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, 2023
Date of reporting period: September 30, 2023
Item 1. Reports to Stockholders
The following annual reports are attached hereto, in order:
Thornburg Short Duration Municipal Fund
Thornburg Limited Term Municipal Fund
Thornburg Intermediate Municipal Fund
Thornburg Strategic Municipal Income Fund
Thornburg California Limited Term Municipal Fund
Thornburg New Mexico Intermediate Municipal Fund
Thornburg New York Intermediate Municipal Fund
Thornburg Limited Term U.S. Government Fund
Thornburg Limited Term Income Fund
Thornburg Ultra Short Income Fund
Thornburg Strategic Income Fund
Thornburg Small/Mid Cap Core Fund
Thornburg International Equity Fund
Thornburg Small/Mid Cap Growth Fund
Thornburg International Growth Fund
Thornburg Investment Income Builder Fund
Thornburg Global Opportunities Fund
Thornburg Developing World Fund
Thornburg Better World International Fund
Thornburg Capital Management Fund
Thornburg Summit Fund
Thornburg Municipal Managed Account 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 | |
10 | |
20 | |
22 | |
Schedule of Investments | |
33 | |
36 | |
40 | |
44 | |
47 | |
51 | |
54 | |
57 | |
69 | |
78 | |
82 | |
86 | |
91 | |
116 | |
134 | |
135 | |
137 | |
144 | |
146 |
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
• | The trailing 5-year weighted average revenue growth rate of businesses included in the Index was +3.1%/year through December 31, 2022. The annualized average revenue growth rate was +6.8% through the fiscal year which ended December 31, 2022 for most of these business. |
• | The trailing 5-year weighted average revenue growth rate of the equity holdings in the Fund’s portfolio was +10.5%/year through December 31, 2022. The weighted average revenue growth rate of these companies was +17.1% through the most recently reported fiscal year, which ended December 31, 2022 for most of these companies. |
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
Brian McMahon Portfolio Manager Chief Investment Strategist and Managing Director | Miguel Oleaga Portfolio Manager and Managing Director |
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
Brian McMahon Portfolio Manager Chief Investment Strategist and Managing Director | Ben Kirby, cfa Portfolio Manager Head of Investments and Managing Director |
Matt Burdett Portfolio Manager and Managing Director | Christian Hoffmann, cfa 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 | 21.93% | 9.32% | 7.50% | 8.26% | 8.78% |
With sales charge | 16.43% | 7.66% | 6.51% | 7.76% | 8.49% |
Class C Shares (Incep: 7/28/06) | |||||
Without sales charge | 20.99% | 8.48% | 6.68% | 7.44% | 7.95% |
With sales charge | 19.99% | 8.48% | 6.68% | 7.44% | 7.95% |
Class I Shares (Incep: 7/28/06) | 22.32% | 9.66% | 7.82% | 8.62% | 9.22% |
Class R3 Shares (Incep: 2/1/08) | 21.76% | 9.11% | 7.28% | 8.07% | 6.47% |
Class R4 Shares (Incep: 2/1/08) | 21.82% | 9.21% | 7.38% | 8.16% | 6.56% |
Class R5 Shares (Incep: 2/1/08) | 22.32% | 9.66% | 7.82% | 8.61% | 7.01% |
Class R6 Shares (Incep: 4/10/17) | 22.50% | 9.80% | 7.97% | - | 7.21% |
MSCI All Country World Net Total Return USD Index (Since 7/28/06) | 20.80% | 6.89% | 6.46% | 7.56% | 6.24% |
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 | 25.83% | 2.78% | 5.12% | 4.18% | 6.77% |
With sales charge | 20.15% | 1.22% | 4.15% | 3.70% | 6.58% |
Class C Shares (Incep: 5/28/98) | |||||
Without sales charge | 24.70% | 2.00% | 4.34% | 3.41% | 5.95% |
With sales charge | 23.70% | 2.00% | 4.34% | 3.41% | 5.95% |
Class I Shares (Incep: 3/30/01) | 26.09% | 3.08% | 5.43% | 4.53% | 6.59% |
Class R3 Shares (Incep: 7/1/03) | 25.47% | 2.59% | 4.91% | 3.99% | 7.11% |
Class R4 Shares (Incep: 2/1/07) | 25.68% | 2.79% | 5.12% | 4.19% | 3.71% |
Class R5 Shares (Incep: 2/1/05) | 26.03% | 3.06% | 5.40% | 4.47% | 5.96% |
Class R6 Shares (Incep: 5/1/12) | 26.29% | 3.26% | 5.61% | 4.69% | 5.47% |
MSCI All Country World ex USA Net Total Return USD Index (Since 5/28/98) | 20.39% | 3.74% | 2.58% | 3.35% | 4.35% |
MSCI EAFE Net Total Return USD Index (Since 5/28/98) | 25.65% | 5.75% | 3.24% | 3.82% | 4.12% |
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 | 19.79% | 5.76% | 7.03% | - | 8.17% |
With sales charge | 14.36% | 4.15% | 6.06% | - | 7.55% |
