (26,894) | - | - | - |
Forward currency contracts | 31,594,967 | (36,261) | 1,649,308 | - | - |
Foreign currency translations | (1,879,982) | (1,944) | (13,040) | (158,117) | (1,287) |
Change in net unrealized appreciation (depreciation) | 1,694,666,970 | 562,641 | 148,995,914 | 29,574,717 | 8,005,551 |
Net Realized and Unrealized Gain (Loss) | 2,057,570,546 | 10,902,795 | 270,059,561 | 599,592,229 | 51,123,100 |
Change in Net Assets Resulting from Operations | $ 2,632,173,185 | $ 11,582,495 | $ 286,013,775 | $ 644,543,935 | $ 52,080,496 |
* Net of foreign capital gain taxes | $ - | $ 9,922 | $ 132,170 | $ - | $ 102,575 |
** Net of change in deferred taxes | $ - | $ 17,189 | $ (789,564) | $ - | $ - |
† | On July 16, 2021, the Thornburg International Equity Fund had in-kind redemptions of $391,975,649 which resulted in a net realized gain of $113,480,636. The gain is excluded for tax purposes. |
Year Ended September 30, 2021
THORNBURG INTERNATIONAL GROWTH FUND | THORNBURG DEVELOPING WORLD FUND | THORNBURG SMALL/MID CAP CORE FUND | THORNBURG SMALL/MID CAP GROWTH FUND | |
INVESTMENT INCOME | ||||
Dividend income | ||||
Non-affiliated issuers | $ 19,624,818 | $ 18,827,520 | $ 8,323,124 | $ 1,256,342 |
Non-controlled affiliated issuers | 82,606 | 42,500 | 8,078 | 16,662 |
Dividend taxes withheld | (2,245,818) | (2,477,148) | (27,295) | (4,836) |
Interest income | 239,626 | 25,979 | 236,492 | - |
Foreign withholding tax claims | 1,826,921 | 130,213 | 948,329 | - |
Total Income | 19,528,153 | 16,549,064 | 9,488,728 | 1,268,168 |
EXPENSES | ||||
Investment management fees | 15,955,407 | 10,869,056 | 7,203,827 | 6,340,126 |
Administration fees | 1,697,327 | 982,717 | 716,742 | 628,265 |
Distribution and service fees | ||||
Class A Shares | 404,670 | 318,118 | 1,119,995 | 889,393 |
Class C Shares | 346,147 | 512,517 | 198,128 | 293,701 |
Class R3 Shares | 40,316 | - | 125,251 | 159,158 |
Class R4 Shares | 23,140 | - | 12,335 | 6,092 |
Transfer agent fees | ||||
Class A Shares | 123,239 | 120,072 | 366,505 | 261,980 |
Class C Shares | 35,510 | 47,372 | 19,068 | 20,646 |
Class I Shares | 1,050,685 | 583,757 | 252,965 | 157,453 |
Class R3 Shares | 23,338 | - | 62,730 | 83,042 |
Class R4 Shares | 27,654 | - | 11,631 | 8,775 |
Class R5 Shares | 119,527 | 10,365 | 56,535 | 70,826 |
Class R6 Shares | 6,180 | 10,384 | - | - |
Registration and filing fees | ||||
Class A Shares | 20,705 | 14,057 | 15,328 | 25,343 |
Class C Shares | 15,235 | 12,301 | 11,438 | 12,917 |
Class I Shares | 107,988 | 50,595 | 14,703 | 11,920 |
Class R3 Shares | 14,004 | - | 17,051 | 16,542 |
Class R4 Shares | 13,997 | - | 14,568 | 14,201 |
Class R5 Shares | 14,555 | 14,894 | 14,805 | 11,393 |
Class R6 Shares | 14,374 | 15,099 | - | - |
Custodian fees | 303,151 | 345,355 | 71,458 | 68,028 |
Professional fees | 98,072 | 64,395 | 78,601 | 70,530 |
Trustee and officer fees | 110,488 | 61,604 | 48,424 | 43,046 |
Tax reclaim collection fees | 174,415 | 23,441 | 177,723 | - |
Other expenses | 198,769 | 135,732 | 102,109 | 87,509 |
Total Expenses | 20,938,893 | 14,191,831 | 10,711,920 | 9,280,886 |
Less: | ||||
Expenses reimbursed | (203,985) | (621,907) | (424,555) | (333,190) |
Investment management fees waived | - | (16,756) | (1,264,332) | (1,107,296) |
Net Expenses | 20,734,908 | 13,553,168 | 9,023,033 | 7,840,400 |
Net Investment Income (Loss) | $ (1,206,755) | $ 2,995,896 | $ 465,695 | $ (6,572,232) |
Year Ended September 30, 2021
THORNBURG INTERNATIONAL GROWTH FUND | THORNBURG DEVELOPING WORLD FUND | THORNBURG SMALL/MID CAP CORE FUND | THORNBURG SMALL/MID CAP GROWTH FUND | |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) on: | ||||
Non-affiliated issuer investments* | $ 127,230,139 | $ 93,244,246 | $ 227,127,575 | $ 246,526,263 |
Forward currency contracts | - | - | (1,003,750) | - |
Foreign currency transactions | (271,318) | (418,866) | (22,159) | (8,326) |
Net realized gain (loss) | 126,958,821 | 92,825,380 | 226,101,666 | 246,517,937 |
Net change in unrealized appreciation (depreciation) on: | ||||
Non-affiliated issuers investments** | 21,889,541 | 81,049,187 | (8,708,897) | (138,053,403) |
Forward currency contracts | - | - | (266,046) | - |
Foreign currency translations | (39,172) | (1,880) | (799) | - |
Change in net unrealized appreciation (depreciation) | 21,850,369 | 81,047,307 | (8,975,742) | (138,053,403) |
Net Realized and Unrealized Gain (Loss) | 148,809,190 | 173,872,687 | 217,125,924 | 108,464,534 |
Change in Net Assets Resulting from Operations | $ 147,602,435 | $ 176,868,583 | $ 217,591,619 | $ 101,892,302 |
* Net of foreign capital gain taxes | $ - | $ 5,282,053 | $ - | $ - |
** Net of change in deferred taxes | $ (537,183) | $ (4,317,604) | $ - | $ - |
THORNBURG INVESTMENT INCOME BUILDER FUND | THORNBURG SUMMIT FUND | |||
Year Ended September 30, 2021 | Year Ended September 30, 2020 | Year Ended September 30, 2021 | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 574,602,639 | $ 510,658,547 | $ 679,700 | $ 308,428 |
Net realized gain (loss) | 362,903,576 | (577,191,926) | 10,340,154 | 1,557,455 |
Net change in unrealized appreciation (depreciation) | 1,694,666,970 | (1,428,530,575) | 562,641 | 4,633,041 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,632,173,185 | (1,495,063,954) | 11,582,495 | 6,498,924 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (186,461,886) | (140,160,970) | - | - |
Class C Shares | (46,091,421) | (79,560,108) | - | - |
Class I Shares | (297,043,722) | (314,611,492) | (3,131,551) | (621,180) |
Class R3 Shares | (1,196,087) | (1,267,495) | - | - |
Class R4 Shares | (638,486) | (812,804) | - | - |
Class R5 Shares | (2,363,360) | (2,414,331) | - | - |
Class R6 Shares | (5,592,075) | (6,442,480) | - | - |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 263,624,361 | (49,476,916) | - | - |
Class C Shares | (784,839,681) | (868,358,997) | - | - |
Class I Shares | (335,800,673) | (1,543,717,711) | 8,128,955 | 4,518,788 |
Class R3 Shares | (4,648,803) | (7,352,750) | - | - |
Class R4 Shares | (3,061,055) | (8,875,014) | - | - |
Class R5 Shares | (16,363,605) | (7,465,990) | - | - |
Class R6 Shares | 6,692,039 | (52,296,768) | - | - |
Net Increase (Decrease) in Net Assets | 1,218,388,731 | (4,577,877,780) | 16,579,899 | 10,396,532 |
NET ASSETS | ||||
Beginning of Year | 9,628,345,255 | 14,206,223,035 | 45,885,949 | 35,489,417 |
End of Year | $ 10,846,733,986 | $ 9,628,345,255 | $ 62,465,848 | $ 45,885,949 |
THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL EQUITY FUND | |||
Year Ended September 30, 2021 | Year Ended September 30, 2020 | Year Ended September 30, 2021 | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 15,954,214 | $ 3,625,850 | $ 44,951,706 | $ 15,405,945 |
Net realized gain (loss) | 121,063,647 | 91,290,872 | 570,017,512 | 89,230,219 |
Net change in unrealized appreciation (depreciation) | 148,995,914 | 55,658,913 | 29,574,717 | 341,282,065 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 286,013,775 | 150,575,635 | 644,543,935 | 445,918,229 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (15,556,947) | (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 | (35,542,986) | (13,354,554) | (59,075,703) | (110,539,987) |
Class R3 Shares | (248,648) | (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 | (3,376,168) | (912,732) | (9,265,153) | (15,441,134) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 7,882,180 | (49,299,840) | (427,661,468) | 99,533,983 |
Class C Shares | (30,089,588) | (51,909,198) | (22,813,554) | (39,363,578) |
Class I Shares | (38,078,183) | (311,808,803) | 6,617,111 | (108,657,322) |
Class R3 Shares | (700,070) | (1,256,092) | (19,695,062) | (22,070,273) |
Class R4 Shares | (202,245) | (5,125,432) | (13,597,831) | (30,031,627) |
Class R5 Shares | (19,124,205) | (14,791,789) | 4,995,604 | (29,013,912) |
Class R6 Shares | 1,787,617 | (7,851,038) | 39,193,004 | 12,559,232 |
Net Increase (Decrease) in Net Assets | 142,017,956 | (311,543,353) | 102,506,262 | 128,160,426 |
NET ASSETS | ||||
Beginning of Year | 940,807,101 | 1,252,350,454 | 3,222,755,236 | 3,094,594,810 |
End of Year | $ 1,082,825,057 | $ 940,807,101 | $ 3,325,261,498 | $ 3,222,755,236 |
THORNBURG BETTER WORLD INTERNATIONAL FUND | THORNBURG INTERNATIONAL GROWTH FUND | |||
Year Ended September 30, 2021 | Year Ended September 30, 2020 | Year Ended September 30, 2021 | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 957,396 | $ 474,031 | $ (1,206,755) | $ (1,385,908) |
Net realized gain (loss) | 43,117,549 | 232,885 | 126,958,821 | 17,984,192 |
Net change in unrealized appreciation (depreciation) | 8,005,551 | 15,450,789 | 21,850,369 | 409,550,877 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 52,080,496 | 16,157,705 | 147,602,435 | 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 | 22,545,088 | 475,565 | 5,663,748 | (658,225) |
Class C Shares | 2,514,883 | 67,109 | (17,085,519) | (17,565,314) |
Class I Shares | 174,010,009 | 10,539,620 | 23,821,895 | (92,300,016) |
Class R3 Shares | - | - | 813,193 | (1,468,341) |
Class R4 Shares | - | - | 1,028,673 | (1,153,056) |
Class R5 Shares | - | - | (221,191) | (3,155,973) |
Class R6 Shares | - | - | 43,772,314 | 1,479,004 |
Net Increase (Decrease) in Net Assets | 250,683,338 | 26,327,983 | 182,347,793 | 299,902,486 |
NET ASSETS | ||||
Beginning of Year | 97,226,356 | 70,898,373 | 1,746,057,448 | 1,446,154,962 |
End of Year | $ 347,909,694 | $ 97,226,356 | $ 1,928,405,241 | $ 1,746,057,448 |
THORNBURG DEVELOPING WORLD FUND | THORNBURG SMALL/MID CAP CORE FUND | |||
Year Ended September 30, 2021 | Year Ended September 30, 2020 | Year Ended September 30, 2021 | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 2,995,896 | $ 3,274,034 | $ 465,695 | $ 1,744,940 |
Net realized gain (loss) | 92,825,380 | (2,003,259) | 226,101,666 | 11,874,128 |
Net change in unrealized appreciation (depreciation) | 81,047,307 | 94,509,590 | (8,975,742) | 17,621,872 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 176,868,583 | 95,780,365 | 217,591,619 | 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 | 9,170,861 | (5,603,232) | (48,852,077) | (51,175,123) |
Class C Shares | (17,794,278) | (19,685,805) | (11,067,483) | (13,648,455) |
Class I Shares | 125,144,133 | 16,516,659 | (40,995,537) | (83,209,561) |
Class R3 Shares | - | - | (8,215,545) | (5,633,179) |
Class R4 Shares | - | - | (1,500,983) | (1,844,975) |
Class R5 Shares | 899,908 | 41,232 | (3,417,832) | (4,640,120) |
Class R6 Shares | 2,122,539 | (505,210) | - | - |
Net Increase (Decrease) in Net Assets | 294,991,945 | 75,432,360 | 103,542,162 | (132,140,921) |
NET ASSETS | ||||
Beginning of Year | 884,854,655 | 809,422,295 | 743,234,817 | 875,375,738 |
End of Year | $ 1,179,846,600 | $ 884,854,655 | $ 846,776,979 | $ 743,234,817 |
THORNBURG SMALL/MID CAP GROWTH FUND | ||
Year Ended September 30, 2021 | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income (loss) | $ (6,572,232) | $ (3,874,283) |
Net realized gain (loss) | 246,517,937 | 50,944,890 |
Net change in unrealized appreciation (depreciation) | (138,053,403) | 142,486,057 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 101,892,302 | 189,556,664 |
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) |
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) |
FUND SHARE TRANSACTIONS | ||
Class A Shares | (11,198,760) | 5,416,106 |
Class C Shares | (15,751,606) | (6,578,344) |
Class I Shares | (28,121,333) | (33,564,742) |
Class R3 Shares | (9,034,714) | (2,857,103) |
Class R4 Shares | (878,637) | (1,963,162) |
Class R5 Shares | (1,755,528) | (1,806,614) |
Net Increase (Decrease) in Net Assets | (9,672,398) | 94,298,027 |
NET ASSETS | ||
Beginning of Year | 699,909,604 | 605,611,577 |
End of Year | $ 690,237,206 | $ 699,909,604 |
September 30, 2021
September 30, 2021
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 |
September 30, 2021
September 30, 2021
September 30, 2021
September 30, 2021
INCOME BUILDER FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 9,132,539,332 | $ 3,583,978,518 | $ 5,548,548,375 | $ 12,439 |
Preferred Stock | 34,902,638 | 24,653,894 | 10,248,744 | — |
Asset Backed Securities | 328,134,043 | — | 295,510,332 | 32,623,711 |
Corporate Bonds | 869,583,883 | — | 869,583,883 | —(a) |
Other Government | 3,713,905 | — | 3,713,905 | — |
Mortgage Backed | 136,275,499 | — | 136,274,549 | 950 |
Loan Participations | 54,871,496 | — | 54,871,496 | — |
Short-Term Investments | 271,426,844 | 271,426,844 | — | — |
Total Investments in Securities | $ 10,831,447,640 | $ 3,880,059,256 | $ 6,918,751,284 | $ 32,637,100 |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 24,246,990 | $ — | $ 24,246,990 | $ — |
Total Assets | $ 10,855,694,630 | $ 3,880,059,256 | $ 6,942,998,274 | $32,637,100 |
(a) | A security categorized as Level 3 is valued at zero as of September 30, 2021. |
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) | – | – | (1,915,664) | – | 8,255 | (1,907,409) |
Net Realized Gain (Loss)(a) | 2,440,455 | – | (932,746) | (14,581,285) | (276,868) | (13,350,444) |
Gross Purchases | – | 950 | 29,109,299 | – | 3,102 | 29,113,351 |
Gross Sales | (11,342,296) | – | (5,373,950) | (409,879) | (9,997,391) | (27,123,516) |
Net Change in Unrealized Appreciation (Depreciation)(b)(c) | 4,551,470 | – | 1,194,472 | 14,191,341 | 2,366,384 | 22,303,667 |
Transfers into Level 3(d) | – | – | – | – | – | – |
Transfers out of Level 3(d) | – | (11,864,214) | (68,732,790) | – | – | (80,597,004) |
Ending Balance 9/30/2021 | $ 12,439 | $ 950 | $ 32,623,711 | $ – | $ – | $ 32,637,100 |
(a) | Amount of net realized gain (loss) from investments recognized in income is included in the Fund’s Statement of Operations for the year ended September 30, 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 year ended September 30, 2021. |
(c) | The net change in unrealized appreciation (depreciation) attributable to securities owned at September 30, 2021, which were valued using significant unobservable inputs, was $829,423. This is included within net change in unrealized appreciation (depreciation) on investments in the Fund’s the Statement of Operations for the year ended September 30, 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 year ended September 30, 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 0.30% of total net assets at the year ended September 30, 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. |
September 30, 2021
SUMMIT FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 32,893,671 | $ 22,876,949 | $ 10,016,722 | $ — |
Asset Backed Securities | 6,131,172 | — | 5,543,052 | 588,120 |
Corporate Bonds | 2,028,309 | — | 2,028,309 | — |
Convertible Bonds | 210,195 | — | 210,195 | — |
U.S. Treasury Securities | 6,967,168 | 6,967,168 | — | — |
Mortgage Backed | 6,072,373 | — | 6,072,373 | — |
Loan Participations | 70,740 | — | 70,740 | — |
Exchange-Traded Funds | 2,098,432 | 2,098,432 | — | — |
Short-Term Investments | 6,388,026 | 5,946,069 | 441,957 | — |
Total Investments in Securities | $ 62,860,086 | $ 37,888,618 | $ 24,383,348 | $ 588,120 |
Total Assets | $ 62,860,086 | $ 37,888,618 | $ 24,383,348 | $ 588,120 |
Liabilities | ||||
Other Financial Instruments | ||||
Forward Currency Contracts | $ (20,736) | $ — | $ (20,736) | $ — |
Total Other Financial Instruments | $ (20,736) | $ — | $ (20,736) | $ — |
Total Liabilities | $ (20,736) | $ — | $ (20,736) | $ — |
GLOBAL OPPORTUNITIES FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 1,053,339,714 | $ 504,019,783 | $ 549,319,931 | $ — |
Short-Term Investments | 34,427,071 | 34,427,071 | — | — |
Total Investments in Securities | $ 1,087,766,785 | $ 538,446,854 | $ 549,319,931 | $ — |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 1,537,254 | $ — | $ 1,537,254 | $ — |
Total Assets | $ 1,089,304,039 | $ 538,446,854 | $ 550,857,185 | $ — |
INTERNATIONAL EQUITY FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 3,019,142,981 | $ 393,109,158 | $ 2,626,033,823 | $ — |
Short-Term Investments | 352,027,123 | 352,027,123 | — | — |
Total Investments in Securities | $ 3,371,170,104 | $ 745,136,281 | $ 2,626,033,823 | $ — |
Total Assets | $ 3,371,170,104 | $ 745,136,281 | $ 2,626,033,823 | $ — |
BETTER WORLD INTERNATIONAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 316,658,408 | $ 87,987,749 | $ 228,670,659 | $ — |
Exchange-Traded Funds | 925,388 | 925,388 | — | — |
Short-Term Investments | 31,700,716 | 31,700,716 | — | — |
Total Investments in Securities | $ 349,284,512 | $ 120,613,853 | $ 228,670,659 | $ — |
Total Assets | $ 349,284,512 | $ 120,613,853 | $ 228,670,659 | $ — |
INTERNATIONAL GROWTH FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 1,862,447,550 | $ 542,658,021 | $ 1,319,789,529 | $ — |
Short-Term Investments | 64,240,267 | 64,240,267 | — | — |
Total Investments in Securities | $ 1,926,687,817 | $ 606,898,288 | $ 1,319,789,529 | $ — |
Total Assets | $ 1,926,687,817 | $ 606,898,288 | $ 1,319,789,529 | $— |
September 30, 2021
DEVELOPING WORLD FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 1,155,212,271 | $ 312,826,564 | $ 842,385,707 | $ — |
Short-Term Investments | 29,224,822 | 29,224,822 | — | — |
Total Investments in Securities | $ 1,184,437,093 | $ 342,051,386 | $ 842,385,707 | $ — |
Total Assets | $ 1,184,437,093 | $ 342,051,386 | $ 842,385,707 | $ — |
SMALL/MID CAP CORE FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 845,566,675 | $ 845,566,675 | $ — | $ — |
Short-Term Investments | 2,280,880 | 2,280,880 | — | — |
Total Investments in Securities | $ 847,847,555 | $ 847,847,555 | $ — | $ — |
Total Assets | $ 847,847,555 | $ 847,847,555 | $ — | $ — |
SMALL/MID CAP GROWTH FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 687,195,709 | $ 687,195,709 | $ — | $ — |
Short-Term Investments | 4,142,746 | 4,142,746 | — | — |
Total Investments in Securities | $ 691,338,455 | $ 691,338,455 | $ — | $ — |
Total Assets | $ 691,338,455 | $ 691,338,455 | $ — | $— |
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 | |||
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% |
Next $500 million | 0.825 | Next $500 million | 0.700 | Next $500 million | 0.925 |
Next $500 million | 0.775 | Next $500 million | 0.650 | Next $500 million | 0.875 |
Next $500 million | 0.725 | Next $500 million | 0.625 | Next $500 million | 0.825 |
Over $2 billion | 0.675 | Over $2 billion | 0.600 | Over $2 billion | 0.775 |
September 30, 2021
Effective Management Fee | |
Income Builder Fund | 0.698% |
Summit Fund | 0.750 |
Global Opportunities Fund | 0.845 |
International Equity Fund | 0.743 |
Better World International Fund | 0.975 |
International Growth Fund | 0.799 |
Developing World Fund | 0.939 |
Small/Mid Cap Core Fund | 0.855 |
Small/Mid Cap Growth Fund | 0.859 |
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 | $ 177,703 | $ 29,925 |
Global Opportunities Fund | 8,253 | 1,950 |
International Equity Fund | 13,409 | 1,955 |
Better World International Fund | 8,253 | 589 |
International Growth Fund | 7,580 | 1,131 |
Developing World Fund | 9,502 | 857 |
Small/Mid Cap Core Fund | 6,814 | 632 |
Small/Mid Cap Growth Fund | 8,411 | 1,885 |
September 30, 2021
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 | 1.40 | 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 | $ 8,216 | $ 49,310 | $ 37,759 | $ 102,287 |
Summit Fund | — | — | 111,914 | — | — | — | — | 111,914 |
Global Opportunities Fund | — | — | — | 21,312 | 24,231 | 92,602 | 64,910 | 203,055 |
International Equity Fund | — | — | — | 255,994 | 173,231 | 248,199 | — | 677,424 |
Better World International Fund | — | 17,276 | 226,733 | — | — | — | — | 244,009 |
International Growth Fund | — | — | — | 30,852 | 20,374 | 106,025 | 46,734 | 203,985 |
Developing World Fund | — | — | 505,426 | — | — | 24,680 | 91,801 | 621,907 |
Small/Mid Cap Core Fund | 672,062 | 29,675 | 714,846 | 148,664 | 32,369 | 91,271 | — | 1,688,887 |
Small/Mid Cap Growth Fund | 533,795 | 43,985 | 582,348 | 140,939 | 22,485 | 116,934 | — | 1,440,486 |
Voluntary: | Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Income Builder Fund | $ — | $ 75,074 | $ — | $ �� 15,789 | $ — | $ — | $ — | $ 90,863 |
Global Opportunities Fund | 100,105 | 46,383 | 384,874 | 1,518 | 2,343 | 10,593 | 21,210 | 567,026 |
International Equity Fund | — | — | — | — | — | — | 269,243 | 269,243 |
Developing World Fund | 1,842 | 741 | 12,984 | — | — | 59 | 1,130 | 16,756 |
September 30, 2021
Percentage of Direct Investments | |
Income Builder Fund | 1.37% |
Summit Fund | 65.51 |
Global Opportunities Fund | 5.24 |
International Equity Fund | 1.37 |
Better World International Fund | 14.03 |
International Growth Fund | 2.17 |
Developing World Fund | 3.92 |
Small/Mid Cap Core Fund | 5.09 |
Small/Mid Cap Growth Fund | 4.47 |
Purchases | Sales | Realized gains/(losses) | |
Small/Mid Cap Core Fund | $ 8,626,356 | $ 19,996,628 | $ 7,234,838 |
Small/Mid Cap Growth Fund | 19,996,628 | 8,626,356 | (3,870,629) |
INCOME BUILDER FUND | Market Value 9/30/20 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/21 | Dividend Income |
Apollo Investment Corp. | $ 40,544,502 | $ - | $ (13,516,929) | $ (9,959,154) | $ 32,059,126 | $ 49,127,545 | $ 6,210,407 |
Chimera Investment Corp | 119,720,189 | 43,922,944 | (56,938,387) | (3,375,356) | 161,628,928 | 264,958,318 | 3,528,730 |
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 | - | (559,457) | - | 15,673,369 | 88,149,127 | 6,997,499 |
Thornburg Capital Mgmt. Fund | 76,840,627 | 1,552,333,315 | (1,357,747,098) | - | - | 271,426,844 | 321,804 |
Total | $376,520,743 | $1,596,256,259 | $(1,516,511,000) | $(106,982,541) | $324,390,812 | $673,674,273 | $17,058,440 |
SUMMIT FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 5,456,497 | $ 44,883,142 | $ (44,393,570) | $ - | $ - | $ 5,946,069 | $ 6,554 |
GLOBAL OPPORTUNITIES FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 69,189,955 | $ 244,341,350 | $ (279,104,234) | $ - | $ - | $ 34,427,071 | $ 54,499 |
INTERNATIONAL EQUITY FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 91,288,131 | $1,371,208,851 | $(1,110,469,859) | $ - | $ - | $352,027,123 | $ 221,869 |
BETTER WORLD INTERNATIONAL FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 6,414,924 | $ 192,398,292 | $ (167,112,500) | $ - | $ - | $ 31,700,716 | $ 18,901 |
INTERNATIONAL GROWTH FUND | |||||||
Thornburg Capital Mgmt. Fund | $138,392,151 | $ 467,150,605 | $ (541,302,489) | $ - | $ - | $ 64,240,267 | $ 82,606 |
DEVELOPING WORLD FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 38,182,670 | $ 408,713,481 | $ (417,671,329) | $ - | $ - | $ 29,224,822 | $ 42,500 |
SMALL/MID CAP CORE FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 20,456,644 | $ 196,360,073 | $ (214,535,837) | $ - | $ - | $ 2,280,880 | $ 8,078 |
September 30, 2021
SMALL/MID CAP GROWTH FUND | Market Value 9/30/20 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/21 | Dividend Income |
Thornburg Capital Mgmt. Fund | $ 50,196,079 | $ 199,143,746 | $ (245,197,079) | $ - | $ - | $ 4,142,746 | $ 16,662 |
Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Income Builder Fund | $ 8,484,476,007 | $ 3,020,408,822 | $ (649,190,199) | $ 2,371,218,623 |
Summit Fund | 56,749,019 | 6,522,654 | (411,587) | 6,111,067 |
Global Opportunities Fund | 698,185,442 | 406,688,224 | (15,569,627) | 391,118,597 |
International Equity Fund | 2,680,766,930 | 744,107,697 | (53,704,523) | 690,403,174 |
Better World International Fund | 324,591,785 | 35,090,580 | (10,397,853) | 24,692,727 |
International Growth Fund | 1,330,976,386 | 651,895,494 | (56,184,063) | 595,711,431 |
Developing World Fund | 859,174,157 | 350,303,163 | (25,040,227) | 325,262,936 |
Small/Mid Cap Core Fund | 752,666,179 | 139,529,023 | (44,347,647) | 95,181,376 |
Small/Mid Cap Growth Fund | 611,404,008 | 118,501,332 | (38,566,885) | 79,934,447 |
Deferred Tax Basis | |
Late-Year Ordinary Losses | |
Developing World Fund | $ 1,948,545 |
Cumulative Capital Losses | ||
Short-Term | Long-Term | |
Income Builder Fund | $ 864,072,456 | $ — |
Developing World Fund | 54,039,967 | — |
Utilized Capital Loss Carryforwards | |
Better World International Fund | $ 488,669 |
Developing World Fund | 99,427,670 |
September 30, 2021
Distributable Earnings | Net Capital Paid | |
Summit Fund | $ 31 | $ (31) |
Global Opportunities Fund | (9,008,987) | 9,008,987 |
International Equity Fund | (170,802,117) | 170,802,117 |
Better World International Fund | (1,835,141) | 1,835,141 |
International Growth Fund | (11,062,332) | 11,062,332 |
Developing World Fund | 756,584 | (756,584) |
Small/Mid Cap Core Fund | (10,004,898) | 10,004,898 |
Undistributed Tax Basis Ordinary Investment Income | Undistributed tax basis capital gains | |
Income Builder Fund | $ 106,830,695 | $ — |
Summit Fund | 7,809,394 | 1,709,399 |
Global Opportunities Fund | 15,778,826 | 114,057,979 |
International Equity Fund | 190,553,567 | 234,608,023 |
Better World International Fund | 23,733,512 | 17,789,886 |
International Growth Fund | 3,822,696 | 107,207,464 |
Developing World Fund | — | — |
Small/Mid Cap Core Fund | 64,792,696 | 154,162,950 |
Small/Mid Cap Growth Fund | 7,963,367 | 231,344,035 |
September 30, 2021
DISTRIBUTIONS FROM: | ||||
ORDINARY INCOME | CAPITAL GAINS | |||
2021 | 2020 | 2021 | 2020 | |
Income Builder Fund | $ 539,387,037 | $ 545,269,680 | $ — | $ — |
Summit Fund | 2,727,215 | 621,180 | 404,336 | — |
Global Opportunities Fund | 20,681,538 | 7,850,527 | 44,789,787 | 12,226,269 |
International Equity Fund | 61,041,295 | 33,777,968 | 48,034,182 | 166,936,338 |
Better World International Fund | 467,138 | 912,016 | — | — |
International Growth Fund | 18,415,108 | 4,149,506 | 4,632,647 | 7,275,248 |
Developing World Fund | 1,419,801 | 11,111,649 | — | — |
Small/Mid Cap Core Fund | — | 2,907,991 | — | 322,457 |
Small/Mid Cap Growth Fund | 7,599,747 | ��� — | 37,224,375 | 53,904,778 |
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
INCOME BUILDER FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 38,053,419 | $ 805,315,392 | 33,954,304 | $ 671,006,488 |
Shares issued to shareholders in reinvestment of dividends | 7,326,764 | 166,752,349 | 6,804,754 | 130,105,110 |
Shares repurchased | (32,268,779) | (708,443,380) | (44,294,126) | (850,588,514) |
Net increase (decrease) | 13,111,404 | $ 263,624,361 | (3,535,068) | $ (49,476,916) |
Class C Shares | ||||
Shares sold | 2,768,674 | $ 62,298,586 | 5,035,779 | $ 103,086,006 |
Shares issued to shareholders in reinvestment of dividends | 1,990,410 | 44,975,480 | 3,776,942 | 72,439,023 |
Shares repurchased | (42,291,629) | (892,113,747) | (53,608,115) | (1,043,884,026) |
Net increase (decrease) | (37,532,545) | $ (784,839,681) | (44,795,394) | $ (868,358,997) |
Class I Shares | ||||
Shares sold | 31,505,910 | $ 714,592,583 | 55,456,674 | $ 1,115,101,799 |
Shares issued to shareholders in reinvestment of dividends | 11,591,990 | 265,649,744 | 14,622,421 | 281,259,056 |
Shares repurchased | (60,241,755) | (1,316,043,000) | (156,683,732) | (2,940,078,566) |
Net increase (decrease) | (17,143,855) | $ (335,800,673) | (86,604,637) | $ (1,543,717,711) |
Class R3 Shares | ||||
Shares sold | 99,771 | $ 2,233,156 | 155,368 | $ 3,111,082 |
Shares issued to shareholders in reinvestment of dividends | 50,662 | 1,150,008 | 61,979 | 1,188,934 |
Shares repurchased | (364,539) | (8,031,967) | (580,564) | (11,652,766) |
Net increase (decrease) | (214,106) | $ (4,648,803) | (363,217) | $ (7,352,750) |
Class R4 Shares | ||||
Shares sold | 83,913 | $ 1,871,243 | 240,918 | $ 4,861,777 |
Shares issued to shareholders in reinvestment of dividends | 24,287 | 552,047 | 29,673 | 569,279 |
Shares repurchased | (250,185) | (5,484,345) | (733,982) | (14,306,070) |
Net increase (decrease) | (141,985) | $ (3,061,055) | (463,391) | $ (8,875,014) |
September 30, 2021
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
INCOME BUILDER FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R5 Shares | ||||
Shares sold | 408,481 | $ 9,218,476 | 820,902 | $ 15,807,888 |
Shares issued to shareholders in reinvestment of dividends | 72,984 | 1,665,569 | 103,929 | 2,006,543 |
Shares repurchased | (1,211,745) | (27,247,650) | (1,257,618) | (25,280,421) |
Net increase (decrease) | (730,280) | $ (16,363,605) | (332,787) | $ (7,465,990) |
Class R6 Shares | ||||
Shares sold | 590,224 | $ 13,367,382 | 701,888 | $ 14,357,341 |
Shares issued to shareholders in reinvestment of dividends | 222,481 | 5,084,324 | 307,076 | 5,895,100 |
Shares repurchased | (522,152) | (11,759,667) | (3,624,270) | (72,549,209) |
Net increase (decrease) | 290,553 | $ 6,692,039 | (2,615,306) | $ (52,296,768) |
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
SUMMIT FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class I Shares | ||||
Shares sold | 501,726 | $ 6,924,014 | 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) | 616,231 | $ 8,128,955 | 377,197 | $ 4,518,788 |
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
GLOBAL OPPORTUNITIES FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 874,275 | $ 32,438,647 | 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 | (1,067,193) | (39,035,301) | (2,811,987) | (78,915,456) |
Net increase (decrease) | 249,860 | $ 7,882,180 | (1,783,666) | $ (49,299,840) |
Class C Shares | ||||
Shares sold | 113,898 | $ 4,047,616 | 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 | (1,194,390) | (42,125,923) | (2,077,863) | (57,544,771) |
Net increase (decrease) | (825,098) | $ (30,089,588) | (1,870,354) | $ (51,909,198) |
Class I Shares | ||||
Shares sold | 1,864,870 | $ 70,845,527 | 2,616,768 | $ 74,537,277 |
Shares issued to shareholders in reinvestment of dividends | 991,332 | 32,632,180 | 401,346 | 12,189,854 |
Shares repurchased | (3,967,733) | (141,555,890) | (14,134,777) | (398,535,934) |
Net increase (decrease) | (1,111,531) | $ (38,078,183) | (11,116,663) | $ (311,808,803) |
Class R3 Shares | ||||
Shares sold | 20,970 | $ 794,404 | 19,293 | $ 557,451 |
Shares issued to shareholders in reinvestment of dividends | 7,186 | 232,451 | 1,382 | 40,806 |
Shares repurchased | (46,653) | (1,726,925) | (63,158) | (1,854,349) |
Net increase (decrease) | (18,497) | $ (700,070) | (42,483) | $ (1,256,092) |
September 30, 2021
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
GLOBAL OPPORTUNITIES FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R4 Shares | ||||
Shares sold | 30,008 | $ 1,114,726 | 101,219 | $ 2,951,799 |
Shares issued to shareholders in reinvestment of dividends | 9,046 | 293,903 | 1,970 | 57,789 |
Shares repurchased | (42,391) | (1,610,874) | (280,309) | (8,135,020) |
Net increase (decrease) | (3,337) | $ (202,245) | (177,120) | $ (5,125,432) |
Class R5 Shares | ||||
Shares sold | 123,067 | $ 4,568,125 | 305,578 | $ 8,968,629 |
Shares issued to shareholders in reinvestment of dividends | 58,718 | 1,934,612 | 22,000 | 668,594 |
Shares repurchased | (689,498) | (25,626,942) | (826,155) | (24,429,012) |
Net increase (decrease) | (507,713) | $ (19,124,205) | (498,577) | $ (14,791,789) |
Class R6 Shares | ||||
Shares sold | 131,284 | $ 4,960,273 | 69,831 | $ 1,970,397 |
Shares issued to shareholders in reinvestment of dividends | 101,230 | 3,347,578 | 28,664 | 874,386 |
Shares repurchased | (168,320) | (6,520,234) | (368,733) | (10,695,821) |
Net increase (decrease) | 64,194 | $ 1,787,617 | (270,238) | $ (7,851,038) |
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
INTERNATIONAL EQUITY FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 2,896,091 | $ 81,589,572 | 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 |
In-kind redemptions | (13,269,318) | (391,975,649) | - | - |
Shares repurchased | (5,021,375) | (142,779,243) | (8,031,502) | (180,081,761) |
Net increase (decrease) | (14,426,622) | $ (427,661,468) | 4,695,602 | $ 99,533,983 |
Class C Shares | ||||
Shares sold | 152,073 | $ 3,848,667 | 195,610 | $ 3,778,936 |
Shares issued to shareholders in reinvestment of dividends | 43,045 | 994,770 | 191,682 | 3,835,544 |
Shares repurchased | (1,151,785) | (27,656,991) | (2,354,864) | (46,978,058) |
Net increase (decrease) | (956,667) | $ (22,813,554) | (1,967,572) | $ (39,363,578) |
Class I Shares | ||||
Shares sold | 11,175,901 | $ 334,435,484 | 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 | (12,867,557) | (382,158,344) | (20,858,200) | (472,641,558) |
Net increase (decrease) | 289,195 | $ 6,617,111 | (4,850,082) | $ (108,657,322) |
Class R3 Shares | ||||
Shares sold | 984,210 | $ 28,294,741 | 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 | (1,836,277) | (52,478,097) | (2,891,680) | (63,934,927) |
Net increase (decrease) | (681,084) | $ (19,695,062) | (1,016,777) | $ (22,070,273) |
September 30, 2021
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
INTERNATIONAL EQUITY FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R4 Shares | ||||
Shares sold | 645,614 | $ 18,494,549 | 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 | (1,238,024) | (34,763,153) | (2,630,333) | (58,464,812) |
Net increase (decrease) | (490,179) | $ (13,597,831) | (1,355,130) | $ (30,031,627) |
Class R5 Shares | ||||
Shares sold | 1,683,407 | $ 50,629,374 | 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 | (1,691,896) | (49,972,641) | (2,520,371) | (58,293,155) |
Net increase (decrease) | 150,094 | $ 4,995,604 | (1,267,417) | $ (29,013,912) |
Class R6 Shares | ||||
Shares sold | 3,588,727 | $ 105,156,756 | 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 | (2,530,737) | (74,195,581) | (3,097,513) | (69,757,963) |
Net increase (decrease) | 1,358,966 | $ 39,193,004 | 492,780 | $ 12,559,232 |
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
BETTER WORLD INTERNATIONAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 1,302,368 | $ 26,146,896 | 114,611 | $ 1,657,250 |
Shares issued to shareholders in reinvestment of dividends | - | - | 4,491 | 63,453 |
Shares repurchased | (182,151) | (3,601,808) | (91,706) | (1,245,138) |
Net increase (decrease) | 1,120,217 | $ 22,545,088 | 27,396 | $ 475,565 |
Class C Shares | ||||
Shares sold | 150,258 | $ 2,960,554 | 34,557 | $ 461,786 |
Shares issued to shareholders in reinvestment of dividends | - | - | 98 | 1,371 |
Shares repurchased | (24,035) | (445,671) | (28,068) | (396,048) |
Net increase (decrease) | 126,223 | $ 2,514,883 | 6,587 | $ 67,109 |
Class I Shares | ||||
Shares sold | 9,594,015 | $ 196,134,568 | 1,328,088 | $ 19,955,598 |
Shares issued to shareholders in reinvestment of dividends | 23,974 | 433,681 | 52,598 | 757,411 |
Shares repurchased | (1,087,648) | (22,558,240) | (744,884) | (10,173,389) |
Net increase (decrease) | 8,530,341 | $ 174,010,009 | 635,802 | $ 10,539,620 |
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
INTERNATIONAL GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 1,593,500 | $ 49,084,038 | 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 | (1,460,932) | (45,211,877) | (1,401,138) | (32,811,692) |
Net increase (decrease) | 193,840 | $ 5,663,748 | (80,385) | $ (658,225) |
September 30, 2021
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
INTERNATIONAL GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class C Shares | ||||
Shares sold | 125,510 | $ 3,534,608 | 175,714 | $ 3,810,999 |
Shares issued to shareholders in reinvestment of dividends | 18,333 | 491,332 | 11,608 | 237,299 |
Shares repurchased | (750,148) | (21,111,459) | (983,986) | (21,613,612) |
Net increase (decrease) | (606,305) | $ (17,085,519) | (796,664) | $ (17,565,314) |
Class I Shares | ||||
Shares sold | 11,565,613 | $ 368,764,672 | 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 | (11,260,799) | (362,527,686) | (17,920,940) | (419,934,232) |
Net increase (decrease) | 887,482 | $ 23,821,895 | (4,693,946) | $ (92,300,016) |
Class R3 Shares | ||||
Shares sold | 102,881 | $ 3,150,965 | 52,273 | $ 1,302,229 |
Shares issued to shareholders in reinvestment of dividends | 2,994 | 86,381 | 1,287 | 28,171 |
Shares repurchased | (78,786) | (2,424,153) | (119,819) | (2,798,741) |
Net increase (decrease) | 27,089 | $ 813,193 | (66,259) | $ (1,468,341) |
Class R4 Shares | ||||
Shares sold | 178,688 | $ 5,508,749 | 113,210 | $ 2,602,942 |
Shares issued to shareholders in reinvestment of dividends | 2,535 | 73,581 | 1,043 | 22,891 |
Shares repurchased | (150,715) | (4,553,657) | (167,124) | (3,778,889) |
Net increase (decrease) | 30,508 | $ 1,028,673 | (52,871) | $ (1,153,056) |
Class R5 Shares | ||||
Shares sold | 492,795 | $ 15,657,087 | 263,078 | $ 6,601,246 |
Shares issued to shareholders in reinvestment of dividends | 13,159 | 398,322 | 9,969 | 232,842 |
Shares repurchased | (510,772) | (16,276,600) | (404,011) | (9,990,061) |
Net increase (decrease) | (4,818) | $ (221,191) | (130,964) | $ (3,155,973) |
Class R6 Shares | ||||
Shares sold | 1,619,650 | $ 52,755,172 | 351,598 | $ 8,989,166 |
Shares issued to shareholders in reinvestment of dividends | 26,476 | 803,816 | 17,210 | 404,097 |
Shares repurchased | (301,858) | (9,786,674) | (310,608) | (7,914,259) |
Net increase (decrease) | 1,344,268 | $ 43,772,314 | 58,200 | $ 1,479,004 |
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
DEVELOPING WORLD FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 1,441,855 | $ 40,291,192 | 1,146,678 | $ 24,308,415 |
Shares issued to shareholders in reinvestment of dividends | - | - | 43,975 | 993,822 |
Shares repurchased | (1,113,929) | (31,120,331) | (1,496,605) | (30,905,469) |
Net increase (decrease) | 327,926 | $ 9,170,861 | (305,952) | $ (5,603,232) |
September 30, 2021
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
DEVELOPING WORLD FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class C Shares | ||||
Shares sold | 180,889 | $ 4,875,796 | 111,773 | $ 2,300,998 |
Shares issued to shareholders in reinvestment of dividends | - | - | 7,219 | 155,419 |
Shares repurchased | (858,481) | (22,670,074) | (1,128,640) | (22,142,222) |
Net increase (decrease) | (677,592) | $ (17,794,278) | (1,009,648) | $ (19,685,805) |
Class I Shares | ||||
Shares sold | 10,225,864 | $ 297,861,014 | 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 | (6,041,340) | (173,914,813) | (10,311,719) | (207,153,395) |
Net increase (decrease) | 4,227,201 | $ 125,144,133 | 266,366 | $ 16,516,659 |
Class R5 Shares | ||||
Shares sold | 61,806 | $ 1,799,071 | 33,619 | $ 734,249 |
Shares issued to shareholders in reinvestment of dividends | 206 | 5,772 | 1,618 | 37,097 |
Shares repurchased | (31,472) | (904,935) | (34,873) | (730,114) |
Net increase (decrease) | 30,540 | $ 899,908 | 364 | $ 41,232 |
Class R6 Shares | ||||
Shares sold | 497,571 | $ 14,615,052 | 454,541 | $ 9,880,133 |
Shares issued to shareholders in reinvestment of dividends | 5,578 | 156,695 | 35,374 | 814,301 |
Shares repurchased | (431,178) | (12,649,208) | (514,983) | (11,199,644) |
Net increase (decrease) | 71,971 | $ 2,122,539 | (25,068) | $ (505,210) |
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
SMALL/MID CAP CORE FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 178,986 | $ 15,661,024 | 288,597 | $ 19,780,089 |
Shares issued to shareholders in reinvestment of dividends | - | - | 12,595 | 978,628 |
Shares repurchased | (720,458) | (64,513,101) | (1,024,526) | (71,933,840) |
Net increase (decrease) | (541,472) | $ (48,852,077) | (723,334) | $ (51,175,123) |
Class C Shares | ||||
Shares sold | 14,454 | $ 1,131,222 | 57,059 | $ 3,443,055 |
Shares issued to shareholders in reinvestment of dividends | - | - | 6 | 388 |
Shares repurchased | (155,579) | (12,198,705) | (268,475) | (17,091,898) |
Net increase (decrease) | (141,125) | $ (11,067,483) | (211,410) | $ (13,648,455) |
Class I Shares | ||||
Shares sold | 176,656 | $ 16,739,230 | 459,761 | $ 30,842,745 |
Shares issued to shareholders in reinvestment of dividends | - | - | 24,275 | 1,940,096 |
Shares repurchased | (615,795) | (57,734,767) | (1,618,372) | (115,992,402) |
Net increase (decrease) | (439,139) | $ (40,995,537) | (1,134,336) | $ (83,209,561) |
September 30, 2021
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
SMALL/MID CAP CORE FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R3 Shares | ||||
Shares sold | 25,950 | $ 2,397,735 | 42,910 | $ 2,947,610 |
Shares issued to shareholders in reinvestment of dividends | - | - | 710 | 54,895 |
Shares repurchased | (117,894) | (10,613,280) | (123,016) | (8,635,684) |
Net increase (decrease) | (91,944) | $ (8,215,545) | (79,396) | $ (5,633,179) |
Class R4 Shares | ||||
Shares sold | 3,422 | $ 318,202 | 11,761 | $ 812,495 |
Shares issued to shareholders in reinvestment of dividends | - | - | 193 | 15,077 |
Shares repurchased | (19,198) | (1,819,185) | (40,626) | (2,672,547) |
Net increase (decrease) | (15,776) | $ (1,500,983) | (28,672) | $ (1,844,975) |
Class R5 Shares | ||||
Shares sold | 17,992 | $ 1,705,968 | 29,790 | $ 2,070,138 |
Shares issued to shareholders in reinvestment of dividends | - | - | 1,241 | 99,060 |
Shares repurchased | (55,840) | (5,123,800) | (92,380) | (6,809,318) |
Net increase (decrease) | (37,848) | $ (3,417,832) | (61,349) | $ (4,640,120) |
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
SMALL/MID CAP GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 522,919 | $ 26,958,739 | 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 | (1,140,046) | (58,636,070) | (1,265,384) | (50,333,643) |
Net increase (decrease) | (189,867) | $ (11,198,760) | 169,281 | $ 5,416,106 |
Class C Shares | ||||
Shares sold | 65,596 | $ 2,753,371 | 175,078 | $ 6,081,451 |
Shares issued to shareholders in reinvestment of dividends | 59,368 | 2,361,004 | 114,950 | 3,593,352 |
Shares repurchased | (486,597) | (20,865,981) | (465,487) | (16,253,147) |
Net increase (decrease) | (361,633) | $ (15,751,606) | (175,459) | $ (6,578,344) |
Class I Shares | ||||
Shares sold | 296,435 | $ 16,826,337 | 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 | (1,087,795) | (61,519,996) | (1,815,355) | (80,236,293) |
Net increase (decrease) | (475,094) | $ (28,121,333) | (705,014) | $ (33,564,742) |
Class R3 Shares | ||||
Shares sold | 151,977 | $ 7,844,430 | 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 | (374,516) | (19,047,707) | (280,132) | (11,166,089) |
Net increase (decrease) | (176,770) | $ (9,034,714) | (67,407) | $ (2,857,103) |
September 30, 2021
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
SMALL/MID CAP GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R4 Shares | ||||
Shares sold | 8,612 | $ 433,852 | 348,295 | $ 13,926,331 |
Shares issued to shareholders in reinvestment of dividends | 2,342 | 112,549 | 3,935 | 145,702 |
Shares repurchased | (28,290) | (1,425,038) | (400,790) | (16,035,195) |
Net increase (decrease) | (17,336) | $ (878,637) | (48,560) | $ (1,963,162) |
Class R5 Shares | ||||
Shares sold | 63,067 | $ 3,516,214 | 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 | (117,021) | (6,574,045) | (181,180) | (7,921,533) |
Net increase (decrease) | (29,068) | $ (1,755,528) | (38,476) | $ (1,806,614) |
LONG | SOLD SHORT | |||
Purchases | Sales | Cover | Sales | |
Income Builder Fund | $ 1,962,261,436 | $ 2,799,385,799 | $ — | $ — |
Summit Fund | 82,007,024 | 75,543,485 | 2,438,363 | — |
Global Opportunities Fund | 256,236,952 | 356,285,082 | — | — |
International Equity Fund | 1,460,407,961 | 1,846,528,392 | — | — |
Better World International Fund | 411,582,402 | 236,032,371 | — | — |
International Growth Fund | 757,453,361 | 648,979,239 | — | — |
Developing World Fund | 803,261,497 | 680,308,151 | — | — |
Small/Mid Cap Core Fund | 1,119,119,781 | 1,215,346,477 | — | — |
Small/Mid Cap Growth Fund | 1,155,122,679 | 1,226,650,848 | — | — |
September 30, 2021
Type of Derivative(a) | Counter Party | Asset Derivatives | Liability Derivatives | Net Amount | |
Income Builder Fund | Forward currency contracts | SSB | $ 24,246,990 | $ - | $ 24,246,990 |
Summit Fund | Forward currency contracts | MSC | — | (20,736) | (20,736) |
Global Opportunities Fund | Forward currency contracts | SSB | 1,537,254 | - | 1,537,254 |
(a) | Generally, the Statement of Assets and Liabilities location for forward currency contracts is Assets - Unrealized appreciation on forward currency contracts for asset derivatives and Liabilities - Unrealized depreciation on forward currency contracts for liabilities derivatives. |
September 30, 2021
Net Realized | Net Change in Unrealized | ||||
Type of Derivative(a) | Gain (Loss) | Appreciation (Depreciation) | |||
Income Builder Fund | Forward currency contracts | $ (37,221,227) | $ 31,594,967 | ||
Summit Fund | Forward currency contracts | (24,544) | (36,261) | ||
Summit Fund | Written Options | 85,725 | — | ||
Global Opportunities Fund | Forward currency contracts | (1,993,917) | 1,649,308 | ||
International Equity Fund | Forward currency contracts | (1,362,743) | — | ||
Small/Mid Cap Core Fund | Forward 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 YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of PERIOD | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(d) | |||||||||
2021 | $ 18.70 | 1.19 | 4.19 | 5.38 | (1.12) | — | — | (1.12) | $ 22.96 |
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 |
CLASS C SHARES | |||||||||
2021 | $ 18.68 | 1.00 | 4.19 | 5.19 | (0.94) | — | — | (0.94) | $ 22.93 |
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 |
CLASS I SHARES | |||||||||
2021 | $ 18.84 | 1.25 | 4.22 | 5.47 | (1.18) | — | — | (1.18) | $ 23.13 |
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 |
CLASS R3 SHARES | |||||||||
2021 | $ 18.70 | 1.10 | 4.18 | 5.28 | (1.03) | — | — | (1.03) | $ 22.95 |
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 |
CLASS R4 SHARES | |||||||||
2021 | $ 18.72 | 1.12 | 4.20 | 5.32 | (1.06) | — | — | (1.06) | $ 22.98 |
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 |
CLASS R5 SHARES | |||||||||
2021 | $ 18.83 | 1.22 | 4.21 | 5.43 | (1.15) | — | — | (1.15) | $ 23.11 |
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 |
CLASS R6 SHARES | |||||||||
2021 | $ 18.78 | 1.27 | 4.20 | 5.47 | (1.19) | — | — | (1.19) | $ 23.06 |
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 (g) | $ 20.55 | 0.44 | 1.12 | 1.56 | (0.53) | — | — | (0.53) | $ 21.58 |
(a) | Net investment income (loss) includes income from foreign withholding tax claims less IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the Net Investment Income (Loss) ratios for 2021 would have been: Class A, 5.07%; Class C, 4.25%; Class I, 5.28%; Class R3, 4.68%; Class R4, 4.77%; Class R5, 5.18%; Class R6, 5.40%. |
(b) | Net expenses include tax reclaim collection fees that are excluded from the expense limitation agreement. If such expenses and fees had not occurred, the Expenses After Expense Reductions ratios for 2021 would have been: Class A, 1.13%; Class C, 1.90%; Class I, 0.89%; Class R3, 1.50%; Class R4, 1.40%; Class R5, 0.99%; Class R6, 0.80%. |
(c) | Not annualized for periods less than one year. |
(d) | Sales loads are not reflected in computing total return. |
(e) | The total return based on the NAV which reflects the adjustments in accordance with U.S. GAAP is 28.55%. |
(f) | The total return based on the NAV which reflects the adjustments in accordance with U.S. GAAP is 29.02%. |
(g) | Effective date of this class of shares was April 10, 2017. |
(h) | Annualized. |
+ | Based on weighted average shares outstanding. |
Income Builder Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Investment Income (Loss) (%)(a) | Expenses, After Expense Reductions (%)(b) | Expenses, Before Expense Reductions (%) | Total Return (%)(c) | Portfolio Turnover Rate (%)(c) | Net Assets at End of PERIOD (Thousands) | |
CLASS A SHARES(d) | |||||||
2021 | 5.32 | 1.26 | 1.26 | 28.90 | 18.99 | $ 3,876,333 | |
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 | |
CLASS C SHARES | |||||||
2021 | 4.49 | 2.03 | 2.03 | 27.93 | 18.99 | $ 922,523 | |
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 | |
CLASS I SHARES | |||||||
2021 | 5.54 | 1.02 | 1.02 | 29.18 | 18.99 | $ 5,858,020 | |
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 | |
CLASS R3 SHARES | |||||||
2021 | 4.93 | 1.63 | 1.71 | 28.39 | 18.99 | $ 24,971 | |
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 | |
CLASS R4 SHARES | |||||||
2021 | 5.02 | 1.53 | 1.59 | 28.60 (e) | 18.99 | $ 12,751 | |
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 | |
CLASS R5 SHARES | |||||||
2021 | 5.43 | 1.12 | 1.22 | 29.07 (f) | 18.99 | $ 38,749 | |
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 | |
CLASS R6 SHARES | |||||||
2021 | 5.66 | 0.93 | 0.97 | 29.32 | 18.99 | $ 113,387 | |
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 (g) | 4.37 (h) | 0.80 (h) | 1.09 (h) | 7.65 | 37.37 | $ 36,909 |
Summit Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS I SHARES | |||||||||
2021 | $ 12.18 | 0.16 | 2.71 | 2.87 | (0.22) | (0.58) | — | (0.80) | $ 14.25 |
2020 | $ 10.47 | 0.09 | 1.80 | 1.89 | (0.13) | (0.05) | — | (0.18) | $ 12.18 |
2019 (d) | $ 10.00 | 0.11 | 0.43 | 0.54 | (0.07) | — | — | (0.07) | $ 10.47 |
(a) | The Fund incurs certain expenses and fees in connection with investments in short positions. If such expenses and fees had not occurred, the Expenses After Expense Reductions ratios for 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 1.19%, 1.31% and 1.71% respectively. |
(c) | Not annualized for periods less than one year. |
(d) | Fund commenced operations on March 1, 2019. |
(e) | Annualized. |
+ | Based on weighted average shares outstanding. |
Summit Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%)(a) | Expenses, Before Expense Reductions (%)(b) | Total Return (%)(c) | Portfolio Turnover Rate (%)(c) | Net Assets at End of YEAR (Thousands) | |
CLASS I SHARES | |||||||
2021 | 1.20 | 1.01 | 1.21 | 24.63 | 155.26 | $ 62,466 | |
2020 | 0.81 | 1.09 | 1.41 | 18.45 | 139.88 | $ 45,886 | |
2019 (d) | 1.78 (e) | 1.72 (e) | 2.44 (e) | 5.45 | 53.38 | $ 35,489 |
Global Opportunities Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of PERIOD | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(c) | |||||||||
2021 | $ 31.69 | 0.53 | 9.40 | 9.93 | — (d) | (2.30) | — | (2.30) | $ 39.32 |
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 |
CLASS C SHARES | |||||||||
2021 | $ 30.44 | 0.22 | 9.00 | 9.22 | — | (2.30) | — | (2.30) | $ 37.36 |
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 |
CLASS I SHARES | |||||||||
2021 | $ 31.81 | 0.64 | 9.43 | 10.07 | (0.09) | (2.30) | — | (2.39) | $ 39.49 |
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 |
CLASS R3 SHARES | |||||||||
2021 | $ 31.38 | 0.42 | 9.31 | 9.73 | — | (2.30) | — | (2.30) | $ 38.81 |
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 |
CLASS R4 SHARES | |||||||||
2021 | $ 31.50 | 0.49 | 9.32 | 9.81 | — | (2.30) | — | (2.30) | $ 39.01 |
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 |
CLASS R5 SHARES | |||||||||
2021 | $ 31.84 | 0.61 | 9.47 | 10.08 | (0.09) | (2.30) | — | (2.39) | $ 39.53 |
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 |
CLASS R6 SHARES | |||||||||
2021 | $ 31.93 | 0.70 | 9.44 | 10.14 | (0.13) | (2.30) | — | (2.43) | $ 39.64 |
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 (e) | $ 28.35 | 0.11 | 2.73 | 2.84 | (0.03) | — | — | (0.03) | $ 31.16 |
(a) | Net investment income (loss) includes income from foreign withholding tax claims less IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the Net Investment Income (Loss) ratios for 2021 would have been: Class A, 1.36%; Class C, 0.57%; Class I, 1.64%; Class R3, 1.10%; Class R4, 1.27%; Class R5, 1.60%; Class R6, 1.80%. |
(b) | Not annualized for periods less than one year. |
(c) | Sales loads are not reflected in computing total return. |
(d) | Dividends From Net Investment Income was less than 0.01. |
(e) | Effective date of this class of shares was April 10, 2017. |
(f) | Annualized. |
(g) | Due to the size of net assets and fixed expenses, ratios may appear disproportionate. |
+ | Based on weighted average shares outstanding. |
Global Opportunities Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Investment Income (Loss) (%)(a) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(b) | Portfolio Turnover Rate (%)(b) | Net Assets at End of PERIOD (Thousands) | |
CLASS A SHARES(c) | |||||||
2021 | 1.42 | 1.27 | 1.31 | 32.82 | 25.48 | $ 277,126 | |
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 | |
CLASS C SHARES | |||||||
2021 | 0.63 | 2.04 | 2.08 | 31.77 | 25.48 | $ 112,420 | |
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 | |
CLASS I SHARES | |||||||
2021 | 1.69 | 0.99 | 1.06 | 33.17 | 25.48 | $ 605,581 | |
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 | |
CLASS R3 SHARES | |||||||
2021 | 1.15 | 1.50 | 2.07 | 32.48 | 25.48 | $ 3,776 | |
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 | |
CLASS R4 SHARES | |||||||
2021 | 1.32 | 1.40 | 1.83 | 32.62 | 25.48 | $ 6,177 | |
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 | |
CLASS R5 SHARES | |||||||
2021 | 1.64 | 0.99 | 1.36 | 33.18 | 25.48 | $ 20,673 | |
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 | |
CLASS R6 SHARES | |||||||
2021 | 1.85 | 0.85 | 1.00 | 33.32 | 25.48 | $ 57,072 | |
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 (e) | 0.77 (f) | 0.85 (f) | 13.31 (f)(g) | 10.02 | 43.70 | $ 1,576 |
International Equity Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(d) | |||||||||
2021 | $ 24.78 | 0.31 | 4.49 | 4.80 | (0.06) | (0.77) | — | (0.83) | $ 28.75 |
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 |
CLASS C SHARES | |||||||||
2021 | $ 21.91 | 0.06 | 4.00 | 4.06 | — | (0.77) | — | (0.77) | $ 25.20 |
2020 | $ 20.33 | (0.08) | 2.94 | 2.86 | — | (1.28) | — | (1.28) | $ 21.91 |
2019 | $ 20.01 | — (e) | 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 |
CLASS I SHARES | |||||||||
2021 | $ 25.70 | 0.39 | 4.68 | 5.07 | (0.12) | (0.77) | — | (0.89) | $ 29.88 |
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 |
CLASS R3 SHARES | |||||||||
2021 | $ 24.77 | 0.23 | 4.52 | 4.75 | — | (0.77) | — | (0.77) | $ 28.75 |
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 |
CLASS R4 SHARES | |||||||||
2021 | $ 24.60 | 0.28 | 4.49 | 4.77 | (0.04) | (0.77) | — | (0.81) | $ 28.56 |
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 |
CLASS R5 SHARES | |||||||||
2021 | $ 25.66 | 0.38 | 4.67 | 5.05 | (0.10) | (0.77) | — | (0.87) | $ 29.84 |
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) | — (f) | (4.03) | — | (4.03) | $ 23.44 |
2017 | $ 24.01 | 0.24 | 4.35 | 4.59 | (0.25) | — | — | (0.25) | $ 28.35 |
CLASS R6 SHARES | |||||||||
2021 | $ 25.59 | 0.44 | 4.65 | 5.09 | (0.16) | (0.77) | — | (0.93) | $ 29.75 |
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 |
(a) | Net investment income (loss) includes income from foreign withholding tax claims less IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the Net Investment Income (Loss) ratios for 2021 would have been: Class A, 0.99%; Class C, 0.16%; Class I, 1.23%; Class R3, 0.71%; Class R4, 0.90%; Class R5, 1.18%; Class R6, 1.40%. |
(b) | Net expenses include tax reclaim collection fees that are excluded from the expense limitation agreement. If such expenses and fees had not occurred, the Expenses After Expense Reductions ratios for 2021 would have been: Class A, 1.25%; Class C, 1.96%; Class I, 0.94%; Class R3, 1.45%; Class R4, 1.25%; Class R5, 0.99%; Class R6, 0.79%. |
(c) | Not annualized for periods less than one year. |
(d) | Sales loads are not reflected in computing total return. |
(e) | Net investment income (loss) was less than $(0.01) per share. |
(f) | 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) (%)(a) | Expenses, After Expense Reductions (%)(b) | Expenses, Before Expense Reductions (%) | Total Return (%)(c) | Portfolio Turnover Rate (%)(c) | Net Assets at End of YEAR (Thousands) | |
CLASS A SHARES(d) | |||||||
2021 | 1.07 | 1.58 | 1.58 | 19.66 | 42.85 | $ 543,262 | |
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 | |
CLASS C SHARES | |||||||
2021 | 0.24 | 2.26 | 2.26 | 18.83 | 42.85 | $ 27,189 | |
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 | |
CLASS I SHARES | |||||||
2021 | 1.32 | 1.24 | 1.24 | 20.05 | 42.85 | $ 2,000,723 | |
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 | |
CLASS R3 SHARES | |||||||
2021 | 0.80 | 1.75 | 1.91 | 19.46 | 42.85 | $ 157,724 | |
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 | |
CLASS R4 SHARES | |||||||
2021 | 0.99 | 1.55 | 1.70 | 19.69 | 42.85 | $ 104,735 | |
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 | |
CLASS R5 SHARES | |||||||
2021 | 1.26 | 1.29 | 1.46 | 19.97 | 42.85 | $ 160,007 | |
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 | |
CLASS R6 SHARES | |||||||
2021 | 1.49 | 1.09 | 1.18 | 20.21 | 42.85 | $ 331,621 | |
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 |
Better World International Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(c) | |||||||||
2021 | $ 15.66 | 0.01 | 5.79 | 5.80 | — | — | — | — | $ 21.46 |
2020 | $ 12.85 | — (d) | 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 |
CLASS C SHARES | |||||||||
2021 | $ 15.51 | (0.15) | 5.72 | 5.57 | — | — | — | — | $ 21.08 |
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 | — (d) | 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 |
CLASS I SHARES | |||||||||
2021 | $ 16.06 | 0.11 | 5.93 | 6.04 | (0.07) | — | — | (0.07) | $ 22.03 |
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 |
(a) | Net investment income (loss) includes income from foreign withholding tax claims less IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the Net Investment Income (Loss) ratios for 2021 would have been: Class A, 0.04%; Class C, (0.78)%; Class I, 0.51%. |
(b) | Not annualized for periods less than one year. |
(c) | Sales loads are not reflected in computing total return. |
(d) | Net investment income (loss) was less than $0.01 per share. |
+ | 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) (%)(a) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(b) | Portfolio Turnover Rate (%)(b) | Net Assets at End of YEAR (Thousands) | |
CLASS A SHARES(c) | |||||||
2021 | 0.05 | 1.57 | 1.57 | 37.04 | 119.96 | $ 40,287 | |
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 | |
CLASS C SHARES | |||||||
2021 | (0.77) | 2.38 | 2.85 | 35.91 | 119.96 | $ 5,597 | |
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 | |
CLASS I SHARES | |||||||
2021 | 0.53 | 1.09 | 1.21 | 37.72 | 119.96 | $ 302,026 | |
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 |
International Growth Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(d) | |||||||||
2021 | $ 28.37 | (0.09) | 2.37 | 2.28 | — | (0.38) | — | (0.38) | $ 30.27 |
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 |
CLASS C SHARES | |||||||||
2021 | $ 26.06 | (0.31) | 2.18 | 1.87 | — | (0.38) | — | (0.38) | $ 27.55 |
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 |
CLASS I SHARES | |||||||||
2021 | $ 29.27 | (0.01) | 2.44 | 2.43 | — | (0.38) | — | (0.38) | $ 31.32 |
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 |
CLASS R3 SHARES | |||||||||
2021 | $ 28.01 | (0.16) | 2.33 | 2.17 | — | (0.38) | — | (0.38) | $ 29.80 |
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 |
CLASS R4 SHARES | |||||||||
2021 | $ 28.18 | (0.13) | 2.35 | 2.22 | — | (0.38) | — | (0.38) | $ 30.02 |
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 |
CLASS R5 SHARES | |||||||||
2021 | $ 29.35 | (0.01) | 2.45 | 2.44 | — | (0.38) | — | (0.38) | $ 31.41 |
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 |
CLASS R6 SHARES | |||||||||
2021 | $ 29.44 | 0.02 | 2.46 | 2.48 | — | (0.38) | — | (0.38) | $ 31.54 |
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 |
(a) | Net investment income (loss) includes income from foreign withholding tax claims less IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the Net Investment Income (Loss) ratios for 2021 would have been: Class A, (0.37)%; Class C, (1.18)%; Class I, (0.10)%; Class R3, (0.60)%; Class R4, (0.51)%; Class R5, (0.11)%; Class R6, (0.02)%. |
(b) | Net expenses include tax reclaim collection fees that are excluded from the expense limitation agreement. If such expenses and fees had not occurred, the Expenses After Expense Reductions ratios for 2021 would have been: Class A, 1.26%; Class C, 2.07%; Class I, 0.99%; Class R3, 1.50%; Class R4, 1.40%; Class R5, 0.99%; Class R6, 0.89%. |
(c) | Not annualized for periods less than one year. |
(d) | Sales loads are not reflected in computing total return. |
(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) (%)(a) | Expenses, After Expense Reductions (%)(b) | Expenses, Before Expense Reductions (%) | Total Return (%)(c) | Portfolio Turnover Rate (%)(c) | Net Assets at End of YEAR (Thousands) | |
CLASS A SHARES(d) | |||||||
2021 | (0.29) | 1.27 | 1.27 | 8.07 | 34.41 | $ 154,613 | |
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 | |
CLASS C SHARES | |||||||
2021 | (1.10) | 2.07 | 2.07 | 7.21 | 34.41 | $ 27,864 | |
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 | |
CLASS I SHARES | |||||||
2021 | (0.02) | 1.00 | 1.00 | 8.34 | 34.41 | $ 1,584,102 | |
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 | |
CLASS R3 SHARES | |||||||
2021 | (0.52) | 1.51 | 1.89 | 7.78 | 34.41 | $ 7,643 | |
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 | |
CLASS R4 SHARES | |||||||
2021 | (0.42) | 1.41 | 1.63 | 7.91 | 34.41 | $ 9,903 | |
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 | |
CLASS R5 SHARES | |||||||
2021 | (0.02) | 1.00 | 1.27 | 8.35 | 34.41 | $ 36,396 | |
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 | |
CLASS R6 SHARES | |||||||
2021 | 0.06 | 0.90 | 0.96 | 8.46 | 34.41 | $ 107,884 | |
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 |
Developing World Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(d) | |||||||||
2021 | $ 22.92 | — (e) | 4.66 | 4.66 | — | — | — | — | $ 27.58 |
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 |
CLASS C SHARES | |||||||||
2021 | $ 21.71 | (0.21) | 4.43 | 4.22 | — | — | — | — | $ 25.93 |
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 |
CLASS I SHARES | |||||||||
2021 | $ 23.40 | 0.10 | 4.76 | 4.86 | (0.04) | — | — | (0.04) | $ 28.22 |
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 |
CLASS R5 SHARES | |||||||||
2021 | $ 23.33 | 0.10 | 4.73 | 4.83 | (0.04) | — | — | (0.04) | $ 28.12 |
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 |
CLASS R6 SHARES | |||||||||
2021 | $ 23.43 | 0.12 | 4.78 | 4.90 | (0.07) | — | — | (0.07) | $ 28.26 |
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 |
(a) | Net investment income (loss) includes income from foreign withholding tax claims less IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the Net Investment Income (Loss) ratios for 2021 would have been: Class A, (0.02)%; Class C, (0.82)%; Class I, 0.33%; Class R5, 0.34%; Class R6, 0.42%. |
(b) | Net expenses include tax reclaim collection fees that are excluded from the expense limitation agreement. If such expenses and fees had not occurred, the Expenses After Expense Reductions ratios for 2021 would have been: Class A, 1.43%; Class C, 2.19%; Class I, 1.09%; Class R5, 1.09%; Class R6, 0.99%. |
(c) | Not annualized for periods less than one year. |
(d) | Sales loads are not reflected in computing total return. |
(e) | Net investment income (loss) was less than $0.01 per share. |
(f) | The total return based on the NAV which reflects adjustments in accordance with U.S. GAAP is 12.47% for 2020 and 19.44% for 2021. |
+ | 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) (%)(a) | Expenses, After Expense Reductions (%)(b) | Expenses, Before Expense Reductions (%) | Total Return (%)(c) | Portfolio Turnover Rate (%)(c) | Net Assets at End of YEAR (Thousands) | |
CLASS A SHARES(d) | |||||||
2021 | (0.01) | 1.43 | 1.43 | 20.33 | 61.50 | $ 131,471 | |
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 | |
CLASS C SHARES | |||||||
2021 | (0.81) | 2.19 | 2.19 | 19.49 (f) | 61.50 | $ 40,933 | |
2020 | (0.64) | 2.20 | 2.23 | 12.42 (f) | 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 | |
CLASS I SHARES | |||||||
2021 | 0.34 | 1.09 | 1.15 | 20.78 | 61.50 | $ 925,280 | |
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 | |
CLASS R5 SHARES | |||||||
2021 | 0.35 | 1.09 | 1.70 | 20.72 | 61.50 | $ 4,157 | |
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 | |
CLASS R6 SHARES | |||||||
2021 | 0.43 | 0.99 | 1.11 | 20.90 | 61.50 | $ 78,006 | |
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 |
Small/Mid Cap Core Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(d) | |||||||||
2021 | $ 74.81 | (0.05) | 22.84 | 22.79 | — | — | — | — | $ 97.60 |
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 |
CLASS C SHARES | |||||||||
2021 | $ 67.54 | (0.71) | 20.57 | 19.86 | — | — | — | — | $ 87.40 |
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 |
CLASS I SHARES | |||||||||
2021 | $ 77.16 | 0.25 | 23.58 | 23.83 | — | — | — | — | $ 100.99 |
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 |
CLASS R3 SHARES | |||||||||
2021 | $ 74.46 | (0.08) | 22.72 | 22.64 | — | — | — | — | $ 97.10 |
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 |
CLASS R4 SHARES | |||||||||
2021 | $ 75.30 | 0.01 | 22.99 | 23.00 | — | — | — | — | $ 98.30 |
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 |
CLASS R5 SHARES | |||||||||
2021 | $ 77.05 | 0.26 | 23.53 | 23.79 | — | — | — | — | $ 100.84 |
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 |
(a) | Net investment income (loss) includes income from foreign withholding tax claims less IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the Net Investment Income (Loss) ratios for 2021 would have been: Class A, (0.15)%; Class C, (0.95)%; Class I, 0.17%; Class R3, (0.17)%; Class R4, (0.09)%; Class R5, 0.18%. |
(b) | Net expenses include tax reclaim collection fees that are excluded from the expense limitation agreement. If such expenses and fees had not occurred, the Expenses After Expense Reductions ratios for 2021 would have been: Class A, 1.16%; Class C, 1.98%; Class I, 0.84%; Class R3, 1.20%; Class R4, 1.10%; Class R5, 0.84%. |
(c) | Not annualized for periods less than one year. |
(d) | Sales loads are not reflected in computing total return. |
(e) | The Fund modified its strategy in December 2020 and due to the change, the Fund experienced a higher portfolio turnover from higher purchases and sales. |
+ | 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) (%)(a) | Expenses, After Expense Reductions (%)(b) | Expenses, Before Expense Reductions (%) | Total Return (%)(c) | Portfolio Turnover Rate (%)(c) | Net Assets at End of YEAR (Thousands) | |
CLASS A SHARES(d) | |||||||
2021 | (0.06) | 1.18 | 1.33 | 30.46 | 135.80 (e) | $ 454,488 | |
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 | |
CLASS C SHARES | |||||||
2021 | (0.86) | 2.00 | 2.15 | 29.40 | 135.80 (e) | $ 17,364 | |
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 | |
CLASS I SHARES | |||||||
2021 | 0.26 | 0.86 | 1.08 | 30.88 | 135.80 (e) | $ 332,235 | |
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 | |
CLASS R3 SHARES | |||||||
2021 | (0.08) | 1.22 | 1.81 | 30.41 | 135.80 (e) | $ 23,594 | |
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 | |
CLASS R4 SHARES | |||||||
2021 | 0.01 | 1.12 | 1.78 | 30.54 | 135.80 (e) | $ 4,386 | |
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 | |
CLASS R5 SHARES | |||||||
2021 | 0.27 | 0.86 | 1.48 | 30.88 | 135.80 (e) | $ 14,710 | |
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 |
Small/Mid Cap Growth Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2021 | $ 48.17 | (0.51) | 7.33 | 6.82 | — | (3.22) | — | (3.22) | $ 51.77 |
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 |
CLASS C SHARES | |||||||||
2021 | $ 40.53 | (0.75) | 6.11 | 5.36 | — | (3.22) | — | (3.22) | $ 42.67 |
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 |
CLASS I SHARES | |||||||||
2021 | $ 52.36 | (0.38) | 7.99 | 7.61 | — | (3.22) | — | (3.22) | $ 56.75 |
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 |
CLASS R3 SHARES | |||||||||
2021 | $ 47.67 | (0.60) | 7.24 | 6.64 | — | (3.22) | — | (3.22) | $ 51.09 |
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 |
CLASS R4 SHARES | |||||||||
2021 | $ 48.30 | (0.55) | 7.33 | 6.78 | — | (3.22) | — | (3.22) | $ 51.86 |
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 |
CLASS R5 SHARES | |||||||||
2021 | $ 52.30 | (0.38) | 7.98 | 7.60 | — | (3.22) | — | (3.22) | $ 56.68 |
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 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | The Fund modified its strategy in December 2020 and due to the change, the Fund experienced a higher portfolio turnover from higher purchases and sales. |
+ | 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 YEAR (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 | (0.99) | 1.16 | 1.31 | 14.69 | 161.43 (c) | $ 340,545 | |
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 | |
CLASS C SHARES | |||||||
2021 | (1.76) | 1.94 | 2.09 | 13.80 | 161.43 (c) | $ 23,433 | |
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 | |
CLASS I SHARES | |||||||
2021 | (0.67) | 0.84 | 1.04 | 15.04 | 161.43 (c) | $ 274,357 | |
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 | |
CLASS R3 SHARES | |||||||
2021 | (1.17) | 1.35 | 1.79 | 14.45 | 161.43 (c) | $ 26,881 | |
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 | |
CLASS R4 SHARES | |||||||
2021 | (1.07) | 1.25 | 2.17 | 14.56 | 161.43 (c) | $ 2,076 | |
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 | |
CLASS R5 SHARES | |||||||
2021 | (0.67) | 0.84 | 1.31 | 15.04 | 161.43 (c) | $ 22,945 | |
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 |
Thornburg Equity Funds
September 30, 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 9/30/21 | Expenses Paid During Period 4/1/21-9/30/21 | Ending Account Value 9/30/21 | Expenses Paid During Period† 4/1/21-9/30/21 | Annualized Expense Ratio‡ | ||
INCOME BUILDER FUND | ||||||
CLASS A SHARES | $1,023.87 | $ 6.95 | $1,018.20 | $ 6.93 | 1.37% | |
CLASS C SHARES | $1,019.91 | $10.99 | $1,014.19 | $10.96 | 2.17% | |
CLASS I SHARES | $1,025.19 | $ 5.64 | $1,019.50 | $ 5.62 | 1.11% | |
CLASS R3 SHARES | $1,021.95 | $ 8.87 | $1,016.29 | $ 8.85 | 1.75% | |
CLASS R4 SHARES | $1,022.91 | $ 8.37 | $1,016.80 | $ 8.34 | 1.65% | |
CLASS R5 SHARES | $1,025.00 | $ 6.35 | $1,018.80 | $ 6.33 | 1.25% | |
CLASS R6 SHARES | $1,025.97 | $ 5.33 | $1,019.80 | $ 5.32 | 1.05% | |
SUMMIT FUND | ||||||
CLASS I SHARES | $1,053.21 | $ 5.10 | $1,020.10 | $ 5.01 | 0.99% | |
GLOBAL OPPORTUNITIES FUND | ||||||
CLASS A SHARES | $1,036.10 | $ 6.48 | $1,018.70 | $ 6.43 | 1.27% | |
CLASS C SHARES | $1,032.04 | $10.24 | $1,014.99 | $10.15 | 2.01% | |
CLASS I SHARES | $1,037.57 | $ 5.06 | $1,020.10 | $ 5.01 | 0.99% | |
CLASS R3 SHARES | $1,034.65 | $ 7.65 | $1,017.55 | $ 7.59 | 1.50% | |
CLASS R4 SHARES | $1,035.29 | $ 7.14 | $1,018.05 | $ 7.08 | 1.40% | |
CLASS R5 SHARES | $1,037.53 | $ 5.06 | $1,020.10 | $ 5.01 | 0.99% | |
CLASS R6 SHARES | $1,038.23 | $ 4.34 | $1,020.81 | $ 4.31 | 0.85% |
September 30, 2021 (Unaudited)
Actual | Hypothetical * | |||||
Ending Account Value 9/30/21 | Expenses Paid During Period 4/1/21-9/30/21 | Ending Account Value 9/30/21 | Expenses Paid During Period† 4/1/21-9/30/21 | Annualized Expense Ratio‡ | ||
INTERNATIONAL EQUITY FUND | ||||||
CLASS A SHARES | $ 998.96 | $ 9.87 | $1,015.19 | $ 9.95 | 1.97% | |
CLASS C SHARES | $ 996.05 | $12.86 | $1,012.18 | $12.96 | 2.57% | |
CLASS I SHARES | $1,001.00 | $ 7.62 | $1,017.45 | $ 7.69 | 1.52% | |
CLASS R3 SHARES | $ 998.27 | $10.22 | $1,014.84 | $10.30 | 2.04% | |
CLASS R4 SHARES | $ 999.66 | $ 9.22 | $1,015.84 | $ 9.30 | 1.84% | |
CLASS R5 SHARES | $1,000.66 | $ 7.82 | $1,017.25 | $ 7.89 | 1.56% | |
CLASS R6 SHARES | $1,001.68 | $ 6.77 | $1,018.30 | $ 6.83 | 1.35% | |
BETTER WORLD INTERNATIONAL FUND | ||||||
CLASS A SHARES | $1,101.64 | $ 8.06 | $1,017.40 | $ 7.74 | 1.53% | |
CLASS C SHARES | $1,096.77 | $12.51 | $1,013.14 | $12.01 | 2.38% | |
CLASS I SHARES | $1,104.26 | $ 5.75 | $1,019.60 | $ 5.52 | 1.09% | |
INTERNATIONAL GROWTH FUND | ||||||
CLASS A SHARES | $1,002.98 | $ 6.43 | $1,018.65 | $ 6.48 | 1.28% | |
CLASS C SHARES | $ 998.92 | $10.37 | $1,014.69 | $10.45 | 2.07% | |
CLASS I SHARES | $1,004.16 | $ 5.12 | $1,019.95 | $ 5.16 | 1.02% | |
CLASS R3 SHARES | $1,001.67 | $ 7.63 | $1,017.45 | $ 7.69 | 1.52% | |
CLASS R4 SHARES | $1,002.00 | $ 7.13 | $1,017.95 | $ 7.18 | 1.42% | |
CLASS R5 SHARES | $1,004.15 | $ 5.07 | $1,020.00 | $ 5.11 | 1.01% | |
CLASS R6 SHARES | $1,004.77 | $ 4.52 | $1,020.56 | $ 4.56 | 0.90% | |
DEVELOPING WORLD FUND | ||||||
CLASS A SHARES | $ 974.91 | $ 7.13 | $1,017.85 | $ 7.28 | 1.44% | |
CLASS C SHARES | $ 971.53 | $10.77 | $1,014.14 | $11.01 | 2.18% | |
CLASS I SHARES | $ 976.81 | $ 5.40 | $1,019.60 | $ 5.52 | 1.09% | |
CLASS R5 SHARES | $ 976.39 | $ 5.40 | $1,019.60 | $ 5.52 | 1.09% | |
CLASS R6 SHARES | $ 977.18 | $ 4.91 | $1,020.10 | $ 5.01 | 0.99% | |
SMALL/MID CAP CORE FUND | ||||||
CLASS A SHARES | $1,050.82 | $ 6.17 | $1,019.05 | $ 6.07 | 1.20% | |
CLASS C SHARES | $1,046.58 | $10.31 | $1,014.99 | $10.15 | 2.01% | |
CLASS I SHARES | $1,052.41 | $ 4.53 | $1,020.66 | $ 4.46 | 0.88% | |
CLASS R3 SHARES | $1,050.52 | $ 6.37 | $1,018.85 | $ 6.28 | 1.24% | |
CLASS R4 SHARES | $1,051.11 | $ 5.86 | $1,019.35 | $ 5.77 | 1.14% | |
CLASS R5 SHARES | $1,052.38 | $ 4.53 | $1,020.66 | $ 4.46 | 0.88% | |
SMALL/MID CAP GROWTH FUND | ||||||
CLASS A SHARES | $1,052.33 | $ 6.02 | $1,019.20 | $ 5.92 | 1.17% | |
CLASS C SHARES | $1,048.14 | $ 9.96 | $1,015.34 | $ 9.80 | 1.94% | |
CLASS I SHARES | $1,053.85 | $ 4.32 | $1,020.86 | $ 4.26 | 0.84% | |
CLASS R3 SHARES | $1,051.23 | $ 6.94 | $1,018.30 | $ 6.83 | 1.35% | |
CLASS R4 SHARES | $1,051.50 | $ 6.43 | $1,018.80 | $ 6.33 | 1.25% | |
CLASS R5 SHARES | $1,053.72 | $ 4.32 | $1,020.86 | $ 4.26 | 0.84% |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
† | Expenses are equal to the annualized expense ratio for each class multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
‡ | The ratio may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the annualized expense ratio for each Fund for the period from 4/1/2021 to 9/30/2021 would be: |
Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | |
INCOME BUILDER FUND | 1.25% | 2.04% | 0.99% | 1.63% | 1.53% | 1.12% | 0.93% |
INTERNATIONAL EQUITY FUND | 1.70% | 2.34% | 1.31% | 1.82% | 1.61% | 1.34% | 1.13% |
INTERNATIONAL GROWTH FUND | 1.27% | 2.06% | 1.00% | 1.50% | 1.40% | 0.99% | 0.89% |
DEVELOPING WORLD FUND | 1.43% | 2.18% | 1.09% | 1.09% | 0.99% | ||
SMALL/MID CAP CORE FUND | 1.18% | 1.99% | 0.86% | 1.22% | 1.12% | 0.86% |
September 30, 2021 (Unaudited)
TAXABLE ORDINARY | LONG TERM CAPITAL GAIN | |
Income Builder Fund | $539,387,037 | $ — |
Summit Fund | 2,727,215 | 404,336 |
Global Opportunities Fund | 20,681,538 | 53,798,774 |
International Equity Fund | 61,041,295 | 107,049,301 |
Better World International Fund | 467,138 | 1,835,141 |
International Growth Fund | 18,415,108 | 15,694,979 |
Developing World Fund | 1,419,801 | — |
Small/Mid Cap Core Fund | — | 10,008,490 |
Small/Mid Cap Growth Fund | 7,599,747 | 37,224,375 |
QUALIFIED DIVIDEND INCOME | DIVIDENDS RECEIVED DEDUCTION | |
Income Builder Fund | 71.67 % | 15.66 % |
Summit Fund | 8.87 | 4.17 |
Global Opportunities Fund | 62.82 | 21.15 |
International Equity Fund | 75.69 | 4.01 |
Better World International Fund | 61.42 | 1.17 |
International Growth Fund | 85.25 | 6.48 |
Developing World Fund | 99.99 | — |
Small/Mid Cap Growth Fund | 45.44 | 42.07 |
FOREIGN SOURCE INCOME | FOREIGN TAX CREDIT | |
Global Opportunities Fund | $ 24,600,801 | $ 1,112,370 |
Better World International Fund | 3,792,204 | 388,291 |
International Growth Fund | 20,510,858 | 146,542 |
Developing World Fund | 18,902,154 | 7,628,980 |
September 30, 2021 (Unaudited)
September 30, 2021 (Unaudited)
• | Thornburg Investment Income Builder Fund – the Trustees considered that the Fund outperformed its Morningstar category over the three-, five-, and ten-year periods, outperformed both its benchmark index and its Morningstar category over the year-to-date and one-year periods, and outperformed its benchmark index since the Fund’s inception. The Trustees considered that the Fund’s performance has compared favorably to peer funds over most periods and that, consistent with its primary investment objective, the Fund has continued to successfully generate current income for the Fund’s shareholders. The Trustees also considered the recent improvement in the Fund’s investment performance notwithstanding market conditions that have disfavored income-producing stocks. |
• | Thornburg Summit Fund – the Trustees considered that the Fund outperformed its benchmark index and its Morningstar category for all periods since the Fund’s inception, and ranked in the first quartile of a selected peer group of funds for the year-to-date and one-year periods. The Trustees also considered the positive contribution of the Advisor’s security selection to the Fund’s investment performance and the Advisor’s success in achieving the Fund’s investment objective of growing real wealth over time. |
• | Thornburg Global Opportunities Fund – the Trustees considered that the Fund outperformed its benchmark index and its Morningstar category for the year-to-date, one- and ten-year periods, outperformed its benchmark index since the Fund’s inception, and outperformed its Morningstar category over the three- and five-year periods while only narrowly underperforming its benchmark index over those periods. The Trustees considered that the Fund’s investment performance ranked in the first or second quartile of a selected peer group of funds over the year-to-date, one-, three-, five-, and ten-year periods. |
• | Thornburg International Equity Fund – the Trustees considered that the Fund outperformed its benchmark index, its Morningstar category, and another broad-based securities market index for the one-, three-, five-, and ten-year periods, and outperformed its benchmark index and the other broad-based securities market index since the Fund’s inception. The Trustees also considered that the Fund’s investment performance ranked in the first or second quartile of a selected peer group of funds for the one-, three, five, and ten-year periods. |
• | Thornburg Better World International Fund – the Trustees considered that the Fund outperformed its benchmark index and its Morningstar category for the year-to-date, one- and three-year periods, with performance versus the Morningstar category falling in the top percentile in each of those periods, and the Fund has outperformed its benchmark index since the Fund’s inception. The Trustees also |
September 30, 2021 (Unaudited)
• | Thornburg International Growth Fund – the Trustees considered that the Fund outperformed its benchmark index and its Morningstar category for the five- and ten-year periods and outperformed its benchmark index since the Fund’s inception. While the Fund underperformed its benchmark index and its Morningstar category in more recent periods, the Trustees considered that the Fund’s performance was positive in each of those periods. The Trustees also considered that the Fund’s investment performance ranked in the first or second quartile of a selected peer group of funds for the five- and ten-year periods. |
• | Thornburg Developing World Fund – the Trustees considered that the Fund outperformed its benchmark index and its Morningstar category for the one-, three-, five- and ten-year periods, and outperformed its benchmark index since the Fund’s inception. The Trustees also considered that the Fund’s investment performance ranked in the first or second quartile of a selected peer group of funds for the one-, three-, five, and ten-year periods. |
• | Thornburg Small/Mid Cap Core Fund – the Trustees considered that, because of the changes to the Fund’s principal investment strategies which took effect in late 2020, most of the Fund’s prior performance data were not representative of the Fund’s current investment strategies. The Trustees noted that the Fund has outperformed its current and projected new Morningstar category over the one-year period and ranked in the second quartile of a selected group of funds over that period. The Trustees also considered explanations from the Advisor for the Fund’s underperformance compared to its benchmark index and its current and projected new Morningstar category since the Fund changed its principal investment strategies, and steps the Advisor has taken to reposition the Fund’s portfolio and improve its investment performance going forward. |
• | Thornburg Small/Mid Cap Growth Fund – the Trustees considered that, because of the changes to the Fund’s principal investment strategies which took effect in late 2020, most of the Fund’s prior performance data were not representative of the Fund’s current investment strategies. The Trustees also considered explanations from the Advisor for the Fund’s underperformance compared to its benchmark index and its current and projected new Morningstar category since the Fund changed its principal investment strategies, and steps the Advisor has taken to reposition the Fund’s portfolio and improve its investment performance going forward. |
• | Thornburg Investment Income Builder Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was comparable to the median and lower than the average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was lower than the median level for the peer group, and that the total expense level of one representative share class of the Fund was comparable to the total expense levels of other funds in the peer group. |
• | Thornburg Summit Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for the Fund’s one share class was higher than the median and lower than the average levels charged to funds in the applicable Morningstar category. Peer group data showed that the Fund’s advisory fee was lower than the median level for the peer group, and that the Fund’s total expense level, after fee waivers and expense reimbursements, was comparable to the total expense levels of other funds in the peer group. |
• | Thornburg Global Opportunities Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was higher than, but comparable to, the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was higher than the median level for the peer group but within the |
September 30, 2021 (Unaudited)
• | Thornburg International Equity Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was higher than, but comparable to, the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was slightly higher than the median level for the peer group but within the range of advisory fees paid by funds in the peer group, and that the total expense level of one representative share class of the Fund was comparable to the total expense levels of other funds in the peer group. |
