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, 2022
Date of reporting period: September 30, 2022
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
EQUITY FUNDS |
Global Equity |
Thornburg Global Opportunities Fund |
International Equity |
Thornburg International Equity Fund |
Thornburg Better World International Fund |
Thornburg International Growth Fund |
Thornburg Developing World Fund |
U.S. Equity |
Thornburg Small/Mid Cap Core Fund |
Thornburg Small/Mid Cap Growth Fund |
Multi Asset |
Thornburg Investment Income Builder Fund |
Thornburg Summit Fund |
4 | |
11 | |
22 | |
24 | |
Schedule of Investments | |
35 | |
38 | |
42 | |
45 | |
48 | |
52 | |
55 | |
58 | |
69 | |
76 | |
80 | |
84 | |
89 | |
112 | |
130 | |
131 | |
133 | |
140 | |
142 |
September 30, 2022 (Unaudited)
Jason Brady, cfa Portfolio Manager CEO, President, and Managing Director |
September 30, 2022 (Unaudited)
September 30, 2022 (Unaudited)
• | The trailing 5 year weighted average revenue growth rate of companies included in the Index was +4.0% through December 31, 2021, including +12.3% in calendar 2021. |
• | The trailing 5 year weighted average revenue growth rate of the 20 largest holdings in the Thornburg Global Opportunities Fund was +10.6% through the most recent fiscal year end. The revenue growth rate was +30.6% through the most recently reported trailing 12-month period. |
September 30, 2022 (Unaudited)
September 30, 2022 (Unaudited)
Brian McMahon Portfolio Manager Chief Investment Strategist and Managing Director | Miguel Oleaga Portfolio Manager and Managing Director |
September 30, 2022 (Unaudited)
September 30, 2022 (Unaudited)
September 30, 2022 (Unaudited)
September 30, 2022 (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 |
Fund Overview
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 | -19.31% | 7.70% | 2.65% | 8.49% | 8.02% |
With sales charge | -22.94% | 6.06% | 1.71% | 7.99% | 7.71% |
Class C Shares (Incep: 7/28/06) | |||||
Without sales charge | -19.94% | 6.90% | 1.88% | 7.67% | 7.19% |
With sales charge | -20.64% | 6.90% | 1.88% | 7.67% | 7.19% |
Class I Shares (Incep: 7/28/06) | -19.06% | 8.02% | 2.96% | 8.86% | 8.45% |
Class R3 Shares (Incep: 2/1/08) | -19.47% | 7.46% | 2.43% | 8.30% | 5.50% |
Class R4 Shares (Incep: 2/1/08) | -19.37% | 7.57% | 2.54% | 8.41% | 5.59% |
Class R5 Shares (Incep: 2/1/08) | -19.06% | 8.01% | 2.95% | 8.86% | 6.04% |
Class R6 Shares (Incep: 4/10/17) | -18.95% | 8.16% | 3.10% | - | 4.63% |
MSCI All Country World Net Total Return USD Index (Since 7/28/06) | -20.66% | 3.75% | 4.44% | 7.28% | 5.39% |
Fund Overview
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 | -27.88% | -0.16% | -0.45% | 3.38% | 6.06% |
With sales charge | -31.12% | -1.68% | -1.36% | 2.90% | 5.86% |
Class C Shares (Incep: 5/28/98) | |||||
Without sales charge | -28.38% | -0.81% | -1.16% | 2.63% | 5.24% |
With sales charge | -29.00% | -0.81% | -1.16% | 2.63% | 5.24% |
Class I Shares (Incep: 3/30/01) | -27.64% | 0.18% | -0.12% | 3.74% | 5.76% |
Class R3 Shares (Incep: 7/1/03) | -27.97% | -0.32% | -0.62% | 3.20% | 6.23% |
Class R4 Shares (Incep: 2/1/07) | -27.81% | -0.11% | -0.42% | 3.40% | 2.44% |
Class R5 Shares (Incep: 2/1/05) | -27.60% | 0.15% | -0.16% | 3.68% | 4.92% |
Class R6 Shares (Incep: 5/1/12) | -27.47% | 0.35% | 0.04% | 3.90% | 3.67% |
MSCI All Country World ex USA Net Total Return USD Index (Since 5/28/98) | -25.17% | -1.52% | -0.81% | 3.01% | 3.74% |
MSCI EAFE Net Total Return USD Index (Since 5/28/98) | -25.13% | -1.83% | -0.84% | 3.67% | 3.32% |
Fund Overview
THORNBURG BETTER WORLD INTERNATIONAL FUND | FINAL VALUE |
THORNBURG BETTER WORLD INTERNATIONAL FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 10/1/15) | |||||
Without sales charge | -27.93% | 6.60% | 4.32% | - | 6.60% |
With sales charge | -31.17% | 4.96% | 3.36% | - | 5.91% |
Class C Shares (Incep: 10/1/15) | |||||
Without sales charge | -28.44% | 5.87% | 3.67% | - | 5.95% |
With sales charge | -29.06% | 5.87% | 3.67% | - | 5.95% |
Class I Shares (Incep: 10/1/15) | -27.54% | 7.25% | 5.00% | - | 7.34% |
MSCI All Country World ex USA Net Total Return USD Index (Since 9/30/15) | -25.17% | -1.52% | -0.81% | - | 3.29% |
Fund Overview
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 | -35.72% | -2.63% | -2.24% | 3.87% | 4.62% |
With sales charge | -38.62% | -4.11% | -3.14% | 3.39% | 4.31% |
Class C Shares (Incep: 2/1/07) | |||||
Without sales charge | -36.27% | -3.42% | -3.01% | 3.07% | 3.86% |
With sales charge | -36.86% | -3.42% | -3.01% | 3.07% | 3.86% |
Class I Shares (Incep: 2/1/07) | -35.47% | -2.32% | -1.92% | 4.25% | 5.09% |
Class R3 Shares (Incep: 2/1/08) | -35.79% | -2.82% | -2.42% | 3.72% | 3.60% |
Class R4 Shares (Incep: 2/1/08) | -35.72% | -2.72% | -2.32% | 3.83% | 3.70% |
Class R5 Shares (Incep: 2/1/08) | -35.46% | -2.31% | -1.92% | 4.25% | 4.12% |
Class R6 Shares (Incep: 2/1/13) | -35.41% | -2.22% | -1.82% | - | 3.58% |
MSCI All Country World ex USA Growth Net Total Return USD Index (Since 2/1/07) | -30.22% | -1.38% | 0.18% | 3.95% | 2.34% |
Fund Overview
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 | -33.18% | -3.05% | -1.11% | 1.90% | 3.69% |
With sales charge | -36.18% | -4.53% | -2.02% | 1.43% | 3.32% |
Class C Shares (Incep: 12/16/09) | |||||
Without sales charge | -33.74% | -3.81% | -1.87% | 1.12% | 2.93% |
With sales charge | -34.41% | -3.81% | -1.87% | 1.12% | 2.93% |
Class I Shares (Incep: 12/16/09) | -32.92% | -2.70% | -0.74% | 2.31% | 4.16% |
Class R5 Shares (Incep: 2/1/13) | -32.89% | -2.69% | -0.73% | - | 1.37% |
Class R6 Shares (Incep: 2/1/13) | -32.84% | -2.59% | -0.63% | - | 1.47% |
MSCI Emerging Markets Net Total Return USD Index (Since 12/16/09) | -28.11% | -2.07% | -1.81% | 1.05% | 1.60% |
Fund Overview
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 | -23.16% | 1.54% | 3.08% | 9.30% | 8.70% |
With sales charge | -26.61% | -0.01% | 2.13% | 8.80% | 8.52% |
Class C Shares (Incep: 10/2/95) | |||||
Without sales charge | -23.86% | 0.68% | 2.22% | 8.43% | 7.86% |
With sales charge | -24.40% | 0.68% | 2.22% | 8.43% | 7.86% |
Class I Shares (Incep: 11/2/98) | -22.84% | 1.90% | 3.44% | 9.71% | 6.96% |
Class R3 Shares (Incep: 7/1/03) | -23.11% | 1.54% | 3.07% | 9.31% | 6.86% |
Class R4 Shares (Incep: 2/1/07) | -23.03% | 1.64% | 3.18% | 9.42% | 5.05% |
Class R5 Shares (Incep: 2/1/05) | -22.83% | 1.90% | 3.44% | 9.71% | 6.86% |
Russell 2500 Total Return Index (Since 10/2/95) | -21.11% | 5.36% | 5.45% | 9.58% | 9.25% |
Fund Overview
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 | -38.84% | -1.95% | 2.71% | 6.86% | 5.43% |
With sales charge | -41.59% | -3.45% | 1.77% | 6.37% | 5.21% |
Class C Shares (Incep: 12/27/00) | |||||
Without sales charge | -39.39% | -2.74% | 1.87% | 6.02% | 4.60% |
With sales charge | -39.75% | -2.74% | 1.87% | 6.02% | 4.60% |
Class I Shares (Incep: 11/3/03) | -38.54% | -1.58% | 3.09% | 7.28% | 7.28% |
Class R3 Shares (Incep: 7/1/03) | -38.84% | -2.07% | 2.57% | 6.74% | 7.31% |
Class R4 Shares (Incep: 2/1/07) | -38.79% | -1.99% | 2.67% | 6.84% | 4.42% |
Class R5 Shares (Incep: 10/3/05) | -38.53% | -1.58% | 3.09% | 7.28% | 6.34% |
Russell 2500 Growth Total Return Index (Since 12/27/00) | -29.39% | 4.76% | 6.30% | 10.30% | 7.20% |
Fund Overview
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 | -11.81% | 0.84% | 2.46% | 4.84% | 7.80% |
With sales charge | -15.77% | -0.69% | 1.53% | 4.36% | 7.55% |
Class C Shares (Incep: 12/24/02) | |||||
Without sales charge | -12.52% | 0.07% | 1.69% | 4.08% | 7.11% |
With sales charge | -13.36% | 0.07% | 1.69% | 4.08% | 7.11% |
Class I Shares (Incep: 11/3/03) | -11.61% | 1.07% | 2.72% | 5.15% | 7.28% |
Class R3 Shares (Incep: 2/1/05) | -12.15% | 0.47% | 2.10% | 4.50% | 5.86% |
Class R4 Shares (Incep: 2/1/08) | -12.08% | 0.57% | 2.20% | 4.60% | 4.30% |
Class R5 Shares (Incep: 2/1/07) | -11.71% | 0.99% | 2.62% | 5.03% | 5.04% |
Class R6 Shares (Incep: 4/10/17) | -11.54% | 1.17% | 2.81% | - | 3.96% |
MSCI World Net Total Return USD Index (Since 12/24/02) | -19.63% | 4.56% | 5.30% | 8.11% | 7.74% |
Fund Overview
THORNBURG SUMMIT FUND | FINAL VALUE |
THORNBURG SUMMIT FUND | 1-YR | 3-YR | 5-YR | 10-YR | SINCE INCEPTION |
Class A Shares (Incep: 1/26/22) | |||||
Without sales charge | - | - | - | - | -13.02% |
With sales charge | - | - | - | - | -16.95% |
Class I Shares (Incep: 3/1/19) | -13.36% | 8.55% | - | - | 8.71% |
60% MSCI All Country World Net Total Return USD Index/40% Bloomberg Global Aggregate Bond Index (Since 3/1/19) | -20.41% | 0.14% | - | - | 1.50% |
Thornburg Investment Income Builder Fund | September 30, 2022 (Unaudited)
RUSSELL 1000 INDEX | RUSSELL 2000 INDEX | |
Real Estate | 31% | 24% |
Financials | 24% | 38% |
Consumer Discretionary | 9% | 10% |
Energy | 9% | 8% |
Materials | 7% | 4% |
Communication Services | 5% | 1% |
Consumer Staples | 4% | 4% |
Utilities | 4% | 1% |
Health Care | 3% | 0% |
Information Technology | 3% | 2% |
Industrials | 1% | 8% |
Thornburg Global Opportunities Fund | September 30, 2022 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Reliance Industries Ltd. | 5.6% |
TotalEnergies SE | 5.6% |
Bank of Ireland Group plc | 5.0% |
OCI NV | 4.9% |
Alphabet, Inc. Class A | 4.5% |
Mineral Resources Ltd. | 4.1% |
Capital One Financial Corp. | 4.0% |
TJX Companies, Inc. | 4.0% |
Charles Schwab Corp. | 4.0% |
NN Group NV | 3.6% |
SECTOR EXPOSURE | |
Financials | 20.8% |
Energy | 13.2% |
Materials | 12.6% |
Communication Services | 8.8% |
Information Technology | 8.8% |
Consumer Discretionary | 7.9% |
Health Care | 6.5% |
Industrials | 6.4% |
Consumer Staples | 1.3% |
Other Assets Less Liabilities | 13.7% |
TOP TEN INDUSTRY GROUPS | |
Energy | 13.2% |
Materials | 12.6% |
Banks | 9.2% |
Diversified Financials | 8.0% |
Pharmaceuticals, Biotechnology & Life Sciences | 6.5% |
Media & Entertainment | 5.7% |
Semiconductors & Semiconductor Equipment | 5.1% |
Retailing | 4.8% |
Insurance | 3.6% |
Commercial & Professional Services | 3.4% |
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, 2022 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
TotalEnergies SE | 4.9% |
LVMH Moet Hennessy Louis Vuitton SE | 3.2% |
Meituan Class B | 3.1% |
Canadian Pacific Railway Ltd. | 3.0% |
Seven & i Holdings Co. Ltd. | 3.0% |
Roche Holding AG | 2.9% |
ABB Ltd. | 2.9% |
Linde plc | 2.7% |
L’Oreal SA | 2.6% |
AstraZeneca plc | 2.6% |
SECTOR EXPOSURE | |
Industrials | 16.9% |
Financials | 13.4% |
Information Technology | 12.9% |
Consumer Discretionary | 10.3% |
Consumer Staples | 9.2% |
Utilities | 6.4% |
Communication Services | 6.1% |
Energy | 6.1% |
Health Care | 6.0% |
Materials | 5.7% |
Other Assets Less Liabilities | 7.0% |
TOP TEN INDUSTRY GROUPS | |
Capital Goods | 10.7% |
Utilities | 6.4% |
Energy | 6.1% |
Materials | 5.7% |
Pharmaceuticals, Biotechnology & Life Sciences | 5.5% |
Consumer Durables & Apparel | 5.5% |
Software & Services | 5.0% |
Insurance | 4.7% |
Technology Hardware & Equipment | 4.7% |
Diversified Financials | 4.6% |
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, 2022 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Seven & i Holdings Co. Ltd. | 3.4% |
Novartis AG | 3.2% |
Hundsun Technologies, Inc. Class A | 3.1% |
Alimentation Couche-Tard, Inc. | 3.0% |
China Merchants Bank Co. Ltd. Class A | 2.9% |
L’Oreal SA | 2.9% |
Roche Holding AG | 2.8% |
Canadian Pacific Railway Ltd. | 2.8% |
Waste Connections, Inc. | 2.8% |
ABB Ltd. | 2.7% |
SECTOR EXPOSURE | |
Information Technology | 21.1% |
Industrials | 16.5% |
Financials | 15.9% |
Health Care | 12.5% |
Consumer Staples | 10.9% |
Consumer Discretionary | 8.4% |
Materials | 3.7% |
Communication Services | 3.4% |
Utilities | 1.2% |
Other Assets Less Liabilities | 6.4% |
TOP TEN INDUSTRY GROUPS | |
Software & Services | 16.3% |
Pharmaceuticals, Biotechnology & Life Sciences | 12.0% |
Banks | 9.8% |
Capital Goods | 8.8% |
Food & Staples Retailing | 6.4% |
Commercial & Professional Services | 4.9% |
Household & Personal Products | 4.5% |
Consumer Durables & Apparel | 3.8% |
Diversified Financials | 3.8% |
Materials | 3.7% |
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, 2022 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Nestle SA | 6.7% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 5.9% |
AstraZeneca plc | 5.2% |
ASML Holding NV | 3.7% |
LVMH Moet Hennessy Louis Vuitton SE | 3.7% |
Tencent Holdings Ltd. | 3.5% |
Activision Blizzard, Inc. | 3.3% |
Deutsche Boerse AG | 3.0% |
CSL Ltd. | 2.9% |
Mastercard, Inc. Class A | 2.8% |
SECTOR EXPOSURE | |
Information Technology | 21.5% |
Health Care | 14.7% |
Consumer Staples | 14.3% |
Consumer Discretionary | 12.7% |
Communication Services | 10.6% |
Financials | 8.3% |
Industrials | 6.9% |
Materials | 3.4% |
Energy | 2.0% |
Other Assets Less Liabilities | 5.6% |
TOP TEN INDUSTRY GROUPS | |
Pharmaceuticals, Biotechnology & Life Sciences | 12.5% |
Food, Beverage & Tobacco | 10.7% |
Semiconductors & Semiconductor Equipment | 10.1% |
Software & Services | 9.6% |
Media & Entertainment | 9.3% |
Consumer Durables & Apparel | 4.6% |
Capital Goods | 3.7% |
Household & Personal Products | 3.6% |
Materials | 3.4% |
Retailing | 3.4% |
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, 2022 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 6.0% |
Tencent Holdings Ltd. | 4.2% |
Yum China Holdings, Inc. | 3.7% |
Alibaba Group Holding Ltd. | 3.0% |
AIA Group Ltd. | 3.0% |
Hon Hai Precision Industry Co. Ltd. | 2.9% |
Meituan Class B | 2.8% |
Postal Savings Bank of China Co. Ltd. Class H | 2.8% |
Bank Rakyat Indonesia Persero Tbk PT | 2.7% |
Saudi National Bank | 2.6% |
SECTOR EXPOSURE | |
Financials | 28.0% |
Consumer Discretionary | 20.7% |
Information Technology | 15.1% |
Communication Services | 8.0% |
Materials | 5.7% |
Consumer Staples | 5.1% |
Industrials | 4.3% |
Energy | 3.1% |
Utilities | 3.0% |
Health Care | 1.0% |
Other Assets Less Liabilities | 6.0% |
TOP TEN INDUSTRY GROUPS | |
Banks | 15.6% |
Retailing | 12.1% |
Diversified Financials | 9.4% |
Semiconductors & Semiconductor Equipment | 7.0% |
Media & Entertainment | 6.6% |
Materials | 5.7% |
Technology Hardware & Equipment | 5.1% |
Consumer Services | 4.7% |
Food & Staples Retailing | 4.1% |
Energy | 3.1% |
THORNBURG DEVELOPING WORLD FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | THDAX | 885-216-408 |
Class C | THDCX | 885-216-507 |
Class I | THDIX | 885-216-606 |
Class R5 | THDRX | 885-216-846 |
Class R6 | TDWRX | 885-216-838 |
Thornburg Small/Mid Cap Core Fund | September 30, 2022 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Chesapeake Energy Corp. | 5.2% |
LPL Financial Holdings, Inc. | 3.6% |
Casella Waste Systems, Inc. Class A | 3.4% |
AES Corp. | 3.2% |
BJ’s Wholesale Club Holdings, Inc. | 3.0% |
Pinnacle Financial Partners, Inc. | 2.9% |
Assurant, Inc. | 2.7% |
Clean Harbors, Inc. | 2.7% |
Aspen Technology, Inc. | 2.7% |
Sensient Technologies Corp. | 2.6% |
SECTOR EXPOSURE | |
Industrials | 17.1% |
Information Technology | 15.6% |
Financials | 12.9% |
Health Care | 11.2% |
Energy | 9.8% |
Consumer Staples | 8.0% |
Materials | 7.8% |
Consumer Discretionary | 6.6% |
Real Estate | 5.1% |
Utilities | 3.2% |
Communication Services | 2.7% |
Other Assets Less Liabilities | 0.0% |
TOP TEN INDUSTRY GROUPS | |
Software & Services | 11.2% |
Energy | 9.8% |
Capital Goods | 8.7% |
Commercial & Professional Services | 8.4% |
Materials | 7.8% |
Banks | 6.6% |
Health Care Equipment & Services | 6.1% |
Pharmaceuticals, Biotechnology & Life Sciences | 5.1% |
Real Estate | 5.1% |
Food, Beverage & Tobacco | 5.0% |
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, 2022 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Calix, Inc. | 4.9% |
Chart Industries, Inc. | 4.1% |
Shockwave Medical, Inc. | 3.9% |
Casella Waste Systems, Inc. Class A | 3.9% |
Ryan Specialty Group Holdings, Inc. Class A | 3.1% |
Black Knight, Inc. | 3.1% |
Livent Corp. | 2.8% |
Booz Allen Hamilton Holding Corp. Class A | 2.8% |
Avantor, Inc. | 2.7% |
Bentley Systems, Inc. Class B | 2.7% |
SECTOR EXPOSURE | |
Information Technology | 30.4% |
Health Care | 21.3% |
Industrials | 18.3% |
Consumer Discretionary | 9.0% |
Consumer Staples | 8.0% |
Financials | 3.7% |
Materials | 2.8% |
Energy | 2.5% |
Communication Services | 2.1% |
Real Estate | 0.8% |
Other Assets Less Liabilities | 1.1% |
TOP TEN INDUSTRY GROUPS | |
Software & Services | 17.5% |
Pharmaceuticals, Biotechnology & Life Sciences | 10.9% |
Health Care Equipment & Services | 10.4% |
Capital Goods | 9.2% |
Technology Hardware & Equipment | 7.4% |
Commercial & Professional Services | 6.7% |
Food, Beverage & Tobacco | 6.4% |
Semiconductors & Semiconductor Equipment | 5.5% |
Retailing | 3.8% |
Automobiles & Components | 3.2% |
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, 2022 (Unaudited)
TOP TEN LONG HOLDINGS | |
TotalEnergies SE | 4.4% |
Orange SA | 3.7% |
CME Group, Inc. | 3.2% |
Broadcom, Inc. | 3.1% |
Pfizer, Inc. | 3.0% |
BNP Paribas SA | 2.9% |
Vodafone Group plc | 2.8% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 2.7% |
NN Group NV | 2.6% |
Regions Financial Corp. | 2.4% |
SECTOR EXPOSURE (percent of equity holdings) | |
Financials | 27.7% |
Information Technology | 14.3% |
Health Care | 12.5% |
Communication Services | 10.8% |
Energy | 10.6% |
Materials | 6.6% |
Utilities | 5.7% |
Industrials | 4.0% |
Consumer Discretionary | 3.7% |
Consumer Staples | 3.5% |
Real Estate | 0.6% |
Thornburg Investment Income Builder Fund | September 30, 2022 (Unaudited)
QUARTERLY DIVIDEND HISTORY, CLASS A | |||||
YEAR | Q1 | Q2 | Q3 | Q4 | TOTAL |
2003 | 9.2¢ | 11.2¢ | 12.4¢ | 17.5¢ | 50.3¢ |
2004 | 10.2¢ | 12.5¢ | 15.0¢ | 21.8¢ | 59.5¢ |
2005 | 11.0¢ | 13.6¢ | 17.4¢ | 29.0¢ | 71.0¢ |
2006 | 12.5¢ | 16.0¢ | 19.2¢ | 33.0¢ | 80.7¢ |
2007 | 14.2¢ | 18.5¢ | 21.5¢ | 36.8¢ | 91.0¢ |
2008 | 17.9¢ | 21.8¢ | 26.0¢ | 36.8¢ | 102.5¢ |
2009 | 18.0¢ | 24.2¢ | 28.0¢ | 34.5¢ | 104.7¢ |
2010 | 19.8¢ | 25.0¢ | 32.0¢ | 36.0¢ | 112.8¢ |
2011 | 21.0¢ | 26.0¢ | 32.0¢ | 37.5¢ | 116.5¢ |
2012 | 21.5¢ | 26.0¢ | 28.5¢ | 36.0¢ | 112.0¢ |
2013 | 21.5¢ | 25.3¢ | 25.0¢ | 24.5¢ | 96.3¢ |
2014 | 22.5¢ | 24.0¢ | 27.0¢ | 26.0¢ | 99.5¢ |
2015 | 16.5¢ | 20.0¢ | 20.0¢ | 25.3¢ | 81.8¢ |
2016 | 17.0¢ | 18.5¢ | 19.5¢ | 21.5¢ | 76.5¢ |
2017 | 17.0¢ | 20.0¢ | 26.0¢ | 29.5¢ | 92.5¢ |
2018 | 18.0¢ | 20.0¢ | 24.0¢ | 28.0¢ | 90.0¢ |
2019 | 19.0¢ | 21.5¢ | 25.0¢ | 30.0¢ | 95.5¢ |
2020 | 19.0¢ | 19.0¢ | 21.0¢ | 29.0¢ | 88.0¢ |
2021 | 22.5¢ | 27.5¢ | 31.0¢ | 43.5¢ | 124.5¢ |
2022 | 20.0¢ | 25.0¢ | 29.0¢ |
As of 9/30/2022 | |
Pharmaceuticals, Biotechnology & Life Sciences | 12.5% |
Telecommunication Services | 10.8% |
Energy | 10.6% |
Semiconductors & Semiconductor Equipment | 10.2% |
Banks | 9.9% |
Diversified Financials | 9.6% |
Insurance | 8.1% |
Materials | 6.6% |
Utilities | 5.7% |
Technology Hardware & Equipment | 4.1% |
As of 6/30/2022 | |
Pharmaceuticals, Biotechnology & Life Sciences | 13.9% |
Telecommunication Services | 12.1% |
Semiconductors & Semiconductor Equipment | 10.3% |
Diversified Financials | 9.8% |
Banks | 9.4% |
Insurance | 8.0% |
Energy | 7.8% |
Utilities | 7.3% |
Materials | 5.9% |
Technology Hardware & Equipment | 4.1% |
As of 3/31/2022 | |
Telecommunication Services | 16.7% |
Pharmaceuticals, Biotechnology & Life Sciences | 14.3% |
Semiconductors & Semiconductor Equipment | 11.4% |
Diversified Financials | 11.3% |
Insurance | 6.9% |
Banks | 6.8% |
Utilities | 6.3% |
Materials | 5.7% |
Energy | 4.8% |
Technology Hardware & Equipment | 4.6% |
As of 12/31/2021 | |
Telecommunication Services | 14.6% |
Pharmaceuticals, Biotechnology & Life Sciences | 13.1% |
Semiconductors & Semiconductor Equipment | 12.9% |
Diversified Financials | 11.4% |
Banks | 7.2% |
Insurance | 6.8% |
Utilities | 5.9% |
Energy | 5.5% |
Food & Staples Retailing | 5.3% |
Materials | 5.1% |
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, 2022 (Unaudited)
SECTOR EXPOSURE (percent of equity holdings) | |
Information Technology | 26.5% |
Financials | 15.7% |
Communication Services | 10.6% |
Health Care | 9.1% |
Consumer Discretionary | 8.2% |
Energy | 7.0% |
Exchange Traded Funds | 6.7% |
Industrials | 6.6% |
Materials | 5.7% |
Consumer Staples | 3.9% |
TOP TEN LONG HOLDINGS | |
Microsoft Corp. | 2.4% |
Merck & Co., Inc. | 2.0% |
TotalEnergies SE | 1.9% |
NN Group NV | 1.9% |
Alphabet, Inc. Class A | 1.8% |
Mastercard, Inc. Class A | 1.7% |
Visa, Inc. Class A | 1.5% |
Apple, Inc. | 1.5% |
L3Harris Technologies, Inc. | 1.5% |
Roche Holding AG | 1.4% |
THORNBURG SUMMIT FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | TSAMX | 885-216-358 |
Class I | TSUMX | 885-216-580 |
Thornburg Global Opportunities Fund | September 30, 2022
Issuer-Description | SHARES | VALUE | |
Common Stock — 86.3% | |||
Banks — 9.2% | |||
Banks — 9.2% | |||
Bank of Ireland Group plc | 6,154,498 | $ 39,474,851 | |
BNP Paribas SA | 285,137 | 12,043,967 | |
Citigroup, Inc. | 523,000 | 21,793,410 | |
73,312,228 | |||
Capital Goods — 3.0% | |||
Aerospace & Defense — 1.1% | |||
L3Harris Technologies, Inc. | 43,120 | 8,961,629 | |
Electrical Equipment — 1.9% | |||
Vestas Wind Systems A/S | 809,286 | 14,901,269 | |
23,862,898 | |||
Commercial & Professional Services — 3.4% | |||
Professional Services — 3.4% | |||
a | CACI International, Inc. Class A | 103,000 | 26,889,180 |
26,889,180 | |||
Consumer Durables & Apparel — 1.0% | |||
Household Durables — 1.0% | |||
Barratt Developments plc | 2,105,444 | 7,957,355 | |
7,957,355 | |||
Consumer Services — 2.1% | |||
Hotels, Restaurants & Leisure — 2.1% | |||
a | Booking Holdings, Inc. | 3,139 | 5,158,036 |
Galaxy Entertainment Group Ltd. | 2,036,462 | 11,970,098 | |
17,128,134 | |||
Diversified Financials — 8.0% | |||
Capital Markets — 4.0% | |||
Charles Schwab Corp. | 438,660 | 31,526,494 | |
Consumer Finance — 4.0% | |||
Capital One Financial Corp. | 348,286 | 32,101,521 | |
63,628,015 | |||
Energy — 13.2% | |||
Oil, Gas & Consumable Fuels — 13.2% | |||
Reliance Industries Ltd. | 1,550,885 | 44,979,614 | |
Shell plc | 619,429 | 15,450,493 | |
TotalEnergies SE | 953,499 | 44,732,972 | |
105,163,079 | |||
Food & Staples Retailing — 1.3% | |||
Food & Staples Retailing — 1.3% | |||
Tesco plc | 4,682,257 | 10,746,116 | |
10,746,116 | |||
Insurance — 3.6% | |||
Insurance — 3.6% | |||
NN Group NV | 745,967 | 29,013,587 | |
29,013,587 | |||
Materials — 12.6% | |||
Chemicals — 5.7% | |||
CF Industries Holdings, Inc. | 69,387 | 6,678,498 | |
OCI NV | 1,064,555 | 38,975,032 | |
Metals & Mining — 6.9% | |||
First Quantum Minerals Ltd. | 702,106 | 11,919,055 | |
Freeport-McMoRan, Inc. | 373,203 | 10,199,638 | |
Mineral Resources Ltd. | 783,190 | 32,873,952 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 35 |
Thornburg Global Opportunities Fund | September 30, 2022
Issuer-Description | SHARES | VALUE | |
100,646,175 | |||
Media & Entertainment — 5.7% | |||
Entertainment — 0.1% | |||
a | Warner Bros Discovery, Inc. | 73,572 | $ 846,078 |
Interactive Media & Services — 5.6% | |||
a | Alphabet, Inc. Class A | 377,440 | 36,102,136 |
a | Meta Platforms, Inc. Class A | 52,025 | 7,058,752 |
Tencent Holdings Ltd. | 42,892 | 1,448,733 | |
45,455,699 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 6.5% | |||
Biotechnology — 0.6% | |||
AbbVie, Inc. | 33,903 | 4,550,122 | |
Pharmaceuticals — 5.9% | |||
Pfizer, Inc. | 571,041 | 24,988,754 | |
Roche Holding AG | 68,837 | 22,408,686 | |
51,947,562 | |||
Retailing — 4.8% | |||
Internet & Direct Marketing Retail — 0.8% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 31,552 | 2,523,845 |
JD.com, Inc. Class A | 155,539 | 3,923,966 | |
Specialty Retail — 4.0% | |||
TJX Companies, Inc. | 515,161 | 32,001,801 | |
38,449,612 | |||
Semiconductors & Semiconductor Equipment — 5.1% | |||
Semiconductors & Semiconductor Equipment — 5.1% | |||
Micron Technology, Inc. | 315,945 | 15,828,844 | |
a | Qorvo, Inc. | 83,426 | 6,624,859 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,373,114 | 18,201,163 | |
40,654,866 | |||
Software & Services — 1.1% | |||
Software — 1.1% | |||
SAP SE | 106,684 | 8,694,227 | |
8,694,227 | |||
Technology Hardware & Equipment — 2.6% | |||
Technology Hardware, Storage & Peripherals — 2.6% | |||
Samsung Electronics Co. Ltd. | 570,266 | 20,939,735 | |
20,939,735 | |||
Telecommunication Services — 3.1% | |||
Diversified Telecommunication Services — 2.6% | |||
a | Converge ICT Solutions, Inc. | 33,263,215 | 7,394,525 |
Deutsche Telekom AG | 768,377 | 13,079,054 | |
Wireless Telecommunication Services — 0.5% | |||
a | T-Mobile US, Inc. | 32,679 | 4,384,542 |
24,858,121 | |||
Total Common Stock (Cost $546,614,559) | 689,346,589 | ||
Exchange-Traded Funds — 3.0% | |||
iShares China Large-Cap ETF | 933,918 | 24,151,119 | |
Total Exchange-Traded Funds (Cost $25,995,583) | 24,151,119 | ||
Short-Term Investments — 8.4% | |||
b | Thornburg Capital Management Fund | 6,725,361 | 67,253,606 |
Total Short-Term Investments (Cost $67,253,606) | 67,253,606 | ||
Total Investments — 97.7% (Cost $639,863,748) | $780,751,314 |
36 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Other Assets Less Liabilities — 2.3% | 18,463,118 | ||
Net Assets — 100.0% | $799,214,432 |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2022 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Great Britain Pound | SSB | Sell | 34,602,200 | 10/14/2022 | 38,643,384 | $ 2,615,414 | $ — |
Great Britain Pound | SSB | Buy | 7,225,300 | 10/14/2022 | 8,069,141 | — | (124,414) |
Great Britain Pound | SSB | Buy | 4,599,800 | 10/14/2022 | 5,137,010 | 206,392 | — |
Great Britain Pound | SSB | Buy | 4,349,600 | 10/14/2022 | 4,857,589 | 127,486 | — |
Great Britain Pound | SSB | Buy | 3,192,700 | 10/14/2022 | 3,565,575 | 24,392 | — |
Great Britain Pound | SSB | Buy | 4,257,800 | 10/14/2022 | 4,755,067 | 16,988 | — |
Euro | BBH | Sell | 33,884,000 | 11/18/2022 | 33,311,348 | 1,376,380 | — |
Euro | SSB | Sell | 33,884,000 | 11/18/2022 | 33,311,348 | 1,392,679 | — |
Total | $ 5,759,731 | $ (124,414) | |||||
Net unrealized appreciation (depreciation) | $ 5,635,317 |
* | Counterparties include State Street Bank and Trust Company (“SSB”) and Brown Brothers Harriman & Co. (“BBH”). |
Footnote Legend | |
a | Non-income producing. |
b | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
COUNTRY EXPOSURE * (percent of equity holdings) | |
United States | 45.2% |
Netherlands | 11.7% |
France | 8.0% |
India | 6.3% |
Ireland | 5.5% |
Australia | 4.6% |
Germany | 3.1% |
South Korea | 2.9% |
United Kingdom | 2.6% |
Taiwan | 2.5% |
Denmark | 2.1% |
Macao | 1.7% |
Zambia | 1.7% |
China | 1.1% |
Philippines | 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 | 37 |
Thornburg International Equity Fund | September 30, 2022
Issuer-Description | SHARES | VALUE | |
Common Stock — 93.0% | |||
Banks — 4.1% | |||
Banks — 4.1% | |||
China Merchants Bank Co. Ltd. Class A | 9,357,636 | $ 44,244,436 | |
ING Groep NV | 4,929,917 | 42,241,634 | |
86,486,070 | |||
Capital Goods — 10.7% | |||
Aerospace & Defense — 1.8% | |||
Safran SA | 419,529 | 38,172,834 | |
Construction & Engineering — 2.3% | |||
Ferrovial SA | 2,146,055 | 48,712,461 | |
Electrical Equipment — 5.0% | |||
ABB Ltd. | 2,357,979 | 60,881,668 | |
Schneider Electric SE | 399,041 | 45,071,983 | |
Industrial Conglomerates — 1.6% | |||
Hitachi Ltd. | 773,679 | 32,924,736 | |
225,763,682 | |||
Commercial & Professional Services — 2.1% | |||
Professional Services — 2.1% | |||
Recruit Holdings Co. Ltd. | 1,514,469 | 43,625,236 | |
43,625,236 | |||
Consumer Durables & Apparel — 5.5% | |||
Household Durables — 2.3% | |||
Sony Group Corp. | 736,804 | 47,460,798 | |
Textiles, Apparel & Luxury Goods — 3.2% | |||
LVMH Moet Hennessy Louis Vuitton SE | 113,935 | 67,173,191 | |
114,633,989 | |||
Consumer Services — 0.5% | |||
Hotels, Restaurants & Leisure — 0.5% | |||
a | Booking Holdings, Inc. | 6,486 | 10,657,860 |
10,657,860 | |||
Diversified Financials — 4.6% | |||
Capital Markets — 4.6% | |||
CITIC Securities Co. Ltd. Class A | 6,588,576 | 16,128,071 | |
CME Group, Inc. | 180,123 | 31,905,187 | |
Hong Kong Exchanges & Clearing Ltd. | 1,429,794 | 48,873,802 | |
96,907,060 | |||
Energy — 6.1% | |||
Oil, Gas & Consumable Fuels — 6.1% | |||
Shell plc | 965,617 | 24,085,502 | |
TotalEnergies SE | 2,215,151 | 103,922,802 | |
128,008,304 | |||
Food & Staples Retailing — 3.5% | |||
Food & Staples Retailing — 3.5% | |||
Alimentation Couche-Tard, Inc. | 265,747 | 10,698,368 | |
Seven & i Holdings Co. Ltd. | 1,586,610 | 63,734,178 | |
74,432,546 | |||
Food, Beverage & Tobacco — 2.5% | |||
Beverages — 2.5% | |||
Kweichow Moutai Co. Ltd. Class A | 202,913 | 53,402,877 | |
53,402,877 | |||
Health Care Equipment & Services — 0.5% | |||
Health Care Equipment & Supplies — 0.5% | |||
Olympus Corp. | 565,861 | 10,885,880 |
38 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
10,885,880 | |||
Household & Personal Products — 3.2% | |||
Personal Products — 3.2% | |||
L’Oreal SA | 174,441 | $ 55,776,115 | |
Shiseido Co. Ltd. | 308,694 | 10,818,861 | |
66,594,976 | |||
Insurance — 4.7% | |||
Insurance — 4.7% | |||
AIA Group Ltd. | 5,177,392 | 43,106,463 | |
Assicurazioni Generali SpA | 1,879,745 | 25,666,656 | |
NN Group NV | 793,447 | 30,860,271 | |
99,633,390 | |||
Materials — 5.7% | |||
Chemicals — 4.9% | |||
Air Liquide SA | 364,554 | 41,668,186 | |
Linde plc | 206,478 | 55,900,309 | |
Sika AG | 26,540 | 5,334,320 | |
Construction Materials — 0.2% | |||
CRH plc | 169,556 | 5,438,794 | |
Metals & Mining — 0.6% | |||
Norsk Hydro ASA | 2,314,783 | 12,420,941 | |
120,762,550 | |||
Media & Entertainment — 3.0% | |||
Entertainment — 2.1% | |||
Nintendo Co. Ltd. | 1,078,217 | 43,489,100 | |
Interactive Media & Services — 0.9% | |||
a | Kanzhun Ltd. ADR | 1,190,578 | 20,096,957 |
63,586,057 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 5.5% | |||
Pharmaceuticals — 5.5% | |||
AstraZeneca plc | 496,380 | 54,566,766 | |
Roche Holding AG | 187,100 | 60,907,145 | |
115,473,911 | |||
Retailing — 4.3% | |||
Internet & Direct Marketing Retail — 4.3% | |||
JD.com, Inc. Class A | 1,058,144 | 26,695,050 | |
a,b | Meituan Class B | 3,056,832 | 64,243,732 |
90,938,782 | |||
Semiconductors & Semiconductor Equipment — 3.2% | |||
Semiconductors & Semiconductor Equipment — 3.2% | |||
Infineon Technologies AG | 242,696 | 5,311,165 | |
NVIDIA Corp. | 128,234 | 15,566,325 | |
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 608,526 | 41,720,542 | |
Tokyo Electron Ltd. | 22,153 | 5,458,386 | |
68,056,418 | |||
Software & Services — 5.0% | |||
Information Technology Services — 2.5% | |||
Mastercard, Inc. Class A | 182,664 | 51,938,681 | |
Software — 2.5% | |||
Constellation Software, Inc. | 15,570 | 21,664,995 | |
Hundsun Technologies, Inc. Class A | 6,742,143 | 32,081,248 | |
105,684,924 | |||
Technology Hardware & Equipment — 4.7% | |||
Communications Equipment — 1.5% | |||
Telefonaktiebolaget LM Ericsson Class B | 5,580,656 | 32,621,430 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 39 |
Thornburg International Equity Fund | September 30, 2022
Issuer-Description | SHARES | VALUE | |
Electronic Equipment, Instruments & Components — 2.3% | |||
Keyence Corp. | 145,428 | $ 48,072,724 | |
Technology Hardware, Storage & Peripherals — 0.9% | |||
Samsung Electronics Co. Ltd. | 506,599 | 18,601,931 | |
99,296,085 | |||
Telecommunication Services — 3.1% | |||
Diversified Telecommunication Services — 3.1% | |||
Orange SA | 4,241,403 | 38,361,507 | |
Vantage Towers AG | 1,042,644 | 26,973,195 | |
65,334,702 | |||
Transportation — 4.1% | |||
Marine — 1.0% | |||
Kuehne + Nagel International AG | 105,809 | 21,546,082 | |
Road & Rail — 3.1% | |||
Canadian Pacific Railway Ltd. | 957,580 | 63,889,738 | |
85,435,820 | |||
Utilities — 6.4% | |||
Electric Utilities — 4.5% | |||
Endesa SA | 2,030,396 | 30,495,638 | |
Enel SpA | 6,981,460 | 28,632,528 | |
Iberdrola SA | 3,798,970 | 35,422,291 | |
Multi-Utilities — 1.9% | |||
E.ON SE | 5,236,572 | 40,231,397 | |
134,781,854 | |||
Total Common Stock (Cost $2,130,750,834) | 1,960,382,973 | ||
Short-Term Investments — 9.5% | |||
c | Thornburg Capital Management Fund | 20,153,319 | 201,533,193 |
Total Short-Term Investments (Cost $201,533,193) | 201,533,193 | ||
Total Investments — 102.5% (Cost $2,332,284,027) | $2,161,916,166 | ||
Liabilities Net of Other Assets — (2.5)% | (53,112,879) | ||
Net Assets — 100.0% | $2,108,803,287 |
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, 2022, the aggregate value of these securities in the Fund’s portfolio was $64,243,732, representing 3.05% 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 |
40 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
COUNTRY EXPOSURE * (percent of equity holdings) | |
France | 17.6% |
Japan | 15.6% |
China | 13.1% |
United States | 11.0% |
Spain | 5.8% |
United Kingdom | 5.6% |
Netherlands | 5.0% |
Canada | 4.9% |
Hong Kong | 4.7% |
Switzerland | 4.5% |
Germany | 3.7% |
Italy | 2.8% |
Taiwan | 2.1% |
Sweden | 1.7% |
South Korea | 1.0% |
Norway | 0.6% |
Ireland | 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 | 41 |
Thornburg Better World International Fund | September 30, 2022
Issuer-Description | SHARES | VALUE | |
Common Stock — 93.6% | |||
Banks — 9.8% | |||
Banks — 9.8% | |||
Bank of Montreal | 44,431 | $ 3,894,206 | |
China Merchants Bank Co. Ltd. Class A | 2,367,488 | 11,193,871 | |
ING Groep NV | 957,800 | 8,206,839 | |
National Australia Bank Ltd. | 298,700 | 5,530,635 | |
United Overseas Bank Ltd. | 481,400 | 8,719,393 | |
37,544,944 | |||
Capital Goods — 8.8% | |||
Electrical Equipment — 4.8% | |||
ABB Ltd. | 403,888 | 10,428,157 | |
Schneider Electric SE | 71,445 | 8,069,767 | |
Industrial Conglomerates — 2.6% | |||
Hitachi Ltd. | 235,000 | 10,000,676 | |
Trading Companies & Distributors — 1.4% | |||
Ashtead Group plc | 121,697 | 5,465,387 | |
33,963,987 | |||
Commercial & Professional Services — 4.9% | |||
Commercial Services & Supplies — 2.9% | |||
a | China Conch Environment Protection Holdings Ltd. | 936,500 | 479,247 |
Waste Connections, Inc. | 78,910 | 10,663,108 | |
Professional Services — 2.0% | |||
Recruit Holdings Co. Ltd. | 265,200 | 7,639,253 | |
18,781,608 | |||
Consumer Durables & Apparel — 3.8% | |||
Household Durables — 1.7% | |||
Sony Group Corp. | 103,183 | 6,646,473 | |
Textiles, Apparel & Luxury Goods — 2.1% | |||
LVMH Moet Hennessy Louis Vuitton SE | 13,561 | 7,995,222 | |
14,641,695 | |||
Consumer Services — 1.7% | |||
Diversified Consumer Services — 0.2% | |||
a | Coursera, Inc. | 86,066 | 927,792 |
Hotels, Restaurants & Leisure — 1.5% | |||
McDonald’s Corp. | 24,130 | 5,567,756 | |
6,495,548 | |||
Diversified Financials — 3.8% | |||
Capital Markets — 3.8% | |||
East Money Information Co. Ltd. Class A | 2,291,082 | 5,666,152 | |
Hong Kong Exchanges & Clearing Ltd. | 261,800 | 8,948,954 | |
14,615,106 | |||
Food & Staples Retailing — 6.4% | |||
Food & Staples Retailing — 6.4% | |||
Alimentation Couche-Tard, Inc. | 285,726 | 11,502,677 | |
Seven & i Holdings Co. Ltd. | 325,700 | 13,083,380 | |
24,586,057 | |||
Health Care Equipment & Services — 0.5% | |||
Health Care Equipment & Supplies — 0.5% | |||
Olympus Corp. | 99,800 | 1,919,925 | |
1,919,925 | |||
Household & Personal Products — 4.5% | |||
Personal Products — 4.5% | |||
L’Oreal SA | 34,511 | 11,034,616 | |
Shiseido Co. Ltd. | 174,500 | 6,115,737 |
42 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
17,150,353 | |||
Insurance — 2.3% | |||
Insurance — 2.3% | |||
AIA Group Ltd. | 1,047,264 | $ 8,719,419 | |
8,719,419 | |||
Materials — 3.7% | |||
Chemicals — 2.1% | |||
Air Liquide SA | 17,157 | 1,961,029 | |
Albemarle Corp. | 3,915 | 1,035,283 | |
Linde plc | 19,709 | 5,335,867 | |
Metals & Mining — 1.6% | |||
Norsk Hydro ASA | 1,131,022 | 6,068,974 | |
14,401,153 | |||
Media & Entertainment — 1.9% | |||
Entertainment — 1.6% | |||
Nintendo Co. Ltd. | 153,000 | 6,171,144 | |
Interactive Media & Services — 0.3% | |||
a | Kanzhun Ltd. ADR | 56,824 | 959,189 |
7,130,333 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 12.0% | |||
Biotechnology — 2.6% | |||
CSL Ltd. | 55,442 | 10,083,076 | |
Life Sciences Tools & Services — 2.9% | |||
Lonza Group AG | 14,665 | 7,140,255 | |
a,b | Wuxi Biologics Cayman, Inc. | 646,000 | 3,845,536 |
Pharmaceuticals — 6.5% | |||
AstraZeneca plc, ADR | 34,747 | 1,905,525 | |
Novartis AG | 160,807 | 12,259,431 | |
Roche Holding AG | 33,644 | 10,952,218 | |
46,186,041 | |||
Retailing — 2.9% | |||
Internet & Direct Marketing Retail — 2.9% | |||
a | Alibaba Group Holding Ltd. | 707,300 | 7,058,384 |
JD.com, Inc. Class A | 165,802 | 4,182,883 | |
11,241,267 | |||
Semiconductors & Semiconductor Equipment — 2.0% | |||
Semiconductors & Semiconductor Equipment — 2.0% | |||
NVIDIA Corp. | 63,372 | 7,692,727 | |
7,692,727 | |||
Software & Services — 16.3% | |||
Information Technology Services — 6.7% | |||
Computershare Ltd. | 563,700 | 8,991,055 | |
Fidelity National Information Services, Inc. | 62,628 | 4,732,798 | |
Nomura Research Institute Ltd. | 255,700 | 6,245,020 | |
Visa, Inc. Class A | 31,530 | 5,601,304 | |
Software — 9.6% | |||
Constellation Software, Inc. | 5,937 | 8,261,084 | |
Hundsun Technologies, Inc. Class A | 2,465,759 | 11,732,861 | |
SAP SE | 126,385 | 10,299,763 | |
a | SentinelOne, Inc. Class A | 260,267 | 6,652,424 |
62,516,309 | |||
Technology Hardware & Equipment — 2.8% | |||
Electronic Equipment, Instruments & Components — 2.8% | |||
Halma plc | 139,951 | 3,147,828 | |
Keyence Corp. | 22,500 | 7,437,607 | |
10,585,435 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 43 |
Thornburg Better World International Fund | September 30, 2022
Issuer-Description | SHARES | VALUE | |
Telecommunication Services — 1.5% | |||
Diversified Telecommunication Services — 1.5% | |||
Orange SA | 624,247 | $ 5,646,022 | |
5,646,022 | |||
Transportation — 2.8% | |||
Road & Rail — 2.8% | |||
Canadian Pacific Railway Ltd. | 160,850 | 10,731,912 | |
10,731,912 | |||
Utilities — 1.2% | |||
Electric Utilities — 1.2% | |||
Iberdrola SA | 505,414 | 4,712,573 | |
4,712,573 | |||
Total Common Stock (Cost $433,654,688) | 359,262,414 | ||
Short-Term Investments — 5.6% | |||
c | Thornburg Capital Management Fund | 2,144,404 | 21,444,036 |
Total Short-Term Investments (Cost $21,444,036) | 21,444,036 | ||
Total Investments — 99.2% (Cost $455,098,724) | $380,706,450 | ||
Other Assets Less Liabilities — 0.8% | 3,129,747 | ||
Net Assets — 100.0% | $383,836,197 |
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, 2022, the aggregate value of these securities in the Fund’s portfolio was $3,845,536, representing 1.00% 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) | |
Japan | 18.2% |
United States | 17.2% |
China | 12.6% |
Canada | 9.6% |
Switzerland | 8.3% |
France | 7.4% |
Australia | 6.8% |
Hong Kong | 4.9% |
United Kingdom | 4.4% |
Germany | 2.9% |
Singapore | 2.4% |
Netherlands | 2.3% |
Norway | 1.7% |
Spain | 1.3% |
* | 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 International Growth Fund | September 30, 2022
Issuer-Description | SHARES | VALUE | |
Common Stock — 94.4% | |||
Automobiles & Components — 2.1% | |||
Automobiles — 2.1% | |||
Ferrari NV | 103,430 | $ 19,134,550 | |
19,134,550 | |||
Banks — 2.7% | |||
Banks — 2.7% | |||
HDFC Bank Ltd. ADR | 428,658 | 25,042,200 | |
25,042,200 | |||
Capital Goods — 3.7% | |||
Machinery — 2.0% | |||
Kone OYJ Class B | 486,227 | 18,733,607 | |
Trading Companies & Distributors — 1.7% | |||
Ashtead Group plc | 351,912 | 15,804,295 | |
34,537,902 | |||
Commercial & Professional Services — 2.5% | |||
Professional Services — 2.5% | |||
Nihon M&A Center Holdings, Inc. | 696,400 | 7,964,831 | |
Wolters Kluwer NV | 157,208 | 15,307,911 | |
23,272,742 | |||
Consumer Durables & Apparel — 4.6% | |||
Textiles, Apparel & Luxury Goods — 4.6% | |||
adidas AG | 71,260 | 8,192,138 | |
LVMH Moet Hennessy Louis Vuitton SE | 57,247 | 33,751,381 | |
41,943,519 | |||
Consumer Services — 2.6% | |||
Hotels, Restaurants & Leisure — 2.6% | |||
a | Booking Holdings, Inc. | 14,331 | 23,548,843 |
23,548,843 | |||
Diversified Financials — 3.0% | |||
Capital Markets — 3.0% | |||
Deutsche Boerse AG | 168,704 | 27,655,083 | |
27,655,083 | |||
Energy — 2.0% | |||
Oil, Gas & Consumable Fuels — 2.0% | |||
TotalEnergies SE | 392,270 | 18,403,169 | |
18,403,169 | |||
Food, Beverage & Tobacco — 10.7% | |||
Beverages — 4.0% | |||
Diageo plc | 391,263 | 16,469,626 | |
Kweichow Moutai Co. Ltd. Class A | 78,067 | 20,545,763 | |
Food Products — 6.7% | |||
Nestle SA | 568,801 | 61,519,987 | |
98,535,376 | |||
Health Care Equipment & Services — 2.2% | |||
Health Care Equipment & Supplies — 2.2% | |||
Carl Zeiss Meditec AG | 45,725 | 4,749,644 | |
Olympus Corp. | 815,000 | 15,678,749 | |
20,428,393 | |||
Household & Personal Products — 3.6% | |||
Personal Products — 3.6% | |||
Beiersdorf AG | 105,029 | 10,320,391 | |
L’Oreal SA | 70,300 | 22,477,863 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 45 |
Thornburg International Growth Fund | September 30, 2022
Issuer-Description | SHARES | VALUE | |
32,798,254 | |||
Insurance — 2.6% | |||
Insurance — 2.6% | |||
Aon plc Class A | 90,997 | $ 24,375,366 | |
24,375,366 | |||
Materials — 3.4% | |||
Chemicals — 1.7% | |||
Air Liquide SA | 137,119 | 15,672,575 | |
Containers & Packaging — 0.5% | |||
SIG Combibloc Group AG | 223,246 | 4,532,805 | |
Metals & Mining — 1.2% | |||
Teck Resources Ltd. | 360,708 | 10,969,952 | |
31,175,332 | |||
Media & Entertainment — 9.3% | |||
Entertainment — 3.3% | |||
Activision Blizzard, Inc. | 411,520 | 30,592,397 | |
Interactive Media & Services — 6.0% | |||
carsales.com Ltd. | 963,683 | 11,495,071 | |
Hemnet Group AB | 844,734 | 10,719,230 | |
Tencent Holdings Ltd. | 965,900 | 32,624,537 | |
85,431,235 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 12.5% | |||
Biotechnology — 2.9% | |||
CSL Ltd. | 147,787 | 26,877,593 | |
Life Sciences Tools & Services — 4.4% | |||
a | ICON plc ADR | 98,286 | 18,063,001 |
Lonza Group AG | 45,918 | 22,357,058 | |
Pharmaceuticals — 5.2% | |||
AstraZeneca plc | 433,246 | 47,626,482 | |
114,924,134 | |||
Retailing — 3.4% | |||
Internet & Direct Marketing Retail — 2.5% | |||
JD.com, Inc. Class A | 375,316 | 9,468,540 | |
a | MercadoLibre, Inc. | 15,793 | 13,073,130 |
Multiline Retail — 0.9% | |||
B&M European Value Retail SA | 2,476,858 | 8,424,375 | |
30,966,045 | |||
Semiconductors & Semiconductor Equipment — 10.1% | |||
Semiconductors & Semiconductor Equipment — 10.1% | |||
ASML Holding NV | 83,232 | 34,481,254 | |
BE Semiconductor Industries NV | 109,696 | 4,696,124 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4,080,000 | 54,081,995 | |
93,259,373 | |||
Software & Services — 9.6% | |||
Information Technology Services — 8.8% | |||
a | Globant SA | 76,560 | 14,322,845 |
Mastercard, Inc. Class A | 88,918 | 25,282,944 | |
Nomura Research Institute Ltd. | 682,800 | 16,676,181 | |
Visa, Inc. Class A | 139,659 | 24,810,421 | |
Software — 0.8% | |||
a | Elastic NV | 103,224 | 7,405,290 |
88,497,681 | |||
Technology Hardware & Equipment — 1.8% | |||
Electronic Equipment, Instruments & Components — 1.8% | |||
Keyence Corp. | 49,300 | 16,296,623 |
46 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
16,296,623 | |||
Telecommunication Services — 1.3% | |||
Diversified Telecommunication Services — 1.3% | |||
b | Cellnex Telecom SA | 399,491 | $ 12,322,928 |
12,322,928 | |||
Transportation — 0.7% | |||
Air Freight & Logistics — 0.7% | |||
DSV AS | 54,588 | 6,394,843 | |
6,394,843 | |||
Total Common Stock (Cost $830,570,082) | 868,943,591 | ||
Short-Term Investments — 5.0% | |||
c | Thornburg Capital Management Fund | 4,585,207 | 45,852,069 |
Total Short-Term Investments (Cost $45,852,069) | 45,852,069 | ||
Total Investments — 99.4% (Cost $876,422,151) | $914,795,660 | ||
Other Assets Less Liabilities — 0.6% | 5,893,240 | ||
Net Assets — 100.0% | $920,688,900 |
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, 2022, the aggregate value of these securities in the Fund’s portfolio was $12,322,928, representing 1.34% 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 | 26.5% |
France | 10.4% |
United Kingdom | 10.2% |
China | 7.2% |
Japan | 6.5% |
Netherlands | 6.3% |
Taiwan | 6.2% |
Germany | 5.9% |
Australia | 4.4% |
Switzerland | 3.1% |
India | 2.9% |
Italy | 2.2% |
Finland | 2.1% |
Brazil | 1.5% |
Spain | 1.4% |
Canada | 1.3% |
Sweden | 1.2% |
Denmark | 0.7% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 47 |
Thornburg Developing World Fund | September 30, 2022
Issuer-Description | SHARES | VALUE | |
Common Stock — 94.0% | |||
Automobiles & Components — 3.0% | |||
Automobiles — 3.0% | |||
a | Li Auto, Inc. Class A | 818,859 | $ 9,431,836 |
a | Tata Motors Ltd. Sponsored ADR | 771,916 | 18,726,682 |
28,158,518 | |||
Banks — 15.6% | |||
Banks — 15.6% | |||
Bank Rakyat Indonesia Persero Tbk PT | 87,389,867 | 25,576,612 | |
China Construction Bank Corp. Class H | 32,695,307 | 18,871,777 | |
Grupo Financiero Banorte SAB de CV Class O | 2,895,731 | 18,549,530 | |
HDFC Bank Ltd. | 1,109,288 | 19,228,426 | |
b | Postal Savings Bank of China Co. Ltd. Class H | 44,008,669 | 25,866,747 |
Saudi National Bank | 1,426,950 | 23,809,337 | |
SCB X PCL | 5,106,325 | 13,992,050 | |
145,894,479 | |||
Capital Goods — 1.3% | |||
Machinery — 1.3% | |||
Shenzhen Inovance Technology Co. Ltd. Class A | 1,557,698 | 12,599,332 | |
12,599,332 | |||
Consumer Durables & Apparel — 0.9% | |||
Textiles, Apparel & Luxury Goods — 0.9% | |||
Shenzhou International Group Holdings Ltd. | 1,116,189 | 8,618,718 | |
8,618,718 | |||
Consumer Services — 4.7% | |||
Hotels, Restaurants & Leisure — 4.7% | |||
H World Group Ltd. ADR | 274,932 | 9,221,219 | |
Yum China Holdings, Inc. | 724,989 | 34,410,486 | |
43,631,705 | |||
Diversified Financials — 9.4% | |||
Capital Markets — 5.4% | |||
B3 SA - Brasil Bolsa Balcao | 8,515,536 | 20,600,767 | |
East Money Information Co. Ltd. Class A | 5,200,140 | 12,860,641 | |
a | XP, Inc. Class A | 884,213 | 16,808,889 |
Consumer Finance — 2.0% | |||
SBI Cards & Payment Services Ltd. | 1,696,865 | 18,930,032 | |
Diversified Financial Services — 2.0% | |||
Chailease Holding Co. Ltd. | 3,312,779 | 18,922,970 | |
88,123,299 | |||
Energy — 3.1% | |||
Oil, Gas & Consumable Fuels — 3.1% | |||
Petroleo Brasileiro SA Sponsored ADR | 598,179 | 7,381,529 | |
PTT Exploration & Production PCL | 2,845,081 | 12,132,026 | |
Reliance Industries Ltd. | 328,031 | 9,513,734 | |
29,027,289 | |||
Food & Staples Retailing — 4.1% | |||
Food & Staples Retailing — 4.1% | |||
a,b | Dino Polska SA | 304,873 | 18,466,431 |
Wal-Mart de Mexico SAB de CV | 5,531,907 | 19,428,078 | |
37,894,509 | |||
Food, Beverage & Tobacco — 1.0% | |||
Beverages — 1.0% | |||
Wuliangye Yibin Co. Ltd. Class A | 389,757 | 9,271,462 | |
9,271,462 |
48 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Insurance — 3.0% | |||
Insurance — 3.0% | |||
AIA Group Ltd. | 3,356,526 | $ 27,946,110 | |
27,946,110 | |||
Materials — 5.7% | |||
Chemicals — 2.4% | |||
Fertiglobe plc | 9,231,371 | 14,346,871 | |
Sociedad Quimica y Minera de Chile SA Sponsored ADR | 94,222 | 8,550,647 | |
Construction Materials — 0.8% | |||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A | 1,920,536 | 7,127,437 | |
Metals & Mining — 2.5% | |||
Cia Brasileira de Aluminio | 4,427,328 | 9,389,200 | |
First Quantum Minerals Ltd. | 831,115 | 14,109,130 | |
53,523,285 | |||
Media & Entertainment — 6.6% | |||
Entertainment — 1.0% | |||
NetEase, Inc. | 620,992 | 9,370,410 | |
Interactive Media & Services — 5.6% | |||
NAVER Corp. | 93,541 | 12,461,180 | |
Tencent Holdings Ltd. | 1,170,309 | 39,528,718 | |
61,360,308 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 1.0% | |||
Pharmaceuticals — 1.0% | |||
a,b | Gland Pharma Ltd. | 365,268 | 9,360,949 |
9,360,949 | |||
Retailing — 12.1% | |||
Internet & Direct Marketing Retail — 9.4% | |||
a | Alibaba Group Holding Ltd. | 2,845,622 | 28,397,418 |
a | JD.com, Inc. Class A | 552,677 | 13,943,036 |
a,b | Meituan Class B | 1,262,443 | 26,532,060 |
a | MercadoLibre, Inc. | 11,585 | 9,589,831 |
Naspers Ltd. Class N | 77,581 | 9,621,870 | |
Specialty Retail — 2.7% | |||
China Tourism Group Duty Free Corp. Ltd. Class A | 674,998 | 18,650,254 | |
K Car Co. Ltd. | 705,055 | 6,672,379 | |
113,406,848 | |||
Semiconductors & Semiconductor Equipment — 7.0% | |||
Semiconductors & Semiconductor Equipment — 7.0% | |||
Micron Technology, Inc. | 186,767 | 9,357,026 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4,232,267 | 56,100,354 | |
65,457,380 | |||
Software & Services — 3.0% | |||
Information Technology Services — 3.0% | |||
a | EPAM Systems, Inc. | 21,242 | 7,693,640 |
a | Globant SA | 40,898 | 7,651,198 |
Infosys Ltd. Sponsored ADR | 760,660 | 12,908,400 | |
28,253,238 | |||
Technology Hardware & Equipment — 5.1% | |||
Electronic Equipment, Instruments & Components — 2.9% | |||
Hon Hai Precision Industry Co. Ltd. | 8,339,754 | 26,704,868 | |
Technology Hardware, Storage & Peripherals — 2.2% | |||
Samsung Electronics Co. Ltd. | 565,151 | 20,751,916 | |
47,456,784 | |||
Telecommunication Services — 1.4% | |||
Diversified Telecommunication Services — 1.4% | |||
a | Converge ICT Solutions, Inc. | 57,458,580 | 12,773,236 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 49 |
Thornburg Developing World Fund | September 30, 2022
Issuer-Description | SHARES | VALUE | |
12,773,236 | |||
Transportation — 3.0% | |||
Road & Rail — 1.6% | |||
Localiza Rent a Car SA | 1,277,898 | $ 14,471,955 | |
Transportation Infrastructure — 1.4% | |||
Grupo Aeroportuario del Pacifico SAB de CV Class B | 1,057,382 | 13,388,237 | |
27,860,192 | |||
Utilities — 3.0% | |||
Electric Utilities — 1.0% | |||
Enel Chile SA | 320,220,649 | 9,241,853 | |
Independent Power and Renewable Electricity Producers — 2.0% | |||
China Longyuan Power Group Corp. Ltd. Class H | 15,197,487 | 18,990,726 | |
28,232,579 | |||
Total Common Stock (Cost $935,732,551) | 878,850,220 | ||
Rights — 0.0% | |||
Transportation — 0.0% | |||
Road & Rail — 0.0% | |||
a | Localiza Rent a Car SA | 3,096 | 6,313 |
6,313 | |||
Total Rights (Cost $0) | 6,313 | ||
Short-Term Investments — 4.0% | |||
c | Thornburg Capital Management Fund | 3,726,163 | 37,261,633 |
Total Short-Term Investments (Cost $37,261,633) | 37,261,633 | ||
Total Investments — 98.0% (Cost $972,994,184) | $916,118,166 | ||
Other Assets Less Liabilities — 2.0% | 18,542,869 | ||
Net Assets — 100.0% | $934,661,035 |
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, 2022, the aggregate value of these securities in the Fund’s portfolio was $80,226,187, representing 8.58% 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 |
50 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
COUNTRY EXPOSURE * (percent of equity holdings) | |
China | 34.6% |
Taiwan | 11.6% |
India | 10.1% |
Brazil | 8.9% |
Mexico | 5.8% |
South Korea | 4.5% |
Hong Kong | 3.2% |
Thailand | 3.0% |
Indonesia | 2.9% |
United States | 2.8% |
Saudi Arabia | 2.7% |
Poland | 2.1% |
Chile | 2.0% |
United Arab Emirates | 1.6% |
Zambia | 1.6% |
Philippines | 1.5% |
South Africa | 1.1% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 51 |
Thornburg Small/Mid Cap Core Fund | September 30, 2022
Issuer-Description | SHARES | VALUE | |
Common Stock — 100.0% | |||
Automobiles & Components — 0.9% | |||
Auto Components — 0.9% | |||
a | Gentherm, Inc. | 96,220 | $ 4,785,021 |
4,785,021 | |||
Banks — 6.6% | |||
Banks — 4.7% | |||
Pinnacle Financial Partners, Inc. | 189,850 | 15,396,835 | |
Signature Bank | 62,166 | 9,387,066 | |
Thrifts & Mortgage Finance — 1.9% | |||
Walker & Dunlop, Inc. | 122,669 | 10,271,075 | |
35,054,976 | |||
Capital Goods — 8.7% | |||
Building Products — 2.3% | |||
a | Builders FirstSource, Inc. | 212,021 | 12,492,277 |
Construction & Engineering — 0.8% | |||
a | API Group Corp. | 313,092 | 4,154,731 |
Machinery — 4.0% | |||
a | Chart Industries, Inc. | 65,919 | 12,152,168 |
ITT, Inc. | 136,607 | 8,925,901 | |
Trading Companies & Distributors — 1.6% | |||
Applied Industrial Technologies, Inc. | 83,531 | 8,585,316 | |
46,310,393 | |||
Commercial & Professional Services — 8.4% | |||
Commercial Services & Supplies — 6.1% | |||
a | Casella Waste Systems, Inc. Class A | 233,822 | 17,861,663 |
a | Clean Harbors, Inc. | 130,489 | 14,351,180 |
Professional Services — 2.3% | |||
Booz Allen Hamilton Holding Corp. Class A | 132,630 | 12,248,380 | |
a | Sterling Check Corp. | 8,643 | 152,463 |
44,613,686 | |||
Consumer Durables & Apparel — 1.7% | |||
Textiles, Apparel & Luxury Goods — 1.7% | |||
a | Deckers Outdoor Corp. | 28,130 | 8,793,719 |
8,793,719 | |||
Diversified Financials — 3.6% | |||
Capital Markets — 3.6% | |||
LPL Financial Holdings, Inc. | 87,139 | 19,038,129 | |
19,038,129 | |||
Energy — 9.8% | |||
Energy Equipment & Services — 2.1% | |||
a | Liberty Energy, Inc. Class A | 871,281 | 11,047,843 |
Oil, Gas & Consumable Fuels — 7.7% | |||
Chesapeake Energy Corp. | 290,951 | 27,410,494 | |
Matador Resources Co. | 273,105 | 13,360,296 | |
51,818,633 | |||
Food & Staples Retailing — 3.0% | |||
Food & Staples Retailing — 3.0% | |||
a | BJ’s Wholesale Club Holdings, Inc. | 218,518 | 15,910,296 |
15,910,296 | |||
Food, Beverage & Tobacco — 5.0% | |||
Food Products — 5.0% | |||
Lamb Weston Holdings, Inc. | 174,487 | 13,501,804 | |
a | SunOpta, Inc. | 1,409,323 | 12,824,839 |
52 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
26,326,643 | |||
Health Care Equipment & Services — 6.1% | |||
Health Care Equipment & Supplies — 4.0% | |||
CONMED Corp. | 75,843 | $ 6,080,333 | |
a | Envista Holdings Corp. | 321,941 | 10,562,884 |
a | Heska Corp. | 64,777 | 4,723,539 |
Health Care Providers & Services — 2.1% | |||
a | Acadia Healthcare Co., Inc. | 84,793 | 6,629,117 |
a | PetIQ, Inc. Class A | 607,472 | 4,191,557 |
32,187,430 | |||
Insurance — 2.7% | |||
Insurance — 2.7% | |||
Assurant, Inc. | 99,507 | 14,455,382 | |
14,455,382 | |||
Materials — 7.8% | |||
Chemicals — 4.3% | |||
Element Solutions, Inc. | 563,102 | 9,161,669 | |
Sensient Technologies Corp. | 196,243 | 13,607,490 | |
Containers & Packaging — 2.3% | |||
Crown Holdings, Inc. | 152,485 | 12,355,859 | |
Metals & Mining — 1.2% | |||
First Quantum Minerals Ltd. | 365,415 | 6,203,339 | |
41,328,357 | |||
Media & Entertainment — 1.2% | |||
Media — 1.2% | |||
a | WideOpenWest, Inc. | 517,464 | 6,349,283 |
6,349,283 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 5.1% | |||
Biotechnology — 1.5% | |||
a | Horizon Therapeutics plc | 127,277 | 7,877,174 |
Life Sciences Tools & Services — 3.6% | |||
a | Avantor, Inc. | 588,698 | 11,538,481 |
Azenta, Inc. | 180,840 | 7,750,802 | |
27,166,457 | |||
Real Estate — 5.1% | |||
Equity Real Estate Investment Trusts — 3.1% | |||
Independence Realty Trust, Inc. | 427,498 | 7,152,041 | |
Kite Realty Group Trust | 547,653 | 9,430,585 | |
Real Estate Management & Development — 2.0% | |||
a | Jones Lang LaSalle, Inc. | 68,826 | 10,397,544 |
26,980,170 | |||
Retailing — 4.0% | |||
Distributors — 1.5% | |||
Pool Corp. | 25,486 | 8,109,900 | |
Multiline Retail — 1.6% | |||
a | Ollie’s Bargain Outlet Holdings, Inc. | 165,013 | 8,514,671 |
Specialty Retail — 0.9% | |||
a | Floor & Decor Holdings, Inc. Class A | 66,262 | 4,655,568 |
21,280,139 | |||
Semiconductors & Semiconductor Equipment — 2.3% | |||
Semiconductors & Semiconductor Equipment — 2.3% | |||
a | FormFactor, Inc. | 299,795 | 7,509,865 |
a | MaxLinear, Inc. | 149,187 | 4,866,480 |
12,376,345 | |||
Software & Services — 11.2% |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 53 |
Thornburg Small/Mid Cap Core Fund | September 30, 2022
Issuer-Description | SHARES | VALUE | |
Information Technology Services — 1.5% | |||
a | Repay Holdings Corp. Class A | 1,128,149 | $ 7,964,732 |
Software — 9.7% | |||
a | Agilysys, Inc. | 245,090 | 13,565,731 |
a | Aspen Technology, Inc. | 59,603 | 14,197,435 |
a | Black Knight, Inc. | 183,528 | 11,879,767 |
a | CCC Intelligent Solutions Holdings, Inc. | 656,101 | 5,970,519 |
a | Instructure Holdings, Inc. | 252,302 | 5,621,289 |
59,199,473 | |||
Technology Hardware & Equipment — 2.1% | |||
Electronic Equipment, Instruments & Components — 2.1% | |||
a | Teledyne Technologies, Inc. | 32,595 | 10,999,835 |
10,999,835 | |||
Telecommunication Services — 1.5% | |||
Diversified Telecommunication Services — 1.5% | |||
a | Radius Global Infrastructure, Inc. Class A | 830,603 | 7,824,280 |
7,824,280 | |||
Utilities — 3.2% | |||
Independent Power and Renewable Electricity Producers — 3.2% | |||
AES Corp. | 763,213 | 17,248,614 | |
17,248,614 | |||
Total Common Stock (Cost $578,124,846) | 530,047,261 | ||
Short-Term Investments — 0.7% | |||
b | Thornburg Capital Management Fund | 386,793 | 3,867,931 |
Total Short-Term Investments (Cost $3,867,931) | 3,867,931 | ||
Total Investments — 100.7% (Cost $581,992,777) | $533,915,192 | ||
Liabilities Net of Other Assets — (0.7)% | (3,566,836) | ||
Net Assets — 100.0% | $530,348,356 |
Footnote Legend | |
a | Non-income producing. |
b | Investment in Affiliates. |
54 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Thornburg Small/Mid Cap Growth Fund | September 30, 2022
Issuer-Description | SHARES | VALUE | |
Common Stock — 98.9% | |||
Automobiles & Components — 3.2% | |||
Auto Components — 3.2% | |||
a | Fox Factory Holding Corp. | 82,840 | $ 6,550,987 |
a | Gentherm, Inc. | 54,418 | 2,706,207 |
9,257,194 | |||
Capital Goods — 9.2% | |||
Building Products — 2.6% | |||
Zurn Elkay Water Solutions Corp. | 310,805 | 7,614,722 | |
Construction & Engineering — 2.5% | |||
a | WillScot Mobile Mini Holdings Corp. | 179,195 | 7,226,934 |
Machinery — 4.1% | |||
a | Chart Industries, Inc. | 64,639 | 11,916,200 |
26,757,856 | |||
Commercial & Professional Services — 6.7% | |||
Commercial Services & Supplies — 3.9% | |||
a | Casella Waste Systems, Inc. Class A | 146,698 | 11,206,260 |
Professional Services — 2.8% | |||
Booz Allen Hamilton Holding Corp. Class A | 88,454 | 8,168,727 | |
a | Sterling Check Corp. | 6,357 | 112,138 |
19,487,125 | |||
Consumer Durables & Apparel — 2.0% | |||
Leisure Products — 1.3% | |||
a | YETI Holdings, Inc. | 130,588 | 3,724,370 |
Textiles, Apparel & Luxury Goods — 0.7% | |||
a | On Holding AG Class A | 137,326 | 2,204,082 |
5,928,452 | |||
Diversified Financials — 0.6% | |||
Capital Markets — 0.6% | |||
a | Open Lending Corp. Class A | 222,458 | 1,788,562 |
1,788,562 | |||
Energy — 2.5% | |||
Energy Equipment & Services — 2.5% | |||
Cactus, Inc. Class A | 188,601 | 7,247,936 | |
7,247,936 | |||
Food & Staples Retailing — 1.6% | |||
Food & Staples Retailing — 1.6% | |||
a | Grocery Outlet Holding Corp. | 135,358 | 4,506,068 |
4,506,068 | |||
Food, Beverage & Tobacco — 6.4% | |||
Beverages — 2.7% | |||
a | Celsius Holdings, Inc. | 85,302 | 7,735,185 |
Food Products — 3.7% | |||
a | Freshpet, Inc. | 97,396 | 4,878,566 |
a | Sovos Brands, Inc. | 423,472 | 6,030,241 |
18,643,992 | |||
Health Care Equipment & Services — 10.4% | |||
Health Care Equipment & Supplies — 9.3% | |||
a | AtriCure, Inc. | 126,926 | 4,962,807 |
CONMED Corp. | 71,223 | 5,709,948 | |
a | Heska Corp. | 71,696 | 5,228,072 |
a | Shockwave Medical, Inc. | 40,656 | 11,305,214 |
Health Care Providers & Services — 1.1% | |||
a | Option Care Health, Inc. | 100,013 | 3,147,409 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 55 |
Thornburg Small/Mid Cap Growth Fund | September 30, 2022
Issuer-Description | SHARES | VALUE | |
30,353,450 | |||
Insurance — 3.1% | |||
Insurance — 3.1% | |||
a | Ryan Specialty Holdings, Inc. Class A | 223,921 | $ 9,095,671 |
9,095,671 | |||
Materials — 2.8% | |||
Chemicals — 2.8% | |||
a | Livent Corp. | 268,951 | 8,243,348 |
8,243,348 | |||
Media & Entertainment — 2.1% | |||
Entertainment — 2.1% | |||
a | Liberty Media Corp-Liberty Formula One Class C | 104,706 | 6,125,301 |
6,125,301 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 10.9% | |||
Biotechnology — 5.6% | |||
a | Cytokinetics, Inc. | 74,198 | 3,594,893 |
a | Horizon Therapeutics plc | 117,535 | 7,274,241 |
a | IVERIC bio, Inc. | 309,268 | 5,548,268 |
Life Sciences Tools & Services — 5.3% | |||
a | Avantor, Inc. | 405,074 | 7,939,451 |
a | Repligen Corp. | 39,385 | 7,369,327 |
31,726,180 | |||
Real Estate — 0.8% | |||
Equity Real Estate Investment Trusts — 0.8% | |||
Independence Realty Trust, Inc. | 142,294 | 2,380,579 | |
2,380,579 | |||
Retailing — 3.8% | |||
Distributors — 2.0% | |||
Pool Corp. | 17,818 | 5,669,866 | |
Specialty Retail — 1.8% | |||
a | Floor & Decor Holdings, Inc. Class A | 74,750 | 5,251,935 |
10,921,801 | |||
Semiconductors & Semiconductor Equipment — 5.5% | |||
Semiconductors & Semiconductor Equipment — 5.5% | |||
a | Ambarella, Inc. | 76,136 | 4,277,321 |
Entegris, Inc. | 87,368 | 7,253,291 | |
Monolithic Power Systems, Inc. | 12,501 | 4,542,863 | |
�� | 16,073,475 | ||
Software & Services — 17.5% | |||
Information Technology Services — 3.7% | |||
a | Endava plc Sponsored ADR | 56,251 | 4,535,518 |
a | Shift4 Payments, Inc. Class A | 141,903 | 6,330,293 |
Software — 13.8% | |||
Bentley Systems, Inc. Class B | 253,581 | 7,757,043 | |
a | Bill.com Holdings, Inc. | 22,055 | 2,919,420 |
a | Black Knight, Inc. | 140,295 | 9,081,295 |
a | CCC Intelligent Solutions Holdings, Inc. | 537,617 | 4,892,315 |
a | Elastic NV | 84,052 | 6,029,891 |
a | Paycom Software, Inc. | 17,862 | 5,894,281 |
a | SentinelOne, Inc. Class A | 141,710 | 3,622,108 |
51,062,164 | |||
Technology Hardware & Equipment — 7.4% | |||
Communications Equipment — 4.9% | |||
a | Calix, Inc. | 234,172 | 14,317,276 |
56 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Electronic Equipment, Instruments & Components — 2.5% | |||
a | Teledyne Technologies, Inc. | 21,413 | $ 7,226,245 |
21,543,521 | |||
Transportation — 2.4% | |||
Air Freight & Logistics — 0.9% | |||
a | GXO Logistics, Inc. | 73,011 | 2,559,766 |
Road & Rail — 1.5% | |||
a | Saia, Inc. | 22,470 | 4,269,300 |
6,829,066 | |||
Total Common Stock (Cost $333,256,600) | 287,971,741 | ||
Short-Term Investments — 1.6% | |||
b | Thornburg Capital Management Fund | 453,333 | 4,533,328 |
Total Short-Term Investments (Cost $4,533,328) | 4,533,328 | ||
Total Investments — 100.5% (Cost $337,789,928) | $292,505,069 | ||
Liabilities Net of Other Assets — (0.5)% | (1,479,488) | ||
Net Assets — 100.0% | $291,025,581 |
Footnote Legend | |
a | Non-income producing. |
b | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 57 |
Thornburg Investment Income Builder Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Common Stock — 78.5% | |||
Automobiles & Components — 1.5% | |||
Automobiles — 1.5% | |||
Mercedes-Benz Group AG | 1,479,700 | $ 74,824,029 | |
Stellantis NV | 5,164,500 | 61,005,352 | |
135,829,381 | |||
Banks — 7.7% | |||
Banks — 7.7% | |||
BNP Paribas SA | 6,321,500 | 267,015,288 | |
Citigroup, Inc. | 993,199 | 41,386,602 | |
JPMorgan Chase & Co. | 1,747,148 | 182,576,966 | |
Regions Financial Corp. | 11,232,655 | 225,439,386 | |
716,418,242 | |||
Capital Goods — 2.3% | |||
Aerospace & Defense — 1.0% | |||
BAE Systems plc | 10,030,100 | 88,128,679 | |
Electrical Equipment — 0.3% | |||
ABB Ltd. | 1,106,000 | 28,556,287 | |
Industrial Conglomerates — 1.0% | |||
Siemens AG | 971,100 | 94,918,076 | |
211,603,042 | |||
Diversified Financials — 7.6% | |||
Capital Markets — 4.7% | |||
CME Group, Inc. | 1,674,393 | 296,585,232 | |
MidCap Financial Investment Corp. | 2,937,783 | 30,024,142 | |
a | SLR Investment Corp. | 4,307,900 | 53,073,328 |
UBS Group AG | 4,225,272 | 61,300,090 | |
Diversified Financial Services — 1.8% | |||
Equitable Holdings, Inc. | 5,628,308 | 148,305,916 | |
M&G plc | 8,949,000 | 16,485,130 | |
Mortgage Real Estate Investment Trusts — 1.1% | |||
a | Chimera Investment Corp. | 17,317,311 | 90,396,363 |
Granite Point Mortgage Trust, Inc. | 1,417,500 | 9,128,700 | |
705,298,901 | |||
Energy — 8.2% | |||
Oil, Gas & Consumable Fuels — 8.2% | |||
Enbridge, Inc. | 3,309,521 | 122,715,941 | |
b | LUKOIL PJSC | 314,000 | 215,940 |
a,b,c | Malamute Energy, Inc. | 12,439 | 12,439 |
Petroleo Brasileiro SA Sponsored ADR | 6,346,016 | 78,309,838 | |
Shell plc | 4,878,000 | 121,013,082 | |
TotalEnergies SE | 8,807,100 | 413,181,094 | |
Woodside Energy Group Ltd. | 1,307,742 | 26,719,149 | |
762,167,483 | |||
Food & Staples Retailing — 2.4% | |||
Food & Staples Retailing — 2.4% | |||
Tesco plc | 89,458,330 | 205,313,288 | |
Walgreens Boots Alliance, Inc. | 730,445 | 22,935,973 | |
228,249,261 | |||
Food, Beverage & Tobacco — 0.3% | |||
Food Products — 0.3% | |||
Nestle SA | 289,900 | 31,354,805 | |
31,354,805 | |||
Insurance — 6.4% | |||
Insurance — 6.4% |
58 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Assicurazioni Generali SpA | 15,779,847 | $ 215,463,215 | |
Aviva plc | 10,012,536 | 42,942,157 | |
AXA SA | 2,620,500 | 57,213,118 | |
Legal & General Group plc | 18,270,000 | 43,610,135 | |
NN Group NV | 6,151,220 | 239,245,109 | |
598,473,734 | |||
Materials — 5.2% | |||
Chemicals — 1.5% | |||
LyondellBasell Industries NV Class A | 1,867,909 | 140,616,190 | |
Metals & Mining — 3.7% | |||
BHP Group Ltd. | 4,625,000 | 114,968,778 | |
Glencore plc | 42,737,800 | 224,587,660 | |
b | MMC Norilsk Nickel PJSC | 351,400 | 1,980,273 |
482,152,901 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 9.8% | |||
Biotechnology — 1.7% | |||
AbbVie, Inc. | 1,207,237 | 162,023,278 | |
Pharmaceuticals — 8.1% | |||
AstraZeneca plc | 1,175,800 | 129,255,014 | |
Merck & Co., Inc. | 1,468,094 | 126,432,255 | |
Novartis AG | 700,600 | 53,411,587 | |
Pfizer, Inc. | 6,382,021 | 279,277,239 | |
Roche Holding AG | 508,000 | 165,370,548 | |
915,769,921 | |||
Real Estate — 0.4% | |||
Equity Real Estate Investment Trusts — 0.4% | |||
Washington Real Estate Investment Trust | 2,354,592 | 41,346,636 | |
41,346,636 | |||
Retailing — 1.5% | |||
Specialty Retail — 1.5% | |||
Home Depot, Inc. | 505,482 | 139,482,703 | |
139,482,703 | |||
Semiconductors & Semiconductor Equipment — 8.1% | |||
Semiconductors & Semiconductor Equipment — 8.1% | |||
Broadcom, Inc. | 655,040 | 290,844,310 | |
QUALCOMM, Inc. | 1,857,277 | 209,835,155 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 18,903,000 | 250,566,656 | |
751,246,121 | |||
Technology Hardware & Equipment — 3.2% | |||
Communications Equipment — 0.9% | |||
Cisco Systems, Inc. | 2,053,251 | 82,130,040 | |
Technology Hardware, Storage & Peripherals — 2.3% | |||
Samsung Electronics Co. Ltd. | 5,940,000 | 218,112,297 | |
300,242,337 | |||
Telecommunication Services — 8.5% | |||
Diversified Telecommunication Services — 5.7% | |||
Deutsche Telekom AG | 8,863,500 | 150,871,510 | |
Koninklijke KPN NV | 12,933,000 | 35,001,409 | |
Orange SA | 37,997,780 | 343,672,156 | |
Wireless Telecommunication Services — 2.8% | |||
Vodafone Group plc | 237,227,924 | 265,505,379 | |
795,050,454 | |||
Transportation — 0.9% | |||
Air Freight & Logistics — 0.9% | |||
Deutsche Post AG | 2,770,100 | 83,489,818 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 59 |
Thornburg Investment Income Builder Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
83,489,818 | |||
Utilities — 4.5% | |||
Electric Utilities — 4.0% | |||
Endesa SA | 6,304,383 | $ 94,689,008 | |
Enel SpA | 45,577,671 | 186,924,215 | |
Energias de Portugal SA | 20,615,600 | 89,471,966 | |
Multi-Utilities — 0.5% | |||
E.ON SE | 6,212,000 | 47,725,389 | |
418,810,578 | |||
Total Common Stock (Cost $7,247,320,306) | 7,316,986,318 | ||
Preferred Stock — 0.3% | |||
Banks — 0.1% | |||
Banks — 0.1% | |||
d,e,f | First Horizon Bank 4.605% (LIBOR 3 Month + 0.85%) | 12,000 | 9,604,500 |
9,604,500 | |||
Diversified Financials — 0.0% | |||
Capital Markets — 0.0% | |||
e,f | Morgan Stanley Series A, 4.00% (LIBOR 3 Month + 0.70%) | 120,000 | 2,397,600 |
2,397,600 | |||
Energy — 0.2% | |||
Oil, Gas & Consumable Fuels — 0.2% | |||
e | Crestwood Equity Partners LP 9.25% | 2,166,596 | 19,434,366 |
19,434,366 | |||
Total Preferred Stock (Cost $34,858,652) | 31,436,466 | ||
Asset Backed Securities — 2.6% | |||
Auto Receivables — 1.5% | |||
American Credit Acceptance Receivables Trust, | |||
d | Series 2019-3 Class F, 5.42% due 5/12/2026 | $ 6,850,000 | 6,800,680 |
d | Series 2019-4 Class F, 5.37% due 9/14/2026 | 5,000,000 | 4,927,514 |
d | Series 2020-1 Class F, 4.75% due 11/13/2026 | 5,460,000 | 5,326,690 |
Carvana Auto Receivables Trust, | |||
d | Series 2019-4A Class R, due 10/15/2026 | 32,000 | 10,648,298 |
d | Series 2021-P1 Class R, due 12/10/2027 | 24,000 | 4,624,333 |
d | Series 2021-P2 Class R, due 5/10/2028 | 8,000 | 2,906,513 |
d | Series 2021-P4 Class R, due 9/11/2028 | 17,500 | 7,929,878 |
d | Series 2022-P1 Class R, due 1/10/2029 | 24,000 | 8,566,253 |
CPS Auto Receivables Trust, | |||
d | Series 2018-B Class E, 5.61% due 12/16/2024 | 4,888,809 | 4,889,915 |
d | Series 2019-A Class E, 5.81% due 3/16/2026 | 1,000,000 | 1,000,873 |
d | Series 2020-A Class E, 4.09% due 12/15/2025 | 2,000,000 | 1,968,536 |
d | Series 2020-C Class F, 6.67% due 11/15/2027 | 3,000,000 | 2,874,597 |
b,d | CPS Auto Securitization Trust, Series 2021-1A Class A, 7.86% due 6/16/2026 | 14,000,000 | 13,020,000 |
d | Credit Suisse ABS Trust Series 2020-AT1 Class CERT, due 6/15/2026 | 40,000 | 862,571 |
d | DT Auto Owner Trust, Series 2020-1A Class E, 3.48% due 2/16/2027 | 4,500,000 | 4,253,722 |
Flagship Credit Auto Trust, | |||
d | Series 2018-4 Class R, due 3/16/2026 | 53,000 | 3,697,022 |
d | Series 2019-1 Class R, due 6/15/2026 | 6,000 | 316,813 |
d | Series 2019-2 Class R, due 12/15/2026 | 33,000 | 3,151,897 |
d | Series 2019-3 Class R, due 12/15/2026 | 60,000 | 5,953,429 |
d | Series 2019-4 Class R, due 3/15/2027 | 42,000 | 5,525,929 |
d | Foursight Capital Automobile Receivables Trust, Series 2020-1 Class F, 4.62% due 6/15/2027 | 3,180,000 | 3,103,244 |
JPMorgan Chase Bank NA - CACLN, | |||
d | Series 2020 -1 Class R, 33.784% due 1/25/2028 | 1,842,963 | 2,072,730 |
d | Series 2020-2 Class R, 31.355% due 2/25/2028 | 1,186,229 | 1,325,493 |
d | Series 2021-1 Class R, 28.348% due 9/25/2028 | 3,793,386 | 4,229,656 |
60 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d | Santander Consumer Auto Receivables Trust Series 2020-AA Class R, due 1/16/2029 | $ 45,588 | $ 6,745,755 |
d | United Auto Credit Securitization Trust Series 2022-1 Class R, due 11/10/2028 | 37,000 | 13,464,653 |
d | Veros Automobile Receivables Trust, Series 2020-1 Class D, 5.64% due 2/16/2027 | 5,000,000 | 4,932,786 |
d | Westlake Automobile Receivables Trust, Series 2019-3A Class F, 4.72% due 4/15/2026 | 8,000,000 | 7,905,793 |
143,025,573 | |||
Other Asset Backed — 1.1% | |||
d | Amur Equipment Finance Receivables VIII LLC, Series 2020-1A Class E, 7.00% due 1/20/2027 | 5,536,362 | 5,400,596 |
d | Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046 | 8,200,000 | 7,339,642 |
CFG Investments Ltd., | |||
d | Series 2021-1 Class C, 7.48% due 5/20/2032 | 2,340,000 | 2,217,154 |
d | Series 2021-1 Class D, 9.07% due 5/20/2032 | 800,000 | 739,164 |
Consumer Loan Underlying Bond Credit Trust, | |||
d | Series 2018-P3 Class C, 5.54% due 1/15/2026 | 572,590 | 572,640 |
d | Series 2019-HP1 Class C, 4.70% due 12/15/2026 | 6,700,000 | 6,680,001 |
d,f | Series 2019-HP1 Class CERT, due 12/15/2026 | 400,000 | 4,414,104 |
d | Series 2019-P1 Class C, 4.66% due 7/15/2026 | 2,990,445 | 2,980,014 |
d | Series 2020-P1 Class C, 4.61% due 3/15/2028 | 2,672,983 | 2,656,681 |
d | FAT Brands Fazoli’s Native I LLC, Series 2021-1 Class A2, 6.00% due 7/25/2051 | 10,500,000 | 9,862,481 |
b,d | Goldman Home Improvement Trust Series 2021-GRN2 Class R, due 6/20/2051 | 42,000 | 3,672,472 |
d | LendingPoint Asset Securitization Trust, Series 2020-REV1 Class C, 7.699% due 10/15/2028 | 25,750,000 | 25,040,508 |
Marlette Funding Trust, | |||
d | Series 2019-1A Class C, 4.42% due 4/16/2029 | 2,112,601 | 2,103,103 |
d | Series 2021-1A Class R, due 6/16/2031 | 9,550 | 1,219,067 |
d | Series 2021-2A Class R, due 9/15/2031 | 26,000 | 4,310,045 |
Mosaic Solar Loan Trust, | |||
d | Series 2020-2A Class R, due 8/20/2046 | 4,552,530 | 1,945,583 |
b,d | Series 2021-1A Class R, due 12/20/2046 | 7,618,122 | 2,709,766 |
b,d | Series 2021-2A Class R, due 4/22/2047 | 10,000,000 | 1,940,000 |
d,f | Oportun Funding LLC Series 2022-1 Class CERT, due 6/15/2029 | 11,604 | 5,949,230 |
Prosper Pass-Thru Trust, | |||
d | Series 2019-ST1 Class CERT, due 7/15/2025 | 38,500,000 | 1,173,418 |
d | Series 2019-ST2 Class R1, due 11/15/2025 | 17,477,134 | 2,394,979 |
d | Series 2019-ST2 Class R2, due 11/15/2025 | 8,738,067 | 1,197,421 |
Upstart Pass-Through Trust, | |||
d | Series 2021-ST4 Class CERT, due 7/20/2027 | 1,375,000 | 610,138 |
d | Series 2021-ST8 Class CERT, due 10/20/2029 | 4,150,000 | 1,943,262 |
d | Series 2021-ST9 Class CERT, due 11/20/2029 | 1,415,000 | 433,160 |
99,504,629 | |||
Student Loan — 0.0% | |||
d | SoFi Professional Loan Program Trust, Series 2021-B Class R1, due 2/15/2047 | 23,000 | 1,136,354 |
1,136,354 | |||
Total Asset Backed Securities (Cost $245,862,049) | 243,666,556 | ||
Corporate Bonds — 9.6% | |||
Automobiles & Components — 0.0% | |||
Construction & Engineering — 0.0% | |||
d,g | IHS Netherlands Holdco BV, 8.00% due 9/18/2027 | 3,320,000 | 2,797,166 |
2,797,166 | |||
Capital Goods — 0.3% | |||
Aerospace & Defense — 0.2% | |||
d | BWX Technologies, Inc., 4.125% due 6/30/2028 | 6,500,000 | 5,696,535 |
d | TransDigm, Inc., 6.25% due 3/15/2026 | 10,000,000 | 9,698,300 |
Trading Companies & Distributors — 0.1% | |||
d | IAA, Inc., 5.50% due 6/15/2027 | 10,000,000 | 9,125,000 |
24,519,835 | |||
Commercial & Professional Services — 0.5% | |||
Commercial Services & Supplies — 0.5% | |||
d | ACCO Brands Corp., 4.25% due 3/15/2029 | 7,500,000 | 5,649,225 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 61 |
Thornburg Investment Income Builder Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,g | Cimpress plc, 7.00% due 6/15/2026 | $ 27,804,000 | $ 19,121,367 |
CoreCivic, Inc., 8.25% due 4/15/2026 | 20,726,000 | 20,660,091 | |
Media — 0.0% | |||
d | CCO Holdings LLC/CCO Holdings Capital Corp., 4.75% due 2/1/2032 | 8,000,000 | 6,242,880 |
51,673,563 | |||
Consumer Services — 0.3% | |||
Hotels, Restaurants & Leisure — 0.3% | |||
d | Nathan’s Famous, Inc., 6.625% due 11/1/2025 | 4,538,000 | 4,492,620 |
d | SeaWorld Parks & Entertainment, Inc., 8.75% due 5/1/2025 | 24,785,000 | 25,292,101 |
29,784,721 | |||
Diversified Financials — 0.7% | |||
Capital Markets — 0.3% | |||
d | Compass Group Diversified Holdings LLC, 5.25% due 4/15/2029 | 6,272,000 | 4,931,987 |
b,c,d,h | JPR Royalty Sub LLC, 14.00% due 9/1/2020 | 5,000,000 | 500 |
d | LPL Holdings, Inc., 4.00% due 3/15/2029 | 1,000,000 | 859,090 |
d | OWL Rock Core Income Corp., 7.75% due 9/16/2027 | 2,500,000 | 2,463,775 |
d | StoneX Group, Inc., 8.625% due 6/15/2025 | 17,784,000 | 17,996,163 |
Diversified Financial Services — 0.4% | |||
Antares Holdings LP, | |||
d | 3.75% due 7/15/2027 | 3,000,000 | 2,415,000 |
d | 6.00% due 8/15/2023 | 18,000,000 | 17,814,060 |
d | 8.50% due 5/18/2025 | 11,500,000 | 11,838,445 |
e,f | JPMorgan Chase & Co., Series I, 6.276% (LIBOR 3 Month + 3.47%) due 1/30/2023 | 7,334,000 | 7,300,997 |
d | United Wholesale Mortgage LLC, 5.50% due 11/15/2025 | 5,000,000 | 4,364,050 |
69,984,067 | |||
Energy — 2.9% | |||
Energy Equipment & Services — 0.1% | |||
Odebrecht Offshore Drilling Finance Ltd., | |||
d,g | 6.72% due 12/1/2022 | 254,101 | 247,243 |
d,g,i | 7.72% due 12/1/2026 PIK | 20,014,670 | 4,105,809 |
d,e,g | Odebrecht Oil & Gas Finance Ltd. (Guaranty: Odebrecht Oleo e Gas SA), Zero coupon due 10/31/2022 | 2,337,727 | 5,915 |
c,d,g,h | Schahin II Finance Co. SPV Ltd., 5.875% due 9/25/2023 | 11,396,734 | 669,558 |
Oil, Gas & Consumable Fuels — 2.8% | |||
d | Citgo Holding, Inc., 9.25% due 8/1/2024 | 14,196,000 | 14,092,369 |
d | CITGO Petroleum Corp., 7.00% due 6/15/2025 | 8,000,000 | 7,641,760 |
f | Energy Transfer LP, 5.80% (LIBOR 3 Month + 3.017%) due 11/1/2066 | 13,820,000 | 10,502,509 |
f | Enterprise TE Partners LP, Series 1, 5.86% (LIBOR 3 Month + 2.78%) due 6/1/2067 | 7,000,000 | 5,846,260 |
Kinder Morgan Energy Partners LP, | |||
5.00% due 3/1/2043 | 10,000,000 | 8,102,700 | |
5.80% due 3/15/2035 | 10,000,000 | 9,362,700 | |
Kinder Morgan, Inc., | |||
5.30% due 12/1/2034 | 23,630,000 | 21,445,407 | |
5.55% due 6/1/2045 | 5,000,000 | 4,375,000 | |
ONEOK Partners LP, 4.90% due 3/15/2025 | 9,544,000 | 9,400,172 | |
d | Par Petroleum LLC/Par Petroleum Finance Corp., 7.75% due 12/15/2025 | 1,672,000 | 1,591,560 |
Petroleos Mexicanos, | |||
g | 5.95% due 1/28/2031 | 7,820,000 | 5,278,813 |
g | 6.50% due 6/2/2041 | 5,648,000 | 3,225,516 |
g | 6.70% due 2/16/2032 | 3,000,000 | 2,110,290 |
Petroleos Mexicanos (EUR), 3.75% due 2/21/2024 | 2,000,000 | 1,874,248 | |
e,f | Summit Midstream Partners LP, Series A, 9.50% (LIBOR 3 Month + 7.43%) due 12/15/2022 | 16,097,000 | 11,362,389 |
Transcontinental Gas Pipe Line Co. LLC, 7.85% due 2/1/2026 | 32,700,000 | 34,749,636 | |
Williams Cos., Inc., | |||
3.70% due 1/15/2023 | 29,129,000 | 29,110,940 | |
4.55% due 6/24/2024 | 69,318,000 | 68,595,706 | |
5.75% due 6/24/2044 | 14,198,000 | 12,841,239 | |
266,537,739 | |||
Food & Staples Retailing — 0.1% |
62 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Food & Staples Retailing — 0.1% | |||
d | KeHE Distributors LLC/KeHE Finance Corp., 8.625% due 10/15/2026 | $ 5,168,000 | $ 5,174,047 |
5,174,047 | |||
Food, Beverage & Tobacco — 0.7% | |||
Beverages — 0.1% | |||
d,g | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | 7,718,000 | 6,659,322 |
Food Products — 0.1% | |||
d | Darling Ingredients, Inc., 6.00% due 6/15/2030 | 4,050,000 | 3,865,684 |
d | Post Holdings, Inc., 5.50% due 12/15/2029 | 10,000,000 | 8,654,100 |
Tobacco — 0.5% | |||
d,g | Imperial Brands Finance plc, 6.125% due 7/27/2027 | 5,000,000 | 4,927,100 |
d | Vector Group Ltd., 10.50% due 11/1/2026 | 44,464,000 | 41,201,232 |
65,307,438 | |||
Health Care Equipment & Services — 0.1% | |||
Health Care Providers & Services — 0.1% | |||
d | Tenet Healthcare Corp., 4.875% due 1/1/2026 | 7,184,000 | 6,671,206 |
6,671,206 | |||
Household & Personal Products — 0.1% | |||
Household Durables — 0.1% | |||
Newell Brands, Inc., | |||
4.45% due 4/1/2026 | 3,119,000 | 2,869,574 | |
6.625% due 9/15/2029 | 6,300,000 | 6,160,959 | |
9,030,533 | |||
Insurance — 0.7% | |||
Insurance — 0.7% | |||
g | Enstar Group Ltd., 3.10% due 9/1/2031 | 7,354,000 | 5,189,350 |
Fidelity National Financial, Inc., 3.40% due 6/15/2030 | 10,000,000 | 8,158,000 | |
d | MetLife, Inc., 9.25% due 4/8/2068 | 12,000,000 | 13,934,040 |
d,f,g | QBE Insurance Group Ltd., 7.50% (USSW10 + 6.03%) due 11/24/2043 | 40,000,000 | 39,987,600 |
Stewart Information Services Corp., 3.60% due 11/15/2031 | 2,125,000 | 1,638,290 | |
68,907,280 | |||
Materials — 0.4% | |||
Chemicals — 0.1% | |||
Celanese U.S. Holdings LLC, 6.165% due 7/15/2027 | 10,000,000 | 9,446,900 | |
d,g | Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | 3,000,000 | 2,511,120 |
d,g | OCP SA, 3.75% due 6/23/2031 | 2,000,000 | 1,508,900 |
Containers & Packaging — 0.2% | |||
d | Matthews International Corp., Class C, 5.25% due 12/1/2025 | 14,969,000 | 13,481,830 |
Metals & Mining — 0.1% | |||
d | Cleveland-Cliffs, Inc., 6.75% due 3/15/2026 | 5,000,000 | 4,918,350 |
d | Compass Minerals International, Inc., 6.75% due 12/1/2027 | 3,000,000 | 2,821,470 |
34,688,570 | |||
Media & Entertainment — 0.2% | |||
Media — 0.2% | |||
Sirius XM Radio, Inc., | |||
d | 3.125% due 9/1/2026 | 5,000,000 | 4,391,600 |
d | 5.00% due 8/1/2027 | 5,000,000 | 4,587,950 |
d,g | Telenet Finance Luxembourg Notes Sarl, 5.50% due 3/1/2028 | 10,000,000 | 8,681,900 |
17,661,450 | |||
Real Estate — 0.1% | |||
Equity Real Estate Investment Trusts — 0.1% | |||
Trust Fibra Uno, | |||
d,g | 4.869% due 1/15/2030 | 1,143,000 | 871,434 |
d,g | 5.25% due 1/30/2026 | 11,637,000 | 10,568,840 |
11,440,274 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 63 |
Thornburg Investment Income Builder Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Semiconductors & Semiconductor Equipment — 0.1% | |||
Semiconductors & Semiconductor Equipment — 0.1% | |||
d | Qorvo, Inc., 3.375% due 4/1/2031 | $ 9,800,000 | $ 7,338,240 |
7,338,240 | |||
Software & Services — 0.4% | |||
Information Technology Services — 0.0% | |||
d | Science Applications International Corp., 4.875% due 4/1/2028 | 5,000,000 | 4,478,850 |
Internet Software & Services — 0.2% | |||
d | Cogent Communications Group, Inc., 7.00% due 6/15/2027 | 10,000,000 | 9,473,100 |
d,g | Prosus NV, 3.061% due 7/13/2031 | 6,800,000 | 4,701,996 |
Software — 0.2% | |||
d | Fair Isaac Corp., 4.00% due 6/15/2028 | 7,000,000 | 5,982,830 |
d | GoTo Group, Inc., 5.50% due 9/1/2027 | 5,655,000 | 3,476,977 |
d | MSCI, Inc., 3.625% due 9/1/2030 | 3,000,000 | 2,509,170 |
d | Open Text Holdings, Inc., 4.125% due 2/15/2030 | 10,000,000 | 7,993,300 |
38,616,223 | |||
Technology Hardware & Equipment — 0.1% | |||
Electronic Equipment, Instruments & Components — 0.0% | |||
Vontier Corp., 2.40% due 4/1/2028 | 2,625,000 | 2,047,238 | |
Technology Hardware, Storage & Peripherals — 0.1% | |||
d,g | Lenovo Group Ltd., 5.831% due 1/27/2028 | 5,000,000 | 4,750,900 |
6,798,138 | |||
Telecommunication Services — 1.7% | |||
Diversified Telecommunication Services — 1.2% | |||
g | Deutsche Telekom International Finance BV (Guaranty: Deutsche Telekom AG), 8.75% due 6/15/2030 | 26,150,000 | 29,988,036 |
g | Telefonica Emisiones SA (Guaranty: Telefonica SA), 7.045% due 6/20/2036 | 85,390,000 | 84,380,690 |
Wireless Telecommunication Services — 0.5% | |||
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., | |||
d,g | 8.00% due 12/31/2026 | 10,003,281 | 6,075,493 |
d,g | 8.75% due 5/25/2024 | 36,785,955 | 33,882,894 |
154,327,113 | |||
Transportation — 0.2% | |||
Airlines — 0.2% | |||
American Airlines Pass Through Trust, | |||
Series 2013-2 Class A, 4.95% due 7/15/2024 | 2,855,928 | 2,805,492 | |
Series 2016-3 Class B, 3.75% due 4/15/2027 | 11,108,948 | 9,617,571 | |
Series 2019-1 Class B, 3.85% due 8/15/2029 | 7,735,866 | 6,214,918 | |
US Airways Pass Through Trust, Series 2010-1A Class PTT, 6.25% due 10/22/2024 | 869,546 | 855,494 | |
19,493,475 | |||
Utilities — 0.0% | |||
Electric Utilities — 0.0% | |||
g | Comision Federal de Electricidad, 5.00% due 9/29/2036 | 5,236,000 | 4,177,438 |
4,177,438 | |||
Total Corporate Bonds (Cost $907,967,457) | 894,928,516 | ||
Other Government — 0.0% | |||
d,g | Nigeria Government International Bond, 7.625% due 11/28/2047 | 6,000,000 | 3,315,480 |
Total Other Government (Cost $3,555,323) | 3,315,480 | ||
Mortgage Backed — 1.9% | |||
d,f | Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-6 Class A3, due 7/25/2067 | 5,000,000 | 4,485,032 |
d,f | Barclays Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A3, 4.53% due 2/25/2062 | 16,827,926 | 15,800,013 |
f | Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 4.044% due 8/25/2033 | 26,412 | 26,367 |
64 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,f | Series 2019-1 Class B4, 3.906% due 3/25/2050 | $ 1,046,361 | $ 847,583 |
d,f | Series 2019-1 Class B5, 3.906% due 3/25/2050 | 488,826 | 365,030 |
d,f | Series 2019-1 Class B6, 3.711% due 3/25/2050 | 726,312 | 439,523 |
d,f | Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, Series 2016-SH2 Class M4, 3.75% due 12/25/2045 | 786,270 | 682,433 |
CIM Trust, Whole Loan Securities Trust CMO, | |||
d,f,j | Series 2020-J1 Class AIO1, 0.447% due 7/25/2050 | 63,535,044 | 974,043 |
d,f,j | Series 2020-J1 Class AIO2, 0.50% due 7/25/2050 | 56,668,071 | 1,041,338 |
d,f,j | Series 2020-J1 Class AIOS, 0.20% due 6/25/2050 | 76,557,890 | 521,956 |
d,f | Series 2020-J1 Class B4, 3.447% due 7/25/2050 | 1,379,066 | 1,091,998 |
d,f | Series 2020-J1 Class B5, 3.447% due 7/25/2050 | 690,010 | 467,247 |
d,f | Series 2020-J1 Class B6, 3.447% due 7/25/2050 | 1,299,775 | 442,974 |
d,f,j | Series 2020-J2 Class AX1, 0.259% due 1/25/2051 | 111,074,573 | 1,231,040 |
d,f,j | Series 2020-J2 Class AXS, 0.21% due 1/25/2051 | 118,162,347 | 1,133,047 |
d,f | Series 2020-J2 Class B4, 2.759% due 1/25/2051 | 491,000 | 207,602 |
d,f | Series 2020-J2 Class B5, 2.759% due 1/25/2051 | 164,000 | 66,250 |
d,f | Series 2020-J2 Class B6, 2.759% due 1/25/2051 | 655,000 | 160,471 |
Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
f | Series 2004-HYB2 Class B1, 2.729% due 3/25/2034 | 193,107 | 183,855 |
d,f | Series 2020-EXP1 Class B1, 4.467% due 5/25/2060 | 2,150,000 | 1,679,873 |
d,f | Series 2020-EXP1 Class B2, 4.467% due 5/25/2060 | 1,450,000 | 1,107,730 |
d,f | Series 2020-EXP1 Class B3, 4.467% due 5/25/2060 | 725,000 | 501,142 |
d,j | Series 2020-EXP1 Class XS, due 5/25/2060 | 40,026,870 | 131,849 |
d,f,j | Series 2020-EXP2 Class A3IW, 1.005% due 8/25/2050 | 68,810,122 | 3,140,645 |
d,f,j | Series 2020-EXP2 Class A4IW, 1.005% due 8/25/2050 | 7,397,088 | 337,619 |
d,f | Series 2020-EXP2 Class B5, 3.505% due 8/25/2050 | 585,000 | 316,482 |
d,f | Series 2020-EXP2 Class B6, 3.505% due 8/25/2050 | 1,400,000 | 590,303 |
d,f,j | Series 2021-J1 Class A5IX, 0.112% due 4/25/2051 | 119,229,056 | 574,660 |
d,f,j | Series 2021-J1 Class AIOS, 0.23% due 4/25/2051 | 121,624,431 | 1,374,162 |
d,f | Series 2021-J1 Class B4, 2.612% due 4/25/2051 | 379,000 | 133,551 |
d,f | Series 2021-J1 Class B5, 2.612% due 4/25/2051 | 615,000 | 193,602 |
d,f | Series 2021-J1 Class B6, 2.612% due 4/25/2051 | 460,000 | 107,109 |
d,f,j | Series 2021-J3 Class A3I1, 0.50% due 9/25/2051 | 15,643,605 | 385,574 |
d,f,j | Series 2021-J3 Class A5I2, 0.25% due 9/25/2051 | 128,756,018 | 1,617,510 |
d,f,j | Series 2021-J3 Class AIOS, 0.08% due 9/25/2051 | 135,358,637 | 455,726 |
d,f | Series 2021-J3 Class B4, 2.855% due 9/25/2051 | 1,033,000 | 382,832 |
d,f | Series 2021-J3 Class B6, 2.855% due 9/25/2051 | 590,000 | 161,264 |
CSMC Trust, Whole Loan Securities Trust CMO, | |||
d,f | Series 2020-AFC1 Class M1, 2.841% due 2/25/2050 | 3,808,500 | 3,169,423 |
d,f,j | Series 2021-AFC1 Class AIOS, 0.25% due 3/25/2056 | 94,871,759 | 605,633 |
d,f | Series 2021-AFC1 Class B3, 4.353% due 3/25/2056 | 215,000 | 178,569 |
d,f,j | Series 2021-AFC1 Class XS, 3.329% due 3/25/2056 | 94,871,759 | 9,300,810 |
d,f | Series 2022-NQM5 Class A3, 5.169% due 5/25/2067 | 4,136,469 | 3,898,367 |
Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,f,j | Series 2020-2 Class AX1, 0.677% due 8/25/2050 | 118,305,665 | 3,099,218 |
d,f,j | Series 2020-2 Class AX2, 0.50% due 8/25/2050 | 20,276,976 | 414,820 |
d,f | Series 2020-2 Class B4, 3.677% due 8/25/2050 | 853,593 | 678,973 |
d,f | Series 2020-2 Class B5, 3.677% due 8/25/2050 | 2,560,780 | 2,003,928 |
d,f | Series 2020-2 Class B6C, 3.677% due 8/25/2050 | 3,414,374 | 1,539,281 |
d,f,j | Series 2021-13INV Class AX1, 0.19% due 12/30/2051 | 180,553,008 | 1,613,548 |
d,f,j | Series 2021-13INV Class AX17, 0.18% due 12/30/2051 | 14,968,125 | 146,463 |
d,f,j | Series 2021-13INV Class AX4, 0.50% due 12/30/2051 | 13,658,414 | 361,582 |
d,f | Series 2021-13INV Class B4, 3.37% due 12/30/2051 | 2,459,346 | 1,567,038 |
d,f | Series 2021-13INV Class B5, 3.37% due 12/30/2051 | 482,032 | 293,456 |
d,f | Series 2021-13INV Class B6C, 3.342% due 12/30/2051 | 4,230,075 | 2,025,066 |
d,f | Galton Funding Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-H1 Class B1, 3.386% due 1/25/2060 | 4,379,900 | 3,452,846 |
GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
d,f,j | Series 2020-INV1 Class A11X, 3.43% due 10/25/2050 | 1,559,583 | 245,838 |
d,f,j | Series 2020-INV1 Class A12X, 2.94% due 10/25/2050 | 18,673,294 | 2,522,984 |
d,f,j | Series 2020-INV1 Class AIOS, 0.19% due 10/25/2050 | 97,823,036 | 723,264 |
d,f,j | Series 2020-INV1 Class AX1, due 10/25/2050 | 67,516,798 | 675 |
d,f,j | Series 2020-INV1 Class AX2, 0.44% due 10/25/2050 | 3,365,415 | 41,766 |
d,f,j | Series 2020-INV1 Class AX4, 0.931% due 10/25/2050 | 3,623,157 | 97,628 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 65 |
Thornburg Investment Income Builder Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,f | Series 2020-INV1 Class B4, 3.87% due 10/25/2050 | $ 1,927,529 | $ 1,571,994 |
d,f | Series 2020-INV1 Class B5, 3.87% due 10/25/2050 | 1,927,529 | 1,384,181 |
d,f | Series 2020-INV1 Class B6, 3.87% due 10/25/2050 | 4,452,115 | 2,475,234 |
d,f,j | Series 2020-INV1 Class BX, 0.37% due 10/25/2050 | 21,998,869 | 405,589 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,f | Series 2016-5 Class B5, 3.777% due 12/25/2046 | 1,999,979 | 1,178,569 |
d,f,j | Series 2020-3 Class AX1, 0.151% due 8/25/2050 | 16,221,021 | 61,411 |
d,f,j | Series 2020-4 Class A11X, 2.806% (5.25% - LIBOR 1 Month) due 11/25/2050 | 3,143,388 | 184,480 |
d,f,j | Series 2020-4 Class A3X, 0.50% due 11/25/2050 | 14,250,025 | 209,320 |
d,f,j | Series 2020-4 Class AX1, 0.109% due 11/25/2050 | 52,634,458 | 135,807 |
d,f,j | Series 2020-4 Class AX3, 3.50% due 11/25/2050 | 1,456,262 | 151,057 |
d,f,j | Series 2020-4 Class AX4, 0.55% due 11/25/2050 | 3,360,805 | 54,264 |
d,f | Series 2020-4 Class B4, 3.659% due 11/25/2050 | 1,986,153 | 1,478,019 |
d,f | Series 2020-4 Class B5, 3.659% due 11/25/2050 | 916,833 | 675,983 |
d,f | Series 2020-4 Class B6, 3.546% due 11/25/2050 | 1,603,555 | 674,892 |
d,f,j | Series 2020-7 Class A3X, 0.50% due 1/25/2051 | 31,835,132 | 534,703 |
d,f,j | Series 2020-7 Class AX1, 0.126% due 1/25/2051 | 151,295,676 | 525,753 |
d,f,j | Series 2020-7 Class AX3, 3.50% due 1/25/2051 | 10,401,578 | 2,018,688 |
d,f,j | Series 2020-7 Class AX4, 0.40% due 1/25/2051 | 9,645,099 | 133,623 |
d,f | Series 2020-7 Class B4, 3.526% due 1/25/2051 | 2,427,330 | 1,944,784 |
d,f | Series 2020-7 Class B5, 3.526% due 1/25/2051 | 1,701,042 | 1,011,917 |
d,f | Series 2020-7 Class B6, 3.526% due 1/25/2051 | 2,290,000 | 779,230 |
d,f | Series 2021-11 Class B5, 3.03% due 1/25/2052 | 3,791,945 | 2,144,942 |
d,f | Series 2021-11 Class B6, 2.867% due 1/25/2052 | 4,426,409 | 1,640,510 |
d,f | Series 2022-2 Class B4, 3.132% due 8/25/2052 | 3,326,539 | 2,059,163 |
d,f | Series 2022-2 Class B5, 3.132% due 8/25/2052 | 1,766,915 | 942,652 |
d,f | Series 2022-2 Class B6, 2.641% due 8/25/2052 | 1,830,000 | 462,817 |
d,f,j | Series 2022-3 Class AX1, 0.118% due 8/25/2052 | 412,878,826 | 2,182,478 |
d,f | Series 2022-3 Class B4, 3.118% due 8/25/2052 | 2,729,107 | 1,712,319 |
d,f | Series 2022-3 Class B5, 3.118% due 8/25/2052 | 1,736,974 | 691,249 |
d,f | Series 2022-3 Class B6, 3.033% due 8/25/2052 | 1,505,000 | 368,490 |
Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, | |||
d,f,j | Series 2021-INV2 Class AX1, 0.13% due 8/25/2051 | 107,769,313 | 687,374 |
d,f,j | Series 2021-INV2 Class AX4, 0.70% due 8/25/2051 | 7,384,160 | 273,154 |
d,f | Series 2021-INV2 Class B5, 3.33% due 8/25/2051 | 321,935 | 195,064 |
d,f | Series 2021-INV2 Class B6, 3.279% due 8/25/2051 | 1,551,913 | 627,798 |
d,f,j | Series 2021-INV3 Class AX1, 0.171% due 10/25/2051 | 130,913,583 | 1,072,104 |
d,f,j | Series 2021-INV3 Class AX4, 0.55% due 10/25/2051 | 10,602,156 | 309,845 |
d,f | Series 2021-INV3 Class B5, 3.221% due 10/25/2051 | 450,450 | 275,181 |
d,f | Series 2021-INV3 Class B6, 3.221% due 10/25/2051 | 1,956,344 | 816,877 |
f | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 3.511% due 8/25/2034 | 1,072,060 | 1,025,340 |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
d,f,j | Series 2021-INV1 Class AX1, 0.756% due 6/25/2051 | 106,813,548 | 4,157,344 |
d,f | Series 2021-INV1 Class B5, 3.256% due 6/25/2051 | 1,117,630 | 697,878 |
d,f | Series 2021-INV1 Class B6, due 6/25/2051 | 2,004,909 | 917,974 |
d,f | Onslow Bay Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2021-NQM4 Class A1, 1.957% due 10/25/2061 | 21,085,672 | 17,728,860 |
d,f | Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class B1, 3.81% due 9/25/2059 | 1,500,000 | 1,348,709 |
d,f | Saluda Grade Alternative Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-FIG1 Class C, due 9/25/2050 | 23,046,422 | 2,759,187 |
d,f | Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-7 Class B3, 3.72% due 10/25/2047 | 2,185,462 | 1,904,791 |
SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,f,j | Series 2019-3 Class AIOS, 0.375% due 9/25/2059 | 64,813,613 | 257,440 |
d,f | Series 2019-3 Class B2, 5.663% due 9/25/2059 | 7,910,000 | 6,549,932 |
d,f | Series 2019-3 Class B3, 5.945% due 9/25/2059 | 3,366,214 | 2,650,203 |
b,d,f | Series 2019-3 Class C, due 9/25/2059 | 950 | 950 |
d | Series 2019-3 Class XS1, due 9/25/2059 | 64,253,681 | 2,339 |
d | Series 2019-3 Class XS2, due 9/25/2059 | 64,253,681 | 1,267,950 |
d,f | Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2019-INV1 Class B1, 3.657% due 9/27/2049 | 10,000,000 | 8,181,512 |
Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
d,f,j | Series 2020-3 Class AIO1, 0.186% due 6/25/2050 | 181,114,435 | 1,492,383 |
d,f | Series 2020-3 Class B5, 3.186% due 6/25/2050 | 1,046,000 | 577,924 |
d,f | Series 2020-3 Class B6, 3.186% due 6/25/2050 | 1,968,473 | 611,558 |
d,f,j | Series 2021-INV1 Class AIO2, 0.50% due 8/25/2051 | 195,126,457 | 5,031,219 |
d,f | Series 2021-INV1 Class B4, 3.318% due 8/25/2051 | 3,436,744 | 2,232,107 |
66 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,f | Series 2021-INV1 Class B5, 3.318% due 8/25/2051 | $ 2,651,202 | $ 1,623,690 |
d,f | Series 2021-INV1 Class B6, 3.318% due 8/25/2051 | 2,051,795 | 746,105 |
Total Mortgage Backed (Cost $198,547,314) | 177,157,521 | ||
Loan Participations — 0.5% | |||
Commercial & Professional Services — 0.1% | |||
Professional Services — 0.1% | |||
k | Par Pacific Holdings, Inc., 9.18% (LIBOR 3 Month + 6.75%) due 1/12/2026 | 12,203,571 | 11,979,880 |
11,979,880 | |||
Health Care Equipment & Services — 0.1% | |||
Health Care Providers & Services — 0.1% | |||
k | Change Healthcare Holdings LLC, 7.75% (PRIME 3 Month + 1.50%) due 3/1/2024 | 6,917,452 | 6,890,543 |
6,890,543 | |||
Semiconductors & Semiconductor Equipment — 0.1% | |||
Information Technology Services — 0.1% | |||
k | Xperi Corporation, 6.615% (LIBOR 1 Month + 3.50%) due 6/8/2028 | 9,838,816 | 9,488,357 |
9,488,357 | |||
Software & Services — 0.2% | |||
Information Technology Services — 0.1% | |||