Class C Shares (Incep: 10/1/15) | |||||
Without sales charge | 18.92% | 4.97% | 6.32% | - | 7.49% |
With sales charge | 17.92% | 4.97% | 6.32% | - | 7.49% |
Class I Shares (Incep: 10/1/15) | 20.49% | 6.34% | 7.69% | - | 8.91% |
MSCI All Country World ex USA Net Total Return USD Index (Since 9/30/15) | 20.39% | 3.74% | 2.58% | - | 5.29% |
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 | 18.82% | -6.19% | 0.54% | 2.92% | 5.42% |
With sales charge | 13.47% | -7.63% | -0.38% | 2.45% | 5.13% |
Class C Shares (Incep: 2/1/07) | |||||
Without sales charge | 17.70% | -7.01% | -0.29% | 2.11% | 4.64% |
With sales charge | 16.70% | -7.01% | -0.29% | 2.11% | 4.64% |
Class I Shares (Incep: 2/1/07) | 19.23% | -5.89% | 0.87% | 3.30% | 5.89% |
Class R3 Shares (Incep: 2/1/08) | 18.69% | -6.35% | 0.37% | 2.78% | 4.50% |
Class R4 Shares (Incep: 2/1/08) | 18.78% | -6.25% | 0.47% | 2.88% | 4.61% |
Class R5 Shares (Incep: 2/1/08) | 19.25% | -5.88% | 0.87% | 3.29% | 5.03% |
Class R6 Shares (Incep: 2/1/13) | 19.38% | -5.78% | 0.98% | 3.40% | 4.97% |
MSCI All Country World ex USA Growth Net Total Return USD Index (Since 2/1/07) | 15.84% | -1.86% | 2.54% | 3.92% | 3.11% |
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 | 8.24% | -4.52% | 1.22% | 1.44% | 4.01% |
With sales charge | 3.36% | -5.98% | 0.29% | 0.97% | 3.67% |
Class C Shares (Incep: 12/16/09) | |||||
Without sales charge | 7.36% | -5.27% | 0.43% | 0.66% | 3.24% |
With sales charge | 6.36% | -5.27% | 0.43% | 0.66% | 3.24% |
Class I Shares (Incep: 12/16/09) | 8.66% | -4.16% | 1.59% | 1.85% | 4.48% |
Class R5 Shares (Incep: 2/1/13) | 8.69% | -4.15% | 1.61% | 1.85% | 2.03% |
Class R6 Shares (Incep: 2/1/13) | 8.75% | -4.06% | 1.70% | 1.95% | 2.13% |
MSCI Emerging Markets Net Total Return USD Index (Since 12/16/09) | 11.70% | -1.73% | 0.55% | 2.07% | 2.30% |
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 | 9.68% | 3.22% | 2.72% | 7.49% | 8.74% |
With sales charge | 4.74% | 1.64% | 1.78% | 6.99% | 8.56% |
Class C Shares (Incep: 10/2/95) | |||||
Without sales charge | 8.61% | 2.28% | 1.82% | 6.61% | 7.88% |
With sales charge | 7.61% | 2.28% | 1.82% | 6.61% | 7.88% |
Class I Shares (Incep: 11/2/98) | 10.13% | 3.61% | 3.09% | 7.89% | 7.09% |
Class R3 Shares (Incep: 7/1/03) | 9.74% | 3.24% | 2.72% | 7.50% | 7.00% |
Class R4 Shares (Incep: 2/1/07) | 9.83% | 3.34% | 2.83% | 7.61% | 5.33% |
Class R5 Shares (Incep: 2/1/05) | 10.13% | 3.61% | 3.09% | 7.89% | 7.03% |
Russell 2500 Index - Total Return (Since 10/2/95) | 11.28% | 8.39% | 4.55% | 7.90% | 9.32% |
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 | 14.69% | -6.99% | 1.03% | 5.74% | 5.82% |
With sales charge | 9.52% | -8.41% | 0.10% | 5.26% | 5.61% |
Class C Shares (Incep: 12/27/00) | |||||
Without sales charge | 13.66% | -7.79% | 0.20% | 4.90% | 4.98% |
With sales charge | 12.66% | -7.79% | 0.20% | 4.90% | 4.98% |
Class I Shares (Incep: 11/3/03) | 15.20% | -6.61% | 1.43% | 6.16% | 7.67% |
Class R3 Shares (Incep: 7/1/03) | 14.60% | -7.08% | 0.91% | 5.62% | 7.66% |
Class R4 Shares (Incep: 2/1/07) | 14.74% | -6.99% | 1.02% | 5.73% | 5.01% |
Class R5 Shares (Incep: 10/3/05) | 15.19% | -6.61% | 1.43% | 6.16% | 6.82% |
Russell 2500 Growth Index - Total Return (Since 12/27/00) | 10.61% | 1.01% | 4.05% | 8.37% | 7.35% |
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 | 22.29% | 11.59% | 5.47% | 5.72% | 8.46% |
With sales charge | 16.76% | 9.89% | 4.50% | 5.23% | 8.22% |
Class C Shares (Incep: 12/24/02) | |||||
Without sales charge | 21.46% | 10.76% | 4.69% | 4.94% | 7.76% |
With sales charge | 20.46% | 10.76% | 4.69% | 4.94% | 7.76% |
Class I Shares (Incep: 11/3/03) | 22.61% | 11.85% | 5.73% | 6.01% | 8.00% |
Class R3 Shares (Incep: 2/1/05) | 21.87% | 11.17% | 5.09% | 5.36% | 6.66% |
Class R4 Shares (Incep: 2/1/08) | 21.96% | 11.29% | 5.19% | 5.46% | 5.34% |
Class R5 Shares (Incep: 2/1/07) | 22.44% | 11.73% | 5.62% | 5.89% | 6.01% |
Class R6 Shares (Incep: 4/10/17) | 22.70% | 11.95% | 5.82% | - | 6.65% |
MSCI World Net Total Return USD Index (Since 12/24/02) | 21.95% | 8.08% | 7.26% | 8.26% | 8.38% |
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 | 12.39% | - | - | - | -1.35% |
With sales charge | 7.29% | - | - | - | -4.03% |