• | Thornburg Better World International Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category but within the range of total expenses for that category, and that the level of total expense for a second share class was higher than the median and lower than the average levels for that category. Peer group data showed that the Fund’s advisory fee was higher than the median level for the peer group but within the range of advisory fees paid by funds in the peer group, and that the total expense level of one representative share class, after fee waivers and expense reimbursements, was comparable to the total expense levels of other funds in the peer group. |
• | Thornburg International Growth Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category but within the range of total expenses for that category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was higher than the median level for the peer group but within the range of advisory fees paid by funds in the peer group, and that the total expense level of one representative share class was comparable to the total expense levels of other funds in the peer group. |
• | Thornburg Developing World Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category but within the range of total expenses for that category, and that, after fee waivers and expense reimbursements, the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was equal to the median level for the peer group, and that the total expense level of one representative share class, after fee waivers and expense reimbursements, was lower than the median total expense level of other funds in the peer group. |
• | Thornburg Small/Mid Cap Core Fund – In considering the fees and expenses of the Fund, the Trustees compared the Fund’s fees and expenses to a Morningstar category and a peer group that reflects the Fund’s current investment strategies. Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was comparable to the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was higher than the median level for the peer group but within the range of advisory fees paid by funds in the peer group, and that the total expense level of one representative share class, after fee waivers and expense reimbursements, was lower than the median total expense level of other funds in the peer group. |
• | Thornburg Small/Mid Cap Growth Fund – In considering the fees and expenses of the Fund, the Trustees compared the Fund’s fees and expenses to a Morningstar category and a peer group that reflects the Fund’s current investment strategies. Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category but within the range of total expenses for that category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was higher than the median level for the peer group but within the range of advisory fees paid by funds in the peer group, and that the total expense level of one representative share class, after fee waivers and expense reimbursements, was lower than the median total expense level of other funds in the peer group. |
September 30, 2021 (Unaudited)
September 30, 2021 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 75 Trustee Since 1984, Chairman of Trustees(4) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 66 Trustee since 2001, Vice Chairman of Trustees, Member of Governance & Nominating Committee and Operations Risk Oversight Committee(5) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager, and until 2019 Chief Investment Officer, and, until 2016, CEO and President, of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(3) | ||
Sally Corning, 60 Trustee since 2012, Chair of the Audit Committee and Member of Governance & Nominating Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 72 Trustee since 2004, Member of Audit Committee and Operations Risk Oversight Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 58 Trustee since 2015, Chair of Governance & Nominating Committee and Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 57 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 67 Trustee since 2004, Lead Independent Trustee, Member of Audit Committee and Governance & Nominating Committee | President of Dirks, Van Essen & April, Santa Fe, New Mexico (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 62 Trustee since 1996, Chair of Operations Risk Oversight Committee, Member of Audit Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing and design company). | None |
September 30, 2021 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1) | ||
Nimish Bhatt, 58 Chief Financial Officer since 2019, Treasurer 2016-2019, Secretary 2018-2019(6) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016, and Secretary of Thornburg Securities Corporation since 2018; Interested Trustee for Thornburg Income Builder Opportunities Trust since 2020; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011- 2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 47 President since 2016(6) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Randy Dry, 47 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
John Hackett, 55 Vice President since 2020 | Chief Marketing Officer, Thornburg Investment Management, Inc. (since 2020); Global Head of Product Marketing, Northern Trust Asset Management (2016-2020); Principal and Head of Marketing and Business Development, The Townsend Group (2013-2016). | Not applicable |
Curtis Holloway, 54 Treasurer since 2019(6) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 41 Vice President since 2014 | Head of Investments since 2019, and Portfolio Manager and Managing Director since 2013, of Thornburg Investment Management, Inc.; Interested Trustee for Thornburg Income Builder Opportunities Trust since 2020. | Not applicable |
Jeff Klingelhofer, 40 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, Associate Portfolio Manager from 2012-2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 50, Assistant Treasurer since 2020; Vice President 2017-2020 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014-2017); Vice President, Citi Fund Services, Inc. (2007-2014) | Not applicable |
Natasha Rippel, 39 Secretary since 2021(6) | Director of Fund Operations since 2021, Supervisor of Fund Operations (2017-2021), and Senior Associate of Fund Operations (2015-2017) of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 54 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Trust is organized as a Massachusetts business trust, and currently comprises a complex of 21 separate investment “Funds” or “series.” Thornburg Investment Management, Inc. is the investment advisor to, and manages, the 21 Funds of the Trust. Each Trustee oversees the 21 Funds of the Trust. |
(3) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(4) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc. the investment advisor to the 21 active Funds of the Trust and 1 active closed-end Fund, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares of the Trust. |
(5) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(6) | The Trust’s president, chief financial officer, secretary and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Income Builder Opportunities Trust |
■ | 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 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 | TH4627 |
Thornburg Taxable 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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Schedule of Investments | |
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September 30, 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 | -1.22% | 2.48% | 1.23% | 1.14% | 4.43% |
With sales charge | -3.45% | 1.97% | 0.93% | 0.99% | 4.38% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | -1.65% | 2.11% | 0.89% | 0.83% | 3.34% |
With sales charge | -2.14% | 2.11% | 0.89% | 0.83% | 3.34% |
Class C2 Shares (Incep: 10/1/20) | |||||
Without sales charge | -1.58% | - | - | - | -1.58% |
With sales charge | -2.21% | - | - | - | -2.21% |
Class I Shares (Incep: 7/5/96) | -0.96% | 2.76% | 1.51% | 1.45% | 3.82% |
Class R3 Shares (Incep: 7/1/03) | -1.41% | 2.34% | 1.13% | 1.05% | 2.20% |
Class R4 Shares (Incep: 2/1/14) | -1.34% | 2.34% | 1.13% | - | 1.21% |
Class R5 Shares (Incep: 5/1/12) | -1.02% | 2.70% | 1.46% | - | 1.35% |
Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged ( Since 11/16/87) | -1.33% | 3.98% | 1.99% | 1.81% | 5.17% |
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 | 0.33% | 4.34% | 2.87% | 3.02% | 4.74% |
With sales charge | -1.96% | 3.82% | 2.55% | 2.87% | 4.68% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 0.11% | 4.12% | 2.65% | 2.79% | 4.42% |
With sales charge | -0.38% | 4.12% | 2.65% | 2.79% | 4.42% |
Class C2 Shares (Incep: 10/1/20) | |||||
Without sales charge | -0.17% | - | - | - | -0.17% |
With sales charge | -0.80% | - | - | - | -0.80% |
Class I Shares (Incep: 7/5/96) | 0.53% | 4.64% | 3.17% | 3.36% | 4.92% |
Class R3 Shares (Incep: 7/1/03) | 0.11% | 4.12% | 2.68% | 2.88% | 3.57% |
Class R4 Shares (Incep: 2/1/14) | 0.11% | 4.13% | 2.68% | - | 2.58% |
Class R5 Shares (Incep: 5/1/12) | 0.61% | 4.63% | 3.12% | - | 3.04% |
Class R6 Shares (Incep: 4/10/17) | 0.68% | 4.71% | - | - | 3.70% |
Bloomberg U.S. Aggregate Bond Total Return Index Value USD (Since 10/1/92) | -0.90% | 5.36% | 2.94% | 3.01% | 5.21% |
Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged (Since 10/1/92) | -0.40% | 4.63% | 2.60% | 2.52% | 4.71% |
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 | 0.54% | 2.54% | 1.88% | - | 1.68% |
With sales charge | -1.73% | 2.02% | 1.57% | - | 1.48% |
Class I Shares (Incep: 12/30/13) | 0.74% | 2.75% | 2.08% | - | 1.86% |
ICE BofAML U.S. Treasury Bill Index (Since 12/30/13) | 0.07% | 1.24% | 1.18% | - | 0.81% |
Bloomberg U.S. Aggregate 1-3 Year Total Return Index Value Unhedged USD (Since 12/30/13) | 0.29% | 2.78% | 1.84% | - | 1.60% |
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 | 5.30% | 5.76% | 4.80% | 5.24% | 5.87% |
With sales charge | 0.54% | 4.15% | 3.85% | 4.76% | 5.52% |
Class C Shares (Incep: 12/19/07) | |||||
Without sales charge | 4.49% | 4.98% | 4.04% | 4.58% | 5.22% |
With sales charge | 3.49% | 4.98% | 4.04% | 4.58% | 5.22% |
Class I Shares (Incep: 12/19/07) | 5.74% | 6.16% | 5.19% | 5.62% | 6.23% |
Class R3 Shares (Incep: 5/1/12) | 5.06% | 5.49% | 4.61% | - | 4.62% |
Class R4 Shares (Incep: 2/1/14) | 4.98% | 5.49% | 4.57% | - | 3.99% |
Class R5 Shares (Incep: 5/1/12) | 5.74% | 6.19% | 5.21% | - | 5.09% |
Class R6 Shares (Incep: 4/10/17) | 5.81% | 6.25% | - | - | 5.45% |
Bloomberg U.S. Universal Total Return Index Value Unhedged (Since 12/19/07) | 0.20% | 5.57% | 3.30% | 3.46% | 4.27% |
Thornburg Limited Term U.S. Government Fund | September 30, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 211 |
Effective Duration | 3.1 Yrs |
Average Maturity | 3.8 Yrs |
Annualized Distribution Yield | 1.16% |
SEC Yield | 0.63% |
5% | 5% | 6% | 21% | 26% | 20% | 3% | 0% | 2% | 10% | 1% |
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 | September 30, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 796 |
Effective Duration | 2.8 Yrs |
Average Maturity | 3.4 Yrs |
Annualized Distribution Yield | 1.16% |
SEC Yield | 0.63% |
8% | 14% | 13% | 13% | 14% | 17% | 7% | 3% | 4% | 5% | 2% |
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 | September 30, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 293 |
Effective Duration | 0.6 Yrs |
Average Maturity | 0.8 Yrs |
Annualized Distribution Yield | 1.30% |
SEC Yield | 0.89% |
11% | 60% | 20% | 5% | 3% | 2% |
THORNBURG ULTRA SHORT INCOME FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | TLDAX | 885-216-812 |
Class I | TLDIX | 885-216-796 |
Thornburg Strategic Income Fund | September 30, 2021 (Unaudited)
PORTFOLIO COMPOSITION | |
Corporate/Convertible Bonds | 46.2% |
Asset Backed Securities | 24.0% |
Bank Loans | 4.5% |
Common & Preferred Stock | 0.8% |
U.S. Treasury Securities | 1.5% |
U.S. Government Agencies | 0.1% |
Other Fixed Income | 13.3% |
Other Assets Less Liabilities | 9.6% |
Annualized Distribution Yield | 3.05% |
SEC Yield | 1.65% |
TOP TEN INDUSTRY GROUPS | |
Diversified Financials | 7.2% |
Software & Services | 4.8% |
Energy | 4.2% |
Utilities | 4.1% |
Insurance | 3.0% |
Food, Beverage & Tobacco | 3.0% |
Materials | 3.0% |
Telecommunication Services | 2.7% |
Capital Goods | 2.1% |
Technology Hardware & Equipment | 2.1% |
THORNBURG STRATEGIC INCOME FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | TSIAX | 885-215-228 |
Class C | TSICX | 885-215-210 |
Class I | TSIIX | 885-215-194 |
Class R3 | TSIRX | 885-216-887 |
Class R4 | TSRIX | 885-216-754 |
Class R5 | TSRRX | 885-216-879 |
Class R6 | TSRSX | 885-216-648 |
Thornburg Limited Term U.S. Government Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
U.S. Treasury Securities — 13.2% | |||
United States Treasury Notes, | |||
0.125% due 12/15/2023 | $ 5,100,000 | $ 5,076,891 | |
0.625% due 5/15/2030 | 14,000,000 | 13,072,500 | |
1.50% due 10/31/2024 - 2/15/2030 | 10,885,000 | 11,062,352 | |
United States Treasury Notes Inflationary Index, | |||
0.125% due 1/15/2030 - 7/15/2030 | 12,424,689 | 13,668,557 | |
0.25% due 7/15/2029 | 1,344,559 | 1,496,016 | |
Total U.S. Treasury Securities (Cost $44,875,806) | 44,376,316 | ||
U.S. Government Agencies — 7.4% | |||
a | Durrah MSN 35603 (Guaranty: Export-Import Bank of the United States), 1.684% due 1/22/2025 | 450,148 | 457,549 |
HNA Group LLC (Guaranty: Export-Import Bank of the United States), Series 2015, 2.291% due 6/30/2027 | 1,567,473 | 1,633,935 | |
a | MSN 41079 and 41084 Ltd. (Guaranty: Export-Import Bank of the United States), 1.717% due 7/13/2024 | 425,676 | 432,349 |
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a,b | 0.476% (LIBOR 3 Month + 0.35%) due 4/15/2025 | 1,312,500 | 1,300,727 |
a | 1.70% due 12/20/2022 | 783,750 | 778,820 |
a | 2.46% due 12/15/2025 | 1,125,000 | 1,166,636 |
Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), | |||
a | 2.06% due 1/15/2026 | 1,575,000 | 1,604,752 |
a,c | 2.512% due 1/15/2026 | 2,373,750 | 2,397,274 |
Small Business Administration Participation Certificates, | |||
Series 2002-20A Class 1, 6.14% due 1/1/2022 | 10,955 | 11,054 | |
Series 2002-20K Class 1, 5.08% due 11/1/2022 | 32,179 | 32,726 | |
Series 2005-20H Class 1, 5.11% due 8/1/2025 | 53,000 | 56,314 | |
Series 2007-20D Class 1, 5.32% due 4/1/2027 | 152,016 | 165,228 | |
Series 2007-20F Class 1, 5.71% due 6/1/2027 | 88,338 | 96,647 | |
Series 2007-20I Class 1, 5.56% due 9/1/2027 | 264,945 | 290,762 | |
Series 2007-20K Class 1, 5.51% due 11/1/2027 | 217,627 | 238,075 | |
Series 2008-20G Class 1, 5.87% due 7/1/2028 | 512,935 | 568,984 | |
Series 2011-20G Class 1, 3.74% due 7/1/2031 | 741,649 | 793,249 | |
Series 2011-20K Class 1, 2.87% due 11/1/2031 | 1,153,054 | 1,203,351 | |
Series 2014-20H Class 1, 2.88% due 8/1/2034 | 667,075 | 698,737 | |
Series 2015-20B Class 1, 2.46% due 2/1/2035 | 602,541 | 623,798 | |
Series 2015-20G Class 1, 2.88% due 7/1/2035 | 1,228,067 | 1,289,694 | |
Series 2015-20I Class 1, 2.82% due 9/1/2035 | 1,228,755 | 1,290,982 | |
Series 2017-20I Class 1, 2.59% due 9/1/2037 | 2,486,627 | 2,606,677 | |
Series 2017-20K Class 1, 2.79% due 11/1/2037 | 1,230,584 | 1,297,523 | |
Thirax 1 LLC (Guaranty: Export-Import Bank of the United States), 0.968% due 1/14/2033 | 1,441,680 | 1,329,561 | |
Ulani MSN 35940 LLC (Guaranty: Export-Import Bank of the United States), 2.227% due 5/16/2025 | 1,562,500 | 1,550,110 | |
a,b | Washington Aircraft 2 Co DAC (Guaranty: Export-Import Bank of the United States), 0.562% (LIBOR 3 Month + 0.43%) due 6/26/2024 | 1,067,624 | 1,066,065 |
Total U.S. Government Agencies (Cost $24,439,963) | 24,981,579 | ||
Mortgage Backed — 70.8% | |||
b,d,e | FARM Mortgage Trust, 2.18% due 1/25/2051 | 5,000,000 | 4,977,442 |
Federal Home Loan Mtg Corp., | |||
Pool D98887, 3.50% due 1/1/2032 | 297,915 | 319,789 | |
Pool E09025, 2.50% due 3/1/2028 | 70,816 | 73,841 | |
Pool G13804, 5.00% due 3/1/2025 | 77,393 | 81,417 | |
Pool G15227, 3.50% due 12/1/2029 | 1,139,685 | 1,223,482 | |
Pool G16710, 3.00% due 11/1/2030 | 1,677,989 | 1,772,360 | |
Pool G18435, 2.50% due 5/1/2027 | 711,329 | 741,362 | |
Pool J11371, 4.50% due 12/1/2024 | 78,435 | 81,880 | |
Pool J21208, 2.50% due 11/1/2027 | 1,349,841 | 1,406,831 | |
Pool J37586, 3.50% due 9/1/2032 | 241,304 | 261,179 | |
Pool T61943, 3.50% due 8/1/2045 | 157,733 | 167,206 | |
Pool T65457, 3.00% due 1/1/2048 | 801,667 | 834,572 | |
Federal Home Loan Mtg Corp., CMO REMIC, | |||
Series 1351 Class TE, 7.00% due 8/15/2022 | 7,493 | 7,630 | |
Series 3291 Class BY, 4.50% due 3/15/2022 | 1,591 | 1,598 | |
Series 3704 Class DC, 4.00% due 11/15/2036 | 121,508 | 124,639 | |
Series 3867 Class VA, 4.50% due 3/15/2024 | 677,460 | 696,582 |
14 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Series 3922 Class PQ, 2.00% due 4/15/2041 | $ 187,490 | $ 190,822 | |
Series 4050 Class MV, 3.50% due 8/15/2023 | 696,600 | 709,175 | |
b | Series 4105 Class FG, 0.484% (LIBOR 1 Month + 0.40%) due 9/15/2042 | 711,246 | 715,635 |
Series 4120 Class TC, 1.50% due 10/15/2027 | 742,847 | 751,388 | |
Series 4120 Class UE, 2.00% due 10/15/2027 | 843,491 | 864,275 | |
Federal Home Loan Mtg Corp., Multi-Family Structured Pass Through CMBS, | |||
Series K035 Class A1, 2.615% due 3/25/2023 | 395,014 | 398,135 | |
b | Series K035 Class A2, 3.458% due 8/25/2023 | 3,000,000 | 3,147,005 |
Series K037 Class A1, 2.592% due 4/25/2023 | 455,535 | 462,886 | |
Series K038 Class A1, 2.604% due 10/25/2023 | 1,058,758 | 1,074,092 | |
Series K042 Class A1, 2.267% due 6/25/2024 | 1,629,816 | 1,664,545 | |
b | Series K047 Class A2, 3.329% due 5/25/2025 | 1,250,000 | 1,350,814 |
b | Series K061 Class A2, 3.347% due 11/25/2026 | 290,000 | 319,494 |
b | Series K069 Class A2, 3.187% due 9/25/2027 | 180,000 | 198,393 |
Series K072 Class A2, 3.444% due 12/25/2027 | 120,000 | 134,239 | |
Series K095 Class A2, 2.785% due 6/25/2029 | 577,000 | 625,667 | |
Series K718 Class A2, 2.791% due 1/25/2022 | 1,113,737 | 1,117,573 | |
Series K729 Class A2, 3.136% due 10/25/2024 | 3,500,000 | 3,715,823 | |
Series K730 Class A1, 3.452% due 9/25/2024 | 44,138 | 45,382 | |
b | Series K730 Class A2, 3.59% due 1/25/2025 | 190,000 | 204,297 |
b | Series KF15 Class A, 0.753% (LIBOR 1 Month + 0.67%) due 2/25/2023 | 233,164 | 233,042 |
Series KS03 Class A2, 2.79% due 6/25/2022 | 2,500,000 | 2,526,389 | |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, | |||
b | Series 2017-3 Class HA, 3.25% due 7/25/2056 | 1,272,918 | 1,330,046 |
b | Series 2017-4 Class HT, 3.25% due 6/25/2057 | 3,503,876 | 3,761,832 |
Series 2017-4 Class MT, 3.50% due 6/25/2057 | 794,664 | 847,305 | |
b | Series 2018-1 Class HA, 3.00% due 5/25/2057 | 1,678,998 | 1,751,213 |
b | Series 2018-2 Class HA, 3.00% due 11/25/2057 | 964,097 | 1,003,689 |
Series 2018-3 Class HA, 3.00% due 8/25/2057 | 1,205,081 | 1,254,107 | |
b | Series 2018-3 Class MA, 3.50% due 8/25/2057 | 1,514,107 | 1,585,448 |
Series 2018-4 Class HA, 3.00% due 3/25/2058 | 1,460,520 | 1,522,537 | |
Series 2018-4 Class MA, 3.50% due 3/25/2058 | 1,126,435 | 1,180,462 | |
Series 2019-1 Class MA, 3.50% due 7/25/2058 | 3,225,530 | 3,382,613 | |
Series 2019-2 Class MA, 3.50% due 8/25/2058 | 2,721,356 | 2,856,868 | |
Series 2019-3 Class MA, 3.50% due 10/25/2058 | 1,180,765 | 1,238,273 | |
Series 2019-4 Class MA, 3.00% due 2/25/2059 | 1,567,957 | 1,632,755 | |
Series 2020-1 Class MA, 2.50% due 8/25/2059 | 2,481,607 | 2,553,966 | |
Series 2020-2 Class A1D, 1.75% due 9/25/2030 | 2,875,426 | 2,910,058 | |
Series 2020-2 Class MA, 2.00% due 11/25/2059 | 2,452,552 | 2,493,657 | |
Series 2020-3 Class MA, 2.00% due 5/25/2060 | 767,312 | 775,591 | |
Series 2020-3 Class MT, 2.00% due 5/25/2060 | 825,484 | 829,235 | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool QN2792, 2.00% due 7/1/2035 | 4,410,899 | 4,542,636 | |
Pool RC1280, 3.00% due 3/1/2035 | 798,807 | 851,866 | |
Pool RC1535, 2.00% due 8/1/2035 | 2,684,589 | 2,765,721 | |
Pool RC1826, 2.00% due 2/1/2036 | 1,844,630 | 1,900,377 | |
Pool RD5043, 2.00% due 12/1/2030 | 3,069,430 | 3,167,695 | |
Pool SB0464, 2.50% due 1/1/2036 | 6,248,549 | 6,596,463 | |
Pool SB8010, 2.50% due 10/1/2034 | 932,090 | 971,586 | |
Pool SB8030, 2.00% due 12/1/2034 | 1,318,845 | 1,358,656 | |
Pool SB8068, 1.50% due 10/1/2035 | 3,381,488 | 3,417,255 | |
Pool SB8083, 1.50% due 1/1/2036 | 1,469,673 | 1,485,218 | |
Pool SB8106, 1.50% due 6/1/2036 | 2,903,693 | 2,933,587 | |
Pool SB8111, 2.00% due 7/1/2036 | 4,138,309 | 4,263,822 | |
Pool ZS4730, 3.50% due 8/1/2047 | 1,259,518 | 1,340,073 | |
Pool ZS7299, 3.00% due 10/1/2030 | 875,874 | 930,176 | |
Pool ZS7942, 3.00% due 2/1/2033 | 2,818,843 | 3,009,119 | |
Pool ZS8034, 3.00% due 6/1/2033 | 2,078,324 | 2,223,488 | |
Pool ZT1958, 3.00% due 5/1/2034 | 3,814,018 | 4,080,414 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
Series 2015-SC02 Class 2A, 3.50% due 9/25/2045 | 309,224 | 317,435 | |
Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | 373,815 | 383,757 | |
Series 2016-SC02 Class 2A, 3.50% due 10/25/2046 | 275,325 | 282,335 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 15 |
Thornburg Limited Term U.S. Government Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | $ 560,668 | $ 564,097 | |
Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | 479,651 | 484,328 | |
Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | 251,082 | 257,622 | |
Federal National Mtg Assoc., | |||
b | Pool 895572, 2.195% (LIBOR 12 Month + 1.82%) due 6/1/2036 | 88,431 | 92,442 |
Pool BF0130, 3.50% due 8/1/2056 | 448,305 | 489,188 | |
Pool BF0144, 3.50% due 10/1/2056 | 627,104 | 691,597 | |
Pool MA1582, 3.50% due 9/1/2043 | 1,994,294 | 2,161,389 | |
Federal National Mtg Assoc., CMBS, | |||
b | Series 2015-SB5 Class A10, 3.15% due 9/25/2035 | 390,397 | 397,986 |
b | Series 2018-SB47 Class A5H, 2.92% due 1/25/2038 | 1,022,809 | 1,049,444 |
Federal National Mtg Assoc., CMO REMIC, | |||
Series 1993-32 Class H, 6.00% due 3/25/2023 | 1,934 | 1,989 | |
b | Series 2009-17 Class AH, 0.594% due 3/25/2039 | 253,155 | 235,953 |
Series 2009-52 Class AJ, 4.00% due 7/25/2024 | 682 | 694 | |
Series 2011-70 Class CA, 3.00% due 8/25/2026 | 1,057,891 | 1,095,163 | |
b | Series 2013-81 Class FW, 0.386% (LIBOR 1 Month + 0.30%) due 1/25/2043 | 1,291,203 | 1,293,553 |
b | Series 2013-92 Class FA, 0.636% (LIBOR 1 Month + 0.55%) due 9/25/2043 | 913,337 | 924,503 |
Federal National Mtg Assoc., Grantor Trust, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 995,498 | 1,068,942 | |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool 252648, 6.50% due 5/1/2022 | 1,491 | 1,491 | |
Pool AE0704, 4.00% due 1/1/2026 | 664,752 | 707,330 | |
Pool AJ1752, 3.50% due 9/1/2026 | 645,796 | 689,583 | |
Pool AK6768, 3.00% due 3/1/2027 | 780,758 | 821,989 | |
Pool AL6582, 3.50% due 4/1/2030 | 719,850 | 772,696 | |
Pool AL7801, 2.50% due 11/1/2030 | 2,418,219 | 2,532,893 | |
Pool AL9445, 3.00% due 7/1/2031 | 19,271 | 20,461 | |
Pool AL9821, 2.50% due 1/1/2032 | 2,695,724 | 2,829,069 | |
Pool AS4916, 3.00% due 5/1/2030 | 1,317,700 | 1,391,393 | |
Pool AS9733, 4.00% due 6/1/2047 | 1,361,545 | 1,510,209 | |
Pool AS9749, 4.00% due 6/1/2047 | 556,318 | 599,416 | |
Pool AU2669, 2.50% due 10/1/2028 | 796,871 | 832,928 | |
Pool AZ3778, 3.00% due 4/1/2030 | 1,887,755 | 1,993,250 | |
Pool BM4153, 3.00% due 6/1/2033 | 1,928,329 | 2,045,618 | |
Pool BM4864, 3.50% due 5/1/2033 | 1,203,865 | 1,291,974 | |
Pool BM5490, 3.50% due 11/1/2031 | 1,354,617 | 1,445,651 | |
Pool BP8943, 2.00% due 7/1/2035 | 1,030,755 | 1,061,536 | |
Pool BP9589, 2.50% due 8/1/2035 | 2,961,659 | 3,115,799 | |
Pool CA0200, 3.00% due 8/1/2032 | 1,287,171 | 1,373,868 | |
Pool CA0942, 2.50% due 12/1/2032 | 1,129,789 | 1,186,985 | |
Pool CA3904, 3.00% due 7/1/2034 | 2,956,697 | 3,171,045 | |
Pool CA4102, 3.50% due 8/1/2029 | 997,031 | 1,079,748 | |
Pool CA5271, 2.50% due 3/1/2035 | 1,486,787 | 1,567,258 | |
Pool CA5282, 3.00% due 3/1/2035 | 3,308,468 | 3,548,318 | |
Pool CA6862, 2.00% due 9/1/2035 | 1,743,235 | 1,809,565 | |
Pool CA7128, 2.00% due 9/1/2030 | 4,082,332 | 4,225,796 | |
Pool CA7470, 2.00% due 10/1/2035 | 3,076,650 | 3,193,718 | |
Pool CA7535, 1.50% due 10/1/2030 | 3,680,971 | 3,756,932 | |
Pool CA7891, 1.50% due 11/1/2035 | 1,786,402 | 1,812,516 | |
Pool FM1126, 3.00% due 3/1/2033 | 1,947,891 | 2,060,953 | |
Pool FM1523, 2.50% due 8/1/2029 | 1,326,436 | 1,383,929 | |
Pool FM2831, 2.50% due 5/1/2032 | 2,076,103 | 2,176,689 | |
Pool FM3494, 2.50% due 4/1/2048 | 1,569,399 | 1,629,436 | |
Pool FM4948, 1.50% due 12/1/2035 | 1,020,654 | 1,032,247 | |
Pool FM5458, 1.50% due 12/1/2035 | 1,561,959 | 1,580,892 | |
Pool FM8523, 2.00% due 8/1/2036 | 1,687,810 | 1,741,397 | |
e | Pool FM8858, 2.00% due 9/1/2036 | 1,500,000 | 1,550,503 |
Pool MA2353, 3.00% due 8/1/2035 | 941,750 | 997,368 | |
Pool MA2480, 4.00% due 12/1/2035 | 995,784 | 1,085,414 | |
Pool MA3465, 4.00% due 9/1/2038 | 585,990 | 635,015 | |
Pool MA3557, 4.00% due 1/1/2029 | 903,669 | 958,429 | |
Pool MA3681, 3.00% due 6/1/2034 | 565,596 | 595,152 | |
Pool MA3826, 3.00% due 11/1/2029 | 1,338,634 | 1,414,387 |
16 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Pool MA3896, 2.50% due 1/1/2035 | $ 149,707 | $ 156,047 | |
Pool MA3953, 2.50% due 3/1/2030 | 691,197 | 721,266 | |
Pool MA4012, 2.00% due 5/1/2035 | 2,377,871 | 2,448,879 | |
Pool MA4016, 2.50% due 5/1/2040 | 1,512,322 | 1,564,632 | |
Pool MA4042, 2.00% due 6/1/2035 | 3,057,574 | 3,148,880 | |
Pool MA4045, 2.00% due 6/1/2040 | 2,674,754 | 2,730,730 | |
Pool MA4095, 2.00% due 8/1/2035 | 2,232,365 | 2,299,028 | |
Pool MA4123, 2.00% due 9/1/2035 | 2,921,328 | 3,008,564 | |
Pool MA4148, 2.00% due 10/1/2030 | 757,758 | 782,013 | |
Pool MA4154, 1.50% due 10/1/2035 | 1,344,557 | 1,358,764 | |
Pool MA4155, 2.00% due 10/1/2035 | 1,251,137 | 1,288,498 | |
Pool MA4173, 2.00% due 11/1/2030 | 802,480 | 828,181 | |
Pool MA4178, 1.50% due 11/1/2035 | 1,705,261 | 1,723,280 | |
Pool MA4260, 1.50% due 2/1/2036 | 4,062,547 | 4,105,474 | |
Pool MA4279, 2.00% due 3/1/2036 | 1,472,869 | 1,517,522 | |
Pool MA4309, 2.00% due 4/1/2031 | 1,934,298 | 1,996,860 | |
Pool MA4390, 2.00% due 7/1/2031 | 4,825,768 | 4,981,850 | |
Government National Mtg Assoc., | |||
b | Pool 751392, 5.00% due 2/20/2061 | 1,322,746 | 1,369,892 |
b | Pool 894205, 2.25% (H15T1Y + 1.50%) due 8/20/2039 | 306,027 | 315,190 |
b | Pool MA0100, 1.875% (H15T1Y + 1.50%) due 5/20/2042 | 227,895 | 238,245 |
Pool MA0907, 2.00% due 4/20/2028 | 887,760 | 914,618 | |
Government National Mtg Assoc., CMO, | |||
Series 2016-32 Class LJ, 2.50% due 12/20/2040 | 1,153,672 | 1,175,037 | |
Series 2017-186 Class VA, 3.00% due 2/20/2031 | 2,280,773 | 2,381,407 | |
Mortgage-Linked Amortizing Notes, CMO, Series 2012-1 Class A10, 2.06% due 1/15/2022 | 248,166 | 249,316 | |
Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 2,875,426 | 2,927,765 | |
Total Mortgage Backed (Cost $234,839,264) | 237,223,889 | ||
Corporate Bonds — 2.0% | |||
Telecommunication Services — 1.1% | |||
Wireless Telecommunication Services — 1.1% | |||
c | Sprint Communications, Inc., 9.25% due 4/15/2022 | 3,500,000 | 3,652,250 |
3,652,250 | |||
Utilities — 0.9% | |||
Electric Utilities — 0.9% | |||
c,d | Caledonia Generating LLC, 1.95% due 2/28/2034 | 2,937,395 | 2,909,696 |
2,909,696 | |||
Total Corporate Bonds (Cost $6,551,088) | 6,561,946 | ||
Short-Term Investments — 8.4% | |||
f | State Street Institutional Treasury Money Market Fund Premier Class, 0.01% | 3,964,051 | 3,964,051 |
United States Treasury Bill | |||
0.038% due 11/16/2021 | 1,000,000 | 999,952 | |
0.039% due 10/12/2021 | 2,000,000 | 1,999,977 | |
0.043% due 11/9/2021 | 1,000,000 | 999,954 | |
0.043% due 11/12/2021 | 1,000,000 | 999,950 | |
0.047% due 10/14/2021 | 2,000,000 | 1,999,967 | |
0.048% due 10/21/2021 | 2,000,000 | 1,999,947 | |
0.048% due 10/26/2021 | 1,000,000 | 999,967 | |
0.05% due 11/2/2021 | 2,000,000 | 1,999,909 | |
0.051% due 10/26/2021 | 1,000,000 | 999,965 | |
0.051% due 10/28/2021 | 1,000,000 | 999,962 | |
0.052% due 10/28/2021 | 1,000,000 | 999,961 | |
0.053% due 11/4/2021 | 1,000,000 | 999,951 | |
0.066% due 11/2/2021 | 1,000,000 | 999,942 | |
0.076% due 10/19/2021 | 2,000,000 | 1,999,960 | |
United States Treasury Note | |||
1.50% due 10/31/2021 | 1,000,000 | 1,001,103 | |
2.00% due 10/31/2021 | 1,000,000 | 1,001,550 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 17 |
Thornburg Limited Term U.S. Government Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
2.875% due 10/15/2021 | $ 2,000,000 | $ 2,002,066 | |
8.00% due 11/15/2021 | 1,000,000 | 1,009,706 | |
Total Short-Term Investments (Cost $27,977,840) | 27,977,840 | ||
Total Investments — 101.8% (Cost $338,683,961) | $341,121,570 | ||
Liabilities Net of Other Assets — (1.8)% | (5,928,493) | ||
Net Assets — 100.0% | $335,193,077 |
Footnote Legend | |
a | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
b | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2021. |
c | Segregated as collateral for a when-issued security. |
d | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $7,887,138, representing 2.35% of the Fund’s net assets. |
e | When-issued security. |
f | Rate represents the money market fund annualized seven-day yield at September 30, 2021. |
To simplify the listings of securities, abbreviations are used per the table below:
CMBS | Commercial Mortgage-Backed Securities |
CMO | Collateralized Mortgage Obligation |
H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year |
LIBOR | London Interbank Offered Rates |
Mtg | Mortgage |
REMIC | Real Estate Mortgage Investment Conduit |
UMBS | Uniform Mortgage Backed Securities |
18 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Thornburg Limited Term Income Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
U.S. Treasury Securities — 6.0% | |||
United States Treasury Notes, | |||
0.625% due 5/15/2030 | $ 5,350,000 | $ 4,995,562 | |
1.50% due 10/31/2024 | 88,520,000 | 91,120,275 | |
1.625% due 2/15/2026 - 8/15/2029 | 174,250,000 | 178,231,985 | |
1.75% due 11/15/2029 | 62,136,000 | 63,873,866 | |
2.00% due 8/15/2025 | 30,000,000 | 31,420,312 | |
2.25% due 11/15/2025 - 8/15/2027 | 31,662,000 | 33,573,178 | |
2.625% due 2/15/2029 | 17,058,000 | 18,603,881 | |
United States Treasury Notes Inflationary Index, | |||
0.25% due 1/15/2025 - 7/15/2029 | 51,695,931 | 57,276,359 | |
0.375% due 7/15/2027 | 70,165,277 | 78,061,932 | |
0.875% due 1/15/2029 | 57,792,410 | 66,791,240 | |
Total U.S. Treasury Securities (Cost $587,360,637) | 623,948,590 | ||
U.S. Government Agencies — 0.5% | |||
ALEX Alpha LLC (Guaranty: Export-Import Bank of the United States), 1.617% due 8/15/2024 | 1,304,347 | 1,322,772 | |
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a,b | 0.476% (LIBOR 3 Month + 0.35%) due 4/15/2025 | 3,885,000 | 3,850,151 |
b | 1.70% due 12/20/2022 | 1,560,000 | 1,550,188 |
Private Export Funding Corp. (Guaranty: Export-Import Bank of the United States), Series KK, 3.55% due 1/15/2024 | 10,000,000 | 10,670,700 | |
Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), | |||
b | 2.06% due 1/15/2026 | 675,000 | 687,751 |
b | 2.512% due 1/15/2026 | 2,925,000 | 2,953,987 |
Santa Rosa Leasing LLC (Guaranty: Export-Import Bank of the United States), 1.693% due 8/15/2024 | 1,553,826 | 1,561,176 | |
Small Business Administration Participation Certificates, | |||
Series 2001-20J Class 1, 5.76% due 10/1/2021 | 6,971 | 6,971 | |
Series 2008-20D Class 1, 5.37% due 4/1/2028 | 554,967 | 603,861 | |
Series 2009-20E Class 1, 4.43% due 5/1/2029 | 334,618 | 361,199 | |
Series 2009-20K Class 1, 4.09% due 11/1/2029 | 2,462,863 | 2,640,634 | |
Series 2011-20E Class 1, 3.79% due 5/1/2031 | 2,997,488 | 3,202,887 | |
Series 2011-20F Class 1, 3.67% due 6/1/2031 | 490,563 | 523,010 | |
Series 2011-20G Class 1, 3.74% due 7/1/2031 | 2,966,597 | 3,172,998 | |
Series 2011-20I Class 1, 2.85% due 9/1/2031 | 4,661,431 | 4,863,059 | |
Series 2011-20K Class 1, 2.87% due 11/1/2031 | 4,488,264 | 4,684,043 | |
Series 2012-20D Class 1, 2.67% due 4/1/2032 | 4,085,635 | 4,277,853 | |
Series 2012-20J Class 1, 2.18% due 10/1/2032 | 3,385,942 | 3,477,235 | |
Series 2012-20K Class 1, 2.09% due 11/1/2032 | 2,182,143 | 2,237,555 | |
a,c | U.S. Department of Transportation, 6.001% due 12/7/2031 | 3,000,000 | 3,029,550 |
Total U.S. Government Agencies (Cost $54,548,765) | 55,677,580 | ||
Other Government — 0.3% | |||
b,c | Bermuda Government International Bond, 2.375% due 8/20/2030 | 6,800,000 | 6,751,924 |
Carpintero Finance Ltd. (Guaranty: Export Credits Guarantee Department), | |||
b,c | 2.004% due 9/18/2024 | 3,148,524 | 3,205,387 |
b,c | 2.581% due 11/11/2024 | 3,303,610 | 3,404,759 |
b,c | Khadrawy Ltd. (Guaranty: Export Credits Guarantee Department), 2.471% due 3/31/2025 | 2,294,535 | 2,352,977 |
Sharjah Sukuk Program Ltd., | |||
b | 2.942% due 6/10/2027 | 5,000,000 | 5,062,700 |
b | 3.234% due 10/23/2029 | 4,800,000 | 4,845,936 |
b | 4.226% due 3/14/2028 | 2,000,000 | 2,156,540 |
Total Other Government (Cost $27,679,420) | 27,780,223 | ||
Mortgage Backed — 25.4% | |||
a,c | Angel Oak Mortgage Trust LLC, Whole Loan Securities Trust CMO, Series 2020-2 Class A3, 5.00% due 1/26/2065 | 11,183,770 | 11,550,240 |
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2019-1 Class A1, 3.805% due 1/25/2049 | 8,544,481 | 8,639,784 |
a,c | Series 2019-1 Class A3, 4.055% due 1/25/2049 | 4,467,773 | 4,513,688 |
a,c | Series 2019-2 Class A1, 3.347% due 4/25/2049 | 4,214,687 | 4,266,050 |
a,c | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 9,306,556 | 9,443,572 |
c | Series 2020-1 Class A2, 2.927% due 3/25/2055 | 6,518,000 | 6,732,602 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 19 |
Thornburg Limited Term Income Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
c | Series 2020-1 Class A3, 3.328% due 3/25/2055 | $ 4,500,000 | $ 4,641,613 |
c | Series 2020-1 Class M1, 4.277% due 3/25/2055 | 3,189,000 | 3,243,667 |
a,c | Series 2021-1R Class A1, 1.175% due 10/25/2048 | 16,009,089 | 16,020,778 |
Bank, CMBS, Series 2017-BNK5 Class A2, 2.987% due 6/15/2060 | 175,000 | 177,158 | |
a,c | Bayview Commercial Asset Trust, CMBS, Series 2004-3 Class A2, 0.716% (LIBOR 1 Month + 0.63%) due 1/25/2035 | 1,023,839 | 1,019,101 |
c | Bravo Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 2,537,324 | 2,588,493 |
a,c | Bunker Hill Loan Depositary Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A3, 3.253% due 2/25/2055 | 3,285,000 | 3,394,748 |
c | CFMT Issuer Trust, Whole Loan Securities Trust CMO, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | 10,703,994 | 10,681,039 |
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 | 3,142,546 |
a,c | Series 2016-SH2 Class M3, 3.75% due 12/25/2045 | 3,177,727 | 3,272,713 |
a,c | CIM Trust, Whole Loan Securities Trust CMO, Series 18-INV1 Class A4, 4.00% due 8/25/2048 | 1,705,347 | 1,731,716 |
Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
a | Series 2004-HYB2 Class B1, 2.467% due 3/25/2034 | 67,834 | 67,834 |
a,c | Series 2014-A Class A, 4.00% due 1/25/2035 | 752,328 | 775,249 |
a,c | Series 2014-J1 Class B4, 3.654% due 6/25/2044 | 1,489,969 | 1,536,587 |
a,c | Series 2021-J2 Class A7A, 2.50% due 7/25/2051 | 29,028,872 | 29,558,946 |
COMM Mortgage Trust, CMBS, Series 2015-DC1 Class A4, 3.078% due 2/10/2048 | 19,800,000 | 20,481,896 | |
CSMC Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2013-HYB1 Class B3, 2.941% due 4/25/2043 | 2,826,562 | 2,929,541 |
a,c | Series 2021-AFC1 Class-A1, 0.83% due 3/25/2056 | 13,882,625 | 13,839,047 |
a,c | Series 2021-NQM3 Class A1, 1.015% due 4/25/2066 | 19,572,467 | 19,508,288 |
a,c | Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 0.715% due 5/25/2065 | 9,405,790 | 9,433,995 |
Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2019-2 Class A1, 2.739% due 11/25/2059 | 7,962,487 | 8,061,730 |
a,c | Series 2021-2 Class A1, 0.931% due 6/25/2066 | 16,406,773 | 16,435,918 |
Federal Home Loan Mtg Corp., | |||
Pool D98887, 3.50% due 1/1/2032 | 997,271 | 1,070,493 | |
Pool G16710, 3.00% due 11/1/2030 | 455,137 | 480,734 | |
Pool J17504, 3.00% due 12/1/2026 | 495,137 | 522,098 | |
Pool T65457, 3.00% due 1/1/2048 | 7,197,829 | 7,493,264 | |
Federal Home Loan Mtg Corp., CMO REMIC, | |||
Series 3195 Class PD, 6.50% due 7/15/2036 | 342,986 | 394,693 | |
Series 3291 Class BY, 4.50% due 3/15/2022 | 2,121 | 2,130 | |
Series 3504 Class PC, 4.00% due 1/15/2039 | 378 | 379 | |
Series 3838 Class GV, 4.00% due 3/15/2024 | 2,838,066 | 2,889,449 | |
Series 3919 Class VB, 4.00% due 8/15/2024 | 133,210 | 139,076 | |
Series 3922 Class PQ, 2.00% due 4/15/2041 | 281,234 | 286,233 | |
Series 4050 Class MV, 3.50% due 8/15/2023 | 795,887 | 810,255 | |
Series 4120 Class TC, 1.50% due 10/15/2027 | 964,593 | 975,684 | |
Federal Home Loan Mtg Corp., Multifamily Structured Pass Through Certificates CMBS, | |||
a | Series K719 Class A2, 2.731% due 6/25/2022 | 2,125,296 | 2,125,296 |
Series K722 Class A2, 2.406% due 3/25/2023 | 4,800,000 | 4,900,608 | |
Series K725 Class A1, 2.666% due 5/25/2023 | 3,286,510 | 3,322,740 | |
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 | 5,977,948 | 6,228,603 |
a | Series 2017-3 Class HA, 3.25% due 7/25/2056 | 10,622,758 | 11,099,504 |
a | Series 2017-4 Class HT, 3.25% due 6/25/2057 | 9,392,479 | 10,083,957 |
a | Series 2018-1 Class HA, 3.00% due 5/25/2057 | 6,674,016 | 6,961,071 |
a | Series 2018-2 Class HA, 3.00% due 11/25/2057 | 15,425,546 | 16,059,030 |
Series 2018-3 Class HA, 3.00% due 8/25/2057 | 17,353,171 | 18,059,145 | |
a | Series 2018-3 Class MA, 3.50% due 8/25/2057 | 12,814,821 | 13,418,629 |
Series 2018-4 Class HA, 3.00% due 3/25/2058 | 14,363,894 | 14,973,823 | |
Series 2019-1 Class MA, 3.50% due 7/25/2058 | 32,495,745 | 34,078,284 | |
Series 2019-2 Class MA, 3.50% due 8/25/2058 | 32,598,563 | 34,221,835 | |
Series 2019-3 Class MA, 3.50% due 10/25/2058 | 16,667,683 | 17,479,459 | |
Series 2019-4 Class MA, 3.00% due 2/25/2059 | 24,190,854 | 25,190,570 | |
Series 2020-1 Class MA, 2.50% due 8/25/2059 | 4,264,839 | 4,389,194 | |
Series 2020-2 Class A1D, 1.75% due 9/25/2030 | 45,053,811 | 45,596,457 | |
Series 2020-2 Class MA, 2.00% due 11/25/2059 | 32,403,418 | 32,946,496 | |
Series 2020-3 Class MA, 2.00% due 5/25/2060 | 17,655,848 | 17,846,339 | |
Series 2020-3 Class MT, 2.00% due 5/25/2060 | 4,779,553 | 4,801,269 | |
Federal Home Loan Mtg Corp., UMBS Collateral, |
20 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Pool QN2877, 2.00% due 7/1/2035 | $ 28,614,521 | $ 29,469,130 | |
Pool RA1833, 4.00% due 10/1/2049 | 717,114 | 772,137 | |
Pool RC1280, 3.00% due 3/1/2035 | 5,367,985 | 5,724,541 | |
Pool RC1535, 2.00% due 8/1/2035 | 58,895,182 | 60,675,067 | |
Pool RD5039, 2.00% due 10/1/2030 | 55,667,209 | 57,449,341 | |
Pool RD5045, 2.00% due 11/1/2030 | 20,638,727 | 21,299,456 | |
Pool RD5060, 2.00% due 6/1/2031 | 12,283,331 | 12,680,513 | |
Pool SB0308, 2.50% due 1/1/2035 | 51,452,232 | 54,238,528 | |
Pool SB0464, 2.50% due 1/1/2036 | 14,632,780 | 15,447,520 | |
Pool SB8068, 1.50% due 10/1/2035 | 58,627,045 | 59,247,156 | |
d | Pool SB8122 1.50% due 10/1/2036 | 25,164,981 | 25,424,053 |
Pool SD0257, 3.00% due 1/1/2050 | 2,350,161 | 2,506,764 | |
Pool ZS7942, 3.00% due 2/1/2033 | 37,886,233 | 40,443,610 | |
Pool ZS8034, 3.00% due 6/1/2033 | 31,694,439 | 33,908,190 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | 1,432,958 | 1,471,069 | |
Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | 11,789,327 | 11,861,414 | |
Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | 957,251 | 982,182 | |
Federal National Mtg Assoc., CMO REMIC, | |||
Series 2007-42 Class PA, 5.50% due 4/25/2037 | 36,403 | 37,598 | |
a | Series 2009-17 Class AH, 0.594% due 3/25/2039 | 421,924 | 393,254 |
Series 2009-52 Class AJ, 4.00% due 7/25/2024 | 1,137 | 1,156 | |
Series 2012-129 Class LA, 3.50% due 12/25/2042 | 1,818,115 | 1,928,736 | |
a | Series 2013-81 Class FW, 0.386% (LIBOR 1 Month + 0.30%) due 1/25/2043 | 4,691,547 | 4,700,085 |
Federal National Mtg Assoc., Grantor Trust, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 17,918,973 | 19,240,965 | |
Federal National Mtg Assoc., UMBS Collateral, | |||
d | 1.50% due 10/1/2036 | 10,000,000 | 10,102,938 |
d | 2.00% due 8/1/2031 - 10/1/2036 | 170,404,387 | 176,308,900 |
d | 2.50% due 8/1/2036 | 59,545,593 | 62,372,362 |
Pool AE0704, 4.00% due 1/1/2026 | 1,729,006 | 1,839,750 | |
Pool AS3111, 3.00% due 8/1/2029 | 4,236,415 | 4,485,782 | |
Pool AS4916, 3.00% due 5/1/2030 | 410,231 | 433,173 | |
Pool AS7323, 2.50% due 6/1/2031 | 3,006,824 | 3,155,558 | |
Pool AS8242, 2.50% due 11/1/2031 | 4,937,317 | 5,173,811 | |
Pool AS9749, 4.00% due 6/1/2047 | 4,722,955 | 5,088,841 | |
Pool AV5059, 3.00% due 2/1/2029 | 2,633,004 | 2,787,989 | |
Pool BM4324, 3.50% due 7/1/2033 | 3,933,734 | 4,257,326 | |
Pool BM5490, 3.50% due 11/1/2031 | 4,470,236 | 4,770,649 | |
Pool BP8943, 2.00% due 7/1/2035 | 33,991,968 | 35,007,037 | |
Pool BP9550, 2.50% due 7/1/2035 | 6,094,962 | 6,412,177 | |
Pool BP9589, 2.50% due 8/1/2035 | 1,195,930 | 1,258,172 | |
Pool CA0200, 3.00% due 8/1/2032 | 9,580,184 | 10,225,452 | |
Pool CA3904, 3.00% due 7/1/2034 | 6,520,910 | 6,993,649 | |
Pool CA4102, 3.50% due 8/1/2029 | 5,707,573 | 6,181,094 | |
Pool CA5282, 3.00% due 3/1/2035 | 4,398,968 | 4,717,875 | |
Pool CA6862, 2.00% due 9/1/2035 | 13,639,445 | 14,158,429 | |
Pool CA7128, 2.00% due 9/1/2030 | 6,626,239 | 6,859,104 | |
Pool CA7532, 1.50% due 10/1/2030 | 4,110,696 | 4,194,535 | |
Pool CA7536, 2.00% due 11/1/2030 | 11,659,576 | 12,066,041 | |
Pool CA7540, 2.00% due 10/1/2030 | 11,029,873 | 11,417,493 | |
Pool CA7891, 1.50% due 11/1/2035 | 16,715,500 | 16,959,844 | |
Pool FM1542, 3.50% due 9/1/2034 | 2,633,633 | 2,855,845 | |
Pool FM3758, 2.50% due 8/1/2031 | 26,042,579 | 27,207,836 | |
Pool FM4948, 1.50% due 12/1/2035 | 24,222,548 | 24,497,663 | |
Pool FM5458, 1.50% due 12/1/2035 | 32,660,780 | 33,056,655 | |
Pool FM7615, 2.00% due 6/1/2036 | 73,110,224 | 75,936,309 | |
Pool FM7616, 2.00% due 6/1/2036 | 67,310,009 | 69,790,778 | |
d | Pool FM8869, 2.00% due 9/1/2036 | 13,821,942 | 14,317,296 |
Pool FP0000, 3.00% due 11/1/2027 | 5,853,545 | 6,177,092 | |
Pool MA2815, 3.00% due 11/1/2026 | 1,134,952 | 1,193,811 | |
Pool MA3465, 4.00% due 9/1/2038 | 5,255,155 | 5,694,818 | |
Pool MA3953, 2.50% due 3/1/2030 | 4,644,845 | 4,846,907 | |
Pool MA4016, 2.50% due 5/1/2040 | 18,122,653 | 18,749,511 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 21 |
Thornburg Limited Term Income Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Pool MA4095, 2.00% due 8/1/2035 | $ 44,652,443 | $ 45,985,855 | |
Pool MA4123, 2.00% due 9/1/2035 | 52,109,184 | 53,665,269 | |
Pool MA4148, 2.00% due 10/1/2030 | 25,006,004 | 25,806,432 | |
Pool MA4154, 1.50% due 10/1/2035 | 51,975,531 | 52,524,726 | |
Pool MA4155, 2.00% due 10/1/2035 | 48,364,259 | 49,808,513 | |
Pool MA4173, 2.00% due 11/1/2030 | 68,666,543 | 70,865,683 | |
Pool MA4178, 1.50% due 11/1/2035 | 47,747,321 | 48,251,839 | |
Pool MA4279, 2.00% due 3/1/2036 | 27,616,294 | 28,453,541 | |
Pool MA4309, 2.00% due 4/1/2031 | 13,953,771 | 14,405,084 | |
Pool MA4368, 2.00% due 6/1/2031 | 33,093,628 | 34,163,991 | |
Pool MA4390, 2.00% due 7/1/2031 | 1,785,534 | 1,843,284 | |
d | Pool MA4441, 1.50% due 10/1/2036 | 101,436,489 | 102,481,865 |
a,c | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 4,140,187 | 4,229,035 |
a,c | FWD Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-INV1 Class A1, 2.81% due 6/25/2049 | 3,265,653 | 3,335,935 |
a,c | GCAT LLC, Whole Loan Securities Trust CMO, Series 2019-NQM1 Class A1, 2.985% due 2/25/2059 | 7,081,331 | 7,081,331 |
GCAT Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2019-NQM2 Class A1, 2.855% due 9/25/2059 | 6,838,061 | 6,838,061 |
a,c | Series 2019-NQM3 Class A1, 2.686% due 11/25/2059 | 8,446,255 | 8,563,259 |
a,c | Series 2021-CM1 Class A, 1.469% due 4/25/2065 | 11,355,303 | 11,312,468 |
a,c | Series 2021-NQM4 Class A1, 1.093% due 8/25/2066 | 18,815,766 | 18,809,475 |
Government National Mtg Assoc., | |||
a | Pool 731491, 5.31% due 12/20/2060 | 59,140 | 65,611 |
a | Pool MA0100, 1.875% (H15T1Y + 1.50%) due 5/20/2042 | 230,197 | 240,651 |
Government National Mtg Assoc., CMO, Series 2016-32 Class LJ, 2.50% due 12/20/2040 | 4,543,371 | 4,627,508 | |
a,c | GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, Series 2020-PJ2 Class B3, 3.618% due 7/25/2050 | 5,245,956 | 5,478,554 |
Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2018-2 Class A1, 3.985% due 11/25/2058 | 1,903,178 | 1,910,375 |
a,c | Series 2019-3 Class A3, 3.031% due 11/25/2059 | 4,788,650 | 4,849,922 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2014-IVR3 Class B4, 2.397% due 9/25/2044 | 1,940,616 | 1,940,203 |
a,c | Series 2018-3 Class B2, 3.746% due 9/25/2048 | 2,564,805 | 2,807,161 |
a,c | Series 2018-6 Class B2, 3.859% due 12/25/2048 | 1,057,814 | 1,083,850 |
a,c | Series 2019-5 Class B3, 4.528% due 11/25/2049 | 8,253,682 | 8,785,203 |
a,c | Series 2019-HYB1 Class B3, 3.76% due 10/25/2049 | 5,712,616 | 5,881,069 |
a,c | Series 2019-INV2 Class B3A, 3.766% due 2/25/2050 | 9,547,886 | 9,846,556 |
a,c | Mello Warehouse Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A, 0.886% (LIBOR 1 Month + 0.80%) due 11/25/2053 | 20,000,000 | 20,048,302 |
a | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 2.621% due 8/25/2034 | 187,442 | 188,091 |
a,c | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 2,430,306 | 2,503,141 |
MFA Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2020-NQM3 Class A1, 1.014% due 1/26/2065 | 8,038,308 | 8,051,421 |
a,c | Series 2021-INV1 Class A1, 0.852% due 1/25/2056 | 10,138,696 | 10,111,133 |
Morgan Stanley Bank of America Merrill Lynch Trust CMBS, Series 2015-C22 Class A4, 3.306% due 4/15/2048 | 1,100,000 | 1,175,712 | |
Mortgage-Linked Amortizing Notes, CMO, Series 2012-1 Class A10, 2.06% due 1/15/2022 | 209,986 | 210,960 | |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2017-2A Class A3, 4.00% due 3/25/2057 | 4,667,602 | 4,974,132 |
a,c | Series 2017-3A Class A1, 4.00% due 4/25/2057 | 5,699,897 | 6,108,742 |
a,c | Series 2017-4A Class A1, 4.00% due 5/25/2057 | 6,247,023 | 6,648,099 |
a,c | Series 2017-5A Class A1, 1.586% (LIBOR 1 Month + 1.50%) due 6/25/2057 | 482,070 | 485,065 |
a,c | Series 2017-6A Class A1, 4.00% due 8/27/2057 | 2,693,636 | 2,870,263 |
a,c | Series 2018-1A Class A1A, 4.00% due 12/25/2057 | 3,228,872 | 3,445,885 |
a,c | Series 2018-2A Class A1, 4.50% due 2/25/2058 | 6,168,047 | 6,548,287 |
a,c | Series 2018-RPL1 Class A1, 3.50% due 12/25/2057 | 3,775,229 | 3,889,838 |
a,c | OBX Trust, Whole Loan Securities Trust CMO, Series 2021-NQM2 Class A1, 1.101% due 5/25/2061 | 27,984,783 | 27,977,952 |
a,c | PRKCM Trust, Whole Loan Securities Trust CMO, Series 2021-AFC1 Class A1, 1.51% due 7/25/2056 | 38,900,000 | 38,900,000 |
RAMP Trust, Whole Loan Securities Trust CMO, Series 2003-SL1 Class A31, 7.125% due 4/25/2031 | 526,918 | 533,026 | |
a,c | RCKT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class B3, 3.515% due 2/25/2050 | 3,229,549 | 3,322,372 |
Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 33,510,288 | 34,120,249 | |
Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a | Series 2013-6 Class B4, 3.513% due 5/25/2043 | 716,584 | 737,324 |
a | Series 2013-7 Class B4, 3.504% due 6/25/2043 | 785,260 | 799,881 |
SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2019-3 Class A1, 2.703% due 9/25/2059 | 2,438,494 | 2,441,191 |
22 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
a,c | Series 2019-3 Class A3, 3.082% due 9/25/2059 | $ 3,182,209 | $ 3,188,150 |
a,c | Series 2020-2 Class A1, 1.381% due 5/25/2065 | 19,977,734 | 20,019,704 |
a,c | Series 2020-2 Class A2, 1.587% due 5/25/2065 | 3,881,663 | 3,882,390 |
a,c | Series 2020-2 Class A3, 1.895% due 5/25/2065 | 1,325,242 | 1,325,044 |
a,c | Shellpoint Asset Funding Trust, Whole Loan Securities Trust CMO, Series 2013-1 Class A1, 3.75% due 7/25/2043 | 1,330,928 | 1,346,675 |
a,c | Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-SH1 Class A1, 2.521% due 1/28/2050 | 9,763,407 | 9,821,934 |
a | Structured Asset Securities Corp., Mortgage Pass-Through Ctfs, Whole Loan Securities Trust CMO, Series 2003-9A Class 2A2, 2.217% due 3/25/2033 | 552,357 | 552,357 |
Verus Securitization Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2019-3 Class A1, 2.784% due 7/25/2059 | 5,504,225 | 5,536,609 |
a,c | Series 2020-1 Class M1, 3.021% due 1/25/2060 | 5,000,000 | 5,034,930 |
a,c | Series 2020-2 Class M1, 5.36% due 5/25/2060 | 3,275,000 | 3,454,526 |
a,c | Series 2020-INV1 Class M1, 5.50% due 3/25/2060 | 900,000 | 954,380 |
a,c | Series 2021-R1 Class A1, 0.82% due 10/25/2063 | 17,175,716 | 17,206,360 |
a,c | Vista Point Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1, 1.475% due 4/25/2065 | 11,699,742 | 11,765,816 |
a,c | WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2015-3 Class B4, 3.879% due 3/20/2045 | 1,401,028 | 1,430,210 |
Total Mortgage Backed (Cost $2,611,761,968) | 2,625,542,763 | ||
Asset Backed Securities — 19.2% | |||
Auto Receivables — 2.9% | |||
c | ACC Auto Trust, Series 2021-A Class A, 1.08% due 4/15/2027 | 19,489,346 | 19,520,697 |
ACC Trust, | |||
c | Series 2019-2 Class A, 2.82% due 2/21/2023 | 1,826,304 | 1,829,164 |
c | Series 2020-A Class A, 6.00% due 3/20/2023 | 8,128,184 | 8,256,762 |
c | Series 2021-1 Class A, 0.74% due 11/20/2023 | 10,030,830 | 10,035,004 |
American Credit Acceptance Receivables Trust, | |||
c,e | Series 2020-2 Class C, 3.88% due 4/13/2026 | 11,500,000 | 11,918,025 |
c | Series 2020-2 Class D, 5.65% due 5/13/2026 | 4,250,000 | 4,569,845 |
Arivo Acceptance Auto Loan Receivables Trust, | |||
c | Series 2019-1 Class A, 2.99% due 7/15/2024 | 1,488,936 | 1,504,602 |
c | Series 2019-1 Class B, 3.37% due 6/15/2025 | 3,547,000 | 3,636,930 |
c | Series 2021-1A Class A, 1.19% due 1/15/2027 | 8,684,182 | 8,713,699 |
c | Avid Automobile Receivables Trust, Series 2019-1 Class A, 2.62% due 2/15/2024 | 1,035,050 | 1,036,861 |
c | CarNow Auto Receivables Trust, Series 2020-1A Class A, 1.76% due 2/15/2023 | 3,031,372 | 3,037,077 |
Carvana Auto Receivables Trust, | |||
c | Series 2019-1A Class D, 3.88% due 10/15/2024 | 11,723,000 | 12,039,164 |
c | Series 2020-N1A Class A, 1.53% due 1/16/2024 | 508,732 | 508,914 |
c | CIG Auto Receivables Trust, Series 2020-1A Class A, 0.68% due 10/12/2023 | 4,583,752 | 4,589,785 |
CPS Auto Receivables Trust, | |||
c | Series 2017-D Class D, 3.73% due 9/15/2023 | 1,315,519 | 1,325,419 |
c | Series 2021-A Class A, 0.35% due 1/16/2024 | 5,480,388 | 5,481,356 |
c | Credito Real USA Auto Receivables Trust, Series 2021-1A Class A, 1.35% due 2/16/2027 | 8,898,080 | 8,931,721 |
Drive Auto Receivables Trust, Series 2019-1 Class D, 4.09% due 6/15/2026 | 12,500,000 | 12,863,708 | |
c | DT Auto Owner Trust, Series 2019-4A Class D, 2.85% due 7/15/2025 | 7,500,000 | 7,721,103 |
c | Exeter Automobile Receivables Trust, Series 2019-3A Class D, 3.11% due 8/15/2025 | 2,000,000 | 2,060,709 |
FHF Trust, | |||
c | Series 2020-1A Class A, 2.59% due 12/15/2023 | 9,336,583 | 9,396,783 |
c | Series 2021-1A Class A, 1.27% due 3/15/2027 | 20,035,839 | 20,036,938 |
c | Series 2021-2A Class A, 0.83% due 12/15/2026 | 14,365,000 | 14,354,734 |
c | Flagship Credit Auto Trust, Series 2019-2 Class D, 3.53% due 5/15/2025 | 3,500,000 | 3,637,980 |
GLS Auto Receivables Issuer Trust, | |||
c | Series 2019-4A Class A, 2.47% due 11/15/2023 | 1,034,075 | 1,036,647 |
c | Series 2020-1A Class A, 2.17% due 2/15/2024 | 4,625,269 | 4,643,531 |
c | Series 2020-3A Class A, 0.69% due 10/16/2023 | 2,029,084 | 2,030,071 |
c | Series 2020-3A Class B, 1.38% due 8/15/2024 | 5,200,000 | 5,225,189 |
c | NextGear Floorplan Master Owner Trust, Series 2018-2A Class A2, 3.69% due 10/15/2023 | 15,049,000 | 15,064,600 |
c | Octane Receivables Trust, Series 2020-1A Class A, 1.71% due 2/20/2025 | 8,789,845 | 8,858,872 |
b,c | Oscar US Funding Trust IX LLC, Series 2018-2A Class A4, 3.63% due 9/10/2025 | 1,684,925 | 1,724,605 |
b,c | Oscar US Funding XI LLC, Series 2019-2A Class A3, 2.59% due 9/11/2023 | 11,425,680 | 11,531,514 |
b,c | Oscar US Funding XII LLC, Series 2021-1A Class A3, 0.70% due 4/10/2025 | 18,000,000 | 18,011,018 |
c | Tesla Auto Lease Trust, Series 2020-A Class A2, 0.55% due 5/22/2023 | 3,649,411 | 3,651,899 |
c | United Auto Credit Securitization Trust, Series 2019-1 Class D, 3.47% due 8/12/2024 | 3,532,792 | 3,550,190 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 23 |
Thornburg Limited Term Income Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
c | US Auto Funding, Series 2021-1A Class A, 0.79% due 7/15/2024 | $ 18,242,384 | $ 18,272,061 |
c | USASF Receivables LLC, Series 2020-1A Class A, 2.47% due 8/15/2023 | 12,431,714 | 12,471,176 |
c | Veros Auto Receivables Trust, Series 2021-1 Class A, 0.92% due 10/15/2026 | 11,972,855 | 11,976,435 |
295,054,788 | |||
Credit Card — 1.5% | |||
c | Avant Credit Card Master Trust, Series 2021-1A Class A, 1.37% due 4/15/2027 | 11,900,000 | 11,859,551 |
c | Brex Commercial Charge Card Master Trust, Series 2021-1 Class A, 2.09% due 7/15/2024 | 3,400,000 | 3,435,367 |
c | Continental Credit Card LLC, Series 2019-1A Class A, 3.83% due 8/15/2026 | 22,685,755 | 23,134,554 |
c | Continental Finance Credit Card ABS Master Trust, Series 2020-1A Class A, 2.24% due 12/15/2028 | 17,500,000 | 17,620,171 |
c | Fair Square Issuance Trust, Series 2020-AA Class A, 2.90% due 9/20/2024 | 32,330,000 | 32,546,743 |
c | Genesis Sales Finance Master Trust, Series 2020-AA Class A, 1.65% due 9/22/2025 | 15,000,000 | 15,088,929 |
c,e | Mercury Financial Credit Card Master Trust, Series 2021-1A Class A, 1.54% due 3/20/2026 | 30,900,000 | 30,986,588 |
c | Mission Lane Credit Card Master Trust, Series 2021-A Class A, 1.59% due 9/15/2026 | 21,455,000 | 21,449,158 |
156,121,061 | |||
Other Asset Backed — 12.1% | |||
c | Affirm Asset Securitization Trust, Series 2021-A, 0.88% due 8/15/2025 | 14,500,000 | 14,526,845 |
c | Amur Equipment Finance Receivables VI LLC, Series 2018-2A Class A2, 3.89% due 7/20/2022 | 965,543 | 974,217 |
c | Amur Equipment Finance Receivables VII LLC, Series 2019-1A Class A2, 2.63% due 6/20/2024 | 3,792,196 | 3,833,632 |
c | Amur Equipment Finance Receivables VIII LLC, Series 2020-1A Class A2, 1.68% due 8/20/2025 | 11,932,508 | 12,027,713 |
Appalachian Consumer Rate Relief Funding LLC, Series 2013-1 Class A1, 2.008% due 2/1/2024 | 2,506,044 | 2,539,718 | |
Aqua Finance Trust, | |||
c | Series 2017-A Class A, 3.72% due 11/15/2035 | 1,362,130 | 1,396,152 |
c | Series 2019-A Class A, 3.14% due 7/16/2040 | 9,441,249 | 9,669,209 |
c | Series 2020-AA Class A, 1.90% due 7/17/2046 | 37,887,229 | 38,193,532 |
c | Series 2020-AA Class C, 3.97% due 7/17/2046 | 6,300,000 | 6,626,775 |
c,d | Series 2021-A Class A, 1.79% due 7/17/2046 | 21,400,000 | 21,365,129 |
c | Arm Master Trust, Series 2021-T2 Class A, 1.42% due 1/15/2024 | 2,850,000 | 2,850,425 |
c | Avant Loans Funding Trust, Series 2019-B Class B, 3.15% due 10/15/2026 | 2,005,860 | 2,009,969 |
c | Bankers Healthcare Group Securitization Trust, Series 2020-A Class A, 2.56% due 9/17/2031 | 4,350,061 | 4,412,705 |
a,c | Bayview Opportunity Master Fund Trust, Series 2017-RT1 Class A1, 3.00% due 3/28/2057 | 1,337,923 | 1,353,561 |
c | BCC Funding Corp. XVI LLC, Series 2019-1A Class A2, 2.46% due 8/20/2024 | 9,941,747 | 10,024,029 |
c | BCC Funding Corp. XVII LLC, Series 2020-1 Class A2, 0.91% due 8/20/2025 | 8,250,020 | 8,271,829 |
BHG Securitization Trust, | |||
c | Series 2021-A Class A, 1.42% due 11/17/2033 | 28,437,137 | 28,476,409 |
c | Series 2021-B Class A, 0.90% due 10/17/2034 | 15,800,000 | 15,791,580 |
c | BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A Class A, 2.94% due 5/25/2029 | 1,685,515 | 1,722,917 |
c | CFG Investments Ltd., Series 2021-1 Class A, 4.70% due 5/20/2032 | 6,000,000 | 6,173,995 |
c | Conn’s Receivables Funding LLC, Series 2020-A Class A, 1.71% due 6/16/2025 | 2,073,349 | 2,073,661 |
c | Crossroads Asset Trust, Series 2021-A Class A2, 0.82% due 3/20/2024 | 7,000,000 | 7,016,102 |
Dell Equipment Finance Trust, | |||
c | Series 2020-1 Class A2, 2.26% due 6/22/2022 | 4,300,277 | 4,318,820 |
c | Series 2020-1 Class D, 5.92% due 3/23/2026 | 6,000,000 | 6,308,104 |
c | Dext ABS LLC, Series 2020-1 Class A, 1.46% due 2/16/2027 | 19,254,598 | 19,343,590 |
c,e | Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049 | 36,000,000 | 35,495,478 |
Diamond Resorts Owner Trust, | |||
c | Series 2018-1 Class A, 3.70% due 1/21/2031 | 3,813,870 | 3,915,904 |
c | Series 2019-1A Class A, 2.89% due 2/20/2032 | 9,514,690 | 9,758,468 |
c | DLL Securitization Trust, Series 2017-A Class A4, 2.43% due 11/17/2025 | 57,585 | 57,621 |
b,c | ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | 3,804,480 | 3,605,308 |
Entergy New Orleans Storm Recovery Funding I LLC, Series 2015-1 Class A, 2.67% due 6/1/2027 | 5,636,808 | 5,720,930 | |
c | ExteNet LLC, Series 2019-1A Class A2, 3.204% due 7/26/2049 | 9,855,000 | 10,118,675 |
Foundation Finance Trust, | |||
c | Series 2017-1A Class A, 3.30% due 7/15/2033 | 953,874 | 964,275 |
c | Series 2019-1A Class A, 3.86% due 11/15/2034 | 10,710,711 | 11,055,948 |
c | Series 2020-1A Class A, 3.54% due 7/16/2040 | 10,317,660 | 10,685,501 |
c | Series 2020-1A Class B, 4.62% due 7/16/2040 | 3,000,000 | 3,263,319 |
c | Series 2021-1A Class A, 1.27% due 5/15/2041 | 25,831,171 | 25,731,139 |
Freed ABS Trust, | |||
c | Series 2019-1 Class B, 3.87% due 6/18/2026 | 368,671 | 370,015 |
c | Series 2019-2 Class B, 3.19% due 11/18/2026 | 1,889,767 | 1,897,996 |
c | Series 2020-FP1 Class A, 2.52% due 3/18/2027 | 1,245,293 | 1,247,647 |
24 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
c | Series 2021-1CP Class A, 0.66% due 3/20/2028 | $ 5,500,393 | $ 5,498,864 |
c | Series 2021-2 Class A, 0.68% due 6/19/2028 | 9,811,627 | 9,816,705 |
c | Goldman Home Improvement Trust, Series 2021-GRN2 Class A, 1.15% due 6/25/2051 | 32,735,081 | 32,506,815 |
c | Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | 23,895,614 | 24,092,700 |
GoodLeap Sustainable Home Solutions Trust, | |||
c | Series 2021-3CS Class A, 2.10% due 5/20/2048 | 19,119,095 | 18,967,115 |
c | Series 2021-4GS Class A, 1.93% due 7/20/2048 | 13,050,000 | 12,860,171 |
a,c | Gracie Point International Funding, Series 2020-B Class A, 1.486% (LIBOR 1 Month + 1.40%) due 5/2/2023 | 11,899,535 | 11,989,593 |
a,b,c | Greystone Commercial Real Estate Notes Ltd., Series 2021-FL3 Class A, 1.104% (LIBOR 1 Month + 1.02%) due 7/15/2039 | 21,350,000 | 21,330,074 |
HERO Funding Trust, | |||
c | Series 2015-1A Class A, 3.84% due 9/21/2040 | 3,495,827 | 3,626,806 |
c | Series 2017-2A Class A1, 3.28% due 9/20/2048 | 727,317 | 756,596 |
Hilton Grand Vacations Trust, | |||
c | Series 2019-AA Class A, 2.34% due 7/25/2033 | 7,220,899 | 7,428,232 |
c | Series 2020-AA Class A, 2.74% due 2/25/2039 | 1,359,512 | 1,417,878 |
c | HIN Timeshare Trust, Series 2020-A Class A, 1.39% due 10/9/2039 | 6,414,989 | 6,475,137 |
c | InStar Leasing III LLC, Series 2021-1A, 2.30% due 2/15/2054 | 9,686,176 | 9,766,851 |
LendingPoint Asset Securitization Trust, | |||
c | Series 2020-REV1 Class A, 2.731% due 10/15/2028 | 41,000,000 | 41,831,921 |
c | Series 2021-A Class A, 1.00% due 12/15/2028 | 17,189,158 | 17,195,073 |
c,d | Series 2021-B Class A, 1.11% due 2/15/2029 | 14,740,000 | 14,740,310 |
LL ABS Trust, | |||
c | Series 2020-1A Class A, 2.33% due 1/17/2028 | 4,479,747 | 4,502,882 |
c | Series 2021-1A Class A, 1.07% due 5/15/2029 | 20,484,836 | 20,458,527 |
c | Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | 20,723,129 | 20,930,627 |
Marlette Funding Trust, | |||
c | Series 2019-2A Class A, 3.13% due 7/16/2029 | 59,914 | 59,958 |
c | Series 2019-4A Class A, 2.39% due 12/17/2029 | 828,477 | 830,593 |
c | Series 2019-4A Class B, 2.95% due 12/17/2029 | 1,500,000 | 1,518,203 |
c | Series 2020-2A Class A, 1.02% due 9/16/2030 | 420,082 | 420,129 |
c | Series 2021-1A Class A, 0.60% due 6/16/2031 | 10,371,868 | 10,371,326 |
c | Mosaic Solar Loan Trust, Series 2021 Class A, 2.10% due 4/20/2046 | 5,285,959 | 5,348,305 |
a,c | Nationstar HECM Loan Trust, Series 2020-1A Class A1, 1.269% due 9/25/2030 | 26,875,675 | 26,948,952 |
c,e | New Residential Advance Receivables Trust Advance Receivables Backed, Series 2020-T1 Class AT1, 1.426% due 8/15/2053 | 65,590,000 | 65,537,876 |
NRZ Advance Receivables Trust, | |||
c | Series 2020-T2 Class AT2, 1.475% due 9/15/2053 | 40,000,000 | 40,046,816 |
c | Series 2020-T2 Class BT2, 1.724% due 9/15/2053 | 3,000,000 | 3,006,894 |
c | Series 2020-T3 Class AT3, 1.317% due 10/15/2052 | 17,400,000 | 17,412,735 |
c,e | Ocwen Master Advance Receivables Trust, Series 2020-T1 Class AT1, 1.278% due 8/15/2052 | 56,025,000 | 55,996,298 |
Oportun Funding LLC, | |||
c | Series 2019-A Class B, 3.87% due 8/8/2025 | 7,500,000 | 7,614,091 |
c | Series 2020-1 Class A, 2.20% due 5/15/2024 | 4,483,422 | 4,497,540 |
Pagaya AI Debt Selection Trust, | |||
c | Series 2020-3 Class A, 2.10% due 5/17/2027 | 3,622,323 | 3,643,170 |
c | Series 2021-1 Class A, 1.18% due 11/15/2027 | 35,000,493 | 35,040,478 |
c | Series 2021-3 Class A, 1.15% due 5/15/2029 | 29,650,000 | 29,651,329 |
c | Series 2021-HG1 Class A, 1.22% due 1/16/2029 | 14,885,573 | 14,887,383 |
Pawnee Equipment Receivables LLC, | |||
c | Series 2019-1 Class A2, 2.29% due 10/15/2024 | 10,621,988 | 10,718,311 |
c | Series 2020-1 Class A, 1.37% due 11/17/2025 | 8,039,810 | 8,085,169 |
c | PFS Financing Corp., Series 2020-B Class A, 1.21% due 6/15/2024 | 15,600,000 | 15,701,848 |
SCF Equipment Leasing LLC, | |||
c | Series 2019-2A Class A1, 2.22% due 6/20/2024 | 4,150,847 | 4,175,364 |
c | Series 2019-2A Class C, 3.11% due 6/21/2027 | 3,000,000 | 3,118,196 |
c | Sierra Timeshare Receivables Funding LLC, Series 2019-1A Class A, 3.20% due 1/20/2036 | 1,479,129 | 1,526,184 |
c | Small Business Lending Trust, Series 2020-A Class A, 2.62% due 12/15/2026 | 2,336,286 | 2,341,579 |
SoFi Consumer Loan Program Trust, | |||
c | Series 2018-2 Class C, 4.25% due 4/26/2027 | 13,170,000 | 13,399,974 |
c | Series 2018-3 Class C, 4.67% due 8/25/2027 | 8,085,000 | 8,268,781 |
c | Series 2019-1 Class D, 4.42% due 2/25/2028 | 2,955,000 | 3,025,672 |
c | Series 2019-3 Class A, 2.90% due 5/25/2028 | 598,219 | 598,984 |
c,e | SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 44,917,783 | 45,289,913 |
c | SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 6,000,000 | 6,049,108 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 25 |
Thornburg Limited Term Income Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Theorem Funding Trust, | |||
c | Series 2020-1A Class A, 2.48% due 10/15/2026 | $ 4,724,677 | $ 4,744,866 |
c | Series 2021-1A Class A, 1.21% due 12/15/2027 | 26,974,558 | 27,008,036 |
Towd Point Mortgage Trust, | |||
a,c | Series 2016-5 Class A1, 2.50% due 10/25/2056 | 3,272,275 | 3,318,665 |
a,c | Series 2017-1 Class A1, 2.75% due 10/25/2056 | 1,634,815 | 1,656,888 |
a,c | Series 2018-1 Class A1, 3.00% due 1/25/2058 | 659,634 | 673,083 |
a,c | Series 2018-2 Class A1, 3.25% due 3/25/2058 | 25,365,873 | 26,048,745 |
a,c | Series 2018-3 Class A1, 3.75% due 5/25/2058 | 4,097,776 | 4,285,436 |
a,c | Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 6,139,321 | 6,284,775 |
a,c | Series 2019-HY2 Class 1, 1.086% (LIBOR 1 Month + 1.00%) due 5/25/2058 | 19,464,319 | 19,613,651 |
Upstart Pass-Through Trust, | |||
c | Series 2020-ST2 Class A, 3.50% due 3/20/2028 | 1,247,140 | 1,272,208 |
c | Series 2020-ST3 Class A, 3.35% due 4/20/2028 | 6,084,308 | 6,193,346 |
c | Series 2021-ST4 Class A, 2.00% due 7/20/2027 | 4,251,827 | 4,247,548 |
c | Series 2021-ST6 Class A, 1.85% due 8/20/2027 | 7,598,949 | 7,606,482 |
c | Series 2021-ST8, 1.75% due 10/20/2029 | 9,300,000 | 9,283,831 |
Upstart Securitization Trust, | |||
c | Series 2019-2 Class B, 3.734% due 9/20/2029 | 8,676,274 | 8,733,628 |
c | Series 2019-3 Class A, 2.684% due 1/21/2030 | 363,464 | 363,958 |
c | Series 2019-3 Class B, 3.829% due 1/21/2030 | 2,350,000 | 2,380,502 |
c | Series 2020-1 Class B, 3.093% due 4/22/2030 | 3,250,000 | 3,296,881 |
c | Series 2020-3 Class A, 1.702% due 11/20/2030 | 9,910,819 | 9,954,556 |
c | Series 2021-1 Class A, 0.87% due 3/20/2031 | 7,754,104 | 7,754,332 |
c | Series 2021-2 Class A, 0.91% due 6/20/2031 | 8,227,817 | 8,225,255 |
c | VB-S1 Issuer LLC, Series 2020-1A Class C2, 3.031% due 6/15/2050 | 6,500,000 | 6,775,967 |
1,256,235,517 | |||
Student Loan — 2.7% | |||
College Ave Student Loans LLC, | |||
a,c | Series 2021-A Class A1, 1.186% (LIBOR 1 Month + 1.10%) due 7/25/2051 | 10,046,048 | 10,013,314 |
c | Series 2021-A Class A2, 1.60% due 7/25/2051 | 2,998,820 | 3,004,737 |
Commonbond Student Loan Trust, | |||
c | Series 18-CGS Class A1, 3.87% due 2/25/2046 | 3,007,585 | 3,103,088 |
c | Series 2020-1 Class A, 1.69% due 10/25/2051 | 22,178,071 | 22,539,238 |
c | Series 2021-AGS Class A, 1.20% due 3/25/2052 | 14,021,761 | 13,951,743 |
c | Series 2021-BGS Class A, 1.17% due 9/25/2051 | 15,750,000 | 15,694,849 |
a,c | Navient Private Education Loan Trust, Series 2015-AA Class A2B, 1.284% (LIBOR 1 Month + 1.20%) due 12/15/2028 | 1,646,224 | 1,656,682 |
Navient Private Education Refi Loan Trust, | |||
a,c | Series 2019-D Class A2B, 1.134% (LIBOR 1 Month + 1.05%) due 12/15/2059 | 12,495,562 | 12,616,273 |
c | Series 2021-A Class A, 0.84% due 5/15/2069 | 5,447,616 | 5,435,753 |
Navient Student Loan Trust, | |||
a | Series 2014-1 Class A3, 0.596% (LIBOR 1 Month + 0.51%) due 6/25/2031 | 6,496,874 | 6,355,295 |
a,c | Series 2016-6A Class A2, 0.836% (LIBOR 1 Month + 0.75%) due 3/25/2066 | 5,440,842 | 5,461,065 |
a,c | Series 2019-BA Class A2B, 1.064% (LIBOR 1 Month + 0.98%) due 12/15/2059 | 2,047,956 | 2,067,719 |
a,c | Nelnet Private Education Loan Trust, Series 2016-A Class A1A, 1.836% (LIBOR 1 Month + 1.75%) due 12/26/2040 | 1,649,933 | 1,656,320 |
Nelnet Student Loan Trust, | |||
a,c | Series 2013-1A Class A, 0.686% (LIBOR 1 Month + 0.60%) due 6/25/2041 | 4,354,517 | 4,338,809 |
a,c | Series 2015-2A Class A2, 0.686% (LIBOR 1 Month + 0.60%) due 9/25/2047 | 31,061,847 | 30,939,762 |
a,c | Series 2015-3A Class A2, 0.686% (LIBOR 1 Month + 0.60%) due 2/27/2051 | 2,142,020 | 2,137,087 |
a,c | Series 2021-CA Class AFL, 0.829% (LIBOR 1 Month + 0.74%) due 4/20/2062 | 19,400,000 | 19,428,461 |
a,c | Pennsylvania Higher Education Assistance Agency, Student Loan Trust, Series 2012-1A Class A1, 0.636% (LIBOR 1 Month + 0.55%) due 5/25/2057 | 1,028,677 | 1,021,302 |
a,b,c | Prodigy Finance DAC, Series 2021-1A Class A, 1.336% (LIBOR 1 Month + 1.25%) due 7/25/2051 | 6,248,181 | 6,261,429 |
SLM Student Loan Trust, | |||
a | Series 2011-2 Class A2, 1.286% (LIBOR 1 Month + 1.20%) due 10/25/2034 | 13,352,000 | 13,597,637 |
a | Series 2013-6 Class A3, 0.736% (LIBOR 1 Month + 0.65%) due 6/25/2055 | 31,328,125 | 31,618,741 |
SMB Private Education Loan Trust, | |||
a,c | Series 2015-A Class A3, 1.584% (LIBOR 1 Month + 1.50%) due 2/17/2032 | 10,000,000 | 10,114,644 |
a,c | Series 2020-A Class A1, 0.384% (LIBOR 1 Month + 0.30%) due 3/15/2027 | 449,324 | 449,341 |
c | Series 2020-B Class A1A, 1.29% due 7/15/2053 | 30,716,239 | 30,793,433 |
a,c | Series 2021-A Class A1, 0.584% (LIBOR 1 Month + 0.50%) due 1/15/2053 | 5,611,507 | 5,618,363 |
a,c | Series 2021-D Class A1B, 0.684% (LIBOR 1 Month + 0.60%) due 3/17/2053 | 12,300,000 | 12,313,409 |
26 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
c | SoFi Professional Loan Program LLC, Series 2017-E Class A2B, 2.72% due 11/26/2040 | $ 2,231,793 | $ 2,255,967 |
a,c | Towd Point Asset Trust, Series 2021-SL1 Class A2, 0.80% (LIBOR 1 Month + 0.70%) due 11/20/2061 | 9,938,354 | 9,941,225 |
284,385,686 | |||
Total Asset Backed Securities (Cost $1,972,279,832) | 1,991,797,052 | ||
Corporate Bonds — 38.2% | |||
Automobiles & Components — 1.6% | |||
Automobiles — 1.6% | |||
a,b,c,e | BMW Finance NV, 0.913% (LIBOR 3 Month + 0.79%) due 8/12/2022 | 25,800,000 | 25,961,508 |
BMW US Capital LLC, | |||
a,c | 0.43% (SOFR + 0.38%) due 8/12/2024 | 18,065,000 | 18,154,602 |
c | 2.95% due 4/14/2022 | 1,894,000 | 1,921,236 |
Daimler Finance North America LLC, | |||
a,c | 1.025% (LIBOR 3 Month + 0.90%) due 2/15/2022 | 19,050,000 | 19,107,722 |
c | 2.125% due 3/10/2025 | 16,900,000 | 17,429,984 |
c | 3.40% due 2/22/2022 | 6,000,000 | 6,071,640 |
c | 3.70% due 5/4/2023 | 4,725,000 | 4,956,147 |
c | Harley-Davidson Financial Services, Inc., Series CO, 4.05% due 2/4/2022 | 7,976,000 | 8,072,749 |
Hyundai Capital America, | |||
c | 0.875% due 6/14/2024 | 8,710,000 | 8,665,405 |
c | 1.00% due 9/17/2024 | 4,639,000 | 4,630,000 |
c | 1.65% due 9/17/2026 | 2,105,000 | 2,086,223 |
c | 1.80% due 10/15/2025 - 1/10/2028 | 9,765,000 | 9,712,171 |
c | 2.375% due 2/10/2023 | 11,460,000 | 11,711,432 |
c | 2.75% due 9/27/2026 | 3,477,000 | 3,604,258 |
c | 3.95% due 2/1/2022 | 13,767,000 | 13,916,923 |
Hyundai Capital Services, Inc., | |||
b,c | 1.25% due 2/8/2026 | 2,970,000 | 2,919,243 |
b,c | 3.75% due 3/5/2023 | 2,029,000 | 2,115,334 |
a,c | Nissan Motor Acceptance Co. LLC, 0.779% (LIBOR 3 Month + 0.65%) due 7/13/2022 | 1,560,000 | 1,560,967 |
Trading Companies & Distributors — 0.0% | |||
b,c | Mitsubishi HC Capital, Inc., 3.406% due 2/28/2022 | 2,800,000 | 2,826,348 |
165,423,892 | |||
Banks — 1.0% | |||
Banks — 1.0% | |||
a | Capital One NA, 0.945% (LIBOR 3 Month + 0.82%) due 8/8/2022 | 28,150,000 | 28,291,594 |
a | Citizens Bank NA/Providence RI, 1.082% (LIBOR 3 Month + 0.95%) due 3/29/2023 | 20,500,000 | 20,699,670 |
a,b,c | NBK SPC Ltd., 1.625% (SOFR + 1.05%) due 9/15/2027 | 9,886,000 | 9,764,896 |
Santander Holdings USA, Inc., | |||
3.244% due 10/5/2026 | 6,823,000 | 7,289,284 | |
3.45% due 6/2/2025 | 4,453,000 | 4,766,536 | |
4.40% due 7/13/2027 | 4,940,000 | 5,548,410 | |
Sumitomo Mitsui Trust Bank Ltd., | |||
b,c | 0.80% due 9/12/2023 | 14,760,000 | 14,846,789 |
b,c | 0.85% due 3/25/2024 | 6,550,000 | 6,563,035 |
Zions Bancorp NA, 3.35% due 3/4/2022 | 6,750,000 | 6,818,580 | |
104,588,794 | |||
Capital Goods — 0.9% | |||
Aerospace & Defense — 0.3% | |||
Boeing Co., 2.196% due 2/4/2026 | 6,256,000 | 6,305,673 | |
Teledyne Technologies, Inc., | |||
2.25% due 4/1/2028 | 14,951,000 | 15,198,289 | |
2.75% due 4/1/2031 | 7,501,000 | 7,677,724 | |
Industrial Conglomerates — 0.0% | |||
Trane Technologies Co. LLC, 6.391% due 11/15/2027 | 3,000,000 | 3,632,580 | |
Machinery — 0.6% | |||
Flowserve Corp., | |||
3.50% due 10/1/2030 | 8,414,000 | 8,819,723 | |
4.00% due 11/15/2023 | 2,595,000 | 2,747,093 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 27 |
Thornburg Limited Term Income Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
c | Huntington Ingalls Industries, Inc., 2.043% due 8/16/2028 | $ 17,717,000 | $ 17,485,262 |
nVent Finance Sarl, | |||
b | 3.95% due 4/15/2023 | 7,980,000 | 8,300,158 |
b | 4.55% due 4/15/2028 | 7,023,000 | 7,712,237 |
a | Otis Worldwide Corp., 0.595% (LIBOR 3 Month + 0.45%) due 4/5/2023 | 9,850,000 | 9,842,317 |
Westinghouse Air Brake Technologies Corp., 4.40% due 3/15/2024 | 3,853,000 | 4,143,246 | |
91,864,302 | |||
Commercial & Professional Services — 0.1% | |||
Commercial Services & Supplies — 0.1% | |||
Quanta Services, Inc., 0.95% due 10/1/2024 | 9,321,000 | 9,322,585 | |
9,322,585 | |||
Consumer Durables & Apparel — 0.2% | |||
Household Durables — 0.2% | |||
Panasonic Corp., | |||
b,c,e | 2.536% due 7/19/2022 | 16,810,000 | 17,055,762 |
b,c | 2.679% due 7/19/2024 | 2,000,000 | 2,093,140 |
19,148,902 | |||
Diversified Financials — 7.0% | |||
Capital Markets — 2.1% | |||
Ares Capital Corp., 3.25% due 7/15/2025 | 2,276,000 | 2,391,029 | |
c | Blackstone Private Credit Fund, 2.625% due 12/15/2026 | 14,089,000 | 14,058,709 |
a | Charles Schwab Corp., 0.55% (SOFR + 0.50%) due 3/18/2024 | 18,814,000 | 18,943,628 |
Hercules Capital, Inc., 2.625% due 9/16/2026 | 14,120,000 | 14,114,352 | |
Legg Mason, Inc., 4.75% due 3/15/2026 | 5,000,000 | 5,731,800 | |
b,c | LSEGA Financing plc, 1.375% due 4/6/2026 | 9,720,000 | 9,681,703 |
Main Street Capital Corp., 3.00% due 7/14/2026 | 8,163,000 | 8,322,995 | |
Owl Rock Capital Corp., 2.875% due 6/11/2028 | 31,933,000 | 31,850,293 | |
c | Owl Rock Core Income Corp., 3.125% due 9/23/2026 | 17,668,000 | 17,457,221 |
Owl Rock Technology Finance Corp., | |||
2.50% due 1/15/2027 | 24,711,000 | 24,822,694 | |
c | 3.75% due 6/17/2026 | 12,276,000 | 12,965,788 |
c | 4.75% due 12/15/2025 | 17,883,000 | 19,547,013 |
Sixth Street Specialty Lending, Inc., | |||
2.50% due 8/1/2026 | 2,777,000 | 2,808,158 | |
3.875% due 11/1/2024 | 22,626,000 | 24,093,070 | |
SLR Investment Corp., 4.50% due 1/20/2023 | 13,191,000 | 13,560,612 | |
Consumer Finance — 0.2% | |||
a,c | Wells Fargo Bank NA, 1.00% (LIBOR 3 Month + 0.20%) due 5/18/2022 | 14,750,000 | 14,828,323 |
Diversified Financial Services — 4.4% | |||
Antares Holdings LP, | |||
c | 2.75% due 1/15/2027 | 13,630,000 | 13,635,725 |
c | 3.95% due 7/15/2026 | 7,750,000 | 8,174,158 |
Bank of America Corp., | |||
a | 0.529% (BSBY3M + 0.43%) due 5/28/2024 | 5,093,000 | 5,108,228 |
a | 0.976% (SOFR + 0.69%) due 4/22/2025 | 9,525,000 | 9,573,958 |
a | 1.197% (SOFR + 1.01%) due 10/24/2026 | 7,639,000 | 7,574,756 |
a | 1.734% (SOFR + 0.96%) due 7/22/2027 | 3,632,000 | 3,650,777 |
a,b | Barclays plc, 1.505% (LIBOR 3 Month + 1.38%) due 5/16/2024 | 17,500,000 | 17,795,750 |
BNP Paribas SA, | |||
a,b,c | 1.323% (SOFR + 1.00%) due 1/13/2027 | 7,000,000 | 6,888,770 |
a,b,c | 2.159% (SOFR + 1.22%) due 9/15/2029 | 3,650,000 | 3,620,837 |
a,b,c | 2.219% (SOFR + 2.07%) due 6/9/2026 | 4,800,000 | 4,926,864 |
Citigroup, Inc., | |||
a | 0.719% (SOFR + 0.67%) due 5/1/2025 | 5,753,000 | 5,781,592 |
a | 0.82% (SOFR + 0.77%) due 6/9/2027 | 17,355,000 | 17,381,380 |
a | 1.462% (SOFR + 0.77%) due 6/9/2027 | 11,526,000 | 11,464,912 |
a | 3.106% (SOFR + 2.84%) due 4/8/2026 | 4,265,000 | 4,528,278 |
3.40% due 5/1/2026 | 2,425,000 | 2,639,807 | |
a,e | 4.412% (SOFR + 3.91%) due 3/31/2031 | 10,815,000 | 12,483,538 |
28 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Deutsche Bank AG, | |||
b | 0.898% due 5/28/2024 | $ 10,952,000 | $ 10,941,377 |
a,b,e | 1.354% (LIBOR 3 Month + 1.23%) due 2/27/2023 | 17,100,000 | 17,261,937 |
b | 5.00% due 2/14/2022 | 6,350,000 | 6,454,394 |
Goldman Sachs Group, Inc., | |||
a | 0.55% (SOFR + 0.50%) due 9/10/2024 | 10,786,000 | 10,792,148 |
a | 0.65% (SOFR + 0.50%) due 7/16/2024 | 14,450,000 | 14,378,472 |
a | 0.87% (SOFR + 0.82%) due 9/10/2027 | 10,881,000 | 10,880,130 |
HSBC Holdings plc, | |||
a,b | 1.589% (SOFR + 1.29%) due 5/24/2027 | 6,100,000 | 6,062,729 |
a,b | 1.645% (SOFR + 1.54%) due 4/18/2026 | 3,025,000 | 3,042,848 |
a,b | 2.013% (SOFR + 1.73%) due 9/22/2028 | 9,550,000 | 9,543,888 |
a,b | 2.099% (SOFR + 1.93%) due 6/4/2026 | 6,800,000 | 6,943,888 |
a,b | 2.206% (SOFR + 1.29%) due 8/17/2029 | 3,500,000 | 3,474,380 |
JPMorgan Chase & Co., | |||
a | 0.935% (SOFR + 0.89%) due 4/22/2027 | 10,389,000 | 10,515,642 |
a | 1.04% (SOFR + 0.70%) due 2/4/2027 | 3,351,000 | 3,287,432 |
a,e | 1.045% (SOFR + 0.80%) due 11/19/2026 | 12,371,000 | 12,174,796 |
a | 2.069% (SOFR + 1.02%) due 6/1/2029 | 4,897,000 | 4,907,773 |
a | 0.63% (SOFR + 0.58%) due 6/23/2025 | 29,209,000 | 29,339,564 |
a,b | Lloyds Banking Group plc, 3.87% (H15T1Y + 3.50%) due 7/9/2025 | 3,500,000 | 3,773,035 |
Mitsubishi UFJ Financial Group, Inc., | |||
a,b,e | 0.953% (H15T1Y + 0.55%) due 7/19/2025 | 14,075,000 | 14,096,394 |
a,b | 1.538% (H15T1Y + 0.75%) due 7/20/2027 | 4,800,000 | 4,793,328 |
b | 2.623% due 7/18/2022 | 10,800,000 | 11,000,988 |
Mizuho Financial Group, Inc., | |||
a,b | 0.759% (LIBOR 3 Month + 0.63%) due 5/25/2024 | 4,854,000 | 4,882,978 |
a,b | 2.226% (LIBOR 3 Month + 0.83%) due 5/25/2026 | 4,800,000 | 4,936,416 |
a,b | 3.922% (LIBOR 3 Month + 1.00%) due 9/11/2024 | 10,850,000 | 11,523,785 |
Morgan Stanley, | |||
a | 0.75% (SOFR + 0.70%) due 1/20/2023 | 15,775,000 | 15,802,291 |
a | 0.791% (SOFR + 0.51%) due 1/22/2025 | 11,785,000 | 11,792,660 |
National Securities Clearing Corp., | |||
c | 0.75% due 12/7/2025 | 12,550,000 | 12,348,070 |
c | 1.50% due 4/23/2025 | 7,000,000 | 7,102,270 |
Natwest Group plc, | |||
a,b | 1.595% (LIBOR 3 Month + 1.47%) due 5/15/2023 | 1,952,000 | 1,967,928 |
a,b | 1.642% (H15T1Y + 0.90%) due 6/14/2027 | 3,000,000 | 2,998,080 |
Societe Generale SA, | |||
a,b,c | 1.792% (H15T1Y + 1.00%) due 6/9/2027 | 4,933,000 | 4,905,030 |
b,c | 2.625% due 1/22/2025 | 4,000,000 | 4,155,120 |
b,c | 3.875% due 3/28/2024 | 8,000,000 | 8,553,600 |
b,c | 4.25% due 9/14/2023 | 9,000,000 | 9,597,510 |
b | Sumitomo Mitsui Financial Group, Inc., 0.948% due 1/12/2026 | 11,650,000 | 11,456,843 |
a,b,c | UBS AG, 0.50% (SOFR + 0.45%) due 8/9/2024 | 2,800,000 | 2,816,856 |
a,b,c | UBS Group AG, 1.494% (H15T1Y + 0.85%) due 8/10/2027 | 7,121,000 | 7,043,808 |
Western Union Co., 2.85% due 1/10/2025 | 7,256,000 | 7,610,093 | |
Insurance — 0.3% | |||
c | Global Atlantic Fin Co., 4.40% due 10/15/2029 | 27,285,000 | 29,975,574 |
723,540,773 | |||
Energy — 2.9% | |||
Energy Equipment & Services — 0.0% | |||
c | Hanwha Energy USA Holdings Corp., 2.375% due 7/30/2022 | 5,100,000 | 5,172,573 |
b,c,f,g | Schahin II Finance Co. SPV Ltd., 5.875% due 9/25/2023 | 3,997,362 | 205,984 |
Oil, Gas & Consumable Fuels — 2.9% | |||
a | BP Capital Markets America, Inc., 0.772% (LIBOR 3 Month + 0.65%) due 9/19/2022 | 6,771,000 | 6,801,673 |
Buckeye Partners LP, 4.15% due 7/1/2023 | 7,000,000 | 7,237,650 | |
c | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 9,168,000 | 10,181,522 |
EQM Midstream Partners LP, Series 5Y, 4.75% due 7/15/2023 | 3,853,000 | 4,030,816 | |
Florida Gas Transmission Co. LLC, | |||
c | 2.30% due 10/1/2031 | 10,778,000 | 10,602,319 |
c | 3.875% due 7/15/2022 | 10,435,000 | 10,617,508 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 29 |
Thornburg Limited Term Income Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Galaxy Pipeline Assets Bidco Ltd., | |||
b,c | 1.75% due 9/30/2027 | $ 33,993,408 | $ 34,396,909 |
b,c | 2.16% due 3/31/2034 | 10,040,000 | 9,875,143 |
b,c | Gazprom PJSC via Gaz Finance plc, 3.50% due 7/14/2031 | 32,475,000 | 32,363,286 |
Gray Oak Pipeline LLC, | |||
c | 2.00% due 9/15/2023 | 7,678,000 | 7,830,485 |
c | 3.45% due 10/15/2027 | 12,955,000 | 13,681,905 |
Gulf South Pipeline Co. LP, 4.00% due 6/15/2022 | 19,600,000 | 19,902,428 | |
b,c | Harvest Operations Corp., 1.00% due 4/26/2024 | 10,890,000 | 10,898,168 |
HollyFrontier Corp., 2.625% due 10/1/2023 | 4,986,000 | 5,149,790 | |
b,c | Lukoil International Finance BV, 6.656% due 6/7/2022 | 4,625,000 | 4,803,479 |
c | Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029 | 16,535,000 | 17,773,141 |
NuStar Logistics LP, 4.75% due 2/1/2022 | 5,000,000 | 5,014,300 | |
b | Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), 6.50% due 1/23/2029 | 10,007,000 | 10,281,292 |
SA Global Sukuk Ltd., | |||
b,c | 0.946% due 6/17/2024 | 14,331,000 | 14,195,715 |
b,c | 1.602% due 6/17/2026 | 16,124,000 | 16,050,797 |
Sinopec Group Overseas Development 2018 Ltd., | |||
b,c | 1.45% due 1/8/2026 | 20,550,000 | 20,494,721 |
b,c | 3.75% due 9/12/2023 | 11,800,000 | 12,459,384 |
c | Tennessee Gas Pipeline Co. LLC, 2.90% due 3/1/2030 | 11,946,000 | 12,349,894 |
302,370,882 | |||
Food & Staples Retailing — 0.3% | |||
Food & Staples Retailing — 0.3% | |||
7-Eleven, Inc., | |||
c | 0.625% due 2/10/2023 | 5,947,000 | 5,948,725 |
c | 0.80% due 2/10/2024 | 18,780,000 | 18,769,295 |
Walgreens Boots Alliance, Inc., 3.20% due 4/15/2030 | 9,524,000 | 10,182,108 | |
34,900,128 | |||
Food, Beverage & Tobacco — 1.0% | |||
Beverages — 0.6% | |||
Becle SAB de CV, | |||
b,c,d | 2.50% due 10/14/2031 | 24,509,000 | 24,258,028 |
b,c | 3.75% due 5/13/2025 | 31,419,000 | 34,183,244 |
Food Products — 0.2% | |||
a | General Mills, Inc., 1.144% (LIBOR 3 Month + 1.01%) due 10/17/2023 | 2,475,000 | 2,516,976 |
Ingredion, Inc., 2.90% due 6/1/2030 | 14,725,000 | 15,379,526 | |
Tobacco — 0.2% | |||
Altria Group, Inc., 3.40% due 5/6/2030 | 4,870,000 | 5,142,379 | |
BAT Capital Corp., | |||
2.726% due 3/25/2031 | 2,950,000 | 2,907,491 | |
3.557% due 8/15/2027 | 5,838,000 | 6,289,569 | |
BAT International Finance plc, | |||
b | 1.668% due 3/25/2026 | 4,764,000 | 4,766,382 |
b,c | 3.95% due 6/15/2025 | 3,000,000 | 3,260,190 |
b,c | Imperial Brands Finance plc, 3.50% due 7/26/2026 | 3,000,000 | 3,216,300 |
101,920,085 | |||
Health Care Equipment & Services — 1.1% | |||
Health Care Equipment & Supplies — 0.2% | |||
c | Alcon Finance Corp., 2.60% due 5/27/2030 | 4,800,000 | 4,910,736 |
Dentsply Sirona, Inc., 3.25% due 6/1/2030 | 4,755,000 | 5,063,838 | |
Zimmer Biomet Holdings, Inc., 3.55% due 3/20/2030 | 13,574,000 | 14,840,997 | |
Health Care Providers & Services — 0.9% | |||
AmerisourceBergen Corp., | |||
0.737% due 3/15/2023 | 14,719,000 | 14,740,490 | |
2.80% due 5/15/2030 | 6,205,000 | 6,432,661 | |
Catholic Health Initiatives, 2.95% due 11/1/2022 | 7,000,000 | 7,185,570 | |
c,e | Highmark, Inc., 1.45% due 5/10/2026 | 25,450,000 | 25,252,508 |
Humana, Inc., 0.65% due 8/3/2023 | 17,668,000 | 17,678,071 | |
Laboratory Corp. of America Holdings, 1.55% due 6/1/2026 | 19,555,000 | 19,597,043 |
30 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
115,701,914 | |||
Household & Personal Products — 0.1% | |||
Household Products — 0.1% | |||
Kimberly-Clark de Mexico SAB de CV, | |||
b,c | 2.431% due 7/1/2031 | $ 5,330,000 | $ 5,312,678 |
b,c | 3.80% due 4/8/2024 | 3,900,000 | 4,139,499 |
9,452,177 | |||
Insurance — 5.5% | |||
Insurance — 5.5% | |||
b,c | AIA Group Ltd., 3.375% due 4/7/2030 | 4,800,000 | 5,197,392 |
b,c | Ascot Group Ltd., 4.25% due 12/15/2030 | 4,528,000 | 4,769,161 |
c | Belrose Funding Trust, 2.33% due 8/15/2030 | 9,685,000 | 9,554,930 |
Brighthouse Financial Global Funding, | |||
a,c | 0.81% (SOFR + 0.76%) due 4/12/2024 | 7,247,000 | 7,299,758 |
c | 1.55% due 5/24/2026 | 7,538,000 | 7,552,021 |
Brighthouse Financial, Inc., 5.625% due 5/15/2030 | 10,707,000 | 12,940,694 | |
b,c | DaVinciRe Holdings Ltd., 4.75% due 5/1/2025 | 10,260,000 | 10,968,658 |
Enstar Group Ltd., | |||
b | 3.10% due 9/1/2031 | 8,016,000 | 7,895,279 |
b | 4.95% due 6/1/2029 | 16,116,000 | 18,249,758 |
Equitable Financial Life Global Funding, | |||
c | 1.00% due 1/9/2026 | 8,665,000 | 8,504,091 |
c | 1.30% due 7/12/2026 | 9,820,000 | 9,734,271 |
c | 1.40% due 7/7/2025 - 8/27/2027 | 19,048,000 | 19,012,127 |
c | 1.80% due 3/8/2028 | 10,616,000 | 10,551,773 |
F&G Global Funding, | |||
c | 1.75% due 6/30/2026 | 32,026,000 | 32,221,359 |