k | Vericast Corp., 11.424% (LIBOR 3 Month + 7.75%) due 6/16/2026 | 14,467,134 | 10,006,483 |
Internet Software & Services — 0.0% | |||
l | Dun & Bradstreet Corporation, (LIBOR 1 Month + 3.25%) due 2/6/2026 | 2,000,000 | 1,930,500 |
Software — 0.1% | |||
l | GoTo Group, Inc., (LIBOR 1 Month + 4.75%) due 8/31/2027 | 3,000,000 | 2,072,760 |
14,009,743 | |||
Total Loan Participations (Cost $46,193,874) | 42,368,523 | ||
Short-Term Investments — 5.6% | |||
a | Thornburg Capital Management Fund | 51,997,052 | 519,970,522 |
Total Short-Term Investments (Cost $519,970,522) | 519,970,522 | ||
Total Investments — 99.0% (Cost $9,204,275,497) | $9,229,829,902 | ||
Other Assets Less Liabilities — 1.0% | 91,530,128 | ||
Net Assets — 100.0% | $9,321,360,030 |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2022 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Great Britain Pound | SSB | Sell | 678,256,800 | 10/14/2022 | 757,470,270 | $ 51,266,182 | $ — |
Swiss Franc | SSB | Sell | 26,915,000 | 10/26/2022 | 27,330,513 | 853,648 | — |
Swiss Franc | SSB | Buy | 2,450,700 | 10/26/2022 | 2,488,534 | — | (3,509) |
Euro | BBH | Sell | 622,425,000 | 11/18/2022 | 611,905,793 | 25,283,127 | — |
Euro | SSB | Sell | 622,425,000 | 11/18/2022 | 611,905,794 | 25,582,514 | — |
Euro | SSB | Buy | 146,331,500 | 11/18/2022 | 143,858,445 | 150,669 | — |
Total | $ 103,136,140 | $ (3,509) | |||||
Net unrealized appreciation (depreciation) | $ 103,132,631 |
* | Counterparties include State Street Bank and Trust Company (“SSB”) and Brown Brothers Harriman & Co. (“BBH”). |
Footnote Legend | |
a | Investment in Affiliates. |
b | Security currently fair valued by the Valuation and Pricing Committee. |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 67 |
Thornburg Investment Income Builder Fund | September 30, 2022
c | Non-income producing. |
d | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2022, the aggregate value of these securities in the Fund’s portfolio was $887,742,448, representing 9.52% of the Fund’s net assets. |
e | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
f | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2022. |
g | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
h | Bond in default. |
i | Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at September 30, 2022. |
j | Interest only. |
k | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 2022. |
l | This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be effective at the time of settlement and will be based upon the London-Interbank Offered Rate ("LIBOR") plus a premium which was determined at the time of purchase. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
ARM | Adjustable Rate Mortgage |
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 |
COUNTRY EXPOSURE * (percent of net assets) | |
United States | 41.8% |
France | 11.6% |
United Kingdom | 8.5% |
Germany | 5.2% |
Australia | 4.4% |
Italy | 4.3% |
Netherlands | 4.2% |
Taiwan | 2.7% |
South Korea | 2.3% |
Spain | 1.9% |
Canada | 1.8% |
Switzerland | 1.5% |
Portugal | 1.0% |
Brazil | 0.9% |
Jamaica | 0.4% |
Mexico | 0.3% |
Ireland | 0.2% |
China | 0.1% |
Belgium | 0.1% |
Guatemala | 0.1% |
Nigeria | 0.1% |
Russian Federation | 0.0%** |
Morocco | 0.0%** |
Other Assets Less Liabilities | 6.6% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
** | Country percentage was less than 0.1%. |
68 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Thornburg Summit Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Common Stock — 52.2% | |||
Automobiles & Components — 0.5% | |||
Automobiles — 0.5% | |||
Mercedes-Benz Group AG | 5,759 | $ 291,216 | |
291,216 | |||
Banks — 3.6% | |||
Banks — 3.6% | |||
BNP Paribas SA | 9,760 | 412,255 | |
China Construction Bank Corp. Class H | 496,600 | 286,638 | |
Citigroup, Inc. | 9,998 | 416,617 | |
First Republic Bank | 5,056 | 660,061 | |
Regions Financial Corp. | 13,694 | 274,838 | |
2,050,409 | |||
Capital Goods — 3.2% | |||
Aerospace & Defense — 1.5% | |||
L3Harris Technologies, Inc. | 4,159 | 864,365 | |
Building Products — 0.9% | |||
a | Builders FirstSource, Inc. | 8,166 | 481,141 |
Machinery — 0.8% | |||
Otis Worldwide Corp. | 7,284 | 464,719 | |
1,810,225 | |||
Consumer Services — 1.7% | |||
Diversified Consumer Services — 0.9% | |||
Service Corp. International | 8,925 | 515,329 | |
Hotels, Restaurants & Leisure — 0.8% | |||
Yum China Holdings, Inc. | 9,200 | 436,664 | |
951,993 | |||
Diversified Financials — 2.4% | |||
Capital Markets — 0.9% | |||
CME Group, Inc. | 2,781 | 492,598 | |
Consumer Finance — 1.5% | |||
Capital One Financial Corp. | 5,893 | 543,158 | |
SBI Cards & Payment Services Ltd. | 26,865 | 299,703 | |
1,335,459 | |||
Energy — 3.9% | |||
Oil, Gas & Consumable Fuels — 3.9% | |||
Chesapeake Energy Corp. | 7,565 | 712,699 | |
Enbridge, Inc. | 11,295 | 418,815 | |
TotalEnergies SE | 22,839 | 1,071,481 | |
2,202,995 | |||
Food, Beverage & Tobacco — 1.1% | |||
Food Products — 1.1% | |||
Nestle SA | 5,694 | 615,848 | |
615,848 | |||
Household & Personal Products — 1.1% | |||
Personal Products — 1.1% | |||
Estee Lauder Cos., Inc. Class A | 2,900 | 626,110 | |
626,110 | |||
Insurance — 2.8% | |||
Insurance — 2.8% | |||
AIA Group Ltd. | 65,600 | 546,179 | |
NN Group NV | 26,886 | 1,045,702 | |
1,591,881 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 69 |
Thornburg Summit Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Materials — 3.2% | |||
Chemicals — 2.2% | |||
Linde plc | 2,142 | $ 577,462 | |
LyondellBasell Industries NV Class A | 9,040 | 680,531 | |
Containers & Packaging — 1.0% | |||
Crown Holdings, Inc. | 6,816 | 552,301 | |
1,810,294 | |||
Media & Entertainment — 2.7% | |||
Entertainment — 0.9% | |||
Nintendo Co. Ltd. | 13,000 | 524,345 | |
Interactive Media & Services — 1.8% | |||
a | Alphabet, Inc. Class A | 10,544 | 1,008,534 |
1,532,879 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 5.1% | |||
Life Sciences Tools & Services — 1.0% | |||
Thermo Fisher Scientific, Inc. | 1,165 | 590,876 | |
Pharmaceuticals — 4.1% | |||
AstraZeneca plc | 3,658 | 402,122 | |
Merck & Co., Inc. | 12,983 | 1,118,096 | |
Roche Holding AG | 2,373 | 772,489 | |
2,883,583 | |||
Retailing — 2.4% | |||
Internet & Direct Marketing Retail — 1.2% | |||
a | Amazon.com, Inc. | 3,719 | 420,247 |
JD.com, Inc. Class A | 9,950 | 251,020 | |
Specialty Retail — 1.2% | |||
Home Depot, Inc. | 2,406 | 663,912 | |
1,335,179 | |||
Semiconductors & Semiconductor Equipment — 2.6% | |||
Semiconductors & Semiconductor Equipment — 2.6% | |||
ASML Holding NV | 1,530 | 633,847 | |
Broadcom, Inc. | 1,316 | 584,317 | |
NVIDIA Corp. | 2,288 | 277,740 | |
1,495,904 | |||
Software & Services — 8.9% | |||
Information Technology Services — 3.7% | |||
Mastercard, Inc. Class A | 3,419 | 972,158 | |
Nomura Research Institute Ltd. | 11,400 | 278,425 | |
Visa, Inc. Class A | 4,882 | 867,287 | |
Software — 5.2% | |||
a | Fair Isaac Corp. | 1,528 | 629,551 |
Microsoft Corp. | 5,793 | 1,349,190 | |
SAP SE | 8,156 | 664,674 | |
a | ServiceNow, Inc. | 755 | 285,096 |
5,046,381 | |||
Technology Hardware & Equipment — 3.3% | |||
Communications Equipment — 0.9% | |||
a | Calix, Inc. | 8,045 | 491,871 |
Electronic Equipment, Instruments & Components — 0.9% | |||
Keyence Corp. | 1,500 | 495,840 | |
Technology Hardware, Storage & Peripherals — 1.5% | |||
Apple, Inc. | 6,258 | 864,856 | |
1,852,567 | |||
Telecommunication Services — 3.2% | |||
Diversified Telecommunication Services — 2.2% |
70 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Deutsche Telekom AG | 35,498 | $ 604,235 | |
Orange SA | 68,837 | 622,599 | |
Wireless Telecommunication Services — 1.0% | |||
KDDI Corp. | 20,000 | 584,725 | |
1,811,559 | |||
Transportation — 0.5% | |||
Road & Rail — 0.5% | |||
Canadian Pacific Railway Ltd. | 3,950 | 263,544 | |
263,544 | |||
Total Common Stock (Cost $30,932,620) | 29,508,026 | ||
Asset Backed Securities — 10.2% | |||
Auto Receivables — 2.8% | |||
b | ACC Auto Trust, Series 2022-A Class A, 4.58% due 7/15/2026 | $ 400,429 | 396,127 |
b | ACM Auto Trust, Series 2022-1A Class A, 3.23% due 4/20/2029 | 235,244 | 234,473 |
CPS Auto Receivables Trust, | |||
b | Series 2021-A Class B, 0.61% due 2/18/2025 | 62,874 | 62,810 |
b | Series 2022-A Class A, 0.98% due 4/16/2029 | 224,345 | 220,235 |
GM Financial Automobile Leasing Trust, Series 2021-3 Class A2, 0.24% due 12/20/2023 | 234,472 | 232,826 | |
Volkswagen Auto Lease Trust, Series 2020-A Class A3, 0.39% due 1/22/2024 | 457,647 | 454,195 | |
1,600,666 | |||
Credit Card — 0.8% | |||
b | Mission Lane Credit Card Master Trust, Series 2021-A Class A, 1.59% due 9/15/2026 | 450,000 | 433,971 |
433,971 | |||
Other Asset Backed — 6.1% | |||
Aqua Finance Trust, | |||
b | Series 2019-A Class A, 3.14% due 7/16/2040 | 17,735 | 16,895 |
b | Series 2019-A Class B, 3.47% due 7/16/2040 | 200,000 | 186,109 |
b | AXIS Equipment Finance Receivables LLC, Series 2021-1A Class F, 6.09% due 2/20/2029 | 600,000 | 541,506 |
b | Diamond Resorts Owner Trust, Series 2018-1 Class A, 3.70% due 1/21/2031 | 15,722 | 15,499 |
b,c | ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | 174,743 | 109,214 |
b | Foundation Finance Trust, Series 2019-1A Class A, 3.86% due 11/15/2034 | 38,926 | 38,173 |
b | Freed ABS Trust, Series 2022-3FP Class A, 4.50% due 8/20/2029 | 348,116 | 347,309 |
b,d | Goldman Home Improvement Trust Series 2021-GRN2 Class R, due 6/20/2051 | 2,000 | 174,880 |
b | LendingPoint Asset Securitization Trust, Series 2021-A Class A, 1.00% due 12/15/2028 | 40,299 | 40,127 |
b | LendingPoint Pass-Through Trust, Series 2022-ST1 Class A, 2.50% due 3/15/2028 | 207,933 | 196,711 |
Marlette Funding Trust, | |||
b | Series 2021-1A Class R, due 6/16/2031 | 1,200 | 153,181 |
b | Series 2021-2A Class R, due 9/15/2031 | 1,150 | 190,637 |
b,d | Mosaic Solar Loan Trust Series 2021-2A Class R, due 4/22/2047 | 1,150,000 | 223,100 |
b | New Residential Advance Receivables Trust Advance Receivables Backed, Series 2020-T1 Class DT1, 3.011% due 8/15/2053 | 250,000 | 237,471 |
b | New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2020-APT1 Class AT1, 1.035% due 12/16/2052 | 400,000 | 395,729 |
b,e | SBA Tower Trust, Series 2014-2A Class C, 3.869% due 10/15/2049 | 30,000 | 29,011 |
b | Sierra Timeshare Receivables Funding LLC, Series 2019-1A Class A, 3.20% due 1/20/2036 | 18,760 | 18,362 |
b | SoFi Consumer Loan Program Trust, Series 2018-3 Class C, 4.67% due 8/25/2027 | 64,064 | 64,057 |
Upstart Pass-Through Trust, | |||
b | Series 2021-ST4 Class CERT, due 7/20/2027 | 500,000 | 221,869 |
b | Series 2021-ST7 Class A, 1.85% due 9/20/2029 | 268,456 | 250,622 |
3,450,462 | |||
Student Loan — 0.5% | |||
b,e | Navient Private Education Loan Trust, Series 2015-AA Class A2B, 4.018% (LIBOR 1 Month + 1.20%) due 12/15/2028 | 134,682 | 134,530 |
b | SMB Private Education Loan Trust, Series 2020-B Class A1A, 1.29% due 7/15/2053 | 156,062 | 139,803 |
274,333 | |||
Total Asset Backed Securities (Cost $6,517,024) | 5,759,432 | ||
Corporate Bonds — 6.7% | |||
Automobiles & Components — 0.5% |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 71 |
Thornburg Summit Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Automobiles — 0.5% | |||
b | Hyundai Capital America, 0.875% due 6/14/2024 | $ 300,000 | $ 277,551 |
277,551 | |||
Commercial Services — 0.3% | |||
Food Products — 0.3% | |||
b | Darling Global Finance BV (EUR), 3.625% due 5/15/2026 | 200,000 | 185,229 |
185,229 | |||
Diversified Financials — 0.3% | |||
Capital Markets — 0.3% | |||
Owl Rock Technology Finance Corp., | |||
2.50% due 1/15/2027 | 168,000 | 134,262 | |
b | 4.75% due 12/15/2025 | 11,000 | 9,903 |
144,165 | |||
Energy — 0.2% | |||
Oil, Gas & Consumable Fuels — 0.2% | |||
c | Petroleos Mexicanos, 6.50% due 6/2/2041 | 200,000 | 114,218 |
114,218 | |||
Food, Beverage & Tobacco — 0.4% | |||
Tobacco — 0.4% | |||
b | Vector Group Ltd., 10.50% due 11/1/2026 | 251,000 | 232,582 |
232,582 | |||
Health Care Equipment & Services — 0.9% | |||
Health Care Providers & Services — 0.9% | |||
Tenet Healthcare Corp., 4.625% due 7/15/2024 | 500,000 | 483,785 | |
483,785 | |||
Insurance — 0.7% | |||
Insurance — 0.7% | |||
c | Pentair Finance Sarl, 5.90% due 7/15/2032 | 400,000 | 381,500 |
381,500 | |||
Materials — 0.8% | |||
Metals & Mining — 0.8% | |||
b | Compass Minerals International, Inc., 6.75% due 12/1/2027 | 500,000 | 470,245 |
470,245 | |||
Media & Entertainment — 0.7% | |||
Media — 0.7% | |||
b | CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 2/1/2031 | 500,000 | 386,810 |
386,810 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.2% | |||
Life Sciences Tools & Services — 0.2% | |||
b | Avantor Funding, Inc. (EUR), 2.625% due 11/1/2025 | 100,000 | 89,259 |
89,259 | |||
Real Estate — 0.0% | |||
Equity Real Estate Investment Trusts — 0.0% | |||
Service Properties Trust, 4.95% due 2/15/2027 | 40,000 | 30,015 | |
30,015 | |||
Semiconductors & Semiconductor Equipment — 0.3% | |||
Semiconductors & Semiconductor Equipment — 0.3% | |||
b | Qorvo, Inc., 3.375% due 4/1/2031 | 200,000 | 149,760 |
149,760 | |||
Software & Services — 0.5% | |||
Internet Software & Services — 0.2% | |||
b,c | Prosus NV, 3.061% due 7/13/2031 | 200,000 | 138,294 |
72 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Software — 0.3% | |||
b | GoTo Group, Inc., 5.50% due 9/1/2027 | $ 239,000 | $ 146,949 |
285,243 | |||
Technology Hardware & Equipment — 0.9% | |||
Technology Hardware, Storage & Peripherals — 0.9% | |||
Dell International LLC/EMC Corp., 4.90% due 10/1/2026 | 250,000 | 241,291 | |
b,c | Lenovo Group Ltd., 5.831% due 1/27/2028 | 300,000 | 285,054 |
526,345 | |||
Total Corporate Bonds (Cost $3,979,262) | 3,756,707 | ||
U.S. Treasury Securities — 21.0% | |||
United States Treasury Notes, | |||
0.125%, 5/31/2023 | 1,500,000 | 1,461,152 | |
0.25%, 4/15/2023 | 500,000 | 490,254 | |
0.875%, 9/30/2026 | 1,000,000 | 879,922 | |
1.125%, 2/15/2031 | 3,200,000 | 2,592,500 | |
1.875%, 2/15/2032 | 544,000 | 461,210 | |
2.25%, 11/15/2024 | 550,000 | 527,441 | |
2.875%, 5/15/2032 | 590,000 | 545,842 | |
3.50%, 2/15/2039 | 1,300,000 | 1,236,828 | |
United States Treasury Notes Inflationary Index, 0.125%, 7/15/2024 - 2/15/2052 | 4,275,271 | 3,696,001 | |
Total U.S. Treasury Securities (Cost $12,384,800) | 11,891,150 | ||
Mortgage Backed — 5.7% | |||
b,e | Angel Oak Mortgage Trust I LLC, Whole Loan Securities Trust CMO, Series 2019-2 Class A1, 3.628% due 3/25/2049 | 329 | 329 |
b,e | Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1, 3.805% due 1/25/2049 | 42,265 | 39,385 |
Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
b,e,f | Series 2021-J1 Class A5IX, 0.112% due 4/25/2051 | 12,095,701 | 58,299 |
b,e,f | Series 2021-J1 Class AIOS, 0.23% due 4/25/2051 | 17,374,919 | 196,309 |
b,e | Series 2021-J1 Class B4, 2.612% due 4/25/2051 | 100,000 | 35,238 |
b,e | Series 2021-J1 Class B5, 2.612% due 4/25/2051 | 100,000 | 31,480 |
b,e | Series 2021-J1 Class B6, 2.612% due 4/25/2051 | 100,000 | 23,285 |
COMM Mortgage Trust, CMBS, Series 2015-LC23 Class ASB, 3.598% due 10/10/2048 | 365,293 | 355,623 | |
b,e | Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class A1, 2.206% due 1/25/2067 | 273,815 | 232,130 |
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 | 52,677 | 50,357 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | 74,364 | 68,427 | |
b,e | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class B3, 4.042% due 12/25/2049 | 117,742 | 102,042 |
b,e | GCAT Trust, Whole Loan Securities Trust CMO, Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 263,675 | 247,176 |
Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, | |||
b,e | Series 2021-NQM2 Class A1, 1.073% due 9/25/2056 | 237,639 | 188,438 |
b,e | Series 2021-NQM3 Class A1, 1.595% due 11/25/2056 | 359,834 | 298,805 |
JPMorgan Chase Commercial Mortgage Securities Trust, CMBS, Series 2013-LC11 Class A5, 2.96% due 4/15/2046 | 425,000 | 419,776 | |
b,e | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 55,318 | 54,128 |
b,e | MFRA Trust, Whole Loan Securities Trust CMO, Series 2022-CHM1, 3.875% due 9/25/2056 | 328,487 | 302,583 |
e | Morgan Stanley Bank of America Merrill Lynch Trust, CMBS, Series 2013-C10 Class ASB, 3.912% due 7/15/2046 | 40,627 | 40,523 |
b,e | New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | 391,050 | 356,180 |
b,e | TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2018-2 Class B3, 3.693% due 7/25/2048 | 164,519 | 143,176 |
Total Mortgage Backed (Cost $3,509,666) | 3,243,689 | ||
Exchange-Traded Funds — 3.7% | |||
a | Invesco DB Agriculture Fund | 19,822 | 396,836 |
a | Invesco DB Base Metals Fund | 34,412 | 615,975 |
a | SPDR Gold Shares Fund | 5,318 | 822,535 |
a | United States Oil Fund LP | 4,127 | 269,411 |
Total Exchange-Traded Funds (Cost $1,876,976) | 2,104,757 | ||
Short-Term Investments — 2.4% | |||
g | Thornburg Capital Management Fund | 132,636 | 1,326,366 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 73 |
Thornburg Summit Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Total Short-Term Investments (Cost $1,326,366) | 1,326,366 | ||
Total Investments — 101.9% (Cost $60,526,714) | $57,590,127 | ||
Liabilities Net of Other Assets — (1.9)% | (1,047,312) | ||
Net Assets — 100.0% | $56,542,815 |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2022 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Euro | MSC | Buy | 1,093,820 | 10/28/2022 | 1,073,766 | $ — | $ (40,722) |
Japanese Yen | MSC | Buy | 73,300,000 | 10/28/2022 | 507,586 | — | (32,928) |
Japanese Yen | SSB | Buy | 173,542,000 | 10/28/2022 | 1,201,739 | — | (99,444) |
Total | — | $ (173,094) | |||||
Net unrealized appreciation (depreciation) | $ (173,094) |
* | Counterparties include Morgan Stanely & Co. Inc. ("MSC") and State Street Bank and Trust Company (“SSB”). |
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, 2022, the aggregate value of these securities in the Fund’s portfolio was $9,753,030, representing 17.25% 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. |
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, 2022. |
f | Interest only. |
g | 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 |
EUR | Denominated in Euro |
LIBOR | London Interbank Offered Rates |
Mtg | Mortgage |
COUNTRY EXPOSURE * (percent of net assets) | |
United States | 79.4% |
France | 3.7% |
Japan | 3.3% |
Netherlands | 3.0% |
Germany | 2.8% |
China | 2.5% |
United Kingdom | 1.7% |
Canada | 1.2% |
Hong Kong | 1.0% |
India | 0.5% |
Mexico | 0.2% |
Cayman Islands | 0.2% |
Other Assets Less Liabilities | 0.5% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
74 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
September 30, 2022
THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL EQUITY FUND | THORNBURG BETTER WORLD INTERNATIONAL FUND | THORNBURG INTERNATIONAL GROWTH FUND | THORNBURG DEVELOPING WORLD FUND | |
ASSETS | |||||
Investments at cost | |||||
Non-affiliated issuers | $ 572,610,142 | $ 2,130,750,834 | $ 433,654,688 | $ 830,570,082 | $ 935,732,551 |
Non-controlled affiliated issuers | 67,253,606 | 201,533,193 | 21,444,036 | 45,852,069 | 37,261,633 |
Investments at value | |||||
Non-affiliated issuers | 713,497,708 | 1,960,382,973 | 359,262,414 | 868,943,591 | 878,856,533 |
Non-controlled affiliated issuers | 67,253,606 | 201,533,193 | 21,444,036 | 45,852,069 | 37,261,633 |
Cash | 68,177 | - | - | 1,001 | - |
Foreign currency at value (a) | 536 | 232,916 | 113,116 | 28,292 | 11,822,564 |
Unrealized appreciation on forward currency contracts | 5,759,731 | - | - | - | - |
Receivable for investments sold | 21,815,337 | 37,651,801 | 3,940,087 | 5,562,605 | 8,010,582 |
Receivable for fund shares sold | 1,084,803 | 1,778,930 | 1,737,206 | 1,527,225 | 50,068,383 |
Dividends receivable | 1,629,817 | 5,233,848 | 505,965 | 1,339,741 | 1,788,782 |
Tax reclaims receivable | 904,836 | 5,490,176 | 481,025 | 1,400,653 | 305,961 |
Prepaid expenses and other assets | 93,778 | 70,332 | 112,462 | 39,708 | 52,065 |
Total Assets | 812,108,329 | 2,212,374,169 | 387,596,311 | 924,694,885 | 988,166,503 |
Liabilities | |||||
Unrealized depreciation on forward currency contracts | 124,414 | - | - | - | - |
Payable for investments purchased | 7,483,865 | 44,790,349 | 1,911,537 | - | 50,543,421 |
Payable for fund shares redeemed | 778,838 | 3,910,982 | 1,428,697 | 2,466,192 | 1,442,438 |
Payable to investment advisor and other affiliates | 756,218 | 1,603,837 | 214,567 | 739,607 | 724,169 |
IRS compliance fees for foreign withholding tax claims payable | - | 51,182,248 | - | - | - |
Deferred taxes payable | 3,247,193 | - | - | - | 184,783 |
Accounts payable and accrued expenses | 503,369 | 2,083,466 | 205,313 | 800,186 | 610,657 |
Total Liabilities | 12,893,897 | 103,570,882 | 3,760,114 | 4,005,985 | 53,505,468 |
Net Assets | $ 799,214,432 | $ 2,108,803,287 | $ 383,836,197 | $ 920,688,900 | $ 934,661,035 |
NET ASSETS CONSIST OF | |||||
Net capital paid in on shares of beneficial interest | $ 630,152,814 | $ 2,269,218,510 | $ 505,590,722 | $ 921,408,984 | $ 1,093,159,341 |
Distributable earnings (accumulated loss) | 169,061,618 | (160,415,223) | (121,754,525) | (720,084) | (158,498,306) |
Net Assets | $ 799,214,432 | $ 2,108,803,287 | $ 383,836,197 | $ 920,688,900 | $ 934,661,035 |
September 30, 2022
THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL EQUITY FUND | THORNBURG BETTER WORLD INTERNATIONAL FUND | THORNBURG INTERNATIONAL GROWTH FUND | THORNBURG DEVELOPING WORLD FUND | |
NET ASSET VALUE | |||||
Class A Shares: | |||||
Net assets applicable to shares outstanding | $ 218,967,711 | $ 339,638,319 | $ 33,049,691 | $ 86,145,513 | $ 87,896,596 |
Shares outstanding | 7,888,631 | 18,669,420 | 2,451,225 | 4,728,195 | 4,768,177 |
Net asset value and redemption price per share | $ 27.76 | $ 18.19 | $ 13.48 | $ 18.22 | $ 18.43 |
Maximum offering price per share (net asset value, plus 4.50% of offering price) | $ 29.07 | $ 19.05 | $ 14.12 | $ 19.08 | $ 19.30 |
Class C Shares: | |||||
Net assets applicable to shares outstanding | 63,994,495 | 13,977,759 | 4,391,688 | 10,938,655 | 17,044,190 |
Shares outstanding | 2,441,200 | 895,420 | 335,005 | 670,009 | 991,912 |
Net asset value and redemption price per share* | 26.21 | 15.61 | 13.11 | 16.33 | 17.18 |
Class I Shares: | |||||
Net assets applicable to shares outstanding | 446,227,768 | 1,254,671,502 | 346,394,818 | 724,495,358 | 772,910,761 |
Shares outstanding | 15,989,578 | 66,115,335 | 24,868,576 | 38,195,026 | 40,827,633 |
Net asset value and redemption price per share | 27.91 | 18.98 | 13.93 | 18.97 | 18.93 |
Class R3 Shares: | |||||
Net assets applicable to shares outstanding | 2,639,592 | 100,783,457 | - | 4,339,680 | - |
Shares outstanding | 96,424 | 5,546,782 | - | 242,437 | - |
Net asset value and redemption price per share | 27.37 | 18.17 | - | 17.90 | - |
Class R4 Shares: | |||||
Net assets applicable to shares outstanding | 4,573,073 | 69,822,207 | - | 6,670,089 | - |
Shares outstanding | 166,139 | 3,873,553 | - | 369,402 | - |
Net asset value and redemption price per share | 27.53 | 18.03 | - | 18.06 | - |
Class R5 Shares: | |||||
Net assets applicable to shares outstanding | 15,512,006 | 86,468,273 | - | 21,233,033 | 2,403,002 |
Shares outstanding | 555,024 | 4,561,506 | - | 1,115,933 | 127,352 |
Net asset value and redemption price per share | 27.95 | 18.96 | - | 19.03 | 18.87 |
Class R6 Shares: | |||||
Net assets applicable to shares outstanding | 47,299,787 | 243,441,770 | - | 66,866,572 | 54,406,486 |
Shares outstanding | 1,687,453 | 12,887,555 | - | 3,495,814 | 2,866,736 |
Net asset value and redemption price per share | 28.03 | 18.89 | - | 19.13 | 18.98 |
(a) | Cost of foreign currency is $538; $236,527; $114,888; $28,634; $11,822,661 respectively. |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
September 30, 2022
THORNBURG SMALL/MID CAP CORE FUND | THORNBURG SMALL/MID CAP GROWTH FUND | THORNBURG INVESTMENT INCOME BUILDER FUND | THORNBURG SUMMIT FUND | |
ASSETS | ||||
Investments at cost | ||||
Non-affiliated issuers | $ 578,124,846 | $ 333,256,600 | $ 8,441,885,848 | $ 59,200,348 |
Non-controlled affiliated issuers | 3,867,931 | 4,533,328 | 762,389,649 | 1,326,366 |
Investments at value | ||||
Non-affiliated issuers | 530,047,261 | 287,971,741 | 8,566,377,250 | 56,263,761 |
Non-controlled affiliated issuers | 3,867,931 | 4,533,328 | 663,452,652 | 1,326,366 |
Cash | 1,315 | 195 | 561,811 | - |
Foreign currency at value (a) | - | - | 21,185 | 53 |
Unrealized appreciation on forward currency contracts | - | - | 103,136,140 | - |
Receivable for investments sold | 2,759,540 | 1,931,420 | 197,892 | - |
Receivable for fund shares sold | 22,522 | 25,164 | 10,651,435 | - |
Dividends receivable | 126,923 | 54,836 | 16,977,527 | 52,984 |
Tax reclaims receivable | - | - | 46,389,696 | 41,177 |
Principal and interest receivable | - | - | 21,640,548 | 104,943 |
Prepaid expenses and other assets | 62,449 | 51,266 | 100,577 | 11,957 |
Total Assets | 536,887,941 | 294,567,950 | 9,429,506,713 | 57,801,241 |
Liabilities | ||||
Unrealized depreciation on forward currency contracts | - | - | 3,509 | 173,094 |
Payable for investments purchased | 4,882,910 | 2,333,646 | 28,023,040 | 997,501 |
Payable for fund shares redeemed | 637,711 | 638,918 | 10,053,805 | - |
Payable to investment advisor and other affiliates | 540,821 | 292,805 | 8,306,364 | 1,766 |
IRS compliance fees for foreign withholding tax claims payable | - | - | 37,848,917 | - |
Deferred taxes payable | - | - | - | 17 |
Accounts payable and accrued expenses | 478,143 | 277,000 | 3,145,709 | 86,048 |
Dividends payable | - | - | 20,765,339 | - |
Total Liabilities | 6,539,585 | 3,542,369 | 108,146,683 | 1,258,426 |
Net Assets | $ 530,348,356 | $ 291,025,581 | $ 9,321,360,030 | $ 56,542,815 |
NET ASSETS CONSIST OF | ||||
Net capital paid in on shares of beneficial interest | $ 605,847,395 | $ 430,805,348 | $ 9,544,033,971 | $ 61,198,266 |
Accumulated loss | (75,499,039) | (139,779,767) | (222,673,941) | (4,655,451) |
Net Assets | $ 530,348,356 | $ 291,025,581 | $ 9,321,360,030 | $ 56,542,815 |
September 30, 2022
THORNBURG SMALL/MID CAP CORE FUND | THORNBURG SMALL/MID CAP GROWTH FUND | THORNBURG INVESTMENT INCOME BUILDER FUND | THORNBURG SUMMIT FUND | |
NET ASSET VALUE | ||||
Class A Shares: | ||||
Net assets applicable to shares outstanding | $ 293,290,192 | $ 147,492,886 | $ 3,344,513,279 | $ 506,624 |
Shares outstanding | 5,298,602 | 6,966,155 | 174,054,155 | 49,144 |
Net asset value and redemption price per share | $ 55.35 | $ 21.17 | $ 19.22 | $ 10.31 |
Maximum offering price per share (net asset value, plus 4.50% of offering price) | $ 57.96 | $ 22.17 | $ 20.13 | $ 10.80 |
Class C Shares: | ||||
Net assets applicable to shares outstanding | 7,476,364 | 5,596,028 | 570,347,550 | - |
Shares outstanding | 158,091 | 362,136 | 29,718,658 | - |
Net asset value and redemption price per share* | 47.29 | 15.45 | 19.19 | - |
Class I Shares: | ||||
Net assets applicable to shares outstanding | 207,250,810 | 113,477,947 | 5,213,451,514 | 56,036,191 |
Shares outstanding | 3,572,524 | 4,662,188 | 269,307,015 | 5,434,699 |
Net asset value and redemption price per share | 58.01 | 24.34 | 19.36 | 10.31 |
Class R3 Shares: | ||||
Net assets applicable to shares outstanding | 13,406,272 | 14,115,142 | 19,842,183 | - |
Shares outstanding | 243,611 | 680,257 | 1,032,975 | - |
Net asset value and redemption price per share | 55.03 | 20.75 | 19.21 | - |
Class R4 Shares: | ||||
Net assets applicable to shares outstanding | 2,819,248 | 1,109,087 | 10,180,951 | - |
Shares outstanding | 50,384 | 52,213 | 529,265 | - |
Net asset value and redemption price per share | 55.96 | 21.24 | 19.24 | - |
Class R5 Shares: | ||||
Net assets applicable to shares outstanding | 6,105,470 | 9,234,491 | 29,318,313 | - |
Shares outstanding | 105,449 | 380,062 | 1,515,494 | - |
Net asset value and redemption price per share | 57.90 | 24.30 | 19.35 | - |
Class R6 Shares: | ||||
Net assets applicable to shares outstanding | - | - | 133,706,240 | - |
Shares outstanding | - | - | 6,928,282 | - |
Net asset value and redemption price per share | - | - | 19.30 | - |
(a) | Cost of foreign currency is $0; $0; $21,772; $56 respectively. |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Year Ended September 30, 2022
THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL EQUITY FUND | THORNBURG BETTER WORLD INTERNATIONAL FUND | THORNBURG INTERNATIONAL GROWTH FUND | THORNBURG DEVELOPING WORLD FUND | |
INVESTMENT INCOME | |||||
Dividend income | |||||
Non-affiliated issuers | $ 18,889,884 | $ 69,828,668 | $ 8,124,200 | $ 19,123,599 | $ 34,396,326 |
Non-controlled affiliated issuers | 323,893 | 1,986,496 | 358,790 | 492,617 | 284,485 |
Non-cash dividend | 2,587,502 | 8,805,291 | - | 2,749,186 | 1,784,464 |
Dividend taxes withheld | (849,166) | (8,679,583) | (893,276) | (2,104,306) | (2,641,137) |
Interest income | 25,275 | 103,277 | 2,453 | 24,986 | 5,861 |
Foreign withholding tax claims | 416,639 | 2,293,018 | 56,935 | 676,966 | 37,896 |
Adjusted for: IRS compliance fees for foreign withholding tax claims | - | (857,280) | - | - | - |
Total Income | 21,394,027 | 73,479,887 | 7,649,102 | 20,963,048 | 33,867,895 |
EXPENSES | |||||
Investment management fees | 8,553,002 | 21,870,175 | 4,044,194 | 11,772,104 | 10,271,806 |
Administration fees | 865,561 | 2,458,049 | 356,819 | 1,221,727 | 933,690 |
Distribution and service fees | |||||
Class A Shares | 655,874 | 1,181,843 | 103,481 | 310,879 | 292,054 |
Class C Shares | 932,450 | 209,208 | 54,659 | 191,659 | 283,913 |
Class R3 Shares | 17,004 | 670,728 | - | 30,172 | - |
Class R4 Shares | 14,354 | 223,318 | - | 21,632 | - |
Transfer agent fees | |||||
Class A Shares | 265,603 | 1,040,611 | 63,620 | 148,105 | 151,880 |
Class C Shares | 101,817 | 13,132 | 11,499 | 30,212 | 42,238 |
Class I Shares | 417,832 | 1,616,280 | 360,976 | 1,032,532 | 741,379 |
Class R3 Shares | 13,092 | 385,170 | - | 30,194 | - |
Class R4 Shares | 30,710 | 291,720 | - | 48,218 | - |
Class R5 Shares | 54,432 | 459,651 | - | 116,633 | 13,216 |
Class R6 Shares | 6,568 | 24,040 | - | 13,228 | 19,427 |
Registration and filing fees | |||||
Class A Shares | 18,649 | 33,052 | 11,463 | 22,361 | 20,867 |
Class C Shares | 15,288 | 16,679 | 7,648 | 18,551 | 19,670 |
Class I Shares | 18,336 | 38,419 | 22,562 | 20,496 | 39,379 |
Class R3 Shares | 18,105 | 14,863 | - | 18,893 | - |
Class R4 Shares | 18,105 | 17,945 | - | 18,907 | - |
Class R5 Shares | 18,481 | 18,107 | - | 19,618 | 19,769 |
Class R6 Shares | 18,292 | 20,803 | - | 19,509 | 19,782 |
Custodian fees | 263,380 | 916,850 | 209,270 | 499,200 | 973,300 |
Professional fees | 108,106 | �� 174,185 | 73,037 | 93,800 | 73,160 |
Trustee and officer fees | 59,796 | 173,942 | 22,985 | 91,216 | 63,915 |
Other expenses | 107,080 | 360,147 | 58,887 | 246,931 | 142,879 |
Total Expenses | 12,591,917 | 32,228,917 | 5,401,100 | 16,036,777 | 14,122,324 |
Less: | |||||
Expenses reimbursed | (332,166) | (1,305,201) | (708,513) | (1,181,897) | (794,802) |
Investment management fees waived | (521,139) | (2,468,450) | (437,270) | (29,465) | (1,087,271) |
Net Expenses | 11,738,612 | 28,455,266 | 4,255,317 | 14,825,415 | 12,240,251 |
Net Investment Income (Loss) | $ 9,655,415 | $ 45,024,621 | $ 3,393,785 | $ 6,137,633 | $ 21,627,644 |
Year Ended September 30, 2022
THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL EQUITY FUND | THORNBURG BETTER WORLD INTERNATIONAL FUND | THORNBURG INTERNATIONAL GROWTH FUND | THORNBURG DEVELOPING WORLD FUND | |
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) on: | |||||
Non-affiliated issuer investments* | $ 24,386,259 | $ (30,511,714) | $ (42,748,021) | $ (29,970,498) | $ (65,102,520) |
Forward currency contracts | 15,820,365 | - | - | - | - |
Foreign currency transactions | (198,080) | (807,701) | (130,391) | (317,315) | (481,538) |
Net realized gain (loss) | 40,008,544 | (31,319,415) | (42,878,412) | (30,287,813) | (65,584,058) |
Net change in unrealized appreciation (depreciation) on: | |||||
Non-affiliated issuers investments** | (249,767,412) | (860,771,035) | (99,096,181) | (560,856,892) | (377,340,586) |
Forward currency contracts | 4,098,063 | - | - | - | - |
Foreign currency translations | (107,062) | (484,312) | (71,817) | (166,768) | (131,665) |
Change in net unrealized appreciation (depreciation) | (245,776,411) | (861,255,347) | (99,167,998) | (561,023,660) | (377,472,251) |
Net Realized and Unrealized Gain (Loss) | (205,767,867) | (892,574,762) | (142,046,410) | (591,311,473) | (443,056,309) |
Change in Net Assets Resulting from Operations | $ (196,112,452) | $ (847,550,141) | $ (138,652,625) | $ (585,173,840) | $ (421,428,665) |
* Net of foreign capital gain taxes | $ 1,031,517 | $ - | $ - | $ 97,412 | $ 4,580,994 |
** Net of change in deferred taxes | $ 1,709,290 | $ - | $ - | $ 537,183 | $ 6,158,932 |
Year Ended September 30, 2022
THORNBURG SMALL/MID CAP CORE FUND | THORNBURG SMALL/MID CAP GROWTH FUND | THORNBURG INVESTMENT INCOME BUILDER FUND | THORNBURG SUMMIT FUND | |
INVESTMENT INCOME | ||||
Dividend income | ||||
Non-affiliated issuers | $ 6,457,015 | $ 579,191 | $ 488,272,606 | $ 960,043 |
Non-controlled affiliated issuers | 75,035 | 34,494 | 23,792,867 | 32,447 |
Non-cash dividend | - | - | 35,323,644 | - |
Dividend taxes withheld | (9,318) | - | (33,534,806) | (66,734) |
Interest income | - | - | 126,296,104 | 1,227,551 |
Foreign withholding tax claims | - | - | 26,666,241 | - |
Adjusted for: IRS compliance fees for foreign withholding tax claims | - | - | 20,962,716 | - |
Total Income | 6,522,732 | 613,685 | 687,779,372 | 2,153,307 |
EXPENSES | ||||
Investment management fees | 6,041,811 | 3,969,580 | 76,480,645 | 495,033 |
Administration fees | 601,467 | 389,224 | 9,410,549 | 56,733 |
Distribution and service fees | ||||
Class A Shares† | 955,647 | 567,307 | 9,852,836 | 453 |
Class C Shares | 119,768 | 117,772 | 7,910,945 | - |
Class R3 Shares | 93,452 | 98,185 | 122,340 | - |
Class R4 Shares | 9,328 | 3,685 | 31,794 | - |
Transfer agent fees | ||||
Class A Shares† | 432,260 | 285,125 | 2,788,155 | 2,165 |
Class C Shares | 24,079 | 28,295 | 597,320 | - |
Class I Shares | 239,335 | 141,177 | 4,257,010 | 29,713 |
Class R3 Shares | 55,138 | 63,809 | 57,629 | - |
Class R4 Shares | 12,136 | 6,302 | 36,382 | - |
Class R5 Shares | 52,800 | 61,217 | 90,702 | - |
Class R6 Shares | - | - | 18,700 | - |
Registration and filing fees | ||||
Class A Shares† | 29,205 | 31,522 | 61,589 | 12,616 |
Class C Shares | 17,066 | 18,721 | 28,574 | - |
Class I Shares | 17,828 | 24,242 | 48,140 | 29,392 |
Class R3 Shares | 13,912 | 15,090 | 18,660 | - |
Class R4 Shares | 17,432 | 18,806 | 18,648 | - |
Class R5 Shares | 17,283 | 14,935 | 18,972 | - |
Class R6 Shares | - | - | 19,319 | - |
Custodian fees | 82,640 | 69,375 | 1,606,100 | 93,095 |
Professional fees | 75,657 | 63,147 | 521,567 | 66,272 |
Trustee and officer fees | 41,960 | 30,781 | 632,260 | 3,746 |
Other expenses | 172,091 | 87,568 | 736,256 | 31,022 |
Total Expenses | 9,122,295 | 6,105,865 | 115,365,092 | 820,240 |
Less: | ||||
Expenses reimbursed | (561,407) | (444,337) | (151,336) | (238,051) |
Investment management fees waived | (408,108) | (316,748) | - | - |
Net Expenses | 8,152,780 | 5,344,780 | 115,213,756 | 582,189 |
Net Investment Income (Loss) | $ (1,630,048) | $ (4,731,095) | $ 572,565,616 | $ 1,571,118 |
Year Ended September 30, 2022
THORNBURG SMALL/MID CAP CORE FUND | THORNBURG SMALL/MID CAP GROWTH FUND | THORNBURG INVESTMENT INCOME BUILDER FUND | THORNBURG SUMMIT FUND | |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) on: | ||||
Non-affiliated issuer investments* | $ (19,695,319) | $ (91,059,774) | $ 276,358,651 | $ (1,308,531) |
Non-controlled affiliated issuers | - | - | 2,877,586 | - |
Options written | - | - | - | 32,635 |
Forward currency contracts | - | - | 280,479,865 | (259,278) |
Foreign currency transactions | 5,128 | 855 | (1,434,430) | (8,496) |
Net realized gain (loss) | (19,690,191) | (91,058,919) | 558,281,672 | (1,543,670) |
Net change in unrealized appreciation (depreciation) on: | ||||
Non-affiliated issuers investments** | (143,639,039) | (125,609,457) | (2,261,272,941) | (9,196,556) |
Non-controlled affiliated issuers | - | - | (192,199,507) | - |
Forward currency contracts | - | - | 78,885,641 | (152,358) |
Foreign currency translations | - | - | (3,896,441) | (2,296) |
Change in net unrealized appreciation (depreciation) | (143,639,039) | (125,609,457) | (2,378,483,248) | (9,351,210) |
Net Realized and Unrealized Gain (Loss) | (163,329,230) | (216,668,376) | (1,820,201,576) | (10,894,880) |
Change in Net Assets Resulting from Operations | $ (164,959,278) | $ (221,399,471) | $ (1,247,635,960) | $ (9,323,762) |
* Net of foreign capital gain taxes | $ - | $ - | $ - | $ 42 |
** Net of change in deferred taxes | $ - | $ - | $ - | $ 2,127 |
† | Effective date of this class of shares of Summit Fund was January 26, 2022. |
THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL EQUITY FUND | |||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 9,655,415 | $ 15,954,214 | $ 45,024,621 | $ 44,951,706 |
Net realized gain (loss) | 40,008,544 | 121,063,647 | (31,319,415) | 570,017,512 |
Net change in unrealized appreciation (depreciation) | (245,776,411) | 148,995,914 | (861,255,347) | 29,574,717 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (196,112,452) | 286,013,775 | (847,550,141) | 644,543,935 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (35,940,962) | (15,556,947) | (71,630,114) | (27,537,806) |
Class C Shares | (13,819,339) | (8,198,327) | (3,618,672) | (1,051,963) |
Class I Shares | (79,676,826) | (35,542,986) | (255,342,551) | (59,075,703) |
Class R3 Shares | (482,303) | (248,648) | (19,948,636) | (4,557,933) |
Class R4 Shares | (784,298) | (365,924) | (13,551,778) | (3,204,878) |
Class R5 Shares | (2,624,395) | (2,182,325) | (20,223,366) | (4,382,041) |
Class R6 Shares | (7,791,346) | (3,376,168) | (44,109,955) | (9,265,153) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 29,863,763 | 7,882,180 | 7,250,330 | (427,661,468) |
Class C Shares | (17,418,699) | (30,089,588) | (3,502,879) | (22,813,554) |
Class I Shares | 30,696,403 | (38,078,183) | 15,624,909 | 6,617,111 |
Class R3 Shares | (10,925) | (700,070) | 3,097,926 | (19,695,062) |
Class R4 Shares | 296,505 | (202,245) | 5,287,546 | (13,597,831) |
Class R5 Shares | 1,038,704 | (19,124,205) | (16,546,986) | 4,995,604 |
Class R6 Shares | 9,155,545 | 1,787,617 | 48,306,156 | 39,193,004 |
Net Increase (Decrease) in Net Assets | (283,610,625) | 142,017,956 | (1,216,458,211) | 102,506,262 |
NET ASSETS | ||||
Beginning of Year | 1,082,825,057 | 940,807,101 | 3,325,261,498 | 3,222,755,236 |
End of Year | $ 799,214,432 | $ 1,082,825,057 | $ 2,108,803,287 | $ 3,325,261,498 |
THORNBURG BETTER WORLD INTERNATIONAL FUND | THORNBURG INTERNATIONAL GROWTH FUND | |||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 3,393,785 | $ 957,396 | $ 6,137,633 | $ (1,206,755) |
Net realized gain (loss) | (42,878,412) | 43,117,549 | (30,287,813) | 126,958,821 |
Net change in unrealized appreciation (depreciation) | (99,167,998) | 8,005,551 | (561,023,660) | 21,850,369 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (138,652,625) | 52,080,496 | (585,173,840) | 147,602,435 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (5,765,352) | - | (10,325,457) | (1,957,081) |
Class C Shares | (780,125) | - | (1,922,046) | (510,190) |
Class I Shares | (42,774,823) | (467,138) | (99,259,528) | (19,125,765) |
Class R3 Shares | - | - | (497,684) | (88,563) |
Class R4 Shares | - | - | (657,230) | (114,616) |
Class R5 Shares | - | - | (2,277,399) | (406,256) |
Class R6 Shares | - | - | (6,805,277) | (845,284) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 11,651,032 | 22,545,088 | (6,281,463) | 5,663,748 |
Class C Shares | 1,343,528 | 2,514,883 | (7,027,788) | (17,085,519) |
Class I Shares | 210,904,868 | 174,010,009 | (290,734,058) | 23,821,895 |
Class R3 Shares | - | - | (259,124) | 813,193 |
Class R4 Shares | - | - | 1,098,706 | 1,028,673 |
Class R5 Shares | - | - | (924,557) | (221,191) |
Class R6 Shares | - | - | 3,330,404 | 43,772,314 |
Net Increase (Decrease) in Net Assets | 35,926,503 | 250,683,338 | (1,007,716,341) | 182,347,793 |
NET ASSETS | ||||
Beginning of Year | 347,909,694 | 97,226,356 | 1,928,405,241 | 1,746,057,448 |
End of Year | $ 383,836,197 | $ 347,909,694 | $ 920,688,900 | $ 1,928,405,241 |
THORNBURG DEVELOPING WORLD FUND | THORNBURG SMALL/MID CAP CORE FUND | |||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 21,627,644 | $ 2,995,896 | $ (1,630,048) | $ 465,695 |
Net realized gain (loss) | (65,584,058) | 92,825,380 | (19,690,191) | 226,101,666 |
Net change in unrealized appreciation (depreciation) | (377,472,251) | 81,047,307 | (143,639,039) | (8,975,742) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (421,428,665) | 176,868,583 | (164,959,278) | 217,591,619 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | - | - | (122,071,650) | - |
Class C Shares | - | - | (4,832,240) | - |
Class I Shares | - | (1,240,033) | (87,917,194) | - |
Class R3 Shares | - | - | (6,082,568) | - |
Class R4 Shares | - | - | (1,155,007) | - |
Class R5 Shares | - | (5,775) | (3,628,978) | - |
Class R6 Shares | - | (173,993) | - | - |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 1,023,278 | 9,170,861 | 51,894,406 | (48,852,077) |
Class C Shares | (13,423,005) | (17,794,278) | (2,381,118) | (11,067,483) |
Class I Shares | 186,186,571 | 125,144,133 | 26,723,681 | (40,995,537) |
Class R3 Shares | - | - | 175,122 | (8,215,545) |
Class R4 Shares | - | - | 473,412 | (1,500,983) |
Class R5 Shares | (537,878) | 899,908 | (2,667,211) | (3,417,832) |
Class R6 Shares | 2,994,134 | 2,122,539 | - | - |
Net Increase (Decrease) in Net Assets | (245,185,565) | 294,991,945 | (316,428,623) | 103,542,162 |
NET ASSETS | ||||
Beginning of Year | 1,179,846,600 | 884,854,655 | 846,776,979 | 743,234,817 |
End of Year | $ 934,661,035 | $ 1,179,846,600 | $ 530,348,356 | $ 846,776,979 |
THORNBURG SMALL/MID CAP GROWTH FUND | THORNBURG INVESTMENT INCOME BUILDER FUND | |||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ (4,731,095) | $ (6,572,232) | $ 572,565,616 | $ 574,602,639 |
Net realized gain (loss) | (91,058,919) | 246,517,937 | 558,281,672 | 362,903,576 |
Net change in unrealized appreciation (depreciation) | (125,609,457) | (138,053,403) | (2,378,483,248) | 1,694,666,970 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (221,399,471) | 101,892,302 | (1,247,635,960) | 2,632,173,185 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (116,662,505) | (21,786,815) | (201,637,382) | (186,461,886) |
Class C Shares | (9,000,446) | (2,420,920) | (34,382,021) | (46,091,421) |
Class I Shares | (96,903,886) | (16,872,585) | (322,622,375) | (297,043,722) |
Class R3 Shares | (9,133,414) | (2,196,040) | (1,161,653) | (1,196,087) |
Class R4 Shares | (677,509) | (173,350) | (614,910) | (638,486) |
Class R5 Shares | (6,929,696) | (1,374,412) | (1,874,171) | (2,363,360) |
Class R6 Shares | - | - | (7,073,144) | (5,592,075) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 33,337,901 | (11,198,760) | 122,948,703 | 263,624,361 |
Class C Shares | (3,334,612) | (15,751,606) | (242,851,475) | (784,839,681) |
Class I Shares | 24,438,534 | (28,121,333) | 372,237,215 | (335,800,673) |
Class R3 Shares | 6,084,629 | (9,034,714) | (1,166,777) | (4,648,803) |
Class R4 Shares | 427,757 | (878,637) | (534,461) | (3,061,055) |
Class R5 Shares | 541,093 | (1,755,528) | (4,004,205) | (16,363,605) |
Class R6 Shares | - | - | 44,998,660 | 6,692,039 |
Net Increase (Decrease) in Net Assets | (399,211,625) | (9,672,398) | (1,525,373,956) | 1,218,388,731 |
NET ASSETS | ||||
Beginning of Year | 690,237,206 | 699,909,604 | 10,846,733,986 | 9,628,345,255 |
End of Year | $ 291,025,581 | $ 690,237,206 | $ 9,321,360,030 | $ 10,846,733,986 |
THORNBURG SUMMIT FUND | ||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income (loss) | $ 1,571,118 | $ 679,700 |
Net realized gain (loss) | (1,543,670) | 10,340,154 |
Net change in unrealized appreciation (depreciation) | (9,351,210) | 562,641 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (9,323,762) | 11,582,495 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares† | (6,137) | - |
Class I Shares | (10,896,644) | (3,131,551) |
FUND SHARE TRANSACTIONS | ||
Class A Shares† | 565,061 | - |
Class I Shares | 13,738,449 | 8,128,955 |
Net Increase (Decrease) in Net Assets | (5,923,033) | 16,579,899 |
NET ASSETS | ||
Beginning of Year | 62,465,848 | 45,885,949 |
End of Year | $ 56,542,815 | $ 62,465,848 |
† | Effective date of this class of shares was January 26, 2022. |
September 30, 2022
September 30, 2022
Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | |
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 | |
Income Builder Fund | X | X | X | X | X | X | X |
Summit Fund | X | X |
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
GLOBAL OPPORTUNITIES FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 689,346,589 | $ 290,137,194 | $ 399,209,395 | $ — |
Exchange-Traded Funds | 24,151,119 | 24,151,119 | — | — |
Short-Term Investments | 67,253,606 | 67,253,606 | — | — |
Total Investments in Securities | $ 780,751,314 | $ 381,541,919 | $ 399,209,395 | $ — |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 5,759,731 | $ — | $ 5,759,731 | $ — |
Total Assets | $ 786,511,045 | $ 381,541,919 | $ 404,969,126 | $ — |
Liabilities | ||||
Other Financial Instruments | ||||
Forward Currency Contracts | $ (124,414) | $ — | $ (124,414) | $ — |
Total Other Financial Instruments | $ (124,414) | $ — | $ (124,414) | $ — |
Total Liabilities | $ (124,414) | $ — | $ (124,414) | $ — |
INTERNATIONAL EQUITY FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 1,960,382,973 | $ 268,138,653 | $ 1,692,244,320 | $ — |
Short-Term Investments | 201,533,193 | 201,533,193 | — | — |
Total Investments in Securities | $ 2,161,916,166 | $ 469,671,846 | $ 1,692,244,320 | $ — |
Total Assets | $ 2,161,916,166 | $ 469,671,846 | $ 1,692,244,320 | $ — |
BETTER WORLD INTERNATIONAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 359,262,414 | $ 80,127,785 | $ 279,134,629 | $ — |
Short-Term Investments | 21,444,036 | 21,444,036 | — | — |
Total Investments in Securities | $ 380,706,450 | $ 101,571,821 | $ 279,134,629 | $ — |
Total Assets | $ 380,706,450 | $ 101,571,821 | $ 279,134,629 | $ — |
INTERNATIONAL GROWTH FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 868,943,591 | $ 236,620,939 | $ 632,322,652 | $ — |
Short-Term Investments | 45,852,069 | 45,852,069 | — | — |
Total Investments in Securities | $ 914,795,660 | $ 282,473,008 | $ 632,322,652 | $ — |
Total Assets | $ 914,795,660 | $ 282,473,008 | $ 632,322,652 | $— |
September 30, 2022
DEVELOPING WORLD FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 878,850,220 | $ 217,825,958 | $ 661,024,262 | $ — |
Rights | 6,313 | 6,313 | — | — |
Short-Term Investments | 37,261,633 | 37,261,633 | — | — |
Total Investments in Securities | $ 916,118,166 | $ 255,093,904 | $ 661,024,262 | $ — |
Total Assets | $ 916,118,166 | $ 255,093,904 | $ 661,024,262 | $ — |
SMALL/MID CAP CORE FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 530,047,261 | $ 530,047,261 | $ — | $ — |
Short-Term Investments | 3,867,931 | 3,867,931 | — | — |
Total Investments in Securities | $ 533,915,192 | $ 533,915,192 | $ — | $ — |
Total Assets | $ 533,915,192 | $ 533,915,192 | $ — | $ — |
SMALL/MID CAP GROWTH FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 287,971,741 | $ 287,971,741 | $ — | $ — |
Short-Term Investments | 4,533,328 | 4,533,328 | — | — |
Total Investments in Securities | $ 292,505,069 | $ 292,505,069 | $ — | $ — |
Total Assets | $ 292,505,069 | $ 292,505,069 | $ — | $ — |
INCOME BUILDER FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 7,316,986,318 | $ 2,772,866,193 | $ 4,541,911,473 | $ 2,208,652 |
Preferred Stock | 31,436,466 | 21,831,966 | 9,604,500 | — |
Asset Backed Securities | 243,666,556 | — | 212,174,056 | 31,492,500 |
Corporate Bonds | 894,928,516 | — | 894,928,016 | 500 |
Other Government | 3,315,480 | — | 3,315,480 | — |
Mortgage Backed | 177,157,521 | — | 177,156,571 | 950 |
Loan Participations | 42,368,523 | — | 42,368,523 | — |
Short-Term Investments | 519,970,522 | 519,970,522 | — | — |
Total Investments in Securities | $ 9,229,829,902 | $ 3,314,668,681 | $ 5,881,458,619 | $ 33,702,602 |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 103,136,140 | $ — | $ 103,136,140 | $ — |
Total Assets | $ 9,332,966,042 | $ 3,314,668,681 | $ 5,984,594,759 | $ 33,702,602(a) |
Liabilities | ||||
Other Financial Instruments | ||||
Forward Currency Contracts | $ (3,509) | $ — | $ (3,509) | $ — |
Total Other Financial Instruments | $ (3,509) | $ — | $ (3,509) | $ — |
Total Liabilities | $ (3,509) | $ — | $ (3,509) | $— |
(a) | Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2022 is not presented. |
September 30, 2022
SUMMIT FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 29,508,026 | $ 18,668,019 | $ 10,840,007 | $ — |
Asset Backed Securities | 5,759,432 | — | 5,361,452 | 397,980 |
Corporate Bonds | 3,756,707 | — | 3,756,707 | — |
U.S. Treasury Securities | 11,891,150 | 11,891,150 | — | — |
Mortgage Backed | 3,243,689 | — | 3,243,689 | — |
Exchange-Traded Funds | 2,104,757 | 2,104,757 | — | — |
Short-Term Investments | 1,326,366 | 1,326,366 | — | — |
Total Investments in Securities | $ 57,590,127 | $ 33,990,292 | $ 23,201,855 | $ 397,980 |
Total Assets | $ 57,590,127 | $ 33,990,292 | $ 23,201,855 | $ 397,980 |
Liabilities | ||||
Other Financial Instruments | ||||
Forward Currency Contracts | $ (173,094) | $ — | $ (173,094) | $ — |
Total Other Financial Instruments | $ (173,094) | $ — | $ (173,094) | $ — |
Total Liabilities | $ (173,094) | $ — | $ (173,094) | $— |
GLOBAL OPPORTUNITIES FUND, INTERNATIONAL EQUITY FUND, INTERNATIONAL GROWTH FUND, SMALL/MID CAP CORE FUND, SMALL/MID CAP GROWTH FUND, INCOME BUILDER FUND | BETTER WORLD INTERNATIONAL FUND, DEVELOPING WORLD FUND | SUMMIT 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 | 0.975% | Up to $500 million | 0.750% |
Next $500 million | 0.825 | Next $500 million | 0.925 | Next $500 million | 0.700 |
Next $500 million | 0.775 | Next $500 million | 0.875 | Next $500 million | 0.650 |
Next $500 million | 0.725 | Next $500 million | 0.825 | Next $500 million | 0.625 |
Over $2 billion | 0.675 | Over $2 billion | 0.775 | Over $2 billion | 0.600 |
September 30, 2022
Effective Management Fee | |
Global Opportunities Fund | 0.848% |
International Equity Fund | 0.762 |
Better World International Fund | 0.975 |
International Growth Fund | 0.824 |
Developing World Fund | 0.944 |
Small/Mid Cap Core Fund | 0.861 |
Small/Mid Cap Growth Fund | 0.870 |
Income Builder Fund | 0.698 |
Summit 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 | |
Global Opportunities Fund | $ 4,970 | $ 2,370 |
International Equity Fund | 3,371 | 817 |
Better World International Fund | 8,340 | 1,035 |
International Growth Fund | 3,312 | 1,342 |
Developing World Fund | 5,267 | 1,088 |
Small/Mid Cap Core Fund | 4,254 | 24 |
Small/Mid Cap Growth Fund | 4,023 | — |
Income Builder Fund | 305,400 | 24,581 |
Summit Fund | 1,555 | — |
September 30, 2022
Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | |
Global Opportunities Fund | —% | —% | 0.99% | 1.50% | 1.40% | 0.99% | 0.85% |
International Equity Fund | — | — | 0.90 | 1.36 | 1.16 | 0.90 | 0.70 |
Better World International Fund | — | 2.19 | 0.90 | — | — | — | — |
International Growth Fund | — | — | — | 1.50 | 1.40 | 0.99 | 0.89 |
Developing World Fund | — | — | 1.04 | — | — | 1.04 | 0.94 |
Small/Mid Cap Core Fund | — | — | 0.95 | 1.31 | 1.21 | 0.95 | — |
Small/Mid Cap Growth Fund | — | — | 0.95 | 1.46 | 1.36 | 0.95 | — |
Income Builder Fund | — | — | — | 1.50 | 1.40 | 0.99 | 0.80 |
Summit Fund | 0.94 | — | 0.69 | — | — | — | — |
Contractual: | Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Global Opportunities Fund | $ — | $ — | $ 88,594 | $ 28,971 | $ 36,479 | $ 62,775 | $ 73,386 | $ 290,205 |
International Equity Fund | — | — | 178,415 | 297,157 | 197,208 | 325,458 | 209,738 | 1,207,976 |
Better World International Fund | — | 8,295 | 700,218 | — | — | — | — | 708,513 |
International Growth Fund | — | — | — | 47,570 | 52,171 | 131,936 | 109,503 | 341,180 |
Developing World Fund | — | — | 663,197 | — | — | 32,467 | 99,138 | 794,802 |
Small/Mid Cap Core Fund | 219,558 | 14,606 | 509,908 | 112,578 | 32,612 | 80,253 | — | 969,515 |
Small/Mid Cap Growth Fund | 154,509 | 9,424 | 368,002 | 98,659 | 24,370 | 92,807 | — | 747,771 |
Income Builder Fund | — | — | — | 31,155 | 12,466 | 47,483 | 60,232 | 151,336 |
Summit Fund | 15,648 | — | 222,403 | — | — | — | — | 238,051 |
Voluntary: | Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Global Opportunities Fund | $ 135,523 | $ 48,118 | $ 335,977 | $ 1,756 | $ 2,966 | $ 9,556 | $ 29,204 | $ 563,100 |
International Equity Fund | 406,628 | 17,990 | 1,479,055 | 115,403 | 76,868 | 109,541 | 360,190 | 2,565,675 |
Better World International Fund | 43,595 | 5,755 | 387,920 | — | — | — | — | 437,270 |
International Growth Fund | 2,565 | 395 | 864,476 | 124 | 179 | 595 | 1,848 | 870,182 |
Developing World Fund | 116,644 | 28,295 | 869,251 | — | — | 3,263 | 69,818 | 1,087,271 |
Small/Mid Cap Growth Fund | — | 13,314 | — | — | — | — | — | 13,314 |
September 30, 2022
Percentage of Direct Investments | |
Global Opportunities Fund | 5.74% |
International Equity Fund | 1.58 |
Better World International Fund | 8.96 |
International Growth Fund | 2.85 |
Developing World Fund | 3.35 |
Small/Mid Cap Core Fund | 6.20 |
Small/Mid Cap Growth Fund | 6.33 |
Income Builder Fund | 1.41 |
Summit Fund | 63.02 |
Purchases | Sales | Realized gains/(losses) | |
Small/Mid Cap Core Fund | $ 15,017,169 | $ 6,910,492 | $ 2,339,166 |
Small/Mid Cap Growth Fund | 6,910,492 | 15,017,169 | (3,903,148) |
GLOBAL OPPORTUNITIES FUND | Market Value 9/30/21 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/22 | Dividend Income |
Thornburg Capital Mgmt. Fund | $ 34,427,071 | $ 276,436,292 | $ (243,609,757) | $ - | $ - | $ 67,253,606 | $ 323,893 |
INTERNATIONAL EQUITY FUND | |||||||
Thornburg Capital Mgmt. Fund | $352,027,123 | $ 916,316,577 | $(1,066,810,507) | $ - | $ - | $201,533,193 | $ 1,986,496 |
BETTER WORLD INTERNATIONAL FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 31,700,716 | $ 376,488,690 | $ (386,745,370) | $ - | $ - | $ 21,444,036 | $ 358,790 |
INTERNATIONAL GROWTH FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 64,240,267 | $ 729,277,016 | $ (747,665,214) | $ - | $ - | $ 45,852,069 | $ 492,617 |
DEVELOPING WORLD FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 29,224,822 | $ 447,693,682 | $ (439,656,871) | $ - | $ - | $ 37,261,633 | $ 284,485 |
SMALL/MID CAP CORE FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 2,280,880 | $ 166,733,354 | $ (165,146,303) | $ - | $ - | $ 3,867,931 | $ 75,035 |
SMALL/MID CAP GROWTH FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 4,142,746 | $ 174,076,896 | $ (173,686,314) | $ - | $ - | $ 4,533,328 | $ 34,494 |
INCOME BUILDER FUND | |||||||
Chimera Investment Corp | $264,958,318 | $ 1,042,910 | $ (22,929,825) | $12,269,280 | $(164,944,320) | $ 90,396,363 | $ 8,337,231 |
Malamute Energy, Inc. | 12,439 | - | - | - | - | 12,439 | - |
Midcap Financial Investment* | 49,127,545 | - | (11,305,237) | (7,482,325) | (315,841) | 30,024,142 | 4,184,896 |
SLR Investment Corp | 88,149,127 | - | (6,227,084) | (1,909,369) | (26,939,346) | 53,073,328 | 6,425,833 |
Thornburg Capital Mgmt. Fund | 271,426,844 | 1,671,240,084 | (1,422,696,406) | - | - | 519,970,522 | 4,844,907 |
Total | $673,674,273 | $1,672,282,994 | $(1,463,158,552) | $ 2,877,586 | $(192,199,507) | $693,476,794 | $23,792,867 |
* Issuer no longer affiliated at September 30, 2022. |
September 30, 2022
SUMMIT FUND | Market Value 9/30/21 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/22 | Dividend Income |
Thornburg Capital Mgmt. Fund | $ 5,946,069 | $ 37,709,224 | $ (42,328,927) | $ - | $ - | $ 1,326,366 | $ 32,447 |
Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Global Opportunities Fund | $ 646,523,536 | $ 177,423,636 | $ (37,560,541) | $ 139,863,095 |
International Equity Fund | 2,332,284,083 | 138,538,394 | (308,906,311) | (170,367,917) |
Better World International Fund | 455,634,524 | 1,155,287 | (76,083,361) | (74,928,074) |
International Growth Fund | 882,008,522 | 114,519,703 | (81,732,565) | 32,787,138 |
Developing World Fund | 973,624,754 | 102,418,449 | (159,925,037) | (57,506,588) |
Small/Mid Cap Core Fund | 583,192,926 | 55,601,107 | (104,878,841) | (49,277,734) |
Small/Mid Cap Growth Fund | 341,052,016 | 27,820,441 | (76,367,388) | (48,546,947) |
Income Builder Fund | 9,391,051,744 | 1,481,835,787 | (1,539,924,998) | (58,089,211) |
Summit Fund | 60,903,716 | 1,598,980 | (5,085,663) | (3,486,683) |
Deferred Tax Basis | ||
Late-Year Ordinary Losses | Capital Losses | |
Better World International Fund | $ — | $ 46,756,909 |
International Growth Fund | 352,915 | 32,981,508 |
Small/Mid Cap Core Fund | 587,843 | 25,633,462 |
Small/Mid Cap Growth Fund | 3,114,180 | — |
Cumulative Capital Losses | ||
Short-Term | Long-Term | |
International Equity Fund | $ 30,511,660 | $ — |
Developing World Fund | 115,291,488 | — |
Small/Mid Cap Growth Fund | 37,655,259 | 50,463,381 |
Income Builder Fund | 239,747,614 | — |
September 30, 2022
Cumulative Capital Losses | ||
Short-Term | Long-Term | |
Summit Fund | $ 1,011,960 | $ 291,143 |
Utilized Capital Loss Carryforwards | |
Income Builder Fund | $ 613,141,185 |
Distributable Earnings | Net Capital Paid | |
Global Opportunities Fund | $ (9,708,791) | $ 9,708,791 |
Small/Mid Cap Core Fund | 1,010,854 | (1,010,854) |
Small/Mid Cap Growth Fund | 1,685,311 | (1,685,311) |
Undistributed Tax Basis Ordinary Investment Income | Undistributed tax basis capital gains | |
Global Opportunities Fund | $ 8,425,684 | $ 24,123,684 |
International Equity Fund | 40,953,439 | — |
Developing World Fund | 14,616,567 | — |
Income Builder Fund | 99,059,634 | — |
Summit Fund | 169,764 | — |
September 30, 2022
DISTRIBUTIONS FROM: | ||||
ORDINARY INCOME | CAPITAL GAINS | |||
2022 | 2021 | 2022 | 2021 | |
Global Opportunities Fund | $ 15,778,960 | $ 20,681,538 | $ 125,340,509 | $ 44,789,787 |
International Equity Fund | 193,817,050 | 61,041,295 | 234,608,023 | 48,034,182 |
Better World International Fund | 31,313,003 | 467,138 | 18,007,297 | — |
International Growth Fund | 9,898,518 | 18,415,108 | 111,846,103 | 4,632,647 |
Developing World Fund | — | 1,419,801 | — | — |
Small/Mid Cap Core Fund | 70,922,563 | — | 154,765,074 | — |
Small/Mid Cap Growth Fund | 7,963,421 | 7,599,747 | 231,344,035 | 37,224,375 |
Income Builder Fund | 569,365,656 | 539,387,037 | — | — |
Summit Fund | 9,193,382 | 2,727,215 | 1,709,399 | 404,336 |
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
GLOBAL OPPORTUNITIES FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 974,446 | $ 32,677,548 | 874,275 | $ 32,438,647 |
Shares issued to shareholders in reinvestment of dividends | 932,299 | 33,290,506 | 442,778 | 14,478,834 |
Shares repurchased | (1,066,676) | (36,104,291) | (1,067,193) | (39,035,301) |
Net increase (decrease) | 840,069 | $ 29,863,763 | 249,860 | $ 7,882,180 |
Class C Shares | ||||
Shares sold | 91,768 | $ 2,937,754 | 113,898 | $ 4,047,616 |
Shares issued to shareholders in reinvestment of dividends | 402,531 | 13,579,745 | 255,394 | 7,988,719 |
Shares repurchased | (1,061,887) | (33,936,198) | (1,194,390) | (42,125,923) |
Net increase (decrease) | (567,588) | $ (17,418,699) | (825,098) | $ (30,089,588) |
Class I Shares | ||||
Shares sold | 3,320,142 | $ 113,814,310 | 1,864,870 | $ 70,845,527 |
Shares issued to shareholders in reinvestment of dividends | 2,086,899 | 74,888,020 | 991,332 | 32,632,180 |
Shares repurchased | (4,751,990) | (158,005,927) | (3,967,733) | (141,555,890) |
Net increase (decrease) | 655,051 | $ 30,696,403 | (1,111,531) | $ (38,078,183) |
Class R3 Shares | ||||
Shares sold | 16,133 | $ 526,960 | 20,970 | $ 794,404 |
Shares issued to shareholders in reinvestment of dividends | 13,696 | 482,287 | 7,186 | 232,451 |
Shares repurchased | (30,694) | (1,020,172) | (46,653) | (1,726,925) |
Net increase (decrease) | (865) | $ (10,925) | (18,497) | $ (700,070) |
Class R4 Shares | ||||
Shares sold | 21,583 | $ 717,640 | 30,008 | $ 1,114,726 |
Shares issued to shareholders in reinvestment of dividends | 17,674 | 625,825 | 9,046 | 293,903 |
Shares repurchased | (31,449) | (1,046,960) | (42,391) | (1,610,874) |
Net increase (decrease) | 7,808 | $ 296,505 | (3,337) | $ (202,245) |
September 30, 2022
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
GLOBAL OPPORTUNITIES FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R5 Shares | ||||
Shares sold | 138,723 | $ 4,670,479 | 123,067 | $ 4,568,125 |
Shares issued to shareholders in reinvestment of dividends | 63,528 | 2,282,290 | 58,718 | 1,934,612 |
Shares repurchased | (170,169) | (5,914,065) | (689,498) | (25,626,942) |
Net increase (decrease) | 32,082 | $ 1,038,704 | (507,713) | $ (19,124,205) |
Class R6 Shares | ||||
Shares sold | 101,369 | $ 3,757,080 | 131,284 | $ 4,960,273 |
Shares issued to shareholders in reinvestment of dividends | 210,743 | 7,594,896 | 101,230 | 3,347,578 |
Shares repurchased | (64,288) | (2,196,431) | (168,320) | (6,520,234) |
Net increase (decrease) | 247,824 | $ 9,155,545 | 64,194 | $ 1,787,617 |
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
INTERNATIONAL EQUITY FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 2,041,060 | $ 52,169,489 | 2,896,091 | $ 81,589,572 |
Shares issued to shareholders in reinvestment of dividends | 2,401,673 | 64,165,504 | 967,980 | 25,503,852 |
In-kind redemptions | - | - | (13,269,318) | (391,975,649) |
Shares repurchased | (4,666,655) | (109,084,663) | (5,021,375) | (142,779,243) |
Net increase (decrease) | (223,922) | $ 7,250,330 | (14,426,622) | $ (427,661,468) |
Class C Shares | ||||
Shares sold | 67,920 | $ 1,516,672 | 152,073 | $ 3,848,667 |
Shares issued to shareholders in reinvestment of dividends | 147,243 | 3,385,937 | 43,045 | 994,770 |
Shares repurchased | (398,808) | (8,405,488) | (1,151,785) | (27,656,991) |
Net increase (decrease) | (183,645) | $ (3,502,879) | (956,667) | $ (22,813,554) |
Class I Shares | ||||
Shares sold | 12,619,730 | $ 312,476,672 | 11,175,901 | $ 334,435,484 |
Shares issued to shareholders in reinvestment of dividends | 8,538,732 | 237,811,796 | 1,980,851 | 54,339,971 |
Shares repurchased | (22,012,027) | (534,663,559) | (12,867,557) | (382,158,344) |
Net increase (decrease) | (853,565) | $ 15,624,909 | 289,195 | $ 6,617,111 |
Class R3 Shares | ||||
Shares sold | 912,200 | $ 20,606,533 | 984,210 | $ 28,294,741 |
Shares issued to shareholders in reinvestment of dividends | 740,732 | 19,783,311 | 170,983 | 4,488,294 |
Shares repurchased | (1,592,391) | (37,291,918) | (1,836,277) | (52,478,097) |
Net increase (decrease) | 60,541 | $ 3,097,926 | (681,084) | $ (19,695,062) |
Class R4 Shares | ||||
Shares sold | 1,113,079 | $ 25,625,006 | 645,614 | $ 18,494,549 |
Shares issued to shareholders in reinvestment of dividends | 420,162 | 11,128,522 | 102,231 | 2,670,773 |
Shares repurchased | (1,327,502) | (31,465,982) | (1,238,024) | (34,763,153) |
Net increase (decrease) | 205,739 | $ 5,287,546 | (490,179) | $ (13,597,831) |
September 30, 2022
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
INTERNATIONAL EQUITY FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R5 Shares | ||||
Shares sold | 767,101 | $ 18,825,543 | 1,683,407 | $ 50,629,374 |
Shares issued to shareholders in reinvestment of dividends | 717,832 | 19,976,446 | 158,583 | 4,338,871 |
Shares repurchased | (2,284,897) | (55,348,975) | (1,691,896) | (49,972,641) |
Net increase (decrease) | (799,964) | $ (16,546,986) | 150,094 | $ 4,995,604 |
Class R6 Shares | ||||
Shares sold | 2,573,099 | $ 61,671,850 | 3,588,727 | $ 105,156,756 |
Shares issued to shareholders in reinvestment of dividends | 1,437,278 | 39,828,164 | 300,976 | 8,231,829 |
Shares repurchased | (2,268,264) | (53,193,858) | (2,530,737) | (74,195,581) |
Net increase (decrease) | 1,742,113 | $ 48,306,156 | 1,358,966 | $ 39,193,004 |
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
BETTER WORLD INTERNATIONAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 1,582,515 | $ 28,147,344 | 1,302,368 | $ 26,146,896 |
Shares issued to shareholders in reinvestment of dividends | 294,897 | 5,729,841 | - | - |
Shares repurchased | (1,303,757) | (22,226,153) | (182,151) | (3,601,808) |
Net increase (decrease) | 573,655 | $ 11,651,032 | 1,120,217 | $ 22,545,088 |
Class C Shares | ||||
Shares sold | 109,442 | $ 1,929,300 | 150,258 | $ 2,960,554 |
Shares issued to shareholders in reinvestment of dividends | 41,038 | 780,125 | - | - |
Shares repurchased | (80,971) | (1,365,897) | (24,035) | (445,671) |
Net increase (decrease) | 69,509 | $ 1,343,528 | 126,223 | $ 2,514,883 |
Class I Shares | ||||
Shares sold | 19,799,712 | $ 351,052,279 | 9,594,015 | $ 196,134,568 |
Shares issued to shareholders in reinvestment of dividends | 2,124,211 | 42,507,949 | 23,974 | 433,681 |
Shares repurchased | (10,767,532) | (182,655,360) | (1,087,648) | (22,558,240) |
Net increase (decrease) | 11,156,391 | $ 210,904,868 | 8,530,341 | $ 174,010,009 |
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
INTERNATIONAL GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 962,327 | $ 24,783,568 | 1,593,500 | $ 49,084,038 |
Shares issued to shareholders in reinvestment of dividends | 318,951 | 9,348,439 | 61,272 | 1,791,587 |
Shares repurchased | (1,660,999) | (40,413,470) | (1,460,932) | (45,211,877) |
Net increase (decrease) | (379,721) | $ (6,281,463) | 193,840 | $ 5,663,748 |
Class C Shares | ||||
Shares sold | 37,981 | $ 909,671 | 125,510 | $ 3,534,608 |
Shares issued to shareholders in reinvestment of dividends | 68,485 | 1,812,795 | 18,333 | 491,332 |
Shares repurchased | (447,856) | (9,750,254) | (750,148) | (21,111,459) |
Net increase (decrease) | (341,390) | $ (7,027,788) | (606,305) | $ (17,085,519) |
September 30, 2022
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
INTERNATIONAL GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class I Shares | ||||
Shares sold | 10,967,456 | $ 282,718,001 | 11,565,613 | $ 368,764,672 |
Shares issued to shareholders in reinvestment of dividends | 2,988,849 | 90,890,906 | 582,668 | 17,584,909 |
Shares repurchased | (26,337,373) | (664,342,965) | (11,260,799) | (362,527,686) |
Net increase (decrease) | (12,381,068) | $ (290,734,058) | 887,482 | $ 23,821,895 |
Class R3 Shares | ||||
Shares sold | 38,455 | $ 901,733 | 102,881 | $ 3,150,965 |
Shares issued to shareholders in reinvestment of dividends | 17,128 | 493,619 | 2,994 | 86,381 |
Shares repurchased | (69,584) | (1,654,476) | (78,786) | (2,424,153) |
Net increase (decrease) | (14,001) | $ (259,124) | 27,089 | $ 813,193 |
Class R4 Shares | ||||
Shares sold | 117,683 | $ 2,910,598 | 178,688 | $ 5,508,749 |
Shares issued to shareholders in reinvestment of dividends | 11,821 | 343,404 | 2,535 | 73,581 |
Shares repurchased | (89,929) | (2,155,296) | (150,715) | (4,553,657) |
Net increase (decrease) | 39,575 | $ 1,098,706 | 30,508 | $ 1,028,673 |
Class R5 Shares | ||||
Shares sold | 210,329 | $ 5,124,797 | 492,795 | $ 15,657,087 |
Shares issued to shareholders in reinvestment of dividends | 74,090 | 2,260,498 | 13,159 | 398,322 |
Shares repurchased | (327,159) | (8,309,852) | (510,772) | (16,276,600) |
Net increase (decrease) | (42,740) | $ (924,557) | (4,818) | $ (221,191) |
Class R6 Shares | ||||
Shares sold | 235,553 | $ 6,055,870 | 1,619,650 | $ 52,755,172 |
Shares issued to shareholders in reinvestment of dividends | 210,948 | 6,463,441 | 26,476 | 803,816 |
Shares repurchased | (371,500) | (9,188,907) | (301,858) | (9,786,674) |
Net increase (decrease) | 75,001 | $ 3,330,404 | 1,344,268 | $ 43,772,314 |
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
DEVELOPING WORLD FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 1,354,097 | $ 32,648,557 | 1,441,855 | $ 40,291,192 |
Shares issued to shareholders in reinvestment of dividends | - | - | - | - |
Shares repurchased | (1,352,523) | (31,625,279) | (1,113,929) | (31,120,331) |
Net increase (decrease) | 1,574 | $ 1,023,278 | 327,926 | $ 9,170,861 |
Class C Shares | ||||
Shares sold | 115,696 | $ 2,715,472 | 180,889 | $ 4,875,796 |
Shares issued to shareholders in reinvestment of dividends | - | - | - | - |
Shares repurchased | (702,621) | (16,138,477) | (858,481) | (22,670,074) |
Net increase (decrease) | (586,925) | $ (13,423,005) | (677,592) | $ (17,794,278) |
September 30, 2022
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
DEVELOPING WORLD FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class I Shares | ||||
Shares sold | 19,508,504 | $ 457,205,551 | 10,225,864 | $ 297,861,014 |
Shares issued to shareholders in reinvestment of dividends | - | - | 42,677 | 1,197,932 |
Shares repurchased | (11,471,300) | (271,018,980) | (6,041,340) | (173,914,813) |
Net increase (decrease) | 8,037,204 | $ 186,186,571 | 4,227,201 | $ 125,144,133 |
Class R5 Shares | ||||
Shares sold | 25,218 | $ 621,172 | 61,806 | $ 1,799,071 |
Shares issued to shareholders in reinvestment of dividends | - | - | 206 | 5,772 |
Shares repurchased | (45,654) | (1,159,050) | (31,472) | (904,935) |
Net increase (decrease) | (20,436) | $ (537,878) | 30,540 | $ 899,908 |
Class R6 Shares | ||||
Shares sold | 456,652 | $ 11,372,017 | 497,571 | $ 14,615,052 |
Shares issued to shareholders in reinvestment of dividends | - | - | 5,578 | 156,695 |
Shares repurchased | (350,216) | (8,377,883) | (431,178) | (12,649,208) |
Net increase (decrease) | 106,436 | $ 2,994,134 | 71,971 | $ 2,122,539 |
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
SMALL/MID CAP CORE FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 217,480 | $ 15,364,294 | 178,986 | $ 15,661,024 |
Shares issued to shareholders in reinvestment of dividends | 1,546,880 | 116,587,733 | - | - |
Shares repurchased | (1,122,476) | (80,057,621) | (720,458) | (64,513,101) |
Net increase (decrease) | 641,884 | $ 51,894,406 | (541,472) | $ (48,852,077) |
Class C Shares | ||||
Shares sold | 3,664 | $ 220,812 | 14,454 | $ 1,131,222 |
Shares issued to shareholders in reinvestment of dividends | 74,225 | 4,803,824 | - | - |
Shares repurchased | (118,480) | (7,405,754) | (155,579) | (12,198,705) |
Net increase (decrease) | (40,591) | $ (2,381,118) | (141,125) | $ (11,067,483) |
Class I Shares | ||||
Shares sold | 171,464 | $ 13,046,450 | 176,656 | $ 16,739,230 |
Shares issued to shareholders in reinvestment of dividends | 1,089,536 | 85,936,055 | - | - |
Shares repurchased | (978,338) | (72,258,824) | (615,795) | (57,734,767) |
Net increase (decrease) | 282,662 | $ 26,723,681 | (439,139) | $ (40,995,537) |
Class R3 Shares | ||||
Shares sold | 24,799 | $ 1,702,857 | 25,950 | $ 2,397,735 |
Shares issued to shareholders in reinvestment of dividends | 81,262 | 6,082,567 | - | - |
Shares repurchased | (105,446) | (7,610,302) | (117,894) | (10,613,280) |
Net increase (decrease) | 615 | $ 175,122 | (91,944) | $ (8,215,545) |
September 30, 2022
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
SMALL/MID CAP CORE FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R4 Shares | ||||
Shares sold | 11,684 | $ 827,543 | 3,422 | $ 318,202 |
Shares issued to shareholders in reinvestment of dividends | 14,252 | 1,084,494 | - | - |
Shares repurchased | (20,168) | (1,438,625) | (19,198) | (1,819,185) |
Net increase (decrease) | 5,768 | $ 473,412 | (15,776) | $ (1,500,983) |
Class R5 Shares | ||||
Shares sold | 11,303 | $ 807,519 | 17,992 | $ 1,705,968 |
Shares issued to shareholders in reinvestment of dividends | 46,107 | 3,628,979 | - | - |
Shares repurchased | (97,834) | (7,103,709) | (55,840) | (5,123,800) |
Net increase (decrease) | (40,424) | $ (2,667,211) | (37,848) | $ (3,417,832) |
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
SMALL/MID CAP GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 479,005 | $ 15,626,745 | 522,919 | $ 26,958,739 |
Shares issued to shareholders in reinvestment of dividends | 3,054,719 | 110,183,728 | 427,260 | 20,478,571 |
Shares repurchased | (3,145,771) | (92,472,572) | (1,140,046) | (58,636,070) |
Net increase (decrease) | 387,953 | $ 33,337,901 | (189,867) | $ (11,198,760) |
Class C Shares | ||||
Shares sold | 33,600 | $ 727,603 | 65,596 | $ 2,753,371 |
Shares issued to shareholders in reinvestment of dividends | 334,608 | 8,877,148 | 59,368 | 2,361,004 |
Shares repurchased | (555,269) | (12,939,363) | (486,597) | (20,865,981) |
Net increase (decrease) | (187,061) | $ (3,334,612) | (361,633) | $ (15,751,606) |
Class I Shares | ||||
Shares sold | 850,566 | $ 47,437,538 | 296,435 | $ 16,826,337 |
Shares issued to shareholders in reinvestment of dividends | 2,318,105 | 95,714,556 | 316,266 | 16,572,326 |
Shares repurchased | (3,340,551) | (118,713,560) | (1,087,795) | (61,519,996) |
Net increase (decrease) | (171,880) | $ 24,438,534 | (475,094) | $ (28,121,333) |
Class R3 Shares | ||||
Shares sold | 78,566 | $ 2,122,092 | 151,977 | $ 7,844,430 |
Shares issued to shareholders in reinvestment of dividends | 257,207 | 9,092,273 | 45,769 | 2,168,563 |
Shares repurchased | (181,644) | (5,129,736) | (374,516) | (19,047,707) |
Net increase (decrease) | 154,129 | $ 6,084,629 | (176,770) | $ (9,034,714) |
Class R4 Shares | ||||
Shares sold | 11,058 | $ 326,875 | 8,612 | $ 433,852 |
Shares issued to shareholders in reinvestment of dividends | 13,941 | 504,087 | 2,342 | 112,549 |
Shares repurchased | (12,824) | (403,205) | (28,290) | (1,425,038) |
Net increase (decrease) | 12,175 | $ 427,757 | (17,336) | $ (878,637) |
September 30, 2022
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
SMALL/MID CAP GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R5 Shares | ||||
Shares sold | 46,825 | $ 1,617,763 | 63,067 | $ 3,516,214 |
Shares issued to shareholders in reinvestment of dividends | 159,882 | 6,590,335 | 24,886 | 1,302,303 |
Shares repurchased | (231,439) | (7,667,005) | (117,021) | (6,574,045) |
Net increase (decrease) | (24,732) | $ 541,093 | (29,068) | $ (1,755,528) |
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
INCOME BUILDER FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 20,452,673 | $ 471,778,955 | 38,053,419 | $ 805,315,392 |
Shares issued to shareholders in reinvestment of dividends | 8,182,741 | 184,957,591 | 7,326,764 | 166,752,349 |
Shares repurchased | (23,393,696) | (533,787,843) | (32,268,779) | (708,443,380) |
Net increase (decrease) | 5,241,718 | $ 122,948,703 | 13,111,404 | $ 263,624,361 |
Class C Shares | ||||
Shares sold | 3,169,422 | $ 73,205,279 | 2,768,674 | $ 62,298,586 |
Shares issued to shareholders in reinvestment of dividends | 1,480,354 | 33,671,970 | 1,990,410 | 44,975,480 |
Shares repurchased | (15,161,446) | (349,728,724) | (42,291,629) | (892,113,747) |
Net increase (decrease) | (10,511,670) | $ (242,851,475) | (37,532,545) | $ (784,839,681) |
Class I Shares | ||||
Shares sold | 43,401,332 | $ 1,001,318,903 | 31,505,910 | $ 714,592,583 |
Shares issued to shareholders in reinvestment of dividends | 13,008,019 | 295,975,824 | 11,591,990 | 265,649,744 |
Shares repurchased | (40,351,846) | (925,057,512) | (60,241,755) | (1,316,043,000) |
Net increase (decrease) | 16,057,505 | $ 372,237,215 | (17,143,855) | $ (335,800,673) |
Class R3 Shares | ||||
Shares sold | 109,253 | $ 2,539,813 | 99,771 | $ 2,233,156 |
Shares issued to shareholders in reinvestment of dividends | 50,372 | 1,139,554 | 50,662 | 1,150,008 |
Shares repurchased | (214,599) | (4,846,144) | (364,539) | (8,031,967) |
Net increase (decrease) | (54,974) | $ (1,166,777) | (214,106) | $ (4,648,803) |
Class R4 Shares | ||||
Shares sold | 74,259 | $ 1,699,300 | 83,913 | $ 1,871,243 |
Shares issued to shareholders in reinvestment of dividends | 23,766 | 538,409 | 24,287 | 552,047 |
Shares repurchased | (123,516) | (2,772,170) | (250,185) | (5,484,345) |
Net increase (decrease) | (25,491) | $ (534,461) | (141,985) | $ (3,061,055) |
Class R5 Shares | ||||
Shares sold | 319,714 | $ 7,363,065 | 408,481 | $ 9,218,476 |
Shares issued to shareholders in reinvestment of dividends | 58,724 | 1,342,082 | 72,984 | 1,665,569 |
Shares repurchased | (539,290) | (12,709,352) | (1,211,745) | (27,247,650) |
Net increase (decrease) | (160,852) | $ (4,004,205) | (730,280) | $ (16,363,605) |
September 30, 2022
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
INCOME BUILDER FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R6 Shares | ||||
Shares sold | 2,015,040 | $ 45,266,210 | 590,224 | $ 13,367,382 |
Shares issued to shareholders in reinvestment of dividends | 282,496 | 6,359,945 | 222,481 | 5,084,324 |
Shares repurchased | (286,739) | (6,627,495) | (522,152) | (11,759,667) |
Net increase (decrease) | 2,010,797 | $ 44,998,660 | 290,553 | $ 6,692,039 |
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
SUMMIT FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares† | ||||
Shares sold | 55,966 | $ 640,846 | - | $ - |
Shares issued to shareholders in reinvestment of dividends | 561 | 6,137 | - | - |
Shares repurchased | (7,383) | (81,922) | - | - |
Net increase (decrease) | 49,144 | $ 565,061 | - | $ - |
Class I Shares | ||||
Shares sold | 932,567 | $ 11,328,129 | 501,726 | $ 6,924,014 |
Shares issued to shareholders in reinvestment of dividends | 858,759 | 10,674,300 | 241,184 | 3,005,041 |
Shares repurchased | (740,432) | (8,263,980) | (126,679) | (1,800,100) |
Net increase (decrease) | 1,050,894 | $ 13,738,449 | 616,231 | $ 8,128,955 |
† Effective date of this class of shares was January 26, 2022. |
Purchases | Sales | |
Global Opportunities Fund | $ 259,591,831 | $ 374,898,371 |
International Equity Fund | 1,316,494,582 | 1,483,999,462 |
Better World International Fund | 708,470,769 | 524,947,905 |
International Growth Fund | 865,213,645 | 1,267,464,392 |
Developing World Fund | 887,994,385 | 720,063,504 |
Small/Mid Cap Core Fund | 320,916,912 | 461,858,254 |
Small/Mid Cap Growth Fund | 263,094,577 | 445,298,649 |
Income Builder Fund | 3,098,555,387 | 2,648,479,596 |
Summit Fund | 87,292,704 | 78,887,295 |
September 30, 2022
September 30, 2022
Type of Derivative(a) | Counter Party | Asset Derivatives | Liability Derivatives | Net Amount | |
Global Opportunities Fund | Forward currency contracts | SSB | $ 4,383,351 | $ (124,414) | $ 4,258,937 |
Forward currency contracts | BBH | 1,376,380 | — | 1,376,380 | |
$ 5,759,731 | $ (124,414) | $ 5,635,317 | |||
Income Builder Fund | Forward currency contracts | SSB | 77,853,013 | (3,509) | 77,849,504 |
Forward currency contracts | BBH | 25,283,127 | — | 25,283,127 | |
$ 103,136,140 | $ (3,509) | $ 103,132,631 | |||
Summit Fund | Forward currency contracts | MSC | — | (73,650) | (73,650) |
Forward currency contracts | SSB | — | (99,444) | (99,444) | |
$ — | $ (173,094) | $ (173,094) |
(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) | |||
Global Opportunities Fund | Forward currency contracts | $ 15,820,365 | $ 4,098,063 | ||
Income Builder Fund | Forward currency contracts | 280,479,865 | 78,885,641 | ||
Summit Fund | Forward currency contracts | (259,278) | (152,358) | ||
Summit Fund | Written Options | 32,635 | — |
(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. |
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) | |||||||||
2022 | $ 39.32 | 0.28 | (6.80) | (6.52) | (0.49) | (4.55) | — | (5.04) | $ 27.76 |
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 |
CLASS C SHARES | |||||||||
2022 | $ 37.36 | — (e) | (6.41) | (6.41) | (0.19) | (4.55) | — | (4.74) | $ 26.21 |
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 |
CLASS I SHARES | |||||||||
2022 | $ 39.49 | 0.39 | (6.83) | (6.44) | (0.59) | (4.55) | — | (5.14) | $ 27.91 |
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 |
CLASS R3 SHARES | |||||||||
2022 | $ 38.81 | 0.20 | (6.69) | (6.49) | (0.40) | (4.55) | — | (4.95) | $ 27.37 |
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 |
CLASS R4 SHARES | |||||||||
2022 | $ 39.01 | 0.24 | (6.73) | (6.49) | (0.44) | (4.55) | — | (4.99) | $ 27.53 |
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 |
CLASS R5 SHARES | |||||||||
2022 | $ 39.53 | 0.38 | (6.83) | (6.45) | (0.58) | (4.55) | — | (5.13) | $ 27.95 |
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 |
CLASS R6 SHARES | |||||||||
2022 | $ 39.64 | 0.44 | (6.86) | (6.42) | (0.64) | (4.55) | — | (5.19) | $ 28.03 |
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 |
(a) | Net investment income (loss) includes income from foreign withholding tax claims adjusted for IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the Net Investment Income (Loss) ratios for 2022 would have been: Class A, 0.79%; Class C, (0.04)%; Class I, 1.10%; Class R3, 0.56%; Class R4, 0.67%; Class R5, 1.08%; Class R6, 1.24% and 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) | Net investment income (loss) was less than $0.01 per share. |
+ | 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) | |||||||
2022 | 0.83 | 1.29 | 1.35 | (19.31) | 26.92 | $ 218,968 | |
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 | |
CLASS C SHARES | |||||||
2022 | — (e) | 2.06 | 2.11 | (19.94) | 26.92 | $ 63,994 | |
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 | |
CLASS I SHARES | |||||||
2022 | 1.14 | 0.99 | 1.06 | (19.06) | 26.92 | $ 446,228 | |
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 | |
CLASS R3 SHARES | |||||||
2022 | 0.61 | 1.50 | 2.40 | (19.47) | 26.92 | $ 2,639 | |
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 | |
CLASS R4 SHARES | |||||||
2022 | 0.72 | 1.40 | 2.09 | (19.37) | 26.92 | $ 4,573 | |
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 | |
CLASS R5 SHARES | |||||||
2022 | 1.12 | 0.99 | 1.38 | (19.06) | 26.92 | $ 15,512 | |
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 | |
CLASS R6 SHARES | |||||||
2022 | 1.28 | 0.85 | 1.03 | (18.95) | 26.92 | $ 47,300 | |
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 |
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) | |||||||||
2022 | $ 28.75 | 0.29 | (7.15) | (6.86) | (0.27) | (3.43) | — | (3.70) | $ 18.19 |
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 |
CLASS C SHARES | |||||||||
2022 | $ 25.20 | 0.11 | (6.13) | (6.02) | (0.14) | (3.43) | — | (3.57) | $ 15.61 |
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 |
CLASS I SHARES | |||||||||
2022 | $ 29.88 | 0.41 | (7.47) | (7.06) | (0.41) | (3.43) | — | (3.84) | $ 18.98 |
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 |
CLASS R3 SHARES | |||||||||
2022 | $ 28.75 | 0.27 | (7.16) | (6.89) | (0.26) | (3.43) | — | (3.69) | $ 18.17 |
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 |
CLASS R4 SHARES | |||||||||
2022 | $ 28.56 | 0.32 | (7.10) | (6.78) | (0.32) | (3.43) | — | (3.75) | $ 18.03 |
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 |
CLASS R5 SHARES | |||||||||
2022 | $ 29.84 | 0.39 | (7.44) | (7.05) | (0.40) | (3.43) | — | (3.83) | $ 18.96 |
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 |
CLASS R6 SHARES | |||||||||
2022 | $ 29.75 | 0.45 | (7.43) | (6.98) | (0.45) | (3.43) | — | (3.88) | $ 18.89 |
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 |
(a) | Net investment income (loss) includes income from foreign withholding tax claims adjusted for IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the Net Investment Income (Loss) ratios for 2022 would have been: Class A, 1.20%; Class C, 0.52%; Class I, 1.61%; Class R3, 1.11%; Class R4, 1.32%; Class R5, 1.53%; Class R6, 1.80% and 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) | |||||||
2022 | 1.25 | 1.30 | 1.38 | (27.88) | 48.88 | $ 339,638 | |
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 | |
CLASS C SHARES | |||||||
2022 | 0.56 | 1.96 | 2.05 | (28.38) | 48.88 | $ 13,978 | |
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 | |
CLASS I SHARES | |||||||
2022 | 1.66 | 0.90 | 1.00 | (27.64) | 48.88 | $ 1,254,672 | |
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 | |
CLASS R3 SHARES | |||||||
2022 | 1.16 | 1.40 | 1.70 | (27.97) | 48.88 | $ 100,783 | |
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 | |
CLASS R4 SHARES | |||||||
2022 | 1.37 | 1.19 | 1.50 | (27.81) | 48.88 | $ 69,822 | |
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 | |
CLASS R5 SHARES | |||||||
2022 | 1.57 | 0.94 | 1.28 | (27.60) | 48.88 | $ 86,468 | |
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 | |
CLASS R6 SHARES | |||||||
2022 | 1.85 | 0.73 | 0.92 | (27.47) | 48.88 | $ 243,442 | |
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 |
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) | |||||||||
2022 | $ 21.46 | 0.06 | (5.18) | (5.12) | — | (2.86) | — | (2.86) | $ 13.48 |
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 |
CLASS C SHARES | |||||||||
2022 | $ 21.08 | (0.07) | (5.04) | (5.11) | — | (2.86) | — | (2.86) | $ 13.11 |
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 |
CLASS I SHARES | |||||||||
2022 | $ 22.03 | 0.15 | (5.34) | (5.19) | (0.05) | (2.86) | — | (2.91) | $ 13.93 |
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 |
(a) | Net investment income (loss) includes income from foreign withholding tax claims adjusted for IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the Net Investment Income (Loss) ratios for 2022 would have been: Class A, 0.32%; Class C, (0.43)%; Class I, 0.88% and 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) | |||||||
2022 | 0.34 | 1.47 | 1.58 | (27.93) | 140.89 | $ 33,050 | |
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 | |
CLASS C SHARES | |||||||
2022 | (0.42) | 2.24 | 2.50 | (28.44) | 140.89 | $ 4,391 | |
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 | |
CLASS I SHARES | |||||||
2022 | 0.89 | 0.96 | 1.25 | (27.54) | 140.89 | $ 346,395 | |
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 |
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) | |||||||||
2022 | $ 30.27 | 0.03 | (10.09) | (10.06) | — | (1.99) | — | (1.99) | $ 18.22 |
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 |
CLASS C SHARES | |||||||||
2022 | $ 27.55 | (0.17) | (9.06) | (9.23) | — | (1.99) | — | (1.99) | $ 16.33 |
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 |
CLASS I SHARES | |||||||||
2022 | $ 31.32 | 0.12 | (10.48) | (10.36) | — | (1.99) | — | (1.99) | $ 18.97 |
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 |
CLASS R3 SHARES | |||||||||
2022 | $ 29.80 | — (f) | (9.91) | (9.91) | — | (1.99) | — | (1.99) | $ 17.90 |
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 |
CLASS R4 SHARES | |||||||||
2022 | $ 30.02 | 0.03 | (10.00) | (9.97) | — | (1.99) | — | (1.99) | $ 18.06 |
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 |
CLASS R5 SHARES | |||||||||
2022 | $ 31.41 | 0.12 | (10.51) | (10.39) | — | (1.99) | — | (1.99) | $ 19.03 |
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 |
CLASS R6 SHARES | |||||||||
2022 | $ 31.54 | 0.15 | (10.57) | (10.42) | — | (1.99) | — | (1.99) | $ 19.13 |
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 |
(a) | Net investment income (loss) includes income from foreign withholding tax claims adjusted for IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the Net Investment Income (Loss) ratios for 2022 would have been: Class A, 0.08%; Class C, (0.83)%; Class I, 0.42%; Class R3, (0.06)%; Class R4, 0.07%; Class R5, 0.44%; Class R6, 0.56% and 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) | |||||||
2022 | 0.13 | 1.36 | 1.36 | (35.72) | 63.54 | $ 86,145 | |
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 | |
CLASS C SHARES | |||||||
2022 | (0.78) | 2.22 | 2.23 | (36.27) | 63.54 | $ 10,939 | |
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 | |
CLASS I SHARES | |||||||
2022 | 0.47 | 0.99 | 1.06 | (35.47) | 63.54 | $ 724,495 | |
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 | |
CLASS R3 SHARES | |||||||
2022 | (0.01) | 1.50 | 2.29 | (35.79) | 63.54 | $ 4,340 | |
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 | |
CLASS R4 SHARES | |||||||
2022 | 0.12 | 1.40 | 2.00 | (35.72) | 63.54 | $ 6,670 | |
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 | |
CLASS R5 SHARES | |||||||
2022 | 0.49 | 0.99 | 1.45 | (35.46) | 63.54 | $ 21,233 | |
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 | |
CLASS R6 SHARES | |||||||
2022 | 0.61 | 0.89 | 1.01 | (35.41) | 63.54 | $ 66,867 | |
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 |
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) | |||||||||
2022 | $ 27.58 | 0.39 | (9.54) | (9.15) | — | — | — | — | $ 18.43 |
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 |
CLASS C SHARES | |||||||||
2022 | $ 25.93 | 0.14 | (8.89) | (8.75) | — | — | — | — | $ 17.18 |
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 |
CLASS I SHARES | |||||||||
2022 | $ 28.22 | 0.50 | (9.79) | (9.29) | — | — | — | — | $ 18.93 |
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 |
CLASS R5 SHARES | |||||||||
2022 | $ 28.12 | 0.48 | (9.73) | (9.25) | — | — | — | — | $ 18.87 |
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 |
CLASS R6 SHARES | |||||||||
2022 | $ 28.26 | 0.52 | (9.80) | (9.28) | — | — | — | — | $ 18.98 |
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 |
(a) | Net investment income (loss) includes income from foreign withholding tax claims adjusted for IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the Net Investment Income (Loss) ratios for 2022 would have been: Class A, 1.63%; Class C, 0.61%; Class I, 2.06%; Class R5, 1.94%; Class R6, 2.14% and 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) | |||||||
2022 | 1.63 | 1.44 | 1.54 | (33.18) | 68.24 | $ 87,897 | |
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 | |
CLASS C SHARES | |||||||
2022 | 0.62 | 2.26 | 2.36 | (33.74) | 68.24 | $ 17,044 | |
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 | |
CLASS I SHARES | |||||||
2022 | 2.07 | 1.06 | 1.23 | (32.92) | 68.24 | $ 772,911 | |
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 | |
CLASS R5 SHARES | |||||||
2022 | 1.94 | 1.06 | 2.15 | (32.89) | 68.24 | $ 2,403 | |
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 | |
CLASS R6 SHARES | |||||||
2022 | 2.14 | 0.96 | 1.20 | (32.84) | 68.24 | $ 54,406 | |
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 |
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) | |||||||||
2022 | $ 97.60 | (0.27) | (15.33) | (15.60) | (0.30) | (26.35) | — | (26.65) | $ 55.35 |
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 |
CLASS C SHARES | |||||||||
2022 | $ 87.40 | (0.81) | (12.95) | (13.76) | — | (26.35) | — | (26.35) | $ 47.29 |
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 |
CLASS I SHARES | |||||||||
2022 | $ 100.99 | 0.01 | (16.09) | (16.08) | (0.55) | (26.35) | — | (26.90) | $ 58.01 |
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 |
CLASS R3 SHARES | |||||||||
2022 | $ 97.10 | (0.25) | (15.21) | (15.46) | (0.26) | (26.35) | — | (26.61) | $ 55.03 |
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 |
CLASS R4 SHARES | |||||||||
2022 | $ 98.30 | (0.16) | (15.50) | (15.66) | (0.33) | (26.35) | — | (26.68) | $ 55.96 |
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 |
CLASS R5 SHARES | |||||||||
2022 | $ 100.84 | — (f) | (16.04) | (16.04) | (0.55) | (26.35) | — | (26.90) | $ 57.90 |
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 |
(a) | Net investment income (loss) includes income from foreign withholding tax claims adjusted for 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. |
(f) | Net investment income (loss) was less than $0.01 per share. |
+ | 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) | |||||||
2022 | (0.38) | 1.31 | 1.37 | (23.16) | 46.19 | $ 293,290 | |
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 | |
CLASS C SHARES | |||||||
2022 | (1.31) | 2.22 | 2.34 | (23.86) | 46.19 | $ 7,476 | |
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 | |
CLASS I SHARES | |||||||
2022 | 0.02 | 0.91 | 1.09 | (22.84) | 46.19 | $ 207,251 | |
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 | |
CLASS R3 SHARES | |||||||
2022 | (0.35) | 1.27 | 1.87 | (23.11) | 46.19 | $ 13,406 | |
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 | |
CLASS R4 SHARES | |||||||
2022 | (0.23) | 1.17 | 2.04 | (23.03) | 46.19 | $ 2,819 | |
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 | |
CLASS R5 SHARES | |||||||
2022 | — (f) | 0.90 | 1.64 | (22.83) | 46.19 | $ 6,106 | |
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 |
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) | |||||||||
2022 | $ 51.77 | (0.35) | (12.37) | (12.72) | — | (17.88) | — | (17.88) | $ 21.17 |
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 |
CLASS C SHARES | |||||||||
2022 | $ 42.67 | (0.48) | (8.86) | (9.34) | — | (17.88) | — | (17.88) | $ 15.45 |
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 |
CLASS I SHARES | |||||||||
2022 | $ 56.75 | (0.26) | (14.27) | (14.53) | — | (17.88) | — | (17.88) | $ 24.34 |
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 |
CLASS R3 SHARES | |||||||||
2022 | $ 51.09 | (0.36) | (12.10) | (12.46) | — | (17.88) | — | (17.88) | $ 20.75 |
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 |
CLASS R4 SHARES | |||||||||
2022 | $ 51.86 | (0.34) | (12.40) | (12.74) | — | (17.88) | — | (17.88) | $ 21.24 |
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 |
CLASS R5 SHARES | |||||||||
2022 | $ 56.68 | (0.26) | (14.24) | (14.50) | — | (17.88) | — | (17.88) | $ 24.30 |
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 |
(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) | |||||||
2022 | (1.20) | 1.33 | 1.40 | (38.84) | 57.56 | $ 147,493 | |
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 | |
CLASS C SHARES | |||||||