Class I Shares (Incep: 3/1/19) | 12.66% | 6.75% | - | - | 9.56% |
Blended Index* (Since 3/1/19) | 13.18% | 1.33% | - | - | 3.94% |
Thornburg Investment Income Builder Fund | September 30, 2023 (Unaudited)
RUSSELL 1000 INDEX | RUSSELL 2000 INDEX | |
Financials | 28% | 40% |
Real Estate | 28% | 26% |
Consumer Discretionary | 11% | 8% |
Energy | 9% | 9% |
Utilities | 8% | 0% |
Materials | 7% | 4% |
Consumer Staples | 4% | 5% |
Health Care | 2% | 1% |
Communication Services | 2% | 3% |
Industrials | 1% | 4% |
Information Technology | 0% | 0% |
Thornburg Global Opportunities Fund | September 30, 2023 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Meta Platforms, Inc. Class A | 5.8% |
TotalEnergies SE | 5.6% |
Alphabet, Inc. Class A | 4.8% |
BNP Paribas SA | 4.5% |
Bank of Ireland Group plc | 4.5% |
Samsung Electronics Co. Ltd. | 4.1% |
Charles Schwab Corp. | 3.8% |
Reliance Industries Ltd. | 3.8% |
Citigroup, Inc. | 3.4% |
TJX Companies, Inc. | 3.3% |
SECTOR EXPOSURE | |
Financials | 20.5% |
Communication Services | 15.6% |
Consumer Discretionary | 14.2% |
Energy | 12.4% |
Information Technology | 10.9% |
Materials | 9.2% |
Industrials | 7.5% |
Health Care | 3.7% |
Consumer Staples | 2.9% |
Other Assets Less Liabilities | 3.1% |
TOP TEN INDUSTRY GROUPS | |
Media & Entertainment | 12.9% |
Banks | 12.4% |
Energy | 12.4% |
Materials | 9.2% |
Financial Services | 6.1% |
Consumer Discretionary Distribution & Retail | 5.5% |
Consumer Services | 4.9% |
Capital Goods | 4.7% |
Technology Hardware & Equipment | 4.1% |
Semiconductors & Semiconductor Equipment | 4.0% |
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, 2023 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
TotalEnergies SE | 4.4% |
Alibaba Group Holding Ltd. | 3.8% |
Canadian Pacific Kansas City Ltd. | 3.2% |
L’Oreal SA | 3.1% |
Linde plc | 2.8% |
NN Group NV | 2.8% |
Roche Holding AG | 2.8% |
Safran SA | 2.8% |
AstraZeneca plc | 2.7% |
ABB Ltd. | 2.7% |
SECTOR EXPOSURE | |
Industrials | 19.2% |
Financials | 14.9% |
Information Technology | 9.2% |
Consumer Staples | 8.9% |
Utilities | 7.4% |
Materials | 7.2% |
Consumer Discretionary | 6.8% |
Health Care | 5.9% |
Energy | 5.7% |
Communication Services | 5.2% |
Other Assets Less Liabilities | 9.6% |
TOP TEN INDUSTRY GROUPS | |
Capital Goods | 14.6% |
Utilities | 7.4% |
Materials | 7.2% |
Insurance | 5.8% |
Energy | 5.7% |
Pharmaceuticals, Biotechnology & Life Sciences | 5.5% |
Banks | 5.4% |
Semiconductors & Semiconductor Equipment | 4.1% |
Consumer Discretionary Distribution & Retail | 3.8% |
Financial Services | 3.7% |
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, 2023 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Alibaba Group Holding Ltd. Sponsored ADR | 3.6% |
Novo Nordisk AS Class B | 3.4% |
BNP Paribas SA | 3.4% |
Nestle SA | 3.1% |
Canadian Pacific Kansas City Ltd. | 2.9% |
L’Oreal SA | 2.9% |
Meituan Class B | 2.9% |
Hitachi Ltd. | 2.8% |
SAP SE | 2.8% |
Roche Holding AG | 2.7% |
SECTOR EXPOSURE | |
Financials | 17.0% |
Industrials | 16.3% |
Consumer Staples | 16.1% |
Health Care | 13.1% |
Consumer Discretionary | 8.1% |
Information Technology | 7.9% |
Communication Services | 5.2% |
Materials | 2.7% |
Utilities | 2.4% |
Other Assets Less Liabilities | 11.2% |
TOP TEN INDUSTRY GROUPS | |
Pharmaceuticals, Biotechnology & Life Sciences | 11.0% |
Banks | 8.6% |
Commercial & Professional Services | 6.9% |
Capital Goods | 6.5% |
Consumer Staples Distribution & Retail | 6.0% |
Household & Personal Products | 5.6% |
Software & Services | 5.1% |
Financial Services | 4.6% |
Food, Beverage & Tobacco | 4.5% |
Telecommunication Services | 3.9% |
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, 2023 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Nestle SA | 6.1% |
Novo Nordisk AS Sponsored ADR | 5.7% |
AstraZeneca plc | 4.4% |
ASML Holding NV | 4.2% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 3.6% |
LVMH Moet Hennessy Louis Vuitton SE | 3.0% |
Mastercard, Inc. Class A | 3.0% |
Tencent Holdings Ltd. | 2.8% |
HDFC Bank Ltd. | 2.7% |
Beiersdorf AG | 2.7% |
SECTOR EXPOSURE | |
Information Technology | 19.6% |
Health Care | 17.9% |
Consumer Staples | 17.8% |
Consumer Discretionary | 12.9% |
Financials | 12.2% |
Materials | 5.3% |
Industrials | 5.1% |