c | 2.00% due 9/20/2028 | 17,963,000 | 17,697,866 |
Fairfax Financial Holdings Ltd., | |||
b,c | 3.375% due 3/3/2031 | 5,261,000 | 5,462,812 |
b | 4.625% due 4/29/2030 | 19,677,000 | 22,181,095 |
b,c | Fidelis Insurance Holdings Ltd., 4.875% due 6/30/2030 | 17,531,000 | 19,069,521 |
Fidelity National Financial, Inc., | |||
2.45% due 3/15/2031 | 4,613,000 | 4,592,703 | |
3.40% due 6/15/2030 | 11,286,000 | 12,126,017 | |
First American Financial Corp., 4.00% due 5/15/2030 | 4,845,000 | 5,333,424 | |
GA Global Funding Trust, | |||
a,c | 0.55% (SOFR + 0.50%) due 9/13/2024 | 14,424,000 | 14,468,426 |
c | 1.00% due 4/8/2024 | 9,000,000 | 9,040,050 |
c | Guardian Life Global Funding, 0.875% due 12/10/2025 | 19,567,000 | 19,336,109 |
Horace Mann Educators Corp., 4.50% due 12/1/2025 | 4,800,000 | 5,248,368 | |
Infinity Property & Casualty Corp., 5.00% due 9/19/2022 | 4,690,000 | 4,875,536 | |
c | Jackson National Life Global Funding, 3.25% due 1/30/2024 | 10,000,000 | 10,583,500 |
c | MassMutual Global Funding II, 2.95% due 1/11/2025 | 15,000,000 | 15,932,700 |
Mercury General Corp., 4.40% due 3/15/2027 | 3,751,000 | 4,234,992 | |
Metropolitan Life Global Funding I, | |||
a,c | 0.37% (SOFR + 0.32%) due 1/7/2024 | 14,683,000 | 14,723,085 |
c | 0.40% due 1/7/2024 | 9,789,000 | 9,749,159 |
New York Life Global Funding, | |||
a,c | 0.27% (SOFR + 0.22%) due 2/2/2023 | 14,125,000 | 14,137,430 |
a,c,e | 0.53% (SOFR + 0.48%) due 6/9/2026 | 49,075,000 | 49,244,309 |
a,c | Pacific Life Global Funding II, 0.67% (SOFR + 0.62%) due 6/4/2026 | 13,475,000 | 13,556,793 |
a,c | Principal Life Global Funding II, 0.50% (SOFR + 0.45%) due 4/12/2024 | 6,725,000 | 6,744,166 |
c | Protective Life Corp., 3.40% due 1/15/2030 | 19,740,000 | 20,975,921 |
c | Protective Life Global Funding, 1.618% due 4/15/2026 | 14,716,000 | 14,856,538 |
Reliance Standard Life Global Funding II, | |||
c | 1.512% due 9/28/2026 | 10,762,000 | 10,707,544 |
c | 2.75% due 5/7/2025 | 13,490,000 | 14,151,280 |
c | 3.85% due 9/19/2023 | 9,950,000 | 10,566,801 |
c | Sammons Financial Group, Inc., 4.45% due 5/12/2027 | 7,950,000 | 8,878,640 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 31 |
Thornburg Limited Term Income Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
c | Security Benefit Global Funding, 1.25% due 5/17/2024 | $ 37,488,000 | $ 37,754,540 |
b | Sompo International Holdings Ltd., 4.70% due 10/15/2022 | 5,000,000 | 5,199,550 |
�� | 565,880,147 | ||
Materials — 0.9% | |||
Chemicals — 0.4% | |||
c | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 5.125% due 4/1/2025 | 9,870,000 | 11,210,544 |
b,c | OCP SA, 5.625% due 4/25/2024 | 8,555,000 | 9,274,561 |
Phosagro OAO Via Phosagro Bond Funding DAC, | |||
b,c | 2.60% due 9/16/2028 | 7,600,000 | 7,588,904 |
b,c | 3.05% due 1/23/2025 | 2,525,000 | 2,619,258 |
b,c | 3.949% due 4/24/2023 | 13,700,000 | 14,184,706 |
Construction Materials — 0.1% | |||
Martin Marietta Materials, Inc., 0.65% due 7/15/2023 | 14,635,000 | 14,660,172 | |
Containers & Packaging — 0.3% | |||
b,c | CCL Industries, Inc., 3.05% due 6/1/2030 | 9,810,000 | 10,227,612 |
c | Graphic Packaging International LLC, 1.512% due 4/15/2026 | 6,873,000 | 6,868,395 |
c | Silgan Holdings, Inc., 1.40% due 4/1/2026 | 10,204,000 | 10,050,736 |
Metals & Mining — 0.1% | |||
b | AngloGold Ashanti Holdings plc (Guaranty: AngloGold Ashanti Ltd.), 5.125% due 8/1/2022 | 6,500,000 | 6,700,590 |
b,c | Newcrest Finance Pty Ltd., 3.25% due 5/13/2030 | 2,961,000 | 3,151,836 |
96,537,314 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.6% | |||
Biotechnology — 0.4% | |||
Gilead Sciences, Inc., 0.75% due 9/29/2023 | 6,817,000 | 6,817,682 | |
Regeneron Pharmaceuticals, Inc., 1.75% due 9/15/2030 | 13,132,000 | 12,479,077 | |
Royalty Pharma plc, | |||
b | 1.20% due 9/2/2025 | 7,532,000 | 7,479,728 |
b | 1.75% due 9/2/2027 | 11,312,000 | 11,259,512 |
Pharmaceuticals — 0.2% | |||
AbbVie, Inc., 3.45% due 3/15/2022 | 5,000,000 | 5,044,900 | |
a,b | AstraZeneca plc, 0.789% (LIBOR 3 Month + 0.67%) due 8/17/2023 | 10,524,000 | 10,625,346 |
c | Bayer US Finance II LLC, 4.25% due 12/15/2025 | 2,500,000 | 2,761,700 |
c | Viatris, Inc., 2.30% due 6/22/2027 | 4,935,000 | 5,040,609 |
61,508,554 | |||
Real Estate — 1.4% | |||
Equity Real Estate Investment Trusts — 1.3% | |||
American Tower Corp., | |||
1.45% due 9/15/2026 | 4,969,000 | 4,945,149 | |
1.50% due 1/31/2028 | 15,000,000 | 14,547,900 | |
2.40% due 3/15/2025 | 7,375,000 | 7,668,894 | |
3.375% due 5/15/2024 | 5,475,000 | 5,825,893 | |
Crown Castle International Corp., | |||
1.05% due 7/15/2026 | 14,604,000 | 14,305,494 | |
2.10% due 4/1/2031 | 23,636,000 | 22,789,595 | |
SBA Tower Trust, | |||
c | 1.631% due 5/15/2051 | 26,000,000 | 25,934,748 |
c | 2.836% due 1/15/2050 | 12,525,000 | 12,971,832 |
c | 3.448% due 3/15/2048 | 2,085,000 | 2,111,321 |
Service Properties Trust, | |||
4.35% due 10/1/2024 | 10,161,000 | 10,296,141 | |
4.65% due 3/15/2024 | 4,233,000 | 4,295,267 | |
5.25% due 2/15/2026 | 4,020,000 | 4,047,095 | |
Vornado Realty LP, | |||
2.15% due 6/1/2026 | 3,500,000 | 3,557,785 | |
3.40% due 6/1/2031 | 2,916,000 | 3,018,206 | |
Mortgage Real Estate Investment Trusts — 0.1% | |||
d | Sun Communities Operating LP, 2.30% due 11/1/2028 | 13,878,000 | 13,909,087 |
150,224,407 | |||
Retailing — 0.3% |
32 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Internet & Direct Marketing Retail — 0.1% | |||
Booking Holdings, Inc., 4.625% due 4/13/2030 | $ 7,323,000 | $ 8,708,878 | |
Specialty Retail — 0.2% | |||
Advance Auto Parts, Inc., | |||
1.75% due 10/1/2027 | 4,763,000 | 4,744,615 | |
3.90% due 4/15/2030 | 15,465,000 | 17,106,764 | |
30,560,257 | |||
Semiconductors & Semiconductor Equipment — 0.9% | |||
Semiconductors & Semiconductor Equipment — 0.9% | |||
b | Broadcom Corp./Broadcom Cayman Finance Ltd., 3.875% due 1/15/2027 | 4,565,000 | 5,017,802 |
Broadcom, Inc., | |||
c | 3.187% due 11/15/2036 | 9,524,000 | 9,496,342 |
3.459% due 9/15/2026 | 3,127,000 | 3,379,599 | |
4.11% due 9/15/2028 | 15,820,000 | 17,621,265 | |
4.15% due 11/15/2030 | 2,980,000 | 3,304,671 | |
c | Microchip Technology, Inc., 0.972% due 2/15/2024 | 18,694,000 | 18,702,786 |
Micron Technology, Inc., | |||
4.663% due 2/15/2030 | 4,150,000 | 4,795,782 | |
5.327% due 2/6/2029 | 7,690,000 | 9,150,792 | |
SK Hynix, Inc., | |||
b,c | 1.00% due 1/19/2024 | 6,800,000 | 6,772,528 |
b,c | 1.50% due 1/19/2026 | 10,200,000 | 10,071,990 |
Skyworks Solutions, Inc., 1.80% due 6/1/2026 | 3,574,000 | 3,616,817 | |
91,930,374 | |||
Software & Services — 2.1% | |||
Information Technology Services — 0.9% | |||
Block Financial LLC, 2.50% due 7/15/2028 | 10,392,000 | 10,521,069 | |
DXC Technology Co., 2.375% due 9/15/2028 | 31,549,000 | 31,246,761 | |
b | Genpact Luxembourg Sarl, 3.375% due 12/1/2024 | 7,160,000 | 7,633,634 |
b | Genpact Luxembourg Sarl/Genpact USA, Inc., 1.75% due 4/10/2026 | 14,899,000 | 14,972,750 |
Leidos, Inc., 2.30% due 2/15/2031 | 8,489,000 | 8,285,009 | |
Moody’s Corp., 3.75% due 3/24/2025 | 8,127,000 | 8,836,243 | |
Total System Services, Inc., 4.00% due 6/1/2023 | 3,835,000 | 4,044,314 | |
c | Wipro IT Services LLC, 1.50% due 6/23/2026 | 10,647,000 | 10,590,997 |
Interactive Media & Services — 0.2% | |||
Baidu, Inc., | |||
b | 1.72% due 4/9/2026 | 7,251,000 | 7,265,792 |
b | 3.875% due 9/29/2023 | 6,000,000 | 6,335,460 |
b | 4.375% due 5/14/2024 | 6,376,000 | 6,902,211 |
Internet Software & Services — 0.4% | |||
b,c | Prosus NV, 3.061% due 7/13/2031 | 20,870,000 | 20,389,364 |
Tencent Holdings Ltd., | |||
b,c | 1.81% due 1/26/2026 | 9,800,000 | 9,883,790 |
b,c | 2.39% due 6/3/2030 | 12,650,000 | 12,449,877 |
Software — 0.6% | |||
c | Infor, Inc., 1.75% due 7/15/2025 | 12,382,000 | 12,553,491 |
Oracle Corp., | |||
1.65% due 3/25/2026 | 15,136,000 | 15,349,720 | |
2.30% due 3/25/2028 | 7,482,000 | 7,654,535 | |
VMware, Inc., | |||
1.00% due 8/15/2024 | 3,304,000 | 3,315,167 | |
4.50% due 5/15/2025 | 15,043,000 | 16,762,716 | |
214,992,900 | |||
Technology Hardware & Equipment — 2.2% | |||
Communications Equipment — 0.4% | |||
Motorola Solutions, Inc., 2.30% due 11/15/2030 | 1,582,000 | 1,553,967 | |
b,e | Telefonaktiebolaget LM Ericsson, 4.125% due 5/15/2022 | 39,814,000 | 40,669,205 |
Electronic Equipment, Instruments & Components — 0.7% | |||
b | Flex Ltd., 4.875% due 5/12/2030 | 15,741,000 | 18,180,540 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 33 |
Thornburg Limited Term Income Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
c | SYNNEX Corp., 1.75% due 8/9/2026 | $ 28,691,000 | $ 28,410,689 |
Trimble, Inc., 4.75% due 12/1/2024 | 17,000,000 | 18,808,290 | |
Vontier Corp., | |||
c | 1.80% due 4/1/2026 | 5,272,000 | 5,246,167 |
c | 2.40% due 4/1/2028 | 3,766,000 | 3,725,139 |
Technology Hardware, Storage & Peripherals — 1.1% | |||
Dell International LLC/EMC Corp., 4.90% due 10/1/2026 | 18,299,000 | 21,069,103 | |
Hewlett Packard Enterprise Co., 4.65% due 10/1/2024 | 7,560,000 | 8,349,415 | |
HP, Inc., | |||
c | 1.45% due 6/17/2026 | 19,632,000 | 19,558,969 |
e | 3.00% due 6/17/2027 | 22,397,000 | 23,962,326 |
Lenovo Group Ltd., | |||
b | 4.75% due 3/29/2023 | 23,028,000 | 24,162,820 |
b | 5.875% due 4/24/2025 | 10,600,000 | 11,954,998 |
NetApp, Inc., 2.375% due 6/22/2027 | 3,453,000 | 3,601,962 | |
229,253,590 | |||
Telecommunication Services — 1.3% | |||
Diversified Telecommunication Services — 0.6% | |||
AT&T, Inc., | |||
0.90% due 3/25/2024 | 9,625,000 | 9,638,571 | |
1.65% due 2/1/2028 | 2,905,000 | 2,878,303 | |
1.70% due 3/25/2026 | 9,905,000 | 10,033,270 | |
2.55% due 12/1/2033 | 1,016,000 | 999,703 | |
NBN Co. Ltd., | |||
b,c,e | 1.45% due 5/5/2026 | 29,450,000 | 29,371,074 |
b,c,d | 1.625% due 1/8/2027 | 9,800,000 | 9,773,050 |
Qwest Corp., 6.75% due 12/1/2021 | 3,000,000 | 3,026,430 | |
Wireless Telecommunication Services — 0.7% | |||
e | Sprint Communications, Inc., 9.25% due 4/15/2022 | 67,194,000 | 70,116,939 |
135,837,340 | |||
Transportation — 0.3% | |||
Air Freight & Logistics — 0.1% | |||
TTX Co., | |||
c | 4.15% due 1/15/2024 | 6,000,000 | 6,441,960 |
c | 5.453% due 1/2/2022 | 246,653 | 249,714 |
Airlines — 0.2% | |||
American Airlines Pass Through Trust, Series 2013-2 Class A, 4.95% due 7/15/2024 | 1,363,631 | 1,396,972 | |
US Airways Pass Through Trust, | |||
Series 2010-1 Class A, 6.25% due 10/22/2024 | 2,662,668 | 2,739,087 | |
Series 2013-1 Class B, 5.375% due 5/15/2023 | 18,169,966 | 18,125,631 | |
Diversified Consumer Services — 0.0% | |||
University of Chicago, Series 12-B, 3.065% due 10/1/2024 | 532,000 | 548,024 | |
29,501,388 | |||
Utilities — 6.5% | |||
Electric Utilities — 6.1% | |||
AEP Texas, Inc., 2.10% due 7/1/2030 | 14,455,000 | 14,156,938 | |
c | Alexander Funding Trust, 1.841% due 11/15/2023 | 29,610,000 | 30,148,606 |
Alliant Energy Finance LLC, | |||
c | 1.40% due 3/15/2026 | 5,240,000 | 5,162,815 |
c | 3.75% due 6/15/2023 | 9,673,000 | 10,143,495 |
Ameren Corp., | |||
1.75% due 3/15/2028 | 9,990,000 | 9,794,096 | |
3.50% due 1/15/2031 | 6,670,000 | 7,261,829 | |
American Electric Power Co., Inc., | |||
0.75% due 11/1/2023 | 9,667,000 | 9,667,483 | |
2.30% due 3/1/2030 | 14,211,000 | 14,155,861 | |
Appalachian Power Co., 3.40% due 6/1/2025 | 7,000,000 | 7,502,740 | |
Avangrid, Inc., | |||
3.15% due 12/1/2024 | 8,870,000 | 9,451,340 | |
3.20% due 4/15/2025 | 9,395,000 | 10,010,466 |
34 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Black Hills Corp., | |||
1.037% due 8/23/2024 | $ 28,045,000 | $ 28,050,329 | |
2.50% due 6/15/2030 | 5,490,000 | 5,562,523 | |
c | Caledonia Generating LLC, 1.95% due 2/28/2034 | 21,093,436 | 20,894,525 |
a | CenterPoint Energy, Inc., 0.70% (SOFR + 0.65%) due 5/13/2024 | 2,289,000 | 2,293,990 |
Comision Federal de Electricidad, | |||
b,c | 3.348% due 2/9/2031 | 31,040,000 | 30,578,435 |
b | 5.00% due 9/29/2036 | 1,738,000 | 1,828,446 |
Consolidated Edison Co. of New York, Inc., 3.35% due 4/1/2030 | 6,835,000 | 7,479,062 | |
Consolidated Edison, Inc., 0.65% due 12/1/2023 | 34,039,000 | 34,038,660 | |
Dominion Energy, Inc., 3.60% due 3/15/2027 | 29,576,000 | 32,529,755 | |
Edison International, 2.40% due 9/15/2022 | 4,900,000 | 4,979,674 | |
Enel Finance International NV, | |||
b,c | 1.375% due 7/12/2026 | 12,250,000 | 12,169,395 |
b,c | 1.875% due 7/12/2028 | 5,750,000 | 5,713,660 |
Entergy Arkansas LLC, 4.00% due 6/1/2028 | 3,965,000 | 4,462,607 | |
Entergy Louisiana LLC, 0.62% due 11/17/2023 | 6,555,000 | 6,555,655 | |
Entergy Mississippi LLC, 3.25% due 12/1/2027 | 4,727,000 | 5,064,130 | |
Entergy Texas, Inc., | |||
1.50% due 9/1/2026 | 8,640,000 | 8,481,024 | |
3.45% due 12/1/2027 | 12,000,000 | 12,843,720 | |
Eversource Energy, 3.80% due 12/1/2023 | 12,395,000 | 13,207,244 | |
Exelon Corp., 4.05% due 4/15/2030 | 9,640,000 | 10,912,384 | |
c | ITC Holdings Corp., 2.95% due 5/14/2030 | 14,800,000 | 15,546,068 |
c | Jersey Central Power & Light Co., 4.30% due 1/15/2026 | 9,414,000 | 10,381,665 |
c | Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | 11,980,000 | 11,592,447 |
c | Midland Cogeneration Venture LP, 6.00% due 3/15/2025 | 1,926,341 | 1,996,075 |
a | Mississippi Power Co., Series A, 0.35% (SOFR + 0.30%) due 6/28/2024 | 6,780,000 | 6,758,846 |
c | Monongahela Power Co., 3.55% due 5/15/2027 | 3,300,000 | 3,613,665 |
c | Narragansett Electric Co., 3.395% due 4/9/2030 | 6,905,000 | 7,482,810 |
NextEra Energy Capital Holdings, Inc., | |||
a | 0.401% (LIBOR 3 Month + 0.27%) due 2/22/2023 | 33,970,000 | 33,974,076 |
0.65% due 3/1/2023 | 5,000,000 | 5,018,600 | |
Northern States Power Co., 3.30% due 6/15/2024 | 10,000,000 | 10,549,700 | |
OGE Energy Corp., 0.703% due 5/26/2023 | 6,063,000 | 6,062,879 | |
Oklahoma Gas & Electric Co., 3.25% due 4/1/2030 | 13,653,000 | 14,753,295 | |
Pacific Gas and Electric Co., | |||
1.367% due 3/10/2023 | 11,228,000 | 11,190,498 | |
1.75% due 6/16/2022 | 17,691,000 | 17,667,825 | |
a | PPL Electric Utilities Corp., 0.38% (SOFR + 0.33%) due 6/24/2024 | 10,496,000 | 10,505,132 |
Public Service Co. of Oklahoma, Series J, 2.20% due 8/15/2031 | 9,905,000 | 9,786,833 | |
Puget Energy, Inc., | |||
c | 2.379% due 6/15/2028 | 8,825,000 | 8,850,328 |
4.10% due 6/15/2030 | 4,742,000 | 5,232,560 | |
San Diego Gas & Electric Co., 3.60% due 9/1/2023 | 4,212,000 | 4,435,615 | |
Southern California Edison Co., | |||
a | 0.69% (SOFR + 0.64%) due 4/3/2023 | 19,476,000 | 19,520,990 |
a | Series F, 0.40% (SOFR + 0.35%) due 6/13/2022 | 14,453,000 | 14,452,566 |
Southern Co., | |||
3.25% due 7/1/2026 | 2,769,000 | 2,980,552 | |
Series 21-B, 1.75% due 3/15/2028 | 5,000,000 | 4,949,700 | |
Series A, 3.70% due 4/30/2030 | 4,889,000 | 5,374,771 | |
Southern Power Co., 0.90% due 1/15/2026 | 4,703,000 | 4,614,631 | |
Transelec SA, | |||
b,c | 4.25% due 1/14/2025 | 6,000,000 | 6,542,640 |
b,c | 4.625% due 7/26/2023 | 2,880,000 | 3,074,659 |
Gas Utilities — 0.4% | |||
a | CenterPoint Energy Resources Corp., 0.62% (LIBOR 3 Month + 0.50%) due 3/2/2023 | 7,649,000 | 7,649,994 |
NiSource, Inc., 0.95% due 8/15/2025 | 14,735,000 | 14,556,117 | |
a | ONE Gas, Inc., 0.724% (LIBOR 3 Month + 0.61%) due 3/11/2023 | 18,914,000 | 18,913,622 |
673,130,046 | |||
Total Corporate Bonds (Cost $3,874,813,632) | 3,957,590,751 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 35 |
Thornburg Limited Term Income Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Loan Participations — 1.2% | |||
Capital Goods — 0.4% | |||
Aerospace & Defense — 0.4% | |||
h | Boeing Co., 1.366% (LIBOR 3 Month + 1.25%) due 2/7/2022 | $ 42,807,315 | $ 42,753,806 |
42,753,806 | |||
Media & Entertainment — 0.6% | |||
Media — 0.6% | |||
h,i | Charter Communications Operating LLC, 1.84% (LIBOR 1 Month + 1.75%) due 2/1/2027 | 39,045,016 | 38,790,052 |
h | Lamar Media Corp., 1.583% (LIBOR 1 Month + 1.50%) due 2/5/2027 | 4,750,000 | 4,706,965 |
h | Nielsen Finance LLC, 2.083% (LIBOR 1 Month + 2.00%) due 10/4/2023 | 17,193,003 | 17,160,852 |
60,657,869 | |||
Utilities — 0.2% | |||
Electric Utilities — 0.2% | |||
h | Pacific Gas & Electric Company, 2.375% (LIBOR 1 Month + 2.25%) due 1/3/2022 | 19,515,000 | 19,197,881 |
19,197,881 | |||
Total Loan Participations (Cost $122,305,639) | 122,609,556 | ||
Long-Term Municipal Bonds — 0.4% | |||
Colorado Educational & Cultural Facilities Authority, | |||
Series B, | |||
2.474% due 3/1/2022 | 600,000 | 605,220 | |
2.691% due 3/1/2023 | 580,000 | 598,456 | |
New Jersey Transportation Trust Fund Authority, | |||
2.551% due 6/15/2023 | 1,170,000 | 1,198,501 | |
2.631% due 6/15/2024 | 860,000 | 890,564 | |
New York State Urban Development Corp., Series D-1, 2.55% due 3/15/2022 | 29,675,000 | 29,972,937 | |
Redlands Redevelopment Agency Successor Agency (Insured: AMBAC) ETM, Series A, 5.818% due 8/1/2022 | 285,000 | 297,118 | |
State of Connecticut GO, Series A, 3.471% due 9/15/2022 | 4,695,000 | 4,834,301 | |
Total Long-Term Municipal Bonds (Cost $37,865,000) | 38,397,097 | ||
Preferred Stock — 0.3% | |||
Diversified Financials — 0.3% | |||
Capital Markets — 0.3% | |||
a,j | Gabelli Dividend & Income Trust, 1.70% due 3/26/2028 | 1,162 | 29,012,816 |
29,012,816 | |||
Total Preferred Stock (Cost $29,019,196) | 29,012,816 | ||
Short-Term Investments — 8.4% | |||
k | Thornburg Capital Management Fund | 87,404,664 | 874,046,644 |
Total Short-Term Investments (Cost $874,046,644) | 874,046,644 | ||
Total Investments — 99.9% (Cost $10,191,680,733) | $10,346,403,072 | ||
Other Assets Less Liabilities — 0.1% | 11,854,780 | ||
Net Assets — 100.0% | $10,358,257,852 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 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 September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $4,274,150,848, representing 41.26% of the Fund’s net assets. |
d | When-issued security. |
e | Segregated as collateral for a when-issued security. |
f | Bond in default. |
36 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
g | Non-income producing. |
h | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 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 LIBOR plus a premium which was determined at the time of purchase. |
j | Security currently fair valued by the Valuation and Pricing Committee using procedures approved by the Trustees’ Audit Committee. |
k | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
AMBAC | Insured by American Municipal Bond Assurance Corp. |
BSBY3M | Bloomberg Short Term Bank Yield 3 Month |
CMBS | Commercial Mortgage-Backed Securities |
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 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 37 |
Thornburg Ultra Short Income Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
U.S. Treasury Securities — 0.6% | |||
United States Treasury Notes Inflationary Index, 0.125% due 4/15/2022 | $336,717 | $ 341,362 | |
Total U.S. Treasury Securities (Cost $336,819) | 341,362 | ||
U.S. Government Agencies — 0.2% | |||
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a,b | 0.476% (LIBOR 3 Month + 0.35%) due 4/15/2025 | 37,500 | 37,163 |
b | 1.70% due 12/20/2022 | 15,000 | 14,906 |
Small Business Administration Participation Certificates, | |||
Series 2005-20K Class 1, 5.36% due 11/1/2025 | 9,615 | 10,260 | |
Series 2009-20E Class 1, 4.43% due 5/1/2029 | 33,462 | 36,120 | |
Total U.S. Government Agencies (Cost $95,856) | 98,449 | ||
Mortgage Backed — 10.3% | |||
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2019-1 Class A1, 3.805% due 1/25/2049 | 39,696 | 40,138 |
a,c | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 40,818 | 41,419 |
Bank, CMBS, Series 2017-BNK5 Class A2, 2.987% due 6/15/2060 | 550,000 | 556,782 | |
c | Bravo Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 28,670 | 29,249 |
COMM Mortgage Trust, CMBS, | |||
Series 2012-CR1 Class A3, 3.391% due 5/15/2045 | 358,251 | 361,551 | |
Series 2012-CR2 Class A4, 3.147% due 8/15/2045 | 450,000 | 457,394 | |
Series 2012-CR3 Class A3, 2.822% due 10/15/2045 | 88,009 | 89,162 | |
Series 2012-CR5 Class ASB, 2.388% due 12/10/2045 | 24,682 | 24,882 | |
Series 2014-CR15 Class A2, 2.928% due 2/10/2047 | 19,415 | 19,414 | |
Series 2016-COR1 Class A2, 2.499% due 10/10/2049 | 254,113 | 254,445 | |
CSAIL Commercial Mortgage Trust, CMBS, Series 2017-CX9 Class A1, 2.025% due 9/15/2050 | 169,875 | 170,592 | |
Federal Home Loan Mtg Corp., Multi-Family Structured Pass Through Certificates, CMBS, Series K036 Class A1, 2.777% due 4/25/2023 | 68,209 | 69,519 | |
a | Federal Home Loan Mtg Corp., REMIC, Series 3877 Class FA, 0.434% (LIBOR 1 Month + 0.35%) due 11/15/2040 | 26,418 | 26,422 |
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 | 38,188 | 39,901 |
a | Series 2018-1 Class HA, 3.00% due 5/25/2057 | 27,983 | 29,187 |
a | Series 2018-2 Class HA, 3.00% due 11/25/2057 | 110,183 | 114,707 |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool AS7323, 2.50% due 6/1/2031 | 192,875 | 202,416 | |
Pool FM1126, 3.00% due 3/1/2033 | 36,175 | 38,275 | |
Pool MA3557, 4.00% due 1/1/2029 | 60,432 | 64,094 | |
a,c | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 32,095 | 32,783 |
a,c | FWD Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-INV1 Class A1, 2.81% due 6/25/2049 | 43,542 | 44,479 |
a,c | GCAT LLC, Whole Loan Securities Trust CMO, Series 2019-NQM1 Class A1, 2.985% due 2/25/2059 | 34,712 | 34,712 |
a,c | GCAT Trust, Whole Loan Securities Trust CMO, Series 2019-NQM2 Class A1, 2.855% due 9/25/2059 | 34,368 | 34,368 |
Government National Mtg Assoc., CMBS, Series 2013-55 Class AB, 1.579% due 12/16/2042 | 26,477 | 26,552 | |
JPMorgan Chase Commercial Mortgage Securities Trust, CMBS, | |||
Series 2012-C6 Class A3, 3.507% due 5/15/2045 | 257,596 | 260,859 | |
c | Series 2012-HSBC Class A, 3.093% due 7/5/2032 | 448,581 | 454,779 |
a,c | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 138,875 | 143,037 |
Morgan Stanley Bank of America Merrill Lynch Trust, CMBS, | |||
a | Series 2013-C10 Class ASB, 3.912% due 7/15/2046 | 335,270 | 342,760 |
Series 2013-C7 Class AAB, 2.469% due 2/15/2046 | 41,767 | 42,219 | |
Series 2016-C31 Class A3, 2.731% due 11/15/2049 | 500,000 | 502,960 | |
a,c | New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2017-5A Class A1, 1.586% (LIBOR 1 Month + 1.50%) due 6/25/2057 | 25,372 | 25,530 |
a,c | SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class A1, 2.703% due 9/25/2059 | 19,404 | 19,426 |
a,c | Verus Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class A1, 2.784% due 7/25/2059 | 31,333 | 31,518 |
WFRBS Commercial Mortgage Trust, CMBS, | |||
Series 2012-C7 Class A2, 3.431% due 6/15/2045 | 500,000 | 506,175 | |
Series 2013-C14 Class ASB, 2.977% due 6/15/2046 | 55,283 | 56,353 | |
Series 2013-C17 Class ASB, 3.558% due 12/15/2046 | 321,739 | 331,924 | |
Total Mortgage Backed (Cost $5,525,141) | 5,519,983 | ||
Asset Backed Securities — 49.2% |
38 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Auto Receivables — 11.7% | |||
c | ACC Auto Trust, Series 2021-A Class A, 1.08% due 4/15/2027 | $180,809 | $ 181,099 |
ACC Trust, | |||
c | Series 2019-2 Class A, 2.82% due 2/21/2023 | 88,398 | 88,537 |
c | Series 2020-A Class A, 6.00% due 3/20/2023 | 85,962 | 87,322 |
c | Series 2021-1 Class A, 0.74% due 11/20/2023 | 145,946 | 146,007 |
American Credit Acceptance Receivables Trust, | |||
c | Series 2020-4 Class A, 0.53% due 3/13/2024 | 100,899 | 100,944 |
c | Series 2021-1 Class A, 0.35% due 5/13/2024 | 81,409 | 81,426 |
c | ARI Fleet Lease Trust, Series 2019-A Class A2A, 2.41% due 11/15/2027 | 142,656 | 143,427 |
c | Arivo Acceptance Auto Loan Receivables Trust, Series 2019-1 Class A, 2.99% due 7/15/2024 | 70,423 | 71,164 |
c | Avid Automobile Receivables Trust, Series 2019-1 Class A, 2.62% due 2/15/2024 | 26,778 | 26,825 |
CarMax Auto Owner Trust, | |||
Series 2017-4 Class C, 2.70% due 10/16/2023 | 60,000 | 60,276 | |
Series 2018-3 Class A3, 3.13% due 6/15/2023 | 53,139 | 53,459 | |
c | CarNow Auto Receivables Trust, Series 2020-1A Class A, 1.76% due 2/15/2023 | 50,872 | 50,968 |
Carvana Auto Receivables Trust, | |||
c | Series 2020-N1A Class A, 1.53% due 1/16/2024 | 4,275 | 4,277 |
Series 2021-N2 Class A1, 0.32% due 3/10/2028 | 262,862 | 262,698 | |
Series 2021-N3 Class A1, 0.35% due 6/12/2028 | 250,000 | 249,862 | |
c | Series 2021-P1 Class N, 2.16% due 12/10/2027 | 163,765 | 163,774 |
CIG Auto Receivables Trust, | |||
c | Series 2019-1A Class B, 3.59% due 8/15/2024 | 356,473 | 360,785 |
c | Series 2020-1A Class A, 0.68% due 10/12/2023 | 54,108 | 54,180 |
CPS Auto Receivables Trust, | |||
c | Series 2019-D Class B, 2.35% due 11/15/2023 | 15,340 | 15,349 |
c | Series 2021-A Class A, 0.35% due 1/16/2024 | 55,357 | 55,367 |
c | Series 2021-B Class A, 0.37% due 3/17/2025 | 160,165 | 160,212 |
c | CPS Auto Trust, Series 2017-A Class D, 4.61% due 12/15/2022 | 12,900 | 12,924 |
c | Credito Real USA Auto Receivables Trust, Series 2021-1A Class A, 1.35% due 2/16/2027 | 342,967 | 344,263 |
c | DT Auto Owner Trust, Series 2018-3A Class C, 3.79% due 7/15/2024 | 12,911 | 12,924 |
c | Exeter Automobile Receivables Trust, Series 2017-3A Class C, 3.68% due 7/17/2023 | 207,221 | 209,828 |
FHF Trust, | |||
c | Series 2020-1A Class A, 2.59% due 12/15/2023 | 71,670 | 72,132 |
c | Series 2021-1A Class A, 1.27% due 3/15/2027 | 100,885 | 100,891 |
c | Series 2021-2A Class A, 0.83% due 12/15/2026 | 185,000 | 184,868 |
c | First Investors Auto Owner Trust, Series 2017-1A Class D, 3.60% due 4/17/2023 | 144,767 | 144,911 |
Ford Credit Floorplan Master Owner Trust A, Series 2018-3 Class A1, 3.52% due 10/15/2023 | 55,000 | 55,055 | |
c | Foursight Capital Automobile Receivables Trust, Series 2021-2 Class A1, 0.161% due 7/15/2022 | 359,330 | 359,293 |
GLS Auto Receivables Issuer Trust, | |||
c | Series 2019-4A Class A, 2.47% due 11/15/2023 | 5,943 | 5,958 |
c | Series 2020-1A Class A, 2.17% due 2/15/2024 | 229,241 | 230,146 |
c | Series 2020-3A Class A, 0.69% due 10/16/2023 | 10,985 | 10,990 |
c | Series 2021-1A Class A, 0.34% due 5/15/2024 | 110,316 | 110,323 |
Honda Auto Receivables Owner Trust, Series 2018-3 Class A3, 2.95% due 8/22/2022 | 4,102 | 4,110 | |
a,c | Navistar Financial Dealer Note Master Trust, Series 2020-1 Class A, 1.036% (LIBOR 1 Month + 0.95%) due 7/25/2025 | 123,000 | 123,851 |
c | NextGear Floorplan Master Owner Trust, Series 2018-2A Class A2, 3.69% due 10/15/2023 | 206,000 | 206,213 |
c | Octane Receivables Trust, Series 2019-1A Class A, 3.16% due 9/20/2023 | 77,958 | 78,453 |
b,c | Oscar US Funding XI LLC, Series 2019-2A Class A3, 2.59% due 9/11/2023 | 79,345 | 80,080 |
c | Prestige Auto Receivables Trust, Series 2019-1A Class B, 2.53% due 1/16/2024 | 328,000 | 329,073 |
Tesla Auto Lease Trust, | |||
c | Series 2019-A Class A2, 2.13% due 4/20/2022 | 17,769 | 17,801 |
c | Series 2020-A Class A2, 0.55% due 5/22/2023 | 130,336 | 130,425 |
c | United Auto Credit Securitization Trust, Series 2021-1 Class A, 0.34% due 7/10/2023 | 97,154 | 97,166 |
c | US Auto Funding, Series 2021-1A Class A, 0.79% due 7/15/2024 | 454,386 | 455,125 |
c | USASF Receivables LLC, Series 2020-1A Class A, 2.47% due 8/15/2023 | 52,455 | 52,621 |
c | Veros Auto Receivables Trust, Series 2021-1 Class A, 0.92% due 10/15/2026 | 347,599 | 347,703 |
c | Westlake Automobile Receivables Trust, Series 2020-1A Class A2, 1.44% due 9/15/2023 | 60,170 | 60,320 |
6,255,405 | |||
Credit Card — 3.2% | |||
American Express Credit Account Master Trust, Series 2019-1 Class A, 2.87% due 10/15/2024 | 200,000 | 202,397 | |
c | Fair Square Issuance Trust, Series 2020-AA Class A, 2.90% due 9/20/2024 | 420,000 | 422,816 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 39 |
Thornburg Ultra Short Income Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Genesis Private Label Amortizing Trust, | |||
c | Series 2020-1 Class B, 2.83% due 7/20/2030 | $ 85,545 | $ 85,624 |
c | Series 2020-1 Class C, 4.19% due 7/20/2030 | 100,000 | 100,660 |
c | Perimeter Master Note Business Trust, Series 2019-2A Class C, 7.06% due 5/15/2024 | 500,000 | 519,681 |
World Financial Network Credit Card Master Trust, Series 2019-B Class A, 2.49% due 4/15/2026 | 400,000 | 406,391 | |
1,737,569 | |||
Other Asset Backed — 25.8% | |||
Affirm Asset Securitization Trust, | |||
c | Series 2020-A Class A, 2.10% due 2/18/2025 | 200,000 | 201,059 |
c | Series 2020-Z1 Class A, 3.46% due 10/15/2024 | 305,590 | 308,713 |
c | Series 2020-Z2 Class A, 1.90% due 1/15/2025 | 151,000 | 152,140 |
c | Amur Equipment Finance Receivables IX LLC, Series 2021-1A Class A1, 0.22% due 4/20/2022 | 25,246 | 25,244 |
Amur Equipment Finance Receivables VI LLC, | |||
c | Series 2018-2A Class A2, 3.89% due 7/20/2022 | 27,587 | 27,835 |
c | Series 2018-2A Class C, 4.27% due 1/20/2023 | 125,000 | 127,571 |
c | Amur Equipment Finance Receivables VII LLC, Series 2019-1A Class A2, 2.63% due 6/20/2024 | 45,145 | 45,638 |
c | Amur Equipment Finance Receivables VIII LLC, Series 2020-1A Class A2, 1.68% due 8/20/2025 | 66,662 | 67,194 |
c | Aqua Finance Trust, Series 2019-A Class A, 3.14% due 7/16/2040 | 41,409 | 42,409 |
c | Arm Master Trust, Series 2021-T2 Class A, 1.42% due 1/15/2024 | 300,000 | 300,045 |
c | Ascentium Equipment Receivables Trust, Series 2017-2A Class C, 2.87% due 8/10/2022 | 90,000 | 90,379 |
c | Avant Loans Funding Trust, Series 2019-B Class B, 3.15% due 10/15/2026 | 62,037 | 62,164 |
c | Bankers Healthcare Group Securitization Trust, Series 2020-A Class A, 2.56% due 9/17/2031 | 79,092 | 80,231 |
Bayview Opportunity Master Fund Trust, | |||
a,c | Series 2017-RT1 Class A1, 3.00% due 3/28/2057 | 47,435 | 47,990 |
a,c | Series 2017-RT3 Class A, 3.50% due 1/28/2058 | 34,655 | 34,991 |
c | BCC Funding Corp. XVI LLC, Series 2019-1A Class A2, 2.46% due 8/20/2024 | 67,369 | 67,927 |
c | BCC Funding Corp. XVII LLC, Series 2020-1 Class A2, 0.91% due 8/20/2025 | 458,334 | 459,546 |
c | BHG Securitization Trust, Series 2021-B Class A, 0.90% due 10/17/2034 | 200,000 | 199,893 |
c | BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A Class A, 2.94% due 5/25/2029 | 81,642 | 83,454 |
c | Conn’s Receivables Funding LLC, Series 2020-A Class A, 1.71% due 6/16/2025 | 38,773 | 38,779 |
c | Consumer Loan Underlying Bond CLUB Credit Trust, Series 2020-P1 Class A, 2.26% due 3/15/2028 | 12,172 | 12,191 |
c | Crossroads Asset Trust, Series 2021-A Class A1, 0.374% due 12/20/2021 | 28,207 | 28,206 |
c | Dell Equipment Finance Trust, Series 2020-1 Class A2, 2.26% due 6/22/2022 | 36,137 | 36,293 |
c | Dext ABS LLC, Series 2020-1 Class A, 1.46% due 2/16/2027 | 118,672 | 119,221 |
c | Diamond Resorts Owner Trust, Series 2019-1A Class A, 2.89% due 2/20/2032 | 81,671 | 83,764 |
c | DLL Securitization Trust, Series 2017-A Class A4, 2.43% due 11/17/2025 | 10,557 | 10,564 |
c | Encina Equipment Finance LLC, Series 2021-1A Class A1, 0.50% due 9/15/2025 | 278,986 | 279,172 |
Foundation Finance Trust, | |||
c | Series 2016-1A Class A, 3.96% due 6/15/2035 | 1,383 | 1,384 |
c | Series 2017-1A Class A, 3.30% due 7/15/2033 | 11,923 | 12,053 |
c | Series 2019-1A Class A, 3.86% due 11/15/2034 | 55,305 | 57,088 |
Freed ABS Trust, | |||
c | Series 2019-1 Class B, 3.87% due 6/18/2026 | 8,938 | 8,970 |
c | Series 2020-FP1 Class A, 2.52% due 3/18/2027 | 20,085 | 20,123 |
c | Series 2021-1CP Class A, 0.66% due 3/20/2028 | 546,239 | 546,087 |
c | Series 2021-2 Class A, 0.68% due 6/19/2028 | 133,492 | 133,561 |
c | Series 2021-3FP Class A, 0.62% due 11/20/2028 | 275,000 | 274,990 |
a,c | Gracie Point International Funding, Series 2020-B Class A, 1.486% (LIBOR 1 Month + 1.40%) due 5/2/2023 | 99,996 | 100,753 |
c | Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033 | 83,318 | 85,710 |
c | LendingClub Receivables Trust, Series 2020-6A Class A, 2.75% due 11/15/2047 | 89,656 | 90,120 |
LendingPoint Asset Securitization Trust, | |||
c | Series 2019-2 Class C, 4.66% due 11/10/2025 | 190,539 | 191,609 |
c | Series 2021-A Class A, 1.00% due 12/15/2028 | 178,126 | 178,187 |
c,d | Series 2021-B Class A, 1.11% due 2/15/2029 | 160,000 | 160,003 |
c | Lendmark Funding Trust, Series 2018-2A Class A, 4.23% due 4/20/2027 | 200,000 | 200,400 |
LL ABS Trust, | |||
c | Series 2019-1A Class B, 3.52% due 3/15/2027 | 65,951 | 66,294 |
c | Series 2020-1A Class A, 2.33% due 1/17/2028 | 65,398 | 65,735 |
c | Series 2021-1A Class A, 1.07% due 5/15/2029 | 241,566 | 241,256 |
c | LP LMS Asset Securitization Trust, Series 2021-2A Class A, 1.75% due 1/15/2029 | 275,000 | 275,113 |
40 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Marlette Funding Trust, | |||
c | Series 2019-2A Class A, 3.13% due 7/16/2029 | $ 2,532 | $ 2,534 |
c | Series 2019-4A Class A, 2.39% due 12/17/2029 | 19,203 | 19,252 |
c | Series 2020-1A Class B, 2.38% due 3/15/2030 | 132,183 | 132,926 |
c | Series 2020-2A Class A, 1.02% due 9/16/2030 | 3,044 | 3,044 |
c | Series 2021-1A Class A, 0.60% due 6/16/2031 | 188,099 | 188,090 |
MMAF Equipment Finance LLC, | |||
c | Series 2014-AA Class A5, 2.33% due 12/8/2025 | 135,425 | 136,332 |
c | Series 2017-AA Class A4, 2.41% due 8/16/2024 | 106,933 | 107,121 |
c | Series 2018-A Class A3, 3.20% due 9/12/2022 | 11,976 | 11,989 |
a,c | Nationstar HECM Loan Trust, Series 2020-1A Class A1, 1.269% due 9/25/2030 | 77,229 | 77,439 |
c | New Residential Advance Receivables Trust Advance Receivables Backed, Series 2020-T1 Class AT1, 1.426% due 8/15/2053 | 535,000 | 534,575 |
c | New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2020-APT1 Class AT1, 1.035% due 12/16/2052 | 485,000 | 484,865 |
c | NMEF Funding LLC, Series 2021-A Class A1, 0.341% due 3/15/2022 | 156,155 | 156,137 |
c | Oportun Funding LLC, Series 2020-1 Class A, 2.20% due 5/15/2024 | 157,313 | 157,808 |
Pagaya AI Debt Selection Trust, | |||
c | Series 2020-3 Class A, 2.10% due 5/17/2027 | 104,517 | 105,118 |
c | Series 2021-3 Class A, 1.15% due 5/15/2029 | 250,000 | 250,011 |
c | Pawnee Equipment Receivables LLC, Series 2019-1 Class A2, 2.29% due 10/15/2024 | 65,788 | 66,385 |
PFS Financing Corp., | |||
c | Series 2018-F Class A, 3.52% due 10/15/2023 | 350,000 | 349,469 |
c | Series 2018-F Class B, 3.77% due 10/15/2023 | 259,000 | 258,579 |
c | Series 2019-A Class A2, 2.86% due 4/15/2024 | 400,000 | 405,563 |
PSNH Funding LLC 3, Series 2018-1 Class A1, 3.094% due 2/1/2026 | 41,182 | 42,540 | |
c | Regional Management Issuance Trust, Series 2019-1 Class A, 3.05% due 11/15/2028 | 175,000 | 177,919 |
c | Republic Finance Issuance Trust, Series 2019-A Class A, 3.43% due 11/22/2027 | 425,000 | 426,449 |
SCF Equipment Leasing LLC, | |||
c | Series 2019-2A Class A1, 2.22% due 6/20/2024 | 31,367 | 31,552 |
c | Series 2020-1A Class A2, 0.68% due 10/20/2025 | 147,501 | 147,689 |
c | Sierra Timeshare Receivables Funding LLC, Series 2016-3A Class A, 2.43% due 10/20/2033 | 586,498 | 586,826 |
c | Small Business Lending Trust, Series 2020-A Class A, 2.62% due 12/15/2026 | 36,917 | 37,000 |
c | SoFi Consumer Loan Program Trust, Series 2020-1 Class A, 2.02% due 1/25/2029 | 89,561 | 89,928 |
c | SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 506,657 | 510,855 |
c | SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 450,000 | 453,683 |
c | SPS Servicer Advance Receivables Trust II, Series 2020-T1 Class AT1, 1.28% due 11/15/2052 | 250,000 | 251,256 |
Theorem Funding Trust, | |||
c | Series 2020-1A Class A, 2.48% due 10/15/2026 | 41,917 | 42,096 |
c | Series 2021-1A Class A, 1.21% due 12/15/2027 | 484,287 | 484,888 |
Towd Point Mortgage Trust, | |||
a,c | Series 2016-5 Class A1, 2.50% due 10/25/2056 | 21,962 | 22,273 |
a,c | Series 2018-2 Class A1, 3.25% due 3/25/2058 | 45,974 | 47,211 |
a,c | Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 125,292 | 128,261 |
a,c | Series 2019-HY2 Class 1, 1.086% (LIBOR 1 Month + 1.00%) due 5/25/2058 | 81,356 | 81,980 |
Upstart Pass-Through Trust, | |||
c | Series 2020-ST2 Class A, 3.50% due 3/20/2028 | 271,378 | 276,832 |
c | Series 2020-ST3 Class A, 3.35% due 4/20/2028 | 52,226 | 53,162 |
Upstart Securitization Trust, | |||
c | Series 2019-2 Class B, 3.734% due 9/20/2029 | 119,398 | 120,188 |
c | Series 2019-3 Class A, 2.684% due 1/21/2030 | 19,647 | 19,673 |
c | Series 2019-3 Class B, 3.829% due 1/21/2030 | 150,000 | 151,947 |
c | Series 2020-3 Class A, 1.702% due 11/20/2030 | 74,893 | 75,223 |
c | Series 2021-1 Class A, 0.87% due 3/20/2031 | 99,412 | 99,415 |
c | Series 2021-2 Class A, 0.91% due 6/20/2031 | 125,297 | 125,258 |
c | VSE VOI Mortgage LLC, Series 2016-A Class A, 2.54% due 7/20/2033 | 121,917 | 121,917 |
13,795,307 | |||
Student Loan — 8.5% | |||
a | National Collegiate Student Loan Trust, Series 2006-4 Class A4, 0.396% (LIBOR 1 Month + 0.31%) due 5/25/2032 | 514,858 | 499,412 |
Navient Private Education Loan Trust, | |||
a,c | Series 2014-AA Class A2B, 1.334% (LIBOR 1 Month + 1.25%) due 2/15/2029 | 236,702 | 238,021 |
c | Series 2014-AA, 2.74% due 2/15/2029 | 269,207 | 272,836 |
a,c | Series 2017-A Class A2B, 0.984% (LIBOR 1 Month + 0.90%) due 12/16/2058 | 73,342 | 73,599 |
a,c | Series 2018-BA, 0.804% (LIBOR 1 Month + 0.72%) due 12/15/2059 | 93,849 | 94,065 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 41 |
Thornburg Ultra Short Income Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
c | Navient Private Education Refi Loan Trust, Series 2018-CA Class A2, 3.52% due 6/16/2042 | $263,981 | $ 268,636 |
Navient Student Loan Trust, | |||
a,c | Series 2016-6A Class A2, 0.836% (LIBOR 1 Month + 0.75%) due 3/25/2066 | 39,143 | 39,288 |
a,c | Series 2017-1A Class A2, 0.836% (LIBOR 1 Month + 0.75%) due 7/26/2066 | 35,793 | 35,822 |
a,c | Series 2019-BA Class A2B, 1.064% (LIBOR 1 Month + 0.98%) due 12/15/2059 | 511,989 | 516,930 |
a,c | Nelnet Private Education Loan Trust, Series 2016-A Class A1A, 1.836% (LIBOR 1 Month + 1.75%) due 12/26/2040 | 13,802 | 13,855 |
Nelnet Student Loan Trust, | |||
a,c | Series 2012-2A Class A, 0.886% (LIBOR 1 Month + 0.80%) due 12/26/2033 | 111,685 | 111,886 |
a,c | Series 2015-3A Class A2, 0.686% (LIBOR 1 Month + 0.60%) due 2/27/2051 | 42,627 | 42,529 |
a,c | Pennsylvania Higher Education Assistance Agency, Student Loan Trust, Series 2012-1A Class A1, 0.636% (LIBOR 1 Month + 0.55%) due 5/25/2057 | 18,703 | 18,569 |
a,b,c | Prodigy Finance DAC, Series 2021-1A Class A, 1.336% (LIBOR 1 Month + 1.25%) due 7/25/2051 | 223,149 | 223,623 |
SLM Student Loan Trust, | |||
a | Series 2011-2 Class A1, 0.686% (LIBOR 1 Month + 0.60%) due 11/25/2027 | 8,574 | 8,578 |
a | Series 2013-4 Class A, 0.636% (LIBOR 1 Month + 0.55%) due 6/25/2043 | 29,529 | 29,349 |
a | Series 2013-6 Class A3, 0.736% (LIBOR 1 Month + 0.65%) due 6/25/2055 | 184,869 | 186,584 |
SMB Private Education Loan Trust, | |||
a,c | Series 2015-A Class A2B, 1.084% (LIBOR 1 Month + 1.00%) due 6/15/2027 | 18,292 | 18,317 |
a,c | Series 2015-B Class A2B, 1.284% (LIBOR 1 Month + 1.20%) due 7/15/2027 | 230,210 | 230,814 |
a,c | Series 2015-C, 2.034% (LIBOR 1 Month + 1.95%) due 8/16/2032 | 600,000 | 608,606 |
a,c | Series 2016-B Class A2B, 1.534% (LIBOR 1 Month + 1.45%) due 2/17/2032 | 145,187 | 147,135 |
a,c | Series 2018-C, 0.834% (LIBOR 1 Month + 0.75%) due 11/15/2035 | 232,153 | 233,174 |
a,c | Series 2020-A Class A1, 0.384% (LIBOR 1 Month + 0.30%) due 3/15/2027 | 10,321 | 10,321 |
SoFi Professional Loan Program LLC, | |||
c | Series 2016-B Class A2B, 2.74% due 10/25/2032 | 13,095 | 13,183 |
a,c | Series 2016-C Class A1, 1.186% (LIBOR 1 Month + 1.10%) due 10/27/2036 | 311,049 | 312,115 |
c | Series 2016-E Class A2B, 2.49% due 1/25/2036 | 61,295 | 61,578 |
a,c | Series 2017-A Class A1, 0.786% (LIBOR 1 Month + 0.70%) due 3/26/2040 | 23,801 | 23,819 |
a,c | Towd Point Asset Trust, Series 2021-SL1 Class A2, 0.80% (LIBOR 1 Month + 0.70%) due 11/20/2061 | 238,582 | 238,651 |
4,571,295 | |||
Total Asset Backed Securities (Cost $26,269,737) | 26,359,576 | ||
Corporate Bonds — 28.0% | |||
Automobiles & Components — 2.7% | |||
Automobiles — 2.3% | |||
c | BMW US Capital LLC, 2.95% due 4/14/2022 | 130,000 | 131,869 |
Daimler Finance North America LLC, | |||
a,c | 1.025% (LIBOR 3 Month + 0.90%) due 2/15/2022 | 150,000 | 150,455 |
c | 3.40% due 2/22/2022 | 200,000 | 202,388 |
c | Hyundai Capital America, 3.95% due 2/1/2022 | 245,000 | 247,668 |
a,c | Nissan Motor Acceptance Co. LLC, 0.822% (LIBOR 3 Month + 0.69%) due 9/28/2022 | 33,000 | 33,083 |
b | Toyota Motor Corp., 2.157% due 7/2/2022 | 18,000 | 18,262 |
a | Toyota Motor Credit Corp., 0.39% (SOFR + 0.34%) due 10/14/2022 | 250,000 | 250,568 |
a,c | Volkswagen Group of America Finance LLC, 1.063% (LIBOR 3 Month + 0.94%) due 11/12/2021 | 200,000 | 200,192 |
Trading Companies & Distributors — 0.4% | |||
b,c | Mitsubishi HC Capital, Inc., 3.406% due 2/28/2022 | 200,000 | 201,882 |
1,436,367 | |||
Banks — 1.8% | |||
Banks — 1.8% | |||
a,b | Credit Suisse AG, Series FRN 0.43% (SOFR + 0.38%) due 8/9/2023 | 300,000 | 300,966 |
a | PNC Bank NA, 0.453% (LIBOR 3 Month + 0.33%) due 2/24/2023 | 250,000 | 250,242 |
e | Santander Holdings USA, Inc., 4.45% due 12/3/2021 | 165,000 | 165,528 |
Zions Bancorp NA, 3.35% due 3/4/2022 | 250,000 | 252,540 | |
969,276 | |||
Capital Goods — 1.1% | |||
Aerospace & Defense — 1.1% | |||
b,c | BAE Systems plc, 4.75% due 10/11/2021 | 573,000 | 573,481 |
573,481 | |||
Consumer Durables & Apparel — 0.4% |
42 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Household Durables — 0.4% | |||
b,c | Panasonic Corp., 2.536% due 7/19/2022 | $200,000 | $ 202,924 |
202,924 | |||
Consumer Services — 0.4% | |||
Hotels, Restaurants & Leisure — 0.4% | |||
d | Hyatt Hotels Corp., 1.30% due 10/1/2023 | 125,000 | 125,165 |
McDonald’s Corp., 2.625% due 1/15/2022 | 110,000 | 110,749 | |
235,914 | |||
Diversified Financials — 2.2% | |||
Capital Markets — 0.5% | |||
Goldman Sachs BDC, Inc., 4.50% due 4/1/2022 | 260,000 | 263,258 | |
Consumer Finance — 0.5% | |||
a,c | Wells Fargo Bank NA, 1.00% (LIBOR 3 Month + 0.20%) due 5/18/2022 | 250,000 | 251,328 |
Diversified Financial Services — 1.2% | |||
a | Citigroup, Inc., 0.92% (SOFR + 0.87%) due 11/4/2022 | 100,000 | 100,062 |
a,b | Deutsche Bank AG, 1.354% (LIBOR 3 Month + 1.23%) due 2/27/2023 | 100,000 | 100,947 |
a | Goldman Sachs Group, Inc., Series FRN, 0.46% (SOFR + 0.41%) due 1/27/2023 | 250,000 | 250,107 |
a | Morgan Stanley, 0.75% (SOFR + 0.70%) due 1/20/2023 | 215,000 | 215,372 |
1,181,074 | |||
Energy — 2.2% | |||
Oil, Gas & Consumable Fuels — 2.2% | |||
b,c | BG Energy Capital plc, 4.00% due 10/15/2021 | 300,000 | 300,435 |
Chevron Corp., 2.498% due 3/3/2022 | 100,000 | 100,759 | |
EQM Midstream Partners LP, Series 5Y, 4.75% due 7/15/2023 | 21,000 | 21,969 | |
b | Equinor ASA, 3.15% due 1/23/2022 | 100,000 | 100,748 |
Gulf South Pipeline Co. LP, 4.00% due 6/15/2022 | 360,000 | 365,555 | |
b,c | Lukoil International Finance BV, 6.656% due 6/7/2022 | 275,000 | 285,612 |
1,175,078 | |||
Food & Staples Retailing — 0.4% | |||
Food & Staples Retailing — 0.4% | |||
a,c | 7-Eleven, Inc., 0.578% (LIBOR 3 Month + 0.45%) due 8/10/2022 | 195,000 | 195,045 |
195,045 | |||
Food, Beverage & Tobacco — 0.8% | |||
Food Products — 0.8% | |||
b,c | Barry Callebaut Services NV, 5.50% due 6/15/2023 | 200,000 | 215,128 |
Campbell Soup Co., 2.50% due 8/2/2022 | 100,000 | 101,787 | |
McCormick & Co., Inc., 2.70% due 8/15/2022 | 100,000 | 101,871 | |
418,786 | |||
Health Care Equipment & Services — 0.6% | |||
Health Care Providers & Services — 0.6% | |||
Humana, Inc., 0.65% due 8/3/2023 | 300,000 | 300,171 | |
300,171 | |||
Insurance — 1.6% | |||
Insurance — 1.6% | |||
c | Guardian Life Global Funding, 3.40% due 4/25/2023 | 57,000 | 59,701 |
Infinity Property & Casualty Corp., 5.00% due 9/19/2022 | 205,000 | 213,110 | |
c | Jackson National Life Global Funding, 2.10% due 10/25/2021 | 100,000 | 100,113 |
a,c | New York Life Global Funding, 0.27% (SOFR + 0.22%) due 2/2/2023 | 250,000 | 250,220 |
Reliance Standard Life Global Funding II, | |||
c | 2.625% due 7/22/2022 | 175,000 | 178,292 |
c | 3.85% due 9/19/2023 | 50,000 | 53,099 |
854,535 | |||
Materials — 0.5% | |||
Chemicals — 0.5% | |||
b,c | Phosagro OAO Via Phosagro Bond Funding DAC, 3.949% due 4/24/2023 | 260,000 | 269,199 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 43 |
Thornburg Ultra Short Income Fund | September 30, 2021
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
269,199 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 2.3% | |||
Pharmaceuticals — 2.3% | |||
AbbVie, Inc., | |||
2.15% due 11/19/2021 | $125,000 | $ 125,313 | |
3.45% due 3/15/2022 | 225,000 | 227,021 | |
a,b | AstraZeneca plc, 0.789% (LIBOR 3 Month + 0.67%) due 8/17/2023 | 240,000 | 242,311 |
c | Bayer US Finance LLC, 3.00% due 10/8/2021 | 450,000 | 450,220 |
c | Viatris, Inc., 1.125% due 6/22/2022 | 200,000 | 201,060 |
1,245,925 | |||
Real Estate — 1.7% | |||
Equity Real Estate Investment Trusts — 1.7% | |||
American Tower Corp., 2.25% due 1/15/2022 | 455,000 | 457,448 | |
SBA Tower Trust, | |||
c | 2.836% due 1/15/2050 | 100,000 | 103,567 |
c | 3.722% due 4/9/2048 | 370,000 | 370,845 |
931,860 | |||
Software & Services — 0.5% | |||
Software — 0.5% | |||
Oracle Corp., 2.50% due 5/15/2022 | 275,000 | 277,767 | |
277,767 | |||
Technology Hardware & Equipment — 1.6% | |||
Communications Equipment — 0.4% | |||
b | Telefonaktiebolaget LM Ericsson, 4.125% due 5/15/2022 | 225,000 | 229,833 |
Electronic Equipment, Instruments & Components — 0.7% | |||
Honeywell International, Inc., 1.85% due 11/1/2021 | 355,000 | 355,433 | |
Technology Hardware, Storage & Peripherals — 0.5% | |||
b | Lenovo Group Ltd., 4.75% due 3/29/2023 | 250,000 | 262,320 |
847,586 | |||
Telecommunication Services — 1.5% | |||
Diversified Telecommunication Services — 0.4% | |||
Qwest Corp., 6.75% due 12/1/2021 | 250,000 | 252,202 | |
Wireless Telecommunication Services — 1.1% | |||
Sprint Communications, Inc., 9.25% due 4/15/2022 | 550,000 | 573,925 | |
826,127 | |||
Utilities — 5.7% | |||
Electric Utilities — 4.9% | |||
c | Alliant Energy Finance LLC, 3.75% due 6/15/2023 | 42,000 | 44,043 |
a | Dominion Energy, Inc., Series D, 0.646% (LIBOR 3 Month + 0.53%) due 9/15/2023 | 225,000 | 225,038 |
a | Duke Energy Corp., 0.30% (SOFR + 0.25%) due 6/10/2023 | 135,000 | 134,950 |
a | Duke Energy Florida LLC, Series A, 0.372% (LIBOR 3 Month + 0.25%) due 11/26/2021 | 165,000 | 165,050 |
a | NextEra Energy Capital Holdings, Inc., 0.401% (LIBOR 3 Month + 0.27%) due 2/22/2023 | 200,000 | 200,024 |
OGE Energy Corp., 0.703% due 5/26/2023 | 225,000 | 224,995 | |
Ohio Power Co., 5.375% due 10/1/2021 | 100,000 | 100,000 | |
Pacific Gas and Electric Co., 1.75% due 6/16/2022 | 435,000 | 434,430 | |
a,e | PPL Electric Utilities Corp., 0.382% (LIBOR 3 Month + 0.25%) due 9/28/2023 | 200,000 | 199,716 |
Public Service Enterprise Group, Inc., 2.65% due 11/15/2022 | 50,000 | 51,182 | |
Southern California Edison Co., | |||
a | Series D, 0.389% (LIBOR 3 Month + 0.27%) due 12/3/2021 | 190,000 | 190,029 |
a | Series F, 0.40% (SOFR + 0.35%) due 6/13/2022 | 230,000 | 229,993 |
Tampa Electric Co., 2.60% due 9/15/2022 | 185,000 | 187,666 | |
Virginia Electric & Power Co., 2.95% due 1/15/2022 | 205,000 | 205,264 | |
Gas Utilities — 0.8% | |||
a | Atmos Energy Corp., 0.496% (LIBOR 3 Month + 0.38%) due 3/9/2023 | 170,000 | 170,021 |
a | CenterPoint Energy Resources Corp., 0.62% (LIBOR 3 Month + 0.50%) due 3/2/2023 | 155,000 | 155,020 |
a | ONE Gas, Inc., 0.724% (LIBOR 3 Month + 0.61%) due 3/11/2023 | 107,000 | 106,998 |
3,024,419 |
44 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Total Corporate Bonds (Cost $14,924,982) | 14,965,534 | ||
Long-Term Municipal Bonds — 0.5% | |||
Colorado Educational & Cultural Facilities Authority, Series B, 2.474% due 3/1/2022 | $ 50,000 | $ 50,435 | |
New Jersey Transportation Trust Fund Authority, | |||
2.551% due 6/15/2023 | 30,000 | 30,731 | |
2.631% due 6/15/2024 | 25,000 | 25,889 | |
New York State Urban Development Corp., Series D-1, 2.55% due 3/15/2022 | 120,000 | 121,205 | |
State of Connecticut GO, Series A, 3.471% due 9/15/2022 | 20,000 | 20,593 | |
Total Long-Term Municipal Bonds (Cost $245,000) | 248,853 | ||
Short-Term Investments — 9.1% | |||
f | Thornburg Capital Management Fund | 484,890 | 4,848,903 |
Total Short-Term Investments (Cost $4,848,903) | 4,848,903 | ||
Total Investments — 97.9% (Cost $52,246,438) | $52,382,660 | ||
Other Assets Less Liabilities — 2.1% | 1,134,597 | ||
Net Assets — 100.0% | $53,517,257 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 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 September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $30,502,152, representing 56.99% of the Fund’s net assets. |
d | When-issued security. |
e | Segregated as collateral for a when-issued security. |
f | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
CMBS | Commercial Mortgage-Backed Securities |
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 Annual Report | 45 |
Thornburg Strategic Income Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Common Stock — 0.0% | |||
Energy — 0.0% | |||
Oil, Gas & Consumable Fuels — 0.0% | |||
a,b | Malamute Energy, Inc. | 847 | $ 847 |
847 | |||
Total Common Stock (Cost $0) | 847 | ||
Preferred Stock — 0.8% | |||
Banks — 0.3% | |||
Banks — 0.3% | |||
c,d | AgriBank FCB 6.875% (LIBOR 3 Month + 4.23%) | 40,000 | 4,300,000 |
c,d | CoBank ACB Series F, 6.25% (LIBOR 3 Month + 4.56%) | 50,000 | 5,175,000 |
9,475,000 | |||
Diversified Financials — 0.3% | |||
Capital Markets — 0.2% | |||
a,d | Gabelli Dividend & Income Trust 1.70%, 3/26/2028 | 412 | 10,286,816 |
Diversified Financial Services — 0.1% | |||
c | Compass Diversified Holdings Series C, 7.875% | 108,150 | 2,898,420 |
13,185,236 | |||
Energy — 0.2% | |||
Oil, Gas & Consumable Fuels — 0.2% | |||
c | Crestwood Equity Partners LP 9.25% | 653,920 | 6,532,661 |
6,532,661 | |||
Total Preferred Stock (Cost $26,955,880) | 29,192,897 | ||
Asset Backed Securities — 24.0% | |||
Auto Receivables — 6.0% | |||
e | ACC Auto Trust, Series 2021-A Class A, 1.08% due 4/15/2027 | $ 7,057,859 | 7,069,212 |
ACC Trust, | |||
e | Series 2019-1 Class C, 6.41% due 2/20/2024 | 3,500,000 | 3,578,568 |
e | Series 2019-2 Class B, 3.63% due 8/21/2023 | 3,400,000 | 3,433,703 |
e | Series 2019-2 Class C, 5.24% due 10/21/2024 | 1,900,000 | 1,955,749 |
e | Series 2020-A Class A, 6.00% due 3/20/2023 | 2,674,373 | 2,716,678 |
e | Series 2021-1 Class A, 0.74% due 11/20/2023 | 5,522,282 | 5,524,579 |
e | American Credit Acceptance Receivables Trust, Series 2019-2 Class F, 5.81% due 6/12/2026 | 2,550,000 | 2,670,505 |
Arivo Acceptance Auto Loan Receivables Trust, | |||
e | Series 2019-1 Class A, 2.99% due 7/15/2024 | 653,925 | 660,805 |
e | Series 2019-1 Class B, 3.37% due 6/15/2025 | 2,000,000 | 2,050,708 |
e | Series 2021-1A Class A, 1.19% due 1/15/2027 | 868,418 | 871,370 |
e | Series 2021-1A Class C, 3.77% due 3/15/2027 | 900,000 | 913,413 |
e | Series 2021-1A Class D, 5.83% due 1/18/2028 | 850,000 | 854,220 |
e | Avid Automobile Receivables Trust, Series 2019-1 Class A, 2.62% due 2/15/2024 | 214,222 | 214,597 |
CarNow Auto Receivables Trust, | |||
e | Series 2020-1A Class A, 1.76% due 2/15/2023 | 1,346,611 | 1,349,146 |
e | Series 2021-1A Class A, 0.97% due 10/15/2024 | 7,993,671 | 8,007,670 |
Carvana Auto Receivables Trust, | |||
e | Series 2019-4A Class R, due 10/15/2026 | 8,000 | 2,954,723 |
e | Series 2020-N1A Class E, 5.20% due 7/15/2027 | 5,000,000 | 5,258,315 |
e | Series 2020-P1 Class R, 0.01% due 9/8/2027 | 20,000 | 5,722,098 |
e | Series 2021-N1 Class R, due 1/10/2028 | 16,371 | 8,572,422 |
e | Series 2021-N2 Class R, due 3/10/2028 | 7,000 | 4,454,880 |
a,e | Series 2021-N3 Class R, due 6/12/2028 | 6,000 | 1,878,000 |
e | Series 2021-P1 Class R, due 12/10/2027 | 23,500 | 6,012,355 |
e | Series 2021-P2 Class R, due 5/10/2028 | 7,500 | 3,705,300 |
a,e | Series 2021-P3 Class R, due 9/11/2028 | 9,000 | 5,028,030 |
e | CIG Auto Receivables Trust, Series 2019-1A Class D, 4.85% due 5/15/2026 | 2,000,000 | 2,052,231 |
46 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
CPS Auto Receivables Trust, | |||
e | Series 2018-B Class E, 5.61% due 12/16/2024 | $ 3,500,000 | $ 3,680,096 |
e | Series 2019-B Class E, 5.00% due 3/17/2025 | 3,320,000 | 3,457,624 |
e | Series 2020-A Class F, 6.93% due 3/15/2027 | 3,500,000 | 3,655,868 |
e | Series 2020-B Class D, 4.75% due 4/15/2026 | 1,400,000 | 1,459,485 |
e | Series 2020-C Class F, 6.67% due 11/15/2027 | 1,000,000 | 1,057,316 |
a,e | CPS Auto Securitization Trust, Series 2021-1A Class A, 7.86% due 6/16/2026 | 10,000,000 | 10,020,000 |
e | CPS Auto Trust, Series 2018-C Class E, 6.07% due 9/15/2025 | 2,000,000 | 2,093,953 |
a,e | Credit Suisse ABS Trust, Series 2020-AT1 Class CERT, 0.01% due 6/15/2026 | 10,000 | 602,055 |
e | Credito Real USA Auto Receivables Trust, Series 2021-1A Class A, 1.35% due 2/16/2027 | 8,955,241 | 8,989,098 |
FHF Trust, | |||
e | Series 2020-1A Class A, 2.59% due 12/15/2023 | 1,954,623 | 1,967,226 |
e | Series 2021-2A Class A, 0.83% due 12/15/2026 | 5,150,000 | 5,146,320 |
e | First Investors Auto Owner Trust, Series 2019-1A Class E, 4.53% due 6/16/2025 | 3,640,000 | 3,756,139 |
Flagship Credit Auto Trust, | |||
e | Series 2018-4 Class R, 0.01% due 3/16/2026 | 13,000 | 1,604,804 |
e | Series 2019-1 Class R, 0.01% due 6/15/2026 | 24,000 | 3,440,969 |
e | Series 2019-2 Class R, 0.01% due 12/15/2026 | 13,000 | 2,734,514 |
e | Series 2019-3 Class R, 0.01% due 12/15/2026 | 15,000 | 3,332,038 |
e | Series 2019-4 Class R, 0.01% due 3/15/2027 | 8,000 | 2,207,198 |
Foursight Capital Automobile Receivables Trust, | |||
e | Series 2018-1 Class E, 5.56% due 1/16/2024 | 1,000,000 | 1,009,787 |
e | Series 2018-2 Class E, 5.50% due 10/15/2024 | 1,370,000 | 1,410,921 |
e | Series 2018-2 Class F, 6.48% due 6/15/2026 | 335,000 | 346,348 |
e | Series 2019-1 Class F, 5.57% due 11/16/2026 | 500,000 | 518,571 |
e | Series 2020-1 Class E, 3.49% due 4/15/2026 | 1,100,000 | 1,131,536 |
e | Series 2021-1 Class F, 4.06% due 8/15/2028 | 2,830,000 | 2,817,285 |
GLS Auto Receivables Issuer Trust, | |||
e | Series 2019-4A Class D, 4.09% due 8/17/2026 | 5,000,000 | 5,189,751 |
e | Series 2020-1A Class A, 2.17% due 2/15/2024 | 359,593 | 361,013 |
e | Series 2020-2A Class C, 4.57% due 4/15/2026 | 2,025,000 | 2,177,075 |
e | Series 2020-3A Class B, 1.38% due 8/15/2024 | 3,000,000 | 3,014,532 |
JPMorgan Chase Bank NA - CACLN, | |||
e | Series 2020-2 Class R, 31.355% due 2/25/2028 | 7,781,699 | 8,402,015 |
e | Series 2021-1 Class R, 28.348% due 9/25/2028 | 3,471,461 | 3,571,405 |
e | Series 2021-2 Class G, 8.482% due 12/26/2028 | 3,950,000 | 3,961,068 |
e | Octane Receivables Trust, Series 2020-1A Class A, 1.71% due 2/20/2025 | 1,560,328 | 1,572,581 |
e | Prestige Auto Receivables Trust, Series 2018-1A Class E, 5.03% due 1/15/2026 | 2,625,000 | 2,704,613 |
Santander Consumer Auto Receivables Trust, | |||
e | Series 2020-AA Class R, 0.01% due 1/16/2029 | 25,000 | 4,732,937 |
e | Series 2021-AA Class F, 5.79% due 8/15/2028 | 3,000,000 | 3,113,785 |
e | Series 2021-AA Class R, 0.01% due 8/15/2028 | 28,500 | 3,449,321 |
Skopos Auto Receivables Trust, | |||
e | Series 2019-1A Class C, 3.63% due 9/16/2024 | 2,000,000 | 2,031,996 |
e | Series 2019-1A Class D, 5.24% due 4/15/2025 | 2,650,000 | 2,726,806 |
e | U.S. Auto Funding LLC, Series 2019-1A Class C, 5.34% due 3/15/2023 | 2,511,000 | 2,540,470 |
United Auto Credit Securitization Trust, | |||
e | Series 2020-1 Class F, 9.08% due 1/12/2026 | 3,205,000 | 3,365,616 |
e | Series 2021-1 Class F, 4.30% due 9/10/2027 | 6,125,000 | 6,128,271 |
e | US Auto Funding, Series 2021-1A Class A, 0.79% due 7/15/2024 | 6,696,208 | 6,707,102 |
e | USASF Receivables LLC, Series 2020-1A Class A, 2.47% due 8/15/2023 | 2,472,855 | 2,480,704 |
e | Veros Auto Receivables Trust, Series 2021-1 Class A, 0.92% due 10/15/2026 | 3,862,211 | 3,863,366 |
e | Veros Automobile Receivables Trust, Series 2020-1 Class D, 5.64% due 2/16/2027 | 7,000,000 | 7,061,512 |
e | Westlake Automobile Receivables Trust, Series 2019-3A Class F, 4.72% due 4/15/2026 | 2,000,000 | 2,048,104 |
235,152,471 | |||
Credit Card — 2.0% | |||
e | Avant Credit Card Master Trust, Series 2021-1A Class A, 1.37% due 4/15/2027 | 3,000,000 | 2,989,803 |
e | Brex Commercial Charge Card Master Trust, Series 2021-1 Class A, 2.09% due 7/15/2024 | 3,150,000 | 3,182,766 |
Continental Credit Card LLC, | |||
e | Series 2019-1A Class A, 3.83% due 8/15/2026 | 6,904,360 | 7,040,951 |
e | Series 2019-1A Class C, 6.16% due 8/15/2026 | 6,440,000 | 6,699,660 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 47 |
Thornburg Strategic Income Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Continental Finance Credit Card ABS Master Trust, | |||
e | Series 2020-1A Class A, 2.24% due 12/15/2028 | $ 3,000,000 | $ 3,020,601 |
e | Series 2020-1A Class B, 3.66% due 12/15/2028 | 3,700,000 | 3,733,503 |
Fair Square Issuance Trust, | |||
e | Series 2020-AA Class A, 2.90% due 9/20/2024 | 6,000,000 | 6,040,225 |
e | Series 2020-AA Class C, 5.40% due 9/20/2024 | 9,500,000 | 9,586,016 |
Genesis Private Label Amortizing Trust, | |||
e | Series 2020-1 Class B, 2.83% due 7/20/2030 | 2,373,868 | 2,376,063 |
e | Series 2020-1 Class C, 4.19% due 7/20/2030 | 2,175,000 | 2,189,355 |
e | Series 2020-1 Class D, 6.63% due 7/20/2030 | 1,550,000 | 1,596,938 |
Genesis Sales Finance Master Trust, | |||
e | Series 2020-AA Class C, 2.99% due 9/22/2025 | 1,780,000 | 1,791,529 |
e | Series 2020-AA Class D, 4.71% due 9/22/2025 | 2,300,000 | 2,321,324 |
e | Mercury Financial Credit Card Master Trust, Series 2021-1A Class D, 6.26% due 3/20/2026 | 5,000,000 | 5,022,663 |
e | Mission Lane Credit Card Master Trust, Series 2021-A Class A, 1.59% due 9/15/2026 | 7,500,000 | 7,497,958 |
Perimeter Master Note Business Trust, | |||
e | Series 2019-2A Class A, 4.23% due 5/15/2024 | 2,966,000 | 3,053,362 |
e | Series 2019-2A Class B, 5.21% due 5/15/2024 | 6,500,000 | 6,677,407 |
e | Series 2019-2A Class C, 7.06% due 5/15/2024 | 1,463,000 | 1,520,589 |
76,340,713 | |||
Other Asset Backed — 13.3% | |||
d,e | 321 Henderson Receivables I LLC, Series 2006-3A Class A1, 0.284% (LIBOR 1 Month + 0.20%) due 9/15/2041 | 1,009,633 | 993,609 |
e | Amur Equipment Finance Receivables VII LLC, Series 2019-1A Class A2, 2.63% due 6/20/2024 | 902,904 | 912,770 |
Amur Equipment Finance Receivables VIII LLC, | |||
e | Series 2020-1A Class E, 7.00% due 1/20/2027 | 2,237,613 | 2,312,766 |
e | Series 2020-1A Class F, 7.00% due 12/20/2027 | 6,301,302 | 6,526,746 |
Aqua Finance Trust, | |||
e | Series 2019-A Class D, 6.07% due 7/16/2040 | 18,900,000 | 19,849,576 |
e | Series 2020-AA Class A, 1.90% due 7/17/2046 | 2,612,912 | 2,634,037 |
e | Series 2020-AA Class D, 7.15% due 7/17/2046 | 2,550,000 | 2,647,495 |
e,f | Series 2021-A Class A, 1.79% due 7/17/2046 | 6,000,000 | 5,990,223 |
e | Arm Master Trust LLC, Series 2021-T1 Class A, 2.43% due 11/15/2027 | 2,000,000 | 1,991,236 |
e | Avant Loans Funding Trust, Series 2019-B Class B, 3.15% due 10/15/2026 | 403,240 | 404,066 |
e | AXIS Equipment Finance Receivables LLC, Series 2021-1A Class F, 6.09% due 2/20/2029 | 8,152,000 | 8,161,001 |
BHG Securitization Trust, | |||
e | Series 2021-A Class A, 1.42% due 11/17/2033 | 11,073,652 | 11,088,945 |
e | Series 2021-A Class C, 3.69% due 11/17/2033 | 2,200,000 | 2,268,431 |
e | Series 2021-B Class A, 0.90% due 10/17/2034 | 6,000,000 | 5,996,803 |
d,e,g | Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A Class A, 4.213% due 12/16/2041 | 4,969,471 | 4,989,547 |
CFG Investments Ltd., | |||
e | Series 2021-1 Class A, 4.70% due 5/20/2032 | 7,275,000 | 7,485,968 |
e | Series 2021-1 Class C, 7.48% due 5/20/2032 | 1,560,000 | 1,596,711 |
e | Series 2021-1 Class D, 9.07% due 5/20/2032 | 515,000 | 527,651 |
e | Conn’s Receivables Funding LLC, Series 2020-A Class A, 1.71% due 6/16/2025 | 586,701 | 586,789 |
Consumer Loan Underlying Bond Credit Trust, | |||
e | Series 2018-P3 Class C, 5.54% due 1/15/2026 | 5,022,915 | 5,074,396 |
e | Series 2019-HP1 Class C, 4.70% due 12/15/2026 | 5,000,000 | 5,140,327 |
d,e | Series 2019-HP1 Class CERT, due 12/15/2026 | 100,000 | 992,790 |
e | Series 2019-P1 Class C, 4.66% due 7/15/2026 | 4,500,000 | 4,580,644 |
e | Series 2019-P2 Class C, 4.41% due 10/15/2026 | 1,500,000 | 1,530,993 |
e | Series 2020-P1 Class B, 2.92% due 3/15/2028 | 1,500,000 | 1,512,134 |
e | Credit Suisse ABS Trust, Series 2018-LD1 Class D, 6.30% due 7/25/2024 | 1,927,658 | 1,929,904 |
e | Dext ABS LLC, Series 2020-1 Class A, 1.46% due 2/16/2027 | 2,966,810 | 2,980,522 |
e | Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049 | 15,300,000 | 15,085,578 |
Diamond Resorts Owner Trust, | |||
e | Series 2018-1 Class A, 3.70% due 1/21/2031 | 1,044,896 | 1,072,850 |
e | Series 2019-1A Class A, 2.89% due 2/20/2032 | 2,654,313 | 2,722,320 |
e,g | ECAF I Ltd., Series 2015-1A Class B1, 5.802% due 6/15/2040 | 4,904,567 | 3,483,949 |
e | ExteNet LLC, Series 2019-1A Class A2, 3.204% due 7/26/2049 | 5,000,000 | 5,133,777 |
Foundation Finance Trust, | |||
e | Series 2017-1A Class A, 3.30% due 7/15/2033 | 465,014 | 470,084 |
e | Series 2019-1A Class A, 3.86% due 11/15/2034 | 3,428,902 | 3,539,426 |
48 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e | Series 2019-1A Class C, 5.66% due 11/15/2034 | $ 575,000 | $ 629,253 |
e | Series 2020-1A Class A, 3.54% due 7/16/2040 | 2,436,140 | 2,522,992 |
e | Series 2020-1A Class C, 5.75% due 7/16/2040 | 4,025,000 | 4,521,397 |
e | Series 2021-1A Class A, 1.27% due 5/15/2041 | 3,375,629 | 3,362,557 |
e | Series 2021-1A Class D, 4.96% due 5/15/2041 | 2,345,000 | 2,366,596 |
Freed ABS Trust, | |||
e | Series 2019-1 Class B, 3.87% due 6/18/2026 | 223,437 | 224,251 |
e | Series 2019-2 Class C, 4.86% due 11/18/2026 | 5,000,000 | 5,115,175 |
e | Series 2020-FP1 Class A, 2.52% due 3/18/2027 | 542,305 | 543,330 |
e | Series 2021-1CP Class A, 0.66% due 3/20/2028 | 1,424,972 | 1,424,576 |
Goldman Home Improvement Trust, | |||
e | Series 2021-GRN2 Class A, 1.15% due 6/25/2051 | 8,252,541 | 8,194,995 |
a,e | Series 2021-GRN2 Class R due 6/20/2051 | 41,500 | 6,724,660 |
e | Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | 13,641,197 | 13,753,707 |
GoodLeap Sustainable Home Solutions Trust, | |||
e | Series 2021-3CS Class C, 3.50% due 5/20/2048 | 4,500,000 | 4,360,490 |
e | Series 2021-4GS Class A, 1.93% due 7/20/2048 | 5,000,000 | 4,927,269 |
d,e,g | Greystone Commercial Real Estate Notes Ltd., Series 2021-FL3 Class A, 1.104% (LIBOR 1 Month + 1.02%) due 7/15/2039 | 11,500,000 | 11,489,267 |
e | HERO Funding Trust, Series 2017-2A Class A1, 3.28% due 9/20/2048 | 1,454,633 | 1,513,191 |
e | Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033 | 2,138,497 | 2,199,899 |
e | InStar Leasing III LLC, Series 2021-1A Class C, 5.29% due 2/15/2054 | 5,555,017 | 5,432,147 |
LendingClub Receivables Trust, | |||
e | Series 2019-1 Class CERT, due 7/17/2045 | 70,300 | 839,561 |
e | Series 2019-7 Class R1, 0.01% due 1/15/2027 | 2,267,377 | 1,135,956 |
e | Series 2019-7 Class R2, 0.01% due 1/15/2027 | 379,730 | 190,245 |
e | Series 2020-6A Class A, 2.75% due 11/15/2047 | 4,572,438 | 4,596,111 |
LendingPoint Asset Securitization Trust, | |||
e | Series 2019-2 Class C, 4.66% due 11/10/2025 | 2,439,533 | 2,453,233 |
e | Series 2020-REV1 Class B, 4.494% due 10/15/2028 | 4,000,000 | 4,215,217 |
e | Series 2020-REV1 Class C, 7.699% due 10/15/2028 | 4,000,000 | 4,226,641 |
e | Series 2021-1 Class A, 1.75% due 4/15/2027 | 5,635,685 | 5,667,635 |
e | Series 2021-A Class D, 5.73% due 12/15/2028 | 9,000,000 | 8,982,215 |
e,f | Series 2021-B Class D, 5.80% due 2/15/2029 | 5,000,000 | 4,999,353 |
LL ABS Trust, | |||
e | Series 2020-1A Class C, 6.54% due 1/17/2028 | 2,200,000 | 2,355,740 |
e | Series 2021-1A Class A, 1.07% due 5/15/2029 | 5,797,595 | 5,790,149 |
Loanpal Solar Loan Ltd., | |||
a,e,h | Series 2021-1GS Class R, 0.01% due 1/20/2048 | 13,252,480 | 12,065,058 |
e | Series 2021-2GS Class C, 3.50% due 3/20/2048 | 3,378,000 | 3,267,775 |
a,e | LP LMS Asset Securitization Trust, Series 2021-2A Class D, 6.61% due 1/15/2029 | 2,947,000 | 2,946,236 |
Marlette Funding Trust, | |||
e | Series 2019-1A Class C, 4.42% due 4/16/2029 | 3,000,000 | 3,035,215 |
e | Series 2020-1A Class B, 2.38% due 3/15/2030 | 1,630,260 | 1,639,418 |
e | Series 2020-2A Class A, 1.02% due 9/16/2030 | 91,322 | 91,332 |
e | Series 2021-1A Class R, due 6/16/2031 | 9,520 | 3,632,157 |
e,i | Series 2021-2A Class R, due 9/15/2031 | 16,347 | 6,314,550 |
Mosaic Solar Loan Trust, | |||
e | Series 2020-1A Class C, 4.47% due 4/20/2046 | 1,063,042 | 1,083,545 |
e | Series 2020-2A Class D, 5.42% due 8/20/2046 | 1,510,091 | 1,575,355 |
a,e | Series 2020-2A Class R, 0.01% due 8/20/2046 | 1,325,471 | 652,662 |
a,e | Series 2021-1A Class R, 0.01% due 12/20/2046 | 8,600,000 | 4,191,640 |
a,e | Series 2021-2A Class R, 0.01% due 4/22/2047 | 9,930,000 | 2,279,928 |
a,e | Series 2021-3A Class R, due 6/20/2052 | 12,320,000 | 3,523,015 |
d,e | Nationstar HECM Loan Trust, Series 2020-1A Class A1, 1.269% due 9/25/2030 | 6,950,606 | 6,969,557 |
New Residential Advance Receivables Trust Advance Receivables Backed, | |||
e | Series 2020-T1 Class AT1, 1.426% due 8/15/2053 | 8,500,000 | 8,493,245 |
e | Series 2020-T1 Class BT1, 1.823% due 8/15/2053 | 3,000,000 | 3,001,413 |
e | Series 2020-T1 Class CT1, 2.269% due 8/15/2053 | 3,400,000 | 3,415,044 |
e | Series 2020-T1 Class DT1, 3.011% due 8/15/2053 | 6,575,000 | 6,601,428 |
e | New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2020-APT1 Class AT1, 1.035% due 12/16/2052 | 2,600,000 | 2,599,276 |
e | NMEF Funding LLC, Series 2019-A Class A, 2.73% due 8/17/2026 | 628,081 | 629,724 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 49 |
Thornburg Strategic Income Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
NRZ Advance Receivables Trust, | |||
e | Series 2020-T2 Class CT2, 2.17% due 9/15/2053 | $ 3,000,000 | $ 3,007,974 |
e | Series 2020-T2 Class DT2, 2.863% due 9/15/2053 | 5,550,000 | 5,562,524 |
e | Series 2020-T3 Class DT3, 2.458% due 10/15/2052 | 2,640,000 | 2,649,670 |
Ocwen Master Advance Receivables Trust, | |||
e | Series 2020-T1 Class AT1, 1.278% due 8/15/2052 | 8,000,000 | 7,995,902 |
e | Series 2020-T1 Class BT1, 1.774% due 8/15/2052 | 2,850,000 | 2,858,343 |
e | Series 2020-T1 Class CT1, 2.32% due 8/15/2052 | 1,480,000 | 1,484,688 |
e | Series 2020-T1 Class DT1, 3.061% due 8/15/2052 | 8,355,000 | 8,389,842 |
e | Oportun Funding LLC, Series 2020-1 Class B, 3.45% due 5/15/2024 | 9,900,000 | 10,033,453 |
Pagaya AI Debt Selection Trust, | |||
e | Series 2020-3 Class A, 2.10% due 5/17/2027 | 2,337,870 | 2,351,324 |
e | Series 2021-1 Class A, 1.18% due 11/15/2027 | 9,897,312 | 9,908,618 |
e | Series 2021-3 Class A, 1.15% due 5/15/2029 | 10,000,000 | 10,000,448 |
e | Series 2021-HG1 Class A, 1.22% due 1/16/2029 | 5,854,992 | 5,855,704 |
e | Pawnee Equipment Receivables LLC, Series 2020-1 Class A, 1.37% due 11/17/2025 | 2,009,953 | 2,021,292 |
e | PFS Financing Corp., Series 2020-B Class A, 1.21% due 6/15/2024 | 2,500,000 | 2,516,322 |
Prosper Pass-Thru Trust, | |||
e | Series 2019-ST1 Class CERT, 0.01% due 7/15/2025 | 13,363,728 | 3,971,871 |
e | Series 2019-ST2 Class R1, 0.01% due 11/15/2025 | 6,385,267 | 2,116,382 |
e | Series 2019-ST2 Class R2, 0.01% due 11/15/2025 | 3,193,133 | 1,058,357 |
e | Regional Management Issuance Trust, Series 2019-1 Class A, 3.05% due 11/15/2028 | 225,000 | 228,753 |
Republic Finance Issuance Trust, | |||
e | Series 2019-A Class A, 3.43% due 11/22/2027 | 5,505,000 | 5,523,768 |
e | Series 2019-A Class C, 5.10% due 11/22/2027 | 1,800,000 | 1,808,003 |
e | SCF Equipment Leasing LLC, Series 2019-2A Class C, 3.11% due 6/21/2027 | 7,300,000 | 7,587,609 |
e | Small Business Lending Trust, Series 2020-A Class A, 2.62% due 12/15/2026 | 1,087,718 | 1,090,182 |
e | SolarCity LMC Series I LLC, Series 2013-1 Class A, 4.80% due 11/20/2038 | 1,557,940 | 1,626,129 |
e | SolarCity LMC Series II LLC, Series 2014-1 Class A, 4.59% due 4/20/2044 | 2,027,817 | 2,124,442 |
e | SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 6,988,375 | 7,046,272 |
e | SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 3,300,000 | 3,327,009 |
e | Theorem Funding Trust, Series 2021-1A Class A, 1.21% due 12/15/2027 | 10,654,224 | 10,667,447 |
d,e | Towd Point Mortgage Trust, Series 2018-2 Class A1, 3.25% due 3/25/2058 | 3,218,144 | 3,304,780 |
Upstart Pass-Through Trust, | |||
e | Series 2020-ST2 Class A, 3.50% due 3/20/2028 | 2,369,565 | 2,417,195 |
e | Series 2020-ST3 Class A, 3.35% due 4/20/2028 | 3,133,549 | 3,189,706 |
e | Series 2021-ST4 Class A, 2.00% due 7/20/2027 | 1,828,743 | 1,826,903 |
e | Series 2021-ST6 Class A, 1.85% due 8/20/2027 | 4,809,462 | 4,814,229 |
e | Series 2021-ST8 Class CERT, due 10/20/2029 | 1,270,000 | 1,578,356 |
Upstart Securitization Trust, | |||
e | Series 2017-2 Class C, 5.59% due 3/20/2025 | 852,080 | 853,467 |
e,h | Series 2018-2 Class CERT, 0.01% due 12/22/2025 | 84,500 | 3,414,214 |
e | Series 2019-3 Class A, 2.684% due 1/21/2030 | 261,956 | 262,312 |
e | Series 2021-1 Class CERT, 0.01% due 3/20/2031 | 11,275 | 5,604,260 |
e | Series 2021-2 Class A, 0.91% due 6/20/2031 | 3,341,246 | 3,340,205 |
Series 2021-2 Class CERT, due 6/20/2031 | 3,645 | 3,107,408 | |
e | Series 2021-3 Class CERT, due 7/20/2031 | 7,165 | 7,165,000 |
a,e | Series 2021-4 Class CERT, due 9/20/2031 | 4,706 | 6,001,138 |
514,670,946 | |||
Student Loan — 2.7% | |||
College Ave Student Loans LLC, | |||
d,e | Series 2021-A Class A1, 1.186% (LIBOR 1 Month + 1.10%) due 7/25/2051 | 3,213,022 | 3,202,552 |
e | Series 2021-A Class A2, 1.60% due 7/25/2051 | 428,403 | 429,248 |
Commonbond Student Loan Trust, | |||
e | Series 18-CGS Class A1, 3.87% due 2/25/2046 | 820,250 | 846,297 |
e | Series 2020-1 Class A, 1.69% due 10/25/2051 | 3,168,296 | 3,219,891 |
e | Series 2021-BGS Class A, 1.17% due 9/25/2051 | 4,000,000 | 3,985,993 |
National Collegiate Student Loan Trust, | |||
d | Series 2004-2 Class B, 0.626% (LIBOR 1 Month + 0.54%) due 12/26/2033 | 20,652,424 | 19,929,595 |
d | Series 2006-1 Class A5, 0.436% (LIBOR 1 Month + 0.35%) due 3/25/2033 | 13,749,739 | 13,337,260 |
d | Series 2006-4 Class A4, 0.396% (LIBOR 1 Month + 0.31%) due 5/25/2032 | 7,969,458 | 7,730,377 |
d,e | Navient Private Education Refi Loan Trust, Series 2019-D Class A2B, 1.134% (LIBOR 1 Month + 1.05%) due 12/15/2059 | 5,206,484 | 5,256,781 |
50 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,e | Nelnet Private Education Loan Trust, Series 2016-A Class A1A, 1.836% (LIBOR 1 Month + 1.75%) due 12/26/2040 | $ 414,047 | $ 415,650 |
Nelnet Student Loan Trust, | |||
d,e | Series 2015-2A Class A2, 0.686% (LIBOR 1 Month + 0.60%) due 9/25/2047 | 2,819,228 | 2,808,147 |
d,e | Series 2021-CA Class AFL, 0.829% (LIBOR 1 Month + 0.74%) due 4/20/2062 | 5,500,000 | 5,508,069 |
d,e,g | Prodigy Finance DAC, Series 2021-1A Class A, 1.336% (LIBOR 1 Month + 1.25%) due 7/25/2051 | 2,231,493 | 2,236,225 |
SLM Student Loan Trust, | |||
d | Series 2008-2 Class A3, 0.875% (LIBOR 3 Month + 0.75%) due 4/25/2023 | 767,799 | 757,064 |
d | Series 2008-5 Class A4, 1.825% (LIBOR 3 Month + 1.70%) due 7/25/2023 | 1,030,367 | 1,040,388 |
d | Series 2011-2 Class A2, 1.286% (LIBOR 1 Month + 1.20%) due 10/25/2034 | 5,000,000 | 5,091,985 |
d | Series 2012-1 Class A3, 1.036% (LIBOR 1 Month + 0.95%) due 9/25/2028 | 2,071,765 | 2,054,635 |
d | Series 2013-6 Class A3, 0.736% (LIBOR 1 Month + 0.65%) due 6/25/2055 | 2,275,306 | 2,296,413 |
SMB Private Education Loan Trust, | |||
d,e | Series 2021-A Class A1, 0.584% (LIBOR 1 Month + 0.50%) due 1/15/2053 | 147,671 | 147,852 |
e | Series 2021-A Class R, 0.01% due 1/15/2053 | 2,742 | 8,816,705 |
d,e | Series 2021-D Class A1B, 0.684% (LIBOR 1 Month + 0.60%) due 3/17/2053 | 4,500,000 | 4,504,906 |
e | SoFi Professional Loan Program Trust, Series 2021-B Class R1, due 2/15/2047 | 90,000 | 5,872,500 |
d,e | Towd Point Asset Trust, Series 2021-SL1 Class A2, 0.80% (LIBOR 1 Month + 0.70%) due 11/20/2061 | 4,294,469 | 4,295,709 |
103,784,242 | |||
Total Asset Backed Securities (Cost $897,812,378) | 929,948,372 | ||
Corporate Bonds — 45.2% | |||
Automobiles & Components — 1.5% | |||
Auto Components — 0.1% | |||
e | Real Hero Merger Sub 2, Inc., 6.25% due 2/1/2029 | 4,616,000 | 4,788,269 |
Automobiles — 1.4% | |||
d,e,g | BMW Finance NV, 0.913% (LIBOR 3 Month + 0.79%) due 8/12/2022 | 4,000,000 | 4,025,040 |
d,e | BMW US Capital LLC, 0.43% (SOFR + 0.38%) due 8/12/2024 | 6,539,000 | 6,571,434 |
Daimler Finance North America LLC, | |||
d,e | 1.025% (LIBOR 3 Month + 0.90%) due 2/15/2022 | 5,500,000 | 5,516,665 |
e | 2.125% due 3/10/2025 | 7,500,000 | 7,735,200 |
e | 3.75% due 11/5/2021 | 1,505,000 | 1,509,545 |
Hyundai Capital America, | |||
e | 0.875% due 6/14/2024 | 2,950,000 | 2,934,896 |
e | 1.00% due 9/17/2024 | 5,000,000 | 4,990,300 |
e | 1.65% due 9/17/2026 | 2,750,000 | 2,725,470 |
e | 1.80% due 10/15/2025 - 1/10/2028 | 1,933,000 | 1,931,448 |
e | 2.375% due 2/10/2023 | 6,747,000 | 6,895,029 |
e | 2.75% due 9/27/2026 | 1,250,000 | 1,295,750 |
e | 3.95% due 2/1/2022 | 1,202,000 | 1,215,090 |
Hyundai Capital Services, Inc., | |||
e,g | 1.25% due 2/8/2026 | 830,000 | 815,815 |
e,g | 3.75% due 3/5/2023 | 971,000 | 1,012,316 |
Nissan Motor Acceptance Co. LLC, | |||
d,e | 0.779% (LIBOR 3 Month + 0.65%) due 7/13/2022 | 440,000 | 440,273 |
d,e | 0.822% (LIBOR 3 Month + 0.69%) due 9/28/2022 | 460,000 | 461,159 |
e | Volkswagen Group of America Finance LLC, 4.00% due 11/12/2021 | 2,500,000 | 2,509,900 |
57,373,599 | |||
Banks — 0.4% | |||
Banks — 0.4% | |||
d | Capital One NA, 0.945% (LIBOR 3 Month + 0.82%) due 8/8/2022 | 3,000,000 | 3,015,090 |
d | Citizens Bank NA/Providence RI, 1.082% (LIBOR 3 Month + 0.95%) due 3/29/2023 | 4,000,000 | 4,038,960 |
e,g | Macquarie Bank Ltd., 3.624% due 6/3/2030 | 2,800,000 | 2,940,532 |
d,e,g | NBK SPC Ltd., 1.625% (SOFR + 1.05%) due 9/15/2027 | 3,714,000 | 3,668,503 |
Santander Holdings USA, Inc., | |||
3.244% due 10/5/2026 | 1,815,000 | 1,939,037 | |
3.45% due 6/2/2025 | 1,185,000 | 1,268,436 | |
16,870,558 | |||
Capital Goods — 1.7% | |||
Aerospace & Defense — 0.9% |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 51 |
Thornburg Strategic Income Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Boeing Co., 2.196% due 2/4/2026 | $ 2,832,000 | $ 2,854,486 | |
e | BWX Technologies, Inc.,4.125% due 6/30/2028 - 4/15/2029 | 8,286,000 | 8,486,545 |
e | Spirit AeroSystems, Inc., 7.50% due 4/15/2025 | 7,567,000 | 8,012,848 |
Teledyne Technologies, Inc., | |||
2.25% due 4/1/2028 | 4,423,000 | 4,496,156 | |
2.75% due 4/1/2031 | 2,217,000 | 2,269,232 | |
e | TransDigm, Inc., 6.25% due 3/15/2026 | 9,244,000 | 9,666,728 |
Machinery — 0.7% | |||
e,g | ATS Automation Tooling Systems, Inc., 4.125% due 12/15/2028 | 6,820,000 | 6,990,432 |
Flowserve Corp., 3.50% due 10/1/2030 | 4,053,000 | 4,248,436 | |
e | Huntington Ingalls Industries, Inc., 2.043% due 8/16/2028 | 6,445,000 | 6,360,699 |
nVent Finance Sarl, | |||
g | 3.95% due 4/15/2023 | 2,000,000 | 2,080,240 |
g | 4.55% due 4/15/2028 | 3,000,000 | 3,294,420 |
Westinghouse Air Brake Technologies Corp., 4.40% due 3/15/2024 | 3,854,000 | 4,144,322 | |
Trading Companies & Distributors — 0.1% | |||
e | IAA, Inc., 5.50% due 6/15/2027 | 2,479,000 | 2,589,365 |
65,493,909 | |||
Commercial & Professional Services — 1.2% | |||
Commercial Services & Supplies — 0.9% | |||
e | ACCO Brands Corp., 4.25% due 3/15/2029 | 9,246,000 | 9,307,116 |
e,g | Cimpress plc, 7.00% due 6/15/2026 | 9,141,000 | 9,538,999 |
CoreCivic, Inc., 8.25% due 4/15/2026 | 6,827,000 | 6,964,769 | |
e | Nielsen Finance LLC/Nielsen Finance Co., 5.875% due 10/1/2030 | 9,182,000 | 9,661,025 |
Professional Services — 0.3% | |||
Gartner, Inc., | |||
e | 3.625% due 6/15/2029 | 1,385,000 | 1,397,022 |
e | 3.75% due 10/1/2030 | 5,485,000 | 5,649,440 |
e | 4.50% due 7/1/2028 | 3,749,000 | 3,930,489 |
46,448,860 | |||
Consumer Durables & Apparel — 0.5% | |||
Household Durables — 0.2% | |||
e | CD&R Smokey Buyer, Inc., 6.75% due 7/15/2025 | 5,658,000 | 5,989,955 |
e,g | Panasonic Corp., 2.536% due 7/19/2022 | 2,790,000 | 2,830,790 |
Leisure Products — 0.3% | |||
e | Vista Outdoor, Inc., 4.50% due 3/15/2029 | 12,100,000 | 12,300,860 |
21,121,605 | |||
Consumer Services — 0.9% | |||
Hotels, Restaurants & Leisure — 0.9% | |||
Hyatt Hotels Corp., | |||
f | 1.80% due 10/1/2024 | 6,520,000 | 6,534,931 |
5.75% due 4/23/2030 | 4,475,000 | 5,359,439 | |
e | Nathan’s Famous, Inc., 6.625% due 11/1/2025 | 13,809,000 | 14,085,180 |
e | Papa John’s International, Inc., 3.875% due 9/15/2029 | 685,000 | 681,575 |
e | SeaWorld Parks & Entertainment, Inc., 8.75% due 5/1/2025 | 2,906,000 | 3,123,456 |
e | TKC Holdings, Inc., 6.875% due 5/15/2028 | 3,682,000 | 3,801,996 |
33,586,577 | |||
Diversified Financials — 6.6% | |||
Capital Markets — 2.5% | |||
Ares Capital Corp., 3.25% due 7/15/2025 | 1,484,000 | 1,559,001 | |
e,g | B3 SA - Brasil Bolsa Balcao, 4.125% due 9/20/2031 | 2,959,000 | 2,900,057 |
e | Blackstone Private Credit Fund, 2.625% due 12/15/2026 | 5,212,000 | 5,200,794 |
d | Citigroup Global Markets Holdings, Inc., 6.40% due 1/29/2035 | 4,108,000 | 4,001,907 |
e | Compass Group Diversified Holdings LLC, 5.25% due 4/15/2029 | 5,610,000 | 5,866,096 |
Hercules Capital, Inc., 2.625% due 9/16/2026 | 5,218,000 | 5,215,913 | |
a,b,e,j | JPR Royalty Sub LLC, 14.00% due 9/1/2020 | 2,000,000 | 0 |
52 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
LPL Holdings, Inc., | |||
e | 4.00% due 3/15/2029 | $ 2,820,000 | $ 2,897,860 |
e | 4.375% due 5/15/2031 | 5,085,000 | 5,306,197 |
e | 4.625% due 11/15/2027 | 1,840,000 | 1,908,338 |
Main Street Capital Corp., 3.00% due 7/14/2026 | 2,258,000 | 2,302,257 | |
Owl Rock Capital Corp., 2.875% due 6/11/2028 | 11,594,000 | 11,563,972 | |
e | Owl Rock Core Income Corp., 3.125% due 9/23/2026 | 6,532,000 | 6,454,073 |
Owl Rock Technology Finance Corp., | |||
2.50% due 1/15/2027 | 8,296,000 | 8,333,498 | |
e | 3.75% due 6/17/2026 | 3,540,000 | 3,738,913 |
e | 4.75% due 12/15/2025 | 6,409,000 | 7,005,357 |
Sixth Street Specialty Lending, Inc., | |||
2.50% due 8/1/2026 | 654,000 | 661,338 | |
3.875% due 11/1/2024 | 6,076,000 | 6,469,968 | |
SLR Investment Corp., 4.50% due 1/20/2023 | 3,875,000 | 3,983,577 | |
e | StoneX Group, Inc., 8.625% due 6/15/2025 | 9,286,000 | 9,993,686 |
Consumer Finance — 0.2% | |||
e | FirstCash, Inc., 4.625% due 9/1/2028 | 9,115,000 | 9,460,550 |
Diversified Financial Services — 3.7% | |||
Antares Holdings LP, | |||
e | 2.75% due 1/15/2027 | 4,870,000 | 4,872,045 |
e | 3.95% due 7/15/2026 | 1,750,000 | 1,845,777 |
e | 6.00% due 8/15/2023 | 4,435,000 | 4,803,327 |
e | 8.50% due 5/18/2025 | 2,750,000 | 3,278,935 |
Bank of America Corp., | |||
d | 0.529% (BSBY3M + 0.43%) due 5/28/2024 | 1,707,000 | 1,712,104 |
d | 0.976% (SOFR + 0.69%) due 4/22/2025 | 9,500,000 | 9,548,830 |
d | 1.734% (SOFR + 0.96%) due 7/22/2027 | 1,290,000 | 1,296,669 |
d,g | Barclays plc, 1.505% (LIBOR 3 Month + 1.38%) due 5/16/2024 | 2,500,000 | 2,542,250 |
BNP Paribas SA, | |||
d,e,g | 2.159% (SOFR + 1.22%) due 9/15/2029 | 1,350,000 | 1,339,213 |
e,g | 3.375% due 1/9/2025 | 5,000,000 | 5,331,600 |
Citigroup, Inc., | |||
d | 0.719% (SOFR + 0.67%) due 5/1/2025 | 3,971,000 | 3,990,736 |
d | 0.82% (SOFR + 0.77%) due 6/9/2027 | 6,750,000 | 6,760,260 |
d | 1.462% (SOFR + 0.77%) due 6/9/2027 | 9,250,000 | 9,200,975 |
Deutsche Bank AG, | |||
g | 0.898% due 5/28/2024 | 3,667,000 | 3,663,443 |
d,g | 1.354% (LIBOR 3 Month + 1.23%) due 2/27/2023 | 2,800,000 | 2,826,516 |
g | 5.00% due 2/14/2022 | 3,500,000 | 3,557,540 |
Goldman Sachs Group, Inc., | |||
d | 0.55% (SOFR + 0.50%) due 9/10/2024 | 3,687,000 | 3,689,102 |
d | 0.65% (SOFR + 0.50%) due 7/16/2024 | 5,092,000 | 5,066,795 |
d | 0.87% (SOFR + 0.82%) due 9/10/2027 | 3,687,000 | 3,686,705 |
HSBC Holdings plc, | |||
d,g | 1.589% (SOFR + 1.29%) due 5/24/2027 | 3,500,000 | 3,478,615 |
d,g | 1.645% (SOFR + 1.54%) due 4/18/2026 | 3,750,000 | 3,772,125 |
d,g | 2.206% (SOFR + 1.29%) due 8/17/2029 | 3,500,000 | 3,474,380 |
JPMorgan Chase & Co., | |||
d | 0.935% (SOFR + 0.89%) due 4/22/2027 | 4,200,000 | 4,251,198 |
d | 1.04% (SOFR + 0.70%) due 2/4/2027 | 3,249,000 | 3,187,366 |
d | 2.069% (SOFR + 1.02%) due 6/1/2029 | 1,640,000 | 1,643,608 |
d | 0.63% (SOFR + 0.58%) due 6/23/2025 | 10,125,000 | 10,170,259 |
d,g | Mizuho Financial Group, Inc., 0.759% (LIBOR 3 Month + 0.63%) due 5/25/2024 | 2,946,000 | 2,963,588 |
d | Morgan Stanley, 0.75% (SOFR + 0.70%) due 1/20/2023 | 3,500,000 | 3,506,055 |
Natwest Group plc, | |||
d,g | 1.595% (LIBOR 3 Month + 1.47%) due 5/15/2023 | 1,398,000 | 1,409,408 |
d,g | 1.642% (H15T1Y + 0.90%) due 6/14/2027 | 2,000,000 | 1,998,720 |
Societe Generale SA, | |||
d,e,g | 1.792% (H15T1Y + 1.00%) due 6/9/2027 | 1,667,000 | 1,657,548 |
e,g | 2.625% due 1/22/2025 | 3,000,000 | 3,116,340 |
e,g | 3.875% due 3/28/2024 | 2,000,000 | 2,138,400 |
e,g | 4.25% due 9/14/2023 | 3,000,000 | 3,199,170 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 53 |
Thornburg Strategic Income Fund�� | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,e,g | UBS Group AG, 1.494% (H15T1Y + 0.85%) due 8/10/2027 | $ 2,679,000 | $ 2,649,960 |
e | United Wholesale Mortgage LLC, 5.50% due 11/15/2025 | 10,301,000 | 10,388,868 |
Western Union Co., 2.85% due 1/10/2025 | 2,338,000 | 2,452,094 | |
Insurance — 0.2% | |||
e | Global Atlantic Fin Co., 4.40% due 10/15/2029 | 7,275,000 | 7,992,388 |
257,286,264 | |||
Energy — 3.9% | |||
Energy Equipment & Services — 0.2% | |||
e | Enviva Partners LP/Enviva Partners Finance Corp., 6.50% due 1/15/2026 | 6,270,000 | 6,492,271 |
e | Hanwha Energy USA Holdings Corp., 2.375% due 7/30/2022 | 1,915,000 | 1,942,250 |
Odebrecht Offshore Drilling Finance Ltd., | |||
e,g | 6.72% due 12/1/2022 | 172,913 | 170,256 |
e,g,k | 7.72% due 12/1/2026 PIK | 2,436,128 | 576,948 |
c,e,g | Odebrecht Oil & Gas Finance Ltd. (Guaranty: Odebrecht Oleo e Gas SA), Zero coupon due 11/1/2021 | 304,899 | 2,546 |
b,e,g,j | Schahin II Finance Co. SPV Ltd., 5.875% due 9/25/2023 | 10,461,182 | 539,065 |
Oil, Gas & Consumable Fuels — 3.7% | |||
Boardwalk Pipelines LP, 4.80% due 5/3/2029 | 3,920,000 | 4,484,911 | |
e | Citgo Holding, Inc., 9.25% due 8/1/2024 | 5,572,000 | 5,614,291 |
e | CITGO Petroleum Corp., 7.00% due 6/15/2025 | 1,800,000 | 1,841,256 |
e | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 725,000 | 805,149 |
Delek Logistics Partners LP/Delek Logistics Finance Corp., 6.75% due 5/15/2025 | 9,188,000 | 9,421,559 | |
d | Energy Transfer LP, 3.143% (LIBOR 3 Month + 3.02%) due 11/1/2066 | 1,200,000 | 987,372 |
EQM Midstream Partners LP, Series 5Y, 4.75% due 7/15/2023 | 1,171,000 | 1,225,042 | |
Florida Gas Transmission Co. LLC, | |||
e | 2.30% due 10/1/2031 | 3,985,000 | 3,920,044 |
e | 3.875% due 7/15/2022 | 4,765,000 | 4,848,340 |
Galaxy Pipeline Assets Bidco Ltd., | |||
e,g | 1.75% due 9/30/2027 | 2,250,895 | 2,277,613 |
e,g | 2.16% due 3/31/2034 | 4,360,000 | 4,288,409 |
e,g | 2.625% due 3/31/2036 | 6,630,000 | 6,538,174 |