2022 | (2.09) | 2.21 | 2.40 | (39.39) | 57.56 | $ 5,596 | |
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 | |
CLASS I SHARES | |||||||
2022 | (0.76) | 0.90 | 1.10 | (38.54) | 57.56 | $ 113,478 | |
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 | |
CLASS R3 SHARES | |||||||
2022 | (1.27) | 1.41 | 1.92 | (38.84) | 57.56 | $ 14,115 | |
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 | |
CLASS R4 SHARES | |||||||
2022 | (1.18) | 1.31 | 2.97 | (38.79) | 57.56 | $ 1,109 | |
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 | |
CLASS R5 SHARES | |||||||
2022 | (0.77) | 0.90 | 1.52 | (38.53) | 57.56 | $ 9,235 | |
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 |
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) | |||||||||
2022 | $ 22.96 | 1.18 | (3.75) | (2.57) | (1.17) | — | — | (1.17) | $ 19.22 |
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 |
CLASS C SHARES | |||||||||
2022 | $ 22.93 | 0.98 | (3.72) | (2.74) | (1.00) | — | — | (1.00) | $ 19.19 |
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 |
CLASS I SHARES | |||||||||
2022 | $ 23.13 | 1.25 | (3.78) | (2.53) | (1.24) | — | — | (1.24) | $ 19.36 |
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 |
CLASS R3 SHARES | |||||||||
2022 | $ 22.95 | 1.09 | (3.74) | (2.65) | (1.09) | — | — | (1.09) | $ 19.21 |
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 |
CLASS R4 SHARES | |||||||||
2022 | $ 22.98 | 1.12 | (3.75) | (2.63) | (1.11) | — | — | (1.11) | $ 19.24 |
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 |
CLASS R5 SHARES | |||||||||
2022 | $ 23.11 | 1.21 | (3.76) | (2.55) | (1.21) | — | — | (1.21) | $ 19.35 |
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 |
CLASS R6 SHARES | |||||||||
2022 | $ 23.06 | 1.27 | (3.78) | (2.51) | (1.25) | — | — | (1.25) | $ 19.30 |
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 |
(a) | Net investment income (loss) includes income from foreign withholding tax claims adjusted for IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the Net Investment Income (Loss) ratios for 2022 would have been: Class A, 4.71%; Class C, 3.83%; Class I, 4.96%; Class R3, 4.32%; Class R4, 4.44%; Class R5, 4.79%; Class R6, 5.14% and 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%. |
+ | 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) | |||||||
2022 | 5.14 | 1.14 | 1.14 | (11.81) | 25.31 | $ 3,344,513 | |
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 | |
CLASS C SHARES | |||||||
2022 | 4.26 | 1.89 | 1.89 | (12.52) | 25.31 | $ 570,348 | |
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 | |
CLASS I SHARES | |||||||
2022 | 5.40 | 0.89 | 0.89 | (11.61) | 25.31 | $ 5,213,452 | |
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 | |
CLASS R3 SHARES | |||||||
2022 | 4.76 | 1.50 | 1.63 | (12.15) | 25.31 | $ 19,842 | |
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 | |
CLASS R4 SHARES | |||||||
2022 | 4.87 | 1.40 | 1.50 | (12.08) | 25.31 | $ 10,181 | |
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 | |
CLASS R5 SHARES | |||||||
2022 | 5.21 | 0.99 | 1.12 | (11.71) | 25.31 | $ 29,318 | |
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 | |
CLASS R6 SHARES | |||||||
2022 | 5.55 | 0.80 | 0.85 | (11.54) | 25.31 | $ 133,706 | |
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 |
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 A SHARES(d)(e) | |||||||||
2022 | $ 12.06 | 0.18 | (1.74) | (1.56) | (0.19) | — | — | (0.19) | $ 10.31 |
CLASS I SHARES | |||||||||
2022 | $ 14.25 | 0.28 | (1.81) | (1.53) | (0.24) | (2.17) | — | (2.41) | $ 10.31 |
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 (h) | $ 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) | Effective date of this class of shares was January 26, 2022. |
(e) | Sales loads are not reflected in computing total return. |
(f) | Annualized. |
(g) | Due to the size of net assets and fixed expenses, ratios may appear disproportionate. |
(h) | Fund commenced operations on March 1, 2019. |
+ | Based on weighted average shares outstanding. |
Summit Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%)(a) | Expenses, Before Expense Reductions (%)(b) | Total Return (%)(c) | Portfolio Turnover Rate (%)(c) | Net Assets at End of YEAR (Thousands) | |
CLASS A SHARES(d)(e) | |||||||
2022 | 2.40 (f) | 0.99 (f) | 9.32 (f)(g) | (13.02) | 128.69 | $ 507 | |
CLASS I SHARES | |||||||
2022 | 2.38 | 0.88 | 1.22 | (13.36) | 128.69 | $ 56,036 | |
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 (h) | 1.78 (f) | 1.72 (f) | 2.44 (f) | 5.45 | 53.38 | $ 35,489 |
Thornburg Equity Funds
September 30, 2022 (Unaudited)
(1) | transaction costs, including |
(a) | sales charges (loads) on purchase payments, for Class A shares; |
(b) | a deferred sales charge on redemptions of any part or all of a purchase of $1 million of Class A shares within 12 months of purchase; |
(c) | a deferred sales charge on redemptions of Class C shares within 12 months of purchase; |
(2) | ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. |
Actual | Hypothetical * | |||||
Ending Account Value 9/30/22 | Expenses Paid During Period 4/1/22-9/30/22 | Ending Account Value 9/30/22 | Expenses Paid During Period† 4/1/22-9/30/22 | Annualized Expense Ratio | ||
GLOBAL OPPORTUNITIES FUND | ||||||
CLASS A SHARES | $800.70 | $ 5.87 | $1,018.55 | $ 6.58 | 1.30% | |
CLASS C SHARES | $797.39 | $ 9.24 | $1,014.79 | $10.35 | 2.05% | |
CLASS I SHARES | $801.79 | $ 4.47 | $1,020.10 | $ 5.01 | 0.99% | |
CLASS R3 SHARES | $799.59 | $ 6.77 | $1,017.55 | $ 7.59 | 1.50% | |
CLASS R4 SHARES | $800.30 | $ 6.32 | $1,018.05 | $ 7.08 | 1.40% | |
CLASS R5 SHARES | $801.78 | $ 4.47 | $1,020.10 | $ 5.01 | 0.99% | |
CLASS R6 SHARES | $802.47 | $ 3.84 | $1,020.81 | $ 4.31 | 0.85% | |
INTERNATIONAL EQUITY FUND | ||||||
CLASS A SHARES | $785.07 | $ 5.55 | $1,018.85 | $ 6.28 | 1.24% | |
CLASS C SHARES | $782.46 | $ 8.62 | $1,015.39 | $ 9.75 | 1.93% | |
CLASS I SHARES | $786.16 | $ 3.90 | $1,020.71 | $ 4.41 | 0.87% | |
CLASS R3 SHARES | $784.55 | $ 6.08 | $1,018.25 | $ 6.88 | 1.36% | |
CLASS R4 SHARES | $785.63 | $ 5.19 | $1,019.25 | $ 5.87 | 1.16% | |
CLASS R5 SHARES | $786.73 | $ 4.03 | $1,020.56 | $ 4.56 | 0.90% | |
CLASS R6 SHARES | $787.42 | $ 3.14 | $1,021.56 | $ 3.55 | 0.70% | |
BETTER WORLD INTERNATIONAL FUND | ||||||
CLASS A SHARES | $780.55 | $ 6.47 | $1,017.80 | $ 7.33 | 1.45% | |
CLASS C SHARES | $777.59 | $ 9.76 | $1,014.09 | $11.06 | 2.19% | |
CLASS I SHARES | $782.59 | $ 4.02 | $1,020.56 | $ 4.56 | 0.90% |
September 30, 2022 (Unaudited)
Actual | Hypothetical * | |||||
Ending Account Value 9/30/22 | Expenses Paid During Period 4/1/22-9/30/22 | Ending Account Value 9/30/22 | Expenses Paid During Period† 4/1/22-9/30/22 | Annualized Expense Ratio | ||
INTERNATIONAL GROWTH FUND | ||||||
CLASS A SHARES | $765.87 | $ 6.33 | $1,017.90 | $ 7.23 | 1.43% | |
CLASS C SHARES | $762.73 | $10.30 | $1,013.39 | $11.76 | 2.33% | |
CLASS I SHARES | $767.71 | $ 4.39 | $1,020.10 | $ 5.01 | 0.99% | |
CLASS R3 SHARES | $765.62 | $ 6.64 | $1,017.55 | $ 7.59 | 1.50% | |
CLASS R4 SHARES | $766.23 | $ 6.20 | $1,018.05 | $ 7.08 | 1.40% | |
CLASS R5 SHARES | $767.65 | $ 4.39 | $1,020.10 | $ 5.01 | 0.99% | |
CLASS R6 SHARES | $767.97 | $ 3.94 | $1,020.61 | $ 4.51 | 0.89% | |
DEVELOPING WORLD FUND | ||||||
CLASS A SHARES | $761.57 | $ 6.36 | $1,017.85 | $ 7.28 | 1.44% | |
CLASS C SHARES | $758.50 | $ 9.92 | $1,013.79 | $11.36 | 2.25% | |
CLASS I SHARES | $763.31 | $ 4.60 | $1,019.85 | $ 5.27 | 1.04% | |
CLASS R5 SHARES | $763.35 | $ 4.60 | $1,019.85 | $ 5.27 | 1.04% | |
CLASS R6 SHARES | $763.79 | $ 4.16 | $1,020.36 | $ 4.76 | 0.94% | |
SMALL/MID CAP CORE FUND | ||||||
CLASS A SHARES | $783.33 | $ 6.30 | $1,018.00 | $ 7.13 | 1.41% | |
CLASS C SHARES | $779.59 | $10.48 | $1,013.29 | $11.86 | 2.35% | |
CLASS I SHARES | $785.08 | $ 4.25 | $1,020.31 | $ 4.81 | 0.95% | |
CLASS R3 SHARES | $783.68 | $ 5.86 | $1,018.50 | $ 6.63 | 1.31% | |
CLASS R4 SHARES | $784.20 | $ 5.41 | $1,019.00 | $ 6.12 | 1.21% | |
CLASS R5 SHARES | $785.19 | $ 4.25 | $1,020.31 | $ 4.81 | 0.95% | |
SMALL/MID CAP GROWTH FUND | ||||||
CLASS A SHARES | $753.11 | $ 6.46 | $1,017.70 | $ 7.44 | 1.47% | |
CLASS C SHARES | $750.01 | $10.27 | $1,013.34 | $11.81 | 2.34% | |
CLASS I SHARES | $755.44 | $ 4.18 | $1,020.31 | $ 4.81 | 0.95% | |
CLASS R3 SHARES | $753.45 | $ 6.42 | $1,017.75 | $ 7.38 | 1.46% | |
CLASS R4 SHARES | $753.73 | $ 5.98 | $1,018.25 | $ 6.88 | 1.36% | |
CLASS R5 SHARES | $755.37 | $ 4.18 | $1,020.31 | $ 4.81 | 0.95% | |
INCOME BUILDER FUND | ||||||
CLASS A SHARES | $833.92 | $ 5.29 | $1,019.30 | $ 5.82 | 1.15% | |
CLASS C SHARES | $830.33 | $ 8.67 | $1,015.59 | $ 9.55 | 1.89% | |
CLASS I SHARES | $834.72 | $ 4.09 | $1,020.61 | $ 4.51 | 0.89% | |
CLASS R3 SHARES | $832.23 | $ 6.89 | $1,017.55 | $ 7.59 | 1.50% | |
CLASS R4 SHARES | $832.56 | $ 6.43 | $1,018.05 | $ 7.08 | 1.40% | |
CLASS R5 SHARES | $834.54 | $ 4.55 | $1,020.10 | $ 5.01 | 0.99% | |
CLASS R6 SHARES | $835.32 | $ 3.68 | $1,021.06 | $ 4.05 | 0.80% | |
SUMMIT FUND | ||||||
CLASS A SHARES | $863.24 | $ 4.53 | $1,020.21 | $ 4.91 | 0.97% | |
CLASS I SHARES | $864.17 | $ 3.60 | $1,021.21 | $ 3.90 | 0.77% |
* | 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, 2022 (Unaudited)
TAXABLE ORDINARY | LONG TERM CAPITAL GAIN | |
Global Opportunities Fund | $ 15,778,960 | $ 135,049,300 |
International Equity Fund | 193,817,050 | 234,608,023 |
Better World International Fund | 31,313,003 | 18,007,297 |
International Growth Fund | 9,898,518 | 111,846,103 |
Small/Mid Cap Core Fund | 70,922,563 | 154,765,074 |
Small/Mid Cap Growth Fund | 7,963,421 | 231,344,035 |
Income Builder Fund | 569,365,656 | — |
Summit Fund | 9,193,382 | 1,709,399 |
QUALIFIED DIVIDEND INCOME | DIVIDENDS RECEIVED DEDUCTION | |
Global Opportunities Fund | 100.00 % | 35.42 % |
International Equity Fund | 38.18 | 4.38 |
Better World International Fund | 31.68 | 0.69 |
International Growth Fund | 100.00 | 12.66 |
Developing World Fund | 100.00 | 1.99 |
Small/Mid Cap Core Fund | 19.48 | 18.04 |
Small/Mid Cap Growth Fund | 15.37 | 14.85 |
Income Builder Fund | 86.04 | 17.20 |
Summit Fund | 13.84 | 4.24 |
FOREIGN SOURCE INCOME | FOREIGN TAX CREDIT | |
Global Opportunities Fund | $ 15,637,320 | $ 1,406,207 |
International Equity Fund | 75,407,065 | 5,556,238 |
Better World International Fund | 7,939,811 | 858,411 |
International Growth Fund | 20,965,403 | 1,411,537 |
Developing World Fund | 35,861,056 | 7,105,340 |
Income Builder Fund | 445,008,058 | 4,877,516 |
September 30, 2022 (Unaudited)
September 30, 2022 (Unaudited)
• | Thornburg Global Opportunities Fund – the Trustees considered that the Fund outperformed its Morningstar category for the year-to-date, one-, three-, and ten-year periods, and the Fund outperformed its benchmark index for all those periods and since the Fund’s inception. The Trustees considered that the Fund’s performance ranked in the first decile of its Morningstar category for the three- and ten-year periods, and that the Fund ranked in the top two quartiles of a selected peer group of funds over the year-to-date, one-, three-, and ten-year periods. The Trustees also considered the contribution of the Advisor’s security selection and other factors to the Fund’s investment performance, and the Advisor’s success in achieving the Fund’s investment objective. |
• | Thornburg International Equity Fund – the Trustees considered that the Fund outperformed its Morningstar category and its benchmark index for the three-, five-, and ten-year periods and, in the case of the benchmark index, since the Fund’s inception. The Trustees noted that the Fund’s underperformance versus its Morningstar category and benchmark in more recent periods was not significant, and that the Fund performance ranked in the top two quartiles of a selected peer group of funds for the three-, five-, and ten-year periods. The Trustees also considered the contribution of the Advisor’s security selection and other factors to the Fund’s investment performance, and the Advisor’s success in achieving the Fund’s investment objective. |
• | Thornburg Better World International Fund – the Trustees considered that the Fund outperformed its benchmark index and its Morningstar category for the three- and five-year periods, ranking in the top percentile of its Morningstar category during those periods, |
September 30, 2022 (Unaudited)
• | Thornburg International Growth Fund – The Trustees noted that the Fund has outperformed its Morningstar category for the ten-year period and outperformed its benchmark index for both the ten-year period and since the Fund’s inception. The Trustees considered explanations from the Advisor respecting the market and economic conditions that have contributed to the Fund’s underperformance compared to its Morningstar category and benchmark index in certain periods and steps the Advisor is taking to remediate the Fund’s underperformance, and the Trustees observed that the degree of underperformance over most periods was not significant. The Trustees also considered the contribution of the Advisor’s security selection and other factors to the Fund’s investment performance, and the Advisor’s success in achieving the Fund’s investment objective. |
• | Thornburg Developing World 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. The Trustees considered explanations from the Advisor respecting the market and economic conditions that have contributed to the Fund’s underperformance compared to its Morningstar category and benchmark index in certain periods and steps the Advisor is taking to remediate the Fund’s underperformance, and the Trustees noted that degree of the Fund’s underperformance over most other periods was not significant. The Trustees considered that the Fund’s performance ranked in the top three quartiles of a selected peer group of funds for the three-, five, and ten-year periods. The Trustees also considered the contribution of the Advisor’s security selection and other factors to the Fund’s investment performance, and the Advisor’s success in achieving the Fund’s investment objective. |
• | 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, performance for periods prior to that date was not representative of the Fund’s current investment strategies. The Trustees noted that the Fund has outperformed its projected new Morningstar category over the year-to-date and one-year period and has outperformed its current Morningstar category over the year-to-date period. The Trustees considered explanations from the Advisor respecting the market and economic conditions that have contributed to the Fund’s underperformance compared to its Morningstar category and benchmark index in certain periods and steps the Advisor is taking to remediate the Fund’s underperformance. The Trustees also considered the contribution of the Advisor’s security selection and other factors to the Fund’s investment performance, and the Advisor’s success in achieving the Fund’s investment objective. |
• | 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, performance for periods prior to that date was not representative of the Fund’s current investment strategies. The Trustees considered explanations from the Advisor respecting the market and economic conditions that have contributed to the Fund’s underperformance compared to its Morningstar category and benchmark index in certain periods and steps the Advisor is taking to remediate the Fund’s underperformance. The Trustees also considered the contribution of the Advisor’s security selection and other factors to the Fund’s investment performance, and the Advisor’s success in achieving the Fund’s investment objective. |
• | Thornburg Investment Income Builder Fund – the Trustees considered that the Fund outperformed its Morningstar category over the year-to-date, one-, three-, five-, and ten-year periods, and outperformed the Fund’s benchmark index for the year-to-date and one-year periods, and the Trustees noted that the Fund’s underperformance versus its benchmark in other periods was not significant. The Trustees observed that the Fund’s performance ranked in the top two quartiles of a selected peer group of funds over the year-to-date, one-, three-, five- and ten-year 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 contribution of the Advisor’s security selection and other factors to the Fund’s investment performance. |
• | Thornburg Summit Fund – the Trustees considered that the Fund outperformed its Morningstar category for the year-to-date, one- and three-year periods, and the Fund outperformed its benchmark index for all those periods and since the Fund’s inception. The Trustees noted that the Fund ranked in the first percentile of its Morningstar category for the three-year period and ranked in the top quartile of a selected peer group of funds for the year-to-date, one- and three-year periods. The Trustees also considered the contribution of the Advisor’s security selection and other factors to the Fund’s investment performance, and the Advisor’s success in achieving the Fund’s investment objective. |
September 30, 2022 (Unaudited)
• | 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, 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 of the Fund, after fee waivers and expense reimbursements, was comparable to the total expense levels of other funds in the peer group. |
• | 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, 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 of the Fund, after fee waivers and expense reimbursements, 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 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 of 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 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, after fee waivers and expense reimbursements, the total expense level of one representative share class was lower than the median of the total expense levels of other funds in the peer group. |
• | Thornburg Small/Mid Cap Core 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 Small/Mid Cap 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, 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 |
September 30, 2022 (Unaudited)
• | Thornburg Investment Income Builder Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one share class of the Fund was higher than 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 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 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 each of two share classes of the Fund was lower than the median and 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 lower than the median of the total expense levels of other funds in the peer group. |
September 30, 2022 (Unaudited)
September 30, 2022 (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, 76 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); Chairman of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 67 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, 61 Trustee since 2012, Member of the Audit Committee and 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, 73 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, 59 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, 58 Trustee since 2019, Chair 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, 68 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, 63 Trustee since 1996, Chair of Operations Risk Oversight Committee and 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, 2022 (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, 59 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, 48 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, 48 Vice President since 2014 | Managing Director, Chief Operating Officer since 2020, Chief Administrative Officer (2016-2020), and Director of Institutional Group (2014-2016) of Thornburg Investment Management, Inc. | Not applicable |
John Hackett, 56 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, 55 Treasurer since 2019(6) | Director of Finance since 2021 and 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, 42 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, 41 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, Associate Portfolio Manager (2012-2015), of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 51, Assistant Treasurer since 2020; Vice President 2017-2020 | Senior Manager & Vice President, Tax & Fund Administration of Thornburg Investment Management, Inc. since 2017; Senior Vice President, Citi Fund Services, Inc. (2014-2017); Vice President, Citi Fund Services, Inc. (2007-2014) | Not applicable |
Christopher Luckham, 45 Assistant Treasurer since 2022 | Senior Manager, Fund Administration of Thornburg Investment Management, Inc. since 2010. | Not applicable |
Natasha Rippel, 40 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, 55 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 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 Investment Income Builder Fund |
■ | Thornburg Income Builder Opportunities Trust |
■ | Thornburg Summit 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 |
4 | |
5 | |
10 | |
Schedule of Investments | |
14 | |
18 | |
37 | |
46 | |
72 | |
74 | |
76 | |
78 | |
94 | |
102 | |
103 | |
105 | |
110 | |
112 |
September 30, 2022 (Unaudited)
Jason Brady, cfa Portfolio Manager CEO, President, and Managing Director |
Fund Overview
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 | -9.51% | -2.50% | -0.68% | -0.10% | 4.00% |
With sales charge | -11.54% | -2.99% | -0.99% | -0.25% | 3.96% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | -9.74% | -2.79% | -1.01% | -0.40% | 2.85% |
With sales charge | -10.19% | -2.79% | -1.01% | -0.40% | 2.85% |
Class C2 Shares (Incep: 10/1/20) | |||||
Without sales charge | -9.81% | - | - | - | -5.79% |
With sales charge | -10.39% | - | - | - | -5.79% |
Class I Shares (Incep: 7/5/96) | -9.24% | -2.22% | -0.40% | 0.21% | 3.29% |
Class R3 Shares (Incep: 7/1/03) | -9.50% | -2.57% | -0.77% | -0.17% | 1.56% |
Class R4 Shares (Incep: 2/1/14) | -9.51% | -2.57% | -0.78% | - | -0.09% |
Class R5 Shares (Incep: 5/1/12) | -9.27% | -2.28% | -0.45% | 0.17% | 0.28% |
Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged ( Since 11/16/87) | -9.18% | -1.71% | 0.18% | 0.59% | 4.73% |
Fund Overview
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 | -8.89% | -0.80% | 0.71% | 1.37% | 4.25% |
With sales charge | -10.95% | -1.31% | 0.41% | 1.22% | 4.20% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | -9.11% | -1.03% | 0.49% | 1.15% | 3.91% |
With sales charge | -9.55% | -1.03% | 0.49% | 1.15% | 3.91% |
Class C2 Shares (Incep: 10/1/20) | |||||
Without sales charge | -9.33% | - | - | - | -4.86% |
With sales charge | -9.92% | - | - | - | -4.86% |
Class I Shares (Incep: 7/5/96) | -8.63% | -0.55% | 1.00% | 1.70% | 4.37% |
Class R3 Shares (Incep: 7/1/03) | -9.16% | -1.05% | 0.49% | 1.21% | 2.86% |
Class R4 Shares (Incep: 2/1/14) | -9.16% | -1.05% | 0.51% | - | 1.15% |
Class R5 Shares (Incep: 5/1/12) | -8.71% | -0.55% | 0.95% | 1.61% | 1.85% |
Class R6 Shares (Incep: 4/10/17) | -8.62% | -0.48% | 1.08% | - | 1.34% |
Bloomberg U.S. Aggregate Bond Total Return Index Value USD (Since 10/1/92) | -14.60% | -3.26% | -0.27% | 0.89% | 4.48% |
Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged (Since 10/1/92) | -10.14% | -1.64% | 0.38% | 1.00% | 4.18% |
Fund Overview
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 | -0.96% | 0.89% | 1.47% | - | 1.37% |
With sales charge | -3.22% | 0.38% | 1.17% | - | 1.19% |
Class I Shares (Incep: 12/30/13) | -0.77% | 1.09% | 1.68% | - | 1.56% |
ICE BofA U.S. Treasury Bill Index (Since 12/30/13) | 0.48% | 0.58% | 1.14% | - | 0.78% |
Fund Overview
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 | -8.37% | 0.78% | 1.91% | 3.09% | 4.84% |
With sales charge | -12.47% | -0.75% | 0.97% | 2.61% | 4.52% |
Class C Shares (Incep: 12/19/07) | |||||
Without sales charge | -9.08% | 0.01% | 1.14% | 2.41% | 4.18% |
With sales charge | -9.96% | 0.01% | 1.14% | 2.41% | 4.18% |
Class I Shares (Incep: 12/19/07) | -8.07% | 1.13% | 2.27% | 3.46% | 5.19% |
Class R3 Shares (Incep: 5/1/12) | -8.64% | 0.48% | 1.64% | 2.94% | 3.27% |
Class R4 Shares (Incep: 2/1/14) | -8.65% | 0.48% | 1.63% | - | 2.45% |
Class R5 Shares (Incep: 5/1/12) | -8.14% | 1.13% | 2.27% | 3.42% | 3.74% |
Class R6 Shares (Incep: 4/10/17) | -8.05% | 1.21% | 2.32% | - | 2.85% |
Bloomberg U.S. Universal Total Return Index Value Unhedged (Since 12/19/07) | -14.92% | -3.11% | -0.18% | 1.17% | 2.84% |
Thornburg Limited Term U.S. Government Fund | September 30, 2022 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 184 |
Effective Duration | 3.6 Yrs |
Average Maturity | 4.6 Yrs |
Annualized Distribution Yield | 1.23% |
SEC Yield | 1.73% |
2% | 4% | 15% | 13% | 16% | 14% | 5% | 5% | 11% | 3% | 12% |
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, 2022 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 784 |
Effective Duration | 3.2 Yrs |
Average Maturity | 4.2 Yrs |
Annualized Distribution Yield | 2.10% |
SEC Yield | 3.04% |
2% | 12% | 12% | 14% | 15% | 12% | 7% | 7% | 5% | 3% | 11% |
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, 2022 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 332 |
Effective Duration | 0.6 Yrs |
Average Maturity | 0.8 Yrs |
Annualized Distribution Yield | 2.60% |
SEC Yield | 2.46% |
9% | 66% | 17% | 5% | 2% | 0% | 1% |
THORNBURG ULTRA SHORT INCOME FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | TLDAX | 885-216-812 |
Class I | TLDIX | 885-216-796 |
Thornburg Strategic Income Fund | September 30, 2022 (Unaudited)
PORTFOLIO COMPOSITION | |
Corporate/Convertible Bonds | 48.7% |
Asset Backed Securities | 21.0% |
Bank Loans | 1.9% |
Common & Preferred Stock | 0.4% |
U.S. Government Agencies | 0.3% |
U.S. Treasury Securities | 3.6% |
Other Fixed Income | 13.6% |
Other Assets Less Liabilities | 10.5% |
Annualized Distribution Yield | 3.39% |
SEC Yield | 3.91% |
TOP TEN INDUSTRY GROUPS | |
Diversified Financials | 7.8% |
Software & Services | 4.9% |
Utilities | 4.7% |
Materials | 4.1% |
Insurance | 3.7% |
Energy | 3.4% |
Health Care Equipment & Services | 2.3% |
Food, Beverage & Tobacco | 2.2% |
Real Estate | 1.9% |
Media & Entertainment | 1.8% |
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, 2022
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
U.S. Treasury Securities — 25.3% | |||
United States Treasury Notes, | |||
0.125% due 12/15/2023 | $ 5,800,000 | $ 5,517,024 | |
0.625% due 5/15/2030 | 2,304,000 | 1,815,120 | |
1.50% due 10/31/2024 - 2/15/2030 | 5,685,000 | 5,269,332 | |
2.25% due 12/31/2023 | 10,600,000 | 10,335,828 | |
2.75% due 8/15/2032 | 3,226,000 | 2,951,286 | |
2.875% due 5/15/2032 | 5,798,000 | 5,364,056 | |
United States Treasury Notes Inflationary Index, | |||
0.125% due 4/15/2027 - 1/15/2032 | 21,130,416 | 18,619,324 | |
0.25% due 1/15/2025 - 7/15/2029 | 6,135,297 | 5,553,959 | |
0.50% due 4/15/2024 - 1/15/2028 | 788,785 | 749,221 | |
0.625% due 1/15/2024 | 387,280 | 378,089 | |
0.875% due 1/15/2029 | 472,864 | 444,733 | |
Total U.S. Treasury Securities (Cost $63,044,782) | 56,997,972 | ||
U.S. Government Agencies — 7.5% | |||
a | Durrah MSN 35603 (Guaranty: Export-Import Bank of the United States), 1.684% due 1/22/2025 | 323,932 | 313,381 |
HNA Group LLC (Guaranty: Export-Import Bank of the United States), Series 2015, 2.291% due 6/30/2027 | 1,309,249 | 1,225,283 | |
a | MSN 41079 and 41084 Ltd. (Guaranty: Export-Import Bank of the United States), 1.717% due 7/13/2024 | 286,395 | 278,291 |
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a | 1.70% due 12/20/2022 | 261,250 | 256,333 |
a | 2.29% due 2/15/2024 | 78,750 | 75,246 |
a | 2.46% due 12/15/2025 | 875,000 | 816,681 |
a,b | 2.862% (LIBOR 3 Month + 0.35%) due 4/15/2025 | 962,500 | 944,405 |
Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), | |||
a | 2.06% due 1/15/2026 | 1,225,000 | 1,160,786 |
a,c | 2.512% due 1/15/2026 | 1,846,250 | 1,758,682 |
Small Business Administration Participation Certificates, | |||
Series 2002-20K Class 1, 5.08% due 11/1/2022 | 9,131 | 9,132 | |
Series 2005-20H Class 1, 5.11% due 8/1/2025 | 30,898 | 30,211 | |
Series 2007-20D Class 1, 5.32% due 4/1/2027 | 94,275 | 92,479 | |
Series 2007-20F Class 1, 5.71% due 6/1/2027 | 60,841 | 60,099 | |
Series 2007-20I Class 1, 5.56% due 9/1/2027 | 174,764 | 172,329 | |
Series 2007-20K Class 1, 5.51% due 11/1/2027 | 138,770 | 136,664 | |
Series 2008-20G Class 1, 5.87% due 7/1/2028 | 291,893 | 290,199 | |
Series 2011-20G Class 1, 3.74% due 7/1/2031 | 457,089 | 432,719 | |
Series 2011-20K Class 1, 2.87% due 11/1/2031 | 774,716 | 717,713 | |
Series 2014-20H Class 1, 2.88% due 8/1/2034 | 506,638 | 466,347 | |
Series 2015-20B Class 1, 2.46% due 2/1/2035 | 446,946 | 403,310 | |
Series 2015-20G Class 1, 2.88% due 7/1/2035 | 949,442 | 871,594 | |
Series 2015-20I Class 1, 2.82% due 9/1/2035 | 920,449 | 840,083 | |
c | Series 2017-20I Class 1, 2.59% due 9/1/2037 | 1,947,617 | 1,747,393 |
Series 2017-20K Class 1, 2.79% due 11/1/2037 | 1,004,923 | 914,280 | |
Thirax 1 LLC (Guaranty: Export-Import Bank of the United States), 0.968% due 1/14/2033 | 1,323,995 | 1,175,112 | |
Ulani MSN 35940 LLC (Guaranty: Export-Import Bank of the United States), 2.227% due 5/16/2025 | 1,145,834 | 1,120,476 | |
a,b | Washington Aircraft 2 Co DAC (Guaranty: Export-Import Bank of the United States), 4.071% (LIBOR 3 Month + 0.43%) due 6/26/2024 | 668,188 | 665,750 |
Total U.S. Government Agencies (Cost $18,163,946) | 16,974,978 | ||
Mortgage Backed — 62.5% | |||
b,d | Federal Agricultural Mortgage Corp. Mtg Trust, Whole Loan Securities Trust CMO, Seies 2021-1 Class A, 2.18% due 1/25/2051 | 4,491,960 | 3,783,371 |
Federal Home Loan Mtg Corp., | |||
Pool D98887, 3.50% due 1/1/2032 | 237,808 | 224,178 | |
Pool E09025, 2.50% due 3/1/2028 | 49,672 | 46,835 | |
Pool G13804, 5.00% due 3/1/2025 | 37,925 | 38,340 | |
Pool G15227, 3.50% due 12/1/2029 | 812,544 | 778,487 | |
Pool G16710, 3.00% due 11/1/2030 | 1,260,864 | 1,190,218 | |
Pool J11371, 4.50% due 12/1/2024 | 36,567 | 35,918 | |
Pool J21208, 2.50% due 11/1/2027 | 934,549 | 881,371 | |
Pool J37586, 3.50% due 9/1/2032 | 184,789 | 176,806 | |
Pool T61943, 3.50% due 8/1/2045 | 115,015 | 104,589 | |
Pool T65457, 3.00% due 1/1/2048 | 504,360 | 443,139 |
14 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Federal Home Loan Mtg Corp., CMO REMIC, | |||
Series 3704 Class DC, 4.00% due 11/15/2036 | $ 58,484 | $ 58,286 | |
Series 3922 Class PQ, 2.00% due 4/15/2041 | 110,854 | 106,095 | |
Series 4050 Class MV, 3.50% due 8/15/2023 | 338,238 | 337,033 | |
b | Series 4105 Class FG, 3.218% (LIBOR 1 Month + 0.40%) due 9/15/2042 | 541,809 | 536,912 |
Series 4120 Class TC, 1.50% due 10/15/2027 | 509,690 | 480,846 | |
Series 4120 Class UE, 2.00% due 10/15/2027 | 589,595 | 559,983 | |
Federal Home Loan Mtg Corp., Multi-Family Structured Pass Through CMBS, | |||
b | Series K035 Class A2, 3.458% due 8/25/2023 | 5,256,173 | 5,205,512 |
Series K037 Class A1, 2.592% due 4/25/2023 | 157,911 | 157,021 | |
Series K038 Class A1, 2.604% due 10/25/2023 | 254,325 | 253,142 | |
Series K042 Class A1, 2.267% due 6/25/2024 | 1,044,290 | 1,022,422 | |
b | Series K047 Class A2, 3.329% due 5/25/2025 | 1,250,000 | 1,213,201 |
Series K055 Class A1, 2.263% due 4/25/2025 | 55,606 | 54,156 | |
b | Series K061 Class A2, 3.347% due 11/25/2026 | 290,000 | 276,814 |
b | Series K069 Class A2, 3.187% due 9/25/2027 | 180,000 | 169,123 |
Series K071 Class A2, 3.286% due 11/25/2027 | 2,000,000 | 1,882,480 | |
Series K072 Class A2, 3.444% due 12/25/2027 | 120,000 | 113,714 | |
Series K073 Class A2, 3.35% due 1/25/2028 | 3,000,000 | 2,827,576 | |
Series K095 Class A2, 2.785% due 6/25/2029 | 577,000 | 520,358 | |
Series K729 Class A2, 3.136% due 10/25/2024 | 3,500,000 | 3,419,236 | |
b | Series K730 Class A2, 3.59% due 1/25/2025 | 189,993 | 186,099 |
Series KHG1 Class A3, 3.341% due 12/25/2027 | 300,000 | 283,549 | |
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 | 1,018,364 | 964,004 |
b | Series 2017-4 Class HT, 3.25% due 6/25/2057 | 2,903,187 | 2,680,894 |
Series 2017-4 Class MT, 3.50% due 6/25/2057 | 648,145 | 599,787 | |
b | Series 2018-1 Class HA, 3.00% due 5/25/2057 | 1,312,939 | 1,227,863 |
b | Series 2018-2 Class HA, 3.00% due 11/25/2057 | 756,480 | 712,399 |
Series 2018-3 Class HA, 3.00% due 8/25/2057 | 993,004 | 931,616 | |
b | Series 2018-3 Class MA, 3.50% due 8/25/2057 | 1,120,502 | 1,071,384 |
Series 2018-4 Class HA, 3.00% due 3/25/2058 | 1,203,936 | 1,128,008 | |
Series 2018-4 Class MA, 3.50% due 3/25/2058 | 866,380 | 829,335 | |
Series 2019-1 Class MA, 3.50% due 7/25/2058 | 2,414,372 | 2,308,045 | |
Series 2019-2 Class MA, 3.50% due 8/25/2058 | 2,099,799 | 2,003,128 | |
Series 2019-3 Class MA, 3.50% due 10/25/2058 | 850,954 | 814,001 | |
Series 2019-4 Class MA, 3.00% due 2/25/2059 | 1,243,548 | 1,166,058 | |
Series 2020-1 Class MA, 2.50% due 8/25/2059 | 1,881,214 | 1,740,990 | |
Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 2,238,490 | 2,030,311 | |
Series 2020-2 Class A1D, 1.75% due 9/25/2030 | 2,238,490 | 2,010,617 | |
Series 2020-2 Class MA, 2.00% due 11/25/2059 | 1,836,401 | 1,668,567 | |
Series 2020-3 Class MA, 2.00% due 5/25/2060 | 598,231 | 541,824 | |
Series 2020-3 Class MT, 2.00% due 5/25/2060 | 698,673 | 593,400 | |
Series 2022-1 Class MTU, 3.25% due 11/25/2061 | 1,112,113 | 1,007,334 | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool RA6808 3.00% due 2/1/2052 | 2,406,462 | 2,096,880 | |
Pool RC1280, 3.00% due 3/1/2035 | 584,237 | 547,865 | |
Pool RC1535, 2.00% due 8/1/2035 | 2,110,677 | 1,862,835 | |
Pool RC1826, 2.00% due 2/1/2036 | 1,540,298 | 1,359,431 | |
Pool RD5043, 2.00% due 12/1/2030 | 2,358,462 | 2,149,919 | |
Pool SB0662, 2.50% due 4/1/2037 | 5,184,416 | 4,715,847 | |
Pool SB8010, 2.50% due 10/1/2034 | 664,952 | 604,719 | |
Pool SB8030, 2.00% due 12/1/2034 | 991,198 | 875,545 | |
Pool ZS4730, 3.50% due 8/1/2047 | 878,850 | 803,488 | |
Pool ZS7299, 3.00% due 10/1/2030 | 646,898 | 610,105 | |
Pool ZS8034, 3.00% due 6/1/2033 | 1,623,123 | 1,522,960 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
Series 2015-SC02 Class 2A, 3.50% due 9/25/2045 | 218,962 | 206,839 | |
Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | 262,582 | 248,350 | |
Series 2016-SC02 Class 2A, 3.50% due 10/25/2046 | 190,382 | 177,389 | |
Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | 436,927 | 398,198 | |
Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | 335,132 | 308,380 | |
Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | 165,163 | 155,162 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 15 |
Thornburg Limited Term U.S. Government Fund | September 30, 2022
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Federal National Mtg Assoc., | |||
b | Pool 895572, 4.07% (LIBOR 12 Month + 1.82%) due 6/1/2036 | $ 69,515 | $ 70,327 |
Pool BF0130, 3.50% due 8/1/2056 | 358,201 | 328,197 | |
Pool BF0144, 3.50% due 10/1/2056 | 513,420 | 470,414 | |
Pool MA1582, 3.50% due 9/1/2043 | 1,475,644 | 1,362,431 | |
Federal National Mtg Assoc., CMBS, | |||
b | Series 2015-SB5 Class A10, 3.15% due 9/25/2035 | 303,000 | 296,535 |
b | Series 2018-SB47 Class A5H, 2.92% due 1/25/2038 | 690,174 | 687,720 |
Federal National Mtg Assoc., CMO REMIC, | |||
Series 1993-32 Class H, 6.00% due 3/25/2023 | 338 | 338 | |
b | Series 2009-17 Class AH, 0.587% due 3/25/2039 | 204,435 | 166,007 |
Series 2009-52 Class AJ, 4.00% due 7/25/2024 | 190 | 189 | |
Series 2011-70 Class CA, 3.00% due 8/25/2026 | 834,304 | 809,936 | |
b | Series 2013-81 Class FW, 3.384% (LIBOR 1 Month + 0.30%) due 1/25/2043 | 953,853 | 941,610 |
b | Series 2013-92 Class FA, 3.634% (LIBOR 1 Month + 0.55%) due 9/25/2043 | 666,135 | 664,710 |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool AE0704, 4.00% due 1/1/2026 | 407,124 | 398,518 | |
Pool AJ1752, 3.50% due 9/1/2026 | 434,619 | 423,106 | |
Pool AK6768, 3.00% due 3/1/2027 | 554,129 | 532,496 | |
Pool AL6582, 3.50% due 4/1/2030 | 520,927 | 498,650 | |
Pool AL7801, 2.50% due 11/1/2030 | 1,862,013 | 1,736,332 | |
Pool AL9445, 3.00% due 7/1/2031 | 14,568 | 13,739 | |
Pool AL9821, 2.50% due 1/1/2032 | 2,208,312 | 2,054,254 | |
Pool AS4916, 3.00% due 5/1/2030 | 915,986 | 863,824 | |
Pool AS9733, 4.00% due 6/1/2047 | 1,085,287 | 1,023,193 | |
Pool AS9749, 4.00% due 6/1/2047 | 344,083 | 324,174 | |
Pool AU2669, 2.50% due 10/1/2028 | 595,348 | 560,815 | |
Pool AZ3778, 3.00% due 4/1/2030 | 1,306,083 | 1,236,718 | |
Pool BM4153, 3.00% due 6/1/2033 | 1,412,435 | 1,326,202 | |
Pool BM4864, 3.50% due 5/1/2033 | 923,956 | 883,516 | |
Pool BP9589, 2.50% due 8/1/2035 | 2,086,564 | 1,897,204 | |
Pool CA0942, 2.50% due 12/1/2032 | 899,903 | 819,634 | |
Pool CA4102, 3.50% due 8/1/2029 | 761,511 | 724,893 | |
e | Pool CA4263 3.00% due 10/1/2034 | 2,117,228 | 1,985,317 |
Pool CA5271, 2.50% due 3/1/2035 | 1,212,045 | 1,102,283 | |
Pool CA5282, 3.00% due 3/1/2035 | 2,619,567 | 2,456,359 | |
Pool CA6862, 2.00% due 9/1/2035 | 1,484,882 | 1,311,352 | |
Pool CA7470, 2.00% due 10/1/2035 | 2,612,524 | 2,307,213 | |
Pool CA7535, 1.50% due 10/1/2030 | 2,848,618 | 2,561,281 | |
Pool CA7891, 1.50% due 11/1/2035 | 1,531,927 | 1,316,182 | |
Pool FM1523, 2.50% due 8/1/2029 | 792,183 | 738,163 | |
Pool FM2831, 2.50% due 5/1/2032 | 1,638,979 | 1,524,639 | |
Pool FM3494, 2.50% due 4/1/2048 | 1,242,253 | 1,058,907 | |
Pool FM5458, 1.50% due 12/1/2035 | 1,393,666 | 1,197,393 | |
Pool FS0898, 3.00% due 2/1/2052 | 5,276,775 | 4,596,941 | |
Pool FS0916, 3.00% due 3/1/2052 | 5,278,214 | 4,595,698 | |
Pool MA2353, 3.00% due 8/1/2035 | 712,512 | 649,605 | |
Pool MA2480, 4.00% due 12/1/2035 | 718,319 | 688,433 | |
Pool MA3465, 4.00% due 9/1/2038 | 400,674 | 382,860 | |
Pool MA3557, 4.00% due 1/1/2029 | 606,597 | 586,225 | |
Pool MA3681, 3.00% due 6/1/2034 | 372,183 | 348,995 | |
Pool MA3826, 3.00% due 11/1/2029 | 867,084 | 811,534 | |
Pool MA3896, 2.50% due 1/1/2035 | 108,427 | 98,608 | |
Pool MA3953, 2.50% due 3/1/2030 | 470,810 | 433,228 | |
Pool MA4016, 2.50% due 5/1/2040 | 1,112,898 | 957,266 | |
Pool MA4042, 2.00% due 6/1/2035 | 2,418,277 | 2,134,239 | |
Pool MA4045, 2.00% due 6/1/2040 | 2,207,831 | 1,854,865 | |
Pool MA4148, 2.00% due 10/1/2030 | 567,462 | 517,270 | |
Pool MA4309, 2.00% due 4/1/2031 | 1,530,949 | 1,394,944 | |
Pool MA4390, 2.00% due 7/1/2031 | 3,937,350 | 3,587,569 | |
Government National Mtg Assoc., | |||
b | Pool 751392, 5.00% due 2/20/2061 | 166,394 | 165,401 |
b | Pool 894205, 1.625% (H15T1Y + 1.50%) due 8/20/2039 | 291,532 | 285,167 |
16 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
b | Pool MA0100, 2.875% (H15T1Y + 1.50%) due 5/20/2042 | $ 193,605 | $ 193,243 |
Pool MA0907, 2.00% due 4/20/2028 | 609,491 | 561,687 | |
Government National Mtg Assoc., CMBS, Series 2022-147 Class B, 2.20% due 10/16/2063 | 1,250,000 | 985,945 | |
Government National Mtg Assoc., CMO, | |||
Series 2016-32 Class LJ, 2.50% due 12/20/2040 | 299,856 | 296,790 | |
Series 2016-H04 Class HA, 2.25% due 7/20/2065 | 2,131,752 | 2,056,732 | |
Series 2017-186 Class VA, 3.00% due 2/20/2031 | 2,066,212 | 1,999,000 | |
Total Mortgage Backed (Cost $156,101,048) | 140,897,303 | ||
Asset Backed Securities — 0.4% | |||
Other Asset Backed — 0.4% | |||
Federal National Mtg Assoc., Grantor Trust, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 994,218 | 924,699 | |
924,699 | |||
Total Asset Backed Securities (Cost $994,218) | 924,699 | ||
Corporate Bonds — 1.5% | |||
Utilities — 1.5% | |||
Electric Utilities — 1.5% | |||
d | Caledonia Generating LLC, 1.95% due 2/28/2034 | 4,064,733 | 3,441,160 |
3,441,160 | |||
Total Corporate Bonds (Cost $3,937,613) | 3,441,160 | ||
Short-Term Investments — 2.0% | |||
United States Treasury Bill | |||
2.332% due 10/6/2022 | 1,500,000 | 1,499,522 | |
2.335% due 10/13/2022 | 1,500,000 | 1,498,851 | |
2.499% due 10/11/2022 | 1,500,000 | 1,498,975 | |
Total Short-Term Investments (Cost $4,497,348) | 4,497,348 | ||
Total Investments — 99.2% (Cost $246,738,955) | $223,733,460 | ||
Other Assets Less Liabilities — 0.8% | 1,885,238 | ||
Net Assets — 100.0% | $225,618,698 |
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, 2022. |
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, 2022, the aggregate value of these securities in the Fund’s portfolio was $7,224,531, representing 3.20% of the Fund’s net assets. |
e | When-issued security. |
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 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 17 |
Thornburg Limited Term Income Fund | September 30, 2022
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
U.S. Treasury Securities — 14.1% | |||
United States Treasury Notes, | |||
0.375% due 11/30/2025 | $123,015,000 | $ 109,050,876 | |
1.50% due 10/31/2024 | 44,520,000 | 42,085,312 | |
1.625% due 2/15/2026 | 52,700,000 | 48,409,891 | |
1.75% due 11/15/2029 | 39,136,000 | 33,999,400 | |
2.00% due 8/15/2025 | 30,000,000 | 28,183,594 | |
2.25% due 11/15/2025 | 16,967,000 | 15,978,142 | |
2.75% due 8/15/2032 | 78,432,000 | 71,753,025 | |
2.875% due 5/15/2032 | 199,166,000 | 184,259,670 | |
United States Treasury Notes Inflationary Index, | |||
0.125% due 4/15/2027 - 1/15/2032 | 323,702,758 | 283,320,274 | |
0.25% due 1/15/2025 - 7/15/2029 | 147,007,996 | 133,713,198 | |
0.375% due 7/15/2027 | 76,158,998 | 71,059,693 | |
0.50% due 4/15/2024 - 1/15/2028 | 28,496,065 | 27,066,757 | |
0.625% due 1/15/2024 | 14,011,912 | 13,679,392 | |
0.875% due 1/15/2029 | 79,611,303 | 74,875,148 | |
Total U.S. Treasury Securities (Cost $1,233,501,732) | 1,137,434,372 | ||
U.S. Government Agencies — 0.5% | |||
ALEX Alpha LLC (Guaranty: Export-Import Bank of the United States), 1.617% due 8/15/2024 | 869,564 | 845,820 | |
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a | 1.70% due 12/20/2022 | 520,000 | 510,214 |
a,b | 2.862% (LIBOR 3 Month + 0.35%) due 4/15/2025 | 2,849,000 | 2,795,439 |
a | 6.50% due 1/23/2029 | 10,007,000 | 7,689,679 |
Private Export Funding Corp. (Guaranty: Export-Import Bank of the United States), Series KK, 3.55% due 1/15/2024 | 10,000,000 | 9,853,400 | |
Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), | |||
a | 2.06% due 1/15/2026 | 525,000 | 497,479 |
a | 2.512% due 1/15/2026 | 2,275,000 | 2,167,097 |
Santa Rosa Leasing LLC (Guaranty: Export-Import Bank of the United States), 1.693% due 8/15/2024 | 1,013,973 | 996,228 | |
Small Business Administration Participation Certificates, | |||
Series 2008-20D Class 1, 5.37% due 4/1/2028 | 387,003 | 380,595 | |
Series 2009-20E Class 1, 4.43% due 5/1/2029 | 207,989 | 200,595 | |
Series 2009-20K Class 1, 4.09% due 11/1/2029 | 1,531,914 | 1,467,035 | |
Series 2011-20E Class 1, 3.79% due 5/1/2031 | 1,937,851 | 1,838,921 | |
Series 2011-20F Class 1, 3.67% due 6/1/2031 | 351,111 | 332,115 | |
Series 2011-20G Class 1, 3.74% due 7/1/2031 | 1,828,355 | 1,730,877 | |
Series 2011-20I Class 1, 2.85% due 9/1/2031 | 3,428,275 | 3,168,557 | |
Series 2011-20K Class 1, 2.87% due 11/1/2031 | 3,015,581 | 2,793,696 | |
Series 2012-20D Class 1, 2.67% due 4/1/2032 | 2,983,949 | 2,742,888 | |
Series 2012-20J Class 1, 2.18% due 10/1/2032 | 2,366,985 | 2,141,724 | |
Series 2012-20K Class 1, 2.09% due 11/1/2032 | 1,625,217 | 1,470,921 | |
Total U.S. Government Agencies (Cost $48,099,865) | 43,623,280 | ||
Other Government — 0.2% | |||
a,c | Bermuda Government International Bond, 2.375% due 8/20/2030 | 6,800,000 | 5,433,948 |
Carpintero Finance Ltd. (Guaranty: Export Credits Guarantee Department), | |||
a,c | 2.004% due 9/18/2024 | 2,605,169 | 2,521,986 |
a,c | 2.581% due 11/11/2024 | 2,759,178 | 2,701,136 |
a,c | Khadrawy Ltd. (Guaranty: Export Credits Guarantee Department), 2.471% due 3/31/2025 | 1,659,487 | 1,616,008 |
a | Sharjah Sukuk Program Ltd., 4.226% due 3/14/2028 | 2,000,000 | 1,806,540 |
Total Other Government (Cost $15,967,735) | 14,079,618 | ||
Mortgage Backed — 19.5% | |||
b,c | Angel Oak Mortgage Trust LLC, Whole Loan Securities Trust CMO, Series 2020-2 Class A3, 5.00% due 1/26/2065 | 5,642,589 | 5,407,044 |
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2019-1 Class A1, 3.805% due 1/25/2049 | 5,198,577 | 4,844,306 |
b,c | Series 2019-1 Class A3, 4.097% due 1/25/2049 | 2,720,403 | 2,571,655 |
b,c | Series 2019-2 Class A1, 3.347% due 4/25/2049 | 2,249,407 | 2,111,858 |
b,c | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 5,220,205 | 4,772,362 |
c | Series 2020-1 Class A2, 2.927% due 3/25/2055 | 6,518,000 | 5,541,818 |
18 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
c | Series 2020-1 Class A3, 3.328% due 3/25/2055 | $ 4,500,000 | $ 3,725,361 |
c | Series 2020-1 Class M1, 4.277% due 3/25/2055 | 3,189,000 | 2,573,903 |
b,c | Series 2021-1R Class A1, 1.175% due 10/25/2048 | 10,588,909 | 9,058,092 |
c | Series 2022-1 Class M1, 3.65% due 12/25/2056 | 7,338,000 | 5,430,703 |
b,c | Bayview Commercial Asset Trust, CMBS, Series 2004-3 Class A2, 3.714% (LIBOR 1 Month + 0.63%) due 1/25/2035 | 830,089 | 823,817 |
c | Bravo Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 1,119,514 | 1,097,487 |
b,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 | 2,787,733 |
Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, | |||
b,c | Series 2016-SH1 Class M3, 3.75% due 4/25/2045 | 2,219,884 | 1,888,650 |
b,c | Series 2016-SH2 Class M3, 3.75% due 12/25/2045 | 2,646,863 | 2,315,304 |
CHNGE Mortgage Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2022-1 Class A1, 3.007% due 1/25/2067 | 16,179,735 | 14,827,004 |
b,c | Series 2022-2 Class M1, 4.609% due 3/25/2067 | 14,163,000 | 12,053,969 |
b,c | CIM Trust, Whole Loan Securities Trust CMO, Series 2018-INV1 Class A4, 4.00% due 8/25/2048 | 880,329 | 819,760 |
Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
b | Series 2004-HYB2 Class B1, 2.729% due 3/25/2034 | 53,587 | 51,020 |
b,c | Series 2014-A Class A, 4.00% due 1/25/2035 | 591,587 | 556,347 |
b,c | Series 2014-J1 Class B4, 3.631% due 6/25/2044 | 1,489,969 | 1,259,136 |
b,c | Series 2019-E Class A1, 3.228% due 11/25/2070 | 6,731,266 | 6,496,889 |
b,c | Series 2021-J2 Class A7A, 2.50% due 7/25/2051 | 24,761,915 | 21,334,765 |
COMM Mortgage Trust, CMBS, Series 2015-DC1 Class A4, 3.078% due 2/10/2048 | 19,800,000 | 19,129,528 | |
CSMC Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2013-HYB1 Class B3, 3.307% due 4/25/2043 | 1,251,567 | 1,222,245 |
b,c | Series 2021-AFC1 Class-A1, 0.83% due 3/25/2056 | 10,155,948 | 8,015,853 |
b,c | Series 2021-NQM3 Class A1, 1.015% due 4/25/2066 | 12,934,604 | 10,680,652 |
b,c | Series 2021-NQM8 Class-A1, 1.841% due 10/25/2066 | 17,240,683 | 14,724,878 |
b,c | Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | 13,017,991 | 12,509,816 |
b,c | Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 0.715% due 5/25/2065 | 4,076,900 | 3,614,125 |
Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2019-2 Class A1, 2.739% due 11/25/2059 | 4,145,151 | 3,929,940 |
b,c | Series 2021-2 Class A1, 0.931% due 6/25/2066 | 11,915,256 | 9,789,923 |
b,c | Series 2022-1 Class A1, 2.206% due 1/25/2067 | 19,805,918 | 16,790,734 |
Federal Home Loan Mtg Corp., | |||
3.00% due 3/1/2052 - 5/1/2052 | 21,018,178 | 18,304,636 | |
5.00% due 9/1/2052 - 10/1/2052 | 25,193,058 | 24,777,539 | |
Pool D98887, 3.50% due 1/1/2032 | 796,063 | 750,435 | |
Pool G16710, 3.00% due 11/1/2030 | 341,996 | 322,834 | |
Pool J17504, 3.00% due 12/1/2026 | 313,224 | 301,010 | |
Federal Home Loan Mtg Corp., CMO REMIC, | |||
Series 3195 Class PD, 6.50% due 7/15/2036 | 260,241 | 270,516 | |
Series 3919 Class VB, 4.00% due 8/15/2024 | 84,913 | 84,555 | |
Series 3922 Class PQ, 2.00% due 4/15/2041 | 166,281 | 159,142 | |
Series 4050 Class MV, 3.50% due 8/15/2023 | 386,447 | 385,071 | |
Series 4120 Class TC, 1.50% due 10/15/2027 | 661,837 | 624,383 | |
Federal Home Loan Mtg Corp., Multifamily Structured Pass Through Certificates, CMBS, Series K722 Class A2, 2.406% due 3/25/2023 | 3,774,297 | 3,752,098 | |
Federal Home Loan Mtg Corp., Multi-Family Structured Pass Through CMBS, Series K071 Class A2, 3.286% due 11/25/2027 | 4,420,000 | 4,160,280 | |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, | |||
b | Series 2017-1 Class HA, 3.00% due 1/25/2056 | 4,803,662 | 4,519,287 |
b | Series 2017-3 Class HA, 3.25% due 7/25/2056 | 8,498,449 | 8,044,810 |
b | Series 2017-4 Class HT, 3.25% due 6/25/2057 | 7,782,273 | 7,186,396 |
b | Series 2018-1 Class HA, 3.00% due 5/25/2057 | 5,218,932 | 4,880,755 |
b | Series 2018-2 Class HA, 3.00% due 11/25/2057 | 12,103,675 | 11,398,385 |
Series 2018-3 Class HA, 3.00% due 8/25/2057 | 14,299,263 | 13,415,274 | |
b | Series 2018-3 Class MA, 3.50% due 8/25/2057 | 9,483,503 | 9,067,787 |
Series 2018-4 Class HA, 3.00% due 3/25/2058 | 11,840,449 | 11,093,709 | |
Series 2019-1 Class MA, 3.50% due 7/25/2058 | 24,323,701 | 23,252,503 | |
Series 2019-2 Class MA, 3.50% due 8/25/2058 | 25,153,064 | 23,995,054 | |
Series 2019-3 Class MA, 3.50% due 10/25/2058 | 12,012,068 | 11,490,434 | |
Series 2019-4 Class MA, 3.00% due 2/25/2059 | 19,185,781 | 17,990,246 | |
Series 2020-1 Class MA, 2.50% due 8/25/2059 | 3,233,016 | 2,992,030 | |
Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 26,087,428 | 23,661,300 | |
Series 2020-2 Class A1D, 1.75% due 9/25/2030 | 35,073,946 | 31,503,499 | |
Series 2020-2 Class MA, 2.00% due 11/25/2059 | 24,262,758 | 22,045,305 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 19 |
Thornburg Limited Term Income Fund | September 30, 2022
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Series 2020-3 Class MA, 2.00% due 5/25/2060 | $ 13,765,291 | $ 12,467,372 | |
Series 2020-3 Class MT, 2.00% due 5/25/2060 | 4,045,318 | 3,435,788 | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool RA6808 3.00% due 2/1/2052 | 13,298,107 | 11,587,357 | |
Pool RC1535, 2.00% due 8/1/2035 | 46,304,550 | 40,867,333 | |
Pool RD5045, 2.00% due 11/1/2030 | 15,881,898 | 14,477,564 | |
Pool RD5060, 2.00% due 6/1/2031 | 10,006,547 | 9,117,627 | |
Pool SB0662, 2.50% due 4/1/2037 | 12,140,806 | 11,043,515 | |
Pool ZS8034, 3.00% due 6/1/2033 | 24,752,619 | 23,225,143 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | 1,006,563 | 952,009 | |
Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | 9,187,393 | 8,373,019 | |
Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | 629,682 | 591,556 | |
Federal National Mtg Assoc., | |||
3.00% due 10/1/2051 | 14,634,103 | 12,746,316 | |
5.00% due 6/1/2052 - 9/1/2052 | 15,136,148 | 14,853,859 | |
Federal National Mtg Assoc., CMO REMIC, | |||
Series 2007-42 Class PA, 5.50% due 4/25/2037 | 8,435 | 8,441 | |
b | Series 2009-17 Class AH, 0.587% due 3/25/2039 | 340,726 | 276,678 |
Series 2009-52 Class AJ, 4.00% due 7/25/2024 | 316 | 315 | |
Series 2012-129 Class LA, 3.50% due 12/25/2042 | 1,397,548 | 1,286,130 | |
b | Series 2013-81 Class FW, 3.384% (LIBOR 1 Month + 0.30%) due 1/25/2043 | 3,465,794 | 3,421,312 |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool AE0704, 4.00% due 1/1/2026 | 1,058,920 | 1,036,537 | |
Pool AS3111, 3.00% due 8/1/2029 | 3,161,268 | 2,993,377 | |
Pool AS4916, 3.00% due 5/1/2030 | 285,168 | 268,929 | |
Pool AS9749, 4.00% due 6/1/2047 | 9,880 | 9,308 | |
Pool AV5059, 3.00% due 2/1/2029 | 1,941,952 | 1,838,817 | |
Pool BM4324, 3.50% due 7/1/2033 | 2,986,115 | 2,854,611 | |
Pool BP9550, 2.50% due 7/1/2035 | 4,488,229 | 4,080,912 | |
Pool BP9589, 2.50% due 8/1/2035 | 842,563 | 766,098 | |
d | Pool CA4263 3.00% due 10/1/2034 | 28,458,213 | 26,685,168 |
Pool FS0898, 3.00% due 2/1/2052 | 34,361,397 | 29,934,442 | |
Pool MA3465, 4.00% due 9/1/2038 | 3,593,249 | 3,433,489 | |
Pool MA3953, 2.50% due 3/1/2030 | 3,163,840 | 2,911,292 | |
Pool MA4016, 2.50% due 5/1/2040 | 13,336,232 | 11,471,235 | |
Pool MA4148, 2.00% due 10/1/2030 | 18,726,243 | 17,069,909 | |
Pool MA4309, 2.00% due 4/1/2031 | 11,044,061 | 10,062,943 | |
Pool MA4390, 2.00% due 7/1/2031 | 1,456,819 | 1,327,400 | |
Pool MA4599, 3.00% due 5/1/2052 | 5,486,115 | 4,771,206 | |
b,c | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 2,214,521 | 1,955,876 |
b,c | FWD Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-INV1 Class A1, 2.81% due 6/25/2049 | 1,784,501 | 1,644,073 |
GCAT Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2019-NQM3 Class A1, 2.686% due 11/25/2059 | 4,867,390 | 4,567,228 |
b,c | Series 2021-CM1 Class A, 1.469% due 4/25/2065 | 13,076,689 | 12,407,203 |
b,c | Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 24,433,483 | 22,904,675 |
b,c | Series 2021-NQM4 Class A1, 1.093% due 8/25/2066 | 13,832,154 | 11,246,170 |
Government National Mtg Assoc., CMO, Series 2016-32 Class LJ, 2.50% due 12/20/2040 | 1,180,888 | 1,168,814 | |
b,c | GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, Series 2020-PJ2 Class B3, 3.573% due 7/25/2050 | 5,227,192 | 4,169,181 |
b,c | Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, Series 2022-1 A Class A1, 5.082% due 7/25/2067 | 5,932,337 | 5,756,745 |
Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2021-NQM3 Class A1, 1.595% due 11/25/2056 | 17,631,840 | 14,641,464 |
b,c | Series 2021-NQM4 Class A1, 2.091% due 1/25/2057 | 23,364,866 | 19,457,183 |
b,c | Series 2022- NQM1 Class A1, 2.493% due 2/25/2067 | 41,433,299 | 36,520,263 |
b,c | Series 2022-NQM2 Class A1, 3.638% due 3/25/2067 | 23,666,375 | 22,053,107 |
b,c | Series 2022-NQM4 Class A, 4.767% due 6/25/2067 | 29,579,710 | 28,531,605 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2014-IVR3 Class B4, 2.646% due 9/25/2044 | 1,940,616 | 1,797,293 |
b,c | Series 2018-3 Class B2, 3.715% due 9/25/2048 | 2,497,098 | 2,210,299 |
b,c | Series 2018-6 Class B2, 3.889% due 12/25/2048 | 1,024,397 | 875,332 |
b,c | Series 2019-5 Class B3, 4.454% due 11/25/2049 | 8,085,407 | 7,314,095 |
b,c | Series 2019-HYB1 Class B3, 3.852% due 10/25/2049 | 5,629,273 | 4,891,477 |
b,c | Series 2019-INV2 Class B3A, 3.752% due 2/25/2050 | 9,353,227 | 7,608,123 |
20 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
b,c | Series 2021-LTV2 ClassA1, 2.52% due 5/25/2052 | $ 38,756,874 | $ 31,534,302 |
b,c | Series 2022- LTV1 Class A1, 3.25% due 7/25/2052 | 14,077,719 | 11,914,878 |
b,c | Series 2022-2 Class A6A, 2.50% due 8/25/2052 | 34,966,061 | 30,902,970 |
b | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 3.511% due 8/25/2034 | 145,660 | 139,312 |
b,c | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 1,452,103 | 1,420,862 |
MFA Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2020-NQM3 Class A1, 1.014% due 1/26/2065 | 3,875,383 | 3,498,385 |
b,c | Series 2021-AEI1 Class A4, 2.50% due 8/25/2051 | 17,332,679 | 14,959,603 |
b,c | Series 2021-INV1 Class A1, 0.852% due 1/25/2056 | 5,293,941 | 4,787,864 |
b,c | Series 2021-INV2 Class A1, 1.906% due 11/25/2056 | 26,127,228 | 22,482,712 |
b,c | Series 2022-INV1 Class A3, 4.25% due 4/25/2066 | 4,995,000 | 4,370,561 |
b,c | Series 2022-NQM1 Class A3, 4.20% due 12/25/2066 | 13,129,000 | 11,018,504 |
b,c | MFRA Trust, Whole Loan Securities Trust CMO, Series 2022-CHM1, 3.875% due 9/25/2056 | 22,029,141 | 20,292,005 |
Morgan Stanley Bank of America Merrill Lynch Trust, CMBS, Series 2015-C22 Class A4, 3.306% due 4/15/2048 | 1,100,000 | 1,044,964 | |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2017-2A Class A3, 4.00% due 3/25/2057 | 3,416,773 | 3,244,138 |
b,c | Series 2017-3A Class A1, 4.00% due 4/25/2057 | 4,175,981 | 3,963,610 |
b,c | Series 2017-4A Class A1, 4.00% due 5/25/2057 | 4,461,561 | 4,204,038 |
b,c | Series 2017-5A Class A1, 4.584% (LIBOR 1 Month + 1.50%) due 6/25/2057 | 339,102 | 334,520 |
b,c | Series 2017-6A Class A1, 4.00% due 8/27/2057 | 2,054,218 | 1,940,213 |
b,c | Series 2018-1A Class A1A, 4.00% due 12/25/2057 | 2,449,717 | 2,328,478 |
b,c | Series 2018-2A Class A1, 4.50% due 2/25/2058 | 4,345,281 | 4,151,249 |
b,c | Series 2018-RPL1 Class A1, 3.50% due 12/25/2057 | 2,465,527 | 2,367,218 |
b,c | Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | 42,699,761 | 38,892,230 |
b,c | OBX Trust, Whole Loan Securities Trust CMO, Series 2021-NQM2 Class A1, 1.101% due 5/25/2061 | 19,879,489 | 16,343,865 |
b,c | Onslow Bay Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2021-NQM4 Class A1, 1.957% due 10/25/2061 | 49,968,293 | 42,013,405 |
PRKCM Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2021-AFC1 Class A1, 1.51% due 8/25/2056 | 32,621,319 | 26,829,890 |
b,c | Series 2021-AFC2 Class A1, 2.071% due 11/25/2056 | 18,253,692 | 15,068,908 |
b,c | PRPM Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A1, 4.40% due 4/25/2067 | 34,396,977 | 32,238,340 |
RAMP Trust, Whole Loan Securities Trust CMO, Series 2003-SL1 Class A31, 7.125% due 4/25/2031 | 378,543 | 378,543 | |
b,c | Rate Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-J1 Class A9, 2.50% due 1/25/2052 | 53,372,112 | 45,742,394 |
b,c | RCKT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class B3, 3.478% due 2/25/2050 | 3,155,551 | 2,667,347 |
Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, | |||
Series 2019-2 Class A1C, 2.75% due 9/25/2029 | 17,069,244 | 15,772,480 | |
Series 2019-3 Class A1C, 2.75% due 11/25/2029 | 2,911,951 | 2,687,651 | |
Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, | |||
b | Series 2013-6 Class B4, 3.509% due 5/25/2043 | 716,584 | 539,120 |
b | Series 2013-7 Class B4, 3.504% due 6/25/2043 | 567,307 | 464,562 |
SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2019-3 Class A1, 2.703% due 9/25/2059 | 651,155 | 634,976 |
b,c | Series 2019-3 Class A3, 3.082% due 9/25/2059 | 1,131,550 | 1,099,418 |
b,c | Series 2020-2 Class A1, 1.381% due 5/25/2065 | 11,894,335 | 10,622,938 |
b,c | Series 2020-2 Class A2, 1.587% due 5/25/2065 | 2,311,063 | 2,063,139 |
b,c | Series 2020-2 Class A3, 1.895% due 5/25/2065 | 789,022 | 733,070 |
b,c | Series 2021-2 Class A1, 1.737% due 12/25/2061 | 16,335,163 | 13,213,889 |
b,c | Shellpoint Asset Funding Trust, Whole Loan Securities Trust CMO, Series 2013-1 Class A1, 3.75% due 7/25/2043 | 946,538 | 858,230 |
b,c | Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-SH1 Class A1, 2.521% due 1/28/2050 | 1,911,402 | 1,890,589 |
b,c | Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2021-5 Class A1, 1.92% due 9/25/2066 | 45,507,923 | 37,348,804 |
b | Structured Asset Securities Corp., Mortgage Pass-Through Certificates, Whole Loan Securities Trust CMO, Series 2003-9A Class 2A2, 3.845% due 3/25/2033 | 484,106 | 473,801 |
Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2016-5 Class A1, 2.50% due 10/25/2056 | 1,196,933 | 1,181,905 |
b,c | Series 2017-1 Class A1, 2.75% due 10/25/2056 | 604,917 | 595,691 |
b,c | Series 2018-1 Class A1, 3.00% due 1/25/2058 | 396,340 | 384,236 |
b,c | Series 2018-2 Class A1, 3.25% due 3/25/2058 | 16,416,930 | 15,922,255 |
b,c | Series 2018-3 Class A1, 3.75% due 5/25/2058 | 3,024,741 | 2,901,613 |
b,c | Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 10,579,422 | 10,390,658 |
b,c | Series 2019-HY2 Class A1, 4.084% (LIBOR 1 Month + 1.00%) due 5/25/2058 | 13,289,520 | 13,034,640 |
b,c | TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 4.35% due 6/25/2057 | 25,969,722 | 24,071,780 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 21 |
Thornburg Limited Term Income Fund | September 30, 2022
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Verus Securitization Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2020-1 Class M1, 3.021% due 1/25/2060 | $ 5,000,000 | $ 4,528,448 |
b,c | Series 2020-2 Class M1, 5.36% due 5/25/2060 | 3,275,000 | 3,087,729 |
b,c | Series 2021-R1 Class A1, 0.82% due 10/25/2063 | 7,915,028 | 7,101,157 |
b,c | Vista Point Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1, 1.475% due 4/25/2065 | 5,492,326 | 5,090,974 |
b,c | WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2015-3 Class B4, 3.853% due 3/20/2045 | 1,170,126 | 1,066,593 |
Total Mortgage Backed (Cost $1,758,056,235) | 1,573,988,817 | ||
Asset Backed Securities — 20.2% | |||
Auto Receivables — 2.0% | |||
ACC Auto Trust, | |||
c | Series 2021-A Class A, 1.08% due 4/15/2027 | 6,471,716 | 6,382,266 |
c | Series 2022-A Class A, 4.58% due 7/15/2026 | 11,576,397 | 11,452,039 |
c | ACC Trust, Series 2022-1 Class A, 1.19% due 9/20/2024 | 6,314,783 | 6,269,028 |
c | ACM Auto Trust, Series 2022-1A Class A, 3.23% due 4/20/2029 | 7,527,812 | 7,503,140 |
American Credit Acceptance Receivables Trust, | |||
c | Series 2020-2 Class C, 3.88% due 4/13/2026 | 8,091,195 | 8,058,943 |
c | Series 2020-2 Class D, 5.65% due 5/13/2026 | 4,250,000 | 4,246,447 |
Arivo Acceptance Auto Loan Receivables Trust, | |||
c | Series 2019-1 Class A, 2.99% due 7/15/2024 | 64,706 | 64,654 |
c | Series 2019-1 Class B, 3.37% due 6/15/2025 | 3,547,000 | 3,517,456 |
c | Series 2021-1A Class A, 1.19% due 1/15/2027 | 3,785,203 | 3,654,482 |
c | CarNow Auto Receivables Trust, Series 2021-2A Class A, 0.73% due 9/15/2023 | 687,745 | 687,075 |
c | Carvana Auto Receivables Trust, Series 2019-1A Class D, 3.88% due 10/15/2024 | 5,024,049 | 5,015,438 |
c | Credito Real USA Auto Receivables Trust, Series 2021-1A Class A, 1.35% due 2/16/2027 | 4,058,885 | 3,950,756 |
Drive Auto Receivables Trust, Series 2019-1 Class D, 4.09% due 6/15/2026 | 6,890,398 | 6,873,879 | |
c | DT Auto Owner Trust, Series 2019-4A Class D, 2.85% due 7/15/2025 | 7,500,000 | 7,349,693 |
c | Exeter Automobile Receivables Trust, Series 2019-3A Class D, 3.11% due 8/15/2025 | 1,686,335 | 1,667,010 |
FHF Trust, | |||
c | Series 2020-1A Class A, 2.59% due 12/15/2023 | 106,240 | 106,153 |
c | Series 2021-1A Class A, 1.27% due 3/15/2027 | 11,286,680 | 10,885,777 |
c | Series 2021-2A Class A, 0.83% due 12/15/2026 | 8,992,887 | 8,641,338 |
c | Flagship Credit Auto Trust, Series 2019-2 Class D, 3.53% due 5/15/2025 | 3,500,000 | 3,428,032 |
Lendbuzz Securitization Trust, | |||
c | Series 2021-1A Class A, 1.46% due 6/15/2026 | 18,632,071 | 18,023,869 |
c | Series 2022-1A Class A, 4.22% due 5/17/2027 | 12,482,491 | 12,234,954 |
c | Octane Receivables Trust, Series 2020-1A Class A, 1.71% due 2/20/2025 | 3,305,629 | 3,265,870 |
a,c | Oscar US Funding Trust IX LLC, Series 2018-2A Class A4, 3.63% due 9/10/2025 | 530,635 | 530,673 |
a,c | Oscar US Funding XII LLC, Series 2021-1A Class A3, 0.70% due 4/10/2025 | 18,000,000 | 17,316,556 |
c | US Auto Funding, Series 2021-1A Class A, 0.79% due 7/15/2024 | 3,670,910 | 3,657,824 |
c | Veros Auto Receivables Trust, Series 2021-1 Class A, 0.92% due 10/15/2026 | 4,268,044 | 4,192,298 |
158,975,650 | |||
Credit Card — 1.7% | |||
c | Avant Credit Card Master Trust, Series 2021-1A Class A, 1.37% due 4/15/2027 | 11,900,000 | 10,789,528 |
c | Brex Commercial Charge Card Master Trust, Series 2021-1 Class A, 2.09% due 7/15/2024 | 3,400,000 | 3,334,880 |
c | Continental Credit Card LLC, Series 2019-1A Class A, 3.83% due 8/15/2026 | 10,423,411 | 10,294,046 |
c | Continental Finance Credit Card ABS Master Trust, Series 2020-1A Class A, 2.24% due 12/15/2028 | 17,500,000 | 16,127,587 |
c | Genesis Sales Finance Master Trust, Series 2020-AA Class A, 1.65% due 9/22/2025 | 15,000,000 | 14,673,059 |
Mercury Financial Credit Card Master Trust, | |||
c | Series 2021-1A Class A, 1.54% due 3/20/2026 | 31,450,000 | 29,877,487 |
c | Series 2022-1A Class A, 2.50% due 9/21/2026 | 32,350,000 | 30,644,265 |
c | Mission Lane Credit Card Master Trust, Series 2021-A Class A, 1.59% due 9/15/2026 | 21,455,000 | 20,690,777 |
136,431,629 | |||
Other Asset Backed — 13.3% | |||
Affirm Asset Securitization Trust, | |||
c | Series 2020-Z1 Class A, 3.46% due 10/15/2024 | 1,837,953 | 1,822,542 |
c | Series 2022-1A Class A, 0.88% due 8/15/2025 | 10,264,529 | 10,206,889 |
c | Amur Equipment Finance Receivables VII LLC, Series 2019-1A Class A2, 2.63% due 6/20/2024 | 665,549 | 665,164 |
c | Amur Equipment Finance Receivables VIII LLC, Series 2020-1A Class A2, 1.68% due 8/20/2025 | 2,502,915 | 2,491,066 |
c | Amur Equipment Finance Receivables X LLC, Series 2022-1A Class A2, 1.64% due 10/20/2027 | 33,832,906 | 32,258,786 |
22 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Appalachian Consumer Rate Relief Funding LLC, Series 2013-1 Class A1, 2.008% due 2/1/2024 | $ 681,412 | $ 676,490 | |
Aqua Finance Trust, | |||
c | Series 2017-A Class A, 3.72% due 11/15/2035 | 710,763 | 701,923 |
c | Series 2019-A Class A, 3.14% due 7/16/2040 | 4,043,636 | 3,852,099 |
c | Series 2020-AA Class A, 1.90% due 7/17/2046 | 25,702,097 | 24,201,130 |
c | Series 2020-AA Class C, 3.97% due 7/17/2046 | 6,300,000 | 5,576,220 |
c | Series 2021-A Class A, 1.54% due 7/17/2046 | 14,843,065 | 13,439,097 |
a,b,c | Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1 Class A, 3.735% (SOFR30A + 1.45%) due 1/15/2037 | 37,350,000 | 36,666,196 |
c | Bankers Healthcare Group Securitization Trust, Series 2020-A Class A, 2.56% due 9/17/2031 | 2,331,857 | 2,282,100 |
BHG Securitization Trust, | |||
c | Series 2021-B Class A, 0.90% due 10/17/2034 | 9,715,667 | 9,242,685 |
c | Series 2022-A Class A, 1.71% due 2/20/2035 | 30,077,118 | 28,162,362 |
c | BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A Class A, 2.94% due 5/25/2029 | 1,211,460 | 1,166,108 |
c | CFG Investments Ltd., Series 2021-1 Class A, 4.70% due 5/20/2032 | 6,000,000 | 5,781,284 |
c | CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | 6,415,321 | 5,932,761 |
c | Conn’s Receivables Funding LLC, Series 2021-A Class A, 1.05% due 5/15/2026 | 2,830,908 | 2,787,109 |
c | CP EF Asset Securitization I LLC, Series 2022-1A Class A, 5.96% due 4/15/2030 | 13,535,188 | 13,374,853 |
c | Crossroads Asset Trust, Series 2021-A Class A2, 0.82% due 3/20/2024 | 1,930,733 | 1,911,268 |
c | Dell Equipment Finance Trust, Series 2020-1 Class D, 5.92% due 3/23/2026 | 6,000,000 | 6,006,289 |
Dext ABS LLC, | |||
c | Series 2020-1 Class A, 1.46% due 2/16/2027 | 8,250,027 | 8,119,399 |
c | Series 2021-1 Class A, 1.12% due 2/15/2028 | 11,269,767 | 10,772,892 |
c | Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049 | 36,000,000 | 29,551,439 |
c | Diamond Issuer, Series 2021-1A Class A, 2.305% due 11/20/2051 | 27,894,000 | 23,568,271 |
Diamond Resorts Owner Trust, | |||
c | Series 2018-1 Class A, 3.70% due 1/21/2031 | 2,295,380 | 2,262,836 |
c | Series 2019-1A Class A, 2.89% due 2/20/2032 | 5,642,325 | 5,486,421 |
a,c | ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | 3,494,852 | 2,184,283 |
c | Encina Equipment Finance LLC, Series 2022-1A Class A1, 3.76% due 8/16/2027 | 13,438,589 | 13,254,036 |
Entergy New Orleans Storm Recovery Funding I LLC, Series 2015-1 Class A, 2.67% due 6/1/2027 | 3,807,486 | 3,701,894 | |
c | ExteNet LLC, Series 2019-1A Class A2, 3.204% due 7/26/2049 | 9,855,000 | 9,302,470 |
Federal National Mtg Assoc., Grantor Trust, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 17,895,926 | 16,644,575 | |
Foundation Finance Trust, | |||
c | Series 2019-1A Class A, 3.86% due 11/15/2034 | 5,926,566 | 5,811,896 |
c | Series 2020-1A Class A, 3.54% due 7/16/2040 | 6,489,888 | 6,236,428 |
c | Series 2020-1A Class B, 4.62% due 7/16/2040 | 3,000,000 | 2,758,469 |
c | Series 2021-1A Class A, 1.27% due 5/15/2041 | 19,979,699 | 17,851,146 |
c | Series 2021-2A Class A, 2.19% due 1/15/2042 | 14,021,991 | 12,765,865 |
Freed ABS Trust, | |||
c | Series 2019-2 Class C, 4.86% due 11/18/2026 | 8,862,709 | 8,859,985 |
c | Series 2022-3FP Class A, 4.50% due 8/20/2029 | 7,937,052 | 7,918,653 |
Goldman Home Improvement Trust, | |||
c | Series 2021-GRN2 Class A, 1.15% due 6/25/2051 | 18,763,736 | 17,320,421 |
c | Series 2022-GRN1 Class A, 4.50% due 6/25/2052 | 10,541,793 | 10,293,400 |
c | Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | 20,381,751 | 17,852,045 |
GoodLeap Sustainable Home Solutions Trust, | |||
c | Series 2021-3CS Class A, 2.10% due 5/20/2048 | 16,744,806 | 13,503,514 |
c | Series 2021-4GS Class A, 1.93% due 7/20/2048 | 11,223,565 | 9,092,669 |
b,c | Gracie Point International Funding, Series 2020-B Class A, 3.964% (LIBOR 1 Month + 1.40%) due 5/2/2023 | 14,174,446 | 14,172,131 |
a,b,c | Greystone Commercial Real Estate Notes Ltd., Series 2021-FL3 Class A, 3.838% (LIBOR 1 Month + 1.02%) due 7/15/2039 | 28,050,000 | 26,508,571 |
HERO Funding Trust, | |||
c | Series 2015-1A Class A, 3.84% due 9/21/2040 | 2,622,883 | 2,574,479 |
c | Series 2017-2A Class A1, 3.28% due 9/20/2048 | 520,971 | 478,197 |
Hilton Grand Vacations Trust, | |||
c | Series 2019-AA Class A, 2.34% due 7/25/2033 | 4,833,878 | 4,552,889 |
c | Series 2020-AA Class A, 2.74% due 2/25/2039 | 978,323 | 924,563 |
c | HIN Timeshare Trust, Series 2020-A Class A, 1.39% due 10/9/2039 | 4,405,232 | 4,009,143 |
c | InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | 9,194,175 | 7,819,320 |
LendingPoint Asset Securitization Trust, | |||
c | Series 2012-B Class A, 4.77% due 10/15/2029 | 8,677,905 | 8,549,662 |
c | Series 2020-REV1 Class A, 2.731% due 10/15/2028 | 50,250,000 | 49,420,876 |
c | Series 2021-A Class A, 1.00% due 12/15/2028 | 1,944,407 | 1,936,109 |
c | Series 2021-B Class A, 1.11% due 2/15/2029 | 4,008,768 | 3,967,949 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 23 |
Thornburg Limited Term Income Fund | September 30, 2022
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
LendingPoint Pass-Through Trust, | |||
c | Series 2012-ST3 Class A, 4.00% due 5/15/2028 | $ 9,010,037 | $ 8,692,129 |
c | Series 2022-ST1 Class A, 2.50% due 3/15/2028 | 7,334,501 | 6,938,646 |
c | LL ABS Trust, Series 2021-1A Class A, 1.07% due 5/15/2029 | 9,581,980 | 9,210,664 |
c | Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | 17,582,164 | 14,378,404 |
c | Marlette Funding Trust, Series 2022-3A Class A, 5.18% due 11/15/2032 | 7,000,000 | 6,981,170 |
a,b,c | MF1 Ltd., Series 2022-FL8 Class A, 3.634% (SOFR30A + 1.35%) due 2/19/2037 | 34,070,000 | 32,949,073 |
Mosaic Solar Loan Trust, | |||
c | Series 2019-1A Class A, 4.37% due 12/21/2043 | 1,269,765 | 1,195,606 |
c | Series 2021 Class A, 2.10% due 4/20/2046 | 4,131,858 | 3,583,091 |
c | New Residential Advance Receivables Trust Advance Receivables Backed, Series 2020-T1 Class AT1, 1.426% due 8/15/2053 | 65,590,000 | 62,695,979 |
c | New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2020-APT1 Class AT1, 1.035% due 12/16/2052 | 15,385,000 | 15,220,739 |
NRZ Advance Receivables Trust, | |||
c | Series 2020-T2 Class AT2, 1.475% due 9/15/2053 | 49,390,650 | 47,128,607 |
c | Series 2020-T2 Class BT2, 1.724% due 9/15/2053 | 3,000,000 | 2,851,429 |
c | Series 2020-T3 Class AT3, 1.317% due 10/15/2052 | 22,268,800 | 22,227,961 |
Oportun Funding LLC, | |||
c | Series 2019-A Class B, 3.87% due 8/8/2025 | 6,962,531 | 6,662,799 |
c | Series 2022-1 Class A, 3.25% due 6/15/2029 | 17,698,821 | 17,383,039 |
c | Oportun Issuance Trust, Series 2022-A Class A, 5.05% due 6/9/2031 | 22,026,000 | 21,509,438 |
Pagaya AI Debt Selection Trust, | |||
c | Series 2021-1 Class A, 1.18% due 11/15/2027 | 12,334,737 | 12,053,977 |
c | Series 2021-3 Class A, 1.15% due 5/15/2029 | 15,100,326 | 14,641,026 |
c | Series 2021-HG1 Class A, 1.22% due 1/16/2029 | 9,207,959 | 8,754,046 |
Pagaya AI Debt Trust, | |||
c | Series 2022-1 Class A, 2.03% due 10/15/2029 | 23,998,540 | 23,080,179 |
c | Series 2022-2 Class A, 4.97% due 1/15/2030 | 14,117,632 | 13,939,384 |
Pawnee Equipment Receivables LLC, | |||
c | Series 2019-1 Class A2, 2.29% due 10/15/2024 | 682,805 | 682,425 |
c | Series 2020-1 Class A, 1.37% due 11/17/2025 | 2,631,491 | 2,597,520 |
c | Series 2021-1 Class A2, 1.10% due 7/15/2027 | 7,663,207 | 7,339,655 |
b,c | SBA Tower Trust, Series 2014-2A Class C, 3.869% due 10/15/2049 | 4,610,000 | 4,458,077 |
c | SCF Equipment Leasing LLC, Series 2019-2A Class C, 3.11% due 6/21/2027 | 3,000,000 | 2,846,562 |
c | Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | 19,551,697 | 18,065,107 |
c | Sierra Timeshare Receivables Funding LLC, Series 2019-1A Class A, 3.20% due 1/20/2036 | 919,239 | 899,750 |
c | SoFi Consumer Loan Program Trust, Series 2018-3 Class C, 4.67% due 8/25/2027 | 4,143,653 | 4,143,188 |
c | SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 30,920,778 | 27,734,314 |
c | SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 6,000,000 | 5,278,090 |
c | Theorem Funding Trust, Series 2021-1A Class A, 1.21% due 12/15/2027 | 7,813,317 | 7,639,035 |
Upstart Pass-Through Trust, | |||
c | Series 2020-ST2 Class A, 3.50% due 3/20/2028 | 556,898 | 544,448 |
c | Series 2020-ST3 Class A, 3.35% due 4/20/2028 | 2,709,123 | 2,636,079 |
c | Series 2021-ST4 Class A, 2.00% due 7/20/2027 | 2,558,557 | 2,389,224 |
c | Series 2021-ST6 Class A, 1.85% due 8/20/2027 | 4,455,589 | 4,213,785 |
c | Series 2021-ST8 Class A, 1.75% due 10/20/2029 | 6,072,574 | 5,590,636 |
Upstart Securitization Trust, | |||
c | Series 2020-1 Class B, 3.093% due 4/22/2030 | 779,224 | 777,490 |
c | Series 2020-3 Class A, 1.702% due 11/20/2030 | 596,949 | 595,976 |
c | Series 2021-1 Class A, 0.87% due 3/20/2031 | 1,432,031 | 1,420,442 |
c | Series 2021-2 Class A, 0.91% due 6/20/2031 | 2,839,905 | 2,788,699 |
c | Series 2021-4 Class A, 0.84% due 9/20/2031 | 4,667,998 | 4,507,765 |
c | Upstart Structured Pass-Through Trust, Series 2022-1A Class A, 3.40% due 4/15/2030 | 26,773,698 | 25,340,191 |
1,073,797,161 | |||
Student Loan — 3.2% | |||
College Ave Student Loans LLC, | |||
b,c | Series 2021-A Class A1, 4.184% (LIBOR 1 Month + 1.10%) due 7/25/2051 | 9,444,810 | 9,087,173 |
c | Series 2021-A Class A2, 1.60% due 7/25/2051 | 2,184,132 | 1,864,521 |
b,c | Series 2021-C Class A1, 3.984% (LIBOR 1 Month + 0.90%) due 7/26/2055 | 15,352,310 | 14,411,420 |
Commonbond Student Loan Trust, | |||
c | Series 18-CGS Class A1, 3.87% due 2/25/2046 | 2,005,987 | 1,924,767 |
c | Series 2020-1 Class A, 1.69% due 10/25/2051 | 14,353,784 | 12,981,120 |
24 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
c | Series 2021-AGS Class A, 1.20% due 3/25/2052 | $ 10,578,763 | $ 8,973,308 |
c | Series 2021-BGS Class A, 1.17% due 9/25/2051 | 12,236,361 | 10,758,870 |
Navient Private Education Loan Trust, | |||
b,c | Series 2015-AA Class A2B, 4.018% (LIBOR 1 Month + 1.20%) due 12/15/2028 | 725,211 | 724,394 |
c | Series 2017-A Class A2A, 2.88% due 12/16/2058 | 1,553,764 | 1,526,332 |
Navient Private Education Refi Loan Trust, | |||
b,c | Series 2019-D Class A2B, 3.868% (LIBOR 1 Month + 1.05%) due 12/15/2059 | 10,014,687 | 9,785,443 |
c | Series 2021-A Class A, 0.84% due 5/15/2069 | 3,652,887 | 3,224,783 |
c | Series 2022-BA Class A, 4.16% due 10/15/2070 | 24,195,647 | 23,260,917 |
Navient Student Loan Trust, | |||
b | Series 2014-1 Class A3, 3.594% (LIBOR 1 Month + 0.51%) due 6/25/2031 | 5,547,487 | 5,375,092 |
b,c | Series 2016-6A Class A2, 3.834% (LIBOR 1 Month + 0.75%) due 3/25/2066 | 2,138,332 | 2,135,136 |
b,c | Series 2019-BA Class A2B, 3.798% (LIBOR 1 Month + 0.98%) due 12/15/2059 | 1,566,104 | 1,529,154 |
b,c | Nelnet Private Education Loan Trust, Series 2016-A Class A1A, 4.834% (LIBOR 1 Month + 1.75%) due 12/26/2040 | 403,426 | 403,411 |
Nelnet Student Loan Trust, | |||
b,c | Series 2013-1A Class A, 3.684% (LIBOR 1 Month + 0.60%) due 6/25/2041 | 3,445,789 | 3,387,241 |
b,c | Series 2015-2A Class A2, 3.684% (LIBOR 1 Month + 0.60%) due 9/25/2042 | 25,717,784 | 25,317,860 |
b,c | Series 2015-3A Class A2, 3.684% (LIBOR 1 Month + 0.60%) due 2/27/2051 | 1,633,273 | 1,616,567 |
b,c | Series 2021-CA Class AFL, 3.733% (LIBOR 1 Month + 0.74%) due 4/20/2062 | 14,376,093 | 13,950,871 |
b,c | Series 2021-DA Class AFL, 3.683% (LIBOR 1 Month + 0.69%) due 4/20/2062 | 20,145,518 | 19,532,882 |
b,c | Pennsylvania Higher Education Assistance Agency, Student Loan Trust, Series 2012-1A Class A1, 3.634% (LIBOR 1 Month + 0.55%) due 5/25/2057 | 814,397 | 801,467 |
a,b,c | Prodigy Finance DAC, Series 2021-1A Class A, 4.334% (LIBOR 1 Month + 1.25%) due 7/25/2051 | 3,699,477 | 3,611,273 |
SLM Student Loan Trust, | |||
b | Series 2011-2 Class A2, 4.284% (LIBOR 1 Month + 1.20%) due 10/25/2034 | 10,982,255 | 10,977,463 |
b | Series 2013-6 Class A3, 3.734% (LIBOR 1 Month + 0.65%) due 6/26/2028 | 27,707,136 | 26,879,549 |
SMB Private Education Loan Trust, | |||
b,c | Series 2015-A Class A3, 4.318% (LIBOR 1 Month + 1.50%) due 2/17/2032 | 4,358,530 | 4,361,516 |
b,c | Series 2017-B Class A2B, 3.568% (LIBOR 1 Month + 0.75%) due 10/15/2035 | 1,091,034 | 1,076,624 |
b,c | Series 2021-D Class A1B, 3.418% (LIBOR 1 Month + 0.60%) due 3/17/2053 | 8,920,032 | 8,659,915 |
b,c | Series 2021-E Class A1B, 3.448% (LIBOR 1 Month + 0.63%) due 2/15/2051 | 26,768,775 | 25,919,580 |
c | SoFi Professional Loan Program LLC, Series 2017-E Class A2B, 2.72% due 11/26/2040 | 581,795 | 575,697 |
b,c | Towd Point Asset Trust, Series 2021-SL1 Class A2, 3.693% (LIBOR 1 Month + 0.70%) due 11/20/2061 | 7,489,524 | 7,372,708 |
262,007,054 | |||
Total Asset Backed Securities (Cost $1,715,869,295) | 1,631,211,494 | ||
Corporate Bonds — 42.1% | |||
Automobiles & Components — 1.1% | |||
Auto Components — 0.1% | |||
a | Aptiv plc/Aptiv Corp., 2.396% due 2/18/2025 | 5,434,000 | 5,077,584 |
Automobiles — 1.0% | |||
Daimler Finance North America LLC, | |||
c | 2.125% due 3/10/2025 | 13,600,000 | 12,660,512 |
c | 3.70% due 5/4/2023 | 4,725,000 | 4,684,507 |
b,c | Daimler Trucks Finance North America LLC, 3.654% (SOFR + 0.75%) due 12/13/2024 | 10,414,000 | 10,286,845 |
Hyundai Capital America, | |||
c | 0.875% due 6/14/2024 | 8,710,000 | 8,058,231 |
c | 1.00% due 9/17/2024 | 8,872,000 | 8,106,879 |
c | 1.80% due 10/15/2025 - 1/10/2028 | 9,765,000 | 8,289,074 |
c | 2.375% due 2/10/2023 - 10/15/2027 | 14,960,000 | 14,286,967 |
c | 3.00% due 2/10/2027 | 2,105,000 | 1,859,073 |
Hyundai Capital Services, Inc., | |||
a,c | 1.25% due 2/8/2026 | 2,970,000 | 2,588,444 |
a,c | 3.75% due 3/5/2023 | 2,029,000 | 2,019,159 |
a,c | Kia Corp., 2.375% due 2/14/2025 | 9,800,000 | 9,144,086 |
87,061,361 | |||
Banks — 1.0% | |||
Banks — 1.0% | |||
b | Citizens Bank NA/Providence RI, 4.592% (LIBOR 3 Month + 0.95%) due 3/29/2023 | 20,500,000 | 20,508,200 |
FNB Corp., 5.15% due 8/25/2025 | 5,748,000 | 5,669,195 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 25 |
Thornburg Limited Term Income Fund | September 30, 2022
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
a,b,c | NBK SPC Ltd., 1.625% (SOFR + 1.05%) due 9/15/2027 | $ 13,033,000 | $ 11,193,262 |
Santander Holdings USA, Inc., | |||
3.244% due 10/5/2026 | 6,823,000 | 6,119,344 | |
3.45% due 6/2/2025 | 4,453,000 | 4,176,023 | |
4.40% due 7/13/2027 | 4,940,000 | 4,546,825 | |
Sumitomo Mitsui Trust Bank Ltd., | |||
a,c | 0.80% due 9/12/2023 | 14,760,000 | 14,174,618 |
a,c | 0.85% due 3/25/2024 | 6,550,000 | 6,144,490 |
Synchrony Bank, 5.40% due 8/22/2025 | 7,250,000 | 7,068,678 | |
79,600,635 | |||
Capital Goods — 0.6% | |||
Aerospace & Defense — 0.3% | |||
Boeing Co., 2.196% due 2/4/2026 | 6,256,000 | 5,553,889 | |
Teledyne Technologies, Inc., | |||
2.25% due 4/1/2028 | 14,013,000 | 11,720,193 | |
2.75% due 4/1/2031 | 7,501,000 | 5,917,914 | |
Industrial Conglomerates — 0.0% | |||
Trane Technologies Co. LLC, 6.391% due 11/15/2027 | 3,000,000 | 3,029,640 | |
Machinery — 0.3% | |||
Flowserve Corp., 3.50% due 10/1/2030 | 8,414,000 | 6,927,835 | |
nVent Finance Sarl, | |||
a | 2.75% due 11/15/2031 | 10,462,000 | 7,716,562 |
a | 4.55% due 4/15/2028 | 7,023,000 | 6,314,520 |
Westinghouse Air Brake Technologies Corp., 4.40% due 3/15/2024 | 3,853,000 | 3,783,723 | |
50,964,276 | |||
Commercial & Professional Services — 0.2% | |||
Commercial Services & Supplies — 0.1% | |||
Quanta Services, Inc., 0.95% due 10/1/2024 | 10,296,000 | 9,420,222 | |
Hotels, Restaurants & Leisure — 0.1% | |||
c | Magallanes, Inc., 3.428% due 3/15/2024 | 4,090,000 | 3,955,889 |
13,376,111 | |||
Consumer Durables & Apparel — 0.0% | |||
Household Durables — 0.0% | |||
a,c | Panasonic Corp., 2.679% due 7/19/2024 | 2,000,000 | 1,910,380 |
1,910,380 | |||
Diversified Financials — 9.2% | |||
Capital Markets — 2.0% | |||
Blackstone Private Credit Fund, | |||
2.625% due 12/15/2026 | 8,137,000 | 6,690,485 | |
3.25% due 3/15/2027 | 3,543,000 | 2,939,804 | |
Hercules Capital, Inc., | |||
2.625% due 9/16/2026 | 14,120,000 | 11,552,843 | |
3.375% due 1/20/2027 | 7,458,000 | 6,183,875 | |
a,c | LSEGA Financing plc, 1.375% due 4/6/2026 | 9,720,000 | 8,522,788 |
Main Street Capital Corp., 3.00% due 7/14/2026 | 8,163,000 | 6,869,736 | |
Owl Rock Capital Corp., | |||
2.625% due 1/15/2027 | 2,081,000 | 1,672,167 | |
2.875% due 6/11/2028 | 20,499,000 | 15,628,028 | |
Owl Rock Capital Corp. III, 3.125% due 4/13/2027 | 16,243,000 | 13,231,385 | |
OWL Rock Core Income Corp., | |||
3.125% due 9/23/2026 | 19,056,000 | 16,009,136 | |
4.70% due 2/8/2027 | 4,870,000 | 4,282,581 | |
5.50% due 3/21/2025 | 6,810,000 | 6,420,672 | |
Owl Rock Technology Finance Corp., | |||
2.50% due 1/15/2027 | 10,556,000 | 8,436,144 | |
c | 3.75% due 6/17/2026 | 12,276,000 | 10,640,714 |
c | 4.75% due 12/15/2025 | 17,883,000 | 16,098,634 |
Sixth Street Specialty Lending, Inc., | |||
2.50% due 8/1/2026 | 2,591,000 | 2,205,589 |
26 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
3.875% due 11/1/2024 | $ 14,960,000 | $ 14,256,132 | |
SLR Investment Corp., 4.50% due 1/20/2023 | 13,191,000 | 13,135,334 | |
Consumer Finance — 0.2% | |||
Wells Fargo & Co., | |||
b | 3.908% (SOFR + 1.32%) due 4/25/2026 | 8,792,000 | 8,403,658 |
b | 4.808% (SOFR + 1.98%) due 7/25/2028 | 6,448,000 | 6,160,548 |
Diversified Financial Services — 6.7% | |||
Antares Holdings LP, | |||
c | 2.75% due 1/15/2027 | 7,360,000 | 5,856,426 |
c | 3.75% due 7/15/2027 | 8,520,000 | 6,858,600 |
c | 3.95% due 7/15/2026 | 14,391,000 | 12,137,513 |
c | 6.00% due 8/15/2023 | 10,075,000 | 9,970,925 |
a | Banco Santander SA, 5.147% due 8/18/2025 | 10,000,000 | 9,727,200 |
Bank of America Corp., | |||
b | 0.976% (SOFR + 0.69%) due 4/22/2025 | 9,525,000 | 8,853,583 |
b | 1.197% (SOFR + 1.01%) due 10/24/2026 | 3,035,000 | 2,649,707 |
b | 1.734% (SOFR + 0.96%) due 7/22/2027 | 3,632,000 | 3,115,820 |
b | 2.572% (SOFR + 1.21%) due 10/20/2032 | 3,665,000 | 2,805,961 |
b | 3.342% (BSBY3M + 0.43%) due 5/28/2024 | 5,093,000 | 4,964,707 |
b | 3.841% (SOFR + 1.11%) due 4/25/2025 | 7,305,000 | 7,106,304 |
b | 4.948% (SOFR + 2.04%) due 7/22/2028 | 9,453,000 | 9,091,045 |
a,b | Barclays plc, 4.302% (LIBOR 3 Month + 1.38%) due 5/16/2024 | 17,500,000 | 17,427,550 |
BNP Paribas SA, | |||
a,b,c | 1.323% (SOFR + 1.00%) due 1/13/2027 | 7,000,000 | 5,945,030 |
a,b,c | 2.159% (SOFR + 1.218%) due 9/15/2029 | 3,650,000 | 2,862,513 |
a,b,c | 2.219% (SOFR + 2.07%) due 6/9/2026 | 4,800,000 | 4,316,688 |
b,e | Charles Schwab Corp., 3.865% (SOFRINDX + 1.05%) due 3/3/2027 | 33,148,000 | 32,583,821 |
Citigroup Mortgage Loan Trust, | |||
b | 1.462% (SOFR + 0.77%) due 6/9/2027 | 7,328,000 | 6,238,400 |
b | 3.106% (SOFR + 2.84%) due 4/8/2026 | 4,265,000 | 4,000,144 |
b | 3.256% (SOFR + 0.669%) due 5/1/2025 | 5,753,000 | 5,656,465 |
3.40% due 5/1/2026 | 2,425,000 | 2,264,004 | |
b | 3.644% (SOFR + 0.77%) due 6/9/2027 | 17,355,000 | 16,494,713 |
b | 4.412% (SOFR + 3.91%) due 3/31/2031 | 10,815,000 | 9,725,497 |
b | Citigroup, Inc., 4.658% (SOFR + 1.887%) due 5/24/2028 | 3,532,000 | 3,356,460 |
Deutsche Bank AG, | |||
a | 0.898% due 5/28/2024 | 10,952,000 | 10,128,629 |
a,b | 2.311% (SOFR + 1.219%) due 11/16/2027 | 4,850,000 | 3,938,346 |
a,b | 4.273% (LIBOR 3 Month + 1.23%) due 2/27/2023 | 17,100,000 | 17,089,227 |
Goldman Sachs Group, Inc., | |||
b | 0.65% (SOFR + 0.50%) due 7/16/2024 | 14,450,000 | 14,008,408 |
b | 3.147% (SOFR + 0.70%) due 1/24/2025 | 6,322,000 | 6,214,463 |
b | 3.335% (SOFR + 0.92%) due 10/21/2027 | 6,991,000 | 6,686,542 |
b | 3.367% (SOFR + 0.50%) due 9/10/2024 | 10,786,000 | 10,622,700 |
b | 3.436% (SOFR + 0.62%) due 12/6/2023 | 5,123,000 | 5,089,188 |
b | 3.687% (SOFR + 0.82%) due 9/10/2027 | 10,881,000 | 10,367,308 |
HSBC Holdings plc, | |||
a,b | 1.589% (SOFR + 1.29%) due 5/24/2027 | 6,100,000 | 5,099,112 |
a,b | 1.645% (SOFR + 1.538%) due 4/18/2026 | 3,025,000 | 2,692,885 |
a,b | 2.013% (SOFR + 1.73%) due 9/22/2028 | 9,550,000 | 7,683,739 |
a,b | 2.099% (SOFR + 1.93%) due 6/4/2026 | 6,800,000 | 6,094,160 |
a,b | 2.206% (SOFR + 1.285%) due 8/17/2029 | 3,500,000 | 2,719,605 |
a,b | 2.251% (SOFR + 1.10%) due 11/22/2027 | 3,430,000 | 2,881,200 |
a,b | 3.285% (SOFR + 0.58%) due 11/22/2024 | 1,585,000 | 1,540,525 |
a,b | 4.18% (SOFR + 1.51%) due 12/9/2025 | 5,400,000 | 5,163,426 |
a,b | 5.21% (SOFR + 2.61%) due 8/11/2028 | 4,080,000 | 3,820,961 |
JPMorgan Chase & Co., | |||
b | 1.045% (SOFR + 0.80%) due 11/19/2026 | 5,982,000 | 5,181,429 |
b | 3.316% (SOFR + 0.885%) due 4/22/2027 | 5,699,000 | 5,529,512 |
b | 3.46% (SOFR + 0.60%) due 12/10/2025 | 6,825,000 | 6,664,339 |
b | 3.662% (SOFR + 0.92%) due 2/24/2026 | 10,418,000 | 10,220,891 |
b | 4.08% (SOFR + 1.32%) due 4/26/2026 | 4,690,000 | 4,506,105 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 27 |
Thornburg Limited Term Income Fund | September 30, 2022
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
b | 4.323% (SOFR + 1.56%) due 4/26/2028 | $ 7,269,000 | $ 6,837,221 |
b | 4.851% (SOFR + 1.99%) due 7/25/2028 | 3,040,000 | 2,916,819 |
a,b | Lloyds Banking Group plc, 3.87% (H15T1Y + 3.50%) due 7/9/2025 | 3,500,000 | 3,375,260 |
Mitsubishi UFJ Financial Group, Inc., | |||
a,b | 0.953% (H15T1Y + 0.55%) due 7/19/2025 | 14,075,000 | 12,955,615 |
a,b | 1.538% (H15T1Y + 0.75%) due 7/20/2027 | 4,800,000 | 4,099,536 |
a,b | 1.64% (H15T1Y + 0.67%) due 10/13/2027 | 6,750,000 | 5,733,112 |
a,b | 4.788% (H15T1Y + 1.70%) due 7/18/2025 | 4,550,000 | 4,488,802 |
a,b | 5.017% (H15T1Y + 1.95%) due 7/20/2028 | 1,250,000 | 1,200,725 |
a,b | 5.354% (H15T1Y + 1.90%) due 9/13/2028 | 5,000,000 | 4,874,300 |
Mizuho Financial Group, Inc., | |||
a,b | 2.226% (LIBOR 3 Month + 0.83%) due 5/25/2026 | 4,800,000 | 4,359,024 |
a,b | 3.627% (LIBOR 3 Month + 0.63%) due 5/25/2024 | 12,978,000 | 12,846,014 |
a,b | 3.922% (LIBOR 3 Month + 1.00%) due 9/11/2024 | 10,850,000 | 10,653,289 |
Morgan Stanley, | |||
b | 0.791% (SOFR + 0.51%) due 1/22/2025 | 11,785,000 | 11,039,363 |
b | 1.164% (SOFR + 0.56%) due 10/21/2025 | 9,635,000 | 8,780,279 |
b | 4.679% (SOFR + 1.669%) due 7/17/2026 | 3,034,000 | 2,953,751 |
a,b | Natwest Group plc, 1.642% (H15T1Y + 0.90%) due 6/14/2027 | 3,000,000 | 2,522,340 |
Societe Generale SA, | |||
a,b,c | 1.792% (H15T1Y + 1.00%) due 6/9/2027 | 4,933,000 | 4,102,431 |
a,c | 2.625% due 1/22/2025 | 4,000,000 | 3,705,440 |
a,b,c | 3.465% (SOFR + 1.05%) due 1/21/2026 | 6,400,000 | 6,192,320 |
a,c | 3.875% due 3/28/2024 | 8,000,000 | 7,780,880 |
a,c | 4.25% due 9/14/2023 | 9,000,000 | 8,899,470 |
Sumitomo Mitsui Financial Group, Inc., | |||
a | 0.948% due 1/12/2026 | 11,650,000 | 10,109,753 |
a,b | 3.102% (SOFR + 0.88%) due 1/14/2027 | 19,486,000 | 18,958,709 |
a,b,c | UBS AG, 3.074% (SOFR + 0.45%) due 8/9/2024 | 2,800,000 | 2,778,804 |
UBS Group AG, | |||
a,b,c | 1.494% (H15T1Y + 0.85%) due 8/10/2027 | 7,121,000 | 5,982,138 |
a,b,c | 4.49% (H15T1Y + 1.60%) due 8/5/2025 | 9,800,000 | 9,558,920 |
a,b,c | 4.751% (H15T1Y + 1.75%) due 5/12/2028 | 7,800,000 | 7,321,236 |
Western Union Co., 2.85% due 1/10/2025 | 7,256,000 | 6,869,255 | |
Insurance — 0.3% | |||
c | Global Atlantic Fin Co., 4.40% due 10/15/2029 | 27,285,000 | 23,179,426 |
742,366,261 | |||
Energy — 1.7% | |||
Energy Equipment & Services — 0.0% | |||
a,c,f,g | Schahin II Finance Co. SPV Ltd., 5.875% due 9/25/2023 | 3,997,362 | 234,845 |
Oil, Gas & Consumable Fuels — 1.7% | |||
Buckeye Partners LP, 4.15% due 7/1/2023 | 7,000,000 | 6,906,690 | |
c | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 9,168,000 | 8,716,751 |
c | Florida Gas Transmission Co. LLC, 2.30% due 10/1/2031 | 10,778,000 | 8,151,186 |
Galaxy Pipeline Assets Bidco Ltd., | |||
a,c | 1.75% due 9/30/2027 | 33,725,981 | 30,843,084 |
a,c | 2.16% due 3/31/2034 | 9,283,988 | 7,625,496 |
a,c | Gazprom PJSC via Gaz Finance plc, 3.50% due 7/14/2031 | 32,475,000 | 15,712,704 |
Gray Oak Pipeline LLC, | |||
c | 2.00% due 9/15/2023 | 17,190,000 | 16,601,243 |
c | 3.45% due 10/15/2027 | 12,955,000 | 11,420,610 |
c | Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029 | 16,535,000 | 14,751,700 |
MPLX LP, 4.95% due 9/1/2032 | 4,916,000 | 4,467,218 | |
c | Tennessee Gas Pipeline Co. LLC, 2.90% due 3/1/2030 | 11,946,000 | 9,809,100 |
135,240,627 | |||
Food & Staples Retailing — 0.2% | |||
Food & Staples Retailing — 0.2% | |||
7-Eleven, Inc., | |||
c | 0.625% due 2/10/2023 | 2,007,000 | 1,977,838 |
c | 0.80% due 2/10/2024 | 13,945,000 | 13,191,691 |
Walgreens Boots Alliance, Inc., 3.20% due 4/15/2030 | 5,024,000 | 4,226,239 |
28 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
19,395,768 | |||
Food, Beverage & Tobacco — 0.9% | |||
Beverages — 0.6% | |||
a,c | Becle SAB de CV, 2.50% due 10/14/2031 | $ 28,038,000 | $ 21,771,226 |
Constellation Brands, Inc., 4.35% due 5/9/2027 | 7,867,000 | 7,557,355 | |
Huntington Ingalls Industries, Inc., 2.043% due 8/16/2028 | 17,717,000 | 14,376,991 | |
Keurig Dr Pepper, Inc., 3.95% due 4/15/2029 | 9,134,000 | 8,341,443 | |
Food Products — 0.1% | |||
b | General Mills, Inc., 3.75% (LIBOR 3 Month + 1.01%) due 10/17/2023 | 2,475,000 | 2,484,776 |
Ingredion, Inc., 2.90% due 6/1/2030 | 9,725,000 | 8,025,557 | |
Tobacco — 0.2% | |||
BAT Capital Corp., | |||
2.726% due 3/25/2031 | 2,950,000 | 2,180,256 | |
3.557% due 8/15/2027 | 5,838,000 | 5,126,231 | |
BAT International Finance plc, | |||
a | 1.668% due 3/25/2026 | 4,764,000 | 4,115,191 |
a,c | 3.95% due 6/15/2025 | 3,000,000 | 2,856,000 |
76,835,026 | |||
Health Care Equipment & Services — 0.8% | |||
Health Care Equipment & Supplies — 0.2% | |||
a,c | Olympus Corp., 2.143% due 12/8/2026 | 14,061,000 | 12,341,621 |
Health Care Providers & Services — 0.6% | |||
AmerisourceBergen Corp., 0.737% due 3/15/2023 | 4,254,000 | 4,182,192 | |
Catholic Health Initiatives, 2.95% due 11/1/2022 | 7,000,000 | 6,984,040 | |
c | Highmark, Inc., 1.45% due 5/10/2026 | 20,542,000 | 18,060,732 |
Humana, Inc., 0.65% due 8/3/2023 | 3,884,000 | 3,752,488 | |
Laboratory Corp. of America Holdings, 1.55% due 6/1/2026 | 19,555,000 | 17,125,096 | |
62,446,169 | |||
Household & Personal Products — 0.0% | |||
Household Products — 0.0% | |||
a,c | Kimberly-Clark de Mexico SAB de CV, 3.80% due 4/8/2024 | 3,900,000 | 3,802,149 |
��� | 3,802,149 | ||
Insurance — 6.8% | |||
Insurance — 6.8% | |||
c | American National Group, Inc., 6.144% due 6/13/2032 | 25,662,000 | 23,557,973 |
Aon Corp./Aon Global Holdings plc, 5.00% due 9/12/2032 | 9,714,000 | 9,314,075 | |
a,c | Ascot Group Ltd., 4.25% due 12/15/2030 | 10,923,000 | 9,113,277 |
c | Belrose Funding Trust, 2.33% due 8/15/2030 | 9,685,000 | 7,301,522 |
Brighthouse Financial Global Funding, | |||
c | 1.55% due 5/24/2026 | 7,538,000 | 6,481,399 |
c | 2.00% due 6/28/2028 | 10,733,000 | 8,803,636 |
b,c | 2.996% (SOFR + 0.76%) due 4/12/2024 | 7,247,000 | 7,152,717 |
Brighthouse Financial, Inc., 5.625% due 5/15/2030 | 10,707,000 | 10,033,423 | |
CNO Global Funding, | |||
c | 1.65% due 1/6/2025 | 5,359,000 | 4,922,563 |
c | 1.75% due 10/7/2026 | 9,414,000 | 8,148,288 |
a,c | DaVinciRe Holdings Ltd., 4.75% due 5/1/2025 | 10,260,000 | 9,882,227 |
Enstar Group Ltd., | |||
a | 3.10% due 9/1/2031 | 10,106,000 | 7,131,299 |
a | 4.95% due 6/1/2029 | 16,116,000 | 14,449,283 |
Equitable Financial Life Global Funding, | |||
c | 1.00% due 1/9/2026 | 8,665,000 | 7,544,009 |
c | 1.40% due 7/7/2025 - 8/27/2027 | 19,048,000 | 16,631,611 |
c | 1.80% due 3/8/2028 | 6,800,000 | 5,684,528 |
F&G Global Funding, | |||
c | 1.75% due 6/30/2026 | 20,225,000 | 17,562,783 |
c | 2.00% due 9/20/2028 | 17,963,000 | 14,340,941 |
c | 2.30% due 4/11/2027 | 13,520,000 | 11,643,559 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 29 |
Thornburg Limited Term Income Fund | September 30, 2022
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Fairfax Financial Holdings Ltd., | |||
a | 3.375% due 3/3/2031 | $ 5,261,000 | $ 4,272,353 |
a | 4.625% due 4/29/2030 | 11,984,000 | 10,776,252 |
a,c | 5.625% due 8/16/2032 | 15,746,000 | 14,530,251 |
a,c | Fidelis Insurance Holdings Ltd., 4.875% due 6/30/2030 | 17,531,000 | 17,231,921 |
Fidelity National Financial, Inc., 3.40% due 6/15/2030 | 14,931,000 | 12,180,710 | |
First American Financial Corp., 4.00% due 5/15/2030 | 4,845,000 | 4,040,778 | |
GA Global Funding Trust, | |||
c | 2.25% due 1/6/2027 | 11,420,000 | 9,913,816 |
b,c | 3.374% (SOFR + 0.50%) due 9/13/2024 | 6,888,000 | 6,687,490 |
c | 3.85% due 4/11/2025 | 11,960,000 | 11,386,518 |
Globe Life, Inc., 4.80% due 6/15/2032 | 6,410,000 | 5,937,327 | |
Horace Mann Educators Corp., 4.50% due 12/1/2025 | 6,533,000 | 6,259,986 | |
c | Jackson National Life Global Funding, 3.25% due 1/30/2024 | 5,000,000 | 4,851,750 |
Mercury General Corp., 4.40% due 3/15/2027 | 2,901,000 | 2,696,334 | |
Metropolitan Life Global Funding I, | |||
b,c | 2.517% (SOFR + 0.32%) due 1/7/2024 | 14,683,000 | 14,576,401 |
c | 3.30% due 3/21/2029 | 4,000,000 | 3,539,440 |
b,c | Nationwide Mutual Insurance Co., 5.583% (LIBOR 3 Month + 2.29%) due 12/15/2024 | 16,096,000 | 16,111,613 |
b,c | New York Life Global Funding, 3.339% (SOFR + 0.48%) due 6/9/2026 | 29,445,000 | 28,507,177 |
Pacific Life Global Funding II, | |||
b,c | 3.435% (SOFR + 0.62%) due 6/4/2026 | 13,475,000 | 12,999,737 |
b,c | 3.771% (SOFRINDX + 0.80%) due 3/30/2025 | 653,000 | 642,787 |
a | Pentair Finance Sarl, 5.90% due 7/15/2032 | 9,193,000 | 8,767,824 |
c | Protective Life Corp., 3.40% due 1/15/2030 | 19,740,000 | 17,095,037 |
Protective Life Global Funding, | |||
c | 1.618% due 4/15/2026 | 14,716,000 | 12,985,987 |
c | 3.218% due 3/28/2025 | 4,000,000 | 3,795,680 |
Reliance Standard Life Global Funding II, | |||
c | 1.512% due 9/28/2026 | 10,762,000 | 9,309,560 |
c | 2.75% due 5/7/2025 | 13,490,000 | 12,574,029 |
c | 3.85% due 9/19/2023 | 9,950,000 | 9,802,342 |
c | RGA Global Funding, 2.70% due 1/18/2029 | 11,803,000 | 9,859,636 |
c | Sammons Financial Group, Inc., 4.45% due 5/12/2027 | 7,950,000 | 7,244,517 |
c | Security Benefit Global Funding, 1.25% due 5/17/2024 | 37,488,000 | 34,888,957 |
a | Sompo International Holdings Ltd., 4.70% due 10/15/2022 | 5,000,000 | 4,988,250 |
Stewart Information Services Corp., 3.60% due 11/15/2031 | 21,476,000 | 16,557,137 | |