Communication Services | 4.4% |
Energy | 1.5% |
Other Assets Less Liabilities | 3.3% |
TOP TEN INDUSTRY GROUPS | |
Pharmaceuticals, Biotechnology & Life Sciences | 16.8% |
Semiconductors & Semiconductor Equipment | 13.2% |
Food, Beverage & Tobacco | 11.2% |
Financial Services | 7.5% |
Household & Personal Products | 5.3% |
Materials | 5.3% |
Consumer Discretionary Distribution & Retail | 4.2% |
Software & Services | 4.0% |
Consumer Durables & Apparel | 3.8% |
Capital Goods | 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, 2023 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 6.5% |
Tencent Holdings Ltd. | 4.2% |
Yum China Holdings, Inc. | 4.0% |
Samsung Electronics Co. Ltd. | 3.9% |
Varun Beverages Ltd. | 3.4% |
Americana Restaurants International plc | 3.0% |
AIA Group Ltd. | 3.0% |
Max Healthcare Institute Ltd. | 3.0% |
PRIO SA | 2.9% |
Tata Motors Ltd. | 2.8% |
SECTOR EXPOSURE | |
Consumer Discretionary | 21.9% |
Financials | 19.5% |
Information Technology | 14.7% |
Consumer Staples | 11.6% |
Industrials | 5.3% |
Communication Services | 5.2% |
Health Care | 5.2% |
Energy | 5.1% |
Materials | 2.5% |
Utilities | 2.5% |
Real Estate | 2.4% |
Other Assets Less Liabilities | 4.1% |
TOP TEN INDUSTRY GROUPS | |
Banks | 10.0% |
Consumer Discretionary Distribution & Retail | 9.2% |
Consumer Services | 8.9% |
Semiconductors & Semiconductor Equipment | 8.8% |
Consumer Staples Distribution & Retail | 6.8% |
Financial Services | 6.5% |
Technology Hardware & Equipment | 5.9% |
Energy | 5.1% |
Food, Beverage & Tobacco | 4.8% |
Health Care Equipment & Services | 4.2% |
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, 2023 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Casella Waste Systems, Inc. Class A | 3.5% |
LPL Financial Holdings, Inc. | 3.3% |
Assurant, Inc. | 3.2% |
BJ’s Wholesale Club Holdings, Inc. | 3.1% |
Clean Harbors, Inc. | 3.1% |
Deckers Outdoor Corp. | 2.9% |
TechnipFMC plc | 2.7% |
PetIQ, Inc. Class A | 2.7% |
CCC Intelligent Solutions Holdings, Inc. | 2.7% |
Crown Holdings, Inc. | 2.6% |
SECTOR EXPOSURE | |
Industrials | 25.5% |
Financials | 15.5% |
Information Technology | 13.8% |
Health Care | 11.9% |
Consumer Discretionary | 9.3% |
Energy | 6.3% |
Consumer Staples | 5.4% |
Real Estate | 4.8% |
Materials | 4.7% |
Utilities | 2.1% |
Other Assets Less Liabilities | 0.7% |
TOP TEN INDUSTRY GROUPS | |
Capital Goods | 15.7% |
Financial Services | 8.4% |
Commercial & Professional Services | 8.3% |
Health Care Equipment & Services | 7.9% |
Software & Services | 7.1% |
Energy | 6.3% |
Insurance | 5.1% |
Materials | 4.7% |
Consumer Durables & Apparel | 4.2% |
Pharmaceuticals, Biotechnology & Life Sciences | 4.0% |
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, 2023 (Unaudited)
TOP TEN EQUITY HOLDINGS | |
Bentley Systems, Inc. Class B | 3.8% |
Casella Waste Systems, Inc. Class A | 3.7% |
Chart Industries, Inc. | 3.2% |
CCC Intelligent Solutions Holdings, Inc. | 3.1% |
TechnipFMC plc | 3.0% |
Celsius Holdings, Inc. | 2.8% |
Ryan Specialty Group Holdings, Inc. Class A | 2.8% |
Shockwave Medical, Inc. | 2.7% |
BioMarin Pharmaceutical, Inc. | 2.6% |
Vertiv Holdings Co. Class A | 2.6% |
SECTOR EXPOSURE | |
Information Technology | 26.1% |
Industrials | 25.5% |
Health Care | 17.0% |
Consumer Discretionary | 11.3% |
Consumer Staples | 6.8% |
Financials | 5.9% |
Energy | 3.0% |
Communication Services | 2.2% |
Materials | 1.4% |
Other Assets Less Liabilities | 0.8% |
TOP TEN INDUSTRY GROUPS | |
Capital Goods | 14.2% |
Software & Services | 13.0% |
Pharmaceuticals, Biotechnology & Life Sciences | 9.7% |
Commercial & Professional Services | 7.5% |
Health Care Equipment & Services | 7.3% |
Semiconductors & Semiconductor Equipment | 7.0% |
Technology Hardware & Equipment | 6.1% |
Food, Beverage & Tobacco | 5.3% |
Consumer Durables & Apparel | 4.1% |
Transportation | 3.8% |
THORNBURG SMALL/MID CAP GROWTH FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | THCGX | 885-215-582 |
Class C | TCGCX | 885-215-574 |
Class I | THIGX | 885-215-475 |
Class R3 | THCRX | 885-215-517 |
Class R4 | TCGRX | 885-215-251 |
Class R5 | THGRX | 885-215-350 |
Thornburg Investment Income Builder Fund | September 30, 2023 (Unaudited)
TOP TEN LONG HOLDINGS | |
Orange SA | 5.2% |
TotalEnergies SE | 4.8% |