e,g | Gazprom PJSC via Gaz Finance plc, 3.50% due 7/14/2031 | 16,000,000 | 15,944,960 |
Gray Oak Pipeline LLC, | |||
e | 2.00% due 9/15/2023 | 3,809,000 | 3,884,647 |
e | 3.45% due 10/15/2027 | 5,130,000 | 5,417,844 |
Gulf South Pipeline Co. LP, 4.00% due 6/15/2022 | 6,944,000 | 7,051,146 | |
e | Gulfstream Natural Gas System LLC, 4.60% due 9/15/2025 | 5,000,000 | 5,550,750 |
e,g | Harvest Operations Corp., 1.00% due 4/26/2024 | 3,642,000 | 3,644,732 |
HollyFrontier Corp., 2.625% due 10/1/2023 | 1,304,000 | 1,346,836 | |
e | Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029 | 5,487,000 | 5,897,867 |
e | Par Petroleum LLC/Par Petroleum Finance Corp., 7.75% due 12/15/2025 | 451,000 | 450,747 |
Parkland Corp., | |||
e,g | 4.50% due 10/1/2029 | 1,825,000 | 1,852,174 |
e,g | 5.875% due 7/15/2027 | 3,726,000 | 3,951,833 |
g | Petroleos Mexicanos, 5.95% due 1/28/2031 | 2,802,000 | 2,714,774 |
Petroleos Mexicanos (EUR), 3.75% due 2/21/2024 | 4,466,000 | 5,343,182 | |
g | Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), 6.50% due 1/23/2029 | 4,118,000 | 4,230,874 |
e,g | Petrorio Luxembourg Sarl, 6.125% due 6/9/2026 | 800,000 | 806,176 |
b,j | RAAM Global Energy Co., 12.50% due 10/1/2015 | 2,000,000 | 200 |
SA Global Sukuk Ltd., | |||
e,g | 0.946% due 6/17/2024 | 4,969,000 | 4,922,093 |
e,g | 1.602% due 6/17/2026 | 6,076,000 | 6,048,415 |
e,g | Sinopec Group Overseas Development 2018 Ltd., 1.45% due 1/8/2026 | 8,500,000 | 8,477,135 |
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.50% due 8/15/2022 | 1,210,000 | 1,198,130 | |
c,d | Summit Midstream Partners LP, Series A, 9.50% (LIBOR 3 Month + 7.43%) due 12/15/2022 | 2,114,000 | 1,706,738 |
Sunoco LP/Sunoco Finance Corp., | |||
5.50% due 2/15/2026 | 451,000 | 460,273 | |
5.875% due 3/15/2028 | 1,933,000 | 2,041,093 | |
Tennessee Gas Pipeline Co. LLC, 7.00% due 3/15/2027 | 2,251,000 | 2,854,876 | |
151,772,991 | |||
Food & Staples Retailing — 0.5% | |||
Food & Staples Retailing — 0.5% |
54 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
7-Eleven, Inc., | |||
e | 0.625% due 2/10/2023 | $ 1,600,000 | $ 1,600,464 |
e | 0.80% due 2/10/2024 | 5,236,000 | 5,233,015 |
e | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.625% due 1/15/2027 | 8,943,000 | 9,383,622 |
e | KeHE Distributors LLC/KeHE Finance Corp., 8.625% due 10/15/2026 | 3,074,000 | 3,325,207 |
19,542,308 | |||
Food, Beverage & Tobacco — 2.9% | |||
Beverages — 1.2% | |||
e,g | Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.375% due 6/29/2028 | 11,206,000 | 11,406,588 |
Becle SAB de CV, | |||
e,f,g | 2.50% due 10/14/2031 | 9,190,000 | 9,095,894 |
e,g,i | 3.75% due 5/13/2025 | 10,206,000 | 11,103,924 |
e,g | Central American Bottling Corp., 5.75% due 1/31/2027 | 12,093,000 | 12,544,069 |
e,g | Coca-Cola Icecek A/S, 4.215% due 9/19/2024 | 3,000,000 | 3,144,720 |
Food Products — 0.9% | |||
e,g | Barry Callebaut Services NV, 5.50% due 6/15/2023 | 8,052,000 | 8,661,053 |
d | General Mills, Inc., 1.144% (LIBOR 3 Month + 1.01%) due 10/17/2023 | 2,530,000 | 2,572,909 |
Kraft Heinz Foods Co., | |||
3.75% due 4/1/2030 | 5,180,000 | 5,618,850 | |
3.875% due 5/15/2027 | 4,582,000 | 4,999,099 | |
Post Holdings, Inc., | |||
e | 4.625% due 4/15/2030 | 8,247,000 | 8,314,048 |
e | 5.625% due 1/15/2028 | 3,730,000 | 3,919,148 |
Tobacco — 0.8% | |||
Altria Group, Inc., 2.45% due 2/4/2032 | 9,890,000 | 9,516,949 | |
BAT Capital Corp., 2.726% due 3/25/2031 | 7,615,000 | 7,505,268 | |
e,g | Imperial Brands Finance plc, 3.50% due 7/26/2026 | 2,000,000 | 2,144,200 |
e | Vector Group Ltd., 10.50% due 11/1/2026 | 11,512,000 | 12,143,779 |
112,690,498 | |||
Health Care Equipment & Services — 1.6% | |||
Health Care Equipment & Supplies — 0.6% | |||
Hill-Rom Holdings, Inc., | |||
e | 4.375% due 9/15/2027 | 10,183,000 | 10,646,428 |
6.75% due 12/15/2027 | 3,725,000 | 4,268,031 | |
e | Hologic, Inc., 3.25% due 2/15/2029 | 6,462,000 | 6,459,932 |
Health Care Providers & Services — 0.9% | |||
e | Charles River Laboratories International, Inc., 3.75% due 3/15/2029 | 4,567,000 | 4,681,586 |
e | Highmark, Inc., 1.45% due 5/10/2026 | 8,000,000 | 7,937,920 |
Humana, Inc., 0.65% due 8/3/2023 | 6,500,000 | 6,503,705 | |
Tenet Healthcare Corp., | |||
e | 4.25% due 6/1/2029 | 2,805,000 | 2,848,898 |
4.625% due 7/15/2024 | 955,000 | 970,624 | |
e | 4.625% due 6/15/2028 | 4,620,000 | 4,792,788 |
e | 4.875% due 1/1/2026 | 2,826,000 | 2,924,797 |
e | 5.125% due 11/1/2027 | 1,153,000 | 1,205,392 |
e | Universal Health Services, Inc., 2.65% due 10/15/2030 | 4,646,000 | 4,678,058 |
Health Care Technology — 0.1% | |||
e | Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75% due 3/1/2025 | 3,215,000 | 3,240,398 |
61,158,557 | |||
Household & Personal Products — 1.2% | |||
Household Products — 1.1% | |||
e | Energizer Holdings, Inc., 4.75% due 6/15/2028 | 8,110,000 | 8,255,655 |
e | Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00% due 12/31/2026 | 4,585,000 | 4,578,994 |
Prestige Brands, Inc., | |||
e | 3.75% due 4/1/2031 | 6,386,000 | 6,162,554 |
e | 5.125% due 1/15/2028 | 3,840,000 | 4,012,032 |
e | Scotts Miracle-Gro Co., 4.375% due 2/1/2032 | 6,383,000 | 6,442,043 |
Spectrum Brands, Inc., | |||
e | 3.875% due 3/15/2031 | 5,317,000 | 5,375,327 |
e | 5.50% due 7/15/2030 | 5,705,000 | 6,325,533 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 55 |
Thornburg Strategic Income Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Personal Products — 0.1% | |||
e | Edgewell Personal Care Co., 5.50% due 6/1/2028 | $ 5,518,000 | $ 5,825,849 |
46,977,987 | |||
Insurance — 3.0% | |||
Insurance — 3.0% | |||
e,g | Ascot Group Ltd., 4.25% due 12/15/2030 | 1,245,000 | 1,311,309 |
Brighthouse Financial Global Funding, | |||
d,e | 0.81% (SOFR + 0.76%) due 4/12/2024 | 2,307,000 | 2,323,795 |
e | 1.55% due 5/24/2026 | 2,089,000 | 2,092,886 |
Brighthouse Financial, Inc., 5.625% due 5/15/2030 | 3,750,000 | 4,532,325 | |
e,g | DaVinciRe Holdings Ltd., 4.75% due 5/1/2025 | 4,790,000 | 5,120,845 |
d | Enstar Finance LLC, 5.75% (5-Yr. CMT + 5.47%) due 9/1/2040 | 1,672,000 | 1,791,197 |
Enstar Group Ltd., | |||
g | 3.10% due 9/1/2031 | 2,645,000 | 2,605,166 |
g | 4.95% due 6/1/2029 | 4,726,000 | 5,351,722 |
Equitable Financial Life Global Funding, | |||
e | 1.00% due 1/9/2026 | 3,000,000 | 2,944,290 |
e | 1.40% due 8/27/2027 | 4,620,000 | 4,559,801 |
e | 1.80% due 3/8/2028 | 4,074,000 | 4,049,352 |
F&G Global Funding, | |||
e | 1.75% due 6/30/2026 | 11,945,000 | 12,017,865 |
e | 2.00% due 9/20/2028 | 6,641,000 | 6,542,979 |
Fairfax Financial Holdings Ltd., | |||
e,g | 3.375% due 3/3/2031 | 1,520,000 | 1,578,307 |
g | 4.625% due 4/29/2030 | 4,673,000 | 5,267,686 |
g | 4.85% due 4/17/2028 | 1,105,000 | 1,261,490 |
e,g | Fidelis Insurance Holdings Ltd., 4.875% due 6/30/2030 | 4,409,000 | 4,795,934 |
Fidelity National Financial, Inc., | |||
2.45% due 3/15/2031 | 1,210,000 | 1,204,676 | |
3.40% due 6/15/2030 | 3,137,000 | 3,370,487 | |
First American Financial Corp., 4.00% due 5/15/2030 | 1,843,000 | 2,028,793 | |
GA Global Funding Trust, | |||
d,e | 0.55% (SOFR + 0.50%) due 9/13/2024 | 5,322,000 | 5,338,392 |
e | 1.00% due 4/8/2024 | 2,825,000 | 2,837,571 |
Infinity Property & Casualty Corp., 5.00% due 9/19/2022 | 1,826,000 | 1,898,237 | |
Mercury General Corp., 4.40% due 3/15/2027 | 2,438,000 | 2,752,575 | |
d,e | Pacific Life Global Funding II, 0.67% (SOFR + 0.62%) due 6/4/2026 | 4,533,000 | 4,560,515 |
e | Protective Life Corp., 3.40% due 1/15/2030 | 4,902,000 | 5,208,914 |
Reliance Standard Life Global Funding II, | |||
e | 1.512% due 9/28/2026 | 4,000,000 | 3,979,760 |
e | 2.75% due 5/7/2025 - 1/21/2027 | 6,420,000 | 6,750,584 |
e | 3.85% due 9/19/2023 | 3,000,000 | 3,185,970 |
e | Sammons Financial Group, Inc., 4.45% due 5/12/2027 | 2,000,000 | 2,233,620 |
e | Security Benefit Global Funding, 1.25% due 5/17/2024 | 2,404,000 | 2,421,092 |
115,918,135 | |||
Materials — 3.0% | |||
Chemicals — 1.2% | |||
e,g | Consolidated Energy Finance SA, 6.875% due 6/15/2025 | 500,000 | 517,020 |
e,g | NOVA Chemicals Corp., 4.875% due 6/1/2024 | 8,355,000 | 8,776,510 |
e,g | Nufarm Australia Ltd./Nufarm Americas, Inc., 5.75% due 4/30/2026 | 8,463,000 | 8,683,546 |
OCP SA, | |||
e,g | 3.75% due 6/23/2031 | 2,800,000 | 2,792,216 |
e,g | 5.625% due 4/25/2024 | 4,710,000 | 5,106,158 |
Phosagro OAO Via Phosagro Bond Funding DAC, | |||
e,g | 2.60% due 9/16/2028 | 3,000,000 | 2,995,620 |
e,g | 3.05% due 1/23/2025 | 933,000 | 967,829 |
e,g | 3.949% due 4/24/2023 | 5,133,000 | 5,314,605 |
e,g,i | SPCM SA, 3.125% due 3/15/2027 | 8,405,000 | 8,404,832 |
e | Valvoline, Inc., 3.625% due 6/15/2031 | 1,368,000 | 1,357,111 |
Containers & Packaging — 1.4% | |||
e,g | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance plc, 3.25% due 9/1/2028 | 6,660,000 | 6,655,205 |
56 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Ball Corp., | |||
2.875% due 8/15/2030 | $ 7,300,000 | $ 7,092,388 | |
3.125% due 9/15/2031 | 2,775,000 | 2,742,477 | |
Graphic Packaging International LLC, | |||
e | 3.50% due 3/15/2028 - 3/1/2029 | 8,150,000 | 8,273,801 |
4.875% due 11/15/2022 | 7,780,000 | 8,031,683 | |
e | Matthews International Corp., 5.25% due 12/1/2025 | 9,548,000 | 9,835,777 |
e | Sealed Air Corp., 4.00% due 12/1/2027 | 4,505,000 | 4,806,069 |
e | Silgan Holdings, Inc., 1.40% due 4/1/2026 | 6,169,000 | 6,076,341 |
Metals & Mining — 0.4% | |||
g | AngloGold Ashanti Holdings plc, 3.75% due 10/1/2030 | 6,614,000 | 6,778,093 |
e | Cleveland-Cliffs, Inc., 6.75% due 3/15/2026 | 6,430,000 | 6,854,573 |
e | Compass Minerals International, Inc., 6.75% due 12/1/2027 | 2,144,000 | 2,286,426 |
114,348,280 | |||
Media & Entertainment — 0.7% | |||
Media — 0.7% | |||
CCO Holdings LLC/CCO Holdings Capital Corp., | |||
e | 4.25% due 2/1/2031 | 6,548,000 | 6,660,364 |
e | 4.75% due 3/1/2030 | 8,394,000 | 8,774,668 |
e,g | Telenet Finance Luxembourg Notes Sarl, 5.50% due 3/1/2028 | 12,000,000 | 12,629,640 |
28,064,672 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.3% | |||
Biotechnology — 0.2% | |||
Royalty Pharma plc, | |||
g | 1.20% due 9/2/2025 | 4,086,000 | 4,057,643 |
g | 1.75% due 9/2/2027 | 4,272,000 | 4,252,178 |
Life Sciences Tools & Services — 0.0% | |||
e | Avantor Funding, Inc. (EUR), 2.625% due 11/1/2025 | 2,000,000 | 2,368,918 |
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 | 2,761,700 |
13,440,439 | |||
Real Estate — 1.3% | |||
Equity Real Estate Investment Trusts — 1.1% | |||
American Tower Corp., 1.45% due 9/15/2026 | 1,842,000 | 1,833,158 | |
Crown Castle International Corp., | |||
1.05% due 7/15/2026 | 2,636,000 | 2,582,120 | |
2.10% due 4/1/2031 | 5,453,000 | 5,257,728 | |
e | Iron Mountain, Inc., 5.25% due 7/15/2030 | 8,085,000 | 8,580,611 |
Retail Opportunity Investments Partnership LP (Guaranty: Retail Opportunity Investments Corp.), 5.00% due 12/15/2023 | 1,500,000 | 1,614,795 | |
SBA Tower Trust, | |||
e | 1.631% due 5/15/2051 | 13,500,000 | 13,466,119 |
e | 3.448% due 3/15/2048 | 763,000 | 772,632 |
Service Properties Trust, | |||
4.35% due 10/1/2024 | 2,295,000 | 2,325,524 | |
4.65% due 3/15/2024 | 900,000 | 913,239 | |
4.95% due 2/15/2027 | 2,850,000 | 2,835,921 | |
5.25% due 2/15/2026 | 700,000 | 704,718 | |
Vornado Realty LP, | |||
2.15% due 6/1/2026 | 1,151,000 | 1,170,003 | |
3.40% due 6/1/2031 | 957,000 | 990,543 | |
Mortgage Real Estate Investment Trusts — 0.1% | |||
f | Sun Communities Operating LP, 2.30% due 11/1/2028 | 5,153,000 | 5,164,543 |
Real Estate Management & Development — 0.1% | |||
e | Cushman & Wakefield US Borrower LLC, 6.75% due 5/15/2028 | 1,825,000 | 1,979,486 |
50,191,140 | |||
Retailing — 0.4% |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 57 |
Thornburg Strategic Income Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Internet & Direct Marketing Retail — 0.2% | |||
e,g | B2W Digital Lux Sarl, 4.375% due 12/20/2030 | $ 2,000,000 | $ 1,950,640 |
MercadoLibre, Inc., | |||
2.375% due 1/14/2026 | 4,760,000 | 4,679,794 | |
3.125% due 1/14/2031 | 2,800,000 | 2,707,964 | |
Specialty Retail — 0.2% | |||
Advance Auto Parts, Inc., | |||
1.75% due 10/1/2027 | 1,792,000 | 1,785,083 | |
3.90% due 4/15/2030 | 4,000,000 | 4,424,640 | |
15,548,121 | |||
Semiconductors & Semiconductor Equipment — 1.1% | |||
Semiconductors & Semiconductor Equipment — 1.1% | |||
g | Broadcom Corp./Broadcom Cayman Finance Ltd., 3.875% due 1/15/2027 | 4,975,000 | 5,468,470 |
Broadcom, Inc., | |||
e | 3.187% due 11/15/2036 | 4,861,000 | 4,846,884 |
4.11% due 9/15/2028 | 2,104,000 | 2,343,561 | |
4.25% due 4/15/2026 | 1,046,000 | 1,164,303 | |
e | Microchip Technology, Inc., 0.972% due 2/15/2024 | 5,137,000 | 5,139,414 |
Micron Technology, Inc., | |||
4.663% due 2/15/2030 | 1,186,000 | 1,370,553 | |
5.327% due 2/6/2029 | 2,031,000 | 2,416,809 | |
Qorvo, Inc., | |||
e | 3.375% due 4/1/2031 | 6,367,000 | 6,711,455 |
4.375% due 10/15/2029 | 5,128,000 | 5,577,315 | |
SK Hynix, Inc., | |||
e,g | 1.00% due 1/19/2024 | 2,800,000 | 2,788,688 |
e,g | 1.50% due 1/19/2026 | 4,400,000 | 4,344,780 |
Skyworks Solutions, Inc., 1.80% due 6/1/2026 | 1,160,000 | 1,173,897 | |
43,346,129 | |||
Software & Services — 3.9% | |||
Information Technology Services — 1.4% | |||
Block Financial LLC, 2.50% due 7/15/2028 | 3,605,000 | 3,649,774 | |
DXC Technology Co., 2.375% due 9/15/2028 | 11,657,000 | 11,545,326 | |
g | Genpact Luxembourg Sarl, 3.375% due 12/1/2024 | 8,129,000 | 8,666,733 |
g | Genpact Luxembourg Sarl/Genpact USA, Inc., 1.75% due 4/10/2026 | 4,541,000 | 4,563,478 |
Leidos, Inc., 2.30% due 2/15/2031 | 2,220,000 | 2,166,654 | |
Sabre GLBL, Inc., | |||
e | 7.375% due 9/1/2025 | 2,757,000 | 2,934,937 |
e | 9.25% due 4/15/2025 | 2,267,000 | 2,620,493 |
e | Science Applications International Corp., 4.875% due 4/1/2028 | 14,084,000 | 14,566,800 |
e | Wipro IT Services LLC, 1.50% due 6/23/2026 | 3,953,000 | 3,932,207 |
Interactive Media & Services — 0.1% | |||
Baidu, Inc., | |||
g | 1.72% due 4/9/2026 | 2,149,000 | 2,153,384 |
g | 4.375% due 5/14/2024 | 1,424,000 | 1,541,523 |
Internet Software & Services — 0.7% | |||
e | Arches Buyer, Inc., 4.25% due 6/1/2028 | 6,399,000 | 6,489,418 |
e,g,i | Prosus NV, 3.061% due 7/13/2031 | 17,750,000 | 17,341,217 |
e | Twitter, Inc., 3.875% due 12/15/2027 | 4,458,000 | 4,736,848 |
Software — 1.7% | |||
CDK Global, Inc., | |||
4.875% due 6/1/2027 | 13,685,000 | 14,328,469 | |
e | 5.25% due 5/15/2029 | 460,000 | 497,030 |
e | Fair Isaac Corp., 4.00% due 6/15/2028 | 4,415,000 | 4,525,419 |
e | Infor, Inc., 1.75% due 7/15/2025 | 2,250,000 | 2,281,163 |
e | LogMeIn, Inc, 5.50% due 9/1/2027 | 857,000 | 870,301 |
e | MSCI, Inc., 3.875% due 2/15/2031 | 9,973,000 | 10,462,275 |
e,g | Open Text Corp., 3.875% due 2/15/2028 | 7,761,000 | 7,928,482 |
Oracle Corp., | |||
1.65% due 3/25/2026 | 4,565,000 | 4,629,458 |
58 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
2.30% due 3/25/2028 | $ 2,257,000 | $ 2,309,046 | |
e | PTC, Inc., 3.625% due 2/15/2025 | 11,847,000 | 12,057,521 |
VMware, Inc., | |||
1.00% due 8/15/2024 | 1,180,000 | 1,183,988 | |
4.50% due 5/15/2025 | 4,040,000 | 4,501,853 | |
152,483,797 | |||
Technology Hardware & Equipment — 1.9% | |||
Communications Equipment — 0.4% | |||
Motorola Solutions, Inc., 2.30% due 11/15/2030 | 337,000 | 331,028 | |
g | Telefonaktiebolaget LM Ericsson, 4.125% due 5/15/2022 | 13,803,000 | 14,099,489 |
Electronic Equipment, Instruments & Components — 0.8% | |||
g | Flex Ltd., 4.875% due 5/12/2030 | 4,671,000 | 5,394,912 |
e,g | Sensata Technologies BV, 4.875% due 10/15/2023 | 3,358,000 | 3,583,020 |
e | SYNNEX Corp., 1.75% due 8/9/2026 | 10,183,000 | 10,083,512 |
Trimble, Inc., 4.75% due 12/1/2024 | 6,525,000 | 7,219,064 | |
Vontier Corp., | |||
e | 1.80% due 4/1/2026 | 1,533,000 | 1,525,488 |
e | 2.40% due 4/1/2028 | 1,095,000 | 1,083,119 |
Technology Hardware, Storage & Peripherals — 0.7% | |||
Dell International LLC/EMC Corp., 4.90% due 10/1/2026 | 5,123,000 | 5,898,520 | |
Hewlett Packard Enterprise Co., 4.65% due 10/1/2024 | 1,900,000 | 2,098,398 | |
HP, Inc., 3.00% due 6/17/2027 | 6,500,000 | 6,954,285 | |
g | Lenovo Group Ltd., 5.875% due 4/24/2025 | 10,993,000 | 12,398,235 |
NetApp, Inc., 2.375% due 6/22/2027 | 1,331,000 | 1,388,419 | |
72,057,489 | |||
Telecommunication Services — 2.4% | |||
Diversified Telecommunication Services — 0.8% | |||
Qwest Corp., 6.75% due 12/1/2021 | 15,706,000 | 15,844,370 | |
Videotron Ltd., | |||
e,g | 5.125% due 4/15/2027 | 7,150,000 | 7,420,270 |
e,g | 5.375% due 6/15/2024 | 6,000,000 | 6,544,140 |
e,g | Virgin Media Secured Finance plc, 5.50% due 5/15/2029 | 1,800,000 | 1,899,468 |
Wireless Telecommunication Services — 1.6% | |||
America Movil SAB de CV (MXN), 6.45% due 12/5/2022 | 45,000,000 | 2,177,087 | |
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., | |||
e,g | 8.00% due 12/31/2026 | 1,111,755 | 1,076,768 |
e,g | 8.75% due 5/25/2024 | 4,866,916 | 5,044,702 |
e,g | MTN Mauritius Investment Ltd., 4.755% due 11/11/2024 | 4,125,000 | 4,328,239 |
e,g | SK Telecom Co. Ltd., 3.75% due 4/16/2023 | 3,000,000 | 3,141,570 |
i | Sprint Communications, Inc., 9.25% due 4/15/2022 | 20,251,000 | 21,131,919 |
T-Mobile USA, Inc., | |||
3.375% due 4/15/2029 | 5,540,000 | 5,784,203 | |
e | 3.375% due 4/15/2029 | 4,550,000 | 4,745,104 |
5.375% due 4/15/2027 | 3,690,000 | 3,869,961 | |
Vmed O2 UK Financing I plc, | |||
e,g | 4.25% due 1/31/2031 | 7,818,000 | 7,794,390 |
e,g | 4.75% due 7/15/2031 | 1,500,000 | 1,533,270 |
92,335,461 | |||
Transportation — 0.3% | |||
Airlines — 0.3% | |||
American Airlines Pass Through Trust, | |||
Series 2013-2 Class A, 4.95% due 7/15/2024 | 4,368,652 | 4,475,465 | |
Series 2016-3 Class B, 3.75% due 4/15/2027 | 897,855 | 864,437 | |
e | British Airways Pass Through Trust, Series 2020-1 Class A, 4.25% due 5/15/2034 | 1,092,774 | 1,176,601 |
US Airways Pass Through Trust, | |||
Series 2010-1 Class A, 6.25% due 10/22/2024 | 708,816 | 729,159 | |
Series 2012-1 Class A, 5.90% due 4/1/2026 | 973,103 | 1,025,115 | |
Series 2013-1 Class B, 5.375% due 5/15/2023 | 1,814,211 | 1,809,784 | |
10,080,561 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 59 |
Thornburg Strategic Income Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Utilities — 4.0% | |||
Electric Utilities — 3.2% | |||
AEP Texas, Inc., 2.10% due 7/1/2030 | $ 4,500,000 | $ 4,407,210 | |
e,g | AES Andres BV, 5.70% due 5/4/2028 | 8,167,000 | 8,433,734 |
e | Alexander Funding Trust, 1.841% due 11/15/2023 | 9,000,000 | 9,163,710 |
e | Alliant Energy Finance LLC, 1.40% due 3/15/2026 | 1,500,000 | 1,477,905 |
Appalachian Power Co., Series AA, 2.70% due 4/1/2031 | 4,705,000 | 4,834,623 | |
Black Hills Corp., | |||
1.037% due 8/23/2024 | 10,294,000 | 10,295,956 | |
2.50% due 6/15/2030 | 1,000,000 | 1,013,210 | |
d | CenterPoint Energy, Inc., 0.70% (SOFR + 0.65%) due 5/13/2024 | 2,500,000 | 2,505,450 |
Comision Federal de Electricidad, | |||
e,g | 3.348% due 2/9/2031 | 10,720,000 | 10,560,594 |
g | 5.00% due 9/29/2036 | 632,000 | 664,889 |
Enel Finance International NV, | |||
e,g | 1.375% due 7/12/2026 | 2,750,000 | 2,731,905 |
e,g | 1.875% due 7/12/2028 | 1,250,000 | 1,242,100 |
Entergy Texas, Inc., | |||
1.50% due 9/1/2026 | 5,866,000 | 5,758,066 | |
3.45% due 12/1/2027 | 3,000,000 | 3,210,930 | |
e | Mid-Atlantic Interstate Transmission LLC, 4.10% due 5/15/2028 | 945,000 | 1,058,192 |
e | Midland Cogeneration Venture LP, 6.00% due 3/15/2025 | 481,585 | 499,019 |
e | Monongahela Power Co., 3.55% due 5/15/2027 | 3,305,000 | 3,619,140 |
NextEra Energy Capital Holdings, Inc., 0.65% due 3/1/2023 | 10,000,000 | 10,037,200 | |
Pacific Gas and Electric Co., | |||
1.367% due 3/10/2023 | 3,318,000 | 3,306,918 | |
1.75% due 6/16/2022 | 5,817,000 | 5,809,380 | |
d | PPL Electric Utilities Corp., 0.38% (SOFR + 0.33%) due 6/24/2024 | 3,560,000 | 3,563,097 |
Puget Energy, Inc., | |||
e | 2.379% due 6/15/2028 | 2,980,000 | 2,988,553 |
4.10% due 6/15/2030 | 1,950,000 | 2,151,727 | |
Southern California Edison Co., Series J 0.70% due 8/1/2023 | 8,857,000 | 8,861,251 | |
i | Southern Co., 3.25% due 7/1/2026 | 6,725,000 | 7,238,790 |
e | Toledo Edison Co., 2.65% due 5/1/2028 | 4,720,000 | 4,778,481 |
e,g | Transelec SA, 4.625% due 7/26/2023 | 2,409,000 | 2,571,824 |
Gas Utilities — 0.8% | |||
d | CenterPoint Energy Resources Corp., 0.62% (LIBOR 3 Month + 0.50%) due 3/2/2023 | 2,196,000 | 2,196,286 |
e,g | ENN Clean Energy International Investment Ltd., 3.375% due 5/12/2026 | 9,524,000 | 9,597,144 |
d | ONE Gas, Inc., 0.724% (LIBOR 3 Month + 0.61%) due 3/11/2023 | 5,588,000 | 5,587,888 |
e,g | Rockpoint Gas Storage Canada Ltd., 7.00% due 3/31/2023 | 14,976,000 | 15,217,563 |
155,382,735 | |||
Total Corporate Bonds (Cost $1,731,674,378) | 1,753,520,672 | ||
Convertible Bonds — 1.0% | |||
Consumer Durables & Apparel — 0.1% | |||
Leisure Products — 0.1% | |||
e | Peloton Interactive, Inc., Zero coupon due 2/15/2026 | 4,705,000 | 4,146,752 |
4,146,752 | |||
Diversified Financials — 0.3% | |||
Diversified Financial Services — 0.3% | |||
EZCORP, Inc., | |||
2.375% due 5/1/2025 | 13,431,000 | 12,274,456 | |
2.875% due 7/1/2024 | 215,000 | 224,400 | |
12,498,856 | |||
Media & Entertainment — 0.3% | |||
Media — 0.3% | |||
Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00% due 10/15/2029 | 18,000,000 | 10,895,220 | |
10,895,220 | |||
Real Estate — 0.3% |
60 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Equity Real Estate Investment Trusts — 0.3% | |||
e | Radius Global Infrastructure, Inc., 2.50% due 9/15/2026 | $ 9,450,000 | $ 9,382,244 |
9,382,244 | |||
Total Convertible Bonds (Cost $36,087,682) | 36,923,072 | ||
Long-Term Municipal Bonds — 0.4% | |||
California Health Facilities Financing Authority, 7.875% due 2/1/2026 | 1,940,000 | 1,950,806 | |
City of Chicago IL GO, Series B, 7.045% due 1/1/2029 | 2,580,000 | 2,967,955 | |
City of Detroit GO, | |||
Series B | |||
1.817% due 4/1/2022 | 655,000 | 653,343 | |
2.017% due 4/1/2023 | 275,000 | 273,633 | |
2.189% due 4/1/2024 | 275,000 | 273,512 | |
2.511% due 4/1/2025 | 465,000 | 464,628 | |
New Jersey Transportation Trust Fund Authority, | |||
2.551% due 6/15/2023 | 2,115,000 | 2,166,522 | |
2.631% due 6/15/2024 | 1,565,000 | 1,620,620 | |
New York Transportation Development Corp., 4.248% due 9/1/2035 | 3,195,000 | 3,468,460 | |
West Contra Costa USD GO, 2.612% due 8/1/2032 | 980,000 | 1,034,370 | |
Total Long-Term Municipal Bonds (Cost $14,075,403) | 14,873,849 | ||
Other Government — 0.7% | |||
e,g | Finance Department Government of Sharjah, 3.625% due 3/10/2033 | 14,382,000 | 14,192,733 |
Indonesia Treasury Bond (IDR), | |||
7.50% due 5/15/2038 - 4/15/2040 | 80,985,000,000 | 5,911,406 | |
8.375% due 4/15/2039 | 44,919,000,000 | 3,549,456 | |
e,g | Oman Government International Bond, 5.625% due 1/17/2028 | 3,800,000 | 3,947,022 |
Total Other Government (Cost $27,511,044) | 27,600,617 | ||
U.S. Treasury Securities — 1.5% | |||
United States Treasury Notes, 0.625%, 5/15/2030 - 8/15/2030 | 55,627,000 | 51,810,702 | |
United States Treasury Notes Inflationary Index, 0.125%, 1/15/2030 | 6,896,045 | 7,578,353 | |
Total U.S. Treasury Securities (Cost $61,813,305) | 59,389,055 | ||
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 | 4,210,830 |
Total U.S. Government Agencies (Cost $3,835,000) | 4,210,830 | ||
Mortgage Backed — 12.2% | |||
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-1 Class A1, 3.805% due 1/25/2049 | 1,587,825 | 1,605,535 |
d,e | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 3,291,990 | 3,340,457 |
d,e | Series 2021-1R Class A1, 1.175% due 10/25/2048 | 5,624,815 | 5,628,922 |
d | Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 2.395% due 8/25/2033 | 33,451 | 33,450 |
e | Bravo Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 2,508,653 | 2,559,245 |
d,e | Bunker Hill Loan Depositary Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class B1, 5.137% due 2/25/2055 | 3,500,000 | 3,679,152 |
d,e | Cascade MH Asset Trust, Whole Loan Securities Trust CMO, Series 2021-MH1 Class B3, due 2/25/2046 | 1,936,119 | 1,839,302 |
e | CFMT Issuer Trust, Whole Loan Securities Trust CMO, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | 2,214,619 | 2,209,870 |
Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-1 Class B4, 3.925% due 3/25/2050 | 747,492 | 781,854 |
d,e | Series 2019-1 Class B5, 3.925% due 3/25/2050 | 377,152 | 362,848 |
d,e | Series 2019-1 Class B6, 2.005% due 3/25/2050 | 553,660 | 320,132 |
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 | 1,433,733 |
CIM Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 18-INV1 Class A4, 4.00% due 8/25/2048 | 383,224 | 389,150 |
d,e,h | Series 2020-J1 Class AIO1, 0.471% due 7/25/2050 | 23,555,141 | 195,755 |
d,e,h | Series 2020-J1 Class AIO2, 0.50% due 7/25/2050 | 21,009,110 | 209,320 |
d,e,h | Series 2020-J1 Class AIOS, 0.20% due 6/25/2050 | 26,879,166 | 117,083 |
d,e | Series 2020-J1 Class B4, 3.471% due 7/25/2050 | 353,075 | 358,786 |
d,e | Series 2020-J1 Class B5, 3.471% due 7/25/2050 | 176,537 | 165,118 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 61 |
Thornburg Strategic Income Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,e | Series 2020-J1 Class B6, 3.471% due 7/25/2050 | $ 325,435 | $ 193,301 |
d,e,h | Series 2020-J2 Class AX1, 0.279% due 1/25/2051 | 131,119,415 | 932,823 |
d,e,h | Series 2020-J2 Class AXS, 0.21% due 1/25/2051 | 138,368,633 | 770,104 |
d,e | Series 2020-J2 Class B4, 2.779% due 1/25/2051 | 491,000 | 373,393 |
d,e | Series 2020-J2 Class B5, 2.779% due 1/25/2051 | 164,000 | 124,252 |
d,e | Series 2020-J2 Class B6, 2.779% due 1/25/2051 | 654,523 | 216,333 |
Citigroup Mortgage Loan Trust, Inc., Whole Loan Securities Trust CMO, | |||
d,e,h | Series 2020-EXP2 Class A3IW, 1.064% due 8/25/2050 | 25,776,610 | 480,476 |
d,e,h | Series 2020-EXP2 Class A4IW, 1.064% due 8/25/2050 | 2,789,036 | 51,988 |
d,e | Series 2020-EXP2 Class B5, 3.564% due 8/25/2050 | 150,229 | 134,104 |
d,e | Series 2020-EXP2 Class B6, 3.564% due 8/25/2050 | 364,769 | 207,823 |
Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
d | Series 2004-HYB2 Class B1, 2.467% due 3/25/2034 | 30,556 | 30,556 |
d,e | Series 2014-A Class A, 4.00% due 1/25/2035 | 579,293 | 596,942 |
d,e | Series 2019-IMC1 Class B1, 3.97% due 7/25/2049 | 1,500,000 | 1,512,856 |
d,e | Series 2020-EXP1 Class B1, 4.467% due 5/25/2060 | 1,180,900 | 1,214,018 |
d,e | Series 2020-EXP1 Class B2, 4.467% due 5/25/2060 | 770,600 | 719,784 |
d,e | Series 2020-EXP1 Class B3, 4.467% due 5/25/2060 | 386,242 | 225,707 |
e,h | Series 2020-EXP1 Class XS, 0.01% due 5/25/2060 | 42,184,808 | 31,639 |
d,e,h | Series 2021-J1 Class A5IX, 0.114% due 4/25/2051 | 130,821,935 | 549,190 |
d,e,h | Series 2021-J1 Class AIOS, 0.23% due 4/25/2051 | 131,527,055 | 1,278,719 |
d,e | Series 2021-J1 Class B4, 2.614% due 4/25/2051 | 375,000 | 270,427 |
d,e | Series 2021-J1 Class B5, 2.614% due 4/25/2051 | 616,000 | 369,814 |
d,e | Series 2021-J1 Class B6, 2.614% due 4/25/2051 | 454,249 | 160,716 |
d,e,h | Series 2021-J2 Class A4I2, 0.18% due 7/25/2051 | 42,379,502 | 314,320 |
d,e,h | Series 2021-J2 Class A5IX, 0.099% due 7/25/2051 | 387,077,629 | 1,462,224 |
d,e,h | Series 2021-J2 Class AIOS, 0.08% due 7/25/2051 | 405,888,796 | 1,376,044 |
d,e | Series 2021-J2 Class B4, 2.779% due 7/25/2051 | 2,281,541 | 1,829,901 |
d,e | Series 2021-J2 Class B5, 2.779% due 7/25/2051 | 623,000 | 448,849 |
d,e | Series 2021-J2 Class B6, 2.779% due 7/25/2051 | 1,247,350 | 581,962 |
d,e,h | Series 2021-J3 Class A3I1, 0.50% due 9/25/2051 | 17,100,000 | 333,450 |
d,e,h | Series 2021-J3 Class A5I2, 0.25% due 9/25/2051 | 140,742,000 | 1,460,198 |
d,e,h | Series 2021-J3 Class AIOS, due 9/25/2051 | 147,490,214 | 448,370 |
d,e | Series 2021-J3 Class B4, 2.863% due 9/25/2051 | 1,032,000 | 815,186 |
d,e | Series 2021-J3 Class B5, 2.863% due 9/25/2051 | 173,000 | 112,573 |
d,e | Series 2021-J3 Class B6, 2.863% due 9/25/2051 | 590,214 | 244,061 |
COMM Mortgage Trust, CMBS, Series 2015-DC1 Class A4, 3.078% due 2/10/2048 | 4,810,000 | 4,975,652 | |
CSMC Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2013-HYB1 Class B3, 2.941% due 4/25/2043 | 2,472,006 | 2,562,068 |
d,e,h | Series 2021-AFC1 Class AIOS, 0.25% due 3/25/2056 | 79,463,092 | 516,693 |
d,e | Series 2021-AFC1 Class B3, 4.402% due 3/25/2056 | 146,228 | 139,454 |
d,e,h | Series 2021-AFC1 Class XS, 3.42% due 3/25/2056 | 79,463,092 | 4,644,697 |
d,e | Series 2021-NQM3 Class A1, 1.015% due 4/25/2066 | 4,448,288 | 4,433,702 |
d,e | Series 2021-NQM3 Class B2, 4.128% due 4/25/2066 | 2,650,000 | 2,640,379 |
d,e | Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 0.715% due 5/25/2065 | 2,170,567 | 2,177,076 |
Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-2 Class A1, 2.739% due 11/25/2059 | 2,329,451 | 2,358,485 |
d,e | Series 2021-2 Class A1, 0.931% due 6/25/2066 | 4,557,437 | 4,565,533 |
d,h | Federal Home Loan Mtg Corp., Multifamily Structured Pass Through Certificates, CMBS, Series KIR1 Class X, 1.193% due 3/25/2026 | 34,568,169 | 1,433,300 |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, Series 2020-2 Class MA, 2.00% due 11/25/2059 | 4,459,186 | 4,533,921 | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool QN2877, 2.00% due 7/1/2035 | 7,527,686 | 7,752,510 | |
Pool RC1535, 2.00% due 8/1/2035 | 15,510,958 | 15,979,719 | |
Pool RD5063, 2.00% due 7/1/2031 | 11,567,004 | 11,941,023 | |
Pool SB0308, 2.50% due 1/1/2035 | 14,090,406 | 14,853,445 | |
Pool SB0464, 2.50% due 1/1/2036 | 55,344,293 | 58,425,812 | |
Pool ZS7942, 3.00% due 2/1/2033 | 12,857,878 | 13,725,804 | |
Pool ZS8034, 3.00% due 6/1/2033 | 8,313,295 | 8,893,951 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-SC01 Class M1, 3.632% due 12/25/2046 | 770,205 | 780,450 |
d,e | Series 2017-SC02 Class M1, 3.844% due 5/25/2047 | 232,179 | 233,798 |
Federal National Mtg Assoc., CMO REMIC, Series 1994-37 Class L, 6.50% due 3/25/2024 | 370 | 388 |
62 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool BP8943, 2.00% due 7/1/2035 | $ 7,882,248 | $ 8,117,628 | |
Pool FM7615, 2.00% due 6/1/2036 | 10,485,880 | 10,891,213 | |
Pool FM7616, 2.00% due 6/1/2036 | 8,781,475 | 9,105,124 | |
f | Pool FM8869, 2.00% due 9/1/2036 | 16,000,000 | 16,573,412 |
Pool MA4279, 2.00% due 3/1/2036 | 15,649,233 | 16,123,673 | |
Pool MA4368, 2.00% due 6/1/2031 | 8,538,520 | 8,814,685 | |
f | Pool MA4441, 1.50% due 10/1/2036 | 14,000,000 | 14,144,280 |
First Republic Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e,h | Series 2020-1 Class A2IO, 1.242% due 4/25/2050 | 169,525,147 | 3,836,456 |
d,e | Series 2020-1 Class B3, 2.882% due 4/25/2050 | 1,419,831 | 1,270,427 |
d,e | Series 2020-1 Class B4, 2.882% due 4/25/2050 | 1,325,000 | 1,209,245 |
d,e | Series 2020-1 Class B5, 2.882% due 4/25/2050 | 470,000 | 369,121 |
d,e | Series 2020-1 Class B6, 2.882% due 4/25/2050 | 755,000 | 463,635 |
Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 641,890 | 655,664 |
d,e | Series 2018-3 Class B4, 4.475% due 5/25/2048 | 5,532,506 | 5,604,265 |
d,e | Series 2019-2 Class B3, 4.088% due 12/25/2049 | 3,751,703 | 3,964,598 |
d,e,h | Series 2020-2 Class AX1, 0.717% due 8/25/2050 | 43,648,138 | 645,748 |
d,e,h | Series 2020-2 Class AX2, 0.50% due 8/25/2050 | 7,480,121 | 82,417 |
d,e | Series 2020-2 Class B4, 3.717% due 8/25/2050 | 214,448 | 215,707 |
d,e | Series 2020-2 Class B5, 3.717% due 8/25/2050 | 640,407 | 637,308 |
d,e | Series 2020-2 Class B6C, 3.574% due 8/25/2050 | 855,980 | 576,750 |
d,e | FREMF Mortgage Trust, CMBS, Series 2016-KF24 Class B, 5.083% (LIBOR 1 Month + 5.00%) due 10/25/2026 | 363,162 | 370,089 |
d,e | GCAT LLC, Whole Loan Securities Trust CMO, Series 2019-NQM1 Class A1, 2.985% due 2/25/2059 | 2,256,306 | 2,256,306 |
GCAT Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-NQM2 Class A1, 2.855% due 9/25/2059 | 1,927,715 | 1,927,715 |
d,e | Series 2019-NQM3 Class A1, 2.686% due 11/25/2059 | 1,531,159 | 1,552,370 |
d,e | Series 2021-CM1 Class A, 1.469% due 4/25/2065 | 3,877,515 | 3,862,888 |
d,e | Series 2021-NQM4 Class A1, 1.093% due 8/25/2066 | 3,412,185 | 3,411,045 |
GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, | |||
d,e,h | Series 2020-PJ3 Class A11X, 3.50% due 10/25/2050 | 4,421,935 | 328,054 |
d,e,h | Series 2020-PJ3 Class AIOS, 0.20% due 10/25/2050 | 151,302,386 | 742,078 |
d,e,h | Series 2020-PJ3 Class AX1, 0.092% due 10/25/2050 | 131,176,536 | 121,469 |
d,e,h | Series 2020-PJ3 Class AX2, 0.50% due 10/25/2050 | 12,235,275 | 135,793 |
d,e,h | Series 2020-PJ3 Class AX4, 0.35% due 10/25/2050 | 12,068,438 | 94,384 |
GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
d,e,h | Series 2020-INV1 Class A11X, 3.472% due 10/25/2050 | 1,473,753 | 78,366 |
d,e,h | Series 2020-INV1 Class A12X, 2.976% due 10/25/2050 | 17,645,984 | 804,512 |
d,e,h | Series 2020-INV1 Class AIOS, 0.19% due 10/25/2050 | 84,431,836 | 440,135 |
d,e,h | Series 2020-INV1 Class AX1, due 10/25/2050 | 63,801,076 | 638 |
d,e,h | Series 2020-INV1 Class AX2, 0.476% due 10/25/2050 | 3,180,203 | 24,644 |
d,e,h | Series 2020-INV1 Class AX4, 0.942% due 10/25/2050 | 3,423,450 | 55,267 |
d,e | Series 2020-INV1 Class B4, 3.918% due 10/25/2050 | 1,313,358 | 1,354,352 |
d,e | Series 2020-INV1 Class B5, 3.918% due 10/25/2050 | 1,313,358 | 1,283,137 |
d,e | Series 2020-INV1 Class B6, 3.918% due 10/25/2050 | 3,019,222 | 2,253,059 |
d,e,h | Series 2020-INV1 Class BX, 0.418% due 10/25/2050 | 14,984,981 | 249,656 |
d,e | Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, Series 2018-2 Class A1, 3.985% due 11/25/2058 | 4,062,651 | 4,078,013 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2015-4 Class B4, 3.584% due 6/25/2045 | 1,008,010 | 1,016,767 |
d,e | Series 2016-5 Class B4, 2.387% due 12/25/2046 | 1,630,300 | 1,507,841 |
d,e | Series 2016-5 Class B5, 2.387% due 12/25/2046 | 1,235,600 | 999,578 |
d,e | Series 2017-5 Class B6, 3.09% due 10/26/2048 | 2,901,194 | 2,220,281 |
d,e | Series 2019-8 Class B4, 4.224% due 3/25/2050 | 3,492,616 | 3,493,786 |
d,e,h | Series 2020-3 Class AX1, 0.196% due 8/25/2050 | 17,564,218 | 40,431 |
d,e,h | Series 2020-4 Class A11X, 5.166% (5.25% - LIBOR 1 Month) due 11/25/2050 | 3,358,377 | 231,873 |
d,e,h | Series 2020-4 Class A3X, 0.50% due 11/25/2050 | 15,224,643 | 108,553 |
d,e,h | Series 2020-4 Class A4X, 0.50% due 11/25/2050 | 436,800 | 162 |
d,e,h | Series 2020-4 Class AX1, 0.162% due 11/25/2050 | 56,234,347 | 99,164 |
d,e,h | Series 2020-4 Class AX3, 3.50% due 11/25/2050 | 1,555,768 | 77,650 |
d,e,h | Series 2020-4 Class AX4, 0.55% due 11/25/2050 | 3,590,665 | 28,162 |
d,e | Series 2020-4 Class B4, 3.712% due 11/25/2050 | 1,354,640 | 1,394,297 |
d,e | Series 2020-4 Class B5, 3.712% due 11/25/2050 | 624,694 | 625,806 |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 63 |
Thornburg Strategic Income Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,e | Series 2020-4 Class B6, 3.712% due 11/25/2050 | $ 1,069,000 | $ 965,014 |
d,e,h | Series 2020-7 Class A3X, 0.50% due 1/25/2051 | �� 12,005,318 | 105,599 |
d,e,h | Series 2020-7 Class AX1, 0.167% due 1/25/2051 | 57,089,690 | 137,403 |
d,e,h | Series 2020-7 Class AX3, 3.50% due 1/25/2051 | 3,920,791 | 243,519 |
d,e,h | Series 2020-7 Class AX4, 0.40% due 1/25/2051 | 3,668,444 | 25,740 |
d,e | Series 2020-7 Class B4, 3.567% due 1/25/2051 | 643,880 | 653,848 |
d,e | Series 2020-7 Class B5, 3.567% due 1/25/2051 | 449,150 | 418,443 |
d,e | Series 2020-7 Class B6, 3.48% due 1/25/2051 | 588,631 | 356,932 |
d,e | Series 2020-LTV1 Class B3A, 3.853% due 6/25/2050 | 2,820,480 | 2,971,619 |
d,e,h | Series 2021-11 Class A3X, 0.50% due 1/25/2052 | 12,992,300 | 246,915 |
d,e,h | Series 2021-11 Class AX1, 0.242% due 1/25/2052 | 255,261,037 | 2,358,842 |
d,e,h | Series 2021-11 Class AX4, 0.30% due 1/25/2052 | 31,987,221 | 366,065 |
d,e | Series 2021-11 Class B5, 3.042% due 1/25/2052 | 2,433,832 | 2,049,769 |
d,e | Series 2021-11 Class B6, 3.042% due 1/25/2052 | 2,861,707 | 1,488,282 |
d,e | JPMorgan Wealth Management, Whole Loan Securities Trust CMO, Series 2021-CL1 Class M1, 1.35% (SOFR30A + 1.30%) due 3/25/2051 | 5,831,517 | 5,846,543 |
Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, | |||
d,e,h | Series 2021-INV2 Class AX1, 0.145% due 8/25/2051 | 119,218,956 | 698,039 |
d,e,h | Series 2021-INV2 Class AX4, 0.70% due 8/25/2051 | 8,168,670 | 252,863 |
d,e | Series 2021-INV2 Class B5, 3.345% due 8/25/2051 | 329,476 | 284,330 |
d,e | Series 2021-INV2 Class B6, 3.345% due 8/25/2051 | 1,578,488 | 862,388 |
d,e,h | Series 2021-INV3 Class AX1, 0.183% due 10/25/2051 | 140,888,000 | 1,056,660 |
d,e,h | Series 2021-INV3 Class AX4, 0.55% due 10/25/2051 | 11,460,000 | 290,081 |
d,e | Series 2021-INV3 Class B5, 3.233% due 10/25/2051 | 457,000 | 400,282 |
d,e | Series 2021-INV3 Class B6, 3.233% due 10/25/2051 | 1,989,000 | 1,158,377 |
d | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 2.621% due 8/25/2034 | 74,977 | 75,236 |
d,e | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 925,831 | 953,577 |
d,e | MFA Trust, Whole Loan Securities Trust CMO, Series 2020-NQM3 Class M1, 2.654% due 1/26/2065 | 800,000 | 810,075 |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-3A Class A1, 4.00% due 4/25/2057 | 1,433,936 | 1,536,791 |
d,e | Series 2017-4A Class A1, 4.00% due 5/25/2057 | 1,189,909 | 1,266,305 |
d,e | Series 2017-5A Class A1, 1.586% (LIBOR 1 Month + 1.50%) due 6/25/2057 | 761,164 | 765,892 |
d,e | Series 2017-6A Class A1, 4.00% due 8/27/2057 | 621,608 | 662,368 |
d,e | Series 2018-1A Class A1A, 4.00% due 12/25/2057 | 1,153,169 | 1,230,673 |
d,e | Series 2020-NQM1 Class B2, 4.525% due 1/26/2060 | 1,214,000 | 1,215,792 |
d,e,h | Series 2021-INV1 Class AX1, 0.774% due 6/25/2051 | 124,152,176 | 3,637,088 |
d,e | Series 2021-INV1 Class B5, 3.274% due 6/25/2051 | 1,247,684 | 1,076,750 |
d,e | Series 2021-INV1 Class B6, 3.274% due 6/25/2051 | 2,195,988 | 1,296,490 |
d,e | OBX Trust, Whole Loan Securities Trust CMO, Series 2021-NQM2 Class A1, 1.101% due 5/25/2061 | 9,328,261 | 9,325,984 |
PRKCM Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2021-AFC1 Class A1, 1.51% due 7/25/2056 | 6,000,000 | 6,000,000 |
d,e | Series 2021-AFC1 Class B2, 3.95% due 7/25/2056 | 2,729,000 | 2,552,927 |
e | Saluda Grade Alternative Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-FIG1 Class C, 0.01% due 9/25/2050 | 1,601,029 | 194,575 |
Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 9,037,052 | 9,201,546 | |
Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2015-4 Class B4, 3.161% due 11/25/2030 | 1,686,000 | 1,764,609 |
d,e | Series 2016-3 Class B3, 3.66% due 11/25/2046 | 3,316,447 | 3,434,758 |
d,e | Series 2017-7 Class B3, 3.722% due 10/25/2047 | 1,448,306 | 1,501,104 |
d,e | Series 2018-7 Class B4, 4.236% due 9/25/2048 | 1,802,000 | 1,850,300 |
SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-3 Class A1, 2.703% due 9/25/2059 | 776,179 | 777,037 |
d,e,h | Series 2019-3 Class AIOS, 0.375% due 9/25/2059 | 28,527,410 | 116,660 |
d,e | Series 2019-3 Class B2, 5.663% due 9/25/2059 | 1,978,000 | 1,925,431 |
d,e | Series 2019-3 Class B3, 5.976% due 9/25/2059 | 842,000 | 630,463 |
e | Series 2019-3 Class XS1, 0.01% due 9/25/2059 | 28,403,312 | 125,046 |
e | Series 2019-3 Class XS2, 0.01% due 9/25/2059 | 28,403,312 | 150,915 |
d,e | Series 2020-2 Class A3, 1.895% due 5/25/2065 | 2,456,087 | 2,455,720 |
d,e | Shellpoint Co-Originator Trust, Whole Loan Securities Trust CMO, Series 2016-1 Class B4, 3.604% due 11/25/2046 | 3,221,353 | 3,319,091 |
d,e | Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-SH1 Class A1, 2.521% due 1/28/2050 | 1,402,558 | 1,410,966 |
d,e | Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2018-IMC2 Class B1, 5.669% due 10/25/2048 | 1,909,000 | 1,923,929 |
TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2018-2 Class B3, 3.779% due 7/25/2048 | 2,678,747 | 2,782,412 |
d,e | Series 2018-2 Class B4, 3.779% due 7/25/2048 | 2,040,000 | 1,962,858 |
64 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Verus Securitization Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-3 Class A1, 2.784% due 7/25/2059 | $ 1,357,779 | $ 1,365,767 |
d,e | Series 2019-3 Class B1, 4.043% due 7/25/2059 | 300,000 | 304,402 |
d,e | Series 2019-4 Class B1, 3.86% due 11/25/2059 | 3,250,000 | 3,293,782 |
d,e | Series 2019-INV3 Class B2, 4.791% due 11/25/2059 | 1,385,000 | 1,392,852 |
d,e | Series 2020-1 Class B1, 3.624% due 1/25/2060 | 1,500,000 | 1,528,918 |
d,e | Series 2020-2 Class B1, 5.36% due 5/25/2060 | 2,225,000 | 2,331,406 |
d,e | Series 2020-INV1 Class B1, 5.75% due 3/25/2060 | 875,000 | 923,860 |
d,e | Series 2020-INV1 Class B2, 6.00% due 3/25/2060 | 1,416,000 | 1,465,283 |
d,e | Series 2021-R1 Class B2, 4.199% due 10/25/2063 | 1,125,000 | 1,128,418 |
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 | 2,732,898 |
d,e | Series 2020-1 Class B2, 5.375% due 3/25/2065 | 4,473,000 | 4,609,286 |
d,e | Series 2020-2 Class A2, 1.986% due 4/25/2065 | 2,943,975 | 2,957,779 |
Wells Fargo Commercial Mortgage Trust, Series 2016-C34 Class A2, 2.603% due 6/15/2049 | 4,258,547 | 4,307,315 | |
WFRBS Commercial Mortgage Trust, CMBS, Series 2012-C7 Class A2, 3.431% due 6/15/2045 | 1,000,000 | 1,012,349 | |
Total Mortgage Backed (Cost $473,144,019) | 473,764,588 | ||
Loan Participations — 4.5% | |||
Capital Goods — 0.4% | |||
Aerospace & Defense — 0.4% | |||
l | Boeing Co., 1.366% (LIBOR 3 Month + 1.25%) due 2/7/2022 | 15,574,268 | 15,554,800 |
l | Spirit Aerosystems, Inc., 6.00% (LIBOR 1 Month + 5.25%) due 1/15/2025 | 248,125 | 248,849 |
15,803,649 | |||
Commercial & Professional Services — 0.4% | |||
Professional Services — 0.4% | |||
l | Par Pacific Holdings, Inc., 6.87% (LIBOR 3 Month + 6.75%) due 1/12/2026 | 4,302,273 | 4,262,821 |
l | R.R. Donnelley & Sons Company, 5.084% (LIBOR 1 Month + 5.00%) due 1/15/2024 | 818,182 | 814,909 |
l | RGIS Services LLC, 8.50% (LIBOR 1 Month + 7.50%) due 6/25/2025 | 775,739 | 791,254 |
g,l | Titan Acquisition Co. Ltd., 4.132% (LIBOR 3 Month + 4.00%) due 5/1/2026 | 8,202,666 | 8,187,327 |
14,056,311 | |||
Consumer Services — 0.1% | |||
Hotels, Restaurants & Leisure — 0.1% | |||
l,m | TKC Holdings, Inc., 6.50% (LIBOR 3 Month + 5.50%) due 5/3/2028 | 4,707,719 | 4,690,065 |
4,690,065 | |||
Energy — 0.1% | |||
Oil, Gas & Consumable Fuels — 0.1% | |||
l | CITGO Holding, Inc., 8.00% (LIBOR 3 Month + 7.00%) due 8/1/2023 | 4,054,357 | 3,997,596 |
3,997,596 | |||
Food, Beverage & Tobacco — 0.1% | |||
Food Products — 0.1% | |||
l | Post Holdings, Inc., 4.75% (LIBOR 1 Month + 4.00%) due 10/21/2024 | 2,209,228 | 2,216,961 |
l | UTZ Quality Foods LLC, 3.084% (LIBOR 1 Month + 3.00%) due 1/20/2028 | 496,250 | 495,322 |
2,712,283 | |||
Health Care Equipment & Services — 0.4% | |||
Health Care Providers & Services — 0.4% | |||
l | Change Healthcare Holdings LLC, 3.50% (LIBOR 1 Month + 2.50%) due 3/1/2024 | 14,894,591 | 14,876,718 |
14,876,718 | |||
Household & Personal Products — 0.2% | |||
Household Durables — 0.1% | |||
l,m | Spectrum Brands, Inc., 2.50% (LIBOR 3 Month + 2.00%) due 3/3/2028 | 3,820,000 | 3,808,845 |
Household Products — 0.1% | |||
l | Energizer Holdings, Inc., 2.75% (LIBOR 1 Month + 2.25%) due 12/22/2027 | 5,601,850 | 5,594,848 |
9,403,693 | |||
Media & Entertainment — 0.6% |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 65 |
Thornburg Strategic Income Fund | September 30, 2021
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Media — 0.6% | |||
l | ABG Intermediate Holdings 2 LLC, 6.25% (LIBOR 1 Month + 5.25%) due 9/27/2024 | $ 5,358,870 | $ 5,358,870 |
l | CSC Holdings LLC, 2.334% (LIBOR 1 Month + 2.25%) due 7/17/2025 | 7,209,703 | 7,101,557 |
l,m | DirecTV Financing LLC, 5.75% (LIBOR 3 Month + 5.00%) due 7/22/2027 | 10,400,000 | 10,403,224 |
l | Nielsen Finance LLC, 2.083% (LIBOR 1 Month + 2.00%) due 10/4/2023 | 2,000,000 | 1,996,260 |
24,859,911 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.2% | |||
Life Sciences Tools & Services — 0.2% | |||
l | Avantor Funding, Inc., 2.50% (LIBOR 1 Month + 2.00%) due 11/21/2024 | 9,411,171 | 9,394,701 |
9,394,701 | |||
Real Estate — 0.2% | |||
Equity Real Estate Investment Trusts — 0.1% | |||
l | CoreCivic, Inc., 5.50% (LIBOR 1 Month + 4.50%) due 12/18/2024 | 4,625,462 | 4,576,340 |
Real Estate Management & Development — 0.1% | |||
l | Railworks LLC, 6.50% (LIBOR 3 Month + 5.50%) due 12/8/2027 | 1,942,617 | 1,952,330 |
6,528,670 | |||
Semiconductors & Semiconductor Equipment — 0.3% | |||
Information Technology Services — 0.3% | |||
l | Xperi Corporation, 3.584% (LIBOR 1 Month + 3.50%) due 6/2/2025 | 11,870,239 | 11,836,884 |
11,836,884 | |||
Software & Services — 0.9% | |||
Information Technology Services — 0.1% | |||
l | Vericast Corp., 8.75% (LIBOR 3 Month + 7.75%) due 6/16/2026 | 4,028,874 | 3,769,536 |
Internet Software & Services — 0.5% | |||
l | Dun & Bradstreet Corporation, 3.336% (LIBOR 1 Month + 3.25%) due 2/6/2026 | 18,652,660 | 18,629,344 |
Software — 0.3% | |||
l | LogMeIn, Inc., 4.833% (LIBOR 1 Month + 4.75%) due 8/31/2027 | 7,372,290 | 7,366,539 |
l | Sophia LP, 4.50% (LIBOR 3 Month + 3.75%) due 10/7/2027 | 5,026,020 | 5,042,757 |
34,808,176 | |||
Technology Hardware & Equipment — 0.2% | |||
Technology Hardware, Storage & Peripherals — 0.2% | |||
l | Western Digital Corporation, 1.588% (LIBOR 3 Month + 1.50%) due 2/27/2023 | 5,553,798 | 5,539,913 |
5,539,913 | |||
Telecommunication Services — 0.3% | |||
Diversified Telecommunication Services — 0.3% | |||
g,l | Intelsat Jackson Holdings SA, 8.75% (PRIME + 5.50%) due 1/2/2024 | 9,800,000 | 9,940,924 |
9,940,924 | |||
Utilities — 0.1% | |||
Electric Utilities — 0.1% | |||
l | Pacific Gas & Electric Company, 2.375% (LIBOR 1 Month + 2.25%) due 1/3/2022 | 5,200,000 | 5,115,500 |
5,115,500 | |||
Total Loan Participations (Cost $171,799,410) | 173,564,994 | ||
Short-Term Investments — 9.4% | |||
Egypt Treasury Bills (EGP), | |||
11.79% due 2/1/2022 | 15,000,000 | 915,057 | |
12.55% due 6/21/2022 | 251,203,000 | 14,633,214 | |
12.564% due 5/10/2022 | 48,300,000 | 2,849,854 | |
n | Thornburg Capital Management Fund | 34,653,276 | 346,532,754 |
Total Short-Term Investments (Cost $365,002,362) | 364,930,879 | ||
Total Investments — 99.8% (Cost $3,809,710,861) | $3,867,920,672 | ||
Other Assets Less Liabilities — 0.2% | 8,558,787 |
66 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Net Assets — 100.0% | $3,876,479,459 |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2021 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Euro | SSB | Sell | 6,452,800 | 3/23/2022 | 7,502,301 | $ 94,277 | $ — |
Net unrealized appreciation (depreciation) | $ 94,277 |
* | Counterparty includes State Street Bank and Trust Company ("SSB"). |
Footnote Legend | |
a | Security currently fair valued by the Valuation and Pricing Committee using procedures approved by the Trustees’ Audit Committee. |
b | Non-income producing. |
c | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
d | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 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 September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $2,233,651,025, representing 57.62% of the Fund’s net assets. |
f | When-issued security. |
g | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
h | Interest only. |
i | Segregated as collateral for a when-issued security. |
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 September 30, 2021. |
l | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 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 LIBOR plus a premium which was determined at the time of purchase. |
n | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ARM | Adjustable Rate Mortgage |
BSBY3M | Bloomberg Short Term Bank Yield 3 Month |
CMBS | Commercial Mortgage-Backed Securities |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Rate |
EGP | Denominated in Egyptian Pound |
EUR | Denominated in Euro |
FCB | Farm Credit Bank |
GO | General Obligation |
H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year |
IDR | Denominated in Indonesian Rupiah |
LIBOR | London Interbank Offered Rates |
Mtg | Mortgage |
MXN | Denominated in Mexican Peso |
PIK | Payment-in-kind |
REMIC | Real Estate Mortgage Investment Conduit |
SOFR | Secured Overnight Financing Rate |
SOFR30A | Secured Overnight Financing Rate 30-Day Average |
SPV | Special Purpose Vehicle |
UMBS | Uniform Mortgage Backed Securities |
USD | Unified School District |
COUNTRY EXPOSURE * (percent of net assets) | |
United States | 75.1% |
Canada | 2.2% |
China | 1.3% |
Mexico | 1.2% |
United Kingdom | 1.1% |
Germany | 1.0% |
United Arab Emirates | 0.7% |
Russian Federation | 0.7% |
France | 0.7% |
Belgium | 0.5% |
Cayman Islands | 0.5% |
See notes to financial statements. | Thornburg Fixed Income Funds Annual Report | 67 |
Thornburg Strategic Income Fund | September 30, 2021
COUNTRY EXPOSURE * (percent of net assets) | |
South Korea | 0.5% |
Turkey | 0.4% |
Sweden | 0.4% |
Guatemala | 0.3% |
Australia | 0.3% |
Bermuda | 0.3% |
Saudi Arabia | 0.3% |
Luxembourg | 0.3% |
Ireland | 0.2% |
Indonesia | 0.2% |
Dominican Republic | 0.2% |
New Zealand | 0.2% |
Morocco | 0.2% |
Argentina | 0.2% |
Brazil | 0.2% |
United Republic of Tanzania | 0.2% |
Jamaica | 0.2% |
Japan | 0.1% |
South Africa | 0.1% |
Italy | 0.1% |
Oman | 0.1% |
India | 0.1% |
Kuwait | 0.1% |
Switzerland | 0.1% |
Chile | 0.1% |
Other Assets Less Liabilities | 9.6% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
68 | Thornburg Fixed Income Funds Annual Report | See notes to financial statements. |
September 30, 2021
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 | $ 338,683,961 | $ 9,317,634,089 | $ 47,397,535 | $ 3,463,178,107 |
Non-controlled affiliated issuers | - | 874,046,644 | 4,848,903 | 346,532,754 |
Investments at value | ||||
Non-affiliated issuers | 341,121,570 | 9,472,356,428 | 47,533,757 | 3,521,387,918 |
Non-controlled affiliated issuers | - | 874,046,644 | 4,848,903 | 346,532,754 |
Cash | - | 5,302,791 | 1,051,158 | 7,170,196 |
Unrealized appreciation on forward currency contracts | - | - | - | 94,277 |
Receivable for investments sold | - | 453,172,784 | - | 40,687,332 |
Due from broker | - | 15,239,100 | 285,612 | 2,529,502 |
Receivable for fund shares sold | 317,235 | 54,750,454 | 382,442 | 26,478,203 |
Receivable from investment advisor | - | - | 6,236 | - |
Dividends receivable | - | 67,892 | 444 | 176,941 |
Principal and interest receivable | 893,546 | 34,819,310 | 153,867 | 22,625,551 |
Prepaid expenses and other assets | 57,592 | 77,415 | 25,027 | 59,706 |
Total Assets | 342,389,943 | 10,909,832,818 | 54,287,446 | 3,967,742,380 |
Liabilities | ||||
Payable for investments purchased | 6,562,460 | 512,109,393 | 570,526 | 82,770,909 |
Payable for fund shares redeemed | 297,260 | 33,340,507 | 130,386 | 5,393,869 |
Payable to investment advisor and other affiliates | 167,429 | 3,676,504 | - | 1,690,142 |
Deferred taxes payable | - | - | - | 24,840 |
Accounts payable and accrued expenses | 99,950 | 1,050,734 | 68,453 | 369,503 |
Dividends payable | 69,767 | 1,397,828 | 824 | 1,013,658 |
Total Liabilities | 7,196,866 | 551,574,966 | 770,189 | 91,262,921 |
Net Assets | $ 335,193,077 | $ 10,358,257,852 | $ 53,517,257 | $ 3,876,479,459 |
NET ASSETS CONSIST OF | ||||
Net capital paid in on shares of beneficial interest | $ 348,103,122 | $ 10,207,071,292 | $ 53,452,340 | $ 3,807,052,092 |
Distributable earnings (accumulated loss) | (12,910,045) | 151,186,560 | 64,917 | 69,427,367 |
Net Assets | $ 335,193,077 | $ 10,358,257,852 | $ 53,517,257 | $ 3,876,479,459 |
September 30, 2021
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 | $ 92,785,612 | $ 818,846,323 | $ 10,930,567 | $ 376,251,874 |
Shares outstanding | 7,105,933 | 59,198,007 | 878,835 | 30,309,827 |
Net asset value and redemption price per share | $ 13.06 | $ 13.83 | $ 12.44 | $ 12.41 |
Maximum offering price per share (net asset value, plus 2.25% of offering price) | $ 13.36 | $ 14.15 | $ 12.73 | $ 12.99 * |
Class C Shares: | ||||
Net assets applicable to shares outstanding | 10,084,406 | 360,839,830 | - | 100,385,471 |
Shares outstanding | 767,780 | 26,128,905 | - | 8,100,983 |
Net asset value and redemption price per share** | 13.13 | 13.81 | - | 12.39 |
Class C2 Shares: | ||||
Net assets applicable to shares outstanding | 679,621 | 12,902,242 | - | - |
Shares outstanding | 51,731 | 934,180 | - | - |
Net asset value and redemption price per share** | 13.14 | 13.81 | - | - |
Class I Shares: | ||||
Net assets applicable to shares outstanding | 219,833,006 | 8,840,331,124 | 42,586,690 | 3,255,001,836 |
Shares outstanding | 16,836,625 | 638,942,879 | 3,426,258 | 262,953,813 |
Net asset value and redemption price per share | 13.06 | 13.84 | 12.43 | 12.38 |
Class R3 Shares: | ||||
Net assets applicable to shares outstanding | 7,600,867 | 51,825,256 | - | 836,897 |
Shares outstanding | 581,800 | 3,744,048 | - | 67,512 |
Net asset value and redemption price per share | 13.06 | 13.84 | - | 12.40 |
Class R4 Shares: | ||||
Net assets applicable to shares outstanding | 2,011,362 | 10,776,386 | - | 2,139,582 |
Shares outstanding | 154,089 | 779,382 | - | 172,642 |
Net asset value and redemption price per share | 13.05 | 13.83 | - | 12.39 |
Class R5 Shares: | ||||
Net assets applicable to shares outstanding | 2,198,203 | 134,973,870 | - | 64,448,583 |
Shares outstanding | 168,232 | 9,758,184 | - | 5,203,298 |
Net asset value and redemption price per share | 13.07 | 13.83 | - | 12.39 |
Class R6 Shares: | ||||
Net assets applicable to shares outstanding | - | 127,762,821 | - | 77,415,216 |
Shares outstanding | - | 9,216,781 | - | 6,234,801 |
Net asset value and redemption price per share | - | 13.86 | - | 12.42 |
* | Net asset value, plus 4.50% of offering price. |
** | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Year Ended September 30, 2021
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 | $ 601 | $ 123,463 | $ - | $ 1,308,002 |
Non-controlled affiliated issuers | - | 1,197,501 | 6,176 | 447,038 |
Interest income | 5,176,928 | 186,617,929 | 739,245 | 133,576,612 |
Foreign withholding tax claims | - | - | - | 42,117 |
Total Income | 5,177,529 | 187,938,893 | 745,421 | 135,373,769 |
EXPENSES | ||||
Investment management fees | 1,330,448 | 29,821,307 | 109,089 | 18,454,062 |
Administration fees | 302,107 | 8,290,204 | 37,047 | 2,599,775 |
Distribution and service fees | ||||
Class A Shares | 229,239 | 2,087,468 | 19,485 | 792,434 |
Class C Shares | 65,024 | 1,908,598 | - | 967,690 |
Class C2 Shares† | 2,202 | 60,181 | - | - |
Class R3 Shares | 42,478 | 297,160 | - | 4,861 |
Class R4 Shares | 6,268 | 21,369 | - | 4,690 |
Transfer agent fees | ||||
Class A Shares | 71,157 | 756,134 | 29,408 | 215,985 |
Class C Shares | 16,784 | 249,257 | - | 84,206 |
Class C2 Shares† | 2,198 | 7,609 | - | - |
Class I Shares | 173,259 | 6,660,553 | 19,352 | 1,902,095 |
Class R3 Shares | 10,098 | 47,922 | - | 3,554 |
Class R4 Shares | 7,535 | 30,970 | - | 10,606 |
Class R5 Shares | 7,610 | 386,865 | - | 98,746 |
Class R6 Shares | - | 11,189 | - | 7,028 |
Registration and filing fees | ||||
Class A Shares | 23,015 | 129,763 | 23,173 | 45,728 |
Class C Shares | 13,190 | 45,564 | - | 24,200 |
Class C2 Shares† | 5,292 | 17,183 | - | - |
Class I Shares | 53,132 | 697,114 | 22,876 | 461,970 |
Class R3 Shares | 15,349 | 17,293 | - | 15,327 |
Class R4 Shares | 14,075 | 14,233 | - | 14,029 |
Class R5 Shares | 15,377 | 17,385 | - | 15,433 |
Class R6 Shares | - | 13,962 | - | 16,993 |
Custodian fees | 76,498 | 457,242 | 72,435 | 285,331 |
Professional fees | 50,492 | 146,921 | 47,213 | 115,451 |
Trustee and officer fees | 21,233 | 542,418 | 2,429 | 155,925 |
Tax reclaim collection fees | - | - | - | 8,531 |
Other expenses | 43,989 | 695,494 | 11,026 | 230,324 |
Total Expenses | 2,598,049 | 53,431,358 | 393,533 | 26,534,974 |
Less: | ||||
Expenses reimbursed | �� (70,842) | (1,106,632) | (132,154) | (2,937,550) |
Investment management fees waived | - | - | (110,987) | (3,028,073) |
Net Expenses | 2,527,207 | 52,324,726 | 150,392 | 20,569,351 |
Net Investment Income (Loss) | $ 2,650,322 | $ 135,614,167 | $ 595,029 | $ 114,804,418 |
Year Ended September 30, 2021
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 | $ (481,170) | $ 31,389,423 | $ 21,878 | $ 22,748,426 |
Forward currency contracts | - | - | - | 25,257 |
Foreign currency transactions | - | 164 | - | (177,220) |
Net realized gain (loss) | (481,170) | 31,389,587 | 21,878 | 22,596,463 |
Net change in unrealized appreciation (depreciation) on: | ||||
Non-affiliated issuers investments* | (6,115,378) | (119,058,798) | (339,975) | 18,618,602 |
Forward currency contracts | - | - | - | 88,995 |
Foreign currency translations | - | - | - | (4,680) |
Change in net unrealized appreciation (depreciation) | (6,115,378) | (119,058,798) | (339,975) | 18,702,917 |
Net Realized and Unrealized Gain (Loss) | (6,596,548) | (87,669,211) | (318,097) | 41,299,380 |
Change in Net Assets Resulting from Operations | $ (3,946,226) | $ 47,944,956 | $ 276,932 | $ 156,103,798 |
* Net of change in deferred taxes | $ - | $ - | $ - | $ (24,840) |
† | Class C2 Shares commenced operations on October 1, 2020. |
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | THORNBURG LIMITED TERM INCOME FUND | |||
Year Ended September 30, 2021 | Year Ended September 30, 2020 | Year Ended September 30, 2021 | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 2,650,322 | $ 3,607,100 | $ 135,614,167 | $ 138,807,651 |
Net realized gain (loss) | (481,170) | 959,377 | 31,389,587 | 112,069,566 |
Net change in unrealized appreciation (depreciation) | (6,115,378) | 6,172,607 | (119,058,798) | 184,146,634 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (3,946,226) | 10,739,084 | 47,944,956 | 435,023,851 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (1,094,797) | (1,088,304) | (21,072,252) | (16,819,606) |
Class C Shares | (105,422) | (203,518) | (8,841,603) | (9,033,756) |
Class C2 Shares† | (2,960) | - | (126,453) | - |
Class I Shares | (3,422,038) | (3,276,526) | (221,942,585) | (150,085,898) |
Class R3 Shares | (90,264) | (129,884) | (1,410,582) | (1,693,873) |
Class R4 Shares | (26,679) | (37,348) | (171,614) | (156,081) |
Class R5 Shares | (30,686) | (26,237) | (4,172,915) | (3,822,501) |
Class R6 Shares | - | - | (3,047,965) | (2,558,644) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 8,081,692 | 19,305,043 | 68,738,938 | 100,507,407 |
Class C Shares | (7,583,446) | 2,021,887 | (43,304,295) | 42,742,513 |
Class C2 Shares† | 687,492 | - | 13,071,097 | - |
Class I Shares | (18,148,982) | 94,687,939 | 2,018,755,489 | 2,342,418,095 |
Class R3 Shares | (1,415,499) | (147,783) | (7,865,318) | (5,953,611) |
Class R4 Shares | (704,842) | 429,413 | 4,508,488 | (1,808,601) |
Class R5 Shares | (53,994) | 1,374,063 | (11,086,652) | 37,267,857 |
Class R6 Shares | - | - | 31,498,592 | 34,109,655 |
Net Increase (Decrease) in Net Assets | (27,856,651) | 123,647,829 | 1,861,475,326 | 2,800,136,807 |
NET ASSETS | ||||
Beginning of Year | 363,049,728 | 239,401,899 | 8,496,782,526 | 5,696,645,719 |
End of Year | $ 335,193,077 | $ 363,049,728 | $ 10,358,257,852 | $ 8,496,782,526 |
† | Class C2 Shares commenced operations on October 1, 2020. |
THORNBURG ULTRA SHORT INCOME FUND | THORNBURG STRATEGIC INCOME FUND | |||
Year Ended September 30, 2021 | Year Ended September 30, 2020 | Year Ended September 30, 2021 | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 595,029 | $ 633,706 | $ 114,804,418 | $ 62,938,266 |
Net realized gain (loss) | 21,878 | 159,418 | 22,596,463 | 19,345,602 |
Net change in unrealized appreciation (depreciation) | (339,975) | 152,074 | 18,702,917 | 33,461,654 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 276,932 | 945,198 | 156,103,798 | 115,745,522 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (165,718) | (159,045) | (11,838,501) | (7,184,136) |
Class C Shares | - | - | (2,909,127) | (2,749,238) |
Class I Shares | (635,577) | (621,189) | (102,593,163) | (49,465,381) |
Class R3 Shares | - | - | (33,969) | (37,522) |
Class R4 Shares | - | - | (65,369) | (40,053) |
Class R5 Shares | - | - | (2,346,007) | (1,183,705) |
Class R6 Shares | - | - | (2,506,048) | (874,952) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 2,921,508 | 87,189 | 122,803,510 | 28,075,890 |
Class C Shares | - | - | (4,262,879) | (18,368,245) |
Class I Shares | 14,744,120 | 3,253,888 | 1,468,998,195 | 573,823,914 |
Class R3 Shares | - | - | (283,900) | (553,775) |
Class R4 Shares | - | - | 482,876 | 324,328 |
Class R5 Shares | - | - | 20,087,534 | 31,573,177 |
Class R6 Shares | - | - | 37,609,848 | 16,927,688 |
Net Increase (Decrease) in Net Assets | 17,141,265 | 3,506,041 | 1,679,246,798 | 686,013,512 |
NET ASSETS | ||||
Beginning of Year | 36,375,992 | 32,869,951 | 2,197,232,661 | 1,511,219,149 |
End of Year | $ 53,517,257 | $ 36,375,992 | $ 3,876,479,459 | $ 2,197,232,661 |
September 30, 2021
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 |
September 30, 2021
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 |
September 30, 2021
September 30, 2021
September 30, 2021
LIMITED TERM U.S. GOVERNMENT FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Corporate Bonds | $ 6,561,946 | $ — | $ 6,561,946 | $ — |
U.S. Treasury Securities | 44,376,316 | 44,376,316 | — | — |
U.S. Government Agencies | 24,981,579 | — | 24,981,579 | — |
Mortgage Backed | 237,223,889 | — | 237,223,889 | — |
Short-Term Investments | 27,977,840 | 3,964,051 | 24,013,789 | — |
Total Investments in Securities | $ 341,121,570 | $ 48,340,367 | $ 292,781,203 | $ — |
Total Assets | $ 341,121,570 | $ 48,340,367 | $ 292,781,203 | $ — |
LIMITED TERM INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Preferred Stock | $ 29,012,816 | $ — | $ — | $ 29,012,816 |
Asset Backed Securities | 1,991,797,052 | — | 1,991,797,052 | — |
Corporate Bonds | 3,957,590,751 | — | 3,957,590,751 | — |
Long-Term Municipal Bonds | 38,397,097 | — | 38,397,097 | — |
Other Government | 27,780,223 | — | 27,780,223 | — |
U.S. Treasury Securities | 623,948,590 | 623,948,590 | — | — |
U.S. Government Agencies | 55,677,580 | — | 55,677,580 | — |
Mortgage Backed | 2,625,542,763 | — | 2,625,542,763 | — |
Loan Participations | 122,609,556 | — | 122,609,556 | — |
Short-Term Investments | 874,046,644 | 874,046,644 | — | — |
Total Investments in Securities | $ 10,346,403,072 | $ 1,497,995,234 | $ 8,819,395,022 | $ 29,012,816 |
Total Assets | $ 10,346,403,072 | $ 1,497,995,234 | $ 8,819,395,022 | $ 29,012,816 |
ULTRA SHORT INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Asset Backed Securities | $ 26,359,576 | $ — | $ 26,359,576 | $ — |
Corporate Bonds | 14,965,534 | — | 14,965,534 | — |
Long-Term Municipal Bonds | 248,853 | — | 248,853 | — |
U.S. Treasury Securities | 341,362 | 341,362 | — | — |
U.S. Government Agencies | 98,449 | — | 98,449 | — |
Mortgage Backed | 5,519,983 | — | 5,519,983 | — |
Short-Term Investments | 4,848,903 | 4,848,903 | — | — |
Total Investments in Securities | $ 52,382,660 | $ 5,190,265 | $ 47,192,395 | $ — |
Total Assets | $ 52,382,660 | $ 5,190,265 | $ 47,192,395 | $— |
September 30, 2021
STRATEGIC INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 847 | $ — | $ — | $ 847 |
Preferred Stock | 29,192,897 | 14,606,081 | 4,300,000 | 10,286,816 |
Asset Backed Securities | 929,948,372 | — | 874,035,950 | 55,912,422 |
Corporate Bonds | 1,753,520,672 | — | 1,753,520,672 | —(a) |
Convertible Bonds | 36,923,072 | — | 36,923,072 | — |
Long-Term Municipal Bonds | 14,873,849 | — | 14,873,849 | — |
Other Government | 27,600,617 | — | 27,600,617 | — |
U.S. Treasury Securities | 59,389,055 | 59,389,055 | — | — |
U.S. Government Agencies | 4,210,830 | — | 4,210,830 | — |
Mortgage Backed | 473,764,588 | — | 473,764,588 | — |
Loan Participations | 173,564,994 | — | 173,564,994 | — |
Short-Term Investments | 364,930,879 | 346,532,754 | 18,398,125 | — |
Total Investments in Securities | $ 3,867,920,672 | $ 420,527,890 | $ 3,381,192,697 | $ 66,200,085(b) |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 94,277 | $ — | $ 94,277 | $ — |
Total Assets | $ 3,868,014,949 | $ 420,527,890 | $ 3,381,286,974 | $66,200,085 |
(a) | A security categorized as Level 3 is valued at zero as of September 30, 2021. |
(b) | In accordance with the guidance prescribed in Accounting Standards Update ("ASU") No. 2011-04, the following table displays a summary of the valuation techniques and unobservable inputs used to value portfolio securities characterized as Level 3 investments for the period ended at September 30, 2021. |
FAIR VALUE AT SEPTEMBER 30, 2021 | VALUATION TECHNIQUE(S) | UNOBSERVABLE INPUT | RANGE (WEIGHTED AVERAGE) | |
Common Stock | $ 847 | Reference instrument | Discount for lack of marketability | 95.24%/(N/A) (a) |
Preferred Stock | 10,286,816 | Purchase price | Purchase price | $24,968.00/(N/A) |
Asset-Backed Securities | 10,020,000 | Discounted cash flows | Credit spread | 7.40%/(N/A) |
27,139,286 | Discounted cash flows | Yield (Discount rate of cash flows) | 11.56%-21.75%/(14.86%) | |
1,254,717 | Amortized cost | Expected recovery | $49.24-$6,020.55/($2,914.47) | |
17,498,419 | Purchase price | Purchase price | $28.60-$127,521.00/($59,809.25) | |
Total | $ 66,200,085 | |||
(a) Represents price used after factoring in market impact including discounts, as applicable. |
STRATEGIC INCOME FUND | COMMON STOCK | PREFERRED STOCK | MORTGAGE BACKED | ASSET BACKED SECURITIES |
Beginning Balance 9/30/2020 | $ 1,152,244 | $ – | $ 3,100,428 | $ 36,506,745 |
Accrued Discounts (Premiums) | – | – | – | (773,413) |
Net Realized Gain (Loss)(a) | 659,300 | – | – | (166,061) |
Gross Purchases | – | 10,289,082 | – | 52,426,085 |
Gross Sales | (3,064,178) | – | – | (4,981,800) |
Net Change in Unrealized Appreciation (Depreciation)(b)(c) | 1,253,481 | (2,266) | – | 3,335,311 |
Transfers into Level 3(d) | – | – | – | – |
Transfers out of Level 3(d) | – | – | (3,100,428) | (30,434,445) |
Ending Balance 9/30/2021 | $ 847 | $ 10,286,816 | $ – | $ 55,912,422 |
September 30, 2021
STRATEGIC INCOME FUND (Continued) | CORPORATE BONDS | LOAN PARTICIPATIONS | WARRANTS | TOTAL (e) |
Beginning Balance 9/30/2020 | $ 220,427 | $ 270,437 | $ 66,611 | $ 41,316,892 |
Accrued Discounts (Premiums) | – | – | – | (773,413) |
Net Realized Gain (Loss)(a) | (993,445) | (21,898) | (3,806,456) | (4,328,560) |
Gross Purchases | – | 211 | – | 62,715,378 |
Gross Sales | (27,926) | – | – | (8,073,904) |
Net Change in Unrealized Appreciation (Depreciation)(b)(c) | 800,944 | – | 3,739,845 | 9,127,315 |
Transfers into Level 3(d) | – | – | – | – |
Transfers out of Level 3(d) | – | (248,750) | – | (33,783,623) |
Ending Balance 9/30/2021 | $ – | $ – | $ – | $ 66,200,085 |
(a) | Amount of net realized gain (loss) from investments recognized in income is included in the Fund’s Statement of Operations for the year ended September 30, 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 year ended September 30, 2021. |
(c) | The net change in unrealized appreciation (depreciation) attributable to securities owned at September 30, 2021, which were valued using significant unobservable inputs, was $3,136,961. This is included within net change in unrealized appreciation (depreciation) on investments in the Fund’s the Statement of Operations for the year ended September 30, 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 year ended September 30, 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 1.71% of total net assets at the year ended September 30, 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 | 0.306 |
Ultra Short Income Fund | 0.250 |
Strategic Income Fund | 0.602 |
September 30, 2021
Administrative Services Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Commissions | CDSC fees | |
Limited Term U.S. Government Fund | $ 5,394 | $ 3,138 |
Limited Term Income Fund | 37,446 | 74,484 |
Ultra Short Income Fund | 813 | — |
Strategic Income Fund | 54,515 | 8,196 |
September 30, 2021
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 C2 | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Limited Term U.S. Government Fund | $ — | $ — | $ — | $ — | $ 27,517 | $ 15,949 | $ 19,573 | $ — | $ 63,039 |
Limited Term Income Fund | — | — | — | 761,258 | 17,720 | 17,103 | 287,586 | 15,128 | 1,098,795 |
Ultra Short Income Fund | 61,176 | — | — | 70,978 | — | — | — | — | 132,154 |
Strategic Income Fund | 221,370 | 69,061 | — | 4,454,430 | 18,276 | 18,771 | 163,153 | 117,490 | 5,062,551 |
Voluntary: | Class A | Class C | Class C2 | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Limited Term U.S. Government Fund | $ — | $ 578 | $ 7,225 | $ — | $ — | $ — | $ — | $ — | $ 7,803 |
Limited Term Income Fund | — | — | 7,837 | — | — | — | — | — | 7,837 |
Ultra Short Income Fund | 24,839 | — | — | 86,148 | — | — | — | — | 110,987 |
Strategic Income Fund | 93,461 | 28,492 | — | 745,516 | 287 | 554 | 16,864 | 17,898 | 903,072 |
Percentage of Direct Investments | |
Limited Term U.S. Government Fund | 10.89% |
Limited Term Income Fund | 0.09 |
Ultra Short Income Fund | 9.59 |
Strategic Income Fund | 0.31 |
LIMITED TERM INCOME FUND | Market Value 9/30/20 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/21 | Dividend Income |
Thornburg Capital Mgmt. Fund | $902,817,411 | $3,679,592,369 | $(3,708,363,136) | $- | $- | $874,046,644 | $1,197,501 |
ULTRA SHORT INCOME FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 7,005,333 | $ 55,951,376 | $ (58,107,806) | $- | $- | $ 4,848,903 | $ 6,176 |
STRATEGIC INCOME FUND | |||||||
Thornburg Capital Mgmt. Fund | $211,462,661 | $1,364,125,341 | $(1,229,055,248) | $- | $- | $346,532,754 | $ 447,038 |
September 30, 2021
Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Limited Term U.S. Government Fund | $ 338,686,820 | $ 4,433,495 | $ (1,998,745) | $ 2,434,750 |
Limited Term Income Fund | 10,192,206,407 | 180,537,794 | (26,341,129) | 154,196,665 |
Ultra Short Income Fund | 52,246,592 | 224,891 | (88,823) | 136,068 |
Strategic Income Fund | 3,809,496,460 | 103,851,684 | (45,427,472) | 58,424,212 |
Deferred Tax Basis | |
Capital Losses | |
Limited Term U.S. Government Fund | $ 2,443,321 |
Limited Term Income Fund | 2,831,888 |
Ultra Short Income Fund | 62,788 |
Cumulative Capital Losses | ||
Short-Term | Long-Term | |
Limited Term U.S. Government Fund | $ 2,145,425 | $ 10,714,016 |
Ultra Short Income Fund | 8,418 | 262 |
Utilized Capital Loss Carryforwards | |
Strategic Income Fund | $ 5,368,399 |
Distributable Earnings | Net Capital Paid | |
Strategic Income Fund | $ (933,238) | $ 933,238 |
September 30, 2021
Undistributed Tax Basis Ordinary Investment Income | Undistributed tax basis capital gains | |
Limited Term U.S. Government Fund | $ 27,734 | $ — |
Limited Term Income Fund | 1,219,611 | — |
Ultra Short Income Fund | 1,140 | — |
Strategic Income Fund | 11,775,655 | 180,551 |
DISTRIBUTIONS FROM: | ||||
ORDINARY INCOME | CAPITAL GAINS | |||
2021 | 2020 | 2021 | 2020 | |
Limited Term U.S. Government Fund | $ 4,772,846 | $ 4,761,817 | $ — | $ — |
Limited Term Income Fund | 249,163,981 | 172,553,939 | 11,621,988 | 11,616,420 |
Ultra Short Income Fund | 703,276 | 770,085 | 98,019 | 10,149 |
Strategic Income Fund | 122,292,184 | 61,534,987 | — | — |
September 30, 2021
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
LIMITED TERM U.S. GOVERNMENT FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 1,775,725 | $ 23,523,870 | 2,642,451 | $ 35,134,519 |
Shares issued to shareholders in reinvestment of dividends | 77,740 | 1,025,356 | 78,863 | 1,044,911 |
Shares repurchased | (1,247,329) | (16,467,534) | (1,271,682) | (16,874,387) |
Net increase (decrease) | 606,136 | $ 8,081,692 | 1,449,632 | $ 19,305,043 |
Class C Shares | ||||
Shares sold | 146,397 | $ 1,959,523 | 815,326 | $ 10,884,423 |
Shares issued to shareholders in reinvestment of dividends | 7,565 | 100,445 | 14,039 | 187,126 |
Shares repurchased | (723,232) | (9,643,414) | (677,776) | (9,049,662) |
Net increase (decrease) | (569,270) | $ (7,583,446) | 151,589 | $ 2,021,887 |
Class C2 Shares* | ||||
Shares sold | 62,725 | $ 832,727 | - | $ - |
Shares issued to shareholders in reinvestment of dividends | 224 | 2,959 | - | - |
Shares repurchased | (11,218) | (148,194) | - | - |
Net increase (decrease) | 51,731 | $ 687,492 | - | $ - |
Class I Shares | ||||
Shares sold | 6,333,832 | $ 83,894,429 | 12,998,539 | $ 172,600,042 |
Shares issued to shareholders in reinvestment of dividends | 201,104 | 2,652,960 | 189,526 | 2,514,621 |
Shares repurchased | (7,922,351) | (104,696,371) | (6,056,901) | (80,426,724) |
Net increase (decrease) | (1,387,415) | $ (18,148,982) | 7,131,164 | $ 94,687,939 |
Class R3 Shares | ||||
Shares sold | 262,387 | $ 3,482,548 | 393,691 | $ 5,235,969 |
Shares issued to shareholders in reinvestment of dividends | 6,630 | 87,532 | 9,039 | 119,748 |
Shares repurchased | (376,167) | (4,985,579) | (414,384) | (5,503,500) |
Net increase (decrease) | (107,150) | $ (1,415,499) | (11,654) | $ (147,783) |
Class R4 Shares | ||||
Shares sold | 61,496 | $ 817,081 | 97,858 | $ 1,293,192 |
Shares issued to shareholders in reinvestment of dividends | 2,020 | 26,648 | 2,762 | 36,584 |
Shares repurchased | (117,230) | (1,548,571) | (67,904) | (900,363) |
Net increase (decrease) | (53,714) | $ (704,842) | 32,716 | $ 429,413 |
Class R5 Shares | ||||
Shares sold | 72,656 | $ 960,892 | 186,498 | $ 2,474,789 |
Shares issued to shareholders in reinvestment of dividends | 1,820 | 24,015 | 1,776 | 23,610 |
Shares repurchased | (78,569) | (1,038,901) | (84,416) | (1,124,336) |
Net increase (decrease) | (4,093) | $ (53,994) | 103,858 | $ 1,374,063 |
* Effective date of this class of shares was October 1, 2020. |
September 30, 2021
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
LIMITED TERM INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 24,401,159 | $ 341,462,892 | 25,358,970 | $ 351,981,034 |
Shares issued to shareholders in reinvestment of dividends | 1,373,184 | 19,166,534 | 1,147,937 | 15,716,458 |
Shares repurchased | (20,936,473) | (291,890,488) | (19,549,412) | (267,190,085) |
Net increase (decrease) | 4,837,870 | $ 68,738,938 | 6,957,495 | $ 100,507,407 |
Class C Shares | ||||
Shares sold | 7,530,197 | $ 105,256,557 | 11,004,870 | $ 152,813,009 |
Shares issued to shareholders in reinvestment of dividends | 567,631 | 7,913,777 | 605,039 | 8,263,846 |
Shares repurchased | (11,193,232) | (156,474,629) | (8,589,890) | (118,334,342) |
Net increase (decrease) | (3,095,404) | $ (43,304,295) | 3,020,019 | $ 42,742,513 |
Class C2 Shares* | ||||
Shares sold | 969,768 | $ 13,571,305 | - | $ - |
Shares issued to shareholders in reinvestment of dividends | 9,090 | 126,453 | - | - |
Shares repurchased | (44,678) | (626,661) | - | - |
Net increase (decrease) | 934,180 | $ 13,071,097 | - | $ - |
Class I Shares | ||||
Shares sold | 312,941,287 | $ ��� 4,370,456,366 | 275,322,068 | $ 3,813,138,961 |
Shares issued to shareholders in reinvestment of dividends | 14,032,956 | 195,865,734 | 9,432,946 | 129,462,434 |
Shares repurchased | (182,860,536) | (2,547,566,611) | (117,108,981) | (1,600,183,300) |
Net increase (decrease) | 144,113,707 | $ 2,018,755,489 | 167,646,033 | $ 2,342,418,095 |
Class R3 Shares | ||||
Shares sold | 1,444,308 | $ 20,214,175 | 4,100,485 | $ 56,161,846 |
Shares issued to shareholders in reinvestment of dividends | 100,048 | 1,397,999 | 119,427 | 1,633,183 |
Shares repurchased | (2,113,408) | (29,477,492) | (4,628,637) | (63,748,640) |
Net increase (decrease) | (569,052) | $ (7,865,318) | (408,725) | $ (5,953,611) |
Class R4 Shares | ||||
Shares sold | 484,688 | $ 6,724,843 | 274,766 | $ 3,832,830 |
Shares issued to shareholders in reinvestment of dividends | 8,242 | 114,980 | 8,041 | 109,881 |
Shares repurchased | (167,236) | (2,331,335) | (422,326) | (5,751,312) |
Net increase (decrease) | 325,694 | $ 4,508,488 | (139,519) | $ (1,808,601) |
Class R5 Shares | ||||
Shares sold | 4,014,217 | $ 56,052,414 | 11,096,010 | $ 152,435,476 |
Shares issued to shareholders in reinvestment of dividends | 282,760 | 3,946,257 | 265,764 | 3,640,483 |
Shares repurchased | (5,097,432) | (71,085,323) | (8,644,758) | (118,808,102) |
Net increase (decrease) | (800,455) | $ (11,086,652) | 2,717,016 | $ 37,267,857 |
Class R6 Shares | ||||
Shares sold | 5,874,589 | $ 82,027,784 | 8,117,200 | $ 111,218,072 |
Shares issued to shareholders in reinvestment of dividends | 210,234 | 2,939,663 | 185,047 | 2,543,167 |
Shares repurchased | (3,827,841) | (53,468,855) | (5,772,365) | (79,651,584) |
Net increase (decrease) | 2,256,982 | $ 31,498,592 | 2,529,882 | $ 34,109,655 |
* Effective date of this class of shares was October 1, 2020. |
September 30, 2021
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
ULTRA SHORT INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 488,930 | $ 6,117,808 | 398,979 | $ 4,992,139 |
Shares issued to shareholders in reinvestment of dividends | 13,191 | 164,973 | 12,648 | 157,583 |
Shares repurchased | (268,880) | (3,361,273) | (407,526) | (5,062,533) |
Net increase (decrease) | 233,241 | $ 2,921,508 | 4,101 | $ 87,189 |
Class I Shares | ||||
Shares sold | 2,666,106 | $ 33,304,475 | 1,014,415 | $ 12,687,671 |
Shares issued to shareholders in reinvestment of dividends | 49,957 | 624,128 | 47,672 | 593,593 |
Shares repurchased | (1,535,141) | (19,184,483) | (808,165) | (10,027,376) |
Net increase (decrease) | 1,180,922 | $ 14,744,120 | 253,922 | $ 3,253,888 |
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
STRATEGIC INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 14,700,609 | $ 182,043,527 | 6,387,405 | $ 76,212,253 |
Shares issued to shareholders in reinvestment of dividends | 846,563 | 10,497,897 | 544,250 | 6,486,790 |
Shares repurchased | (5,622,435) | (69,737,914) | (4,618,329) | (54,623,153) |
Net increase (decrease) | 9,924,737 | $ 122,803,510 | 2,313,326 | $ 28,075,890 |
Class C Shares | ||||
Shares sold | 2,677,316 | $ 33,142,091 | 1,813,398 | $ 21,514,486 |
Shares issued to shareholders in reinvestment of dividends | 221,212 | 2,737,340 | 208,946 | 2,485,809 |
Shares repurchased | (3,252,222) | (40,142,310) | (3,565,797) | (42,368,540) |
Net increase (decrease) | (353,694) | $ (4,262,879) | (1,543,453) | $ (18,368,245) |
Class I Shares | ||||
Shares sold | 168,387,967 | $ 2,082,035,823 | 84,574,669 | $ 1,000,393,477 |
Shares issued to shareholders in reinvestment of dividends | 7,443,755 | 92,061,854 | 3,623,511 | 43,101,042 |
Shares repurchased | (56,999,784) | (705,099,482) | (40,057,843) | (469,670,605) |
Net increase (decrease) | 118,831,938 | $ 1,468,998,195 | 48,140,337 | $ 573,823,914 |
Class R3 Shares | ||||
Shares sold | 23,817 | $ 294,588 | 36,527 | $ 433,436 |
Shares issued to shareholders in reinvestment of dividends | 2,359 | 29,218 | 1,700 | 20,224 |
Shares repurchased | (49,094) | (607,706) | (87,292) | (1,007,435) |
Net increase (decrease) | (22,918) | $ (283,900) | (49,065) | $ (553,775) |
Class R4 Shares | ||||
Shares sold | 141,793 | $ 1,758,520 | 46,177 | $ 553,373 |
Shares issued to shareholders in reinvestment of dividends | 4,525 | 56,004 | 2,820 | 33,532 |
Shares repurchased | (107,374) | (1,331,648) | (22,782) | (262,577) |
Net increase (decrease) | 38,944 | $ 482,876 | 26,215 | $ 324,328 |
September 30, 2021
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
STRATEGIC INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R5 Shares | ||||
Shares sold | 1,846,234 | $ 22,842,753 | 2,956,685 | $ 35,300,817 |
Shares issued to shareholders in reinvestment of dividends | 186,289 | 2,305,472 | 95,753 | 1,137,727 |
Shares repurchased | (409,029) | (5,060,691) | (412,572) | (4,865,367) |
Net increase (decrease) | 1,623,494 | $ 20,087,534 | 2,639,866 | $ 31,573,177 |
Class R6 Shares | ||||
Shares sold | 4,298,421 | $ 53,232,633 | 1,965,388 | $ 23,771,299 |
Shares issued to shareholders in reinvestment of dividends | 119,756 | 1,486,511 | 23,620 | 281,816 |
Shares repurchased | (1,378,635) | (17,109,296) | (607,573) | (7,125,427) |
Net increase (decrease) | 3,039,542 | $ 37,609,848 | 1,381,435 | $ 16,927,688 |
Purchases | Sales | |
Limited Term U.S. Government Fund | $ 97,928,756 | $ 31,436,305 |
Limited Term Income Fund | 6,494,581,534 | 2,921,427,999 |
Ultra Short Income Fund | 49,303,939 | 13,419,375 |
Strategic Income Fund | 2,586,159,074 | 766,116,370 |
September 30, 2021
Type of Derivative(a) | Counter Party | Asset Derivatives | Liability Derivatives | Net Amount | |
Strategic Income Fund | Forward Currency Contracts | SSB | $ 94,277 | $ — | $ 94,277 |
(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 | Forward currency contracts | $ 25,257 | $ 88,995 |
(a) | Generally, the Statement of Operations location for forward currency contracts is Net realized gain (loss) on: forward currency contracts and Net change in unrealized appreciation (depreciation) on: forward currency contracts. |
Limited Term U.S. Government Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of PERIOD | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(b) | |||||||||
2021 | $ 13.38 | 0.08 | (0.24) | (0.16) | (0.16) | — | — | (0.16) | $ 13.06 |
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 |
CLASS C SHARES | |||||||||
2021 | $ 13.46 | 0.03 | (0.25) | (0.22) | (0.11) | — | — | (0.11) | $ 13.13 |
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 |
CLASS C2 SHARES | |||||||||
2021 (c) | $ 13.46 | 0.04 | (0.25) | (0.21) | (0.11) | — | — | (0.11) | $ 13.14 |
CLASS I SHARES | |||||||||
2021 | $ 13.38 | 0.11 | (0.24) | (0.13) | (0.19) | — | — | (0.19) | $ 13.06 |
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 |
CLASS R3 SHARES | |||||||||
2021 | $ 13.39 | 0.06 | (0.25) | (0.19) | (0.14) | — | — | (0.14) | $ 13.06 |
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 |
CLASS R4 SHARES | |||||||||
2021 | $ 13.37 | 0.06 | (0.24) | (0.18) | (0.14) | — | — | (0.14) | $ 13.05 |
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 |
CLASS R5 SHARES | |||||||||
2021 | $ 13.39 | 0.11 | (0.25) | (0.14) | (0.18) | — | — | (0.18) | $ 13.07 |
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 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Effective date of this class of shares was October 1, 2020. |
+ | 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 | 0.60 | 0.87 | 0.87 | (1.22) | 9.50 | $ 92,786 | |
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 | |
CLASS C SHARES | |||||||
2021 | 0.21 | 1.24 | 1.24 | (1.65) | 9.50 | $ 10,084 | |
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 | |
CLASS C2 SHARES | |||||||
2021 (c) | 0.28 | 1.24 | 3.37 | (1.58) | 9.50 | $ 680 | |
CLASS I SHARES | |||||||
2021 | 0.85 | 0.61 | 0.61 | (0.96) | 9.50 | $ 219,833 | |
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 | |
CLASS R3 SHARES | |||||||
2021 | 0.46 | 0.99 | 1.31 | (1.41) | 9.50 | $ 7,601 | |
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 | |