Willis North America, Inc., 4.65% due 6/15/2027 | 14,331,000 | 13,614,163 | |
548,324,873 | |||
Materials — 1.5% | |||
Chemicals — 0.5% | |||
c | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 5.125% due 4/1/2025 | 4,935,000 | 4,944,771 |
a,c | LG Chem Ltd., 4.375% due 7/14/2025 | 5,000,000 | 4,882,900 |
a,c | OCP SA, 5.625% due 4/25/2024 | 8,555,000 | 8,508,803 |
Phosagro OAO Via Phosagro Bond Funding DAC, | |||
a,c | 3.05% due 1/23/2025 | 2,525,000 | 1,432,912 |
a,c | 3.949% due 4/24/2023 | 29,098,000 | 17,607,200 |
Construction Materials — 0.2% | |||
Martin Marietta Materials, Inc., 0.65% due 7/15/2023 | 14,635,000 | 14,145,313 | |
Containers & Packaging — 0.5% | |||
a,c | CCL Industries, Inc., 3.05% due 6/1/2030 | 9,810,000 | 7,852,317 |
c | Graphic Packaging International LLC, 1.512% due 4/15/2026 | 6,873,000 | 5,936,897 |
c | Silgan Holdings, Inc., 1.40% due 4/1/2026 | 12,204,000 | 10,401,713 |
Sonoco Products Co., 1.80% due 2/1/2025 | 14,725,000 | 13,649,192 | |
Metals & Mining — 0.3% | |||
a | AngloGold Ashanti Holdings plc, 3.375% due 11/1/2028 | 23,500,000 | 19,095,395 |
a,c | Metalloinvest Finance DAC, Series 2022-1A Class A, 3.375% due 10/22/2028 | 12,700,000 | 7,289,038 |
a,c | Newcrest Finance Pty Ltd., 3.25% due 5/13/2030 | 2,961,000 | 2,460,680 |
118,207,131 | |||
Media & Entertainment — 0.1% |
30 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Media — 0.1% | |||
c | Magallanes, Inc., 3.528% due 3/15/2024 | $ 10,415,000 | $ 10,052,037 |
10,052,037 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.4% | |||
Biotechnology — 0.2% | |||
Bio-Rad Laboratories, Inc., 3.30% due 3/15/2027 | 5,820,000 | 5,284,909 | |
a | Royalty Pharma plc, 1.20% due 9/2/2025 | 7,532,000 | 6,664,916 |
Pharmaceuticals — 0.2% | |||
a,b | AstraZeneca plc, 3.607% (LIBOR 3 Month + 0.67%) due 8/17/2023 | 10,524,000 | 10,521,685 |
c | Bayer US Finance II LLC, 4.25% due 12/15/2025 | 2,500,000 | 2,397,100 |
Viatris, Inc., 2.30% due 6/22/2027 | 4,935,000 | 4,030,168 | |
28,898,778 | |||
Real Estate — 1.9% | |||
Equity Real Estate Investment Trusts — 1.7% | |||
American Tower Corp., | |||
1.45% due 9/15/2026 | 4,969,000 | 4,241,191 | |
1.50% due 1/31/2028 | 15,000,000 | 12,014,700 | |
2.40% due 3/15/2025 | 12,850,000 | 11,970,417 | |
3.65% due 3/15/2027 | 6,380,000 | 5,847,461 | |
4.05% due 3/15/2032 | 3,414,000 | 2,939,249 | |
Crown Castle International Corp., | |||
1.05% due 7/15/2026 | 9,604,000 | 8,134,876 | |
2.50% due 7/15/2031 | 22,231,000 | 17,153,217 | |
Digital Realty Trust LP, 5.55% due 1/15/2028 | 9,201,000 | 9,124,816 | |
Extra Space Storage LP, 3.90% due 4/1/2029 | 4,920,000 | 4,366,844 | |
SBA Tower Trust, | |||
c | 1.631% due 5/15/2051 | 26,000,000 | 22,162,694 |
c | 1.84% due 4/15/2027 | 8,140,000 | 6,868,762 |
c | 2.836% due 1/15/2050 | 12,525,000 | 11,717,638 |
c | 3.448% due 3/15/2048 | 2,085,000 | 2,065,824 |
Service Properties Trust, | |||
4.35% due 10/1/2024 | 10,161,000 | 8,953,975 | |
4.65% due 3/15/2024 | 4,233,000 | 3,913,705 | |
5.25% due 2/15/2026 | 4,020,000 | 3,206,272 | |
Vornado Realty LP, | |||
2.15% due 6/1/2026 | 3,500,000 | 2,960,650 | |
3.40% due 6/1/2031 | 2,916,000 | 2,228,378 | |
Mortgage Real Estate Investment Trusts — 0.2% | |||
Sun Communities Operating LP, 2.30% due 11/1/2028 | 13,878,000 | 11,162,353 | |
151,033,022 | |||
Retailing — 0.1% | |||
Specialty Retail — 0.1% | |||
Advance Auto Parts, Inc., | |||
1.75% due 10/1/2027 | 4,763,000 | 3,915,948 | |
3.90% due 4/15/2030 | 6,584,000 | 5,665,137 | |
9,581,085 | |||
Semiconductors & Semiconductor Equipment — 1.6% | |||
Semiconductors & Semiconductor Equipment — 1.6% | |||
Broadcom Corp./Broadcom Cayman Finance Ltd., | |||
a | 3.50% due 1/15/2028 | 12,245,000 | 10,857,886 |
a | 3.875% due 1/15/2027 | 4,565,000 | 4,207,469 |
Broadcom, Inc., | |||
c | 3.187% due 11/15/2036 | 6,583,000 | 4,507,578 |
3.459% due 9/15/2026 | 3,127,000 | 2,902,638 | |
c | 4.00% due 4/15/2029 | 2,060,000 | 1,815,952 |
4.15% due 11/15/2030 | 2,980,000 | 2,575,674 | |
4.75% due 4/15/2029 | 3,575,000 | 3,341,553 | |
Microchip Technology, Inc., | |||
0.972% due 2/15/2024 | 18,694,000 | 17,611,804 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 31 |
Thornburg Limited Term Income Fund | September 30, 2022
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
4.25% due 9/1/2025 | $ 10,634,000 | $ 10,285,843 | |
Micron Technology, Inc., | |||
4.663% due 2/15/2030 | 4,150,000 | 3,705,535 | |
5.327% due 2/6/2029 | 7,690,000 | 7,298,271 | |
Qorvo, Inc., | |||
c | 1.75% due 12/15/2024 | 6,858,000 | 6,288,786 |
c | 3.375% due 4/1/2031 | 14,210,000 | 10,640,448 |
4.375% due 10/15/2029 | 930,000 | 796,750 | |
a,c | Renesas Electronics Corp., 1.543% due 11/26/2024 | 17,721,000 | 16,212,588 |
SK Hynix, Inc., | |||
a,c | 1.00% due 1/19/2024 | 6,800,000 | 6,423,484 |
a,c | 1.50% due 1/19/2026 | 10,200,000 | 8,852,784 |
a,c | 2.375% due 1/19/2031 | 6,588,000 | 4,883,157 |
Skyworks Solutions, Inc., 1.80% due 6/1/2026 | 3,574,000 | 3,106,842 | |
a,c | TSMC Global Ltd., 4.375% due 7/22/2027 | 6,018,000 | 5,841,492 |
132,156,534 | |||
Software & Services — 2.3% | |||
Information Technology Services — 1.3% | |||
Block Financial LLC, 2.50% due 7/15/2028 | 10,392,000 | 8,603,121 | |
DXC Technology Co., 2.375% due 9/15/2028 | 31,549,000 | 25,847,780 | |
a | Genpact Luxembourg Sarl, 3.375% due 12/1/2024 | 4,350,000 | 4,169,171 |
a | Genpact Luxembourg Sarl/Genpact USA, Inc., 1.75% due 4/10/2026 | 9,063,000 | 8,003,263 |
Global Payments, Inc., | |||
1.50% due 11/15/2024 | 5,624,000 | 5,179,760 | |
2.15% due 1/15/2027 | 3,516,000 | 3,009,415 | |
Kyndryl Holdings, Inc., | |||
2.05% due 10/15/2026 | 10,562,000 | 8,489,841 | |
2.70% due 10/15/2028 | 22,750,000 | 16,733,990 | |
Leidos, Inc., 2.30% due 2/15/2031 | 8,489,000 | 6,256,223 | |
Moody’s Corp., 4.25% due 8/8/2032 | 4,929,000 | 4,485,982 | |
Total System Services, Inc., 4.00% due 6/1/2023 | 3,835,000 | 3,805,816 | |
c | Wipro IT Services LLC, 1.50% due 6/23/2026 | 10,647,000 | 9,277,157 |
Internet Software & Services — 0.3% | |||
Prosus NV, | |||
a,c | 3.061% due 7/13/2031 | 2,816,000 | 1,947,179 |
a,c | 3.257% due 1/19/2027 | 6,400,000 | 5,407,104 |
a,c | 4.193% due 1/19/2032 | 18,054,000 | 13,333,240 |
a,c | Tencent Holdings Ltd., 2.39% due 6/3/2030 | 5,000,000 | 3,939,500 |
Software — 0.7% | |||
Fidelity National Information Services, Inc., 4.70% due 7/15/2027 | 12,167,000 | 11,714,388 | |
c | Infor, Inc., 1.75% due 7/15/2025 | 12,382,000 | 11,148,505 |
Oracle Corp., | |||
1.65% due 3/25/2026 | 15,136,000 | 13,273,818 | |
2.30% due 3/25/2028 | 7,482,000 | 6,245,001 | |
VMware, Inc., | |||
1.00% due 8/15/2024 | 3,304,000 | 3,058,843 | |
4.50% due 5/15/2025 | 15,043,000 | 14,707,842 | |
188,636,939 | |||
Technology Hardware & Equipment — 2.4% | |||
Communications Equipment — 0.4% | |||
Motorola Solutions, Inc., | |||
2.30% due 11/15/2030 | 1,582,000 | 1,189,253 | |
5.60% due 6/1/2032 | 31,921,000 | 30,273,876 | |
Electronic Equipment, Instruments & Components — 0.8% | |||
a | Allegion plc, 3.50% due 10/1/2029 | 3,059,000 | 2,589,872 |
a | Flex Ltd., 4.875% due 5/12/2030 | 15,741,000 | 14,163,122 |
TD SYNNEX Corp., 1.75% due 8/9/2026 | 28,691,000 | 24,391,367 | |
Trimble, Inc., 4.75% due 12/1/2024 | 17,000,000 | 16,790,390 | |
Vontier Corp., | |||
1.80% due 4/1/2026 | 5,272,000 | 4,480,989 | |
2.40% due 4/1/2028 | 3,766,000 | 2,937,103 |
32 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Technology Hardware, Storage & Peripherals — 1.2% | |||
Dell International LLC/EMC Corp., 4.90% due 10/1/2026 | $ 18,299,000 | $ 17,661,463 | |
HP, Inc., | |||
1.45% due 6/17/2026 | 5,334,000 | 4,601,589 | |
4.75% due 1/15/2028 | 14,002,000 | 13,156,419 | |
Lenovo Group Ltd., | |||
a | 4.75% due 3/29/2023 | 23,428,000 | 23,374,584 |
a,c | 5.831% due 1/27/2028 | 25,620,000 | 24,343,612 |
a | 5.875% due 4/24/2025 | 10,600,000 | 10,451,918 |
NetApp, Inc., 2.375% due 6/22/2027 | 645,000 | 569,309 | |
190,974,866 | |||
Telecommunication Services — 0.7% | |||
Diversified Telecommunication Services — 0.6% | |||
AT&T, Inc., | |||
1.70% due 3/25/2026 | 9,905,000 | 8,805,545 | |
2.55% due 12/1/2033 | 1,016,000 | 756,077 | |
NBN Co. Ltd., | |||
a,c | 1.45% due 5/5/2026 | 29,450,000 | 25,776,112 |
a,c | 1.625% due 1/8/2027 | 9,800,000 | 8,404,382 |
a,c | NTT Finance Corp., 4.239% due 7/25/2025 | 5,800,000 | 5,688,118 |
Wireless Telecommunication Services — 0.1% | |||
T-Mobile USA, Inc., | |||
2.25% due 2/15/2026 | 4,275,000 | 3,829,160 | |
2.625% due 4/15/2026 | 4,847,000 | 4,382,512 | |
57,641,906 | |||
Transportation — 0.1% | |||
Air Freight & Logistics — 0.1% | |||
c | TTX Co., 4.15% due 1/15/2024 | 6,000,000 | 5,886,360 |
Airlines — 0.0% | |||
American Airlines Pass Through Trust, Series 2013-2 Class A, 4.95% due 7/15/2024 | 1,205,396 | 1,184,109 | |
US Airways Pass Through Trust, Series 2010-1A Class PTT, 6.25% due 10/22/2024 | 2,177,633 | 2,142,442 | |
Diversified Consumer Services — 0.0% | |||
University of Chicago, Series 12-B, 3.065% due 10/1/2024 | 360,000 | 346,147 | |
9,559,058 | |||
Utilities — 8.5% | |||
Electric Utilities — 7.5% | |||
AEP Texas, Inc., | |||
4.70% due 5/15/2032 | 6,527,000 | 5,973,706 | |
Series I, 2.10% due 7/1/2030 | 12,187,000 | 9,504,885 | |
c | Alexander Funding Trust, 1.841% due 11/15/2023 | 38,072,000 | 35,869,535 |
Allegion U.S. Holding Co., Inc., 5.411% due 7/1/2032 | 15,759,000 | 14,650,985 | |
Alliant Energy Finance LLC, | |||
c | 1.40% due 3/15/2026 | 5,240,000 | 4,461,022 |
c | 3.75% due 6/15/2023 | 9,673,000 | 9,545,316 |
Ameren Corp., | |||
1.75% due 3/15/2028 | 9,990,000 | 8,258,933 | |
3.50% due 1/15/2031 | 5,200,000 | 4,481,048 | |
American Electric Power Co., Inc., | |||
2.031% due 3/15/2024 | 3,898,000 | 3,727,034 | |
2.30% due 3/1/2030 | 14,211,000 | 11,350,468 | |
Series M, 0.75% due 11/1/2023 | 9,667,000 | 9,240,589 | |
c | American Transmission Systems, Inc., 2.65% due 1/15/2032 | 4,885,000 | 3,854,656 |
Appalachian Power Co., | |||
3.40% due 6/1/2025 | 3,000,000 | 2,880,360 | |
Series BB 4.50% due 8/1/2032 | 6,337,000 | 5,705,011 | |
Avangrid, Inc., | |||
3.15% due 12/1/2024 | 8,870,000 | 8,476,438 | |
3.20% due 4/15/2025 | 9,395,000 | 8,884,945 | |
Black Hills Corp., | |||
1.037% due 8/23/2024 | 22,410,000 | 20,740,679 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 33 |
Thornburg Limited Term Income Fund | September 30, 2022
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
2.50% due 6/15/2030 | $ 5,490,000 | $ 4,329,469 | |
c | Caledonia Generating LLC, 1.95% due 2/28/2034 | 19,459,230 | 16,473,980 |
b | CenterPoint Energy, Inc., 3.303% (SOFRINDX + 0.65%) due 5/13/2024 | 2,289,000 | 2,263,523 |
Comision Federal de Electricidad, | |||
a,c | 3.348% due 2/9/2031 | 8,740,000 | 6,293,237 |
a,c | 4.688% due 5/15/2029 | 6,125,000 | 5,118,724 |
a | 5.00% due 9/29/2036 | 18,849,600 | 15,038,776 |
Consolidated Edison, Inc., Series A, 0.65% due 12/1/2023 | 24,048,000 | 22,923,516 | |
Dominion Energy, Inc., Series B, 3.60% due 3/15/2027 | 29,576,000 | 27,605,943 | |
Duke Energy Corp., 4.50% due 8/15/2032 | 14,790,000 | 13,376,963 | |
Enel Finance International NV, | |||
a,c | 1.375% due 7/12/2026 | 12,250,000 | 10,364,725 |
a,c | 1.875% due 7/12/2028 | 11,703,000 | 9,130,330 |
a,c | 2.25% due 7/12/2031 | 5,957,000 | 4,161,203 |
a,c | 4.625% due 6/15/2027 | 6,849,000 | 6,391,281 |
a,c | 5.00% due 6/15/2032 | 3,073,000 | 2,626,032 |
Entergy Louisiana LLC, 0.62% due 11/17/2023 | 3,963,000 | 3,792,512 | |
Entergy Mississippi LLC, 3.25% due 12/1/2027 | 4,727,000 | 4,216,957 | |
Entergy Texas, Inc., | |||
1.50% due 9/1/2026 | 8,640,000 | 7,463,491 | |
3.45% due 12/1/2027 | 12,000,000 | 10,983,480 | |
Eversource Energy, Series N, 3.80% due 12/1/2023 | 12,395,000 | 12,228,163 | |
Georgia Power Co., 4.70% due 5/15/2032 | 33,837,000 | 31,749,934 | |
ITC Holdings Corp., | |||
c | 2.95% due 5/14/2030 | 14,800,000 | 12,167,376 |
c | 4.95% due 9/22/2027 | 9,703,000 | 9,463,918 |
c | Jersey Central Power & Light Co., 4.30% due 1/15/2026 | 9,414,000 | 9,028,497 |
c | Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | 11,980,000 | 9,080,600 |
c | Midland Cogeneration Venture LP, 6.00% due 3/15/2025 | 1,418,821 | 1,436,031 |
b | Mississippi Power Co., Series A, 3.271% (SOFR + 0.30%) due 6/28/2024 | 6,780,000 | 6,642,637 |
c | Monongahela Power Co., 3.55% due 5/15/2027 | 3,300,000 | 3,042,138 |
NextEra Energy Capital Holdings, Inc., | |||
0.65% due 3/1/2023 | 3,333,000 | 3,279,705 | |
b | 3.254% (LIBOR 3 Month + 0.27%) due 2/22/2023 | 33,970,000 | 33,883,377 |
Northern States Power Co., 3.30% due 6/15/2024 | 5,000,000 | 4,883,350 | |
OGE Energy Corp., 0.703% due 5/26/2023 | 6,063,000 | 5,899,905 | |
Pacific Gas & Electric Co., 3.25% due 2/16/2024 | 20,160,000 | 19,463,875 | |
b | Pacific Gas and Electric Co., 3.803% (SOFRINDX + 1.15%) due 11/14/2022 | 982,000 | 980,458 |
b | PPL Electric Utilities Corp., 3.303% (SOFR + 0.33%) due 6/24/2024 | 5,094,000 | 5,029,306 |
Public Service Co. of Oklahoma, Series J, 2.20% due 8/15/2031 | 9,905,000 | 7,755,912 | |
Public Service Enterprise Group, Inc., 2.65% due 11/15/2022 | 2,852,000 | 2,845,726 | |
Puget Energy, Inc., | |||
2.379% due 6/15/2028 | 8,825,000 | 7,389,702 | |
4.10% due 6/15/2030 | 4,742,000 | 4,178,081 | |
San Diego Gas & Electric Co., 3.60% due 9/1/2023 | 4,212,000 | 4,159,224 | |
Southern California Edison Co., | |||
b | 3.611% (SOFRINDX + 0.64%) due 4/3/2023 | 19,476,000 | 19,425,168 |
Series C, 4.20% due 6/1/2025 | 8,722,000 | 8,508,747 | |
Transelec SA, | |||
a,c | 4.25% due 1/14/2025 | 6,000,000 | 5,833,800 |
a,c | 4.625% due 7/26/2023 | 2,880,000 | 2,839,997 |
c | Vistra Operations Co. LLC, 4.875% due 5/13/2024 | 25,918,000 | 25,238,171 |
WEC Energy Group, Inc., 2.20% due 12/15/2028 | 11,412,000 | 9,439,892 | |
Gas Utilities — 1.0% | |||
c | Brooklyn Union Gas Co., 4.632% due 8/5/2027 | 9,700,000 | 9,131,095 |
b | CenterPoint Energy Resources Corp., 3.60% (LIBOR 3 Month + 0.50%) due 3/2/2023 | 4,398,000 | 4,389,116 |
NiSource, Inc., 0.95% due 8/15/2025 | 14,735,000 | 13,082,617 | |
Southern Co. Gas Capital Corp., 5.15% due 9/15/2032 | 12,206,000 | 11,671,622 | |
Southwest Gas Corp., 4.05% due 3/15/2032 | 13,150,000 | 11,085,450 | |
b | Spire Missouri, Inc., 3.307% (SOFR + 0.50%) due 12/2/2024 | 31,347,000 | 31,041,053 |
686,434,395 | |||
Total Corporate Bonds (Cost $3,794,720,968) | 3,404,499,387 |
34 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Loan Participations — 0.8% | |||
Media & Entertainment — 0.6% | |||
Media — 0.6% | |||
h | Charter Communications Operating LLC, 4.87% (LIBOR 1 Month + 1.75%) due 2/1/2027 | $ 38,616,941 | $ 37,104,316 |
h | Nielsen Finance LLC, 4.705% (LIBOR 1 Month + 2.00%) due 10/4/2023 | 14,511,084 | 14,477,853 |
51,582,169 | |||
Software & Services — 0.2% | |||
Information Technology Services — 0.2% | |||
h | Genpact International, Inc., 3.899% (LIBOR 1 Month + 1.375%) due 8/9/2023 | 12,417,910 | 12,324,776 |
12,324,776 | |||
Total Loan Participations (Cost $65,108,799) | 63,906,945 | ||
Long-Term Municipal Bonds — 0.1% | |||
Colorado Educational & Cultural Facilities Authority, Series B, 2.691% due 3/1/2023 | 580,000 | 577,160 | |
Los Angeles Community College District GO, 1.806% due 8/1/2030 | 12,115,000 | 9,899,045 | |
New Jersey Transportation Trust Fund Authority, | |||
2.551% due 6/15/2023 | 1,170,000 | 1,155,849 | |
2.631% due 6/15/2024 | 860,000 | 837,346 | |
Total Long-Term Municipal Bonds (Cost $13,319,857) | 12,469,400 | ||
Preferred Stock — 0.4% | |||
Diversified Financials — 0.4% | |||
Capital Markets — 0.4% | |||
b,i | Gabelli Dividend & Income Trust, Series J, 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 — 1.5% | |||
j | Thornburg Capital Management Fund | 11,876,859 | 118,768,589 |
Total Short-Term Investments (Cost $118,768,589) | 118,768,589 | ||
Total Investments — 99.4% (Cost $8,792,432,271) | $8,028,994,718 | ||
Other Assets Less Liabilities — 0.6% | 49,874,228 | ||
Net Assets — 100.0% | $8,078,868,946 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 35 |
Thornburg Limited Term Income Fund | September 30, 2022
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, 2022. |
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, 2022, the aggregate value of these securities in the Fund’s portfolio was $3,939,815,827, representing 48.77% of the Fund’s net assets. |
d | When-issued security. |
e | Segregated as collateral for a when-issued security. |
f | Bond in default. |
g | Non-income producing. |
h | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 2022. |
i | Security currently fair valued by the Valuation and Pricing Committee. |
j | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
BSBY3M | Bloomberg Short Term Bank Yield 3 Month |
CMBS | Commercial Mortgage-Backed Securities |
CMO | Collateralized Mortgage Obligation |
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 |
SOFR30A | Secured Overnight Financing Rate 30-Day Average |
SOFRINDX | Secured Overnight Financing Rate Index |
SPV | Special Purpose Vehicle |
UMBS | Uniform Mortgage Backed Securities |
36 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Thornburg Ultra Short Income Fund | September 30, 2022
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
U.S. Treasury Securities — 10.2% | |||
United States Treasury Notes, | |||
0.125% due 1/31/2023 - 8/31/2023 | $5,250,000 | $ 5,093,291 | |
1.25% due 7/31/2023 | 2,000,000 | 1,951,563 | |
1.375% due 8/31/2023 | 1,000,000 | 973,789 | |
1.625% due 5/31/2023 - 10/31/2023 | 6,510,000 | 6,380,679 | |
2.125% due 12/31/2022 | 1,100,000 | 1,096,477 | |
2.75% due 4/30/2023 | 1,000,000 | 992,773 | |
United States Treasury Notes Inflationary Index, 0.625% due 1/15/2024 | 1,841,167 | 1,797,473 | |
Total U.S. Treasury Securities (Cost $18,355,138) | 18,286,045 | ||
U.S. Government Agencies — 0.0% | |||
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a | 1.70% due 12/20/2022 | 5,000 | 4,906 |
a,b | 2.862% (LIBOR 3 Month + 0.35%) due 4/15/2025 | 27,500 | 26,983 |
Small Business Administration Participation Certificates, | |||
Series 2005-20K Class 1, 5.36% due 11/1/2025 | 6,395 | 6,277 | |
Series 2009-20E Class 1, 4.43% due 5/1/2029 | 20,799 | 20,059 | |
Total U.S. Government Agencies (Cost $59,845) | 58,225 | ||
Mortgage Backed — 2.5% | |||
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2019-1 Class A1, 3.805% due 1/25/2049 | 24,151 | 22,506 |
b,c | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 22,896 | 20,931 |
c | Bravo Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 12,650 | 12,401 |
b,c | COLT Mortgage Pass-Through Certificates, Whole Loan Securities Trust CMO, Series 2021-1R Class A1, 0.857% due 5/25/2065 | 275,471 | 231,709 |
COMM Mortgage Trust, CMBS, Series 2012-CR3 Class A3, 2.822% due 10/15/2045 | 11,148 | 11,111 | |
b,c | CSMC Trust, CMBS, Series 2021-BPNY Class A, 6.532% (LIBOR 1 Month + 3.714%) due 8/15/2023 | 300,000 | 291,255 |
b,c | CSMC Trust, Whole Loan Securities Trust CMO, Series 2020-NQM1 Class A1, 1.208% due 5/25/2065 | 110,924 | 99,711 |
Federal Home Loan Mtg Corp., Multi-Family Structured Pass Through Certificates, CMBS, Series K036 Class A1, 2.777% due 4/25/2023 | 34,842 | 34,692 | |
b | Federal Home Loan Mtg Corp., REMIC, Series 3877 Class FA, 3.168% (LIBOR 1 Month + 0.35%) due 11/15/2040 | 7,207 | 7,207 |
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 | 30,551 | 28,920 |
b | Series 2018-1 Class HA, 3.00% due 5/25/2057 | 21,882 | 20,464 |
b | Series 2018-2 Class HA, 3.00% due 11/25/2057 | 86,455 | 81,417 |
Federal National Mtg Assoc., UMBS Collateral, Pool MA3557, 4.00% due 1/1/2029 | 40,565 | 39,203 | |
b,c | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 17,167 | 15,162 |
b,c | FWD Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-INV1 Class A1, 2.81% due 6/25/2049 | 23,793 | 21,921 |
GCAT Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2021-CM1 Class A, 1.469% due 4/25/2065 | 309,155 | 293,327 |
b,c | Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 166,531 | 156,111 |
b,c | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 82,977 | 81,192 |
b,c | MFRA Trust, Whole Loan Securities Trust CMO, Series 2022-CHM1, 3.875% due 9/25/2056 | 615,913 | 567,344 |
Morgan Stanley Bank of America Merrill Lynch Trust, CMBS, | |||
b | Series 2013-C10 Class ASB, 3.912% due 7/15/2046 | 88,567 | 88,339 |
Series 2013-C7 Class AAB, 2.469% due 2/15/2046 | 2,897 | 2,889 | |
b,c | New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2017-5A Class A1, 4.584% (LIBOR 1 Month + 1.50%) due 6/25/2057 | 17,848 | 17,606 |
b,c | Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1, 1.654% due 5/25/2060 | 635,230 | 613,581 |
b,c | SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class A1, 2.703% due 9/25/2059 | 5,182 | 5,053 |
Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, | |||
b,c | Series 2016-5 Class A1, 2.50% due 10/25/2056 | 8,033 | 7,932 |
b,c | Series 2018-2 Class A1, 3.25% due 3/25/2058 | 29,754 | 28,858 |
b,c | Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 1,112,585 | 1,092,734 |
b,c | Series 2019-HY2 Class A1, 4.084% (LIBOR 1 Month + 1.00%) due 5/25/2058 | 55,547 | 54,481 |
b,c | Verus Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-INV3 Class A1B, 3.192% due 11/25/2059 | 362,246 | 351,934 |
WFRBS Commercial Mortgage Trust, CMBS, | |||
Series 2013-C14 Class ASB, 2.977% due 6/15/2046 | 23,803 | 23,598 | |
Series 2013-C17 Class ASB, 3.558% due 12/15/2046 | 144,482 | 143,305 | |
Total Mortgage Backed (Cost $4,688,263) | 4,466,894 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 37 |
Thornburg Ultra Short Income Fund | September 30, 2022
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Asset Backed Securities — 39.8% | |||
Auto Receivables — 14.1% | |||
ACC Auto Trust, | |||
c | Series 2021-A Class A, 1.08% due 4/15/2027 | $ 60,040 | $ 59,210 |
c | Series 2022-A Class A, 4.58% due 7/15/2026 | 471,705 | 466,638 |
c | ACC Trust, Series 2022-1 Class A, 1.19% due 9/20/2024 | 422,460 | 419,399 |
ACM Auto Trust, | |||
c | Series 2022-1A Class A, 3.23% due 4/20/2029 | 470,488 | 468,946 |
c | Series 2022-1A Class B, 4.47% due 4/20/2029 | 500,000 | 495,580 |
American Credit Acceptance Receivables Trust, | |||
c | Series 2021-2 Class B, 0.68% due 5/13/2025 | 193,621 | 193,255 |
c | Series 2021-3 Class B, 0.66% due 2/13/2026 | 1,385,000 | 1,375,792 |
c | Series 2021-4 Class A, 0.45% due 9/15/2025 | 63,207 | 62,954 |
c | Series 2022-3 Class A, 4.12% due 2/13/2026 | 947,654 | 943,079 |
AmeriCredit Automobile Receivables Trust, Series 2020-1 Class A3, 1.11% due 8/19/2024 | 39,261 | 39,224 | |
c | ARI Fleet Lease Trust, Series 2019-A Class A2A, 2.41% due 11/15/2027 | 12,508 | 12,508 |
Arivo Acceptance Auto Loan Receivables Trust, | |||
c | Series 2019-1 Class A, 2.99% due 7/15/2024 | 24,921 | 24,901 |
c | Series 2021-1A Class A, 1.19% due 1/15/2027 | 1,009,286 | 974,431 |
c | Avid Automobile Receivables Trust, Series 2020-1 Class A, 0.61% due 1/15/2025 | 78,189 | 77,760 |
Capital One Prime Auto Receivables Trust, Series 2020-1 Class A3, 1.60% due 11/15/2024 | 412,760 | 408,367 | |
CarNow Auto Receivables Trust, | |||
c | Series 2021-1A Class A, 0.97% due 10/15/2024 | 58,253 | 58,163 |
c | Series 2021-2A Class A, 0.73% due 9/15/2023 | 52,415 | 52,364 |
Carvana Auto Receivables Trust, | |||
Series 2021-N2 Class A1, 0.32% due 3/10/2028 | 55,354 | 54,547 | |
Series 2021-N3 Class A1, 0.35% due 6/12/2028 | 693,768 | 678,240 | |
Series 2021-N4 Class A1, 0.83% due 9/11/2028 | 510,407 | 496,427 | |
Series 2021-P4 Class A2, 0.82% due 4/10/2025 | 977,622 | 966,000 | |
c | Series 2022-N1 Class A1, 2.31% due 12/11/2028 | 383,262 | 374,984 |
CPS Auto Receivables Trust, | |||
c | Series 2020-A Class C, 2.54% due 12/15/2025 | 62,851 | 62,827 |
c | Series 2021-B Class A, 0.37% due 3/17/2025 | 3,705 | 3,701 |
c | Series 2022-A Class A, 0.98% due 4/16/2029 | 588,905 | 578,117 |
c | Credito Real USA Auto Receivables Trust, Series 2021-1A Class A, 1.35% due 2/16/2027 | 156,445 | 152,278 |
Drive Auto Receivables Trust, Series 2021-1 Class B, 0.65% due 7/15/2025 | 236,299 | 235,490 | |
DT Auto Owner Trust, | |||
c | Series 2020-2A Class B, 2.08% due 3/16/2026 | 382,068 | 381,853 |
c | Series 2020-3A Class B, 0.91% due 12/16/2024 | 355,360 | 353,568 |
c | Series 2021-1A Class A, 0.35% due 1/15/2025 | 18,666 | 18,640 |
c | Series 2021-2A Class A, 0.41% due 3/17/2025 | 205,745 | 204,546 |
c | Series 2021-4A Class A, 0.56% due 9/15/2025 | 325,515 | 319,211 |
c | Series 2022-1A Class A, 1.58% due 4/15/2026 | 377,264 | 369,531 |
Exeter Automobile Receivables Trust, | |||
c | Series 2019-3A Class D, 3.11% due 8/15/2025 | 1,250,011 | 1,235,686 |
Series 2021-2A Class B, 0.57% due 9/15/2025 | 851,890 | 844,513 | |
FHF Trust, | |||
c | Series 2020-1A Class A, 2.59% due 12/15/2023 | 816 | 815 |
c | Series 2021-1A Class A, 1.27% due 3/15/2027 | 56,831 | 54,813 |
c | Series 2021-2A Class A, 0.83% due 12/15/2026 | 115,815 | 111,288 |
First Investors Auto Owner Trust, | |||
c | Series 2020-1A Class C, 2.55% due 2/17/2026 | 934,032 | 929,053 |
c | Series 2021-1A Class A, 0.45% due 3/16/2026 | 77,381 | 76,507 |
Flagship Credit Auto Trust, | |||
c | Series 2020-4 Class A, 0.53% due 4/15/2025 | 588,719 | 586,836 |
c | Series 2021-1 Class B, 0.31% due 6/16/2025 | 1,136,967 | 1,127,876 |
GLS Auto Receivables Issuer Trust, | |||
c | Series 2018-2A Class C, 4.17% due 4/15/2024 | 512,057 | 512,061 |
c | Series 2019-4A Class B, 2.78% due 9/16/2024 | 105,486 | 105,399 |
c | Series 2020-1A Class B, 2.43% due 11/15/2024 | 406,534 | 405,771 |
c | Series 2021-4A Class A, 0.84% due 7/15/2025 | 187,937 | 185,073 |
GM Financial Automobile Leasing Trust, Series 2020-3 Class A4, 0.51% due 10/21/2024 | 175,000 | 173,827 |
38 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Honda Auto Receivables Owner Trust, Series 2020-3 Class A3, 0.37% due 10/18/2024 | $ 494,594 | $ 483,433 | |
c | Hyundai Auto Lease Securitization Trust, Series 2020-B Class A3, 0.51% due 9/15/2023 | 70,320 | 70,078 |
Lendbuzz Securitization Trust, | |||
c | Series 2021-1A Class A, 1.46% due 6/15/2026 | 308,967 | 298,882 |
c | Series 2022-1A Class A, 4.22% due 5/17/2027 | 209,790 | 205,629 |
Mercedes-Benz Auto Lease Trust, Series 2021-B Class A2, 0.22% due 1/16/2024 | 32,350 | 32,193 | |
Nissan Auto Receivables Owner Trust, Series 2019-B Class A4, 2.54% due 12/15/2025 | 300,000 | 297,704 | |
c | Octane Receivables Trust, Series 2020-1A Class A, 1.71% due 2/20/2025 | 552,568 | 545,922 |
Santander Consumer Auto Receivables Trust, | |||
c | Series 2020-AA Class B, 2.26% due 12/15/2025 | 1,000,000 | 996,008 |
c | Series 2021-CA Class B, 1.44% due 4/17/2028 | 33,727 | 33,614 |
Santander Drive Auto Receivables Trust, Series 2019-1 Class D, 3.65% due 4/15/2025 | 576,122 | 575,181 | |
c | Tesla Auto Lease Trust, Series 2021-A Class A2, 0.36% due 3/20/2025 | 218,663 | 216,114 |
Toyota Auto Receivables Owner Trust, Series 2020-D Class A3, 0.35% due 1/15/2025 | 633,466 | 620,936 | |
United Auto Credit Securitization Trust, | |||
c | Series 2021-1 Class B, 0.68% due 3/11/2024 | 435,893 | 435,662 |
c | Series 2022-1 Class A, 1.11% due 7/10/2024 | 192,555 | 191,054 |
c | Series 2022-2 Class A, 4.39% due 4/10/2025 | 1,027,445 | 1,024,336 |
c | US Auto Funding, Series 2021-1A Class A, 0.79% due 7/15/2024 | 91,436 | 91,110 |
Veros Auto Receivables Trust, | |||
c | Series 2021-1 Class A, 0.92% due 10/15/2026 | 344,197 | 338,089 |
c | Series 2022-1 Class A, 3.47% due 12/15/2025 | 478,874 | 471,543 |
c | Westlake Automobile Receivables Trust, Series 2019-2A Class D, 3.20% due 11/15/2024 | 387,889 | 386,638 |
World Omni Auto Receivables Trust, Series 2019-C Class A3, 1.96% due 12/16/2024 | 283,831 | 282,007 | |
25,328,182 | |||
Credit Card — 2.0% | |||
c | Brex Commercial Charge Card Master Trust, Series 2021-1 Class A, 2.09% due 7/15/2024 | 200,000 | 196,169 |
c | Continental Credit Card LLC, Series 2019-1A Class A, 3.83% due 8/15/2026 | 657,128 | 648,972 |
c | Genesis Private Label Amortizing Trust, Series 2020-1 Class C, 4.19% due 7/20/2030 | 441,711 | 441,081 |
c | Genesis Sales Finance Master Trust, Series 2020-AA Class A, 1.65% due 9/22/2025 | 175,000 | 171,186 |
c | Mercury Financial Credit Card Master Trust, Series 2021-1A Class A, 1.54% due 3/20/2026 | 975,000 | 926,250 |
c | Mission Lane Credit Card Master Trust, Series 2021-A Class A, 1.59% due 9/15/2026 | 859,000 | 828,403 |
c | Perimeter Master Note Business Trust, Series 2019-2A Class C, 7.06% due 5/15/2024 | 500,000 | 491,513 |
3,703,574 | |||
Other Asset Backed — 19.0% | |||
Affirm Asset Securitization Trust, | |||
c | Series 2020-Z1 Class A, 3.46% due 10/15/2024 | 1,193,506 | 1,183,499 |
c | Series 2020-Z2 Class A, 1.90% due 1/15/2025 | 58,872 | 57,621 |
c | Series 2021-Z2 Class A, 1.17% due 11/16/2026 | 913,126 | 879,900 |
c | American Tower Trust 1, Series 13 Class 2A, 3.07% due 3/15/2048 | 1,000,000 | 993,060 |
c | Amur Equipment Finance Receivables VII LLC, Series 2019-1A Class A2, 2.63% due 6/20/2024 | 105,379 | 105,318 |
c | Amur Equipment Finance Receivables VIII LLC, Series 2020-1A Class A2, 1.68% due 8/20/2025 | 13,983 | 13,917 |
c | Amur Equipment Finance Receivables XI LLC, Series 2022-2A Class A1, 3.994% due 9/20/2023 | 1,250,000 | 1,250,119 |
Aqua Finance Trust, | |||
c | Series 2017-A Class A, 3.72% due 11/15/2035 | 492,303 | 486,180 |
c | Series 2019-A Class A, 3.14% due 7/16/2040 | 195,088 | 185,847 |
c | Series 2020-AA Class A, 1.90% due 7/17/2046 | 1,419,023 | 1,336,154 |
c | Bankers Healthcare Group Securitization Trust, Series 2020-A Class A, 2.56% due 9/17/2031 | 42,397 | 41,493 |
c | BHG Securitization Trust, Series 2021-B Class A, 0.90% due 10/17/2034 | 122,983 | 116,996 |
c | BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A Class A, 2.94% due 5/25/2029 | 58,680 | 56,483 |
c | CCG Receivables Trust, Series 2019-2 Class A2, 2.11% due 3/15/2027 | 122,182 | 121,856 |
c | Conn’s Receivables Funding LLC, Series 2021-A Class A, 1.05% due 5/15/2026 | 43,110 | 42,443 |
c | Consumer Lending Receivables Trust, Series 2019-A Class C, 5.26% due 4/15/2026 | 417,553 | 415,509 |
Consumer Loan Underlying Bond Credit Trust, | |||
c | Series 2018-P3 Class C, 5.54% due 1/15/2026 | 434,453 | 434,491 |
c | Series 2019-P1 Class C, 4.66% due 7/15/2026 | 904,311 | 901,156 |
c | Dell Equipment Finance Trust, Series 2021-1 Class A2, 0.33% due 5/22/2026 | 96,122 | 95,692 |
Dext ABS LLC, | |||
c | Series 2020-1 Class A, 1.46% due 2/16/2027 | 50,848 | 50,043 |
c | Series 2021-1 Class A, 1.12% due 2/15/2028 | 71,782 | 68,617 |
c | Diamond Resorts Owner Trust, Series 2019-1A Class A, 2.89% due 2/20/2032 | 48,432 | 47,094 |
c | DLL LLC, Series 2019-DA1 Class A4, 2.92% due 4/20/2027 | 232,631 | 231,554 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 39 |
Thornburg Ultra Short Income Fund | September 30, 2022
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
c | Encina Equipment Finance LLC, Series 2022-1A Class A1, 3.76% due 8/16/2027 | $ 190,919 | $ 188,297 |
Foundation Finance Trust, | |||
c | Series 2019-1A Class A, 3.86% due 11/15/2034 | 1,004,305 | 984,873 |
c | Series 2020-1A Class A, 3.54% due 7/16/2040 | 344,779 | 331,314 |
c | Freed ABS Trust, Series 2022-2CP Class A, 3.03% due 5/18/2029 | 214,943 | 212,612 |
b,c | Gracie Point International Funding, Series 2020-B Class A, 3.964% (LIBOR 1 Month + 1.40%) due 5/2/2023 | 749,971 | 749,848 |
a,b,c | Greystone Commercial Real Estate Notes Ltd., Series 2021-FL3 Class A, 3.838% (LIBOR 1 Month + 1.02%) due 7/15/2039 | 100,000 | 94,505 |
c | Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033 | 55,776 | 52,533 |
b,c | Invitation Homes Trust, Series 2018-SFRI Class A, 3.693% (LIBOR 1 Month + 0.70%) due 3/17/2037 | 583,220 | 577,190 |
c | Kubota Credit Owner Trust, Series 2019-1A Class A3, 2.46% due 10/16/2023 | 58,576 | 58,493 |
c | LendingClub Receivables Trust, Series 2020-6A Class A, 2.75% due 11/15/2047 | 11,414 | 11,332 |
LendingPoint Asset Securitization Trust, | |||
c | Series 2012-B Class A, 4.77% due 10/15/2029 | 193,540 | 190,680 |
c | Series 2020-REV1 Class A, 2.731% due 10/15/2028 | 150,000 | 147,525 |
c | Series 2021-A Class A, 1.00% due 12/15/2028 | 20,149 | 20,063 |
c | Series 2021-B Class A, 1.11% due 2/15/2029 | 43,514 | 43,071 |
c | Series 2022-A Class A, 1.68% due 6/15/2029 | 309,154 | 304,221 |
c | Series 2022-C Class A, Zero coupon due 2/15/2030 | 1,250,000 | 1,250,557 |
LendingPoint Pass-Through Trust, | |||
c | Series 2012-ST3 Class A, 4.00% due 5/15/2028 | 404,553 | 390,279 |
c | Series 2022-ST1 Class A, 2.50% due 3/15/2028 | 346,556 | 327,851 |
c | Series 2022-ST2 Class A, 3.25% due 4/15/2028 | 325,637 | 311,638 |
c | LL ABS Trust, Series 2021-1A Class A, 1.07% due 5/15/2029 | 497,178 | 477,912 |
c | LP LMS Asset Securitization Trust, Series 2021-2A Class A, 1.75% due 1/15/2029 | 135,451 | 131,588 |
Mariner Finance Issuance Trust, | |||
c | Series 2019-AA Class A, 2.96% due 7/20/2032 | 560,244 | 546,873 |
c | Series 2019-AA Class B, 3.51% due 7/20/2032 | 490,000 | 463,741 |
Marlette Funding Trust, | |||
c | Series 2019-1A Class C, 4.42% due 4/16/2029 | 192,522 | 191,656 |
c | Series 2019-4A Class C, 3.76% due 12/17/2029 | 942,726 | 927,525 |
c | Series 2020-1A Class C, 2.80% due 3/15/2030 | 74,222 | 74,154 |
c | Series 2021-1A Class B, 1.00% due 6/16/2031 | 590,911 | 581,786 |
c | Series 2021-3 Class A, 0.65% due 12/15/2031 | 157,457 | 155,292 |
c | Series 2022-3A Class A, 5.18% due 11/15/2032 | 500,000 | 498,655 |
MMAF Equipment Finance LLC, | |||
c | Series 2014-AA Class A5, 2.33% due 12/8/2025 | 328,826 | 328,463 |
c | Series 2017-AA Class A5, 2.68% due 7/16/2027 | 1,426,563 | 1,417,149 |
c | Series 2020-B, Class A2, 0.38% due 8/14/2023 | 74,238 | 74,068 |
c | Mosaic Solar Loan Trust, Series 2018-1A Class C, Zero coupon due 6/22/2043 | 226,248 | 209,684 |
c | New Residential Advance Receivables Trust Advance Receivables Backed, Series 2020-T1 Class AT1, 1.426% due 8/15/2053 | 535,000 | 511,394 |
c | New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2020-APT1 Class AT1, 1.035% due 12/16/2052 | 1,421,000 | 1,405,828 |
NRZ Advance Receivables Trust, | |||
c | Series 2020-T2 Class AT2, 1.475% due 9/15/2053 | 749,858 | 715,515 |
c | Series 2020-T3 Class AT3, 1.317% due 10/15/2052 | 1,141,200 | 1,139,107 |
c | Oportun Funding LLC, Series 2022-1 Class A, 3.25% due 6/15/2029 | 472,186 | 463,761 |
Pagaya AI Debt Selection Trust, | |||
c | Series 2021-1 Class A, 1.18% due 11/15/2027 | 523,196 | 511,287 |
c | Series 2021-3 Class A, 1.15% due 5/15/2029 | 280,107 | 271,587 |
c | Pagaya AI Debt Trust, Series 2022-1 Class A, 2.03% due 10/15/2029 | 177,859 | 171,053 |
Pawnee Equipment Receivables LLC, | |||
c | Series 2019-1 Class A2, 2.29% due 10/15/2024 | 4,229 | 4,227 |
c | Series 2020-1 Class A, 1.37% due 11/17/2025 | 106,904 | 105,524 |
c | PFS Financing Corp., Series 2019-C Class A, 2.23% due 10/15/2024 | 947,000 | 946,160 |
c | Prosper Marketplace Issuance Trust, Series 2019-4A Class C, 4.95% due 2/17/2026 | 462,118 | 461,549 |
PSNH Funding LLC 3, Series 2018-1 Class A1, 3.094% due 2/1/2026 | 22,865 | 22,621 | |
b,c | SBA Tower Trust, Series 2014-2A Class C, 3.869% due 10/15/2049 | 548,000 | 529,941 |
c | SCF Equipment Leasing LLC, Series 2021-1A Class A2, 0.42% due 8/20/2026 | 217,144 | 216,794 |
SoFi Consumer Loan Program Trust, | |||
c | Series 2019-4 Class C, 2.84% due 8/25/2028 | 682,499 | 679,252 |
c | Series 2021-1 Class A, 0.49% due 9/25/2030 | 386,281 | 376,508 |
c | SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 396,883 | 355,983 |
c | SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 450,000 | 395,857 |
c | SPS Servicer Advance Receivables Trust II, Series 2020-T1 Class AT1, 1.28% due 11/15/2052 | 513,333 | 510,784 |
40 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Theorem Funding Trust, | |||
c | Series 2020-1A Class B, 3.95% due 10/15/2026 | $ 177,619 | $ 177,477 |
c | Series 2021-1A Class A, 1.21% due 12/15/2027 | 469,067 | 458,604 |
c | Transportation Finance Equipment Trust, Series 2019-1 Class A4, 1.88% due 3/25/2024 | 632,379 | 626,428 |
Upstart Pass-Through Trust, | |||
c | Series 2020-ST1 Class A, 3.75% due 2/20/2028 | 70,817 | 69,187 |
c | Series 2020-ST2 Class A, 3.50% due 3/20/2028 | 121,181 | 118,472 |
c | Series 2020-ST3 Class A, 3.35% due 4/20/2028 | 23,254 | 22,627 |
Upstart Securitization Trust, | |||
c | Series 2020-1 Class B, 3.093% due 4/22/2030 | 73,127 | 72,964 |
c | Series 2020-2 Class A, 2.309% due 11/20/2030 | 526,393 | 514,770 |
c | Series 2020-3 Class A, 1.702% due 11/20/2030 | 97,506 | 97,348 |
c | Series 2021-1 Class A, 0.87% due 3/20/2031 | 18,359 | 18,211 |
c | Series 2021-2 Class A, 0.91% due 6/20/2031 | 43,247 | 42,467 |
c | Series 2021-4 Class A, 0.84% due 9/20/2031 | 720,064 | 695,347 |
Verizon Owner Trust, Series 2019-B Class A1A, 2.33% due 12/20/2023 | 29,064 | 29,050 | |
34,178,154 | |||
Student Loan — 4.7% | |||
Laurel Road Prime Student Loan Trust, | |||
c | Series 2017-C Class A2B, 2.81% due 11/25/2042 | 1,106,901 | 1,098,160 |
c | Series 2019-A Class A2FX, 2.73% due 10/25/2048 | 446,267 | 436,554 |
b | National Collegiate Student Loan Trust, Series 2006-4 Class A4, 3.394% (LIBOR 1 Month + 0.31%) due 5/25/2032 | 368,973 | 344,632 |
Navient Private Education Loan Trust, | |||
c | Series 2014-AA Class A2A, 2.74% due 2/15/2029 | 60,235 | 59,984 |
b,c | Series 2014-AA Class A2B, 4.068% (LIBOR 1 Month + 1.25%) due 2/15/2029 | 52,962 | 52,957 |
c | Series 2017-A Class A2A, 2.88% due 12/16/2058 | 977,302 | 960,048 |
b,c | Series 2017-A Class A2B, 3.718% (LIBOR 1 Month + 0.90%) due 12/16/2058 | 34,555 | 34,444 |
b,c | Series 2018-BA Class A2B, 3.538% (LIBOR 1 Month + 0.72%) due 12/15/2059 | 65,933 | 65,206 |
c | Navient Private Education Refi Loan Trust, Series 2018-CA Class A2, 3.52% due 6/16/2042 | 906,967 | 892,703 |
Navient Student Loan Trust, | |||
b,c | Series 2016-6A Class A2, 3.834% (LIBOR 1 Month + 0.75%) due 3/25/2066 | 15,384 | 15,361 |
b,c | Series 2019-BA Class A2B, 3.798% (LIBOR 1 Month + 0.98%) due 12/15/2059 | 391,526 | 382,289 |
b,c | Nelnet Private Education Loan Trust, Series 2016-A Class A1A, 4.834% (LIBOR 1 Month + 1.75%) due 12/26/2040 | 3,375 | 3,375 |
Nelnet Student Loan Trust, | |||
b,c | Series 2012-2A Class A, 3.884% (LIBOR 1 Month + 0.80%) due 12/26/2033 | 84,754 | 82,367 |
b,c | Series 2015-3A Class A2, 3.684% (LIBOR 1 Month + 0.60%) due 2/27/2051 | 32,503 | 32,170 |
b,c | Series 2021-DA Class AFL, 3.683% (LIBOR 1 Month + 0.69%) due 4/20/2062 | 176,543 | 171,174 |
b,c | Pennsylvania Higher Education Assistance Agency, Student Loan Trust, Series 2012-1A Class A1, 3.634% (LIBOR 1 Month + 0.55%) due 5/25/2057 | 14,807 | 14,572 |
a,b,c | Prodigy Finance DAC, Series 2021-1A Class A, 4.334% (LIBOR 1 Month + 1.25%) due 7/25/2051 | 132,124 | 128,974 |
SLM Student Loan Trust, | |||
b | Series 2013-4 Class A, 3.634% (LIBOR 1 Month + 0.55%) due 6/25/2043 | 26,424 | 25,610 |
b | Series 2013-6 Class A3, 3.734% (LIBOR 1 Month + 0.65%) due 6/26/2028 | 163,501 | 158,617 |
SMB Private Education Loan Trust, | |||
b,c | Series 2015-C Class A3, 4.768% (LIBOR 1 Month + 1.95%) due 8/16/2032 | 342,607 | 343,578 |
b,c | Series 2016-A Class A2B, 4.318% (LIBOR 1 Month + 1.50%) due 5/15/2031 | 386,375 | 386,019 |
b,c | Series 2016-B Class A2B, 4.268% (LIBOR 1 Month + 1.45%) due 2/17/2032 | 420,415 | 419,665 |
b,c | Series 2017-A Class A2B, 3.718% (LIBOR 1 Month + 0.90%) due 9/15/2034 | 343,385 | 339,867 |
b,c | Series 2017-B Class A2B, 3.568% (LIBOR 1 Month + 0.75%) due 10/15/2035 | 606,130 | 598,125 |
b,c | Series 2018-B Class A2B, 3.538% (LIBOR 1 Month + 0.72%) due 1/15/2037 | 722,072 | 710,356 |
b,c | Series 2018-C Class A2B, 3.568% (LIBOR 1 Month + 0.75%) due 11/15/2035 | 171,035 | 169,583 |
b,c | Series 2021-C Class A1, 3.218% (LIBOR 1 Month + 0.40%) due 1/15/2053 | 69,770 | 69,717 |
SoFi Professional Loan Program LLC, | |||
c | Series 2016-B Class A2B, 2.74% due 10/25/2032 | 2,075 | 1,937 |
b,c | Series 2016-C Class A1, 4.184% (LIBOR 1 Month + 1.10%) due 10/27/2036 | 163,599 | 163,536 |
b,c | Series 2017-A Class A1, 3.784% (LIBOR 1 Month + 0.70%) due 3/26/2040 | 10,487 | 10,467 |
Towd Point Asset Trust, | |||
b,c | Series 2018-SL1 Class A, 3.684% (LIBOR 1 Month + 0.60%) due 1/25/2046 | 125,912 | 125,124 |
b,c | Series 2021-SL1 Class A2, 3.693% (LIBOR 1 Month + 0.70%) due 11/20/2061 | 179,795 | 176,990 |
8,474,161 | |||
Total Asset Backed Securities (Cost $72,557,381) | 71,684,071 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 41 |
Thornburg Ultra Short Income Fund | September 30, 2022
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Corporate Bonds — 35.2% | |||
Automobiles & Components — 1.8% | |||
Automobiles — 1.8% | |||
c | Daimler Finance North America LLC, 3.70% due 5/4/2023 | $1,250,000 | $ 1,239,288 |
c | Hyundai Capital America, 1.15% due 11/10/2022 | 1,250,000 | 1,245,687 |
Toyota Motor Credit Corp., | |||
b | 2.647% (SOFR + 0.34%) due 10/14/2022 | 250,000 | 250,010 |
b | 3.24% (SOFR + 0.28%) due 12/14/2022 | 500,000 | 499,965 |
3,234,950 | |||
Banks — 0.6% | |||
Banks — 0.6% | |||
a,b | Credit Suisse AG, Series FRN, 3.004% (SOFRINDX + 0.38%) due 8/9/2023 | 300,000 | 297,150 |
HSBC USA, Inc., 3.75% due 5/24/2024 | 750,000 | 734,250 | |
1,031,400 | |||
Capital Goods — 0.9% | |||
Aerospace & Defense — 0.4% | |||
Boeing Co., 2.80% due 3/1/2023 | 600,000 | 595,164 | |
Machinery — 0.5% | |||
b | Caterpillar Financial Services Corp., 2.935% (SOFR+ 0.25%) due 5/17/2024 | 950,000 | 943,426 |
1,538,590 | |||
Commercial & Professional Services — 1.1% | |||
Commercial Services & Supplies — 1.1% | |||
Quanta Services, Inc., 0.95% due 10/1/2024 | 800,000 | 731,952 | |
Waste Management, Inc., 2.40% due 5/15/2023 | 1,250,000 | 1,235,112 | |
1,967,064 | |||
Consumer Services — 0.6% | |||
Hotels, Restaurants & Leisure — 0.6% | |||
Hyatt Hotels Corp., 1.30% due 10/1/2023 | 125,000 | 120,209 | |
b | Starbucks Corp., 3.073% (SOFRINDX + 0.42%) due 2/14/2024 | 949,000 | 943,704 |
1,063,913 | |||
Diversified Financials — 1.2% | |||
Diversified Financial Services — 1.2% | |||
c | Antares Holdings LP, 6.00% due 8/15/2023 | 250,000 | 247,417 |
Deutsche Bank AG, | |||
a,b | 4.273% (LIBOR 3 Month + 1.23%) due 2/27/2023 | 100,000 | 99,937 |
a,b | Series E, 3.109% (SOFR + 0.50%) due 11/8/2023 | 150,000 | 148,403 |
a,b | Mizuho Financial Group, Inc., 3.627% (LIBOR 3 Month + 0.63%) due 5/25/2024 | 1,675,000 | 1,657,965 |
2,153,722 | |||
Energy — 3.2% | |||
Oil, Gas & Consumable Fuels — 3.2% | |||
Boardwalk Pipelines LP, 3.375% due 2/1/2023 | 634,000 | 632,935 | |
Buckeye Partners LP, 4.15% due 7/1/2023 | 1,000,000 | 986,670 | |
a,b | Enbridge, Inc., 3.09% (SOFR+ 0.40%) due 2/17/2023 | 745,000 | 743,316 |
c | Gray Oak Pipeline LLC, 2.00% due 9/15/2023 | 1,000,000 | 965,750 |
Kinder Morgan Energy Partners LP, 3.45% due 2/15/2023 | 657,000 | 653,709 | |
c | Texas Eastern Transmission LP, 2.80% due 10/15/2022 | 265,000 | 264,695 |
Williams Cos., Inc., 3.70% due 1/15/2023 | 1,500,000 | 1,499,070 | |
5,746,145 | |||
Food & Staples Retailing — 0.6% | |||
Food & Staples Retailing — 0.6% | |||
c | 7-Eleven, Inc., 0.625% due 2/10/2023 | 1,177,000 | 1,159,898 |
1,159,898 | |||
Food, Beverage & Tobacco — 1.7% |
42 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Beverages — 0.2% | |||
a | Diageo Capital plc, 2.625% due 4/29/2023 | $ 442,000 | $ 437,014 |
Food Products — 0.9% | |||
a,c | Barry Callebaut Services NV, 5.50% due 6/15/2023 | 1,350,000 | 1,337,594 |
General Mills, Inc., 2.60% due 10/12/2022 | 300,000 | 299,904 | |
Tobacco — 0.6% | |||
Philip Morris International, Inc., 2.50% due 11/2/2022 | 1,000,000 | 998,670 | |
3,073,182 | |||
Health Care Equipment & Services — 1.5% | |||
Health Care Equipment & Supplies — 1.1% | |||
Baxter International, Inc., | |||
b | 3.06% (SOFRINDX + 0.26%) due 12/1/2023 | 1,000,000 | 990,930 |
b | 3.204% (SOFRINDX + 0.44%) due 11/29/2024 | 1,000,000 | 974,360 |
Health Care Providers & Services — 0.4% | |||
Elevance Health, Inc., 0.45% due 3/15/2023 | 750,000 | 736,050 | |
2,701,340 | |||
Household & Personal Products — 0.6% | |||
Household Products — 0.6% | |||
Newell Brands, Inc., 4.10% due 4/1/2023 | 1,000,000 | 1,000,560 | |
1,000,560 | |||
Insurance — 1.6% | |||
Insurance — 1.6% | |||
c | Fairfax U.S., Inc., 4.875% due 8/13/2024 | 850,000 | 833,357 |
Marsh & McLennan Cos., Inc., 3.30% due 3/14/2023 | 823,000 | 818,440 | |
b,c | Pacific Life Global Funding II, 3.771% (SOFRINDX + 0.80%) due 3/30/2025 | 235,000 | 231,325 |
c | Reliance Standard Life Global Funding II, 3.85% due 9/19/2023 | 50,000 | 49,258 |
c | Security Benefit Global Funding, 1.25% due 5/17/2024 | 1,000,000 | 930,670 |
2,863,050 | |||
Materials — 1.1% | |||
Chemicals — 0.1% | |||
a,c | Phosagro OAO Via Phosagro Bond Funding DAC, 3.949% due 4/24/2023 | 260,000 | 157,326 |
Containers & Packaging — 1.0% | |||
Ball Corp., 4.00% due 11/15/2023 | 1,448,000 | 1,420,691 | |
Graphic Packaging International LLC, 4.875% due 11/15/2022 | 475,000 | 474,577 | |
2,052,594 | |||
Media & Entertainment — 0.7% | |||
Media — 0.7% | |||
c | CCO Holdings LLC/CCO Holdings Capital Corp., 4.00% due 3/1/2023 | 1,250,000 | 1,243,725 |
1,243,725 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 2.6% | |||
Life Sciences Tools & Services — 0.6% | |||
b | Thermo Fisher Scientific, Inc., 2.688% (SOFRINDX + 0.35%) due 4/18/2023 | 1,050,000 | 1,048,562 |
Pharmaceuticals — 2.0% | |||
b | AbbVie, Inc., 3.634% (LIBOR 3 Month + 0.65%) due 11/21/2022 | 983,000 | 982,499 |
a,b | AstraZeneca plc, 3.607% (LIBOR 3 Month + 0.67%) due 8/17/2023 | 240,000 | 239,947 |
b,c | Bayer U.S. Finance II LLC, 4.303% (LIBOR 3 Month + 1.01%) due 12/15/2023 | 1,500,000 | 1,494,360 |
b,c | Roche Holdings, Inc., 3.197% (SOFR + 0.33%) due 9/11/2023 | 850,000 | 847,526 |
4,612,894 | |||
Real Estate — 0.9% | |||
Equity Real Estate Investment Trusts — 0.9% | |||
SBA Tower Trust, | |||
c | 2.836% due 1/15/2050 | 350,000 | 327,439 |
c | 3.448% due 3/15/2048 | 1,395,000 | 1,382,170 |
1,709,609 | |||
Retailing — 1.0% |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 43 |
Thornburg Ultra Short Income Fund | September 30, 2022
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Multiline Retail — 0.6% | |||
Dollar General Corp., 4.25% due 9/20/2024 | $1,000,000 | $ 987,960 | |
Specialty Retail — 0.4% | |||
Lowe’s Cos., Inc., 4.40% due 9/8/2025 | 800,000 | 788,504 | |
1,776,464 | |||
Semiconductors & Semiconductor Equipment — 0.9% | |||
Semiconductors & Semiconductor Equipment — 0.9% | |||
b | QUALCOMM, Inc., 3.536% (LIBOR 3 Month + 0.73%) due 1/30/2023 | 911,000 | 911,966 |
a,c | SK Hynix, Inc., 1.00% due 1/19/2024 | 700,000 | 661,241 |
1,573,207 | |||
Software & Services — 0.1% | |||
Software — 0.1% | |||
Oracle Corp., 2.625% due 2/15/2023 | 192,000 | 190,639 | |
190,639 | |||
Technology Hardware & Equipment — 0.1% | |||
Technology Hardware, Storage & Peripherals — 0.1% | |||
a | Lenovo Group Ltd., 4.75% due 3/29/2023 | 250,000 | 249,430 |
249,430 | |||
Telecommunication Services — 1.4% | |||
Diversified Telecommunication Services — 0.7% | |||
b | AT&T, Inc., 3.613% (SOFRINDX + 0.64%) due 3/25/2024 | 750,000 | 743,550 |
a,c | NTT Finance Corp., 4.142% due 7/26/2024 | 500,000 | 493,535 |
Wireless Telecommunication Services — 0.7% | |||
Sprint Corp., 7.875% due 9/15/2023 | 750,000 | 760,470 | |
T-Mobile USA, Inc., 2.25% due 2/15/2026 | 500,000 | 447,855 | |
2,445,410 | |||
Transportation — 0.5% | |||
Transportation Infrastructure — 0.5% | |||
c | Penske Truck Leasing Co. Lp/PTL Finance Corp., 2.70% due 3/14/2023 | 900,000 | 890,622 |
890,622 | |||
Utilities — 10.5% | |||
Electric Utilities — 10.0% | |||
c | Alexander Funding Trust, 1.841% due 11/15/2023 | 431,000 | 406,067 |
c | Alliant Energy Finance LLC, 3.75% due 6/15/2023 | 188,000 | 185,518 |
Cleveland Electric Illuminating Co., 5.50% due 8/15/2024 | 1,000,000 | 1,000,510 | |
b | Dominion Energy, Inc., Series D, 3.823% (LIBOR 3 Month + 0.53%) due 9/15/2023 | 225,000 | 224,476 |
DTE Energy Co., | |||
2.25% due 11/1/2022 | 600,000 | 599,064 | |
b | 4.22% due 11/1/2024 | 907,000 | 888,588 |
b | Duke Energy Corp., 3.117% (SOFR + 0.25%) due 6/10/2023 | 1,385,000 | 1,378,213 |
Evergy Metro, Inc., 3.15% due 3/15/2023 | 1,000,000 | 993,330 | |
b | Eversource Energy, Series T, 2.907% (SOFRINDX + 0.25%) due 8/15/2023 | 1,500,000 | 1,491,525 |
b | Mississippi Power Co., Series A, 3.271% (SOFR + 0.30%) due 6/28/2024 | 750,000 | 734,805 |
b | National Rural Utilities Cooperative Finance Corp., 3.004% (SOFR + 0.40%) due 8/7/2023 | 250,000 | 249,180 |
NextEra Energy Capital Holdings, Inc., | |||
b | 3.254% (LIBOR 3 Month + 0.27%) due 2/22/2023 | 200,000 | 199,490 |
b | 3.97% (SOFRINDX + 1.02%) due 3/21/2024 | 375,000 | 372,146 |
4.255% due 9/1/2024 | 750,000 | 739,058 | |
OGE Energy Corp., 0.703% due 5/26/2023 | 725,000 | 705,498 | |
Pacific Gas & Electric Co., 4.25% due 8/1/2023 | 1,550,000 | 1,535,941 | |
b | PPL Electric Utilities Corp., 3.891% (LIBOR 3 Month + 0.25%) due 9/28/2023 | 200,000 | 198,316 |
Public Service Enterprise Group, Inc., | |||
0.841% due 11/8/2023 | 1,390,000 | 1,328,214 | |
2.65% due 11/15/2022 | 1,095,000 | 1,092,591 | |
Southern California Edison Co., | |||
b | 3.277% (SOFR + 0.47%) due 12/2/2022 | 190,000 | 189,755 |
Series C, 4.20% due 6/1/2025 | 230,000 | 224,377 |
44 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Series J, 0.70% due 8/1/2023 | $1,000,000 | $ 966,500 | |
b | Southern Co., Series 2021, 3.008% (SOFR + 0.37%) due 5/10/2023 | 1,300,000 | 1,293,617 |
c | Vistra Operations Co. LLC, 4.875% due 5/13/2024 | 1,000,000 | 973,770 |
Gas Utilities — 0.5% | |||
b | Atmos Energy Corp., 3.574% (LIBOR 3 Month + 0.38%) due 3/9/2023 | 170,000 | 169,585 |
b | CenterPoint Energy Resources Corp., 3.60% (LIBOR 3 Month + 0.50%) due 3/2/2023 | 839,000 | 837,305 |
18,977,439 | |||
Total Corporate Bonds (Cost $63,806,598) | 63,255,847 | ||
Long-Term Municipal Bonds — 0.0% | |||
New Jersey Transportation Trust Fund Authority, | |||
2.551% due 6/15/2023 | 30,000 | 29,637 | |
2.631% due 6/15/2024 | 25,000 | 24,342 | |
Total Long-Term Municipal Bonds (Cost $55,000) | 53,979 | ||
Short-Term Investments — 15.4% | |||
d | Thornburg Capital Management Fund | 2,314,849 | 23,148,493 |
United States Treasury Bill | |||
1.23% due 10/6/2022 | $1,000,000 | 999,796 | |
1.89% due 10/27/2022 | 1,000,000 | 998,284 | |
2.93% due 12/22/2022 | 1,000,000 | 992,893 | |
3.20% due 1/19/2023 | 500,000 | 494,953 | |
3.43% due 2/16/2023 | 1,000,000 | 986,693 | |
Total Short-Term Investments (Cost $27,624,309) | 27,621,112 | ||
Total Investments — 103.1% (Cost $187,146,534) | $185,426,173 | ||
Liabilities Net of Other Assets — (3.1)% | (5,536,389) | ||
Net Assets — 100.0% | $179,889,784 |
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, 2022. |
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, 2022, the aggregate value of these securities in the Fund’s portfolio was $86,469,439, representing 48.07% of the Fund’s net assets. |
d | 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 |
LIBOR | London Interbank Offered Rates |
Mtg | Mortgage |
REMIC | Real Estate Mortgage Investment Conduit |
SOFR | Secured Overnight Financing Rate |
SOFRINDX | Secured Overnight Financing Rate Index |
UMBS | Uniform Mortgage Backed Securities |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 45 |
Thornburg Strategic Income Fund | September 30, 2022
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 — 0.4% | |||
Banks — 0.1% | |||
Banks — 0.1% | |||
c,d | AgriBank FCB 6.875% (LIBOR 3 Month + 4.225%) | 40,000 | 4,391,000 |
4,391,000 | |||
Diversified Financials — 0.2% | |||
Capital Markets — 0.2% | |||
a,d | Gabelli Dividend & Income Trust Series J, 1.70%, 3/26/2028 | 412 | 10,286,816 |
10,286,816 | |||
Energy — 0.1% | |||
Oil, Gas & Consumable Fuels — 0.1% | |||
c | Crestwood Equity Partners LP 9.25% | 653,920 | 5,865,662 |
5,865,662 | |||
Total Preferred Stock (Cost $19,820,197) | 20,543,478 | ||
Asset Backed Securities — 21.0% | |||
Auto Receivables — 4.8% | |||
ACC Auto Trust, | |||
e | Series 2021-A Class A, 1.08% due 4/15/2027 | $ 2,343,663 | 2,311,270 |
e | Series 2022-A Class A, 4.58% due 7/15/2026 | 5,410,594 | 5,352,471 |
ACC Trust, | |||
e | Series 2019-2 Class C, 5.24% due 10/21/2024 | 1,672,082 | 1,663,077 |
e | Series 2022-1 Class A, 1.19% due 9/20/2024 | 2,419,870 | 2,402,336 |
ACM Auto Trust, | |||
e | Series 2022-1A Class A, 3.23% due 4/20/2029 | 3,528,662 | 3,517,097 |
e | Series 2022-1A Class B, 4.47% due 4/20/2029 | 2,000,000 | 1,982,320 |
e | American Credit Acceptance Receivables Trust, Series 2019-2 Class F, 5.81% due 6/12/2026 | 2,550,000 | 2,529,111 |
Arivo Acceptance Auto Loan Receivables Trust, | |||
e | Series 2019-1 Class A, 2.99% due 7/15/2024 | 28,418 | 28,395 |
e | Series 2019-1 Class B, 3.37% due 6/15/2025 | 2,000,000 | 1,983,341 |
e | Series 2021-1A Class A, 1.19% due 1/15/2027 | 1,549,511 | 1,495,999 |
e | Series 2021-1A Class C, 3.77% due 3/15/2027 | 900,000 | 848,048 |
e | Series 2021-1A Class D, 5.83% due 1/18/2028 | 850,000 | 795,126 |
CarNow Auto Receivables Trust, | |||
e | Series 2021-1A Class A, 0.97% due 10/15/2024 | 505,465 | 504,684 |
e | Series 2021-2A Class A, 0.73% due 9/15/2023 | 260,485 | 260,232 |
Carvana Auto Receivables Trust, | |||
e | Series 2019-4A Class R, due 10/15/2026 | 8,000 | 2,662,075 |
e | Series 2020-P1 Class R, due 9/8/2027 | 20,000 | 3,530,698 |
Series 2021-N3 Class A1, 0.35% due 6/12/2028 | 444,289 | 434,345 | |
e | Series 2021-N4 Class R, due 9/12/2028 | 11,650 | 3,556,356 |
e | Series 2021-P1 Class R, due 12/10/2027 | 23,500 | 4,527,993 |
e | Series 2021-P2 Class R, due 5/10/2028 | 7,500 | 2,724,856 |
e | Series 2021-P3 Class R, due 9/11/2028 | 9,000 | 4,623,128 |
e | Series 2021-P4 Class R, due 9/11/2028 | 8,250 | 3,738,371 |
e | Series 2022-N1 Class E, 6.01% due 12/11/2028 | 6,000,000 | 5,534,716 |
e | Series 2022-P1 Class R, due 1/10/2029 | 24,000 | 8,566,253 |
e | Series 2022-P1 Class XS, due 1/10/2029 | 634,192,637 | 2,786,008 |
e | CIG Auto Receivables Trust, Series 2019-1A Class D, 4.85% due 5/15/2026 | 2,000,000 | 1,940,023 |
46 | Thornburg Taxable 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 | $ 3,317,339 | $ 3,318,089 |
e | Series 2020-A Class F, 6.93% due 3/15/2027 | 3,500,000 | 3,398,479 |
e | Series 2020-B Class D, 4.75% due 4/15/2026 | 1,400,000 | 1,394,744 |
e | Series 2020-C Class F, 6.67% due 11/15/2027 | 1,000,000 | 958,199 |
a,e | CPS Auto Securitization Trust, Series 2021-1A Class A, 7.86% due 6/16/2026 | 10,000,000 | 9,300,000 |
e | CPS Auto Trust, Series 2018-C Class E, 6.07% due 9/15/2025 | 2,000,000 | 2,003,364 |
e | Credit Suisse ABS Trust Series 2020-AT1 Class CERT, due 6/15/2026 | 10,000 | 215,643 |
e | Credito Real USA Auto Receivables Trust, Series 2021-1A Class A, 1.35% due 2/16/2027 | 4,084,959 | 3,976,136 |
e | Exeter Automobile Receivables Trust, Series 2019-3A Class D, 3.11% due 8/15/2025 | 12,253,319 | 12,112,899 |
FHF Trust, | |||
e | Series 2020-1A Class A, 2.59% due 12/15/2023 | 22,241 | 22,223 |
e | Series 2021-2A Class A, 0.83% due 12/15/2026 | 3,224,042 | 3,098,008 |
First Investors Auto Owner Trust, | |||
e | Series 2019-1A Class E, 4.53% due 6/16/2025 | 3,640,000 | 3,626,722 |
e | Series 2020-1A Class C, 2.55% due 2/17/2026 | 3,577,342 | 3,558,273 |
e | Series 2022-1A Class E, 5.41% due 6/15/2029 | 5,000,000 | 4,558,558 |
Flagship Credit Auto Trust, | |||
e | Series 2018-4 Class R, due 3/16/2026 | 13,000 | 906,817 |
e | Series 2019-1 Class E, 5.06% due 6/15/2026 | 2,500,000 | 2,439,880 |
e | Series 2019-1 Class R, due 6/15/2026 | 24,000 | 1,267,253 |
e | Series 2019-2 Class R, due 12/15/2026 | 33,000 | 3,151,897 |
e | Series 2019-3 Class R, due 12/15/2026 | 31,000 | 3,075,938 |
e | Series 2019-4 Class R, due 3/15/2027 | 8,000 | 1,052,558 |
e | Series 2022-1 Class E, 5.37% due 6/15/2029 | 6,120,000 | 5,334,847 |
Foursight Capital Automobile Receivables Trust, | |||
e | Series 2019-1 Class F, 5.57% due 11/16/2026 | 500,000 | 495,491 |
e | Series 2020-1 Class E, 3.49% due 4/15/2026 | 1,100,000 | 1,078,125 |
e | Series 2021-1 Class F, 4.06% due 8/15/2028 | 2,830,000 | 2,614,841 |
e | GLS Auto Receivables Issuer Trust, Series 2020-2A Class C, 4.57% due 4/15/2026 | 2,025,000 | 1,996,324 |
JPMorgan Chase Bank NA - CACLN, | |||
e | Series 2020 -1 Class R, 33.784% due 1/25/2028 | 1,842,963 | 2,072,730 |
e | Series 2020-2 Class R, 31.355% due 2/25/2028 | 8,718,780 | 9,742,374 |
e | Series 2021-1 Class R, 28.348% due 9/25/2028 | 3,361,228 | 3,747,796 |
e | Series 2021-2 Class G, 8.482% due 12/26/2028 | 3,950,000 | 3,648,711 |
Lendbuzz Securitization Trust, | |||
e | Series 2021-1A Class A, 1.46% due 6/15/2026 | 4,970,344 | 4,808,098 |
e | Series 2022-1A Class A, 4.22% due 5/17/2027 | 12,482,491 | 12,234,954 |
e | Octane Receivables Trust, Series 2020-1A Class A, 1.71% due 2/20/2025 | 586,798 | 579,740 |
e | Prestige Auto Receivables Trust, Series 2018-1A Class E, 5.03% due 1/15/2026 | 2,625,000 | 2,619,576 |
Santander Consumer Auto Receivables Trust, | |||
e | Series 2020-AA Class R, due 1/16/2029 | 25,000 | 3,699,304 |
e | Series 2021-AA Class F, 5.79% due 8/15/2028 | 3,000,000 | 2,853,816 |
e | Series 2021-AA Class R, due 8/15/2028 | 28,500 | 2,409,417 |
Skopos Auto Receivables Trust, | |||
e | Series 2019-1A Class C, 3.63% due 9/16/2024 | 442,810 | 441,621 |
e | Series 2019-1A Class D, 5.24% due 4/15/2025 | 2,650,000 | 2,594,867 |
United Auto Credit Securitization Trust, | |||
e | Series 2021-1 Class F, 4.30% due 9/10/2027 | 6,125,000 | 5,738,229 |
e | Series 2022-1 Class R, due 11/10/2028 | 37,000 | 13,464,653 |
e | US Auto Funding, Series 2021-1A Class A, 0.79% due 7/15/2024 | 1,347,476 | 1,342,673 |
e | Veros Auto Receivables Trust, Series 2021-1 Class A, 0.92% due 10/15/2026 | 1,376,788 | 1,352,354 |
e | Veros Automobile Receivables Trust, Series 2020-1 Class D, 5.64% due 2/16/2027 | 7,000,000 | 6,905,900 |
225,510,450 | |||
Credit Card — 1.4% | |||
e | Avant Credit Card Master Trust, Series 2021-1A Class A, 1.37% due 4/15/2027 | 3,000,000 | 2,720,049 |
e | Brex Commercial Charge Card Master Trust, Series 2021-1 Class A, 2.09% due 7/15/2024 | 3,150,000 | 3,089,668 |
Continental Credit Card LLC, | |||
e | Series 2019-1A Class A, 3.83% due 8/15/2026 | 4,781,173 | 4,721,834 |
e | Series 2019-1A Class C, 6.16% due 8/15/2026 | 6,440,000 | 6,195,336 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 47 |
Thornburg Strategic Income Fund | September 30, 2022
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 | $ 2,764,729 |
e | Series 2020-1A Class B, 3.66% due 12/15/2028 | 3,700,000 | 3,362,155 |
Genesis Private Label Amortizing Trust, | |||
e | Series 2020-1 Class C, 4.19% due 7/20/2030 | 309,910 | 309,468 |
e | Series 2020-1 Class D, 6.63% due 7/20/2030 | 1,550,000 | 1,542,651 |
Genesis Sales Finance Master Trust, | |||
e | Series 2020-AA Class C, 2.99% due 9/22/2025 | 1,780,000 | 1,617,629 |
e | Series 2020-AA Class D, 4.71% due 9/22/2025 | 2,300,000 | 2,118,564 |
Mercury Financial Credit Card Master Trust, | |||
e | Series 2021-1A Class D, 6.26% due 3/20/2026 | 5,000,000 | 4,508,745 |
e | Series 2022-1A Class A, 2.50% due 9/21/2026 | 12,500,000 | 11,840,906 |
e | Mission Lane Credit Card Master Trust, Series 2021-A Class A, 1.59% due 9/15/2026 | 13,599,000 | 13,114,606 |
Perimeter Master Note Business Trust, | |||
e | Series 2019-2A Class A, 4.23% due 5/15/2024 | 2,966,000 | 2,922,413 |
e | Series 2019-2A Class B, 5.21% due 5/15/2024 | 6,500,000 | 6,294,967 |
e | Series 2019-2A Class C, 7.06% due 5/15/2024 | 1,463,000 | 1,438,167 |
68,561,887 | |||
Other Asset Backed — 12.6% | |||
d,e | 321 Henderson Receivables I LLC, Series 2006-3A Class A1, 3.018% (LIBOR 1 Month + 0.20%) due 9/15/2041 | 794,707 | 773,434 |
e | Affirm Asset Securitization Trust, Series 2021-Z2 Class A, 1.17% due 11/16/2026 | 1,655,042 | 1,594,820 |
e | Amur Equipment Finance Receivables VII LLC, Series 2019-1A Class A2, 2.63% due 6/20/2024 | 158,464 | 158,372 |
Amur Equipment Finance Receivables VIII LLC, | |||
e | Series 2020-1A Class E, 7.00% due 1/20/2027 | 2,237,613 | 2,182,741 |
e | Series 2020-1A Class F, 7.00% due 12/20/2027 | 6,301,302 | 6,119,398 |
Aqua Finance Trust, | |||
e | Series 2017-A Class A, 3.72% due 11/15/2035 | 615,379 | 607,726 |
e | Series 2019-A Class A, 3.14% due 7/16/2040 | 1,205,997 | 1,148,872 |
e | Series 2019-A Class D, 6.07% due 7/16/2040 | 18,900,000 | 17,047,990 |
e | Series 2020-AA Class A, 1.90% due 7/17/2046 | 5,268,548 | 4,960,872 |
e | Series 2020-AA Class D, 7.15% due 7/17/2046 | 2,550,000 | 2,282,450 |
e | Series 2021-A Class A, 1.54% due 7/17/2046 | 7,275,876 | 6,587,669 |
d,e,f | Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1 Class A, 3.735% (SOFR30A + 1.45%) due 1/15/2037 | 20,000,000 | 19,633,840 |
e | Arm Master Trust LLC, Series 2021-T1 Class A, 2.43% due 11/15/2027 | 12,550,000 | 11,472,326 |
e | AXIS Equipment Finance Receivables LLC, Series 2021-1A Class F, 6.09% due 2/20/2029 | 8,152,000 | 7,357,262 |
BHG Securitization Trust, | |||
e | Series 2021-A Class C, 3.69% due 11/17/2033 | 2,200,000 | 1,926,193 |
e | Series 2021-B Class A, 0.90% due 10/17/2034 | 3,689,494 | 3,509,880 |
e | Series 2022-A Class A, 1.71% due 2/20/2035 | 15,384,715 | 14,405,300 |
d,e,f | Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A Class A, 4.213% due 12/16/2041 | 4,646,431 | 3,947,028 |
CFG Investments Ltd., | |||
e | Series 2021-1 Class A, 4.70% due 5/20/2032 | 7,275,000 | 7,009,807 |
e | Series 2021-1 Class C, 7.48% due 5/20/2032 | 1,560,000 | 1,478,102 |
e | Series 2021-1 Class D, 9.07% due 5/20/2032 | 515,000 | 475,837 |
e | CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | 1,327,308 | 1,227,468 |
e | Conn’s Receivables Funding LLC, Series 2021-A Class A, 1.05% due 5/15/2026 | 1,134,481 | 1,116,929 |
d,e | Consumer Lending Receivables Trust Clrt Series 2019-A Class CERT, due 4/15/2026 | 310,000 | 3,184,827 |
Consumer Loan Underlying Bond Credit Trust, | |||
e | Series 2018-P3 Class C, 5.54% due 1/15/2026 | 787,312 | 787,380 |
e | Series 2019-HP1 Class C, 4.70% due 12/15/2026 | 5,000,000 | 4,985,075 |
d,e | Series 2019-HP1 Class CERT, due 12/15/2026 | 100,000 | 1,103,526 |
e | Series 2019-P1 Class C, 4.66% due 7/15/2026 | 5,774,350 | 5,754,208 |
e | Series 2019-P2 Class C, 4.41% due 10/15/2026 | 572,162 | 569,287 |
e | CP EF Asset Securitization I LLC, Series 2022-1A Class A, 5.96% due 4/15/2030 | 13,444,954 | 13,285,688 |
Dext ABS LLC, | |||
e | Series 2020-1 Class A, 1.46% due 2/16/2027 | 1,271,191 | 1,251,063 |
e | Series 2021-1 Class A, 1.12% due 2/15/2028 | 4,450,481 | 4,254,263 |
e | Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049 | 15,300,000 | 12,559,361 |
e | Diamond Issuer, Series 2021-1A Class A, 2.305% due 11/20/2051 | 10,983,000 | 9,279,785 |
Diamond Resorts Owner Trust, | |||
e | Series 2018-1 Class A, 3.70% due 1/21/2031 | 628,871 | 619,955 |
e | Series 2019-1A Class A, 2.89% due 2/20/2032 | 1,574,039 | 1,530,547 |
48 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e,f | ECAF I Ltd., Series 2015-1A Class B1, 5.802% due 6/15/2040 | $ 4,600,060 | $ 1,062,614 |
e | Encina Equipment Finance LLC, Series 2022-1A Class A1, 3.76% due 8/16/2027 | 6,686,251 | 6,594,428 |
e | ExteNet LLC, Series 2019-1A Class A2, 3.204% due 7/26/2049 | 5,000,000 | 4,719,670 |
e | FAT Brands Fazoli’s Native I LLC, Series 2021-1 Class A2, 6.00% due 7/25/2051 | 8,000,000 | 7,514,271 |
Foundation Finance Trust, | |||
e | Series 2019-1A Class A, 3.86% due 11/15/2034 | 2,489,352 | 2,441,187 |
e | Series 2019-1A Class C, 5.66% due 11/15/2034 | 575,000 | 548,548 |
e | Series 2020-1A Class A, 3.54% due 7/16/2040 | 3,677,641 | 3,534,012 |
e | Series 2020-1A Class C, 5.75% due 7/16/2040 | 4,025,000 | 3,765,632 |
e | Series 2021-1A Class A, 1.27% due 5/15/2041 | 2,211,244 | 1,975,668 |
e | Series 2021-1A Class D, 4.96% due 5/15/2041 | 2,345,000 | 2,093,397 |
e | Series 2021-2A Class A, 2.19% due 1/15/2042 | 2,241,128 | 2,040,362 |
e | Series 2021-2A Class D, 5.73% due 1/15/2042 | 3,750,000 | 3,380,227 |
Freed ABS Trust, | |||
e | Series 2019-2 Class C, 4.86% due 11/18/2026 | 6,091,115 | 6,089,243 |
e | Series 2022-2CP Class A, 3.03% due 5/18/2029 | 808,595 | 799,827 |
Goldman Home Improvement Trust, | |||
e | Series 2021-GRN2 Class A, 1.15% due 6/25/2051 | 9,986,302 | 9,218,151 |
a,e | Series 2021-GRN2 Class R, due 6/20/2051 | 41,500 | 3,628,752 |
e | Series 2022-GRN1 Class A, 4.50% due 6/25/2052 | 5,270,896 | 5,146,700 |
e | Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | 11,635,251 | 10,191,128 |
GoodLeap Sustainable Home Solutions Trust, | |||
e | Series 2021-3CS Class C, 3.50% due 5/20/2048 | 4,500,000 | 3,376,599 |
e | Series 2021-4GS Class A, 1.93% due 7/20/2048 | 4,300,217 | 3,483,781 |
d,e,f | Greystone Commercial Real Estate Notes Ltd., Series 2021-FL3 Class A, 3.838% (LIBOR 1 Month + 1.02%) due 7/15/2039 | 14,000,000 | 13,230,659 |
e | HERO Funding Trust, Series 2017-2A Class A1, 3.28% due 9/20/2048 | 1,041,943 | 956,395 |
e | Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033 | 1,431,572 | 1,348,356 |
e | InStar Leasing III LLC, Series 2021-1A Class C, 5.29% due 2/15/2054 | 6,723,551 | 5,875,719 |
e | LendingClub Receivables Trust, Series 2020-6A Class A, 2.75% due 11/15/2047 | 582,112 | 577,922 |
LendingPoint Asset Securitization Trust, | |||
e | Series 2012-B Class A, 4.77% due 10/15/2029 | 4,311,927 | 4,248,205 |
e | Series 2020-REV1 Class A, 2.731% due 10/15/2028 | 6,500,000 | 6,392,750 |
e | Series 2020-REV1 Class C, 7.699% due 10/15/2028 | 4,000,000 | 3,889,788 |
e | Series 2021-A Class D, 5.73% due 12/15/2028 | 9,000,000 | 8,309,281 |
e | Series 2021-B Class D, 6.12% due 2/15/2029 | 5,000,000 | 4,489,214 |
e | Series 2022-A Class E, 7.02% due 6/15/2029 | 6,000,000 | 4,977,316 |
e | Series 2022-C Class A, due 2/15/2030 | 8,000,000 | 8,003,566 |
LL ABS Trust, | |||
e | Series 2020-1A Class C, 6.54% due 1/17/2028 | 2,200,000 | 2,118,751 |
e | Series 2021-1A Class A, 1.07% due 5/15/2029 | 2,711,881 | 2,606,792 |
Loanpal Solar Loan Ltd., | |||
a,e,g | Series 2021-1GS Class R, due 1/20/2048 | 13,252,480 | 10,456,207 |
e | Series 2021-2GS Class C, 3.50% due 3/20/2048 | 3,315,873 | 2,504,595 |
LP LMS Asset Securitization Trust, | |||
e | Series 2021-2A Class A, 1.75% due 1/15/2029 | 2,635,133 | 2,559,977 |
e | Series 2021-2A Class D, 6.61% due 1/15/2029 | 2,947,000 | 2,469,390 |
Marlette Funding Trust, | |||
e | Series 2018-1A Class CERT, due 3/15/2028 | 14,182 | 498,091 |
e | Series 2019-1A Class C, 4.42% due 4/16/2029 | 1,784,088 | 1,776,067 |
e | Series 2019-4A Class C, 3.76% due 12/17/2029 | 3,770,904 | 3,710,100 |
e | Series 2020-1A Class C, 2.80% due 3/15/2030 | 43,532 | 43,492 |
e | Series 2021-1A Class R, due 6/16/2031 | 9,520 | 1,215,238 |
e | Series 2021-2A Class R, due 9/15/2031 | 16,347 | 2,709,858 |
e | Series 2021-3A Class R, due 12/15/2031 | 15,892 | 4,267,977 |
e | Series 2022-3A Class A, 5.18% due 11/15/2032 | 7,500,000 | 7,479,825 |
d,e,f | MF1 Ltd., Series 2022-FL8 Class A, 3.634% (SOFR30A + 1.35%) due 2/19/2037 | 13,750,000 | 13,297,615 |
Mosaic Solar Loan Trust, | |||
e | Series 2020-1A Class C, 4.47% due 4/20/2046 | 28,960 | 28,915 |
e | Series 2020-2A Class D, 5.42% due 8/20/2046 | 1,064,302 | 996,253 |
e | Series 2020-2A Class R, due 8/20/2046 | 1,009,634 | 431,480 |
a,e | Series 2021-1A Class R, due 12/20/2046 | 7,707,748 | 2,741,646 |
a,e | Series 2021-2A Class R, due 4/22/2047 | 9,930,000 | 1,926,420 |
a,e | Series 2021-3A Class R, due 6/20/2052 | 12,320,000 | 3,001,152 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 49 |
Thornburg Strategic Income Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
New Residential Advance Receivables Trust Advance Receivables Backed, | |||
e | Series 2020-T1 Class AT1, 1.426% due 8/15/2053 | $ 8,500,000 | $ 8,124,955 |
e | Series 2020-T1 Class BT1, 1.823% due 8/15/2053 | 3,000,000 | 2,854,265 |
e | Series 2020-T1 Class CT1, 2.269% due 8/15/2053 | 3,400,000 | 3,233,061 |
e | Series 2020-T1 Class DT1, 3.011% due 8/15/2053 | 6,575,000 | 6,245,498 |
e | New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2020-APT1 Class AT1, 1.035% due 12/16/2052 | 21,560,000 | 21,329,810 |
NRZ Advance Receivables Trust, | |||
e | Series 2020-T2 Class AT2, 1.475% due 9/15/2053 | 18,701,480 | 17,844,970 |
e | Series 2020-T2 Class CT2, 2.17% due 9/15/2053 | 3,000,000 | 2,855,922 |
e | Series 2020-T2 Class DT2, 2.863% due 9/15/2053 | 5,550,000 | 5,284,171 |
e | Series 2020-T3 Class AT3, 1.317% due 10/15/2052 | 4,484,000 | 4,475,777 |
e | Series 2020-T3 Class DT3, 2.458% due 10/15/2052 | 1,760,000 | 1,756,895 |
Oportun Funding LLC, | |||
e | Series 2020-1 Class B, 3.45% due 5/15/2024 | 631,501 | 630,851 |
e | Series 2022-1 Class A, 3.25% due 6/15/2029 | 7,815,487 | 7,676,043 |
d,e | Series 2022-1 Class CERT, due 6/15/2029 | 11,000 | 5,639,567 |
e | Oportun Issuance Trust, Series 2022-A Class A, 5.05% due 6/9/2031 | 10,588,000 | 10,339,686 |
Pagaya AI Debt Selection Trust, | |||
e | Series 2021-1 Class A, 1.18% due 11/15/2027 | 3,487,972 | 3,408,580 |
e | Series 2021-3 Class A, 1.15% due 5/15/2029 | 5,092,859 | 4,937,951 |
e | Series 2021-HG1 Class A, 1.22% due 1/16/2029 | 3,621,797 | 3,443,258 |
Pagaya AI Debt Trust, | |||
e | Series 2022-1 Class A, 2.03% due 10/15/2029 | 12,408,759 | 11,933,908 |
e | Series 2022-2 Class A, 4.97% due 1/15/2030 | 6,598,710 | 6,515,395 |
e | Pawnee Equipment Receivables LLC, Series 2020-1 Class A, 1.37% due 11/17/2025 | 657,873 | 649,380 |
e | Prosper Marketplace Issuance Trust, Series 2019-4A Class C, 4.95% due 2/17/2026 | 3,008,605 | 3,004,902 |
Prosper Pass-Thru Trust, | |||
e | Series 2019-ST1 Class CERT, due 7/15/2025 | 13,363,728 | 407,305 |
e | Series 2019-ST2 Class R1, due 11/15/2025 | 6,385,267 | 875,005 |
e | Series 2019-ST2 Class R2, due 11/15/2025 | 3,193,133 | 437,571 |
d,e | SBA Tower Trust, Series 2014-2A Class C, 3.869% due 10/15/2049 | 4,607,000 | 4,455,176 |
e | SCF Equipment Leasing LLC, Series 2019-2A Class C, 3.11% due 6/21/2027 | 7,300,000 | 6,926,635 |
e | Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | 8,027,796 | 7,417,412 |
e | SolarCity LMC Series I LLC, Series 2013-1 Class A, 4.80% due 11/20/2038 | 1,275,475 | 1,227,386 |
e | SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 4,810,701 | 4,314,946 |
e | SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 3,300,000 | 2,902,949 |
e | Theorem Funding Trust, Series 2021-1A Class A, 1.21% due 12/15/2027 | 3,506,745 | 3,428,525 |
Upstart Pass-Through Trust, | |||
e | Series 2020-ST1 Class A, 3.75% due 2/20/2028 | 1,112,845 | 1,087,217 |
e | Series 2020-ST2 Class A, 3.50% due 3/20/2028 | 1,058,106 | 1,034,451 |
e | Series 2020-ST3 Class A, 3.35% due 4/20/2028 | 1,395,256 | 1,357,637 |
e | Series 2020-ST5 Class A, 3.00% due 12/20/2026 | 5,646,423 | 5,403,406 |
e | Series 2021-ST1 Class A, due 2/20/2027 | 3,572,702 | 3,391,670 |
e | Series 2021-ST4 Class A, 2.00% due 7/20/2027 | 1,100,454 | 1,027,623 |
e | Series 2021-ST6 Class A, 1.85% due 8/20/2027 | 2,819,993 | 2,666,952 |
e | Series 2021-ST8 Class CERT, due 10/20/2029 | 5,400,000 | 2,528,582 |
e | Series 2021-ST9 Class CERT, due 11/20/2029 | 1,414,000 | 432,854 |
Upstart Securitization Trust, | |||
e,g | Series 2018-2 Class CERT, due 12/22/2025 | 84,500 | 4,404,464 |
e | Series 2020-1 Class B, 3.093% due 4/22/2030 | 1,545,262 | 1,541,822 |
e | Series 2021-2 Class A, 0.91% due 6/20/2031 | 1,153,261 | 1,132,466 |
e | Series 2021-3 Class CERT, due 7/20/2031 | 7,165 | 1,678,438 |
e | Series 2021-4 Class A, 0.84% due 9/20/2031 | 2,880,254 | 2,781,387 |
e | Series 2021-4 Class CERT, due 9/20/2031 | 4,706 | 1,655,557 |
e | Upstart Structured Pass-Through Trust, Series 2022-1A Class A, 3.40% due 4/15/2030 | 12,967,579 | 12,273,274 |
595,908,045 | |||
Student Loan — 2.2% | |||
College Ave Student Loans LLC, | |||
d,e | Series 2021-A Class A1, 4.184% (LIBOR 1 Month + 1.10%) due 7/25/2051 | 3,276,198 | 3,152,141 |
e | Series 2021-A Class A2, 1.60% due 7/25/2051 | 312,019 | 266,360 |
d,e | Series 2021-C Class A1, 3.984% (LIBOR 1 Month + 0.90%) due 7/26/2055 | 6,238,965 | 5,856,601 |
50 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Commonbond Student Loan Trust, | |||
e | Series 18-CGS Class A1, 3.87% due 2/25/2046 | $ 547,087 | $ 524,937 |
e | Series 2020-1 Class A, 1.69% due 10/25/2051 | 2,050,541 | 1,854,446 |
e | Series 2021-BGS Class A, 1.17% due 9/25/2051 | 3,107,648 | 2,732,412 |
National Collegiate Student Loan Trust, | |||
d | Series 2004-2 Class B, 3.624% (LIBOR 1 Month + 0.54%) due 12/26/2033 | 18,154,289 | 17,288,197 |
d | Series 2006-1 Class A5, 3.434% (LIBOR 1 Month + 0.35%) due 3/25/2033 | 15,534,295 | 14,534,123 |
d | Series 2006-4 Class A4, 3.394% (LIBOR 1 Month + 0.31%) due 5/25/2032 | 5,711,312 | 5,334,546 |
d | Series 2007-2 Class A4, 3.374% (LIBOR 1 Month + 0.29%) due 1/25/2033 | 2,776,542 | 2,604,351 |
d,e | Navient Private Education Refi Loan Trust, Series 2019-D Class A2B, 3.868% (LIBOR 1 Month + 1.05%) due 12/15/2059 | 4,172,786 | 4,077,268 |
d,e | Nelnet Private Education Loan Trust, Series 2016-A Class A1A, 4.834% (LIBOR 1 Month + 1.75%) due 12/26/2040 | 101,239 | 101,235 |
Nelnet Student Loan Trust, | |||
d,e | Series 2015-2A Class A2, 3.684% (LIBOR 1 Month + 0.60%) due 9/25/2042 | 2,334,191 | 2,297,893 |
d,e | Series 2021-CA Class AFL, 3.733% (LIBOR 1 Month + 0.74%) due 4/20/2062 | 4,075,696 | 3,955,144 |
d,e | Series 2021-DA Class AFL, 3.683% (LIBOR 1 Month + 0.69%) due 4/20/2062 | 4,707,813 | 4,564,646 |
d,e,f | Prodigy Finance DAC, Series 2021-1A Class A, 4.334% (LIBOR 1 Month + 1.25%) due 7/25/2051 | 1,321,242 | 1,289,740 |
SLM Student Loan Trust, | |||
d | Series 2008-2 Class A3, 3.533% (LIBOR 3 Month + 0.75%) due 4/25/2023 | 691,443 | 663,461 |
d | Series 2008-5 Class A4, 4.483% (LIBOR 3 Month + 1.70%) due 7/25/2023 | 889,177 | 882,714 |
d | Series 2011-2 Class A2, 4.284% (LIBOR 1 Month + 1.20%) due 10/25/2034 | 4,112,588 | 4,110,794 |
d | Series 2012-1 Class A3, 4.034% (LIBOR 1 Month + 0.95%) due 9/25/2028 | 1,848,201 | 1,765,373 |
d | Series 2013-6 Class A3, 3.734% (LIBOR 1 Month + 0.65%) due 6/26/2028 | 2,012,320 | 1,952,214 |
SMB Private Education Loan Trust, | |||
e | Series 2021-A Class R, due 1/15/2053 | 2,742 | 6,569,827 |
d,e | Series 2021-D Class A1B, 3.418% (LIBOR 1 Month + 0.60%) due 3/17/2053 | 3,263,426 | 3,168,262 |
e | Series 2022-A Class D, 4.75% due 11/16/2054 | 6,000,000 | 5,618,597 |
e | SoFi Professional Loan Program Trust, Series 2021-B Class R1, due 2/15/2047 | 90,000 | 4,446,604 |
d,e | Towd Point Asset Trust, Series 2021-SL1 Class A2, 3.693% (LIBOR 1 Month + 0.70%) due 11/20/2061 | 3,236,303 | 3,185,825 |
102,797,711 | |||
Total Asset Backed Securities (Cost $1,036,714,005) | 992,778,093 | ||
Corporate Bonds — 48.1% | |||
Automobiles & Components — 1.2% | |||
Auto Components — 0.2% | |||
e | LKQ European Holdings BV (EUR), 4.125% due 4/1/2028 | 6,600,000 | 6,051,317 |
e | Real Hero Merger Sub 2, Inc., 6.25% due 2/1/2029 | 4,616,000 | 3,336,860 |
Automobiles — 0.7% | |||
e | Daimler Finance North America LLC, 2.125% due 3/10/2025 | 7,500,000 | 6,981,900 |
d,e | Daimler Trucks Finance North America LLC, 3.654% (SOFR + 0.75%) due 12/13/2024 | 4,099,000 | 4,048,951 |
Hyundai Capital America, | |||
e | 0.875% due 6/14/2024 | 2,950,000 | 2,729,251 |
e | 1.00% due 9/17/2024 | 7,143,000 | 6,526,988 |
e | 1.80% due 10/15/2025 - 1/10/2028 | 1,933,000 | 1,667,585 |
e | 2.375% due 2/10/2023 - 10/15/2027 | 8,092,000 | 7,812,135 |
e | 3.00% due 2/10/2027 | 2,750,000 | 2,428,717 |
Hyundai Capital Services, Inc., | |||
e,f | 1.25% due 2/8/2026 | 830,000 | 723,370 |
e,f | 3.75% due 3/5/2023 | 971,000 | 966,291 |
Construction & Engineering — 0.3% | |||
e,f | IHS Netherlands Holdco BV, 8.00% due 9/18/2027 | 13,800,000 | 11,626,776 |
54,900,141 | |||
Banks — 0.5% | |||
Banks — 0.5% | |||
d | Citizens Bank NA/Providence RI, 4.592% (LIBOR 3 Month + 0.95%) due 3/29/2023 | 4,000,000 | 4,001,600 |
FNB Corp., 5.15% due 8/25/2025 | 3,170,000 | 3,126,539 | |
e,f | Macquarie Bank Ltd., 3.624% due 6/3/2030 | 2,800,000 | 2,268,924 |
d,e,f | NBK SPC Ltd., 1.625% (SOFR + 1.05%) due 9/15/2027 | 5,177,000 | 4,446,215 |
Santander Holdings USA, Inc., | |||
3.244% due 10/5/2026 | 1,815,000 | 1,627,819 | |
3.45% due 6/2/2025 | 1,185,000 | 1,111,293 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 51 |
Thornburg Strategic Income Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Synchrony Bank, 5.40% due 8/22/2025 | $ 6,660,000 | $ 6,493,433 | |
23,075,823 | |||
Capital Goods — 1.8% | |||
Aerospace & Defense — 1.0% | |||
Boeing Co., 2.196% due 2/4/2026 | 2,832,000 | 2,514,165 | |
e | BWX Technologies, Inc.,4.125% due 6/30/2028 - 4/15/2029 | 15,461,000 | 13,409,847 |
e | Spirit AeroSystems, Inc., 7.50% due 4/15/2025 | 7,817,000 | 7,371,196 |
Teledyne Technologies, Inc., | |||
2.25% due 4/1/2028 | 4,423,000 | 3,699,309 | |
2.75% due 4/1/2031 | 2,217,000 | 1,749,102 | |
TransDigm, Inc., | |||
e | 6.25% due 3/15/2026 | 12,244,000 | 11,874,599 |
e | 8.00% due 12/15/2025 | 5,600,000 | 5,681,256 |
Machinery — 0.4% | |||
e,f | ATS Automation Tooling Systems, Inc., 4.125% due 12/15/2028 | 9,620,000 | 7,994,124 |
Flowserve Corp., 3.50% due 10/1/2030 | 4,053,000 | 3,337,119 | |
nVent Finance Sarl, | |||
f | 2.75% due 11/15/2031 | 4,097,000 | 3,021,865 |
f | 4.55% due 4/15/2028 | 3,000,000 | 2,697,360 |
Westinghouse Air Brake Technologies Corp., 4.40% due 3/15/2024 | 3,854,000 | 3,784,705 | |
Trading Companies & Distributors — 0.4% | |||
e | IAA, Inc., 5.50% due 6/15/2027 | 19,559,000 | 17,847,587 |
84,982,234 | |||
Commercial & Professional Services — 1.3% | |||
Commercial Services & Supplies — 1.0% | |||
e | ACCO Brands Corp., 4.25% due 3/15/2029 | 16,611,000 | 12,511,904 |
e,f | Cimpress plc, 7.00% due 6/15/2026 | 12,141,000 | 8,349,608 |
CoreCivic, Inc., 8.25% due 4/15/2026 | 3,856,000 | 3,843,738 | |
e | Nielsen Finance LLC/Nielsen Finance Co., 5.875% due 10/1/2030 | 9,182,000 | 9,121,031 |
Quanta Services, Inc., 0.95% due 10/1/2024 | 10,069,000 | 9,212,531 | |
e,f | Ritchie Bros Auctioneers, Inc., 5.375% due 1/15/2025 | 3,026,000 | 2,971,714 |
Hotels, Restaurants & Leisure — 0.0% | |||
e | Magallanes, Inc., 3.428% due 3/15/2024 | 1,800,000 | 1,740,978 |
Machinery — 0.1% | |||
Scotts Miracle-Gro Co., 5.25% due 12/15/2026 | 2,000,000 | 1,835,240 | |
Media — 0.0% | |||
e | CCO Holdings LLC/CCO Holdings Capital Corp., 4.75% due 2/1/2032 | 900,000 | 702,324 |
Professional Services — 0.2% | |||
Gartner, Inc., | |||
e | 3.625% due 6/15/2029 | 7,155,000 | 5,994,530 |
e | 4.50% due 7/1/2028 | 3,749,000 | 3,348,832 |
59,632,430 | |||
Commercial Services — 0.3% | |||
Food Products — 0.2% | |||
e | Darling Global Finance BV (EUR), 3.625% due 5/15/2026 | 9,700,000 | 8,983,629 |
Hotels, Restaurants & Leisure — 0.1% | |||
Marriott International, Inc., Series GG, 3.50% due 10/15/2032 | 8,825,000 | 7,099,536 | |
16,083,165 | |||
Consumer Durables & Apparel — 0.5% | |||
Household Durables — 0.3% | |||
e | CD&R Smokey Buyer, Inc., 6.75% due 7/15/2025 | 13,833,000 | 12,685,415 |
Leisure Products — 0.2% | |||
e | Vista Outdoor, Inc., 4.50% due 3/15/2029 | 16,065,000 | 11,446,473 |
24,131,888 | |||
Consumer Services — 1.2% | |||
Hotels, Restaurants & Leisure — 1.2% | |||
Hyatt Hotels Corp., |
52 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
1.80% due 10/1/2024 | $ 6,520,000 | $ 6,121,628 | |
6.00% due 4/23/2030 | 4,475,000 | 4,325,446 | |
e | Nathan’s Famous, Inc., 6.625% due 11/1/2025 | 15,305,000 | 15,151,950 |
e | Papa John’s International, Inc., 3.875% due 9/15/2029 | 12,568,000 | 10,087,328 |
e | SeaWorld Parks & Entertainment, Inc., 8.75% due 5/1/2025 | 15,990,000 | 16,317,155 |
e | TKC Holdings, Inc., 6.875% due 5/15/2028 | 8,650,000 | 7,067,050 |
59,070,557 | |||
Diversified Financials — 7.4% | |||
Capital Markets — 2.1% | |||
e,f | B3 SA - Brasil Bolsa Balcao, 4.125% due 9/20/2031 | 8,827,000 | 6,956,823 |
Blackstone Private Credit Fund, | |||
2.625% due 12/15/2026 | 2,995,000 | 2,462,579 | |
3.25% due 3/15/2027 | 1,397,000 | 1,159,161 | |
d | Citigroup Global Markets Holdings, Inc., 6.40% due 1/29/2035 | 4,108,000 | 2,599,099 |
Compass Group Diversified Holdings LLC, | |||
e | 5.00% due 1/15/2032 | 800,000 | 587,640 |
e | 5.25% due 4/15/2029 | 9,633,000 | 7,574,910 |
Hercules Capital, Inc., | |||
2.625% due 9/16/2026 | 5,218,000 | 4,269,315 | |
3.375% due 1/20/2027 | 4,157,000 | 3,446,818 | |
a,b,e,h | JPR Royalty Sub LLC, 14.00% due 9/1/2020 | 2,000,000 | 200 |
LPL Holdings, Inc., | |||
e | 4.00% due 3/15/2029 | 3,820,000 | 3,281,724 |
e | 4.375% due 5/15/2031 | 5,085,000 | 4,252,484 |
e | 4.625% due 11/15/2027 | 3,515,000 | 3,188,773 |
Main Street Capital Corp., 3.00% due 7/14/2026 | 2,258,000 | 1,900,265 | |
Owl Rock Capital Corp., | |||
2.625% due 1/15/2027 | 833,000 | 669,349 | |
2.875% due 6/11/2028 | 7,319,000 | 5,579,859 | |
Owl Rock Capital Corp. III, 3.125% due 4/13/2027 | 6,070,000 | 4,944,561 | |
OWL Rock Core Income Corp., | |||
3.125% due 9/23/2026 | 7,087,000 | 5,953,860 | |
4.70% due 2/8/2027 | 1,910,000 | 1,679,616 | |
5.50% due 3/21/2025 | 2,690,000 | 2,536,213 | |
e | 7.75% due 9/16/2027 | 2,030,000 | 2,000,585 |
Owl Rock Technology Finance Corp., | |||
2.50% due 1/15/2027 | 3,547,000 | 2,834,691 | |
e | 3.75% due 6/17/2026 | 3,540,000 | 3,068,437 |
e | 4.75% due 12/15/2025 | 6,409,000 | 5,769,510 |
Sixth Street Specialty Lending, Inc., | |||
2.50% due 8/1/2026 | 609,000 | 518,411 | |
3.875% due 11/1/2024 | 4,054,000 | 3,863,259 | |
SLR Investment Corp., 4.50% due 1/20/2023 | 3,875,000 | 3,858,647 | |
e | StoneX Group, Inc., 8.625% due 6/15/2025 | 13,286,000 | 13,444,502 |
Consumer Finance — 0.4% | |||
e | FirstCash, Inc., 5.625% due 1/1/2030 | 17,215,000 | 14,726,055 |
d | Wells Fargo & Co., 4.808% (SOFR + 1.98%) due 7/25/2028 | 3,350,000 | 3,200,657 |
Diversified Financial Services — 4.8% | |||
Antares Holdings LP, | |||
e | 2.75% due 1/15/2027 | 1,630,000 | 1,297,007 |
e | 3.75% due 7/15/2027 | 6,480,000 | 5,216,400 |
e | 3.95% due 7/15/2026 | 9,451,000 | 7,971,068 |
e | 6.00% due 8/15/2023 | 4,400,000 | 4,354,548 |
e | 8.50% due 5/18/2025 | 2,750,000 | 2,830,933 |
f | Banco Santander SA, 5.147% due 8/18/2025 | 9,500,000 | 9,240,840 |
Bank of America Corp., | |||
d | 0.976% (SOFR + 0.69%) due 4/22/2025 | 9,500,000 | 8,830,345 |
d | 1.734% (SOFR + 0.96%) due 7/22/2027 | 1,290,000 | 1,106,665 |
d | 3.342% (BSBY3M + 0.43%) due 5/28/2024 | 1,707,000 | 1,664,001 |
d | 3.841% (SOFR + 1.11%) due 4/25/2025 | 2,535,000 | 2,466,048 |
d | 4.948% (SOFR + 2.04%) due 7/22/2028 | 4,900,000 | 4,712,379 |
d,f | Barclays plc, 4.302% (LIBOR 3 Month + 1.38%) due 5/16/2024 | 2,500,000 | 2,489,650 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 53 |
Thornburg Strategic Income Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
BNP Paribas SA, | |||
d,e,f | 2.159% (SOFR + 1.218%) due 9/15/2029 | $ 1,350,000 | $ 1,058,738 |
e,f | 3.375% due 1/9/2025 | 5,000,000 | 4,751,500 |
d | Charles Schwab Corp., 3.865% (SOFRINDX + 1.05%) due 3/3/2027 | 20,000,000 | 19,659,600 |
Citigroup Mortgage Loan Trust, | |||
d | 1.462% (SOFR + 0.77%) due 6/9/2027 | 5,881,000 | 5,006,554 |
d | 3.256% (SOFR + 0.669%) due 5/1/2025 | 3,971,000 | 3,904,367 |
d | 3.644% (SOFR + 0.77%) due 6/9/2027 | 6,750,000 | 6,415,402 |
d | Citigroup, Inc., 4.658% (SOFR + 1.887%) due 5/24/2028 | 3,035,000 | 2,884,161 |
Deutsche Bank AG, | |||
f | 0.898% due 5/28/2024 | 3,667,000 | 3,391,315 |
d,f | 2.311% (SOFR + 1.219%) due 11/16/2027 | 4,670,000 | 3,792,180 |
d,f | 4.273% (LIBOR 3 Month + 1.23%) due 2/27/2023 | 2,800,000 | 2,798,236 |
Goldman Sachs Group, Inc., | |||
d | 0.65% (SOFR + 0.50%) due 7/16/2024 | 5,092,000 | 4,936,388 |
3.00% due 3/15/2024 | 3,052,000 | 2,966,269 | |
d | 3.147% (SOFR + 0.70%) due 1/24/2025 | 2,610,000 | 2,565,604 |
d | 3.335% (SOFR + 0.92%) due 10/21/2027 | 2,692,000 | 2,574,763 |
d | 3.367% (SOFR + 0.50%) due 9/10/2024 | 3,687,000 | 3,631,179 |
d | 3.436% (SOFR + 0.62%) due 12/6/2023 | 2,027,000 | 2,013,622 |
d | 3.687% (SOFR + 0.82%) due 9/10/2027 | 3,687,000 | 3,512,937 |
HSBC Holdings plc, | |||
d,f | 1.589% (SOFR + 1.29%) due 5/24/2027 | 3,500,000 | 2,925,720 |
d,f | 1.645% (SOFR + 1.538%) due 4/18/2026 | 3,750,000 | 3,338,288 |
d,f | 2.206% (SOFR + 1.285%) due 8/17/2029 | 3,500,000 | 2,719,605 |
d,f | 2.251% (SOFR + 1.10%) due 11/22/2027 | 1,350,000 | 1,134,000 |
d,f | 3.285% (SOFR + 0.58%) due 11/22/2024 | 715,000 | 694,937 |
d,f | 4.18% (SOFR + 1.51%) due 12/9/2025 | 2,600,000 | 2,486,094 |
d,f | 5.21% (SOFR + 2.61%) due 8/11/2028 | 4,079,000 | 3,820,024 |
JPMorgan Chase & Co., | |||
d | 3.316% (SOFR + 0.885%) due 4/22/2027 | 2,304,000 | 2,235,479 |
d | 3.46% (SOFR + 0.60%) due 12/10/2025 | 2,000,000 | 1,952,920 |
d | 3.662% (SOFR + 0.92%) due 2/24/2026 | 7,590,000 | 7,446,397 |
d | 4.08% (SOFR + 1.32%) due 4/26/2026 | 1,896,000 | 1,821,658 |
d | 4.323% (SOFR + 1.56%) due 4/26/2028 | 2,434,000 | 2,289,420 |
d | 4.851% (SOFR + 1.99%) due 7/25/2028 | 3,880,000 | 3,722,782 |
Mitsubishi UFJ Financial Group, Inc., | |||
d,f | 3.837% (H15T1Y + 1.125%) due 4/17/2026 | 9,714,000 | 9,288,818 |
d,f | 5.017% (H15T1Y + 1.95%) due 7/20/2028 | 1,750,000 | 1,681,015 |
d,f | Mizuho Financial Group, Inc., 3.627% (LIBOR 3 Month + 0.63%) due 5/25/2024 | 11,070,000 | 10,957,418 |
d | Morgan Stanley, 4.679% (SOFR + 1.669%) due 7/17/2026 | 1,560,000 | 1,518,738 |
d,f | Natwest Group plc, 1.642% (H15T1Y + 0.90%) due 6/14/2027 | 2,000,000 | 1,681,560 |
Societe Generale SA, | |||
d,e,f | 1.792% (H15T1Y + 1.00%) due 6/9/2027 | 1,667,000 | 1,386,327 |
e,f | 2.625% due 1/22/2025 | 3,000,000 | 2,779,080 |
d,e,f | 3.465% (SOFR + 1.05%) due 1/21/2026 | 2,600,000 | 2,515,630 |
e,f | 3.875% due 3/28/2024 | 2,000,000 | 1,945,220 |
e,f | 4.25% due 9/14/2023 | 3,000,000 | 2,966,490 |
d,f | Sumitomo Mitsui Financial Group, Inc., 3.102% (SOFR + 0.88%) due 1/14/2027 | 4,760,000 | 4,631,194 |
UBS Group AG, | |||
d,e,f | 1.494% (H15T1Y + 0.85%) due 8/10/2027 | 2,679,000 | 2,250,548 |
d,e,f | 4.49% (H15T1Y + 1.60%) due 8/5/2025 | 5,200,000 | 5,072,080 |
d,e,f | 4.751% (H15T1Y + 1.75%) due 5/12/2028 | 3,600,000 | 3,379,032 |
e | United Wholesale Mortgage LLC, 5.50% due 11/15/2025 | 12,301,000 | 10,736,436 |
Western Union Co., 2.85% due 1/10/2025 | 2,338,000 | 2,213,385 | |
Insurance — 0.1% | |||
e | Global Atlantic Fin Co., 4.40% due 10/15/2029 | 7,275,000 | 6,180,331 |
352,141,328 | |||
Energy — 3.3% | |||
Energy Equipment & Services — 0.4% | |||
e | Enviva Partners LP/Enviva Partners Finance Corp., 6.50% due 1/15/2026 | 17,644,000 | 16,715,749 |
54 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Odebrecht Offshore Drilling Finance Ltd., | |||
e,f | 6.72% due 12/1/2022 | $ 33,141 | $ 32,247 |
e,f,i | 7.72% due 12/1/2026 PIK | 2,610,407 | 535,499 |
c,e,f | Odebrecht Oil & Gas Finance Ltd. (Guaranty: Odebrecht Oleo e Gas SA), Zero coupon due 10/31/2022 | 304,899 | 771 |
b,e,f,h | Schahin II Finance Co. SPV Ltd., 5.875% due 9/25/2023 | 10,461,182 | 614,595 |
Oil, Gas & Consumable Fuels — 2.9% | |||
Buckeye Partners LP, 4.15% due 7/1/2023 | 4,445,000 | 4,385,748 | |
e | Chesapeake Energy Corp., 5.50% due 2/1/2026 | 8,950,000 | 8,572,131 |
e | Citgo Holding, Inc., 9.25% due 8/1/2024 | 15,777,000 | 15,661,828 |
e | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 725,000 | 689,316 |
Delek Logistics Partners LP/Delek Logistics Finance Corp., 6.75% due 5/15/2025 | 10,848,000 | 10,341,615 | |
d | Energy Transfer LP, 5.80% (LIBOR 3 Month + 3.017%) due 11/1/2066 | 1,200,000 | 911,940 |
e | Florida Gas Transmission Co. LLC, 2.30% due 10/1/2031 | 3,985,000 | 3,013,776 |
Galaxy Pipeline Assets Bidco Ltd., | |||
e,f | 1.75% due 9/30/2027 | 8,363,491 | 7,648,580 |
e,f | 2.16% due 3/31/2034 | 4,031,692 | 3,311,471 |
e,f | 2.625% due 3/31/2036 | 6,630,000 | 5,138,250 |
e,f | Gazprom PJSC via Gaz Finance plc, 3.50% due 7/14/2031 | 16,000,000 | 7,741,440 |
Gray Oak Pipeline LLC, | |||
e | 2.00% due 9/15/2023 | 7,848,000 | 7,579,206 |
e | 3.45% due 10/15/2027 | 5,130,000 | 4,522,403 |
e | Gulfstream Natural Gas System LLC, 4.60% due 9/15/2025 | 5,000,000 | 4,821,850 |
e | Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029 | 5,487,000 | 4,895,227 |
MPLX LP, 4.95% due 9/1/2032 | 4,675,000 | 4,248,219 | |
e | Par Petroleum LLC/Par Petroleum Finance Corp., 7.75% due 12/15/2025 | 451,000 | 429,302 |
Parkland Corp., | |||
e,f | 4.50% due 10/1/2029 | 1,825,000 | 1,482,667 |
e,f | 5.875% due 7/15/2027 | 3,726,000 | 3,449,382 |
Petroleos Mexicanos, | |||
f | 3.50% due 1/30/2023 | 2,674,000 | 2,634,799 |
f | 5.95% due 1/28/2031 | 2,802,000 | 1,891,462 |
e,f | 8.75% due 6/2/2029 | 6,500,000 | 5,555,810 |
Petroleos Mexicanos (EUR), 3.75% due 2/21/2024 | 4,466,000 | 4,185,195 | |
e,f | Petrorio Luxembourg Sarl, 6.125% due 6/9/2026 | 800,000 | 724,136 |
e | Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50% due 10/15/2026 | 848,000 | 795,093 |
c,d | Summit Midstream Partners LP, Series A, 9.50% (LIBOR 3 Month + 7.43%) due 12/15/2022 | 2,114,000 | 1,492,209 |
Sunoco LP/Sunoco Finance Corp., | |||
4.50% due 4/30/2030 | 2,500,000 | 2,051,250 | |
5.875% due 3/15/2028 | 10,000,000 | 9,133,700 | |
6.00% due 4/15/2027 | 3,000,000 | 2,859,330 | |
Tennessee Gas Pipeline Co. LLC, | |||
e | 2.90% due 3/1/2030 | 5,835,000 | 4,791,235 |
7.00% due 3/15/2027 | 2,251,000 | 2,320,646 | |
155,178,077 | |||
Food & Staples Retailing — 0.5% | |||
Food & Staples Retailing — 0.5% | |||
7-Eleven, Inc., | |||
e | 0.625% due 2/10/2023 | 540,000 | 532,154 |
e | 0.80% due 2/10/2024 | 5,236,000 | 4,953,151 |
e | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.875% due 2/15/2028 | 13,948,000 | 12,867,170 |
e | KeHE Distributors LLC/KeHE Finance Corp., 8.625% due 10/15/2026 | 3,567,000 | 3,571,173 |
21,923,648 | |||
Food, Beverage & Tobacco — 2.2% | |||
Beverages — 0.7% | |||
e,f | Becle SAB de CV, 2.50% due 10/14/2031 | 10,661,000 | 8,278,160 |
e,f | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | 14,625,000 | 12,618,889 |
Constellation Brands, Inc., 4.35% due 5/9/2027 | 3,194,000 | 3,068,284 | |
Huntington Ingalls Industries, Inc., 2.043% due 8/16/2028 | 6,445,000 | 5,229,989 | |
Keurig Dr Pepper, Inc., 3.95% due 4/15/2029 | 6,036,000 | 5,512,256 | |
Food Products — 0.8% | |||
e,f | Barry Callebaut Services NV, 5.50% due 6/15/2023 | 13,052,000 | 12,932,052 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 55 |
Thornburg Strategic Income Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Darling Ingredients, Inc., | |||
e | 5.25% due 4/15/2027 | $ 3,700,000 | $ 3,498,387 |
e | 6.00% due 6/15/2030 | 1,000,000 | 954,490 |
d | General Mills, Inc., 3.75% (LIBOR 3 Month + 1.01%) due 10/17/2023 | 2,530,000 | 2,539,994 |
Kraft Heinz Foods Co., 3.875% due 5/15/2027 | 4,582,000 | 4,282,704 | |
Post Holdings, Inc., | |||
e | 4.625% due 4/15/2030 | 8,247,000 | 6,772,766 |
e | 5.625% due 1/15/2028 | 8,445,000 | 7,710,116 |
Tobacco — 0.7% | |||
Altria Group, Inc., 2.45% due 2/4/2032 | 9,890,000 | 6,995,790 | |
BAT Capital Corp., 2.726% due 3/25/2031 | 7,615,000 | 5,628,018 | |
e,f | Imperial Brands Finance plc, 6.125% due 7/27/2027 | 5,000,000 | 4,927,100 |
e | Vector Group Ltd., 10.50% due 11/1/2026 | 14,927,000 | 13,831,657 |
104,780,652 | |||
Health Care Equipment & Services — 2.1% | |||
Health Care Equipment & Supplies — 0.3% | |||
e | Hologic, Inc., 3.25% due 2/15/2029 | 10,357,000 | 8,508,483 |
e,f | Olympus Corp., 2.143% due 12/8/2026 | 5,510,000 | 4,836,237 |
Health Care Providers & Services — 1.5% | |||
Centene Corp., | |||
2.625% due 8/1/2031 | 3,950,000 | 2,990,229 | |
3.375% due 2/15/2030 | 6,697,000 | 5,475,065 | |
Charles River Laboratories International, Inc., | |||
e | 3.75% due 3/15/2029 | 4,567,000 | 3,801,845 |
e | 4.25% due 5/1/2028 | 4,480,000 | 3,917,312 |
e | Highmark, Inc., 1.45% due 5/10/2026 | 8,000,000 | 7,033,680 |
Humana, Inc., 0.65% due 8/3/2023 | 6,500,000 | 6,279,910 | |
IQVIA, Inc. (EUR), | |||
e | 2.25% due 3/15/2029 | 9,460,000 | 7,115,332 |
e | 2.875% due 6/15/2028 | 5,000,000 | 3,995,762 |
Tenet Healthcare Corp., | |||
e | 4.25% due 6/1/2029 | 4,123,000 | 3,412,731 |
e | 4.375% due 1/15/2030 | 8,675,000 | 7,235,210 |
4.625% due 7/15/2024 | 3,656,000 | 3,537,436 | |
e | 4.875% due 1/1/2026 | 2,826,000 | 2,624,280 |
e | 6.125% due 6/15/2030 | 4,500,000 | 4,138,920 |
Universal Health Services, Inc., | |||
e | 1.65% due 9/1/2026 | 6,179,000 | 5,177,199 |
e | 2.65% due 10/15/2030 | 4,646,000 | 3,431,443 |
Health Care Technology — 0.3% | |||
e | Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75% due 3/1/2025 | 14,469,000 | 14,404,757 |
97,915,831 | |||
Household & Personal Products — 1.4% | |||
Household Durables — 0.1% | |||
Newell Brands, Inc., | |||
4.45% due 4/1/2026 | 985,000 | 906,229 | |
6.625% due 9/15/2029 | 6,300,000 | 6,160,959 | |
Household Products — 1.1% | |||
e | Energizer Holdings, Inc., 4.75% due 6/15/2028 | 8,110,000 | 6,428,148 |
e | Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00% due 12/31/2026 | 4,585,000 | 4,009,170 |
Prestige Brands, Inc., | |||
e | 3.75% due 4/1/2031 | 6,386,000 | 4,961,220 |
e | 5.125% due 1/15/2028 | 12,321,000 | 11,119,579 |
Scotts Miracle-Gro Co., 4.375% due 2/1/2032 | 13,166,000 | 9,357,603 | |
Spectrum Brands, Inc., | |||
e | 3.875% due 3/15/2031 | 9,098,000 | 6,197,922 |
e | 5.50% due 7/15/2030 | 5,705,000 | 4,490,405 |
Spectrum Brands, Inc. (EUR), 4.00% due 10/1/2026 | 2,900,000 | 2,430,034 | |
e | Spectrum Brands, Inc.(EUR), 4.00% due 10/1/2026 | 2,000,000 | 1,675,886 |
56 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Personal Products — 0.2% | |||
e | Edgewell Personal Care Co., 5.50% due 6/1/2028 | $ 10,292,000 | $ 9,230,483 |
66,967,638 | |||
Insurance — 3.7% | |||
Insurance — 3.7% | |||
e | American National Group, Inc., 6.144% due 6/13/2032 | 12,684,000 | 11,644,039 |
e,f | Ascot Group Ltd., 4.25% due 12/15/2030 | 4,193,000 | 3,498,304 |
Brighthouse Financial Global Funding, | |||
e | 1.55% due 5/24/2026 | 2,089,000 | 1,796,185 |
e | 2.00% due 6/28/2028 | 4,823,000 | 3,956,017 |