BNP Paribas SA | 3.8% |
Broadcom, Inc. | 3.2% |
CME Group, Inc. | 2.8% |
Enel SpA | 2.7% |
NN Group NV | 2.7% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 2.6% |
Vodafone Group plc | 2.6% |
Glencore plc | 2.5% |
SECTOR EXPOSURE (percent of equity holdings) | |
Financials | 24.5% |
Information Technology | 14.0% |
Energy | 13.5% |
Communication Services | 12.3% |
Health Care | 12.1% |
Materials | 7.5% |
Utilities | 6.8% |
Consumer Staples | 3.9% |
Consumer Discretionary | 3.2% |
Industrials | 1.9% |
Real Estate | 0.3% |
Thornburg Investment Income Builder Fund | September 30, 2023 (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¢ | 38.8¢ | 112.8¢ |
2023 | 21.0¢ | 25.0¢ | 29.0¢ |
As of 9/30/2023 | |
Energy | 13.6% |
Telecommunication Services | 12.3% |
Pharmaceuticals, Biotechnology & Life Sciences | 11.3% |
Banks | 11.2% |
Semiconductors & Semiconductor Equipment | 9.4% |
Financial Services | 7.6% |
Materials | 7.5% |
Utilities | 6.8% |
Insurance | 5.6% |
Technology Hardware & Equipment | 4.3% |
As of 6/30/2023 | |
Pharmaceuticals, Biotechnology & Life Sciences | 11.6% |
Telecommunication Services | 11.6% |
Banks | 11.1% |
Energy | 10.8% |
Semiconductors & Semiconductor Equipment | 10.7% |
Utilities | 8.9% |
Financial Services | 7.5% |
Insurance | 7.1% |
Materials | 5.9% |
Technology Hardware & Equipment | 4.4% |
As of 3/31/2023 | |
Pharmaceuticals, Biotechnology & Life Sciences | 12.4% |
Telecommunication Services | 12.3% |
Semiconductors & Semiconductor Equipment | 10.1% |
Banks | 9.6% |
Energy | 9.2% |
Utilities | 8.7% |
Financial Services | 7.8% |
Insurance | 7.1% |
Materials | 6.5% |
Technology Hardware & Equipment | 4.1% |
As of 12/31/2022 | |
Pharmaceuticals, Biotechnology & Life Sciences | 12.6% |
Telecommunication Services | 11.1% |
Energy | 10.7% |
Banks | 10.4% |
Semiconductors & Semiconductor Equipment | 9.6% |
Diversified Financials | 8.6% |
Insurance | 7.4% |
Utilities | 7.0% |
Materials | 6.4% |
Technology Hardware & Equipment | 4.1% |
THORNBURG INVESTMENT INCOME BUILDER FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | TIBAX | 885-215-558 |
Class C | TIBCX | 885-215-541 |
Class I | TIBIX | 885-215-467 |
Class R3 | TIBRX | 885-215-384 |
Class R4 | TIBGX | 885-215-186 |
Class R5 | TIBMX | 885-215-236 |
Class R6 | TIBOX | 885-216-663 |
Thornburg Summit Fund | September 30, 2023 (Unaudited)
SECTOR EXPOSURE (percent of equity holdings) | |
Information Technology | 25.2% |
Financials | 16.0% |
Health Care | 13.7% |
Consumer Discretionary | 10.9% |
Energy | 8.3% |
Communication Services | 7.5% |
Exchange Traded Funds | 6.0% |
Consumer Staples | 5.2% |
Industrials | 4.8% |
Materials | 2.4% |
TOP TEN LONG HOLDINGS | |
Alphabet, Inc. Class A | 2.1% |
BioMarin Pharmaceutical, Inc. | 2.1% |
Microsoft Corp. | 1.8% |
Visa, Inc. Class A | 1.6% |
NVIDIA Corp. | 1.6% |
Amazon.com, Inc. | 1.5% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1.5% |
NN Group NV | 1.3% |
TotalEnergies SE | 1.2% |
Nestle SA | 1.2% |
THORNBURG SUMMIT FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | TSAMX | 885-216-358 |
Class I | TSUMX | 885-216-580 |
Thornburg Global Opportunities Fund | September 30, 2023
Issuer-Description | SHARES | VALUE | |
Common Stock — 96.9% | |||
Automobiles & Components — 2.7% | |||
Automobiles — 2.7% | |||
Mercedes-Benz Group AG | 400,248 | $ 27,882,160 | |
27,882,160 | |||
Banks — 12.4% | |||
Banks — 12.4% | |||
Bank of Ireland Group plc | 4,681,887 | 45,984,808 | |
BNP Paribas SA | 734,002 | 46,895,111 | |
Citigroup, Inc. | 854,124 | 35,130,120 | |
128,010,039 | |||
Capital Goods — 4.7% | |||
Aerospace & Defense — 1.0% | |||
L3Harris Technologies, Inc. | 59,849 | 10,420,908 | |
Electrical Equipment — 1.8% | |||
a | Vestas Wind Systems AS | 845,636 | 18,167,907 |
Machinery — 1.9% | |||
Techtronic Industries Co. Ltd. | 2,075,156 | 20,139,556 | |
48,728,371 | |||
Commercial & Professional Services — 2.8% | |||
Professional Services — 2.8% | |||
a | CACI International, Inc. Class A | 92,103 | 28,913,895 |
28,913,895 | |||
Consumer Discretionary Distribution & Retail — 5.5% | |||
Broadline Retail — 2.3% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 271,331 | 23,535,251 |
Specialty Retail — 3.2% | |||
TJX Companies, Inc. | 378,987 | 33,684,365 | |