CLASS R4 SHARES | |||||||
2021 | 0.47 | 0.99 | 1.63 | (1.34) | 9.50 | $ 2,011 | |
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 | |
CLASS R5 SHARES | |||||||
2021 | 0.80 | 0.67 | 1.56 | (1.02) | 9.50 | $ 2,198 | |
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 |
Limited Term Income Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of PERIOD | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(b) | |||||||||
2021 | $ 14.14 | 0.16 | (0.11) | 0.05 | (0.19) | (0.17) | — | (0.36) | $ 13.83 |
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 |
CLASS C SHARES | |||||||||
2021 | $ 14.12 | 0.13 | (0.11) | 0.02 | (0.16) | (0.17) | — | (0.33) | $ 13.81 |
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 |
CLASS C2 SHARES | |||||||||
2021 (c) | $ 14.12 | 0.09 | (0.11) | (0.02) | (0.12) | (0.17) | — | (0.29) | $ 13.81 |
CLASS I SHARES | |||||||||
2021 | $ 14.15 | 0.20 | (0.11) | 0.09 | (0.23) | (0.17) | — | (0.40) | $ 13.84 |
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 |
CLASS R3 SHARES | |||||||||
2021 | $ 14.15 | 0.13 | (0.11) | 0.02 | (0.16) | (0.17) | — | (0.33) | $ 13.84 |
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 |
CLASS R4 SHARES | |||||||||
2021 | $ 14.14 | 0.13 | (0.11) | 0.02 | (0.16) | (0.17) | — | (0.33) | $ 13.83 |
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) | — (f) | (0.27) | — | — | (0.27) | $ 13.16 |
2017 | $ 13.51 | 0.22 | (0.07) | 0.15 | (0.23) | — | — | (0.23) | $ 13.43 |
CLASS R5 SHARES | |||||||||
2021 | $ 14.14 | 0.20 | (0.11) | 0.09 | (0.23) | (0.17) | — | (0.40) | $ 13.83 |
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 |
CLASS R6 SHARES | |||||||||
2021 | $ 14.17 | 0.21 | (0.11) | 0.10 | (0.24) | (0.17) | — | (0.41) | $ 13.86 |
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 (g) | $ 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) | Effective date of this class of shares was October 1, 2020. |
(d) | The total return based on the NAV which reflects the adjustments in accordance with U.S. GAAP is 0.61%. |
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 | 1.17 | 0.77 | 0.77 | 0.33 | 33.37 | $ 818,846 | |
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 | |
CLASS C SHARES | |||||||
2021 | 0.94 | 0.99 | 0.99 | 0.11 | 33.37 | $ 360,840 | |
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 | |
CLASS C2 SHARES | |||||||
2021 (c) | 0.65 | 1.24 | 1.32 | (0.17) | 33.37 | $ 12,902 | |
CLASS I SHARES | |||||||
2021 | 1.44 | 0.49 | 0.50 | 0.53 (d) | 33.37 | $ 8,840,331 | |
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 | |
CLASS R3 SHARES | |||||||
2021 | 0.94 | 0.99 | 1.02 | 0.11 | 33.37 | $ 51,825 | |
2020 | 1.75 | 0.99 | 1.02 | 6.54 (e) | 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 | |
CLASS R4 SHARES | |||||||
2021 | 0.94 | 0.99 | 1.19 | 0.11 | 33.37 | $ 10,777 | |
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 | |
CLASS R5 SHARES | |||||||
2021 | 1.44 | 0.49 | 0.69 | 0.61 | 33.37 | $ 134,974 | |
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 | |
CLASS R6 SHARES | |||||||
2021 | 1.51 | 0.42 | 0.43 | 0.68 | 33.37 | $ 127,763 | |
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 (g) | 2.28 (h) | 0.45 (h) | 24.38 (h)(i) | 1.92 | 26.90 | $ 770 |
(e) | The total return based on the NAV which reflects the adjustments in accordance with U.S. GAAP is 6.47%. |
(f) | Total from investment operations was less than $0.01 per share. |
(g) | Effective date of this class of shares was April 10, 2017. |
(h) | Annualized. |
(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 YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of PERIOD | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(b) | |||||||||
2021 | $ 12.59 | 0.15 | (0.08) | 0.07 | (0.18) | (0.04) | — | (0.22) | $ 12.44 |
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 |
CLASS I SHARES | |||||||||
2021 | $ 12.58 | 0.18 | (0.08) | 0.10 | (0.21) | (0.04) | — | (0.25) | $ 12.43 |
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 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
+ | Based on weighted average shares outstanding. |
Ultra Short Income Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of PERIOD (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 | 1.22 | 0.50 | 1.38 | 0.54 | 37.51 | $ 10,930 | |
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 | |
CLASS I SHARES | |||||||
2021 | 1.40 | 0.30 | 0.76 | 0.74 | 37.51 | $ 42,587 | |
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 |
Strategic Income Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of PERIOD | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of PERIOD |
CLASS A SHARES(c) | |||||||||
2021 | $ 12.24 | 0.43 | 0.21 | 0.64 | (0.47) | — | — | (0.47) | $ 12.41 |
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 |
CLASS C SHARES | |||||||||
2021 | $ 12.22 | 0.33 | 0.21 | 0.54 | (0.37) | — | — | (0.37) | $ 12.39 |
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 |
CLASS I SHARES | |||||||||
2021 | $ 12.20 | 0.47 | 0.22 | 0.69 | (0.51) | — | — | (0.51) | $ 12.38 |
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 |
CLASS R3 SHARES | |||||||||
2021 | $ 12.22 | 0.40 | 0.21 | 0.61 | (0.43) | — | — | (0.43) | $ 12.40 |
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 |
CLASS R4 SHARES | |||||||||
2021 | $ 12.22 | 0.40 | 0.20 | 0.60 | (0.43) | — | — | (0.43) | $ 12.39 |
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 |
CLASS R5 SHARES | |||||||||
2021 | $ 12.21 | 0.47 | 0.22 | 0.69 | (0.51) | — | — | (0.51) | $ 12.39 |
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 |
CLASS R6 SHARES | |||||||||
2021 | $ 12.24 | 0.48 | 0.22 | 0.70 | (0.52) | — | — | (0.52) | $ 12.42 |
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 (e) | $ 11.63 | 0.33 | 0.13 | 0.46 | (0.24) | — | — | (0.24) | $ 11.85 |
(a) | Net investment income (loss) includes income from foreign withholding tax claims less IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the Net Investment Income (Loss) ratios for 2021 would have been: Class A, 3.48%; Class C, 2.71%; Class I, 3.81%; Class R3, 3.19%; Class R4, 3.21%; Class R5, 3.84%; Class R6, 3.89%. |
(b) | Not annualized for periods less than one year. |
(c) | Sales loads are not reflected in computing total return. |
(d) | The total return based on the NAV which reflects adjustments in accordance with U.S. GAAP is 6.49% for 2019 and 6.46% for 2020. |
(e) | Effective date of this class of shares was April 10, 2017. |
(f) | Annualized. |
(g) | Due to the size of net assets and fixed expenses, ratios may appear disproportionate. |
(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) (%)(a) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(b) | Portfolio Turnover Rate (%)(b) | Net Assets at End of PERIOD (Thousands) | |
CLASS A SHARES(c) | |||||||
2021 | 3.48 | 0.95 | 1.05 | 5.30 | 28.55 | $ 376,252 | |
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 | |
CLASS C SHARES | |||||||
2021 | 2.71 | 1.73 | 1.83 | 4.49 | 28.55 | $ 100,385 | |
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 | |
CLASS I SHARES | |||||||
2021 | 3.81 | 0.60 | 0.81 | 5.74 | 28.55 | $ 3,255,002 | |
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 | |
CLASS R3 SHARES | |||||||
2021 | 3.20 | 1.25 | 3.16 | 5.06 | 28.55 | $ 837 | |
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 | |
CLASS R4 SHARES | |||||||
2021 | 3.21 | 1.25 | 2.28 | 4.98 | 28.55 | $ 2,139 | |
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 | |
CLASS R5 SHARES | |||||||
2021 | 3.84 | 0.60 | 0.92 | 5.74 | 28.55 | $ 64,449 | |
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 | |
CLASS R6 SHARES | |||||||
2021 | 3.89 | 0.53 | 0.75 | 5.81 | 28.55 | $ 77,415 | |
2020 | 3.77 | 0.53 | 0.88 | 6.55 (d) | 58.91 | $ 39,115 | |
2019 | 3.98 | 0.53 | 0.98 | 6.40 (d) | 31.55 | $ 21,630 | |
2018 | 3.91 | 0.65 | 1.13 | 1.66 | 29.90 | $ 9,679 | |
2017 (e) | 5.83 (f) | 0.00 (f) | 200.66 (f)(g) | 3.99 | 44.74 | $ — (h) |
Thornburg Fixed Income Funds
September 30, 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 9/30/21 | Expenses Paid During Period 4/1/21-9/30/21 | Ending Account Value 9/30/21 | Expenses Paid During Period† 4/1/21-9/30/21 | Annualized Expense Ratio | ||
LIMITED TERM U.S. GOVERNMENT FUND | ||||||
CLASS A SHARES | $1,004.14 | $4.42 | $1,020.66 | $4.46 | 0.88% | |
CLASS C SHARES | $1,001.39 | $6.37 | $1,018.70 | $6.43 | 1.27% | |
CLASS C2 SHARES | $1,002.29 | $6.22 | $1,018.85 | $6.28 | 1.24% | |
CLASS I SHARES | $1,005.40 | $3.12 | $1,021.96 | $3.14 | 0.62% | |
CLASS R3 SHARES | $1,002.79 | $4.97 | $1,020.10 | $5.01 | 0.99% | |
CLASS R4 SHARES | $1,002.79 | $4.97 | $1,020.10 | $5.01 | 0.99% | |
CLASS R5 SHARES | $1,005.17 | $3.37 | $1,021.71 | $3.40 | 0.67% | |
LIMITED TERM INCOME FUND | ||||||
CLASS A SHARES | $1,009.33 | $3.98 | $1,021.11 | $4.00 | 0.79% | |
CLASS C SHARES | $1,008.36 | $4.93 | $1,020.16 | $4.96 | 0.98% | |
CLASS C2 SHARES | $1,007.04 | $6.24 | $1,018.85 | $6.28 | 1.24% | |
CLASS I SHARES | $1,010.08 | $2.47 | $1,022.61 | $2.48 | 0.49% | |
CLASS R3 SHARES | $1,008.30 | $4.98 | $1,020.10 | $5.01 | 0.99% | |
CLASS R4 SHARES | $1,008.34 | $4.98 | $1,020.10 | $5.01 | 0.99% | |
CLASS R5 SHARES | $1,010.84 | $2.47 | $1,022.61 | $2.48 | 0.49% | |
CLASS R6 SHARES | $1,011.19 | $2.12 | $1,022.96 | $2.13 | 0.42% | |
ULTRA SHORT INCOME FUND | ||||||
CLASS A SHARES | $1,001.94 | $2.51 | $1,022.56 | $2.54 | 0.50% | |
CLASS I SHARES | $1,002.95 | $1.51 | $1,023.56 | $1.52 | 0.30% |
September 30, 2021 (Unaudited)
Actual | Hypothetical * | |||||
Ending Account Value 9/30/21 | Expenses Paid During Period 4/1/21-9/30/21 | Ending Account Value 9/30/21 | Expenses Paid During Period† 4/1/21-9/30/21 | Annualized Expense Ratio | ||
STRATEGIC INCOME FUND | ||||||
CLASS A SHARES | $1,022.09 | $4.82 | $1,020.31 | $4.81 | 0.95% | |
CLASS C SHARES | $1,018.13 | $8.65 | $1,016.50 | $8.64 | 1.71% | |
CLASS I SHARES | $1,024.70 | $3.05 | $1,022.06 | $3.04 | 0.60% | |
CLASS R3 SHARES | $1,021.33 | $6.33 | $1,018.80 | $6.33 | 1.25% | |
CLASS R4 SHARES | $1,020.57 | $6.33 | $1,018.80 | $6.33 | 1.25% | |
CLASS R5 SHARES | $1,024.71 | $3.05 | $1,022.06 | $3.04 | 0.60% | |
CLASS R6 SHARES | $1,025.04 | $2.69 | $1,022.41 | $2.69 | 0.53% |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
† | Expenses are equal to the annualized expense ratio for each class multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
September 30, 2021 (Unaudited)
TAXABLE ORDINARY | LONG TERM CAPITAL GAIN | |
Limited Term U.S. Government Fund | $ 4,772,846 | $ — |
Limited Term Income Fund | 249,163,981 | 11,621,988 |
Ultra Short Income Fund | 703,276 | 98,019 |
Strategic Income Fund | 122,292,184 | 933,238 |
QUALIFIED DIVIDEND INCOME | DIVIDENDS RECEIVED DEDUCTION | |
Limited Term Income Fund | 0.05 % | 0.05 % |
Strategic Income Fund | 0.67 | 0.67 |
September 30, 2021 (Unaudited)
September 30, 2021 (Unaudited)
• | Thornburg Limited Term U.S. Government Fund – the Trustees considered that the Fund outperformed its Morningstar category for the ten- and fifteen-year periods. The Trustees considered explanations from the Advisor respecting the market and economic conditions which have contributed to the Fund’s underperformance relative to its benchmark index and, in more recent periods, relative to its Morningstar category, and noted that the Fund has experienced positive total returns in most periods. The Trustees also considered that the Fund ranked in the first or second quartile of a selected peer group of funds for the three-, five-, and ten-year periods, and has met both its primary and secondary investment objectives. |
• | Thornburg Limited Term Income Fund – the Trustees considered that the Fund outperformed its benchmark index for the year-to-date, one-, five-, ten-, and fifteen-year periods, performed comparably to its benchmark index in other periods, outperformed its Morningstar category for the three-, five-, ten-, and fifteen-year periods, and ranked in the first quartile of a selected peer group of funds for the three-, five- and ten-year periods. The Trustees also considered that the Fund has met both its primary and secondary investment objectives. |
• | Thornburg Ultra Short Income Fund – noting the changes to the Fund’s principal investment strategies which took effect at the end of the Fund’s 2020 fiscal year, the Trustees considered that the Fund outperformed its current benchmark index in the year-to-date, one-, three-, and five-year periods and since the Fund’s inception, outperformed or equaled its former benchmark index in all such periods, and outperformed its Morningstar category in the one-, three-, and five-year periods. The Trustees also considered that the Fund ranked in the top two quartiles of a selected peer group of funds for the year-to-date, one-, three-, and five-year periods, and has met its investment objective. |
• | Thornburg Strategic Income Fund – the Trustees considered that the Fund outperformed its benchmark index for the year-to-date and one-year periods and since the Fund’s inception, performed comparably to its benchmark index in a number of other periods, outperformed its Morningstar category for the three-, five-, and ten-year periods, and ranked in the top three quartiles a selected peer group of funds for the year-to-date, one-, three-, five- and ten-year periods. The Trustees also considered that the Fund has met both its primary and secondary investment objectives. |
• | Thornburg Limited Term U.S. Government Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category but within the range of total expenses for that category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was higher than the |
September 30, 2021 (Unaudited)
• | Thornburg Limited Term Income Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was higher than the average but lower than the median levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was, after fee waivers and expense reimbursements, lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was lower than the median level for the peer group, and that the total expense level of one representative share class, after fee waivers and expense reimbursements, was comparable to the total expense levels of other funds in the peer group. |
• | Thornburg Ultra Short Income Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category but within the range of total expenses for that category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was higher than the median level for the peer group, and that the total expense level of one representative share class, after fee waivers and expense reimbursements, was lower than the median total expense level of other funds in the peer group. |
• | Thornburg Strategic Income Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median but lower than the average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was higher than the median level for the peer group but within the range of advisory fees paid by funds in the peer group, and that the total expense level of one representative share class, after fee waivers and expense reimbursements, was lower than the median total expense level of other funds in the peer group. |
September 30, 2021 (Unaudited)
September 30, 2021 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 75 Trustee Since 1984, Chairman of Trustees(4) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 66 Trustee since 2001, Vice Chairman of Trustees, Member of Governance & Nominating Committee and Operations Risk Oversight Committee(5) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager, and until 2019 Chief Investment Officer, and, until 2016, CEO and President, of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(3) | ||
Sally Corning, 60 Trustee since 2012, Chair of the Audit Committee and Member of Governance & Nominating Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 72 Trustee since 2004, Member of Audit Committee and Operations Risk Oversight Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 58 Trustee since 2015, Chair of Governance & Nominating Committee and Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 57 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 67 Trustee since 2004, Lead Independent Trustee, Member of Audit Committee and Governance & Nominating Committee | President of Dirks, Van Essen & April, Santa Fe, New Mexico (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 62 Trustee since 1996, Chair of Operations Risk Oversight Committee, Member of Audit Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing and design company). | None |
September 30, 2021 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1) | ||
Nimish Bhatt, 58 Chief Financial Officer since 2019, Treasurer 2016-2019, Secretary 2018-2019(6) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016, and Secretary of Thornburg Securities Corporation since 2018; Interested Trustee for Thornburg Income Builder Opportunities Trust since 2020; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011- 2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 47 President since 2016(6) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Randy Dry, 47 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
John Hackett, 55 Vice President since 2020 | Chief Marketing Officer, Thornburg Investment Management, Inc. (since 2020); Global Head of Product Marketing, Northern Trust Asset Management (2016-2020); Principal and Head of Marketing and Business Development, The Townsend Group (2013-2016). | Not applicable |
Curtis Holloway, 54 Treasurer since 2019(6) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 41 Vice President since 2014 | Head of Investments since 2019, and Portfolio Manager and Managing Director since 2013, of Thornburg Investment Management, Inc.; Interested Trustee for Thornburg Income Builder Opportunities Trust since 2020. | Not applicable |
Jeff Klingelhofer, 40 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, Associate Portfolio Manager from 2012-2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 50, Assistant Treasurer since 2020; Vice President 2017-2020 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014-2017); Vice President, Citi Fund Services, Inc. (2007-2014) | Not applicable |
Natasha Rippel, 39 Secretary since 2021(6) | Director of Fund Operations since 2021, Supervisor of Fund Operations (2017-2021), and Senior Associate of Fund Operations (2015-2017) of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 54 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Trust is organized as a Massachusetts business trust, and currently comprises a complex of 21 separate investment “Funds” or “series.” Thornburg Investment Management, Inc. is the investment advisor to, and manages, the 21 Funds of the Trust. Each Trustee oversees the 21 Funds of the Trust. |
(3) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(4) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc. the investment advisor to the 21 active Funds of the Trust and 1 active closed-end Fund, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares of the Trust. |
(5) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(6) | The Trust’s president, chief financial officer, secretary and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Income Builder Opportunities Trust |
■ | 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 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 | TH4628 |
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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September 30, 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 | -0.05% | 1.03% | 0.82% | 0.63% |
With sales charge | -2.27% | 0.52% | 0.51% | 0.43% |
Class I Shares (Incep: 12/30/13) | 0.23% | 1.23% | 1.02% | 0.83% |
ICE BofAML 1-3 Year U.S. Municipal Securities Index (Since 12/30/13) | 0.54% | 2.08% | 1.53% | 1.28% |
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 | 0.39% | 2.56% | 1.45% | 1.78% | 4.50% |
With sales charge | -1.89% | 2.05% | 1.14% | 1.63% | 4.46% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 0.11% | 2.29% | 1.18% | 1.53% | 3.02% |
With sales charge | -0.39% | 2.29% | 1.18% | 1.53% | 3.02% |
Class C2 Shares (Incep: 10/1/20) | |||||
Without sales charge | -0.11% | - | - | - | -0.11% |
With sales charge | -0.76% | - | - | - | -0.76% |
Class I Shares (Incep: 7/5/96) | 0.61% | 2.80% | 1.69% | 2.08% | 3.57% |
ICE BofAML 1-10 Year U.S. Municipal Securities Index (Since 9/28/84) | 1.19% | 3.63% | 2.30% | 2.42% | - |
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 | 0.10% | 1.87% | 0.91% | 1.72% | 3.88% |
With sales charge | -2.17% | 1.37% | 0.61% | 1.57% | 3.84% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | -0.19% | 1.59% | 0.64% | 1.45% | 2.87% |
With sales charge | -0.68% | 1.59% | 0.64% | 1.45% | 2.87% |
Class C2 Shares (Incep: 10/1/20) | |||||
Without sales charge | -0.18% | - | - | - | -0.18% |
With sales charge | -0.83% | - | - | - | -0.83% |
Class I Shares (Incep: 4/1/97) | 0.27% | 2.13% | 1.18% | 2.01% | 3.33% |
ICE BofAML 1-10 Year U.S. Municipal Securities Index (Since 2/19/87) | 1.19% | 3.63% | 2.30% | 2.42% | - |
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 | 0.85% | 2.93% | 1.72% | 2.17% | 4.03% |
With sales charge | -1.20% | 2.23% | 1.31% | 1.97% | 3.96% |
Class D Shares (Incep: 6/1/99) | 0.59% | 2.66% | 1.46% | 1.93% | 2.97% |
Class I Shares (Incep: 2/1/07) | 1.24% | 3.25% | 2.04% | 2.51% | 3.26% |
ICE BofAML 3-15 Year U.S. Municipal Securities Index (Since 6/18/91) | 2.06% | 4.73% | 2.95% | 3.42% | - |
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 | 1.20% | 2.81% | 1.43% | 2.29% | 3.50% |
With sales charge | -0.79% | 2.11% | 1.03% | 2.09% | 3.41% |
Class I Shares (Incep: 2/1/10) | 1.52% | 3.13% | 1.76% | 2.62% | 3.08% |
ICE BofAML 3-15 Year U.S. Municipal Securities Index (Since 9/5/97) | 2.06% | 4.73% | 2.95% | 3.42% | 4.72% |
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 | 2.16% | 3.75% | 2.18% | 2.92% | 4.47% |
With sales charge | 0.14% | 3.06% | 1.76% | 2.71% | 4.40% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 1.78% | 3.38% | 1.82% | 2.58% | 3.69% |
With sales charge | 1.18% | 3.38% | 1.82% | 2.58% | 3.69% |
Class C2 Shares (Incep: 10/1/20) | |||||
Without sales charge | 1.76% | - | - | - | 1.76% |
With sales charge | 1.11% | - | - | - | 1.11% |
Class I Shares (Incep: 7/5/96) | 2.47% | 4.03% | 2.44% | 3.21% | 4.22% |
ICE BofAML 3-15 Year U.S. Municipal Securities Index (Since 7/22/91) | 2.06% | 4.73% | 2.95% | 3.42% | - |
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 | 2.65% | 3.75% | 2.26% | 3.59% | 5.22% |
With sales charge | 0.62% | 3.06% | 1.85% | 3.38% | 5.06% |
Class C Shares (Incep: 4/1/09) | |||||
Without sales charge | 2.24% | 3.27% | 1.80% | 3.20% | 4.85% |
With sales charge | 1.64% | 3.27% | 1.80% | 3.20% | 4.85% |
Class I Shares (Incep: 4/1/09) | 2.94% | 3.98% | 2.51% | 3.87% | 5.51% |
ICE BofAML U.S. Municipal Master Index (Since 4/1/09) | 3.01% | 5.16% | 3.31% | 4.01% | 4.84% |
Thornburg Short Duration Municipal Fund | September 30, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 196 |
Effective Duration | 1.5 Yrs |
Average Maturity | 1.7 Yrs |
Annualized Distribution Yield | 0.20% |
SEC Yield | -0.41% |
20% | 23% | 15% | 19% | 15% | 6% | 2% |
THORNBURG SHORT DURATION MUNICIPAL FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | TLMAX | 885-216-788 |
Class I | TLMIX | 885-216-770 |
Thornburg Limited Term Municipal Fund | September 30, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 1,703 |
Effective Duration | 3.2 Yrs |
Average Maturity | 3.7 Yrs |
Annualized Distribution Yield | 1.25% |
SEC Yield | -0.17% |
11% | 13% | 10% | 15% | 11% | 8% | 7% | 6% | 7% | 5% | 7% |
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 | September 30, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 345 |
Effective Duration | 2.9 Yrs |
Average Maturity | 3.4 Yrs |
Annualized Distribution Yield | 1.10% |
SEC Yield | -0.25% |
9% | 18% | 11% | 14% | 13% | 7% | 6% | 7% | 3% | 7% | 4% |
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 | September 30, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 143 |
Effective Duration | 4.4 Yrs |
Average Maturity | 8.0 Yrs |
Annualized Distribution Yield | 1.46% |
SEC Yield | 0.07% |
1% | 2% | 9% | 5% | 5% | 10% | 12% | 6% | 5% | 5% | 39% |
THORNBURG NEW MEXICO INTERMEDIATE MUNICIPAL FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | THNMX | 885-215-301 |
Class D | THNDX | 885-215-624 |
Class I | THNIX | 885-215-285 |
Thornburg New York Intermediate Municipal Fund | September 30, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 65 |
Effective Duration | 4.4 Yrs |
Average Maturity | 9.0 Yrs |
Annualized Distribution Yield | 1.75% |
SEC Yield | -0.16% |
1% | 8% | 2% | 8% | 10% | 1% | 3% | 5% | 5% | 8% | 50% |
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | THNYX | 885-215-665 |
Class I | TNYIX | 885-216-705 |
Thornburg Intermediate Municipal Fund | September 30, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 518 |
Effective Duration | 4.6 Yrs |
Average Maturity | 8.8 Yrs |
Annualized Distribution Yield | 2.17% |
SEC Yield | 0.09% |
3% | 5% | 7% | 6% | 5% | 4% | 4% | 5% | 5% | 7% | 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 | September 30, 2021 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 311 |
Effective Duration | 5.0 Yrs |
Average Maturity | 9.2 Yrs |
Annualized Distribution Yield | 1.83% |
SEC Yield | 0.27% |
THORNBURG STRATEGIC MUNICIPAL INCOME FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | TSSAX | 885-216-101 |
Class C | TSSCX | 885-216-200 |
Class I | TSSIX | 885-216-309 |
Thornburg Short Duration Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 78.4% | |||
Alabama — 2.2% | |||
Alabama Community College System ACCS Enhancements Fee Revenue (Insured: AGM), 4.00% due 9/1/2024 - 9/1/2026 | $ 385,000 | $ 434,421 | |
Alabama Public School and College Authority, Series A, 5.00% due 11/1/2025 | 1,000,000 | 1,185,020 | |
a | Black Belt Energy Gas District, Series B, 4.00% due 10/1/2052 (put 12/1/2026) | 1,000,000 | 1,149,850 |
a | Selma (International Paper Co.) IDB, Series A, 2.00% due 11/1/2033 (put 10/1/2024) | 1,500,000 | 1,561,230 |
Arizona — 1.1% | |||
Arizona Transportation Board, 5.00% due 7/1/2025 | 1,010,000 | 1,182,023 | |
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 | 920,958 |
California — 2.5% | |||
California (Sutter Health Obligated Group) HFFA, Series A, 4.00% due 8/15/2040 (pre-refunded 8/15/2025) | 1,000,000 | 1,137,840 | |
California Municipal Finance Authority (Insured: BAM), 5.00% due 5/15/2024 | 400,000 | 447,076 | |
Orange County Transportation Authority, 5.00% due 10/15/2024 | 1,500,000 | 1,711,155 | |
Riverside County Office of Education Pooled Notes, Series A, 2.00% due 12/1/2021 | 1,000,000 | 1,002,940 | |
State of California GO, 5.00% due 2/1/2024 | 500,000 | 531,655 | |
Colorado — 3.4% | |||
Board of Water Commissioners City & County of Denver, Series B, 5.00% due 9/15/2025 | 1,150,000 | 1,355,712 | |
a | Colorado (Adventist Health System/Sunbelt Obligated Group) HFA, Series C, 5.00% due 11/15/2036 (put 11/15/2026) | 800,000 | 972,112 |
Crystal Valley Metropolitan District No 2 (Insured: AGM) GO, Series A, 5.00% due 12/1/2022 - 12/1/2024 | 365,000 | 406,274 | |
a,b | E-470 Public Highway Authority, Series B, 0.384% (SOFR + 0.35%) due 9/1/2039 (put 9/1/2024) | 2,000,000 | 1,997,992 |
Interlocken Metropolitan District (Insured: AGM) GO, Series A-1, 5.00% due 12/1/2021 - 12/1/2023 | 1,825,000 | 1,939,638 | |
Connecticut — 2.3% | |||
a | Connecticut State Health & Educational Facilities Authority (Yale University), Series 2015-A, 0.375% due 7/1/2035 (put 7/12/2024) | 1,000,000 | 999,440 |
State of Connecticut GO, Series C, 5.00% due 6/15/2022 | 715,000 | 739,038 | |
State of Connecticut Special Tax Revenue, | |||
Series B, 5.00% due 10/1/2021 | 525,000 | 525,068 | |
Series C, 5.00% due 10/1/2022 | 680,000 | 712,436 | |
b | University of Connecticut, Series A, 5.00% due 2/15/2022 | 1,580,000 | 1,608,061 |
District of Columbia — 0.4% | |||
District of Columbia (Federal Highway Grant Anticipation), 5.00% due 12/1/2025 | 685,000 | 810,348 | |
Florida — 3.0% | |||
Broward County School Board (Educational Facilities) COP, Series A, 5.00% due 7/1/2024 | 1,415,000 | 1,594,125 | |
City of Orlando (Insured: AGM), Series A, 4.00% due 11/1/2021 | 900,000 | 902,592 | |
a | Escambia County (International Paper Co.), 2.00% due 11/1/2033 (put 10/1/2024) | 775,000 | 806,636 |
Florida Department of Management Services, Series A, 5.00% due 9/1/2025 | 1,000,000 | 1,174,150 | |
State of Florida (Department of Transportation Right-of-Way Acquisition & Bridge Construction) GO, Series B, 5.00% due 7/1/2023 | 255,000 | 276,157 | |
State of Florida GO, Series C, 5.00% due 6/1/2025 | 1,000,000 | 1,167,300 | |
Georgia — 2.8% | |||
City of Atlanta (Atlantic Station Project), 5.00% due 12/1/2021 | 650,000 | 654,608 | |
Georgia State Road & Tollway Authority, 5.00% due 6/1/2024 | 1,000,000 | 1,123,590 | |
Main Street Natural Gas, Inc., Series A, 5.00% due 5/15/2022 | 1,000,000 | 1,028,030 | |
Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2024 | 1,430,000 | 1,575,989 | |
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 | 989,847 |
Illinois — 4.1% | |||
Chicago Park District GO, Series B, 5.00% due 1/1/2022 | 400,000 | 404,352 | |
City of Chicago (Water System), Series 2017-2, 5.00% due 11/1/2022 | 600,000 | 628,896 | |
Cook County Community College District No. 508 (City Colleges of Chicago) GO, 5.00% due 12/1/2023 | 500,000 | 539,470 | |
Cook County School District No. 170 Chicago Heights (Insured: AGM) GO, Series D, 5.00% due 12/1/2022 | 1,500,000 | 1,582,110 | |
State of Illinois (State Facilities Improvements) GO, | |||
5.00% due 3/1/2022 | 575,000 | 586,080 | |
Series A, 5.00% due 10/1/2022 | 1,000,000 | 1,045,790 | |
Series D, 5.00% due 11/1/2021 - 11/1/2024 | 1,500,000 | 1,635,240 | |
Village of Tinley Park GO, | |||
4.00% due 12/1/2021 | 585,000 | 588,458 | |
5.00% due 12/1/2024 | 870,000 | 956,069 | |
Indiana — 1.3% | |||
Carmel Local Public Improvement Bond Bank, Series A, 4.00% due 7/15/2024 - 7/15/2025 | 940,000 | 1,049,221 | |
a | Indiana Finance Authority (Indiana University Health, Inc. Obligated Group), Series 2011L, 0.70% due 12/1/2046 (put 1/1/2026) | 1,500,000 | 1,507,845 |
Kentucky — 1.3% | |||
County of Trimble (Louisville Gas and Electric Co.), Series A, 0.625% due 9/1/2026 | 1,000,000 | 993,470 |
20 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Kentucky State Property & Building Commission (Project No. 112), Series B, 5.00% due 11/1/2021 | $1,500,000 | $ 1,505,415 | |
Louisiana — 2.5% | |||
City of Shreveport Water & Sewer Revenue (Insured: BAM), Series C, 5.00% due 12/1/2023 | 860,000 | 946,267 | |
a | Louisiana Offshore Terminal Authority (Loop LLC), 1.65% due 9/1/2027 (put 12/1/2023) | 1,500,000 | 1,543,590 |
a | Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series B, 5.00% due 5/15/2050 (put 5/15/2025) | 875,000 | 1,011,806 |
a | Parish of St. Charles (Valero Energy Corp. Refinery), 4.00% due 12/1/2040 (put 6/1/2022) | 1,300,000 | 1,329,965 |
Maryland — 0.9% | |||
County of Washington (Diakon Lutheran Social Ministries Obligated Group), Series B, 5.00% due 1/1/2022 - 1/1/2023 | 510,000 | 528,966 | |
Maryland Health & Higher Educational Facilities Authority (UPMC Obligated Group), Series B, 5.00% due 4/15/2022 - 4/15/2024 | 1,200,000 | 1,276,725 | |
Massachusetts — 3.0% | |||
City of Haverhill (State Aid Withholding) GO, 1.00% due 9/1/2022 | 1,857,000 | 1,867,993 | |
City of Methuen (Bans) (State Aid Withholding) GO, 1.00% due 9/1/2022 | 866,000 | 871,439 | |
a | Commonwealth of Massachusetts GO, Series A, 5.00% due 6/1/2044 (put 6/1/2023) | 1,000,000 | 1,079,590 |
a | Massachusetts (President & Trustees of Williams College) DFA, Series N, 0.45% due 7/1/2041 (put 7/1/2025) | 1,500,000 | 1,502,565 |
University of Massachusetts Building Authority (University of Massachusetts), Series 2021-1, 5.00% due 11/1/2024 | 500,000 | 572,435 | |
Michigan — 0.6% | |||
Detroit Downtown Development Authority (Catalyst Development Project; Insured: AGM), Series A, 5.00% due 7/1/2022 | 300,000 | 310,356 | |
Michigan State Hospital Finance Authority (Trinity Health Corp. Obligated Group), Series C, 5.00% due 12/1/2021 | 500,000 | 503,775 | |
Northern Michigan University, Series A, 5.00% due 12/1/2021 | 435,000 | 438,280 | |
Minnesota — 0.8% | |||
a | Minnesota Housing Finance Agency (Residential Single Family Development; Collateralized: GNMA, FNMA, FHLMC), Series H, 0.60% (MUNIPSA + 0.55%) due 7/1/2041 (put 12/12/2023) | 1,000,000 | 1,012,797 |
State of Minnesota GO, Series D, 5.00% due 10/1/2021 | 500,000 | 500,065 | |
Mississippi — 0.2% | |||
Mississippi Development Bank (Jackson Public School District; Insured: BAM), 5.00% due 10/1/2022 | 375,000 | 392,381 | |
Nebraska — 1.4% | |||
Central Plains Energy Project, | |||
a | 4.00% due 12/1/2049 (put 8/1/2025) | 1,500,000 | 1,684,215 |
a | 5.00% due 3/1/2050 (put 1/1/2024) | 1,000,000 | 1,094,810 |
Nevada — 1.6% | |||
a | County of Clark (Nevada Power Co.), 1.65% due 1/1/2036 (put 3/31/2023) | 500,000 | 510,220 |
County of Washoe GO, 5.00% due 7/1/2024 | 1,470,000 | 1,658,851 | |
Las Vegas Valley Water District GO, Series B, 5.00% due 6/1/2023 | 900,000 | 971,280 | |
New Jersey — 5.2% | |||
c | City of Newark GO, Series E, 1.25% due 10/3/2022 | 2,000,000 | 2,019,120 |
Hudson County Improvement Authority, Series C-1, 1.00% due 8/16/2022 | 2,000,000 | 2,013,760 | |
New Jersey (Middlesex Water Co) EDA, Series A, 5.00% due 10/1/2023 | 1,500,000 | 1,630,275 | |
New Jersey EDA, Series QQQ, 5.00% due 6/15/2022 - 6/15/2024 | 205,000 | 220,656 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements; Insured: AMBAC), Series A, 5.25% due 12/15/2021 | 1,000,000 | 1,009,780 | |
Passaic Valley Sewerage Commission (Sewer System), Series G, 5.75% due 12/1/2021 | 500,000 | 504,350 | |
State of New Jersey (COVID-19 GO Emergency Bonds) GO, | |||
Series A, | |||
4.00% due 6/1/2023 | 1,000,000 | 1,061,310 | |
5.00% due 6/1/2024 - 6/1/2025 | 1,500,000 | 1,721,800 | |
New Mexico — 5.6% | |||
Albuquerque Municipal School District No 12 (State Aid Withholding) GO, Series B, 5.00% due 8/1/2024 | 1,000,000 | 1,130,840 | |
City of Albuquerque GO, Series A, 5.00% due 7/1/2022 | 300,000 | 310,713 | |
City of Farmington (Public Service Co. of New Mexico), | |||
a,c | Series A, 0.875% due 6/1/2040 (put 10/1/2026) | 1,000,000 | 993,710 |
a | Series B, 2.125% due 6/1/2040 (put 6/1/2022) | 1,225,000 | 1,237,593 |
a | Series D, 1.10% due 6/1/2040 (put 6/1/2023) | 500,000 | 504,480 |
Lea County Public School District No 8 Eunice (State Aid Withholding) GO, 5.00% due 9/15/2022 | 2,500,000 | 2,610,625 | |
New Mexico Municipal Energy Acquisition Authority, Series A, 4.00% due 11/1/2021 - 11/1/2022 | 2,000,000 | 2,042,274 | |
Santa Fe Public School District GO, 4.00% due 8/1/2024 | 1,250,000 | 1,375,425 | |
State of New Mexico Severance Tax Permanent Fund, | |||
Series A, 5.00% due 7/1/2023 | 240,000 | 259,836 | |
Series B, 4.00% due 7/1/2023 | 240,000 | 255,667 | |
University of New Mexico, Series A, 5.00% due 6/1/2023 | 280,000 | 302,842 | |
New York — 6.8% | |||
County of Suffolk (Insured: AGM) GO, Series A, 2.125% due 5/1/2024 | 250,000 | 256,973 | |
County of Suffolk (Insured: BAM) GO, Series D, 5.00% due 10/15/2025 | 750,000 | 879,517 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 21 |
Thornburg Short Duration Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Metropolitan Transportation Authority (Transit and Commuter System), Series B-1, 5.00% due 5/15/2022 | $1,500,000 | $ 1,544,145 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
5.00% due 11/1/2024 | 1,000,000 | 1,143,880 | |
Series D, 5.00% due 11/1/2024 - 11/1/2025 | 2,000,000 | 2,326,500 | |
New York State Dormitory Authority (School District Bond Financing Program) (State Aid Withholding), Series F, 5.00% due 10/1/2022 | 800,000 | 837,552 | |
New York State Dormitory Authority (St. John’s University), Series A, 5.00% due 7/1/2026 | 300,000 | 356,571 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), Series A, 5.00% due 2/15/2025 | 1,000,000 | 1,111,070 | |
New York State Environmental Facilities Corp. (State of New York State Revolving Fund), 5.00% due 5/15/2025 | 500,000 | 561,965 | |
New York State Housing Finance Agency (Green Bond), Series I, 2.70% due 11/1/2023 | 1,000,000 | 1,043,660 | |
New York State Urban Development Corp., Series D, 5.00% due 3/15/2024 | 1,000,000 | 1,068,950 | |
Oneida County Local Development Corp. (Utica College), 5.00% due 7/1/2022 - 7/1/2024 | 825,000 | 881,994 | |
Town of Oyster Bay GO, 4.00% due 3/1/2023 | 850,000 | 893,290 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Assoc.), 5.00% due 7/1/2023 | 425,000 | 457,432 | |
North Carolina — 0.6% | |||
County of New Hanover, 4.00% due 8/1/2025 | 1,000,000 | 1,135,780 | |
North Dakota — 1.0% | |||
County of McKenzie, 5.00% due 8/1/2022 | 1,000,000 | 1,039,090 | |
b | University of North Dakota (Insured: AGM) COP, Series A, 5.00% due 6/1/2024 | 800,000 | 898,440 |
Ohio — 3.3% | |||
a,b | American Municipal Power, Inc. (AMP Fremont Energy Center), Series A-2, 1.00% due 2/15/2048 (put 8/15/2024) | 2,000,000 | 2,026,260 |
b | City of Columbus GO, Series A, 5.00% due 4/1/2022 | 1,200,000 | 1,228,476 |
County of Scioto (Southern Ohio Medical Center), 5.00% due 2/15/2022 - 2/15/2023 | 3,130,000 | 3,277,506 | |
Oklahoma — 0.1% | |||
Muskogee Industrial Trust (Muskogee County ISD No. 20), 5.00% due 9/1/2023 | 200,000 | 215,578 | |
Pennsylvania — 1.8% | |||
c | City of Lancaster PA (Insured: AGM) GO, Series A 4.00% due 11/1/2022 | 385,000 | 399,618 |
County of Allegheny GO, Series C-75, 4.00% due 11/1/2021 | 700,000 | 702,044 | |
East Hempfield Township (Student Services, Inc.) IDA, 5.00% due 7/1/2047 (pre-refunded 7/1/2025) | 1,750,000 | 2,048,043 | |
Philadelphia Authority for Industrial Development, 5.00% due 5/1/2022 | 400,000 | 410,980 | |
Rhode Island — 0.5% | |||
City of Cranston RI GO, Series 1, 1.00% due 8/23/2022 | 1,000,000 | 1,007,160 | |
South Dakota — 0.4% | |||
South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group), Series A, 5.00% due 9/1/2023 - 9/1/2024 | 685,000 | 761,373 | |
Tennessee — 0.7% | |||
Tennessee Energy Acquisition Corp. (The Gas Project), Series C, 5.00% due 2/1/2023 | 1,310,000 | 1,383,360 | |
Texas — 12.1% | |||
City of Conroe GO, 5.00% due 3/1/2022 - 3/1/2024 | 465,000 | 502,178 | |
City of Houston Airport System Revenue, Series B, 5.00% due 7/1/2022 - 7/1/2023 | 780,000 | 815,054 | |
City of Lubbock Electric Light & Power System Revenue, 5.00% due 4/15/2022 | 1,500,000 | 1,538,205 | |
City of San Antonio TX Electric & Gas Systems Revenue, | |||
5.25% due 2/1/2025 | 1,000,000 | 1,159,940 | |
a | Series B, 2.00% due 2/1/2033 (put 12/1/2021) | 400,000 | 400,512 |
Comal (Guaranty: PSF-GTD) ISD GO, 5.00% due 2/1/2024 | 500,000 | 554,790 | |
a | Cypress-Fairbanks (Guaranty: PSF-GTD) ISD GO, Series B-1, 1.25% due 2/15/2036 (put 8/15/2022) | 925,000 | 933,232 |
a,c | Deer Park ISD (Guaranty: PSF-GTD) GO, 0.16% due 10/1/2042 (put 10/3/2022) | 1,500,000 | 1,498,680 |
a | Denton (Guaranty: PSF-GTD) ISD GO , Series B, 2.00% due 8/1/2044 (put 8/1/2024) | 1,000,000 | 1,047,090 |
Goose Creek (Guaranty: PSF-GTD) ISD GO, | |||
Series B, | |||
a,c | 0.15% due 10/1/2049 (put 10/3/2022) | 1,500,000 | 1,498,680 |
a | 0.60% due 2/15/2035 (put 8/17/2026) | 1,000,000 | 999,180 |
Houston (Guaranty: PSF-GTD) ISD GO, | |||
a | Series A-2, 2.25% due 6/1/2039 (put 6/1/2022) | 260,000 | 263,156 |
a | Series B, 3.00% due 6/1/2036 (put 6/1/2024) | 1,500,000 | 1,608,615 |
Little Elm (Guaranty: PSF-GTD) ISD GO, 5.00% due 8/15/2022 | 1,300,000 | 1,353,391 | |
Lower Colorado River Authority, 5.00% due 5/15/2024 | 725,000 | 813,276 | |
a | New Caney (Guaranty: PSF-GTD) ISD GO, 1.25% due 2/15/2050 (put 8/15/2024) | 1,000,000 | 1,025,760 |
a | North East (Guaranty: PSF-GTD) ISD GO, 2.375% due 8/1/2047 (put 8/1/2022) | 285,000 | 289,973 |
Odessa Junior College District (Insured: AGM), 4.00% due 7/1/2025 | 400,000 | 451,048 | |
Olmos Park Higher Education Facilities Corp. (University of the Incarnate Word) ETM, 5.00% due 12/1/2022 | 1,000,000 | 1,054,280 | |
a | Pflugerville (Guaranty: PSF-GTD) ISD GO, Series A, 2.25% due 8/15/2037 (put 8/15/2022) | 1,200,000 | 1,221,108 |
a | Prosper (Guaranty: PSF-GTD) ISD GO, Series B, 2.00% due 2/15/2050 (put 8/15/2023) | 750,000 | 774,428 |
22 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
b | Sam Rayburn Municipal Power Agency, 5.00% due 10/1/2021 | $ 510,000 | $ 510,066 |
San Antonio Water System, | |||
a | Series A, 2.625% due 5/1/2049 (put 5/1/2024) | 1,080,000 | 1,144,843 |
a | Series B, 2.00% due 5/1/2044 (put 11/1/2022) | 405,000 | 412,788 |
Texas Municipal Gas Acquisition & Supply Corp. III, 5.00% due 12/15/2022 - 12/15/2024 | 1,610,000 | 1,762,610 | |
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 | 513,720 |
Virginia — 1.7% | |||
a | Halifax County (VirginiaI Electric and Power Co. Project) IDA, Series A, 0.45% due 12/1/2041 (put 4/1/2022) | 500,000 | 500,455 |
Hampton Roads Transportation Accountability Commission, Series A, 5.00% due 7/1/2026 | 1,500,000 | 1,807,635 | |
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2022 - 1/1/2024 | 1,000,000 | 1,062,474 | |
Washington — 1.1% | |||
Central Puget Sound Regional Transit Authority (Green Bond), Series S-1, 5.00% due 11/1/2025 | 1,000,000 | 1,180,370 | |
State of Washington GO, Series 2021A, 5.00% due 6/1/2024 | 500,000 | 562,250 | |
University of Washington, 5.00% due 4/1/2023 | 300,000 | 321,333 | |
West Virginia — 1.3% | |||
County of Mason (Appalachian Power Co.), Series L, 2.75% due 10/1/2022 | 1,000,000 | 1,022,370 | |
a | West Virginia (Appalachian Power Co.) EDA, Series A, 2.625% due 12/1/2042 (put 6/1/2022) | 1,425,000 | 1,445,093 |
Wisconsin — 0.5% | |||
a | Wisconsin Housing & EDA, Series B, 0.40% due 5/1/2045 (put 11/1/2023) | 1,000,000 | 1,000,130 |
Total Long-Term Municipal Bonds — 78.4% (Cost $152,447,007) | 153,405,074 | ||
Short-Term Municipal Bonds — 19.9% | |||
Alabama — 0.5% | |||
a | City of Mobile Alabama (Alabama Power Co.) IDB, Series 1, 0.07% due 6/1/2034 (put 10/1/2021) | 1,000,000 | 1,000,000 |
Arizona — 1.5% | |||
a | Arizona (Banner Health Obligated Group; LOC Bank of America, N.A.) HFA, Series C, 0.09% due 1/1/2046 (put 10/1/2021) | 3,000,000 | 3,000,000 |
Colorado — 1.3% | |||
a | City & County of Denver (SPA JPMorgan Chase Bank, N.A.) COP, Series A3, 0.10% due 12/1/2031 (put 10/1/2021) | 2,510,000 | 2,510,000 |
Florida — 3.8% | |||
a | City of Gainesville Utilities System Revenue (SPA Barclays Bank plc), Series B, 0.10% due 10/1/2042 (put 10/1/2021) | 3,800,000 | 3,800,000 |
a | City of West Palm Beach Utility System Revenue (Insured: AGC) (SPA JPMorgan Chase Bank, N.A.), Series C, 0.07% due 10/1/2038 (put 10/7/2021) | 3,705,000 | 3,705,000 |
Indiana — 1.5% | |||
a | Indiana Finance Authority (Franciscan Alliance, Inc., Obligated Group; LOC Barclays Bank plc), Series I, 0.08% due 11/1/2037 (put 10/1/2021) | 2,950,000 | 2,950,000 |
Maryland — 0.8% | |||
a | County of Montgomery (SPA U.S. Bank, N.A.) GO, Series E 0.08% due 11/1/2037 (put 10/1/2021) | 1,465,000 | 1,465,000 |
New Hampshire — 1.3% | |||
a | New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA State Street Bank & Trust Co.), Series A2, 0.10% due 7/1/2035 (put 10/1/2021) | 1,985,000 | 1,985,000 |
a | New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA Wells Fargo Bank, N.A.), Series B, 0.10% due 7/1/2033 (put 10/1/2021) | 600,000 | 600,000 |
New Mexico — 0.6% | |||
a | New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA Wells Fargo Bank, N.A.), Series D, 0.09% due 8/1/2034 (put 10/1/2021) | 1,110,000 | 1,110,000 |
New York — 7.2% | |||
a | City of New York (LOC Mizuho Bank Ltd) GO, Series G-6, 0.08% due 4/1/2042 (put 10/1/2021) | 900,000 | 900,000 |
a | City of New York (SPA JPMorgan Chase Bank, N.A.) GO, Series F6, 0.09% due 6/1/2044 (put 10/1/2021) | 2,400,000 | 2,400,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JPMorgan Chase Bank, N.A.), Subseries C-4, 0.09% due 11/1/2036 (put 10/1/2021) | 900,000 | 900,000 |
a | New York City Water & Sewer System (LOC Citibank N.A.), Series F, 0.08% due 6/15/2035 (put 10/1/2021) | 6,000,000 | 6,000,000 |
a | New York State Housing Finance Agency (160 Madison Ave LLC; LOC Landesbank Hessen-Thuringen), Series A, 0.08% due 11/1/2046 (put 10/1/2021) | 3,800,000 | 3,800,000 |
Texas — 1.0% | |||
a,d | Tender Option Bond Trust Receipts/Certificates (LOC Deutsche Bank A.G.), Series 2021-XF1102, 0.30% due 7/1/2061 (put 10/7/2021) | 2,000,000 | 2,000,000 |
Utah — 0.4% | |||
a | City of Murray (IHC Health Services, Inc. Obligated Group), Series D, 0.07% due 5/15/2036 (put 10/1/2021) | 700,000 | 700,000 |
Total Short-Term Municipal Bonds — 19.9% (Cost $38,825,000) | 38,825,000 | ||
Total Investments — 98.3% (Cost $191,272,007) | $192,230,074 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 23 |
Thornburg Short Duration Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Other Assets Less Liabilities — 1.7% | 3,346,775 | ||
Net Assets — 100.0% | $195,576,849 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2021. |
b | Segregated as collateral for a when-issued security. |
c | When-issued security. |
d | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $2,000,000, representing 1.02% 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. |
COP | Certificates of Participation |
DFA | Development Finance Authority/Agency |
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/Agency |
IDB | Industrial Development Board |
ISD | Independent School District |
LOC | Letter of Credit |
MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index |
PSF-GTD | Guaranteed by Permanent School Fund |
SOFR | Secured Overnight Financing Rate |
SPA | Stand-by Purchase Agreement |
24 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Thornburg Limited Term Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 87.9% | |||
Alabama — 1.5% | |||
Alabama Community College System ACCS Enhancements Fee Revenue (Insured: AGM), 4.00% due 9/1/2027 - 9/1/2030 | $ 1,345,000 | $ 1,612,367 | |
Alabama Public School & College Authority, Series A, 5.00% due 11/1/2027 - 11/1/2031 | 12,500,000 | 16,136,535 | |
Alabama Public School & College Authority (Education System Capital Improvements), | |||
Series A, 5.00% due 6/1/2022 | 5,605,000 | 5,786,154 | |
Series B, 5.00% due 6/1/2023 | 735,000 | 794,395 | |
Alabama State Board of Education (Calhoun Community College), 4.00% due 5/1/2022 | 1,230,000 | 1,255,830 | |
a | Black Belt Energy Gas District, Series B, 4.00% due 10/1/2052 (put 12/1/2026) | 25,575,000 | 29,407,414 |
Chatom (Powersouth Energy Co-operative Projects; Insured: AGM) IDB, 5.00% due 8/1/2025 - 8/1/2030 | 3,830,000 | 4,755,814 | |
East Alabama Health Care Authority, Series A, 5.00% due 9/1/2022 | 800,000 | 815,552 | |
Lower Alabama Gas District, Series A, 5.00% due 9/1/2029 | 3,625,000 | 4,552,021 | |
Lower Alabama Gas District (Guaranty: Goldman Sachs Group, Inc.), 4.00% due 12/1/2023 - 12/1/2025 | 1,220,000 | 1,354,358 | |
a | Selma (International Paper Co.) IDB, Series A, 2.00% due 11/1/2033 (put 10/1/2024) | 2,500,000 | 2,602,050 |
UAB Medicine Finance Authority (University Hospital), Series B, 5.00% due 9/1/2025 - 9/1/2027 | 8,915,000 | 10,707,713 | |
Water Works Board of the City of Birmingham, 5.00% due 1/1/2029 | 2,230,000 | 2,782,148 | |
Arizona — 2.1% | |||
Arizona (Scottsdale Lincoln Hospitals) HFA, 5.00% due 12/1/2022 - 12/1/2024 | 3,360,000 | 3,701,538 | |
Arizona Board of Regents (Arizona State University), Series C, 5.00% due 7/1/2028 - 7/1/2031 | 3,125,000 | 4,095,881 | |
Arizona Board of Regents (Arizona State University) COP, Series A, 5.00% due 9/1/2022 - 9/1/2023 | 9,960,000 | 10,643,323 | |
Arizona Board of Regents (Northern Arizona University Projects) COP, 5.00% due 9/1/2022 - 9/1/2023 | 5,825,000 | 6,076,906 | |
Arizona Board of Regents (University of Arizona), 5.00% due 8/1/2023 - 8/1/2024 | 1,350,000 | 1,488,933 | |
Arizona Board of Regents (University of Arizona) COP, Series C, 5.00% due 6/1/2022 - 6/1/2028 | 7,770,000 | 8,187,575 | |
Arizona Transportation Board, 5.00% due 7/1/2025 | 5,700,000 | 6,670,824 | |
City of Phoenix Civic Improvement Corp., Series A, 5.00% due 7/1/2022 - 7/1/2025 | 8,580,000 | 9,631,829 | |
City of Tucson (Street and Highway Projects), Series A, 5.00% due 7/1/2022 | 2,135,000 | 2,211,262 | |
County of Pima (TMC HealthCare Obligated Group) IDA, 5.00% due 4/1/2031 | 1,000,000 | 1,319,790 | |
a | 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 | 8,543,885 |
a,b | Maricopa County Pollution Control Corp. (Public Service Co. of New Mexico), 0.875% due 6/1/2043 (put 10/1/2026) | 3,000,000 | 2,980,980 |
Maricopa County Special Health Care District GO, Series D, 5.00% due 7/1/2030 - 7/1/2031 | 6,800,000 | 8,994,700 | |
Northern Arizona University (Insured: BAM), Series B, 5.00% due 6/1/2025 - 6/1/2030 | 1,580,000 | 1,983,510 | |
Pima County (Ina & Roger Road Wastewater Reclamation Facilities) ETM, | |||
Series A, | |||
3.00% due 7/1/2022 | 1,325,000 | 1,351,248 | |
5.00% due 7/1/2022 | 500,000 | 517,305 | |
Pima County (Sewer System & Fleet Services Facilities Expansion) COP, Series A, 5.00% due 12/1/2021 - 12/1/2022 | 2,495,000 | 2,573,384 | |
Pima County Sewer System Revenue COP, Series B, 5.00% due 7/1/2027 - 7/1/2030 | 4,250,000 | 5,404,421 | |
Pinal County (Detention and Training Facilities), Series A, 5.00% due 8/1/2023 - 8/1/2025 | 3,300,000 | 3,752,773 | |
Pinal County (Hunt Highway (Phases III-V), Ironwood Drive, Public Safety Radio & Court Buildings), 5.00% due 8/1/2025 | 3,000,000 | 3,399,390 | |
Pinal County (Tucson Electric Power Co.) IDA, 4.00% due 9/1/2029 | 3,320,000 | 3,491,046 | |
Pinal County Community College District GO, | |||
4.00% due 7/1/2022 | 400,000 | 411,480 | |
5.00% due 7/1/2023 - 7/1/2030 | 5,000,000 | 6,219,015 | |
Salt River Project Agricultural Improvement and Power District (Salt River Electric System), 5.00% due 1/1/2026 - 1/1/2029 | 8,405,000 | 10,355,377 | |
State of Arizona COP ETM, Series A, 5.00% due 10/1/2025 | 3,375,000 | 3,968,291 | |
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 | 649,944 | |
California — 4.9% | |||
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 | 6,648,082 | |
Anaheim Public Financing Authority (Public Improvements; Insured: AGM), Series C, Zero Coupon due 9/1/2022 | 3,250,000 | 3,239,340 | |
a | California (Kaiser Foundation Hospitals) HFFA, Series B, 5.00% due 11/1/2029 (put 11/1/2022) | 1,075,000 | 1,129,524 |
a | California Community Choice Financing Authority (Guaranty: Morgan Stanley) (Green Bond), 4.00% due 2/1/2052 (put 8/1/2031) | 1,800,000 | 2,180,718 |
California State Public Works Board (Coalinga State Hospital), Series E, 5.00% due 6/1/2022 | 11,555,000 | 11,920,716 | |
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 | 11,348,995 | |
California State Public Works Board (Various Capital Projects), | |||
Series A, 5.00% due 10/1/2021 | 1,000,000 | 1,000,130 | |
Series G, 5.00% due 11/1/2021 | 1,750,000 | 1,756,335 | |
a | 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 | 2,131,083 |
Castaic Lake Water Agency (Water System Improvement; Insured: AMBAC) COP, Zero Coupon due 8/1/2023 | 10,125,000 | 10,072,654 | |
City of Los Angeles, 4.00% due 6/23/2022 | 24,300,000 | 24,971,166 | |
County of Los Angeles Metropolitan Transportation Authority (Green Bond), Series A, 5.00% due 6/1/2028 | 3,485,000 | 4,445,989 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 25 |
Thornburg Limited Term Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
County of Los Angeles Redevelopment Refunding Authority (Bunker Hill Project), Series C, 5.00% due 12/1/2021 - 12/1/2024 | $29,700,000 | $ 32,088,186 | |
Los Angeles (Educational Facilities and Information Technology Infrastructure) USD GO, | |||
Series A, 5.00% due 7/1/2023 | 8,950,000 | 9,697,862 | |
Series B, 5.00% due 7/1/2023 | 11,950,000 | 12,948,781 | |
Series D, 5.00% due 7/1/2022 - 7/1/2024 | 22,900,000 | 24,718,074 | |
Los Angeles USD GO, Series A, 5.00% due 7/1/2024 | 1,500,000 | 1,694,535 | |
Needles (Insured: Natl-Re) USD GO, Series B, Zero Coupon due 8/1/2023 | 1,005,000 | 992,126 | |
North City West School Facilities Financing Authority (Carmel Valley Educational Facilities; Insured: AGM), Series A, 5.00% due 9/1/2023 | 4,545,000 | 4,726,936 | |
a | Northern California Energy Authority (Commodity Supply Revenue), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 35,000,000 | 38,344,600 |
Orange County Transportation Authority, 5.00% due 10/15/2024 | 16,075,000 | 18,337,878 | |
Riverside County Office of Education Pooled Notes, Series A, 2.00% due 12/1/2021 | 1,000,000 | 1,002,940 | |
Rocklin (Insured: Natl-Re) USD GO, Zero Coupon due 8/1/2022 | 3,910,000 | 3,903,314 | |
Sacramento City Financing Authority (Merged Downtown & Oak Park; Insured: Natl-Re), Series A, Zero Coupon due 12/1/2021 | 1,600,000 | 1,599,344 | |
Sacramento County Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District), Series A, 5.00% due 12/1/2031 | 1,250,000 | 1,709,137 | |
San Diego Convention Center Expansion Financing Authority, Series A, 5.00% due 4/15/2022 | 8,000,000 | 8,196,400 | |
Santa Fe Springs Community Development Commission (Consolidated Redevelopment Project; Insured: Natl-Re), Series A, Zero Coupon due 9/1/2024 | 7,000,000 | 6,848,240 | |
State of California GO, 5.00% due 12/1/2024 - 12/1/2031 | 12,285,000 | 16,049,973 | |
Turlock Public Financing Authority Water Revenue, 4.00% due 3/1/2027 | 8,750,000 | 8,765,662 | |
West Contra Costa (Educational Facilities; Insured: AGC) USD GO, Series C-1, Zero Coupon due 8/1/2022 | 4,000,000 | 3,990,440 | |
West Covina Redevelopment Agency (Fashion Plaza), 6.00% due 9/1/2022 | 1,570,000 | 1,642,236 | |
Colorado — 2.0% | |||
City & County of Denver (Buell Theatre Property) COP, Series A, 5.00% due 12/1/2021 - 12/1/2023 | 5,545,000 | 5,749,059 | |
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 | 3,396,303 | |
City of Aurora COP, 5.00% due 12/1/2027 - 12/1/2029 | 7,155,000 | 9,111,536 | |
a | Colorado (Adventist Health System/Sunbelt Obligated Group) HFA, 5.00% due 11/15/2049 (put 11/19/2026) | 11,150,000 | 13,552,825 |
Colorado (Northern Colorado Medical Center) HFA ETM, 5.00% due 5/15/2025 - 5/15/2026 | 1,305,000 | 1,539,582 | |
Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2026 | 2,315,000 | 2,792,839 | |
County of Larimer (Jail Facilities Project) COP, 5.00% due 12/1/2028 - 12/1/2029 | 3,025,000 | 3,892,302 | |
Durango School District No. 9-R (State Aid Witholding) GO, Series R, 5.00% due 11/1/2030 - 11/1/2031 | 3,195,000 | 4,232,841 | |
a | E-470 Public Highway Authority, Series B, 0.384% (SOFR + 0.35%) due 9/1/2039 (put 9/1/2024) | 2,000,000 | 1,997,992 |
El Paso County (Judicial Complex; Insured: AGM) COP, 5.00% due 12/1/2022 - 12/1/2028 | 2,500,000 | 2,980,171 | |
El Paso County (Pikes Peak Regional Development Center) COP, | |||
4.00% due 12/1/2021 | 1,000,000 | 1,006,000 | |
5.00% due 12/1/2023 | 1,330,000 | 1,465,341 | |
El Paso County Falcon School District No. 49 COP, 5.00% due 12/15/2023 - 12/15/2024 | 1,600,000 | 1,789,461 | |
Interlocken Metropolitan District (Insured: AGM) GO, | |||
Series A-1, 5.00% due 12/1/2024 - 12/1/2026 | 2,375,000 | 2,781,600 | |
Series A-2, 5.00% due 12/1/2027 | 365,000 | 451,877 | |
Regional Transportation District (Denver Transit Partners LLC), Series A, 5.00% due 7/15/2024 - 1/15/2031 | 3,245,000 | 4,051,310 | |
Regional Transportation District (North Metro Rail Line) COP, Series A, 5.00% due 6/1/2023 - 6/1/2024 | 8,000,000 | 8,620,040 | |
Regional Transportation District COP, 5.00% due 6/1/2030 | 3,000,000 | 3,810,180 | |
Regional Transportation District Sales Tax Revenue (Green Bond), 5.00% due 11/1/2029 - 11/1/2030 | 4,500,000 | 5,878,950 | |
State of Colorado COP, Series A, 5.00% due 9/1/2024 - 12/15/2031 | 25,665,000 | 33,078,216 | |
Connecticut — 2.2% | |||
City of Hartford (Various Public Improvements; Insured: AGM) GO, | |||
Series A, 5.00% due 7/1/2024 - 7/1/2025 | 1,820,000 | 2,095,400 | |
Series B, 5.00% due 10/1/2022 | 1,765,000 | 1,849,049 | |
Connecticut State Health & Educational Facilities Authority (Hartford HealthCare Obligated Group), Series A, 5.00% due 7/1/2032 | 600,000 | 791,070 | |
a | Connecticut State Health & Educational Facilities Authority (Yale University), Series 2015-A, 0.375% due 7/1/2035 (put 7/12/2024) | 8,675,000 | 8,670,142 |
State of Connecticut (Educational Facilities) GO, | |||
Series B, 5.00% due 6/15/2024 - 6/15/2025 | 30,400,000 | 34,729,748 | |
Series E, 5.00% due 9/1/2023 | 5,550,000 | 6,057,048 | |
State of Connecticut (Various Capital Projects) GO, | |||
Series B, 5.00% due 5/15/2027 | 16,615,000 | 19,952,289 | |
Series E, 5.00% due 8/15/2024 | 1,845,000 | 2,009,260 | |
State of Connecticut GO, | |||
Series B, 5.00% due 2/15/2024 | 7,000,000 | 7,786,310 | |
Series C, 5.00% due 6/15/2022 - 6/15/2028 | 12,540,000 | 15,178,170 | |
Series E, 5.00% due 9/15/2028 | 2,560,000 | 3,256,832 | |
State of Connecticut Special Tax Revenue, | |||
Series A, 5.00% due 5/1/2031 | 5,000,000 | 6,527,250 |
26 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Series B, 5.00% due 10/1/2021 | $ 2,200,000 | $ 2,200,286 | |
State of Connecticut, Special Tax Revenue, Series A, 5.00% due 5/1/2028 - 5/1/2031 | 10,925,000 | 14,199,084 | |
State of Connecticut, Special Tax Revenue (Transportation Infrastructure Purposes), Series A, 5.00% due 8/1/2026 | 1,200,000 | 1,404,264 | |
Delaware — 0.1% | |||
Delaware Transportation Authority, 5.00% due 9/1/2027 - 9/1/2031 | 2,900,000 | 3,728,457 | |
Delaware Transportation Authority (Transportation System), 5.00% due 7/1/2022 | 1,440,000 | 1,491,581 | |
District of Columbia — 0.5% | |||
District of Columbia (Federal Highway Grant Anticipation), 5.00% due 12/1/2025 - 12/1/2031 | 2,500,000 | 3,109,920 | |
Washington Metropolitan Area Transit Authority, 5.00% due 7/1/2022 - 7/1/2028 | 6,405,000 | 7,223,417 | |
Washington Metropolitan Area Transit Authority (Green Bond), Series A, 5.00% due 7/15/2029 - 7/15/2031 | 12,055,000 | 15,902,714 | |
Florida — 5.8% | |||
Alachua County School Board (Educational Facilities) COP, 5.00% due 7/1/2022 - 7/1/2023 | 3,850,000 | 4,090,971 | |
Broward County School Board (Educational Facilities) COP, | |||
Series A, 5.00% due 7/1/2022 - 7/1/2027 | 18,880,000 | 21,016,830 | |
Series B, 5.00% due 7/1/2023 - 7/1/2025 | 9,275,000 | 10,561,646 | |
Series C, 5.00% due 7/1/2025 - 7/1/2026 | 12,830,000 | 15,237,700 | |
Broward County School Board COP, | |||
Series A, 5.00% due 7/1/2028 | 8,590,000 | 10,803,729 | |
Series B, 5.00% due 7/1/2029 | 8,920,000 | 11,417,154 | |
Central Florida Expressway Authority, | |||
5.00% due 7/1/2022 - 7/1/2026 | 2,620,000 | 2,927,261 | |
c | 5.00% due 7/1/2023 | 1,480,000 | 1,601,064 |
Central Florida Expressway Authority (Insured: AGM), 5.00% due 7/1/2028 - 7/1/2031 | 5,000,000 | 6,539,412 | |
City of Cape Coral (Water and Sewer System Improvements), 5.00% due 10/1/2022 - 10/1/2026 | 5,435,000 | 6,412,551 | |
City of Jacksonville, | |||
5.00% due 10/1/2027 | 400,000 | 495,676 | |
Series C, 5.00% due 10/1/2023 | 1,105,000 | 1,209,301 | |
City of Lakeland (Lakeland Regional Health Systems), 5.00% due 11/15/2026 - 11/15/2028 | 2,105,000 | 2,553,972 | |
City of Miami (Stormwater Management Utility System), 5.00% due 9/1/2026 - 9/1/2028 | 2,675,000 | 3,285,914 | |
City of Miami GO, 5.00% due 9/1/2022 | 1,000,000 | 1,003,630 | |
City of Orlando (Senior Tourist Development; Insured: AGM), | |||
Series A, | |||
5.00% due 11/1/2023 - 11/1/2027 | 1,745,000 | 2,078,584 | |
c | 5.00% due 11/1/2024 | 1,800,000 | 2,057,958 |
Florida Department of Management Services, Series A, 5.00% due 9/1/2025 | 3,185,000 | 3,739,668 | |
Florida Higher Educational Facilities Financing Authority (University of Tampa) ETM, Series A, 5.00% due 4/1/2022 | 620,000 | 634,210 | |
Florida State Board of Governors, Series A, 5.00% due 7/1/2028 - 7/1/2029 | 1,755,000 | 2,265,754 | |
Florida State Board of Governors (University System Capital Improvements), Series A, 4.00% due 7/1/2022 | 4,385,000 | 4,509,359 | |
Hillsborough County (Court Facilities), Series B, 5.00% due 11/1/2021 | 4,880,000 | 4,897,617 | |
Hillsborough County (Jail and Storm Water Projects), Series A, 5.00% due 11/1/2021 - 11/1/2022 | 5,305,000 | 5,467,376 | |
Hillsborough County School Board (Master Lease Program) COP, | |||
5.00% due 7/1/2027 - 7/1/2029 | 10,575,000 | 13,054,701 | |
Series B, 5.00% due 7/1/2028 | 4,835,000 | 5,898,700 | |
JEA Electric System, Series A, 5.00% due 10/1/2024 (pre-refunded 10/1/2023) | 1,200,000 | 1,314,156 | |
JEA Electric System ETM, Series A, 5.00% due 10/1/2023 | 1,395,000 | 1,522,601 | |
Lee County School Board (School Facilities Improvements) COP, 5.00% due 8/1/2023 - 8/1/2024 | 3,000,000 | 3,347,200 | |
Manatee County (County Capital Projects), 5.00% due 10/1/2021 | 2,775,000 | 2,775,361 | |
Manatee County (Public Utilities Improvements), 5.00% due 10/1/2024 - 10/1/2025 | 970,000 | 1,115,106 | |
Manatee County School District (School Facilities Improvements; Insured: AGM), 5.00% due 10/1/2025 - 10/1/2027 | 2,900,000 | 3,470,742 | |
Marion County School Board (Insured: BAM) COP, Series B, 5.00% due 6/1/2024 | 3,065,000 | 3,435,773 | |
Miami-Dade County (Miami International Airport), Series B, 5.00% due 10/1/2025 | 2,500,000 | 2,838,275 | |
Miami-Dade County (Transit System), 5.00% due 7/1/2023 - 7/1/2025 | 10,265,000 | 11,686,842 | |
Miami-Dade County Aviation Revenue, Series A, 5.00% due 10/1/2025 - 10/1/2031 | 3,000,000 | 3,827,820 | |
Miami-Dade County Expressway Authority (Toll System), Series B, 5.00% due 7/1/2024 - 7/1/2025 | 4,000,000 | 4,499,780 | |
Miami-Dade County School Board (Educational Facilities Improvements) COP, | |||
Series A, | |||
5.00% due 5/1/2022 - 5/1/2024 | 15,535,000 | 16,855,292 | |
a | 5.00% due 5/1/2031 (put 5/1/2024) | 2,550,000 | 2,846,718 |
Series C, 5.00% due 5/1/2025 | 15,000,000 | 17,343,150 | |
Orange County (Orlando Health, Inc.; Insured: Natl-Re) HFA ETM, Series C, 6.25% due 10/1/2021 | 420,000 | 420,067 | |
Orange County School Board (Educational Facilities) COP, Series D, 5.00% due 8/1/2022 - 8/1/2025 | 6,000,000 | 6,595,108 | |
Orange County School Board COP, | |||
5.00% due 8/1/2027 | 610,000 | 753,887 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 27 |
Thornburg Limited Term Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Series A, 5.00% due 8/1/2029 - 8/1/2031 | $ 4,600,000 | $ 6,055,640 | |
Orange County Water Utility System Revenue, 5.00% due 10/1/2026 | 1,400,000 | 1,705,144 | |
Palm Beach County (Baptist Health South Florida Obligated Group) HFA, 5.00% due 8/15/2024 - 8/15/2027 | 1,360,000 | 1,614,933 | |
Palm Beach County School Board (Educational Facilities) COP, | |||
Series B, 5.00% due 8/1/2022 - 8/1/2024 | 10,095,000 | 11,128,371 | |
Series C, 5.00% due 8/1/2022 | 1,810,000 | 1,881,368 | |
Palm Beach County School District COP, | |||
Series C, 5.00% due 8/1/2022 - 8/1/2026 | 9,130,000 | 10,201,275 | |
Series D, 5.00% due 8/1/2030 | 1,050,000 | 1,222,809 | |
Pasco County School Board COP, Series A, 5.00% due 8/1/2028 - 8/1/2031 | 9,785,000 | 12,751,548 | |
Polk County (Water and Wastewater Utility Systems), 5.00% due 10/1/2023 | 1,420,000 | 1,487,919 | |
Polk County (Water and Wastewater Utility Systems; Insured: AGM), 3.00% due 10/1/2021 | 3,125,000 | 3,125,219 | |
Reedy Creek Improvement District (Buena Vista Drive Corridor Improvements) GO, Series A, 5.00% due 6/1/2023 | 1,940,000 | 2,094,987 | |
Reedy Creek Improvement District (Walt Disney World Resort Complex Utility Systems), | |||
Series 1, | |||
c | 5.00% due 10/1/2021 | 1,200,000 | 1,200,156 |
5.00% due 10/1/2022 - 10/1/2023 | 1,375,000 | 1,475,109 | |
Reedy Creek Improvement District (Walt Disney World Resort Complex Utility Systems) GO, Series A, 5.00% due 6/1/2023 - 6/1/2025 | 3,710,000 | 4,217,932 | |
South Florida Water Management District (Everglades Restoration Plan) COP, 5.00% due 10/1/2021 - 10/1/2022 | 3,750,000 | 3,844,267 | |
St. Johns County School Board COP, | |||
Series A, | |||
c | 5.00% due 7/1/2023 | 510,000 | 551,851 |
5.00% due 7/1/2024 - 7/1/2029 | 7,505,000 | 9,262,339 | |
State of Florida GO, Series C, 5.00% due 6/1/2025 | 1,845,000 | 2,153,668 | |
Sunshine State Governmental Financing Commission (Miami-Dade County Program), Series B-1, 5.00% due 9/1/2024 (pre-refunded 9/1/2023) | 1,725,000 | 1,882,389 | |
Sunshine State Governmental Financing Commission (Miami-Dade County Program) ETM, Series B-1, 5.00% due 9/1/2022 - 9/1/2023 | 4,100,000 | 4,375,641 | |
Volusia County Educational Facilities Authority (Embry-Riddle Aeronautical University, Inc.), Series B, 5.00% due 10/15/2023 - 10/15/2025 | 1,750,000 | 1,974,480 | |
Volusia County School Board (University High School, River Springs Middle School) COP, Series B, 5.00% due 8/1/2024 | 1,000,000 | 1,130,980 | |
Volusia County School Board COP, | |||
5.00% due 10/1/2029 | 510,000 | 615,917 | |
Series A, 5.00% due 8/1/2027 - 8/1/2031 | 8,600,000 | 11,066,071 | |
Georgia — 2.1% | |||
Athens-Clarke County Unified Government Development Authority (UGAREF Central Precinct LLC), 5.00% due 6/15/2022 - 6/15/2023 | 1,270,000 | 1,335,716 | |
City of Atlanta, Series A, 5.00% due 7/1/2027 - 7/1/2030 | 5,100,000 | 6,503,183 | |
City of Atlanta (Airport Passenger Facility), | |||
Series A, 5.00% due 1/1/2024 - 1/1/2025 | 3,850,000 | 4,251,292 | |
Series B, 5.00% due 1/1/2023 - 1/1/2025 | 2,645,000 | 2,878,388 | |
City of Atlanta (Atlantic Station Project), 5.00% due 12/1/2022 - 12/1/2024 | 3,290,000 | 3,604,925 | |
City of Atlanta (Water & Wastewater System), 5.00% due 11/1/2021 - 11/1/2025 | 6,630,000 | 7,109,665 | |
Development Authority of Fulton County (Georgia Tech Athletic Assoc.) ETM, 5.00% due 10/1/2022 | 4,420,000 | 4,624,779 | |
Georgia State Road & Tollway Authority, 5.00% due 6/1/2025 - 6/1/2031 | 9,545,000 | 12,046,476 | |
Main Street Natural Gas, Inc., Series A, 5.00% due 5/15/2023 - 5/15/2029 | 14,265,000 | 17,048,975 | |
a | Main Street Natural Gas, Inc. (Guaranty: Citigroup Global Markets), Series C, 4.00% due 5/1/2052 (put 12/1/2028) | 10,000,000 | 11,822,300 |
Municipal Electric Authority of Georgia, | |||
4.00% due 11/1/2023 - 11/1/2025 | 3,850,000 | 4,245,069 | |
5.00% due 11/1/2026 - 11/1/2029 | 3,550,000 | 4,489,477 | |
Series A, 5.00% due 1/1/2026 - 1/1/2031 | 11,800,000 | 14,563,137 | |
Private Colleges & Universities Authority (Corp. of Mercer University), 5.00% due 10/1/2022 - 10/1/2029 | 2,810,000 | 3,336,812 | |
a | Private Colleges & Universities Authority (Emory University), Series B, 0.47% (MUNIPSA + 0.42%) due 10/1/2039 (put 8/16/2022) | 18,400,000 | 18,213,185 |
Savannah (International Paper Co.) EDA, 1.90% due 8/1/2024 | 4,000,000 | 4,144,520 | |
Guam — 0.4% | |||
Government of Guam (Various Capital Projects), Series D, 5.00% due 11/15/2022 - 11/15/2024 | 7,460,000 | 8,186,790 | |
Government of Guam (Various Capital Projects) ETM, Series D, 5.00% due 11/15/2021 | 2,210,000 | 2,222,111 | |
Guam Government, Series A, 5.00% due 1/1/2025 | 305,000 | 308,550 | |
Guam Government Waterworks Authority (Water & Wastewater System Improvements), 5.25% due 7/1/2022 - 7/1/2023 | 1,695,000 | 1,771,690 | |
Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2023 - 10/1/2026 | 4,330,000 | 4,863,311 | |
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2022 | 6,340,000 | 6,632,908 | |
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 | 9,822,714 | |
City and County of Honolulu (Capital Improvements) GO ETM, Series A, 5.00% due 11/1/2022 | 1,750,000 | 1,838,883 | |
County of Hawaii (Capital Improvements) GO, | |||
Series A, 5.00% due 9/1/2023 | 800,000 | 871,936 | |
Series B, 5.00% due 9/1/2023 | 1,500,000 | 1,634,880 |
28 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Series C, 5.00% due 9/1/2022 - 9/1/2026 | $ 3,750,000 | $ 4,182,153 | |
Series D, | |||
5.00% due 9/1/2023 | 1,000,000 | 1,089,920 | |
c | 5.00% due 9/1/2026 | 2,085,000 | 2,485,695 |
Series E, 5.00% due 9/1/2022 - 9/1/2026 | 2,500,000 | 2,729,180 | |
Honolulu City & County Board of Water Supply, Series A, 5.00% due 7/1/2024 (pre-refunded 7/1/2022) | 1,000,000 | 1,035,840 | |
State of Hawaii (Hawaiian Home Lands Settlement) GO, | |||
Series DZ, 5.00% due 12/1/2022 (pre-refunded 12/1/2021) | 4,000,000 | 4,030,720 | |
Series EA, 5.00% due 12/1/2021 | 3,000,000 | 3,023,040 | |
Idaho — 0.1% | |||
Idaho (Trinity Health Credit Group) HFA, Series D, 5.00% due 12/1/2022 - 12/1/2024 | 4,350,000 | 4,812,578 | |
Illinois — 5.7% | |||
Chicago Midway International Airport, Series B, 5.00% due 1/1/2022 - 1/1/2024 | 3,700,000 | 3,935,199 | |
Chicago O’Hare International Airport (2016 Airport Projects), Series C, 5.00% due 1/1/2027 | 1,750,000 | 2,065,175 | |
Chicago Park District (Capital Improvement Plan) GO, | |||
Series A, 5.00% due 1/1/2025 | 610,000 | 695,260 | |
Series B, 5.00% due 1/1/2022 - 1/1/2024 | 4,430,000 | 4,668,591 | |
Series C, 5.00% due 1/1/2022 - 1/1/2023 | 5,155,000 | 5,354,700 | |
Series D, 5.00% due 1/1/2023 - 1/1/2024 | 3,435,000 | 3,703,096 | |
Chicago Park District GO, | |||
Series A, 5.00% due 1/1/2024 | 155,000 | 170,416 | |
Series D, 5.00% due 1/1/2024 | 1,060,000 | 1,165,428 | |
Chicago Park District GO ETM, Series A, 5.00% due 1/1/2024 | 1,150,000 | 1,268,565 | |
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 | 1,507,050 | |
City of Chicago (Chicago Midway Airport), Series B, 5.00% due 1/1/2023 - 1/1/2024 | 22,275,000 | 23,638,468 | |
City of Chicago (Riverwalk Expansion Project; Insured: AGM), 5.00% due 1/1/2023 | 1,000,000 | 1,034,170 | |
City of Chicago (Wastewater Transmission System), Series C, 5.00% due 1/1/2022 - 1/1/2025 | 15,750,000 | 17,241,117 | |
City of Chicago (Water System), | |||
Series 2017-2, 5.00% due 11/1/2021 - 11/1/2024 | 2,650,000 | 2,847,266 | |
Series A, 5.00% due 11/1/2027 | 6,250,000 | 7,485,375 | |
Series A-1, 5.00% due 11/1/2024 | 4,000,000 | 4,535,160 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2028 | 2,000,000 | 2,470,500 | |
City of Waukegan (Lakehurst Redevelopment Project; Insured: AGM) GO, Series A, 5.00% due 12/30/2021 - 12/30/2022 | 3,100,000 | 3,181,029 | |
Community College District No. 503 (Black Hawk College; Insured: AGM) GO, 5.00% due 12/1/2021 - 12/1/2024 | 10,935,000 | 11,854,110 | |
Community College District No. 516 (Waubonsee Community College) GO, Series A, 5.00% due 12/15/2021 | 6,175,000 | 6,233,045 | |
Community Unit School District No. 5 (Insured: BAM) GO, 5.00% due 4/15/2024 - 4/15/2026 | 1,650,000 | 1,905,323 | |
Cook County Community College District No. 508 (City Colleges of Chicago) GO, | |||
5.00% due 12/1/2021 - 12/1/2024 | 6,800,000 | 7,209,077 | |
5.25% due 12/1/2025 - 12/1/2026 | 3,365,000 | 3,646,118 | |
Cook County School District No 87 Berkeley (Insured: AGM) GO, 5.00% due 12/1/2029 | 500,000 | 643,450 | |
Cook County School District No.170 (Insured: AGM) GO, Series D, 5.00% due 12/1/2024 | 1,190,000 | 1,358,825 | |
County of Cook (Capital Improvement Plan) GO, | |||
Series A, 5.00% due 11/15/2021 | 5,000,000 | 5,026,900 | |
Series C, | |||
4.00% due 11/15/2021 - 11/15/2022 | 3,000,000 | 3,049,710 | |
5.00% due 11/15/2021 - 11/15/2022 | 3,605,000 | 3,694,856 | |
County of Cook Sales Tax Revenue, 5.00% due 11/15/2028 | 2,250,000 | 2,783,092 | |
Forest Preserve District of Cook County GO, Series A, 5.00% due 11/15/2021 | 1,500,000 | 1,508,085 | |
Forest Preserve District of DuPage County GO, 5.00% due 11/1/2021 - 11/1/2024 | 8,955,000 | 9,873,773 | |
Illinois Finance Authority (Advocate Health Care), 5.00% due 8/1/2023 - 8/1/2024 | 1,365,000 | 1,518,012 | |
Illinois Finance Authority (NorthShore University HealthSystem Obligated Group), 5.00% due 8/15/2023 - 8/15/2031 | 7,990,000 | 10,177,380 | |
a | Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group), Series B, 5.00% due 7/15/2057 (put 12/15/2022) | 2,270,000 | 2,398,595 |
Illinois Finance Authority (Rush University Medical Center), Series A, 5.00% due 11/15/2021 - 11/15/2025 | 2,770,000 | 3,125,690 | |
Illinois Finance Authority (Trinity Health), Series L, 4.00% due 12/1/2021 | 1,265,000 | 1,272,527 | |
Illinois State Toll Highway Authority, | |||
5.00% due 1/1/2025 | 2,000,000 | 2,294,520 | |
Series D, 5.00% due 1/1/2023 - 1/1/2024 | 10,500,000 | 11,415,405 | |
Kane McHenry Cook & DeKalb Counties Unit School District No. 300 (Insured: AMBAC) GO, Zero Coupon due 12/1/2021 | 1,235,000 | 1,234,345 | |
Kane McHenry Cook & DeKalb Counties Unit School District No. 300 (Insured: AMBAC) GO ETM, Zero Coupon due 12/1/2021 | 765,000 | 764,518 | |
Kane McHenry Cook & DeKalb Counties Unit School District No. 300 GO, 5.00% due 1/1/2024 | 7,150,000 | 7,884,233 | |
Knox & Warren Counties Community Unit School District No 205 Galesburg GO, | |||
Series B, |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 29 |
Thornburg Limited Term Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
4.00% due 12/1/2021 - 12/1/2024 | $ 4,625,000 | $ 4,905,564 | |
5.00% due 12/1/2025 - 12/1/2029 | 7,400,000 | 9,034,003 | |
McHenry County Conservation District GO, 5.00% due 2/1/2025 | 2,000,000 | 2,298,760 | |
Metropolitan Water Reclamation District of Greater Chicago (Green Bond) GO, Series E, 5.00% due 12/1/2025 | 1,000,000 | 1,182,260 | |
Peoria Metropolitan Airport Authority GO, Series D, 5.00% due 12/1/2027 | 1,000,000 | 1,206,070 | |
Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2028 - 1/1/2029 | 6,445,000 | 7,976,775 | |
State of Illinois (State Facilities Improvements) GO, Series D, 5.00% due 11/1/2021 - 11/1/2024 | 6,150,000 | 6,646,042 | |
State of Illinois GO, | |||
5.50% due 5/1/2024 - 5/1/2030 | 2,350,000 | 2,805,645 | |
Series A, 5.00% due 12/1/2021 | 4,500,000 | 4,534,020 | |
Series D, 5.00% due 11/1/2023 - 11/1/2028 | 36,240,000 | 43,633,708 | |
State of Illinois Sales Tax Revenue, Series B, 5.00% due 6/15/2026 - 6/15/2029 | 20,000,000 | 24,522,100 | |
State of Illinois Sales Tax Revenue (Insured: BAM-Natl-Re), Series 1, 6.00% due 6/15/2026 | 235,000 | 283,690 | |
Village of Tinley Park GO, 4.00% due 12/1/2022 | 625,000 | 651,706 | |
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 | 23,281,897 | |
Indiana — 0.9% | |||
Avon Community School Building Corp (Educational Facilities; Insured: State Intercept), 5.00% due 7/15/2022 - 7/15/2027 | 4,530,000 | 5,197,966 | |
Carmel Local Public Improvement Bond Bank, | |||
Series A, | |||
4.00% due 1/15/2029 - 1/15/2030 | 1,715,000 | 2,061,152 | |
c | 4.00% due 7/15/2030 | 500,000 | 599,830 |
City of Carmel Redevelopment Authority (Road and Intersection Improvements), 5.00% due 8/1/2022 | 2,510,000 | 2,578,071 | |
City of Indianapolis Department of Public Utilities Gas Utility Revenue, Series A, 5.00% due 8/15/2022 | 1,000,000 | 1,040,880 | |
Hamilton Southeastern Consolidated School Building Corp. (Educational Facilities; Insured: State Intercept), Series D, 5.00% due 7/15/2022 - 1/15/2024 | 1,980,000 | 2,115,854 | |
Indiana Finance Authority (Community Health Network), Series A, 5.00% due 5/1/2022 | 1,230,000 | 1,263,653 | |
Indiana Finance Authority (CWA Authority, Inc. Wastewater System Project), Series A, 5.00% due 10/1/2021 - 10/1/2024 | 2,000,000 | 2,159,935 | |
Indiana Finance Authority (CWA Authority, Inc.), | |||
Series 1, 5.00% due 10/1/2030 - 10/1/2031 | 5,500,000 | 7,312,344 | |
Series 2, 5.00% due 10/1/2029 - 10/1/2031 | 2,740,000 | 3,629,522 | |
a | Indiana Finance Authority (Indiana University Health, Inc. Obligated Group), Series 2011L, 0.70% due 12/1/2046 (put 1/1/2026) | 7,500,000 | 7,539,225 |
Indiana Finance Authority (Parkview Health System), 5.00% due 5/1/2022 | 1,135,000 | 1,165,978 | |
Indiana Municipal Power Agency (Power Supply System), Series A, 5.00% due 1/1/2026 - 1/1/2028 | 4,235,000 | 5,139,548 | |
Lake Central Multi-District School Building Corp. (Educational Facilities) (State Aid Withholding), | |||
Series B, | |||
4.00% due 1/15/2022 | 1,455,000 | 1,470,307 | |
5.00% due 7/15/2022 | 1,000,000 | 1,036,930 | |
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 | 5,096,895 | |
Iowa — 0.2% | |||
Des Moines Independent Community School District (School Infrastructure; Insured: AGM), 4.00% due 6/1/2022 | 2,140,000 | 2,145,949 | |
Iowa Finance Authority (Genesis Health System), 5.00% due 7/1/2024 (pre-refunded 7/1/2023) | 2,350,000 | 2,542,583 | |
Iowa Finance Authority (Genesis Health System) ETM, 5.00% due 7/1/2022 - 7/1/2023 | 3,735,000 | 3,958,674 | |
Kansas — 1.5% | |||
Johnson County No. 512 Shawnee Mission USD GO, Series A, 5.00% due 10/1/2034 (pre-refunded 10/1/2025) | 2,000,000 | 2,362,440 | |
a | Kansas (AdventHealth Obligated Group) DFA, Series B, 5.00% due 11/15/2054 (put 11/15/2031) | 26,930,000 | 36,198,229 |
Kansas (National Bio and Agro-Defense Facility) DFA, Series G, 5.00% due 4/1/2022 - 4/1/2025 | 27,395,000 | 29,209,908 | |
Kansas DFA, Series SRF, 5.00% due 5/1/2026 | 765,000 | 919,392 | |
Seward County No. 480 USD GO, | |||
Series B, | |||
5.00% due 9/1/2024 - 9/1/2026 | 4,020,000 | 4,694,355 | |
5.00% due 9/1/2027 (pre-refunded 9/1/2025) | 2,100,000 | 2,473,695 | |
Unified Government of Wyandotte County/Kansas City (Utility Systems Improvement), Series A, 5.00% due 9/1/2022 - 9/1/2024 | 3,600,000 | 3,867,402 | |
Wyandotte County No. 500 (General Improvement) USD GO, Series A, 5.00% due 9/1/2025 - 9/1/2026 | 5,675,000 | 6,730,820 | |
Kentucky — 2.2% | |||
County of Trimble (Louisville Gas and Electric Co.), Series A, 0.625% due 9/1/2026 | 2,000,000 | 1,986,940 | |
Kentucky Economic (Norton Healthcare, Inc.; Insured: Natl-Re) DFA, Series B, Zero Coupon due 10/1/2021 - 10/1/2023 | 7,080,000 | 7,004,235 | |
a | Kentucky Public Energy Authority, Series A, 4.00% due 4/1/2048 (put 4/1/2024) | 77,915,000 | 84,268,189 |
Kentucky State Property & Building Commission (Kentucky Finance and Administration Cabinet; Insured: BAM), 5.00% due 4/1/2031 | 11,760,000 | 14,301,689 | |
Kentucky State Property & Building Commission (Project No. 112), Series B, 5.00% due 11/1/2021 | 1,050,000 | 1,053,791 | |
b | Kentucky Turnpike Authority (Kentucky Transportation Cabinet), Series A, 5.00% due 7/1/2029 - 7/1/2031 | 3,665,000 | 4,798,141 |
30 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Louisville/Jefferson County Metropolitan Government (Norton Healthcare, Inc.), 5.00% due 10/1/2026 | $ 3,000,000 | $ 3,641,460 | |
Turnpike Authority of Kentucky (Revitalization Projects), | |||
Series B, | |||
c | 5.00% due 7/1/2025 | 2,435,000 | 2,832,416 |
5.00% due 7/1/2026 | 3,180,000 | 3,808,209 | |
Louisiana — 2.6% | |||
City of Bossier Sales & Use Tax Revenue (Public Improvements; Insured: AGM), Series ST-2010, 4.50% due 12/1/2021 | 2,240,000 | 2,254,762 | |
City of New Orleans (Public Improvements) GO, 5.00% due 12/1/2021 | 1,200,000 | 1,209,156 | |
City of New Orleans (Public Improvements; Insured: AGM) GO, 5.00% due 12/1/2021 | 5,700,000 | 5,743,491 | |
City of Shreveport (Water and Sewer System; Insured: BAM), Series A, 5.00% due 12/1/2022 - 12/1/2024 | 15,195,000 | 16,601,911 | |
City of Shreveport (Water and Sewer System; Insured: BAM) ETM, Series A, 5.00% due 12/1/2021 | 8,185,000 | 8,247,452 | |
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 | 5,962,951 | |
East Baton Rouge Sewerage Commission (Wastewater System Improvements), | |||
Series A, | |||
5.00% due 2/1/2028 - 2/1/2029 | 1,600,000 | 2,025,657 | |
c | 5.00% due 2/1/2030 | 800,000 | 1,039,648 |
Series B, 5.00% due 2/1/2023 - 2/1/2025 | 2,150,000 | 2,393,538 | |
Ernest N. Morial - New Orleans Exhibition Hall Authority (Convention Center), 5.00% due 7/15/2022 - 7/15/2023 | 2,000,000 | 2,072,100 | |
Jefferson Sales Tax District (Insured: AGM), | |||
Series A, 5.00% due 12/1/2023 - 12/1/2027 | 4,700,000 | 5,561,786 | |
Series B, 5.00% due 12/1/2027 - 12/1/2028 | 4,690,000 | 5,863,455 | |
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 | 1,838,405 | |
Louisiana Energy & Power Authority (Rodemacher Unit No. 2 Power), 5.00% due 1/1/2023 | 1,740,000 | 1,834,412 | |
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 | 18,012,412 | |
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 | 3,535,342 | |
Louisiana Office Facilities Corp. (Louisiana Division of Administration), 5.00% due 11/1/2022 | 1,455,000 | 1,526,833 | |
Louisiana Offshore Terminal Authority (Loop LLC), | |||
a | 1.65% due 9/1/2027 (put 12/1/2023) | 6,150,000 | 6,328,719 |
a | Series A, 1.65% due 9/1/2033 (put 12/1/2023) | 5,000,000 | 5,145,300 |
a | Series C, 1.65% due 9/1/2034 (put 12/1/2023) | 5,000,000 | 5,145,300 |
Louisiana Public Facilities Authority (Hurricane Recovery Program), 5.00% due 6/1/2022 - 6/1/2023 | 7,945,000 | 8,412,851 | |
a | Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series B, 5.00% due 5/15/2050 (put 5/15/2025) | 3,500,000 | 4,047,225 |
Parish of LaFourche (Roads, Highways & Bridges), | |||
c | 5.00% due 1/1/2022 | 415,000 | 419,777 |
5.00% due 1/1/2023 | 515,000 | 545,308 | |
a | Parish of St. Charles (Valero Energy Corp. Refinery), 4.00% due 12/1/2040 (put 6/1/2022) | 19,125,000 | 19,565,831 |
Shreveport Water & Sewer Revenue (Insured: BAM), Series C, 5.00% due 12/1/2024 - 12/1/2026 | 2,420,000 | 2,829,671 | |
State of Louisiana, 5.00% due 9/1/2028 - 9/1/2031 | 5,410,000 | 7,061,780 | |
Maine — 0.1% | |||
Maine Governmental Facilities Authority (Augusta & Machias Courthouses), | |||
Series A, | |||
5.00% due 10/1/2021 - 10/1/2022 | 2,490,000 | 2,546,736 | |
c | 5.00% due 10/1/2023 | 1,445,000 | 1,583,792 |
Maryland — 0.8% | |||
County of Charles GO, 5.00% due 10/1/2031 | 2,150,000 | 2,772,081 | |
Maryland Health & Higher Educational Facilities Authority (UPMC Obligated Group), Series B, 5.00% due 4/15/2025 - 4/15/2030 | 7,005,000 | 8,652,253 | |
Montgomery County GO, Series C, 5.00% due 10/1/2025 | 1,250,000 | 1,475,437 | |
Prince County George’s GO, Series A, 5.00% due 9/15/2026 | 6,110,000 | 7,416,868 | |
State of Maryland Department of Transportation, 5.00% due 10/1/2029 | 6,850,000 | 8,897,328 | |
State of Maryland GO, | |||
Series A, 5.00% due 3/1/2031 | 5,000,000 | 6,691,250 | |
Series B, 5.00% due 8/1/2024 | 6,955,000 | 7,879,597 | |
Washington Suburban Sanitary Commission, 5.00% due 6/1/2030 | 3,000,000 | 3,863,250 | |
Massachusetts — 1.6% | |||
City of Methuen (Bans) (State Aid Withholding) GO, 1.00% due 9/1/2022 | 2,000,000 | 2,012,560 | |
Commonwealth of Massachusetts, Series G, 5.00% due 9/1/2030 | 10,500,000 | 13,882,995 | |