d,e | 2.996% (SOFR + 0.76%) due 4/12/2024 | 2,307,000 | 2,276,986 |
Brighthouse Financial, Inc., 5.625% due 5/15/2030 | 3,750,000 | 3,514,087 | |
e,f | DaVinciRe Holdings Ltd., 4.75% due 5/1/2025 | 4,790,000 | 4,613,632 |
d | Enstar Finance LLC, 5.75% (5-Yr. CMT + 5.468%) due 9/1/2040 | 1,672,000 | 1,513,712 |
Enstar Group Ltd., | |||
f | 3.10% due 9/1/2031 | 6,975,000 | 4,921,909 |
f | 4.95% due 6/1/2029 | 4,726,000 | 4,237,237 |
Equitable Financial Life Global Funding, | |||
e | 1.00% due 1/9/2026 | 3,000,000 | 2,611,890 |
e | 1.40% due 8/27/2027 | 4,620,000 | 3,836,771 |
e | 1.80% due 3/8/2028 | 4,074,000 | 3,405,701 |
F&G Global Funding, | |||
e | 1.75% due 6/30/2026 | 9,523,000 | 8,269,487 |
e | 2.00% due 9/20/2028 | 6,641,000 | 5,301,909 |
e | 2.30% due 4/11/2027 | 4,467,000 | 3,847,025 |
Fairfax Financial Holdings Ltd., | |||
f | 3.375% due 3/3/2031 | 1,520,000 | 1,234,362 |
f | 4.625% due 4/29/2030 | 4,673,000 | 4,202,055 |
f | 4.85% due 4/17/2028 | 1,105,000 | 1,033,131 |
e,f | 5.625% due 8/16/2032 | 8,657,000 | 7,988,593 |
e | Fairfax U.S., Inc., 4.875% due 8/13/2024 | 1,187,000 | 1,163,759 |
e,f | Fidelis Insurance Holdings Ltd., 4.875% due 6/30/2030 | 4,409,000 | 4,333,782 |
Fidelity National Financial, Inc., 3.40% due 6/15/2030 | 5,137,000 | 4,190,765 | |
First American Financial Corp., 4.00% due 5/15/2030 | 1,843,000 | 1,537,080 | |
GA Global Funding Trust, | |||
e | 2.25% due 1/6/2027 | 3,580,000 | 3,107,834 |
d,e | 3.374% (SOFR + 0.50%) due 9/13/2024 | 5,322,000 | 5,167,077 |
e | 3.85% due 4/11/2025 | 5,860,000 | 5,579,013 |
Globe Life, Inc., 4.80% due 6/15/2032 | 3,038,000 | 2,813,978 | |
e,f | Intact Financial Corp., 5.459% due 9/22/2032 | 5,922,000 | 5,766,962 |
Jackson Financial, Inc., 5.17% due 6/8/2027 | 2,788,000 | 2,681,470 | |
Mercury General Corp., 4.40% due 3/15/2027 | 2,438,000 | 2,265,999 | |
d,e | Nationwide Mutual Insurance Co., 5.583% (LIBOR 3 Month + 2.29%) due 12/15/2024 | 6,178,000 | 6,183,993 |
d,e | Pacific Life Global Funding II, 3.435% (SOFR + 0.62%) due 6/4/2026 | 4,533,000 | 4,373,121 |
f | Pentair Finance Sarl, 5.90% due 7/15/2032 | 9,193,000 | 8,767,824 |
e | Protective Life Corp., 3.40% due 1/15/2030 | 4,902,000 | 4,245,181 |
Reliance Standard Life Global Funding II, | |||
e | 1.512% due 9/28/2026 | 4,000,000 | 3,460,160 |
e | 2.75% due 5/7/2025 | 2,900,000 | 2,703,090 |
e | 3.85% due 9/19/2023 | 3,000,000 | 2,955,480 |
e | RGA Global Funding, 2.00% due 11/30/2026 | 4,124,000 | 3,604,087 |
e | Sammons Financial Group, Inc., 4.45% due 5/12/2027 | 2,000,000 | 1,822,520 |
e | Security Benefit Global Funding, 1.25% due 5/17/2024 | 2,404,000 | 2,237,331 |
Stewart Information Services Corp., 3.60% due 11/15/2031 | 13,735,000 | 10,589,136 | |
173,252,674 | |||
Materials — 4.1% | |||
Chemicals — 1.1% | |||
Celanese U.S. Holdings LLC, 6.05% due 3/15/2025 | 9,084,000 | 8,875,795 | |
e,f | NOVA Chemicals Corp., 5.25% due 6/1/2027 | 9,300,000 | 7,913,091 |
e,f | Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | 12,383,000 | 10,365,066 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 57 |
Thornburg Strategic Income Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
OCP SA, | |||
e,f | 3.75% due 6/23/2031 | $ 7,800,000 | $ 5,884,710 |
e,f | 5.625% due 4/25/2024 | 4,710,000 | 4,684,566 |
Phosagro OAO Via Phosagro Bond Funding DAC, | |||
e,f | 3.05% due 1/23/2025 | 933,000 | 529,468 |
e,f | 3.949% due 4/24/2023 | 11,250,000 | 6,807,375 |
e,f | SPCM SA, 3.125% due 3/15/2027 | 8,405,000 | 7,350,509 |
Containers & Packaging — 1.8% | |||
e,f | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance plc, 3.25% due 9/1/2028 | 16,310,000 | 13,323,150 |
Ball Corp., | |||
2.875% due 8/15/2030 | 14,300,000 | 10,997,558 | |
3.125% due 9/15/2031 | 5,414,000 | 4,062,503 | |
Graphic Packaging International LLC, | |||
e | 3.50% due 3/15/2028 - 3/1/2029 | 8,150,000 | 6,945,856 |
4.875% due 11/15/2022 | 8,160,000 | 8,152,738 | |
e | Matthews International Corp., Class C, 5.25% due 12/1/2025 | 15,091,000 | 13,591,709 |
Sealed Air Corp., | |||
e | 5.00% due 4/15/2029 | 8,460,000 | 7,589,974 |
e | 5.125% due 12/1/2024 | 4,500,000 | 4,342,545 |
e | Silgan Holdings, Inc., 1.40% due 4/1/2026 | 17,582,000 | 14,985,490 |
Metals & Mining — 1.2% | |||
f | AngloGold Ashanti Holdings plc, 3.375% due 11/1/2028 | 15,715,000 | 12,769,538 |
e | Cleveland-Cliffs, Inc., 6.75% due 3/15/2026 | 16,150,000 | 15,886,270 |
Compass Minerals International, Inc., | |||
e | 4.875% due 7/15/2024 | 3,575,000 | 3,379,197 |
e | 6.75% due 12/1/2027 | 11,123,000 | 10,461,070 |
e,f | Metalloinvest Finance DAC, Series 2022-1A Class A, 3.375% due 10/22/2028 | 7,500,000 | 4,304,550 |
Stillwater Mining Co., | |||
e | 4.00% due 11/16/2026 | 9,328,000 | 7,706,047 |
e | 4.50% due 11/16/2029 | 3,050,000 | 2,264,229 |
193,173,004 | |||
Media & Entertainment — 1.2% | |||
Hotels, Restaurants & Leisure — 0.1% | |||
e | WMG Acquisition Corp. (EUR), 2.25% due 8/15/2031 | 9,718,000 | 6,791,464 |
Media — 1.1% | |||
CCO Holdings LLC/CCO Holdings Capital Corp., | |||
e | 4.25% due 2/1/2031 | 6,548,000 | 5,065,664 |
e | 4.75% due 3/1/2030 | 8,394,000 | 6,800,399 |
e | Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.875% due 8/15/2027 | 3,880,000 | 3,352,592 |
e | Magallanes, Inc., 3.528% due 3/15/2024 | 4,585,000 | 4,425,213 |
e | News Corp., 5.125% due 2/15/2032 | 1,980,000 | 1,753,884 |
e | Sirius XM Radio, Inc., 5.00% due 8/1/2027 | 19,275,000 | 17,686,547 |
e,f | Telenet Finance Luxembourg Notes Sarl, 5.50% due 3/1/2028 | 14,200,000 | 12,328,298 |
58,204,061 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.4% | |||
Biotechnology — 0.1% | |||
Bio-Rad Laboratories, Inc., 3.30% due 3/15/2027 | 2,505,000 | 2,274,690 | |
f | Royalty Pharma plc, 1.20% due 9/2/2025 | 4,086,000 | 3,615,620 |
Life Sciences Tools & Services — 0.2% | |||
e | Avantor Funding, Inc. (EUR), 2.625% due 11/1/2025 | 11,000,000 | 9,818,495 |
Pharmaceuticals — 0.1% | |||
a,b,h | Atlas U.S. Royalty LLC Participation Rights, Zero coupon due 3/15/2027 | 5,450,000 | 545 |
e | Bayer US Finance II LLC, 4.25% due 12/15/2025 | 2,500,000 | 2,397,100 |
18,106,450 | |||
Real Estate — 1.7% | |||
Equity Real Estate Investment Trusts — 1.4% | |||
American Tower Corp., | |||
1.45% due 9/15/2026 | 1,842,000 | 1,572,202 | |
3.65% due 3/15/2027 | 2,830,000 | 2,593,780 |
58 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
4.05% due 3/15/2032 | $ 1,546,000 | $ 1,331,013 | |
Crown Castle International Corp., | |||
1.05% due 7/15/2026 | 2,636,000 | 2,232,771 | |
2.50% due 7/15/2031 | 5,453,000 | 4,207,480 | |
Digital Realty Trust LP, 5.55% due 1/15/2028 | 9,202,000 | 9,125,807 | |
Iron Mountain, Inc., | |||
e | 4.875% due 9/15/2029 | 2,000,000 | 1,644,200 |
e | 5.00% due 7/15/2028 | 2,880,000 | 2,476,800 |
e | 5.25% due 7/15/2030 | 6,085,000 | 5,045,195 |
Retail Opportunity Investments Partnership LP (Guaranty: Retail Opportunity Investments Corp.), 5.00% due 12/15/2023 | 1,500,000 | 1,468,935 | |
SBA Tower Trust, | |||
e | 1.631% due 5/15/2051 | 13,500,000 | 11,507,553 |
e | 1.84% due 4/15/2027 | 3,400,000 | 2,869,016 |
e | 3.448% due 3/15/2048 | 763,000 | 755,983 |
Service Properties Trust, | |||
4.35% due 10/1/2024 | 2,295,000 | 2,022,377 | |
4.65% due 3/15/2024 | 900,000 | 832,113 | |
4.95% due 2/15/2027 | 2,850,000 | 2,138,554 | |
5.25% due 2/15/2026 | 700,000 | 558,306 | |
e,f | Trust Fibra Uno, 5.25% due 1/30/2026 | 12,784,000 | 11,610,557 |
Vornado Realty LP, | |||
2.15% due 6/1/2026 | 1,151,000 | 973,631 | |
3.40% due 6/1/2031 | 957,000 | 731,330 | |
Mortgage Real Estate Investment Trusts — 0.1% | |||
Sun Communities Operating LP, 2.30% due 11/1/2028 | 5,153,000 | 4,144,661 | |
Real Estate Management & Development — 0.2% | |||
e | Cushman & Wakefield US Borrower LLC, 6.75% due 5/15/2028 | 14,249,000 | 13,230,909 |
83,073,173 | |||
Retailing — 0.5% | |||
Internet & Direct Marketing Retail — 0.3% | |||
e,f | B2W Digital Lux Sarl, 4.375% due 12/20/2030 | 2,000,000 | 1,354,020 |
MercadoLibre, Inc., 2.375% due 1/14/2026 | 16,065,000 | 13,693,002 | |
Multiline Retail — 0.1% | |||
Dollar General Corp., 4.625% due 11/1/2027 | 4,357,000 | 4,242,629 | |
Specialty Retail — 0.1% | |||
Advance Auto Parts, Inc., | |||
1.75% due 10/1/2027 | 1,792,000 | 1,473,311 | |
3.90% due 4/15/2030 | 2,996,000 | 2,577,878 | |
23,340,840 | |||
Semiconductors & Semiconductor Equipment — 1.2% | |||
Semiconductors & Semiconductor Equipment — 1.2% | |||
Broadcom Corp./Broadcom Cayman Finance Ltd., | |||
f | 3.50% due 1/15/2028 | 1,628,000 | 1,443,580 |
f | 3.875% due 1/15/2027 | 4,975,000 | 4,585,358 |
Broadcom, Inc., | |||
e | 3.187% due 11/15/2036 | 4,861,000 | 3,328,473 |
e | 4.00% due 4/15/2029 | 940,000 | 828,638 |
4.75% due 4/15/2029 | 476,000 | 444,917 | |
Microchip Technology, Inc., | |||
0.972% due 2/15/2024 | 5,137,000 | 4,839,619 | |
4.25% due 9/1/2025 | 11,300,000 | 10,930,038 | |
Micron Technology, Inc., | |||
4.663% due 2/15/2030 | 1,186,000 | 1,058,979 | |
5.327% due 2/6/2029 | 2,031,000 | 1,927,541 | |
Qorvo, Inc., | |||
e | 3.375% due 4/1/2031 | 12,907,000 | 9,664,762 |
4.375% due 10/15/2029 | 1,452,000 | 1,243,958 | |
e,f | Renesas Electronics Corp., 1.543% due 11/26/2024 | 6,990,000 | 6,395,011 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 59 |
Thornburg Strategic Income Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
SK Hynix, Inc., | |||
e,f | 1.00% due 1/19/2024 | $ 2,800,000 | $ 2,644,964 |
e,f | 1.50% due 1/19/2026 | 4,400,000 | 3,818,848 |
e,f | 2.375% due 1/19/2031 | 2,812,000 | 2,084,311 |
Skyworks Solutions, Inc., 1.80% due 6/1/2026 | 1,160,000 | 1,008,376 | |
e,f | TSMC Global Ltd., 4.375% due 7/22/2027 | 1,502,000 | 1,457,946 |
57,705,319 | |||
Software & Services — 4.1% | |||
Information Technology Services — 1.3% | |||
Block Financial LLC, 2.50% due 7/15/2028 | 3,605,000 | 2,984,435 | |
DXC Technology Co., 2.375% due 9/15/2028 | 11,657,000 | 9,550,464 | |
f | Genpact Luxembourg Sarl, 3.375% due 12/1/2024 | 4,939,000 | 4,733,686 |
f | Genpact Luxembourg Sarl/Genpact USA, Inc., 1.75% due 4/10/2026 | 2,762,000 | 2,439,039 |
Global Payments, Inc., | |||
1.50% due 11/15/2024 | 2,230,000 | 2,053,852 | |
2.15% due 1/15/2027 | 1,394,000 | 1,193,152 | |
5.30% due 8/15/2029 | 4,441,000 | 4,180,846 | |
Kyndryl Holdings, Inc., | |||
2.05% due 10/15/2026 | 3,968,000 | 3,189,518 | |
2.70% due 10/15/2028 | 8,296,000 | 6,102,206 | |
Leidos, Inc., 2.30% due 2/15/2031 | 2,220,000 | 1,636,096 | |
Sabre GLBL, Inc., | |||
e | 7.375% due 9/1/2025 | 3,586,000 | 3,211,299 |
e | 9.25% due 4/15/2025 | 2,267,000 | 2,170,358 |
e | Science Applications International Corp., 4.875% due 4/1/2028 | 15,749,000 | 14,107,482 |
e | Wipro IT Services LLC, 1.50% due 6/23/2026 | 3,953,000 | 3,444,407 |
Internet Software & Services — 0.7% | |||
e | Arches Buyer, Inc., 4.25% due 6/1/2028 | 14,649,000 | 11,430,468 |
e | Cogent Communications Group, Inc., 7.00% due 6/15/2027 | 9,967,000 | 9,441,839 |
Prosus NV, | |||
e,f | 3.061% due 7/13/2031 | 3,056,000 | 2,113,132 |
e,f | 4.193% due 1/19/2032 | 14,694,000 | 10,851,813 |
Professional Services — 0.3% | |||
e | Korn Ferry, 4.625% due 12/15/2027 | 15,003,000 | 13,283,506 |
Software — 1.8% | |||
e | Fair Isaac Corp., 4.00% due 6/15/2028 | 16,087,000 | 13,749,398 |
Fidelity National Information Services, Inc., 4.70% due 7/15/2027 | 12,167,000 | 11,714,388 | |
e | GoTo Group, Inc., 5.50% due 9/1/2027 | 6,873,000 | 4,225,864 |
e | Infor, Inc., 1.75% due 7/15/2025 | 2,250,000 | 2,025,855 |
MSCI, Inc., | |||
e | 3.875% due 2/15/2031 | 9,973,000 | 8,393,775 |
e | 4.00% due 11/15/2029 | 6,289,000 | 5,423,068 |
e,f | Open Text Corp., 3.875% due 2/15/2028 | 7,761,000 | 6,390,640 |
e | Open Text Holdings, Inc.,4.125% due 2/15/2030 - 12/1/2031 | 12,327,000 | 9,539,301 |
Oracle Corp., | |||
1.65% due 3/25/2026 | 4,565,000 | 4,003,368 | |
2.30% due 3/25/2028 | 2,257,000 | 1,883,850 | |
e | PTC, Inc., 3.625% due 2/15/2025 | 14,847,000 | 13,841,116 |
VMware, Inc., | |||
1.00% due 8/15/2024 | 1,180,000 | 1,092,444 | |
4.50% due 5/15/2025 | 4,040,000 | 3,949,989 | |
194,350,654 | |||
Technology Hardware & Equipment — 1.7% | |||
Communications Equipment — 0.3% | |||
Motorola Solutions, Inc., | |||
2.30% due 11/15/2030 | 337,000 | 253,336 | |
5.60% due 6/1/2032 | 15,242,000 | 14,455,513 | |
Electronic Equipment, Instruments & Components — 0.6% | |||
f | Allegion plc, 3.50% due 10/1/2029 | 1,723,000 | 1,458,761 |
f | Flex Ltd., 4.875% due 5/12/2030 | 4,671,000 | 4,202,779 |
60 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e,f | Sensata Technologies BV, 5.875% due 9/1/2030 | $ 2,375,000 | $ 2,220,506 |
TD SYNNEX Corp., 1.75% due 8/9/2026 | 10,183,000 | 8,656,975 | |
Trimble, Inc., 4.75% due 12/1/2024 | 6,525,000 | 6,444,547 | |
Vontier Corp., | |||
1.80% due 4/1/2026 | 1,533,000 | 1,302,989 | |
2.40% due 4/1/2028 | 3,491,000 | 2,722,631 | |
Technology Hardware, Storage & Peripherals — 0.8% | |||
Dell International LLC/EMC Corp., 4.90% due 10/1/2026 | 5,123,000 | 4,944,515 | |
HP, Inc., 4.75% due 1/15/2028 | 11,941,000 | 11,219,883 | |
Lenovo Group Ltd., | |||
e,f | 5.831% due 1/27/2028 | 13,330,000 | 12,665,899 |
f | 5.875% due 4/24/2025 | 10,993,000 | 10,839,428 |
NetApp, Inc., 2.375% due 6/22/2027 | 742,000 | 654,926 | |
82,042,688 | |||
Telecommunication Services — 1.0% | |||
Diversified Telecommunication Services — 0.3% | |||
Videotron Ltd., | |||
e,f | 5.125% due 4/15/2027 | 7,150,000 | 6,566,059 |
e,f | 5.375% due 6/15/2024 | 6,000,000 | 5,892,600 |
e,f | Virgin Media Secured Finance plc, 5.50% due 5/15/2029 | 1,800,000 | 1,549,386 |
Wireless Telecommunication Services — 0.7% | |||
America Movil SAB de CV (MXN), 6.45% due 12/5/2022 | 45,000,000 | 2,218,305 | |
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., | |||
e,f | 8.00% due 12/31/2026 | 1,111,755 | 675,224 |
e,f | 8.75% due 5/25/2024 | 4,866,916 | 4,483,584 |
e,f | SK Telecom Co. Ltd., 3.75% due 4/16/2023 | 3,000,000 | 2,975,910 |
T-Mobile USA, Inc., | |||
2.25% due 2/15/2026 | 2,232,000 | 1,999,225 | |
2.625% due 4/15/2026 | 2,708,000 | 2,448,492 | |
3.375% due 4/15/2029 | 10,090,000 | 8,714,329 | |
5.375% due 4/15/2027 | 3,690,000 | 3,633,691 | |
Vmed O2 UK Financing I plc, | |||
e,f | 4.25% due 1/31/2031 | 7,818,000 | 5,908,923 |
e,f | 4.75% due 7/15/2031 | 1,500,000 | 1,168,245 |
48,233,973 | |||
Transportation — 0.1% | |||
Airlines — 0.1% | |||
American Airlines Pass Through Trust, | |||
Series 2013-2 Class A, 4.95% due 7/15/2024 | 3,861,713 | 3,793,515 | |
Series 2016-3 Class B, 3.75% due 4/15/2027 | 782,957 | 677,845 | |
e | British Airways Pass Through Trust, Series 2020-1 Class A, 4.25% due 5/15/2034 | 1,023,498 | 918,589 |
US Airways Pass Through Trust, | |||
Series 2010-1A Class PTT, 6.25% due 10/22/2024 | 579,697 | 570,329 | |
Series 2012-1A Class PTT, 5.90% due 4/1/2026 | 850,524 | 827,177 | |
6,787,455 | |||
Utilities — 4.7% | |||
Electric Utilities — 3.9% | |||
AEP Texas, Inc., | |||
4.70% due 5/15/2032 | 3,094,000 | 2,831,722 | |
Series I, 2.10% due 7/1/2030 | 3,800,000 | 2,963,696 | |
e,f | AES Andres BV, 5.70% due 5/4/2028 | 8,167,000 | 6,698,982 |
e | Alexander Funding Trust, 1.841% due 11/15/2023 | 18,263,000 | 17,206,485 |
Allegion U.S. Holding Co., Inc., 5.411% due 7/1/2032 | 7,922,000 | 7,365,004 | |
e | Alliant Energy Finance LLC, 1.40% due 3/15/2026 | 1,500,000 | 1,277,010 |
American Electric Power Co., Inc., 2.031% due 3/15/2024 | 3,302,000 | 3,157,174 | |
Appalachian Power Co., | |||
Series AA, 2.70% due 4/1/2031 | 4,705,000 | 3,770,634 | |
Series BB 4.50% due 8/1/2032 | 3,327,000 | 2,995,198 | |
Black Hills Corp., | |||
1.037% due 8/23/2024 | 8,226,000 | 7,613,245 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 61 |
Thornburg Strategic Income Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
2.50% due 6/15/2030 | $ 1,000,000 | $ 788,610 | |
e | Boston Gas Co., 3.757% due 3/16/2032 | 6,140,000 | 5,171,415 |
d | CenterPoint Energy, Inc., 3.303% (SOFRINDX + 0.65%) due 5/13/2024 | 2,500,000 | 2,472,175 |
Comision Federal de Electricidad, | |||
e,f | 3.348% due 2/9/2031 | 3,020,000 | 2,174,551 |
e,f | 4.688% due 5/15/2029 | 5,000,000 | 4,178,550 |
f | 5.00% due 9/29/2036 | 6,582,400 | 5,251,636 |
Enel Finance International NV, | |||
e,f | 1.375% due 7/12/2026 | 2,750,000 | 2,326,775 |
e,f | 1.875% due 7/12/2028 | 4,499,000 | 3,509,985 |
e,f | 2.25% due 7/12/2031 | 3,843,000 | 2,684,489 |
e,f | 4.625% due 6/15/2027 | 3,151,000 | 2,940,419 |
e,f | 5.00% due 6/15/2032 | 1,927,000 | 1,646,718 |
Entergy Texas, Inc., | |||
1.50% due 9/1/2026 | 5,866,000 | 5,067,227 | |
3.45% due 12/1/2027 | 3,000,000 | 2,745,870 | |
e | Evergy Missouri West, Inc., 3.75% due 3/15/2032 | 4,100,000 | 3,665,769 |
Georgia Power Co., 4.70% due 5/15/2032 | 12,308,000 | 11,548,843 | |
e | Mid-Atlantic Interstate Transmission LLC, 4.10% due 5/15/2028 | 945,000 | 875,372 |
e | Midland Cogeneration Venture LP, 6.00% due 3/15/2025 | 354,705 | 359,008 |
e | Monongahela Power Co., 3.55% due 5/15/2027 | 3,305,000 | 3,046,747 |
NextEra Energy Capital Holdings, Inc., | |||
0.65% due 3/1/2023 | 6,667,000 | 6,560,395 | |
5.00% due 7/15/2032 | 1,580,000 | 1,510,306 | |
Pacific Gas & Electric Co., 3.25% due 2/16/2024 | 8,680,000 | 8,380,280 | |
d | PPL Electric Utilities Corp., 3.303% (SOFR + 0.33%) due 6/24/2024 | 3,560,000 | 3,514,788 |
Puget Energy, Inc., | |||
2.379% due 6/15/2028 | 2,980,000 | 2,495,333 | |
4.10% due 6/15/2030 | 1,950,000 | 1,718,106 | |
4.224% due 3/15/2032 | 3,655,000 | 3,159,455 | |
Southern California Edison Co., Series J, 0.70% due 8/1/2023 | 8,857,000 | 8,560,290 | |
Southern Co., | |||
3.25% due 7/1/2026 | 6,725,000 | 6,236,362 | |
5.113% due 8/1/2027 | 6,096,000 | 5,928,421 | |
e | Toledo Edison Co., 2.65% due 5/1/2028 | 3,933,000 | 3,412,900 |
Transelec SA, | |||
e,f | 4.25% due 1/14/2025 | 400,000 | 388,920 |
e,f | 4.625% due 7/26/2023 | 2,409,000 | 2,375,539 |
e | Vistra Operations Co. LLC, 4.875% due 5/13/2024 | 12,188,000 | 11,868,309 |
Gas Utilities — 0.8% | |||
e | Brooklyn Union Gas Co., 4.632% due 8/5/2027 | 5,142,000 | 4,840,421 |
d | CenterPoint Energy Resources Corp., 3.60% (LIBOR 3 Month + 0.50%) due 3/2/2023 | 1,263,000 | 1,260,449 |
e,f | ENN Clean Energy International Investment Ltd., 3.375% due 5/12/2026 | 9,524,000 | 8,271,594 |
Southern Co. Gas Capital Corp., 5.15% due 9/15/2032 | 6,950,000 | 6,645,729 | |
Southwest Gas Corp., 4.05% due 3/15/2032 | 5,870,000 | 4,948,410 | |
d | Spire Missouri, Inc., 3.307% (SOFR + 0.50%) due 12/2/2024 | 12,345,000 | 12,224,513 |
220,633,829 | |||
Total Corporate Bonds (Cost $2,576,319,751) | 2,279,687,532 | ||
Convertible Bonds — 0.6% | |||
Diversified Financials — 0.2% | |||
Diversified Financial Services — 0.2% | |||
EZCORP, Inc., 2.375% due 5/1/2025 | 13,431,000 | 11,544,885 | |
11,544,885 | |||
Media & Entertainment — 0.2% | |||
Media — 0.2% | |||
Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00% due 10/15/2029 | 15,486,000 | 8,379,629 | |
8,379,629 | |||
Real Estate — 0.2% |
62 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Equity Real Estate Investment Trusts — 0.2% | |||
e | Radius Global Infrastructure, Inc., 2.50% due 9/15/2026 | $ 11,200,000 | $ 9,158,016 |
9,158,016 | |||
Total Convertible Bonds (Cost $32,440,943) | 29,082,530 | ||
Long-Term Municipal Bonds — 0.3% | |||
California Health Facilities Financing Authority, 7.875% due 2/1/2026 | 1,610,000 | 1,613,908 | |
City of Chicago GO, | |||
Series B, | |||
7.045% due 1/1/2029 | 1,940,000 | 1,947,244 | |
7.045% due 1/1/2029 (pre-refunded 1/1/2023) | 285,000 | 287,257 | |
City of Detroit GO, | |||
Series B | |||
2.017% due 4/1/2023 | 275,000 | 270,808 | |
2.189% due 4/1/2024 | 275,000 | 262,695 | |
2.511% due 4/1/2025 | 465,000 | 433,131 | |
New Jersey Transportation Trust Fund Authority, | |||
2.551% due 6/15/2023 | 2,115,000 | 2,089,419 | |
2.631% due 6/15/2024 | 1,565,000 | 1,523,773 | |
New York Transportation Development Corp., 4.248% due 9/1/2035 | 2,870,000 | 2,686,202 | |
West Contra Costa USD GO, 2.612% due 8/1/2032 | 980,000 | 767,360 | |
Total Long-Term Municipal Bonds (Cost $12,409,288) | 11,881,797 | ||
Other Government — 0.7% | |||
e,f | Dominican Republic International Bond, Series 144A 5.50% due 2/22/2029 | 5,450,000 | 4,694,739 |
e,f | Finance Department Government of Sharjah, 3.625% due 3/10/2033 | 14,382,000 | 11,131,812 |
Indonesia Treasury Bond (IDR), | |||
7.50% due 5/15/2038 - 4/15/2040 | 80,985,000,000 | 5,332,691 | |
8.375% due 4/15/2039 | 44,919,000,000 | 3,155,997 | |
Nigeria Government International Bond, | |||
e,f | 7.625% due 11/28/2047 | 10,000,000 | 5,525,800 |
e,f | Series 144A 8.25% due 9/28/2051 | 4,300,000 | 2,410,150 |
Total Other Government (Cost $37,531,294) | 32,251,189 | ||
U.S. Treasury Securities — 3.6% | |||
United States Treasury Inflation Indexed Bonds, 0.125%, 4/15/2025 | 15,241,602 | 14,450,683 | |
United States Treasury Notes, | |||
0.375%, 11/30/2025 | 8,200,000 | 7,269,172 | |
1.00%, 7/31/2028 | 60,000,000 | 50,535,938 | |
1.25%, 6/30/2028 | 50,000,000 | 42,851,562 | |
United States Treasury Notes Inflationary Index, 0.125%, 4/15/2027 - 1/15/2032 | 63,296,755 | 56,290,563 | |
Total U.S. Treasury Securities (Cost $181,478,082) | 171,397,918 | ||
U.S. Government Agencies — 0.3% | |||
c,d,e | Farm Credit Bank of Texas, Series 4, 5.70% (5-Yr. CMT + 5.415%), 9/15/2025 | 9,580,000 | 9,053,100 |
f | Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), 6.50%, 1/23/2029 | 4,118,000 | 3,164,395 |
Total U.S. Government Agencies (Cost $13,993,984) | 12,217,495 | ||
Mortgage Backed — 12.6% | |||
d,e | Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2019-G Class A, 3.00% due 9/25/2059 | 5,494,365 | 5,220,295 |
Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2022 Class B1, 4.045% due 12/25/2066 | 4,575,000 | 2,918,401 |
d,e | Series 2022-6 Class A3, due 7/25/2067 | 5,000,000 | 4,485,032 |
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-1 Class A1, 3.805% due 1/25/2049 | 966,054 | 900,219 |
d,e | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 1,846,533 | 1,688,119 |
d,e | Series 2021-1R Class A1, 1.175% due 10/25/2048 | 3,720,428 | 3,182,573 |
d,e | Barclays Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A3, 4.53% due 2/25/2062 | 16,827,926 | 15,800,013 |
d | Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 4.044% due 8/25/2033 | 26,412 | 26,367 |
e | Bravo Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 1,392,751 | 1,365,348 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 63 |
Thornburg Strategic Income Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,e | Cascade MH Asset Trust, Whole Loan Securities Trust CMO, Series 2021-MH1 Class B3, 7.714% due 2/25/2046 | $ 1,936,119 | $ 1,481,497 |
Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-1 Class B4, 3.906% due 3/25/2050 | 730,550 | 591,767 |
d,e | Series 2019-1 Class B5, 3.906% due 3/25/2050 | 376,396 | 281,073 |
d,e | Series 2019-1 Class B6, 3.711% due 3/25/2050 | 507,679 | 307,219 |
d,e | Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, Series 2016-SH2 Class M4, 3.75% due 12/25/2045 | 2,673,318 | 2,320,271 |
CHNGE Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2022-1 Class A1, 3.007% due 1/25/2067 | 4,106,532 | 3,763,199 |
Series 2022-2 Class B2, | |||
d,e | 4.544% due 1/25/2067 | 4,700,000 | 3,637,732 |
d,e | 4.655% due 3/25/2067 | 7,015,000 | 5,436,350 |
CIM Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2018-INV1 Class A4, 4.00% due 8/25/2048 | 197,827 | 184,216 |
d,e,g | Series 2020-J1 Class AIO1, 0.447% due 7/25/2050 | 15,883,876 | 243,513 |
d,e,g | Series 2020-J1 Class AIO2, 0.50% due 7/25/2050 | 14,167,018 | 260,335 |
d,e,g | Series 2020-J1 Class AIOS, 0.20% due 6/25/2050 | 19,139,415 | 130,489 |
d,e | Series 2020-J1 Class B4, 3.447% due 7/25/2050 | 345,005 | 273,188 |
d,e | Series 2020-J1 Class B5, 3.447% due 7/25/2050 | 172,502 | 116,812 |
d,e | Series 2020-J1 Class B6, 3.447% due 7/25/2050 | 325,435 | 110,911 |
d,e,g | Series 2020-J2 Class AX1, 0.259% due 1/25/2051 | 111,074,573 | 1,231,039 |
d,e,g | Series 2020-J2 Class AXS, 0.21% due 1/25/2051 | 118,162,003 | 1,133,044 |
d,e | Series 2020-J2 Class B4, 2.759% due 1/25/2051 | 491,000 | 207,602 |
d,e | Series 2020-J2 Class B5, 2.759% due 1/25/2051 | 164,000 | 66,250 |
d,e | Series 2020-J2 Class B6, 2.759% due 1/25/2051 | 654,523 | 160,355 |
Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
d | Series 2004-HYB2 Class B1, 2.729% due 3/25/2034 | 24,138 | 22,982 |
d,e | Series 2014-A Class A, 4.00% due 1/25/2035 | 455,522 | 428,387 |
d,e | Series 2019-E Class A1, 3.228% due 11/25/2070 | 19,109,344 | 18,443,972 |
d,e | Series 2020-EXP1 Class B1, 4.467% due 5/25/2060 | 1,180,900 | 922,680 |
d,e | Series 2020-EXP1 Class B2, 4.467% due 5/25/2060 | 770,600 | 588,701 |
d,e | Series 2020-EXP1 Class B3, 4.467% due 5/25/2060 | 386,242 | 266,982 |
e,g | Series 2020-EXP1 Class XS, due 5/25/2060 | 21,929,696 | 72,236 |
d,e,g | Series 2020-EXP2 Class A3IW, 1.005% due 8/25/2050 | 17,558,623 | 801,414 |
d,e,g | Series 2020-EXP2 Class A4IW, 1.005% due 8/25/2050 | 1,899,847 | 86,713 |
d,e | Series 2020-EXP2 Class B5, 3.505% due 8/25/2050 | 153,000 | 82,772 |
d,e | Series 2020-EXP2 Class B6, 3.505% due 8/25/2050 | 372,000 | 156,852 |
d,e,g | Series 2021-J1 Class A5IX, 0.112% due 4/25/2051 | 118,903,336 | 573,090 |
d,e,g | Series 2021-J1 Class AIOS, 0.23% due 4/25/2051 | 119,971,424 | 1,355,485 |
d,e | Series 2021-J1 Class B4, 2.612% due 4/25/2051 | 375,000 | 132,141 |
d,e | Series 2021-J1 Class B5, 2.612% due 4/25/2051 | 616,000 | 193,916 |
d,e | Series 2021-J1 Class B6, 2.612% due 4/25/2051 | 454,249 | 105,770 |
d,e,g | Series 2021-J2 Class A4I2, 0.18% due 7/25/2051 | 37,746,231 | 333,964 |
d,e,g | Series 2021-J2 Class A5IX, 0.092% due 7/25/2051 | 344,759,167 | 1,487,670 |
d,e,g | Series 2021-J2 Class AIOS, 0.08% due 7/25/2051 | 363,159,280 | 1,434,298 |
d,e | Series 2021-J2 Class B4, 2.772% due 7/25/2051 | 2,281,541 | 921,475 |
d,e | Series 2021-J2 Class B5, 2.772% due 7/25/2051 | 623,000 | 238,743 |
d,e | Series 2021-J2 Class B6, 2.772% due 7/25/2051 | 1,247,350 | 292,996 |
d,e,g | Series 2021-J3 Class A3I1, 0.50% due 9/25/2051 | 15,643,605 | 385,574 |
d,e,g | Series 2021-J3 Class A5I2, 0.25% due 9/25/2051 | 128,755,103 | 1,617,499 |
d,e,g | Series 2021-J3 Class AIOS, 0.08% due 9/25/2051 | 135,356,998 | 455,720 |
d,e | Series 2021-J3 Class B4, 2.855% due 9/25/2051 | 1,032,000 | 382,461 |
d,e | Series 2021-J3 Class B5, 2.855% due 9/25/2051 | 173,000 | 62,573 |
d,e | Series 2021-J3 Class B6, 2.855% due 9/25/2051 | 590,214 | 161,323 |
d,e,g | Series 2022-INV1 Class A5IX, 0.299% due 11/27/2051 | 218,076,015 | 3,280,343 |
d,e | Series 2022-INV1 Class B4, 3.299% due 11/27/2051 | 1,361,159 | 898,686 |
d,e | Series 2022-INV1 Class B6, 3.299% due 11/27/2051 | 3,431,501 | 1,172,179 |
d,e,g | Series 2022-J1 Class A4IO, 0.25% due 2/25/2052 | 34,745,893 | 411,555 |
d,e,g | Series 2022-J1 Class A5IX, 0.16% due 2/25/2052 | 317,365,393 | 2,380,018 |
d,e,g | Series 2022-J1 Class AIOS, 0.08% due 2/25/2052 | 333,111,743 | 1,076,784 |
d,e | Series 2022-J1 Class B4, 2.91% due 2/25/2052 | 700,598 | 265,367 |
d,e | Series 2022-J1 Class B5, 2.91% due 2/25/2052 | 527,000 | 172,441 |
d,e | Series 2022-J1 Class B6, 2.91% due 2/25/2052 | 1,404,735 | 330,371 |
COMM Mortgage Trust, CMBS, Series 2015-DC1 Class A4, 3.078% due 2/10/2048 | 4,810,000 | 4,647,123 |
64 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,e | CSMC Trust, CMBS, Series 2021-BPNY Class A, 6.532% (LIBOR 1 Month + 3.714%) due 8/15/2023 | $ 13,600,000 | $ 13,203,564 |
CSMC Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2013-HYB1 Class B3, 3.307% due 4/25/2043 | 1,094,574 | 1,068,930 |
d,e | Series 2019-RP10 Class A1, 2.938% due 12/26/2059 | 14,079,517 | 13,697,238 |
d,e,g | Series 2021-AFC1 Class AIOS, 0.25% due 3/25/2056 | 59,436,520 | 379,425 |
d,e | Series 2021-AFC1 Class B3, 4.353% due 3/25/2056 | 146,228 | 121,450 |
d,e,g | Series 2021-AFC1 Class XS, 3.329% due 3/25/2056 | 59,436,520 | 5,826,895 |
d,e | Series 2021-NQM3 Class A1, 1.015% due 4/25/2066 | 2,939,683 | 2,427,421 |
d,e | Series 2021-NQM3 Class B2, 4.128% due 4/25/2066 | 2,650,000 | 1,793,172 |
d,e | Series 2021-NQM8 Class B2, 4.198% due 10/25/2066 | 3,478,650 | 2,264,236 |
d,e | Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | 6,308,928 | 6,062,650 |
d,e | Series 2022-NQM5 Class A3, 5.169% due 5/25/2067 | 4,136,469 | 3,898,367 |
d,e | Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 0.715% due 5/25/2065 | 940,823 | 834,029 |
Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-2 Class A1, 2.739% due 11/25/2059 | 1,212,677 | 1,149,716 |
d,e | Series 2021-2 Class A1, 0.931% due 6/25/2066 | 3,309,793 | 2,719,423 |
d,e | Series 2022-1 Class B2, 3.888% due 1/25/2067 | 6,901,000 | 4,172,727 |
Federal Home Loan Mtg Corp., | |||
3.00% due 3/1/2052 - 5/1/2052 | 12,037,189 | 10,483,133 | |
5.00% due 9/1/2052 - 10/1/2052 | 14,735,392 | 14,491,977 | |
d,g | Federal Home Loan Mtg Corp., Multifamily Structured Pass Through Certificates, CMBS, Series KIR1 Class X, 1.182% due 3/25/2026 | 33,785,953 | 1,022,454 |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, | |||
Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 7,035,255 | 6,380,977 | |
Series 2020-2 Class MA, 2.00% due 11/25/2059 | 3,338,912 | 3,033,758 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-SC01 Class M1, 3.647% due 12/25/2046 | 406,346 | 391,107 |
d,e | Series 2017-SC02 Class M1, 3.857% due 5/25/2047 | 174,383 | 170,370 |
Federal National Mtg Assoc., | |||
3.00% due 10/1/2051 | 8,379,670 | 7,298,699 | |
5.00% due 6/1/2052 - 9/1/2052 | 8,667,701 | 8,506,051 | |
Federal National Mtg Assoc., CMO REMIC, Series 1994-37 Class L, 6.50% due 3/25/2024 | 162 | 164 | |
Federal National Mtg Assoc., UMBS Collateral, Pool MA4599, 3.00% due 5/1/2052 | 3,201,540 | 2,784,340 | |
First Republic Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e,g | Series 2020-1 Class A2IO, 1.241% due 4/25/2050 | 129,290,770 | 2,486,843 |
d,e | Series 2020-1 Class B3, 2.881% due 4/25/2050 | 1,416,120 | 1,056,368 |
d,e | Series 2020-1 Class B4, 2.881% due 4/25/2050 | 1,325,000 | 769,123 |
d,e | Series 2020-1 Class B5, 2.881% due 4/25/2050 | 470,000 | 220,931 |
d,e | Series 2020-1 Class B6, 2.881% due 4/25/2050 | 755,000 | 270,097 |
Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 343,337 | 303,237 |
d,e | Series 2018-3 Class B4, 4.478% due 5/25/2048 | 5,411,245 | 4,637,584 |
d,e | Series 2019-2 Class B3, 4.042% due 12/25/2049 | 3,666,969 | 3,178,001 |
d,e,g | Series 2020-2 Class AX1, 0.677% due 8/25/2050 | 29,008,941 | 759,938 |
d,e,g | Series 2020-2 Class AX2, 0.50% due 8/25/2050 | 4,971,355 | 101,702 |
d,e | Series 2020-2 Class B4, 3.677% due 8/25/2050 | 210,041 | 167,073 |
d,e | Series 2020-2 Class B5, 3.677% due 8/25/2050 | 627,247 | 490,850 |
d,e | Series 2020-2 Class B6C, 3.677% due 8/25/2050 | 838,391 | 377,967 |
d,e,g | Series 2021-13INV Class AX1, 0.19% due 12/30/2051 | 180,223,288 | 1,610,601 |
d,e,g | Series 2021-13INV Class AX17, 0.18% due 12/30/2051 | 14,899,506 | 145,792 |
d,e,g | Series 2021-13INV Class AX4, 0.50% due 12/30/2051 | 13,627,232 | 360,756 |
d,e | Series 2021-13INV Class B4, 3.37% due 12/30/2051 | 2,628,598 | 1,674,882 |
d,e | Series 2021-13INV Class B5, 3.37% due 12/30/2051 | 479,194 | 291,728 |
d,e | Series 2021-13INV Class B6C, 3.342% due 12/30/2051 | 4,176,775 | 1,999,550 |
d,e | FREMF Mortgage Trust, CMBS, Series 2016-KF24 Class B, 7.553% (LIBOR 1 Month + 5.00%) due 10/25/2026 | 363,162 | 366,024 |
GCAT Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-NQM3 Class A1, 2.686% due 11/25/2059 | 882,373 | 827,959 |
d,e | Series 2021-CM1 Class A, 1.469% due 4/25/2065 | 4,684,165 | 4,444,350 |
d,e | Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 9,436,778 | 8,846,317 |
d,e | Series 2021-NQM4 Class A1, 1.093% due 8/25/2066 | 4,271,484 | 3,472,911 |
GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
d,e,g | Series 2020-INV1 Class A11X, 3.43% due 10/25/2050 | 1,039,722 | 163,892 |
d,e,g | Series 2020-INV1 Class A12X, 2.94% due 10/25/2050 | 12,449,114 | 1,682,023 |
d,e,g | Series 2020-INV1 Class AIOS, 0.19% due 10/25/2050 | 65,215,604 | 482,178 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 65 |
Thornburg Strategic Income Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,e,g | Series 2020-INV1 Class AX1, due 10/25/2050 | $ 45,011,199 | $ 450 |
d,e,g | Series 2020-INV1 Class AX2, 0.44% due 10/25/2050 | 2,243,610 | 27,844 |
d,e,g | Series 2020-INV1 Class AX4, 0.931% due 10/25/2050 | 2,415,219 | 65,079 |
d,e | Series 2020-INV1 Class B4, 3.87% due 10/25/2050 | 1,285,338 | 1,048,256 |
d,e | Series 2020-INV1 Class B5, 3.87% due 10/25/2050 | 1,285,338 | 923,016 |
d,e | Series 2020-INV1 Class B6, 3.87% due 10/25/2050 | 2,968,650 | 1,650,475 |
d,e,g | Series 2020-INV1 Class BX, 0.37% due 10/25/2050 | 14,665,276 | 270,381 |
d,e,g | Series 2020-PJ3 Class A11X, 3.50% due 10/25/2050 | 2,778,996 | 373,652 |
d,e,g | Series 2020-PJ3 Class AIOS, 0.20% due 10/25/2050 | 101,975,282 | 810,275 |
d,e,g | Series 2020-PJ3 Class AX1, 0.074% due 10/25/2050 | 82,438,820 | 147,252 |
d,e,g | Series 2020-PJ3 Class AX2, 0.50% due 10/25/2050 | 7,689,345 | 134,933 |
d,e,g | Series 2020-PJ3 Class AX4, 0.35% due 10/25/2050 | 7,584,495 | 97,051 |
d,e | Homeward Opportunities Fund I Trust, , Whole Loan Securities Trust CMO, Series 2020-2 Class B3, 5.495% due 5/25/2065 | 14,305,000 | 13,637,051 |
d,e | Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, Series 2022-1 A Class A1, 5.082% due 7/25/2067 | 5,932,337 | 5,756,745 |
Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2021-NQM3 Class B2, 4.171% due 11/25/2056 | 5,408,000 | 3,426,754 |
d,e | Series 2021-NQM4 Class A1, 2.091% due 1/25/2057 | 4,691,740 | 3,907,065 |
d,e | Series 2021-NQM4 Class B2, 4.10% due 1/25/2057 | 2,500,000 | 1,552,036 |
d,e | Series 2022- NQM1 Class A1, 2.493% due 2/25/2067 | 18,790,612 | 16,562,478 |
d,e | Series 2022-NQM2 Class B2, 4.20% due 3/25/2067 | 15,600,000 | 11,637,642 |
d,e | Series 2022-NQM4 Class A, 4.767% due 6/25/2067 | 14,409,723 | 13,899,141 |
d,e | Series 2022-NQM4 Class A3, 5.04% due 6/25/2067 | 4,364,653 | 4,178,681 |
d,e | Series 2022-NQM6 Class A1, due 10/25/2067 | 10,000,000 | 9,993,087 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2015-4 Class B4, 3.556% due 6/25/2045 | 865,275 | 590,130 |
d,e | Series 2016-5 Class B4, 3.777% due 12/25/2046 | 1,630,300 | 1,375,851 |
d,e | Series 2016-5 Class B5, 3.777% due 12/25/2046 | 1,235,587 | 728,120 |
d,e | Series 2017-5 Class B6, 3.124% due 10/26/2048 | 3,020,523 | 2,069,945 |
d,e | Series 2019-8 Class B4, 4.15% due 3/25/2050 | 3,425,006 | 2,800,453 |
d,e,g | Series 2020-3 Class AX1, 0.151% due 8/25/2050 | 10,633,781 | 40,258 |
d,e,g | Series 2020-4 Class A11X, 2.806% (5.25% - LIBOR 1 Month) due 11/25/2050 | 2,095,592 | 122,987 |
d,e,g | Series 2020-4 Class A3X, 0.50% due 11/25/2050 | 9,500,017 | 139,547 |
d,e,g | Series 2020-4 Class AX1, 0.109% due 11/25/2050 | 35,089,638 | 90,538 |
d,e,g | Series 2020-4 Class AX3, 3.50% due 11/25/2050 | 970,783 | 100,699 |
d,e,g | Series 2020-4 Class AX4, 0.55% due 11/25/2050 | 2,240,537 | 36,176 |
d,e | Series 2020-4 Class B4, 3.659% due 11/25/2050 | 1,324,738 | 985,819 |
d,e | Series 2020-4 Class B5, 3.659% due 11/25/2050 | 610,904 | 450,421 |
d,e | Series 2020-4 Class B6, 3.546% due 11/25/2050 | 1,069,000 | 449,913 |
d,e,g | Series 2020-7 Class A3X, 0.50% due 1/25/2051 | 8,037,593 | 134,999 |
d,e,g | Series 2020-7 Class AX1, 0.126% due 1/25/2051 | 38,221,701 | 132,820 |
d,e,g | Series 2020-7 Class AX3, 3.50% due 1/25/2051 | 2,624,980 | 509,444 |
d,e,g | Series 2020-7 Class AX4, 0.40% due 1/25/2051 | 2,456,033 | 34,026 |
d,e | Series 2020-7 Class B4, 3.526% due 1/25/2051 | 628,812 | 503,806 |
d,e | Series 2020-7 Class B5, 3.526% due 1/25/2051 | 438,639 | 260,938 |
d,e | Series 2020-7 Class B6, 3.526% due 1/25/2051 | 588,631 | 200,296 |
d,e | Series 2020-LTV1 Class B3A, 3.753% due 6/25/2050 | 2,772,350 | 2,386,382 |
d,e | Series 2021-11 Class B5, 3.03% due 1/25/2052 | 2,382,670 | 1,347,775 |
d,e | Series 2021-11 Class B6, 2.867% due 1/25/2052 | 2,785,681 | 1,032,426 |
d,e | Series 2021-LTV2 ClassA1, 2.52% due 5/25/2052 | 14,993,867 | 12,199,671 |
d,e | Series 2022-2 Class B4, 3.132% due 8/25/2052 | 3,327,526 | 2,059,774 |
d,e | Series 2022-2 Class B5, 3.132% due 8/25/2052 | 1,769,877 | 944,232 |
d,e | Series 2022-2 Class B6, 2.641% due 8/25/2052 | 1,841,056 | 465,613 |
d,e,g | Series 2022-3 Class AX1, 0.118% due 8/25/2052 | 412,878,340 | 2,182,475 |
d,e | Series 2022-3 Class B4, 3.118% due 8/25/2052 | 2,730,096 | 1,712,939 |
d,e | Series 2022-3 Class B5, 3.118% due 8/25/2052 | 1,736,974 | 691,249 |
d,e | Series 2022-3 Class B6, 3.033% due 8/25/2052 | 1,505,760 | 368,676 |
d,e | JPMorgan Wealth Management, Whole Loan Securities Trust CMO, Series 2021-CL1 Class M1, 3.581% (SOFR30A + 1.30%) due 3/25/2051 | 4,640,194 | 4,447,314 |
Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, | |||
d,e,g | Series 2021-INV2 Class AX1, 0.13% due 8/25/2051 | 107,769,313 | 687,374 |
d,e,g | Series 2021-INV2 Class AX4, 0.70% due 8/25/2051 | 7,384,161 | 273,154 |
d,e | Series 2021-INV2 Class B5, 3.33% due 8/25/2051 | 322,914 | 195,657 |
d,e | Series 2021-INV2 Class B6, 3.279% due 8/25/2051 | 1,550,932 | 627,401 |
66 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,e,g | Series 2021-INV3 Class AX1, 0.171% due 10/25/2051 | $ 129,888,400 | $ 1,063,708 |
d,e,g | Series 2021-INV3 Class AX4, 0.55% due 10/25/2051 | 10,565,279 | 308,767 |
d,e | Series 2021-INV3 Class B5, 3.221% due 10/25/2051 | 447,611 | 273,447 |
d,e | Series 2021-INV3 Class B6, 3.221% due 10/25/2051 | 1,955,361 | 816,466 |
d | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 3.511% due 8/25/2034 | 58,264 | 55,725 |
d,e | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 553,182 | 541,281 |
MFA Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2020-NQM3 Class M1, 2.654% due 1/26/2065 | 800,000 | 644,934 |
d,e | Series 2021-INV2 Class A1, 1.906% due 11/25/2056 | 10,233,318 | 8,805,861 |
d,e | Series 2022-INV1 Class A3, 4.25% due 4/25/2066 | 4,950,000 | 4,331,187 |
d,e | Series 2022-NQM3 Class A1, due 9/25/2067 | 10,000,000 | 9,891,939 |
d,e | MFRA Trust, Whole Loan Securities Trust CMO, Series 2022-CHM1, 3.875% due 9/25/2056 | 9,443,993 | 8,699,275 |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-3A Class A1, 4.00% due 4/25/2057 | 1,050,561 | 997,135 |
d,e | Series 2017-4A Class A1, 4.00% due 5/25/2057 | 849,821 | 800,769 |
d,e | Series 2017-5A Class A1, 4.584% (LIBOR 1 Month + 1.50%) due 6/25/2057 | 535,424 | 528,189 |
d,e | Series 2017-6A Class A1, 4.00% due 8/27/2057 | 474,050 | 447,741 |
d,e | Series 2018-1A Class A1A, 4.00% due 12/25/2057 | 874,899 | 831,599 |
d,e,g | Series 2021-INV1 Class AX1, 0.756% due 6/25/2051 | 109,932,102 | 4,278,722 |
d,e | Series 2021-INV1 Class B5, 3.256% due 6/25/2051 | 1,219,055 | 761,211 |
d,e | Series 2021-INV1 Class B6, due 6/25/2051 | 2,144,287 | 981,791 |
d,e | Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | 19,944,544 | 18,166,092 |
d,e | OBX Trust, Whole Loan Securities Trust CMO, Series 2021-NQM2 Class A1, 1.101% due 5/25/2061 | 6,626,496 | 5,447,955 |
d,e | Onslow Bay Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2021-NQM4 Class A1, 1.957% due 10/25/2061 | 17,508,760 | 14,721,388 |
PRKCM Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2021-AFC1 Class A1, 1.51% due 8/25/2056 | 5,031,566 | 4,138,286 |
d,e | Series 2021-AFC1 Class B2, 3.95% due 8/25/2056 | 2,729,000 | 1,616,013 |
PRPM Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2022-INV1 Class A1, 4.40% due 4/25/2067 | 29,483,123 | 27,632,863 |
d,e | Series 2022-INV1 Class A3, 4.451% due 4/25/2067 | 9,905,435 | 8,878,580 |
d,e | Rate Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-J1 Class A9, 2.50% due 1/25/2052 | 13,921,108 | 11,931,040 |
d,e | Saluda Grade Alternative Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-FIG1 Class C, due 9/25/2050 | 6,146,762 | 735,909 |
Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2015-4 Class B4, 3.138% due 11/25/2030 | 1,686,000 | 1,454,031 |
d,e | Series 2016-3 Class B3, 3.621% due 11/25/2046 | 2,846,143 | 2,287,373 |
d,e | Series 2017-7 Class B3, 3.72% due 10/25/2047 | 1,403,067 | 1,222,876 |
d,e | Series 2018-7 Class B4, 4.253% due 9/25/2048 | 1,802,000 | 1,447,498 |
SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-3 Class A1, 2.703% due 9/25/2059 | 207,264 | 202,114 |
d,e,g | Series 2019-3 Class AIOS, 0.375% due 9/25/2059 | 16,203,441 | 64,360 |
d,e | Series 2019-3 Class B2, 5.663% due 9/25/2059 | 1,978,000 | 1,637,897 |
d,e | Series 2019-3 Class B3, 5.945% due 9/25/2059 | 842,000 | 662,902 |
e | Series 2019-3 Class XS1, due 9/25/2059 | 16,063,458 | 585 |
e | Series 2019-3 Class XS2, due 9/25/2059 | 16,063,458 | 316,988 |
d,e | Series 2020-2 Class A3, 1.895% due 5/25/2065 | 1,462,304 | 1,358,608 |
d,e | Series 2021-2 Class A1, 1.737% due 12/25/2061 | 7,063,854 | 5,714,114 |
d,e | Series 2022-1 Class B2, 3.994% due 3/27/2062 | 4,204,000 | 2,870,726 |
d,e | Shellpoint Co-Originator Trust, Whole Loan Securities Trust CMO, Series 2016-1 Class B4, 3.557% due 11/25/2046 | 2,855,004 | 2,210,190 |
d,e | Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-SH1 Class A1, 2.521% due 1/28/2050 | 274,582 | 271,592 |
d,e | Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2021-5 Class A1, 1.92% due 9/25/2066 | 17,564,461 | 14,415,328 |
TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2018-2 Class B3, 3.693% due 7/25/2048 | 2,594,960 | 2,258,305 |
d,e | Series 2018-2 Class B4, 3.693% due 7/25/2048 | 2,040,000 | 1,305,227 |
Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-1 Class A1, 2.75% due 10/25/2056 | 355,011 | 349,596 |
d,e | Series 2018-2 Class A1, 3.25% due 3/25/2058 | 2,082,800 | 2,020,041 |
d,e | Series 2018-3 Class A1, 3.75% due 5/25/2058 | 2,588,044 | 2,482,692 |
d,e | TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 4.35% due 6/25/2057 | 12,458,994 | 11,548,455 |
d,e | Vista Point Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A2, 1.986% due 4/25/2065 | 1,381,932 | 1,263,674 |
Wells Fargo Commercial Mortgage Trust CMBS, Series 2016-C34 Class A2, 2.603% due 6/15/2049 | 2,508,406 | 2,451,946 | |
Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
d,e,g | Series 2021-INV1 Class AIO2, 0.50% due 8/25/2051 | 97,776,094 | 2,521,098 |
d,e | Series 2021-INV1 Class B4, 3.318% due 8/25/2051 | 1,684,986 | 1,094,370 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 67 |
Thornburg Strategic Income Fund | September 30, 2022
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,e | Series 2021-INV1 Class B5, 3.318% due 8/25/2051 | $ 1,352,113 | $ 828,082 |
d,e | Series 2021-INV1 Class B6, 3.318% due 8/25/2051 | 1,045,969 | 380,351 |
Total Mortgage Backed (Cost $661,971,010) | 595,984,969 | ||
Loan Participations — 1.9% | |||
Commercial & Professional Services — 0.1% | |||
Professional Services — 0.1% | |||
j | Par Pacific Holdings, Inc., 9.18% (LIBOR 3 Month + 6.75%) due 1/12/2026 | 4,056,428 | 3,982,074 |
3,982,074 | |||
Consumer Services — 0.1% | |||
Hotels, Restaurants & Leisure — 0.1% | |||
j | TKC Holdings, Inc., 9.18% (LIBOR 3 Month + 5.50%) due 5/15/2028 | 4,612,136 | 3,918,009 |
3,918,009 | |||
Health Care Equipment & Services — 0.2% | |||
Health Care Providers & Services — 0.2% | |||
j | Change Healthcare Holdings LLC, 7.75% (PRIME 3 Month + 1.50%) due 3/1/2024 | 10,536,904 | 10,495,915 |
10,495,915 | |||
Household & Personal Products — 0.1% | |||
Household Products — 0.1% | |||
j | Energizer Holdings, Inc., 5.313% (LIBOR 1 Month + 2.50%) due 12/22/2027 | 5,545,550 | 5,289,068 |
5,289,068 | |||
Media & Entertainment — 0.4% | |||
Media — 0.4% | |||
j | ABG Intermediate Holdings 2 LLC, 6.634% (SOFR + 3.60%) due 12/21/2028 | 9,286,725 | 8,864,922 |
j | DirecTV Financing LLC, 8.115% (LIBOR 1 Month + 5.00%) due 8/2/2027 | 9,464,000 | 8,793,286 |
j | Nielsen Finance LLC, 4.705% (LIBOR 1 Month + 2.00%) due 10/4/2023 | 1,688,022 | 1,684,157 |
19,342,365 | |||
Semiconductors & Semiconductor Equipment — 0.2% | |||
Information Technology Services — 0.2% | |||
j | Xperi Corporation, 6.615% (LIBOR 1 Month + 3.50%) due 6/8/2028 | 11,269,214 | 10,867,805 |
10,867,805 | |||
Software & Services — 0.8% | |||
Information Technology Services — 0.2% | |||
j | Genpact International, Inc., 3.899% (LIBOR 1 Month + 1.375%) due 8/9/2023 | 4,776,120 | 4,740,299 |
j | Vericast Corp., 11.424% (LIBOR 3 Month + 7.75%) due 6/16/2026 | 3,832,466 | 2,650,802 |
Internet Software & Services — 0.5% | |||
j | Titan Acquisition Co. Ltd., 4.00% (LIBOR 3 Month + 4.00%) due 10/18/2028 | 7,422,700 | 7,002,056 |
j | Dun & Bradstreet Corporation, 6.33% (LIBOR 1 Month + 3.25%) due 2/6/2026 | 17,963,298 | 17,339,073 |
Software — 0.1% | |||
j,k | GoTo Group, Inc., 7.802% (LIBOR 1 Month + 4.75%) due 8/31/2027 | 6,726,573 | 4,647,524 |
36,379,754 | |||
Total Loan Participations (Cost $94,637,671) | 90,274,990 | ||
Short-Term Investments — 9.8% | |||
l | Thornburg Capital Management Fund | 46,578,009 | 465,780,083 |
Total Short-Term Investments (Cost $465,780,083) | 465,780,083 | ||
Total Investments — 99.3% (Cost $5,133,096,308) | $4,701,880,921 | ||
Other Assets Less Liabilities — 0.7% | 33,342,266 | ||
Net Assets — 100.0% | $4,735,223,187 |
68 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2022 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Euro | SSB | Sell | 38,697,600 | 3/23/2023 | 38,413,950 | $ 351,294 | $ — |
Euro | SSB | Sell | 7,738,400 | 3/23/2023 | 7,681,678 | — | (149,661) |
Euro | SSB | Sell | 3,609,200 | 3/23/2023 | 3,582,745 | — | (3,505) |
Total | $ 351,294 | $ (153,166) | |||||
Net unrealized appreciation (depreciation) | $ 198,128 |
* | Counterparty includes State Street Bank and Trust Company ("SSB"). |
Footnote Legend | |
a | Security currently fair valued by the Valuation and Pricing 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, 2022. |
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, 2022, the aggregate value of these securities in the Fund’s portfolio was $2,920,482,766, representing 61.68% of the Fund’s net assets. |
f | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
g | Interest only. |
h | Bond in default. |
i | Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at September 30, 2022. |
j | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 2022. |
k | This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be effective at the time of settlement and will be based upon the London-Interbank Offered Rate ("LIBOR") plus a premium which was determined at the time of purchase. |
l | 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 |
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 |
SOFRINDX | Secured Overnight Financing Rate Index |
SPV | Special Purpose Vehicle |
UMBS | Uniform Mortgage Backed Securities |
USD | Unified School District |
COUNTRY EXPOSURE * (percent of net assets) | |
United States | 75.4% |
Canada | 2.1% |
Cayman Islands | 1.1% |
Mexico | 1.1% |
United Kingdom | 1.0% |
China | 0.9% |
Japan | 0.8% |
United Arab Emirates | 0.6% |
Belgium | 0.5% |
France | 0.5% |
Brazil | 0.5% |
Germany | 0.5% |
South Africa | 0.5% |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 69 |
Thornburg Strategic Income Fund | September 30, 2022
COUNTRY EXPOSURE * (percent of net assets) | |
Nigeria | 0.4% |
Russian Federation | 0.4% |
South Korea | 0.3% |
Italy | 0.3% |
Australia | 0.3% |
Guatemala | 0.3% |
Bermuda | 0.3% |
Dominican Republic | 0.2% |
Switzerland | 0.2% |
Morocco | 0.2% |
Spain | 0.2% |
Indonesia | 0.2% |
Ireland | 0.2% |
New Zealand | 0.1% |
Jamaica | 0.1% |
Kuwait | 0.1% |
India | 0.1% |
Chile | 0.1% |
Taiwan | 0.0%** |
Other Assets Less Liabilities | 10.5% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
** | Country percentage was less than 0.1%. |
70 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
September 30, 2022
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 | $ 246,738,955 | $ 8,673,663,682 | $ 163,998,041 | $ 4,667,316,225 |
Non-controlled affiliated issuers | - | 118,768,589 | 23,148,493 | 465,780,083 |
Investments at value | ||||
Non-affiliated issuers | 223,733,460 | 7,910,226,129 | 162,277,680 | 4,236,100,838 |
Non-controlled affiliated issuers | - | 118,768,589 | 23,148,493 | 465,780,083 |
Cash | 1,665,095 | 6,957,313 | - | 1,885,548 |
Foreign currency at value | - | 950 | 86 | 1,203 |
Unrealized appreciation on forward currency contracts | - | - | - | 351,294 |
Receivable for investments sold | 2,076,334 | 57,132,682 | - | 8,413,850 |
Receivable for fund shares sold | 126,483 | 15,494,773 | 1,898,487 | 21,958,759 |
Dividends receivable | - | 556,531 | 46,861 | 1,390,047 |
Principal and interest receivable | 630,082 | 38,643,019 | 512,785 | 34,293,083 |
Prepaid expenses and other assets | 49,929 | 134,529 | 25,457 | 107,115 |
Total Assets | 228,281,383 | 8,147,914,515 | 187,909,849 | 4,770,281,820 |
Liabilities | ||||
Unrealized depreciation on forward currency contracts | - | - | - | 153,166 |
Payable for investments purchased | 2,025,283 | 31,908,087 | 7,679,440 | 19,314,610 |
Payable for fund shares redeemed | 323,507 | 30,917,672 | 245,657 | 12,144,148 |
Payable to investment advisor and other affiliates | 114,647 | 3,063,325 | 8,315 | 2,028,926 |
Deferred taxes payable | ��� - | - | - | 6,903 |
Accounts payable and accrued expenses | 144,794 | 1,355,001 | 85,240 | 339,548 |
Dividends payable | 54,454 | 1,801,484 | 1,413 | 1,071,332 |
Total Liabilities | 2,662,685 | 69,045,569 | 8,020,065 | 35,058,633 |
Net Assets | $ 225,618,698 | $ 8,078,868,946 | $ 179,889,784 | $ 4,735,223,187 |
NET ASSETS CONSIST OF | ||||
Net capital paid in on shares of beneficial interest | $ 269,174,987 | $ 8,971,567,686 | $ 182,268,131 | $ 5,200,796,382 |
Accumulated loss | (43,556,289) | (892,698,740) | (2,378,347) | (465,573,195) |
Net Assets | $ 225,618,698 | $ 8,078,868,946 | $ 179,889,784 | $ 4,735,223,187 |
September 30, 2022
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 | $ 57,027,859 | $ 598,675,391 | $ 34,146,881 | $ 321,614,414 |
Shares outstanding | 4,898,497 | 48,376,638 | 2,816,085 | 29,270,306 |
Net asset value and redemption price per share | $ 11.64 | $ 12.38 | $ 12.13 | $ 10.99 |
Maximum offering price per share (net asset value, plus 2.25% of offering price) | $ 11.91 | $ 12.66 | $ 12.41 | $ 11.51 * |
Class C Shares: | ||||
Net assets applicable to shares outstanding | 5,820,970 | 221,056,713 | - | 80,325,734 |
Shares outstanding | 497,172 | 17,891,948 | - | 7,321,907 |
Net asset value and redemption price per share** | 11.71 | 12.36 | - | 10.97 |
Class C2 Shares: | ||||
Net assets applicable to shares outstanding | 229,572 | 9,615,415 | - | - |
Shares outstanding | 19,604 | 778,176 | - | - |
Net asset value and redemption price per share** | 11.71 | 12.36 | - | - |
Class I Shares: | ||||
Net assets applicable to shares outstanding | 155,927,928 | 6,890,513,168 | 145,742,903 | 4,180,742,163 |
Shares outstanding | 13,394,881 | 556,660,511 | 12,026,704 | 381,486,541 |
Net asset value and redemption price per share | 11.64 | 12.38 | 12.12 | 10.96 |
Class R3 Shares: | ||||
Net assets applicable to shares outstanding | 3,470,530 | 49,513,111 | - | 641,406 |
Shares outstanding | 297,840 | 3,998,401 | - | 58,442 |
Net asset value and redemption price per share | 11.65 | 12.38 | - | 10.98 |
Class R4 Shares: | ||||
Net assets applicable to shares outstanding | 1,146,522 | 17,987,421 | - | 2,043,537 |
Shares outstanding | 98,524 | 1,454,060 | - | 186,250 |
Net asset value and redemption price per share | 11.64 | 12.37 | - | 10.97 |
Class R5 Shares: | ||||
Net assets applicable to shares outstanding | 1,995,317 | 111,148,518 | - | 40,507,075 |
Shares outstanding | 171,275 | 8,982,508 | - | 3,694,714 |
Net asset value and redemption price per share | 11.65 | 12.37 | - | 10.96 |
Class R6 Shares: | ||||
Net assets applicable to shares outstanding | - | 180,359,209 | - | 109,348,858 |
Shares outstanding | - | 14,545,295 | - | 9,947,401 |
Net asset value and redemption price per share | - | 12.40 | - | 10.99 |
* | 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, 2022
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 | $ 2,031 | $ 370,387 | $ - | $ 1,430,694 |
Non-controlled affiliated issuers | - | 3,807,125 | 149,435 | 4,173,899 |
Interest income | 5,385,361 | 219,520,636 | 1,962,075 | 169,402,565 |
Total Income | 5,387,392 | 223,698,148 | 2,111,510 | 175,007,158 |
EXPENSES | ||||
Investment management fees | 1,045,837 | 29,147,067 | 258,061 | 24,748,192 |
Administration fees | 239,000 | 8,155,582 | 89,535 | 3,721,381 |
Distribution and service fees | ||||
Class A Shares | 183,460 | 1,773,718 | 33,234 | 891,563 |
Class C Shares | 39,324 | 1,453,680 | - | 914,578 |
Class C2 Shares | 3,581 | 73,062 | - | - |
Class R3 Shares | 27,114 | 274,690 | - | 3,750 |
Class R4 Shares | 4,262 | 29,250 | - | 5,343 |
Transfer agent fees | ||||
Class A Shares | 78,146 | 701,873 | 35,985 | 397,077 |
Class C Shares | 11,821 | 195,559 | - | 73,543 |
Class C2 Shares | 1,739 | 8,488 | - | - |
Class I Shares | 170,968 | 7,788,604 | 73,793 | 3,258,985 |
Class R3 Shares | 11,243 | 51,294 | - | 2,955 |
Class R4 Shares | 7,258 | 48,895 | - | 12,774 |
Class R5 Shares | 6,222 | 365,084 | - | 133,190 |
Class R6 Shares | - | 33,706 | - | 16,278 |
Registration and filing fees | ||||
Class A Shares | 23,014 | 20,880 | 25,468 | 35,334 |
Class C Shares | 16,405 | 23,871 | - | 19,775 |
Class C2 Shares | 4,311 | 18,519 | - | - |
Class I Shares | 6,388 | 61,147 | 32,901 | 69,994 |
Class R3 Shares | 15,479 | 15,585 | - | 17,891 |
Class R4 Shares | 18,741 | 18,293 | - | 19,349 |
Class R5 Shares | 17,282 | 16,696 | - | 17,957 |
Class R6 Shares | - | 18,636 | - | 20,342 |
Custodian fees | 81,720 | 573,750 | 76,225 | 408,050 |
Professional fees | 53,152 | 167,452 | 50,536 | 146,640 |
Trustee and officer fees | 16,673 | 558,244 | 4,418 | 235,032 |
Other expenses | 41,868 | 744,880 | 11,929 | 309,671 |
Total Expenses | 2,125,008 | 52,338,505 | 692,085 | 35,479,644 |
Less: | ||||
Expenses reimbursed | (89,116) | (2,050,574) | (258,952) | (4,172,843) |
Investment management fees waived | - | - | (90,119) | (3,020,273) |
Net Expenses | 2,035,892 | 50,287,931 | 343,014 | 28,286,528 |
Net Investment Income (Loss) | $ 3,351,500 | $ 173,410,217 | $ 1,768,496 | $ 146,720,630 |
Year Ended September 30, 2022
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 | $ (3,914,810) | $ (112,711,590) | $ (408,939) | $ (34,312,662) |
Forward currency contracts | - | - | - | 2,306,246 |
Foreign currency transactions | - | - | - | (323,279) |
Net realized gain (loss) | (3,914,810) | (112,711,590) | (408,939) | (32,329,695) |
Net change in unrealized appreciation (depreciation) on: | ||||
Non-affiliated issuers investments* | (25,443,104) | (918,159,892) | (1,856,583) | (489,575,132) |
Forward currency contracts | - | - | - | 103,851 |
Foreign currency translations | - | (59) | (2) | (22,861) |
Change in net unrealized appreciation (depreciation) | (25,443,104) | (918,159,951) | (1,856,585) | (489,494,142) |
Net Realized and Unrealized Gain (Loss) | (29,357,914) | (1,030,871,541) | (2,265,524) | (521,823,837) |
Change in Net Assets Resulting from Operations | $ (26,006,414) | $ (857,461,324) | $ (497,028) | $ (375,103,207) |
* Net of change in deferred taxes | $ - | $ - | $ - | $ 17,937 |
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | THORNBURG LIMITED TERM INCOME FUND | |||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 3,351,500 | $ 2,650,322 | $ 173,410,217 | $ 135,614,167 |
Net realized gain (loss) | (3,914,810) | (481,170) | (112,711,590) | 31,389,587 |
Net change in unrealized appreciation (depreciation) | (25,443,104) | (6,115,378) | (918,159,951) | (119,058,798) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (26,006,414) | (3,946,226) | (857,461,324) | 47,944,956 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (1,077,301) | (1,094,797) | (12,209,248) | (21,072,252) |
Class C Shares | (89,707) | (105,422) | (4,274,325) | (8,841,603) |
Class C2 Shares† | (5,977) | (2,960) | (138,924) | (126,453) |
Class I Shares | (3,332,395) | (3,422,038) | (162,307,895) | (221,942,585) |
Class R3 Shares | (73,375) | (90,264) | (840,905) | (1,410,582) |
Class R4 Shares | (23,597) | (26,679) | (192,235) | (171,614) |
Class R5 Shares | (37,478) | (30,686) | (2,585,649) | (4,172,915) |
Class R6 Shares | - | - | (3,874,795) | (3,047,965) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (27,886,841) | 8,081,692 | (142,969,791) | 68,738,938 |
Class C Shares | (3,412,668) | (7,583,446) | (108,485,863) | (43,304,295) |
Class C2 Shares† | (393,489) | 687,492 | (2,056,363) | 13,071,097 |
Class I Shares | (43,028,059) | (18,148,982) | (1,058,145,415) | 2,018,755,489 |
Class R3 Shares | (3,567,935) | (1,415,499) | 3,797,881 | (7,865,318) |
Class R4 Shares | (677,402) | (704,842) | 8,552,330 | 4,508,488 |
Class R5 Shares | 38,259 | (53,994) | (9,631,811) | (11,086,652) |
Class R6 Shares | - | - | 73,435,426 | 31,498,592 |
Net Increase (Decrease) in Net Assets | (109,574,379) | (27,856,651) | (2,279,388,906) | 1,861,475,326 |
NET ASSETS | ||||
Beginning of Year | 335,193,077 | 363,049,728 | 10,358,257,852 | 8,496,782,526 |
End of Year | $ 225,618,698 | $ 335,193,077 | $ 8,078,868,946 | $ 10,358,257,852 |
† | Class C2 Shares commenced operations on October 1, 2020. |
THORNBURG ULTRA SHORT INCOME FUND | THORNBURG STRATEGIC INCOME FUND | |||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 1,768,496 | $ 595,029 | $ 146,720,630 | $ 114,804,418 |
Net realized gain (loss) | (408,939) | 21,878 | (32,329,695) | 22,596,463 |
Net change in unrealized appreciation (depreciation) | (1,856,585) | (339,975) | (489,494,142) | 18,702,917 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (497,028) | 276,932 | (375,103,207) | 156,103,798 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (283,888) | (165,718) | �� (12,129,707) | (11,838,501) |
Class C Shares | - | - | (2,428,639) | (2,909,127) |
Class I Shares | (1,662,348) | (635,577) | (139,146,370) | (102,593,163) |
Class R3 Shares | - | - | (23,381) | (33,969) |
Class R4 Shares | - | - | (67,012) | (65,369) |
Class R5 Shares | - | - | (2,091,728) | (2,346,007) |
Class R6 Shares | - | - | (4,010,518) | (2,506,048) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 23,598,176 | 2,921,508 | (11,367,670) | 122,803,510 |
Class C Shares | - | - | (9,033,972) | (4,262,879) |
Class I Shares | 105,217,615 | 14,744,120 | 1,386,260,132 | 1,468,998,195 |
Class R3 Shares | - | - | (105,090) | (283,900) |
Class R4 Shares | - | - | 166,961 | 482,876 |
Class R5 Shares | - | - | (17,150,444) | 20,087,534 |
Class R6 Shares | - | - | 44,974,373 | 37,609,848 |
Net Increase (Decrease) in Net Assets | 126,372,527 | 17,141,265 | 858,743,728 | 1,679,246,798 |
NET ASSETS | ||||
Beginning of Year | 53,517,257 | 36,375,992 | 3,876,479,459 | 2,197,232,661 |
End of Year | $ 179,889,784 | $ 53,517,257 | $ 4,735,223,187 | $ 3,876,479,459 |
September 30, 2022
September 30, 2022
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 |
Ultra Short Income Fund | X | X | ||||||
Strategic Income Fund | X | X | X | X | X | X | X |
September 30, 2022
September 30, 2022
September 30, 2022
LIMITED TERM U.S. GOVERNMENT FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Asset Backed Securities | $ 924,699 | $ — | $ 924,699 | $ — |
Corporate Bonds | 3,441,160 | — | 3,441,160 | — |
U.S. Treasury Securities | 56,997,972 | 56,997,972 | — | — |
U.S. Government Agencies | 16,974,978 | — | 16,974,978 | — |
Mortgage Backed | 140,897,303 | — | 140,897,303 | — |
Short-Term Investments | 4,497,348 | — | 4,497,348 | — |
Total Investments in Securities | $ 223,733,460 | $ 56,997,972 | $ 166,735,488 | $ — |
Total Assets | $ 223,733,460 | $ 56,997,972 | $ 166,735,488 | $ — |
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 | 1,631,211,494 | — | 1,631,211,494 | — |
Corporate Bonds | 3,404,499,387 | — | 3,404,499,387 | — |
Long-Term Municipal Bonds | 12,469,400 | — | 12,469,400 | — |
Other Government | 14,079,618 | — | 14,079,618 | — |
U.S. Treasury Securities | 1,137,434,372 | 1,137,434,372 | — | — |
U.S. Government Agencies | 43,623,280 | — | 43,623,280 | — |
Mortgage Backed | 1,573,988,817 | — | 1,573,988,817 | — |
Loan Participations | 63,906,945 | — | 63,906,945 | — |
Short-Term Investments | 118,768,589 | 118,768,589 | — | — |
Total Investments in Securities | $ 8,028,994,718 | $ 1,256,202,961 | $ 6,743,778,941 | $ 29,012,816 |
Total Assets | $ 8,028,994,718 | $ 1,256,202,961 | $ 6,743,778,941 | $29,012,816(a) |
(a) | Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2022 is not presented. |
ULTRA SHORT INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Asset Backed Securities | $ 71,684,071 | $ — | $ 71,684,071 | $ — |
Corporate Bonds | 63,255,847 | — | 63,255,847 | — |
Long-Term Municipal Bonds | 53,979 | — | 53,979 | — |
U.S. Treasury Securities | 18,286,045 | 18,286,045 | — | — |
U.S. Government Agencies | 58,225 | — | 58,225 | — |
Mortgage Backed | 4,466,894 | — | 4,466,894 | — |
Short-Term Investments | 27,621,112 | 27,621,112 | — | — |
Total Investments in Securities | $ 185,426,173 | $ 45,907,157 | $ 139,519,016 | $ — |
Total Assets | $ 185,426,173 | $ 45,907,157 | $ 139,519,016 | $— |
September 30, 2022
STRATEGIC INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 847 | $ — | $ — | $ 847 |
Preferred Stock | 20,543,478 | 5,865,662 | 4,391,000 | 10,286,816 |
Asset Backed Securities | 992,778,093 | — | 951,738,901 | 41,039,192 |
Corporate Bonds | 2,279,687,532 | — | 2,279,686,787 | 745 |
Convertible Bonds | 29,082,530 | — | 29,082,530 | — |
Long-Term Municipal Bonds | 11,881,797 | — | 11,881,797 | — |
Other Government | 32,251,189 | — | 32,251,189 | — |
U.S. Treasury Securities | 171,397,918 | 171,397,918 | — | — |
U.S. Government Agencies | 12,217,495 | — | 12,217,495 | — |
Mortgage Backed | 595,984,969 | — | 595,984,969 | — |
Loan Participations | 90,274,990 | — | 90,274,990 | — |
Short-Term Investments | 465,780,083 | 465,780,083 | — | — |
Total Investments in Securities | $ 4,701,880,921 | $ 643,043,663 | $ 4,007,509,658 | $ 51,327,600(a) |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 351,294 | $ — | $ 351,294 | $ — |
Total Assets | $ 4,702,232,215 | $ 643,043,663 | $ 4,007,860,952 | $ 51,327,600 |
Liabilities | ||||
Other Financial Instruments | ||||
Forward Currency Contracts | $ (153,166) | $ — | $ (153,166) | $ — |
Total Other Financial Instruments | $ (153,166) | $ — | $ (153,166) | $ — |
Total Liabilities | $ (153,166) | $ — | $ (153,166) | $— |
(a) | In accordance with the guidance prescribed in Accounting Standards Update ("ASU") No. 2011-04, the following table displays a summary of the valuation techniques and unobservable inputs used to value portfolio securities characterized as Level 3 investments for the period ended at September 30, 2022. |
FAIR VALUE AT September 30, 2022 | 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 | 9,300,000 | Discounted cash flows | Credit spread | 11.00%/(N/A) |
31,739,192 | Discounted cash flows | Yield (Discount rate of cash flows) | 4.25%-51.34%/(22.57%) | |
Corporate Bond | 745 | Reference instrument | Discount for lack of marketability | 98.96%-99.99%/(99.24%) (a) |
Total | $ 51,327,600 | |||
(a) Represents price used after factoring in market impact including discounts, as applicable. |
STRATEGIC INCOME FUND | COMMON STOCK | PREFERRED STOCK | ASSET BACKED SECURITIES | CORPORATE BONDS | TOTAL (e) |
Beginning Balance 9/30/2021 | $ 847 | $ 10,286,816 | $ 55,912,422 | $ – | $ 66,200,085 |
Accrued Discounts (Premiums) | – | – | (11,566,906) | – | (11,566,906) |
Net Realized Gain (Loss)(a) | – | – | 182,407 | – | 182,407 |
Gross Purchases | – | – | – | – | – |
Gross Sales | – | – | (2,190,000) | – | (2,190,000) |
Net Change in Unrealized Appreciation (Depreciation)(b)(c) | – | – | 2,297,623 | 745 | 2,298,368 |
Transfers into Level 3(d) | – | – | 11,633,767 | – | 11,633,767 |
Transfers out of Level 3(d) | – | – | (15,230,121) | – | (15,230,121) |
Ending Balance 9/30/2022 | $ 847 | $ 10,286,816 | $ 41,039,192 | $ 745 | $ 51,327,600 |
September 30, 2022
(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, 2022. |
(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, 2022. |
(c) | The net change in unrealized appreciation (depreciation) attributable to securities owned at September 30, 2022, which were valued using significant unobservable inputs, was $2,314,439. This is included within net change in unrealized appreciation (depreciation) on investments in the Fund’s Statement of Operations for the year ended September 30, 2022. |
(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, 2022. 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 1.08% of total net assets at the year ended September 30, 2022. Significant fluctuations of the unobservable inputs applied to portfolio securities characterized as Level 3 investments could be expected to increase or decrease the fair value of these portfolio securities. |
LIMITED TERM U.S. GOVERNMENT FUND | LIMITED TERM INCOME FUND | ULTRA SHORT INCOME FUND | STRATEGIC INCOME FUND | ||||
DAILY NET ASSETS | FEE RATE | DAILY NET ASSETS | FEE RATE | DAILY NET ASSETS | FEE RATE | DAILY NET ASSETS | FEE RATE |
Up to $1 billion | 0.375% | Up to $500 million | 0.500% | Up to $5 billion | 0.250% | Up to $500 million | 0.750% |
Next $1 billion | 0.325 | Next $500 million | 0.450 | Next $5 billion | 0.225 | Next $500 million | 0.675 |
Over $2 billion | 0.275 | Next $500 million | 0.400 | Over $10 billion | 0.200 | Next $500 million | 0.625 |
Next $500 million | 0.350 | Next $500 million | 0.575 | ||||
Over $2 billion | 0.275 | Over $2 billion | 0.500 |
Effective Management Fee | |
Limited Term U.S. Government Fund | 0.375% |
Limited Term Income Fund | 0.307 |
Ultra Short Income Fund | 0.250 |
Strategic Income Fund | 0.572 |
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 |
September 30, 2022
Commissions | CDSC fees | |
Limited Term U.S. Government Fund | $ 680 | $ 292 |
Limited Term Income Fund | 9,408 | 24,222 |
Ultra Short Income Fund | 1,047 | — |
Strategic Income Fund | 32,271 | 21,913 |
Class A | Class C | Class C2 | Class I | Class R3 | Class R4 | Class R5 | Class R6 | |
Limited Term U.S. Government Fund | —% | —% | 1.24% | —% | 0.99% | 0.99% | 0.67% | —% |
Limited Term Income Fund | — | — | 1.24 | 0.49 | 0.99 | 0.99 | 0.49 | 0.42 |
Ultra Short Income Fund | 0.50 | — | — | 0.30 | — | — | — | — |
Strategic Income Fund | — | 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 | $ — | $ — | $ 4,067 | $ — | $ 28,757 | $ 22,398 | $ 20,560 | $ — | $ 75,782 |
Limited Term Income Fund | — | — | 7,207 | 1,657,902 | 25,724 | 29,468 | 284,692 | 45,581 | 2,050,574 |
Ultra Short Income Fund | 77,152 | — | — | 181,800 | — | — | — | — | 258,952 |
Strategic Income Fund | 176,324 | 45,230 | — | 5,665,851 | 20,199 | 24,954 | 186,545 | 178,741 | 6,297,844 |
Voluntary: | Class A | Class C | Class C2 | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Limited Term U.S. Government Fund | $ — | $ 11,698 | $ 1,636 | $ — | $ — | $ — | $ — | $ — | $ 13,334 |
Ultra Short Income Fund | 14,554 | — | — | 75,565 | — | — | — | — | 90,119 |
Strategic Income Fund | 73,886 | 18,942 | — | 768,579 | 155 | 443 | 11,503 | 21,764 | 895,272 |
September 30, 2022
Percentage of Direct Investments | |
Limited Term U.S. Government Fund | 12.37% |
Limited Term Income Fund | 0.10 |
Ultra Short Income Fund | 2.37 |
Strategic Income Fund | 0.23 |
LIMITED TERM INCOME FUND | Market Value 9/30/21 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/22 | Dividend Income |
Thornburg Capital Mgmt. Fund | $874,046,644 | $3,580,923,064 | $(4,336,201,119) | $- | $- | $118,768,589 | $3,807,125 |
ULTRA SHORT INCOME FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 4,848,903 | $ 153,165,004 | $ (134,865,414) | $- | $- | $ 23,148,493 | $ 149,435 |
STRATEGIC INCOME FUND | |||||||
Thornburg Capital Mgmt. Fund | $346,532,754 | $1,685,108,743 | $(1,565,861,414) | $- | $- | $465,780,083 | $4,173,899 |
Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Limited Term U.S. Government Fund | $ 246,785,568 | $ 531 | $ (23,052,639) | $ (23,052,108) |
Limited Term Income Fund | 8,793,267,221 | 3,325,640 | (767,598,143) | (764,272,503) |
Ultra Short Income Fund | 187,146,690 | 28,495 | (1,749,012) | (1,720,517) |
Strategic Income Fund | 5,133,653,574 | 38,331,707 | (469,906,232) | (431,574,525) |
September 30, 2022
Cumulative Capital Losses | ||
Short-Term | Long-Term | |
Limited Term U.S. Government Fund | $ 4,856,828 | $ 15,605,681 |
Limited Term Income Fund | 90,321,161 | 37,600,970 |
Ultra Short Income Fund | 638,904 | 19,241 |
Strategic Income Fund | 18,717,647 | 18,125,899 |
September 30, 2022
Undistributed Tax Basis Ordinary Investment Income | Undistributed tax basis capital gains | |
Limited Term U.S. Government Fund | $ 12,783 | $ — |
Limited Term Income Fund | 1,297,436 | — |
Ultra Short Income Fund | 1,730 | — |
Strategic Income Fund | 4,122,670 | — |
DISTRIBUTIONS FROM: | ||||
ORDINARY INCOME | CAPITAL GAINS | |||
2022 | 2021 | 2022 | 2021 | |
Limited Term U.S. Government Fund | $ 4,639,830 | $ 4,772,846 | $ — | $ — |
Limited Term Income Fund | 186,423,976 | 249,163,981 | — | 11,621,988 |
Ultra Short Income Fund | 1,946,236 | 703,276 | — | 98,019 |
Strategic Income Fund | 159,716,804 | 122,292,184 | 180,551 | — |
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
LIMITED TERM U.S. GOVERNMENT FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 439,668 | $ 5,516,825 | 1,775,725 | $ 23,523,870 |
Shares issued to shareholders in reinvestment of dividends | 79,599 | 989,124 | 77,740 | 1,025,356 |
Shares repurchased | (2,726,703) | (34,392,790) | (1,247,329) | (16,467,534) |
Net increase (decrease) | (2,207,436) | $ (27,886,841) | 606,136 | $ 8,081,692 |
Class C Shares | ||||
Shares sold | 81,326 | $ 1,021,762 | 146,397 | $ 1,959,523 |
Shares issued to shareholders in reinvestment of dividends | 6,821 | 85,080 | 7,565 | 100,445 |
Shares repurchased | (358,755) | (4,519,510) | (723,232) | (9,643,414) |
Net increase (decrease) | (270,608) | $ (3,412,668) | (569,270) | $ (7,583,446) |
September 30, 2022
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
LIMITED TERM U.S. GOVERNMENT FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class C2 Shares* | ||||
Shares sold | 11,803 | $ 153,582 | 62,725 | $ 832,727 |
Shares issued to shareholders in reinvestment of dividends | 476 | 5,972 | 224 | 2,959 |
Shares repurchased | (44,406) | (553,043) | (11,218) | (148,194) |
Net increase (decrease) | (32,127) | $ (393,489) | 51,731 | $ 687,492 |
Class I Shares | ||||
Shares sold | 1,985,296 | $ 25,069,718 | 6,333,832 | $ 83,894,429 |
Shares issued to shareholders in reinvestment of dividends | 211,124 | 2,621,823 | 201,104 | 2,652,960 |
Shares repurchased | (5,638,164) | (70,719,600) | (7,922,351) | (104,696,371) |
Net increase (decrease) | (3,441,744) | $ (43,028,059) | (1,387,415) | $ (18,148,982) |
Class R3 Shares | ||||
Shares sold | 51,864 | $ 652,234 | 262,387 | $ 3,482,548 |
Shares issued to shareholders in reinvestment of dividends | 5,705 | 71,072 | 6,630 | 87,532 |
Shares repurchased | (341,529) | (4,291,241) | (376,167) | (4,985,579) |
Net increase (decrease) | (283,960) | $ (3,567,935) | (107,150) | $ (1,415,499) |
Class R4 Shares | ||||
Shares sold | 14,871 | $ 186,632 | 61,496 | $ 817,081 |
Shares issued to shareholders in reinvestment of dividends | 1,896 | 23,544 | 2,020 | 26,648 |
Shares repurchased | (72,332) | (887,578) | (117,230) | (1,548,571) |
Net increase (decrease) | (55,565) | $ (677,402) | (53,714) | $ (704,842) |
Class R5 Shares | ||||
Shares sold | 29,321 | $ 364,596 | 72,656 | $ 960,892 |
Shares issued to shareholders in reinvestment of dividends | 2,380 | 29,481 | 1,820 | 24,015 |
Shares repurchased | (28,658) | (355,818) | (78,569) | (1,038,901) |
Net increase (decrease) | 3,043 | $ 38,259 | (4,093) | $ (53,994) |
* Effective date of this class of shares was October 1, 2020. | ||||
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
LIMITED TERM INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 10,541,439 | $ 140,150,366 | 24,401,159 | $ 341,462,892 |
Shares issued to shareholders in reinvestment of dividends | 817,718 | 10,693,958 | 1,373,184 | 19,166,534 |
Shares repurchased | (22,180,526) | (293,814,115) | (20,936,473) | (291,890,488) |
Net increase (decrease) | (10,821,369) | $ (142,969,791) | 4,837,870 | $ 68,738,938 |
Class C Shares | ||||
Shares sold | 950,042 | $ 12,643,799 | 7,530,197 | $ 105,256,557 |
Shares issued to shareholders in reinvestment of dividends | 289,804 | 3,782,337 | 567,631 | 7,913,777 |
Shares repurchased | (9,476,803) | (124,911,999) | (11,193,232) | (156,474,629) |
Net increase (decrease) | (8,236,957) | $ (108,485,863) | (3,095,404) | $ (43,304,295) |
September 30, 2022
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
LIMITED TERM INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class C2 Shares* | ||||
Shares sold | 80,061 | $ 1,062,877 | 969,768 | $ 13,571,305 |
Shares issued to shareholders in reinvestment of dividends | 10,679 | 138,920 | 9,090 | 126,453 |
Shares repurchased | (246,744) | (3,258,160) | (44,678) | (626,661) |
Net increase (decrease) | (156,004) | $ (2,056,363) | 934,180 | $ 13,071,097 |
Class I Shares | ||||
Shares sold | 220,666,997 | $ 2,925,215,365 | 312,941,287 | $ 4,370,456,366 |
Shares issued to shareholders in reinvestment of dividends | 11,080,794 | 144,940,625 | 14,032,956 | 195,865,734 |
Shares repurchased | (314,030,159) | (4,128,301,405) | (182,860,536) | (2,547,566,611) |
Net increase (decrease) | (82,282,368) | $ (1,058,145,415) | 144,113,707 | $ 2,018,755,489 |
Class R3 Shares | ||||
Shares sold | 2,265,150 | $ 30,239,348 | 1,444,308 | $ 20,214,175 |
Shares issued to shareholders in reinvestment of dividends | 64,069 | 834,682 | 100,048 | 1,397,999 |
Shares repurchased | (2,074,866) | (27,276,149) | (2,113,408) | (29,477,492) |
Net increase (decrease) | 254,353 | $ 3,797,881 | (569,052) | $ (7,865,318) |
Class R4 Shares | ||||
Shares sold | 1,013,644 | $ 12,974,366 | 484,688 | $ 6,724,843 |
Shares issued to shareholders in reinvestment of dividends | 5,897 | 76,820 | 8,242 | 114,980 |
Shares repurchased | (344,863) | (4,498,856) | (167,236) | (2,331,335) |
Net increase (decrease) | 674,678 | $ 8,552,330 | 325,694 | $ 4,508,488 |
Class R5 Shares | ||||
Shares sold | 6,131,927 | $ 82,049,887 | 4,014,217 | $ 56,052,414 |
Shares issued to shareholders in reinvestment of dividends | 188,604 | 2,462,116 | 282,760 | 3,946,257 |
Shares repurchased | (7,096,207) | (94,143,814) | (5,097,432) | (71,085,323) |
Net increase (decrease) | (775,676) | $ (9,631,811) | (800,455) | $ (11,086,652) |
Class R6 Shares | ||||
Shares sold | 12,325,073 | $ 165,456,777 | 5,874,589 | $ 82,027,784 |
Shares issued to shareholders in reinvestment of dividends | 281,783 | 3,678,103 | 210,234 | 2,939,663 |
Shares repurchased | (7,278,342) | (95,699,454) | (3,827,841) | (53,468,855) |
Net increase (decrease) | 5,328,514 | $ 73,435,426 | 2,256,982 | $ 31,498,592 |
* Effective date of this class of shares was October 1, 2020. | ||||
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
ULTRA SHORT INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 2,494,229 | $ 30,419,140 | 488,930 | $ 6,117,808 |
Shares issued to shareholders in reinvestment of dividends | 23,169 | 282,740 | 13,191 | 164,973 |
Shares repurchased | (580,148) | (7,103,704) | (268,880) | (3,361,273) |
Net increase (decrease) | 1,937,250 | $ 23,598,176 | 233,241 | $ 2,921,508 |
September 30, 2022
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
ULTRA SHORT INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class I Shares | ||||
Shares sold | 12,647,567 | $ 154,631,056 | 2,666,106 | $ 33,304,475 |
Shares issued to shareholders in reinvestment of dividends | 135,441 | 1,651,088 | 49,957 | 624,128 |
Shares repurchased | (4,182,562) | (51,064,529) | (1,535,141) | (19,184,483) |
Net increase (decrease) | 8,600,446 | $ 105,217,615 | 1,180,922 | $ 14,744,120 |
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
STRATEGIC INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 10,115,056 | $ 119,485,988 | 14,700,609 | $ 182,043,527 |
Shares issued to shareholders in reinvestment of dividends | 945,131 | 11,115,435 | 846,563 | 10,497,897 |
Shares repurchased | (12,099,708) | (141,969,093) | (5,622,435) | (69,737,914) |
Net increase (decrease) | (1,039,521) | $ (11,367,670) | 9,924,737 | $ 122,803,510 |
Class C Shares | ||||
Shares sold | 1,857,127 | $ 21,894,946 | 2,677,316 | $ 33,142,091 |
Shares issued to shareholders in reinvestment of dividends | 195,252 | 2,294,880 | 221,212 | 2,737,340 |
Shares repurchased | (2,831,455) | (33,223,798) | (3,252,222) | (40,142,310) |
Net increase (decrease) | (779,076) | $ (9,033,972) | (353,694) | $ (4,262,879) |
Class I Shares | ||||
Shares sold | 238,941,841 | $ 2,788,013,156 | 168,387,967 | $ 2,082,035,823 |
Shares issued to shareholders in reinvestment of dividends | 11,042,043 | 128,768,898 | 7,443,755 | 92,061,854 |
Shares repurchased | (131,451,156) | (1,530,521,922) | (56,999,784) | (705,099,482) |
Net increase (decrease) | 118,532,728 | $ 1,386,260,132 | 118,831,938 | $ 1,468,998,195 |
Class R3 Shares | ||||
Shares sold | 3,768 | $ 44,038 | 23,817 | $ 294,588 |
Shares issued to shareholders in reinvestment of dividends | 1,941 | 22,789 | 2,359 | 29,218 |
Shares repurchased | (14,779) | (171,917) | (49,094) | (607,706) |
Net increase (decrease) | (9,070) | $ (105,090) | (22,918) | $ (283,900) |
Class R4 Shares | ||||
Shares sold | 80,230 | $ 956,587 | 141,793 | $ 1,758,520 |
Shares issued to shareholders in reinvestment of dividends | 5,139 | 60,387 | 4,525 | 56,004 |
Shares repurchased | (71,761) | (850,013) | (107,374) | (1,331,648) |
Net increase (decrease) | 13,608 | $ 166,961 | 38,944 | $ 482,876 |
Class R5 Shares | ||||
Shares sold | 1,459,940 | $ 16,964,830 | 1,846,234 | $ 22,842,753 |
Shares issued to shareholders in reinvestment of dividends | 175,916 | 2,072,320 | 186,289 | 2,305,472 |
Shares repurchased | (3,144,440) | (36,187,594) | (409,029) | (5,060,691) |
Net increase (decrease) | (1,508,584) | $ (17,150,444) | 1,623,494 | $ 20,087,534 |
September 30, 2022
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
STRATEGIC INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R6 Shares | ||||
Shares sold | 5,402,932 | $ 64,663,323 | 4,298,421 | $ 53,232,633 |
Shares issued to shareholders in reinvestment of dividends | 249,143 | 2,924,729 | 119,756 | 1,486,511 |
Shares repurchased | (1,939,475) | (22,613,679) | (1,378,635) | (17,109,296) |
Net increase (decrease) | 3,712,600 | $ 44,974,373 | 3,039,542 | $ 37,609,848 |
Purchases | Sales | |
Limited Term U.S. Government Fund | $ 74,382,568 | $ 85,142,585 |
Limited Term Income Fund | 5,115,520,058 | 4,135,315,223 |
Ultra Short Income Fund | 166,919,033 | 29,804,613 |
Strategic Income Fund | 2,829,673,877 | 1,061,215,947 |
September 30, 2022
Type of Derivative(a) | Counter Party | Asset Derivatives | Liability Derivatives | Net Amount | |
Strategic Income Fund | Forward currency contracts | SSB | $ 351,294 | $ (153,166) | $ 198,128 |
(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 | $ 2,306,246 | $ 103,851 |
(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) | |||||||||
2022 | $ 13.06 | 0.13 | (1.36) | (1.23) | (0.19) | — | — | (0.19) | $ 11.64 |
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 |
CLASS C SHARES | |||||||||
2022 | $ 13.13 | 0.09 | (1.36) | (1.27) | (0.15) | — | — | (0.15) | $ 11.71 |
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 |
CLASS C2 SHARES | |||||||||
2022 | $ 13.14 | 0.08 | (1.36) | (1.28) | (0.15) | — | — | (0.15) | $ 11.71 |
2021 (c) | $ 13.46 | 0.04 | (0.25) | (0.21) | (0.11) | — | — | (0.11) | $ 13.14 |
CLASS I SHARES | |||||||||
2022 | $ 13.06 | 0.16 | (1.36) | (1.20) | (0.22) | — | — | (0.22) | $ 11.64 |
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 |
CLASS R3 SHARES | |||||||||
2022 | $ 13.06 | 0.11 | (1.34) | (1.23) | (0.18) | — | — | (0.18) | $ 11.65 |
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 |
CLASS R4 SHARES | |||||||||
2022 | $ 13.05 | 0.12 | (1.35) | (1.23) | (0.18) | — | — | (0.18) | $ 11.64 |
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 |
CLASS R5 SHARES | |||||||||
2022 | $ 13.07 | 0.16 | (1.36) | (1.20) | (0.22) | — | — | (0.22) | $ 11.65 |
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 |
(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) | |||||||
2022 | 1.01 | 0.92 | 0.92 | (9.51) | 28.92 | $ 57,028 | |
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 | |
CLASS C SHARES | |||||||
2022 | 0.68 | 1.24 | 1.39 | (9.74) | 28.92 | $ 5,821 | |
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 | |
CLASS C2 SHARES | |||||||
2022 | 0.62 | 1.24 | 2.28 | (9.81) | 28.92 | $ 230 | |
2021 (c) | 0.28 | 1.24 | 3.37 | (1.58) | 9.50 | $ 680 | |
CLASS I SHARES | |||||||
2022 | 1.31 | 0.62 | 0.62 | (9.24) | 28.92 | $ 155,928 | |
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 | |
CLASS R3 SHARES | |||||||
2022 | 0.89 | 0.99 | 1.52 | (9.50) | 28.92 | $ 3,471 | |
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 | |
CLASS R4 SHARES | |||||||
2022 | 0.92 | 0.99 | 2.30 | (9.51) | 28.92 | $ 1,146 | |
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 | |
CLASS R5 SHARES | |||||||
2022 | 1.30 | 0.67 | 1.64 | (9.27) | 28.92 | $ 1,995 | |
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 |
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) | |||||||||
2022 | $ 13.83 | 0.21 | (1.43) | (1.22) | (0.23) | — | — | (0.23) | $ 12.38 |
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 |
CLASS C SHARES | |||||||||
2022 | $ 13.81 | 0.18 | (1.43) | (1.25) | (0.20) | — | — | (0.20) | $ 12.36 |
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 |
CLASS C2 SHARES | |||||||||
2022 | $ 13.81 | 0.15 | (1.43) | (1.28) | (0.17) | — | — | (0.17) | $ 12.36 |
2021 (c) | $ 14.12 | 0.09 | (0.11) | (0.02) | (0.12) | (0.17) | — | (0.29) | $ 13.81 |
CLASS I SHARES | |||||||||
2022 | $ 13.84 | 0.25 | (1.44) | (1.19) | (0.27) | — | — | (0.27) | $ 12.38 |
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 |
CLASS R3 SHARES | |||||||||
2022 | $ 13.84 | 0.18 | (1.44) | (1.26) | (0.20) | — | — | (0.20) | $ 12.38 |
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 |
CLASS R4 SHARES | |||||||||
2022 | $ 13.83 | 0.20 | (1.46) | (1.26) | (0.20) | — | — | (0.20) | $ 12.37 |
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) | — (g) | (0.27) | — | — | (0.27) | $ 13.16 |
CLASS R5 SHARES | |||||||||
2022 | $ 13.83 | 0.25 | (1.44) | (1.19) | (0.27) | — | — | (0.27) | $ 12.37 |
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 |
CLASS R6 SHARES | |||||||||
2022 | $ 13.86 | 0.26 | (1.44) | (1.18) | (0.28) | — | — | (0.28) | $ 12.40 |
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 |
(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 (8.70)%. |
(e) | The total return based on the NAV which reflects the adjustments in accordance with U.S. GAAP is 0.61%. |
(f) | The total return based on the NAV which reflects the adjustments in accordance with U.S. GAAP is 6.47%. |
(g) | Total from investment operations was less than $0.01 per share. |
+ | Based on weighted average shares outstanding. |
Limited Term Income Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of PERIOD (Thousands) | |
CLASS A SHARES(b) | |||||||
2022 | 1.58 | 0.77 | 0.77 | (8.89) | 46.77 | $ 598,675 | |
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 | |
CLASS C SHARES | |||||||
2022 | 1.33 | 0.99 | 0.99 | (9.11) | 46.77 | $ 221,057 | |
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 | |
CLASS C2 SHARES | |||||||
2022 | 1.10 | 1.24 | 1.30 | (9.33) | 46.77 | $ 9,615 | |
2021 (c) | 0.65 | 1.24 | 1.32 | (0.17) | 33.37 | $ 12,902 | |
CLASS I SHARES | |||||||
2022 | 1.86 | 0.49 | 0.51 | (8.63) (d) | 46.77 | $ 6,890,513 | |
2021 | 1.44 | 0.49 | 0.50 | 0.53 (e) | 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 | |
CLASS R3 SHARES | |||||||
2022 | 1.39 | 0.99 | 1.04 | (9.16) | 46.77 | $ 49,513 | |
2021 | 0.94 | 0.99 | 1.02 | 0.11 | 33.37 | $ 51,825 | |
2020 | 1.75 | 0.99 | 1.02 | 6.54 (f) | 53.84 | $ 61,041 | |
2019 | 2.27 | 0.99 | 1.06 | 5.84 | 43.22 | $ 64,335 | |
2018 | 1.98 | 0.99 | 1.09 | (0.06) | 33.62 | $ 88,298 | |
CLASS R4 SHARES | |||||||
2022 | 1.51 | 0.99 | 1.24 | (9.16) | 46.77 | $ 17,988 | |
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 | |
CLASS R5 SHARES | |||||||
2022 | 1.88 | 0.49 | 0.71 | (8.71) | 46.77 | $ 111,149 | |
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 | |
CLASS R6 SHARES | |||||||
2022 | 2.00 | 0.42 | 0.45 | (8.62) | 46.77 | $ 180,359 | |
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 |
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) | |||||||||
2022 | $ 12.44 | 0.19 | (0.31) | (0.12) | (0.19) | — | — | (0.19) | $ 12.13 |
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 |
CLASS I SHARES | |||||||||
2022 | $ 12.43 | 0.21 | (0.31) | (0.10) | (0.21) | — | — | (0.21) | $ 12.12 |
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 |
(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) | |||||||
2022 | 1.54 | 0.50 | 1.05 | (0.96) | 39.29 | $ 34,147 | |
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 | |
CLASS I SHARES | |||||||
2022 | 1.75 | 0.30 | 0.60 | (0.77) | 39.29 | $ 145,743 | |
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 |
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) | |||||||||
2022 | $ 12.41 | 0.36 | (1.38) | (1.02) | (0.37) | (0.03) | — | (0.40) | $ 10.99 |
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 |
CLASS C SHARES | |||||||||
2022 | $ 12.39 | 0.27 | (1.38) | (1.11) | (0.28) | (0.03) | — | (0.31) | $ 10.97 |
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 |
CLASS I SHARES | |||||||||
2022 | $ 12.38 | 0.40 | (1.38) | (0.98) | (0.41) | (0.03) | — | (0.44) | $ 10.96 |
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 |
CLASS R3 SHARES | |||||||||
2022 | $ 12.40 | 0.33 | (1.38) | (1.05) | (0.34) | (0.03) | — | (0.37) | $ 10.98 |
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 |
CLASS R4 SHARES | |||||||||
2022 | $ 12.39 | 0.32 | (1.37) | (1.05) | (0.34) | (0.03) | — | (0.37) | $ 10.97 |
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 |
CLASS R5 SHARES | |||||||||
2022 | $ 12.39 | 0.40 | (1.39) | (0.99) | (0.41) | (0.03) | — | (0.44) | $ 10.96 |
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 |
CLASS R6 SHARES | |||||||||
2022 | $ 12.42 | 0.41 | (1.39) | (0.98) | (0.42) | (0.03) | — | (0.45) | $ 10.99 |
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 |
(a) | Net investment income (loss) includes income from foreign withholding tax claims adjusted for 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. |
+ | 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) | |||||||
2022 | 3.03 | 0.99 | 1.06 | (8.37) | 27.19 | $ 321,614 | |
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 | |
CLASS C SHARES | |||||||
2022 | 2.29 | 1.72 | 1.79 | (9.08) | 27.19 | $ 80,326 | |
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 | |
CLASS I SHARES | |||||||
2022 | 3.45 | 0.60 | 0.77 | (8.07) | 27.19 | $ 4,180,742 | |
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 | |
CLASS R3 SHARES | |||||||
2022 | 2.77 | 1.25 | 3.96 | (8.64) | 27.19 | $ 641 | |
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 | |
CLASS R4 SHARES | |||||||
2022 | 2.76 | 1.25 | 2.44 | (8.65) | 27.19 | $ 2,044 | |
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 | |
CLASS R5 SHARES | |||||||
2022 | 3.38 | 0.60 | 0.96 | (8.14) | 27.19 | $ 40,507 | |
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 | |
CLASS R6 SHARES | |||||||
2022 | 3.53 | 0.53 | 0.72 | (8.05) | 27.19 | $ 109,349 | |
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 |
Thornburg Taxable Fixed Income Funds
September 30, 2022 (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 9/30/22 | Expenses Paid During Period 4/1/22-9/30/22 | Ending Account Value 9/30/22 | Expenses Paid During Period† 4/1/22-9/30/22 | Annualized Expense Ratio | ||
LIMITED TERM U.S. GOVERNMENT FUND | ||||||
CLASS A SHARES | $ 944.28 | $4.68 | $1,020.26 | $4.86 | 0.96% | |
CLASS C SHARES | $ 942.55 | $6.04 | $1,018.85 | $6.28 | 1.24% | |
CLASS C2 SHARES | $ 942.51 | $6.04 | $1,018.85 | $6.28 | 1.24% | |
CLASS I SHARES | $ 945.74 | $3.17 | $1,021.81 | $3.29 | 0.65% | |
CLASS R3 SHARES | $ 944.17 | $4.83 | $1,020.10 | $5.01 | 0.99% | |
CLASS R4 SHARES | $ 944.10 | $4.82 | $1,020.10 | $5.01 | 0.99% | |
CLASS R5 SHARES | $ 945.70 | $3.27 | $1,021.71 | $3.40 | 0.67% | |
LIMITED TERM INCOME FUND | ||||||
CLASS A SHARES | $ 952.57 | $3.87 | $1,021.11 | $4.00 | 0.79% | |
CLASS C SHARES | $ 951.48 | $4.89 | $1,020.05 | $5.06 | 1.00% | |
CLASS C2 SHARES | $ 950.35 | $6.06 | $1,018.85 | $6.28 | 1.24% | |
CLASS I SHARES | $ 953.30 | $2.40 | $1,022.61 | $2.48 | 0.49% | |
CLASS R3 SHARES | $ 950.91 | $4.84 | $1,020.10 | $5.01 | 0.99% | |
CLASS R4 SHARES | $ 950.89 | $4.84 | $1,020.10 | $5.01 | 0.99% | |
CLASS R5 SHARES | $ 953.26 | $2.40 | $1,022.61 | $2.48 | 0.49% | |
CLASS R6 SHARES | $ 953.73 | $2.06 | $1,022.96 | $2.13 | 0.42% | |
ULTRA SHORT INCOME FUND | ||||||
CLASS A SHARES | $1,001.49 | $2.51 | $1,022.56 | $2.54 | 0.50% | |
CLASS I SHARES | $1,002.48 | $1.51 | $1,023.56 | $1.52 | 0.30% |
September 30, 2022 (Unaudited)
Actual | Hypothetical * | |||||
Ending Account Value 9/30/22 | Expenses Paid During Period 4/1/22-9/30/22 | Ending Account Value 9/30/22 | Expenses Paid During Period† 4/1/22-9/30/22 | Annualized Expense Ratio | ||
STRATEGIC INCOME FUND | ||||||
CLASS A SHARES | $ 949.12 | $4.84 | $1,020.10 | $5.01 | 0.99% | |
CLASS C SHARES | $ 945.52 | $8.39 | $1,016.44 | $8.69 | 1.72% | |
CLASS I SHARES | $ 950.81 | $2.93 | $1,022.06 | $3.04 | 0.60% | |
CLASS R3 SHARES | $ 947.81 | $6.10 | $1,018.80 | $6.33 | 1.25% | |
CLASS R4 SHARES | $ 946.95 | $6.10 | $1,018.80 | $6.33 | 1.25% | |
CLASS R5 SHARES | $ 950.00 | $2.93 | $1,022.06 | $3.04 | 0.60% | |
CLASS R6 SHARES | $ 950.51 | $2.59 | $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, 2022 (Unaudited)
TAXABLE ORDINARY | LONG TERM CAPITAL GAIN | |
Limited Term U.S. Government Fund | $ 4,639,830 | $ — |
Limited Term Income Fund | 186,423,976 | — |
Ultra Short Income Fund | 1,946,236 | — |
Strategic Income Fund | 159,716,804 | 180,551 |
QUALIFIED DIVIDEND INCOME | DIVIDENDS RECEIVED DEDUCTION | |
Limited Term Income Fund | 0.20 % | 0.20 % |
Strategic Income Fund | 0.43 | 0.42 |
September 30, 2022 (Unaudited)
September 30, 2022 (Unaudited)
• | Thornburg Limited Term U.S. Government Fund – the Trustees considered that the Fund outperformed its benchmark index for the year-to-date and one-year periods, that the Fund outperformed its Morningstar category in certain longer periods, and that the Fund’s underperformance versus its benchmark index or Morningstar category in other periods was not significant. The Trustees considered explanations from the Advisor respecting the market and economic conditions which have contributed to the Fund’s underperformance in certain periods, and noted that the Fund has experienced positive total returns in eight of the last ten calendar years. The Trustees also considered that the Fund ranked in the top three quartiles of a selected peer group for the 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-, three-, five-, ten-, and fifteen-year periods, outperformed its Morningstar category for the three-, five-, ten-, and fifteen-year periods, experienced positive total returns in nine of the last ten calendar years, and ranked in the top three quartiles 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 – the Trustees considered that the Fund outperformed its Morningstar category for the year-to-date, one-, three, and five-year periods and has experienced positive total returns in each calendar year since its inception. The Trustees considered explanations from the Advisor respecting the market and economic conditions which have contributed to the Fund’s underperformance versus its benchmark in certain periods and noted that that underperformance was not significant. The Trustees also observed that the Fund has 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 and an additional, blended index in all periods since the Fund’s inception, outperformed its Morningstar category for the year-to-date, one-, three-, five-, and ten-year periods, and ranked in the top quartile of a selected peer group of funds for the year-to-date, one-, three-, five- and ten-year periods. The Trustees also considered that the Fund has met both its primary and secondary investment objectives. |
September 30, 2022 (Unaudited)
• | 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 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 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 median and average levels charged to funds in the applicable Morningstar category but with the range of total expenses for that 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 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 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 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 Strategic 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 median but lower than the average levels charged to funds in the applicable Morningstar 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 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 lower than the median total expense level of other funds in the peer group. |
September 30, 2022 (Unaudited)