57,219,616 | |||
Consumer Durables & Apparel — 1.1% | |||
Household Durables — 1.1% | |||
Barratt Developments plc | 2,105,444 | 11,331,207 | |
11,331,207 | |||
Consumer Services — 4.9% | |||
Hotels, Restaurants & Leisure — 4.9% | |||
a | Booking Holdings, Inc. | 7,525 | 23,206,724 |
Galaxy Entertainment Group Ltd. | 4,537,928 | 27,322,777 | |
50,529,501 | |||
Consumer Staples Distribution & Retail — 1.9% | |||
Consumer Staples Distribution & Retail — 1.9% | |||
Tesco plc | 6,007,355 | 19,364,733 | |
19,364,733 | |||
Energy — 12.4% | |||
Oil, Gas & Consumable Fuels — 12.4% | |||
Reliance Industries Ltd. | 1,401,727 | 39,533,542 | |
Shell plc | 954,694 | 30,790,231 | |
TotalEnergies SE | 873,610 | 57,551,027 | |
127,874,800 | |||
Financial Services — 6.1% | |||
Capital Markets — 3.8% | |||
Charles Schwab Corp. | 722,760 | 39,679,524 | |
Consumer Finance — 1.9% | |||
Capital One Financial Corp. | 204,402 | 19,837,214 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 33 |
Thornburg Global Opportunities Fund | September 30, 2023
Issuer-Description | SHARES | VALUE | |
Financial Services — 0.4% | |||
a | Jio Financial Services Ltd. | 1,401,727 | $ 3,899,254 |
63,415,992 | |||
Food, Beverage & Tobacco — 1.0% | |||
Beverages — 1.0% | |||
Coca-Cola Icecek AS | 745,673 | 10,734,254 | |
10,734,254 | |||
Insurance — 2.0% | |||
Insurance — 2.0% | |||
NN Group NV | 636,830 | 20,494,904 | |
20,494,904 | |||
Materials — 9.2% | |||
Chemicals — 3.2% | |||
OCI NV | 1,191,376 | 33,240,379 | |
Metals & Mining — 6.0% | |||
First Quantum Minerals Ltd. | 675,042 | 15,948,535 | |
Freeport-McMoRan, Inc. | 586,699 | 21,878,006 | |
Mineral Resources Ltd. | 549,665 | 23,900,921 | |
94,967,841 | |||
Media & Entertainment — 12.9% | |||
Interactive Media & Services — 12.9% | |||
a | Alphabet, Inc. Class A | 377,440 | 49,391,799 |
a | Meta Platforms, Inc. Class A | 200,796 | 60,280,967 |
Tencent Holdings Ltd. | 601,313 | 23,512,095 | |
133,184,861 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 3.7% | |||
Pharmaceuticals — 3.7% | |||
Pfizer, Inc. | 571,041 | 18,941,430 | |
Roche Holding AG | 68,837 | 18,834,573 | |
37,776,003 | |||
Semiconductors & Semiconductor Equipment — 4.0% | |||
Semiconductors & Semiconductor Equipment — 4.0% | |||
a | Qorvo, Inc. | 184,676 | 17,631,018 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,492,114 | 24,174,830 | |
41,805,848 | |||
Software & Services — 2.8% | |||
Software — 2.8% | |||
SAP SE | 225,215 | 29,244,496 | |
29,244,496 | |||
Technology Hardware & Equipment — 4.1% | |||
Technology Hardware, Storage & Peripherals — 4.1% | |||
Samsung Electronics Co. Ltd. | 842,061 | 42,683,394 | |
42,683,394 | |||
Telecommunication Services — 2.7% | |||
Diversified Telecommunication Services — 2.7% | |||
a | Converge Information & Communications Technology Solutions, Inc. | 33,263,215 | 5,644,211 |
Deutsche Telekom AG | 1,068,343 | 22,441,020 | |
28,085,231 | |||
Total Common Stock (Cost $739,799,964) | 1,002,247,146 | ||
Short-Term Investments — 2.8% | |||
b | Thornburg Capital Management Fund | 2,865,706 | 28,657,059 |
Total Short-Term Investments (Cost $28,657,059) | 28,657,059 |
34 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Total Investments — 99.7% (Cost $768,457,023) | $1,030,904,205 | ||
Other Assets Less Liabilities — 0.3% | 3,524,758 | ||
Net Assets — 100.0% | $1,034,428,963 |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2023 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Euro | SSB | Sell | 58,119,500 | 10/17/2023 | 61,481,994 | $ 1,873,288 | $ — |
Euro | BBH | Sell | 58,119,500 | 10/17/2023 | 61,481,994 | 1,886,278 | — |
Great Britain Pound | SSB | Sell | 16,533,000 | 10/17/2023 | 20,173,609 | 1,521,671 | — |
Total | $ 5,281,237 | — | |||||
Net unrealized appreciation (depreciation) | $ 5,281,237 |
* | 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 | 37.7% |
France | 10.4% |
Netherlands | 8.4% |
Germany | 7.9% |
China | 4.7% |
Ireland | 4.6% |
India | 4.3% |
South Korea | 4.3% |
United Kingdom | 3.1% |
Macao | 2.7% |
Taiwan | 2.4% |
Australia | 2.4% |
Hong Kong | 2.0% |
Denmark | 1.8% |
Zambia | 1.6% |
Turkey | 1.1% |
Philippines | 0.6% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 35 |
Thornburg International Equity Fund | September 30, 2023