Commonwealth of Massachusetts GO, Series G, 5.00% due 9/1/2029 | 5,000,000 | 6,495,600 | |
Massachusetts (Berkshire Health Systems, Inc. Obligated Group) DFA, Series I, 5.00% due 10/1/2027 - 10/1/2031 | 3,520,000 | 4,510,846 | |
Massachusetts (Beth Israel Lahey Health Obligated Group) DFA, 5.00% due 7/1/2027 - 7/1/2028 | 2,000,000 | 2,489,620 | |
Massachusetts (CareGroup Healthcare System) DFA, Series I, 5.00% due 7/1/2023 - 7/1/2027 | 11,470,000 | 13,160,423 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 31 |
Thornburg Limited Term Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Massachusetts (Insured: BHAC-CR FGIC), 5.50% due 1/1/2029 | $ 8,300,000 | $ 10,753,563 | |
Massachusetts (Mount Auburn Hospital Health Records System) DFA, Series H-1, 5.00% due 7/1/2022 - 7/1/2025 | 15,415,000 | 17,035,040 | |
a | Massachusetts (President & Trustees of Williams College) DFA, Series N, 0.45% due 7/1/2041 (put 7/1/2025) | 2,000,000 | 2,003,420 |
Massachusetts School Building Authority, Series C, 5.00% due 8/15/2029 | 2,440,000 | 2,864,560 | |
a | Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, Series A, 5.00% due 1/1/2039 (put 1/1/2023) | 3,630,000 | 3,844,279 |
Pennsylvania (UPMC Obligated Group) EDFA, Series J, 5.25% due 10/1/2023 | 595,000 | 652,150 | |
University of Massachusetts Building Authority (University of Massachusetts), | |||
Series 2021-1, | |||
c | 5.00% due 11/1/2026 | 4,000,000 | 4,898,920 |
5.00% due 11/1/2027 - 11/1/2031 | 5,500,000 | 7,155,480 | |
Michigan — 2.2% | |||
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 | 2,089,941 | |
County of Genesee (Water Supply System; Insured: BAM) GO, 5.00% due 11/1/2022 | 600,000 | 630,714 | |
Livonia Public Schools (Insured: BAM) GO, Series I, 5.00% due 5/1/2029 - 5/1/2030 | 2,035,000 | 2,614,168 | |
Michigan Finance Authority ((McLaren Health Care Corp. Obligated Group), 5.00% due 2/15/2029 | 1,000,000 | 1,274,150 | |
Michigan Finance Authority (Beaumont Health Credit Group), 5.00% due 8/1/2023 - 8/1/2025 | 18,800,000 | 21,075,086 | |
Michigan Finance Authority (Henry Ford Health System), 5.00% due 11/15/2027 | 1,000,000 | 1,213,270 | |
Michigan Finance Authority (McLaren Health Care Corp. Obligated Group), 5.00% due 2/15/2028 | 1,000,000 | 1,248,650 | |
Michigan Finance Authority (Trinity Health Credit Group), | |||
5.00% due 12/1/2022 - 12/1/2024 | 4,500,000 | 4,953,925 | |
Series A, 5.00% due 12/1/2024 - 12/1/2028 | 6,000,000 | 7,203,690 | |
Michigan State Building Authority, Series I, 5.00% due 10/15/2030 | 2,500,000 | 3,312,500 | |
Michigan State Building Authority (Facilities Program), Series I, 5.00% due 4/15/2023 - 4/15/2026 | 1,865,000 | 2,096,978 | |
Muskegon Public Schools (Insured: Q-SBLF) GO, Series- II, 5.00% due 5/1/2027 | 200,000 | 245,256 | |
Royal Oak Hospital Finance Authority (William Beaumont Hospital), Series D, 5.00% due 9/1/2023 - 9/1/2024 | 3,240,000 | 3,575,601 | |
School District of the City of Dearborn (Insured: Q-SBLF) GO, 4.00% due 5/1/2022 - 5/1/2023 | 1,160,000 | 1,208,148 | |
School District of the City of Detroit (Wayne County School Building & Site; Insured: Q-SBLF) GO, Series A, 5.00% due 5/1/2022 | 3,000,000 | 3,082,080 | |
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 | 12,615,452 | |
State of Michigan Trunk Line Revenue, Series B, 5.00% due 11/15/2028 - 11/15/2030 | 32,500,000 | 42,331,200 | |
Wayne State University, Series A, 5.00% due 11/15/2023 - 11/15/2026 | 12,640,000 | 14,704,998 | |
West Ottawa Public Schools, | |||
b | 4.00% due 11/1/2031 | 395,000 | 481,920 |
b | 5.00% due 11/1/2028 - 11/1/2029 | 625,000 | 794,531 |
Minnesota — 0.2% | |||
Minnesota Higher Education Facilities Authority, 5.00% due 10/1/2029 | 300,000 | 383,805 | |
Minnesota Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), | |||
Series F, | |||
1.90% due 1/1/2029 | 225,000 | 227,876 | |
1.95% due 7/1/2029 | 535,000 | 542,795 | |
a | Minnesota Housing Finance Agency (Residential Single Family Development; Collateralized: GNMA, FNMA, FHLMC), Series H, 0.60% (MUNIPSA + 0.55%) due 7/1/2041 (put 12/12/2023) | 7,525,000 | 7,621,297 |
Port Authority of the City of St. Paul (Minnesota Andersen Office Building), Series 3, 5.00% due 12/1/2021 - 12/1/2022 | 2,215,000 | 2,291,190 | |
St. Paul Housing and Redevelopment Authority (HealthPartners), Series A, 5.00% due 7/1/2023 - 7/1/2025 | 1,850,000 | 2,049,735 | |
Mississippi — 0.2% | |||
Mississippi Development Bank (City of Gulfport) GO, | |||
4.00% due 9/1/2031 | 395,000 | 457,604 | |
5.00% due 9/1/2028 | 310,000 | 386,961 | |
Mississippi Development Bank (Jackson Public School District; Insured: BAM), 5.00% due 10/1/2024 - 10/1/2028 | 2,400,000 | 2,880,248 | |
Mississippi Development Bank (MDOT-Harrison County Highway), Series A, 5.00% due 1/1/2022 - 1/1/2023 | 2,500,000 | 2,600,055 | |
Mississippi Development Bank (MDOT-Madison County Highway), Series C, 5.00% due 1/1/2022 - 1/1/2023 | 2,250,000 | 2,335,307 | |
Missouri — 0.3% | |||
City of Excelsior Springs (Insured: BAM) COP, | |||
Series A, 4.00% due 9/1/2024 - 9/1/2028 | 1,860,000 | 2,138,598 | |
Series B, 4.00% due 3/1/2025 - 3/1/2030 | 1,230,000 | 1,414,039 | |
Jackson County (Parking Facility Projects), 4.00% due 12/1/2021 | 1,000,000 | 1,006,080 | |
Kansas City Municipal Assistance Corp. (H. Roe Bartle Convention Center & Infrastructure Project; Insured: AMBAC), Series B-1, Zero Coupon due 4/15/2022 | 5,040,000 | 5,025,686 | |
Missouri (City of Independence Electric System) DFB ISD, Series F, 4.00% due 6/1/2022 | 3,155,000 | 3,234,285 | |
Special Administrative Board of the Transitional School District of the City of St. Louis (State Aid Withholding) GO, 4.00% due 4/1/2022 | 3,300,000 | 3,361,017 | |
Nebraska — 1.3% |
32 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Central Plains Energy Project, | |||
a | 4.00% due 12/1/2049 (put 8/1/2025) | $ 8,500,000 | $ 9,543,885 |
a | 5.00% due 3/1/2050 (put 1/1/2024) | 50,000,000 | 54,740,500 |
Douglas County Hospital Authority No. 3 (Nebraska Methodist Health System), 5.00% due 11/1/2022 - 11/1/2025 | 6,980,000 | 7,804,788 | |
Nevada — 2.8% | |||
Carson City (Carson Tahoe Regional Healthcare), | |||
5.00% due 9/1/2023 - 9/1/2027 | 1,105,000 | 1,288,574 | |
c | 5.00% due 9/1/2025 | 600,000 | 701,004 |
Carson City (Carson Tahoe Regional Healthcare) ETM, 5.00% due 9/1/2022 | 2,450,000 | 2,556,820 | |
Clark County School District (Acquisition of Transportation & Technology Equipment) GO, | |||
Series C, 5.00% due 6/15/2022 | 2,560,000 | 2,645,581 | |
Series D, 5.00% due 6/15/2022 | 27,150,000 | 28,057,624 | |
Clark County School District (Insured: BAM) GO, Series B, 5.00% due 6/15/2025 | 6,910,000 | 8,040,960 | |
Clark County School District GO, Series A, 5.00% due 6/15/2023 | 4,000,000 | 4,321,040 | |
County of Washoe GO, 5.00% due 7/1/2027 - 7/1/2031 | 15,220,000 | 20,016,769 | |
Las Vegas Convention and Visitors Authority, Series C, 5.00% due 7/1/2023 - 7/1/2026 | 3,050,000 | 3,506,070 | |
Las Vegas Valley Water District GO, | |||
Series A, 5.00% due 6/1/2023 - 6/1/2026 | 55,955,000 | 63,197,789 | |
Series B, 5.00% due 12/1/2025 | 20,000,000 | 23,258,400 | |
State of Nevada (Water Pollution Control Revolving Fund) GO, 5.00% due 8/1/2030 | 1,530,000 | 1,956,594 | |
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 | 2,891,160 | |
New Jersey — 3.3% | |||
City of Jersey City (Qualified General Improvement; Insured: BAM) (State Aid Withholding) GO, Series A, 5.00% due 8/1/2022 - 8/1/2023 | 4,985,000 | 5,289,136 | |
b | City of Newark GO, Series E, 1.25% due 10/3/2022 | 4,000,000 | 4,038,240 |
Essex County Improvement Authority (County Correctional Facilities & Gibraltar Facilities; Insured: Natl-Re) GO, 5.50% due 10/1/2024 | 5,000,000 | 5,772,950 | |
Hudson County Improvement Authority, Series C-1, 1.00% due 8/16/2022 | 3,400,000 | 3,423,392 | |
New Jersey (Insured: Natl-Re) EDA, Series K, 5.25% due 12/15/2021 | 1,000,000 | 1,009,780 | |
New Jersey (New Jersey Transit Corporation) (State Aid Withholding) EDA, Series B, 5.00% due 11/1/2024 | 8,000,000 | 9,102,480 | |
New Jersey (New Jersey Transit Corporation) EDA, | |||
5.00% due 11/1/2029 | 40,000 | 51,260 | |
Series B, 5.00% due 11/1/2023 | 2,500,000 | 2,739,175 | |
New Jersey (School Facilities Construction) EDA, | |||
5.00% due 6/15/2028 - 6/15/2029 | 4,190,000 | 5,279,809 | |
Series NN, 5.00% due 3/1/2026 | 1,410,000 | 1,501,904 | |
Series UU, 5.00% due 6/15/2028 | 7,930,000 | 8,856,620 | |
New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N-1, 5.50% due 9/1/2027 | 2,750,000 | 3,458,263 | |
New Jersey (Self Designated Social Bonds) EDA, Series QQQ, 5.00% due 6/15/2030 - 6/15/2031 | 830,000 | 1,080,205 | |
New Jersey (State of New Jersey Department of the Treasury) EDA, | |||
5.00% due 6/15/2028 - 6/15/2031 | 5,240,000 | 6,656,705 | |
Series BBB, 5.50% due 6/15/2029 | 1,000,000 | 1,229,950 | |
New Jersey (Virtua Health Issue) HFFA, 5.00% due 7/1/2023 - 7/1/2024 | 1,535,000 | 1,685,187 | |
New Jersey EDA, | |||
Series- II, 5.00% due 3/1/2025 | 775,000 | 789,748 | |
Series XX, 5.00% due 6/15/2026 | 1,140,000 | 1,321,830 | |
New Jersey Transportation Trust Fund Authority, | |||
Series A, 5.00% due 12/15/2029 | 1,550,000 | 1,953,016 | |
Series-A, 5.00% due 6/15/2028 | 4,240,000 | 5,042,081 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), | |||
5.00% due 6/15/2023 - 6/15/2024 | 6,275,000 | 6,911,101 | |
Series A, 5.25% due 12/15/2022 | 2,000,000 | 2,117,180 | |
Series A-1, 5.00% due 6/15/2025 - 6/15/2027 | 30,535,000 | 36,344,972 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements; Insured: AMBAC), | |||
Series A, 5.25% due 12/15/2021 | 6,000,000 | 6,058,680 | |
Series B, 5.25% due 12/15/2023 | 3,545,000 | 3,922,365 | |
New Jersey Transportation Trust Fund Authority (Transportation System), | |||
5.00% due 12/15/2025 - 12/15/2027 | 21,850,000 | 26,619,789 | |
Series A, 5.00% due 6/15/2024 | 950,000 | 1,066,071 | |
Passaic Valley Sewerage Commission (Sewer System), Series G, 5.75% due 12/1/2021 | 4,500,000 | 4,539,150 | |
State of New Jersey (COVID-19 GO Emergency Bonds) GO, Series A, 5.00% due 6/1/2024 - 6/1/2029 | 23,500,000 | 29,131,415 | |
New Mexico — 1.0% | |||
Albuquerque Municipal School District No 12 (State Aid Witholding) GO, Series A, 5.00% due 8/1/2022 - 8/1/2026 | 1,675,000 | 1,875,600 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 33 |
Thornburg Limited Term Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Carlsbad Municipal School District (Educational Facilities) (State Aid Withholding) GO, 5.00% due 8/1/2023 | $ 1,650,000 | $ 1,792,890 | |
City of Albuquerque (City Infrastructure Improvements) GO, Series A, 5.00% due 7/1/2023 | 1,360,000 | 1,473,261 | |
City of Farmington (Public Service Co. of New Mexico), | |||
a,b | Series A, 0.875% due 6/1/2040 (put 10/1/2026) | 2,000,000 | 1,987,420 |
a | Series B, 2.125% due 6/1/2040 (put 6/1/2022) | 3,500,000 | 3,535,980 |
a | Series C, 1.15% due 6/1/2040 (put 6/1/2024) | 4,500,000 | 4,560,075 |
a | Series D, 1.10% due 6/1/2040 (put 6/1/2023) | 7,000,000 | 7,062,720 |
City of Santa Fe (El Castillo Retirement Residences), 4.50% due 5/15/2022 | 565,000 | 573,984 | |
County of Santa Fe GRT, 3.00% due 6/1/2027 | 1,000,000 | 1,109,680 | |
New Mexico Educational Assistance Foundation (Student Loans), Series A-1, 5.00% due 12/1/2021 | 3,000,000 | 3,010,050 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), 5.00% due 8/1/2024 - 8/1/2025 | 1,780,000 | 2,043,931 | |
New Mexico Mortgage Finance Authority (Collateralized: GNMA, FNMA, FHLMC), Series F, 3.50% due 7/1/2050 | 9,710,000 | 10,594,775 | |
New Mexico Municipal Energy Acquisition Authority, | |||
Series A, | |||
4.00% due 11/1/2023 - 11/1/2024 | 2,650,000 | 2,893,652 | |
a | 5.00% due 11/1/2039 (put 5/1/2025) | 4,600,000 | 5,296,348 |
New Mexico State University, Series B, 5.00% due 4/1/2022 | 575,000 | 588,156 | |
New Mexico State University (Insured: BAM), Series A, 5.00% due 4/1/2029 | 1,645,000 | 2,050,542 | |
New Mexico State University ETM, Series B, 5.00% due 4/1/2022 | 675,000 | 690,977 | |
Rio Rancho Public School District No. 94 (State Aid Withholding) GO, Series A, 5.00% due 8/1/2026 | 1,085,000 | 1,302,358 | |
Santa Fe County (County Buildings & Facilities) GRT, Series A, 5.00% due 6/1/2025 | 1,250,000 | 1,458,725 | |
State of New Mexico Severance Tax Permanent Fund, Series A, 5.00% due 7/1/2026 | 600,000 | 721,542 | |
New York — 5.7% | |||
City of New York (City Budget Financial Management) GO, | |||
Series D, 5.00% due 8/1/2022 | 3,000,000 | 3,119,400 | |
Series G, 5.00% due 8/1/2022 - 8/1/2023 | 16,145,000 | 17,241,419 | |
Series J, 5.00% due 8/1/2023 - 8/1/2024 | 33,130,000 | 36,943,198 | |
Series K, 5.00% due 8/1/2022 | 13,075,000 | 13,595,254 | |
City of New York GO, Series J, 5.00% due 8/1/2026 | 750,000 | 906,847 | |
County of Nassau (Insured: AGM) GO, Series A, 5.00% due 4/1/2028 - 4/1/2031 | 4,500,000 | 5,762,355 | |
County of Suffolk (Insured: AGM) GO, Series A, 5.00% due 2/1/2025 | 800,000 | 917,784 | |
County of Suffolk (Insured: BAM) GO, Series D, 5.00% due 10/15/2025 | 750,000 | 879,518 | |
Erie County (State Aid Witholding) IDA, Series A, 5.00% due 5/1/2029 - 5/1/2030 | 3,300,000 | 4,277,358 | |
Long Island Power Authority, Series A, 5.00% due 9/1/2026 - 9/1/2030 | 3,475,000 | 4,416,859 | |
Metropolitan Transportation Authority, | |||
Series A-1, 5.00% due 11/15/2025 | 1,265,000 | 1,451,550 | |
Series B, | |||
4.00% due 11/15/2026 | 1,660,000 | 1,900,650 | |
5.00% due 11/15/2028 | 1,230,000 | 1,465,410 | |
Series C-1, | |||
5.00% due 11/15/2027 | 1,070,000 | 1,245,287 | |
5.25% due 11/15/2028 - 11/15/2029 | 16,100,000 | 18,852,573 | |
Series D-1, 5.00% due 11/15/2028 - 11/15/2029 | 4,990,000 | 5,792,859 | |
Series F, 5.00% due 11/15/2025 | 1,055,000 | 1,231,797 | |
Metropolitan Transportation Authority (Green Bond), | |||
Series A2, 5.00% due 11/15/2027 | 3,450,000 | 4,115,712 | |
Series B, 5.00% due 11/15/2025 - 11/15/2027 | 6,650,000 | 7,853,899 | |
Series C-1, 5.00% due 11/15/2024 - 11/15/2026 | 6,840,000 | 7,997,909 | |
Metropolitan Transportation Authority (Transit and Commuter System), Series B-1, 5.00% due 5/15/2022 | 15,430,000 | 15,884,105 | |
Monroe County (St. John Fisher College) IDC, Series A, 5.00% due 6/1/2022 | 2,000,000 | 2,060,820 | |
Nassau County Interim Finance Authority, Series A, 5.00% due 11/15/2025 - 11/15/2031 | 8,120,000 | 10,804,566 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
5.00% due 11/1/2026 - 11/1/2031 | 18,985,000 | 24,249,334 | |
Series 1, 5.00% due 11/1/2026 - 11/1/2029 | 9,000,000 | 11,296,320 | |
Series D, 5.00% due 11/1/2024 - 11/1/2025 | 2,750,000 | 3,174,725 | |
Series G5, 5.00% due 5/1/2028 | 1,500,000 | 1,891,650 | |
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 | 3,025,400 | |
New York City Water & Sewer System, | |||
Series DD, 5.00% due 6/15/2026 | 1,250,000 | 1,509,812 | |
Series EE, 5.00% due 6/15/2031 | 7,000,000 | 9,430,260 | |
New York State Dormitory Authority, Series A, 5.00% due 3/15/2030 | 8,040,000 | 10,084,813 | |
New York State Dormitory Authority (School Districts Financing Program) (State Aid Withholding), | |||
Series G, 5.00% due 10/1/2022 | 300,000 | 314,166 |
34 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Series H, 5.00% due 10/1/2021 | $ 750,000 | $ 750,098 | |
New York State Dormitory Authority (School Districts Financing Program; Insured: AGC) (State Aid Withholding), Series B, 5.25% due 10/1/2023 | 140,000 | 140,526 | |
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 | 7,994,828 | |
Series F, 5.00% due 10/1/2021 | 1,250,000 | 1,250,162 | |
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 | 29,495,973 | |
Series D, 5.00% due 2/15/2030 | 1,230,000 | 1,606,380 | |
New York State Dormitory Authority (State of New York Sales Tax Revenue), Series E, 5.00% due 3/15/2029 | 4,135,000 | 5,258,314 | |
a | 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 | 1,466,732 |
New York State Environmental Facilities Corp. (State of New York State Revolving Fund), 5.00% due 5/15/2025 | 1,075,000 | 1,208,225 | |
New York State Housing Finance Agency (Green Bond), Series I, 2.70% due 11/1/2023 | 2,125,000 | 2,217,777 | |
New York State Thruway Authority (Governor Thomas E. Dewey Thruway), | |||
Series I, 5.00% due 1/1/2022 | 3,000,000 | 3,034,920 | |
Series K, 5.00% due 1/1/2024 - 1/1/2025 | 3,000,000 | 3,408,850 | |
New York State Urban Development Corp., | |||
5.00% due 3/15/2031 | 1,500,000 | 1,977,600 | |
Series E, 5.00% due 3/15/2031 | 5,000,000 | 6,509,950 | |
State of New York Mortgage Agency, | |||
Series 223, | |||
1.85% due 4/1/2026 | 400,000 | 414,120 | |
1.90% due 10/1/2026 | 815,000 | 844,715 | |
1.95% due 4/1/2027 | 1,000,000 | 1,036,600 | |
2.00% due 10/1/2027 | 775,000 | 803,024 | |
2.05% due 4/1/2028 | 450,000 | 465,845 | |
2.25% due 4/1/2030 | 1,320,000 | 1,351,838 | |
2.30% due 10/1/2030 | 1,110,000 | 1,134,531 | |
Town of Oyster Bay (Insured: BAM) GO, 4.00% due 11/1/2023 - 11/1/2026 | 3,195,000 | 3,573,455 | |
Town of Oyster Bay GO, 4.00% due 3/1/2024 | 825,000 | 895,760 | |
Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels), | |||
Series A, 5.00% due 11/15/2021 | 5,140,000 | 5,168,064 | |
Series C-1, 5.00% due 11/15/2026 | 4,000,000 | 4,878,280 | |
West Seneca Central School District (Insured: BAM) (State Aid Withholding) GO, 5.00% due 11/15/2022 | 1,000,000 | 1,052,440 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), | |||
5.00% due 7/1/2024 - 7/1/2028 | 1,125,000 | 1,290,641 | |
c | 5.00% due 7/1/2027 | 270,000 | 312,036 |
North Carolina — 1.2% | |||
Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group), | |||
a | Series C, 5.00% due 1/15/2050 (put 12/1/2028) | 6,000,000 | 7,638,960 |
a | Series D, 5.00% due 1/15/2049 (put 12/1/2031) | 1,250,000 | 1,679,088 |
Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), | |||
Series A, | |||
4.00% due 1/15/2022 | 875,000 | 884,153 | |
5.00% due 1/15/2023 - 1/15/2024 | 4,255,000 | 4,510,469 | |
City of Charlotte (Equipment Acquisition & Public Facilities) ETM COP, Series C, 5.00% due 12/1/2021 - 12/1/2025 | 7,940,000 | 8,712,988 | |
a | Columbus County Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), 2.00% due 11/1/2033 (put 10/1/2024) | 1,100,000 | 1,144,902 |
County of Buncombe (Primary, Middle School & Community College Facilities), Series A, 5.00% due 6/1/2022 - 6/1/2024 | 2,350,000 | 2,517,197 | |
County of Dare (Educational Facility Capital Projects), | |||
Series A, | |||
4.00% due 6/1/2022 | 490,000 | 502,206 | |
5.00% due 6/1/2024 | 700,000 | 755,111 | |
County of New Hanover, 4.00% due 8/1/2025 | 2,300,000 | 2,612,294 | |
County of Randolph, | |||
Series B, 5.00% due 10/1/2021 - 10/1/2023 | 3,560,000 | 3,703,467 | |
Series C, 5.00% due 10/1/2021 - 10/1/2023 | 900,000 | 937,665 | |
New County Hanover, 5.00% due 8/1/2027 | 3,685,000 | 4,575,922 | |
North Carolina Eastern Municipal Power Agency ETM, Series A, 5.00% due 1/1/2022 | 4,715,000 | 4,767,478 | |
North Carolina Municipal Power Agency (Catawba Electric), Series B, 4.00% due 1/1/2022 | 1,250,000 | 1,261,475 | |
North Carolina Turnpike Authority, 5.00% due 1/1/2023 - 1/1/2029 | 18,130,000 | 21,222,425 | |
Winston-Salem State University (Student Housing and Student Services Facilities), 5.00% due 4/1/2022 | 945,000 | 966,452 | |
North Dakota — 0.0% | |||
County of McKenzie, 5.00% due 8/1/2022 | 1,000,000 | 1,039,090 | |
Ohio — 2.8% |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 35 |
Thornburg Limited Term Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Akron, Bath & Copley Joint Township Hospital District (Children’s Hospital Medical Center), 5.00% due 11/15/2021 | $ 1,000,000 | $ 1,005,470 | |
American Municipal Power, Inc. (AMP Fremont Energy Center), | |||
a | Series A-2, 1.00% due 2/15/2048 (put 8/15/2024) | 3,000,000 | 3,039,390 |
Series B, 5.00% due 2/15/2022 | 2,750,000 | 2,797,740 | |
Cincinnati City School District Board of Education (Educational Facilities; Insured: Natl-Re) GO, 5.25% due 12/1/2023 | 2,690,000 | 2,974,925 | |
City of Akron (Community Learning Centers), Series A, 5.00% due 12/1/2021 | 4,120,000 | 4,151,683 | |
City of Cleveland (Municipal Street System Improvements) GO, | |||
Series A, | |||
c | 3.00% due 12/1/2021 | 2,305,000 | 2,315,234 |
4.00% due 12/1/2022 - 12/1/2023 | 6,725,000 | 7,140,940 | |
5.00% due 12/1/2025 - 12/1/2026 | 7,165,000 | 8,448,994 | |
City of Cleveland (Parks & Recreation Facilities), | |||
Series A2, 5.00% due 11/15/2022 | 1,030,000 | 1,084,456 | |
Series A-3, 5.00% due 10/1/2021 - 10/1/2023 | 1,800,000 | 1,887,478 | |
City of Cleveland (Public Facilities Improvements), Series B1, 5.00% due 10/1/2025 - 10/1/2028 | 3,200,000 | 3,929,244 | |
City of Cleveland (Public Facilities), Series A-1, 5.00% due 10/1/2022 - 10/1/2023 | 2,060,000 | 2,211,055 | |
City of Cleveland Income Tax Revenue, Series A-1, 4.00% due 10/1/2031 | 500,000 | 610,050 | |
City of Columbus GO, Series A, 5.00% due 4/1/2022 | 1,800,000 | 1,842,714 | |
City of Toledo (Water System Improvements), 5.00% due 11/15/2021 - 11/15/2023 | 7,005,000 | 7,330,692 | |
Cleveland State University (Campus Capital Projects), 5.00% due 6/1/2022 | 2,000,000 | 2,014,940 | |
County of Cuyahoga (Convention Hotel Project) COP, 5.00% due 12/1/2023 - 12/1/2024 | 17,160,000 | 19,026,108 | |
County of Scioto (Southern Ohio Medical Center), 5.00% due 2/15/2025 | 1,695,000 | 1,947,148 | |
Franklin County Convention Facilities Authority (Greater Columbus Convention Center) ETM, 5.00% due 12/1/2021 - 12/1/2024 | 2,500,000 | 2,680,195 | |
a | Ohio Higher Educational Facility Commission (Case Western Reserve University), Series C, 1.625% due 12/1/2034 (put 12/1/2026) | 2,200,000 | 2,282,720 |
Ohio Turnpike & Infrastructure Commission, Series A, 5.00% due 2/15/2027 - 2/15/2028 | 14,555,000 | 17,982,276 | |
Ohio Water Development Authority, Series A, 5.00% due 12/1/2030 | 1,000,000 | 1,197,700 | |
State of Ohio (Major New Street Infrastructure Project), | |||
Series 1, 5.00% due 12/15/2021 | 2,500,000 | 2,523,825 | |
Series 2016-1, 5.00% due 12/15/2026 | 1,000,000 | 1,204,830 | |
State of Ohio GO, | |||
Series A, 5.00% due 6/15/2028 - 6/15/2031 | 4,775,000 | 6,255,083 | |
Series C, 5.00% due 3/1/2029 - 3/1/2031 | 3,350,000 | 4,400,403 | |
Series V, 5.00% due 5/1/2022 - 5/1/2028 | 35,560,000 | 40,478,659 | |
Youngstown City School District (Educational Facilities) (State Aid Withholding) GO, 4.00% due 12/1/2021 - 12/1/2023 | 5,240,000 | 5,254,707 | |
Oklahoma — 0.7% | |||
Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, 5.00% due 9/1/2027 | 1,000,000 | 1,198,450 | |
Cleveland County Educational Facilities Authority (Moore Public Schools) ISD, | |||
4.00% due 6/1/2030 - 6/1/2031 | 8,100,000 | 9,924,767 | |
5.00% due 6/1/2023 - 6/1/2030 | 10,155,000 | 12,019,455 | |
Muskogee Industrial Trust (Muskogee County No. 20) ISD, 5.00% due 9/1/2024 - 9/1/2027 | 3,550,000 | 4,139,945 | |
Oklahoma (INTEGRIS Health) DFA, Series A, 5.00% due 8/15/2022 - 8/15/2025 | 4,725,000 | 5,220,485 | |
Oklahoma Capitol Improvement Authority (State Highway Capital Improvement), 5.00% due 7/1/2023 | 325,000 | 351,777 | |
Oklahoma County Finance Authority (Midwest City Public Service) ISD, 5.00% due 10/1/2022 - 10/1/2026 | 3,450,000 | 3,834,763 | |
Oklahoma Municipal Power Authority (Power Supply System; Insured: AGM), Series A, 5.00% due 1/1/2028 - 1/1/2030 | 2,550,000 | 3,219,189 | |
Tulsa County Industrial Authority ISD, 5.00% due 9/1/2022 | 1,500,000 | 1,563,885 | |
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 | 10,987,326 | |
Tri-County Metropolitan Transportation District of Oregon, Series A, 5.00% due 10/1/2028 | 2,845,000 | 3,528,796 | |
Pennsylvania — 6.2% | |||
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 | 2,192,947 | |
Allegheny County Hospital Development Authority, Series A, 5.00% due 7/15/2028 - 7/15/2029 | 7,425,000 | 9,441,561 | |
Allegheny County Sanitary Authority (2015 Capital Project), 5.00% due 12/1/2023 - 12/1/2024 | 19,150,000 | 21,286,775 | |
Allegheny County Sanitary Authority (2015 Capital Project; Insured: BAM), 5.00% due 12/1/2025 | 1,000,000 | 1,180,030 | |
Allegheny County Sanitary Authority (Insured: BAM), 5.00% due 12/1/2029 | 2,830,000 | 3,323,552 | |
Altoona Area School District (State Aid Withholding) (Insured: AGM) GO ETM, 3.00% due 12/1/2022 | 1,335,000 | 1,376,545 | |
City of Philadelphia (Insured: AGM) GO, 5.00% due 8/1/2025 - 8/1/2027 | 28,685,000 | 34,203,254 | |
City of Philadelphia (Pennsylvania Gas Works), 5.00% due 8/1/2023 - 8/1/2025 | 10,900,000 | 12,248,014 | |
City of Philadelphia (Water and Wastewater System), 5.00% due 10/1/2024 - 10/1/2026 | 5,455,000 | 6,365,285 | |
City of Philadelphia Airport Revenue, Series A, 5.00% due 7/1/2029 | 1,000,000 | 1,282,190 | |
City of Philadelphia GO, Series A, 5.00% due 8/1/2025 | 10,710,000 | 12,525,880 | |
b | City of Philadelphia Water & Wastewater Revenue, 5.00% due 10/1/2027 - 10/1/2031 | 9,205,000 | 11,941,336 |
City of Pittsburgh (Insured: BAM) GO, 5.00% due 9/1/2022 | 1,100,000 | 1,146,343 | |
Commonwealth Financing Authority (Tobacco Master Settlement), 5.00% due 6/1/2023 | 930,000 | 1,001,517 |
36 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Commonwealth of Pennsylvania (Capital Facilities Projects) GO, Series 1, 5.00% due 3/15/2022 | $12,485,000 | $ 12,754,676 | |
Commonwealth of Pennsylvania (Capital Facilities) GO, Series D, 5.00% due 8/15/2023 - 8/15/2025 | 39,450,000 | 44,457,885 | |
Commonwealth of Pennsylvania GO, | |||
5.00% due 7/15/2030 | 12,930,000 | 16,634,445 | |
Series 1, 4.00% due 11/15/2027 (pre-refunded 11/15/2021) | 4,775,000 | 4,796,010 | |
Cumberland County Municipal Authority (Penn State Health Obligated Group), 5.00% due 11/1/2027 - 11/1/2029 | 3,150,000 | 3,979,259 | |
East Hempfield Township (Student Services, Inc.) IDA, 5.00% due 7/1/2035 - 7/1/2047 (pre-refunded 7/1/2025) | 4,060,000 | 4,751,459 | |
Economy Borough Municipal Authority (Beaver County Sewer System; Insured: BAM) ETM, 4.00% due 12/15/2022 | 1,180,000 | 1,232,038 | |
Lancaster County Solid Waste Management Authority (Harrisburg Resource Recovery Facility), | |||
Series A, | |||
5.00% due 12/15/2023 | 2,680,000 | 2,960,248 | |
5.25% due 12/15/2024 | 4,770,000 | 5,292,506 | |
Luzerne County (Insured: AGM) GO, Series A, 5.00% due 11/15/2021 - 11/15/2024 | 11,840,000 | 12,800,486 | |
Luzerne County (Insured: AGM) IDA GO, 5.00% due 12/15/2021 - 12/15/2027 | 6,045,000 | 6,688,620 | |
Monroeville Finance Authority (University of Pittsburgh Medical Center), 5.00% due 2/15/2022 | 1,250,000 | 1,271,537 | |
Montgomery County Higher Education & Health Authority (Abington Memorial Hospital), 5.00% due 6/1/2022 | 2,800,000 | 2,887,192 | |
Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group), 5.00% due 9/1/2026 - 9/1/2029 | 3,575,000 | 4,457,075 | |
Northampton Borough Municipal Authority (Water System; Insured: AGM), | |||
3.00% due 5/15/2023 | 1,255,000 | 1,275,595 | |
4.00% due 5/15/2022 | 1,185,000 | 1,211,769 | |
Pennsylvania (Presbyterian Homes Obligated Group) EDFA, 4.00% due 7/1/2030 | 1,600,000 | 1,836,144 | |
Pennsylvania (UPMC Obligated Group) EDFA, | |||
5.00% due 3/15/2026 | 220,000 | 261,760 | |
Series A, 5.00% due 11/15/2026 | 2,310,000 | 2,797,780 | |
Series A-1, 5.00% due 4/15/2024 - 4/15/2030 | 10,095,000 | 12,494,633 | |
Pennsylvania Higher Educational Facilities Authority (Shippensburg University Student Services, Inc. Student Housing) ETM, 4.00% due 10/1/2022 | 1,060,000 | 1,089,171 | |
Pennsylvania Higher Educational Facilities Authority (University of Pennsylvania Health System), 5.00% due 8/15/2027 | 1,000,000 | 1,242,180 | |
Pennsylvania Turnpike Commission, | |||
Series A-1, 5.00% due 12/1/2022 - 12/1/2027 | 5,050,000 | 6,010,049 | |
Series B, 5.00% due 12/1/2028 - 12/1/2031 | 5,025,000 | 6,622,277 | |
Philadelphia (Philadelphia) IDA, 5.00% due 5/1/2024 - 5/1/2028 | 2,975,000 | 3,561,749 | |
Philadelphia Gas Works Co. (Insured: AGM), | |||
Series A, | |||
c | 5.00% due 8/1/2024 | 400,000 | 448,856 |
5.00% due 8/1/2025 - 8/1/2031 | 4,785,000 | 5,961,355 | |
Series B, 5.00% due 8/1/2024 | 500,000 | 561,070 | |
Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2022 - 4/1/2027 | 7,020,000 | 7,945,894 | |
Pittsburgh Water & Sewer Authority (Insured: AGM), Series B, 5.00% due 9/1/2028 - 9/1/2031 | 1,745,000 | 2,239,766 | |
Pittsburgh Water and Sewer Authority, | |||
Series A, 5.00% due 9/1/2024 | 7,365,000 | 7,986,090 | |
Series B, 5.00% due 9/1/2024 (pre-refunded 9/1/2023) | 2,395,000 | 2,613,903 | |
Pittsburgh Water and Sewer Authority ETM, Series B, 5.00% due 9/1/2023 | 2,520,000 | 2,758,619 | |
Plum Borough School District (Insured: BAM) (State Aid Withholding) GO, | |||
Series A, 5.00% due 9/15/2022 - 9/15/2024 | 4,790,000 | 5,143,957 | |
Series B, 5.00% due 9/15/2023 | 470,000 | 510,937 | |
School District of Philadelphia (State Aid Withholding) GO, Series A, 5.00% due 9/1/2023 - 9/1/2028 | 2,400,000 | 2,815,223 | |
Southeastern Pennsylvania Transportation Authority, | |||
5.00% due 6/1/2022 - 6/1/2028 | 4,705,000 | 5,498,356 | |
c | 5.00% due 6/1/2026 | 3,000,000 | 3,593,430 |
Sports & Exhibition Authority of Pittsburgh and Allegheny County (Allegheny Regional Asset District; Insured: AGM), | |||
4.00% due 2/1/2022 | 1,200,000 | 1,214,664 | |
5.00% due 2/1/2029 - 2/1/2030 | 5,675,000 | 7,259,464 | |
University of Pittsburgh-of the Commonwealth System of Higher Education, 4.00% due 4/15/2026 | 6,500,000 | 7,441,200 | |
York County GO, Series A, 5.00% due 6/1/2028 - 6/1/2030 | 3,000,000 | 3,867,310 | |
Rhode Island — 1.0% | |||
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 | 6,997,235 | |
Rhode Island Commerce Corp., | |||
Series A, 5.00% due 5/15/2031 | 6,875,000 | 8,959,087 | |
Series B, 5.00% due 6/15/2028 | 2,060,000 | 2,468,828 | |
Rhode Island Health and Educational Building Corp. (Providence College), Series B, 5.00% due 11/1/2028 - 11/1/2029 | 655,000 | 836,237 | |
Rhode Island Health and Educational Building Corp. (University of Rhode Island Auxiliary Enterprise), Series C, 5.00% due 9/15/2023 | 1,400,000 | 1,525,762 | |
Rhode Island Health and Educational Building Corp. (University of Rhode Island), Series B, 5.00% due 9/15/2022 - 9/15/2025 | 965,000 | 1,070,240 | |
State of Rhode Island and Providence Plantations (Consolidated Capital Development Loan) GO, |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 37 |
Thornburg Limited Term Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Series A, 5.00% due 8/1/2022 | $ 9,825,000 | $ 10,212,007 | |
Series B, 4.00% due 10/15/2021 - 10/15/2022 | 2,000,000 | 2,039,980 | |
State of Rhode Island and Providence Plantations (Energy Conservation) COP, Series C, 5.00% due 4/1/2022 | 2,020,000 | 2,066,884 | |
State of Rhode Island and Providence Plantations (Information Technology) COP, Series C, 5.00% due 11/1/2024 | 3,010,000 | 3,428,992 | |
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 | 5,837,212 | |
State of Rhode Island and Providence Plantations (Training School) COP, Series B, 5.00% due 10/1/2021 - 10/1/2023 | 8,865,000 | 9,192,216 | |
South Carolina — 0.4% | |||
Beaufort-Jasper Water & Sewer Authority (Waterworks & Sewer System), Series B, 5.00% due 3/1/2022 - 3/1/2025 | 4,000,000 | 4,359,700 | |
Berkeley County School District (School Facility Equipment Acquisition), 5.00% due 12/1/2021 - 12/1/2024 | 3,000,000 | 3,298,520 | |
Charleston County (South Aviation Avenue Construction), 5.00% due 12/1/2022 - 12/1/2023 | 4,270,000 | 4,622,111 | |
City of Charleston Public Facilities Corp. (City of Charleston Project), Series A, 5.00% due 9/1/2022 - 9/1/2025 | 1,700,000 | 1,913,052 | |
Greenwood County (Self Regional Healthcare), Series B, 5.00% due 10/1/2022 | 1,000,000 | 1,023,690 | |
SCAGO Educational Facilities Corp. (School District of Pickens County), 5.00% due 12/1/2021 - 12/1/2025 | 5,320,000 | 5,766,591 | |
South Dakota — 0.2% | |||
South Dakota Building Authority, | |||
Series B, | |||
5.00% due 6/1/2022 | 500,000 | 515,640 | |
5.00% due 6/1/2024 (pre-refunded 6/1/2023) | 1,000,000 | 1,078,230 | |
South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group), Series A, 5.00% due 9/1/2025 - 9/1/2027 | 3,350,000 | 4,043,927 | |
South Dakota Health & Educational Facilities Authority (Sanford Health), 5.00% due 11/1/2021 - 11/1/2025 | 2,825,000 | 3,111,736 | |
Tennessee — 0.5% | |||
Shelby County (Public Improvements & School Bonds) GO, Series B, 5.00% due 4/1/2029 | 4,445,000 | 5,725,604 | |
a | Tennergy Corp., Series A, 4.00% due 12/1/2051 (put 9/1/2028) | 16,500,000 | 19,489,470 |
Tennessee Energy Acquisition Corp. (The Gas Project), Series A, 5.25% due 9/1/2023 | 1,115,000 | 1,217,101 | |
a | Tennessee Energy Acquisition Corp. (The Tennessee Energy Acquisition Corp.), Series A, 5.00% due 5/1/2052 (put 11/1/2031) | 3,500,000 | 4,566,695 |
Texas — 13.4% | |||
Austin Community College District GO, 5.00% due 8/1/2028 - 8/1/2031 | 4,980,000 | 6,473,968 | |
Bexar County Hospital District (University Health System) GO, 5.00% due 2/15/2022 - 2/15/2027 | 7,355,000 | 8,299,468 | |
Board of Regents of the University of Texas System, Series A, 5.00% due 8/15/2030 | 4,500,000 | 5,932,485 | |
Cities of Dallas and Fort Worth (DFW International Airport Terminal Renewal & Improvement Program), Series D, 5.25% due 11/1/2023 | 3,000,000 | 3,011,220 | |
City of Austin (Electric Utility), Series A, 5.00% due 11/15/2029 - 11/15/2031 | 7,400,000 | 9,695,102 | |
City of Austin (Water and Wastewater System), | |||
5.00% due 11/15/2022 | 245,000 | 246,355 | |
5.00% due 11/15/2022 (pre-refunded 11/15/2021) | 2,395,000 | 2,408,195 | |
City of Beaumont (Waterworks & Sewer System Improvements; Insured: AGM), Series A, 5.00% due 9/1/2023 - 9/1/2024 | 7,500,000 | 8,169,225 | |
City of Beaumont GO, 5.00% due 3/1/2022 - 3/1/2026 | 3,930,000 | 4,380,208 | |
City of Brownsville (Water, Wastewater & Electric Utilities Systems), | |||
5.00% due 9/1/2022 | 1,300,000 | 1,356,758 | |
Series A, 5.00% due 9/1/2022 - 9/1/2023 | 3,900,000 | 4,182,776 | |
City of Bryan (Electric System Improvements), Series B, 5.00% due 7/1/2026 | 535,000 | 641,481 | |
b | City of Bryan Electric System Revenue (Insured: AGM), Series A, 5.00% due 7/1/2027 - 7/1/2030 | 1,600,000 | 2,043,621 |
City of Conroe GO, 5.00% due 3/1/2026 - 3/1/2029 | 810,000 | 995,299 | |
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2022 - 2/15/2025 | 5,500,000 | 5,987,040 | |
City of Dallas (Trinity River Corridor Infrastructure) GO, | |||
5.00% due 2/15/2024 - 2/15/2026 | 20,640,000 | 22,849,355 | |
Series A, 5.00% due 2/15/2024 | 10,235,000 | 10,881,340 | |
City of Dallas GO, 5.00% due 2/15/2022 - 2/15/2024 | 20,635,000 | 20,986,799 | |
City of Houston (Airport System), | |||
Series B, 5.00% due 7/1/2025 - 7/1/2028 | 9,105,000 | 11,019,883 | |
Series D, 5.00% due 7/1/2027 | 3,355,000 | 4,139,433 | |
City of Houston (Combined Utility System), | |||
Series A, 5.00% due 11/15/2028 - 11/15/2031 | 3,475,000 | 4,581,093 | |
Series C, 5.00% due 5/15/2022 - 5/15/2024 | 14,695,000 | 16,020,235 | |
Series D, 5.00% due 11/15/2022 - 11/15/2024 | 17,535,000 | 19,165,322 | |
City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2023 - 3/1/2028 | 48,505,000 | 56,379,353 | |
City of Laredo (Acquire & Purchase Personal Property) GO, 5.00% due 2/15/2022 - 2/15/2026 | 4,505,000 | 5,000,558 | |
City of Laredo (City Infrastructure Improvements) GO, Series A, 5.00% due 2/15/2022 - 2/15/2027 | 2,750,000 | 3,156,022 | |
City of Laredo (Sports Venues; Insured: AGM) ETM, 5.00% due 3/15/2022 - 3/15/2024 | 3,800,000 | 3,977,747 | |
City of Lubbock (Waterworks System) GO, 5.00% due 2/15/2022 - 2/15/2025 | 29,935,000 | 33,303,764 | |
City of Lubbock Electric Light & Power System Revenue, 5.00% due 4/15/2025 - 4/15/2031 | 5,675,000 | 7,084,803 | |
City of McAllen (International Toll Bridge System; Insured: AGM), Series A, 5.00% due 3/1/2024 - 3/1/2027 | 3,015,000 | 3,482,593 | |
City of Olmos Park Higher Education Facilities Corp. (University of the Incarnate Word) ETM, 5.00% due 12/1/2021 | 1,000,000 | 1,007,460 |
38 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
City of Pflugerville GO, 5.00% due 8/1/2026 | $ 900,000 | $ 1,085,283 | |
a | City of San Antonio, 1.75% due 2/1/2049 (put 12/1/2025) | 10,750,000 | 11,251,810 |
City of San Antonio (CPS Energy), 5.25% due 2/1/2024 | 7,000,000 | 7,804,650 | |
City of San Antonio (San Antonio Water System), Series A, 5.00% due 5/15/2023 - 5/15/2026 | 3,700,000 | 4,219,147 | |
City of San Antonio GO, 5.00% due 8/1/2026 | 1,400,000 | 1,691,788 | |
City of San Antonio Public Facilities Corp. (Convention Center Refinancing & Expansion), 5.00% due 9/15/2022 | 1,450,000 | 1,515,467 | |
Clifton Higher Education Finance Corp. (IDEA Public Schools), 5.00% due 8/15/2023 | 575,000 | 610,696 | |
Comal (Guaranty: PSF-GTD) ISD GO, 5.00% due 2/1/2024 - 2/1/2029 | 3,350,000 | 4,106,118 | |
Conroe (Guaranty: PSF-GTD) ISD GO, | |||
5.00% due 2/15/2031 | 500,000 | 626,470 | |
Series A, 5.00% due 2/15/2030 | 2,000,000 | 2,629,640 | |
Cypress-Fairbanks (Guaranty: PSF-GTD) ISD GO, | |||
Series A, 5.00% due 2/15/2028 - 2/15/2031 | 6,000,000 | 7,726,630 | |
a | Series A-2, 1.25% due 2/15/2036 (put 8/15/2022) | 5,500,000 | 5,548,950 |
a | Series B-1, 1.25% due 2/15/2036 (put 8/15/2022) | 3,500,000 | 3,531,150 |
a,c | Series B-3, 1.25% due 2/15/2040 (put 8/15/2022) | 7,000,000 | 7,062,300 |
Dallas (Guaranty: PSF-GTD) ISD GO, | |||
a | 5.00% due 2/15/2036 (pre-refunded 2/15/2022) | 60,000 | 61,052 |
Series B, | |||
5.00% due 2/15/2036 (pre-refunded 2/15/2022) | 760,000 | 773,323 | |
a | 5.00% due 2/15/2036 (pre-refunded 2/15/2022) | 3,155,000 | 3,210,433 |
Dallas County Utility & Reclamation District GO, 5.00% due 2/15/2022 - 2/15/2027 | 12,435,000 | 14,346,369 | |
a | Denton (Guaranty: PSF-GTD) ISD GO, 2.00% due 8/1/2043 (put 8/1/2023) | 700,000 | 722,225 |
a | Denton (Guaranty: PSF-GTD) ISD GO , Series B, 2.00% due 8/1/2044 (put 8/1/2024) | 2,500,000 | 2,617,725 |
a | Fort Bend (Guaranty: PSF-GTD) ISD GO, Series B, 0.72% due 8/1/2051 (put 8/1/2026) | 5,000,000 | 5,022,400 |
Goose Creek (Guaranty: PSF-GTD) ISD GO, | |||
Series B, | |||
a,b | 0.15% due 10/1/2049 (put 10/3/2022) | 1,000,000 | 999,120 |
a | 0.60% due 2/15/2035 (put 8/17/2026) | 2,000,000 | 1,998,360 |
Grayson County (State Highway Toll System) GO, 5.00% due 1/1/2022 | 3,000,000 | 3,034,230 | |
Greater Texas Cultural Education Facilities Finance Corp. (County of Fort Bend), Series A, 5.00% due 3/1/2030 | 475,000 | 611,829 | |
Gulf Coast Waste Disposal Authority (Bayport Area Wastewater Treatment System; Insured: AGM), 5.00% due 10/1/2022 - 10/1/2025 | 3,485,000 | 3,826,671 | |
Harris County (Flood Control) GO, Series A, 5.00% due 10/1/2025 - 10/1/2027 | 14,305,000 | 17,602,621 | |
Harris County (Tax Road) GO, Series A, 5.00% due 10/1/2025 - 10/1/2028 | 8,985,000 | 11,067,284 | |
Harris County (Texas Permanent Improvement) GO, Series A, 5.00% due 10/1/2025 - 10/1/2027 | 11,565,000 | 14,224,740 | |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health), Series A, 5.00% due 12/1/2022 - 12/1/2025 | 6,445,000 | 7,333,992 | |
Harris County Cultural Education Facilities Finance Corp. (TECO Project), 5.00% due 11/15/2021 - 11/15/2027 | 5,800,000 | 6,811,038 | |
a | Harris County Cultural Education Facilities Finance Corp. (Texas Children’s Hospital Obligated Group), 5.00% due 10/1/2051 (put 10/1/2031) | 15,265,000 | 20,456,321 |
Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center), Series A, 5.00% due 5/15/2026 - 5/15/2029 | 10,700,000 | 13,166,234 | |
Harris County-Houston Sports Authority (Insured: AGM), Series A, 5.00% due 11/15/2022 - 11/15/2024 | 18,995,000 | 20,676,945 | |
Harris County-Houston Sports Authority (Insured: AGM) ETM, Series A, 5.00% due 11/15/2022 | 4,320,000 | 4,545,547 | |
Hays County GO, 5.00% due 2/15/2022 - 2/15/2025 | 6,000,000 | 6,453,449 | |
Highland Park (Guaranty: PSF-GTD) ISD GO, 5.00% due 2/15/2024 | 1,015,000 | 1,128,751 | |
a | Houston (Guaranty: PSF-GTD) ISD GO, Series B, 3.00% due 6/1/2036 (put 6/1/2024) | 3,000,000 | 3,217,230 |
Houston Community College System GO, Series A, 5.00% due 2/15/2029 - 2/15/2031 | 5,920,000 | 7,759,757 | |
Houston Higher Education Finance Corp. (KIPP, Inc.; Guaranty: PSF-GTD), 5.00% due 8/15/2022 | 1,185,000 | 1,232,388 | |
Katy (Educational Facilities Improvements; Guaranty: PSF-GTD) ISD GO, Series A, 5.00% due 2/15/2023 - 2/15/2026 | 9,670,000 | 11,031,837 | |
Keller (Guaranty: PSF-GTD) ISD GO, Series A, 5.00% due 8/15/2023 | 1,715,000 | 1,866,829 | |
La Salle County (Insured: AGM) GO, | |||
5.00% due 3/1/2022 - 3/1/2028 | 15,835,000 | 18,336,497 | |
c | 5.00% due 3/1/2027 | 3,050,000 | 3,704,042 |
Laredo Community College District (School Facilities Improvements) GO, 5.00% due 8/1/2022 - 8/1/2024 | 1,980,000 | 2,152,642 | |
Lower Colorado River Authority, | |||
Series A, | |||
5.00% due 5/15/2025 | 8,020,000 | 8,253,863 | |
5.00% due 5/15/2025 (pre-refunded 5/15/2022) | 55,000 | 56,623 | |
Lower Colorado River Authority (LCRA Transmission Services Corp.), 5.00% due 5/15/2026 - 5/15/2031 | 5,125,000 | 6,519,266 | |
Metropolitan Transit Authority of Harris County, | |||
5.00% due 11/1/2022 - 11/1/2028 | 15,850,000 | 18,618,858 | |
c | 5.00% due 11/1/2027 | 2,900,000 | 3,620,940 |
Series D, 5.00% due 11/1/2021 - 11/1/2027 | 8,355,000 | 9,407,086 | |
New Caney (Guaranty: PSF-GTD) ISD GO, | |||
a | 1.25% due 2/15/2050 (put 8/15/2024) | 2,500,000 | 2,564,400 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 39 |
Thornburg Limited Term Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
5.00% due 2/15/2024 (pre-refunded 8/15/2022) | $ 865,000 | $ 900,785 | |
North Fort Bend Water Authority (Insured: BAM), 5.00% due 12/15/2028 - 12/15/2029 | 950,000 | 1,218,580 | |
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 | 6,285,435 | |
North Texas Tollway Authority (North Texas Tollway System), | |||
Series A, 5.00% due 1/1/2026 - 1/1/2029 | 7,550,000 | 9,325,451 | |
Series B, 5.00% due 1/1/2029 - 1/1/2031 | 4,350,000 | 5,639,940 | |
North Texas Tollway Authority ETM, 5.00% due 1/1/2022 | 655,000 | 662,447 | |
Pecos Barstow Toyah (Guaranty: PSF-GTD) ISD GO, | |||
4.00% due 2/15/2031 | 1,445,000 | 1,760,805 | |
5.00% due 2/15/2030 | 3,600,000 | 4,692,240 | |
a | Pflugerville (Guaranty: PSF-GTD) ISD GO, Series A, 2.25% due 8/15/2037 (put 8/15/2022) | 2,750,000 | 2,798,372 |
Port Authority of Houston of Harris County Texas GO, Series A-2, 5.00% due 10/1/2030 | 400,000 | 529,028 | |
Rio Grande City (Guaranty: PSF-GTD) ISD GO, 5.00% due 8/15/2025 - 8/15/2031 | 5,305,000 | 6,759,643 | |
Round Rock (Educational Facilities Improvements) ISD GO, 5.00% due 8/1/2026 - 8/1/2027 | 2,100,000 | 2,569,075 | |
Round Rock (Educational Facilities Improvements; Guaranty: PSF-GTD) ISD GO, 5.00% due 8/1/2022 - 8/1/2029 | 8,065,000 | 9,344,119 | |
Round Rock (Scholl Improvements; Guaranty: PSF-GTD) ISD GO, 5.00% due 8/1/2026 | 6,240,000 | 7,541,539 | |
Sam Rayburn Municipal Power Agency, 5.00% due 10/1/2021 | 2,705,000 | 2,705,352 | |
San Antonio (Guaranty: PSF-GTD) ISD GO, | |||
5.00% due 8/15/2027 - 8/15/2029 | 5,430,000 | 6,608,405 | |
Series B, 5.00% due 8/15/2027 - 8/15/2029 | 4,150,000 | 5,279,767 | |
San Antonio Water System, | |||
a | 2.00% due 5/1/2043 (put 11/1/2021) | 500,000 | 500,680 |
Series A, | |||
a | 2.625% due 5/1/2049 (put 5/1/2024) | 3,000,000 | 3,180,120 |
5.00% due 5/15/2023 | 425,000 | 457,725 | |
Series C, 5.00% due 5/15/2029 - 5/15/2030 | 2,000,000 | 2,588,240 | |
Stephen F Austin State University, 5.00% due 10/15/2022 - 10/15/2029 | 9,690,000 | 11,492,868 | |
Sugar Land Waterworks And Sewer Revenue, 5.00% due 8/15/2029 | 2,010,000 | 2,600,317 | |
Tarrant Regional Water District, Series A, 5.00% due 3/1/2022 - 3/1/2027 | 7,850,000 | 9,022,181 | |
Texas Municipal Gas Acquisition & Supply Corp. III, 5.00% due 12/15/2025 - 12/15/2030 | 3,750,000 | 4,662,553 | |
Texas State University System, Series A, 5.00% due 3/15/2028 - 3/15/2030 | 13,090,000 | 16,766,014 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2022 - 8/15/2024 | 2,130,000 | 2,338,244 | |
Texas Transportation Commission (Highway Improvements) GO, Series A, 5.00% due 4/1/2022 - 4/1/2024 | 10,380,000 | 11,166,551 | |
Texas Transportation Commission State Highway Fund, Series A, 5.00% due 4/1/2024 | 1,650,000 | 1,844,815 | |
Texas Water Development Board, 5.00% due 8/1/2031 | 2,920,000 | 3,862,839 | |
Waco Educational Finance Corp. (Baylor University), 5.00% due 3/1/2029 - 3/1/2031 | 3,220,000 | 4,171,870 | |
Walnut Creek Special Utility District (Water System Improvements; Insured: BAM), 5.00% due 1/10/2022 - 1/10/2024 | 1,275,000 | 1,360,671 | |
Utah — 1.1% | |||
a | 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 | 9,760,680 |
Granite School District Board of Education (Insured: SCH BD GTY) GO, 5.00% due 6/1/2030 | 4,135,000 | 5,467,338 | |
University of Utah, Series A-1, 5.00% due 8/1/2029 - 8/1/2031 | 1,350,000 | 1,800,486 | |
Utah State Board of Regents (Insured: Natl-Re), Series A, 5.50% due 4/1/2029 | 30,365,000 | 39,303,241 | |
Utah Transit Authority (Integrated Mass Transit System), Series A, 5.00% due 6/15/2022 - 6/15/2025 | 3,545,000 | 3,932,523 | |
Virginia — 0.9% | |||
City of Richmond GO, Series A, 5.00% due 7/15/2031 | 5,070,000 | 6,710,094 | |
County of Fairfax (State Aid Withholding) GO, | |||
Series A, | |||
4.50% due 10/1/2027 | 4,975,000 | 6,079,749 | |
5.00% due 10/1/2030 | 2,000,000 | 2,637,000 | |
County of Henrico (State Aid Witholding) GO, Series A, 5.00% due 8/1/2030 | 1,000,000 | 1,331,040 | |
Fairfax County (Inova Health System) IDA, | |||
4.00% due 5/15/2022 | 5,550,000 | 5,682,201 | |
5.00% due 5/15/2022 | 5,000,000 | 5,149,800 | |
a | Halifax County (VirginiaI Electric and Power Co. Project) IDA, Series A, 0.45% due 12/1/2041 (put 4/1/2022) | 2,000,000 | 2,001,820 |
Hampton Roads Transportation Accountability Commission, Series A, 5.00% due 7/1/2026 | 10,500,000 | 12,653,445 | |
Virginia Commonwealth Transportation Board, 5.00% due 9/15/2028 | 3,945,000 | 4,904,464 | |
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2025 - 1/1/2030 | 3,885,000 | 4,751,066 | |
Washington — 2.5% | |||
Central Puget Sound Regional Transit Authority (Green Bond), Series S-1, 5.00% due 11/1/2025 | 2,000,000 | 2,360,740 | |
Clark County School District No 37 Vancouver (State Aid Withholding) GO, 5.00% due 12/1/2026 - 12/1/2028 | 1,700,000 | 2,125,606 | |
Energy Northwest (Nine Canyon Wind Project Phase I-III), 5.00% due 7/1/2022 - 7/1/2025 | 2,850,000 | 3,109,196 | |
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 | 6,363,179 |
40 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Skagit County Public Hospital District No. 1 (Skagit Regional Health), Series A, 5.00% due 12/1/2021 - 12/1/2023 | $ 2,410,000 | $ 2,519,776 | |
Skagit County Public Hospital District No. 1 (Skagit Regional Health) GO, 5.00% due 12/1/2021 - 12/1/2022 | 6,770,000 | 6,991,620 | |
Skagit County Public Hospital District No. 2 (Island Hospital) GO, | |||
4.00% due 12/1/2021 | 1,000,000 | 1,005,920 | |
5.00% due 12/1/2022 | 1,700,000 | 1,792,650 | |
State of Washington (Capital Projects) GO, Series R-G, 5.00% due 7/1/2025 | 10,475,000 | 12,027,290 | |
State of Washington (State and Local Agency Real and Personal Property Projects) (Insured: State Intercept) COP, Series B, 5.00% due 7/1/2022 | 3,000,000 | 3,106,800 | |
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 | 21,096,737 | |
State of Washington (Various Purposes) GO, Series C, 5.00% due 2/1/2025 - 2/1/2029 | 45,385,000 | 55,860,963 | |
State of Washington COP, Series D, 5.00% due 7/1/2031 | 3,200,000 | 4,193,952 | |
State of Washington GO, 5.00% due 6/1/2025 - 6/1/2030 | 4,900,000 | 6,079,852 | |
a,b | Washington Health Care Facilities Authority (Providence St. Joseph Health Obligated Group), 4.00% due 10/1/2042 (put 10/1/2030) | 10,000,000 | 12,200,700 |
West Virginia — 0.5% | |||
c | County of Mason (Appalachian Power Co.), Series L, 2.75% due 10/1/2022 | 15,000,000 | 15,335,550 |
West Virginia (Appalachian Power Co.) EDA, | |||
a | Series A, 2.625% due 12/1/2042 (put 6/1/2022) | 4,500,000 | 4,563,450 |
a | Series B, 2.625% due 12/1/2042 (put 6/1/2022) | 6,000,000 | 6,084,600 |
West Virginia Higher Education Policy Commission (Higher Education Facilities), Series A, 5.00% due 4/1/2022 | 1,500,000 | 1,535,910 | |
Wisconsin — 1.2% | |||
a,b | Public Finance Authority (Providence St. Joseph Health Obligated Group), Series C, 4.00% due 10/1/2041 | 2,500,000 | 3,014,091 |
Public Finance Authority (Renown Regional Medical Center), | |||
5.00% due 6/1/2028 - 6/1/2030 | 2,745,000 | 3,521,796 | |
Series A, 5.00% due 6/1/2027 | 350,000 | 429,590 | |
State of Wisconsin GO, Series 2021-2, 5.00% due 5/1/2029 | 4,100,000 | 5,299,127 | |
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group), | |||
a | Series B-1, 5.00% due 8/15/2054 (put 1/26/2022) | 9,520,000 | 9,659,087 |
a | Series B-2, 5.00% due 8/15/2054 (put 1/25/2023) | 10,485,000 | 11,124,270 |
a | Series B-4, 5.00% due 8/15/2054 (put 1/29/2025) | 16,065,000 | 18,454,187 |
Wisconsin Health & Educational Facilities Authority (Ascension Health Alliance System), Series A, 5.00% due 11/15/2025 - 11/15/2026 | 3,235,000 | 3,851,822 | |
Wisconsin Health & Educational Facilities Authority (Marquette University), 5.00% due 10/1/2023 - 10/1/2026 | 1,575,000 | 1,819,795 | |
Wisconsin Health & Educational Facilities Authority (UnityPoint Health), Series A, 5.00% due 12/1/2022 | 1,000,000 | 1,055,450 | |
a | Wisconsin Housing & Economic Development Authority, Series B, 0.50% due 11/1/2050 (put 11/1/2024) | 1,500,000 | 1,498,785 |
Wisconsin Housing & Economic Development Authority (Collateralized: FNMA), | |||
Series C, | |||
1.65% due 9/1/2026 | 1,615,000 | 1,661,027 | |
1.75% due 9/1/2027 | 1,645,000 | 1,688,231 | |
1.80% due 3/1/2028 | 1,660,000 | 1,700,106 | |
1.95% due 3/1/2029 | 1,695,000 | 1,730,612 | |
WPPI Energy, Series A, 5.00% due 7/1/2022 - 7/1/2028 | 1,835,000 | 2,090,733 | |
Total Long-Term Municipal Bonds — 87.9% (Cost $4,762,984,628) | 4,953,279,676 | ||
Short-Term Municipal Bonds — 10.1% | |||
Alabama — 0.3% | |||
a | City of Mobile Alabama (Alabama Power Co.) IDB, Series 1, 0.07% due 6/1/2034 (put 10/1/2021) | 18,745,000 | 18,745,000 |
Arizona — 0.0% | |||
a | Arizona (Banner Health Obligated Group; LOC Bank of America, N.A.) HFA, Series C, 0.09% due 1/1/2046 (put 10/1/2021) | 780,000 | 780,000 |
California — 0.3% | |||
a,d | Deutsche Bank Spears/Lifers Trust (LOC Deutche Bank A.G.), Series DBE-8082, 0.46% due 10/1/2058 (put 10/7/2021) | 18,000,000 | 18,000,000 |
Colorado — 0.7% | |||
City & County of Denver (SPA JPMorgan Chase Bank, N.A.) COP, | |||
a | Series A1, 0.10% due 12/1/2029 (put 10/1/2021) | 14,530,000 | 14,530,000 |
a | Series A3, 0.10% due 12/1/2031 (put 10/1/2021) | 21,440,000 | 21,440,000 |
Florida — 2.7% | |||
City of Gainesville Utilities System Revenue (SPA Barclays Bank plc), | |||
a | Series B, 0.10% due 10/1/2042 (put 10/1/2021) | 57,070,000 | 57,070,000 |
a | Series C, 0.10% due 10/1/2026 (put 10/1/2021) | 1,000,000 | 1,000,000 |
a | City of Gainesville Utilities System Revenue (SPA State Street Bank and Trust Co.), Series A, 0.07% due 10/1/2036 (put 10/7/2021) | 40,020,000 | 40,020,000 |
a | City of West Palm Beach Utility System Revenue (Insured: AGC) (SPA JPMorgan Chase Bank, N.A.), Series C, 0.07% due 10/1/2038 (put 10/7/2021) | 18,515,000 | 18,515,000 |
a | County of Manatee (Florida Power & Light Co.), 0.10% due 9/1/2024 (put 10/1/2021) | 13,300,000 | 13,300,000 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 41 |
Thornburg Limited Term Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
a,d | Deutsche Bank Spears/Lifers Trust (LOC Deutche Bank A.G.), Series DBE-8083, 0.46% due 7/1/2061 (put 10/7/2021) | $ 6,500,000 | $ 6,500,000 |
a | JEA Water & Sewer System Revenue (SPA U.S. Bank, N.A.), Series A-1 0.08% due 10/1/2038 (put 10/1/2021) | 17,805,000 | 17,805,000 |
Illinois — 0.0% | |||
a | Illinois Finance Authority (Advocate Health Care Network Obligated Group; SPA JPMorgan Chase Bank, N.A.), Subseries C-1, 0.07% due 11/1/2038 (put 10/7/2021) | 500,000 | 500,000 |
Indiana — 0.8% | |||
a | Indiana Finance Authority (Marion County Capital Improvement Board; SPA U.S. Bank, N.A.), Series A-3, 0.09% due 2/1/2037 (put 10/1/2021) | 44,395,000 | 44,395,000 |
New Hampshire — 0.0% | |||
a | New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA Wells Fargo Bank, N.A.), Series B, 0.10% due 7/1/2033 (put 10/1/2021) | 615,000 | 615,000 |
New Mexico — 0.1% | |||
a | New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA Wells Fargo Bank, N.A.), Series D, 0.09% due 8/1/2034 (put 10/1/2021) | 4,700,000 | 4,700,000 |
New York — 4.1% | |||
a | City of New York (SPA Barclays Bank plc) GO, Series B-4, 0.08% due 10/1/2046 (put 10/1/2021) | 13,190,000 | 13,190,000 |
City of New York (SPA JPMorgan Chase Bank, N.A.) GO, | |||
a | Series 1, 0.09% due 3/1/2040 (put 10/1/2021) | 2,150,000 | 2,150,000 |
a | Series F6, 0.09% due 6/1/2044 (put 10/1/2021) | 26,000,000 | 26,000,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JPMorgan Chase Bank, N.A.), | |||
a | Series FF2, 0.09% due 6/15/2044 (put 10/1/2021) | 28,500,000 | 28,500,000 |
a | Subseries A-4, 0.09% due 8/1/2039 (put 10/1/2021) | 12,840,000 | 12,840,000 |
a | Subseries B-4, 0.09% due 8/1/2042 (put 10/1/2021) | 16,900,000 | 16,900,000 |
a | Subseries C-4, 0.09% due 11/1/2036 (put 10/1/2021) | 5,860,000 | 5,860,000 |
a | Subseries E-4, 0.09% due 2/1/2045 (put 10/1/2021) | 29,270,000 | 29,270,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA Mizuho Bank Ltd.), Series A-4, 0.08% due 8/1/2043 (put 10/1/2021) | 11,630,000 | 11,630,000 |
a | New York City Water & Sewer System, 0.08% due 6/15/2045 (put 10/1/2021) | 31,700,000 | 31,700,000 |
a | New York City Water & Sewer System (LOC Citibank N.A.), Series F, 0.08% due 6/15/2035 (put 10/1/2021) | 28,065,000 | 28,065,000 |
a | New York City Water & Sewer System (SPA JPMorgan Chase Bank, N.A.), Series AA1, 0.09% due 6/15/2050 (put 10/1/2021) | 4,745,000 | 4,745,000 |
a | New York State Housing Finance Agency (160 Madison Ave LLC; LOC Landesbank Hessen-Thuringen), Series A, 0.08% due 11/1/2046 (put 10/1/2021) | 7,400,000 | 7,400,000 |
a | Triborough Bridge & Tunnel Authority (LOC U.S. Bank, N.A.), Series 2005B-4C, 0.08% due 1/1/2031 (put 10/1/2021) | 11,585,000 | 11,585,000 |
North Carolina — 0.6% | |||
Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group; SPA JPMorgan Chase Bank, N.A.), | |||
a | Series B, 0.10% due 1/15/2038 (put 10/1/2021) | 2,150,000 | 2,150,000 |
a | Series C, 0.10% due 1/15/2037 (put 10/1/2021) | 30,800,000 | 30,800,000 |
Texas — 0.5% | |||
a | Gulf Coast (Exxon Mobil Corp.) IDA, 0.07% due 11/1/2041 (put 10/1/2021) | 10,000,000 | 10,000,000 |
a | Lower Neches Valley Authority (Exxon Capital Ventures, Inc.; Guaranty: Exxon MobilCorp.) IDC, 0.06% due 11/1/2038 - 11/1/2051 (put 10/1/2021) | 1,190,000 | 1,190,000 |
a,d | Tender Option Bond Trust Receipts/Certificates, Series 2021-XF1109, 0.30% due 7/1/2061 (put 10/7/2021) | 8,000,000 | 8,000,000 |
a,d | Tender Option Bond Trust Receipts/Certificates (LOC Deutsche Bank A.G.), Series 2021-XF1102, 0.30% due 7/1/2061 (put 10/7/2021) | 7,750,000 | 7,750,000 |
Utah — 0.0% | |||
a | City of Murray (IHC Health Services, Inc. Obligated Group), Series D, 0.07% due 5/15/2036 (put 10/1/2021) | 780,000 | 780,000 |
Total Short-Term Municipal Bonds — 10.1% (Cost $568,420,000) | 568,420,000 | ||
Total Investments — 98.0% (Cost $5,331,404,628) | $5,521,699,676 | ||
Other Assets Less Liabilities — 2.0% | 111,379,382 | ||
Net Assets — 100.0% | $5,633,079,058 |
42 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2021. |
b | When-issued security. |
c | Segregated as collateral for a when-issued security. |
d | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $40,250,000, representing 0.71% 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/Agency |
DFB | Development Finance Board |
EDA | Economic Development Authority |
EDFA | Economic Development Financing Authority |
ETM | Escrowed to Maturity |
FGIC | Insured by Financial Guaranty Insurance Co. |
FHLMC | Insured by Federal Home Loan Mortgage Corp. |
FNMA | Collateralized by Federal National Mortgage Association |
GNMA | Collateralized by Government National Mortgage Association |
GO | General Obligation |
GRT | Gross Receipts Tax |
HFA | Health Facilities Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority/Agency |
IDB | Industrial Development Board |
IDC | Industrial Development Corp. |
ISD | Independent School District |
JEA | Jacksonville Electric Authority |
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 |
SCH BD GTY | School Bond Guaranty |
SOFR | Secured Overnight Financing Rate |
SPA | Stand-by Purchase Agreement |
USD | Unified School District |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 43 |
Thornburg California Limited Term Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
LONG-TERM MUNICIPAL BONDS — 89.4% | |||
Alameda County Joint Powers Authority (Alameda County Medical Center Highland Hospital), Series A, 5.00% due 12/1/2024 | $ 2,500,000 | $ 2,756,125 | |
Alameda County Joint Powers Authority (Juvenile Justice), 5.00% due 12/1/2021 | 500,000 | 503,815 | |
Alameda County Joint Powers Authority (Public Facilities Capital Projects), 5.00% due 12/1/2021 | 1,000,000 | 1,007,630 | |
Anaheim Public Financing Authority (Public Improvements; Insured: AGM), Series C, Zero Coupon due 9/1/2022 | 3,000,000 | 2,990,160 | |
Apple Valley Public Financing Authority (Insured: BAM), Series A, 4.00% due 6/1/2026 - 6/1/2028 | 990,000 | 1,168,886 | |
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 | 5,217,929 |
a | Series G, 2.00% due 4/1/2053 (put 4/1/2024) | 1,500,000 | 1,550,340 |
Bonita (Educational Facilities) USD GO, 5.00% due 8/1/2024 (pre-refunded 8/1/2022) | 1,000,000 | 1,039,710 | |
Brentwood Infrastructure Financing Authority (Residential Single Family Development; Insured: AGM), | |||
5.00% due 11/1/2026 | 2,000,000 | 2,006,480 | |
Series A, 5.00% due 9/2/2022 - 9/2/2023 | 3,535,000 | 3,808,072 | |
California (Adventist Health System/West Obligated Group) HFFA, Series A, 4.00% due 3/1/2026 | 820,000 | 939,007 | |
California (Cedars-Sinai Medical Center Obligated Group) HFFA, 5.00% due 11/15/2022 - 11/15/2024 | 1,550,000 | 1,743,850 | |
California (Children’s Hospital Los Angeles Obligated Group) HFFA, Series A, 5.00% due 8/15/2030 | 2,190,000 | 2,659,273 | |
California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 11/15/2023 | 1,835,000 | 1,930,292 | |
California (Children’s Hospital of Orange County Obligated Group) HFFA, 5.00% due 11/1/2021 - 11/1/2028 | 4,345,000 | 5,044,693 | |
a | California (Kaiser Foundation Hospitals) HFFA, Series C, 5.00% due 6/1/2041 (put 11/1/2029) | 2,000,000 | 2,595,640 |
California (Kaiser Permanente) HFFA, Series A-1, 5.00% due 11/1/2027 | 3,025,000 | 3,788,056 | |
California (PIH Health, Inc. Obligated Group) HFFA, Series A, 5.00% due 6/1/2027 - 6/1/2030 | 3,315,000 | 4,282,597 | |
a | California (Providence St. Joseph Health Obligated Group) HFFA, 5.00% due 10/1/2039 (put 10/1/2027) | 3,000,000 | 3,724,800 |
California (St. Joseph Health System) HFFA, Series A, 5.00% due 7/1/2024 | 1,000,000 | 1,081,410 | |
California (Sutter Health Obligated Group) HFFA, Series A, 4.00% due 8/15/2040 (pre-refunded 8/15/2025) | 1,000,000 | 1,137,840 | |
a | California Community Choice Financing Authority (Guaranty: Morgan Stanley) (Green Bond), 4.00% due 2/1/2052 (put 8/1/2031) | 5,000,000 | 6,057,550 |
California Infrastructure and Economic Development Bank (The Scripps Research Institute), 5.00% due 7/1/2024 - 7/1/2027 | 850,000 | 994,965 | |
California Municipal Finance Authority (Biola University Residential Hall and Parking Structure), 5.00% due 10/1/2021 - 10/1/2023 | 555,000 | 577,647 | |
California Municipal Finance Authority (Biola University), 5.00% due 10/1/2021 - 10/1/2027 | 2,610,000 | 2,959,878 | |
California Municipal Finance Authority (Biola University, Inc.), 5.00% due 10/1/2030 | 1,000,000 | 1,215,740 | |
California Municipal Finance Authority (Collegiate Housing Foundation Davis-I LLC-West Village; Insured: BAM), 5.00% due 5/15/2028 | 2,905,000 | 3,645,484 | |
California Municipal Finance Authority (Insured: BAM), 5.00% due 5/15/2025 - 5/15/2028 | 1,400,000 | 1,692,184 | |
a | California Municipal Finance Authority AMT, Series A, 0.22% due 7/1/2041 (put 4/1/2022) | 1,500,000 | 1,500,000 |
a,b | California Pollution Control Financing Authority (Republic Services, Inc. Project), Series B, 0.13% due 8/1/2024 (put 11/1/2021) | 3,400,000 | 3,400,000 |
a,b | California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 0.20% due 11/1/2042 (put 10/15/2021) | 4,000,000 | 4,000,000 |
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 | 2,099,860 |
a | California Pollution Control Financing Authority AMT, Series A, 2.50% due 7/1/2031 (put 5/1/2024) | 1,125,000 | 1,137,364 |
California State Public Works Board (California School for the Deaf Riverside Campus), Series H, 5.00% due 4/1/2022 | 565,000 | 578,374 | |
California State Public Works Board (Correctional and Rehabilitation Facilities), | |||
Series A, 5.00% due 9/1/2022 - 9/1/2024 | 13,660,000 | 14,686,674 | |
Series G, 5.00% due 11/1/2022 | 1,500,000 | 1,577,610 | |
California State Public Works Board (Judicial Council Projects), | |||
Series A, 5.00% due 3/1/2023 - 3/1/2024 | 2,400,000 | 2,561,792 | |
Series D, 5.00% due 12/1/2021 - 12/1/2022 | 4,300,000 | 4,333,031 | |
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 | 7,696,400 | |
California State Public Works Board (Yuba City Courthouse), Series D, 5.00% due 6/1/2022 | 1,950,000 | 2,011,717 | |
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 | 2,401,220 |
California Statewide Communities Development Authority (CHF-Irvine LLC), Series A, 5.00% due 5/15/2027 | 500,000 | 609,950 | |
California Statewide Communities Development Authority (Cottage Health System), 5.00% due 11/1/2025 (pre-refunded 11/1/2024) | 135,000 | 154,383 | |
California Statewide Communities Development Authority (Cottage Health System) ETM, | |||
4.00% due 11/1/2021 | 150,000 | 150,432 | |
5.00% due 11/1/2022 - 11/1/2024 | 475,000 | 525,021 | |
California Statewide Communities Development Authority (Irvine East Campus Apartments), 5.00% due 5/15/2024 - 5/15/2027 | 2,000,000 | 2,266,470 | |
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 | 4,546,395 |
California Statewide Communities Development Authority (Methodist Hospital of Southern California Obligated Group), 5.00% due 1/1/2022 - 1/1/2024 | 960,000 | 1,013,635 | |
a | California Statewide Communities Development Authority (Southern California Edison Company), 2.625% due 11/1/2033 (put 12/1/2023) | 4,895,000 | 5,123,792 |
California Statewide Communities Development Authority (Sutter Health Obligated Group), Series A, 5.00% due 8/15/2024 (pre-refunded 8/15/2022) | 535,000 | 557,240 | |
Calipatria (Educational Facilities; Insured: ACA) USD GO, Series B, Zero Coupon due 8/1/2025 | 2,970,000 | 2,597,206 | |
Carson Redevelopment Successor Agency (Redevelopment Project Area No 1; Insured: AGM), Series A, 5.00% due 10/1/2026 | 500,000 | 567,565 | |
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 | 642,923 | |
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 | 702,506 | |
City of Antioch Public Financing Authority (Municipal Facilities Project), 5.00% due 5/1/2022 - 5/1/2024 | 1,400,000 | 1,523,270 | |
City of Chula Vista (Police Facility Project) COP, 5.00% due 10/1/2024 | 1,700,000 | 1,938,136 |
44 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
City of Chula Vista Financing Authority (Infrastructure, Facilities and Equipment), 5.00% due 5/1/2026 - 5/1/2027 | $ 3,500,000 | $ 4,235,015 | |
City of Clovis (Water System Facilities; Insured: BAM), 5.00% due 3/1/2022 - 3/1/2023 | 1,720,000 | 1,801,488 | |
City of Delano (Central California Foundation for Health) COP, 5.00% due 1/1/2024 (pre-refunded 1/1/2023) | 270,000 | 286,124 | |
City of Irvine CA (Irvine Assessment District No 21-1; Insured: BAM), 4.00% due 9/2/2031 | 1,000,000 | 1,249,560 | |
City of Los Angeles, 4.00% due 6/23/2022 | 5,000,000 | 5,138,100 | |
City of Manteca (Water Supply System), 5.00% due 7/1/2023 | 650,000 | 673,108 | |
City of Norco CA, 5.00% due 9/1/2025 | 1,000,000 | 1,162,620 | |
City of San Jose Financing Authority (Civic Center Project), Series A, 5.00% due 6/1/2024 (pre-refunded 6/1/2023) | 750,000 | 809,625 | |
City of San Jose Financing Authority (Civic Center Project) ETM, Series A, 5.00% due 6/1/2022 - 6/1/2023 | 1,745,000 | 1,848,109 | |
Compton (Insured: BAM) USD GO, Series B, 5.00% due 6/1/2028 - 6/1/2029 | 1,625,000 | 1,998,064 | |
Contra Costa County Schools Pooled Notes, Series A, 2.00% due 12/1/2021 | 2,000,000 | 2,004,840 | |
Contra Costa Transportation Authority, Series A, 5.00% due 3/1/2022 | 850,000 | 866,736 | |
Coronado Community Development Agency Successor Agency, Series A, 5.00% due 9/1/2022 | 585,000 | 609,664 | |
County of Los Angeles Redevelopment Refunding Authority (Bunker Hill Project), Series C, 5.00% due 6/1/2022 - 6/1/2024 | 2,500,000 | 2,667,945 | |
Cucamonga Valley Water District Financing Authority, Series B, 5.00% due 9/1/2025 - 9/1/2031 | 850,000 | 1,080,413 | |
Dinuba (CAP APPREC; Insured: AGM) USD GO, Zero Coupon due 8/1/2030 | 460,000 | 394,284 | |
Downey Public Financing Authority (Public Capital Improvements), 5.00% due 12/1/2025 - 12/1/2027 | 1,445,000 | 1,757,055 | |
Elk Grove Finance Authority (Poppy Ridge CFD No. 2003-1 and East Franklin CFD No. 2002-1), 5.00% due 9/1/2025 | 750,000 | 872,115 | |
Emeryville Redevelopment Agency (Emeryville and Shellmound Park Projects; Insured: AGM), Series A, 5.00% due 9/1/2022 - 9/1/2024 | 9,095,000 | 9,940,149 | |
Fontana Redevelopment Agency Successor Agency, Series A, 5.00% due 10/1/2021 | 3,975,000 | 3,975,517 | |
Fresno USD GO, Series C, 4.00% due 8/1/2026 - 8/1/2027 | 725,000 | 849,203 | |
Fullerton Redevelopment Agency Successor Agency (Insured: BAM), Series A, 4.00% due 9/1/2022 - 9/1/2025 | 3,050,000 | 3,271,241 | |
Grossmont Healthcare District GO, Series D, 5.00% due 7/15/2022 | 960,000 | 995,501 | |
Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2027 | 1,230,000 | 1,472,421 | |
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2021 | 1,275,000 | 1,275,166 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2022 - 7/1/2027 | 2,460,000 | 2,734,576 | |
Hacienda La Puente (Educational Facilities; Insured: AGM) USD COP, 5.00% due 6/1/2022 - 6/1/2025 | 2,755,000 | 3,089,305 | |
Jurupa Public Financing Authority (Insured: BAM), Series A, 5.00% due 9/1/2022 - 9/1/2025 | 2,720,000 | 2,985,190 | |
La Canada USD GO, Series B, 4.00% due 8/1/2022 - 8/1/2024 | 680,000 | 724,496 | |
La Quinta Redevelopment Agency (Redevelopment Project Areas No. 1 and 2) ETM, | |||
Series A, | |||
5.00% due 9/1/2022 | 2,000,000 | 2,087,260 | |
c | 5.00% due 9/1/2023 | 1,500,000 | 1,635,960 |
La Quinta Redevelopment Agency Successor Agency, Series A, 4.00% due 9/1/2027 (pre-refunded 9/1/2023) | 410,000 | 439,508 | |
Lodi Public Financing Authority (City Police Building and Jail), 5.00% due 10/1/2021 - 10/1/2023 | 3,180,000 | 3,230,545 | |
Los Angeles (Educational Facilities and Information Technology Infrastructure) USD GO, | |||
Series B, 5.00% due 7/1/2023 | 3,000,000 | 3,250,740 | |
Series D, 5.00% due 7/1/2022 - 7/1/2024 | 5,750,000 | 6,237,355 | |
Los Angeles Department of Airports AMT, | |||
Series A, 5.00% due 5/15/2029 | 4,000,000 | 4,845,680 | |
Series B, 5.00% due 5/15/2025 - 5/15/2026 | 7,220,000 | 8,512,525 | |
Los Angeles Department of Water & Power Water System Revenue, Series A, 5.00% due 7/1/2027 | 1,600,000 | 2,001,472 | |
Los Angeles Department of Water and Power (Power System Capital Improvements), Series A, 5.00% due 7/1/2025 - 7/1/2026 | 800,000 | 941,790 | |
Los Angeles USD GO, Series A, 5.00% due 7/1/2024 | 4,600,000 | 5,196,574 | |
Lynwood (Insured: AGM) USD GO, 5.00% due 8/1/2023 | 1,000,000 | 1,086,620 | |
Manteca Community Facilities District No. 1989-2 (Educational Facilities; Insured: AGM) USD, Series F, 5.00% due 9/1/2023 | 500,000 | 544,285 | |
Milpitas Redevelopment Agency (Redevelopment Project Area No. 1), 5.00% due 9/1/2025 | 2,300,000 | 2,693,116 | |
Modesto CA Wastewater Revenue, Series B, 5.00% due 11/1/2027 - 11/1/2030 | 4,000,000 | 5,134,512 | |
Modesto Irrigation District, 5.00% due 10/1/2021 | 225,000 | 225,029 | |
Modesto Irrigation District (San Joaquin Valley Electric System), Series A, 5.00% due 7/1/2022 | 1,295,000 | 1,337,372 | |
Moreno Valley Public Financing Authority (Public Improvements), 5.00% due 11/1/2024 | 1,455,000 | 1,663,807 | |
Murrieta Valley Public Financing Authority (Educational Facilities; Insured: BAM) USD GO, 5.00% due 9/1/2023 | 1,080,000 | 1,180,127 | |
Norman Y Mineta San Jose International Airport SJC AMT, Series A, 5.00% due 3/1/2029 - 3/1/2031 | 1,545,000 | 1,982,731 | |
North City West School Facilities Financing Authority (Carmel Valley; Insured: AGM), Series A, 5.00% due 9/1/2022 | 2,260,000 | 2,350,513 | |
a | Northern California Energy Authority (Commodity Supply Revenue), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 5,000,000 | 5,477,800 |
Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2022 - 8/1/2025 | 2,745,000 | 3,039,860 | |
Oceanside (Insured: AGM) USD GO, Series F, 4.00% due 8/1/2022 - 8/1/2023 | 1,125,000 | 1,181,209 | |
Orange County Transportation Authority, 5.00% due 10/15/2024 | 4,000,000 | 4,563,080 | |
Pomona Public Financing Authority (Facilities Improvements; Insured: AGM), Series BC, 4.00% due 6/1/2024 - 6/1/2026 | 725,000 | 804,564 | |
Rancho Santa Fe Community Services District Financing Authority, Series A, 5.00% due 9/1/2025 | 1,745,000 | 2,026,800 | |
Redding CA Wastewater System Revenue, 5.00% due 6/1/2029 - 6/1/2031 | 2,760,000 | 3,635,313 | |
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 | 1,164,466 | |
Ripon Redevelopment Agency Successor Agency (Insured: BAM), 4.00% due 11/1/2030 - 11/1/2031 | 1,025,000 | 1,258,078 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 45 |
Thornburg California Limited Term Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
Riverside County Infrastructure Financing Authority, | |||
5.00% due 11/1/2021 | $ 425,000 | $ 426,534 | |
d | Series A, 5.00% due 11/1/2021 | 1,000,000 | 1,349,170 |
Riverside County Infrastructure Financing Authority ETM, Series A, 5.00% due 11/1/2021 | 75,000 | 75,270 | |
Riverside County Office of Education Pooled Notes, Series A, 2.00% due 12/1/2021 | 2,000,000 | 2,005,880 | |
Riverside County Public Financing Authority (Capital Facilities Project), 5.00% due 11/1/2021 - 11/1/2025 | 2,000,000 | 2,186,140 | |
Riverside County Public Financing Authority (Riverside County), 5.00% due 11/1/2026 | 1,000,000 | 1,181,010 | |
Riverside Financing Authority (Educational Facilities; Insured: BAM) USD, 5.00% due 9/1/2022 - 9/1/2025 | 1,245,000 | 1,388,328 | |
Riverside Redevelopment Agency Successor Agency, Series A, 5.00% due 9/1/2022 | 600,000 | 625,344 | |
Sacramento City (Educational Facilities Improvements; Insured: AGM) USD GO, 5.00% due 7/1/2022 | 700,000 | 723,268 | |
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 | 4,939,992 | |
Sacramento County (Insured: AGM) COP, 5.00% due 10/1/2026 - 10/1/2029 | 2,965,000 | 3,673,589 | |
Sacramento County Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District), Series A, 5.00% due 12/1/2027 - 12/1/2031 | 3,820,000 | 4,989,685 | |
a | Sacramento Municipal Utility District, Series A, 5.00% due 8/15/2049 (put 10/17/2023) | 600,000 | 644,178 |
Salinas Valley Solid Waste Authority (Insured: AGM) AMT , Series A, 5.00% due 8/1/2023 | 1,530,000 | 1,660,846 | |
San Bernardino City (Insured: AGM) USD GO, Series A, 4.00% due 8/1/2029 | 1,000,000 | 1,218,130 | |
San Bernardino Redevelopment Agency Successor Agency (Insured: AGM), Series A, 5.00% due 12/1/2023 | 150,000 | 164,453 | |
San Diego (Educational System Capital Projects) USD GO, Series R-3, 5.00% due 7/1/2023 - 7/1/2024 | 8,000,000 | 8,740,080 | |
San Diego County Regional Airport Authority, | |||
5.00% due 7/1/2029 - 7/1/2030 | 2,000,000 | 2,599,310 | |
Series A, 5.00% due 7/1/2030 | 330,000 | 423,601 | |
San Diego Redevelopment Agency Successor Agency, Series A, 5.00% due 9/1/2028 | 250,000 | 291,543 | |
San Francisco City and County Airports Commission (San Francisco International Airport), Series A, 5.00% due 5/1/2026 | 5,000,000 | 5,988,350 | |
San Francisco City and County Airports Commission (San Francisco International Airport) AMT, Series H, 5.00% due 5/1/2028 | 6,500,000 | 8,118,305 | |
San Jose, Series A-1, 3.50% due 10/1/2021 | 25,000 | 25,002 | |
San Mateo County Joint Powers Financing Authority (Maple Street Correctional Center), 5.00% due 6/15/2022 - 6/15/2023 | 1,585,000 | 1,666,690 | |
San Mateo Foster City Public Financing Authority, Series B, 5.00% due 8/1/2025 | 700,000 | 822,850 | |
Santa Clara County Financing Authority (Multiple Facilities Projects), Series P, 5.00% due 5/15/2025 | 6,755,000 | 7,864,779 | |
Santa Margarita Water District (Talega Community Facilities), Series A, 5.00% due 9/1/2026 - 9/1/2027 | 1,050,000 | 1,277,285 | |
Semitropic Water Storage Improvement District (Irrigation Water System; Insured: AGM), Series A, 5.00% due 12/1/2022 - 12/1/2027 | 3,535,000 | 4,071,088 | |
South Bay/San Diego County USD GO, Zero Coupon due 8/1/2022 | 2,250,000 | 2,245,815 | |
South Placer Wastewater Authority (Roseville), 5.00% due 11/1/2029 - 11/1/2030 | 700,000 | 906,363 | |
Southern California Public Power Authority (Canyon Power Project), Series A, 5.00% due 7/1/2029 - 7/1/2030 | 2,750,000 | 3,204,822 | |
Southern California Public Power Authority (Magnolia Power Project), Series A-1, 5.00% due 7/1/2022 | 2,795,000 | 2,894,446 | |
Southwestern Community College District GO, Series B, 4.00% due 8/1/2024 - 8/1/2026 | 1,125,000 | 1,278,370 | |
State of California GO, 5.00% due 11/1/2029 | 5,000,000 | 6,507,500 | |
Stockton (Insured: BAM) USD GO, 5.00% due 8/1/2027 | 1,200,000 | 1,423,164 | |
Stockton Public Financing Authority (Stockton Water Revenue; Green Bond; Insured: BAM), Series A, 5.00% due 10/1/2021 - 10/1/2031 | 5,360,000 | 6,299,211 | |
Successor Agency to the City of Colton Redevelopment Agency (Multiple Redevelopment Project Areas; Insured: BAM), 5.00% due 8/1/2023 - 8/1/2025 | 1,875,000 | 2,115,907 | |
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 | 3,302,833 | |
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 | 2,325,832 | |
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 | 3,979,781 | |
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 | 1,529,175 | |
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 | 1,179,228 | |
Successor Agency to the Poway Redevelopment Agency (Paguay Redevelopment Project), Series A, 5.00% due 6/15/2025 | 4,665,000 | 5,430,060 | |
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 | 3,738,713 | |
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 | 496,740 | |
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 | 2,407,800 | |
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 | 1,361,511 | |
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 | 4,500,733 | |
Temecula Valley Financing Authority (Educational Facilities; Insured: BAM) USD, 5.00% due 9/1/2022 - 9/1/2025 | 1,375,000 | 1,521,773 | |
Temecula Valley Financing Authority (Insured: BAM) USD, 5.00% due 9/1/2027 | 2,220,000 | 2,545,696 |
46 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
Trustees of the California State University (Educational Facilities Improvements), Series A, 5.00% due 11/1/2026 | $ 1,000,000 | $ 1,203,750 | |
Tulare County Transportation Authority, 5.00% due 2/1/2029 - 2/1/2030 | 3,135,000 | 4,065,666 | |
Tulare Public Financing Authority (Insured: BAM), | |||
4.00% due 4/1/2022 | 250,000 | 254,410 | |
5.00% due 4/1/2023 - 4/1/2028 | 1,410,000 | 1,637,636 | |
Turlock Public Financing Authority Water Revenue, 4.00% due 3/1/2027 | 1,000,000 | 1,001,790 | |
Val Verde (Insured: BAM) USD GO, Series A, 4.00% due 8/1/2022 - 8/1/2023 | 950,000 | 995,950 | |
Vallejo City (Insured: BAM) USD GO, 5.00% due 8/1/2031 | 840,000 | 1,129,607 | |
Ventura County Community College District GO, 5.00% due 8/1/2024 | 835,000 | 927,576 | |
Ventura County Public Financing Authority (Office Building Purchase and Improvements), Series B, 5.00% due 11/1/2023 - 11/1/2024 | 1,560,000 | 1,714,114 | |
Vista Redevelopment Agency (Vista Redevelopment Project; Insured: AGM), Series B1, 5.00% due 9/1/2022 - 9/1/2023 | 735,000 | 785,368 | |
West Contra Costa (Insured: AGM) USD GO, | |||
Series E, 4.00% due 8/1/2022 - 8/1/2025 | 1,270,000 | 1,357,838 | |
Series F, 4.00% due 8/1/2022 - 8/1/2024 | 2,690,000 | 2,819,317 | |
West Contra Costa (Insured: Natl-Re) USD GO, Zero Coupon due 8/1/2028 | 160,000 | 147,397 | |
TOTAL LONG-TERM MUNICIPAL BONDS — 89.4% (Cost $412,732,570) | $427,895,932 | ||
SHORT-TERM MUNICIPAL BONDS — 8.4% | |||
a | San Diego County Regional Transportation Commission (SPA JPMorgan Chase Bank, N.A.), Series B, 0.04% due 4/1/2038 (put 10/7/2021) | 2,800,000 | 2,800,000 |
a | Bay Area Toll Authority (San Francisco Bay Area Toll Bridge; LOC Tokyo-Mitsubish UFJ), Series A2, 0.03% due 4/1/2047 (put 10/7/2021) | 2,200,000 | 2,200,000 |
a | California Municipal Finance Authority (Chevron USA, Inc.; Guaranty: Chevron Corp.), 0.03% due 11/1/2035 (put 10/1/2021) | 10,280,000 | 10,280,000 |
a | California Municipal Finance Authority AMT (Waste Management, Inc.; Guaranty: Waste Management Holdings), 0.15% due 10/1/2045 (put 12/1/2021) | 500,000 | 500,000 |
a | City of Irvine CA (Irvine Reassessment District No 05-21; LOC U.S. BANK N.A.), Series A, 0.05% due 9/2/2050 (put 10/1/2021) | 2,384,000 | 2,384,000 |
a,b | Deutsche Bank Spears/Lifers Trust (LOC Deutche Bank A.G.), Series DBE-8082, 0.46% due 10/1/2058 (put 10/7/2021) | 6,000,000 | 6,000,000 |
a | Irvine Ranch Water District (Variable-IMPT Dists-Cons; LOC Bank of America N.A.), Series B, 0.05% due 10/1/2041 (put 10/1/2021) | 2,490,000 | 2,490,000 |
a | Irvine Ranch Water District (Variable-IMPT Dists-Cons; LOC U.S. Bank N.A.), Series A, 0.05% due 10/1/2041 (put 10/1/2021) | 480,000 | 480,000 |
a | Los Angeles Department of Water & Power Power System Revenue, Series B3, 0.03% due 7/1/2034 (put 10/1/2021) | 700,000 | 700,000 |
a | Los Angeles Department of Water & Power Power System Revenue (Power System Capital Improvements; SPA Bank of America N.A.), Series A3, 0.05% due 7/1/2035 (put 10/1/2021) | 1,020,000 | 1,020,000 |
a | Los Angeles Department of Water & Power Water System Revenue (Power System Capital Improvements; SPA UBS AG), Series B2, 0.05% due 7/1/2035 (put 10/1/2021) | 3,200,000 | 3,200,000 |
a | Metropolitan Water District of Southern California, Series B3, 0.05% due 7/1/2035 (put 10/1/2021) | 600,000 | 600,000 |
a | Metropolitan Water District of Southern California (SPA PNC Bank, N.A.), Series A, 0.05% due 7/1/2047 (put 10/1/2021) | 600,000 | 600,000 |
a | Regents of the University of California Medical Center Pooled Revenue, Series B2, 0.07% due 5/15/2032 (put 10/1/2021) | 1,080,000 | 1,080,000 |
a | Sacramento Suburban Water District (LOC Sumitomo Mitsui Banking), Series A 0.05% due 11/1/2034 (put 10/7/2021) | 4,280,000 | 4,280,000 |
a | State of California GO (LOC MUFG Union Bank N.A.), Series B5, 0.05% due 5/1/2040 (put 10/1/2021) | 1,490,000 | 1,490,000 |
TOTAL SHORT-TERM MUNICIPAL BONDS — 8.4% (Cost $40,104,000) | $ 40,104,000 | ||
Total Investments — 97.8% (Cost $452,836,570) | $467,999,932 | ||
Other Assets Less Liabilities — 2.2% | 10,581,965 | ||
Net Assets — 100.0% | $478,581,897 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 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 September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $13,400,000, representing 2.80% 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:
ACA | Insured by American Capital Access |
AGM | Insured by Assured Guaranty Municipal 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 |
LOC | Letter of Credit |
Natl-Re | Insured by National Public Finance Guarantee Corp. |
SPA | Stand-by Purchase Agreement |
USD | Unified School District |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 47 |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
LONG-TERM MUNICIPAL BONDS — 97.6% | |||
Albuquerque Bernalillo County Water Utility Authority, 5.00% due 7/1/2023 - 7/1/2024 | $ 65,000 | $ 71,500 | |
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 | 2,253,780 | |
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 | 1,740,725 | |
Albuquerque Municipal School District No. 12 (Bernalillo and Sandoval Counties School Facilities) (State Aid Withholding) GO, | |||
5.00% due 8/1/2034 | 1,260,000 | 1,566,697 | |
Series 2017, 5.00% due 8/1/2031 | 1,000,000 | 1,197,830 | |
Series A, 4.00% due 8/1/2029 | 1,300,000 | 1,386,463 | |
Albuquerque Municipal School District No. 12 (State Aid Withholding) GO, | |||
Series A, | |||
4.00% due 8/1/2030 - 8/1/2031 | 650,000 | 784,348 | |
5.00% due 8/1/2027 - 8/1/2029 | 1,100,000 | 1,387,990 | |
Bernalillo County (Government Services) GRT, | |||
5.25% due 4/1/2027 | 300,000 | 346,662 | |
Series B, 5.70% due 4/1/2027 | 3,000,000 | 3,523,020 | |
Bernalillo County (Government Services; Insured: AMBAC) GRT, 5.25% due 10/1/2022 - 10/1/2025 | 8,295,000 | 9,310,386 | |
Bernalillo County (Government Services; Insured: Natl-Re) GRT, Series B, 5.70% due 4/1/2027 | 815,000 | 955,327 | |
Bernalillo County GO, Series A, 4.00% due 8/15/2022 | 100,000 | 103,295 | |
Bernalillo Municipal School District No. 1 (State Aid Withholding) GO, | |||
3.00% due 8/1/2022 | 200,000 | 204,420 | |
4.00% due 8/1/2023 - 8/1/2026 | 340,000 | 373,250 | |
Carlsbad Municipal School District (State Aid Withholding) GO, 5.00% due 8/1/2027 | 1,000,000 | 1,237,770 | |
Central New Mexico Community College (Campus Buildings Acquisition & Improvements) GO, Series A, 5.00% due 8/15/2022 | 1,100,000 | 1,147,432 | |
City of Albuquerque (City Infrastructure Improvements) GO, Series A, 5.00% due 7/1/2026 | 870,000 | 1,049,899 | |
City of Albuquerque (City Infrastructure Improvements) GRT, | |||
Series A, | |||
4.00% due 7/1/2035 | 2,070,000 | 2,467,771 | |
5.00% due 7/1/2025 - 7/1/2034 | 2,500,000 | 2,894,591 | |
City of Albuquerque (I-25/Paseo del Norte Interchange) GRT, 5.00% due 7/1/2025 - 7/1/2027 (pre-refunded 7/1/2023) | 1,095,000 | 1,186,159 | |