September 30, 2022 (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, 76 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); Chairman of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 67 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, 61 Trustee since 2012, Member of the Audit Committee and 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, 73 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, 59 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, 58 Trustee since 2019, Chair 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, 68 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, 63 Trustee since 1996, Chair of Operations Risk Oversight Committee and 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, 2022 (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, 59 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, 48 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, 48 Vice President since 2014 | Managing Director, Chief Operating Officer since 2020, Chief Administrative Officer (2016-2020), and Director of Institutional Group (2014-2016) of Thornburg Investment Management, Inc. | Not applicable |
John Hackett, 56 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, 55 Treasurer since 2019(6) | Director of Finance since 2021 and 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, 42 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, 41 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, Associate Portfolio Manager (2012-2015), of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 51, Assistant Treasurer since 2020; Vice President 2017-2020 | Senior Manager & Vice President, Tax & Fund Administration of Thornburg Investment Management, Inc. since 2017; Senior Vice President, Citi Fund Services, Inc. (2014-2017); Vice President, Citi Fund Services, Inc. (2007-2014) | Not applicable |
Christopher Luckham, 45 Assistant Treasurer since 2022 | Senior Manager, Fund Administration of Thornburg Investment Management, Inc. since 2010. | Not applicable |
Natasha Rippel, 40 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, 55 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 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 Investment Income Builder Fund |
■ | Thornburg Income Builder Opportunities Trust |
■ | Thornburg Summit 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 |
4 | |
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September 30, 2022 (Unaudited)
Jason Brady, cfa Portfolio Manager CEO, President, and Managing Director |
Fund Overview
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 | -3.88% | -0.95% | -0.17% | 0.10% |
With sales charge | -6.01% | -1.46% | -0.47% | -0.07% |
Class I Shares (Incep: 12/30/13) | -3.77% | -0.78% | 0.03% | 0.29% |
ICE BofA 1-3 Year U.S. Municipal Securities Index (Since 12/30/13) | -3.56% | -0.17% | 0.57% | 0.71% |
Fund Overview
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 | -7.20% | -1.40% | -0.11% | 0.59% | 4.18% |
With sales charge | -9.26% | -1.89% | -0.41% | 0.44% | 4.14% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | -7.43% | -1.65% | -0.37% | 0.34% | 2.63% |
With sales charge | -7.89% | -1.65% | -0.37% | 0.34% | 2.63% |
Class C2 Shares (Incep: 10/1/20) | |||||
Without sales charge | -7.74% | - | - | - | -4.00% |
With sales charge | -8.33% | - | - | - | -4.00% |
Class I Shares (Incep: 7/5/96) | -6.99% | -1.17% | 0.13% | 0.87% | 3.15% |
ICE BofA 1-10 Year U.S. Municipal Securities Index (Since 9/28/84) | -7.09% | -0.84% | 0.61% | 1.22% | - |
Fund Overview
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 | -6.44% | -1.54% | -0.40% | 0.57% | 3.58% |
With sales charge | -8.52% | -2.04% | -0.70% | 0.42% | 3.53% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | -6.70% | -1.82% | -0.68% | 0.31% | 2.51% |
With sales charge | -7.16% | -1.82% | -0.68% | 0.31% | 2.51% |
Class C2 Shares (Incep: 10/1/20) | |||||
Without sales charge | -6.78% | - | - | - | -3.54% |
With sales charge | -7.38% | - | - | - | -3.54% |
Class I Shares (Incep: 4/1/97) | -6.20% | -1.29% | -0.15% | 0.86% | 2.94% |
ICE BofA 1-10 Year U.S. Municipal Securities Index (Since 2/19/87) | -7.09% | -0.84% | 0.61% | 1.22% | - |
Fund Overview
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 | -8.49% | -1.72% | 0.01% | 0.80% | 3.60% |
With sales charge | -10.29% | -2.38% | -0.39% | 0.60% | 3.53% |
Class D Shares (Incep: 6/1/99) | -8.78% | -2.00% | -0.26% | 0.54% | 2.44% |
Class I Shares (Incep: 2/1/07) | -8.27% | -1.42% | 0.32% | 1.11% | 2.48% |
ICE BofA 3-15 Year U.S. Municipal Securities Index (Since 6/18/91) | -9.74% | -1.39% | 0.66% | 1.67% | - |
Fund Overview
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 | -7.48% | -1.49% | -0.03% | 0.82% | 3.04% |
With sales charge | -9.31% | -2.14% | -0.44% | 0.62% | 2.95% |
Class I Shares (Incep: 2/1/10) | -7.18% | -1.17% | 0.29% | 1.14% | 2.23% |
ICE BofA 3-15 Year U.S. Municipal Securities Index (Since 9/5/97) | -9.74% | -1.39% | 0.66% | 1.67% | 4.10% |
Fund Overview
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 | -8.50% | -1.33% | 0.39% | 1.26% | 4.03% |
With sales charge | -10.31% | -1.99% | -0.01% | 1.05% | 3.96% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | -8.89% | -1.72% | 0.02% | 0.91% | 3.21% |
With sales charge | -9.43% | -1.72% | 0.02% | 0.91% | 3.21% |
Class C2 Shares (Incep: 10/1/20) | |||||
Without sales charge | -8.89% | - | - | - | -3.71% |
With sales charge | -9.47% | - | - | - | -3.71% |
Class I Shares (Incep: 7/5/96) | -8.36% | -1.10% | 0.64% | 1.54% | 3.71% |
ICE BofA 3-15 Year U.S. Municipal Securities Index (Since 7/22/91) | -9.74% | -1.39% | 0.66% | 1.67% | - |
Fund Overview
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 | -10.73% | -2.05% | 0.01% | 1.29% | 3.95% |
With sales charge | -12.49% | -2.70% | -0.39% | 1.09% | 3.80% |
Class C Shares (Incep: 4/1/09) | |||||
Without sales charge | -11.20% | -2.53% | -0.47% | 0.89% | 3.57% |
With sales charge | -11.73% | -2.53% | -0.47% | 0.89% | 3.57% |
Class I Shares (Incep: 4/1/09) | -10.59% | -1.83% | 0.22% | 1.56% | 4.23% |
ICE BofA U.S. Municipal Master Index (Since 4/1/09) | -11.81% | -1.93% | 0.55% | 1.83% | 3.50% |
Thornburg Short Duration Municipal Fund | September 30, 2022 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 184 |
Effective Duration | 1.5 Yrs |
Average Maturity | 1.8 Yrs |
Annualized Distribution Yield | 1.45% |
SEC Yield | 1.86% |
4% | 31% | 26% | 14% | 12% | 12% |
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, 2022 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 1,462 |
Effective Duration | 3.0 Yrs |
Average Maturity | 3.6 Yrs |
Annualized Distribution Yield | 1.98% |
SEC Yield | 2.21% |
4% | 15% | 20% | 13% | 9% | 10% | 7% | 8% | 6% | 3% | 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, 2022 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 280 |
Effective Duration | 2.9 Yrs |
Average Maturity | 3.4 Yrs |
Annualized Distribution Yield | 1.78% |
SEC Yield | 2.08% |
4% | 21% | 16% | 16% | 8% | 7% | 10% | 3% | 5% | 5% | 6% |
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, 2022 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 130 |
Effective Duration | 4.8 Yrs |
Average Maturity | 7.6 Yrs |
Annualized Distribution Yield | 1.65% |
SEC Yield | 2.08% |
3% | 5% | 4% | 7% | 11% | 10% | 5% | 8% | 5% | 6% | 37% |
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, 2022 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 42 |
Effective Duration | 4.2 Yrs |
Average Maturity | 7.7 Yrs |
Annualized Distribution Yield | 2.24% |
SEC Yield | 2.13% |
3% | 5% | 14% | 10% | 0% | 0% | 8% | 7% | 7% | 0% | 45% |
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, 2022 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 460 |
Effective Duration | 4.8 Yrs |
Average Maturity | 8.3 Yrs |
Annualized Distribution Yield | 2.73% |
SEC Yield | 2.56% |
4% | 9% | 6% | 6% | 4% | 4% | 5% | 5% | 7% | 5% | 45% |
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, 2022 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 277 |
Effective Duration | 5.8 Yrs |
Average Maturity | 10.1 Yrs |
Annualized Distribution Yield | 2.69% |
SEC Yield | 2.75% |
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, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 94.5% | |||
Alabama — 3.1% | |||
a | Black Belt Energy Gas District (Guaranty: Morgan Stanley Group), Series A-1, 4.00% due 12/1/2049 (put 12/1/2025) | $1,230,000 | $ 1,211,079 |
Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), Series D1, 4.00% due 6/1/2023 - 6/1/2026 | 1,370,000 | 1,364,746 | |
a | Chatom (PowerSouth Energy Cooperative; SPA National Rural Utilities Cooperative Finance) IDB, Series A, 2.375% due 8/1/2037 (put 2/1/2023) | 1,200,000 | 1,195,685 |
a | Selma (International Paper Co.) IDB, Series A, 2.00% due 11/1/2033 (put 10/1/2024) | 1,500,000 | 1,443,657 |
Arizona — 1.2% | |||
a | Arizona (Banner Health Obligated Group) HFA, Series B, 2.71% (MUNIPSA + 0.25%) due 1/1/2046 (put 11/4/2026) | 1,000,000 | 971,272 |
Northern Arizona University, 5.00% due 8/1/2024 | 1,115,000 | 1,129,581 | |
California — 5.2% | |||
California Municipal Finance Authority (Insured: BAM) (Green Bond), 5.00% due 5/15/2025 - 5/15/2026 | 650,000 | 671,095 | |
a,b | California Pollution Control Financing Authority (Republic Services, Inc. Project), Series B, 1.875% due 8/1/2024 (put 11/1/2022) | 2,500,000 | 2,500,000 |
City of Los Angeles Department of Airports, 4.00% due 6/29/2023 | 1,500,000 | 1,509,624 | |
County of Los Angeles, 4.00% due 6/30/2023 | 2,000,000 | 2,012,980 | |
County of Riverside, 5.00% due 6/30/2023 | 1,500,000 | 1,520,338 | |
a | Sacramento Municipal Utility District, Series A, 5.00% due 8/15/2049 (put 10/17/2023) | 600,000 | 605,941 |
Colorado — 3.0% | |||
a | Colorado (AdventHealth Obligated Group) HFA, Series C, 5.00% due 11/15/2036 (put 11/15/2023) | 1,000,000 | 1,018,359 |
Crystal Valley Metropolitan District No 2 (Insured: AGM) GO, Series A, 5.00% due 12/1/2022 | 50,000 | 50,121 | |
a | E-470 Public Highway Authority, Series B, 2.333% (SOFR + 0.35%) due 9/1/2039 (put 9/1/2024) | 2,000,000 | 1,980,544 |
Interlocken Metropolitan District (Insured: AGM) GO, Series A-1, 5.00% due 12/1/2022 - 12/1/2023 | 1,425,000 | 1,440,337 | |
Sierra Ridge Metropolitan District No 2 (Insured: AGM) GO, 4.00% due 12/1/2025 - 12/1/2026 | 575,000 | 581,192 | |
Connecticut — 1.1% | |||
City of New Haven (Insured: AGM) GO, Series B, 5.00% due 2/1/2026 - 2/1/2027 | 1,150,000 | 1,209,159 | |
State of Connecticut Special Tax Revenue, Series C, 5.00% due 10/1/2022 | 680,000 | 680,000 | |
District of Columbia — 1.2% | |||
a | District of Columbia Housing Finance Agency (Benning Corridor Titleholder, LLC), 4.00% due 9/1/2040 (put 9/1/2025) | 2,000,000 | 2,003,334 |
Florida — 2.2% | |||
a | County of Escambia (International Paper Co.), 2.00% due 11/1/2033 (put 10/1/2024) | 775,000 | 743,990 |
County of Miami-Dade Aviation Revenue, Series A, 5.00% due 10/1/2025 | 1,000,000 | 1,045,426 | |
Florida Development Finance Corp. (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), Series A, 5.00% due 6/15/2025 - 6/15/2027 | 770,000 | 781,257 | |
a | Orange County (AdventHealth Obligated Group) HFA, Series C, 5.00% due 11/15/2052 (put 11/15/2026) | 875,000 | 919,095 |
State of Florida (Department of Transportation Right-of-Way Acquisition & Bridge Construction) GO, Series B, 5.00% due 7/1/2023 | 255,000 | 258,686 | |
Georgia — 2.1% | |||
a | Development Authority of Burke County (Georigia Power Company), 2.925% due 11/1/2048 (put 3/12/2024) | 500,000 | 493,405 |
Main Street Natural Gas, Inc. (Guaranty: Citigroup Global Markets), Series C, 4.00% due 12/1/2023 | 750,000 | 746,821 | |
Municipal Electric Authority of Georgia, | |||
4.00% due 11/1/2025 | 600,000 | 603,772 | |
Series A, 5.00% due 1/1/2024 - 1/1/2026 | 1,620,000 | 1,662,161 | |
Illinois — 10.8% | |||
c | Chicago O’Hare International Airport, Series D, 5.00% due 1/1/2023 | 875,000 | 878,973 |
City of Chicago (Water System), | |||
5.00% due 11/1/2024 | 1,000,000 | 1,020,164 | |
Series 2017-2, 5.00% due 11/1/2022 | 600,000 | 600,527 | |
a | City of Chicago Heights (Olympic Village, LLC), 2.875% due 8/1/2027 (put 8/1/2025) | 1,500,000 | 1,467,313 |
Cook County (Capital Improvement Plan) GO, Series A, 5.00% due 11/15/2024 | 1,000,000 | 1,026,334 | |
Cook County Community College District No. 508 (City Colleges of Chicago) GO, 5.00% due 12/1/2023 | 500,000 | 506,074 | |
Cook County Community High School District No 233 Homewood-Flossmoor GO, 4.00% due 12/1/2025 | 1,000,000 | 1,015,186 | |
Cook County School District No. 170 Chicago Heights (Insured: AGM) GO, Series D, 5.00% due 12/1/2022 | 1,500,000 | 1,504,255 | |
Illinois Finance Authority (NorthShore University HealthSystem Obligated Group), Series A, 5.00% due 8/15/2027 | 500,000 | 533,490 | |
Illinois Finance Authority (Washington & Jane Smith Community-Orland Park), 4.00% due 10/15/2022 - 10/15/2024 | 585,000 | 576,535 | |
Metropolitan Water Reclamation District of Greater Chicago GO, Series A, 5.00% due 12/1/2025 | 585,000 | 614,195 | |
Southern Illinois University (Insured: BAM), Series A, 5.00% due 4/1/2023 - 4/1/2026 | 1,630,000 | 1,659,022 | |
State of Illinois (State Facilities Improvements) GO, | |||
Series A, 5.00% due 10/1/2022 | 1,000,000 | 1,000,000 | |
Series D, 5.00% due 11/1/2024 | 1,000,000 | 1,019,123 | |
State of Illinois GO, | |||
Series A, 5.00% due 3/1/2024 | 800,000 | 811,775 | |
Series B, |
20 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
5.00% due 3/1/2025 - 9/1/2027 | $ 995,000 | $ 1,017,538 | |
d | 5.00% due 3/1/2027 | 1,000,000 | 1,024,979 |
Series C, 4.00% due 3/1/2023 | 1,050,000 | 1,051,191 | |
Village of Tinley Park GO, 5.00% due 12/1/2024 | 870,000 | 886,588 | |
Indiana — 0.6% | |||
City of Rockport (AEP Generating Co.; Guaranty: American Electric Power Co.), Series A, 3.125% due 7/1/2025 | 1,000,000 | 973,397 | |
Iowa — 1.5% | |||
a | PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 2,600,000 | 2,611,547 |
Kansas — 2.0% | |||
Kansas Independent College Finance Authority (Ottawa University), Series C, 5.75% due 5/1/2023 | 3,000,000 | 3,027,474 | |
Unified Government of Wyandotte County/Kansas City (School Improvement Project; Insured: AGM) USD GO, Series A, 5.00% due 9/1/2031 (pre-refunded 9/1/2027) | 350,000 | 378,741 | |
Kentucky — 0.8% | |||
County of Boone (Duke Energy Kentucky, Inc.), Series A, 3.70% due 8/1/2027 | 1,000,000 | 962,909 | |
a | Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), Series C-1, 4.00% due 12/1/2049 (put 6/1/2025) | 450,000 | 445,062 |
Louisiana — 2.8% | |||
City of Shreveport Water & Sewer Revenue (Insured: BAM), Series C, 5.00% due 12/1/2023 | 860,000 | 876,976 | |
Louisiana Office Facilities Corp. (Louisiana Division of Administration), 5.00% due 11/1/2022 | 1,455,000 | 1,456,950 | |
a | Louisiana Offshore Terminal Authority (Loop LLC), 1.65% due 9/1/2027 (put 12/1/2023) | 1,500,000 | 1,458,974 |
a | State of Louisiana Gasoline & Fuels Tax Revenue, Series A, 2.572% (SOFR+ 0.50%) due 5/1/2043 (put 5/1/2026) | 990,000 | 915,008 |
Maryland — 0.8% | |||
County of Washington (Diakon Lutheran Social Ministries Obligated Group) ETM, Series B, 5.00% due 1/1/2023 | 300,000 | 301,346 | |
Maryland Health & Higher Educational Facilities Authority (UPMC Obligated Group), Series B, 5.00% due 4/15/2024 | 500,000 | 512,609 | |
Maryland Stadium Authority Built to Learn Revenue, Series A, 5.00% due 6/1/2023 | 600,000 | 606,548 | |
Massachusetts — 1.5% | |||
a,b | Massachusetts (Mass General Brigham, Inc.) DFA, 3.06% (MUNIPSA + 0.60%) due 7/1/2049 (put 1/29/2026) | 2,500,000 | 2,479,687 |
Michigan — 1.4% | |||
a,c | Michigan Finance Authority (Bronson Health Care Group Obligated Group), Series B, 5.00% due 11/15/2044 (put 11/16/2026) | 1,730,000 | 1,809,054 |
a | Michigan State Hospital Finance Authority (Ascension Health Credit Group), Series F-5, 2.40% due 11/15/2047 (put 3/15/2023) | 500,000 | 497,732 |
Minnesota — 0.9% | |||
a | Minnesota Housing Finance Agency (Residential Single Family Development; Collateralized: GNMA, FNMA, FHLMC), Series H, 3.01% (MUNIPSA + 0.55%) due 7/1/2041 (put 12/12/2023) | 840,000 | 836,057 |
Minnesota Municipal Gas Agency (Guaranty: Royal Bank of Canada), Series A, 4.00% due 6/1/2025 | 700,000 | 697,867 | |
Mississippi — 0.2% | |||
Mississippi Development Bank (Jackson Public School District; Insured: BAM), 5.00% due 10/1/2022 | 375,000 | 375,000 | |
Nebraska — 1.6% | |||
a | Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 3/1/2050 (put 1/1/2024) | 1,000,000 | 1,009,788 |
a | Nebraska Public Power District, Series A, 0.60% due 1/1/2051 (put 7/1/2023) | 1,720,000 | 1,687,096 |
Nevada — 0.3% | |||
a | County of Clark (Nevada Power Co.), 1.65% due 1/1/2036 (put 3/31/2023) | 500,000 | 495,933 |
New Jersey — 3.9% | |||
City of Newark GO, | |||
Series D, 4.00% due 9/29/2023 | 2,000,000 | 1,991,396 | |
Series E, 1.25% due 10/3/2022 | 2,000,000 | 1,999,478 | |
New Jersey (School Facilities Construction) EDA, Series NN, 5.00% due 3/1/2024 | 1,000,000 | 1,004,497 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), Series A, 5.00% due 6/15/2024 | 850,000 | 868,071 | |
Southeast Monmouth Municipal Utilities Authority (Water Revenue Project Notes), 4.00% due 9/29/2023 | 700,000 | 702,127 | |
New Mexico — 3.9% | |||
City of Farmington (Public Service Co. of New Mexico), | |||
a | Series A, 0.875% due 6/1/2040 (put 10/1/2026) | 1,000,000 | 861,139 |
a | Series C, 1.15% due 6/1/2040 (put 6/1/2024) | 1,500,000 | 1,420,210 |
a | Series E, 1.15% due 6/1/2040 (put 6/1/2024) | 1,500,000 | 1,420,211 |
a | New Mexico Mortgage Finance Authority (JLG Central 217 LLLP), 0.53% due 11/1/2024 (put 5/1/2024) | 2,000,000 | 1,904,654 |
New Mexico Municipal Energy Acquisition Authority (Guaranty: Royal Bank of Canada), Series A, 4.00% due 11/1/2022 | 675,000 | 675,125 | |
University of New Mexico, Series A, 5.00% due 6/1/2023 | 280,000 | 283,172 | |
New York — 8.1% | |||
City of New York GO, Series C, 5.00% due 8/1/2024 | 775,000 | 798,352 | |
County of Nassau (Insured: BAM) GO, Series B, 5.00% due 4/1/2034 (pre-refunded 4/1/2024) | 500,000 | 512,932 | |
County of Suffolk (Insured: AGM) GO, Series A, 5.00% due 2/1/2025 | 750,000 | 777,425 | |
d | Manchester-Shortsville Central School District (State Aid Withholding) GO, 4.00% due 8/17/2023 | 2,200,000 | 2,204,952 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 21 |
Thornburg Short Duration Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
a | Nassau County Local Economic Assistance Corp. (Park Lake Hempstead L.P.), 0.30% due 11/1/2024 (put 11/1/2023) | $2,000,000 | $ 1,916,136 |
New York State Dormitory Authority (Barnard College), Series A, 4.00% due 7/1/2024 - 7/1/2025 | 350,000 | 352,856 | |
New York State Dormitory Authority (School District Bond Financing Program) (State Aid Withholding), Series F, 5.00% due 10/1/2022 | 800,000 | 800,000 | |
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) | 2,000,000 | 1,982,214 |
New York State Housing Finance Agency (Green Bond), Series I, 2.70% due 11/1/2023 | 2,125,000 | 2,110,718 | |
Oneida County Local Development Corp. (Utica College), 5.00% due 7/1/2023 - 7/1/2025 | 920,000 | 937,150 | |
d | Town of Oyster Bay (Insured: BAM) GO, 4.00% due 11/1/2024 | 925,000 | 937,600 |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Assoc.), 5.00% due 7/1/2023 | 425,000 | 428,774 | |
North Carolina — 1.3% | |||
North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2029 (pre-refunded 6/1/2025) | 205,000 | 214,250 | |
North Carolina Turnpike Authority, 5.00% due 2/1/2024 | 2,000,000 | 2,038,022 | |
North Dakota — 1.2% | |||
a | North Dakota Housing Finance Agency, Series B, 2.66% (MUNIPSA + 0.2%) due 1/1/2043 (put 7/1/2024) | 2,000,000 | 1,995,468 |
Ohio — 4.3% | |||
Akron, Bath and Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.00% due 11/15/2027 | 555,000 | 568,361 | |
a | County of Allen Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.), Series B-1, 5.00% due 10/1/2049 (put 8/3/2027) | 2,000,000 | 2,109,224 |
County of Scioto (Southern Ohio Medical Center), 5.00% due 2/15/2023 | 2,020,000 | 2,028,440 | |
a | State of Ohio (Republic Services, Inc.), 2.75% due 11/1/2035 (put 12/1/2022) | 1,000,000 | 1,000,000 |
Union/Clermont County Township GO, 3.00% due 8/30/2023 | 1,500,000 | 1,493,191 | |
Oklahoma — 1.1% | |||
Muskogee Industrial Trust (Muskogee County ISD No. 20), 5.00% due 9/1/2023 | 200,000 | 201,533 | |
Rogers County Educational Facilities Authority (School District No 2 Catoosa), 5.00% due 9/1/2026 | 1,500,000 | 1,579,740 | |
Pennsylvania — 5.6% | |||
Allegheny County Hospital Development Authority (UPMC Obligated Group), Series A, 5.00% due 7/15/2025 | 1,500,000 | 1,542,580 | |
a | Bethlehem Area School District Authority (State Aid Withholding), Series B, 2.347% (SOFR + 0.35%) due 7/1/2031 (put 11/1/2025) | 1,930,000 | 1,782,994 |
City of Lancaster (Insured: AGM) GO, Series A, 4.00% due 11/1/2022 | 385,000 | 385,211 | |
Hempfield Area School District (Insured: AGM) (State Aid Withholding) GO, | |||
Series B, 5.00% due 3/15/2027 | 1,410,000 | 1,496,981 | |
Series C, 5.00% due 3/15/2027 | 290,000 | 307,890 | |
a | Pennsylvania (Republic Services, Inc.) EDFA, Series B, 2.00% due 12/1/2030 (put 1/3/2023) | 1,000,000 | 1,000,000 |
a | Pennsylvania (Waste Management Obligated Group; Guaranty: Waste Management, Inc.) EDFA, 0.95% due 12/1/2033 (put 12/1/2026) | 1,000,000 | 875,675 |
Philadelphia Gas Works Co. (Insured: AGM), | |||
Series A, 5.00% due 8/1/2024 - 8/1/2025 | 860,000 | 889,885 | |
Series B, 5.00% due 8/1/2024 | 500,000 | 513,954 | |
School District of Philadelphia (State Aid Withholding) GO, Series F, 5.00% due 9/1/2024 | 620,000 | 636,857 | |
South Carolina — 1.3% | |||
City of North Charleston (North Charleston Noisette Community Redevelopment Project Area), 5.00% due 10/1/2022 | 700,000 | 700,000 | |
a | Patriots Energy Group Financing Agency (Guaranty: Royal Bank of Canada), Series A, 4.00% due 10/1/2048 (put 2/1/2024) | 1,500,000 | 1,503,557 |
South Dakota — 0.2% | |||
South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group), Series A, 5.00% due 9/1/2023 | 335,000 | 338,528 | |
Tennessee — 0.8% | |||
Tennessee Energy Acquisition Corp. (The Gas Project; Guaranty: Goldman Sachs Group, Inc.), Series C, 5.00% due 2/1/2023 | 1,310,000 | 1,314,685 | |
Texas — 11.6% | |||
Arlington Higher Education Finance Corp (Riverwalk Education Foundation, Inc.) (Insured: PSF-GTD), 5.00% due 8/15/2026 | 365,000 | 384,466 | |
a | Boerne School District (Insured: PSF-GTD) ISD GO, 2.80% due 12/1/2051 (put 12/1/2023) | 1,800,000 | 1,785,537 |
City of Conroe GO, 5.00% due 3/1/2023 | 105,000 | 105,763 | |
City of Houston Airport System Revenue, Series B, 5.00% due 7/1/2023 | 150,000 | 151,910 | |
City of Lubbock Electric Light & Power System Revenue, 5.00% due 4/15/2025 - 4/15/2027 | 2,050,000 | 2,155,534 | |
Clifton Higher Education Finance Corp. (Idea Public Schools) (Insured: PSF-GTD), Series T, 5.00% due 8/15/2025 - 8/15/2026 | 860,000 | 903,927 | |
Dallas County Utility & Reclamation District GO, 5.00% due 2/15/2026 | 1,000,000 | 1,048,986 | |
Dallas Fort Worth International Airport, 5.00% due 11/1/2023 | 1,000,000 | 1,018,634 | |
a | Denton (Insured: PSF-GTD) ISD GO, Series B, 2.00% due 8/1/2044 (pre-refunded 8/1/2024) | 135,000 | 132,025 |
a | Fort Bend (Insured: PSF-GTD) ISD GO, Series B, 3.00% due 8/1/2052 (put 8/1/2023) | 2,000,000 | 1,998,760 |
Highland Park (Insured: PSF-GTD) ISD GO, 5.00% due 2/15/2024 | 1,015,000 | 1,039,628 | |
c | Lower Colorado River Authority (LCRA Transmission Services Corp.), Series A, 5.00% due 5/15/2024 | 750,000 | 768,925 |
a | North East Independent School District (Insured: PSF-GTD) ISD GO, Series C, 2.05% due 8/1/2046 (put 8/1/2023) | 1,000,000 | 991,305 |
Olmos Park Higher Education Facilities Corp. (University of the Incarnate Word) ETM, 5.00% due 12/1/2022 | 1,000,000 | 1,002,506 | |
Port Arthur (Insured: AGM) ISD GO, 5.00% due 2/15/2023 | 250,000 | 251,835 | |
a | Prosper (Insured: PSF-GTD) ISD GO, Series B, 2.00% due 2/15/2050 (put 8/15/2023) | 750,000 | 742,409 |
a | San Antonio Housing Trust Finance Corp. (Arbors at West Avenue L.P.), 1.45% due 3/1/2026 (put 3/1/2025) | 2,000,000 | 1,915,588 |
a | San Antonio Housing Trust Public Facility Corp. (PV Country Club Village LP), 4.00% due 8/1/2026 (put 8/1/2025) | 1,000,000 | 1,012,420 |
22 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
a | San Antonio Water System, Series B, 2.00% due 5/1/2044 (put 11/1/2022) | $ 405,000 | $ 404,688 |
Stephen F Austin State University, 5.00% due 10/15/2022 | 455,000 | 455,246 | |
Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2025 - 12/15/2026 | 1,125,000 | 1,147,336 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2025 | 240,000 | 245,067 | |
Virginia — 2.1% | |||
a | Halifax County IDA, 1.65% due 12/1/2041 (put 5/31/2024) | 1,500,000 | 1,452,213 |
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2023 - 1/1/2024 | 700,000 | 706,262 | |
a | Wise County (Virginia Electric and Power Co.) IDA, Series A, 1.20% due 11/1/2040 (put 5/31/2024) | 1,500,000 | 1,432,575 |
Washington — 1.2% | |||
King County Housing Authority, 2.00% due 12/1/2022 - 6/1/2023 | 1,130,000 | 1,122,053 | |
State of Washington GO, Series 2021A, 5.00% due 6/1/2024 | 500,000 | 514,475 | |
University of Washington, 5.00% due 4/1/2023 | 300,000 | 302,816 | |
West Virginia — 0.6% | |||
County of Mason (Appalachian Power Co.), Series L, 2.75% due 10/1/2022 | 1,000,000 | 1,000,000 | |
Wisconsin — 3.0% | |||
County of Waushara GO, Series A, 4.50% due 6/1/2027 | 1,260,000 | 1,293,501 | |
Public Finance Authority, 4.00% due 1/1/2027 | 870,000 | 871,444 | |
a | Public Finance Authority (Duke Energy Progress, LLC), Series A-1, 3.30% due 10/1/2046 (put 10/1/2026) | 2,000,000 | 1,968,532 |
a | Wisconsin Housing & EDA, Series B, 0.40% due 5/1/2045 (put 11/1/2023) | 1,000,000 | 966,782 |
Total Long-Term Municipal Bonds — 94.5% (Cost $163,112,512) | 159,682,037 | ||
Short-Term Municipal Bonds — 6.4% | |||
Colorado — 1.0% | |||
City & County of Denver (SPA JP Morgan Chase Bank N.A.) COP, | |||
a | Series A2, 2.95% due 12/1/2029 (put 10/3/2022) | 935,000 | 935,000 |
a | Series A3, 2.95% due 12/1/2031 (put 10/3/2022) | 800,000 | 800,000 |
Florida — 1.1% | |||
a | City of Gainesville Utilities System Revenue (SPA Barclays Bank plc), Series B, 2.95% due 10/1/2042 (put 10/3/2022) | 1,900,000 | 1,900,000 |
Nevada — 0.8% | |||
a,b | Tender Option Bond Trust Receipts/Certificates (Guaranty: Deutsche Bank A.G.), Series 2021-XF1120, 2.71% due 11/1/2061 (put 10/7/2022) | 1,330,000 | 1,330,000 |
New Hampshire — 0.7% | |||
a | New Hampshire Health and Education Facilities Authority Act (University System of New Hampshire; SPA State Street B&T Co.), Series A2, 2.95% due 7/1/2035 (put 10/3/2022) | 1,200,000 | 1,200,000 |
North Carolina — 0.6% | |||
a | Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group; SPA JP Morgan Chase Bank N.A.), Series B, 2.95% due 1/15/2038 (put 10/3/2022) | 1,000,000 | 1,000,000 |
Oregon — 1.0% | |||
a,b | Tender Option Bond Trust Receipts/Certificates (Guaranty: Deutsche Bank A.G.), Series 2021-XF1123, 2.71% due 10/1/2061 (put 10/7/2022) | 1,670,000 | 1,670,000 |
Texas — 1.2% | |||
a,b | Tender Option Bond Trust Receipts/Certificates (LOC: Deutsche Bank A.G.), Series 2021-XF1102, 2.71% due 7/1/2061 (put 10/7/2022) | 2,000,000 | 2,000,000 |
Total Short-Term Municipal Bonds — 6.4% (Cost $10,835,000) | 10,835,000 | ||
Total Investments — 100.9% (Cost $173,947,512) | $170,517,037 | ||
Liabilities Net of Other Assets — (0.9)% | (1,543,100) | ||
Net Assets — 100.0% | $168,973,937 |
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, 2022. |
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, 2022, the aggregate value of these securities in the Fund’s portfolio was $9,979,687, representing 5.91% of the Fund’s net assets. |
c | When-issued security. |
d | Segregated as collateral for a when-issued security. |
To simplify the listings of securities, abbreviations are used per the table below:
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 23 |
Thornburg Short Duration Municipal Fund | September 30, 2022
AGM | Insured by Assured Guaranty Municipal Corp. |
BAM | Insured by Build America Mutual Insurance Co. |
COP | Certificates of Participation |
DFA | Development Finance Authority/Agency |
EDA | Economic Development Authority |
EDFA | Economic Development Financing Authority |
ETM | Escrowed to Maturity |
FHLMC | Collateralized by Federal Home Loan Mortgage Corp. |
FNMA | Collateralized by Federal National Mortgage Association |
GNMA | Collateralized by Government National Mortgage Association |
GO | General Obligation |
HFA | Health Facilities Authority |
IDA | Industrial Development Authority/Agency |
IDB | Industrial Development Board |
ISD | Independent School District |
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 |
USD | Unified School District |
24 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Thornburg Limited Term Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 95.0% | |||
Alabama — 1.9% | |||
Alabama Community College System ACCS Enhancements Fee Revenue (Insured: AGM), 4.00% due 9/1/2027 - 9/1/2028 | $ 515,000 | $ 530,216 | |
Alabama Public School and College Authority, Series A, 5.00% due 11/1/2025 | 1,000,000 | 1,053,553 | |
Alabama Public School and College Authority (Education System Capital Improvements), Series B, 5.00% due 6/1/2023 | 735,000 | 744,378 | |
a | Black Belt Energy Gas District (Guaranty: Morgan Stanley Group), Series A-1, 4.00% due 12/1/2049 (put 12/1/2025) | 10,500,000 | 10,338,479 |
a | Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), Series D1, 4.00% due 7/1/2052 (put 6/1/2027) | 15,660,000 | 15,393,717 |
Chatom (Powersouth Energy Co-operative Projects; Insured: AGM) IDB, 5.00% due 8/1/2025 - 8/1/2030 | 3,830,000 | 4,122,750 | |
a | Chatom (PowerSouth Energy Cooperative; SPA National Rural Utilities Cooperative Finance) IDB, Series A, 2.375% due 8/1/2037 (put 2/1/2023) | 1,595,000 | 1,589,264 |
Lower Alabama Gas District (Guaranty: Goldman Sachs Group, Inc.), | |||
a | 4.00% due 12/1/2050 (put 12/1/2025) | 17,175,000 | 16,810,976 |
Series A, 5.00% due 9/1/2029 | 3,625,000 | 3,658,727 | |
a | Selma (International Paper Co.) IDB, Series A, 2.00% due 11/1/2033 (put 10/1/2024) | 2,500,000 | 2,406,095 |
a | Southeast Alabama Gas Supply District (Guaranty: Morgan Stanley Group), Series A, 4.00% due 6/1/2049 (put 6/1/2024) | 1,000,000 | 995,609 |
a | Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series B, 4.00% due 12/1/2051 (put 12/1/2031) | 8,580,000 | 7,941,854 |
UAB Medicine Finance Authority (University Hospital), Series B, 5.00% due 9/1/2025 - 9/1/2027 | 8,915,000 | 9,360,798 | |
Water Works Board of the City of Birmingham, 5.00% due 1/1/2029 | 2,230,000 | 2,412,131 | |
Arizona — 1.5% | |||
a | Arizona (Banner Health Obligated Group) HFA, Series B, 2.71% (MUNIPSA + 0.25%) due 1/1/2046 (put 11/4/2026) | 4,000,000 | 3,885,088 |
Arizona (Scottsdale Lincoln Hospitals) HFA, 5.00% due 12/1/2022 - 12/1/2024 | 3,360,000 | 3,410,301 | |
Arizona Board of Regents (Arizona State University) COP, Series A, 5.00% due 9/1/2023 | 5,580,000 | 5,673,270 | |
Arizona Board of Regents (Northern Arizona University Projects) COP, 5.00% due 9/1/2023 | 3,325,000 | 3,328,900 | |
Arizona Board of Regents (University of Arizona), 5.00% due 8/1/2023 - 8/1/2024 | 1,350,000 | 1,380,072 | |
Arizona Board of Regents (University of Arizona) COP, Series C, 5.00% due 6/1/2028 | 780,000 | 844,581 | |
City of Phoenix Civic Improvement Corp., Series A, 5.00% due 7/1/2023 - 7/1/2025 | 7,330,000 | 7,593,937 | |
County of Pima (Sewer System & Fleet Services Facilities Expansion) COP, Series A, 5.00% due 12/1/2022 | 1,275,000 | 1,279,026 | |
County of Pinal (Detention and Training Facilities), Series A, 5.00% due 8/1/2023 - 8/1/2025 | 3,300,000 | 3,382,058 | |
County of Pinal (Hunt Highway (Phases III-V), Ironwood Drive, Public Safety Radio & Court Buildings), 5.00% due 8/1/2025 | 3,000,000 | 3,071,163 | |
a | Maricopa County Pollution Control Corp. (Public Service Co. of New Mexico), 0.875% due 6/1/2043 (put 10/1/2026) | 4,700,000 | 4,114,812 |
Northern Arizona University (Insured: BAM), Series B, 5.00% due 6/1/2025 - 6/1/2030 | 1,180,000 | 1,278,273 | |
Pima County (TMC HealthCare Obligated Group) IDA, 5.00% due 4/1/2031 | 1,000,000 | 1,064,316 | |
Pima County (Tucson Electric Power Co.) IDA, 4.00% due 9/1/2029 | 3,320,000 | 3,238,235 | |
Pinal County Community College District GO, 5.00% due 7/1/2029 - 7/1/2030 | 2,200,000 | 2,434,226 | |
Salt River Project Agricultural Improvement and Power District (Salt River Electric System), 5.00% due 1/1/2026 - 1/1/2029 | 8,405,000 | 9,014,667 | |
State of Arizona COP ETM, Series A, 5.00% due 10/1/2025 | 3,375,000 | 3,532,623 | |
Arkansas — 0.0% | |||
Board of Trustees of the University of Arkansas (Fayetteville Campus Athletic Facilities) ETM, Series A, 3.00% due 11/1/2023 | 615,000 | 614,214 | |
California — 4.4% | |||
Alameda County Joint Powers Authority (Alameda County Medical Center Highland Hospital), Series A, 5.00% due 12/1/2022 - 12/1/2023 | 5,200,000 | 5,275,209 | |
a | Bay Area Toll Authority (San Francisco Bay Area Toll Bridge), Series E, 2.87% (MUNIPSA + 0.41%) due 4/1/2056 (put 4/1/2028) | 1,500,000 | 1,479,464 |
a | California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), Series B-1, 4.00% due 2/1/2052 (put 8/1/2031) | 5,480,000 | 5,253,879 |
a | California Infrastructure & Economic Development Bank (J Paul Getty Trust), Series B-2, 3.00% due 10/1/2047 (put 10/1/2026) | 3,000,000 | 2,984,364 |
California Municipal Finance Authority (CHF-Davis II LLC; Insured: BAM) (Green Bond), 5.00% due 5/15/2029 - 5/15/2031 | 1,195,000 | 1,278,446 | |
a,b | California Pollution Control Financing Authority (Republic Services, Inc. Project), Series B, 1.875% due 8/1/2024 (put 11/1/2022) | 3,655,000 | 3,655,000 |
California State Public Works Board (Laboratory Facility and San Diego Courthouse), Series I, 5.00% due 11/1/2022 | 10,075,000 | 10,089,458 | |
California Statewide Communities Development Authority (CHF-Irvine LLC; Insured: BAM), 5.00% due 5/15/2030 | 2,000,000 | 2,135,936 | |
a | California Statewide Communities Development Authority (Kaiser Foundation Hospitals), Series 2004-M-R, 5.00% due 4/1/2038 (put 11/1/2029) | 5,250,000 | 5,701,054 |
California Statewide Communities Development Authority (Southern California Edison Co.) (Green Bond), 1.75% due 9/1/2029 | 2,250,000 | 1,827,432 | |
Castaic Lake Water Agency (Water System Improvement; Insured: AMBAC) COP, Zero Coupon due 8/1/2023 | 10,125,000 | 9,875,884 | |
City of Los Angeles Department of Airports, 4.00% due 6/29/2023 | 7,500,000 | 7,548,120 | |
City of Modesto Wastewater Revenue, Series B, 5.00% due 11/1/2027 - 11/1/2029 | 3,500,000 | 3,840,288 | |
County of Los Angeles, 4.00% due 6/30/2023 | 7,000,000 | 7,045,430 | |
County of Riverside, 5.00% due 6/30/2023 | 2,550,000 | 2,584,575 | |
Lammersville USD (Insured: BAM), 5.00% due 9/1/2029 - 9/1/2030 | 2,215,000 | 2,427,314 | |
Los Angeles (Educational Facilities and Information Technology Infrastructure) USD GO, | |||
Series A, 5.00% due 7/1/2023 | 8,950,000 | 9,076,105 | |
Series B, 5.00% due 7/1/2023 | 11,950,000 | 12,120,072 | |
Series D, 5.00% due 7/1/2024 | 10,640,000 | 10,978,405 | |
Los Angeles County Redevelopment Refunding Authority Successor Agency (Bunker Hill Project), Series C, 5.00% due 12/1/2022 - 12/1/2024 | 22,250,000 | 22,744,676 | |
Los Angeles USD GO, Series A, 5.00% due 7/1/2024 | 1,500,000 | 1,547,546 | |
Needles (Insured: Natl-Re) USD GO, Series B, Zero Coupon due 8/1/2023 | 1,005,000 | 975,043 | |
North City West School Facilities Financing Authority (Carmel Valley Educational Facilities; Insured: AGM), Series A, 5.00% due 9/1/2023 | 4,545,000 | 4,550,649 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 25 |
Thornburg Limited Term Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
a | Northern California Energy Authority (Commodity Supply Revenue; Guaranty: Goldman Sachs Group, Inc.), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | $35,000,000 | $ 35,008,820 |
Santa Fe Springs CDC Successor Agency (Consolidated Redevelopment Project; Insured: Natl-Re), Series A, Zero Coupon due 9/1/2024 | 7,000,000 | 6,563,151 | |
Colorado — 1.4% | |||
City & County of Denver (Buell Theatre Property) COP, Series A, 5.00% due 12/1/2023 | 1,720,000 | 1,753,635 | |
City & County of Denver School District No. 1 (Eastbridge Elementary and Conservatory Green K-8 Schools) COP, Series C, 5.00% due 12/15/2022 - 12/15/2023 | 2,210,000 | 2,239,543 | |
City of Aurora COP, 5.00% due 12/1/2027 - 12/1/2029 | 7,155,000 | 7,791,476 | |
a | Colorado (AdventHealth Obligated Group) HFA, Series C, 5.00% due 11/15/2036 (put 11/15/2023) | 1,000,000 | 1,018,359 |
a | Colorado (Adventist Health System/Sunbelt Obligated Group) HFA, Series C, 5.00% due 11/15/2036 (put 11/15/2026) | 1,150,000 | 1,217,994 |
Colorado (Northern Colorado Medical Center) HFA ETM, 5.00% due 5/15/2025 - 5/15/2026 | 1,305,000 | 1,372,999 | |
Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2026 | 2,315,000 | 2,426,854 | |
Colorado Higher Education COP, 4.00% due 9/1/2032 | 1,000,000 | 1,003,537 | |
County of El Paso (Judicial Complex; Insured: AGM) COP, 5.00% due 12/1/2022 - 12/1/2028 | 2,500,000 | 2,646,236 | |
c | County of El Paso (Pikes Peak Regional Development Center) COP, 5.00% due 12/1/2023 | 1,330,000 | 1,356,101 |
County of Larimer (Jail Facilities Project) COP, 5.00% due 12/1/2028 - 12/1/2029 | 3,025,000 | 3,305,642 | |
Crystal Valley Metropolitan District No 2 (Insured: AGM) GO, Series A, 5.00% due 12/1/2025 - 12/1/2030 | 1,810,000 | 1,945,977 | |
a | E-470 Public Highway Authority, Series B, 2.333% (SOFR + 0.35%) due 9/1/2039 (put 9/1/2024) | 2,000,000 | 1,980,544 |
El Paso County Falcon School District No. 49 COP, 5.00% due 12/15/2023 - 12/15/2024 | 1,600,000 | 1,645,445 | |
Interlocken Metropolitan District (Insured: AGM) GO, | |||
Series A-1, 5.00% due 12/1/2024 - 12/1/2026 | 2,375,000 | 2,478,576 | |
Series A-2, 5.00% due 12/1/2027 | 365,000 | 390,846 | |
Regional Transportation District (Denver Transit Partners LLC), Series A, 5.00% due 7/15/2024 - 1/15/2031 | 3,580,000 | 3,692,383 | |
Regional Transportation District (Denver Transit Partners), Series A, 5.00% due 7/15/2032 | 600,000 | 616,892 | |
Regional Transportation District (North Metro Rail Line) COP, Series A, 5.00% due 6/1/2024 (pre-refunded 6/1/2023) | 4,000,000 | 4,050,324 | |
Regional Transportation District (North Metro Rail Line) COP ETM, Series A, 5.00% due 6/1/2023 | 4,000,000 | 4,049,784 | |
Sierra Ridge Metropolitan District No 2 (Insured: AGM) GO, 4.00% due 12/1/2027 - 12/1/2032 | 1,505,000 | 1,533,930 | |
State of Colorado COP, | |||
5.00% due 3/15/2030 | 1,000,000 | 1,090,164 | |
Series A, | |||
5.00% due 9/1/2024 - 9/1/2026 | 3,395,000 | 3,558,097 | |
c | 5.00% due 9/1/2028 | 1,215,000 | 1,311,209 |
Series M, 5.00% due 3/15/2028 | 300,000 | 323,938 | |
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 | 1,881,583 | |
Series B, 5.00% due 10/1/2022 | 1,765,000 | 1,765,000 | |
Connecticut State Health & Educational Facilities Authority (Hartford HealthCare Obligated Group), Series A, 5.00% due 7/1/2032 | 600,000 | 645,554 | |
State of Connecticut (Educational Facilities) GO, | |||
Series B, 5.00% due 6/15/2024 - 6/15/2025 | 30,400,000 | 31,436,423 | |
Series E, 5.00% due 9/1/2023 | 5,550,000 | 5,642,136 | |
State of Connecticut (Various Capital Projects) GO, | |||
Series B, 5.00% due 5/15/2027 | 16,615,000 | 17,499,433 | |
Series E, 5.00% due 8/15/2024 | 1,845,000 | 1,873,780 | |
State of Connecticut GO, | |||
Series B, 5.00% due 2/15/2024 | 7,000,000 | 7,168,091 | |
Series C, 5.00% due 6/15/2023 - 6/15/2028 | 11,540,000 | 12,253,720 | |
Series E, 5.00% due 9/15/2028 | 2,560,000 | 2,762,483 | |
State of Connecticut Special Tax Revenue, | |||
Series B, 5.00% due 9/1/2028 | 1,175,000 | 1,242,571 | |
Series D, 5.00% due 11/1/2032 | 500,000 | 553,457 | |
State of Connecticut Special Tax Revenue (Transportation Infrastructure Purposes), Series A, 5.00% due 8/1/2026 | 1,200,000 | 1,253,716 | |
University of Connecticut, Series A, 5.00% due 5/1/2032 | 1,000,000 | 1,110,121 | |
Delaware — 0.1% | |||
Delaware State (Beebe Medical Center, Inc.) HFA, 5.00% due 6/1/2031 | 1,200,000 | 1,223,449 | |
Delaware Transportation Authority, 5.00% due 9/1/2029 - 9/1/2031 | 3,915,000 | 4,291,470 | |
District of Columbia — 0.1% | |||
Washington Metropolitan Area Transit Authority, 5.00% due 7/1/2023 - 7/1/2028 | 4,750,000 | 4,936,893 | |
Florida — 5.8% | |||
Alachua County School Board (Educational Facilities) COP, 5.00% due 7/1/2023 | 2,250,000 | 2,277,234 | |
Broward County School Board (Educational Facilities) COP, | |||
Series A, 5.00% due 7/1/2023 - 7/1/2028 | 22,890,000 | 23,992,143 |
26 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Series B, 5.00% due 7/1/2023 - 7/1/2029 | $18,195,000 | $ 19,235,639 | |
Series C, 5.00% due 7/1/2025 - 7/1/2026 | 12,830,000 | 13,464,304 | |
Central Florida Expressway Authority, 5.00% due 7/1/2023 - 7/1/2026 | 3,390,000 | 3,477,748 | |
Central Florida Expressway Authority (Insured: AGM), 5.00% due 7/1/2028 - 7/1/2031 | 1,250,000 | 1,356,390 | |
City of Cape Coral (Water and Sewer System Improvements), 5.00% due 10/1/2022 - 10/1/2026 | 5,435,000 | 5,705,368 | |
City of Jacksonville, | |||
5.00% due 10/1/2027 | 400,000 | 430,390 | |
Series C, 5.00% due 10/1/2023 | 1,105,000 | 1,123,290 | |
City of Lakeland (Lakeland Regional Health Systems), 5.00% due 11/15/2026 - 11/15/2028 | 1,990,000 | 2,085,069 | |
City of Miami (Stormwater Management Utility System), 5.00% due 9/1/2026 - 9/1/2028 | 2,675,000 | 2,865,384 | |
City of Orlando (Senior Tourist Development; Insured: AGM), Series A, 5.00% due 11/1/2023 - 11/1/2027 | 3,545,000 | 3,701,699 | |
County of Manatee (Public Utilities Improvements), 5.00% due 10/1/2024 - 10/1/2032 | 1,270,000 | 1,334,595 | |
County of Polk (Water and Wastewater Utility Systems), 5.00% due 10/1/2023 | 1,420,000 | 1,422,080 | |
a,b | Deutsche Bank Spears/Lifers Trust (Guaranty: Deutsche Bank A.G.), Series DBE-8085, 2.86% due 7/1/2061 (put 11/29/2022) | 10,000,000 | 10,000,000 |
Florida State Board of Governors (Florida State University Student Health Fee Revenue), | |||
5.00% due 7/1/2030 | 1,010,000 | 1,117,345 | |
Series A, 5.00% due 7/1/2028 | 255,000 | 276,875 | |
Hillsborough County (Jail and Storm Water Projects), Series A, 5.00% due 11/1/2022 | 3,005,000 | 3,008,257 | |
Hillsborough County School Board (Master Lease Program) COP, | |||
5.00% due 7/1/2027 - 7/1/2029 | 10,575,000 | 11,204,207 | |
Series B, 5.00% due 7/1/2028 | 4,835,000 | 5,103,318 | |
JEA Electric System, Series A, 5.00% due 10/1/2024 (pre-refunded 10/1/2023) | 1,200,000 | 1,219,663 | |
JEA Electric System ETM, Series A, 5.00% due 10/1/2023 | 1,395,000 | 1,419,989 | |
Lee County School Board (School Facilities Improvements) COP, 5.00% due 8/1/2023 - 8/1/2024 | 3,000,000 | 3,071,154 | |
Manatee County School District (School Facilities Improvements; Insured: AGM), 5.00% due 10/1/2025 - 10/1/2027 | 2,900,000 | 3,085,527 | |
Marion County School Board (Insured: BAM) COP, Series B, 5.00% due 6/1/2024 | 3,065,000 | 3,148,365 | |
Miami-Dade County (Miami International Airport), Series B, 5.00% due 10/1/2025 | 2,500,000 | 2,583,860 | |
Miami-Dade County (Transit System), 5.00% due 7/1/2023 - 7/1/2025 | 10,265,000 | 10,625,889 | |
Miami-Dade County Aviation Revenue, Series A, 5.00% due 10/1/2032 | 500,000 | 535,197 | |
Miami-Dade County Expressway Authority (Toll System), Series B, 5.00% due 7/1/2024 - 7/1/2025 | 4,000,000 | 4,091,128 | |
Miami-Dade County School Board (Educational Facilities Improvements) COP, | |||
Series A, | |||
5.00% due 5/1/2023 - 5/1/2024 | 12,130,000 | 12,374,612 | |
a | 5.00% due 5/1/2031 (put 5/1/2024) | 2,550,000 | 2,614,359 |
Series C, 5.00% due 5/1/2025 | 15,000,000 | 15,568,770 | |
Okaloosa County School Board COP, Series A, 5.00% due 10/1/2028 - 10/1/2030 | 2,500,000 | 2,697,812 | |
a | Orange County (AdventHealth Obligated Group) HFA, Series C, 5.00% due 11/15/2052 (put 11/15/2026) | 3,500,000 | 3,676,379 |
Orange County School Board (Educational Facilities) COP, Series D, 5.00% due 8/1/2023 - 8/1/2025 | 4,175,000 | 4,289,825 | |
Palm Beach County (Baptist Health South Florida Obligated Group) HFA, 5.00% due 8/15/2025 - 8/15/2027 | 720,000 | 758,866 | |
Palm Beach County (Jupiter Medical Center Obligated Group) HFA, Series A, 5.00% due 11/1/2028 - 11/1/2031 | 675,000 | 670,696 | |
Palm Beach County School Board (Educational Facilities) COP, Series B, 5.00% due 8/1/2023 - 8/1/2024 | 9,095,000 | 9,306,806 | |
Palm Beach County School District COP, Series C, 5.00% due 8/1/2023 - 8/1/2026 | 7,000,000 | 7,241,988 | |
Pasco County School Board COP, Series A, 5.00% due 8/1/2028 - 8/1/2032 | 1,925,000 | 2,092,124 | |
Reedy Creek Improvement District (Buena Vista Drive Corridor Improvements) GO, Series A, 5.00% due 6/1/2023 | 1,940,000 | 1,963,057 | |
Reedy Creek Improvement District (Walt Disney World Resort Complex Utility Systems), Series 1, 5.00% due 10/1/2022 - 10/1/2023 | 1,375,000 | 1,387,146 | |
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 | 3,829,563 | |
South Florida Water Management District (Everglades Restoration Plan) COP, 5.00% due 10/1/2022 | 2,000,000 | 2,000,000 | |
St. Johns County School Board COP, Series A, 5.00% due 7/1/2023 - 7/1/2029 | 7,665,000 | 8,152,746 | |
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 | 1,751,120 | |
Sunshine State Governmental Financing Commission (Miami-Dade County Program) ETM, Series B-1, 5.00% due 9/1/2023 | 2,100,000 | 2,138,346 | |
Town of Davie (Nova Southeastern University, Inc.), 5.00% due 4/1/2032 | 400,000 | 419,062 | |
Volusia County Educational Facilities Authority (Embry-Riddle Aeronautical University, Inc.), Series B, 5.00% due 10/15/2023 - 10/15/2025 | 1,750,000 | 1,797,944 | |
Volusia County School Board (University High School, River Springs Middle School) COP, Series B, 5.00% due 8/1/2024 | 1,000,000 | 1,029,186 | |
Volusia County School Board COP, | |||
5.00% due 10/1/2029 | 510,000 | 538,531 | |
Series A, 5.00% due 8/1/2031 | 1,500,000 | 1,647,840 | |
Wildwood Utility Dependent District (Insured: BAM), 5.00% due 10/1/2032 | 200,000 | 216,337 | |
Georgia — 3.0% | |||
Athens-Clarke County Unified Government Development Authority (UGAREF Central Precinct LLC), 5.00% due 6/15/2023 | 470,000 | 475,952 | |
City of Atlanta (Airport Passenger Facility), | |||
Series A, 5.00% due 1/1/2024 - 7/1/2030 | 5,950,000 | 6,229,029 | |
Series B, 5.00% due 1/1/2023 - 1/1/2025 | 2,645,000 | 2,685,542 | |
City of Atlanta (Atlantic Station Project), 5.00% due 12/1/2022 - 12/1/2024 | 3,290,000 | 3,332,070 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 27 |
Thornburg Limited Term Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
City of Atlanta (Water & Wastewater System), 5.00% due 11/1/2022 - 11/1/2025 | $ 4,130,000 | $ 4,237,702 | |
Development Authority of Fulton County (Georgia Tech Athletic Assoc.) ETM, 5.00% due 10/1/2022 | 4,420,000 | 4,420,000 | |
Georgia Ports Authority, 5.00% due 7/1/2028 - 7/1/2031 | 2,875,000 | 3,184,353 | |
Georgia State Road & Tollway Authority (GARVEE), 5.00% due 6/1/2032 | 1,000,000 | 1,092,603 | |
a | Main Street Natural Gas, Inc. (Guaranty: Citigroup Global Markets), Series C, 4.00% due 5/1/2052 (put 12/1/2028) | 29,700,000 | 28,166,738 |
Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2023 - 5/15/2029 | 14,265,000 | 14,460,776 | |
Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), | |||
Series A, | |||
4.00% due 3/1/2026 | 470,000 | 466,798 | |
a | 4.00% due 7/1/2052 (put 9/1/2027) | 14,500,000 | 14,314,429 |
Municipal Electric Authority of Georgia, | |||
4.00% due 11/1/2023 | 1,500,000 | 1,505,552 | |
5.00% due 11/1/2026 - 11/1/2028 | 2,550,000 | 2,674,910 | |
Series A, 5.00% due 1/1/2026 - 1/1/2032 | 21,735,000 | 22,767,607 | |
Private Colleges & Universities Authority, 5.00% due 4/1/2032 | 755,000 | 825,053 | |
Private Colleges & Universities Authority (Corp. of Mercer University), 5.00% due 10/1/2022 - 10/1/2032 | 3,160,000 | 3,329,156 | |
Private Colleges & Universities Authority (Savannah College of Art & Design, Inc.), 5.00% due 4/1/2029 - 4/1/2031 | 1,525,000 | 1,661,246 | |
Savannah (International Paper Co.) EDA, 1.90% due 8/1/2024 | 4,000,000 | 3,846,328 | |
Guam — 0.5% | |||
Government of Guam (Various Capital Projects), Series D, 5.00% due 11/15/2024 | 4,500,000 | 4,505,436 | |
Guam Government Waterworks Authority (Water & Wastewater System Improvements), 5.25% due 7/1/2023 | 645,000 | 651,235 | |
Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2023 - 10/1/2026 | 4,330,000 | 4,408,354 | |
Guam Power Authority (Electric Power System; Insured: AGM) ETM, Series A, 5.00% due 10/1/2022 | 6,340,000 | 6,340,000 | |
Territory of Guam, Series D, 5.00% due 11/15/2022 | 310,000 | 310,126 | |
Territory of Guam ETM, Series D, 5.00% due 11/15/2022 | 2,650,000 | 2,655,528 | |
Hawaii — 0.4% | |||
City and County of Honolulu (Capital Improvements) GO, Series B, 5.00% due 11/1/2022 | 6,695,000 | 6,704,313 | |
City and County of Honolulu (Capital Improvements) GO ETM, Series A, 5.00% due 11/1/2022 | 1,750,000 | 1,752,564 | |
County of Hawaii (Capital Improvements) GO, | |||
Series A, 5.00% due 9/1/2023 | 800,000 | 811,486 | |
Series B, 5.00% due 9/1/2023 | 1,500,000 | 1,521,537 | |
Series C, 5.00% due 9/1/2023 - 9/1/2026 | 2,500,000 | 2,591,771 | |
Series D, 5.00% due 9/1/2023 - 9/1/2026 | 3,085,000 | 3,206,963 | |
Series E, | |||
5.00% due 9/1/2023 | 1,000,000 | 1,014,358 | |
c | 5.00% due 9/1/2026 | 500,000 | 525,805 |
Idaho — 0.1% | |||
Idaho (Trinity Health Credit Group) HFA, Series D, 5.00% due 12/1/2022 - 12/1/2024 | 4,350,000 | 4,435,527 | |
Illinois — 8.1% | |||
Chicago Midway International Airport, Series B, 5.00% due 1/1/2023 - 1/1/2024 | 2,900,000 | 2,927,141 | |
Chicago O’Hare International Airport (2016 Airport Projects), Series C, 5.00% due 1/1/2027 | 1,750,000 | 1,836,495 | |
Chicago Park District (Capital Improvement Plan) GO, | |||
Series A, 5.00% due 1/1/2025 | 610,000 | 620,762 | |
Series B, | |||
5.00% due 1/1/2023 | 1,605,000 | 1,608,769 | |
c | 5.00% due 1/1/2024 | 1,340,000 | 1,353,882 |
Series C, 5.00% due 1/1/2023 | 3,215,000 | 3,222,549 | |
Series D, 5.00% due 1/1/2023 - 1/1/2024 | 3,435,000 | 3,457,167 | |
Chicago Park District GO, Series A, 5.00% due 1/1/2024 | 155,000 | 156,606 | |
Chicago Park District GO ETM, | |||
Series A, 5.00% due 1/1/2024 | 1,150,000 | 1,179,185 | |
Series D, 5.00% due 1/1/2024 | 1,060,000 | 1,086,901 | |
City of Chicago (Chicago Midway Airport), Series B, 5.00% due 1/1/2023 - 1/1/2024 | 22,275,000 | 22,365,469 | |
City of Chicago (Riverwalk Expansion Project; Insured: AGM) ETM, 5.00% due 1/1/2023 | 1,000,000 | 1,004,595 | |
City of Chicago (Wastewater Transmission System), Series C, 5.00% due 1/1/2023 - 1/1/2025 | 13,750,000 | 14,025,011 | |
City of Chicago (Water System), | |||
5.00% due 11/1/2024 | 2,000,000 | 2,040,328 | |
Series 2017-2, 5.00% due 11/1/2023 - 11/1/2024 | 1,650,000 | 1,677,554 | |
Series A, 5.00% due 11/1/2027 | 6,250,000 | 6,458,100 | |
Series A-1, 5.00% due 11/1/2024 | 4,000,000 | 4,080,656 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2028 | 2,000,000 | 2,131,992 | |
a | City of Chicago Heights (Olympic Village, LLC), 2.875% due 8/1/2027 (put 8/1/2025) | 14,799,000 | 14,476,515 |
28 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
City of Joliet IL (Rock Run Crossing Project; Insured BAM) GO, 5.00% due 12/15/2031 - 12/15/2032 | $ 2,030,000 | $ 2,205,751 | |
City of Waukegan (Lakehurst Redevelopment Project; Insured: AGM) GO, Series A, 5.00% due 12/30/2022 | 1,000,000 | 1,004,260 | |
Clinton Bond Fayette Etc Counties Community College District No 501 Kaskaskia (Insured: AGM) GO, 5.00% due 12/1/2027 - 12/1/2032 | 1,945,000 | 2,117,827 | |
Cook County (Capital Improvement Plan) GO, | |||
Series A, 5.00% due 11/15/2024 | 1,500,000 | 1,539,501 | |
Series C, | |||
4.00% due 11/15/2022 | 1,000,000 | 1,000,673 | |
5.00% due 11/15/2022 | 1,500,000 | 1,502,932 | |
Cook County Community College District No. 508 (City Colleges of Chicago) GO, | |||
5.00% due 12/1/2022 - 12/1/2024 | 5,675,000 | 5,731,022 | |
5.25% due 12/1/2025 - 12/1/2026 | 3,365,000 | 3,414,889 | |
Cook County Community High School District No 233 Homewood-Flossmoor Go, 4.00% due 12/1/2027 | 1,805,000 | 1,842,786 | |
Cook County Community High School District No 233 Homewood-Flossmoor GO, 4.00% due 12/1/2025 - 12/1/2029 | 6,215,000 | 6,346,987 | |
Cook County Sales Tax Revenue, | |||
5.00% due 11/15/2028 | 2,250,000 | 2,394,234 | |
Series A, 5.00% due 11/15/2029 | 500,000 | 538,583 | |
Cook County School District No 87 Berkeley (Insured: AGM) GO, 5.00% due 12/1/2029 | 500,000 | 536,144 | |
Cook County School District No.170 (Insured: AGM) GO, Series D, 5.00% due 12/1/2024 | 1,190,000 | 1,230,202 | |
County of Sangamon (Insured: BAM) GO, | |||
4.00% due 12/15/2030 | 300,000 | 301,146 | |
5.00% due 12/15/2028 - 12/15/2029 | 425,000 | 459,355 | |
DuPage Cook & Will Counties Community College District No 502 GO, 5.00% due 6/1/2024 | 5,000,000 | 5,121,030 | |
DuPage County Forest Preserve District GO, 5.00% due 11/1/2030 | 1,710,000 | 1,899,981 | |
DuPage County School District No 53 Butler, 5.00% due 1/1/2028 - 1/1/2030 | 1,005,000 | 1,101,668 | |
Forest Preserve District of DuPage County GO, 5.00% due 11/1/2022 - 11/1/2024 | 7,530,000 | 7,730,054 | |
Illinois Finance Authority (Advocate Health Care), 5.00% due 8/1/2023 - 8/1/2024 | 1,365,000 | 1,396,059 | |
Illinois Finance Authority (Carle Foundation Obligated Group), | |||
Series A, 5.00% due 2/15/2027 | 3,000,000 | 3,141,339 | |
a | Series B, 5.00% due 8/15/2053 (put 8/15/2031) | 4,800,000 | 5,226,110 |
Illinois Finance Authority (NorthShore University HealthSystem Obligated Group), Series A, 5.00% due 8/15/2023 - 8/15/2028 | 5,950,000 | 6,335,206 | |
Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group), Series A, 5.00% due 7/15/2032 | 800,000 | 867,231 | |
Illinois Finance Authority (Rush University Medical Center), Series A, 5.00% due 11/15/2022 - 11/15/2029 | 5,420,000 | 5,577,143 | |
b | Illinois Finance Authority (University of Chicago Medical Center Obligated Group), Series A, 5.00% due 8/15/2029 | 2,500,000 | 2,577,510 |
Illinois State Toll Highway Authority, | |||
5.00% due 1/1/2025 | 2,000,000 | 2,074,442 | |
Series D, 5.00% due 1/1/2023 - 1/1/2024 | 10,500,000 | 10,656,329 | |
Kane McHenry Cook & DeKalb Counties Unit School District No. 300 GO, 5.00% due 1/1/2024 | 7,150,000 | 7,289,740 | |
Knox & Warren Counties Community Unit School District No 205 Galesburg GO, | |||
Series B, | |||
4.00% due 12/1/2022 - 12/1/2024 | 3,550,000 | 3,572,492 | |
5.00% due 12/1/2025 - 12/1/2029 | 7,400,000 | 7,786,754 | |
McHenry County Conservation District GO, 5.00% due 2/1/2025 | 2,000,000 | 2,077,952 | |
Metropolitan Water Reclamation District of Greater Chicago (Green Bond) GO, Series E, 5.00% due 12/1/2025 | 1,000,000 | 1,049,905 | |
Monroe & St Clair Counties Community Unit School District No. 5 (Insured: BAM) GO, 5.00% due 4/15/2024 - 4/15/2026 | 1,650,000 | 1,705,718 | |
Peoria Metropolitan Airport Authority GO, Series D, 5.00% due 12/1/2027 | 1,000,000 | 1,060,473 | |
Rock Island Henry Mercer Etc Counties Community College District No. 503 (Black Hawk College; Insured: AGM) GO, 5.00% due 12/1/2023 - 12/1/2024 | 7,570,000 | 7,752,018 | |
Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2028 - 1/1/2029 | 6,445,000 | 6,752,405 | |
Sangamon County School District No 186 Springfield (Insured AGM) GO, Series B, 5.00% due 2/1/2030 | 1,570,000 | 1,668,012 | |
Sangamon County School District No 186 Springfield (Insured: AGM) GO, 4.00% due 2/1/2030 - 2/1/2032 | 3,500,000 | 3,496,566 | |
Southern Illinois University (Insured: BAM), Series A, 5.00% due 4/1/2027 - 4/1/2032 | 3,310,000 | 3,471,118 | |
State of Illinois (State Facilities Improvements) GO, Series D, 5.00% due 11/1/2024 | 3,650,000 | 3,719,799 | |
State of Illinois GO, | |||
5.50% due 5/1/2024 - 5/1/2030 | 2,350,000 | 2,431,170 | |
Series A, 5.00% due 3/1/2031 - 3/1/2032 | 5,875,000 | 5,992,391 | |
Series B, 5.00% due 12/1/2032 | 2,000,000 | 2,022,732 | |
Series D, 5.00% due 11/1/2023 - 11/1/2028 | 36,880,000 | 37,653,657 | |
State of Illinois Sales Tax Revenue, Series B, 5.00% due 6/15/2026 - 6/15/2029 | 20,000,000 | 20,854,220 | |
State of Illinois Sales Tax Revenue (Insured: BAM-Natl-Re), Series 1, 6.00% due 6/15/2026 | 235,000 | 242,592 | |
University of Illinois, Series A, 4.00% due 4/1/2032 | 11,465,000 | 11,438,275 | |
Village of Tinley Park GO, 4.00% due 12/1/2022 | 625,000 | 625,803 | |
Will & Kendall Counties Plainfield Community Consolidated School District 202 (Capital Improvements; Insured: BAM) GO, | |||
Series A, |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 29 |
Thornburg Limited Term Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
5.00% due 1/1/2023 - 1/1/2024 | $12,630,000 | $ 12,774,659 | |
c | 5.00% due 1/1/2025 | 8,495,000 | 8,832,948 |
Will County Community Unit School District No 201-U Crete-Monee (Insured: BAM) GO, Series U-A, 5.00% due 1/1/2028 - 1/1/2030 | 615,000 | 656,129 | |
Indiana — 0.6% | |||
Avon Community School Building Corp. (Educational Facilities; Insured: State Intercept), 5.00% due 7/15/2023 - 7/15/2027 | 3,530,000 | 3,690,922 | |
Avon Community School Building Corp. (Insured: State Intercept), 5.00% due 1/15/2031 - 7/15/2031 | 755,000 | 826,641 | |
Carmel Local Public Improvement Bond Bank, Series A, 4.00% due 7/15/2029 - 1/15/2030 | 1,140,000 | 1,173,070 | |
City of Rockport (AEP Generating Co.; Guaranty: American Electric Power Co.), Series A, 3.125% due 7/1/2025 | 3,000,000 | 2,920,191 | |
Columbus Multi School Building Corp. (Bartholomew Consolidated School Corp.; Insured: State Intercept), 4.00% due 1/15/2024 | 570,000 | 574,653 | |
Crown Point Multi School Building Corp. (Insured: State Intercept), 5.00% due 7/15/2027 - 7/15/2030 | 4,700,000 | 5,137,635 | |
Hamilton Southeastern Consolidated School Building Corp. (Educational Facilities; Insured: State Intercept), Series D, 5.00% due 7/15/2023 - 1/15/2024 | 1,095,000 | 1,113,539 | |
Indiana Finance Authority (CWA Authority, Inc. Wastewater System Project), Series A, 5.00% due 10/1/2023 - 10/1/2024 | 1,500,000 | 1,537,763 | |
Indiana Finance Authority (CWA Authority, Inc.), 5.00% due 10/1/2032 | 1,275,000 | 1,415,249 | |
Indiana Municipal Power Agency (Power Supply System), Series A, 5.00% due 1/1/2026 - 1/1/2028 | 4,235,000 | 4,450,610 | |
d | Noblesville Redevelopment Authority, 5.00% due 1/15/2028 | 300,000 | 317,199 |
Iowa — 0.2% | |||
Iowa Finance Authority (Genesis Health System), 5.00% due 7/1/2024 (pre-refunded 7/1/2023) | 2,350,000 | 2,380,423 | |
Iowa Finance Authority (Genesis Health System) ETM, 5.00% due 7/1/2023 | 2,000,000 | 2,024,682 | |
Woodbury County Law Enforcement Center Authority, 4.00% due 6/1/2026 - 6/1/2032 | 2,610,000 | 2,674,594 | |
Kansas — 1.5% | |||
a | Kansas (AdventHealth Obligated Group) DFA, Series B, 5.00% due 11/15/2054 (put 11/15/2031) | 21,120,000 | 22,531,069 |
Kansas (National Bio and Agro-Defense Facility) DFA, Series G, 5.00% due 4/1/2024 - 4/1/2025 (pre-refunded 4/1/2023) | 16,555,000 | 16,710,303 | |
Kansas (National Bio and Agro-Defense Facility) DFA ETM, Series G, 5.00% due 4/1/2023 | 8,110,000 | 8,171,603 | |
Kansas DFA, Series SRF, 5.00% due 5/1/2026 | 765,000 | 811,804 | |
Seward County No. 480 USD GO, | |||
Series B, | |||
c | 5.00% due 9/1/2024 | 450,000 | 465,178 |
5.00% due 9/1/2025 - 9/1/2026 | 3,570,000 | 3,743,797 | |
5.00% due 9/1/2027 (pre-refunded 9/1/2025) | 2,100,000 | 2,206,449 | |
Unified Government of Wyandotte County/Kansas City (Utility Systems Improvement), Series A, 5.00% due 9/1/2023 - 9/1/2024 | 1,600,000 | 1,636,215 | |
Wyandotte County No. 500 (General Improvement) USD GO, Series A, 5.00% due 9/1/2025 - 9/1/2026 | 5,675,000 | 5,948,718 | |
Kentucky — 3.0% | |||
County of Boone (Duke Energy Kentucky, Inc.), Series A, 3.70% due 8/1/2027 | 5,000,000 | 4,814,545 | |
Kentucky Economic (Norton Healthcare, Inc.; Insured: Natl-Re) DFA, Series B, Zero Coupon due 10/1/2023 | 4,195,000 | 4,043,800 | |
Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), | |||
a | Series A, 4.00% due 4/1/2048 (put 4/1/2024) | 77,915,000 | 77,653,517 |
a | Series C, 4.00% due 2/1/2050 (put 2/1/2028) | 14,730,000 | 14,235,750 |
Kentucky State Property & Building Commission, | |||
d | Series A, 5.00% due 6/1/2030 - 6/1/2032 | 3,000,000 | 3,267,151 |
Series B, 5.00% due 11/1/2028 | 785,000 | 828,474 | |
Kentucky State Property & Building Commission (Insured: AGM), Series A, 5.00% due 11/1/2029 | 750,000 | 820,382 | |
Kentucky Turnpike Authority (Kentucky Transportation Cabinet), Series A, 5.00% due 7/1/2030 | 1,250,000 | 1,373,186 | |
a | Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group), Series D, 5.00% due 10/1/2047 (put 10/1/2029) | 3,950,000 | 4,133,545 |
Louisville/Jefferson County Metropolitan Government (Norton Healthcare, Inc.), 5.00% due 10/1/2026 | 3,000,000 | 3,131,826 | |
Turnpike Authority of Kentucky (Revitalization Projects), Series B, 5.00% due 7/1/2025 - 7/1/2026 | 5,615,000 | 5,878,459 | |
Louisiana — 2.2% | |||
City of Shreveport (Insured: AGM) GO, 5.00% due 3/1/2024 - 3/1/2032 | 5,800,000 | 6,164,038 | |
City of Shreveport (Water and Sewer System; Insured: BAM), Series A, 5.00% due 12/1/2022 - 12/1/2024 | 15,195,000 | 15,454,477 | |
Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge (Insured: AGM), 5.00% due 8/1/2027 - 8/1/2030 | 1,650,000 | 1,772,649 | |
East Baton Rouge Sewerage Commission (Wastewater System Improvements), | |||
Series A, 5.00% due 2/1/2028 - 2/1/2030 | 1,500,000 | 1,632,506 | |
Series B, 5.00% due 2/1/2023 - 2/1/2025 | 2,150,000 | 2,205,403 | |
Jefferson Sales Tax District (Insured: AGM), | |||
Series A, 5.00% due 12/1/2024 - 12/1/2027 | 4,385,000 | 4,613,482 | |
Series B, 5.00% due 12/1/2027 | 3,500,000 | 3,760,634 | |
Louisiana Energy & Power Authority (LEPA Unit No. 1 Power; Insured: AGM), Series A, 5.00% due 6/1/2023 | 750,000 | 756,738 | |
Louisiana Energy & Power Authority (Rodemacher Unit No. 2 Power) ETM, 5.00% due 1/1/2023 | 1,740,000 | 1,747,604 | |
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 | 16,197,365 | |
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 | 3,127,574 |
30 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Louisiana Offshore Terminal Authority (Loop LLC), | |||
a | 1.65% due 9/1/2027 (put 12/1/2023) | $ 6,150,000 | $ 5,981,791 |
a | Series A, 1.65% due 9/1/2033 (put 12/1/2023) | 5,000,000 | 4,863,245 |
a | Series C, 1.65% due 9/1/2034 (put 12/1/2023) | 5,000,000 | 4,864,150 |
Louisiana Public Facilities Authority (Hurricane Recovery Program), 5.00% due 6/1/2023 | 5,000,000 | 5,056,705 | |
Parish of LaFourche (Roads, Highways & Bridges), 5.00% due 1/1/2023 | 515,000 | 517,235 | |
Shreveport Water & Sewer Revenue (Insured: BAM), Series C, 5.00% due 12/1/2024 - 12/1/2026 | 2,420,000 | 2,535,162 | |
State of Louisiana, 5.00% due 9/1/2029 - 9/1/2032 | 2,375,000 | 2,600,121 | |
a | State of Louisiana Gasoline & Fuels Tax Revenue, Series A, 2.572% (SOFR+ 0.50%) due 5/1/2043 (put 5/1/2026) | 2,975,000 | 2,749,647 |
Maine — 0.1% | |||
Maine Governmental Facilities Authority (Augusta & Machias Courthouses), Series A, 5.00% due 10/1/2022 - 10/1/2023 | 2,620,000 | 2,646,175 | |
Maryland — 0.6% | |||
County of Montgomery GO, Series C, 5.00% due 10/1/2025 | 1,250,000 | 1,315,177 | |
County of Prince George’s GO, Series A, 5.00% due 9/15/2026 | 6,110,000 | 6,514,048 | |
Maryland Health & Higher Educational Facilities Authority (UPMC Obligated Group), Series B, 5.00% due 4/15/2025 - 4/15/2030 | 7,005,000 | 7,453,178 | |
Maryland Stadium Authority Built to Learn Revenue, Series A, 5.00% due 6/1/2029 - 6/1/2032 | 3,340,000 | 3,615,289 | |
State of Maryland GO, Series B, 5.00% due 8/1/2024 | 6,955,000 | 7,186,817 | |
Massachusetts — 1.2% | |||
Massachusetts (Berkshire Health Systems, Inc. Obligated Group) DFA, Series I, 5.00% due 10/1/2027 - 10/1/2031 | 3,520,000 | 3,766,137 | |
Massachusetts (Beth Israel Lahey Health Obligated Group) DFA, Series K, 5.00% due 7/1/2027 - 7/1/2028 | 2,000,000 | 2,114,371 | |
Massachusetts (CareGroup Healthcare System) DFA, Series I, 5.00% due 7/1/2023 - 7/1/2027 | 10,370,000 | 10,653,608 | |
Massachusetts (Insured: BHAC-CR FGIC), 5.50% due 1/1/2029 | 8,300,000 | 9,157,473 | |
a,b | Massachusetts (Mass General Brigham, Inc.) DFA, 3.06% (MUNIPSA + 0.60%) due 7/1/2049 (put 1/29/2026) | 3,750,000 | 3,719,531 |
Massachusetts (Mount Auburn Hospital Health Records System) DFA, Series H-1, 5.00% due 7/1/2023 - 7/1/2025 | 14,165,000 | 14,493,754 | |
Massachusetts (Simmons University) DFA, Series J, 5.25% due 10/1/2023 | 595,000 | 605,076 | |
a | Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, Series A, 5.00% due 1/1/2039 (put 1/1/2023) | 3,630,000 | 3,644,582 |
Michigan — 2.1% | |||
Board of Governors of Wayne State University (Educational Facilities and Equipment), | |||
Series A, | |||
5.00% due 11/15/2022 - 11/15/2024 | 1,375,000 | 1,399,387 | |
c | 5.00% due 11/15/2025 | 625,000 | 644,384 |
County of Genesee (Water Supply System; Insured: BAM) GO, 5.00% due 11/1/2022 | 600,000 | 600,681 | |
Livonia Public Schools (Insured: BAM) GO, Series I, 5.00% due 5/1/2029 | 1,000,000 | 1,079,169 | |
Michigan Finance Authority ((McLaren Health Care Corp. Obligated Group), 5.00% due 2/15/2029 | 1,000,000 | 1,087,847 | |
Michigan Finance Authority (Beaumont Health Credit Group), 5.00% due 8/1/2025 (pre-refunded 8/1/2024) | 8,000,000 | 8,250,200 | |
Michigan Finance Authority (Beaumont Health Credit Group) ETM, 5.00% due 8/1/2023 - 8/1/2024 | 10,800,000 | 11,066,746 | |
Michigan Finance Authority (BHSH System Obligated Group), Series A, 5.00% due 4/15/2028 - 4/15/2032 | 7,000,000 | 7,639,711 | |
a,d | Michigan Finance Authority (Bronson Health Care Group Obligated Group), Series B, 5.00% due 11/15/2044 (put 11/16/2026) | 7,000,000 | 7,319,872 |
Michigan Finance Authority (Henry Ford Health System), 5.00% due 11/15/2027 | 1,500,000 | 1,548,180 | |
Michigan Finance Authority (McLaren Health Care Corp. Obligated Group), 5.00% due 2/15/2028 | 1,000,000 | 1,076,789 | |
Michigan Finance Authority (Trinity Health Credit Group), | |||
5.00% due 12/1/2022 - 12/1/2024 | 4,500,000 | 4,582,610 | |
Series A, 5.00% due 12/1/2024 - 12/1/2028 | 6,000,000 | 6,307,313 | |
Michigan State Building Authority (Facilities Program), Series I, 5.00% due 4/15/2023 - 4/15/2026 | 1,865,000 | 1,918,561 | |
Michigan State Building Authority (Higher Education Facilities Program), Series I-A, 5.00% due 10/15/2022 - 10/15/2023 | 10,715,000 | 10,855,836 | |
Northern Michigan University, 5.00% due 6/1/2031 - 6/1/2032 | 1,300,000 | 1,444,998 | |
Royal Oak Hospital Finance Authority (William Beaumont Hospital), Series D, 5.00% due 9/1/2024 (pre-refunded 3/1/2024) | 2,000,000 | 2,049,054 | |
Royal Oak Hospital Finance Authority (William Beaumont Hospital) ETM, Series D, 5.00% due 9/1/2023 | 1,240,000 | 1,260,317 | |
School District of the City of Dearborn (Insured: Q-SBLF) GO, 4.00% due 5/1/2023 | 625,000 | 627,838 | |
Wayne County Airport Authority (Insured: BAM), Series A, 5.00% due 12/1/2032 | 800,000 | 867,498 | |
Wayne State University, Series A, 5.00% due 11/15/2023 - 11/15/2026 | 12,640,000 | 13,110,262 | |
West Ottawa Public Schools (Insured: AGM) GO, | |||
4.00% due 11/1/2031 | 395,000 | 402,050 | |
5.00% due 11/1/2028 - 11/1/2029 | 625,000 | 684,380 | |
Minnesota — 0.3% | |||
Minnesota Higher Education Facilities Authority, 5.00% due 10/1/2029 | 300,000 | 321,474 | |
Minnesota Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), | |||
Series F, | |||
1.90% due 1/1/2029 | 160,000 | 146,420 | |
1.95% due 7/1/2029 | 375,000 | 341,751 | |
a | Minnesota Housing Finance Agency (Residential Single Family Development; Collateralized: GNMA, FNMA, FHLMC), Series H, 3.01% (MUNIPSA + 0.55%) due 7/1/2041 (put 12/12/2023) | 6,330,000 | 6,300,287 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 31 |
Thornburg Limited Term Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Port Authority of the City of St. Paul (Minnesota Andersen Office Building), Series 3, 5.00% due 12/1/2022 | $ 1,250,000 | $ 1,253,821 | |
St. Paul Housing and Redevelopment Authority (HealthPartners), Series A, 5.00% due 7/1/2023 - 7/1/2025 | 1,850,000 | 1,887,220 | |
Mississippi — 0.2% | |||
Biloxi Public School District (Insured: BAM), 5.00% due 4/1/2025 | 1,350,000 | 1,401,858 | |
a | County of Warren, 1.375% due 5/1/2034 (put 6/16/2025) | 1,625,000 | 1,507,147 |
Mississippi Development Bank (City of Gulfport) GO, | |||
4.00% due 9/1/2031 | 395,000 | 393,287 | |
5.00% due 9/1/2028 | 310,000 | 332,966 | |
Mississippi Development Bank (Jackson Public School District; Insured: BAM), 5.00% due 10/1/2024 - 10/1/2028 | 2,400,000 | 2,534,725 | |
Mississippi Development Bank (MDOT-Harrison County Highway), Series A, 5.00% due 1/1/2023 | 1,500,000 | 1,506,054 | |
Mississippi Development Bank (MDOT-Madison County Highway), Series C, 5.00% due 1/1/2023 | 1,250,000 | 1,255,045 | |
Missouri — 0.5% | |||
City of Kansas City GO, Series A, 5.00% due 2/1/2028 - 2/1/2031 | 3,350,000 | 3,668,232 | |
a | Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group), Series C, 5.00% due 5/1/2052 (put 5/1/2028) | 10,765,000 | 11,485,157 |
Health & Educational Facilities Authority of the State of Missouri (SSM Health Care Obligated Group), Series A, 5.00% due 6/1/2030 - 6/1/2032 | 3,875,000 | 4,134,037 | |
Montana — 0.0% | |||
Montana Facility Finance Authority (Billings Clinic Obligated Group), Series A, 5.00% due 8/15/2031 | 1,000,000 | 1,090,488 | |
Nebraska — 2.0% | |||
a | Central Plains Energy Project (Guaranty: Goldman Sachs & Co.), Series 1 5.00% due 5/1/2053 (put 10/1/2029) | 6,575,000 | 6,571,088 |
Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), | |||
a | 5.00% due 3/1/2050 (put 1/1/2024) | 50,000,000 | 50,489,400 |
Series A, 5.00% due 9/1/2031 | 1,215,000 | 1,240,360 | |
a | Central Plains Energy Project (Guaranty: Royal Bank of Canada), 4.00% due 12/1/2049 (put 8/1/2025) | 12,645,000 | 12,547,747 |
Douglas County Hospital Authority No. 3 (Nebraska Methodist Health System), 5.00% due 11/1/2022 - 11/1/2025 | 6,980,000 | 7,111,129 | |
a | Nebraska Public Power District, Series A, 0.60% due 1/1/2051 (put 7/1/2023) | 1,000,000 | 980,870 |
Nevada — 2.6% | |||
Carson City (Carson Tahoe Regional Healthcare), 5.00% due 9/1/2023 - 9/1/2027 | 1,705,000 | 1,741,929 | |
Clark County School District (Insured: AGM) GO, Series B, 5.00% due 6/15/2031 | 1,650,000 | 1,783,511 | |
Clark County School District (Insured: BAM) GO, Series B, 5.00% due 6/15/2029 - 6/15/2031 | 4,400,000 | 4,799,366 | |
Clark County School District GO, | |||
Series A, 5.00% due 6/15/2023 - 6/15/2030 | 10,085,000 | 10,684,703 | |
Series C, 5.00% due 6/15/2023 | 700,000 | 707,197 | |
County of Washoe GO, 5.00% due 7/1/2024 | 1,470,000 | 1,514,490 | |
Las Vegas Convention and Visitors Authority, Series C, 5.00% due 7/1/2023 - 7/1/2026 | 3,050,000 | 3,167,840 | |
Las Vegas Valley Water District GO, | |||
Series A, 5.00% due 6/1/2023 - 6/1/2030 | 56,355,000 | 58,118,923 | |
Series B, 5.00% due 12/1/2025 | 20,000,000 | 20,885,160 | |
New Jersey — 4.1% | |||
City of Jersey City (Qualified General Improvement; Insured: BAM) (State Aid Withholding) GO, Series A, 5.00% due 8/1/2023 | 2,455,000 | 2,492,287 | |
City of Newark GO, | |||
Series D, 4.00% due 9/29/2023 | 7,500,000 | 7,467,735 | |
Series E, 1.25% due 10/3/2022 | 4,000,000 | 3,998,956 | |
Essex County Improvement Authority (County Correctional Facilities & Gibraltar Facilities; Insured: Natl-Re) GO, 5.50% due 10/1/2024 | 5,000,000 | 5,242,385 | |
New Jersey (Middlesex Water Co) EDA, Series A, 5.00% due 10/1/2023 | 1,500,000 | 1,521,771 | |
New Jersey (New Jersey Transit Corporation) (State Aid Withholding) EDA, Series B, 5.00% due 11/1/2024 | 8,000,000 | 8,160,336 | |
New Jersey (New Jersey Transit Corporation) EDA, | |||
5.00% due 11/1/2029 | 40,000 | 41,862 | |
Series B, 5.00% due 11/1/2023 | 2,500,000 | 2,527,062 | |
New Jersey (School Facilities Construction) EDA, | |||
5.00% due 6/15/2028 - 6/15/2029 | 5,030,000 | 5,251,659 | |
Series- II, 5.00% due 3/1/2025 | 775,000 | 775,512 | |
Series NN, 5.00% due 3/1/2024 - 3/1/2026 | 5,010,000 | 5,032,118 | |
Series UU, 5.00% due 6/15/2028 (pre-refunded 6/15/2024) | 7,930,000 | 8,159,367 | |
New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N-1, 5.50% due 9/1/2027 | 2,750,000 | 2,917,170 | |
c | New Jersey (Self Designated Social Bonds) EDA, Series QQQ, 5.00% due 6/15/2031 | 630,000 | 656,651 |
New Jersey (State of New Jersey Department of the Treasury) EDA, | |||
Series BBB, 5.50% due 6/15/2029 (pre-refunded 12/15/2026) | 1,000,000 | 1,086,583 | |
Series XX, 5.00% due 6/15/2026 | 1,140,000 | 1,168,147 | |
New Jersey Educational Facilities Authority (Ramapo College of New Jersey; Insured: AGM), Series A, 5.00% due 7/1/2030 - 7/1/2032 | 1,475,000 | 1,623,517 | |
New Jersey Health Care Facilities Financing Authority, 5.00% due 7/1/2024 (pre-refunded 1/1/2024) | 65,000 | 66,396 | |
New Jersey Health Care Facilities Financing Authority (Virtua Health Obligated Group), 5.00% due 7/1/2024 | 935,000 | 954,139 | |
New Jersey Health Care Facilities Financing Authority (Virtua Health Obligated Group) HFFA, 5.00% due 7/1/2023 | 535,000 | 541,860 |
32 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
New Jersey Transportation Trust Fund Authority, Series A, 5.00% due 6/15/2033 | $ 2,500,000 | $ 2,571,295 | |
New Jersey Transportation Trust Fund Authority (Transportation System), Series D, 5.00% due 6/15/2032 | 5,000,000 | 5,049,655 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), | |||
5.00% due 6/15/2023 - 6/15/2024 | 6,275,000 | 6,372,804 | |
Series A, 5.00% due 6/15/2024 | 950,000 | 970,197 | |
Series A-1, 5.00% due 6/15/2025 - 6/15/2027 | 30,535,000 | 31,806,362 | |
Series-A, 5.00% due 6/15/2028 | 4,240,000 | 4,413,781 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements; Insured: AMBAC), Series B, 5.25% due 12/15/2023 | 3,545,000 | 3,597,696 | |
New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), Series BB, 5.00% due 6/15/2031 | 770,000 | 802,735 | |
New Jersey Transportation Trust Fund Authority (Transportation System), | |||
5.00% due 12/15/2026 - 12/15/2027 | 9,685,000 | 10,042,351 | |
Series A, | |||
5.00% due 12/15/2025 - 6/15/2032 | 19,930,000 | 20,746,359 | |
5.25% due 12/15/2022 | 2,000,000 | 2,005,554 | |
Series BB-1, 5.00% due 6/15/2031 | 2,500,000 | 2,583,147 | |
State of New Jersey (COVID-19 GO Emergency Bonds) GO, | |||
Series A, | |||
4.00% due 6/1/2023 | 1,000,000 | 1,004,981 | |
5.00% due 6/1/2024 - 6/1/2029 | 10,215,000 | 10,916,091 | |
State of New Jersey GO, 5.00% due 6/1/2027 | 2,200,000 | 2,333,122 | |
New Mexico — 1.3% | |||
Albuquerque Bernalillo County Water Utility Authority, 4.00% due 7/1/2030 | 700,000 | 717,550 | |
Albuquerque Municipal School District No 12 (State Aid Withholding) GO, | |||
5.00% due 8/1/2028 | 1,000,000 | 1,082,523 | |
Series A, 5.00% due 8/1/2026 | 275,000 | 291,192 | |
Carlsbad Municipal School District (Educational Facilities) (State Aid Withholding) ETM GO, 5.00% due 8/1/2023 | 1,650,000 | 1,673,671 | |
City of Albuquerque (City Infrastructure Improvements) GO, Series A, 5.00% due 7/1/2023 | 1,360,000 | 1,380,008 | |
City of Farmington (Public Service Co. of New Mexico), | |||
a | Series A, 0.875% due 6/1/2040 (put 10/1/2026) | 2,000,000 | 1,722,278 |
a | Series B, 3.00% due 6/1/2040 (put 6/1/2024) | 5,000,000 | 4,880,135 |
a | Series C, 1.15% due 6/1/2040 (put 6/1/2024) | 4,500,000 | 4,260,631 |
a | Series D, 1.10% due 6/1/2040 (put 6/1/2023) | 11,500,000 | 11,255,257 |
County of Santa Fe (County Buildings & Facilities) GRT, Series A, 5.00% due 6/1/2025 | 1,250,000 | 1,305,904 | |
Lea County Public School District No 8 Eunice (State Aid Withholding) GO, | |||
4.00% due 9/15/2027 | 1,000,000 | 1,023,881 | |
5.00% due 9/15/2026 | 650,000 | 692,544 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), | |||
5.00% due 8/1/2024 - 8/1/2025 | 1,780,000 | 1,843,298 | |
5.00% due 8/1/2031 (pre-refunded 8/1/2025) | 500,000 | 523,084 | |
a | New Mexico Mortgage Finance Authority (JLG Central 217 LLLP), 0.53% due 11/1/2024 (put 5/1/2024) | 8,500,000 | 8,094,779 |
New Mexico Municipal Energy Acquisition Authority (Guaranty: Royal Bank of Canada), Series A, 4.00% due 11/1/2023 | 1,150,000 | 1,151,722 | |
New Mexico State University (Insured: BAM), Series A, 5.00% due 4/1/2029 | 1,645,000 | 1,761,139 | |
Rio Rancho Public School District No. 94 (State Aid Withholding) GO, Series A, 5.00% due 8/1/2026 | 1,085,000 | 1,154,486 | |
Santa Fe Public School District (State Aid Withholding) GO, 5.00% due 8/1/2029 - 8/1/2032 | 5,175,000 | 5,707,562 | |
Santa Fe Public School District GO, 4.00% due 8/1/2024 | 1,250,000 | 1,268,572 | |
New York — 6.0% | |||
City of New York (City Budget Financial Management) GO, | |||
Series G, 5.00% due 8/1/2023 | 9,520,000 | 9,654,137 | |
Series J, 5.00% due 8/1/2023 - 8/1/2024 | 33,130,000 | 33,920,533 | |
City of New York GO, | |||
Series B-1, 5.00% due 8/1/2032 | 2,000,000 | 2,224,178 | |
Series J, 5.00% due 8/1/2026 | 750,000 | 794,693 | |
City of Yonkers (Insured: AGM) GO, Series A, 5.00% due 2/15/2029 | 850,000 | 914,812 | |
County of Nassau (Insured: AGM) GO, Series A, 5.00% due 4/1/2028 | 1,000,000 | 1,083,857 | |
County of Suffolk (Insured: AGM) GO, Series B, 5.00% due 10/15/2026 | 1,000,000 | 1,058,704 | |
County of Suffolk (Insured: BAM) GO, Series D, 5.00% due 10/15/2025 | 1,500,000 | 1,569,473 | |
Long Island Power Authority, Series A, 5.00% due 9/1/2030 | 675,000 | 743,303 | |
Manchester-Shortsville Central School District (State Aid Withholding) GO, 4.00% due 8/17/2023 | 6,000,000 | 6,013,506 | |
Metropolitan Transportation Authority, | |||
Series A-1, 5.00% due 11/15/2025 | 1,265,000 | 1,297,556 | |
Series B, | |||
4.00% due 11/15/2026 | 1,660,000 | 1,655,828 | |
5.00% due 11/15/2028 | 1,230,000 | 1,266,968 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 33 |
Thornburg Limited Term Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Series C-1, | |||
5.00% due 11/15/2027 | $ 1,070,000 | $ 1,099,663 | |
5.25% due 11/15/2028 - 11/15/2029 | 16,100,000 | 16,588,611 | |
Series D-1, 5.00% due 11/15/2028 - 11/15/2029 | 4,990,000 | 5,097,740 | |
Series F, 5.00% due 11/15/2025 | 1,055,000 | 1,086,253 | |
Metropolitan Transportation Authority (Green Bond), | |||
Series A2, 5.00% due 11/15/2027 | 3,450,000 | 3,567,655 | |
Series B, 5.00% due 11/15/2025 - 11/15/2027 | 6,650,000 | 6,859,866 | |
Series C-1, 5.00% due 11/15/2024 - 11/15/2026 | 6,840,000 | 7,041,113 | |
a | Nassau County Local Economic Assistance Corp. (Park Lake Hempstead L.P.), 0.30% due 11/1/2024 (put 11/1/2023) | 4,000,000 | 3,832,272 |
New York City Municipal Water Finance Authority (New York City Water & Sewer System), Series DD, 5.00% due 6/15/2030 | 10,500,000 | 11,667,232 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
5.00% due 11/1/2024 - 11/1/2032 | 20,400,000 | 22,389,120 | |
Series A, 5.00% due 11/1/2031 | 7,980,000 | 8,752,217 | |
Series A1, 5.00% due 8/1/2031 - 8/1/2032 | 8,500,000 | 8,808,322 | |
Series B, 5.00% due 11/1/2032 | 2,500,000 | 2,761,728 | |
Series D, 5.00% due 11/1/2025 | 1,750,000 | 1,838,531 | |
Series F5, 5.00% due 2/1/2029 | 3,500,000 | 3,804,605 | |
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 | 2,656,303 | |
New York State Authority (State of New York Personal Income Tax Revenue), Series A1, 5.00% due 3/15/2030 | 5,000,000 | 5,463,850 | |
New York State Dormitory Authority, Series A, 5.00% due 3/15/2030 | 6,500,000 | 7,122,888 | |
New York State Dormitory Authority (Insured: BAM), Series A, 5.00% due 10/1/2032 | 3,500,000 | 3,806,939 | |
New York State Dormitory Authority (School Districts Financing Program) (State Aid Withholding), Series G, 5.00% due 10/1/2022 | 300,000 | 300,000 | |
New York State Dormitory Authority (School Districts Financing Program; Insured: AGC) (State Aid Withholding), Series B, 5.25% due 10/1/2023 | 140,000 | 140,216 | |
New York State Dormitory Authority (School Districts Financing Program; Insured: AGM) (State Aid Withholding), Series A, 5.00% due 10/1/2022 - 10/1/2024 | 6,300,000 | 6,421,145 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), Series A1, 5.00% due 3/15/2031 | 4,545,000 | 5,004,949 | |
New York State Dormitory Authority (State of New York Sales Tax Revenue), Series E, 5.00% due 3/15/2029 | 4,135,000 | 4,496,639 | |
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) | 13,640,000 | 13,518,699 |
New York State Thruway Authority, Series J, 5.00% due 1/1/2033 | 325,000 | 331,356 | |
New York State Thruway Authority (Governor Thomas E. Dewey Thruway), Series K, 5.00% due 1/1/2024 - 1/1/2025 | 3,000,000 | 3,093,776 | |
New York State Urban Development Corp., Series D, 5.00% due 3/15/2024 (pre-refunded 3/15/2023) | 1,000,000 | 1,008,316 | |
New York State Urban Development Corp. (State of New York Personal Income Tax Revenue), Series A, 4.00% due 3/15/2026 | 200,000 | 204,353 | |
State of New York Mortgage Agency, | |||
Series 223, | |||
1.85% due 4/1/2026 | 400,000 | 371,624 | |
1.90% due 10/1/2026 | 815,000 | 750,101 | |
1.95% due 4/1/2027 | 1,000,000 | 911,824 | |
2.00% due 10/1/2027 | 775,000 | 700,278 | |
2.05% due 4/1/2028 | 450,000 | 403,273 | |
2.25% due 4/1/2030 | 1,320,000 | 1,143,954 | |
2.30% due 10/1/2030 | 1,110,000 | 955,065 | |
Town of Oyster Bay (Insured: AGM) GO, 4.00% due 3/1/2027 | 800,000 | 821,541 | |
Town of Oyster Bay (Insured: BAM) GO, 4.00% due 11/1/2026 | 775,000 | 794,339 | |
a | Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue), Series A2, 2.00% due 5/15/2045 (put 5/15/2024) | 2,535,000 | 2,485,768 |
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) (Green Bond), Series D, 5.00% due 11/15/2029 - 11/15/2031 | 3,000,000 | 3,287,002 | |
Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels), Series C-1, 5.00% due 11/15/2026 | 4,000,000 | 4,266,992 | |
West Seneca Central School District (Insured: BAM) (State Aid Withholding) GO, 5.00% due 11/15/2022 | 1,000,000 | 1,002,422 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2024 - 7/1/2028 | 1,395,000 | 1,447,586 | |
North Carolina — 1.0% | |||
Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group), | |||
a | Series B, 1.95% due 1/15/2048 (put 11/1/2029) | 1,000,000 | 899,705 |
a | Series D, 5.00% due 1/15/2049 (put 12/1/2031) | 2,000,000 | 2,120,568 |
Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), Series A, 5.00% due 1/15/2023 - 1/15/2024 | 4,255,000 | 4,276,251 | |
City of Charlotte (Equipment Acquisition & Public Facilities) ETM COP, Series C, 5.00% due 12/1/2022 - 12/1/2025 | 6,840,000 | 7,005,397 | |
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 | 1,055,064 |
County of Buncombe (Primary, Middle School & Community College Facilities), Series A, 5.00% due 6/1/2023 - 6/1/2024 | 1,350,000 | 1,375,404 | |
County of Dare (Educational Facility Capital Projects), Series A, 5.00% due 6/1/2024 | 700,000 | 708,103 | |
County of Randolph, | |||
Series B, 5.00% due 10/1/2022 - 10/1/2023 | 2,495,000 | 2,503,987 | |
Series C, 5.00% due 10/1/2023 | 400,000 | 406,536 |
34 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
North Carolina Turnpike Authority, 5.00% due 1/1/2023 - 1/1/2029 | $13,130,000 | $ 13,606,802 | |
State of North Carolina, 5.00% due 3/1/2033 | 5,000,000 | 5,380,555 | |
Ohio — 3.6% | |||
Akron, Bath and Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.00% due 11/15/2028 - 11/15/2032 | 2,455,000 | 2,525,966 | |
American Municipal Power, Inc. (AMP Fremont Energy Center), 5.00% due 2/15/2029 - 2/15/2032 | 4,310,000 | 4,688,212 | |
Cincinnati City School District Board of Education (Educational Facilities; Insured: Natl-Re) GO, 5.25% due 12/1/2023 | 2,690,000 | 2,752,860 | |
City of Cleveland (Municipal Street System Improvements) GO, | |||
Series A, | |||
4.00% due 12/1/2022 - 12/1/2023 | 6,725,000 | 6,762,002 | |
5.00% due 12/1/2025 - 12/1/2026 | 7,165,000 | 7,539,498 | |
City of Cleveland (Parks & Recreation Facilities), | |||
Series A2, 5.00% due 11/15/2022 | 1,030,000 | 1,032,206 | |
Series A3, 5.00% due 10/1/2022 - 10/1/2023 | 1,230,000 | 1,240,905 | |
City of Cleveland (Public Facilities Improvements), Series B1, 5.00% due 10/1/2025 - 10/1/2028 | 2,855,000 | 3,049,565 | |
City of Cleveland (Public Facilities), Series A1, 5.00% due 10/1/2022 - 10/1/2023 | 2,060,000 | 2,079,992 | |
City of Cleveland Income Tax Revenue, Series A1, 4.00% due 10/1/2031 | 500,000 | 506,146 | |
City of Toledo (Water System Improvements), | |||
5.00% due 11/15/2022 | 3,255,000 | 3,261,715 | |
5.00% due 11/15/2023 (pre-refunded 5/15/2023) | 1,750,000 | 1,770,377 | |
City of Toledo OH Water System Revenue, 5.00% due 11/15/2031 | 1,000,000 | 1,094,111 | |
a | County of Allen OH Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.), Series B-2, 5.00% due 10/1/2051 (put 6/4/2030) | 10,000,000 | 10,667,180 |
County of Cuyahoga (Convention Hotel Project) COP, 5.00% due 12/1/2023 - 12/1/2024 | 17,160,000 | 17,595,147 | |
County of Hamilton Sales Tax Revenue, Series A, 5.00% due 12/1/2030 - 12/1/2032 | 825,000 | 916,321 | |
County of Scioto (Southern Ohio Medical Center), 5.00% due 2/15/2025 | 1,695,000 | 1,732,492 | |
Franklin County Convention Facilities Authority (Greater Columbus Convention Center) ETM, 5.00% due 12/1/2022 - 12/1/2024 | 1,500,000 | 1,537,661 | |
Northeast Ohio Medical University (Insured: BAM), 5.00% due 12/1/2029 - 12/1/2032 | 1,175,000 | 1,261,312 | |
a | Ohio Air Quality Development Authority (Duke Energy Corp.), Series B, 4.00% due 9/1/2030 (put 6/1/2027) | 4,000,000 | 3,932,524 |
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 | 2,051,903 |
Ohio Turnpike & Infrastructure Commission, Series A, 5.00% due 2/15/2027 - 2/15/2028 | 14,555,000 | 15,617,351 | |
Ohio Water Development Authority, Series A, 5.00% due 12/1/2030 | 1,000,000 | 1,052,939 | |
State of Ohio (Cleveland Clinic Health System Obligated Group), Series A, 5.00% due 1/1/2026 | 2,875,000 | 3,010,947 | |
State of Ohio (Major New Street Infrastructure Project), Series 2016-1, 5.00% due 12/15/2026 | 1,000,000 | 1,060,835 | |
a | State of Ohio (Republic Services, Inc.), 2.75% due 11/1/2035 (put 12/1/2022) | 14,000,000 | 14,000,000 |
State of Ohio GO, Series V, 5.00% due 5/1/2023 - 5/1/2028 | 24,310,000 | 25,667,280 | |
Union/Clermont County Township GO, 3.00% due 8/30/2023 | 4,000,000 | 3,981,844 | |
Youngstown City School District (Educational Facilities) (State Aid Withholding) GO, 4.00% due 12/1/2022 - 12/1/2023 | 3,505,000 | 3,507,345 | |
Oklahoma — 1.7% | |||
Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, 5.00% due 9/1/2027 | 1,000,000 | 1,055,967 | |
Cleveland County Educational Facilities Authority (Independent School District No 29 Norman), 5.00% due 6/1/2024 | 4,250,000 | 4,356,862 | |
Cleveland County Educational Facilities Authority (Moore Public Schools) ISD, | |||
4.00% due 6/1/2031 | 5,240,000 | 5,311,379 | |
5.00% due 6/1/2023 | 5,355,000 | 5,410,124 | |
Clinton Public Works Authority, 5.00% due 10/1/2029 - 10/1/2032 | 4,295,000 | 4,528,075 | |
Cushing Educational Facilities Authority (Payne County Independent School District No 67 Cushing), 5.00% due 9/1/2032 | 14,000,000 | 15,077,720 | |
Muskogee Industrial Trust (Muskogee County No. 20) ISD, 5.00% due 9/1/2024 - 9/1/2027 | 3,550,000 | 3,641,194 | |
Oklahoma (INTEGRIS Health) DFA, Series A, 5.00% due 8/15/2023 - 8/15/2025 | 3,725,000 | 3,804,862 | |
Oklahoma Capitol Improvement Authority (State Highway Capital Improvement), 5.00% due 7/1/2023 | 325,000 | 329,483 | |
Oklahoma County Finance Authority (Midwest City Public Service) ISD, 5.00% due 10/1/2022 - 10/1/2026 | 4,450,000 | 4,555,916 | |
Pontotoc County Educational Facilities Authority (ADA Public Schools Project), 4.00% due 9/1/2026 - 9/1/2032 | 2,125,000 | 2,120,343 | |
Rogers County Educational Facilities Authority (School District No 2 Catoosa), 5.00% due 9/1/2029 - 9/1/2032 | 12,000,000 | 12,965,965 | |
Tulsa County Industrial Authority, Series A, 4.00% due 9/1/2030 | 4,000,000 | 4,029,464 | |
Oregon — 0.6% | |||
Hillsboro School District No. 1J (School Capital Improvements) (State Aid Withholding) GO, 5.00% due 6/15/2025 - 6/15/2027 | 9,130,000 | 9,678,499 | |
a | Oregon Health & Science University (Obligated Group), Series B-2, 5.00% due 7/1/2046 (put 2/1/2032) | 11,780,000 | 12,607,710 |
Tri-County Metropolitan Transportation District of Oregon, Series A, 5.00% due 10/1/2028 | 2,845,000 | 3,034,352 | |
Pennsylvania — 7.4% | |||
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 | 1,995,120 | |
Allegheny County Hospital Development Authority (UPMC Obligated Group), Series A, 5.00% due 7/15/2025 - 7/15/2029 | 4,925,000 | 5,122,162 | |
Allegheny County Sanitary Authority (2015 Capital Project), 5.00% due 12/1/2023 - 12/1/2024 | 19,150,000 | 19,571,307 | |
Allegheny County Sanitary Authority (2015 Capital Project; Insured: BAM), 5.00% due 12/1/2025 | 1,000,000 | 1,054,962 | |
Allegheny County Sanitary Authority (Insured: BAM), 5.00% due 12/1/2029 | 2,830,000 | 2,981,841 | |
Altoona Area School District (State Aid Withholding) (Insured: AGM) GO ETM, 3.00% due 12/1/2022 | 1,335,000 | 1,334,682 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 35 |
Thornburg Limited Term Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Bethlehem Area School District Authority (State Aid Withholding), | |||
a | Series A, 2.347% (SOFR + 0.35%) due 1/1/2030 (put 11/1/2025) | $ 2,995,000 | $ 2,728,035 |
a | Series C, 2.347% (SOFR + 0.35%) due 1/1/2032 (put 11/1/2025) | 2,995,000 | 2,730,958 |
City of Philadelphia (Insured: AGM) GO, 5.00% due 8/1/2025 - 8/1/2027 | 28,685,000 | 30,417,895 | |
City of Philadelphia (Pennsylvania Gas Works), 5.00% due 8/1/2023 - 8/1/2025 | 11,150,000 | 11,394,926 | |
City of Philadelphia Airport Revenue, Series A, 5.00% due 7/1/2029 - 7/1/2030 | 1,750,000 | 1,888,129 | |
City of Philadelphia GO, Series A, 5.00% due 8/1/2025 | 10,710,000 | 11,159,177 | |
City of Philadelphia IDA, 5.00% due 5/1/2024 - 5/1/2028 | 2,975,000 | 3,121,491 | |
City of Philadelphia Water & Wastewater Revenue, | |||
5.00% due 10/1/2024 - 10/1/2026 | 5,455,000 | 5,709,342 | |
Series C, 5.00% due 10/1/2030 - 10/1/2032 | 1,000,000 | 1,106,598 | |
Commonwealth Financing Authority (Tobacco Master Settlement), 5.00% due 6/1/2023 | 930,000 | 940,649 | |
Commonwealth of Pennsylvania (Capital Facilities) GO, Series D, 5.00% due 8/15/2023 - 8/15/2025 | 39,450,000 | 40,599,071 | |
Commonwealth of Pennsylvania GO, 5.00% due 7/15/2030 | 12,930,000 | 14,184,921 | |
County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2022 - 11/15/2024 | 9,160,000 | 9,338,866 | |
Cumberland County Municipal Authority (Penn State Health Obligated Group), 5.00% due 11/1/2027 - 11/1/2029 | 3,150,000 | 3,334,692 | |
Economy Borough Municipal Authority (Beaver County Sewer System; Insured: BAM) ETM, 4.00% due 12/15/2022 | 1,180,000 | 1,181,951 | |
Geisinger Authority (Geisinger Health System Obligated group), | |||
a | Series B, 5.00% due 4/1/2043 (put 2/15/2027) | 10,090,000 | 10,519,985 |
a | Series C, 5.00% due 4/1/2043 (put 4/1/2030) | 3,475,000 | 3,697,880 |
Lancaster County Solid Waste Management Authority (Harrisburg Resource Recovery Facility), Series A, 5.25% due 12/15/2024 (pre-refunded 12/15/2023) | 4,770,000 | 4,882,801 | |
Lancaster County Solid Waste Management Authority (Harrisburg Resource Recovery Facility) ETM, Series A, 5.00% due 12/15/2023 | 2,680,000 | 2,734,018 | |
Luzerne County (Insured: AGM) IDA GO, 5.00% due 12/15/2022 - 12/15/2027 | 5,045,000 | 5,189,277 | |
Monroeville Finance Authority (UPMC Obligated Group), Series B, 5.00% due 2/15/2030 - 2/15/2031 | 2,500,000 | 2,624,430 | |
Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group), 5.00% due 9/1/2026 - 9/1/2029 | 3,575,000 | 3,715,392 | |
Pennsylvania (UPMC Obligated Group) EDFA, | |||
5.00% due 3/15/2026 | 220,000 | 227,321 | |
Series A, 5.00% due 11/15/2026 | 2,310,000 | 2,396,225 | |
Series A-1, 5.00% due 4/15/2024 - 4/15/2030 | 10,095,000 | 10,509,406 | |
a | Pennsylvania (Waste Management Obligated Group; Guaranty: Waste Management, Inc.) EDFA, 0.95% due 12/1/2033 (put 12/1/2026) | 19,000,000 | 16,637,825 |
Pennsylvania Higher Educational Facilities Authority (Shippensburg University Student Services, Inc. Student Housing) ETM, 4.00% due 10/1/2022 | 540,000 | 540,000 | |
Pennsylvania Higher Educational Facilities Authority (University of Pennsylvania Health System), 5.00% due 8/15/2027 | 1,000,000 | 1,073,724 | |
Pennsylvania Housing Finance Agency, Series 137, 5.00% due 4/1/2029 - 10/1/2029 | 675,000 | 720,974 | |
Pennsylvania Turnpike Commission, | |||
Series A-1, 5.00% due 12/1/2022 - 12/1/2027 | 5,050,000 | 5,305,134 | |
Series B, 5.00% due 12/1/2030 - 12/1/2032 | 1,025,000 | 1,122,648 | |
Philadelphia Gas Works Co (Insured AGM), Series A, 5.00% due 8/1/2032 | 1,000,000 | 1,074,102 | |
Philadelphia Gas Works Co. (Insured: AGM), Series A, 5.00% due 8/1/2027 - 8/1/2031 | 2,150,000 | 2,312,089 | |
Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2023 - 4/1/2027 | 6,125,000 | 6,334,842 | |
Pittsburgh Water & Sewer Authority (Insured: AGM), | |||
Series B, | |||
5.00% due 9/1/2029 - 9/1/2030 | 895,000 | 974,135 | |
c | 5.00% due 9/1/2031 | 350,000 | 381,506 |
Pittsburgh Water and Sewer Authority, | |||
Series A, 5.00% due 9/1/2024 | 7,365,000 | 7,474,429 | |
Series B, 5.00% due 9/1/2024 (pre-refunded 9/1/2023) | 2,395,000 | 2,433,251 | |
Pittsburgh Water and Sewer Authority ETM, Series B, 5.00% due 9/1/2023 | 2,520,000 | 2,559,214 | |
Plum Borough School District (Insured: BAM) (State Aid Withholding) GO, | |||