Issuer-Description | SHARES | VALUE | |
Common Stock — 90.4% | |||
Banks — 5.4% | |||
Banks — 5.4% | |||
BNP Paribas SA | 696,455 | $ 44,496,247 | |
HDFC Bank Ltd. | 647,513 | 11,897,794 | |
ING Groep NV Series N, | 3,193,714 | 42,375,758 | |
Mitsubishi UFJ Financial Group, Inc. | 1,391,184 | 11,808,866 | |
United Overseas Bank Ltd. | 857,361 | 17,874,754 | |
128,453,419 | |||
Capital Goods — 14.6% | |||
Aerospace & Defense — 4.5% | |||
Rheinmetall AG | 157,299 | 40,561,639 | |
Safran SA | 419,529 | 65,928,837 | |
Construction & Engineering — 2.2% | |||
Ferrovial SE | 1,691,709 | 51,814,569 | |
Electrical Equipment — 5.3% | |||
ABB Ltd. | 1,766,786 | 63,309,751 | |
Schneider Electric SE | 374,143 | 62,095,436 | |
Industrial Conglomerates — 2.6% | |||
Hitachi Ltd. | 1,000,823 | 62,116,122 | |
345,826,354 | |||
Commercial & Professional Services — 1.4% | |||
Professional Services — 1.4% | |||
Recruit Holdings Co. Ltd. | 1,089,132 | 33,590,802 | |
33,590,802 | |||
Consumer Discretionary Distribution & Retail — 3.8% | |||
Broadline Retail — 3.8% | |||
a | Alibaba Group Holding Ltd. | 8,244,937 | 90,125,286 |
90,125,286 | |||
Consumer Durables & Apparel — 2.9% | |||
Household Durables — 2.4% | |||
Sony Group Corp. | 696,709 | 57,064,495 | |
Textiles, Apparel & Luxury Goods — 0.5% | |||
LVMH Moet Hennessy Louis Vuitton SE | 15,832 | 11,991,378 | |
69,055,873 | |||
Consumer Services — 0.1% | |||
Hotels, Restaurants & Leisure — 0.1% | |||
a,b | Meituan Class B | 220,297 | 3,223,879 |
3,223,879 | |||
Consumer Staples Distribution & Retail — 3.6% | |||
Consumer Staples Distribution & Retail — 3.6% | |||
Alimentation Couche-Tard, Inc. | 458,193 | 23,269,761 | |
Seven & i Holdings Co. Ltd. | 1,586,610 | 62,162,751 | |
85,432,512 | |||
Energy — 5.7% | |||
Oil, Gas & Consumable Fuels — 5.7% | |||
Shell plc | 965,617 | 31,142,514 | |
TotalEnergies SE | 1,574,144 | 103,700,283 | |
134,842,797 | |||
Financial Services — 3.7% | |||
Capital Markets — 2.7% | |||
B3 SA - Brasil Bolsa Balcao | 5,034,791 | 12,310,150 | |
Hong Kong Exchanges & Clearing Ltd. | 1,349,472 | 50,422,427 | |
Financial Services — 1.0% | |||
Fidelity National Information Services, Inc. | 432,306 | 23,893,552 |
36 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
86,626,129 | |||
Food, Beverage & Tobacco — 2.2% | |||
Food Products — 2.2% | |||
Danone SA | 275,621 | $ 15,228,581 | |
Nestle SA | 313,241 | 35,500,761 | |
50,729,342 | |||
Health Care Equipment & Services — 0.4% | |||
Health Care Equipment & Supplies — 0.4% | |||
Alcon, Inc. | 113,162 | 8,720,264 | |
8,720,264 | |||
Household & Personal Products — 3.1% | |||
Personal Care Products — 3.1% | |||
L’Oreal SA | 174,441 | 72,516,997 | |
72,516,997 | |||
Insurance — 5.8% | |||
Insurance — 5.8% | |||
AIA Group Ltd. | 3,927,069 | 32,019,532 | |
Assicurazioni Generali SpA | 1,879,745 | 38,485,237 | |
NN Group NV | 2,076,418 | 66,824,723 | |
137,329,492 | |||
Materials — 7.2% | |||
Chemicals — 7.2% | |||
Air Liquide SA | 299,155 | 50,554,459 | |
Akzo Nobel NV | 344,414 | 24,935,741 | |
Linde plc | 178,867 | 66,962,843 | |
OCI NV | 958,791 | 26,751,065 | |
169,204,108 | |||
Media & Entertainment — 2.0% | |||
Entertainment — 1.0% | |||
Nintendo Co. Ltd. | 574,818 | 23,963,572 | |
Interactive Media & Services — 1.0% | |||
Tencent Holdings Ltd. | 613,869 | 24,003,050 | |
47,966,622 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 5.5% | |||
Pharmaceuticals — 5.5% | |||
AstraZeneca plc | 469,030 | 63,532,690 | |
Roche Holding AG | 242,958 | 66,476,027 | |
130,008,717 | |||
Semiconductors & Semiconductor Equipment — 4.1% | |||
Semiconductors & Semiconductor Equipment — 4.1% | |||
Disco Corp. | 35,111 | 6,479,934 | |
NVIDIA Corp. | 85,479 | 37,182,510 | |
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 608,526 | 52,880,910 | |
96,543,354 | |||
Software & Services — 3.1% | |||
Software — 3.1% | |||
Constellation Software, Inc. | 16,647 | 34,367,276 | |
SAP SE | 294,321 | 38,218,011 | |
72,585,287 | |||
Technology Hardware & Equipment — 2.0% | |||
Electronic Equipment, Instruments & Components — 2.0% | |||
Keyence Corp. | 126,907 | 47,131,548 | |
47,131,548 | |||
Telecommunication Services — 3.2% |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 37 |