City of Albuquerque GO, Series A, 5.00% due 7/1/2022 | 600,000 | 621,426 | |
City of Albuquerque GRT, Series A, 4.00% due 7/1/2037 (pre-refunded 7/1/2023) | 120,000 | 127,904 | |
City of Albuquerque Refuse Removal & Disposal Revenue, 5.00% due 7/1/2030 - 7/1/2038 | 1,510,000 | 1,946,752 | |
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 | 3,531,360 |
City of Las Cruces (Joint Utility System), Series A, 4.00% due 6/1/2022 - 6/1/2025 | 2,115,000 | 2,271,677 | |
City of Roswell (Joint Water and Sewer Improvement; Insured: BAM), 5.00% due 6/1/2026 - 6/1/2036 | 2,050,000 | 2,431,236 | |
City of Roswell GRT, 4.00% due 8/1/2029 | 260,000 | 304,801 | |
City of Santa Fe (El Castillo Retirement Residences), 4.50% due 5/15/2027 | 3,275,000 | 3,319,573 | |
City of Santa Fe (Public Facilities) GRT, | |||
5.00% due 6/1/2028 - 6/1/2029 | 1,880,000 | 2,110,659 | |
Series A, 5.00% due 6/1/2034 - 6/1/2038 | 1,870,000 | 2,311,283 | |
County of Sandoval GO, 5.00% due 8/1/2025 - 8/1/2029 | 2,015,000 | 2,455,835 | |
County of Santa Fe GO, 5.00% due 7/1/2024 | 825,000 | 930,963 | |
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2026 | 2,000,000 | 2,091,960 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2035 - 7/1/2037 | 2,200,000 | 2,539,164 | |
Las Cruces School District No. 2 (State Aid Withholding) GO, | |||
5.00% due 8/1/2025 - 8/1/2028 | 3,800,000 | 4,625,194 | |
Series C, 5.00% due 8/1/2024 | 425,000 | 480,284 | |
Lea County Public School District No 8 Eunice (State Aid Withholding) GO, | |||
4.00% due 9/15/2027 - 9/15/2028 | 2,150,000 | 2,474,733 | |
5.00% due 9/15/2026 | 650,000 | 781,352 | |
New Mexico Educational Assistance Foundation (Student Loans), Series A-1, 5.00% due 12/1/2022 | 3,000,000 | 3,010,050 | |
New Mexico Finance Authority, | |||
5.00% due 6/1/2038 | 1,150,000 | 1,446,435 | |
Series A, 5.00% due 6/15/2026 | 245,000 | 295,323 | |
Series B, 5.00% due 6/1/2032 - 6/1/2033 | 4,125,000 | 5,229,203 | |
Series D, 5.00% due 6/15/2029 - 6/1/2033 | 995,000 | 1,236,973 | |
New Mexico Finance Authority (New Mexico Finance Authority Public Project Revolving Fund), Series D, 5.00% due 6/15/2022 | 150,000 | 155,027 | |
New Mexico Finance Authority (State Highway Infrastructure), Series A, 5.00% due 6/15/2026 - 6/15/2027 | 2,415,000 | 2,721,593 | |
New Mexico Finance Authority (State of New Mexico Department of Transportation), Series A, 5.00% due 6/15/2024 | 2,000,000 | 2,254,360 | |
New Mexico Finance Authority (The Public Project Revolving Fund Program), Series A, 5.00% due 6/15/2031 | 1,000,000 | 1,160,890 | |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), |
48 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
5.00% due 7/1/2032 | $1,000,000 | $ 1,021,490 | |
Series A, 5.00% due 7/1/2032 - 7/1/2034 | 1,310,000 | 1,503,883 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), | |||
5.00% due 8/1/2031 | 1,750,000 | 2,125,843 | |
Series A, 5.00% due 8/1/2036 - 8/1/2038 | 2,955,000 | 3,709,666 | |
New Mexico Hospital Equipment Loan Council (San Juan Regional Medical Center, Inc.), 5.00% due 6/1/2030 - 6/1/2031 | 1,215,000 | 1,546,890 | |
New Mexico Housing Authority (El Paseo Apartments; Insured: AMBAC) AMT, Series A, 5.30% due 12/1/2022 | 10,000 | 10,028 | |
New Mexico Institute of Mining and Technology (Campus Buildings Acquisition & Improvements), 5.00% due 7/1/2023 - 7/1/2028 | 3,215,000 | 3,226,245 | |
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 | 3,053,362 | |
New Mexico Mortgage Finance Authority (Collateralized: GNMA, FNMA, FHLMC), | |||
Series C, 2.85% due 7/1/2031 | 520,000 | 552,999 | |
Series F, | |||
2.60% due 7/1/2034 | 590,000 | 630,521 | |
2.85% due 7/1/2039 | 1,530,000 | 1,605,199 | |
3.50% due 7/1/2050 | 865,000 | 943,819 | |
New Mexico Municipal Energy Acquisition Authority, | |||
Series A, | |||
4.00% due 5/1/2024 | 250,000 | 272,558 | |
a | 5.00% due 11/1/2039 (put 5/1/2025) | 1,500,000 | 1,727,070 |
Regents of New Mexico State University (Campus Buildings Acquisition & Improvements), Series A, 5.00% due 4/1/2032 - 4/1/2036 | 5,935,000 | 7,156,658 | |
Regents of New Mexico State University (Campus Buildings Acquisition & Improvements; Insured: BAM), Series A, 5.00% due 4/1/2030 | 1,440,000 | 1,790,078 | |
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 | 5,271,645 | |
San Juan County (County Capital Improvements) GRT, Series B, 5.00% due 6/15/2028 - 6/15/2030 | 2,645,000 | 2,954,460 | |
Santa Fe County (County Buildings & Facilities) GRT, Series A, 5.00% due 6/1/2026 - 6/1/2027 | 940,000 | 1,095,394 | |
Santa Fe County (County Correctional System; Insured: AGM), 6.00% due 2/1/2027 | 1,100,000 | 1,269,312 | |
Santa Fe Gasoline Tax GRT, 5.00% due 6/1/2024 - 6/1/2028 | 1,540,000 | 1,830,238 | |
Santa Fe Public School District GO, | |||
4.00% due 8/1/2024 | 250,000 | 275,085 | |
5.00% due 8/1/2030 | 725,000 | 906,859 | |
State of New Mexico GO, 5.00% due 3/1/2029 | 2,000,000 | 2,583,420 | |
State of New Mexico Severance Tax Permanent Fund, | |||
5.00% due 7/1/2022 - 7/1/2028 | 665,000 | 796,070 | |
Series A, 5.00% due 7/1/2030 | 750,000 | 990,240 | |
State of New Mexico Severance Tax Permanent Fund (Educational Facilities), Series A, 5.00% due 7/1/2025 | 2,040,000 | 2,380,904 | |
Town of Silver City (Public Facility Capital Projects) GRT, | |||
Series A, | |||
4.00% due 6/1/2029 | 1,000,000 | 1,002,550 | |
4.25% due 6/1/2032 | 1,050,000 | 1,052,866 | |
Village of Los Ranchos de Albuquerque (Albuquerque Academy), | |||
4.00% due 9/1/2040 | 825,000 | 942,612 | |
5.00% due 9/1/2029 - 9/1/2032 | 1,330,000 | 1,686,025 | |
Zuni Public School District (Teacher Housing Projects), 5.00% due 8/1/2028 | 1,600,000 | 1,657,504 | |
TOTAL LONG-TERM MUNICIPAL BONDS — 97.6% (Cost $138,068,438) | $145,626,818 | ||
Total Investments — 97.6% (Cost $138,068,438) | $145,626,818 | ||
Other Assets Less Liabilities — 2.4% | 3,653,212 | ||
Net Assets — 100.0% | $149,280,030 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 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-Re | Insured by National Public Finance Guarantee Corp. |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 49 |
Thornburg New York Intermediate Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
LONG-TERM MUNICIPAL BONDS — 96.5% | |||
City of New York (City Budget Financial Management) GO, Series G, 5.00% due 8/1/2030 | $1,000,000 | $ 1,107,420 | |
City of New York GO, | |||
Series A, 5.00% due 8/1/2039 | 1,000,000 | 1,248,860 | |
Series F1, 5.00% due 4/1/2037 | 940,000 | 1,148,060 | |
County of Nassau (Insured: BAM) GO, Series B, 5.00% due 4/1/2026 | 1,000,000 | 1,071,620 | |
Erie County (City School District of the City Buffalo Project) (State Aid Withholding) IDA, 5.00% due 5/1/2032 | 500,000 | 674,985 | |
Erie County Fiscal Stability Authority, Series D, 5.00% due 9/1/2034 | 850,000 | 1,046,613 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2028 - 7/1/2036 | 1,500,000 | 1,683,930 | |
Hudson Yards Infrastructure Corp. (Hudson Yards Subway Station), Series A, 5.00% due 2/15/2035 | 1,000,000 | 1,207,010 | |
Long Island Power Authority (Electric System Capital Improvements; Insured: AGC), Series C, 5.25% due 9/1/2029 | 645,000 | 830,096 | |
Metropolitan Transportation Authority, Series D-1, 5.00% due 11/15/2031 | 1,000,000 | 1,157,420 | |
Metropolitan Transportation Authority (Transit and Commuter System), Series B-1, 5.00% due 5/15/2022 | 600,000 | 617,658 | |
Monroe County (Monroe Community College Association, Inc.; Insured: AGM) IDC, 5.00% due 1/15/2028 - 1/15/2029 | 550,000 | 602,389 | |
Monroe County (Rochester City School District) (State Aid Withholding) IDC, 5.00% due 5/1/2033 | 620,000 | 767,963 | |
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 | 1,860,800 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
Series A1, 5.00% due 8/1/2038 | 1,000,000 | 1,232,660 | |
Series A2, 5.00% due 5/1/2039 | 1,000,000 | 1,242,550 | |
New York State Dormitory Authority, Series A, 5.00% due 2/15/2032 | 1,000,000 | 1,215,490 | |
New York State Dormitory Authority (Barnard College), Series A, 4.00% due 7/1/2024 - 7/1/2025 | 350,000 | 389,139 | |
New York State Dormitory Authority (Columbia University Teachers College), Series A, 5.00% due 7/1/2027 | 750,000 | 776,857 | |
New York State Dormitory Authority (Green Bond-Cornell University), Series D, 5.00% due 7/1/2036 | 500,000 | 735,170 | |
New York State Dormitory Authority (Metropolitan Transportation Authority & State Urban Development Corp.), Series A, 5.00% due 12/15/2027 | 1,500,000 | 1,585,515 | |
New York State Dormitory Authority (Northwell Health Obligated Group), Series A, 5.00% due 5/1/2033 | 100,000 | 125,375 | |
New York State Dormitory Authority (School District Financing Program) (State Aid Withholding), Series C, 5.00% due 10/1/2023 | 575,000 | 629,217 | |
New York State Dormitory Authority (School District Financing Program; Insured: AGM) (State Aid Withholding), | |||
Series A, 5.00% due 10/1/2028 | 200,000 | 226,736 | |
Series H, 5.00% due 10/1/2024 | 480,000 | 481,714 | |
New York State Dormitory Authority (St. John’s University), Series A, 5.00% due 7/1/2026 | 300,000 | 356,571 | |
New York State Dormitory Authority (St. John’s University; Insured: Natl-Re), Series C, 5.25% due 7/1/2022 | 1,000,000 | 1,036,200 | |
New York State Dormitory Authority (State Aid Withholding), Series A, 5.00% due 10/1/2033 | 100,000 | 122,454 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), Series D, 4.00% due 2/15/2040 | 500,000 | 580,220 | |
New York State Dormitory Authority (State of New York Sales Tax Revenue), Series A, 5.00% due 3/15/2033 | 500,000 | 598,500 | |
New York State Environmental Facilities Corp. (State of New York State Revolving Fund), | |||
5.00% due 5/15/2025 | 250,000 | 280,983 | |
Series E, 5.00% due 6/15/2038 | 250,000 | 306,303 | |
New York State Thruway Authority, | |||
Series J, 5.00% due 1/1/2033 | 325,000 | 358,390 | |
Series N, 5.00% due 1/1/2035 | 250,000 | 317,997 | |
Oneida County Local Development Corp. (Utica College), 5.00% due 7/1/2025 - 7/1/2032 | 855,000 | 1,003,870 | |
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 | 1,008,470 | |
Port Authority of New York & New Jersey AMT, 5.00% due 11/1/2039 | 200,000 | 247,288 | |
Sales Tax Asset Receivable Corp. (New York Local Government Assistance Corp.), Series A, 5.00% due 10/15/2029 - 10/15/2031 (pre-refunded 10/15/2024) | 2,250,000 | 2,568,533 | |
State of New York Mortgage Agency, Series 223, 2.65% due 10/1/2034 | 450,000 | 461,011 | |
Tompkins County Development Corp. (Ithaca College Project), 5.00% due 7/1/2034 - 7/1/2037 | 820,000 | 999,756 | |
Town of Hempstead GO, 5.00% due 8/15/2025 | 250,000 | 293,555 | |
Triborough Bridge & Tunnel Authority, Series D, 5.00% due 11/15/2033 | 250,000 | 328,227 | |
Triborough Bridge & Tunnel Authority (MTA Bridges and Tunnels), | |||
Series A, | |||
5.00% due 11/15/2028 (pre-refunded 5/15/2024) | 1,000,000 | 1,123,290 | |
5.00% due 11/15/2029 | 1,000,000 | 1,120,140 | |
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series A, 5.00% due 9/1/2038 | 250,000 | 315,518 | |
Utility Debt Securitization Authority, Series A, 5.00% due 12/15/2026 | 350,000 | 401,597 | |
Utility Debt Securitization Authority (Long Island Power Authority-Electric Service), Series TE, 5.00% due 12/15/2029 - 12/15/2030 | 2,000,000 | 2,204,990 | |
West Seneca Central School District (Facilities Improvements; Insured: BAM) (State Aid Withholding) GO, 5.00% due 11/15/2023 | 1,300,000 | 1,427,959 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2029 - 7/1/2034 | 450,000 | 518,628 | |
Western Nassau County Water Authority (Green Bonds), Series A, 4.00% due 4/1/2040 - 4/1/2041 | 475,000 | 564,386 | |
Yonkers Industrial Development Agency (New Community School Project) (State Aid Withholding), 4.00% due 5/1/2041 | 500,000 | 585,600 | |
TOTAL LONG-TERM MUNICIPAL BONDS — 96.5% (Cost $40,502,339) | $42,795,683 |
50 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
SHORT-TERM MUNICIPAL BONDS — 1.1% | |||
a | New York State Housing Finance Agency (160 Madison Ave LLC; LOC Landesbank Hessen-Thuringen), Series A, 0.08% due 11/1/2046 (put 10/1/2021) | $ 500,000 | $ 500,000 |
TOTAL SHORT-TERM MUNICIPAL BONDS — 1.1% (Cost $500,000) | $ 500,000 | ||
Total Investments — 97.6% (Cost $41,002,339) | $43,295,683 | ||
Other Assets Less Liabilities — 2.4% | 1,042,944 | ||
Net Assets — 100.0% | $44,338,627 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 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 |
IDA | Industrial Development Authority/Agency |
IDC | Industrial Development Corp. |
LOC | Letter of Credit |
Natl-Re | Insured by National Public Finance Guarantee Corp. |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 51 |
Thornburg Intermediate Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 95.6% | |||
Alabama — 1.9% | |||
Alabama Community College System ACCS Enhancements Fee Revenue (Insured: AGM), 4.00% due 9/1/2040 - 9/1/2041 | $ 1,600,000 | $ 1,896,448 | |
Alabama Public School & College Authority (Educational Facilities), Series B, 5.00% due 6/1/2026 (pre-refunded 6/1/2023) | 4,380,000 | 4,726,108 | |
Alabama Public School and College Authority, Series A, 5.00% due 11/1/2039 | 3,500,000 | 4,488,890 | |
East Alabama Health Care Authority (Health Care Facilities Capital Improvements), Series A, 5.00% due 9/1/2027 | 1,250,000 | 1,274,175 | |
UAB Medicine Finance Authority (University Hospital), Series B, 5.00% due 9/1/2032 | 6,000,000 | 7,198,620 | |
Arizona — 2.3% | |||
Arizona (Scottsdale Lincoln Hospitals) HFA , 5.00% due 12/1/2031 | 2,500,000 | 2,843,225 | |
Arizona Board of Regents (University of Arizona SPEED), 5.00% due 8/1/2029 | 1,000,000 | 1,124,900 | |
City of Mesa AZ Utility System Revenue, 5.00% due 7/1/2033 | 1,600,000 | 1,993,680 | |
County of Pima (TMC HealthCare Obligated Group) IDA, 4.00% due 4/1/2041 | 1,000,000 | 1,166,990 | |
County of Yavapai (Waste Management, Inc.) AMT IDA, 1.30% due 6/1/2027 | 1,000,000 | 1,012,190 | |
Maricopa County Special Health Care District GO, Series D, 5.00% due 7/1/2033 | 1,000,000 | 1,319,930 | |
Northern Arizona University (Insured: BAM), Series B, 5.00% due 6/1/2039 | 1,300,000 | 1,639,937 | |
Pima County Sewer System Revenue COP, Series B, 5.00% due 7/1/2031 | 900,000 | 1,175,355 | |
Salt River Project Agricultural Improvement and Power District (Salt River Electric System), 5.00% due 1/1/2033 - 1/1/2037 | 7,000,000 | 8,678,705 | |
Salt Verde Financial Corp. (Gas Supply Acquisition), 5.25% due 12/1/2022 - 12/1/2028 | 2,770,000 | 3,076,751 | |
Arkansas — 0.4% | |||
Board of Trustees of the University of Arkansas (Fayetteville Campus), Series A, 5.00% due 11/1/2031 - 11/1/2034 | 3,655,000 | 4,147,522 | |
California — 4.3% | |||
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 | 4,039,373 | |
California (Adventist Health System/West) HFFA, Series A, 5.00% due 3/1/2026 | 2,815,000 | 3,000,340 | |
California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 11/15/2022 - 8/15/2033 | 1,950,000 | 2,197,597 | |
California Infrastructure and Economic Development Bank (King City Joint Union High School District), 5.75% due 8/15/2029 | 1,500,000 | 1,503,090 | |
Delano Financing Authority (City of Delano Police Station and Woollomes Avenue Bridge), Series A, 5.00% due 12/1/2025 | 2,555,000 | 2,563,380 | |
Franklin-McKinley School District (Insured: Natl-Re) GO, 5.25% due 8/1/2027 | 1,000,000 | 1,240,630 | |
Fresno (Educational Facilities and Improvements; Insured: Natl-Re) USD GO, Series A, 6.00% due 8/1/2026 | 1,385,000 | 1,560,521 | |
Jurupa Public Financing Authority (Eastvale Community Services; Insured: AGM), Series A, 5.50% due 9/1/2025 - 9/1/2027 | 2,530,000 | 2,777,326 | |
Los Angeles Department of Airports AMT, Series A, 5.00% due 5/15/2036 | 3,635,000 | 4,505,728 | |
M-S-R Energy Authority, Series B, 6.125% due 11/1/2029 | 2,365,000 | 2,962,564 | |
North City West School Facilities Financing Authority (Carmel Valley Schools; Insured: AGM), Series A, 5.00% due 9/1/2024 | 1,080,000 | 1,123,211 | |
a | Northern California Energy Authority (Commodity Supply Revenue), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 5,000,000 | 5,477,800 |
Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2032 - 8/1/2034 | 3,000,000 | 3,460,770 | |
Redwood City Redevelopment Agency (Redevelopment Area A-2; Insured: AMBAC), Series A-2, Zero Coupon due 7/15/2023 | 2,065,000 | 2,051,970 | |
Sacramento County Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District), 5.00% due 12/1/2032 | 575,000 | 800,952 | |
San Francisco City & County Airport Comm-San Francisco International Airport AMT, Series 2020A, 5.00% due 5/1/2038 | 2,500,000 | 3,120,275 | |
Saratoga Union School District (Insured: Natl-Re) USD GO, Series B, Zero Coupon due 9/1/2023 | 900,000 | 895,203 | |
State of California GO, 5.00% due 11/1/2029 | 1,000,000 | 1,300,430 | |
Colorado — 1.5% | |||
Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2039 | 1,925,000 | 2,404,190 | |
Housing Authority of the City and County of Denver (Three Towers Rehabilitation; Insured: AGM) AMT, 5.20% due 11/1/2027 | 1,335,000 | 1,339,245 | |
Regional Transportation District (North Metro Rail Line) COP, Series A, 5.00% due 6/1/2028 | 1,650,000 | 1,776,406 | |
State of Colorado COP, | |||
Series A, | |||
4.00% due 12/15/2039 - 12/15/2040 | 2,400,000 | 2,890,948 | |
5.00% due 9/1/2029 - 9/1/2032 | 5,205,000 | 6,484,700 | |
Connecticut — 3.1% | |||
City of Hartford (Various Public Improvements; Insured: AGM) GO, Series A, 5.00% due 7/1/2031 | 1,700,000 | 1,976,709 | |
State of Connecticut (Various Capital Projects) GO, Series B, 5.00% due 5/15/2027 | 1,000,000 | 1,200,860 | |
State of Connecticut GO, | |||
Series A, 5.00% due 4/15/2033 - 4/15/2035 | 12,415,000 | 15,380,952 | |
Series C, 5.00% due 6/15/2028 - 6/15/2029 | 1,890,000 | 2,389,381 | |
Series E, 5.00% due 9/15/2033 | 2,650,000 | 3,304,682 | |
State of Connecticut, Special Tax Revenue, Series A, 5.00% due 5/1/2035 - 5/1/2038 | 6,250,000 | 8,012,955 | |
District of Columbia — 2.0% | |||
Metropolitan Washington Airports Authority (Dulles Toll Road Revenue), Series A, 5.00% due 10/1/2038 - 10/1/2039 | 3,000,000 | 3,707,880 | |
Metropolitan Washington Airports Authority (Dulles Toll Road Revenue; Insured: AGC), Series B, Zero Coupon due 10/1/2023 - 10/1/2024 | 9,890,000 | 9,742,247 | |
Metropolitan Washington Airports Authority Aviation Revenue AMT, Series A, 4.00% due 10/1/2040 | 1,000,000 | 1,173,080 | |
Washington Convention & Sports Authority, Series A, 5.00% due 10/1/2028 | 1,105,000 | 1,374,741 | |
Washington Metropolitan Area Transit Authority, 5.00% due 7/1/2032 - 7/1/2037 | 3,325,000 | 4,044,084 |
52 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Florida — 6.7% | |||
Broward County (Airport System Improvements) AMT, 5.00% due 10/1/2034 - 10/1/2035 | $ 3,500,000 | $ 4,233,580 | |
City of Jacksonville (Better Jacksonville Plan), Series A, 5.00% due 10/1/2026 | 2,075,000 | 2,173,293 | |
City of Lakeland (Electric Power System Smart Grid Project; Insured: AGM), 5.25% due 10/1/2027 - 10/1/2036 | 6,450,000 | 8,551,176 | |
City of Orlando (Senior Tourist Development; Insured: AGM), Series A, 5.00% due 11/1/2032 - 11/1/2037 | 3,430,000 | 4,197,998 | |
JEA Water & Sewer System Revenue, Series A, 5.00% due 10/1/2034 - 10/1/2035 | 1,225,000 | 1,581,823 | |
Lake County School Board (School District Facility Projects) COP, Series B, 5.00% due 6/1/2026 (pre-refunded 6/1/2022) | 1,210,000 | 1,248,611 | |
Manatee County (Public Utilities System Improvements), 5.00% due 10/1/2026 - 10/1/2033 | 6,080,000 | 7,018,991 | |
Miami-Dade County (Miami International Airport), Series B, 5.00% due 10/1/2028 - 10/1/2031 | 5,335,000 | 6,035,033 | |
Miami-Dade County (Nicklaus Children’s Hospital) HFA, 5.00% due 8/1/2035 - 8/1/2037 | 2,905,000 | 3,526,357 | |
Miami-Dade County Educational Facilities Authority (University of Miami; Insured: AMBAC), Series B, 5.25% due 4/1/2024 | 1,000,000 | 1,119,960 | |
Miami-Dade County School Board (Insured: AMBAC) COP, Series D, 5.00% due 10/1/2021 | 3,035,000 | 3,035,364 | |
Miami-Dade County School Board COP, Series A, 5.00% due 5/1/2030 | 3,250,000 | 3,740,425 | |
Orange County (Tourist Development), Series A, 5.00% due 10/1/2031 | 2,000,000 | 2,394,240 | |
Orange County School Board COP, Series A, 5.00% due 8/1/2032 | 2,500,000 | 3,405,750 | |
Palm Beach County (Boca Raton Regional Hospital) HFA, 5.00% due 12/1/2025 (pre-refunded 12/1/2024) | 500,000 | 573,430 | |
Palm Beach County School District COP, Series C, 5.00% due 8/1/2028 | 595,000 | 751,330 | |
a | Sarasota County Public Hospital Board (Sarasota Memorial Hospital; Insured: Natl-Re), Series A, 10.053% (CPI + 2.05%) due 10/1/2021 | 1,335,000 | 1,401,982 |
School Board of Broward County (Educational Facilities and Equipment) COP, Series A, 5.00% due 7/1/2027 | 2,000,000 | 2,069,960 | |
School Board of Broward County (Educational Facilities) COP, Series B, 5.00% due 7/1/2032 | 2,000,000 | 2,314,960 | |
School District of Broward County COP, | |||
Series A, | |||
5.00% due 7/1/2026 | 545,000 | 564,081 | |
5.00% due 7/1/2026 (pre-refunded 7/1/2022) | 2,455,000 | 2,543,184 | |
School District of Manatee County (School Facilities Improvement; Insured: AGM), 5.00% due 10/1/2032 | 2,250,000 | 2,709,315 | |
Sunshine State Governmental Finance Commission (Miami-Dade County Program), Series B-1, 5.00% due 9/1/2028 (pre-refunded 9/1/2023) | 3,500,000 | 3,819,340 | |
Georgia — 3.1% | |||
Athens-Clarke County Unified Government Development Authority (UGAREF Bolton Commons LLC), 5.00% due 6/15/2024 - 6/15/2028 | 2,320,000 | 2,508,748 | |
City of Atlanta (Water & Wastewater System; Insured: Natl-Re), Series A, 5.50% due 11/1/2022 | 365,000 | 375,673 | |
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 | 5,685,361 | |
Georgia State Road & Tollway Authority (GARVEE), 5.00% due 6/1/2032 | 1,000,000 | 1,298,760 | |
Main Street Natural Gas, Inc., Series A, 5.00% due 5/15/2035 - 5/15/2037 | 11,170,000 | 15,519,345 | |
a | Main Street Natural Gas, Inc. (Guaranty: Citigroup Global Markets), Series C, 4.00% due 5/1/2052 (put 12/1/2028) | 1,000,000 | 1,182,230 |
Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2035 - 1/1/2038 | 4,340,000 | 5,336,924 | |
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 | 6,799,535 | |
Guam Waterworks Authority (Water and Wastewater System), 5.25% due 7/1/2024 | 1,000,000 | 1,069,950 | |
Hawaii — 1.7% | |||
County of Hawaii GO, Series A, 5.00% due 9/1/2033 | 1,250,000 | 1,480,112 | |
State of Hawaii Airports System Revenue AMT, Series A, 5.00% due 7/1/2032 - 7/1/2033 | 5,000,000 | 6,407,930 | |
State of Hawaii GO, | |||
Series DZ, 5.00% due 12/1/2027 (pre-refunded 12/1/2021) | 3,635,000 | 3,662,917 | |
Series DZ-2016, 5.00% due 12/1/2027 (pre-refunded 12/1/2021) | 6,365,000 | 6,413,883 | |
Illinois — 11.5% | |||
Chicago O’Hare International Airport (2016 Airport Projects), | |||
Series C, | |||
5.00% due 1/1/2029 | 1,000,000 | 1,177,420 | |
b | 5.00% due 1/1/2030 | 765,000 | 899,701 |
Chicago O’Hare International Airport (2017 Airport Projects), Series B, 5.00% due 1/1/2034 - 1/1/2037 | 8,160,000 | 9,780,555 | |
Chicago Park District (Capital Improvement Plan) GO, | |||
Series B, 5.00% due 1/1/2025 | 1,000,000 | 1,099,000 | |
Series D, 5.00% due 1/1/2028 | 3,450,000 | 3,788,997 | |
Chicago Park District GO, | |||
Series A | |||
5.00% due 1/1/2027 - 1/1/2029 | 1,355,000 | 1,488,031 | |
5.00% due 1/1/2027 - 1/1/2029 (pre-refunded 1/1/2024) | 2,585,000 | 2,858,364 | |
Series B | |||
5.00% due 1/1/2030 | 1,215,000 | 1,332,977 | |
5.00% due 1/1/2030 (pre-refunded 1/1/2024) | 2,285,000 | 2,526,639 | |
City of Chicago (Midway Airport), | |||
Series B, | |||
5.00% due 1/1/2032 - 1/1/2033 | 9,805,000 | 10,826,659 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 53 |
Thornburg Intermediate Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
5.25% due 1/1/2034 | $ 4,700,000 | $ 4,993,233 | |
City of Chicago (Wastewater Transmission System), Series C-2, 5.00% due 1/1/2028 - 1/1/2029 | 7,865,000 | 8,974,622 | |
City of Chicago (Wastewater Transmission System; Insured: AGM), Series B, 5.00% due 1/1/2034 | 1,375,000 | 1,645,834 | |
City of Chicago (Water System), Series A-1, 5.00% due 11/1/2024 | 1,000,000 | 1,133,790 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2037 | 4,250,000 | 5,136,168 | |
City of Chicago (Water System; Insured: BHAC-CR AMBAC), 5.75% due 11/1/2030 | 1,270,000 | 1,606,156 | |
City of Chicago GO, | |||
Series A, | |||
5.625% due 1/1/2031 | 1,585,000 | 1,933,874 | |
6.00% due 1/1/2038 | 7,500,000 | 9,260,100 | |
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 | 1,987,040 | |
Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group), Series A, 5.00% due 7/15/2031 | 175,000 | 217,616 | |
Illinois Finance Authority (Rush University Medical Center), Series A, 5.00% due 11/15/2033 | 1,000,000 | 1,145,350 | |
Illinois Finance Authority (Silver Cross Hospital and Medical Centers), 5.00% due 8/15/2024 | 1,000,000 | 1,134,850 | |
Illinois Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | 5,550,000 | 6,405,199 | |
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 | 3,273,997 | |
Metropolitan Pier & Exposition Authority (McCormick Place Expansion Project), Series B, 5.00% due 12/15/2022 | 1,000,000 | 1,052,590 | |
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 | 7,418,885 | |
Regional Transportation Authority (Insured: Natl-Re), Series A, 6.00% due 7/1/2031 | 1,070,000 | 1,447,881 | |
Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2029 | 2,000,000 | 2,472,400 | |
State of Illinois GO, Series D, 5.00% due 11/1/2027 - 11/1/2028 | 4,250,000 | 5,166,355 | |
State of Illinois Sales Tax Revenue, Series B, 5.00% due 6/15/2030 - 6/15/2031 | 9,280,000 | 11,467,210 | |
State of Illinois Sales Tax Revenue (Insured: BAM-Natl-Re), Series B, 5.00% due 6/15/2032 | 2,885,000 | 3,542,376 | |
Tazewell County School District (Insured: Natl-Re) GO, 9.00% due 12/1/2024 | 1,205,000 | 1,525,120 | |
Indiana — 1.6% | |||
City of Indianapolis Department of Public Utilities Water System Revenue, Series A, 5.00% due 10/1/2034 | 1,000,000 | 1,249,350 | |
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 | 1,065,250 |
Indiana (Ascension Health Credit Group) HFFA, 5.00% due 11/15/2034 - 11/15/2036 | 8,325,000 | 9,735,202 | |
Indiana Bond Bank (Hendricks Regional Health Financing Program; Insured: AMBAC), Series A, 5.25% due 4/1/2023 | 2,000,000 | 2,148,260 | |
Indiana Finance Authority (Sisters of St. Francis Health Services, Inc.), 5.00% due 11/1/2021 | 605,000 | 607,154 | |
Southwest Allen Multi School Building Corp., 5.00% due 7/15/2033 | 1,500,000 | 1,849,290 | |
Iowa — 0.4% | |||
Iowa Finance Authority (UnityPoint Health), Series C, 5.00% due 2/15/2030 - 2/15/2032 | 4,100,000 | 4,530,126 | |
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 | 789,346 | |
Kentucky — 1.4% | |||
a | Kentucky Public Energy Authority, Series A, 4.00% due 4/1/2048 (put 4/1/2024) | 6,500,000 | 7,030,010 |
Kentucky State Property & Building Commission (Insured: AGM), Series A, 5.00% due 11/1/2035 | 4,000,000 | 5,151,640 | |
Louisville/Jefferson County Metropolitan Government (Norton Suburban Hospital and Kosair Children’s Hospital), Series A, 5.25% due 10/1/2026 | 2,320,000 | 2,550,376 | |
Louisiana — 2.8% | |||
b | City of Shreveport LA Water & Sewer Revenue (Insured: AGM), Series A, 5.00% due 12/1/2036 | 1,000,000 | 1,218,080 |
East Baton Rouge Sewerage Commission, Series B, 5.00% due 2/1/2030 - 2/1/2032 (pre-refunded 2/1/2025) | 6,825,000 | 7,885,332 | |
Jefferson Sales Tax District (Insured: AGM), Series B, 5.00% due 12/1/2031 - 12/1/2035 | 3,895,000 | 4,906,474 | |
Louisiana Energy and Power Authority (LEPA Unit No. 1; Insured: AGM), Series A, 5.25% due 6/1/2029 - 6/1/2031 (pre-refunded 6/1/2023) | 6,100,000 | 6,613,864 | |
Parish of Lafourche (Roads, Highways and Bridges), 5.00% due 1/1/2024 - 1/1/2025 | 3,685,000 | 4,187,659 | |
a | Parish of St. Charles (Valero Energy Corp. Refinery), 4.00% due 12/1/2040 (put 6/1/2022) | 1,000,000 | 1,023,050 |
State of Louisiana, 5.00% due 9/1/2032 - 9/1/2033 | 2,000,000 | 2,605,480 | |
Maryland — 0.0% | |||
Montgomery County GO, Series C, 5.00% due 10/1/2025 | 365,000 | 430,828 | |
Massachusetts — 1.8% | |||
Massachusetts (CareGroup Healthcare System) DFA, Series I, 5.00% due 7/1/2033 - 7/1/2036 | 3,250,000 | 3,860,772 | |
Massachusetts (Insured: BHAC-CR FGIC), 5.50% due 1/1/2029 | 8,370,000 | 10,844,256 | |
Massachusetts (Simmons College) DFA, Series J, 5.50% due 10/1/2025 - 10/1/2028 | 1,790,000 | 1,967,248 | |
Massachusetts Bay Transportation Authority Assessment Revenue (Transportation Capital Program), Series A, 5.25% due 7/1/2030 | 1,000,000 | 1,345,190 | |
Michigan — 2.8% | |||
Board of Governors of Wayne State University (Educational Facilities and Equipment), Series A, 5.00% due 11/15/2031 | 1,010,000 | 1,150,653 | |
City of Troy (Downtown Development Authority-Community Center Facilities) GO, 5.00% due 11/1/2025 (pre-refunded 11/1/2021) | 300,000 | 301,095 | |
County of Genesee (Water Supply System; Insured: BAM) GO, | |||
5.00% due 11/1/2024 - 11/1/2030 | 3,360,000 | 3,606,491 | |
5.125% due 11/1/2032 | 750,000 | 805,530 | |
5.25% due 11/1/2026 - 11/1/2028 | 2,920,000 | 3,146,824 |
54 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Detroit City School District (School Building & Site Improvement; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2026 | $ 3,150,000 | $ 3,808,444 | |
Detroit City School District (School Building & Site; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1,100,000 | 1,368,455 | |
Kalamazoo Hospital Finance Authority (Bronson Healthcare), 5.25% due 5/15/2026 | 175,000 | 175,637 | |
Michigan Finance Authority (Government Loan Program), Series F, 5.00% due 4/1/2026 | 1,580,000 | 1,585,609 | |
Michigan Finance Authority (McLaren Health System), Series A, 5.00% due 2/15/2039 | 3,200,000 | 4,015,776 | |
Michigan Public School Academy (Will Carleton Charter School), 8.00% due 8/1/2035 | 790,000 | 792,733 | |
Michigan State Housing Development Authority, Series B, 2.95% due 12/1/2039 | 3,000,000 | 3,076,230 | |
Muskegon Public Schools (Insured: Q-SBLF) GO, Series II, 5.00% due 5/1/2037 - 5/1/2040 | 2,850,000 | 3,684,371 | |
c | West Ottawa Public Schools, 4.00% due 11/1/2032 | 800,000 | 968,200 |
Minnesota — 0.2% | |||
Minnesota Higher Education Facilities Authority, (University of St. Thomas), 5.00% due 10/1/2034 - 10/1/2035 | 600,000 | 751,491 | |
Minnesota Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), Series F, 2.45% due 7/1/2034 | 1,655,000 | 1,738,842 | |
Mississippi — 0.7% | |||
Mississippi Development Bank (Jackson Public School District; Insured BAM), 5.25% due 10/1/2037 - 10/1/2038 | 5,250,000 | 6,552,352 | |
Mississippi Development Bank (Vicksburg Warren School District; Insured: BAM), 5.50% due 3/1/2038 | 700,000 | 896,826 | |
Missouri — 0.0% | |||
City of Excelsior Springs (Insured: BAM) COP, Series B, 4.00% due 3/1/2031 | 150,000 | 181,586 | |
Nebraska — 0.6% | |||
a | Central Plains Energy Project, 5.00% due 3/1/2050 (put 1/1/2024) | 5,350,000 | 5,857,233 |
Nevada — 0.3% | |||
Carson City (Carson Tahoe Regional Healthcare), | |||
5.00% due 9/1/2027 (pre-refunded 9/1/2022) | 2,450,000 | 2,557,114 | |
b | 5.00% due 9/1/2032 | 730,000 | 893,053 |
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 | 781,673 |
New Hampshire Municipal Bond Bank, Series C, 5.00% due 8/15/2026 (pre-refunded 8/15/2023) | 1,860,000 | 2,025,540 | |
State of New Hampshire (Turnpike System), Series B, 5.00% due 2/1/2022 - 2/1/2024 | 4,005,000 | 4,067,265 | |
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 | 2,886,475 | |
New Jersey (School Facilities Construction) EDA, | |||
5.00% due 6/15/2035 - 6/15/2038 | 4,515,000 | 5,655,552 | |
Series NN, 5.00% due 3/1/2026 | 2,000,000 | 2,130,360 | |
New Jersey (School Facilities Construction; Insured: AMBAC) EDA, Series N-1, 5.50% due 9/1/2026 | 3,000,000 | 3,672,540 | |
New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N-1, 5.50% due 9/1/2027 | 1,700,000 | 2,137,835 | |
New Jersey (State of New Jersey Department of the Treasury) EDA, Series DDD, 5.00% due 6/15/2033 | 1,000,000 | 1,214,830 | |
New Jersey (Transit Corp.) EDA, 5.00% due 11/1/2036 | 2,950,000 | 3,682,603 | |
New Jersey State Health Care Facilities Financing Authority (Virtua Health), 5.00% due 7/1/2027 - 7/1/2028 | 3,000,000 | 3,314,570 | |
New Jersey Transportation Trust Fund Authority, | |||
Series A, 5.00% due 12/15/2032 | 485,000 | 601,628 | |
Series AA, 5.00% due 6/15/2036 - 6/15/2040 | 1,500,000 | 1,895,870 | |
Series BB, 5.00% due 6/15/2034 | 2,000,000 | 2,470,100 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), | |||
5.00% due 6/15/2023 - 6/15/2024 | 2,500,000 | 2,740,135 | |
Series A, 5.00% due 6/15/2031 | 1,000,000 | 1,185,220 | |
New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), Series AA, 5.00% due 6/15/2038 | 3,500,000 | 4,291,455 | |
New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 12/15/2034 - 12/15/2036 | 5,500,000 | 6,750,035 | |
Passaic Valley Sewage Commissioners, Series G, 5.75% due 12/1/2022 | 3,000,000 | 3,189,870 | |
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 | 1,520,025 |
a | Series D, 1.10% due 6/1/2040 (put 6/1/2023) | 3,000,000 | 3,026,880 |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), 5.00% due 7/1/2032 | 2,130,000 | 2,175,774 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Series A, 5.00% due 8/1/2039 | 440,000 | 550,136 | |
New York — 5.8% | |||
City of New York (City Budget Financial Management) GO, | |||
Series G, 5.00% due 8/1/2027 | 4,530,000 | 5,024,993 | |
Series J, 5.00% due 8/1/2030 - 8/1/2031 | 9,000,000 | 10,152,680 | |
City of New York GO, | |||
Series C, 5.00% due 8/1/2035 | 500,000 | 640,140 | |
Series C-1, 5.00% due 8/1/2032 | 1,000,000 | 1,297,260 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 55 |
Thornburg Intermediate Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
County of Nassau (Insured: BAM) GO, Series B, 5.00% due 4/1/2026 | $ 1,300,000 | $ 1,393,106 | |
Erie County (City of Buffalo School District) (State Aid Withholding) IDA, Series A, 5.00% due 5/1/2027 | 5,000,000 | 5,372,200 | |
Erie County (City School District of the City Buffalo Project) (State Aid Withholding) IDA, 5.00% due 5/1/2032 | 500,000 | 674,985 | |
Long Island Power Authority, Series A, 5.00% due 9/1/2036 - 9/1/2038 | 1,300,000 | 1,660,313 | |
Metropolitan Transportation Authority, | |||
Series D, 5.00% due 11/15/2030 - 11/15/2035 | 8,295,000 | 9,880,865 | |
Series D-1, 5.00% due 11/15/2031 | 2,285,000 | 2,644,705 | |
Metropolitan Transportation Authority (Green Bond), | |||
Series A1, 5.00% due 11/15/2035 - 11/15/2036 | 1,820,000 | 2,138,958 | |
Series A2, 5.00% due 11/15/2025 | 600,000 | 700,548 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.00% due 5/1/2032 - 11/1/2036 | 5,230,000 | 6,785,951 | |
New York State Dormitory Authority, Series A, 5.00% due 3/15/2037 | 735,000 | 917,383 | |
New York State Dormitory Authority (Metropolitan Transportation Authority & State Urban Development Corp.), Series A, 5.00% due 12/15/2027 | 2,500,000 | 2,642,525 | |
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 | 3,435,082 | |
Series D, 4.00% due 2/15/2040 | 1,000,000 | 1,160,440 | |
New York State Dormitory Authority (State of New York Sales Tax Revenue), Series A, 5.00% due 3/15/2033 | 500,000 | 598,500 | |
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 | 1,889,430 | |
New York State Urban Development Corp. (State of New York Sales Tax Revenue), Series A, 5.00% due 3/15/2037 | 500,000 | 633,445 | |
North Carolina — 1.2% | |||
Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), Series A, 5.00% due 1/15/2028 | 2,190,000 | 2,320,896 | |
North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2030 (pre-refunded 6/1/2025) | 3,000,000 | 3,502,530 | |
State of North Carolina, 5.00% due 3/1/2033 | 5,000,000 | 6,276,100 | |
Ohio — 5.4% | |||
b | Akron, Bath and Copley Joint Township Hospital District (Children’s Hospital Medical Center of Akron), 5.00% due 11/15/2024 | 1,000,000 | 1,029,360 |
Akron, Bath and Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.00% due 11/15/2027 - 11/15/2029 | 1,160,000 | 1,442,653 | |
American Municipal Power, Inc. (AMP Fremont Energy Center), Series B, 5.25% due 2/15/2028 (pre-refunded 2/15/2022) | 4,000,000 | 4,073,960 | |
Cincinnati City School District (School Improvement Project) COP, 5.00% due 12/15/2031 (pre-refunded 12/15/2024) | 3,075,000 | 3,528,931 | |
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 | 2,758,946 | |
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 | 5,705,263 | |
City of Cleveland (Various Municipal Capital Improvements) GO, 5.00% due 12/1/2024 | 1,000,000 | 1,054,960 | |
City of Cleveland GO, | |||
5.00% due 12/1/2026 | 15,000 | 15,822 | |
5.00% due 12/1/2026 (pre-refunded 12/1/2022) | 1,215,000 | 1,282,773 | |
City of Cleveland Income Tax Revenue, | |||
4.00% due 10/1/2032 - 10/1/2033 | 960,000 | 1,156,562 | |
5.00% due 10/1/2033 - 10/1/2035 | 1,450,000 | 1,781,195 | |
Cleveland-Cuyahoga County Port Authority (County Administration Offices), 5.00% due 7/1/2025 | 1,780,000 | 2,072,596 | |
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 | 8,557,184 | |
County of Cuyahoga (Musical Arts Association), 5.00% due 1/1/2030 - 1/1/2039 | 3,170,000 | 3,836,504 | |
County of Hamilton (Cincinnati Children’s Hospital Medical Center), 5.00% due 5/15/2028 - 5/15/2031 | 8,085,000 | 9,048,614 | |
Greene County Vocational School District (School Facilities Construction and Improvement) GO, | |||
b | 5.00% due 12/1/2030 | 625,000 | 794,137 |
5.00% due 12/1/2031 - 12/1/2033 | 1,955,000 | 2,472,270 | |
Northeast Ohio Medical University (Insured: BAM), Series B, 4.00% due 12/1/2035 - 12/1/2041 | 3,875,000 | 4,505,129 | |
State of Ohio GO, Series A, 5.00% due 6/15/2033 | 505,000 | 674,054 | |
Pennsylvania — 7.9% | |||
Allegheny County (Propel Charter School-McKeesport) IDA, | |||
Series C, | |||
5.90% due 8/15/2026 | 520,000 | 521,986 | |
6.375% due 8/15/2035 | 1,130,000 | 1,134,656 | |
Allegheny County Hospital Development Authority (University of Pittsburgh Medical Center), Series A, 5.00% due 7/15/2034 | 1,150,000 | 1,443,825 | |
Bucks County (Waste Management, Inc.) AMT IDA, Series A-2, 2.75% due 12/1/2022 | 7,000,000 | 7,197,120 | |
City of Philadelphia (Pennsylvania Gas Works), 5.00% due 8/1/2032 - 8/1/2034 | 2,300,000 | 2,669,503 | |
City of Philadelphia (Philadelphia Gas Works), 5.00% due 8/1/2036 - 8/1/2037 | 5,485,000 | 6,543,023 | |
City of Philadelphia (Water and Wastewater System), Series A, 5.00% due 10/1/2029 - 11/1/2038 | 2,100,000 | 2,598,070 | |
City of Pittsburgh (Capital Projects) GO, 5.00% due 9/1/2035 - 9/1/2036 | 1,215,000 | 1,475,034 | |
County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2029 | 3,000,000 | 3,513,360 | |
Lancaster County Solid Waste Management Authority (Acquisition of Susquehanna Resource Management Facility), Series A, 5.25% due 12/15/2030 | 3,000,000 | 3,321,720 | |
Monroeville Financing Authority (University of Pittsburgh Medical Center), 5.00% due 2/15/2026 | 3,490,000 | 4,142,525 | |
Pennsylvania State Public School Building Authority (Philadelphia School District; Insured: AGM) (State Aid Withholding), Series B, 5.00% due 6/1/2027 | 5,000,000 | 6,094,650 | |
Pennsylvania Turnpike Commission, | |||
Series B, |
56 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
4.00% due 12/1/2040 | $ 1,000,000 | $ 1,185,040 | |
5.00% due 12/1/2032 - 12/1/2038 | 1,950,000 | 2,540,476 | |
Pennsylvania Turnpike Commission (Highway Improvements), Series A-1, 5.00% due 12/1/2035 - 12/1/2036 | 1,750,000 | 2,152,790 | |
Philadelphia Authority for Industrial Development (Thomas Jefferson University), Series A, 5.00% due 9/1/2032 - 9/1/2034 | 5,000,000 | 6,054,670 | |
Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2032 - 4/1/2036 | 11,125,000 | 13,485,558 | |
Philadelphia Pennsylvania Airport Revenue (Insured: AGM) AMT, 4.00% due 7/1/2040 - 7/1/2041 | 1,700,000 | 1,981,967 | |
Pittsburgh Water & Sewer Authority (Water and Sewer System; Insured: AGM), | |||
Series A, 5.00% due 9/1/2030 - 9/1/2031 | 8,740,000 | 9,455,485 | |
Series B, 5.00% due 9/1/2031 (pre-refunded 9/1/2023) | 3,665,000 | 3,999,981 | |
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 | 831,040 | |
State of Rhode Island and Providence Plantations (Training School Project) COP, Series B, 5.00% due 10/1/2024 | 3,595,000 | 3,926,603 | |
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 | 2,232,760 | |
South Dakota — 0.2% | |||
South Dakota Health and Educational Facilities Authority (Sanford Health), 5.00% due 11/1/2028 - 11/1/2029 | 1,800,000 | 2,105,060 | |
Tennessee — 2.0% | |||
County of Shelby Health, Educational and Housing Facility Board (Methodist Le Bonheur Healthcare), | |||
b | 5.00% due 5/1/2027 | 635,000 | 775,430 |
5.00% due 5/1/2031 - 5/1/2035 | 2,925,000 | 3,544,230 | |
Metropolitan Government of Nashville and Davidson County (Green Projects), Series B, 5.00% due 7/1/2033 - 7/1/2036 | 3,000,000 | 3,682,160 | |
a | Tennergy Corp., Series A, 4.00% due 12/1/2051 (put 9/1/2028) | 2,000,000 | 2,362,360 |
Tennessee Energy Acquisition Corp. (The Gas Project), | |||
Series A, 5.25% due 9/1/2023 | 7,000,000 | 7,640,990 | |
Series C, 5.00% due 2/1/2023 | 2,650,000 | 2,798,400 | |
Texas — 9.5% | |||
Austin Community College District GO, 4.00% due 8/1/2032 | 2,680,000 | 3,335,099 | |
City of Brownsville AMT GO, 5.00% due 2/15/2030 - 2/15/2032 | 1,090,000 | 1,382,383 | |
c | City of Bryan Electric System Revenue (Insured: AGM), Series A 4.00% due 7/1/2032 - 7/1/2035 | 2,335,000 | 2,824,621 |
c | City of Bryan Rural Electric System Revenue (Insured: AGM), 5.00% due 7/1/2032 | 555,000 | 728,826 |
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2025 - 2/15/2034 | 9,720,000 | 11,113,630 | |
City of Dallas (Trinity River Corridor Infrastructure) GO, 5.00% due 2/15/2028 | 1,000,000 | 1,105,890 | |
City of Galveston (Galveston Island Convention Center; Insured: AGM), Series B, 5.00% due 9/1/2024 | 1,115,000 | 1,160,916 | |
City of Houston (Combined Utility System), Series A, 5.00% due 11/15/2032 | 1,875,000 | 2,466,037 | |
City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2027 | 1,175,000 | 1,398,755 | |
City of Houston Airport System Revenue, Series D, 5.00% due 7/1/2030 - 7/1/2035 | 3,750,000 | 4,669,107 | |
City of Houston Airport System Revenue AMT, Series A, 4.00% due 7/1/2040 | 1,500,000 | 1,739,370 | |
City of McAllen (International Toll Bridge Revenue; Insured: AGM), Series A, 5.00% due 3/1/2028 - 3/1/2032 | 6,120,000 | 7,264,688 | |
City of San Antonio (Airport System Capital Improvements) AMT, 5.00% due 7/1/2024 - 7/1/2025 | 3,225,000 | 3,336,281 | |
City of San Antonio (Water System), Series A, 5.00% due 5/15/2033 - 5/15/2034 | 3,075,000 | 3,658,078 | |
Dallas Area Rapid Transit, Series A, 5.00% due 12/1/2035 - 12/1/2036 | 7,200,000 | 8,450,488 | |
Dallas County Utility & Reclamation District GO, 5.00% due 2/15/2027 | 1,905,000 | 2,337,568 | |
Greater Texas Cultural Education Facilities Finance Corp. (Fort County Bend), 4.00% due 3/1/2040 - 3/1/2041 | 2,000,000 | 2,345,370 | |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series A, 5.00% due 12/1/2028 | 3,000,000 | 3,420,030 | |
Harris County Cultural Education Facilities Finance Corp. (TECO Project), 5.00% due 11/15/2028 - 11/15/2033 | 2,225,000 | 2,728,136 | |
Lower Colorado River Authority, | |||
Series A, | |||
5.00% due 5/15/2026 | 9,415,000 | 9,689,259 | |
5.00% due 5/15/2026 (pre-refunded 5/15/2022) | 55,000 | 56,623 | |
Lower Colorado River Authority (LCRA Transmission Services Corp.), 5.00% due 5/15/2028 - 5/15/2038 | 970,000 | 1,232,941 | |
Lubbock Electric Light & Power System Revenue, | |||
4.00% due 4/15/2041 | 1,000,000 | 1,157,410 | |
5.00% due 4/15/2032 | 1,000,000 | 1,280,590 | |
Metropolitan Transit Authority of Harris County, 5.00% due 11/1/2029 - 11/1/2030 | 4,040,000 | 5,129,608 | |
North Texas Tollway Authority (NTTA System), Series A, 5.00% due 1/1/2037 | 1,750,000 | 2,102,695 | |
San Antonio Water System, | |||
Series A, 5.00% due 5/15/2037 | 500,000 | 617,195 | |
Series C, 5.00% due 5/15/2032 - 5/15/2038 | 3,700,000 | 4,731,259 | |
Stephen F Austin State University (Financing System), Series A, 5.00% due 10/15/2030 - 10/15/2033 | 1,265,000 | 1,576,312 | |
Texas Municipal Gas Acquisition & Supply Corp. III, 5.00% due 12/15/2032 | 800,000 | 1,078,520 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2024 - 8/15/2025 | 2,490,000 | 2,811,877 | |
Waco Educational Finance Corp. (Baylor University Issue), 4.00% due 3/1/2041 | 850,000 | 1,001,334 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 57 |
Thornburg Intermediate Municipal Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
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 | $ 2,568,600 |
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 | 500,455 |
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2032 - 1/1/2033 | 2,000,000 | 2,484,150 | |
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 | 5,182,888 | |
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 | 8,298,195 | |
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 | 4,898,680 | |
State of Washington (Acquisition and Improvements of Real and Personal Property) COP, Series A, 5.00% due 7/1/2030 | 4,415,000 | 5,437,955 | |
State of Washington (Various Purposes) GO, | |||
Series 2021A, 5.00% due 6/1/2038 | 1,965,000 | 2,521,134 | |
Series C, 5.00% due 2/1/2036 - 2/1/2037 | 7,425,000 | 9,325,413 | |
Washington Higher Education Facilities Authority (Seattle Pacific University), 5.00% due 10/1/2038 - 10/1/2040 | 3,340,000 | 4,158,915 | |
Wisconsin — 0.4% | |||
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group), Series A, 5.00% due 8/15/2033 | 600,000 | 743,898 | |
WPPI Energy, Series A, 5.00% due 7/1/2029 - 7/1/2036 | 2,980,000 | 3,700,564 | |
Total Long-Term Municipal Bonds — 95.6% (Cost $915,692,467) | 985,189,502 | ||
Short-Term Municipal Bonds — 3.1% | |||
Colorado — 0.4% | |||
City & County of Denver (SPA JPMorgan Chase Bank, N.A.) COP, | |||
a | Series A1, 0.10% due 12/1/2029 (put 10/1/2021) | 1,390,000 | 1,390,000 |
a | Series A2 0.10% due 12/1/2029 (put 10/1/2021) | 610,000 | 610,000 |
a | Series A3, 0.10% due 12/1/2031 (put 10/1/2021) | 2,535,000 | 2,535,000 |
Florida — 0.7% | |||
a | City of Gainesville Utilities System Revenue (SPA Barclays Bank plc), Series C, 0.10% due 10/1/2026 (put 10/1/2021) | 2,090,000 | 2,090,000 |
a | City of Gainesville Utilities System Revenue (SPA State Street Bank and Trust Co.), Series A, 0.07% due 10/1/2036 (put 10/7/2021) | 1,200,000 | 1,200,000 |
a | City of West Palm Beach Utility System Revenue (Insured: AGC) (SPA JPMorgan Chase Bank, N.A.), Series C, 0.07% due 10/1/2038 (put 10/7/2021) | 1,490,000 | 1,490,000 |
a | County of Manatee (Florida Power & Light Co.), 0.10% due 9/1/2024 (put 10/1/2021) | 2,100,000 | 2,100,000 |
Maryland — 0.1% | |||
a | County of Montgomery (SPA U.S. Bank, N.A.) GO, Series E 0.08% due 11/1/2037 (put 10/1/2021) | 1,500,000 | 1,500,000 |
New Jersey — 0.1% | |||
a | New Jersey Health Care Facilities Financing Authority (LOC JPMorgan Chase Bank N.A.), Series B 0.05% due 7/1/2043 (put 10/1/2021) | 1,200,000 | 1,200,000 |
New York — 1.6% | |||
a | City of New York (LOC Mizuho Bank Ltd) GO, Series G-6, 0.08% due 4/1/2042 (put 10/1/2021) | 1,800,000 | 1,800,000 |
a | City of New York (SPA Barclays Bank plc) GO, Series B-4, 0.08% due 10/1/2046 (put 10/1/2021) | 3,700,000 | 3,700,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JPMorgan Chase Bank N.A.), 0.09% due 2/1/2045 (put 10/1/2021) | 3,000,000 | 3,000,000 |
a | New York City Transitional Finance Authority Future Tax Secured Revenue (SPA Mizuho Bank Ltd.), Series A-4, 0.08% due 8/1/2043 (put 10/1/2021) | 3,740,000 | 3,740,000 |
a | New York City Water & Sewer System (SPA Bank of Montreal), 0.07% due 6/15/2049 (put 10/1/2021) | 1,000,000 | 1,000,000 |
a | New York City Water & Sewer System (SPA JPMorgan Chase Bank, N.A.), Series AA1, 0.09% due 6/15/2050 (put 10/1/2021) | 900,000 | 900,000 |
a | New York City Water & Sewer System (SPA Mizuho Bank Ltd.), 0.09% due 6/15/2048 (put 10/1/2021) | 985,000 | 985,000 |
a | New York City Water & Sewer System (SPA U.S. Bank N.A.), 0.08% due 6/15/2043 (put 10/1/2021) | 1,800,000 | 1,800,000 |
North Carolina — 0.1% | |||
a | Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group; SPA JPMorgan Chase Bank, N.A.), Series C, 0.10% due 1/15/2037 (put 10/1/2021) | 815,000 | 815,000 |
Texas — 0.1% | |||
a | Lower Neches Valley Authority Industrial Development Corp., 0.06% due 5/1/2046 (put 10/1/2021) | 585,000 | 585,000 |
Total Short-Term Municipal Bonds — 3.1% (Cost $32,440,000) | 32,440,000 | ||
Total Investments — 98.7% (Cost $948,132,467) | $1,017,629,502 | ||
Other Assets Less Liabilities — 1.3% | 13,100,090 | ||
Net Assets — 100.0% | $1,030,729,592 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2021. |
b | Segregated as collateral for a when-issued security. |
58 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
c | When-issued security. |
To simplify the listings of securities, abbreviations are used per the table below:
AGC | Insured by Assured Guaranty Corp. |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMBAC | Insured by American Municipal Bond Assurance Corp. |
AMT | Alternative Minimum Tax |
BAM | Insured by Build America Mutual Insurance Co. |
BHAC-CR | Berkshire Hathaway Assurance Corp. Custodial Receipts |
COP | Certificates of Participation |
CPI | Consumer Price Index |
DFA | Development Finance Authority/Agency |
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/Agency |
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 Annual Report | 59 |
Thornburg Strategic Municipal Income Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 91.4% | |||
Alabama — 1.9% | |||
Alabama Community College System ACCS Enhancements Fee Revenue (Insured: AGM), 4.00% due 9/1/2046 | $1,500,000 | $ 1,755,765 | |
a | Black Belt Energy Gas District, Series B, 4.00% due 10/1/2052 (put 12/1/2026) | 3,000,000 | 3,449,550 |
a | Selma (International Paper Co.) IDB, Series A, 2.00% due 11/1/2033 (put 10/1/2024) | 2,025,000 | 2,107,661 |
Arizona — 2.7% | |||
Arizona (GreatHearts Arizona Obligated Group; Insured: SD CRED PROG) IDA, Series A, 5.00% due 7/1/2026 - 7/1/2031 | 615,000 | 783,091 | |
Arizona (Scottsdale Lincoln Hospitals) HFA , 5.00% due 12/1/2031 | 2,500,000 | 2,843,225 | |
County of Pima (TMC HealthCare Obligated Group ) IDA, 4.00% due 4/1/2046 | 250,000 | 288,603 | |
County of Yavapai (Waste Management, Inc.) AMT IDA, 1.30% due 6/1/2027 | 750,000 | 759,142 | |
Maricopa County (Highland Prep Obligated Group; Insured: State Intercept) IDA, Series A, 4.00% due 7/1/2046 | 740,000 | 852,806 | |
a,b | Maricopa County Pollution Control Corp. (Public Service Co. of New Mexico), 0.875% due 6/1/2043 (put 10/1/2026) | 1,700,000 | 1,689,239 |
Maricopa County Special Health Care District GO, Series D, 5.00% due 7/1/2033 | 1,000,000 | 1,319,930 | |
Pinal County (Tucson Electric Power Co.) IDA, 4.00% due 9/1/2029 | 1,520,000 | 1,598,310 | |
Arkansas — 0.3% | |||
University of Arkansas Board of Trustees (Fayetteville Campus), Series A, 5.00% due 11/1/2036 | 1,000,000 | 1,131,660 | |
California — 6.4% | |||
ABAG Finance Authority for Nonprofit Corporations (Episcopal Senior Communities), Series A, 5.00% due 7/1/2047 (pre-refunded 7/1/2022) | 1,635,000 | 1,693,206 | |
Benicia (Benicia High School; Insured: AGM) USD GO, Series C, Zero Coupon due 8/1/2026 | 830,000 | 793,447 | |
California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 11/15/2034 - 8/15/2036 | 920,000 | 1,036,429 | |
California (Community Program Developmental Disabilities; Insured: California Mtg Insurance) HFFA, 6.25% due 2/1/2026 | 1,500,000 | 1,506,720 | |
California Municipal Finance Authority (California Institute of the Arts), 4.00% due 10/1/2046 | 960,000 | 1,114,051 | |
California Municipal Finance Authority (CHF-Davis II LLC; Insured: BAM) (Green Bond), | |||
4.00% due 5/15/2041 | 500,000 | 593,205 | |
5.00% due 5/15/2029 - 5/15/2031 | 1,195,000 | 1,558,613 | |
c | California Pollution Control Financing Authority (Poseidon Resources (Channelside) LP Desalination Project) AMT, 5.00% due 11/21/2045 | 1,000,000 | 1,045,080 |
Calipatria (Educational Facilities; Insured: ACA) USD GO, Series B, Zero Coupon due 8/1/2025 | 1,440,000 | 1,259,251 | |
City of Palm Springs Financing Authority (Downtown Revitalization Project), Series B, 5.25% due 6/1/2027 (pre-refunded 6/1/2022) | 1,620,000 | 1,674,076 | |
County of El Dorado (El Dorado Hills Development-Community Facilities), 5.00% due 9/1/2026 | 625,000 | 651,956 | |
Daly County Housing Development Finance Agency (Franciscan Country Club Mobile Home Park Acquisition), Series A, 5.25% due 12/15/2023 | 650,000 | 652,340 | |
M-S-R Energy Authority, Series A, 6.50% due 11/1/2039 | 1,245,000 | 1,978,230 | |
a | Northern California Energy Authority (Commodity Supply Revenue), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 2,000,000 | 2,191,120 |
Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2035 | 1,000,000 | 1,152,520 | |
Ontario International Airport Authority (Insured: AGM) AMT, Series B, 5.00% due 5/15/2034 | 500,000 | 649,705 | |
San Francisco City & County Airport Comm-San Francisco International Airport AMT, Series 2020A, 5.00% due 5/1/2038 | 1,000,000 | 1,248,110 | |
San Francisco City & County Redevelopment Financing Authority (Redevelopment Project; Insured: Natl-Re), Series D, Zero Coupon due 8/1/2023 | 1,025,000 | 1,017,620 | |
State of California GO, 5.00% due 11/1/2029 | 1,000,000 | 1,300,430 | |
Union Elementary School District (Santa Clara County District Schools; Insured: Natl-Re) GO, Series D, Zero Coupon due 9/1/2027 | 905,000 | 852,266 | |
Colorado — 2.7% | |||
Crystal Valley Metropolitan District No 2 (Insured: AGM) GO, Series A, 5.00% due 12/1/2025 - 12/1/2030 | 1,810,000 | 2,262,011 | |
Denver Convention Center Hotel Authority, 5.00% due 12/1/2028 | 1,000,000 | 1,173,960 | |
Durango School District No. 9-R (State Aid Witholding) GO, Series R, 5.00% due 11/1/2031 | 1,000,000 | 1,322,900 | |
Public Authority for Colorado Energy (Natural Gas Purchase), 6.50% due 11/15/2038 | 260,000 | 398,751 | |
d | Regional Transportation District, Series A, 5.00% due 7/15/2032 | 600,000 | 782,148 |
Regional Transportation District (FasTracks Transportation System) COP, Series A, 5.00% due 6/1/2044 | 565,000 | 604,115 | |
State of Colorado COP, Series A, 4.00% due 12/15/2040 | 1,500,000 | 1,800,030 | |
Village Metropolitan District GO, 5.00% due 12/1/2040 | 1,000,000 | 1,126,760 | |
Wild Plum Metropolitan District GO, Series A, 5.00% due 12/1/2049 | 595,000 | 632,378 | |
Connecticut — 2.9% | |||
City of New Haven (Insured: AGM) GO, Series B, 5.00% due 2/1/2026 - 2/1/2030 | 2,620,000 | 3,233,975 | |
State of Connecticut GO, | |||
Series A, 5.00% due 4/15/2035 | 2,000,000 | 2,468,940 | |
Series E, 5.00% due 9/15/2033 | 1,350,000 | 1,683,518 | |
State of Connecticut, Special Tax Revenue, Series A, 5.00% due 5/1/2037 | 750,000 | 957,885 | |
University of Connecticut (Insured: AGM), Series A, 5.00% due 4/15/2028 | 1,975,000 | 2,499,145 | |
District of Columbia — 0.9% | |||
Metropolitan Washington Airports Authority (Dulles Toll Road; Insured: AGC), Series B, Zero Coupon due 10/1/2027 | 1,500,000 | 1,390,305 | |
Metropolitan Washington Airports Authority Aviation Revenue AMT, Series A, 4.00% due 10/1/2041 | 1,750,000 | 2,048,410 | |
Florida — 3.1% | |||
Broward County (Airport System Improvements) AMT, 5.00% due 10/1/2037 | 1,000,000 | 1,201,710 | |
c | Charlotte County (Town & Country Utilities Projects) IDA AMT, 5.00% due 10/1/2029 | 500,000 | 561,770 |
60 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
County of Miami-Dade Aviation Revenue, Series A, 5.00% due 10/1/2032 | $ 500,000 | $ 657,680 | |
Florida Department of Management Services, Series A, 5.00% due 9/1/2025 | 500,000 | 587,075 | |
Florida Higher Educational Facilities Financing Authority (Nova Southeastern University), 5.00% due 4/1/2027 (pre-refunded 4/1/2022) | 1,000,000 | 1,023,870 | |
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 | 1,350,325 | |
Miami-Dade County School Board (District School Facilities and Infrastructure) COP, Series A, 5.00% due 8/1/2027 | 1,100,000 | 1,141,734 | |
Orange County (Tourist Development), Series A, 5.00% due 10/1/2031 | 1,000,000 | 1,197,120 | |
Pasco County School Board COP, Series A, 5.00% due 8/1/2032 | 750,000 | 1,015,005 | |
a | Sarasota County Public Hospital Board (Sarasota Memorial Hospital; Insured: Natl-Re), Series A, 10.053% (CPI + 2.05%) due 10/1/2021 | 675,000 | 708,867 |
Town of Davie (Nova Southeastern University, Inc.), 5.00% due 4/1/2032 | 400,000 | 486,804 | |
Volusia County Educational Facilities Authority (Embry-Riddle Aeronautical University, Inc.), Series B, 5.00% due 10/15/2030 | 1,500,000 | 1,725,645 | |
Georgia — 2.1% | |||
Main Street Natural Gas, Inc., | |||
Series A, | |||
5.00% due 5/15/2037 | 2,640,000 | 3,718,519 | |
5.50% due 9/15/2023 | 350,000 | 384,500 | |
a | Main Street Natural Gas, Inc. (Guaranty: Citigroup Global Markets), Series C, 4.00% due 5/1/2052 (put 12/1/2028) | 1,500,000 | 1,773,345 |
Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2039 | 1,225,000 | 1,499,130 | |
Private Colleges & Universities Authority (Corp. of Mercer University), 5.00% due 10/1/2030 - 10/1/2032 | 350,000 | 457,118 | |
Guam — 0.9% | |||
Guam Power Authority (Electric Power System; Insured: AGM), Series A, 5.00% due 10/1/2027 | 1,000,000 | 1,045,920 | |
Guam Waterworks Authority (Water and Wastewater System), | |||
5.00% due 7/1/2028 | 500,000 | 532,470 | |
5.25% due 7/1/2024 | 500,000 | 534,975 | |
b | Territory of Guam, Series F, 5.00% due 1/1/2030 - 1/1/2031 | 1,000,000 | 1,258,930 |
Hawaii — 0.8% | |||
State of Hawaii Airports System Revenue AMT, Series A, 5.00% due 7/1/2034 | 2,000,000 | 2,545,460 | |
d | State of Hawaii Harbor System Revenue AMT, Series A, 5.00% due 7/1/2029 | 250,000 | 317,213 |
Illinois — 11.5% | |||
Chicago Midway International Airport AMT, Series A, 5.00% due 1/1/2030 | 1,500,000 | 1,652,460 | |
Chicago Park District GO, | |||
Series A, | |||
5.00% due 1/1/2027 - 1/1/2040 | 1,510,000 | 1,716,741 | |
5.00% due 1/1/2040 (pre-refunded 1/1/2024) | 1,315,000 | 1,454,061 | |
City of Chicago, 5.00% due 1/1/2022 | 1,195,000 | 1,203,234 | |
City of Chicago (Chicago O’Hare International Airport), Series C, 5.00% due 1/1/2031 | 500,000 | 587,450 | |
City of Chicago (Riverwalk Expansion Project; Insured: AGM), 5.00% due 1/1/2031 | 500,000 | 536,810 | |
City of Chicago (Wastewater Transmission System), Series C, 5.00% due 1/1/2030 | 1,500,000 | 1,709,025 | |
City of Chicago (Water System Improvements), 5.00% due 11/1/2029 | 200,000 | 209,586 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2037 | 1,500,000 | 1,812,765 | |
City of Chicago GO, | |||
Series A, | |||
5.00% due 1/1/2039 | 1,000,000 | 1,200,740 | |
5.625% due 1/1/2031 | 500,000 | 610,055 | |
6.00% due 1/1/2038 | 2,330,000 | 2,876,804 | |
Illinois Finance Authority (Advocate Health Care Network), 5.00% due 8/1/2029 (pre-refunded 8/1/2024) | 2,195,000 | 2,474,445 | |
Illinois Finance Authority (Silver Cross Hospital & Medical Centers), Series C, 5.00% due 8/15/2035 | 2,355,000 | 2,736,675 | |
Illinois Finance Authority (Southern Illinois Healthcare), 5.00% due 3/1/2032 - 3/1/2034 | 700,000 | 843,103 | |
Illinois State University (Insured: AGM), Series A, 5.00% due 4/1/2022 - 4/1/2036 | 1,815,000 | 2,128,611 | |
Illinois Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | 1,000,000 | 1,154,090 | |
Kane, Cook, & DuPage Counties School District No. 46 GO, | |||
Series A, 5.00% due 1/1/2031 | 2,255,000 | 2,481,402 | |
Series D, 5.00% due 1/1/2028 | 1,000,000 | 1,102,300 | |
Metropolitan Water Reclamation District of Greater Chicago (Various Capital Improvement Projects) GO, Series C, 5.25% due 12/1/2032 | 40,000 | 55,584 | |
Metropolitan Water Reclamation District of Greater Chicago GO, Series A, 5.00% due 12/1/2025 | 500,000 | 591,130 | |
Northern Illinois University (Insured: BAM), 4.00% due 10/1/2033 - 10/1/2034 | 950,000 | 1,129,965 | |
Regional Transportation Authority (Insured: AGM), Series A, 5.75% due 6/1/2034 | 1,100,000 | 1,500,180 | |
Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2029 | 1,000,000 | 1,236,200 | |
State of Illinois GO, | |||
5.50% due 5/1/2039 | 375,000 | 474,484 | |
Series D, 5.00% due 11/1/2028 | 3,000,000 | 3,642,900 | |
State of Illinois Sales Tax Revenue (Insured: BAM-Natl-Re), Series B, 5.00% due 6/15/2032 - 6/15/2035 | 4,500,000 | 5,490,695 | |
Will County School District No. 114 Manhattan (Insured: Natl-Re) ETM GO, Series C, Zero Coupon due 12/1/2023 | 115,000 | 113,675 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 61 |
Thornburg Strategic Municipal Income Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Will County School District No. 114 Manhattan (Insured: Natl-Re) GO, Series C, Zero Coupon due 12/1/2023 | $ 455,000 | $ 450,668 | |
Indiana — 0.7% | |||
City of Indianapolis Department of Public Utilities Water System Revenue, Series A, 5.00% due 10/1/2034 | 1,000,000 | 1,249,350 | |
a | City of Whiting AMT, 5.00% due 12/1/2044 (put 6/5/2026) | 1,000,000 | 1,191,740 |
Kansas — 1.3% | |||
a | Kansas (AdventHealth Obligated Group) DFA, Series B, 5.00% due 11/15/2054 (put 11/15/2031) | 1,000,000 | 1,344,160 |
Kansas Independent College Finance Authority (Ottawa University), Series C, 4.125% due 5/1/2022 | 1,250,000 | 1,265,513 | |
Unified Government of Wyandotte County/Kansas City (Utility System Improvement), Series A, 5.00% due 9/1/2031 - 9/1/2032 | 2,000,000 | 2,266,210 | |
Kentucky — 2.2% | |||
Kentucky Economic (Norton Healthcare, Inc.; Insured: Natl-Re) DFA, Series B, Zero Coupon due 10/1/2021 - 10/1/2022 | 3,365,000 | 3,343,885 | |
Kentucky Higher Education Student Loan Corp. AMT, Series A-1, 5.00% due 6/1/2029 | 500,000 | 594,750 | |
a | Kentucky Public Energy Authority, Series A, 4.00% due 4/1/2048 (put 4/1/2024) | 4,000,000 | 4,326,160 |
Louisiana — 2.4% | |||
City of New Orleans (Water System Facilities Improvement), 5.00% due 12/1/2034 (pre-refunded 12/1/2024) | 400,000 | 459,368 | |
Louisiana Energy and Power Authority (Louisiana Energy & Power Authority Unit No. 1; Insured: AGM), Series A, 5.25% due 6/1/2038 (pre-refunded 6/1/2023) | 2,250,000 | 2,439,540 | |
Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series A, 5.00% due 5/15/2035 - 5/15/2037 | 1,925,000 | 2,431,073 | |
New Orleans Aviation Board (Louis Armstrong New Orleans International Airport CFC Revenue; Insured: AGM), 5.00% due 1/1/2029 | 700,000 | 860,398 | |
a | Parish of St. Charles (Valero Energy Corp. Refinery), 4.00% due 12/1/2040 (put 6/1/2022) | 2,750,000 | 2,813,387 |
Maine — 0.3% | |||
Maine State Housing Authority AMT, Series C-1, 3.00% due 11/15/2023 | 1,000,000 | 1,048,920 | |
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 | 641,743 | |
Michigan — 4.4% | |||
Board of Governors of Wayne State University (Educational Facilities and Equipment), Series A, 5.00% due 11/15/2033 | 1,250,000 | 1,421,475 | |
City of Detroit GO, | |||
5.00% due 4/1/2023 - 4/1/2024 | 900,000 | 969,086 | |
Series A, 5.00% due 4/1/2032 | 300,000 | 381,993 | |
City of Troy (Downtown Development Authority-Community Center Facilities) GO, 5.25% due 11/1/2032 (pre-refunded 11/1/2021) | 1,025,000 | 1,028,926 | |
County of Genesee (Water Supply System; Insured: BAM) GO, 5.375% due 11/1/2038 | 1,000,000 | 1,074,870 | |
Detroit City School District (School Building & Site; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1,000,000 | 1,244,050 | |
Detroit City School District (School Building & Site; Insured: Q-SBLF) GO, Series A, 5.00% due 5/1/2025 | 1,000,000 | 1,027,240 | |
Detroit Downtown Development Authority (Catalyst Development Project; Insured: AGM), Series A, 5.00% due 7/1/2024 | 850,000 | 955,748 | |
Kalamazoo Hospital Finance Authority (Bronson Methodist Hospital), 5.25% due 5/15/2041 | 140,000 | 140,491 | |
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 | 242,039 | |
Michigan Finance Authority (State Department of Human Services Office Buildings), Series F, 5.00% due 4/1/2031 | 1,000,000 | 1,003,530 | |
Michigan Finance Authority (Trinity Health Corp. Obligated Group), 5.00% due 12/1/2027 | 165,000 | 203,810 | |
Michigan Public School Academy (Will Carleton Charter School), 8.00% due 8/1/2035 | 855,000 | 857,958 | |
Michigan State Housing Development Authority, Series B, 2.95% due 12/1/2039 | 2,000,000 | 2,050,820 | |
a | Michigan Strategic Fund (Graphic Packaging International LLC) (Green Bond) AMT, 4.00% due 10/1/2061 (put 10/1/2026) | 1,000,000 | 1,111,900 |
Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport), | |||
Series B, | |||
d | 5.00% due 12/1/2031 | 650,000 | 738,777 |
5.00% due 12/1/2033 - 12/1/2034 | 1,965,000 | 2,228,873 | |
Minnesota — 0.4% | |||
Minnesota Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), Series F, 2.55% due 7/1/2039 | 1,495,000 | 1,564,607 | |
Nebraska — 1.0% | |||
a | Central Plains Energy Project, 5.00% due 3/1/2050 (put 1/1/2024) | 1,650,000 | 1,806,436 |
Douglas County Health Facilities (Nebraska Methodist Health System), 5.00% due 11/1/2029 - 11/1/2030 | 1,750,000 | 2,050,856 | |
Nevada — 1.3% | |||
Carson City (Carson Tahoe Regional Healthcare), 5.00% due 9/1/2037 | 1,000,000 | 1,205,190 | |
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 | 1,206,272 | |
Clark County School District (Insured: AGM) GO, Series B, 5.00% due 6/15/2031 | 1,650,000 | 2,093,503 | |
Las Vegas Valley Water District GO, Series A, 5.00% due 6/1/2030 | 400,000 | 477,892 | |
New Hampshire — 0.1% | |||
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 | 521,115 |
New Jersey — 4.6% | |||
New Jersey (New Jersey Transit Corp.) EDA, 5.00% due 11/1/2033 | 500,000 | 627,820 | |
New Jersey (School Facilities Construction) EDA, | |||
5.00% due 6/15/2035 - 6/15/2038 | 1,250,000 | 1,564,272 |
62 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Series II, 5.00% due 3/1/2026 | $ 430,000 | $ 438,170 | |
Series NN, 5.00% due 3/1/2026 | 1,000,000 | 1,065,180 | |
New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N-1, 5.50% due 9/1/2027 | 1,000,000 | 1,257,550 | |
New Jersey (State of New Jersey Department of the Treasury) EDA, Series DDD, 5.00% due 6/15/2033 | 500,000 | 607,415 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), Series A-1, 5.00% due 6/15/2027 | 3,000,000 | 3,572,310 | |
New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), Series AA, 5.00% due 6/15/2038 | 1,500,000 | 1,839,195 | |
New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 6/15/2024 - 12/15/2039 | 5,050,000 | 6,132,222 | |
New Mexico — 3.0% | |||
a | City of Farmington (Public Service Co. of New Mexico), Series D, 1.10% due 6/1/2040 (put 6/1/2023) | 1,000,000 | 1,008,960 |
City of Santa Fe (El Castillo Retirement Project), Series A, 5.00% due 5/15/2044 | 950,000 | 1,056,011 | |
City of Santa Fe (El Castillo Retirement Residences), 5.00% due 5/15/2034 | 1,465,000 | 1,485,788 | |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), 5.00% due 7/1/2032 | 2,525,000 | 2,579,262 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Series A, 5.00% due 8/1/2039 | 1,000,000 | 1,250,310 | |
New Mexico Mortgage Finance Authority (Collateralized: GNMA, FNMA, FHLMC), | |||
Series F, | |||
2.85% due 7/1/2039 | 955,000 | 1,001,938 | |
3.50% due 7/1/2050 | 1,725,000 | 1,882,182 | |
a | New Mexico Municipal Energy Acquisition Authority, Series A, 5.00% due 11/1/2039 (put 5/1/2025) | 1,000,000 | 1,151,380 |
New York — 4.3% | |||
City of New York (City Budget Financial Management) GO, | |||
Series G, 5.00% due 8/1/2023 | 3,000,000 | 3,262,440 | |
Series J, 5.00% due 8/1/2031 | 1,500,000 | 1,691,430 | |
City of New York GO, Series C-1, 5.00% due 8/1/2032 | ���500,000 | 648,630 | |
County of Nassau (Insured: BAM) GO, Series B, 5.00% due 4/1/2034 (pre-refunded 4/1/2024) | 500,000 | 558,440 | |
County of Suffolk (Insured: AGM) GO, Series B, 5.00% due 10/15/2026 | 1,000,000 | 1,204,940 | |
Metropolitan Transportation Authority (Green Bond), Series A1, 5.00% due 11/15/2030 | 1,045,000 | 1,226,621 | |
d | Metropolitan Transportation Authority (Transit and Commuter System), Series B-1, 5.00% due 5/15/2022 | 2,000,000 | 2,058,860 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Series C-1, 5.00% due 5/1/2033 | 1,000,000 | 1,298,080 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), | |||
Series A, 5.00% due 3/15/2036 | 1,000,000 | 1,297,510 | |
Series D, 4.00% due 2/15/2040 | 1,000,000 | 1,160,440 | |
Port Authority of New York & New Jersey AMT, Series 223, 5.00% due 7/15/2033 | 750,000 | 978,855 | |
Town of Oyster Bay (Insured: AGM) GO, 4.00% due 3/1/2027 | 800,000 | 929,648 | |
North Carolina — 2.2% | |||
a | Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group), Series D, 5.00% due 1/15/2049 (put 12/1/2031) | 1,500,000 | 2,014,905 |
North Carolina Medical Care Commission (Caromont Health Obligated Group), Series A, 5.00% due 2/1/2027 - 2/1/2032 | 1,900,000 | 2,467,765 | |
North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2029 (pre-refunded 6/1/2025) | 1,705,000 | 1,990,605 | |
North Carolina Turnpike Authority, 5.00% due 2/1/2024 - 1/1/2030 | 1,500,000 | 1,802,445 | |
North Dakota — 0.5% | |||
University of North Dakota (Insured: AGM) COP, Series A, 4.00% due 6/1/2046 | 1,500,000 | 1,712,640 | |
Ohio — 1.2% | |||
Akron, Bath and Copley Joint Township Hospital District (Summa Health System Obligated Group), | |||
5.00% due 11/15/2030 - 11/15/2032 | 1,000,000 | 1,279,214 | |
5.25% due 11/15/2030 | 1,420,000 | 1,714,991 | |
City of Akron (Community Learning Centers), Series A, 5.00% due 12/1/2031 | 625,000 | 644,900 | |
a | Ohio Air Quality Development Authority (Ohio Valley Electric Corp.), Series B, 1.375% due 2/1/2026 (put 11/1/2024) | 1,000,000 | 999,560 |
Oregon — 0.1% | |||
Yamhill County Hospital Authority (Friendsview Manor Obligated Group), Series B-3, 1.75% due 11/15/2026 | 500,000 | 492,595 | |
Pennsylvania — 7.5% | |||
Allegheny County (Propel Charter School) IDA, Series A, 6.75% due 8/15/2035 | 810,000 | 812,560 | |
Bucks County (Waste Management, Inc.) AMT IDA, Series A-2, 2.75% due 12/1/2022 | 4,000,000 | 4,112,640 | |
City of Philadelphia (Philadelphia Airport Revenue; Insured: AGM) AMT, 4.00% due 7/1/2046 | 250,000 | 287,293 | |
Coatesville Area School District (Insured: AGM) (State Aid Withholding) GO, 5.00% due 8/1/2024 - 8/1/2025 | 1,475,000 | 1,676,866 | |
Commonwealth Financing Authority, 5.00% due 6/1/2029 | 1,000,000 | 1,238,330 | |
County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2029 | 1,000,000 | 1,171,120 | |
Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group), 5.00% due 9/1/2033 | 700,000 | 882,035 | |
Pennsylvania (Presbyterian Homes Obligated Group) EDFA, 4.00% due 7/1/2041 | 1,050,000 | 1,173,826 | |
Pennsylvania (Waste Management, Inc.) EDFA AMT, | |||
a | Series A, 0.58% due 8/1/2037 (put 8/1/2024) | 1,700,000 | 1,693,013 |
a | Series B1, 0.20% due 4/1/2049 (put 10/15/2021) | 3,500,000 | 3,500,000 |
Pennsylvania Turnpike Commission, | |||
Series B, |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 63 |
Thornburg Strategic Municipal Income Fund | September 30, 2021
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
4.00% due 12/1/2040 | $ 785,000 | $ 930,256 | |
5.00% due 12/1/2036 | 350,000 | 450,986 | |
Pennsylvania Turnpike Commission (Highway Improvements), Series A-1, 5.00% due 12/1/2037 | 750,000 | 920,077 | |
Philadelphia (Philadelphia) IDA, 5.00% due 5/1/2024 | 1,000,000 | 1,119,350 | |
Philadelphia (Thomas Jefferson University) IDA, Series A, 5.00% due 9/1/2035 | 1,500,000 | 1,811,595 | |
Philadelphia Airport Revenue, Series A, 5.00% due 7/1/2030 | 750,000 | 978,495 | |
Philadelphia Airport Revenue AMT, Series B, 5.00% due 7/1/2030 | 925,000 | 1,124,994 | |
Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2038 | 1,360,000 | 1,639,249 | |
Pittsburgh Water & Sewer Authority (Insured: AGM), Series B, 5.00% due 9/1/2033 | 1,000,000 | 1,388,980 | |
School District of Philadelphia (State Aid Witholding) GO, Series A, 5.00% due 9/1/2038 | 100,000 | 122,341 | |
University of Pittsburgh-of the Commonwealth System of Higher Education, 4.00% due 4/15/2026 | 1,000,000 | 1,144,800 | |
Rhode Island — 0.6% | |||
Pawtucket Housing Authority, 5.50% due 9/1/2022 - 9/1/2024 | 475,000 | 486,274 | |
Rhode Island Health and Educational Building Corp. (St. George’s School), 4.00% due 10/1/2046 | 1,600,000 | 1,890,976 | |
South Carolina — 0.8% | |||
Patriots Energy Group, Series A, 4.00% due 6/1/2046 - 6/1/2051 | 2,500,000 | 2,869,765 | |
Tennessee — 2.5% | |||
Memphis-Shelby County Airport Authority AMT, Series A, 5.00% due 7/1/2033 | 1,770,000 | 2,301,779 | |
Shelby County Health, Educational and Housing Facility (Methodist Le Bonheur Healthcare), Series A, 5.00% due 5/1/2036 | 1,000,000 | 1,206,360 | |
a | Tennergy Corp., Series A, 4.00% due 12/1/2051 (put 9/1/2028) | 3,000,000 | 3,543,540 |
Tennessee Energy Acquisition Corp. (The Gas Project), Series A, 5.25% due 9/1/2024 | 500,000 | 568,280 | |
a | Tennessee Energy Acquisition Corp. (The Tennessee Energy Acquisition Corp.), Series A, 5.00% due 5/1/2052 (put 11/1/2031) | 1,500,000 | 1,957,155 |
Texas — 7.2% | |||
Arlington Higher Education Finance Corp. (Pineywoods Community Academy; Insured: PSF-GTD), Series A, 4.00% due 8/15/2044 | 1,970,000 | 2,283,801 | |
City of Brownsville AMT GO, 4.00% due 2/15/2034 - 2/15/2042 | 1,460,000 | 1,687,512 | |
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2031 | 1,930,000 | 2,203,191 | |
City of Houston (Combined Utility System), | |||
Series A, 5.00% due 11/15/2032 | 1,000,000 | 1,315,220 | |
Series D, 5.00% due 11/15/2028 | 2,500,000 | 2,852,850 | |
City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2032 | 2,500,000 | 2,951,975 | |
City of Houston TX Airport System Revenue AMT, Series A, 4.00% due 7/1/2041 | 1,310,000 | 1,516,456 | |
a | Denton (Guaranty: PSF-GTD) ISD GO , Series B, 2.00% due 8/1/2044 (put 8/1/2024) | 500,000 | 523,545 |
Greater Texas Cultural Education Facilities Finance Corp. (County of Fort Bend), 4.00% due 3/1/2046 | 1,500,000 | 1,733,580 | |
a | Harris County Cultural Education Facilities Finance Corp. (Texas Children’s Hospital Obligated Group), 5.00% due 10/1/2051 (put 10/1/2031) | 1,500,000 | 2,010,120 |
Lower Colorado River Authority, | |||
Series A, | |||
5.00% due 5/15/2026 | 2,980,000 | 3,066,807 | |
5.00% due 5/15/2026 (pre-refunded 5/15/2022) | 20,000 | 20,590 | |
North Texas Tollway Authority (NTTA System), Series A, 5.00% due 1/1/2034 | 750,000 | 1,050,218 | |
a | San Antonio Water System, Series A, 2.625% due 5/1/2049 (put 5/1/2024) | 500,000 | 530,020 |
Texas Municipal Gas Acquisition & Supply Corp. III, 5.00% due 12/15/2031 | 500,000 | 663,830 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2034 | 1,250,000 | 1,403,037 | |
Waco Educational Finance Corp. (Baylor University), 4.00% due 3/1/2046 | 1,000,000 | 1,162,290 | |
U. S. Virgin Islands — 0.5% | |||
Virgin Islands Public Finance Authority GRT GO, Series C, 5.00% due 10/1/2021 | 2,000,000 | 2,000,020 | |
Utah — 1.6% | |||
City of Salt Lake Airport Revenue AMT, Series A, 5.00% due 7/1/2046 | 2,500,000 | 3,115,575 | |
Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2039 | 700,000 | 859,978 | |
Utah Transit Authority (Integrated Mass Transit System), Series A, 5.00% due 6/15/2033 (pre-refunded 6/15/2025) | 1,000,000 | 1,170,020 | |
Vineyard Redevelopment Agency (Vineyard Redevelopment Agency Geneva Urban Renewal Project Area; Insured: AGM), | |||
4.00% due 5/1/2040 - 5/1/2041 | 335,000 | 393,593 | |
d | 4.00% due 5/1/2046 | 275,000 | 319,842 |
Virginia — 0.6% | |||
a | Halifax County (VirginiaI Electric and Power Co. Project) IDA, Series A, 0.45% due 12/1/2041 (put 4/1/2022) | 500,000 | 500,455 |
b | James City County (Williamsburg Landing, Inc. Obligated Group) EDA, Series A, 4.00% due 12/1/2029 - 12/1/2030 | 455,000 | 517,067 |
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2034 | 1,000,000 | 1,233,270 | |
Washington — 1.5% | |||
Port of Seattle AMT, 5.00% due 4/1/2039 | 1,705,000 | 2,092,939 | |
State of Washington (Various Purposes) GO, Series 2021A, 5.00% due 6/1/2038 | 1,000,000 | 1,283,020 | |
Washington Health Care Facilities Authority (Catholic Health Initiatives), Series A, 5.75% due 1/1/2045 (pre-refunded 1/1/2023) | 2,000,000 | 2,138,060 |
64 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
West Virginia — 0.4% | |||
a | West Virginia (Appalachian Power Co.) EDA, Series B, 2.625% due 12/1/2042 (put 6/1/2022) | $1,500,000 | $ 1,521,150 |
Wisconsin — 1.8% | |||
Public Finance Authority (Renown Regional Medical Center), 5.00% due 6/1/2036 | 650,000 | 819,871 | |
a | Public Finance Authority (St. John’s College), 3.00% due 10/1/2045 (put 10/1/2026) | 1,500,000 | 1,539,135 |
Public Finance Authority (Texas Biomedical Research Institute), 4.00% due 6/1/2039 - 6/1/2041 | 770,000 | 878,560 | |
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 | 1,435,900 |
Wisconsin Housing (Collateralized: FNMA) EDA, Series C, 2.75% due 9/1/2039 | 1,835,000 | 1,909,262 | |
Total Long-Term Municipal Bonds — 91.4% (Cost $324,008,380) | 343,378,438 | ||
Short-Term Municipal Bonds — 7.7% | |||
Alabama — 1.9% | |||
a | City of Mobile Alabama (Alabama Power Co.) IDB, Series 1, 0.07% due 6/1/2034 (put 10/1/2021) | 7,300,000 | 7,300,000 |
Florida — 1.6% | |||
a | County of Manatee (Florida Power & Light Co.), 0.10% due 9/1/2024 (put 10/1/2021) | 1,000,000 | 1,000,000 |
a,c | Deutsche Bank Spears/Lifers Trust (LOC Deutche Bank A.G.), Series DBE-8083, 0.46% due 7/1/2061 (put 10/7/2021) | 5,000,000 | 5,000,000 |
New Hampshire — 0.0% | |||
a | New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA State Street Bank and Trust Co.), Series A2, 0.10% due 7/1/2035 (put 10/1/2021) | 15,000 | 15,000 |
New York — 3.9% | |||
New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JPMorgan Chase Bank, N.A.), | |||
a | Series FF2, 0.09% due 6/15/2044 (put 10/1/2021) | 6,000,000 | 6,000,000 |
a | Subseries B-4, 0.09% due 8/1/2042 (put 10/1/2021) | 2,400,000 | 2,400,000 |
a | New York State Housing Finance Agency (160 Madison Ave LLC; LOC Landesbank Hessen-Thuringen), Series A, 0.08% due 11/1/2046 (put 10/1/2021) | 6,315,000 | 6,315,000 |
Utah — 0.3% | |||
a | County of Weber (IHC Health Services, Inc. Obligated Group; SPA Bank of New York Mellon), Series C, 0.10% due 2/15/2035 (put 10/1/2021) | 1,060,000 | 1,060,000 |
Total Short-Term Municipal Bonds — 7.7% (Cost $29,090,000) | 29,090,000 | ||
Total Investments — 99.1% (Cost $353,098,380) | $372,468,438 | ||
Other Assets Less Liabilities — 0.9% | 3,375,550 | ||
Net Assets — 100.0% | $375,843,988 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2021. |
b | When-issued security. |
c | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $6,606,850, representing 1.76% of the Fund’s net assets. |
d | Segregated as collateral for a when-issued security. |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 65 |
Thornburg Strategic Municipal Income Fund | September 30, 2021
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. |
AMT | Alternative Minimum Tax |
BAM | Insured by Build America Mutual Insurance Co. |
COP | Certificates of Participation |
CPI | Consumer Price Index |
DFA | Development Finance Authority/Agency |
EDA | Economic Development Authority |
EDFA | Economic Development Financing 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 |
GRT | Gross Receipts Tax |
HFA | Health Facilities Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority/Agency |
IDB | Industrial Development Board |
ISD | Independent School District |
LOC | Letter of Credit |
Mtg | Mortgage |
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 |
SD CRED PROG | State Credit Enhancement Program |
SPA | Stand-by Purchase Agreement |
USD | Unified School District |
66 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
September 30, 2021
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 | $ 191,272,007 | $ 5,331,404,628 | $ 452,836,570 | $ 138,068,438 |
Investments at value | 192,230,074 | 5,521,699,676 | 467,999,932 | 145,626,818 |
Cash | 19,646 | 17,006,243 | 8,615,315 | 1,926,049 |
Receivable for investments sold | 9,760,013 | 97,784,357 | 20,000 | 146,061 |
Receivable for fund shares sold | - | 11,609,306 | 861,718 | 4,189 |
Principal and interest receivable | 1,487,680 | 57,528,363 | 4,788,734 | 1,798,300 |
Prepaid expenses and other assets | 22,417 | 45,696 | 14,814 | 12,507 |
Total Assets | 203,519,830 | 5,705,673,641 | 482,300,513 | 149,513,924 |
Liabilities | ||||
Payable for investments purchased | 7,768,892 | 60,299,970 | 2,851,450 | - |
Payable for fund shares redeemed | 16,897 | 8,793,432 | 458,980 | 59,063 |
Payable to investment advisor and other affiliates | 54,355 | 2,031,877 | 172,414 | 97,077 |
Accounts payable and accrued expenses | 102,837 | 1,064,809 | 148,132 | 67,190 |
Dividends payable | - | 404,495 | 87,640 | 10,564 |
Total Liabilities | 7,942,981 | 72,594,583 | 3,718,616 | 233,894 |
Net Assets | $ 195,576,849 | $ 5,633,079,058 | $ 478,581,897 | $ 149,280,030 |
NET ASSETS CONSIST OF | ||||
Net capital paid in on shares of beneficial interest | $ 196,843,176 | $ 5,484,147,570 | $ 467,981,908 | $ 143,024,058 |
Distributable earnings (accumulated loss) | (1,266,327) | 148,931,488 | 10,599,989 | 6,255,972 |
Net Assets | $ 195,576,849 | $ 5,633,079,058 | $ 478,581,897 | $ 149,280,030 |
NET ASSET VALUE | ||||
Class A Shares: | ||||
Net assets applicable to shares outstanding | $ 16,331,833 | $ 978,220,967 | $ 101,948,869 | $ 70,050,740 |
Shares outstanding | 1,324,177 | 67,423,253 | 7,464,360 | 5,226,111 |
Net asset value and redemption price per share | $ 12.33 | $ 14.51 | $ 13.66 | $ 13.40 |
Maximum offering price per share (net asset value, plus 2.25% of offering price) | $ 12.61 | $ 14.84 | $ 13.97 | $ 13.67 * |
Class C Shares: | ||||
Net assets applicable to shares outstanding | - | 146,805,960 | 9,623,506 | - |
Shares outstanding | - | 10,100,408 | 704,023 | - |
Net asset value and redemption price per share** | - | 14.53 | 13.67 | - |
Class C2 Shares: | ||||
Net assets applicable to shares outstanding | - | 5,476,588 | 148,679 | - |
Shares outstanding | - | 376,741 | 10,878 | - |
Net asset value and redemption price per share** | - | 14.54 | 13.67 | - |