Series A, 5.00% due 9/15/2023 - 9/15/2024 | 3,380,000 | 3,432,850 | |
Series B, 5.00% due 9/15/2023 | 470,000 | 477,387 | |
School District of Philadelphia (State Aid Withholding) (Green Bond) GO, Series B, 5.00% due 9/1/2027 | 800,000 | 836,512 | |
School District of Philadelphia (State Aid Withholding) GO, Series A, 5.00% due 9/1/2023 - 9/1/2028 | 3,405,000 | 3,533,489 | |
Southeastern Pennsylvania Transportation Authority, 5.00% due 6/1/2023 - 6/1/2028 | 7,205,000 | 7,644,205 | |
Sports & Exhibition Authority of Pittsburgh and Allegheny County (Allegheny County Hotel Room Excise Tax Revenue; Insured AGM), Series A, 5.00% due 2/1/2033 | 4,000,000 | 4,276,496 | |
Sports & Exhibition Authority of Pittsburgh and Allegheny County (Allegheny County Hotel Room Excise Tax Revenue; Insured: AGM), | |||
Series A, | |||
4.00% due 2/1/2024 | 1,800,000 | 1,817,748 | |
5.00% due 2/1/2032 | 3,305,000 | 3,539,275 | |
State Public School Building Authority (Insured: AGM) (State Aid Withholding), Series A, 5.00% due 6/1/2030 | 3,550,000 | 3,708,642 | |
Rhode Island — 0.5% | |||
Rhode Island Clean Water Finance Agency (Public Drinking Water Supply or Treatment Facilities), Series B, 5.00% due 10/1/2022 - 10/1/2023 | 4,660,000 | 4,702,861 |
36 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Rhode Island Health and Educational Building Corp. (Providence College), Series B, 5.00% due 11/1/2028 - 11/1/2029 | $ 655,000 | $ 735,580 | |
Rhode Island Health and Educational Building Corp. (University of Rhode Island Auxiliary Enterprise), Series C, 5.00% due 9/15/2023 | 1,400,000 | 1,422,480 | |
Rhode Island Health and Educational Building Corp. (University of Rhode Island), Series B, 5.00% due 9/15/2025 | 500,000 | 522,979 | |
Rhode Island Housing and Mortgage Finance Corp, Series 76-A, 5.00% due 4/1/2028 - 10/1/2029 | 455,000 | 483,268 | |
State of Rhode Island and Providence Plantations (Consolidated Capital Development Loan) GO, Series B, 4.00% due 10/15/2022 | 1,000,000 | 1,000,275 | |
State of Rhode Island and Providence Plantations (Information Technology) COP, Series C, 5.00% due 11/1/2024 | 3,010,000 | 3,108,283 | |
State of Rhode Island and Providence Plantations (Kent County Courthouse) COP, Series A, 5.00% due 10/1/2022 - 10/1/2023 | 3,600,000 | 3,624,574 | |
State of Rhode Island and Providence Plantations (Training School) COP, Series B, 5.00% due 10/1/2022 - 10/1/2023 | 5,325,000 | 5,352,933 | |
South Carolina — 0.5% | |||
Beaufort-Jasper Water & Sewer Authority (Waterworks & Sewer System), Series B, 5.00% due 3/1/2023 - 3/1/2025 | 3,000,000 | 3,073,239 | |
Berkeley County School District (School Facility Equipment Acquisition), 5.00% due 12/1/2024 | 2,000,000 | 2,070,642 | |
City of Charleston Public Facilities Corp. (City of Charleston Project), Series A, 5.00% due 9/1/2023 - 9/1/2025 | 1,275,000 | 1,323,899 | |
County of Charleston (South Aviation Avenue Construction), 5.00% due 12/1/2022 - 12/1/2023 | 4,270,000 | 4,323,654 | |
a | Patriots Energy Group Financing Agency (Guaranty: Royal Bank of Canada), Series A, 4.00% due 10/1/2048 (put 2/1/2024) | 6,755,000 | 6,771,016 |
SCAGO Educational Facilities Corp. (School District of Pickens County), 5.00% due 12/1/2022 - 12/1/2025 | 3,510,000 | 3,601,858 | |
South Dakota — 0.2% | |||
County of Lawrence (Insured: AGM) COP, | |||
4.00% due 12/1/2032 | 460,000 | 456,142 | |
5.00% due 12/1/2025 - 12/1/2029 | 310,000 | 332,247 | |
South Dakota Building Authority, Series B, 5.00% due 6/1/2024 (pre-refunded 6/1/2023) | 1,000,000 | 1,012,803 | |
South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group), | |||
5.00% due 9/1/2028 | 1,500,000 | 1,571,201 | |
Series A, 5.00% due 9/1/2026 | 1,000,000 | 1,040,196 | |
South Dakota Health & Educational Facilities Authority (Sanford Health), 5.00% due 11/1/2022 - 11/1/2025 | 2,475,000 | 2,522,164 | |
Tennessee — 0.7% | |||
Shelby County Health Educational & Housing Facilities Board (Methodist Le Bonheur Obligated Group), Series A, 5.00% due 5/1/2029 | 1,990,000 | 2,088,449 | |
a | Tennergy Corp. (Guaranty: Morgan Stanley Group), Series A, 4.00% due 12/1/2051 (put 9/1/2028) | 3,610,000 | 3,476,773 |
Tennessee Energy Acquisition Corp. (The Gas Project; Guaranty: Goldman Sachs Group, Inc.), Series A, 5.25% due 9/1/2023 | 1,115,000 | 1,122,458 | |
a | Tennessee Energy Acquisition Corp. (The Tennessee Energy Acquisition Corp.; Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 5/1/2052 (put 11/1/2031) | 23,000,000 | 22,968,605 |
Texas — 14.0% | |||
Amarillo Junior College District GO, 5.00% due 2/15/2030 | 2,325,000 | 2,569,706 | |
Arlington Higher Education Finance Corp (Riverwalk Education Foundation, Inc.) (Insured: PSF-GTD), 5.00% due 8/15/2029 - 8/15/2032 | 1,130,000 | 1,233,176 | |
Austin (Insured: PSF-GTD) ISD GO, Series B, 5.00% due 8/1/2032 | 3,530,000 | 3,929,871 | |
Bexar County Hospital District (University Health System) GO, 5.00% due 2/15/2023 - 2/15/2027 | 6,105,000 | 6,337,706 | |
a | Boerne School District (Insured: PSF-GTD) ISD GO, 2.80% due 12/1/2051 (put 12/1/2023) | 4,000,000 | 3,967,860 |
City of Beaumont (Waterworks & Sewer System Improvements; Insured: AGM), Series A, 5.00% due 9/1/2023 - 9/1/2024 | 7,500,000 | 7,618,142 | |
City of Beaumont GO, 5.00% due 3/1/2023 - 3/1/2026 | 2,930,000 | 3,043,125 | |
City of Brownsville (Water, Wastewater & Electric Utilities Systems), Series A, 5.00% due 9/1/2023 | 2,380,000 | 2,415,669 | |
City of Bryan (Electric System Improvements), Series B, 5.00% due 7/1/2026 | 535,000 | 563,112 | |
City of Bryan Electric System Revenue (Insured: AGM), Series A, 5.00% due 7/1/2027 - 7/1/2028 | 500,000 | 533,870 | |
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2025 | 3,000,000 | 3,120,228 | |
City of Dallas (Trinity River Corridor Infrastructure) GO, | |||
5.00% due 2/15/2024 - 2/15/2026 | 20,640,000 | 21,135,055 | |
Series A, 5.00% due 2/15/2024 | 10,235,000 | 10,306,062 | |
City of Dallas GO, Series A, 5.00% due 2/15/2028 | 1,325,000 | 1,431,445 | |
City of El Paso GO, | |||
Series B, 5.00% due 8/15/2029 - 8/15/2031 | 1,075,000 | 1,175,645 | |
Series C, 5.00% due 8/15/2028 - 8/15/2031 | 1,615,000 | 1,763,229 | |
City of Houston (Airport System), | |||
Series B, 5.00% due 7/1/2025 - 7/1/2028 | 9,105,000 | 9,635,328 | |
Series D, 5.00% due 7/1/2027 | 3,355,000 | 3,578,352 | |
City of Houston (Combined Utility System), | |||
Series C, 5.00% due 5/15/2023 - 5/15/2024 | 11,695,000 | 11,947,917 | |
Series D, 5.00% due 11/15/2022 - 11/15/2024 | 17,535,000 | 17,832,559 | |
City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2023 - 3/1/2028 | 48,505,000 | 50,535,477 | |
City of Houston GO, Series A, 5.00% due 3/1/2031 | 2,635,000 | 2,854,380 | |
City of Laredo (Acquire & Purchase Personal Property) GO, 5.00% due 2/15/2023 - 2/15/2026 | 3,695,000 | 3,809,401 | |
City of Laredo (City Infrastructure Improvements) GO, Series A, 5.00% due 2/15/2023 - 2/15/2027 | 2,600,000 | 2,703,822 | |
City of Laredo (Sports Venues; Insured: AGM) ETM, 5.00% due 3/15/2023 - 3/15/2024 | 1,800,000 | 1,818,341 | |
City of Lubbock (Waterworks System) GO, 5.00% due 2/15/2023 - 2/15/2025 | 27,040,000 | 27,899,310 | |
City of McAllen (International Toll Bridge System; Insured: AGM), Series A, 5.00% due 3/1/2024 - 3/1/2027 | 3,015,000 | 3,123,600 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 37 |
Thornburg Limited Term Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
City of San Antonio (Public Facilities Corp.), 5.00% due 9/15/2032 | $ 2,155,000 | $ 2,361,281 | |
City of San Antonio (San Antonio Water System), Series A, 5.00% due 5/15/2023 - 5/15/2026 | 4,125,000 | 4,262,554 | |
a | City of San Antonio Electric & Gas Systems Revenue, Series A, 1.75% due 2/1/2033 (put 12/1/2024) | 6,995,000 | 6,773,000 |
City of San Antonio TX Electric & Gas Systems Revenue, | |||
a | 1.75% due 2/1/2049 (put 12/1/2025) | 3,755,000 | 3,577,711 |
5.25% due 2/1/2025 | 1,000,000 | 1,043,277 | |
City of San Antonio TX Electric & Gas Systems Revenue (CPS Energy), 5.25% due 2/1/2024 | 7,100,000 | 7,282,165 | |
Clifton Higher Education Finance Corp. (Idea Public Schools), 5.00% due 8/15/2023 | 295,000 | 298,484 | |
Clifton Higher Education Finance Corp. (Idea Public Schools) (Insured: PSF-GTD), Series T, 5.00% due 8/15/2027 - 8/15/2032 | 1,850,000 | 2,017,833 | |
Cotulla ISD (Insured PSF-GTD) GO, 5.00% due 2/15/2032 | 1,115,000 | 1,232,620 | |
Cotulla ISD (Insured: PSF-GTD) GO, 5.00% due 2/15/2029 - 2/15/2033 | 3,910,000 | 4,295,160 | |
County of Harris (Tax Road) GO, Series A, 5.00% due 10/1/2025 - 10/1/2028 | 8,985,000 | 9,637,151 | |
County of Harris (Texas Permanent Improvement) GO, Series A, 5.00% due 10/1/2025 - 10/1/2027 | 11,565,000 | 12,392,419 | |
County of Harris GO, Series A, 5.00% due 10/1/2026 | 250,000 | 266,334 | |
County of Hays GO, 5.00% due 2/15/2023 - 2/15/2025 | 3,300,000 | 3,364,056 | |
County of La Salle (Insured: AGM) GO, 5.00% due 3/1/2023 - 3/1/2028 | 18,075,000 | 18,857,157 | |
Dallas County Utility & Reclamation District GO, 5.00% due 2/15/2023 - 2/15/2027 | 10,005,000 | 10,476,781 | |
Dallas Fort Worth International Airport, Series A, 5.00% due 11/1/2027 | 1,000,000 | 1,071,004 | |
Denton (Insured: PSF-GTD) ISD GO, | |||
a | 2.00% due 8/1/2043 (put 8/1/2023) | 700,000 | 694,219 |
a | Series B, 2.00% due 8/1/2044 (pre-refunded 8/1/2024) | 340,000 | 332,506 |
a | Fort Bend (Insured: PSF-GTD) ISD GO, Series B, 3.00% due 8/1/2052 (put 8/1/2023) | 7,000,000 | 6,995,660 |
Greater Texas Cultural Education Facilities Finance Corp., 5.00% due 3/1/2027 | 400,000 | 422,850 | |
Gulf Coast Waste Disposal Authority (Bayport Area Wastewater Treatment System; Insured: AGM), 5.00% due 10/1/2022 - 10/1/2025 | 3,485,000 | 3,557,211 | |
Harris County (Flood Control) GO, Series A, 5.00% due 10/1/2025 - 10/1/2027 | 14,305,000 | 15,333,587 | |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health), | |||
a | 5.00% due 6/1/2032 (put 12/1/2026) | 1,300,000 | 1,368,169 |
Series A, 5.00% due 12/1/2022 - 12/1/2025 | 6,445,000 | 6,632,765 | |
a | Series B, 5.00% due 6/1/2050 (put 12/1/2028) | 2,250,000 | 2,406,332 |
Harris County Cultural Education Facilities Finance Corp. (TECO Project), 5.00% due 11/15/2023 - 11/15/2027 | 5,300,000 | 5,568,848 | |
a | Harris County Cultural Education Facilities Finance Corp. (Texas Children’s Hospital Obligated Group), 5.00% due 10/1/2051 (put 10/1/2031) | 7,000,000 | 7,604,422 |
Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center), Series A, 5.00% due 5/15/2026 - 5/15/2029 | 8,250,000 | 8,568,800 | |
Harris County-Houston Sports Authority (Insured: AGM), Series A, 5.00% due 11/15/2022 - 11/15/2024 | 18,995,000 | 19,376,941 | |
Harris County-Houston Sports Authority (Insured: AGM) ETM, Series A, 5.00% due 11/15/2022 | 4,320,000 | 4,328,757 | |
a | Houston (Insured: PSF-GTD) ISD GO, Series B, 3.00% due 6/1/2036 (put 6/1/2024) | 1,500,000 | 1,484,359 |
a | Houston Housing Finance Corp (Sunset Gardens Preservation LP), 4.00% due 10/1/2025 (put 10/1/2024) | 6,000,000 | 6,052,404 |
Katy (Educational Facilities Improvements; Insured: PSF-GTD) ISD GO, Series A, 5.00% due 2/15/2024 - 2/15/2026 | 8,170,000 | 8,513,323 | |
Keller (Insured: PSF-GTD) ISD GO, Series A, 5.00% due 8/15/2023 | 1,715,000 | 1,741,608 | |
Laredo Community College District (School Facilities Improvements) GO, 5.00% due 8/1/2023 - 8/1/2024 | 1,325,000 | 1,355,402 | |
Lower Colorado River Authority, 5.00% due 5/15/2024 | 725,000 | 743,783 | |
Lower Colorado River Authority (Insured: AGM), 5.00% due 5/15/2031 - 5/15/2032 | 8,000,000 | 8,766,353 | |
Lower Colorado River Authority (LCRA Transmission Services Corp.), | |||
5.00% due 5/15/2030 - 5/15/2032 | 1,390,000 | 1,512,565 | |
Series A, | |||
d | 5.00% due 5/15/2031 - 5/15/2032 | 900,000 | 984,585 |
d | 5.25% due 5/15/2033 | 350,000 | 387,266 |
Lubbock Electric Light & Power System Revenue, 5.00% due 4/15/2032 | 1,000,000 | 1,084,012 | |
Metropolitan Transit Authority of Harris County, | |||
5.00% due 11/1/2022 - 11/1/2028 | 18,750,000 | 19,799,961 | |
Series D, 5.00% due 11/1/2022 - 11/1/2027 | 7,355,000 | 7,635,178 | |
North East Independent School District (Insured: PSF-GTD) ISD GO, | |||
a | 2.20% due 8/1/2049 (put 8/1/2024) | 3,000,000 | 2,947,461 |
a | Series C, 2.05% due 8/1/2046 (put 8/1/2023) | 4,200,000 | 4,163,481 |
North Fort Bend Water Authority, Series B, 5.00% due 12/15/2029 | 1,130,000 | 1,229,503 | |
North Fort Bend Water Authority (Insured: BAM), 5.00% due 12/15/2029 | 450,000 | 495,360 | |
North Harris County Regional Water Authority (Regional Water Production Design, Acquisition and Construction), 5.00% due 12/15/2023 - 12/15/2026 | 4,490,000 | 4,702,298 | |
North Texas Tollway Authority (North Texas Tollway System), Series A, 5.00% due 1/1/2026 - 1/1/2029 | 4,900,000 | 5,265,696 | |
Rio Grande City (Insured: PSF-GTD) ISD GO, 5.00% due 8/15/2026 | 750,000 | 796,222 | |
Round Rock (Educational Facilities Improvements) ISD GO, 5.00% due 8/1/2026 - 8/1/2027 | 2,100,000 | 2,249,457 | |
Round Rock (Educational Facilities Improvements; Insured: PSF-GTD) ISD GO, | |||
5.00% due 8/1/2026 | 1,575,000 | 1,651,517 | |
5.00% due 8/1/2028 - 8/1/2029 (pre-refunded 8/1/2025) | 5,820,000 | 6,083,605 |
38 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
a | San Antonio Housing Trust Finance Corp. (Arbors at West Avenue L.P.), 1.45% due 3/1/2026 (put 3/1/2025) | $ 1,500,000 | $ 1,436,691 |
a | San Antonio Housing Trust Public Facility Corp. (PV Country Club Village LP), 4.00% due 8/1/2026 (put 8/1/2025) | 3,000,000 | 3,037,260 |
Stephen F Austin State University, 5.00% due 10/15/2023 - 10/15/2029 | 4,320,000 | 4,538,863 | |
Tarrant County College District GO, 5.00% due 8/15/2032 | 2,500,000 | 2,808,875 | |
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health Obligated Group), Series B, 5.00% due 7/1/2032 | 1,135,000 | 1,194,847 | |
a | Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health Obligated Group), Series A, 5.00% due 7/1/2053 (put 7/1/2032) | 2,000,000 | 2,146,764 |
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas Obligated Group), 5.00% due 10/1/2030 - 10/1/2031 | 1,770,000 | 1,947,286 | |
Tarrant Regional Water District, Series A, 5.00% due 3/1/2023 - 3/1/2027 | 7,200,000 | 7,517,370 | |
Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2022 - 12/15/2032 | 41,335,000 | 42,450,335 | |
Texas State University System, | |||
Series A, | |||
4.00% due 3/15/2032 | 1,050,000 | 1,066,775 | |
5.00% due 3/15/2028 - 3/15/2030 | 13,090,000 | 14,326,677 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2023 - 8/15/2024 | 1,730,000 | 1,759,740 | |
Texas Transportation Commission (Highway Improvements) GO, Series A, 5.00% due 4/1/2023 - 4/1/2024 | 7,500,000 | 7,635,039 | |
Texas Transportation Commission State Highway Fund, Series A, 5.00% due 4/1/2024 | 1,650,000 | 1,696,068 | |
Walnut Creek Special Utility District (Water System Improvements; Insured: BAM), 5.00% due 1/10/2024 | 750,000 | 766,026 | |
Utah — 0.9% | |||
University of Utah, Series A-1, 5.00% due 8/1/2031 | 500,000 | 557,077 | |
Utah State Board of Regents (Insured: Natl-Re), Series A, 5.50% due 4/1/2029 | 30,365,000 | 33,404,202 | |
Utah Transit Authority (Integrated Mass Transit System), Series A, 5.00% due 6/15/2023 - 6/15/2025 | 2,835,000 | 2,933,954 | |
Virginia — 1.0% | |||
County of Fairfax (State Aid Withholding) GO, Series A, 4.50% due 10/1/2027 | 4,975,000 | 5,270,823 | |
a | Halifax County IDA, 1.65% due 12/1/2041 (put 5/31/2024) | 2,000,000 | 1,936,284 |
a | Roanoke (Carilion Clinic Obligated Group) EDA, 5.00% due 7/1/2053 (put 7/1/2030) | 12,960,000 | 14,027,917 |
Virginia College Building Authority, Series A, 5.00% due 2/1/2029 | 3,165,000 | 3,467,504 | |
Virginia Commonwealth Transportation Board, 5.00% due 9/15/2028 | 3,945,000 | 4,247,029 | |
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2025 - 1/1/2033 | 6,185,000 | 6,503,486 | |
a | Wise County (Virginia Electric and Power Co.) IDA, Series A, 1.20% due 11/1/2040 (put 5/31/2024) | 5,155,000 | 4,923,283 |
Washington — 2.7% | |||
d | Clark County Public Utility District No. 1, 5.00% due 1/1/2028 | 500,000 | 535,467 |
Clark County School District No 37 Vancouver (State Aid Withholding) GO, 5.00% due 12/1/2026 | 900,000 | 962,805 | |
Energy Northwest (Nine Canyon Wind Project Phase I-III), 5.00% due 7/1/2023 - 7/1/2025 | 1,850,000 | 1,898,311 | |
King County Housing Authority, | |||
2.00% due 12/1/2023 | 800,000 | 786,314 | |
3.00% due 6/1/2024 - 12/1/2025 | 3,285,000 | 3,239,959 | |
4.00% due 6/1/2026 - 12/1/2031 | 3,230,000 | 3,226,942 | |
Marysville School District No. 25 (Snohomish County Educational Facilities) (State Aid Withholding) GO, 5.00% due 12/1/2022 - 12/1/2023 | 4,320,000 | 4,349,363 | |
Skagit County Public Hospital District No. 1 (Skagit Regional Health) ETM, Series A, 5.00% due 12/1/2022 - 12/1/2023 | 1,250,000 | 1,266,048 | |
Skagit County Public Hospital District No. 1 (Skagit Regional Health) GO, 5.00% due 12/1/2022 | 3,635,000 | 3,646,105 | |
Skagit County Public Hospital District No. 2 (Island Hospital) GO, 5.00% due 12/1/2022 | 1,700,000 | 1,705,193 | |
State of Washington (Capital Projects) GO, Series R-G, 5.00% due 7/1/2025 | 10,475,000 | 10,880,634 | |
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 | 18,762,920 | |
State of Washington (Various Purposes) GO, Series C, 5.00% due 2/1/2025 - 2/1/2029 | 45,385,000 | 48,740,748 | |
State of Washington GO, 5.00% due 6/1/2025 - 6/1/2030 | 4,900,000 | 5,283,486 | |
Washington Health Care Facilities Authority (Providence St Joseph Health Obligated Group), Series B, 5.00% due 10/1/2031 | 2,500,000 | 2,653,100 | |
West Virginia — 0.4% | |||
County of Mason (Appalachian Power Co.), Series L, 2.75% due 10/1/2022 | 15,000,000 | 15,000,000 | |
Wisconsin — 1.8% | |||
County of Waushara GO, Series A, 4.50% due 6/1/2027 | 4,000,000 | 4,106,352 | |
Public Finance Authority, 4.00% due 1/1/2023 - 1/1/2032 | 7,145,000 | 7,098,401 | |
a | Public Finance Authority (Duke Energy Progress, LLC), Series A-1, 3.30% due 10/1/2046 (put 10/1/2026) | 11,000,000 | 10,826,926 |
a | Public Finance Authority (Providence St. Joseph Health Obligated Group), Series C, 4.00% due 10/1/2041 (put 10/1/2030) | 4,000,000 | 3,967,860 |
Public Finance Authority (Renown Regional Medical Center), Series A, 5.00% due 6/1/2027 - 6/1/2030 | 3,095,000 | 3,266,276 | |
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group), | |||
a | Series B-2, 5.00% due 8/15/2054 (put 1/25/2023) | 10,485,000 | 10,533,021 |
a | Series B-4, 5.00% due 8/15/2054 (put 1/29/2025) | 16,065,000 | 16,540,026 |
Wisconsin Health & Educational Facilities Authority (Ascension Health Alliance System), Series A, 5.00% due 11/15/2025 - 11/15/2026 | 3,235,000 | 3,401,180 | |
Wisconsin Health & Educational Facilities Authority (Marquette University), 5.00% due 10/1/2023 - 10/1/2026 | 1,575,000 | 1,649,160 | |
Wisconsin Health & Educational Facilities Authority (UnityPoint Health), Series A, 5.00% due 12/1/2022 | 1,000,000 | 1,002,008 | |
Wisconsin Housing (Collateralized: FNMA) EDA, | |||
Series C, |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 39 |
Thornburg Limited Term Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
1.65% due 9/1/2026 | $ 1,615,000 | $ 1,486,507 | |
1.75% due 9/1/2027 | 1,645,000 | 1,479,210 | |
1.80% due 3/1/2028 | 1,660,000 | 1,478,079 | |
1.95% due 3/1/2029 | 1,695,000 | ���1,484,069 | |
a | Wisconsin Housing EDA, Series B, 0.50% due 11/1/2050 (put 11/1/2024) | 1,500,000 | 1,405,857 |
WPPI Energy, Series A, 5.00% due 7/1/2024 - 7/1/2028 | 1,325,000 | 1,386,681 | |
Total Long-Term Municipal Bonds — 95.0% (Cost $3,927,034,781) | 3,812,632,757 | ||
Short-Term Municipal Bonds — 3.9% | |||
Alabama — 0.8% | |||
a | City of Mobile Alabama (Alabama Power Co.) IDB, 2.90% due 6/1/2034 (put 10/3/2022) | 34,250,000 | 34,250,000 |
California — 0.7% | |||
Deutsche Bank Spears/Lifers Trust (LOC Deutsche Bank A.G.), | |||
a,b | Series DBE-8082, 2.86% due 10/1/2058 (put 10/7/2022) | 19,000,000 | 19,000,000 |
a,b | Series DBE-8087, 2.86% due 10/1/2058 (put 10/7/2022) | 9,480,000 | 9,480,000 |
Florida — 0.2% | |||
a | City of Gainesville FL Utilities System Revenue (SPA Barclays Bank plc), Series C, 2.95% due 10/1/2026 (put 10/3/2022) | 1,200,000 | 1,200,000 |
a | City of Gainesville Utilities System Revenue (SPA Barclays Bank plc), Series B, 2.95% due 10/1/2042 (put 10/3/2022) | 1,805,000 | 1,805,000 |
a,b | Deutsche Bank Spears/Lifers Trust (LOC Deutsche Bank A.G.), Series DBE-8083, 2.86% due 7/1/2061 (put 10/7/2022) | 6,500,000 | 6,500,000 |
Minnesota — 0.3% | |||
Tender Option Bond Trust Receipts/Certificates (Guaranty: Deutsche Bank A.G.), | |||
a,b | Series 2021-XF1129, 2.71% due 6/1/2064 (put 10/7/2022) | 7,275,000 | 7,275,000 |
a,b | Series 2021-XF1130, 2.71% due 12/1/2061 (put 10/7/2022) | 4,775,000 | 4,775,000 |
Nevada — 0.2% | |||
a,b | Tender Option Bond Trust Receipts/Certificates (Guaranty: Deutsche Bank A.G.), Series 2021-XF1120, 2.71% due 11/1/2061 (put 10/7/2022) | 7,335,000 | 7,335,000 |
Ohio — 0.2% | |||
a,b | Tender Option Bond Trust Receipts/Certificates (LOC: Deutsche Bank A.G.), Series 2021-XF1132, 2.71% due 12/1/2061 (put 10/7/2022) | 7,200,000 | 7,200,000 |
Oregon — 0.1% | |||
a,b | Tender Option Bond Trust Receipts/Certificates (Guaranty: Deutsche Bank A.G.), Series 2021-XF1123, 2.71% due 10/1/2061 (put 10/7/2022) | 4,930,000 | 4,930,000 |
Pennsylvania — 0.4% | |||
a,b | Deutsche Bank Spears/Lifers Trust (Guaranty: Deutsche Bank A.G.), Series DBE-8086, 2.86% due 2/1/2043 (put 10/7/2022) | 14,576,087 | 14,576,087 |
Tennessee — 0.1% | |||
a,b | Tender Option Bond Trust Receipts/Certificates (LOC: Deutsche Bank A.G.), Series 2022-XF1137, 2.71% due 12/1/2051 (put 10/7/2022) | 4,045,000 | 4,045,000 |
Texas — 0.9% | |||
Metropolitan Transit Authority of Harris County, 1.80% due 11/16/2022 | 15,850,000 | 15,850,000 | |
a,b | Tender Option Bond Trust Receipts/Certificates (Guaranty: Deutsche Bank A.G.), Series 2021-XF1109, 2.71% due 7/1/2061 (put 10/7/2022) | 12,000,000 | 12,000,000 |
a,b | Tender Option Bond Trust Receipts/Certificates (LOC: Deutsche Bank A.G.), Series 2021-XF1102, 2.71% due 7/1/2061 (put 10/7/2022) | 7,750,000 | 7,750,000 |
Total Short-Term Municipal Bonds — 3.9% (Cost $157,971,087) | 157,971,087 | ||
Total Investments — 98.9% (Cost $4,085,005,868) | $3,970,603,844 | ||
Other Assets Less Liabilities — 1.1% | 42,348,737 | ||
Net Assets — 100.0% | $4,012,952,581 |
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, 2022. |
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, 2022, the aggregate value of these securities in the Fund’s portfolio was $124,818,128, representing 3.11% of the Fund’s net assets. |
c | Segregated as collateral for a when-issued security. |
d | When-issued security. |
To simplify the listings of securities, abbreviations are used per the table below:
AGC | Insured by Assured Guaranty Corp. |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMBAC | Insured by American Municipal Bond Assurance Corp. |
BAM | Insured by Build America Mutual Insurance Co. |
BHAC-CR | Berkshire Hathaway Assurance Corp. Custodial Receipts |
CDC | Community Development Commission |
COP | Certificates of Participation |
DFA | Development Finance Authority/Agency |
40 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
EDA | Economic Development Authority |
EDFA | Economic Development Financing Authority |
ETM | Escrowed to Maturity |
FGIC | Insured by Financial Guaranty Insurance Co. |
FHLMC | Collateralized 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 |
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 |
SOFR | Secured Overnight Financing Rate |
SPA | Stand-by Purchase Agreement |
USD | Unified School District |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 41 |
Thornburg California Limited Term Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
LONG-TERM MUNICIPAL BONDS — 94.1% | |||
Alameda County Joint Powers Authority (Alameda County Medical Center Highland Hospital), Series A, 5.00% due 12/1/2024 | $2,500,000 | $ 2,553,652 | |
Apple Valley Public Financing Authority (Insured: BAM), Series A, 4.00% due 6/1/2028 | 460,000 | 473,062 | |
Bay Area Toll Authority (San Francisco Bay Area Toll Bridge), | |||
a | Series A, 2.95% due 4/1/2047 (put 4/1/2026) | 4,705,000 | 4,548,568 |
a | Series E, 2.87% (MUNIPSA + 0.41%) due 4/1/2056 (put 4/1/2028) | 3,500,000 | 3,452,081 |
a | Series G, 2.00% due 4/1/2053 (put 4/1/2024) | 1,500,000 | 1,456,931 |
Brentwood Infrastructure Financing Authority (Residential Single Family Development; Insured: AGM), Series A, 5.00% due 9/2/2023 | 2,685,000 | 2,726,964 | |
California (Adventist Health System/West Obligated Group) HFFA, Series A, 4.00% due 3/1/2026 | 820,000 | 822,647 | |
California (Cedars-Sinai Medical Center Obligated Group) HFFA, 5.00% due 11/15/2022 | 300,000 | 300,639 | |
California (Children’s Hospital Los Angeles Obligated Group) HFFA, Series A, 5.00% due 8/15/2030 | 2,640,000 | 2,689,371 | |
California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 11/15/2023 | 1,835,000 | 1,837,494 | |
California (Children’s Hospital of Orange County Obligated Group) HFFA, 5.00% due 11/1/2023 - 11/1/2028 | 3,825,000 | 4,013,156 | |
California (Kaiser Permanente) HFFA, Series A-1, 5.00% due 11/1/2027 | 3,000,000 | 3,219,087 | |
California (PIH Health, Inc. Obligated Group) HFFA, Series A, 5.00% due 6/1/2027 - 6/1/2030 | 3,315,000 | 3,573,940 | |
a | California (Providence St. Joseph Health Obligated Group) HFFA, 5.00% due 10/1/2039 (put 10/1/2027) | 3,300,000 | 3,459,380 |
California (St. Joseph Health System) HFFA, Series A, 5.00% due 7/1/2024 | 1,000,000 | 1,009,330 | |
California (Stanford Health Care Obligated Group) HFFA, Series A, 5.00% due 11/15/2030 | 1,500,000 | 1,620,588 | |
a | California Community Choice Financing Authority (Guaranty: Goldman Sachs Group, Inc.) (Green Bond), Series A, 4.00% due 10/1/2052 (put 12/1/2027) | 3,400,000 | 3,316,438 |
California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), | |||
a | Series A-1, 4.00% due 5/1/2053 (put 8/1/2028) | 5,000,000 | 4,896,780 |
a | Series B-1, 4.00% due 2/1/2052 (put 8/1/2031) | 5,500,000 | 5,273,053 |
a | California Infrastructure & Economic Development Bank (J Paul Getty Trust), Series B-2, 3.00% due 10/1/2047 (put 10/1/2026) | 3,250,000 | 3,233,061 |
California Infrastructure & Economic Development Bank (The Scripps Research Institute), 5.00% due 7/1/2024 - 7/1/2027 | 915,000 | 960,677 | |
California Municipal Finance Authority (Biola University Residential Hall and Parking Structure), 5.00% due 10/1/2022 | 280,000 | 280,000 | |
California Municipal Finance Authority (Biola University Residential Hall and Parking Structure) ETM, 5.00% due 10/1/2023 | 125,000 | 126,539 | |
California Municipal Finance Authority (Biola University), 5.00% due 10/1/2023 - 10/1/2027 | 2,240,000 | 2,312,378 | |
California Municipal Finance Authority (Biola University, Inc.), 5.00% due 10/1/2030 | 1,000,000 | 1,045,515 | |
California Municipal Finance Authority (CHF-Davis II LLC; Insured: BAM), 5.00% due 5/15/2028 | 5,005,000 | 5,270,210 | |
California Municipal Finance Authority (CHF-Davis II LLC; Insured: BAM) (Green Bond), | |||
4.00% due 5/15/2032 | 600,000 | 585,985 | |
5.00% due 5/15/2024 - 5/15/2028 | 1,150,000 | 1,194,909 | |
California Municipal Finance Authority (Congregational Homes, Inc. Obligated Group), | |||
2.75% due 11/15/2027 | 520,000 | 471,276 | |
Series B-2, 2.125% due 11/15/2026 | 615,000 | 551,751 | |
a | California Municipal Finance Authority (Republic Services, Inc.) AMT, Series A, 1.875% due 7/1/2041 (put 4/3/2023) | 4,500,000 | 4,500,000 |
a | California Municipal Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, 2.95% due 10/1/2045 (put 12/1/2022) | 2,000,000 | 1,995,508 |
California Pollution Control Financing Authority (Guaranty: Waste Management, Inc.) AMT, Series A1, 3.375% due 7/1/2025 | 2,000,000 | 1,943,618 | |
California Pollution Control Financing Authority (Republic Services, Inc.) AMT, | |||
a,b | 2.00% due 11/1/2042 (put 10/17/2022) | 2,500,000 | 2,500,000 |
a,b | Series A, 2.25% due 8/1/2023 (put 11/1/2022) | 2,500,000 | 2,500,000 |
a | California Pollution Control Financing Authority (Waste Management, Inc.) AMT, Series A, 2.50% due 7/1/2031 - 11/1/2038 (put 5/1/2024) | 3,125,000 | 3,049,588 |
California State Public Works Board (Correctional and Rehabilitation Facilities), Series A, 5.00% due 9/1/2023 - 9/1/2024 | 7,180,000 | 7,368,412 | |
California State Public Works Board (Correctional and Rehabilitation Facilities) ETM, Series G, 5.00% due 11/1/2022 | 1,500,000 | 1,502,272 | |
California State Public Works Board (Judicial Council Projects), Series A, 5.00% due 3/1/2023 - 3/1/2024 | 2,400,000 | 2,419,326 | |
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 | 7,133,506 | |
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 | 1,843,174 |
California Statewide Communities Development Authority (CHF-Irvine LLC), | |||
5.00% due 5/15/2024 - 5/15/2027 | 2,000,000 | 2,023,924 | |
Series A, 5.00% due 5/15/2027 | 500,000 | 511,546 | |
California Statewide Communities Development Authority (CHF-Irvine LLC; Insured: BAM), 5.00% due 5/15/2032 | 2,420,000 | 2,592,769 | |
California Statewide Communities Development Authority (Cottage Health System), 5.00% due 11/1/2025 (pre-refunded 11/1/2024) | 135,000 | 140,087 | |
California Statewide Communities Development Authority (Cottage Health System) ETM, 5.00% due 11/1/2022 - 11/1/2024 | 475,000 | 485,416 | |
a | California Statewide Communities Development Authority (Kaiser Foundation Hospitals), Series 2004-M-R, 5.00% due 4/1/2038 (put 11/1/2029) | 2,800,000 | 3,040,562 |
California Statewide Communities Development Authority (Methodist Hospital of Southern California Obligated Group), 5.00% due 1/1/2024 - 1/1/2030 | 635,000 | 645,483 | |
California Statewide Communities Development Authority (Montage Health Obligated Group), Series A, 4.00% due 6/1/2030 - 6/1/2032 | 2,000,000 | 2,069,036 | |
a | California Statewide Communities Development Authority (Southern California Edison Co.), 2.625% due 11/1/2033 (put 12/1/2023) | 4,895,000 | 4,807,879 |
California Statewide Communities Development Authority (Southern California Edison Co.) (Green Bond), 1.75% due 9/1/2029 | 2,000,000 | 1,624,384 | |
Calipatria (Educational Facilities; Insured: ACA) USD GO, Series B, Zero Coupon due 8/1/2025 | 2,145,000 | 1,872,465 | |
Carson Redevelopment Successor Agency (Redevelopment Project Area No 1; Insured: AGM), Series A, 5.00% due 10/1/2026 | 500,000 | 516,164 | |
Chino Basin Regional Financing Authority, | |||
Series A, 5.00% due 6/1/2026 | 725,000 | 773,336 |
42 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
Series B, 4.00% due 11/1/2025 | $ 370,000 | $ 378,243 | |
Chino Basin Regional Financing Authority (Subordinate-Inland Empire), Series A, 5.00% due 6/1/2028 | 425,000 | 466,272 | |
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 | 701,009 | |
City of Antioch Public Financing Authority (Municipal Facilities Project), 5.00% due 5/1/2024 | 900,000 | 925,904 | |
City of Chula Vista (Police Facility Project) COP, 5.00% due 10/1/2024 | 1,700,000 | 1,762,186 | |
City of Chula Vista Financing Authority (Infrastructure, Facilities and Equipment), 5.00% due 5/1/2026 - 5/1/2027 | 3,500,000 | 3,733,170 | |
City of Clovis (Water System Facilities; Insured: BAM), 5.00% due 3/1/2023 | 1,000,000 | 1,006,562 | |
City of Colton Redevelopment Successor Agency (Multiple Redevelopment Project Areas; Insured: BAM), 5.00% due 8/1/2023 - 8/1/2025 | 1,875,000 | 1,930,968 | |
City of Delano (Central California Foundation for Health) COP, 5.00% due 1/1/2024 (pre-refunded 1/1/2023) | 270,000 | 271,303 | |
City of Irvine (Irvine Assessment District No 21-1; Insured: BAM), 4.00% due 9/2/2031 | 1,000,000 | 1,028,324 | |
City of Los Angeles Department of Airports, 4.00% due 6/29/2023 | 5,000,000 | 5,032,080 | |
City of Los Angeles Department of Airports AMT, | |||
5.00% due 5/15/2032 | 1,320,000 | 1,400,082 | |
Series B, 5.00% due 5/15/2025 | 3,220,000 | 3,325,796 | |
Series C, 5.00% due 5/15/2031 | 400,000 | 412,698 | |
Series D, 5.00% due 5/15/2029 | 4,000,000 | 4,183,448 | |
City of Manteca (Water Supply System), 5.00% due 7/1/2023 | 650,000 | 650,851 | |
City of Menlo Park Community Development Successor Agency (Las Pulgas Community Development Project; Insured: AGM), 5.00% due 10/1/2022 - 10/1/2025 | 1,915,000 | 1,961,979 | |
City of Modesto Wastewater Revenue, Series B, 5.00% due 11/1/2030 | 500,000 | 563,868 | |
City of Norco (Community Facilities District No 2001-1), 5.00% due 9/1/2025 | 1,000,000 | 1,040,818 | |
City of Palmdale Community Redevelopment Successor Agency (Merged Redevelopment Project Areas), Series A, 5.00% due 9/1/2025 - 9/1/2026 | 1,000,000 | 1,052,347 | |
City of Redding Wastewater System Revenue, 5.00% due 6/1/2030 | 850,000 | 954,498 | |
City of San Diego Redevelopment Successor Agency (Multiple Redevelopment Project Areas), Series A, 5.00% due 9/1/2025 - 9/1/2026 | 1,990,000 | 2,085,607 | |
City of San Jose Financing Authority (Civic Center Project), Series A, 5.00% due 6/1/2024 (pre-refunded 6/1/2023) | 750,000 | 759,466 | |
City of San Jose Financing Authority (Civic Center Project) ETM, Series A, 5.00% due 6/1/2023 | 1,000,000 | 1,012,444 | |
City of San Mateo (San Mateo Community Facilities District No 2008-1; Insured: BAM), 5.00% due 9/1/2027 - 9/1/2032 | 3,915,000 | 4,193,362 | |
City of San Mateo Redevelopment Successor Agency (Multiple Redevelopment Project Areas), Series A, 5.00% due 8/1/2025 | 425,000 | 444,176 | |
City of Santee CDC Successor Agency (Redevelopment and Low and Moderate Income Housing; Insured: BAM), Series A, 5.00% due 8/1/2025 | 550,000 | 574,287 | |
City of Stockton Redevelopment Successor Agency (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 | 2,140,072 | |
City of Victorville Electric Revenue, Series A, 5.00% due 5/1/2028 - 5/1/2032 | 1,090,000 | 1,147,998 | |
Commerce CDC Successor Agency (Multiple Redevelopment Project Areas; Insured: AGM), Series A, 5.00% due 8/1/2027 - 8/1/2030 | 3,315,000 | 3,496,181 | |
Compton (Insured: BAM) USD GO, Series B, 5.00% due 6/1/2028 - 6/1/2029 | 875,000 | 938,760 | |
County of Los Angeles, 4.00% due 6/30/2023 | 8,000,000 | 8,051,920 | |
County of Riverside, | |||
5.00% due 6/30/2023 | 4,000,000 | 4,054,236 | |
Series A, 0.50% due 10/20/2022 | 2,000,000 | 1,997,790 | |
County of Sacramento (Insured: AGM) COP, 5.00% due 10/1/2028 - 10/1/2029 | 1,260,000 | 1,378,002 | |
County of Sacramento CA Airport System Revenue AMT, Series C, 5.00% due 7/1/2027 | 1,925,000 | 2,026,413 | |
County of San Joaquin CA (Insured: AGM) COP, 5.00% due 11/15/2027 - 11/15/2028 | 900,000 | 954,951 | |
Cucamonga Valley Water District Financing Authority, Series B, 5.00% due 9/1/2027 - 9/1/2031 | 125,000 | 135,679 | |
Desert Hot Springs Public Financing Authority (Desert Hot Springs), Series A, 4.00% due 3/1/2027 - 3/1/2032 | 355,000 | 356,764 | |
Dinuba (CAP APPREC; Insured: AGM) USD GO, Zero Coupon due 8/1/2030 | 460,000 | 335,128 | |
Downey Public Financing Authority (Public Capital Improvements), 5.00% due 12/1/2025 - 12/1/2027 | 1,445,000 | 1,543,608 | |
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 | 782,451 | |
Emeryville Redevelopment Successor Agency (Emeryville and Shellmound Park Projects; Insured: AGM), Series A, 5.00% due 9/1/2023 - 9/1/2024 | 6,320,000 | 6,456,629 | |
Grossmont Healthcare District GO, Series E, 5.00% due 7/15/2030 | 500,000 | 556,590 | |
Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2027 | 1,230,000 | 1,268,615 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2023 - 7/1/2027 | 2,085,000 | 2,136,307 | |
Hacienda La Puente (Educational Facilities; Insured: AGM) USD COP, 5.00% due 6/1/2024 - 6/1/2025 | 2,180,000 | 2,258,230 | |
Indio Finance Authority (Insured: BAM), Series A, 5.00% due 11/1/2028 - 11/1/2032 | 1,815,000 | 1,963,758 | |
Jurupa Public Financing Authority (Insured: BAM), Series A, 5.00% due 9/1/2023 | 750,000 | 761,452 | |
La Canada USD GO, Series B, 4.00% due 8/1/2023 - 8/1/2024 | 410,000 | 415,261 | |
La Quinta Redevelopment Successor Agency, Series A, 4.00% due 9/1/2027 (pre-refunded 9/1/2023) | 410,000 | 413,280 | |
La Quinta Redevelopment Successor Agency (Redevelopment Project Areas No. 1 and 2) ETM, Series A, 5.00% due 9/1/2023 | 1,500,000 | 1,523,833 | |
Lammersville Joint USD (Insured: BAM), 5.00% due 9/1/2028 - 9/1/2032 | 4,055,000 | 4,463,944 | |
Long Beach Bond Finance Authority (Guaranty: Merrill Lynch & Co), Series A, 5.00% due 11/15/2024 | 5,000,000 | 5,126,045 | |
Los Angeles (Educational Facilities and Information Technology Infrastructure) USD GO, | |||
Series B, 5.00% due 7/1/2023 | 3,000,000 | 3,042,696 | |
Series D, 5.00% due 7/1/2024 | 3,000,000 | 3,095,415 | |
Los Angeles County Public Works Financing Authority (Green Bond), Series F, 5.00% due 12/1/2031 - 12/1/2032 | 350,000 | 398,570 | |
Los Angeles County Redevelopment Refunding Authority Successor Agency (Bunker Hill Project), Series C, 5.00% due 6/1/2023 - 6/1/2024 | 1,500,000 | 1,526,962 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 43 |
Thornburg California Limited Term Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
Los Angeles County Sanitation Districts Financing Authority (Green Bond), Series A, 5.00% due 10/1/2032 | $ 625,000 | $ 714,594 | |
Los Angeles Department of Water & Power System, 5.00% due 7/1/2026 | 665,000 | 708,060 | |
Los Angeles Department of Water & Power Water System Revenue, Series A, 5.00% due 7/1/2027 | 1,600,000 | 1,730,562 | |
Los Angeles Department of Water & Power Water System Revenue (Power System Capital Improvements), Series A, 5.00% due 7/1/2025 - 7/1/2026 | 800,000 | 844,888 | |
Los Angeles USD GO, Series A, 5.00% due 7/1/2024 | 4,600,000 | 4,745,806 | |
Lynwood (Insured: AGM) USD GO, 5.00% due 8/1/2023 | 1,000,000 | 1,014,253 | |
Manteca Community Facilities District No. 1989-2 (Educational Facilities; Insured: AGM) USD, Series F, 5.00% due 9/1/2023 | 500,000 | 505,782 | |
Milpitas Redevelopment Successor Agency (Redevelopment Project Area No. 1), 5.00% due 9/1/2025 | 2,300,000 | 2,411,147 | |
Modesto Irrigation District, 5.00% due 10/1/2022 | 600,000 | 600,000 | |
Moreno Valley Public Financing Authority (Public Improvements), 5.00% due 11/1/2024 | 1,455,000 | 1,509,305 | |
Murrieta Valley Public Financing Authority (Educational Facilities; Insured: BAM) USD GO, 5.00% due 9/1/2023 | 1,080,000 | 1,097,610 | |
Norman Y Mineta San Jose International Airport SJC AMT, Series A, 5.00% due 3/1/2029 - 3/1/2031 | 1,545,000 | 1,618,172 | |
a | Northern California Energy Authority (Commodity Supply Revenue; Guaranty: Goldman Sachs Group, Inc.), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 5,000,000 | 5,001,260 |
Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2023 - 8/1/2025 | 2,000,000 | 2,076,091 | |
Oakland (County of Alameda Educational Facilities; Insured: BAM) USD GO, Series A, 5.00% due 8/1/2030 - 8/1/2032 | 2,290,000 | 2,528,537 | |
Pittsburg Redevelopment Successor Agency (Insured: AGM), Series A, 5.00% due 9/1/2024 | 2,200,000 | 2,260,205 | |
Pomona Public Financing Authority (Facilities Improvements; Insured: AGM), Series BC, 4.00% due 6/1/2024 - 6/1/2026 | 725,000 | 735,294 | |
Poway Redevelopment Successor Agency (Paguay Redevelopment Project), Series A, 5.00% due 6/15/2025 | 4,665,000 | 4,866,775 | |
Rancho Cucamonga Redevelopment Project Successor Agency (Rancho Redevelopment Project Area; Insured: AGM), 5.00% due 9/1/2023 - 9/1/2024 | 3,000,000 | 3,066,845 | |
Rancho Santa Fe Community Services District Financing Authority, Series A, 5.00% due 9/1/2025 | 1,745,000 | 1,806,161 | |
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 | 1,070,721 | |
Rialto Redevelopment Agency (Insured: BAM), Series A, 4.00% due 9/1/2025 | 250,000 | 251,908 | |
Richmond County Redevelopment Successor Agency (Joint Powers Financing Authority & Harbour Redevelopment Project; Insured: BAM), Series A, 5.00% due 9/1/2023 - 9/1/2024 | 850,000 | 867,617 | |
Ripon Redevelopment Successor Agency (Insured: BAM), 4.00% due 11/1/2030 - 11/1/2031 | 1,025,000 | 1,028,975 | |
Riverside County Public Financing Authority (Capital Facilities Project) ETM, 5.00% due 11/1/2025 | 1,000,000 | 1,056,138 | |
Riverside Financing Authority (Educational Facilities; Insured: BAM) USD, 5.00% due 9/1/2024 - 9/1/2025 | 1,030,000 | 1,062,898 | |
Riverside Redevelopment Successor Agency (Multiple Redevelopment Project Areas), Series A, 5.00% due 9/1/2023 - 9/1/2024 | 2,985,000 | 3,055,335 | |
Rosemead CDC Successor Agency (Rosemead Merged Project Area; Insured: BAM), 5.00% due 10/1/2022 - 10/1/2026 | 3,410,000 | 3,498,961 | |
Sacramento City Schools Joint Power Financing Authority (Sacramento City USD Educational Facility Sublease; Insured: BAM), Series A, 5.00% due 3/1/2023 - 3/1/2025 | 3,755,000 | 3,848,991 | |
Sacramento City Schools Joint Power Financing Authority COP (Sacramento City USD Educational Facility Sublease; Insured: AGM), 5.00% due 10/1/2027 | 660,000 | 709,936 | |
Sacramento County Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District), | |||
5.00% due 12/1/2032 | 575,000 | 658,652 | |
Series A, 5.00% due 12/1/2031 | 1,250,000 | 1,418,226 | |
Salinas Valley Solid Waste Authority (Insured: AGM) AMT ETM, Series A, 5.00% due 8/1/2023 | 1,530,000 | 1,551,220 | |
San Bernardino Redevelopment Successor Agency (Insured: AGM), Series A, 5.00% due 12/1/2023 | 150,000 | 152,673 | |
San Diego (Educational System Capital Projects) USD GO, Series R-3, 5.00% due 7/1/2023 - 7/1/2024 | 8,000,000 | 8,143,881 | |
San Diego County Regional Airport Authority, Series A, 5.00% due 7/1/2030 | 330,000 | 359,012 | |
San Diego County Regional Airport Authority AMT, Series B, 5.00% due 7/1/2032 | 1,020,000 | 1,078,280 | |
San Diego Redevelopment Successor Agency, Series A, 5.00% due 9/1/2028 | 250,000 | 261,865 | |
San Francisco City & County Airport Comm-San Francisco International Airport AMT, Series A, 5.00% due 5/1/2032 | 3,000,000 | 3,134,577 | |
San Francisco City & County Airports Commission (San Francisco International Airport), Series A, 5.00% due 5/1/2026 | 5,000,000 | 5,278,840 | |
San Francisco City & County Airports Commission (San Francisco International Airport) AMT, Series H, 5.00% due 5/1/2028 | 500,000 | 532,080 | |
San Joaquin Hills Transportation Corridor Agency, Series A, 5.00% due 1/15/2030 | 750,000 | 792,877 | |
San Jose Financing Authority, Series A, 4.00% due 10/1/2029 - 10/1/2032 | 640,000 | 670,417 | |
San Mateo County Joint Powers Financing Authority (Maple Street Correctional Center), 5.00% due 6/15/2023 | 585,000 | 593,133 | |
Santa Clara County Financing Authority (Multiple Facilities Projects), Series P, 5.00% due 5/15/2025 | 6,755,000 | 7,073,417 | |
Santa Margarita Water District (Talega Community Facilities), Series A, 5.00% due 9/1/2026 - 9/1/2027 | 1,050,000 | 1,107,936 | |
Semitropic Water Storage Improvement District (Irrigation Water System; Insured: AGM), Series A, 5.00% due 12/1/2022 - 12/1/2027 | 3,535,000 | 3,665,328 | |
South Placer Wastewater Authority (Roseville), 5.00% due 11/1/2029 - 11/1/2030 | 700,000 | 773,331 | |
Southwestern Community College District GO, Series B, 4.00% due 8/1/2024 - 8/1/2026 | 1,125,000 | 1,151,545 | |
Stockton Public Financing Authority (Stockton Water Revenue; Green Bond; Insured: BAM), Series A, 5.00% due 10/1/2022 - 10/1/2031 | 3,130,000 | 3,255,897 | |
Temecula Valley Financing Authority (Educational Facilities; Insured: BAM) USD, 5.00% due 9/1/2023 - 9/1/2025 | 1,100,000 | 1,132,518 | |
Temecula Valley Financing Authority (Insured: BAM) USD, 5.00% due 9/1/2027 | 2,220,000 | 2,306,895 | |
Trustees of the California State University (Educational Facilities Improvements), Series A, 5.00% due 11/1/2026 | 1,000,000 | 1,062,509 | |
Tulare Public Financing Authority (Insured: BAM), 5.00% due 4/1/2023 - 4/1/2028 | 1,410,000 | 1,474,308 | |
a | University of California, Series AK 5.00% due 5/15/2048 (put 5/15/2023) | 1,250,000 | 1,266,021 |
Vallejo City (Insured: BAM) USD GO, 5.00% due 8/1/2031 - 8/1/2032 | 1,300,000 | 1,441,035 | |
Ventura County Public Financing Authority (Office Building Purchase and Improvements), Series B, 5.00% due 11/1/2023 - 11/1/2024 | 1,560,000 | 1,591,200 | |
Vista Redevelopment Successor Agency (Vista Redevelopment Project; Insured: AGM), Series B1, 5.00% due 9/1/2023 | 400,000 | 406,071 | |
West Contra Costa (Insured: Natl-Re) USD GO, Zero Coupon due 8/1/2028 | 160,000 | 129,100 |
44 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
TOTAL LONG-TERM MUNICIPAL BONDS — 94.1% (Cost $352,113,386) | $340,488,876 | ||
SHORT-TERM MUNICIPAL BONDS — 3.9% | |||
a | California Municipal Finance Authority (Chevron USA, Inc.; Guaranty: Chevron Corp.), 2.50% due 11/1/2035 (put 10/3/2022) | $ 500,000 | $ 500,000 |
a,b | Deutsche Bank Spears/Lifers Trust (LOC Deutsche Bank A.G.), Series DBE-8082, 2.86% due 10/1/2058 (put 10/7/2022) | 8,950,000 | 8,950,000 |
a | Los Angeles Department of Water & Power Water System Revenue (Power System Capital Improvements; SPA Bank of America, N.A.), Series A-3, 2.60% due 7/1/2035 (put 10/3/2022) | 2,500,000 | 2,500,000 |
a | Regents of the University of California Medical Center Pooled Revenue, Series B2, 2.80% due 5/15/2032 (put 10/3/2022) | 2,030,000 | 2,030,000 |
TOTAL SHORT-TERM MUNICIPAL BONDS — 3.9% (Cost $13,980,000) | $ 13,980,000 | ||
Total Investments — 98.0% (Cost $366,093,386) | $354,468,876 | ||
Other Assets Less Liabilities — 2.0% | 7,398,650 | ||
Net Assets — 100.0% | $361,867,526 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2022. |
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, 2022, the aggregate value of these securities in the Fund’s portfolio was $13,950,000, representing 3.86% of the Fund’s net assets. |
To simplify the listings of securities, abbreviations are used per the table below:
ACA | Insured by American Capital Access |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
BAM | Insured by Build America Mutual Insurance Co. |
CDC | Community Development Commission |
COP | Certificates of Participation |
ETM | Escrowed to Maturity |
GO | General Obligation |
HFFA | Health Facilities Financing 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. |
SPA | Stand-by Purchase Agreement |
USD | Unified School District |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 45 |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
LONG-TERM MUNICIPAL BONDS — 94.1% | |||
Albuquerque Bernalillo County Water Utility Authority, | |||
4.00% due 7/1/2030 | $ 500,000 | $ 512,536 | |
5.00% due 7/1/2023 - 7/1/2024 | 65,000 | 66,359 | |
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 | 2,063,002 | |
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 | 1,565,029 | |
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 | 1,344,595 | |
Series 2017, 5.00% due 8/1/2031 | 1,000,000 | 1,054,485 | |
Series A, 4.00% due 8/1/2029 | 1,300,000 | 1,305,786 | |
Albuquerque Municipal School District No. 12 (State Aid Withholding) GO, | |||
Series A, | |||
4.00% due 8/1/2030 - 8/1/2031 | 650,000 | 661,109 | |
5.00% due 8/1/2027 - 8/1/2035 | 1,600,000 | 1,729,727 | |
Bernalillo County (Government Services) GRT, | |||
5.25% due 4/1/2027 | 260,000 | 273,095 | |
Series B, 5.70% due 4/1/2027 | 2,555,000 | 2,722,501 | |
Bernalillo County (Government Services; Insured: AMBAC) GRT, 5.25% due 10/1/2022 - 10/1/2025 | 8,295,000 | 8,543,276 | |
Bernalillo County (Government Services; Insured: Natl-Re) GRT, Series B, 5.70% due 4/1/2027 | 695,000 | 740,640 | |
Bernalillo Municipal School District No. 1 (State Aid Withholding) GO, 4.00% due 8/1/2023 - 8/1/2026 | 340,000 | 343,920 | |
City of Albuquerque (City Infrastructure Improvements) GO, Series A, 5.00% due 7/1/2026 | 870,000 | 924,463 | |
City of Albuquerque (City Infrastructure Improvements) GRT, | |||
Series A, | |||
4.00% due 7/1/2035 | 2,070,000 | 2,079,994 | |
5.00% due 7/1/2025 - 7/1/2034 | 2,500,000 | 2,615,758 | |
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 | 1,109,505 | |
City of Albuquerque GRT, Series A, 4.00% due 7/1/2037 (pre-refunded 7/1/2023) | 120,000 | 120,718 | |
City of Albuquerque Refuse Removal & Disposal Revenue, 5.00% due 7/1/2030 - 7/1/2038 | 1,550,000 | 1,646,861 | |
City of Albuquerque Transportation Infrastructure GRT, 4.00% due 7/1/2031 | 800,000 | 816,100 | |
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 | 3,425,513 |
City of Las Cruces (Joint Utility System), Series A, 4.00% due 6/1/2023 - 6/1/2025 | 1,445,000 | 1,465,095 | |
City of Roswell (Joint Water and Sewer Improvement; Insured: BAM), 5.00% due 6/1/2026 - 6/1/2036 | 2,050,000 | 2,136,202 | |
City of Roswell GRT, 4.00% due 8/1/2029 | 260,000 | 266,186 | |
City of Santa Fe (El Castillo Retirement Residences), 4.50% due 5/15/2027 | 3,275,000 | 3,112,147 | |
City of Santa Fe (Public Facilities) GRT, | |||
5.00% due 6/1/2028 - 6/1/2029 | 1,880,000 | 1,934,377 | |
Series A, 5.00% due 6/1/2034 - 6/1/2038 | 1,870,000 | 1,955,608 | |
City of Santa Fe Gasoline Tax GRT, 5.00% due 6/1/2024 - 6/1/2028 | 1,540,000 | 1,626,546 | |
County of San Juan (County Capital Improvements) GRT, Series B, 5.00% due 6/15/2028 - 6/15/2030 | 2,645,000 | 2,714,625 | |
County of Sandoval GO, 5.00% due 8/1/2025 - 8/1/2029 | 2,015,000 | 2,148,854 | |
County of Santa Fe (County Buildings & Facilities) GRT, Series A, 5.00% due 6/1/2026 - 6/1/2027 | 940,000 | 981,757 | |
County of Santa Fe (County Correctional System; Insured: AGM), 6.00% due 2/1/2027 | 940,000 | 992,978 | |
County of Santa Fe GO, 5.00% due 7/1/2024 | 825,000 | 852,418 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2035 - 7/1/2037 | 2,200,000 | 2,245,931 | |
Las Cruces School District No. 2 (State Aid Withholding) GO, | |||
5.00% due 8/1/2025 - 8/1/2028 | 3,800,000 | 4,041,810 | |
Series C, 5.00% due 8/1/2024 | 425,000 | 438,257 | |
Lea County Public School District No 8 Eunice (State Aid Withholding) GO, 4.00% due 9/15/2028 | 1,150,000 | 1,175,068 | |
New Mexico Educational Assistance Foundation AMT, Series 1A, 5.00% due 9/1/2029 | 2,750,000 | 2,929,597 | |
New Mexico Finance Authority, | |||
5.00% due 6/1/2038 | 1,150,000 | 1,219,849 | |
Series A, 5.00% due 6/1/2024 - 6/15/2026 | 795,000 | 826,280 | |
Series B, 5.00% due 6/1/2032 - 6/1/2033 | 4,125,000 | 4,477,679 | |
Series D, 5.00% due 6/15/2029 - 6/1/2033 | 995,000 | 1,066,526 | |
New Mexico Finance Authority (New Mexico Finance Authority Public Project Revolving Fund), 5.00% due 6/1/2025 | 200,000 | 208,632 | |
New Mexico Finance Authority (State Highway Infrastructure), Series A, 5.00% due 6/15/2026 - 6/15/2027 | 2,415,000 | 2,486,425 | |
New Mexico Finance Authority (The Public Project Revolving Fund Program), Series A, 5.00% due 6/15/2031 | 1,000,000 | 1,042,958 | |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Series A, 5.00% due 7/1/2032 - 7/1/2034 | 1,310,000 | 1,205,381 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), | |||
5.00% due 8/1/2031 | 1,150,000 | 1,223,128 | |
5.00% due 8/1/2031 (pre-refunded 8/1/2025) | 600,000 | 627,700 |
46 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
Series A, 5.00% due 8/1/2036 - 8/1/2038 | $2,955,000 | $ 3,073,126 | |
New Mexico Hospital Equipment Loan Council (San Juan Regional Medical Center, Inc.), 5.00% due 6/1/2030 - 6/1/2031 | 1,215,000 | 1,262,488 | |
New Mexico Housing Authority (El Paseo Apartments; Insured: AMBAC) AMT, Series A, 5.30% due 12/1/2022 | 5,000 | 5,004 | |
New Mexico Institute of Mining and Technology (Campus Buildings Acquisition & Improvements; Insured: AGM), 4.00% due 12/1/2035 - 12/1/2040 | 2,610,000 | 2,415,662 | |
New Mexico Mortgage Finance Authority (Collateralized: GNMA, FNMA, FHLMC), | |||
Series C, 2.85% due 7/1/2031 | 385,000 | 361,713 | |
Series F, | |||
2.60% due 7/1/2034 | 490,000 | 434,561 | |
2.85% due 7/1/2039 | 1,270,000 | 1,088,780 | |
a | New Mexico Mortgage Finance Authority (JLG Central 217 LLLP), 0.53% due 11/1/2024 (put 5/1/2024) | 500,000 | 476,163 |
New Mexico Municipal Energy Acquisition Authority (Guaranty: Royal Bank of Canada), | |||
Series A, | |||
4.00% due 5/1/2024 - 11/1/2024 | 1,750,000 | 1,751,291 | |
a | 5.00% due 11/1/2039 (put 5/1/2025) | 1,000,000 | 1,023,041 |
Regents of New Mexico State University (Campus Buildings Acquisition & Improvements), Series A, 5.00% due 4/1/2032 - 4/1/2036 | 5,935,000 | 6,161,656 | |
Regents of New Mexico State University (Campus Buildings Acquisition & Improvements; Insured: BAM), Series A, 5.00% due 4/1/2030 | 1,440,000 | 1,536,212 | |
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 | 4,543,104 | |
Santa Fe Public School District (State Aid Withholding) GO, 5.00% due 8/1/2034 | 350,000 | 379,593 | |
Santa Fe Public School District GO, | |||
4.00% due 8/1/2024 | 250,000 | 253,715 | |
b | 5.00% due 8/1/2030 | 725,000 | 785,483 |
State of New Mexico GO, 5.00% due 3/1/2029 | 2,000,000 | 2,193,320 | |
State of New Mexico Severance Tax Permanent Fund, 5.00% due 7/1/2028 | 465,000 | 506,199 | |
State of New Mexico Severance Tax Permanent Fund (Educational Facilities), Series A, 5.00% due 7/1/2025 | 2,040,000 | 2,134,536 | |
c | Town of Silver City (Insured BAM) GRT, 5.00% due 6/1/2037 | 610,000 | 636,087 |
Village of Los Ranchos de Albuquerque (Albuquerque Academy), | |||
4.00% due 9/1/2040 | 825,000 | 741,805 | |
5.00% due 9/1/2029 - 9/1/2032 | 1,330,000 | 1,445,474 | |
TOTAL LONG-TERM MUNICIPAL BONDS — 94.1% (Cost $120,081,510) | $114,275,999 | ||
SHORT-TERM MUNICIPAL BONDS — 1.5% | |||
a | New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA Wells Fargo Bank N.A.), 2.95% due 8/1/2034 (put 10/3/2022) | 1,800,000 | 1,800,000 |
TOTAL SHORT-TERM MUNICIPAL BONDS — 1.5% (Cost $1,800,000) | $ 1,800,000 | ||
Total Investments — 95.6% (Cost $121,881,510) | $116,075,999 | ||
Other Assets Less Liabilities — 4.4% | 5,371,976 | ||
Net Assets — 100.0% | $121,447,975 |
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, 2022. |
b | Segregated as collateral for a when-issued security. |
c | When-issued security. |
To simplify the listings of securities, abbreviations are used per the table below:
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 | Collateralized 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. |
SPA | Stand-by Purchase Agreement |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 47 |
Thornburg New York Intermediate Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
LONG-TERM MUNICIPAL BONDS — 89.1% | |||
City of Long Beach (Insured: BAM) GO, 5.25% due 7/15/2042 | $ 500,000 | $ 514,153 | |
City of New York (City Budget Financial Management) GO, Series G, 5.00% due 8/1/2030 | 1,000,000 | 1,021,224 | |
City of New York GO, | |||
Series A, 5.00% due 8/1/2039 | 500,000 | 520,243 | |
Series F1, 5.00% due 4/1/2037 | 940,000 | 978,696 | |
County of Nassau (Insured: BAM) GO, Series B, 5.00% due 4/1/2026 | 1,000,000 | 1,009,600 | |
Erie County Fiscal Stability Authority, Series D, 5.00% due 9/1/2034 | 850,000 | 903,941 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2028 - 7/1/2036 | 1,500,000 | 1,524,757 | |
Hudson Yards Infrastructure Corp. (Hudson Yards Subway Station), Series A, 5.00% due 2/15/2035 | 1,000,000 | 1,040,329 | |
Long Island Power Authority (Electric System Capital Improvements; Insured: AGC), Series C, 5.25% due 9/1/2029 | 645,000 | 708,907 | |
Manchester-Shortsville Central School District (State Aid Withholding) GO, 4.00% due 8/17/2023 | 300,000 | 300,675 | |
Metropolitan Transportation Authority, Series D-1, 5.00% due 11/15/2031 | 1,000,000 | 1,010,102 | |
Monroe County (Monroe Community College Association, Inc.; Insured: AGM) IDC, 5.00% due 1/15/2028 - 1/15/2029 | 550,000 | 557,247 | |
Nassau County Sewer & Storm Water Finance Authority (Sewerage and Storm Water Resource Facilities), Series A, 5.00% due 10/1/2028 - 10/1/2031 | 1,400,000 | 1,448,882 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, Series A1, 5.00% due 8/1/2038 | 1,000,000 | 1,035,236 | |
New York State Dormitory Authority, | |||
Series A 5.00% due 7/1/2041 | 250,000 | 252,827 | |
Series A, 5.00% due 2/15/2032 | 1,000,000 | 1,056,840 | |
New York State Dormitory Authority (Metropolitan Transportation Authority & State Urban Development Corp.), Series A, 5.00% due 12/15/2027 | 1,500,000 | 1,505,161 | |
New York State Dormitory Authority (Northwell Health Obligated Group), Series A, 5.00% due 5/1/2033 | 100,000 | 104,386 | |
New York State Dormitory Authority (School District Financing Program) (State Aid Withholding), Series C, 5.00% due 10/1/2023 | 575,000 | 585,330 | |
New York State Dormitory Authority (School District Financing Program; Insured: AGM) (State Aid Withholding), | |||
Series A, 5.00% due 10/1/2028 | 200,000 | 207,186 | |
Series H, 5.00% due 10/1/2024 | 480,000 | 480,643 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), Series D, 4.00% due 2/15/2040 | 500,000 | 454,407 | |
New York State Housing Finance Agency (Green Bond), Series I, 2.70% due 11/1/2023 | 1,000,000 | 993,279 | |
Oneida County Local Development Corp. (Utica College), 5.00% due 7/1/2032 | 500,000 | 511,598 | |
Port Authority of New York & New Jersey AMT, 5.00% due 11/1/2039 | 200,000 | 201,551 | |
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 | 2,333,396 | |
State of New York Mortgage Agency, Series 223, 2.65% due 10/1/2034 | 450,000 | 365,021 | |
Tompkins County Development Corp. (Ithaca College Project), 5.00% due 7/1/2034 - 7/1/2037 | 820,000 | 838,979 | |
Triborough Bridge & Tunnel Authority (MTA Bridges and Tunnels), | |||
Series A, | |||
5.00% due 11/15/2028 (pre-refunded 5/15/2024) | 1,000,000 | 1,029,001 | |
5.00% due 11/15/2029 | 1,000,000 | 1,027,856 | |
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series A, 5.00% due 9/1/2038 | 250,000 | 254,943 | |
West Seneca Central School District (Facilities Improvements; Insured: BAM) (State Aid Withholding) GO, 5.00% due 11/15/2023 | 1,300,000 | 1,328,447 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2029 - 7/1/2034 | 450,000 | 470,796 | |
TOTAL LONG-TERM MUNICIPAL BONDS — 89.1% (Cost $27,344,887) | $26,575,639 | ||
SHORT-TERM MUNICIPAL BONDS — 2.7% | |||
a | New York State Housing Finance Agency (160 Madison Ave LLC; LOC Landesbank Hessen-Thuringen), Series A, 2.81% due 11/1/2046 (put 10/3/2022) | 800,000 | 800,000 |
TOTAL SHORT-TERM MUNICIPAL BONDS — 2.7% (Cost $800,000) | $ 800,000 | ||
Total Investments — 91.8% (Cost $28,144,887) | $27,375,639 | ||
Other Assets Less Liabilities — 8.2% | 2,459,601 | ||
Net Assets — 100.0% | $29,835,240 |
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, 2022. |
To simplify the listings of securities, abbreviations are used per the table below:
AGC | Insured by Assured Guaranty Corp. |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
BAM | Insured by Build America Mutual Insurance Co. |
GO | General Obligation |
IDC | Industrial Development Corp. |
LOC | Letter of Credit |
48 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Thornburg Intermediate Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 94.3% | |||
Alabama — 1.6% | |||
Alabama Public School and College Authority (Educational Facilities), Series B, 5.00% due 6/1/2026 (pre-refunded 6/1/2023) | $ 4,380,000 | $ 4,434,023 | |
a | Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), Series D1, 4.00% due 7/1/2052 (put 6/1/2027) | 2,000,000 | 1,965,992 |
a | Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series B, 4.00% due 12/1/2051 (put 12/1/2031) | 1,220,000 | 1,129,261 |
UAB Medicine Finance Authority (University Hospital), Series B, 5.00% due 9/1/2032 | 6,000,000 | 6,246,162 | |
Arizona — 1.7% | |||
Arizona (Scottsdale Lincoln Hospitals) HFA, 5.00% due 12/1/2031 | 2,500,000 | 2,545,977 | |
Arizona Board of Regents (University of Arizona SPEED), 5.00% due 8/1/2029 | 1,000,000 | 1,031,677 | |
Salt River Project Agricultural Improvement and Power District (Salt River Electric System), 5.00% due 1/1/2033 - 1/1/2037 | 7,000,000 | 7,450,140 | |
Salt Verde Financial Corp. (Gas Supply Acquisition; Guaranty: Citigroup Global Markets), 5.25% due 12/1/2022 - 12/1/2028 | 2,770,000 | 2,795,274 | |
Yavapai County (Waste Management, Inc.) AMT IDA, 1.30% due 6/1/2027 | 1,000,000 | 846,940 | |
Arkansas — 0.4% | |||
Board of Trustees of the University of Arkansas (Fayetteville Campus), Series A, 5.00% due 11/1/2031 - 11/1/2034 (pre-refunded 11/1/2024) | 3,655,000 | 3,773,097 | |
California — 4.7% | |||
Alameda County Joint Powers Authority (Alameda County Medical Center Highland Hospital), Series A, 5.25% due 12/1/2027 - 12/1/2029 | 3,650,000 | 3,737,906 | |
California (Adventist Health System/West) HFFA, Series A, 5.00% due 3/1/2026 | 2,815,000 | 2,828,259 | |
California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2032 - 8/15/2033 | 950,000 | 960,758 | |
California (Children’s Hospital Los Angeles) HFFA ETM, Series A, 5.00% due 11/15/2022 | 1,000,000 | 1,002,182 | |
California Infrastructure and Economic Development Bank (King City Joint Union High School District), 5.75% due 8/15/2029 | 1,500,000 | 1,501,390 | |
California Municipal Finance Authority (CHF-Davis II LLC; Insured: BAM) (Green Bond), 4.00% due 5/15/2041 | 500,000 | 450,909 | |
City of Los Angeles Department of Airports AMT, Series C, 5.00% due 5/15/2033 | 2,000,000 | 2,075,866 | |
City of San Mateo (City of San Mateo Community Facilities District No 2008-1) (Insured: BAM), 5.25% due 9/1/2040 | 5,000,000 | 5,188,750 | |
Delano Financing Authority (City of Delano Police Station and Woollomes Avenue Bridge), Series A, 5.00% due 12/1/2025 | 2,555,000 | 2,557,328 | |
Franklin-McKinley School District (Insured: Natl-Re) GO, 5.25% due 8/1/2027 | 1,000,000 | 1,084,049 | |
Fresno (Educational Facilities and Improvements; Insured: Natl-Re) USD GO, Series A, 6.00% due 8/1/2026 | 1,080,000 | 1,130,185 | |
Jurupa Public Financing Authority (Eastvale Community Services; Insured: AGM), Series A, 5.50% due 9/1/2025 - 9/1/2027 | 2,530,000 | 2,582,927 | |
M-S-R Energy Authority (Guaranty: Citigroup Global Markets), Series B, 6.125% due 11/1/2029 | 2,365,000 | 2,513,345 | |
North City West School Facilities Financing Authority (Carmel Valley Schools; Insured: AGM), Series A, 5.00% due 9/1/2024 | 1,080,000 | 1,081,317 | |
a | Northern California Energy Authority (Commodity Supply Revenue; Guaranty: Goldman Sachs Group, Inc.), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 5,000,000 | 5,001,260 |
Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2032 - 8/1/2034 (pre-refunded 8/1/2025) | 3,000,000 | 3,150,360 | |
Redwood City Redevelopment Successor Agency (Redevelopment Area A-2; Insured: AMBAC), Series A-2, Zero Coupon due 7/15/2023 | 2,065,000 | 2,009,999 | |
Saratoga Union School District (Insured: Natl-Re) USD GO, Series B, Zero Coupon due 9/1/2023 | 900,000 | 875,736 | |
Colorado — 1.0% | |||
Denver City & County Housing Authority (Three Towers Rehabilitation; Insured: AGM) AMT, 5.20% due 11/1/2027 | 1,335,000 | 1,335,869 | |
Regional Transportation District (North Metro Rail Line) COP, Series A, 5.00% due 6/1/2028 (pre-refunded 6/1/2023) | 1,650,000 | 1,670,759 | |
State of Colorado COP, Series A, 5.00% due 9/1/2029 - 9/1/2032 | 5,205,000 | 5,592,754 | |
Connecticut — 2.5% | |||
City of Hartford (Various Public Improvements; Insured: AGM) GO, Series A, 5.00% due 7/1/2031 | 1,700,000 | 1,759,177 | |
State of Connecticut (Various Capital Projects) GO, Series B, 5.00% due 5/15/2027 | 1,000,000 | 1,053,231 | |
State of Connecticut GO, | |||
Series A, 5.00% due 4/15/2033 - 4/15/2035 | 12,415,000 | 13,165,538 | |
Series C, 5.00% due 6/15/2028 - 6/15/2029 | 1,890,000 | 2,035,088 | |
Series E, 5.00% due 9/15/2033 | 2,650,000 | 2,824,579 | |
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 | 3,080,910 | |
Metropolitan Washington Airports Authority (Dulles Toll Road Revenue; Insured: AGC), Series B, Zero Coupon due 10/1/2023 - 10/1/2024 | 9,890,000 | 9,345,125 | |
Washington Convention & Sports Authority, Series A, 5.00% due 10/1/2028 | 1,105,000 | 1,167,375 | |
Washington Metropolitan Area Transit Authority, 5.00% due 7/1/2032 - 7/1/2037 | 3,325,000 | 3,475,610 | |
Florida — 5.7% | |||
City of Lakeland (Electric Power System Smart Grid Project), 5.25% due 10/1/2036 | 2,770,000 | 3,158,066 | |
City of Lakeland (Electric Power System Smart Grid Project; Insured: AGM), 5.25% due 10/1/2027 | 3,680,000 | 3,985,028 | |
City of Orlando (Senior Tourist Development; Insured: AGM), Series A, 5.00% due 11/1/2032 - 11/1/2037 | 3,430,000 | 3,606,573 | |
County of Broward (Airport System Improvements) AMT, 5.00% due 10/1/2034 - 10/1/2035 | 3,500,000 | 3,602,709 | |
County of Broward Port Facilities Revenue AMT, | |||
5.00% due 9/1/2037 | 800,000 | 837,450 | |
b | 5.00% due 9/1/2041 | 1,250,000 | 1,288,516 |
County of Manatee (Public Utilities System Improvements), 5.00% due 10/1/2026 - 10/1/2033 | 6,080,000 | 6,355,926 | |
County of Miami-Dade (Miami International Airport), Series B, 5.00% due 10/1/2028 - 10/1/2031 | 5,335,000 | 5,509,695 | |
Miami-Dade County (Nicklaus Children’s Hospital) HFA, 5.00% due 8/1/2035 - 8/1/2037 | 2,905,000 | 2,982,861 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 49 |
Thornburg Intermediate Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Miami-Dade County Educational Facilities Authority (University of Miami; Insured: AMBAC), Series B, 5.25% due 4/1/2024 | $ 1,000,000 | $ 1,025,713 | |
Orange County Convention Center (Tourist Development), Series A, 5.00% due 10/1/2031 | 2,000,000 | 2,103,408 | |
Palm Beach County (Boca Raton Regional Hospital) HFA, 5.00% due 12/1/2025 (pre-refunded 12/1/2024) | 500,000 | 517,529 | |
Palm Beach County (Jupiter Medical Center Obligated Group) HFA, Series A, 5.00% due 11/1/2040 - 11/1/2041 | 715,000 | 681,147 | |
Palm Beach County School District COP, Series C, 5.00% due 8/1/2028 | 595,000 | 643,247 | |
School Board of Miami-Dade County COP, Series A, 5.00% due 5/1/2030 | 3,250,000 | 3,367,721 | |
School District of Broward County (Educational Facilities and Equipment) COP, Series B, 5.00% due 7/1/2032 | 2,000,000 | 2,073,250 | |
School District of Manatee County (School Facilities Improvement; Insured: AGM), 5.00% due 10/1/2032 | 2,250,000 | 2,378,495 | |
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 | 3,552,997 | |
Wildwood Utility Dependent District (Insured: BAM), 5.00% due 10/1/2040 - 10/1/2041 | 800,000 | 834,796 | |
Georgia — 2.1% | |||
Athens-Clarke County Unified Government Development Authority (UGAREF Bolton Commons LLC), 5.00% due 6/15/2024 - 6/15/2028 | 2,320,000 | 2,348,315 | |
City of Atlanta (Water & Wastewater System; Insured: Natl-Re), Series A, 5.50% due 11/1/2022 | 185,000 | 185,346 | |
Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2035 - 5/15/2038 | 11,170,000 | 11,182,175 | |
Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2034 - 1/1/2038 | 4,370,000 | 4,453,467 | |
Guam — 0.1% | |||
Guam Waterworks Authority (Water and Wastewater System), 5.25% due 7/1/2024 | 1,000,000 | 1,009,430 | |
Hawaii — 0.4% | |||
County of Hawaii GO, Series A, 5.00% due 9/1/2033 | 1,250,000 | 1,309,586 | |
State of Hawaii Airports System Revenue AMT, Series A, 5.00% due 7/1/2034 | 2,000,000 | 2,085,846 | |
Illinois — 14.5% | |||
Chicago O’Hare International Airport (2016 Airport Projects), Series C, 5.00% due 1/1/2029 - 1/1/2030 | 1,765,000 | 1,847,231 | |
Chicago O’Hare International Airport (2017 Airport Projects), Series B, 5.00% due 1/1/2034 - 1/1/2037 | 8,160,000 | 8,403,993 | |
Chicago Park District (Capital Improvement Plan) GO, | |||
Series B, 5.00% due 1/1/2025 | 1,000,000 | 1,010,284 | |
Series D, 5.00% due 1/1/2028 | 3,450,000 | 3,484,835 | |
Chicago Park District GO, | |||
Series A, | |||
5.00% due 1/1/2027 - 1/1/2029 | 1,355,000 | 1,368,677 | |
5.00% due 1/1/2027 - 1/1/2029 (pre-refunded 1/1/2024) | 2,585,000 | 2,639,376 | |
Series B, | |||
5.00% due 1/1/2030 | 1,215,000 | 1,227,038 | |
5.00% due 1/1/2030 (pre-refunded 1/1/2024) | 2,285,000 | 2,333,065 | |
City of Chicago (Midway Airport), | |||
Series B, | |||
5.00% due 1/1/2032 - 1/1/2033 | 9,805,000 | 9,988,626 | |
5.25% due 1/1/2034 | 4,700,000 | 4,720,069 | |
City of Chicago (Wastewater Transmission System), Series C-2, 5.00% due 1/1/2028 - 1/1/2029 | 7,865,000 | 8,118,026 | |
City of Chicago (Wastewater Transmission System; Insured: AGM-CR), Series B, 5.00% due 1/1/2034 | 1,375,000 | 1,423,558 | |
City of Chicago (Water System), Series A-1, 5.00% due 11/1/2024 | 1,000,000 | 1,020,164 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2037 | 4,250,000 | 4,433,230 | |
City of Chicago (Water System; Insured: BHAC-CR AMBAC), 5.75% due 11/1/2030 | 1,270,000 | 1,356,297 | |
City of Chicago GO, | |||
Series A, | |||
5.625% due 1/1/2031 | 1,585,000 | 1,644,669 | |
6.00% due 1/1/2038 | 7,500,000 | 7,752,772 | |
City of Joliet (Rock Run Crossing Project; Insured: BAM) GO, 5.50% due 12/15/2042 | 2,750,000 | 2,972,651 | |
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 | 1,989,082 | |
County of Cook Sales Tax Revenue, Series A, 5.00% due 11/15/2038 | 1,000,000 | 1,038,112 | |
Illinois Finance Authority (Ascension Health Credit Group), Series C, 4.00% due 2/15/2033 | 800,000 | 776,462 | |
b | Illinois Finance Authority (Carle Foundation Obligated Group), Series A, 5.00% due 8/15/2034 | 1,700,000 | 1,801,816 |
Illinois Finance Authority (Rush University Medical Center), Series A, 5.00% due 11/15/2033 | 1,000,000 | 1,020,276 | |
Illinois Finance Authority (Silver Cross Hospital and Medical Centers), 5.00% due 8/15/2024 | 1,000,000 | 1,023,462 | |
Illinois Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | 5,550,000 | 5,648,873 | |
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 | 2,807,089 | |
Metropolitan Pier & Exposition Authority (McCormick Place Expansion Project), Series B, 5.00% due 12/15/2022 | 1,000,000 | 1,001,380 | |
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 | 6,535,482 | |
Regional Transportation Authority (Insured: Natl-Re), Series A, 6.00% due 7/1/2031 | 1,070,000 | 1,231,633 | |
Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2029 | 2,000,000 | 2,094,714 | |
Southern Illinois University (Insured: BAM), Series A, 5.00% due 4/1/2037 - 4/1/2042 | 2,040,000 | 2,026,365 | |
State of Illinois GO, | |||
Series A, 5.00% due 12/1/2034 - 3/1/2036 | 7,625,000 | 7,524,330 |
50 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Series D, 5.00% due 11/1/2027 - 11/1/2028 | $ 4,250,000 | $ 4,342,530 | |
State of Illinois Sales Tax Revenue, Series B, 5.00% due 6/15/2030 - 6/15/2031 | 9,280,000 | 9,692,930 | |
State of Illinois Sales Tax Revenue (Insured: BAM-Natl-Re), Series B, 5.00% due 6/15/2032 | 2,885,000 | 2,994,419 | |
Tazewell County School District (Insured: Natl-Re) GO Partial ETM, 9.00% due 12/1/2024 | 1,205,000 | 1,342,110 | |
Will County School District No. 114 Manhattan (Insured: BAM) GO, | |||
5.25% due 1/1/2040 - 1/1/2041 | 1,000,000 | 1,056,181 | |
5.50% due 1/1/2043 | 2,000,000 | 2,144,410 | |
Indiana — 2.6% | |||
c | Brownsburg 1999 School Building Corp (Brownsburg Community School Corp.), 5.00% due 1/15/2042 | 1,000,000 | 1,039,228 |
a | City of Whiting (BP Products North America, Inc.; Guaranty : BP plc) AMT, 5.00% due 11/1/2047 (put 11/1/2024) | 250,000 | 255,300 |
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 | 1,003,841 |
Indiana (Ascension Health Credit Group) HFFA, 5.00% due 11/15/2034 - 11/15/2036 | 8,325,000 | 8,597,049 | |
Indiana Bond Bank (Hendricks Regional Health Financing Program; Insured: AMBAC), Series A, 5.25% due 4/1/2023 | 2,000,000 | 2,020,956 | |
Indiana Finance Authority (CWA Authority, Inc.), Series A, 5.00% due 10/1/2035 | 500,000 | 545,833 | |
Indiana Finance Authority (Ohio Valley Electric Corp.), Series A, 4.25% due 11/1/2030 | 4,000,000 | 3,752,260 | |
Indiana Finance Authority (Reid Hospital & Health Care Services, Inc. Obligated Group; Insured: AGM), 5.00% due 1/1/2041 - 1/1/2042 | 2,000,000 | 2,036,526 | |
a | Indiana Finance Authority (Republic Services, Inc.) AMT, Series A, 2.95% due 5/1/2034 (put 12/1/2022) | 2,000,000 | 2,000,000 |
c | Noblesville Redevelopment Authority, 5.50% due 7/15/2041 | 1,000,000 | 1,064,780 |
Iowa — 0.5% | |||
Iowa Finance Authority (UnityPoint Health), Series C, 5.00% due 2/15/2030 - 2/15/2032 | 4,100,000 | 4,164,977 | |
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 (pre-refunded 9/1/2027) | 640,000 | 692,554 | |
Kentucky — 2.2% | |||
Kentucky (Baptist Healthcare System Obligated Group) EDFA, Series B, 5.00% due 8/15/2041 | 5,000,000 | 4,941,375 | |
Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), | |||
a | Series A, 4.00% due 4/1/2048 (put 4/1/2024) | 6,500,000 | 6,478,186 |
a | Series C, 4.00% due 2/1/2050 (put 2/1/2028) | 2,000,000 | 1,932,892 |
c | Kentucky State Property & Building Commission, Series A, 5.25% due 6/1/2039 | 3,000,000 | 3,191,385 |
Louisville/Jefferson County Metropolitan Government (Norton Suburban Hospital and Kosair Children’s Hospital), Series A, 5.25% due 10/1/2026 | 2,320,000 | 2,355,960 | |
Louisiana — 2.2% | |||
East Baton Rouge Sewerage Commission, Series B, 5.00% due 2/1/2030 - 2/1/2032 (pre-refunded 2/1/2025) | 6,825,000 | 7,096,055 | |
Jefferson Sales Tax District (Insured: AGM), Series B, 5.00% due 12/1/2034 - 12/1/2035 | 1,500,000 | 1,577,611 | |
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 | 6,184,180 | |
Parish of Lafourche (Roads, Highways and Bridges), 5.00% due 1/1/2024 - 1/1/2025 | 3,685,000 | 3,798,565 | |
Maryland — 0.1% | |||
County of Montgomery GO, Series C, 5.00% due 10/1/2025 | 365,000 | 384,032 | |
Massachusetts — 1.6% | |||
Massachusetts (CareGroup Healthcare System) DFA, Series I, 5.00% due 7/1/2036 | 1,750,000 | 1,768,372 | |
Massachusetts (Insured: BHAC-CR FGIC), 5.50% due 1/1/2029 | 8,370,000 | 9,234,705 | |
Massachusetts (Simmons College) DFA, Series J, 5.50% due 10/1/2025 - 10/1/2028 | 1,790,000 | 1,824,317 | |
Massachusetts Bay Transportation Authority Assessment Revenue (Transportation Capital Program), Series A, 5.25% due 7/1/2030 | 1,000,000 | 1,132,173 | |
Michigan — 2.6% | |||
Board of Governors of Wayne State University (Educational Facilities and Equipment), Series A, 5.00% due 11/15/2031 | 1,010,000 | 1,031,513 | |
County of Genesee (Water Supply System; Insured: BAM) GO, | |||
5.00% due 11/1/2024 - 11/1/2030 | 3,360,000 | 3,386,867 | |
5.125% due 11/1/2032 | 750,000 | 756,411 | |
5.25% due 11/1/2026 - 11/1/2028 | 2,920,000 | 2,947,473 | |
Detroit City School District (School Building & Site Improvement; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2026 | 3,150,000 | 3,353,988 | |
Detroit City School District (School Building & Site; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1,100,000 | 1,186,889 | |
Kalamazoo Hospital Finance Authority (Bronson Healthcare), 5.25% due 5/15/2026 | 145,000 | 145,197 | |
Michigan Finance Authority (BHSH System Obligated Group), Series A, 5.00% due 4/15/2036 | 2,000,000 | 2,120,186 | |
b | Michigan Finance Authority (Government Loan Program), Series F, 5.00% due 4/1/2026 | 1,295,000 | 1,296,585 |
Michigan Finance Authority (McLaren Health System), Series A, 5.00% due 2/15/2039 | 3,200,000 | 3,344,963 | |
Michigan State Housing Development Authority, Series B, 2.95% due 12/1/2039 | 3,000,000 | 2,443,548 | |
Minnesota — 0.2% | |||
Minneapolis-St Paul Metropolitan Airports Commission AMT, Series B, 5.00% due 1/1/2026 | 1,245,000 | 1,296,325 | |
Minnesota Higher Education Facilities Authority, (University of St. Thomas), 5.00% due 10/1/2034 - 10/1/2035 | 600,000 | 622,846 | |
Mississippi — 0.7% | |||
Mississippi Development Bank (Jackson Public School District; Insured BAM), 5.25% due 10/1/2037 - 10/1/2038 | 5,250,000 | 5,548,620 | |
Mississippi Development Bank (Vicksburg Warren School District; Insured: BAM), 5.50% due 3/1/2038 | 700,000 | 743,867 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 51 |
Thornburg Intermediate Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Nebraska — 0.8% | |||
Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), | |||
a | 5.00% due 3/1/2050 (put 1/1/2024) | $ 5,350,000 | $ 5,402,366 |
Series A, 5.00% due 9/1/2031 | 1,000,000 | 1,020,872 | |
Nevada — 0.1% | |||
Carson City (Carson Tahoe Regional Healthcare), 5.00% due 9/1/2032 | 730,000 | 745,908 | |
New Hampshire — 0.2% | |||
New Hampshire Municipal Bond Bank, Series C, 5.00% due 8/15/2026 (pre-refunded 8/15/2023) | 1,860,000 | 1,888,830 | |
New Jersey — 5.1% | |||
Essex County Improvement Authority (County Correctional Facilities & Gibraltar Facilities; Insured: Natl-Re) GO, 5.50% due 10/1/2024 | 2,500,000 | 2,621,192 | |
New Jersey (School Facilities Construction) EDA, | |||
5.00% due 6/15/2035 - 6/15/2038 | 4,515,000 | 4,555,923 | |
Series NN, 5.00% due 3/1/2026 | 2,000,000 | 2,008,410 | |
New Jersey (School Facilities Construction; Insured: AMBAC) EDA, Series N-1, 5.50% due 9/1/2026 | 3,000,000 | 3,152,979 | |
New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N-1, 5.50% due 9/1/2027 | 1,700,000 | 1,803,341 | |
New Jersey (State of New Jersey Department of the Treasury) EDA, Series DDD, 5.00% due 6/15/2033 | 1,000,000 | 1,014,701 | |
New Jersey (Transit Corp.) EDA, 5.00% due 11/1/2036 | 2,950,000 | 2,973,196 | |
New Jersey Health Care Facilities Financing Authority, 5.00% due 7/1/2027 - 7/1/2028 (pre-refunded 1/1/2024) | 185,000 | 188,974 | |
New Jersey Health Care Facilities Financing Authority (Virtua Health Obligated Group), 5.00% due 7/1/2027 - 7/1/2028 | 2,815,000 | 2,871,819 | |
New Jersey Transportation Trust Fund Authority, | |||
Series A, 5.00% due 12/15/2032 - 12/15/2035 | 5,485,000 | 5,538,768 | |
Series AA, | |||
5.00% due 6/15/2036 - 6/15/2040 | 2,300,000 | 2,311,860 | |
5.25% due 6/15/2043 | 1,600,000 | 1,615,286 | |
Series BB-1 5.00% due 6/15/2034 | 2,000,000 | 2,027,024 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), | |||
5.00% due 6/15/2023 - 6/15/2024 | 2,500,000 | 2,535,449 | |
Series A, 5.00% due 6/15/2031 | 1,000,000 | 1,026,709 | |
New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), Series AA, 5.00% due 6/15/2038 | 3,500,000 | 3,517,360 | |
New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 12/15/2034 | 500,000 | 505,423 | |
Passaic Valley Sewage Commissioners, Series G, 5.75% due 12/1/2022 | 3,000,000 | 3,011,373 | |
New Mexico — 0.1% | |||
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Series A, 5.00% due 8/1/2039 | 440,000 | 455,017 | |
New York — 6.9% | |||
City of Long Beach (Insured: BAM) GO, 5.25% due 7/15/2042 | 1,000,000 | 1,028,305 | |
City of New York (City Budget Financial Management) GO, | |||
Series G, 5.00% due 8/1/2027 | 4,530,000 | 4,629,823 | |
Series J, 5.00% due 8/1/2030 - 8/1/2031 | 9,000,000 | 9,231,865 | |
City of New York GO, | |||
Series A, 5.00% due 8/1/2039 | 500,000 | 520,243 | |
Series C, 5.00% due 8/1/2035 | 500,000 | 533,364 | |
Series D, 5.25% due 5/1/2040 - 5/1/2041 | 2,500,000 | 2,673,104 | |
County of Nassau (Insured: BAM) GO, Series B, 5.00% due 4/1/2026 | 1,300,000 | 1,312,480 | |
Erie County (City of Buffalo School District) (State Aid Withholding) IDA, Series A, 5.00% due 5/1/2027 | 5,000,000 | 5,055,855 | |
Metropolitan Transportation Authority, | |||
Series D, 5.00% due 11/15/2030 - 11/15/2035 | 8,295,000 | 8,397,404 | |
Series D-1, 5.00% due 11/15/2031 | 2,285,000 | 2,308,083 | |
Metropolitan Transportation Authority (Green Bond), | |||
Series A1, 5.00% due 11/15/2035 - 11/15/2036 | 1,820,000 | 1,813,676 | |
Series A2, 5.00% due 11/15/2025 | 600,000 | 617,774 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
Series A2, 5.00% due 5/1/2039 | 1,000,000 | 1,035,045 | |
Series F1, 5.00% due 2/1/2037 | 200,000 | 211,952 | |
New York State Dormitory Authority (Green Bond-Cornell University), Series D, 5.00% due 7/1/2036 | 500,000 | 564,413 | |
New York State Dormitory Authority (Insured: BAM), Series A, 5.00% due 10/1/2042 | 5,000,000 | 5,163,300 | |
New York State Dormitory Authority (Metropolitan Transportation Authority & State Urban Development Corp.), Series A, 5.00% due 12/15/2027 | 2,500,000 | 2,508,602 | |
New York State Dormitory Authority (State Aid Withholding), Series A, 5.00% due 10/1/2033 | 100,000 | 105,022 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), Series D, 4.00% due 2/15/2040 | 1,000,000 | 908,814 | |
New York State Dormitory Authority (State of New York Sales Tax Revenue), Series A, 5.00% due 3/15/2033 | 1,000,000 | 1,054,751 | |
New York State Thruway Authority, Series N, 5.00% due 1/1/2035 | 250,000 | 265,833 | |
New York State Urban Development Corp. (State of New York Personal Income Tax Revenue), | |||
c | 5.00% due 3/15/2042 | 2,500,000 | 2,609,315 |
52 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Series A, 5.00% due 3/15/2041 | $ 1,500,000 | $ 1,563,134 | |
New York State Urban Development Corp. (State of New York Sales Tax Revenue), Series A, 5.00% due 3/15/2037 | 500,000 | 527,679 | |
Port Authority of New York & New Jersey AMT, Series 223, 5.00% due 7/15/2033 | 750,000 | 798,279 | |
State of New York Mortgage Agency (Insured: SONYMA) AMT, Series 248, 4.05% due 10/1/2031 | 2,035,000 | 1,921,235 | |
Triborough Bridge & Tunnel Authority, Series D, 5.00% due 11/15/2033 | 250,000 | 271,467 | |
Western Nassau County Water Authority (Green Bond), Series A, 4.00% due 4/1/2040 - 4/1/2041 | 475,000 | 430,240 | |
Yonkers (New Community School Project) (State Aid Withholding) IDA, 4.00% due 5/1/2041 | 250,000 | 226,360 | |
North Carolina — 0.6% | |||
Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), Series A, 5.00% due 1/15/2028 | 2,190,000 | 2,200,164 | |
North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2030 (pre-refunded 6/1/2025) | 3,000,000 | 3,135,372 | |
Ohio — 4.2% | |||
Cincinnati City School District (School Improvement Project) COP, 5.00% due 12/15/2031 (pre-refunded 12/15/2024) | 3,075,000 | 3,192,388 | |
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 | 2,565,350 | |
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 | 5,289,188 | |
City of Cleveland (Various Municipal Capital Improvements) GO, 5.00% due 12/1/2024 | 1,000,000 | 1,002,979 | |
City of Cleveland GO, | |||
5.00% due 12/1/2026 | 15,000 | 15,043 | |
5.00% due 12/1/2026 (pre-refunded 12/1/2022) | 1,215,000 | 1,218,756 | |
City of Cleveland Income Tax Revenue, 5.00% due 10/1/2033 - 10/1/2035 | 1,450,000 | 1,536,628 | |
Cleveland-Cuyahoga County Port Authority (County Administration Offices), 5.00% due 7/1/2025 | 1,780,000 | 1,854,381 | |
County of Cuyahoga (Musical Arts Association), 5.00% due 1/1/2030 - 1/1/2039 | 3,170,000 | 3,326,308 | |
County of Hamilton (Cincinnati Children’s Hospital Medical Center), 5.00% due 5/15/2028 - 5/15/2031 | 8,085,000 | 8,284,753 | |
Greene County Vocational School District (School Facilities Construction and Improvement) GO, 5.00% due 12/1/2030 - 12/1/2033 | 2,580,000 | 2,802,066 | |
Northeast Ohio Medical University (Insured: BAM), | |||
5.00% due 12/1/2038 - 12/1/2041 | 1,790,000 | 1,821,153 | |
b | 5.00% due 12/1/2040 | 630,000 | 639,159 |
Series B, 4.00% due 12/1/2042 | 1,310,000 | 1,088,031 | |
Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group), 5.25% due 1/1/2037 | 840,000 | 859,265 | |
Oklahoma — 0.6% | |||
Clinton Public Works Authority, 5.00% due 10/1/2039 | 3,335,000 | 3,347,910 | |
Pontotoc County Educational Facilities Authority, 4.00% due 9/1/2040 | 1,500,000 | 1,364,410 | |
Oregon — 0.4% | |||
a | County of Gilliam (Guaranty: Waste Management, Inc.) AMT, 3.00% due 7/1/2038 (put 5/1/2023) | 3,000,000 | 2,988,372 |
Pennsylvania — 8.9% | |||
Allegheny County Hospital Development Authority (University of Pittsburgh Medical Center), Series A, 5.00% due 7/15/2034 | 1,150,000 | 1,179,141 | |
Bucks County (Waste Management, Inc.) IDA AMT, Series A-2, 2.75% due 12/1/2022 | 7,000,000 | 6,993,518 | |
City of Philadelphia (Pennsylvania Gas Works), 5.00% due 8/1/2032 - 8/1/2034 | 2,300,000 | 2,353,536 | |
City of Philadelphia (Philadelphia Gas Works), 5.00% due 8/1/2036 - 8/1/2037 | 5,485,000 | 5,586,504 | |
City of Philadelphia (Water and Wastewater System), Series A, 5.00% due 10/1/2029 | 1,100,000 | 1,168,906 | |
City of Philadelphia Airport Revenue (Insured: AGM) AMT, 4.00% due 7/1/2038 | 1,410,000 | 1,264,678 | |
City of Philadelphia Airport Revenue AMT, Series B, 5.00% due 7/1/2030 | 925,000 | 945,208 | |
City of Pittsburgh (Capital Projects) GO, 5.00% due 9/1/2035 - 9/1/2036 | 1,215,000 | 1,282,125 | |
b | County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2029 | 3,000,000 | 3,130,419 |
Hospitals & Higher Education Facilities Authority of Philadelphia (Temple University Health System Obligated Group; Insured: AGM), 4.00% due 7/1/2038 | 9,000,000 | 8,208,351 | |
Lancaster County Solid Waste Management Authority (Acquisition of Susquehanna Resource Management Facility), Series A, 5.25% due 12/15/2030 (pre-refunded 12/15/2023) | 3,000,000 | 3,070,944 | |
Monroeville Financing Authority (University of Pittsburgh Medical Center), 5.00% due 2/15/2026 | 3,490,000 | 3,604,025 | |
Pennsylvania (UPMC Obligated Group) EDFA, Series A, 5.00% due 2/15/2036 | 1,000,000 | 1,026,328 | |
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 | 5,301,885 | |
Pennsylvania Turnpike Commission (Highway Improvements), Series A-1, 5.00% due 12/1/2035 - 12/1/2036 | 1,750,000 | 1,812,162 | |
Philadelphia Authority for Industrial Development (Thomas Jefferson University), Series A, 5.00% due 9/1/2032 - 9/1/2034 | 5,000,000 | 5,087,604 | |
Philadelphia Municipal Authority (Juvenile Justice Services Center), | |||
b | 5.00% due 4/1/2032 | 3,695,000 | 3,871,865 |
5.00% due 4/1/2033 - 4/1/2036 | 7,430,000 | 7,679,456 | |
Pittsburgh Water & Sewer Authority (Water and Sewer System; Insured: AGM), | |||
Series A, 5.00% due 9/1/2030 - 9/1/2031 | 8,740,000 | 8,866,969 | |
Series B, 5.00% due 9/1/2031 (pre-refunded 9/1/2023) | 3,665,000 | 3,723,534 | |
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 | 800,524 | |
State of Rhode Island and Providence Plantations (Training School Project) COP, Series B, 5.00% due 10/1/2024 | 3,595,000 | 3,653,645 | |
South Carolina — 0.7% | |||
City of Myrtle Beach (Municipal Sports Complex), Series B, 5.00% due 6/1/2028 - 6/1/2030 | 2,000,000 | 2,049,352 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 53 |
Thornburg Intermediate Municipal Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
City of North Charleston (North Charleston Noisette Community Redevelopment Project Area), 4.00% due 10/1/2040 - 10/1/2041 | $ 2,000,000 | $ 1,896,641 | |
County of Richland (International Paper Co.) AMT, Series A, 3.875% due 4/1/2023 | 2,000,000 | 1,994,628 | |
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 | 1,861,754 | |
Tennessee — 2.2% | |||
Memphis-Shelby County Airport Authority AMT, Series A, 5.00% due 7/1/2026 - 7/1/2033 | 2,320,000 | 2,376,787 | |
Metropolitan Government of Nashville and Davidson County (Green Projects), Series B, 5.00% due 7/1/2033 - 7/1/2036 | 3,000,000 | 3,166,466 | |
Shelby County Health Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare), 5.00% due 5/1/2027 - 5/1/2035 | 3,560,000 | 3,689,688 | |
Tennessee Energy Acquisition Corp. (The Gas Project; Guaranty: Goldman Sachs Group, Inc.), | |||
Series A, 5.25% due 9/1/2023 | 7,000,000 | 7,046,823 | |
Series C, 5.00% due 2/1/2023 | 2,650,000 | 2,659,476 | |
Texas — 8.2% | |||
Central Texas Turnpike System, Series C, 5.00% due 8/15/2034 | 3,000,000 | 3,019,743 | |
City of Austin Airport System Revenue AMT, 5.00% due 11/15/2035 - 11/15/2039 | 3,000,000 | 3,041,037 | |
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2025 - 2/15/2034 | 9,720,000 | 10,096,511 | |
City of Dallas (Trinity River Corridor Infrastructure) GO, 5.00% due 2/15/2028 | 1,000,000 | 1,022,789 | |
City of Galveston (Galveston Island Convention Center; Insured: AGM), Series B, 5.00% due 9/1/2024 | 1,115,000 | 1,116,485 | |
City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2027 | 1,175,000 | 1,236,715 | |
City of Houston Airport System Revenue, Series D, 5.00% due 7/1/2030 - 7/1/2035 | 3,750,000 | 3,965,402 | |
City of Houston Airport System Revenue AMT, Series A, 4.00% due 7/1/2041 | 1,310,000 | 1,137,894 | |
City of McAllen (International Toll Bridge Revenue; Insured: AGM), Series A, 5.00% due 3/1/2028 - 3/1/2032 | 6,120,000 | 6,390,009 | |
City of McKinney Waterworks & Sewer System Revenue, 5.00% due 3/15/2041 - 3/15/2042 | 900,000 | 954,972 | |
City of New Braunfels Utility System Revenue, 5.00% due 7/1/2042 | 1,750,000 | 1,848,530 | |
City of San Antonio (Airport System Capital Improvements) AMT, 5.00% due 7/1/2024 - 7/1/2025 | 3,225,000 | 3,228,037 | |
City of San Antonio (Water System), Series A, 5.00% due 5/15/2033 - 5/15/2034 | 3,075,000 | 3,221,821 | |
Dallas Area Rapid Transit, Series A, 5.00% due 12/1/2035 - 12/1/2036 (pre-refunded 12/1/2025) | 7,200,000 | 7,557,451 | |
Dallas County Utility & Reclamation District GO, 5.00% due 2/15/2027 | 1,905,000 | 2,021,342 | |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series A, 5.00% due 12/1/2028 | 3,000,000 | 3,090,012 | |
Harris County Cultural Education Facilities Finance Corp. (TECO Project), 5.00% due 11/15/2028 - 11/15/2033 | 2,225,000 | 2,352,150 | |
c | Lower Colorado River Authority (LCRA Transmission Services Corp.), Series A, 5.25% due 5/15/2042 | 1,410,000 | 1,485,911 |
Metropolitan Transit Authority of Harris County, 5.00% due 11/1/2029 - 11/1/2030 | 4,130,000 | 4,511,815 | |
North Texas Tollway Authority (NTTA System), Series A, 5.00% due 1/1/2037 | 1,750,000 | 1,801,541 | |
San Antonio Water System, Series A, 5.00% due 5/15/2037 | 500,000 | 524,428 | |
Stephen F Austin State University (Financing System), Series A, 5.00% due 10/15/2030 - 10/15/2033 | 1,265,000 | 1,346,221 | |
Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health Obligated Group), Series B, 5.00% due 7/1/2036 | 1,185,000 | 1,217,551 | |
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas Obligated Group), 4.00% due 10/1/2041 | 1,880,000 | 1,701,861 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2024 - 8/15/2025 | 2,250,000 | 2,298,223 | |
Washington — 4.3% | |||
c | Clark County Public Utility District No. 1, 5.00% due 1/1/2040 - 1/1/2041 | 1,000,000 | 1,036,287 |
King County Public Hospital District No. 2 (EvergreenHealth Medical Center) GO, | |||
5.00% due 12/1/2028 - 12/1/2029 (pre-refunded 12/1/2024) | 3,945,000 | 4,088,594 | |
b | 5.00% due 12/1/2030 (pre-refunded 12/1/2024) | 600,000 | 621,840 |
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 | 7,883,180 | |
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 | 4,653,423 | |
State of Washington (Acquisition and Improvements of Real and Personal Property) COP, Series A, 5.00% due 7/1/2030 | 4,415,000 | 4,736,924 | |
State of Washington (Various Purposes) GO, | |||
Series 2021A, 5.00% due 6/1/2038 | 1,965,000 | 2,088,781 | |
Series C, 5.00% due 2/1/2036 - 2/1/2037 | 7,425,000 | 7,874,357 | |
Washington Higher Education Facilities Authority (Seattle Pacific University), 5.00% due 10/1/2038 - 10/1/2040 | 3,340,000 | 3,308,797 | |
Wisconsin — 0.8% | |||
Public Finance Authority, 4.00% due 10/1/2035 - 10/1/2041 | 1,225,000 | 1,045,032 | |
Wisconsin Health & Educational Facilities Authority, | |||
4.00% due 8/15/2040 | 1,000,000 | 890,392 | |
5.00% due 8/15/2039 | 2,000,000 | 2,030,574 | |
WPPI Energy, Series A, 5.00% due 7/1/2029 - 7/1/2036 | 2,980,000 | 3,149,988 | |
Total Long-Term Municipal Bonds — 94.3% (Cost $824,145,507) | 803,232,418 | ||
Short-Term Municipal Bonds — 4.2% | |||
Alabama — 1.0% | |||
a | City of Mobile Alabama (Alabama Power Co.) IDB, 2.90% due 6/1/2034 (put 10/3/2022) | 8,100,000 | 8,100,000 |
54 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Colorado — 0.2% | |||
a | City & County of Denver (SPA JP Morgan Chase Bank N.A.) COP, Series A3, 2.95% due 12/1/2031 (put 10/3/2022) | $ 1,600,000 | $ 1,600,000 |
Florida — 1.4% | |||
a | City of Gainesville Utilities System Revenue (SPA Barclays Bank plc), Series B, 2.95% due 10/1/2042 (put 10/3/2022) | 9,700,000 | 9,700,000 |
a | County of Manatee (Florida Power & Light Co.), 2.95% due 9/1/2024 (put 10/3/2022) | 2,100,000 | 2,100,000 |
Indiana — 0.7% | |||
a,d | Tender Option Bond Trust Receipts/Certificates (Lucky Heights TC, LP; Guaranty: Deutsche Bank A.G.), Series 2022-XF1141, 2.71% due 6/1/2042 (put 10/7/2022) | 6,000,000 | 6,000,000 |
Minnesota — 0.4% | |||
a | City of Minneapolis Paul Housing & Redevelopment Authority (Allina Health Obligated Group; LOC JP Morgan Chase Bank N.A.), Series B-2 2.95% due 11/15/2035 (put 10/3/2022) | 3,400,000 | 3,400,000 |
Utah — 0.5% | |||
City of Murray (Intermountain Healthcare Obligated Group; SPA JP Morgan Chase Bank N.A.), | |||
a | Series A, 2.95% due 5/15/2037 (put 10/3/2022) | 1,000,000 | 1,000,000 |
a | Series B, 2.95% due 5/15/2037 (put 10/3/2022) | 3,300,000 | 3,300,000 |
Total Short-Term Municipal Bonds — 4.2% (Cost $35,200,000) | 35,200,000 | ||
Total Investments — 98.5% (Cost $859,345,507) | $838,432,418 | ||
Other Assets Less Liabilities — 1.5% | 13,129,570 | ||
Net Assets — 100.0% | $851,561,988 |
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, 2022. |
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, 2022, the aggregate value of these securities in the Fund’s portfolio was $6,000,000, representing 0.70% 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. |
AMT | Alternative Minimum Tax |
BAM | Insured by Build America Mutual Insurance Co. |
BHAC-CR | Berkshire Hathaway Assurance Corp. Custodial Receipts |
COP | Certificates of Participation |
DFA | Development Finance Authority/Agency |
EDA | Economic Development Authority |
EDFA | Economic Development Financing Authority |
ETM | Escrowed to Maturity |
FGIC | Insured by Financial Guaranty Insurance Co. |