Class D Shares: | ||||
Net assets applicable to shares outstanding | - | - | - | 12,916,905 |
Shares outstanding | - | - | - | 963,192 |
Net asset value and redemption price per share | - | - | - | 13.41 |
September 30, 2021
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 | $ 179,245,016 | $ 4,502,575,543 | $ 366,860,843 | $ 66,312,385 |
Shares outstanding | 14,542,737 | 310,301,312 | 26,833,389 | 4,949,330 |
Net asset value and redemption price per share | 12.33 | 14.51 | 13.67 | 13.40 |
* | Net asset value, plus 2.00% of offering price. |
** | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
September 30, 2021
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | THORNBURG STRATEGIC MUNICIPAL INCOME FUND | |
ASSETS | |||
Investment in securities, at cost | $ 41,002,339 | $ 948,132,467 | $ 353,098,380 |
Investments at value | 43,295,683 | 1,017,629,502 | 372,468,438 |
Cash | 36,885 | 725,461 | 31,217 |
Receivable for investments sold | 520,000 | 5,966,504 | 2,796,068 |
Receivable for fund shares sold | 3,839 | 918,045 | 975,619 |
Principal and interest receivable | 577,594 | 12,139,169 | 3,717,624 |
Prepaid expenses and other assets | 9,280 | 39,346 | 34,203 |
Total Assets | 44,443,281 | 1,037,418,027 | 380,023,169 |
Liabilities | |||
Payable for investments purchased | - | 4,554,967 | 3,463,659 |
Payable for fund shares redeemed | 16,115 | 1,201,355 | 449,132 |
Payable to investment advisor and other affiliates | 20,908 | 453,059 | 151,803 |
Accounts payable and accrued expenses | 54,986 | 242,310 | 103,159 |
Dividends payable | 12,645 | 236,744 | 11,428 |
Total Liabilities | 104,654 | 6,688,435 | 4,179,181 |
Net Assets | $ 44,338,627 | $ 1,030,729,592 | $ 375,843,988 |
NET ASSETS CONSIST OF | |||
Net capital paid in on shares of beneficial interest | $ 42,543,834 | $ 971,468,905 | $ 358,110,237 |
Distributable earnings | 1,794,793 | 59,260,687 | 17,733,751 |
Net Assets | $ 44,338,627 | $ 1,030,729,592 | $ 375,843,988 |
NET ASSET VALUE | |||
Class A Shares: | |||
Net assets applicable to shares outstanding | $ 23,884,377 | $ 328,169,348 | $ 65,220,303 |
Shares outstanding | 1,854,853 | 22,862,239 | 4,226,566 |
Net asset value and redemption price per share | $ 12.88 | $ 14.35 | $ 15.43 |
Maximum offering price per share (net asset value, plus 2.00% of offering price) | $ 13.14 | $ 14.64 | $ 15.74 |
Class C Shares: | |||
Net assets applicable to shares outstanding | - | 34,343,621 | 11,752,429 |
Shares outstanding | - | 2,389,735 | 760,803 |
Net asset value and redemption price per share* | - | 14.37 | 15.45 |
Class C2 Shares: | |||
Net assets applicable to shares outstanding | - | 1,860,305 | - |
Shares outstanding | - | 129,420 | - |
Net asset value and redemption price per share* | - | 14.37 | - |
September 30, 2021
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | THORNBURG STRATEGIC MUNICIPAL INCOME FUND | |
Class I Shares: | |||
Net assets applicable to shares outstanding | $ 20,454,250 | $ 666,356,318 | $ 298,871,256 |
Shares outstanding | 1,588,313 | 46,480,613 | 19,350,644 |
Net asset value and redemption price per share | 12.88 | 14.34 | 15.45 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Year Ended September 30, 2021
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 | $ 1,818,172 | $ 115,707,521 | $ 9,645,368 | $ 3,825,822 |
EXPENSES | ||||
Investment management fees | 754,349 | 15,973,732 | 2,583,592 | 782,892 |
Administration fees | 160,244 | 5,000,862 | 446,636 | 133,288 |
Distribution and service fees | ||||
Class A Shares | 47,599 | 2,466,382 | 266,982 | 190,507 |
Class C Shares | - | 832,478 | 62,478 | - |
Class C2 Shares† | - | 19,856 | 903 | - |
Class D Shares | - | - | - | 68,580 |
Transfer agent fees | ||||
Class A Shares | 34,711 | 536,740 | 45,340 | 43,377 |
Class C Shares | - | 112,270 | 9,831 | - |
Class C2 Shares† | - | 3,556 | 2,199 | - |
Class D Shares | - | - | - | 8,471 |
Class I Shares | 23,766 | 3,635,395 | 311,921 | 22,965 |
Registration and filing fees | ||||
Class A Shares | 21,193 | 76,722 | 11,024 | 10,434 |
Class C Shares | - | 40,112 | 8,470 | - |
Class C2 Shares† | - | 17,640 | 5,073 | - |
Class D Shares | - | - | - | 9,365 |
Class I Shares | 141,015 | 445,024 | 19,862 | 10,221 |
Custodian fees | 50,746 | 376,523 | 84,594 | 49,201 |
Professional fees | 46,532 | 100,093 | 50,041 | 42,934 |
Trustee and officer fees | 9,770 | 340,500 | 32,416 | 9,481 |
Other expenses | 17,827 | 378,139 | 39,942 | 18,002 |
Total Expenses | 1,307,752 | 30,356,024 | 3,981,304 | 1,399,718 |
Less: | ||||
Expenses reimbursed | (317,217) | (14,588) | (858,337) | (34,642) |
Investment management fees waived | - | - | (228,679) | - |
Net Expenses | 990,535 | 30,341,436 | 2,894,288 | 1,365,076 |
Net Investment Income (Loss) | $ 827,637 | $ 85,366,085 | $ 6,751,080 | $ 2,460,746 |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) | (16,487) | (2,855,864) | 292,644 | (13,677) |
Net change in unrealized appreciation (depreciation) | (505,677) | (48,294,868) | (5,416,521) | (863,382) |
Net Realized and Unrealized Gain (Loss) | (522,164) | (51,150,732) | (5,123,877) | (877,059) |
Change in Net Assets Resulting from Operations | $ 305,473 | $ 34,215,353 | $ 1,627,203 | $ 1,583,687 |
† | Class C2 Shares commenced operations on October 1, 2020. |
Year Ended September 30, 2021
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | THORNBURG STRATEGIC MUNICIPAL INCOME FUND | |
INVESTMENT INCOME | |||
Interest income | $ 1,291,697 | $ 31,450,241 | $ 9,449,801 |
EXPENSES | |||
Investment management fees | 233,800 | 4,903,291 | 2,563,531 |
Administration fees | 39,811 | 883,647 | 290,425 |
Distribution and service fees | |||
Class A Shares | 64,290 | 836,737 | 164,072 |
Class C Shares | - | 234,165 | 78,369 |
Class C2 Shares† | - | 6,847 | - |
Transfer agent fees | |||
Class A Shares | 14,161 | 184,706 | 56,099 |
Class C Shares | - | 26,320 | 10,344 |
Class C2 Shares† | - | 2,448 | - |
Class I Shares | 17,171 | 480,377 | 203,838 |
Registration and filing fees | |||
Class A Shares | 14,369 | 51,035 | 27,937 |
Class C Shares | - | 20,372 | 19,702 |
Class C2 Shares† | - | 12,232 | - |
Class I Shares | 13,034 | 89,495 | 37,602 |
Custodian fees | 37,257 | 108,952 | 62,051 |
Professional fees | 41,991 | 55,196 | 47,136 |
Trustee and officer fees | 2,836 | 62,020 | 18,990 |
Other expenses | 9,891 | 61,482 | 31,143 |
Total Expenses | 488,611 | 8,019,322 | 3,611,239 |
Less: | |||
Expenses reimbursed | (80,535) | (1,468,450) | (654,097) |
Investment management fees waived | (12,493) | - | (705,989) |
Net Expenses | 395,583 | 6,550,872 | 2,251,153 |
Net Investment Income (Loss) | $ 896,114 | $ 24,899,369 | $ 7,198,648 |
REALIZED AND UNREALIZED GAIN (LOSS) | |||
Net realized gain (loss) | (71,251) | 57,240 | 325,278 |
Net change in unrealized appreciation (depreciation) | (172,704) | (886,015) | 1,426,361 |
Net Realized and Unrealized Gain (Loss) | (243,955) | (828,775) | 1,751,639 |
Change in Net Assets Resulting from Operations | $ 652,159 | $ 24,070,594 | $ 8,950,287 |
† | Class C2 Shares commenced operations on October 1, 2020. |
THORNBURG SHORT DURATION MUNICIPAL FUND | THORNBURG LIMITED TERM MUNICIPAL FUND | |||
Year Ended September 30, 2021 | Year Ended September 30, 2020 | Year Ended September 30, 2021 | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 827,637 | $ 2,224,420 | $ 85,366,085 | $ 103,142,726 |
Net realized gain (loss) | (16,487) | (1,987,126) | (2,855,864) | (5,351,683) |
Net change in unrealized appreciation (depreciation) | (505,677) | 34,198 | (48,294,868) | 67,365,942 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 305,473 | 271,492 | 34,215,353 | 165,156,985 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (64,774) | (207,150) | (12,597,747) | (14,780,175) |
Class C Shares | - | - | (1,664,168) | (3,922,727) |
Class C2 Shares† | - | - | (20,800) | - |
Class I Shares | (762,863) | (2,016,586) | (70,836,627) | (84,517,925) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (8,197,490) | 7,613,606 | 44,026,090 | 16,555,890 |
Class C Shares | - | - | (83,003,282) | (97,283,343) |
Class C2 Shares† | - | - | 5,521,913 | - |
Class I Shares | 47,176,676 | (89,783,308) | (23,033,764) | (375,430,005) |
Net Increase (Decrease) in Net Assets | 38,457,022 | (84,121,946) | (107,393,032) | (394,221,300) |
NET ASSETS | ||||
Beginning of Year | 157,119,827 | 241,241,773 | 5,740,472,090 | 6,134,693,390 |
End of Year | $ 195,576,849 | $ 157,119,827 | $ 5,633,079,058 | $ 5,740,472,090 |
† | Class C2 Shares commenced operations on October 1, 2020. |
THORNBURG CALIFORNIA LIMITED TERM MUNICIPAL FUND | THORNBURG NEW MEXICO INTERMEDIATE MUNICIPAL FUND | |||
Year Ended September 30, 2021 | Year Ended September 30, 2020 | Year Ended September 30, 2021 | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 6,751,080 | $ 7,880,804 | $ 2,460,746 | $ 3,080,351 |
Net realized gain (loss) | 292,644 | (270,846) | (13,677) | (354,507) |
Net change in unrealized appreciation (depreciation) | (5,416,521) | 3,553,135 | (863,382) | 1,819,177 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,627,203 | 11,163,093 | 1,583,687 | 4,545,021 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (1,189,036) | (1,452,741) | (1,098,803) | (1,503,763) |
Class C Shares | (103,182) | (257,030) | - | - |
Class C2 Shares† | (1,164) | - | - | - |
Class D Shares | - | - | (162,397) | (238,733) |
Class I Shares | (5,468,843) | (6,171,650) | (1,169,485) | (1,358,851) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (6,044,354) | (5,179,291) | (10,031,781) | (5,116,349) |
Class C Shares | (7,828,256) | (10,650,900) | - | - |
Class C2 Shares† | 149,981 | - | - | - |
Class D Shares | - | - | (1,486,390) | (1,549,936) |
Class I Shares | (79,199,873) | 96,508,365 | 992,050 | 3,043,793 |
Net Increase (Decrease) in Net Assets | (98,057,524) | 83,959,846 | (11,373,119) | (2,178,818) |
NET ASSETS | ||||
Beginning of Year | 576,639,421 | 492,679,575 | 160,653,149 | 162,831,967 |
End of Year | $ 478,581,897 | $ 576,639,421 | $ 149,280,030 | $ 160,653,149 |
† | Class C2 Shares commenced operations on October 1, 2020. |
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | |||
Year Ended September 30, 2021 | Year Ended September 30, 2020 | Year Ended September 30, 2021 | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 896,114 | $ 1,041,672 | $ 24,899,369 | $ 27,477,690 |
Net realized gain (loss) | (71,251) | 128,345 | 57,240 | (604,721) |
Net change in unrealized appreciation (depreciation) | (172,704) | (237,988) | (886,015) | 730,702 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 652,159 | 932,029 | 24,070,594 | 27,603,671 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (466,060) | (543,298) | (7,607,115) | (7,666,340) |
Class C Shares | - | - | (741,939) | (1,402,561) |
Class C2 Shares† | - | - | (19,602) | - |
Class I Shares | (448,411) | (494,706) | (16,658,749) | (18,372,806) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (3,098,489) | 745,060 | 1,684,016 | 12,212,921 |
Class C Shares | - | - | (18,625,674) | (24,162,208) |
Class C2 Shares† | - | - | 1,872,135 | - |
Class I Shares | (617,840) | (3,288,294) | (1,195,209) | (61,366,720) |
Net Increase (Decrease) in Net Assets | (3,978,641) | (2,649,209) | (17,221,543) | (73,154,043) |
NET ASSETS | ||||
Beginning of Year | 48,317,268 | 50,966,477 | 1,047,951,135 | 1,121,105,178 |
End of Year | $ 44,338,627 | $ 48,317,268 | $ 1,030,729,592 | $ 1,047,951,135 |
† | Class C2 Shares commenced operations on October 1, 2020. |
THORNBURG STRATEGIC MUNICIPAL INCOME FUND | ||
Year Ended September 30, 2021 | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income (loss) | $ 7,198,648 | $ 7,791,331 |
Net realized gain (loss) | 325,278 | (1,091,775) |
Net change in unrealized appreciation (depreciation) | 1,426,361 | 523,541 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 8,950,287 | 7,223,097 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (1,288,474) | (1,452,003) |
Class C Shares | (196,045) | (365,911) |
Class I Shares | (5,715,407) | (5,978,359) |
FUND SHARE TRANSACTIONS | ||
Class A Shares | 3,239,395 | 5,512,944 |
Class C Shares | (3,935,329) | (4,473,597) |
Class I Shares | 72,175,504 | 6,403,584 |
Net Increase (Decrease) in Net Assets | 73,229,931 | 6,869,755 |
NET ASSETS | ||
Beginning of Year | 302,614,057 | 295,744,302 |
End of Year | $ 375,843,988 | $ 302,614,057 |
September 30, 2021
September 30, 2021
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 |
September 30, 2021
September 30, 2021
SHORT DURATION MUNICIPAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 153,405,074 | $ — | $ 153,405,074 | $ — |
Short-Term Municipal Bonds | 38,825,000 | — | 38,825,000 | — |
Total Investments in Securities | $ 192,230,074 | $ — | $ 192,230,074 | $ — |
Total Assets | $ 192,230,074 | $ — | $ 192,230,074 | $ — |
LIMITED TERM MUNICIPAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | �� | |||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 4,953,279,676 | $ — | $ 4,953,279,676 | $ — |
Short-Term Municipal Bonds | 568,420,000 | — | 568,420,000 | — |
Total Investments in Securities | $ 5,521,699,676 | $ — | $ 5,521,699,676 | $ — |
Total Assets | $ 5,521,699,676 | $ — | $ 5,521,699,676 | $ — |
LIMITED TERM CALIFORNIA FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 427,895,932 | $ — | $ 427,895,932 | $ — |
Short-Term Municipal Bonds | 40,104,000 | — | 40,104,000 | — |
Total Investments in Securities | $ 467,999,932 | $ — | $ 467,999,932 | $ — |
Total Assets | $ 467,999,932 | $ — | $ 467,999,932 | $ — |
INTERMEDIATE NEW MEXICO FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 145,626,818 | $ — | $ 145,626,818 | $ — |
Total Investments in Securities | $ 145,626,818 | $ — | $ 145,626,818 | $ — |
Total Assets | $ 145,626,818 | $ — | $ 145,626,818 | $— |
September 30, 2021
INTERMEDIATE NEW YORK FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 42,795,683 | $ — | $ 42,795,683 | $ — |
Short-Term Municipal Bonds | 500,000 | — | 500,000 | — |
Total Investments in Securities | $ 43,295,683 | $ — | $ 43,295,683 | $ — |
Total Assets | $ 43,295,683 | $ — | $ 43,295,683 | $ — |
INTERMEDIATE MUNICIPAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 985,189,502 | $ — | $ 985,189,502 | $ — |
Short-Term Municipal Bonds | 32,440,000 | — | 32,440,000 | — |
Total Investments in Securities | $ 1,017,629,502 | $ — | $ 1,017,629,502 | $ — |
Total Assets | $ 1,017,629,502 | $ — | $ 1,017,629,502 | $ — |
STRATEGIC MUNICIPAL INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 343,378,438 | $ — | $ 343,378,438 | $ — |
Short-Term Municipal Bonds | 29,090,000 | — | 29,090,000 | — |
Total Investments in Securities | $ 372,468,438 | $ — | $ 372,468,438 | $ — |
Total Assets | $ 372,468,438 | $ — | $ 372,468,438 | $— |
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 |
September 30, 2021
Effective Management Fee | |
Short Duration Municipal Fund | 0.400% |
Limited Term Municipal Fund | 0.272 |
Limited Term California Fund | 0.494 |
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 | $ 321 | $ — |
Limited Term Municipal Fund | 30,164 | 9,399 |
Limited Term California Fund | 1,240 | 18 |
Intermediate New Mexico Fund | 62 | — |
Intermediate New York Fund | 1 | — |
Intermediate Municipal Fund | 2,715 | 1,223 |
Strategic Municipal Income Fund | 2,228 | 747 |
September 30, 2021
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 D | Class I | Total |
Short Duration Municipal Fund | $ 67,814 | $ — | $ — | $ — | $ 249,403 | $ 317,217 |
Limited Term California Fund | 149,288 | 25,209 | 7,556 | — | 676,284 | 858,337 |
Intermediate New Mexico Fund | — | — | — | — | 27,587 | 27,587 |
Intermediate New York Fund | 32,416 | — | — | — | 48,119 | 80,535 |
Intermediate Municipal Fund | 454,132 | 64,128 | 15,625 | — | 934,565 | 1,468,450 |
Strategic Municipal Income Fund | 258,231 | 48,995 | — | — | 859,577 | 1,166,803 |
Voluntary: | Class A | Class C | Class C2 | Class D | Class I | Total |
Limited Term Municipal Fund | $ — | $ — | $ 14,588 | $ — | $ — | $ 14,588 |
Limited Term California Fund | 46,811 | 5,467 | 61 | — | 176,340 | 228,679 |
Intermediate New Mexico Fund | — | — | — | 7,055 | — | 7,055 |
Intermediate New York Fund | 6,871 | — | — | — | 5,622 | 12,493 |
Strategic Municipal Income Fund | 37,119 | 7,382 | — | — | 148,782 | 193,283 |
Percentage of Direct Investments | |
Short Duration Municipal Fund | 70.59% |
Limited Term Municipal Fund | 2.47 |
Limited Term California Fund | — |
Intermediate New Mexico Fund | 13.88 |
Intermediate New York Fund | — |
Intermediate Municipal Fund | 0.18 |
Strategic Municipal Income Fund | 7.66 |
September 30, 2021
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 | $ 191,272,007 | $ 1,178,268 | $ (220,201) | $ 958,067 |
Limited Term Municipal Fund | 5,331,199,840 | 199,403,509 | (8,903,673) | 190,499,836 |
Limited Term California Fund | 452,843,023 | 15,396,198 | (239,289) | 15,156,909 |
Intermediate New Mexico Fund | 138,113,981 | 7,609,009 | (96,172) | 7,512,837 |
Intermediate New York Fund | 41,002,264 | 2,320,551 | (27,132) | 2,293,419 |
Intermediate Municipal Fund | 948,360,060 | 70,029,954 | (760,512) | 69,269,442 |
Strategic Municipal Income Fund | 353,082,935 | 20,206,160 | (820,657) | 19,385,503 |
Deferred Tax Basis | |
Capital Losses | |
Short Duration Municipal Fund | $ 16,487 |
Limited Term Municipal Fund | 827,787 |
Limited Term California Fund | 198,318 |
Intermediate New Mexico Fund | 13,676 |
Intermediate New York Fund | 294 |
Intermediate Municipal Fund | 61,092 |
Strategic Municipal Income Fund | 77,999 |
Cumulative Capital Losses | ||
Short-Term | Long-Term | |
Short Duration Municipal Fund | $ 1,573,484 | $ 634,422 |
Limited Term Municipal Fund | 21,445,971 | 18,890,095 |
Limited Term California Fund | 2,990,414 | 1,372,448 |
Intermediate New Mexico Fund | 437,966 | 794,659 |
Intermediate New York Fund | 414,730 | 70,957 |
Intermediate Municipal Fund | 7,142,768 | 2,796,952 |
Strategic Municipal Income Fund | 1,576,863 | — |
September 30, 2021
Utilized Capital Loss Carryforwards | |
Limited Term California Fund | $ 220,116 |
Distributable Earnings | Net Capital Paid | |
Limited Term Municipal Fund | $ 217,443 | $ (217,443) |
Intermediate New Mexico Fund | 2,788 | (2,788) |
Intermediate New York Fund | 2,353 | (2,353) |
Undistributed net tax exempt income | Undistributed Tax Basis Ordinary Income | Undistributed tax basis capital gains | |
Short Duration Municipal Fund | $ — | $ — | $ — |
Limited Term Municipal Fund | — | — | — |
Limited Term California Fund | 91,902 | — | — |
Intermediate New Mexico Fund | — | — | — |
Intermediate New York Fund | — | — | — |
Intermediate Municipal Fund | 228,799 | — | — |
Strategic Municipal Income Fund | 14,539 | — | — |
DISTRIBUTIONS FROM: | ||||
TAX EXEMPT INCOME | ORDINARY INCOME | |||
2021 | 2020 | 2021 | 2020 | |
Short Duration Municipal Fund | $ 822,440 | $ 2,220,186 | $ 5,197 | $ 3,550 |
Limited Term Municipal Fund | 84,866,347 | 103,089,629 | 252,995 | 131,198 |
Limited Term California Fund | 6,762,080 | 7,881,358 | 145 | 63 |
Intermediate New Mexico Fund | 2,430,685 | 3,101,347 | — | — |
Intermediate New York Fund | 913,226 | 1,037,331 | 1,245 | 673 |
Intermediate Municipal Fund | 24,966,981 | 27,342,478 | 60,424 | 99,229 |
Strategic Municipal Income Fund | 7,132,078 | 7,709,943 | 67,848 | 86,330 |
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
SHORT DURATION MUNICIPAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 114,099 | $ 1,410,251 | 731,061 | $ 8,972,616 |
Shares issued to shareholders in reinvestment of dividends | 5,233 | 64,680 | 16,748 | 206,723 |
Shares repurchased | (782,797) | (9,672,421) | (127,043) | (1,565,733) |
Net increase (decrease) | (663,465) | $ (8,197,490) | 620,766 | $ 7,613,606 |
September 30, 2021
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
SHORT DURATION MUNICIPAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class I Shares | ||||
Shares sold | 6,210,964 | $ 76,754,762 | 5,025,376 | $ 62,115,513 |
Shares issued to shareholders in reinvestment of dividends | 61,088 | 754,508 | 158,225 | 1,954,280 |
Shares repurchased | (2,454,472) | (30,332,594) | (12,611,158) | (153,853,101) |
Net increase (decrease) | 3,817,580 | $ 47,176,676 | (7,427,557) | $ (89,783,308) |
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
LIMITED TERM MUNICIPAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 13,380,045 | $ 195,645,598 | 14,438,696 | $ 209,892,549 |
Shares issued to shareholders in reinvestment of dividends | 779,385 | 11,382,935 | 931,526 | 13,529,223 |
Shares repurchased | (11,148,993) | (163,002,443) | (14,302,952) | (206,865,882) |
Net increase (decrease) | 3,010,437 | $ 44,026,090 | 1,067,270 | $ 16,555,890 |
Class C Shares | ||||
Shares sold | 1,943,246 | $ 28,468,205 | 2,432,771 | $ 35,474,012 |
Shares issued to shareholders in reinvestment of dividends | 107,651 | 1,575,043 | 237,122 | 3,449,053 |
Shares repurchased | (7,718,607) | (113,046,530) | (9,354,417) | (136,206,408) |
Net increase (decrease) | (5,667,710) | $ (83,003,282) | (6,684,524) | $ (97,283,343) |
Class C2 Shares* | ||||
Shares sold | 405,294 | $ 5,940,353 | - | $ - |
Shares issued to shareholders in reinvestment of dividends | 1,423 | 20,800 | - | - |
Shares repurchased | (29,976) | (439,240) | - | - |
Net increase (decrease) | 376,741 | $ 5,521,913 | - | $ - |
Class I Shares | ||||
Shares sold | 93,651,095 | $ 1,369,424,146 | 107,567,039 | $ 1,562,478,507 |
Shares issued to shareholders in reinvestment of dividends | 4,500,941 | 65,743,881 | 5,234,033 | 76,032,722 |
Shares repurchased | (99,773,411) | (1,458,201,791) | (139,389,568) | (2,013,941,234) |
Net increase (decrease) | (1,621,375) | $ (23,033,764) | (26,588,496) | $ (375,430,005) |
* Effective date of this class of shares was October 1, 2020. | ||||
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
LIMITED TERM CALIFORNIA FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 1,078,354 | $ 14,853,611 | 1,061,614 | $ 14,585,397 |
Shares issued to shareholders in reinvestment of dividends | 74,554 | 1,024,942 | 94,558 | 1,299,017 |
Shares repurchased | (1,593,182) | (21,922,907) | (1,536,975) | (21,063,705) |
Net increase (decrease) | (440,274) | $ (6,044,354) | (380,803) | $ (5,179,291) |
Class C Shares | ||||
Shares sold | 74,107 | $ 1,021,391 | 117,691 | $ 1,617,272 |
Shares issued to shareholders in reinvestment of dividends | 6,525 | 89,800 | 14,536 | 199,848 |
Shares repurchased | (648,687) | (8,939,447) | (905,828) | (12,468,020) |
Net increase (decrease) | (568,055) | $ (7,828,256) | (773,601) | $ (10,650,900) |
September 30, 2021
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
LIMITED TERM CALIFORNIA FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class C2 Shares* | ||||
Shares sold | 10,805 | $ 148,988 | - | $ - |
Shares issued to shareholders in reinvestment of dividends | 85 | 1,164 | - | - |
Shares repurchased | (12) | (171) | - | - |
Net increase (decrease) | 10,878 | $ 149,981 | - | $ - |
Class I Shares | ||||
Shares sold | 11,607,452 | $ 160,039,842 | 16,475,167 | $ 226,332,653 |
Shares issued to shareholders in reinvestment of dividends | 326,860 | 4,498,890 | 362,053 | 4,979,919 |
Shares repurchased | (17,669,069) | (243,738,605) | (9,832,111) | (134,804,207) |
Net increase (decrease) | (5,734,757) | $ (79,199,873) | 7,005,109 | $ 96,508,365 |
* Effective date of this class of shares was October 1, 2020. | ||||
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
INTERMEDIATE NEW MEXICO FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 101,939 | $ 1,374,335 | 562,508 | $ 7,498,577 |
Shares issued to shareholders in reinvestment of dividends | 71,806 | 968,051 | 99,224 | 1,328,286 |
Shares repurchased | (916,564) | (12,374,167) | (1,043,651) | (13,943,212) |
Net increase (decrease) | (742,819) | $ (10,031,781) | (381,919) | $ (5,116,349) |
Class D Shares | ||||
Shares sold | 38,479 | $ 521,785 | 53,924 | $ 719,625 |
Shares issued to shareholders in reinvestment of dividends | 11,682 | 157,583 | 17,365 | 232,542 |
Shares repurchased | (160,244) | (2,165,758) | (187,540) | (2,502,103) |
Net increase (decrease) | (110,083) | $ (1,486,390) | (116,251) | $ (1,549,936) |
Class I Shares | ||||
Shares sold | 459,651 | $ 6,213,029 | 675,728 | $ 9,080,572 |
Shares issued to shareholders in reinvestment of dividends | 79,786 | 1,075,113 | 92,474 | 1,237,314 |
Shares repurchased | (467,064) | (6,296,092) | (549,551) | (7,274,093) |
Net increase (decrease) | 72,373 | $ 992,050 | 218,651 | $ 3,043,793 |
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
INTERMEDIATE NEW YORK FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 14,587 | $ 189,521 | 329,798 | $ 4,284,723 |
Shares issued to shareholders in reinvestment of dividends | 29,578 | 383,826 | 34,192 | 442,503 |
Shares repurchased | (282,520) | (3,671,836) | (310,185) | (3,982,166) |
Net increase (decrease) | (238,355) | $ (3,098,489) | 53,805 | $ 745,060 |
Class I Shares | ||||
Shares sold | 248,368 | $ 3,227,207 | 310,893 | $ 4,033,267 |
Shares issued to shareholders in reinvestment of dividends | 28,767 | 373,311 | 32,099 | 415,446 |
Shares repurchased | (324,796) | (4,218,358) | (602,244) | (7,737,007) |
Net increase (decrease) | (47,661) | $ (617,840) | (259,252) | $ (3,288,294) |
September 30, 2021
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
INTERMEDIATE MUNICIPAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 3,652,741 | $ 52,691,051 | 3,770,584 | $ 54,073,340 |
Shares issued to shareholders in reinvestment of dividends | 484,727 | 6,996,636 | 499,100 | 7,138,551 |
Shares repurchased | (4,014,691) | (58,003,671) | (3,440,641) | (48,998,970) |
Net increase (decrease) | 122,777 | $ 1,684,016 | 829,043 | $ 12,212,921 |
Class C Shares | ||||
Shares sold | 305,609 | $ 4,418,312 | 527,758 | $ 7,544,787 |
Shares issued to shareholders in reinvestment of dividends | 44,064 | 636,696 | 79,617 | 1,139,985 |
Shares repurchased | (1,643,503) | (23,680,682) | (2,290,311) | (32,846,980) |
Net increase (decrease) | (1,293,830) | $ (18,625,674) | (1,682,936) | $ (24,162,208) |
Class C2 Shares* | ||||
Shares sold | 128,207 | $ 1,854,580 | - | $ - |
Shares issued to shareholders in reinvestment of dividends | 1,355 | 19,602 | - | - |
Shares repurchased | (142) | (2,047) | - | - |
Net increase (decrease) | 129,420 | $ 1,872,135 | - | $ - |
Class I Shares | ||||
Shares sold | 9,472,649 | $ 136,694,970 | 12,338,502 | $ 176,114,977 |
Shares issued to shareholders in reinvestment of dividends | 974,350 | 14,045,182 | 1,048,615 | 14,980,062 |
Shares repurchased | (10,522,226) | (151,935,361) | (17,848,724) | (252,461,759) |
Net increase (decrease) | (75,227) | $ (1,195,209) | (4,461,607) | $ (61,366,720) |
* Effective date of this class of shares was October 1, 2020. | ||||
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
STRATEGIC MUNICIPAL INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 982,855 | $ 15,190,802 | 882,345 | $ 13,470,933 |
Shares issued to shareholders in reinvestment of dividends | 81,453 | 1,260,156 | 94,150 | 1,434,924 |
Shares repurchased | (852,980) | (13,211,563) | (624,508) | (9,392,913) |
Net increase (decrease) | 211,328 | $ 3,239,395 | 351,987 | $ 5,512,944 |
Class C Shares | ||||
Shares sold | 169,860 | $ 2,627,196 | 71,278 | $ 1,091,387 |
Shares issued to shareholders in reinvestment of dividends | 12,233 | 189,390 | 22,591 | 344,627 |
Shares repurchased | (437,607) | (6,751,915) | (387,212) | (5,909,611) |
Net increase (decrease) | (255,514) | $ (3,935,329) | (293,343) | $ (4,473,597) |
Class I Shares | ||||
Shares sold | 6,699,528 | $ 103,913,515 | 5,837,360 | $ 88,993,637 |
Shares issued to shareholders in reinvestment of dividends | 367,370 | 5,690,379 | 387,567 | 5,913,428 |
Shares repurchased | (2,416,145) | (37,428,390) | (5,841,661) | (88,503,481) |
Net increase (decrease) | 4,650,753 | $ 72,175,504 | 383,266 | $ 6,403,584 |
September 30, 2021
Purchases | Sales | |
Short Duration Municipal Fund | $ 106,449,919 | $ 42,460,500 |
Limited Term Municipal Fund | 1,173,534,068 | 1,133,509,927 |
Limited Term California Fund | 72,587,543 | 118,103,586 |
Intermediate New Mexico Fund | 12,642,008 | 10,910,000 |
Intermediate New York Fund | 5,028,517 | 7,223,940 |
Intermediate Municipal Fund | 113,697,371 | 101,327,547 |
Strategic Municipal Income Fund | 105,485,714 | 31,240,309 |
Short Duration Municipal Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2021 | $ 12.37 | 0.03 | (0.04) | (0.01) | (0.03) | — | — | (0.03) | $ 12.33 |
2020 | $ 12.36 | 0.13 | 0.01 | 0.14 | (0.13) | — | — | (0.13) | $ 12.37 |
2019 | $ 12.27 | 0.16 | 0.09 | 0.25 | (0.16) | — | — | (0.16) | $ 12.36 |
2018 | $ 12.38 | 0.11 | (0.11) | — (c) | (0.11) | — | — | (0.11) | $ 12.27 |
2017 | $ 12.34 | 0.08 | 0.04 | 0.12 | (0.08) | — | — | (0.08) | $ 12.38 |
CLASS I SHARES | |||||||||
2021 | $ 12.36 | 0.06 | (0.03) | 0.03 | (0.06) | — | — | (0.06) | $ 12.33 |
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 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Total from investment operations was less than $0.01 per share. |
+ | Based on weighted average shares outstanding. |
Short Duration Municipal Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 | 0.27 | 0.70 | 0.98 | (0.05) | 34.71 | $ 16,332 | |
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 | |
CLASS I SHARES | |||||||
2021 | 0.46 | 0.50 | 0.65 | 0.23 | 34.71 | $ 179,245 | |
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 |
Limited Term Municipal Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2021 | $ 14.64 | 0.19 | (0.13) | 0.06 | (0.19) | — | — | (0.19) | $ 14.51 |
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 |
CLASS C SHARES | |||||||||
2021 | $ 14.66 | 0.15 | (0.13) | 0.02 | (0.15) | — | — | (0.15) | $ 14.53 |
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 |
CLASS C2 SHARES | |||||||||
2021 (c) | $ 14.66 | 0.10 | (0.12) | (0.02) | (0.10) | — | — | (0.10) | $ 14.54 |
CLASS I SHARES | |||||||||
2021 | $ 14.64 | 0.22 | (0.13) | 0.09 | (0.22) | — | — | (0.22) | $ 14.51 |
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 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Effective date of this class of shares was 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 YEAR (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 | 1.28 | 0.69 | 0.69 | 0.39 | 22.29 | $ 978,221 | |
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 | |
CLASS C SHARES | |||||||
2021 | 1.00 | 0.97 | 0.97 | 0.11 | 22.29 | $ 146,806 | |
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 | |
CLASS C2 SHARES | |||||||
2021 (c) | 0.69 | 1.24 | 1.72 | (0.11) | 22.29 | $ 5,477 | |
CLASS I SHARES | |||||||
2021 | 1.50 | 0.46 | 0.46 | 0.61 | 22.29 | $ 4,502,575 | |
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 |
Limited Term California Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2021 | $ 13.80 | 0.15 | (0.14) | 0.01 | (0.15) | — | — | (0.15) | $ 13.66 |
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 |
CLASS C SHARES | |||||||||
2021 | $ 13.81 | 0.11 | (0.14) | (0.03) | (0.11) | — | — | (0.11) | $ 13.67 |
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 |
CLASS C2 SHARES | |||||||||
2021 (c) | $ 13.81 | 0.11 | (0.13) | (0.02) | (0.12) | — | — | (0.12) | $ 13.67 |
CLASS I SHARES | |||||||||
2021 | $ 13.82 | 0.19 | (0.15) | 0.04 | (0.19) | — | — | (0.19) | $ 13.67 |
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 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Effective date of this class of shares was October 1, 2020. |
(d) | Due to the size of net assets and fixed expenses, ratios may appear disproportionate. |
+ | Based on weighted average shares outstanding. |
Limited Term California Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 | 1.11 | 0.74 | 0.92 | 0.10 | 16.22 | $ 101,949 | |
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 | |
CLASS C SHARES | |||||||
2021 | 0.82 | 1.02 | 1.27 | (0.19) | 16.22 | $ 9,623 | |
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 | |
CLASS C2 SHARES | |||||||
2021 (c) | 0.84 | 1.02 | 6.50 (d) | (0.18) | 16.22 | $ 149 | |
CLASS I SHARES | |||||||
2021 | 1.35 | 0.49 | 0.70 | 0.27 | 16.22 | $ 366,861 | |
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 |
Intermediate New Mexico Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2021 | $ 13.48 | 0.20 | (0.09) | 0.11 | (0.19) | — | — | (0.19) | $ 13.40 |
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 |
CLASS D SHARES | |||||||||
2021 | $ 13.49 | 0.16 | (0.08) | 0.08 | (0.16) | — | — | (0.16) | $ 13.41 |
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 |
CLASS I SHARES | |||||||||
2021 | $ 13.47 | 0.24 | (0.07) | 0.17 | (0.24) | — | — | (0.24) | $ 13.40 |
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 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
+ | Based on weighted average shares outstanding. |
Intermediate New Mexico Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 | 1.46 | 0.98 | 0.98 | 0.85 | 7.43 | $ 70,051 | |
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 | |
CLASS D SHARES | |||||||
2021 | 1.20 | 1.24 | 1.29 | 0.59 | 7.43 | $ 12,917 | |
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 | |
CLASS I SHARES | |||||||
2021 | 1.77 | 0.67 | 0.71 | 1.24 | 7.43 | $ 66,312 | |
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 |
Intermediate New York Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2021 | $ 12.96 | 0.23 | (0.07) | 0.16 | (0.24) | — | — | (0.24) | $ 12.88 |
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 |
CLASS I SHARES | |||||||||
2021 | $ 12.96 | 0.27 | (0.07) | 0.20 | (0.28) | — | — | (0.28) | $ 12.88 |
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 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
+ | Based on weighted average shares outstanding. |
Intermediate New York Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 | 1.77 | 0.99 | 1.14 | 1.20 | 11.29 | $ 23,885 | |
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 | |
CLASS I SHARES | |||||||
2021 | 2.09 | 0.67 | 0.93 | 1.52 | 11.29 | $ 20,454 | |
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 |
Intermediate Municipal Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2021 | $ 14.37 | 0.33 | (0.02) | 0.31 | (0.33) | — | — | (0.33) | $ 14.35 |
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 |
CLASS C SHARES | |||||||||
2021 | $ 14.39 | 0.27 | (0.01) | 0.26 | (0.28) | — | — | (0.28) | $ 14.37 |
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 |
CLASS C2 SHARES | |||||||||
2021 (c) | $ 14.39 | 0.27 | (0.02) | 0.25 | (0.27) | — | — | (0.27) | $ 14.37 |
CLASS I SHARES | |||||||||
2021 | $ 14.35 | 0.36 | (0.01) | 0.35 | (0.36) | — | — | (0.36) | $ 14.34 |
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 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Effective date of this class of shares was 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 YEAR (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 | 2.26 | 0.77 | 0.91 | 2.16 | 10.20 | $ 328,170 | |
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 | |
CLASS C SHARES | |||||||
2021 | 1.89 | 1.14 | 1.30 | 1.78 | 10.20 | $ 34,344 | |
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 | |
CLASS C2 SHARES | |||||||
2021 (c) | 1.85 | 1.14 | 2.62 | 1.76 | 10.20 | $ 1,860 | |
CLASS I SHARES | |||||||
2021 | 2.50 | 0.53 | 0.67 | 2.47 | 10.20 | $ 666,356 | |
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 |
Strategic Municipal Income Fund
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR) | |||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of YEAR | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Dividends from Return of Capital | Total Dividends | Net Asset Value, End of YEAR |
CLASS A SHARES(b) | |||||||||
2021 | $ 15.33 | 0.30 | 0.10 | 0.40 | (0.30) | — | — | (0.30) | $ 15.43 |
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 |
CLASS C SHARES | |||||||||
2021 | $ 15.34 | 0.23 | 0.11 | 0.34 | (0.23) | — | — | (0.23) | $ 15.45 |
2020 | $ 15.34 | 0.30 | — (c) | 0.30 | (0.30) | — | — | (0.30) | $ 15.34 |
2019 | $ 14.84 | 0.32 | 0.50 | 0.82 | (0.32) | — | — | (0.32) | $ 15.34 |
2018 | $ 15.16 | 0.30 | (0.32) | (0.02) | (0.30) | — | — | (0.30) | $ 14.84 |
2017 | $ 15.54 | 0.28 | (0.38) | (0.10) | (0.28) | — | — | (0.28) | $ 15.16 |
CLASS I SHARES | |||||||||
2021 | $ 15.34 | 0.34 | 0.11 | 0.45 | (0.34) | — | — | (0.34) | $ 15.45 |
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 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Net realized and unrealized gain (loss) on investments was less than $0.01 per share. |
+ | Based on weighted average shares outstanding. |
Strategic Municipal Income Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
CLASS A SHARES(b) | |||||||
2021 | 1.96 | 0.81 | 1.26 | 2.65 | 10.43 | $ 65,220 | |
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 | |
CLASS C SHARES | |||||||
2021 | 1.50 | 1.28 | 1.71 | 2.24 | 10.43 | $ 11,753 | |
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 | |
CLASS I SHARES | |||||||
2021 | 2.17 | 0.59 | 0.97 | 2.94 | 10.43 | $ 298,871 | |
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 |
Thornburg Municipal Funds
September 30, 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 9/30/21 | Expenses Paid During Period 4/1/21-9/30/21 | Ending Account Value 9/30/21 | Expenses Paid During Period† 4/1/21-9/30/21 | Annualized Expense Ratio | ||
SHORT DURATION MUNICIPAL FUND | ||||||
CLASS A SHARES | $ 998.58 | $3.51 | $1,021.56 | $3.55 | 0.70% | |
CLASS I SHARES | $1,000.40 | $2.51 | $1,022.56 | $2.54 | 0.50% | |
LIMITED TERM MUNICIPAL FUND | ||||||
CLASS A SHARES | $1,001.26 | $3.46 | $1,021.61 | $3.50 | 0.69% | |
CLASS C SHARES | $ 999.96 | $4.76 | $1,020.31 | $4.81 | 0.95% | |
CLASS C2 SHARES | $ 998.51 | $6.21 | $1,018.85 | $6.28 | 1.24% | |
CLASS I SHARES | $1,002.38 | $2.36 | $1,022.71 | $2.38 | 0.47% | |
LIMITED TERM CALIFORNIA FUND | ||||||
CLASS A SHARES | $1,000.61 | $3.71 | $1,021.36 | $3.75 | 0.74% | |
CLASS C SHARES | $ 999.21 | $5.11 | $1,019.95 | $5.16 | 1.02% | |
CLASS C2 SHARES | $ 999.09 | $5.26 | $1,019.80 | $5.32 | 1.05% | |
CLASS I SHARES | $1,001.13 | $2.46 | $1,022.61 | $2.48 | 0.49% | |
INTERMEDIATE NEW MEXICO FUND | ||||||
CLASS A SHARES | $1,005.70 | $4.98 | $1,020.10 | $5.01 | 0.99% | |
CLASS D SHARES | $1,005.18 | $6.23 | $1,018.85 | $6.28 | 1.24% | |
CLASS I SHARES | $1,008.05 | $3.37 | $1,021.71 | $3.40 | 0.67% | |
INTERMEDIATE NEW YORK FUND | ||||||
CLASS A SHARES | $1,005.55 | $4.98 | $1,020.10 | $5.01 | 0.99% | |
CLASS I SHARES | $1,007.16 | $3.37 | $1,021.71 | $3.40 | 0.67% |
September 30, 2021 (Unaudited)
Actual | Hypothetical * | |||||
Ending Account Value 9/30/21 | Expenses Paid During Period 4/1/21-9/30/21 | Ending Account Value 9/30/21 | Expenses Paid During Period† 4/1/21-9/30/21 | Annualized Expense Ratio | ||
INTERMEDIATE MUNICIPAL FUND | ||||||
CLASS A SHARES | $1,008.43 | $3.88 | $1,021.21 | $3.90 | 0.77% | |
CLASS C SHARES | $1,006.56 | $5.73 | $1,019.35 | $5.77 | 1.14% | |
CLASS C2 SHARES | $1,006.55 | $5.73 | $1,019.35 | $5.77 | 1.14% | |
CLASS I SHARES | $1,010.34 | $2.67 | $1,022.41 | $2.69 | 0.53% | |
STRATEGIC MUNICIPAL INCOME FUND | ||||||
CLASS A SHARES | $1,009.83 | $4.08 | $1,021.01 | $4.10 | 0.81% | |
CLASS C SHARES | $1,007.46 | $6.44 | $1,018.65 | $6.48 | 1.28% | |
CLASS I SHARES | $1,010.95 | $2.97 | $1,022.11 | $2.99 | 0.59% |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
† | Expenses are equal to the annualized expense ratio for each class multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
September 30, 2021 (Unaudited)
TAX EXEMPT | TAXABLE ORDINARY | |
Short Duration Municipal Fund | $ 822,440 | $ 5,197 |
Limited Term Municipal Fund | 84,866,347 | 252,995 |
Limited Term California Fund | 6,762,080 | 145 |
Intermediate New Mexico Fund | 2,430,685 | — |
Intermediate New York Fund | 913,226 | 1,245 |
Intermediate Municipal Fund | 24,966,981 | 60,424 |
Strategic Municipal Income Fund | 7,132,078 | 67,848 |
September 30, 2021 (Unaudited)
September 30, 2021 (Unaudited)
• | Thornburg Short Duration Municipal Fund – the Trustees considered explanations from the Advisor respecting the market and economic conditions that have contributed to the Fund’s underperformance compared to its benchmark index and Morningstar category, noted that the Fund has delivered positive total returns in each year since its inception, and observed that the Fund has met its investment objective. |
• | Thornburg Limited Term Municipal Fund – the Trustees considered that the Fund outperformed its Morningstar category over the three- and ten-year periods, that one share class of the Fund outperformed the Fund’s Morningstar category over the five-year period, and that the Fund performed comparably to its Morningstar category in most other periods. The Trustees observed that the Fund ranked in the top three quartiles of a selected peer group of funds for most periods, considered explanations from the Advisor respecting the market and economic conditions that have contributed to the Fund’s underperformance compared to its benchmark index, and noted that the Fund has met both its primary and secondary investment objectives. |
• | Thornburg California Limited Term Municipal Fund – the Trustees considered that the Fund equaled or outperformed its Morningstar category over the ten- and fifteen-year periods and in six of the last ten calendar years, delivered a positive total return in most periods, and ranked in the top three quartiles of a selected peer group of funds for the three- and ten-year periods. The Trustees considered explanations from the Advisor respecting the market and economic conditions that have contributed to the Fund’s underperformance compared to its benchmark index and noted that the Fund has met both its primary and secondary investment objectives. |
• | Thornburg New Mexico Intermediate Municipal Fund – the Trustees considered the limited utility of comparisons between the Fund’s investment performance and its Morningstar category or benchmark index given the lack of other funds focused on investments in New Mexico debt obligations. The Trustees observed that the Fund has delivered positive total returns in eight of the last ten calendar years and has ranked in the top three quartiles of a selected peer group of funds for the year-to-date, one-, and ten-year periods. The Trustees also considered explanations from the Advisor respecting the effects of market and economic conditions on the Fund’s investment performance during relevant periods and observed that the Fund has met both its primary and secondary investment objectives. |
• | Thornburg New York Intermediate Municipal Fund – the Trustees considered explanations from the Advisor respecting the market and economic conditions that have contributed to the Fund’s underperformance compared to its benchmark index and Morningstar category, noted that the Fund has delivered positive total returns in eight of the last ten calendar years, and observed that the Fund has met both its primary and secondary investment objectives. |
• | Thornburg Intermediate Municipal Fund – the Trustees considered that the Fund ranked in the top three quartiles of a selected peer group of funds over the year-to-date, one-, and ten-year periods and has delivered positive total returns in eight of the last ten calendar years. The Trustees considered explanations from the Advisor respecting the effects of market and economic conditions that have contributed to the Fund’s underperformance compared to its benchmark index and Morningstar category and noted that the Fund has met both its primary and secondary investment objectives. |
• | Thornburg Strategic Municipal Income Fund – the Trustees considered that the Fund outperformed its benchmark index for the period since the Fund’s inception, outperformed the Fund’s Morningstar category for the ten-year period, ranked in the top three quartiles of a selected peer group of funds over most periods, and that the Fund’s underperformance versus its benchmark index or Morningstar category in certain other periods was not significant. The Trustees also considered explanations from the Advisor respecting the effects of market and economic conditions on the Fund’s investment performance during relevant periods and observed that the Fund has met its investment objective. |
September 30, 2021 (Unaudited)
• | Thornburg Short Duration Municipal Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category but within the range of total expenses for that category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was higher than the median level for the peer group but within the range of advisory fees paid by funds in the peer group, and that the total expense level of one representative share class, after fee waivers and expense reimbursements, was comparable to the total expense levels of other funds in the peer group. |
• | Thornburg Limited Term Municipal Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category but within the range of total expenses for that category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was lower than the median level for the peer group, and that the total expense level of one representative share class was comparable to the total expense levels of other funds in the peer group. |
• | Thornburg California Limited Term Municipal Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median but lower than the average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was higher than, but comparable to, the median level for the peer group, and that the total expense level of one representative share class, after fee waivers and expense reimbursements, was equal to the median total expense level of other funds in the peer group. |
• | Thornburg New Mexico Intermediate Municipal Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category but within the range of total expenses for that category, and that, after fee waivers and expense reimbursements, the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was higher than the median level for the peer group but within the range of advisory fees paid by funds in the peer group, and that the total expense level of one representative share class, after fee waivers and expense reimbursements, was comparable to the total expense levels of other funds in the peer group. |
• | Thornburg New York Intermediate Municipal Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category but within the range of total expenses for that category, and that the level of total expense for a second share class was higher than the median but lower than the average levels for that category. Peer group data showed that the Fund’s advisory fee was higher than the median level for the peer group but within the range of advisory fees paid by funds in the peer group, and that the total expense level of one representative share class, after fee waivers and expense reimbursements, was comparable to the total expense levels of other funds in the peer group. |
• | Thornburg Intermediate Municipal Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category but within the range of total expenses for that category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was higher than the median level for the peer group but within the range of advisory fees paid by funds in the peer group, and that the total expense level of one representative share class, after fee waivers and expense reimbursements, was comparable to the total expense levels of other funds in the peer group. |
• | Thornburg Strategic Municipal Income Fund – Comparative fee and expense data considered by the Trustees showed that, after fee waivers and expense reimbursements, the level of total expense for one share class of the Fund was higher than the median and average levels charged to funds in the applicable Morningstar category but within the range of total expenses for that category, and that the level of total expense for a second share class was lower than the median and average levels for that category. Peer group data showed that the Fund’s advisory fee was higher than the median level for the peer group, and that the total expense level of one representative share class, after fee waivers and expense reimbursements, was equal to the median total expense level of other funds in the peer group. |
September 30, 2021 (Unaudited)
September 30, 2021 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 75 Trustee Since 1984, Chairman of Trustees(4) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 66 Trustee since 2001, Vice Chairman of Trustees, Member of Governance & Nominating Committee and Operations Risk Oversight Committee(5) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager, and until 2019 Chief Investment Officer, and, until 2016, CEO and President, of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(3) | ||
Sally Corning, 60 Trustee since 2012, Chair of the Audit Committee and Member of Governance & Nominating Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 72 Trustee since 2004, Member of Audit Committee and Operations Risk Oversight Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 58 Trustee since 2015, Chair of Governance & Nominating Committee and Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 57 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 67 Trustee since 2004, Lead Independent Trustee, Member of Audit Committee and Governance & Nominating Committee | President of Dirks, Van Essen & April, Santa Fe, New Mexico (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 62 Trustee since 1996, Chair of Operations Risk Oversight Committee, Member of Audit Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing and design company). | None |
September 30, 2021 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1) | ||
Nimish Bhatt, 58 Chief Financial Officer since 2019, Treasurer 2016-2019, Secretary 2018-2019(6) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016, and Secretary of Thornburg Securities Corporation since 2018; Interested Trustee for Thornburg Income Builder Opportunities Trust since 2020; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011- 2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 47 President since 2016(6) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Randy Dry, 47 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
John Hackett, 55 Vice President since 2020 | Chief Marketing Officer, Thornburg Investment Management, Inc. (since 2020); Global Head of Product Marketing, Northern Trust Asset Management (2016-2020); Principal and Head of Marketing and Business Development, The Townsend Group (2013-2016). | Not applicable |
Curtis Holloway, 54 Treasurer since 2019(6) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 41 Vice President since 2014 | Head of Investments since 2019, and Portfolio Manager and Managing Director since 2013, of Thornburg Investment Management, Inc.; Interested Trustee for Thornburg Income Builder Opportunities Trust since 2020. | Not applicable |
Jeff Klingelhofer, 40 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, Associate Portfolio Manager from 2012-2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 50, Assistant Treasurer since 2020; Vice President 2017-2020 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014-2017); Vice President, Citi Fund Services, Inc. (2007-2014) | Not applicable |
Natasha Rippel, 39 Secretary since 2021(6) | Director of Fund Operations since 2021, Supervisor of Fund Operations (2017-2021), and Senior Associate of Fund Operations (2015-2017) of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 54 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Trust is organized as a Massachusetts business trust, and currently comprises a complex of 21 separate investment “Funds” or “series.” Thornburg Investment Management, Inc. is the investment advisor to, and manages, the 21 Funds of the Trust. Each Trustee oversees the 21 Funds of the Trust. |
(3) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(4) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc. the investment advisor to the 21 active Funds of the Trust and 1 active closed-end Fund, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares of the Trust. |
(5) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(6) | The Trust’s president, chief financial officer, secretary and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Income Builder Opportunities Trust |
■ | 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 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 | TH4629 |
At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding economic opportunity for clients, it’s more than what we do.
It’s how we do it. Active As bottom-up, fundamental, active managers, we look beyond conventional benchmarks. Long Term We take a long-term view in how we manage our firm and our portfolios. Benchmark Agnostic Investment strategies should have the flexibility to pursue solutions for clients, not stay within the conventional confines of benchmarks. Flexible Perspective Our approach to portfolio construction is guided by our convictions rather than convention. High Conviction We focus our attention and capital on thoroughly researched, well-understood positions. The best form of risk management is to know what you own, and why. Repeatable & Robust Our long-term outperformance of benchmarks verifies that our process works and outperforms conventional thinking. Independent We are independently owned and far from the herd of other investment managers. Investment Driven All members of the investment team are resources for all of our strategies. Collaborative Our team collaborates on opportunities across geography, sector, or asset class.
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class I | N/A | 885-216-739 |
Thornburg Capital Management Fund | September 30, 2021 (Unaudited)
Jason Brady, cfa Portfolio Manager CEO, President, and Managing Director |
1-YR | 3-YR | 5-YR | SINCE INCEPTION | |
Class I Shares (Incep: 7/31/15) | 0.12% | 1.22% | 1.26% | 1.10% |
FTSE 1-Month T-Bill Index (Since 7/31/15) | 0.05% | 1.08% | 1.07% | 0.89% |
Annualized Distribution Yield | 0.10% |
SEC Yield | 0.10% |
FINAL VALUE |
Thornburg Capital Management Fund | September 30, 2021
ISSUER-DESCRIPTION | Shares/Principal Amount | VALUE | |
U.S. Treasury Securities — 19.6% | |||
United States Treasury Bill, | |||
0.076% due 10/19/2021 | $50,000,000 | $ 49,998,125 | |
0.079% due 10/26/2021 | 50,000,000 | 49,997,292 | |
0.049% due 10/21/2021 | 25,000,000 | 24,999,326 | |
0.064% due 10/21/2021 | 50,000,000 | 49,998,236 | |
0.075% due 10/21/2021 | 25,000,000 | 24,998,969 | |
0.051% due 10/28/2021 | 50,000,000 | 49,998,125 | |
0.05% due 11/2/2021 | 47,600,000 | 47,597,927 | |
0.066% due 11/2/2021 | 50,000,000 | 49,997,778 | |
United States Treasury Note, | |||
2.875% due 10/15/2021 | 20,000,000 | 20,021,267 | |
1.25% due 10/31/2021 | 35,000,000 | 35,034,400 | |
Total U.S. Treasury Securities (Cost $402,641,445) | 402,641,445 | ||
Commercial Paper — 67.8% | |||
Ameren Corp., 0.142% due 10/8/2021 | 43,000,000 | 42,998,829 | |
American Honda Finance Corp., | |||
0.101% due 10/5/2021 | 1,000,000 | 999,989 | |
0.101% due 10/12/2021 | 3,500,000 | 3,499,893 | |
0.122% due 10/12/2021 | 3,137,000 | 3,136,885 | |
0.132% due 10/18/2021 | 1,250,000 | 1,249,923 | |
0.101% due 10/19/2021 | 8,000,000 | 7,999,600 | |
Amphenol Corp., | |||
a | 0.142% due 10/14/2021 | 6,000,000 | 5,999,697 |
a | 0.132% due 10/15/2021 | 27,700,000 | 27,698,600 |
a | 0.132% due 10/19/2021 | 4,000,000 | 3,999,740 |
a | 0.132% due 10/21/2021 | 2,000,000 | 1,999,856 |
a | 0.132% due 10/22/2021 | 2,000,000 | 1,999,848 |
a | Aon Corp., 0.101% due 10/1/2021 | 2,000,000 | 2,000,000 |
Arizona Public Service Co., 0.071% due 10/1/2021 | 40,000,000 | 40,000,000 | |
AT&T, Inc., | |||
a | 0.101% due 10/19/2021 | 6,600,000 | 6,599,670 |
a | 0.112% due 10/19/2021 | 1,000,000 | 999,945 |
a | 0.122% due 10/19/2021 | 2,000,000 | 1,999,880 |
a | 0.132% due 10/19/2021 | 500,000 | 499,968 |
a | 0.101% due 10/21/2021 | 4,878,000 | 4,877,729 |
a | 0.101% due 11/9/2021 | 500,000 | 499,946 |
a | 0.122% due 11/9/2021 | 5,000,000 | 4,999,350 |
Atlantic City Electric Co., | |||
0.122% due 10/12/2021 | 38,000,000 | 37,998,607 | |
0.172% due 11/23/2021 | 5,000,000 | 4,998,749 | |
Avery Dennison Corp., | |||
a | 0.091% due 10/1/2021 | 20,000,000 | 20,000,000 |
a | 0.132% due 10/13/2021 | 8,000,000 | 7,999,653 |
BASF SE, | |||
a,b | 0.091% due 10/1/2021 | 1,000,000 | 1,000,000 |
a,b | 0.101% due 10/1/2021 | 41,000,000 | 41,000,000 |
a,b | 0.101% due 10/5/2021 | 1,000,000 | 999,989 |
a,b | BAT International Finance plc, 0.152% due 10/6/2021 | 40,000,000 | 39,999,167 |
a | Baxter International, Inc., 0.122% due 10/21/2021 | 819,000 | 818,945 |
Canadian National Railway Co., | |||
a,b | 0.112% due 10/20/2021 | 1,000,000 | 999,942 |
a,b | 0.071% due 10/5/2021 | 1,000,000 | 999,992 |
a,b | 0.101% due 10/13/2021 | 1,500,000 | 1,499,950 |
a,b | 0.112% due 10/28/2021 | 8,000,000 | 7,999,340 |
Canadian Pacific Railway Co., | |||
a,b | 0.152% due 10/5/2021 | 3,000,000 | 2,999,950 |
a,b | 0.132% due 10/8/2021 | 37,000,000 | 36,999,065 |
CenterPoint Energy Resources Corp., | |||
a | 0.122% due 10/12/2021 | 12,500,000 | 12,499,542 |
a | 0.142% due 10/12/2021 | 1,000,000 | 999,957 |
6 | Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Shares/Principal Amount | VALUE | |
a | 0.132% due 10/20/2021 | $ 2,000,000 | $ 1,999,863 |
a | 0.152% due 10/20/2021 | 1,000,000 | 999,921 |
a | 0.152% due 10/21/2021 | 1,000,000 | 999,917 |
a | 0.152% due 10/26/2021 | 2,000,000 | 1,999,792 |
CenterPoint Energy, Inc., | |||
a | 0.122% due 10/6/2021 | 10,000,000 | 9,999,833 |
a | 0.122% due 10/7/2021 | 12,500,000 | 12,499,750 |
a | Church & Dwight Co., Inc., 0.122% due 10/28/2021 | 527,000 | 526,953 |
Cintas Corp. No 2, | |||
a | 0.152% due 10/13/2021 | 17,500,000 | 17,499,125 |
a | 0.152% due 10/14/2021 | 18,000,000 | 17,999,025 |
a | 0.162% due 10/18/2021 | 5,000,000 | 4,999,622 |
a | Clorox Co., 0.101% due 10/4/2021 | 23,000,000 | 22,999,808 |
Consolidated Edison Co. of New York, Inc., | |||
a | 0.101% due 10/5/2021 | 3,000,000 | 2,999,967 |
a | 0.112% due 10/12/2021 | 4,995,000 | 4,994,832 |
a | 0.132% due 10/13/2021 | 600,000 | 599,974 |
a | 0.112% due 10/19/2021 | 5,000,000 | 4,999,725 |
a | 0.122% due 10/19/2021 | 29,000,000 | 28,998,260 |
Delmarva Power & Light Co., 0.101% due 10/4/2021 | 26,000,000 | 25,999,783 | |
a,b | Electricite de France SA, 0.101% due 10/28/2021 | 42,000,000 | 41,996,850 |
a | Eni Finance USA, Inc., 0.132% due 10/12/2021 | 11,800,000 | 11,799,531 |
Entergy Corp., | |||
a | 0.091% due 10/1/2021 | 8,000,000 | 8,000,000 |
a | 0.152% due 10/5/2021 | 537,000 | 536,991 |
a | 0.122% due 10/12/2021 | 1,000,000 | 999,963 |
Experian Finance plc, | |||
a,b | 0.101% due 10/4/2021 | 5,000,000 | 4,999,958 |
a,b | 0.142% due 10/21/2021 | 15,000,000 | 14,998,833 |
General Mills, Inc., | |||
a | 0.081% due 10/4/2021 | 25,708,000 | 25,707,829 |
a | 0.081% due 10/6/2021 | 10,000,000 | 9,999,889 |
GlaxoSmithKline Finance plc, | |||
a,b | 0.071% due 10/12/2021 | 41,000,000 | 40,999,123 |
a,b | 0.066% due 10/18/2021 | 1,000,000 | 999,969 |
a | Hitachi America Capital Ltd., 0.132% due 10/6/2021 | 16,000,000 | 15,999,711 |
Hitachi Capital America Corp., 0.172% due 10/25/2021 | 18,000,000 | 17,997,960 | |
a,b | Hitachi International Treasury Ltd., 0.132% due 10/1/2021 | 6,000,000 | 6,000,000 |
Intercontinental Exchange, Inc., | |||
a | 0.122% due 10/1/2021 | 4,000,000 | 4,000,000 |
a | 0.183% due 10/12/2021 | 35,500,000 | 35,498,047 |
a | 0.152% due 11/8/2021 | 1,000,000 | 999,842 |
a | International Business Machines Corp., 0.071% due 10/8/2021 | 40,000,000 | 39,999,456 |
a | J M Smucker Co., 0.101% due 10/1/2021 | 40,000,000 | 40,000,000 |
a | Kellogg Co., 0.112% due 10/5/2021 | 11,500,000 | 11,499,859 |
a | Kimberly-Clark Corp., 0.061% due 10/7/2021 | 600,000 | 599,994 |
McCormick & Co., Inc., | |||
a | 0.162% due 10/7/2021 | 34,000,000 | 33,999,093 |
a | 0.142% due 10/27/2021 | 7,000,000 | 6,999,292 |
Mondelez International, Inc., | |||
a | 0.081% due 10/1/2021 | 12,000,000 | 12,000,000 |
a | 0.091% due 10/1/2021 | 23,000,000 | 23,000,000 |
NextEra Energy Capital Holdings, Inc., | |||
a | 0.142% due 10/4/2021 | 1,000,000 | 999,988 |
a | 0.152% due 10/5/2021 | 38,000,000 | 37,999,367 |
a | 0.112% due 10/12/2021 | 2,000,000 | 1,999,933 |
Northern Illinois Gas Co., 0.081% due 10/13/2021 | 25,000,000 | 24,999,333 | |
Oglethorpe Power Corp., | |||
a | 0.142% due 10/7/2021 | 3,000,000 | 2,999,930 |
a | 0.101% due 10/4/2021 | 2,200,000 | 2,199,982 |
a | 0.172% due 10/4/2021 | 1,400,000 | 1,399,980 |
a | 0.132% due 10/14/2021 | 5,000,000 | 4,999,765 |
See notes to financial statements. | Annual Report | 7 |
Thornburg Capital Management Fund | September 30, 2021
ISSUER-DESCRIPTION | Shares/Principal Amount | VALUE | |
a | 0.152% due 10/27/2021 | $26,000,000 | $ 25,997,183 |
a | 0.142% due 11/9/2021 | 4,000,000 | 3,999,393 |
ONE Gas, Inc., | |||
a | 0.142% due 10/4/2021 | 17,000,000 | 16,999,802 |
a | 0.152% due 10/7/2021 | 2,000,000 | 1,999,950 |
a | 0.152% due 10/8/2021 | 20,000,000 | 19,999,417 |
a | 0.142% due 10/12/2021 | 2,000,000 | 1,999,914 |
Peoples Gas Light & Coke Co., | |||
0.091% due 10/4/2021 | 1,000,000 | 999,992 | |
0.091% due 10/5/2021 | 36,000,000 | 35,999,640 | |
0.081% due 10/6/2021 | 3,000,000 | 2,999,967 | |
PPG Industries, Inc., | |||
0.132% due 11/15/2021 | 1,000,000 | 999,838 | |
0.152% due 11/17/2021 | 4,000,000 | 3,999,217 | |
a | QUALCOMM, Inc., 0.081% due 10/14/2021 | 40,000,000 | 39,998,844 |
Reckitt Benckiser Treasury Services plc, | |||
a,b | 0.071% due 10/4/2021 | 850,000 | 849,995 |
a,b | 0.091% due 10/4/2021 | 1,430,000 | 1,429,989 |
a,b | 0.091% due 10/6/2021 | 2,290,000 | 2,289,971 |
a,b | 0.091% due 10/7/2021 | 1,430,000 | 1,429,979 |
a,b | 0.112% due 10/8/2021 | 6,800,000 | 6,799,855 |
a,b | 0.091% due 10/12/2021 | 1,000,000 | 999,973 |
Ryder System, Inc., | |||
0.112% due 10/5/2021 | 1,000,000 | 999,988 | |
0.142% due 10/7/2021 | 10,000,000 | 9,999,767 | |
0.071% due 10/12/2021 | 5,400,000 | 5,399,884 | |
0.122% due 10/13/2021 | 15,000,000 | 14,999,400 | |
0.112% due 10/14/2021 | 2,000,000 | 1,999,921 | |
0.122% due 10/15/2021 | 5,000,000 | 4,999,767 | |
Sempra Energy, | |||
a | 0.172% due 10/4/2021 | 4,000,000 | 3,999,943 |
a | 0.142% due 10/5/2021 | 9,000,000 | 8,999,860 |
a | 0.183% due 10/5/2021 | 5,000,000 | 4,999,900 |
a | 0.172% due 10/6/2021 | 16,000,000 | 15,999,622 |
a | 0.172% due 10/7/2021 | 1,000,000 | 999,972 |
a | 0.172% due 10/12/2021 | 6,000,000 | 5,999,688 |
Sonoco Products Co., 0.101% due 10/1/2021 | 20,470,000 | 20,470,000 | |
a,b | TotalEnergies Capital Canada Ltd., 0.071% due 10/6/2021 | 1,500,000 | 1,499,985 |
Union Pacific Corp., | |||
a | 0.122% due 10/4/2021 | 1,399,000 | 1,398,986 |
a | 0.122% due 10/14/2021 | 10,000,000 | 9,999,567 |
Virginia Electric and Power Co., 0.101% due 10/4/2021 | 1,600,000 | 1,599,987 | |
WEC Energy Group, Inc., | |||
a | 0.122% due 10/4/2021 | 1,000,000 | 999,990 |
a | 0.142% due 10/4/2021 | 22,000,000 | 21,999,743 |
a | 0.122% due 10/7/2021 | 2,000,000 | 1,999,960 |
a | 0.193% due 10/12/2021 | 15,000,000 | 14,999,129 |
Wisconsin Gas LLC, | |||
0.081% due 10/1/2021 | 2,000,000 | 2,000,000 | |
0.081% due 10/4/2021 | 3,000,000 | 2,999,980 | |
0.081% due 10/7/2021 | 35,000,000 | 34,999,533 | |
Total Commercial Paper (Cost $1,396,376,305) | 1,396,376,305 | ||
Repurchase Agreement — 3.6% | |||
Bank of New York Tri-Party Repurchase Agreement , 0.12% dated 9/30/2021 due 10/1/2021, repurchase price $75,000,250 collateralized by 13 corporate debt securities, having an average coupon of 3.14%, a minimum credit rating of BBB-, maturity dates from 5/1/2023 to 2/8/2061, and having an aggregate market value of $80,399,741 at 9/30/2021 | 75,000,000 | 75,000,000 | |
Total Repurchase Agreements (Cost $75,000,000) | 75,000,000 | ||
Mutual Fund — 0.0% | |||
c | State Street Institutional Treasury Money Market Fund Premier Class, 0.01% | 4,064 | 4,064 |
Total Mutual Fund (Cost $4,064) | 4,064 |
8 | Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Shares/Principal Amount | VALUE | |
Short-Term Municipal Bonds — 4.2% | |||
Massachusetts — 0.1% | |||
d | Massachusetts Health & Educational Facilities Authority (LOC TD Bank NA), Series J-2-R, 0.07% due 7/1/2044 (put 10/1/2021) | $ 2,200,000 | $ 2,200,000 |
Missouri — 0.4% | |||
d | Health & Educational Facilities Authority of the State of Missouri (SPA U.S. Bank, N.A.), Series C-REMK, 0.08% due 3/1/2040 (put 10/1/2021) | 1,200,000 | 1,200,000 |
d | Missouri Development Finance Board (SPA Northern Trust Company), Series A, 0.08% due 12/1/2033 (put 10/1/2021) | 1,520,000 | 1,520,000 |
d | Missouri Development Finance Board (SPA U.S. Bank, N.A.), Series A, 0.08% due 12/1/2037 (put 10/1/2021) | 6,030,000 | 6,030,000 |
New York — 2.0% | |||
d | City of New York (LOC Mizuho Bank Ltd) GO, Series G-6, 0.08% due 4/1/2042 (put 10/1/2021) | 2,300,000 | 2,300,000 |
d | New York State Housing Finance Agency (160 Madison Ave LLC; LOC Landesbank Hessen-Thuringen), Series A, 0.08% due 11/1/2046 (put 10/1/2021) | 38,500,000 | 38,500,000 |
Oregon — 0.2% | |||
d | State of Oregon (SPA U.S. Bank, N.A.) GO, 0.08% due 6/1/2041 (put 10/1/2021) | 4,225,000 | 4,225,000 |
Texas — 1.5% | |||
d | Gulf Coast (Exxon Mobil Corp.) IDA, 0.07% due 11/1/2041 (put 10/1/2021) | 29,675,000 | 29,675,000 |
Utah — 0.0% | |||
d | City of Murray, Series C, 0.07% due 5/15/2036 (put 10/1/2021) | 800,000 | 800,000 |
Total Short-Term Municipal Bonds — 4.2% (Cost $86,450,000) | 86,450,000 | ||
Total Investments — 95.2% (Cost $1,960,471,814) | $1,960,471,814 | ||
Other Assets Less Liabilities — 4.8% | 99,640,842 | ||
Net Assets — 100.0% | $2,060,112,656 |
Footnote Legend | |
a | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2021, the aggregate value of these securities in the Fund’s portfolio was $1,039,029,873, representing 50.44% of the Fund’s net assets. |
b | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
c | Rate represents the money market fund annualized seven-day yield at September 30, 2021. |
d | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
To simplify the listings of securities, abbreviations are used per the table below:
GO | General Obligation |
IDA | Industrial Development Authority/Agency |
LOC | Letter of Credit |
SPA | Stand-by Purchase Agreement |
See notes to financial statements. | Annual Report | 9 |
Thornburg Capital Management Fund | September 30, 2021
ASSETS | |
Investment in securities, at cost | $ 1,960,471,814 |
Investments at value | 1,960,471,814 |
Cash | 125,280,624 |
Principal and interest receivable | 469,792 |
Prepaid expenses and other assets | 116 |
Total Assets | 2,086,222,346 |
Liabilities | |
Payable for investments purchased | 25,999,783 |
Accounts payable and accrued expenses | 109,907 |
Total Liabilities | 26,109,690 |
Net Assets | $ 2,060,112,656 |
NET ASSETS CONSIST OF | |
Net capital paid in on shares of beneficial interest | $ 2,060,107,095 |
Distributable earnings | 5,561 |
Net Assets | $ 2,060,112,656 |
NET ASSET VALUE | |
Class I Shares: | |
Net assets applicable to shares outstanding | $ 2,060,112,656 |
Shares outstanding | 206,013,079 |
Net asset value and redemption price per share | $ 10.00 |
Thornburg Capital Management Fund | Year Ended September 30, 2021
INVESTMENT INCOME | |
Interest income | $ 2,655,474 |
Dividend income | 898 |
Total Income | 2,656,372 |
EXPENSES | |
Transfer agent fees | 4,590 |
Custodian fees | 137,230 |
Professional fees | 40,425 |
Officer fees | 10,974 |
Other expenses | 14,098 |
Total Expenses | 207,317 |
Net Investment Income (Loss) | $ 2,449,055 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) | 5,567 |
Net Realized and Unrealized Gain (Loss) | 5,567 |
Change in Net Assets Resulting from Operations | $ 2,454,622 |
Thornburg Capital Management Fund
Year Ended September 30, 2021 | Year Ended September 30, 2020 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 2,449,055 | $ 13,397,854 |
Net realized gain (loss) on investments | 5,567 | 452 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,454,622 | 13,398,306 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class I Shares | (2,449,509) | (13,421,553) |
FUND SHARE TRANSACTIONS | ||
Class I Shares | 398,819,337 | 108,634,305 |
Net Increase (Decrease) in Net Assets | 398,824,450 | 108,611,058 |
NET ASSETS | ||
Beginning of Year | 1,661,288,206 | 1,552,677,148 |
End of Year | $ 2,060,112,656 | $ 1,661,288,206 |
Thornburg Capital Management Fund | September 30, 2021
Thornburg Capital Management Fund | September 30, 2021
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | �� | |||
Investments in Securities | ||||
U.S. Treasury Securities | $ 402,641,445 | $ — | $ 402,641,445 | $ — |
Commercial Paper | 1,396,376,305 | — | 1,396,376,305 | — |
Repurchase Agreement | 75,000,000 | — | 75,000,000 | — |
Mutual Fund | 4,064 | 4,064 | — | — |
Short-Term Municipal Bonds | 86,450,000 | — | 86,450,000 | — |
Total Investments in Securities | $ 1,960,471,814 | $ 4,064 | $ 1,960,467,750 | $ — |
Total Assets | $ 1,960,471,814 | $ 4,064 | $ 1,960,467,750 | $— |
Thornburg Capital Management Fund | September 30, 2021
Cost of investments for tax purposes | $ 1,960,471,814 |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ - |
2021 | 2020 | |
Distributions from: | ||
Ordinary income | $ 2,449,509 | $ 13,421,553 |
Total | $ 2,449,509 | $ 13,421,553 |
YEAR ENDED September 30, 2021 | YEAR ENDED September 30, 2020 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class I Shares | ||||
Shares sold | 999,368,358 | $ 9,993,683,575 | 1,021,124,579 | $ 10,211,245,791 |
Shares issued to shareholders in reinvestment of dividends | 244,951 | 2,449,509 | 1,342,193 | 13,421,929 |
Shares repurchased | (959,731,375) | (9,597,313,747) | (1,011,603,342) | (10,116,033,415) |
Net increase | 39,881,934 | $ 398,819,337 | 10,863,430 | $ 108,634,305 |
Per Share Performance (For a Share Outstanding throughout the Year) | ||||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Asset Value, Beginning of Period | Net Investment Income (Loss)+ | Net Realized & Unrealized Gain (Loss) on Investments | Total from Investment Operations | Dividends from Net Investment Income | Dividends from Net Realized Gains | Total Dividends | Net Asset Value, End of Period |
Class I(b) | ||||||||
2021 | $ 10.00 | 0.01 | — (c) | 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 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Net realized and unrealized gain (loss) on investments was less than $0.01 per share. |
(d) | 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 | 0.12 | 0.01 | 0.01 | 0.12 | — (d) | $ 2,060,113 | |
2020 | 1.00 | 0.01 | 0.01 | 1.08 | — (d) | $ 1,661,288 | |
2019 | 2.44 | 0.02 | 0.02 | 2.48 | — (d) | $ 1,552,677 | |
2018 | 1.76 | 0.02 | 0.02 | 1.76 | — (d) | $ 1,325,525 | |
2017 | 0.89 | 0.03 | 0.03 | 0.87 | — (d) | $ 1,130,021 |
Thornburg Capital Management Fund
Thornburg Capital Management Fund | September 30, 2021 (Unaudited)
BEGINNING ACCOUNT VALUE 4/1/21 | ENDING ACCOUNT VALUE 9/30/21 | EXPENSES PAID DURING PERIOD† 4/1/21—9/30/21 | |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,000.52 | $0.05 |
Hypothetical* | $1,000.00 | $1,025.02 | $0.05 |
† | Expenses are equal to the annualized expense ratio for each class (I: 0.01%) multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
Thornburg Capital Management Fund | September 30, 2021 (Unaudited)
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
INTERESTED TRUSTEES(1)(2) | ||
Garrett Thornburg, 75 Trustee Since 1984, Chairman of Trustees(4) | Chairman and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chairman and controlling shareholder of Thornburg Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 66 Trustee since 2001, Vice Chairman of Trustees, Member of Governance & Nominating Committee and Operations Risk Oversight Committee(5) | Vice Chairman, Chief Investment Strategist, Managing Director, and Portfolio Manager, and until 2019 Chief Investment Officer, and, until 2016, CEO and President, of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | None |
INDEPENDENT TRUSTEES(1)(2)(3) | ||
Sally Corning, 60 Trustee since 2012, Chair of the Audit Committee and Member of Governance & Nominating Committee | Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | None |
Susan H. Dubin, 72 Trustee since 2004, Member of Audit Committee and Operations Risk Oversight Committee | President of Dubin Investments, Ltd., Greenwich, CT (private investment fund); Director and officer of various charitable organizations. | None |
David L. Gardner, 58 Trustee since 2015, Chair of Governance & Nominating Committee and Member of Operations Risk Oversight Committee | Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | None |
Patrick J. Talamantes, 57 Trustee since 2019, Member of Audit Committee | President of Talamantes Strategies, a management consulting firm, since 2018; until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | None |
Owen D. Van Essen, 67 Trustee since 2004, Lead Independent Trustee, Member of Audit Committee and Governance & Nominating Committee | President of Dirks, Van Essen & April, Santa Fe, New Mexico (newspaper mergers and acquisitions). | None |
James W. Weyhrauch, 62 Trustee since 1996, Chair of Operations Risk Oversight Committee, Member of Audit Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambe LLC, Santa Fe, NM (manufacturing and design company). | None |
NAME, AGE, YEAR ELECTED POSITION HELD WITH FUND | PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS | OTHER DIRECTORSHIPS HELD BY TRUSTEE |
OFFICERS OF THE FUND (WHO ARE NOT TRUSTEES)(1) | ||
Nimish Bhatt, 58 Chief Financial Officer since 2019, Treasurer 2016-2019, Secretary 2018-2019(6) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016, and Secretary of Thornburg Securities Corporation since 2018; Interested Trustee for Thornburg Income Builder Opportunities Trust since 2020; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011- 2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Jason Brady, 47 President since 2016(6) | Director since 2017, CEO and President since 2016, and Portfolio Manager and Managing Director of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities Corporation. | Not applicable |
Randy Dry, 47 Vice President since 2014 | Managing Director, Director of Institutional Group from 2014-2016, and since 2016, Chief Administrative Officer of Thornburg Investment Management, Inc. | Not applicable |
John Hackett, 55 Vice President since 2020 | Chief Marketing Officer, Thornburg Investment Management, Inc. (since 2020); Global Head of Product Marketing, Northern Trust Asset Management (2016-2020); Principal and Head of Marketing and Business Development, The Townsend Group (2013-2016). | Not applicable |
Curtis Holloway, 54 Treasurer since 2019(6) | Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | Not applicable |
Ben Kirby, 41 Vice President since 2014 | Head of Investments since 2019, and Portfolio Manager and Managing Director since 2013, of Thornburg Investment Management, Inc.; Interested Trustee for Thornburg Income Builder Opportunities Trust since 2020. | Not applicable |
Jeff Klingelhofer, 40 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, Associate Portfolio Manager from 2012-2015, of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 50, Assistant Treasurer since 2020; Vice President 2017-2020 | Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. (2014-2017); Vice President, Citi Fund Services, Inc. (2007-2014) | Not applicable |
Natasha Rippel, 39 Secretary since 2021(6) | Director of Fund Operations since 2021, Supervisor of Fund Operations (2017-2021), and Senior Associate of Fund Operations (2015-2017) of Thornburg Investment Management, Inc. | Not applicable |
Stephen Velie, 54 Chief Compliance Officer since 2009 | Chief Compliance Officer of Thornburg Investment Trust and Thornburg Investment Management, Inc. | Not applicable |
(1) | Each person’s address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. |
(2) | The Trust is organized as a Massachusetts business trust, and currently comprises a complex of 21 separate investment “Funds” or “series.” Thornburg Investment Management, Inc. is the investment advisor to, and manages, the 21 Funds of the Trust. Each Trustee oversees the 21 Funds of the Trust. |
(3) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(4) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc. the investment advisor to the 21 active Funds of the Trust and 1 active closed-end Fund, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares of the Trust. |
(5) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(6) | The Trust’s president, chief financial officer, secretary and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
September 30, 2021 (Unaudited)
September 30, 2021 (Unaudited)
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Income Builder Opportunities Trust |
■ | 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 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 | TH3477 |
Item 2. Code of Ethics
Thornburg Investment Trust (the “Trust”) has adopted a code of ethics described in Item 2 of Form N-CSR. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert
The Trustees of the Trust have determined that four members of the Trust’s audit committee, Sally Corning, James Weyhrauch, Susan Dubin, and Patrick Talamantes, are each audit committee financial experts as defined in Item 3 of Form N-CSR. Ms. Corning, Mr. Weyhrauch, Ms. Dubin, and Mr. Talamantes are each independent for purposes of Item 3 of Form N-CSR. The Trustees’ determinations in this regard were based upon their current understandings of the definition of “audit committee financial expert” and current interpretations of the definition. The Trustees call attention to the lack of clarity in the definition, and that shareholders and prospective investors may wish to evaluate independently this definition and the qualifications of the Trust’s audit committee. The definition of “audit committee financial expert,” together with comments on the definition, is set forth in the Securities and Exchange Commission’s website (www.sec.gov).
Item 4. Principal Accountant Fees and Services
Audit Fees
The aggregate fees billed to the Trust in each of the last two fiscal years for the audit of the Trust’s financial statements and for services that are normally provided by PricewaterhouseCoopers LLP, registered independent public accounting firm (“PWC”), in connection with statutory and regulatory filings or requirements for those fiscal years are set out below.
Year Ended September 30, 2020 | Year Ended September 30, 2021 | |||||||
Thornburg Investment Trust | $ | 804,919 | $ | 861,506 |
Audit-Related Fees
The fees billed to the Trust by PWC in each of the last two fiscal years for assurance and related services that are reasonably related to the audit or review of the Trust’s financial statements (and that are not reflected in “Audit Fees,” above) are set out below.
Year Ended September 30, 2020 | Year Ended September 30, 2021 | |||||||
Thornburg Investment Trust | $ | 5,000 | $ | 49,989 |
Tax Fees
The fees billed to the Trust by PWC in each of the last two fiscal years for professional services rendered by PWC for tax compliance, tax advice or tax planning, including amounts paid in connection with filing foreign tax reclaims, are set out below.
Year Ended September 30, 2020 | Year Ended September 30, 2021 | |||||||
Thornburg Investment Trust | $ | 551,290 | $ | 783,915 |
All Other Fees
The fees billed to the Trust by PWC in each of the last two fiscal years for all other services rendered by PWC to the Trust are set out below.
Year Ended September 30, 2020 | Year Ended September 30, 2021 | |||||||
Thornburg Investment Trust | $ | 13,855 | $ | 650 |
The figure shown under All Other Fees for the year ended September 30, 2020 includes amounts from out of pocket expenses during the 2019 annual audit. The figure shown under All Other Fees for the year ended September 30, 2021 includes amounts from out of pocket expenses during the 2020 annual audit.
PWC performs no services for the investment advisor, the Funds’ principal underwriter or any other person controlling, controlled by, or under common control with the investment advisor which provides ongoing services to the Funds.
Audit Committee Pre-Approval Policies and Procedures
As of September 30, 2021, the Trust’s Audit Committee has not adopted pre-approval policies and procedures.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Filed as part of the reports to shareholders filed under item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
The authority to consider candidates recommended by the shareholders in accordance with the Trust’s Procedures for Shareholder Communications is committed to the Governance and Nominating Committee.
Item 11. Controls and Procedures
(a) The principal executive officer and the principal financial officer have concluded that the Trust’s disclosure controls and procedures provide reasonable assurance that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report.
(b) There was no change in the Trust’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report (that is, the registrant’s fourth fiscal quarter) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Thornburg Investment Trust, in respect of the following Thornburg Funds: Short Duration Municipal Fund, Limited Term Municipal Fund, California Limited Term Municipal Fund, Intermediate Municipal Fund, New Mexico Intermediate Municipal Fund, New York Intermediate Municipal Fund, Ultra Short Income Fund, Limited Term U.S. Government Fund, Limited Term Income Fund, Small/Mid Cap Core Fund, International Equity Fund, Small/Mid Cap Growth Fund, Investment Income Builder Fund, Global Opportunities Fund, International Growth Fund, Strategic Income Fund, Strategic Municipal Income Fund, Developing World Fund, Better World International Fund, Capital Management Fund, and Summit Fund.
By: | /s/ Jason H. Brady | |
Jason H. Brady | ||
President and principal executive officer | ||
Date: | 11/24/2021 |
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: | 11/24/2021 | |
By: | /s/ Nimish Bhatt | |
Nimish Bhatt | ||
Treasurer and principal financial officer | ||
Date: | 11/24/2021 |