GO | General Obligation |
HFA | Health Facilities Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority/Agency |
IDB | Industrial Development Board |
LOC | Letter of Credit |
Natl-Re | Insured by National Public Finance Guarantee Corp. |
Q-SBLF | Insured by Qualified School Bond Loan Fund |
SONYMA | State of New York Mortgage Agency |
SPA | Stand-by Purchase Agreement |
USD | Unified School District |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 55 |
Thornburg Strategic Municipal Income Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 96.4% | |||
Alabama — 0.7% | |||
a | Selma (International Paper Co.) IDB, Series A, 2.00% due 11/1/2033 (put 10/1/2024) | $2,025,000 | $ 1,948,937 |
Alaska — 0.3% | |||
State of Alaska International Airports System AMT, Series C 5.00% due 10/1/2029 | 750,000 | 787,981 | |
Arizona — 2.4% | |||
Arizona (Scottsdale Lincoln Hospitals) HFA, 5.00% due 12/1/2031 | 2,500,000 | 2,545,978 | |
City of Phoenix Civic Improvement Corp. (Phoenix Airport Revenue) AMT, Series B, 5.00% due 7/1/2044 | 1,000,000 | 1,003,240 | |
Maricopa County (Highland Prep Obligated Group; Insured: State Intercept) IDA, Series A, 4.00% due 7/1/2046 | 740,000 | 615,741 | |
Pima County (TMC HealthCare Obligated Group) IDA, 4.00% due 4/1/2041 | 1,000,000 | 882,480 | |
Pima County (Tucson Electric Power Co.) IDA, 4.00% due 9/1/2029 | 1,520,000 | 1,482,565 | |
Yavapai County (Waste Management, Inc.) AMT IDA, 1.30% due 6/1/2027 | 750,000 | 635,205 | |
Arkansas — 0.3% | |||
University of Arkansas Board of Trustees (Fayetteville Campus), Series A, 5.00% due 11/1/2036 (pre-refunded 11/1/2024) | 1,000,000 | 1,032,311 | |
California — 5.6% | |||
Benicia (Benicia High School; Insured: AGM) USD GO, Series C, Zero Coupon due 8/1/2026 | 830,000 | 717,170 | |
California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 11/15/2034 - 8/15/2036 | 920,000 | 920,813 | |
California (Community Program Developmental Disabilities; Insured: California Mtg Insurance) HFFA, 6.25% due 2/1/2026 | 1,170,000 | 1,172,466 | |
California Educational Facilities Authority (University of Redlands), Series A, 5.00% due 10/1/2044 | 500,000 | 482,888 | |
b | California Pollution Control Financing Authority (Poseidon Resources (Channelside) LP Desalination Project) AMT, 5.00% due 11/21/2045 | 1,000,000 | 967,773 |
a,b | California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 2.00% due 11/1/2042 (put 10/17/2022) | 1,250,000 | 1,250,000 |
b | California School Finance Authority, Series A, 5.00% due 10/1/2042 | 1,000,000 | 936,882 |
Calipatria (Educational Facilities; Insured: ACA) USD GO, Series B, Zero Coupon due 8/1/2025 | 1,040,000 | 907,862 | |
City of Long Beach CA Airport System Revenue (Insured: AGM) AMT, | |||
Series C, | |||
5.00% due 6/1/2042 | 750,000 | 767,264 | |
5.25% due 6/1/2047 | 500,000 | 517,688 | |
County of El Dorado (El Dorado Hills Development-Community Facilities), 5.00% due 9/1/2026 | 625,000 | 625,779 | |
Daly City Housing (Franciscan Country Club Mobile Home Park Acquisition) DFA, Series A, 5.25% due 12/15/2023 | 650,000 | 650,819 | |
M-S-R Energy Authority (Guaranty: Citigroup Global Markets), Series A, 6.50% due 11/1/2039 | 1,245,000 | 1,434,499 | |
a | Northern California Energy Authority (Commodity Supply Revenue; Guaranty: Goldman Sachs Group, Inc.), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 2,000,000 | 2,000,504 |
Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2035 (pre-refunded 8/1/2025) | 1,000,000 | 1,050,120 | |
Ontario International Airport Authority (Insured: AGM) AMT, Series B, 5.00% due 5/15/2034 | 500,000 | 522,486 | |
San Francisco City & County Redevelopment Financing Authority (Redevelopment Project; Insured: Natl-Re), Series D, Zero Coupon due 8/1/2023 | 1,025,000 | 996,759 | |
Union Elementary School District (Santa Clara County District Schools; Insured: Natl-Re) GO, Series D, Zero Coupon due 9/1/2027 | 905,000 | 767,012 | |
Colorado — 2.2% | |||
Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2039 | 2,015,000 | 2,046,484 | |
Denver Convention Center Hotel Authority, 5.00% due 12/1/2028 | 1,000,000 | 1,020,735 | |
Public Authority for Colorado Energy (Natural Gas Purchase; Guaranty: Merrill Lynch & Co), 6.50% due 11/15/2038 | 260,000 | 294,366 | |
Regional Transportation District (Denver Transit Partners), Series A, 5.00% due 7/15/2032 | 1,215,000 | 1,249,206 | |
Regional Transportation District (FasTracks Transportation System) COP, Series A, 5.00% due 6/1/2044 (pre-refunded 6/1/2023) | 565,000 | 572,108 | |
Village Metropolitan District GO, 5.00% due 12/1/2040 | 1,000,000 | 926,596 | |
Wild Plum Metropolitan District GO, Series A, 5.00% due 12/1/2049 (pre-refunded 12/1/2024) | 595,000 | 615,796 | |
Connecticut — 2.4% | |||
City of New Haven (Insured: AGM) GO, Series B, 5.00% due 2/1/2028 - 2/1/2030 | 1,470,000 | 1,577,361 | |
State of Connecticut GO, | |||
Series A, 5.00% due 4/15/2035 | 2,000,000 | 2,108,124 | |
Series E, 5.00% due 9/15/2033 | 1,350,000 | 1,438,937 | |
University of Connecticut (Insured: AGM), Series A, 5.00% due 4/15/2028 | 1,975,000 | 2,132,670 | |
Delaware — 0.3% | |||
Delaware State (Beebe Medical Center, Inc.) HFA, 4.00% due 6/1/2035 | 1,080,000 | 957,835 | |
District of Columbia — 1.2% | |||
c | Metropolitan Washington Airports Authority (Dulles Toll Road; Insured: AGC), Series B, Zero Coupon due 10/1/2027 | 1,500,000 | 1,222,750 |
Metropolitan Washington Airports Authority Aviation Revenue AMT, Series A, 4.00% due 10/1/2040 - 10/1/2041 | 2,750,000 | 2,395,398 | |
Florida — 3.2% | |||
b | Charlotte County (Town & Country Utilities Projects) IDA AMT, 5.00% due 10/1/2029 | 445,000 | 448,238 |
County of Broward (Airport System Improvements) AMT, 5.00% due 10/1/2037 | 1,000,000 | 1,019,276 | |
Florida Development Finance Corp. (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), Series A, 5.00% due 6/15/2052 | 1,000,000 | 953,938 | |
Lee County (Cypress Cove at Healthpark Florida Obligated Group) IDA, Series B-1 3.75% due 10/1/2027 | 1,000,000 | 923,801 | |
Miami-Dade County Expressway Authority (Toll System Five-Year Work Program), Series A, 5.00% due 7/1/2024 | 625,000 | 639,291 |
56 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Miami-Dade County School Board (District School Facilities and Infrastructure) COP, Series A, 5.00% due 8/1/2027 | $1,100,000 | $ 1,101,347 | |
Orange County Convention Center (Tourist Development), Series A, 5.00% due 10/1/2031 | 1,000,000 | 1,051,704 | |
Palm Beach County (Jupiter Medical Center Obligated Group) HFA, Series A, 5.00% due 11/1/2047 | 250,000 | 235,034 | |
Pompano Beach (John Knox Village Obligated Group), Series A, 4.00% due 9/1/2041 | 1,500,000 | 1,244,422 | |
Volusia County Educational Facilities Authority (Embry-Riddle Aeronautical University, Inc.), Series B, 5.00% due 10/15/2030 | 1,500,000 | 1,553,103 | |
Wildwood Utility Dependent District (Insured: BAM), 5.00% due 10/1/2046 | 500,000 | 515,621 | |
Georgia — 2.7% | |||
Development Authority of Burke County (Georgia Power Co.), 2.20% due 10/1/2032 | 1,225,000 | 986,334 | |
Main Street Natural Gas, Inc. (Guaranty: Citigroup Global Markets), | |||
Series C, | |||
4.00% due 12/1/2027 - 12/1/2028 | 1,700,000 | 1,628,114 | |
a | 4.00% due 5/1/2052 (put 12/1/2028) | 1,500,000 | 1,422,563 |
Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2037 | 2,640,000 | 2,628,772 | |
c | Main Street Natural Gas, Inc. (Guaranty: Merrill Lynch & Co), Series A, 5.50% due 9/15/2023 | 350,000 | 353,662 |
Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2039 | 1,225,000 | 1,231,497 | |
Guam — 0.7% | |||
Guam Waterworks Authority (Water and Wastewater System), | |||
5.00% due 7/1/2028 | 500,000 | 503,694 | |
5.25% due 7/1/2024 | 500,000 | 504,715 | |
Territory of Guam, Series F, 5.00% due 1/1/2030 - 1/1/2031 | 1,000,000 | 989,514 | |
Hawaii — 0.7% | |||
State of Hawaii Airports System Revenue AMT, Series A, 5.00% due 7/1/2033 | 2,000,000 | 2,099,858 | |
Illinois — 13.7% | |||
Chicago Midway International Airport AMT, Series A, 5.00% due 1/1/2030 | 1,500,000 | 1,524,687 | |
Chicago O’Hare International Airport AMT, | |||
d | Series A, 5.00% due 1/1/2042 | 1,000,000 | 997,798 |
d | Series C, 5.00% due 1/1/2023 | 290,000 | 291,103 |
�� | Chicago Park District GO, | ||
Series A, | |||
5.00% due 1/1/2027 - 1/1/2035 | 1,510,000 | 1,533,590 | |
5.00% due 1/1/2035 (pre-refunded 1/1/2024) | 1,315,000 | 1,342,661 | |
City of Chicago (Chicago O’Hare International Airport), Series C, 5.00% due 1/1/2031 | 500,000 | 522,138 | |
City of Chicago (Wastewater Transmission System), Series C, 5.00% due 1/1/2030 | 1,500,000 | 1,547,959 | |
City of Chicago (Water System Improvements), 5.00% due 11/1/2029 | 200,000 | 200,150 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2037 | 1,500,000 | 1,564,669 | |
City of Chicago GO, | |||
Series A, | |||
5.00% due 1/1/2039 | 1,000,000 | 988,169 | |
5.625% due 1/1/2031 | 500,000 | 518,823 | |
6.00% due 1/1/2038 | 2,330,000 | 2,408,528 | |
Illinois Finance Authority (Advocate Health Care Network), 5.00% due 8/1/2029 (pre-refunded 8/1/2024) | 2,195,000 | 2,260,797 | |
Illinois Finance Authority (Silver Cross Hospital & Medical Centers), Series C, 5.00% due 8/15/2035 | 2,355,000 | 2,377,403 | |
Illinois Finance Authority (Southern Illinois Healthcare), 5.00% due 3/1/2032 - 3/1/2034 | 700,000 | 718,351 | |
Illinois State University (Insured: AGM), Series A, 5.00% due 4/1/2023 - 4/1/2036 | 1,615,000 | 1,682,179 | |
Illinois Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | 1,000,000 | 1,017,815 | |
Kane, Cook, & DuPage Counties School District No. 46 GO, | |||
Series A, 5.00% due 1/1/2031 | 2,255,000 | 2,295,572 | |
Series D, 5.00% due 1/1/2028 | 1,000,000 | 1,018,625 | |
Metropolitan Pier & Exposition Authority, Series A, 5.00% due 6/15/2050 | 1,500,000 | 1,358,525 | |
Metropolitan Water Reclamation District of Greater Chicago (Various Capital Improvement Projects) GO, Series C, 5.25% due 12/1/2032 | 40,000 | 44,983 | |
Northern Illinois University (Insured: BAM), 4.00% due 10/1/2033 - 10/1/2034 | 950,000 | 890,362 | |
Regional Transportation Authority (Insured: AGM), Series A, 5.75% due 6/1/2034 | 1,100,000 | 1,274,871 | |
Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2029 | 1,000,000 | 1,047,357 | |
State of Illinois GO, | |||
5.00% due 2/1/2039 | 600,000 | 581,614 | |
5.50% due 5/1/2039 | 375,000 | 380,757 | |
Series A, 5.50% due 3/1/2042 | 1,000,000 | 1,015,660 | |
Series D, 5.00% due 11/1/2028 | 3,000,000 | 3,063,291 | |
State of Illinois Sales Tax Revenue (Insured BAM-TCRS), Series B, 4.75% due 6/15/2043 | 1,750,000 | 1,673,541 | |
State of Illinois Sales Tax Revenue (Insured: BAM-Natl-Re), Series B, 5.00% due 6/15/2032 - 6/15/2035 | 4,500,000 | 4,630,844 | |
Will County School District No. 114 Manhattan (Insured: Natl-Re) ETM GO, Series C, Zero Coupon due 12/1/2023 | 115,000 | 110,649 | |
Will County School District No. 114 Manhattan (Insured: Natl-Re) GO, Series C, Zero Coupon due 12/1/2023 | 455,000 | 437,128 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 57 |
Thornburg Strategic Municipal Income Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Indiana — 1.3% | |||
Indiana Finance Authority (Ohio Valley Electric Corp.), Series A, 4.25% due 11/1/2030 | $1,000,000 | $ 938,065 | |
a | Indiana Finance Authority (Republic Services, Inc.) AMT, Series A, 2.95% due 5/1/2034 (put 12/1/2022) | 3,000,000 | 3,000,000 |
Iowa — 1.7% | |||
a | Iowa Finance Authority (Iowa Fertilizer Co LLC; Guaranty: OCI NV), 5.00% due 12/1/2050 (put 12/1/2042) | 1,650,000 | 1,490,089 |
Iowa Higher Education Loan Authority (Des Moines University Osteopathic Medical Center), 5.00% due 10/1/2047 | 750,000 | 724,599 | |
a | PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 3,000,000 | 3,013,323 |
Kansas — 1.8% | |||
a | Kansas (AdventHealth Obligated Group) DFA, Series B, 5.00% due 11/15/2054 (put 11/15/2031) | 1,500,000 | 1,600,218 |
Kansas Independent College Finance Authority (Ottawa University), Series C, 5.75% due 5/1/2023 | 1,800,000 | 1,816,484 | |
Unified Government of Wyandotte County/Kansas City (Utility System Improvement), Series A, 5.00% due 9/1/2031 - 9/1/2032 | 2,000,000 | 2,064,551 | |
Kentucky — 4.9% | |||
b | City of Henderson (Guaranty: Pratt Paper, LLC) AMT, Series B, 4.45% due 1/1/2042 | 1,000,000 | 865,256 |
Kentucky (Baptist Healthcare System Obligated Group) EDFA, Series B, 5.00% due 8/15/2041 | 1,500,000 | 1,482,412 | |
Kentucky Economic (Norton Healthcare, Inc.; Insured: Natl-Re) DFA, Series B, Zero Coupon due 10/1/2022 | 2,650,000 | 2,650,000 | |
Kentucky Higher Education Student Loan Corp. AMT, Series A-1, 5.00% due 6/1/2029 | 500,000 | 529,131 | |
Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), | |||
a | Series A, 4.00% due 4/1/2048 (put 4/1/2024) | 4,000,000 | 3,986,576 |
a | Series C, 4.00% due 2/1/2050 (put 2/1/2028) | 5,500,000 | 5,315,453 |
Louisiana — 1.7% | |||
City of New Orleans (Water System Facilities Improvement), 5.00% due 12/1/2034 (pre-refunded 12/1/2024) | 400,000 | 414,824 | |
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) | 2,000,000 | 2,027,600 | |
Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series A, 5.00% due 5/15/2035 - 5/15/2037 | 1,925,000 | 1,967,483 | |
New Orleans Aviation Board (Louis Armstrong New Orleans International Airport CFC Revenue; Insured: AGM), 5.00% due 1/1/2029 | 700,000 | 731,653 | |
Maine — 0.3% | |||
Maine State Housing Authority AMT, Series C-1, 3.00% due 11/15/2023 | 1,000,000 | 996,745 | |
Massachusetts — 0.2% | |||
Massachusetts (Jordan Hospital and Milton Hospital) DFA, Series H-1, 5.00% due 7/1/2032 - 7/1/2033 | 555,000 | 566,792 | |
Michigan — 5.2% | |||
Board of Governors of Wayne State University (Educational Facilities and Equipment), Series A, 5.00% due 11/15/2033 | 1,250,000 | 1,273,790 | |
City of Detroit GO, | |||
5.00% due 4/1/2023 - 4/1/2024 | 900,000 | 906,968 | |
Series A, 5.00% due 4/1/2032 | 300,000 | 303,230 | |
County of Genesee (Water Supply System; Insured: BAM) GO, 5.375% due 11/1/2038 | 1,000,000 | 1,009,721 | |
Detroit City School District (School Building & Site; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1,000,000 | 1,078,990 | |
Detroit Downtown Development Authority (Catalyst Development Project; Insured: AGM), Series A, 5.00% due 7/1/2024 | 850,000 | 867,328 | |
Gerald R Ford International Airport Authority AMT, 5.00% due 1/1/2039 - 1/1/2041 | 2,205,000 | 2,310,557 | |
Kalamazoo Hospital Finance Authority (Bronson Methodist Hospital), 5.25% due 5/15/2041 | 140,000 | 140,054 | |
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 | 227,409 | |
Michigan Finance Authority (BHSH System Obligated Group), Series A, 4.00% due 4/15/2042 | 1,000,000 | 927,320 | |
Michigan Finance Authority (State Department of Human Services Office Buildings), Series F, 5.00% due 4/1/2031 | 1,000,000 | 1,001,155 | |
Michigan Finance Authority (Trinity Health Corp. Obligated Group), 5.00% due 12/1/2027 | 165,000 | 175,343 | |
Michigan State Housing Development Authority, Series B, 2.95% due 12/1/2039 | 2,000,000 | 1,629,032 | |
a | Michigan Strategic Fund (Graphic Packaging International LLC) (Green Bond) AMT, 4.00% due 10/1/2061 (put 10/1/2026) | 1,000,000 | 960,085 |
Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport), Series B, 5.00% due 12/1/2031 - 12/1/2034 | 2,615,000 | 2,674,398 | |
Minnesota — 0.6% | |||
Minneapolis-St Paul Metropolitan Airports Commission AMT, Series B, 5.00% due 1/1/2026 | 1,000,000 | 1,041,225 | |
Minnesota Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), Series F, 2.55% due 7/1/2039 | 1,065,000 | 860,124 | |
Nebraska — 2.4% | |||
a | Central Plains Energy Project (Guaranty: Goldman Sachs & Co.), Series 1 5.00% due 5/1/2053 (put 10/1/2029) | 1,000,000 | 999,405 |
Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), | |||
a | 5.00% due 3/1/2050 (put 1/1/2024) | 1,650,000 | 1,666,150 |
Series A, 5.00% due 9/1/2031 | 1,500,000 | 1,531,308 | |
a | Central Plains Energy Project (Guaranty: Royal Bank of Canada), 4.00% due 12/1/2049 (put 8/1/2025) | 1,250,000 | 1,240,386 |
Douglas County Health Facilities (Nebraska Methodist Health System), 5.00% due 11/1/2029 - 11/1/2030 | 1,750,000 | 1,798,172 | |
Nevada — 0.6% | |||
Carson City (Carson Tahoe Regional Healthcare), 5.00% due 9/1/2037 | 1,000,000 | 1,004,209 | |
City of Las Vegas Special Improvement District No. 814 (Summerlin Vlg 21 & 24A), 4.00% due 6/1/2039 - 6/1/2044 | 1,080,000 | 872,988 |
58 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
New Hampshire — 0.4% | |||
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) | $1,250,000 | $ 1,205,196 |
New Jersey — 4.9% | |||
New Jersey (New Jersey Transit Corp.) EDA, 5.00% due 11/1/2033 | 500,000 | 509,118 | |
New Jersey (School Facilities Construction) EDA, | |||
5.00% due 6/15/2035 - 6/15/2038 | 1,250,000 | 1,259,860 | |
Series NN, 5.00% due 3/1/2026 | 1,000,000 | 1,004,205 | |
New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N-1, 5.50% due 9/1/2027 | 1,000,000 | 1,060,789 | |
New Jersey (State of New Jersey Department of the Treasury) EDA, Series DDD, 5.00% due 6/15/2033 | 500,000 | 507,351 | |
New Jersey Transportation Trust Fund Authority, Series A, 5.00% due 12/15/2035 | 2,000,000 | 2,017,146 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), Series A-1, 5.00% due 6/15/2027 | 3,000,000 | 3,125,379 | |
New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), Series AA, 5.00% due 6/15/2038 | 1,500,000 | 1,507,440 | |
New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 12/15/2034 - 12/15/2039 | 2,200,000 | 2,211,421 | |
South Jersey Transportation Authority, Series A, 5.25% due 11/1/2052 | 1,500,000 | 1,515,169 | |
New Mexico — 1.3% | |||
City of Santa Fe (El Castillo Retirement Project), Series A, 5.00% due 5/15/2044 | 950,000 | 801,627 | |
City of Santa Fe (El Castillo Retirement Residences), 5.00% due 5/15/2034 | 1,465,000 | 1,343,894 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Series A, 5.00% due 8/1/2039 | 1,000,000 | 1,034,130 | |
New Mexico Mortgage Finance Authority (Collateralized: GNMA, FNMA, FHLMC), Series F, 2.85% due 7/1/2039 | 795,000 | 681,559 | |
New York — 4.2% | |||
City of New York (City Budget Financial Management) GO, | |||
Series G, 5.00% due 8/1/2023 | 3,000,000 | 3,042,270 | |
Series J, 5.00% due 8/1/2031 | 1,500,000 | 1,538,760 | |
Metropolitan Transportation Authority (Green Bond), Series A1, 5.00% due 11/15/2030 | 1,045,000 | 1,060,923 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.00% due 11/1/2036 | 2,230,000 | 2,351,655 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), Series D, 4.00% due 2/15/2040 | 1,000,000 | 908,814 | |
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) | 1,000,000 | 991,107 |
State of New York Mortgage Agency (Insured: SONYMA) AMT, | |||
Series 248, | |||
4.10% due 4/1/2032 | 770,000 | 722,468 | |
4.125% due 10/1/2032 | 210,000 | 196,327 | |
4.20% due 4/1/2033 | 845,000 | 788,324 | |
a | Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue), Series A2, 2.00% due 5/15/2045 (put 5/15/2024) | 1,000,000 | 980,579 |
North Carolina — 1.8% | |||
a | Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group), Series B, 1.95% due 1/15/2048 (put 11/1/2029) | 1,000,000 | 899,705 |
Greater Asheville Regional Airport Authority (Insured: AGM) AMT, Series A, 5.25% due 7/1/2039 | 1,000,000 | 1,032,611 | |
North Carolina Medical Care Commission (Plantation Village Obligated Group), 4.00% due 1/1/2041 | 1,020,000 | 838,623 | |
North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2029 (pre-refunded 6/1/2025) | 1,500,000 | 1,567,686 | |
North Carolina Turnpike Authority, 5.00% due 1/1/2029 - 1/1/2030 | 1,000,000 | 1,039,652 | |
Ohio — 1.6% | |||
Akron, Bath and Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.25% due 11/15/2030 | 1,420,000 | 1,458,657 | |
Northeast Ohio Medical University (Insured: BAM), | |||
5.00% due 12/1/2043 | 775,000 | 776,378 | |
Series B, 4.00% due 12/1/2038 | 550,000 | 485,898 | |
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 | 933,872 |
Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group), 5.25% due 1/1/2038 | 1,105,000 | 1,126,463 | |
Oklahoma — 0.3% | |||
Pontotoc County Educational Facilities Authority, 4.00% due 9/1/2040 | 1,000,000 | 909,607 | |
Oregon — 1.6% | |||
a | County of Gilliam (Guaranty: Waste Management, Inc.) AMT, 3.00% due 7/1/2038 (put 5/1/2023) | 2,000,000 | 1,992,248 |
a | Oregon Health & Science University (Obligated Group), Series B-2, 5.00% due 7/1/2046 (put 2/1/2032) | 1,900,000 | 2,033,502 |
Salem Hospital Facility Authority (Capital Manor, Inc. Obligated Group), 4.00% due 5/15/2040 | 500,000 | 400,750 | |
Yamhill County Hospital Authority (Friendsview Manor Obligated Group), Series B-3, 1.75% due 11/15/2026 | 340,000 | 303,711 | |
Pennsylvania — 7.4% | |||
Bucks County (Waste Management, Inc.) IDA AMT, Series A-2, 2.75% due 12/1/2022 | 4,000,000 | 3,996,296 | |
City of Philadelphia (Philadelphia Airport Revenue; Insured: AGM) AMT, 4.00% due 7/1/2046 | 250,000 | 218,130 | |
City of Philadelphia IDA, 5.00% due 5/1/2024 | 1,000,000 | 1,023,557 | |
Coatesville Area School District (Insured: AGM) (State Aid Withholding) GO, 5.00% due 8/1/2024 - 8/1/2025 | 1,475,000 | 1,523,834 | |
Commonwealth Financing Authority, 5.00% due 6/1/2029 | 1,000,000 | 1,051,774 | |
County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2029 | 1,000,000 | 1,043,473 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 59 |
Thornburg Strategic Municipal Income Fund | September 30, 2022
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Hospitals & Higher Education Facilities Authority of Philadelphia (Temple University Health System Obligated Group; Insured: AGM), 4.00% due 7/1/2038 | $1,000,000 | $ 912,039 | |
Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group), 5.00% due 9/1/2033 | 700,000 | 717,347 | |
Pennsylvania (Presbyterian Homes Obligated Group) EDFA, Series A, 4.00% due 7/1/2041 | 1,050,000 | 855,292 | |
Pennsylvania Economic Development Financing Authority (Presbyterian Homes Obligated Group), 4.00% due 7/1/2033 | 1,750,000 | 1,568,999 | |
Pennsylvania EDFA (UPMC Obligated Group), Series A, 4.00% due 10/15/2037 | 1,000,000 | 909,170 | |
Pennsylvania Turnpike Commission, Series B, 5.00% due 12/1/2036 | 350,000 | 367,419 | |
Pennsylvania Turnpike Commission (Highway Improvements), Series A-1, 5.00% due 12/1/2037 | 750,000 | 771,869 | |
Philadelphia (Thomas Jefferson University) IDA, Series A, 5.00% due 9/1/2035 | 1,500,000 | 1,515,275 | |
Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2038 | 1,360,000 | 1,385,251 | |
Philadelphia Pennsylvania Airport Revenue (Insured: AGM) AMT, 4.00% due 7/1/2040 - 7/1/2041 | 2,700,000 | 2,384,724 | |
Pittsburgh Water & Sewer Authority (Insured: AGM), Series B, 5.00% due 9/1/2033 | 1,000,000 | 1,092,629 | |
School District of Philadelphia (State Aid Witholding) GO, | |||
Series A, | |||
4.00% due 9/1/2041 | 1,000,000 | 877,943 | |
5.00% due 9/1/2038 | 100,000 | 102,025 | |
Rhode Island — 0.1% | |||
Pawtucket Housing Authority, 5.50% due 9/1/2024 | 250,000 | 252,898 | |
South Carolina — 0.8% | |||
Patriots Energy Group, Series A, 4.00% due 6/1/2046 | 1,500,000 | 1,274,223 | |
a | Patriots Energy Group Financing Agency (Guaranty: Royal Bank of Canada), Series A, 4.00% due 10/1/2048 (put 2/1/2024) | 1,000,000 | 1,002,371 |
Tennessee — 0.5% | |||
Shelby County Health, Educational and Housing Facility (Methodist Le Bonheur Healthcare), Series A, 5.00% due 5/1/2036 | 1,000,000 | 1,021,513 | |
Tennessee Energy Acquisition Corp. (The Gas Project; Guaranty: Goldman Sachs Group, Inc.), Series A, 5.25% due 9/1/2024 | 500,000 | 506,291 | |
Texas — 7.4% | |||
Central Texas Turnpike System, Series C, 5.00% due 8/15/2034 | 3,250,000 | 3,271,388 | |
City of Austin Airport System Revenue AMT, 5.00% due 11/15/2039 | 2,000,000 | 2,021,974 | |
City of Brownsville AMT GO, 4.00% due 2/15/2034 - 2/15/2042 | 1,460,000 | 1,358,230 | |
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2031 | 1,930,000 | 2,005,811 | |
City of Houston (Combined Utility System), Series D, 5.00% due 11/15/2028 | 2,500,000 | 2,579,210 | |
City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2032 | 2,500,000 | 2,620,045 | |
City of Houston Airport System Revenue AMT, Series A, 4.00% due 7/1/2040 | 1,500,000 | 1,317,069 | |
a | Denton (Insured: PSF-GTD) ISD GO, Series B, 2.00% due 8/1/2044 (pre-refunded 8/1/2024) | 65,000 | 63,567 |
Greater Texas Cultural Education Facilities Finance Corp. (Fort County Bend), 4.00% due 3/1/2040 - 3/1/2041 | 2,000,000 | 1,789,247 | |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group), Series A, 5.00% due 7/1/2052 | 1,500,000 | 1,485,105 | |
Newark Higher Education Finance Corp. (Abilene Christian University), Series A, 4.00% due 4/1/2057 | 1,000,000 | 788,246 | |
North Texas Tollway Authority (NTTA System), Series A, 5.00% due 1/1/2034 | 750,000 | 822,068 | |
Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2032 | 1,300,000 | 1,332,621 | |
Waco Educational Finance Corp. (Baylor University Issue), 4.00% due 3/1/2041 | 850,000 | 755,256 | |
U. S. Virgin Islands — 0.2% | |||
Matching Fund Special Purpose Securitization Corp., Series A, 5.00% due 10/1/2025 | 500,000 | 505,716 | |
Utah — 0.8% | |||
Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2039 | 700,000 | 719,193 | |
Utah Transit Authority (Integrated Mass Transit System), Series A, 5.00% due 6/15/2033 (pre-refunded 6/15/2025) | 1,000,000 | 1,044,961 | |
Vineyard Redevelopment Agency (Vineyard Redevelopment Agency Geneva Urban Renewal Project Area; Insured: AGM), 4.00% due 5/1/2040 - 5/1/2046 | 610,000 | 570,358 | |
Virginia — 1.0% | |||
Henrico County (Westminster-Canterbury Corp. Obligated Group) EDA, Series A, 5.00% due 10/1/2052 | 1,000,000 | 974,461 | |
a | Roanoke (Carilion Clinic Obligated Group) EDA, 5.00% due 7/1/2053 (put 7/1/2030) | 1,000,000 | 1,082,401 |
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2034 | 1,000,000 | 1,046,786 | |
Washington — 1.6% | |||
Port of Seattle AMT, 5.00% due 4/1/2039 | 1,705,000 | 1,726,727 | |
State of Washington (Various Purposes) GO, Series 2021A, 5.00% due 6/1/2038 | 1,000,000 | 1,062,993 | |
Washington Health Care Facilities Authority (Catholic Health Initiatives), Series A, 5.75% due 1/1/2045 (pre-refunded 1/1/2023) | 2,000,000 | 2,012,690 | |
Wisconsin — 3.4% | |||
Public Finance Authority, 4.00% due 10/1/2025 - 10/1/2026 | 590,000 | 577,713 | |
a | Public Finance Authority (Duke Energy Progress, LLC) AMT, Series B, 4.00% due 10/1/2046 (put 10/1/2030) | 1,000,000 | 964,749 |
Public Finance Authority (National Senior Community Obligated Group), 4.00% due 1/1/2042 - 1/1/2047 | 2,375,000 | 2,013,705 | |
Public Finance Authority (Renown Regional Medical Center), 5.00% due 6/1/2036 | 650,000 | 663,805 | |
a | Public Finance Authority (St. John’s College), 3.00% due 10/1/2045 (put 10/1/2026) | 1,500,000 | 1,372,600 |
Public Finance Authority (Texas Biomedical Research Institute), 4.00% due 6/1/2039 - 6/1/2041 | 770,000 | 653,594 | |
Public Finance Authority (United Methodist Retirement Homes), 4.00% due 10/1/2051 | 1,685,000 | 1,259,846 |
60 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
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 | $ 1,286,961 |
Wisconsin Health & Educational Facilities Authority (Aspirus Inc. Obligated Group), 4.00% due 8/15/2046 | 795,000 | 663,807 | |
Wisconsin Health & Educational Facilities Authority (HOPE Christian Schools Obligated Group), 4.00% due 12/1/2056 | 750,000 | 523,235 | |
Wisconsin Housing (Collateralized: FNMA) EDA, Series C, 2.75% due 9/1/2039 | 305,000 | 260,977 | |
Total Long-Term Municipal Bonds — 96.4% (Cost $306,851,213) | 289,953,617 | ||
Short-Term Municipal Bonds — 2.5% | |||
Florida — 1.7% | |||
a,b | Deutsche Bank Spears/Lifers Trust (LOC Deutsche Bank A.G.), Series DBE-8083, 2.86% due 7/1/2061 (put 10/7/2022) | 5,000,000 | 5,000,000 |
Oregon — 0.8% | |||
a,b | Tender Option Bond Trust Receipts/Certificates (Guaranty: Deutsche Bank A.G.), Series 2021-XF1123, 2.71% due 10/1/2061 (put 10/7/2022) | 2,470,000 | 2,470,000 |
Total Short-Term Municipal Bonds — 2.5% (Cost $7,470,000) | 7,470,000 | ||
Total Investments — 98.9% (Cost $314,321,213) | $297,423,617 | ||
Other Assets Less Liabilities — 1.1% | 3,438,158 | ||
Net Assets — 100.0% | $300,861,775 |
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, 2022. |
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, 2022, the aggregate value of these securities in the Fund’s portfolio was $11,938,149, representing 3.97% 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 |
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 |
DFA | Development Finance Authority/Agency |
EDA | Economic Development Authority |
EDFA | Economic Development Financing Authority |
ETM | Escrowed to Maturity |
FHLMC | Collateralized 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 |
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 |
SONYMA | State of New York Mortgage Agency |
TCRS | Transferable Custodial Receipts |
USD | Unified School District |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 61 |
September 30, 2022
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 | $ 173,947,512 | $ 4,085,005,868 | $ 366,093,386 | $ 121,881,510 |
Investments at value | 170,517,037 | 3,970,603,844 | 354,468,876 | 116,075,999 |
Cash | 52,894 | 10,874,963 | 48,619 | 2,343,058 |
Receivable for investments sold | 4,137,443 | 22,806,749 | 8,519,075 | 2,120,839 |
Receivable for fund shares sold | 22 | 12,465,065 | 507,025 | 207,567 |
Principal and interest receivable | 1,411,986 | 49,151,286 | 4,228,660 | 1,608,073 |
Prepaid expenses and other assets | 25,465 | 73,544 | 21,107 | 12,482 |
Total Assets | 176,144,847 | 4,065,975,451 | 367,793,362 | 122,368,018 |
Liabilities | ||||
Payable for investments purchased | 5,297,158 | 34,886,085 | 4,500,000 | 649,882 |
Payable for fund shares redeemed | 1,721,144 | 14,836,418 | 1,007,658 | 96,795 |
Payable to investment advisor and other affiliates | 56,193 | 1,619,948 | 144,070 | 81,405 |
Accounts payable and accrued expenses | 95,849 | 1,194,134 | 182,980 | 85,846 |
Dividends payable | 566 | 486,285 | 91,128 | 6,115 |
Total Liabilities | 7,170,910 | 53,022,870 | 5,925,836 | 920,043 |
Net Assets | $ 168,973,937 | $ 4,012,952,581 | $ 361,867,526 | $ 121,447,975 |
NET ASSETS CONSIST OF | ||||
Net capital paid in on shares of beneficial interest | $ 178,127,724 | $ 4,303,849,037 | $ 384,608,013 | $ 129,122,010 |
Accumulated loss | (9,153,787) | (290,896,456) | (22,740,487) | (7,674,035) |
Net Assets | $ 168,973,937 | $ 4,012,952,581 | $ 361,867,526 | $ 121,447,975 |
NET ASSET VALUE | ||||
Class A Shares: | ||||
Net assets applicable to shares outstanding | $ 20,044,649 | $ 755,221,727 | $ 79,045,979 | $ 53,475,762 |
Shares outstanding | 1,703,099 | 56,967,836 | 6,270,564 | 4,427,150 |
Net asset value and redemption price per share | $ 11.77 | $ 13.26 | $ 12.61 | $ 12.08 |
Maximum offering price per share (net asset value, plus 2.25% of offering price) | $ 12.04 | $ 13.57 | $ 12.90 | $ 12.33 * |
Class C Shares: | ||||
Net assets applicable to shares outstanding | - | 91,018,443 | 5,975,408 | - |
Shares outstanding | - | 6,853,352 | 473,630 | - |
Net asset value and redemption price per share** | - | 13.28 | 12.62 | - |
Class C2 Shares: | ||||
Net assets applicable to shares outstanding | - | 4,694,584 | 129,121 | - |
Shares outstanding | - | 353,428 | 10,236 | - |
Net asset value and redemption price per share** | - | 13.28 | 12.61 | - |
Class D Shares: | ||||
Net assets applicable to shares outstanding | - | - | - | 10,388,176 |
Shares outstanding | - | - | - | 859,617 |
Net asset value and redemption price per share | - | - | - | 12.08 |
September 30, 2022
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 | $ 148,929,288 | $ 3,162,017,827 | $ 276,717,018 | $ 57,584,037 |
Shares outstanding | 12,659,942 | 238,489,955 | 21,928,964 | 4,769,383 |
Net asset value and redemption price per share | 11.76 | 13.26 | 12.62 | 12.07 |
* | 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, 2022
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | THORNBURG STRATEGIC MUNICIPAL INCOME FUND | |
ASSETS | |||
Investment in securities, at cost | $ 28,144,887 | $ 859,345,507 | $ 314,321,213 |
Investments at value | 27,375,639 | 838,432,418 | 297,423,617 |
Cash | 2,159,124 | 791,602 | 2,577,643 |
Receivable for investments sold | - | 12,738,420 | 1,145,285 |
Receivable for fund shares sold | 2,174 | 4,150,182 | 1,253,380 |
Principal and interest receivable | 394,104 | 10,957,766 | 3,679,717 |
Prepaid expenses and other assets | 10,567 | 61,284 | 27,448 |
Total Assets | 29,941,608 | 867,131,672 | 306,107,090 |
Liabilities | |||
Payable for investments purchased | - | 10,568,782 | 1,333,511 |
Payable for fund shares redeemed | 15,912 | 4,014,147 | 3,651,291 |
Payable to investment advisor and other affiliates | 10,384 | 419,593 | 130,371 |
Accounts payable and accrued expenses | 69,425 | 270,127 | 118,307 |
Dividends payable | 10,647 | 297,035 | 11,835 |
Total Liabilities | 106,368 | 15,569,684 | 5,245,315 |
Net Assets | $ 29,835,240 | $ 851,561,988 | $ 300,861,775 |
NET ASSETS CONSIST OF | |||
Net capital paid in on shares of beneficial interest | $ 31,605,538 | $ 897,255,873 | $ 329,905,667 |
Accumulated loss | (1,770,298) | (45,693,885) | (29,043,892) |
Net Assets | $ 29,835,240 | $ 851,561,988 | $ 300,861,775 |
NET ASSET VALUE | |||
Class A Shares: | |||
Net assets applicable to shares outstanding | $ 15,192,806 | $ 272,110,943 | $ 55,859,226 |
Shares outstanding | 1,300,722 | 21,233,400 | 4,144,139 |
Net asset value and redemption price per share | $ 11.68 | $ 12.82 | $ 13.48 |
Maximum offering price per share (net asset value, plus 2.00% of offering price) | $ 11.92 | $ 13.08 | $ 13.76 |
Class C Shares: | |||
Net assets applicable to shares outstanding | - | 22,031,903 | 8,278,219 |
Shares outstanding | - | 1,717,155 | 613,499 |
Net asset value and redemption price per share* | - | 12.83 | 13.49 |
Class C2 Shares: | |||
Net assets applicable to shares outstanding | - | 1,521,082 | - |
Shares outstanding | - | 118,524 | - |
Net asset value and redemption price per share* | - | 12.83 | - |
September 30, 2022
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | THORNBURG STRATEGIC MUNICIPAL INCOME FUND | |
Class I Shares: | |||
Net assets applicable to shares outstanding | $ 14,642,434 | $ 555,898,060 | $ 236,724,330 |
Shares outstanding | 1,253,429 | 43,434,347 | 17,546,039 |
Net asset value and redemption price per share | 11.68 | 12.80 | 13.49 |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Year Ended September 30, 2022
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 | $ 2,391,901 | $ 108,065,834 | $ 8,826,367 | $ 3,372,599 |
EXPENSES | ||||
Investment management fees | 692,710 | 13,766,146 | 2,150,778 | 677,576 |
Administration fees | 148,732 | 4,196,178 | 369,017 | 116,290 |
Distribution and service fees | ||||
Class A Shares | 31,872 | 2,208,688 | 227,039 | 152,663 |
Class C Shares | - | 601,424 | 39,342 | - |
Class C2 Shares | - | 34,983 | 1,105 | - |
Class D Shares | - | - | - | 58,857 |
Transfer agent fees | ||||
Class A Shares | 31,463 | 589,761 | 53,243 | 45,389 |
Class C Shares | - | 83,438 | 8,006 | - |
Class C2 Shares | - | 5,220 | 1,894 | - |
Class D Shares | - | - | - | 8,027 |
Class I Shares | 16,975 | 3,579,152 | 272,760 | 27,930 |
Registration and filing fees | ||||
Class A Shares | 23,817 | 31,995 | 10,863 | 6,595 |
Class C Shares | - | 15,290 | 6,433 | - |
Class C2 Shares | - | 18,496 | 3,515 | - |
Class D Shares | - | - | - | 6,159 |
Class I Shares | 26,755 | 19,164 | 6,787 | 6,954 |
Custodian fees | 54,305 | 371,653 | 78,070 | 51,130 |
Professional fees | 43,442 | 106,824 | 52,162 | 43,067 |
Trustee and officer fees | 9,867 | 292,641 | 24,922 | 7,843 |
Other expenses | 12,501 | 302,002 | 32,121 | 15,058 |
Total Expenses | 1,092,439 | 26,223,055 | 3,338,057 | 1,223,538 |
Less: | ||||
Expenses reimbursed | (194,679) | (12,934) | (731,502) | (53,080) |
Investment management fees waived | - | - | (229,152) | - |
Net Expenses | 897,760 | 26,210,121 | 2,377,403 | 1,170,458 |
Net Investment Income (Loss) | $ 1,494,141 | $ 81,855,713 | $ 6,448,964 | $ 2,202,141 |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) | (3,498,912) | (134,960,930) | (6,550,583) | (577,678) |
Net change in unrealized appreciation (depreciation) | (4,388,542) | (304,697,072) | (26,787,872) | (13,363,891) |
Net Realized and Unrealized Gain (Loss) | (7,887,454) | (439,658,002) | (33,338,455) | (13,941,569) |
Change in Net Assets Resulting from Operations | $ (6,393,313) | $ (357,802,289) | $ (26,889,491) | $ (11,739,428) |
Year Ended September 30, 2022
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | THORNBURG STRATEGIC MUNICIPAL INCOME FUND | |
INVESTMENT INCOME | |||
Interest income | $ 1,084,120 | $ 29,370,126 | $ 10,254,732 |
EXPENSES | |||
Investment management fees | 182,566 | 4,464,381 | 2,630,015 |
Administration fees | 31,283 | 804,269 | 300,843 |
Distribution and service fees | |||
Class A Shares | 48,811 | 750,631 | 157,137 |
Class C Shares | - | 174,067 | 64,756 |
Class C2 Shares | - | 11,196 | - |
Transfer agent fees | |||
Class A Shares | 18,995 | 192,463 | 66,448 |
Class C Shares | - | 21,901 | 10,079 |
Class C2 Shares | - | 2,934 | - |
Class I Shares | 17,229 | 461,097 | 269,284 |
Registration and filing fees | |||
Class A Shares | 8,248 | 20,872 | 21,054 |
Class C Shares | - | 17,948 | 20,363 |
Class C2 Shares | - | 11,307 | - |
Class I Shares | 7,943 | 16,605 | 28,894 |
Custodian fees | 38,810 | 112,300 | 72,580 |
Professional fees | 41,849 | 58,174 | 48,581 |
Trustee and officer fees | 2,204 | 54,296 | 20,401 |
Other expenses | 7,893 | 59,470 | 26,803 |
Total Expenses | 405,831 | 7,233,911 | 3,737,238 |
Less: | ��� | ||
Expenses reimbursed | (69,857) | (1,356,690) | (727,103) |
Investment management fees waived | (28,857) | - | (728,440) |
Net Expenses | 307,117 | 5,877,221 | 2,281,695 |
Net Investment Income (Loss) | $ 777,003 | $ 23,492,905 | $ 7,973,037 |
REALIZED AND UNREALIZED GAIN (LOSS) | |||
Net realized gain (loss) | (504,497) | (14,517,395) | (10,503,946) |
Net change in unrealized appreciation (depreciation) | (3,062,592) | (90,410,124) | (36,267,654) |
Net Realized and Unrealized Gain (Loss) | (3,567,089) | (104,927,519) | (46,771,600) |
Change in Net Assets Resulting from Operations | $ (2,790,086) | $ (81,434,614) | $ (38,798,563) |
THORNBURG SHORT DURATION MUNICIPAL FUND | THORNBURG LIMITED TERM MUNICIPAL FUND | |||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 1,494,141 | $ 827,637 | $ 81,855,713 | $ 85,366,085 |
Net realized gain (loss) | (3,498,912) | (16,487) | (134,960,930) | (2,855,864) |
Net change in unrealized appreciation (depreciation) | (4,388,542) | (505,677) | (304,697,072) | (48,294,868) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (6,393,313) | 305,473 | (357,802,289) | 34,215,353 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (112,895) | (64,774) | (13,360,683) | (12,597,747) |
Class C Shares | - | - | (1,485,783) | (1,664,168) |
Class C2 Shares† | - | - | (53,216) | (20,800) |
Class I Shares | (1,381,252) | (762,863) | (67,125,973) | (70,836,627) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 4,479,162 | (8,197,490) | (144,311,223) | 44,026,090 |
Class C Shares | - | - | (45,234,960) | (83,003,282) |
Class C2 Shares† | - | - | (293,602) | 5,521,913 |
Class I Shares | (23,194,614) | 47,176,676 | (990,458,748) | (23,033,764) |
Net Increase (Decrease) in Net Assets | (26,602,912) | 38,457,022 | (1,620,126,477) | (107,393,032) |
NET ASSETS | ||||
Beginning of Year | 195,576,849 | 157,119,827 | 5,633,079,058 | 5,740,472,090 |
End of Year | $ 168,973,937 | $ 195,576,849 | $ 4,012,952,581 | $ 5,633,079,058 |
† | 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, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 6,448,964 | $ 6,751,080 | $ 2,202,141 | $ 2,460,746 |
Net realized gain (loss) | (6,550,583) | 292,644 | (577,678) | (13,677) |
Net change in unrealized appreciation (depreciation) | (26,787,872) | (5,416,521) | (13,363,891) | (863,382) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (26,889,491) | 1,627,203 | (11,739,428) | 1,583,687 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (1,196,853) | (1,189,036) | (911,306) | (1,098,803) |
Class C Shares | (80,015) | (103,182) | - | - |
Class C2 Shares† | (1,787) | (1,164) | - | - |
Class D Shares | - | - | (146,529) | (162,397) |
Class I Shares | (5,172,330) | (5,468,843) | (1,137,193) | (1,169,485) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (15,733,474) | (6,044,354) | (10,340,532) | (10,031,781) |
Class C Shares | (3,035,388) | (7,828,256) | - | - |
Class C2 Shares† | (6,688) | 149,981 | - | - |
Class D Shares | - | - | (1,313,907) | (1,486,390) |
Class I Shares | (64,598,345) | (79,199,873) | (2,243,160) | 992,050 |
Net Increase (Decrease) in Net Assets | (116,714,371) | (98,057,524) | (27,832,055) | (11,373,119) |
NET ASSETS | ||||
Beginning of Year | 478,581,897 | 576,639,421 | 149,280,030 | 160,653,149 |
End of Year | $ 361,867,526 | $ 478,581,897 | $ 121,447,975 | $ 149,280,030 |
† | Class C2 Shares commenced operations on October 1, 2020. |
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | |||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 777,003 | $ 896,114 | $ 23,492,905 | $ 24,899,369 |
Net realized gain (loss) | (504,497) | (71,251) | (14,517,395) | 57,240 |
Net change in unrealized appreciation (depreciation) | (3,062,592) | (172,704) | (90,410,124) | (886,015) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (2,790,086) | 652,159 | (81,434,614) | 24,070,594 |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (386,248) | (466,060) | (7,123,328) | (7,607,115) |
Class C Shares | - | - | (575,688) | (741,939) |
Class C2 Shares† | - | - | (34,430) | (19,602) |
Class I Shares | (390,755) | (448,411) | (15,786,512) | (16,658,749) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (6,758,106) | (3,098,489) | (22,336,360) | 1,684,016 |
Class C Shares | - | - | (9,114,503) | (18,625,674) |
Class C2 Shares† | - | - | (149,000) | 1,872,135 |
Class I Shares | (4,178,192) | (617,840) | (42,613,169) | (1,195,209) |
Net Increase (Decrease) in Net Assets | (14,503,387) | (3,978,641) | (179,167,604) | (17,221,543) |
NET ASSETS | ||||
Beginning of Year | 44,338,627 | 48,317,268 | 1,030,729,592 | 1,047,951,135 |
End of Year | $ 29,835,240 | $ 44,338,627 | $ 851,561,988 | $ 1,030,729,592 |
† | Class C2 Shares commenced operations on October 1, 2020. |
THORNBURG STRATEGIC MUNICIPAL INCOME FUND | ||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income (loss) | $ 7,973,037 | $ 7,198,648 |
Net realized gain (loss) | (10,503,946) | 325,278 |
Net change in unrealized appreciation (depreciation) | (36,267,654) | 1,426,361 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (38,798,563) | 8,950,287 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (1,335,667) | (1,288,474) |
Class C Shares | (177,079) | (196,045) |
Class I Shares | (6,466,334) | (5,715,407) |
FUND SHARE TRANSACTIONS | ||
Class A Shares | (983,259) | 3,239,395 |
Class C Shares | (2,031,617) | (3,935,329) |
Class I Shares | (25,189,694) | 72,175,504 |
Net Increase (Decrease) in Net Assets | (74,982,213) | 73,229,931 |
NET ASSETS | ||
Beginning of Year | 375,843,988 | 302,614,057 |
End of Year | $ 300,861,775 | $ 375,843,988 |
September 30, 2022
September 30, 2022
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, 2022
September 30, 2022
SHORT DURATION MUNICIPAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 159,682,037 | $ — | $ 159,682,037 | $ — |
Short-Term Municipal Bonds | 10,835,000 | — | 10,835,000 | — |
Total Investments in Securities | $ 170,517,037 | $ — | $ 170,517,037 | $ — |
Total Assets | $ 170,517,037 | $ — | $ 170,517,037 | $ — |
LIMITED TERM MUNICIPAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 3,812,632,757 | $ — | $ 3,812,632,757 | $ — |
Short-Term Municipal Bonds | 157,971,087 | — | 157,971,087 | — |
Total Investments in Securities | $ 3,970,603,844 | $ — | $ 3,970,603,844 | $ — |
Total Assets | $ 3,970,603,844 | $ — | $ 3,970,603,844 | $ — |
LIMITED TERM CALIFORNIA FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 340,488,876 | $ — | $ 340,488,876 | $ — |
Short-Term Municipal Bonds | 13,980,000 | — | 13,980,000 | — |
Total Investments in Securities | $ 354,468,876 | $ — | $ 354,468,876 | $ — |
Total Assets | $ 354,468,876 | $ — | $ 354,468,876 | $— |
September 30, 2022
INTERMEDIATE NEW MEXICO FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 114,275,999 | $ — | $ 114,275,999 | $ — |
Short-Term Municipal Bonds | 1,800,000 | — | 1,800,000 | — |
Total Investments in Securities | $ 116,075,999 | $ — | $ 116,075,999 | $ — |
Total Assets | $ 116,075,999 | $ — | $ 116,075,999 | $ — |
INTERMEDIATE NEW YORK FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 26,575,639 | $ — | $ 26,575,639 | $ — |
Short-Term Municipal Bonds | 800,000 | — | 800,000 | — |
Total Investments in Securities | $ 27,375,639 | $ — | $ 27,375,639 | $ — |
Total Assets | $ 27,375,639 | $ — | $ 27,375,639 | $ — |
INTERMEDIATE MUNICIPAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 803,232,418 | $ — | $ 803,232,418 | $ — |
Short-Term Municipal Bonds | 35,200,000 | — | 35,200,000 | — |
Total Investments in Securities | $ 838,432,418 | $ — | $ 838,432,418 | $ — |
Total Assets | $ 838,432,418 | $ — | $ 838,432,418 | $ — |
STRATEGIC MUNICIPAL INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 289,953,617 | $ — | $ 289,953,617 | $ — |
Short-Term Municipal Bonds | 7,470,000 | — | 7,470,000 | — |
Total Investments in Securities | $ 297,423,617 | $ — | $ 297,423,617 | $ — |
Total Assets | $ 297,423,617 | $ — | $ 297,423,617 | $— |
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, 2022
Effective Management Fee | |
Short Duration Municipal Fund | 0.400% |
Limited Term Municipal Fund | 0.281 |
Limited Term California Fund | 0.500 |
Intermediate New Mexico Fund | 0.500 |
Intermediate New York Fund | 0.500 |
Intermediate Municipal Fund | 0.476 |
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 | |
Limited Term Municipal Fund | $ 6,564 | $ 6,670 |
Limited Term California Fund | 799 | 152 |
Intermediate New Mexico Fund | 270 | — |
Intermediate New York Fund | (3) | — |
Intermediate Municipal Fund | 3,916 | 1,330 |
Strategic Municipal Income Fund | 993 | 1,086 |
September 30, 2022
Class A | Class C | Class C2 | Class D | Class I | |
Short Duration Municipal Fund | 0.70% | —% | —% | —% | 0.50% |
Limited Term Municipal Fund | — | — | 1.24 | — | — |
Limited Term California Fund | 0.74 | 1.02 | 1.02 | — | 0.49 |
Intermediate New Mexico Fund | — | — | — | 1.24 | 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 | $ 64,193 | $ — | $ — | $ — | $ 130,486 | $ 194,679 |
Limited Term Municipal Fund | — | — | 10,289 | — | — | 10,289 |
Limited Term California Fund | 143,278 | 18,855 | 5,750 | — | 563,619 | 731,502 |
Intermediate New Mexico Fund | — | — | — | 4,468 | 36,330 | 40,798 |
Intermediate New York Fund | 30,132 | — | — | — | 39,725 | 69,857 |
Intermediate Municipal Fund | 432,879 | 54,992 | 16,013 | — | 852,806 | 1,356,690 |
Strategic Municipal Income Fund | 255,746 | 46,307 | — | — | 951,054 | 1,253,107 |
Voluntary: | Class A | Class C | Class C2 | Class D | Class I | Total |
Limited Term Municipal Fund | $ — | $ — | $ 2,645 | $ — | $ — | $ 2,645 |
Limited Term California Fund | 48,471 | 4,194 | 90 | — | 176,397 | 229,152 |
Intermediate New Mexico Fund | 10,506 | — | — | 1,776 | — | 12,282 |
Intermediate New York Fund | 15,438 | — | — | — | 13,419 | 28,857 |
Strategic Municipal Income Fund | 36,351 | 6,239 | — | — | 159,846 | 202,436 |
Percentage of Direct Investments | |
Short Duration Municipal Fund | 66.24% |
Limited Term Municipal Fund | 3.17 |
Limited Term California Fund | — |
Intermediate New Mexico Fund | 15.58 |
Intermediate New York Fund | — |
Intermediate Municipal Fund | 0.21 |
Strategic Municipal Income Fund | 8.54 |
September 30, 2022
Purchases | Sales | Realized gains/(losses) | |
Short Duration Municipal Fund | $ 28,892,170 | $ 30,626,211 | $ (1,095,498) |
Limited Term Municipal Fund | 92,310,868 | 29,155,751 | (1,152,826) |
Limited Term California Fund | 12,385,688 | 26,525,363 | (1,579,686) |
Intermediate New Mexico Fund | 2,379,053 | 1,780,196 | (139,711) |
Intermediate New York Fund | 1,015,855 | 6,369,186 | (545,880) |
Intermediate Municipal Fund | 15,395,720 | 47,030,078 | (3,814,292) |
Strategic Municipal Income Fund | 22,681,433 | 33,574,007 | (2,839,211) |
Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Short Duration Municipal Fund | $ 173,947,518 | $ 31,119 | $ (3,461,600) | $ (3,430,481) |
Limited Term Municipal Fund | 4,086,627,626 | 4,773,759 | (120,797,541) | (116,023,782) |
Limited Term California Fund | 366,093,386 | 216,186 | (11,840,696) | (11,624,510) |
Intermediate New Mexico Fund | 121,881,449 | 282,480 | (6,087,930) | (5,805,450) |
Intermediate New York Fund | 28,144,812 | 79,439 | (848,612) | (769,173) |
Intermediate Municipal Fund | 859,598,027 | 3,052,699 | (24,218,308) | (21,165,609) |
Strategic Municipal Income Fund | 314,311,730 | 1,271,322 | (18,159,435) | (16,888,113) |
Cumulative Capital Losses | ||
Short-Term | Long-Term | |
Short Duration Municipal Fund | $ 3,641,028 | $ 2,082,277 |
Limited Term Municipal Fund | 101,282,956 | 73,185,223 |
Limited Term California Fund | 5,742,682 | 5,375,665 |
Intermediate New Mexico Fund | 684,474 | 1,177,996 |
Intermediate New York Fund | 558,562 | 431,917 |
Intermediate Municipal Fund | 14,378,401 | 10,141,932 |
Strategic Municipal Income Fund | 9,328,438 | 2,830,452 |
September 30, 2022
Distributable Earnings | Net Capital Paid | |
Intermediate New Mexico Fund | $ 4,449 | $ (4,449) |
Intermediate New York Fund | 1,998 | (1,998) |
Undistributed net tax exempt income | Undistributed Tax Basis Ordinary Income | Undistributed tax basis capital gains | |
Short Duration Municipal Fund | $ 566 | $ — | $ — |
Limited Term Municipal Fund | 81,790 | — | — |
Limited Term California Fund | 93,500 | — | — |
Intermediate Municipal Fund | 289,090 | — | — |
Strategic Municipal Income Fund | 14,946 | — | — |
DISTRIBUTIONS FROM: | ||||
TAX EXEMPT INCOME | ORDINARY INCOME | |||
2022 | 2021 | 2022 | 2021 | |
Short Duration Municipal Fund | $ 1,488,827 | $ 822,440 | $ 5,320 | $ 5,197 |
Limited Term Municipal Fund | 81,798,485 | 84,866,347 | 227,169 | 252,995 |
Limited Term California Fund | 6,450,972 | 6,762,080 | 13 | 145 |
Intermediate New Mexico Fund | 2,195,028 | 2,430,685 | — | — |
Intermediate New York Fund | 776,157 | 913,226 | 846 | 1,245 |
Intermediate Municipal Fund | 23,484,103 | 24,966,981 | 35,855 | 60,424 |
Strategic Municipal Income Fund | 7,927,587 | 7,132,078 | 51,493 | 67,848 |
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
SHORT DURATION MUNICIPAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 975,910 | $ 11,645,880 | 114,099 | $ 1,410,251 |
Shares issued to shareholders in reinvestment of dividends | 9,210 | 110,214 | 5,233 | 64,680 |
Shares repurchased | (606,198) | (7,276,932) | (782,797) | (9,672,421) |
Net increase (decrease) | 378,922 | $ 4,479,162 | (663,465) | $ (8,197,490) |
Class I Shares | ||||
Shares sold | 2,429,963 | $ 29,269,579 | 6,210,964 | $ 76,754,762 |
Shares issued to shareholders in reinvestment of dividends | 115,191 | 1,381,236 | 61,088 | 754,508 |
Shares repurchased | (4,427,949) | (53,845,429) | (2,454,472) | (30,332,594) |
Net increase (decrease) | (1,882,795) | $ (23,194,614) | 3,817,580 | $ 47,176,676 |
September 30, 2022
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
LIMITED TERM MUNICIPAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 5,797,108 | $ 81,289,680 | 13,380,045 | $ 195,645,598 |
Shares issued to shareholders in reinvestment of dividends | 875,385 | 12,136,291 | 779,385 | 11,382,935 |
Shares repurchased | (17,127,910) | (237,737,194) | (11,148,993) | (163,002,443) |
Net increase (decrease) | (10,455,417) | $ (144,311,223) | 3,010,437 | $ 44,026,090 |
Class C Shares | ||||
Shares sold | 563,525 | $ 7,949,052 | 1,943,246 | $ 28,468,205 |
Shares issued to shareholders in reinvestment of dividends | 102,454 | 1,423,360 | 107,651 | 1,575,043 |
Shares repurchased | (3,913,035) | (54,607,372) | (7,718,607) | (113,046,530) |
Net increase (decrease) | (3,247,056) | $ (45,234,960) | (5,667,710) | $ (83,003,282) |
Class C2 Shares* | ||||
Shares sold | 53,307 | $ 765,370 | 405,294 | $ 5,940,353 |
Shares issued to shareholders in reinvestment of dividends | 3,845 | 53,211 | 1,423 | 20,800 |
Shares repurchased | (80,465) | (1,112,183) | (29,976) | (439,240) |
Net increase (decrease) | (23,313) | $ (293,602) | 376,741 | $ 5,521,913 |
Class I Shares | ||||
Shares sold | 94,507,639 | $ 1,312,091,500 | 93,651,095 | $ 1,369,424,146 |
Shares issued to shareholders in reinvestment of dividends | 4,500,680 | 62,501,234 | 4,500,941 | 65,743,881 |
Shares repurchased | (170,819,676) | (2,365,051,482) | (99,773,411) | (1,458,201,791) |
Net increase (decrease) | (71,811,357) | $ (990,458,748) | (1,621,375) | $ (23,033,764) |
* Effective date of this class of shares was October 1, 2020. | ||||
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
LIMITED TERM CALIFORNIA FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 472,185 | $ 6,236,465 | 1,078,354 | $ 14,853,611 |
Shares issued to shareholders in reinvestment of dividends | 79,155 | 1,037,091 | 74,554 | 1,024,942 |
Shares repurchased | (1,745,136) | (23,007,030) | (1,593,182) | (21,922,907) |
Net increase (decrease) | (1,193,796) | $ (15,733,474) | (440,274) | $ (6,044,354) |
Class C Shares | ||||
Shares sold | 63,476 | $ 850,420 | 74,107 | $ 1,021,391 |
Shares issued to shareholders in reinvestment of dividends | 5,128 | 67,292 | 6,525 | 89,800 |
Shares repurchased | (298,997) | (3,953,100) | (648,687) | (8,939,447) |
Net increase (decrease) | (230,393) | $ (3,035,388) | (568,055) | $ (7,828,256) |
Class C2 Shares* | ||||
Shares sold | 16,391 | $ 213,745 | 10,805 | $ 148,988 |
Shares issued to shareholders in reinvestment of dividends | 137 | 1,781 | 85 | 1,164 |
Shares repurchased | (17,170) | (222,214) | (12) | (171) |
Net increase (decrease) | (642) | $ (6,688) | 10,878 | $ 149,981 |
September 30, 2022
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
LIMITED TERM CALIFORNIA FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class I Shares | ||||
Shares sold | 13,576,399 | $ 177,388,306 | 11,607,452 | $ 160,039,842 |
Shares issued to shareholders in reinvestment of dividends | 330,827 | 4,341,694 | 326,860 | 4,498,890 |
Shares repurchased | (18,811,651) | (246,328,345) | (17,669,069) | (243,738,605) |
Net increase (decrease) | (4,904,425) | $ (64,598,345) | (5,734,757) | $ (79,199,873) |
* Effective date of this class of shares was October 1, 2020. | ||||
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
INTERMEDIATE NEW MEXICO FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 79,250 | $ 1,025,276 | 101,939 | $ 1,374,335 |
Shares issued to shareholders in reinvestment of dividends | 64,939 | 829,879 | 71,806 | 968,051 |
Shares repurchased | (943,150) | (12,195,687) | (916,564) | (12,374,167) |
Net increase (decrease) | (798,961) | $ (10,340,532) | (742,819) | $ (10,031,781) |
Class D Shares | ||||
Shares sold | 24,057 | $ 319,190 | 38,479 | $ 521,785 |
Shares issued to shareholders in reinvestment of dividends | 10,163 | 129,833 | 11,682 | 157,583 |
Shares repurchased | (137,795) | (1,762,930) | (160,244) | (2,165,758) |
Net increase (decrease) | (103,575) | $ (1,313,907) | (110,083) | $ (1,486,390) |
Class I Shares | ||||
Shares sold | 418,154 | $ 5,424,025 | 459,651 | $ 6,213,029 |
Shares issued to shareholders in reinvestment of dividends | 83,165 | 1,061,908 | 79,786 | 1,075,113 |
Shares repurchased | (681,266) | (8,729,093) | (467,064) | (6,296,092) |
Net increase (decrease) | (179,947) | $ (2,243,160) | 72,373 | $ 992,050 |
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
INTERMEDIATE NEW YORK FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 60,466 | $ 754,981 | 14,587 | $ 189,521 |
Shares issued to shareholders in reinvestment of dividends | 27,034 | 332,386 | 29,578 | 383,826 |
Shares repurchased | (641,631) | (7,845,473) | (282,520) | (3,671,836) |
Net increase (decrease) | (554,131) | $ (6,758,106) | (238,355) | $ (3,098,489) |
Class I Shares | ||||
Shares sold | 432,284 | $ 5,255,005 | 248,368 | $ 3,227,207 |
Shares issued to shareholders in reinvestment of dividends | 26,531 | 326,107 | 28,767 | 373,311 |
Shares repurchased | (793,699) | (9,759,304) | (324,796) | (4,218,358) |
Net increase (decrease) | (334,884) | $ (4,178,192) | (47,661) | $ (617,840) |
September 30, 2022
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
INTERMEDIATE MUNICIPAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 2,771,579 | $ 37,472,279 | 3,652,741 | $ 52,691,051 |
Shares issued to shareholders in reinvestment of dividends | 477,930 | 6,487,897 | 484,727 | 6,996,636 |
Shares repurchased | (4,878,348) | (66,296,536) | (4,014,691) | (58,003,671) |
Net increase (decrease) | (1,628,839) | $ (22,336,360) | 122,777 | $ 1,684,016 |
Class C Shares | ||||
Shares sold | 210,096 | $ 2,891,699 | 305,609 | $ 4,418,312 |
Shares issued to shareholders in reinvestment of dividends | 36,564 | 497,930 | 44,064 | 636,696 |
Shares repurchased | (919,240) | (12,504,132) | (1,643,503) | (23,680,682) |
Net increase (decrease) | (672,580) | $ (9,114,503) | (1,293,830) | $ (18,625,674) |
Class C2 Shares* | ||||
Shares sold | 17,957 | $ 243,106 | 128,207 | $ 1,854,580 |
Shares issued to shareholders in reinvestment of dividends | 2,533 | 34,418 | 1,355 | 19,602 |
Shares repurchased | (31,386) | (426,524) | (142) | (2,047) |
Net increase (decrease) | (10,896) | $ (149,000) | 129,420 | $ 1,872,135 |
Class I Shares | ||||
Shares sold | 22,442,021 | $ 300,224,364 | 9,472,649 | $ 136,694,970 |
Shares issued to shareholders in reinvestment of dividends | 962,305 | 13,065,184 | 974,350 | 14,045,182 |
Shares repurchased | (26,450,592) | (355,902,717) | (10,522,226) | (151,935,361) |
Net increase (decrease) | (3,046,266) | $ (42,613,169) | (75,227) | $ (1,195,209) |
* Effective date of this class of shares was October 1, 2020. | ||||
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
STRATEGIC MUNICIPAL INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 903,718 | $ 13,143,587 | 982,855 | $ 15,190,802 |
Shares issued to shareholders in reinvestment of dividends | 90,311 | 1,306,251 | 81,453 | 1,260,156 |
Shares repurchased | (1,076,456) | (15,433,097) | (852,980) | (13,211,563) |
Net increase (decrease) | (82,427) | $ (983,259) | 211,328 | $ 3,239,395 |
Class C Shares | ||||
Shares sold | 225,997 | $ 3,341,511 | 169,860 | $ 2,627,196 |
Shares issued to shareholders in reinvestment of dividends | 12,014 | 173,935 | 12,233 | 189,390 |
Shares repurchased | (385,315) | (5,547,063) | (437,607) | (6,751,915) |
Net increase (decrease) | (147,304) | $ (2,031,617) | (255,514) | $ (3,935,329) |
Class I Shares | ||||
Shares sold | 13,498,846 | $ 193,988,220 | 6,699,528 | $ 103,913,515 |
Shares issued to shareholders in reinvestment of dividends | 445,270 | 6,452,588 | 367,370 | 5,690,379 |
Shares repurchased | (15,748,721) | (225,630,502) | (2,416,145) | (37,428,390) |
Net increase (decrease) | (1,804,605) | $ (25,189,694) | 4,650,753 | $ 72,175,504 |
September 30, 2022
Purchases | Sales | |
Short Duration Municipal Fund | $ 144,725,851 | $ 132,707,060 |
Limited Term Municipal Fund | 1,687,256,735 | 2,277,701,229 |
Limited Term California Fund | 164,237,446 | 198,085,093 |
Intermediate New Mexico Fund | 11,431,910 | 25,248,668 |
Intermediate New York Fund | 2,111,704 | 14,265,549 |
Intermediate Municipal Fund | 173,703,475 | 242,823,893 |
Strategic Municipal Income Fund | 145,381,942 | 150,016,095 |
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) | |||||||||
2022 | $ 12.33 | 0.09 | (0.57) | (0.48) | (0.08) | — | — | (0.08) | $ 11.77 |
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 |
CLASS I SHARES | |||||||||
2022 | $ 12.33 | 0.11 | (0.57) | (0.46) | (0.11) | — | — | (0.11) | $ 11.76 |
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 |
(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) | |||||||
2022 | 0.71 | 0.70 | 1.10 | (3.88) | 89.01 | $ 20,045 | |
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 | |
CLASS I SHARES | |||||||
2022 | 0.88 | 0.50 | 0.58 | (3.77) | 89.01 | $ 148,929 | |
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 |
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) | |||||||||
2022 | $ 14.51 | 0.21 | (1.25) | (1.04) | (0.21) | — | — | (0.21) | $ 13.26 |
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 |
CLASS C SHARES | |||||||||
2022 | $ 14.53 | 0.17 | (1.24) | (1.07) | (0.18) | — | — | (0.18) | $ 13.28 |
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 |
CLASS C2 SHARES | |||||||||
2022 | $ 14.54 | 0.14 | (1.26) | (1.12) | (0.14) | — | — | (0.14) | $ 13.28 |
2021 (c) | $ 14.66 | 0.10 | (0.12) | (0.02) | (0.10) | — | — | (0.10) | $ 14.54 |
CLASS I SHARES | |||||||||
2022 | $ 14.51 | 0.24 | (1.25) | (1.01) | (0.24) | — | — | (0.24) | $ 13.26 |
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 |
(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) | |||||||
2022 | 1.51 | 0.71 | 0.71 | (7.20) | 37.69 | $ 755,222 | |
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 | |
CLASS C SHARES | |||||||
2022 | 1.23 | 0.97 | 0.97 | (7.43) | 37.69 | $ 91,018 | |
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 | |
CLASS C2 SHARES | |||||||
2022 | 0.99 | 1.24 | 1.48 | (7.74) | 37.69 | $ 4,695 | |
2021 (c) | 0.69 | 1.24 | 1.72 | (0.11) | 22.29 | $ 5,477 | |
CLASS I SHARES | |||||||
2022 | 1.72 | 0.48 | 0.48 | (6.99) | 37.69 | $ 3,162,018 | |
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 |
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) | |||||||||
2022 | $ 13.66 | 0.17 | (1.04) | (0.87) | (0.18) | — | — | (0.18) | $ 12.61 |
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 |
CLASS C SHARES | |||||||||
2022 | $ 13.67 | 0.13 | (1.04) | (0.91) | (0.14) | — | — | (0.14) | $ 12.62 |
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 |
CLASS C2 SHARES | |||||||||
2022 | $ 13.67 | 0.14 | (1.06) | (0.92) | (0.14) | — | — | (0.14) | $ 12.61 |
2021 (d) | $ 13.81 | 0.11 | (0.13) | (0.02) | (0.12) | — | — | (0.12) | $ 13.67 |
CLASS I SHARES | |||||||||
2022 | $ 13.67 | 0.21 | (1.05) | (0.84) | (0.21) | — | — | (0.21) | $ 12.62 |
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 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | Due to the size of net assets and fixed expenses, ratios may appear disproportionate. |
(d) | Effective date of this class of shares was October 1, 2020. |
+ | Based on weighted average shares outstanding. |
Limited Term California Fund
RATIOS TO AVERAGE NET ASSETS | Supplemental Data | ||||||
UNLESS OTHERWISE NOTED, PERIODS ARE FISCAL YEARS ENDED SEPTEMBER 30, | Net Investment Income (Loss) (%) | Expenses, After Expense Reductions (%) | Expenses, Before Expense Reductions (%) | Total Return (%)(a) | Portfolio Turnover Rate (%)(a) | Net Assets at End of YEAR (Thousands) | |
CLASS A SHARES(b) | |||||||
2022 | 1.32 | 0.74 | 0.95 | (6.44) | 41.92 | $ 79,046 | |
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 | |
CLASS C SHARES | |||||||
2022 | 1.02 | 1.02 | 1.31 | (6.70) | 41.92 | $ 5,976 | |
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 | |
CLASS C2 SHARES | |||||||
2022 | 1.05 | 1.02 | 4.46 (c) | (6.78) | 41.92 | $ 129 | |
2021 (d) | 0.84 | 1.02 | 6.50 (c) | (0.18) | 16.22 | $ 149 | |
CLASS I SHARES | |||||||
2022 | 1.56 | 0.49 | 0.71 | (6.20) | 41.92 | $ 276,717 | |
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 |
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) | |||||||||
2022 | $ 13.40 | 0.19 | (1.32) | (1.13) | (0.19) | — | — | (0.19) | $ 12.08 |
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 |
CLASS D SHARES | |||||||||
2022 | $ 13.41 | 0.16 | (1.33) | (1.17) | (0.16) | — | — | (0.16) | $ 12.08 |
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 |
CLASS I SHARES | |||||||||
2022 | $ 13.40 | 0.23 | (1.33) | (1.10) | (0.23) | — | — | (0.23) | $ 12.07 |
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 |
(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) | |||||||
2022 | 1.50 | 0.99 | 1.01 | (8.49) | 8.83 | $ 53,476 | |
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 | |
CLASS D SHARES | |||||||
2022 | 1.25 | 1.24 | 1.29 | (8.78) | 8.83 | $ 10,388 | |
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 | |
CLASS I SHARES | |||||||
2022 | 1.82 | 0.67 | 0.73 | (8.27) | 8.83 | $ 57,584 | |
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 |
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) | |||||||||
2022 | $ 12.88 | 0.25 | (1.20) | (0.95) | (0.25) | — | — | (0.25) | $ 11.68 |
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 |
CLASS I SHARES | |||||||||
2022 | $ 12.88 | 0.28 | (1.19) | (0.91) | (0.29) | — | — | (0.29) | $ 11.68 |
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 |
(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) | |||||||
2022 | 1.98 | 0.99 | 1.22 | (7.48) | 6.02 | $ 15,193 | |
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 | |
CLASS I SHARES | |||||||
2022 | 2.30 | 0.67 | 0.98 | (7.18) | 6.02 | $ 14,642 | |
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 |
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) | |||||||||
2022 | $ 14.35 | 0.32 | (1.52) | (1.20) | (0.33) | — | — | (0.33) | $ 12.82 |
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 |
CLASS C SHARES | |||||||||
2022 | $ 14.37 | 0.27 | (1.54) | (1.27) | (0.27) | — | — | (0.27) | $ 12.83 |
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 |
CLASS C2 SHARES | |||||||||
2022 | $ 14.37 | 0.27 | (1.54) | (1.27) | (0.27) | — | — | (0.27) | $ 12.83 |
2021 (c) | $ 14.39 | 0.27 | (0.02) | 0.25 | (0.27) | — | — | (0.27) | $ 14.37 |
CLASS I SHARES | |||||||||
2022 | $ 14.34 | 0.36 | (1.54) | (1.18) | (0.36) | — | — | (0.36) | $ 12.80 |
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 |
(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) | |||||||
2022 | 2.37 | 0.77 | 0.91 | (8.50) | 19.48 | $ 272,111 | |
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 | |
CLASS C SHARES | |||||||
2022 | 1.98 | 1.14 | 1.33 | (8.89) | 19.48 | $ 22,032 | |
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 | |
CLASS C2 SHARES | |||||||
2022 | 2.00 | 1.14 | 2.07 | (8.89) | 19.48 | $ 1,521 | |
2021 (c) | 1.85 | 1.14 | 2.62 | 1.76 | 10.20 | $ 1,860 | |
CLASS I SHARES | |||||||
2022 | 2.60 | 0.53 | 0.67 | (8.36) | 19.48 | $ 555,898 | |
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 |
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) | |||||||||
2022 | $ 15.43 | 0.31 | (1.95) | (1.64) | (0.31) | — | — | (0.31) | $ 13.48 |
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 |
CLASS C SHARES | |||||||||
2022 | $ 15.45 | 0.24 | (1.96) | (1.72) | (0.24) | — | — | (0.24) | $ 13.49 |
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 |
CLASS I SHARES | |||||||||
2022 | $ 15.45 | 0.34 | (1.96) | (1.62) | (0.34) | — | — | (0.34) | $ 13.49 |
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 |
(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) | |||||||
2022 | 2.12 | 0.81 | 1.27 | (10.73) | 46.24 | $ 55,859 | |
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 | |
CLASS C SHARES | |||||||
2022 | 1.64 | 1.28 | 1.77 | (11.20) | 46.24 | $ 8,278 | |
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 | |
CLASS I SHARES | |||||||
2022 | 2.33 | 0.59 | 0.99 | (10.59) | 46.24 | $ 236,725 | |
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 |
Thornburg Municipal Funds
September 30, 2022 (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 9/30/22 | Expenses Paid During Period 4/1/22-9/30/22 | Ending Account Value 9/30/22 | Expenses Paid During Period† 4/1/22-9/30/22 | Annualized Expense Ratio | ||
SHORT DURATION MUNICIPAL FUND | ||||||
CLASS A SHARES | $986.87 | $3.49 | $1,021.56 | $3.55 | 0.70% | |
CLASS I SHARES | $987.03 | $2.49 | $1,022.56 | $2.54 | 0.50% | |
LIMITED TERM MUNICIPAL FUND | ||||||
CLASS A SHARES | $970.17 | $3.61 | $1,021.41 | $3.70 | 0.73% | |
CLASS C SHARES | $968.30 | $4.84 | $1,020.16 | $4.96 | 0.98% | |
CLASS C2 SHARES | $967.05 | $6.11 | $1,018.85 | $6.28 | 1.24% | |
CLASS I SHARES | $971.28 | $2.52 | $1,022.51 | $2.59 | 0.51% | |
LIMITED TERM CALIFORNIA FUND | ||||||
CLASS A SHARES | $975.38 | $3.66 | $1,021.36 | $3.75 | 0.74% | |
CLASS C SHARES | $974.03 | $5.05 | $1,019.95 | $5.16 | 1.02% | |
CLASS C2 SHARES | $973.17 | $5.05 | $1,019.95 | $5.16 | 1.02% | |
CLASS I SHARES | $976.63 | $2.43 | $1,022.61 | $2.48 | 0.49% | |
INTERMEDIATE NEW MEXICO FUND | ||||||
CLASS A SHARES | $960.96 | $4.87 | $1,020.10 | $5.01 | 0.99% | |
CLASS D SHARES | $959.00 | $6.09 | $1,018.85 | $6.28 | 1.24% | |
CLASS I SHARES | $961.71 | $3.29 | $1,021.71 | $3.40 | 0.67% | |
INTERMEDIATE NEW YORK FUND | ||||||
CLASS A SHARES | $969.37 | $4.89 | $1,020.10 | $5.01 | 0.99% | |
CLASS I SHARES | $970.13 | $3.31 | $1,021.71 | $3.40 | 0.67% |
September 30, 2022 (Unaudited)
Actual | Hypothetical * | |||||
Ending Account Value 9/30/22 | Expenses Paid During Period 4/1/22-9/30/22 | Ending Account Value 9/30/22 | Expenses Paid During Period† 4/1/22-9/30/22 | Annualized Expense Ratio | ||
INTERMEDIATE MUNICIPAL FUND | ||||||
CLASS A SHARES | $963.51 | $3.79 | $1,021.21 | $3.90 | 0.77% | |
CLASS C SHARES | $961.05 | $5.60 | $1,019.35 | $5.77 | 1.14% | |
CLASS C2 SHARES | $961.05 | $5.60 | $1,019.35 | $5.77 | 1.14% | |
CLASS I SHARES | $963.87 | $2.61 | $1,022.41 | $2.69 | 0.53% | |
STRATEGIC MUNICIPAL INCOME FUND | ||||||
CLASS A SHARES | $942.52 | $3.94 | $1,021.01 | $4.10 | 0.81% | |
CLASS C SHARES | $939.69 | $6.22 | $1,018.65 | $6.48 | 1.28% | |
CLASS I SHARES | $943.60 | $2.87 | $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, 2022 (Unaudited)
TAX EXEMPT | TAXABLE ORDINARY | |
Short Duration Municipal Fund | $ 1,488,827 | $ 5,320 |
Limited Term Municipal Fund | 81,798,485 | 227,169 |
Limited Term California Fund | 6,450,972 | 13 |
Intermediate New Mexico Fund | 2,195,028 | — |
Intermediate New York Fund | 776,157 | 846 |
Intermediate Municipal Fund | 23,484,103 | 35,855 |
Strategic Municipal Income Fund | 7,927,587 | 51,493 |
September 30, 2022 (Unaudited)
September 30, 2022 (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 degree of that underperformance was not significant, and observed that the Fund has delivered positive total returns in seven of the eight calendar years since its inception and has met its investment objective. |
• | Thornburg Limited Term Municipal Fund – the Trustees considered that the Fund outperformed its Morningstar category over the ten-year and fifteen-year periods, that the Fund’s underperformance versus its Morningstar category in other periods was not significant, and that the Fund has delivered positive total returns in nine of the last ten calendar years. 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 in certain recent periods 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 has delivered positive total returns in nine of the last ten calendar years and ranked in the top three quartiles of a selected peer group of funds for the one-year period. 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 in certain periods 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-, three-, five-, 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 in certain periods compared to its benchmark index and Morningstar category. The Trustees observed that the Fund has delivered positive total returns in eight of the last ten calendar years, has ranked in the top three quartiles of a selected peer group of funds for the year-to-date, one-, three-, five-, and ten-year periods, and has met both its primary and secondary investment objectives. |
• | Thornburg Intermediate Municipal Fund – the Trustees considered that the Fund has equaled or outperformed its Morningstar category over the year-to-date, one-, three-, and fifteen-year periods, has outperformed its benchmark index over the year-to-date and one-year period and performed comparably to the benchmark index in other periods, and has ranked in the top three quartiles of a selected peer group of funds for the year-to-date, one-, three-, five-, 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 Strategic Municipal Income Fund – the Trustees considered that the Fund outperformed its Morningstar category and benchmark index for the year-to-date and one-year periods, has outperformed the Fund’s benchmark index since the Fund’s inception, and that the Fund’s underperformance versus its benchmark index or Morningstar category in other periods was not significant. The Trustees observed that the Fund has ranked in the top three quartiles of a selected peer group of Funds for the year-to-date, one-, three, 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 its investment objective. |
September 30, 2022 (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 average and nearly the same as the median 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 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, 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 not substantially different then the 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 lower than the average and equal to the median 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 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. |
September 30, 2022 (Unaudited)
• | 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 but not substantially different then the 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. |
September 30, 2022 (Unaudited)
September 30, 2022 (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, 76 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); Chairman of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 67 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, 61 Trustee since 2012, Member of the Audit Committee and 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, 73 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, 59 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, 58 Trustee since 2019, Chair 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, 68 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, 63 Trustee since 1996, Chair of Operations Risk Oversight Committee and 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, 2022 (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, 59 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, 48 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, 48 Vice President since 2014 | Managing Director, Chief Operating Officer since 2020, Chief Administrative Officer (2016-2020), and Director of Institutional Group (2014-2016) of Thornburg Investment Management, Inc. | Not applicable |
John Hackett, 56 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, 55 Treasurer since 2019(6) | Director of Finance since 2021 and 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, 42 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, 41 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, Associate Portfolio Manager (2012-2015), of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 51, Assistant Treasurer since 2020; Vice President 2017-2020 | Senior Manager & Vice President, Tax & Fund Administration of Thornburg Investment Management, Inc. since 2017; Senior Vice President, Citi Fund Services, Inc. (2014-2017); Vice President, Citi Fund Services, Inc. (2007-2014) | Not applicable |
Christopher Luckham, 45 Assistant Treasurer since 2022 | Senior Manager, Fund Administration of Thornburg Investment Management, Inc. since 2010. | Not applicable |
Natasha Rippel, 40 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, 55 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 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 Investment Income Builder Fund |
■ | Thornburg Income Builder Opportunities Trust |
■ | Thornburg Summit 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 |
THORNBURG CAPITAL MANAGEMENT FUND |
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class I | N/A | 885-216-739 |
Thornburg Capital Management Fund | September 30, 2022 (Unaudited)
Jason Brady, cfa Portfolio Manager CEO, President, and Managing Director |
Fund Overview
• | The Fund generated positive total returns and outpaced its benchmark, the FTSE 1-Month Treasury Bill Local Currency Index during the trailing 12-month period ended September 30, 2022. |
• | Over the reporting period, the Fund accomplished its goal of "safety of capital" by maintaining a share price of $10.00 that has not fluctuated since the Fund’s inception. |
• | As of September 30, 2022, the Fund has matched or outperformed its benchmark for all standard time periods since inception and has never suffered a default on any cash equivalent investment. |
1-YR | 3-YR | 5-YR | SINCE INCEPTION | |
Class I Shares (Incep: 7/31/15) | 0.96% | 0.72% | 1.28% | 1.08% |
FTSE 1-Month Treasury Bill Local Currency Index (Since 7/31/15) | 0.61% | 0.51% | 1.07% | 0.85% |
Annualized Distribution Yield | 2.76% |
SEC Yield | 2.93% |
FINAL VALUE |
Thornburg Capital Management Fund | September 30, 2022
ISSUER-DESCRIPTION | Shares/Principal Amount | VALUE | |
Commercial Paper — 97.0% | |||
Ameren Corp., | |||
2.998% due 10/3/2022 | $ 781,000 | $ 781,000 | |
3.202% due 10/14/2022 | 32,000,000 | 31,969,200 | |
Ameren Illinois Co., 2.845% due 10/3/2022 | 3,750,000 | 3,750,000 | |
a | Amphenol Corp., 3.421% due 10/6/2022 | 34,000,000 | 33,990,452 |
Arizona Public Service Co., | |||
3.367% due 10/3/2022 | 6,000,000 | 6,000,000 | |
3.378% due 10/7/2022 | 25,000,000 | 24,990,750 | |
Atmos Energy Corp., | |||
a | 2.783% due 10/3/2022 | 5,000,000 | 5,000,000 |
a | 2.996% due 10/3/2022 | 20,000,000 | 20,000,000 |
a | 3.327% due 10/3/2022 | 6,000,000 | 6,000,000 |
Avangrid, Inc., | |||
a | 2.743% due 10/4/2022 | 17,500,000 | 17,498,687 |
a | 2.895% due 10/5/2022 | 10,000,000 | 9,998,417 |
a | 3.35% due 10/12/2022 | 4,000,000 | 3,996,700 |
a | Avery Dennison Corp., 2.743% due 10/4/2022 | 33,000,000 | 32,997,525 |
Baltimore Gas & Electric Co., | |||
3.347% due 10/3/2022 | 16,000,000 | 16,000,000 | |
3.296% due 10/4/2022 | 2,000,000 | 1,999,819 | |
a,b | BASF SE, 2.692% due 10/3/2022 | 18,000,000 | 18,000,000 |
Bell Canada, | |||
a,b | 2.773% due 10/3/2022 | 1,000,000 | 1,000,000 |
a,b | 2.774% due 10/3/2022 | 1,000,000 | 1,000,000 |
a,b | 3.333% due 10/13/2022 | 27,013,000 | 26,988,388 |
a,b | 3.334% due 10/13/2022 | 1,837,000 | 1,835,326 |
a,b | 3.61% due 10/19/2022 | 6,000,000 | 5,990,533 |
a,b | Canadian Pacific Railway Co., 3.35% due 10/3/2022 | 5,000,000 | 5,000,000 |
CenterPoint Energy Resources Corp., | |||
a | 3.316% due 10/4/2022 | 2,000,000 | 1,999,818 |
a | 3.28% due 10/17/2022 | 978,000 | 976,772 |
a | 3.385% due 10/17/2022 | 17,100,000 | 17,077,855 |
a | 3.484% due 10/18/2022 | 999,000 | 997,572 |
a | CenterPoint Energy, Inc., 2.845% due 10/5/2022 | 10,000,000 | 9,998,444 |
Cintas Corp. No. 2, | |||
a | 2.896% due 10/5/2022 | 10,000,000 | 9,998,417 |
a | 3.401% due 10/7/2022 | 10,000,000 | 9,996,278 |
a | 3.303% due 10/13/2022 | 5,000,000 | 4,995,486 |
a | 3.401% due 10/14/2022 | 5,000,000 | 4,994,882 |
a | 3.507% due 10/27/2022 | 1,000,000 | 997,700 |
Clorox Co., | |||
a | 2.894% due 10/3/2022 | 7,500,000 | 7,500,000 |
a | 3.547% due 10/17/2022 | 2,000,000 | 1,997,286 |
a | Commonwealth Edison Co., 3.347% due 10/3/2022 | 31,000,000 | 31,000,000 |
Consolidated Edison Co. of New York, Inc., | |||
a | 2.814% due 10/3/2022 | 22,000,000 | 22,000,000 |
a | 3.558% due 10/17/2022 | 4,500,000 | 4,493,875 |
a | 3.508% due 10/26/2022 | 6,000,000 | 5,986,775 |
Dominion Energy South Carolina, Inc., 3.616% due 10/11/2022 | 18,795,000 | 18,780,131 | |
Dover Corp., | |||
a | 3.401% due 10/7/2022 | 8,000,000 | 7,997,022 |
a | 3.45% due 10/7/2022 | 2,748,000 | 2,746,962 |
a | 3.451% due 10/7/2022 | 2,000,000 | 1,999,244 |
a | 3.049% due 10/11/2022 | 1,000,000 | 999,333 |
a | 3.544% due 10/13/2022 | 15,002,000 | 14,987,456 |
a | 3.525% due 10/18/2022 | 4,000,000 | 3,994,217 |
a | DTE Capital Corp., 3.399% due 10/4/2022 | 2,408,000 | 2,407,776 |
DTE Electric Co., 3.434% due 10/18/2022 | 29,000,000 | 28,959,158 | |
a | Elevance Health, Inc., 3.419% due 10/3/2022 | 35,000,000 | 35,000,000 |
a | Emerson Electric Co., 2.791% due 10/4/2022 | 30,000,000 | 29,997,708 |
6 | Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Shares/Principal Amount | VALUE | |
Entergy Corp., | |||
a | 3.296% due 10/3/2022 | $ 2,096,000 | $ 2,096,000 |
a | 3.295% due 10/4/2022 | 7,000,000 | 6,999,368 |
a | 3.048% due 10/7/2022 | 10,500,000 | 10,496,500 |
a | 3.403% due 10/7/2022 | 2,250,000 | 2,249,163 |
Evergy Missouri West, Inc., | |||
a | 3.405% due 10/12/2022 | 13,000,000 | 12,989,113 |
a | 3.456% due 10/12/2022 | 13,105,000 | 13,093,861 |
a | 3.535% due 10/17/2022 | 8,000,000 | 7,989,173 |
Exelon Corp., | |||
a | 3.347% due 10/3/2022 | 31,000,000 | 31,000,000 |
a | 3.399% due 10/11/2022 | 31,000,000 | 30,976,922 |
Experian Finance plc, | |||
a,b | 2.945% due 10/3/2022 | 3,750,000 | 3,750,000 |
a,b | 2.895% due 10/5/2022 | 1,810,000 | 1,809,713 |
a,b | 3.303% due 10/17/2022 | 17,800,000 | 17,777,503 |
a | General Mills, Inc., 3.349% due 10/4/2022 | 23,000,000 | 22,997,892 |
a | Hitachi America Capital Ltd., 3.50% due 10/6/2022 | 31,000,000 | 30,991,087 |
HP, Inc., | |||
a | 3.151% due 10/11/2022 | 7,820,000 | 7,814,613 |
a | 3.202% due 10/11/2022 | 13,000,000 | 12,990,900 |
a | 3.151% due 10/12/2022 | 16,000,000 | 15,987,600 |
a | Kellogg Co., 3.296% due 10/5/2022 | 31,000,000 | 30,994,403 |
a | Louisville Gas & Electric Co., 3.45% due 10/4/2022 | 2,320,000 | 2,319,781 |
a | Marsh & McLennan Cos., Inc., 3.401% due 10/3/2022 | 10,500,000 | 10,500,000 |
McCormick & Co., Inc., | |||
a | 2.743% due 10/4/2022 | 1,000,000 | 999,925 |
a | 3.099% due 10/11/2022 | 30,000,000 | 29,979,667 |
a | 3.405% due 10/18/2022 | 4,000,000 | 3,994,417 |
Mercedes-Benz Finance North America LLC, | |||
a | 3.528% due 10/24/2022 | 25,000,000 | 24,949,396 |
a | 3.528% due 10/25/2022 | 9,000,000 | 8,980,915 |
Mitsubishi HC Capital America, Inc., | |||
3.049% due 10/5/2022 | 1,000,000 | 999,833 | |
3.712% due 10/28/2022 | 31,000,000 | 30,921,424 | |
a | Mondelez International, Inc., 3.457% due 10/18/2022 | 10,000,000 | 9,985,833 |
a | NextEra Energy Capital Holdings, Inc., 3.405% due 10/17/2022 | 35,000,000 | 34,954,403 |
a | Novartis Finance Corp., 3.047% due 10/11/2022 | 35,000,000 | 34,976,667 |
Oglethorpe Power Corp., | |||
a | 3.55% due 10/5/2022 | 3,000,000 | 2,999,417 |
a | 3.049% due 10/12/2022 | 3,000,000 | 2,997,750 |
a | 3.404% due 10/13/2022 | 4,043,000 | 4,039,238 |
a | 3.66% due 10/24/2022 | 14,000,000 | 13,970,600 |
a | 3.711% due 10/24/2022 | 7,000,000 | 6,985,096 |
ONE Gas, Inc., | |||
a | 3.049% due 10/12/2022 | 6,000,000 | 5,995,500 |
a | 3.405% due 10/17/2022 | 1,300,000 | 1,298,306 |
a | 3.607% due 10/20/2022 | 25,000,000 | 24,958,090 |
a | Pinnacle West Capital Corp., 3.387% due 10/3/2022 | 19,645,000 | 19,645,000 |
Puget Sound Energy, Inc., | |||
3.148% due 10/3/2022 | 8,386,000 | 8,386,000 | |
3.209% due 10/3/2022 | 2,400,000 | 2,400,000 | |
2.996% due 10/4/2022 | 10,000,000 | 9,999,181 | |
a,b | Reckitt Benckiser Treasury Services plc, 3.353% due 10/13/2022 | 21,000,000 | 20,980,750 |
a | Rockwell Automation, Inc., 2.896% due 10/11/2022 | 12,000,000 | 11,992,400 |
Ryder System, Inc., | |||
3.505% due 10/19/2022 | 14,500,000 | 14,477,767 | |
3.506% due 10/20/2022 | 15,000,000 | 14,975,563 | |
3.639% due 10/20/2022 | 3,889,000 | 3,882,425 | |
Sempra Energy, | |||
a | 3.398% due 10/3/2022 | 4,000,000 | 4,000,000 |
a | 3.388% due 10/3/2022 | 17,000,000 | 17,000,000 |
a | 3.388% due 10/4/2022 | 10,000,000 | 9,999,072 |
See notes to financial statements. | Annual Report | 7 |
Thornburg Capital Management Fund | September 30, 2022
ISSUER-DESCRIPTION | Shares/Principal Amount | VALUE | |
Sonoco Products Co., | |||
3.347% due 10/3/2022 | $31,000,000 | $ 31,000,000 | |
3.326% due 10/4/2022 | 31,000,000 | 30,997,176 | |
a | Sony Capital Corp., 3.45% due 10/4/2022 | 35,000,000 | 34,996,694 |
Spire, Inc., | |||
a | 2.794% due 10/3/2022 | 1,124,000 | 1,124,000 |
a | 3.228% due 10/12/2022 | 2,895,000 | 2,892,698 |
a | 3.354% due 10/13/2022 | 2,000,000 | 1,998,167 |
a | 3.558% due 10/26/2022 | 22,000,000 | 21,950,806 |
a | Stanley Black & Decker, Inc., 2.843% due 10/3/2022 | 30,000,000 | 30,000,000 |
a,b | Telstra Corp. Ltd., 3.502% due 10/11/2022 | 5,262,000 | 5,257,966 |
a,b | TotalEnergies Capital Canada Ltd., 3.075% due 10/3/2022 | 5,500,000 | 5,500,000 |
Union Electric Co., | |||
3.367% due 10/3/2022 | 6,000,000 | 6,000,000 | |
3.559% due 10/26/2022 | 25,068,000 | 25,011,945 | |
Union Pacific Corp., | |||
a | 2.641% due 10/3/2022 | 25,000,000 | 25,000,000 |
a | 2.642% due 10/11/2022 | 5,000,000 | 4,997,111 |
Virginia Electric & Power Co., | |||
2.875% due 10/3/2022 | 30,000,000 | 30,000,000 | |
2.906% due 10/11/2022 | 6,000,000 | 5,996,187 | |
a | Walt Disney Co., 3.15% due 10/24/2022 | 2,000,000 | 1,996,383 |
a | WEC Energy Group, Inc., 3.502% due 10/12/2022 | 2,550,000 | 2,547,801 |
Total Commercial Paper (Cost $1,482,482,125) | 1,482,482,125 | ||
Mutual Fund — 0.0% | |||
c | State Street Institutional Treasury Money Market Fund Premier Class, 2.47% | 208,219 | 208,219 |
Total Mutual Fund (Cost $208,219) | 208,219 | ||
Total Investments — 97.0% (Cost $1,482,690,344) | $1,482,690,344 | ||
Other Assets Less Liabilities — 3.0% | 46,212,505 | ||
Net Assets — 100.0% | $1,528,902,849 |
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, 2022, the aggregate value of these securities in the Fund’s portfolio was $1,134,204,566, representing 74.18% 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, 2022. |
8 | Annual Report | See notes to financial statements. |
Thornburg Capital Management Fund | September 30, 2022
ASSETS | |
Investment in securities, at cost | $ 1,482,690,344 |
Investments at value | 1,482,690,344 |
Cash | 150,000,000 |
Dividends receivable | 1,638 |
Principal and interest receivable | 298,951 |
Total Assets | 1,632,990,933 |
Liabilities | |
Payable for investments purchased | 103,967,507 |
Accounts payable and accrued expenses | 120,577 |
Total Liabilities | 104,088,084 |
Net Assets | $ 1,528,902,849 |
NET ASSETS CONSIST OF | |
Net capital paid in on shares of beneficial interest | $ 1,528,650,538 |
Distributable earnings | 252,311 |
Net Assets | $ 1,528,902,849 |
NET ASSET VALUE | |
Class I Shares: | |
Net assets applicable to shares outstanding | $ 1,528,902,849 |
Shares outstanding | 152,867,423 |
Net asset value and redemption price per share | $ 10.00 |
Thornburg Capital Management Fund | Year Ended September 30, 2022
INVESTMENT INCOME | |
Interest income | $ 17,096,488 |
Dividend income | 5,654 |
Total Income | 17,102,142 |
EXPENSES | |
Transfer agent fees | 5,286 |
Custodian fees | 126,016 |
Professional fees | 40,352 |
Officer fees | 15,469 |
Other expenses | 23,263 |
Total Expenses | 210,386 |
Net Investment Income (Loss) | $ 16,891,756 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) | 9,153 |
Net Realized and Unrealized Gain (Loss) | 9,153 |
Change in Net Assets Resulting from Operations | $ 16,900,909 |
Thornburg Capital Management Fund
Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 16,891,756 | $ 2,449,055 |
Net realized gain (loss) on investments | 9,153 | 5,567 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 16,900,909 | 2,454,622 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class I Shares | (16,654,159) | (2,449,509) |
FUND SHARE TRANSACTIONS | ||
Class I Shares | (531,456,557) | 398,819,337 |
Net Increase (Decrease) in Net Assets | (531,209,807) | 398,824,450 |
NET ASSETS | ||
Beginning of Year | 2,060,112,656 | 1,661,288,206 |
End of Year | $ 1,528,902,849 | $ 2,060,112,656 |
Thornburg Capital Management Fund | September 30, 2022
Thornburg Capital Management Fund | September 30, 2022
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
Commercial Paper | $ 1,482,482,125 | $ — | $ 1,482,482,125 | $ — |
Mutual Fund | 208,219 | 208,219 | — | — |
Total Investments in Securities | $ 1,482,690,344 | $ 208,219 | $ 1,482,482,125 | $ — |
Total Assets | $ 1,482,690,344 | $ 208,219 | $ 1,482,482,125 | $— |
Cost of investments for tax purposes | $ 1,482,690,344 |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ - |
2022 | 2021 | |
Distributions from: | ||
Ordinary income | $ 16,654,159 | $ 2,449,509 |
Total | $ 16,654,159 | $ 2,449,509 |
YEAR ENDED September 30, 2022 | YEAR ENDED September 30, 2021 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class I Shares | ||||
Shares sold | 1,043,716,043 | $ 10,437,160,430 | 999,368,358 | $ 9,993,683,575 |
Shares issued to shareholders in reinvestment of dividends | 1,665,416 | 16,654,160 | 244,951 | 2,449,509 |
Shares repurchased | (1,098,527,115) | (10,985,271,147) | (959,731,375) | (9,597,313,747) |
Net increase (decrease) | (53,145,656) | $ (531,456,557) | 39,881,934 | $ 398,819,337 |
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) | ||||||||
2022 | $ 10.00 | 0.10 | — (c) | 0.10 | (0.10) | — | (0.10) | $ 10.00 |
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 |
(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) | |||||||
2022 | 0.96 | 0.01 | 0.01 | 0.96 | — (d) | $ 1,528,903 | |
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 |
Thornburg Capital Management Fund
Thornburg Capital Management Fund | September 30, 2022 (Unaudited)
BEGINNING ACCOUNT VALUE 4/1/22 | ENDING ACCOUNT VALUE 9/30/22 | EXPENSES PAID DURING PERIOD† 4/1/22—9/30/22 | |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,008.48 | $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, 2022 (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, 76 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); Chairman of the Thornburg Foundation (nonprofit). | None |
Brian J. McMahon, 67 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, 61 Trustee since 2012, Member of the Audit Committee and 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, 73 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, 59 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, 58 Trustee since 2019, Chair 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, 68 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, 63 Trustee since 1996, Chair of Operations Risk Oversight Committee and 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, 59 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, 48 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, 48 Vice President since 2014 | Managing Director, Chief Operating Officer since 2020, Chief Administrative Officer (2016-2020), and Director of Institutional Group (2014-2016) of Thornburg Investment Management, Inc. | Not applicable |
John Hackett, 56 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, 55 Treasurer since 2019(6) | Director of Finance since 2021 and 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, 42 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, 41 Vice President since 2016 | Head of Investments since 2019, Portfolio Manager and Managing Director since 2015, Associate Portfolio Manager (2012-2015), of Thornburg Investment Management, Inc. | Not applicable |
Ponn Lithiluxa, 51, Assistant Treasurer since 2020; Vice President 2017-2020 | Senior Manager & Vice President, Tax & Fund Administration of Thornburg Investment Management, Inc. since 2017; Senior Vice President, Citi Fund Services, Inc. (2014-2017); Vice President, Citi Fund Services, Inc. (2007-2014) | Not applicable |
Christopher Luckham, 45 Assistant Treasurer since 2022 | Senior Manager, Fund Administration of Thornburg Investment Management, Inc. since 2010. | Not applicable |
Natasha Rippel, 40 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, 55 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, 2022 (Unaudited)
September 30, 2022 (Unaudited)
■ | 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 Investment Income Builder Fund |
■ | Thornburg Income Builder Opportunities Trust |
■ | Thornburg Summit 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, 2021 | Year Ended September 30, 2022 | |||||||
Thornburg Investment Trust | $ | 861,506 | $ | 782,000 |
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, 2021 | Year Ended September 30, 2022 | |||||||
Thornburg Investment Trust | $ | 49,989 | $ | 120,000 |
Tax Fees
The fees billed to the Trust by PWC in each of the last two fiscal years for professional services rendered by PWC for tax compliance, tax advice or tax planning, including amounts paid in connection with filing foreign tax reclaims, are set out below.
Year Ended September 30, 2021 | Year Ended September 30, 2022 | |||||||
Thornburg Investment Trust | $ | 783,915 | $ | 410,878 |
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, 2021 | Year Ended September 30, 2022 | |||||||
Thornburg Investment Trust | $ | 650 | $ | 1,640 |
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. The figure shown under All Other Fees for the year ended September 30, 2022 includes amounts from out of pocket expenses during the 2021 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, 2022, 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: | 11/23/2022 |
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: | 11/23/2022 | |
By: | /s/ Nimish Bhatt | |
Nimish Bhatt | ||
Treasurer and principal financial officer | ||
Date: | 11/23/2022 |