Thornburg International Equity Fund | September 30, 2023
Issuer-Description | SHARES | VALUE | |
Diversified Telecommunication Services — 2.1% | |||
Orange SA | 4,241,403 | $ 48,698,669 | |
Wireless Telecommunication Services — 1.1% | |||
Vodafone Group plc | 29,064,854 | 27,241,929 | |
75,940,598 | |||
Transportation — 3.2% | |||
Ground Transportation — 3.2% | |||
Canadian Pacific Kansas City Ltd. | 1,016,066 | 75,605,471 | |
75,605,471 | |||
Utilities — 7.4% | |||
Electric Utilities — 5.4% | |||
Endesa SA | 1,932,018 | 39,371,620 | |
Enel SpA | 7,608,788 | 46,818,361 | |
Iberdrola SA | 3,798,970 | 42,554,408 | |
Multi-Utilities — 2.0% | |||
E.ON SE | 3,912,110 | 46,324,081 | |
175,068,470 | |||
Total Common Stock (Cost $1,870,814,063) | 2,136,527,321 | ||
Warrant — 0.0% | |||
Software & Services — 0.0% | |||
Software — 0.0% | |||
a,c | Constellation Software, Inc., 3/31/2040 | 16,647 | 1 |
1 | |||
Total Warrants (Cost $0) | 1 | ||
Short-Term Investments — 8.7% | |||
d | Thornburg Capital Management Fund | 20,488,111 | 204,881,109 |
Total Short-Term Investments (Cost $204,881,109) | 204,881,109 | ||
Total Investments — 99.1% (Cost $2,075,695,172) | $2,341,408,431 | ||
Other Assets Less Liabilities — 0.9% | 22,319,901 | ||
Net Assets — 100.0% | $2,363,728,332 |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2023 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Euro | BBH | Sell | 142,356,900 | 10/11/2023 | 150,555,627 | $ 6,146,578 | $ — |
Euro | BBH | Sell | 107,691,900 | 10/11/2023 | 113,894,174 | 7,120,076 | — |
Euro | BBH | Buy | 250,048,800 | 10/11/2023 | 264,449,800 | — | (4,268,893) |
Total | $ 13,266,654 | $ (4,268,893) | |||||
Net unrealized appreciation (depreciation) | $ 8,997,761 |
* | Counterparty includes Brown Brothers Harriman & Co. ("BBH"). |
38 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Footnote Legend | |
a | Non-income producing. |
b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2023, the aggregate value of these securities in the Fund’s portfolio was $3,223,879, representing 0.14% of the Fund’s net assets. |
c | Security currently fair valued by the Valuation and Pricing Committee. |
d | 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) | |
France | 19.3% |
United States | 16.1% |
Japan | 14.2% |
Netherlands | 9.0% |
Canada | 6.2% |
Germany | 5.9% |
China | 5.5% |
United Kingdom | 4.2% |
Italy | 4.0% |
Hong Kong | 3.9% |
Spain | 3.8% |
Switzerland | 3.4% |
Taiwan | 2.5% |
Singapore | 0.8% |
Brazil | 0.6% |
India | 0.6% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 39 |
Thornburg Better World International Fund | September 30, 2023
Issuer-Description | SHARES | VALUE | |
Common Stock — 88.8% | |||
Banks — 8.6% | |||
Banks — 8.6% | |||
BNP Paribas SA | 295,919 | $ 18,906,153 | |
HDFC Bank Ltd. ADR | 23,404 | 1,381,070 | |
ING Groep NV Series N, | 496,879 | 6,592,833 | |
Mitsubishi UFJ Financial Group, Inc. | 1,164,700 | 9,886,389 | |
United Overseas Bank Ltd. | 554,100 | 11,552,195 | |
48,318,640 | |||
Capital Goods — 6.5% | |||
Electrical Equipment — 3.7% | |||
ABB Ltd. | 262,498 | 9,406,166 | |
Schneider Electric SE | 68,779 | 11,415,053 | |
Industrial Conglomerates — 2.8% | |||
Hitachi Ltd. | 252,700 | 15,683,836 | |
36,505,055 | |||
Commercial & Professional Services — 6.9% | |||
Commercial Services & Supplies — 4.5% | |||
Daiei Kankyo Co. Ltd. | 492,100 | 6,944,854 | |
Rentokil Initial plc | 450,559 | 3,354,434 | |
Tetra Tech, Inc. | 35,362 | 5,376,085 | |
Waste Connections, Inc. | 72,460 | 9,731,378 | |
Professional Services — 2.4% | |||
Recruit Holdings Co. Ltd. | 169,000 | 5,212,266 | |
a | TRYT, Inc. | 542,700 | 2,752,721 |
a | Visional, Inc. | 108,400 | 5,469,325 |
38,841,063 | |||
Consumer Discretionary Distribution & Retail — 3.6% | |||
Broadline Retail — 3.6% | |||
a | Alibaba Group Holding Ltd. Sponsored ADR | 232,459 | 20,163,494 |
20,163,494 | |||
Consumer Durables & Apparel — 1.6% | |||
Household Durables — 1.3% | |||
Sony Group Corp. | 91,283 | 7,476,605 | |
Textiles, Apparel & Luxury Goods — 0.3% | |||
LVMH Moet Hennessy Louis Vuitton SE | 1,857 | 1,406,518 | |
8,883,123 | |||
Consumer Services — 2.9% | |||
Hotels, Restaurants & Leisure — 2.9% | |||
a,b | Meituan Class B | 1,094,777 | 16,021,229 |
16,021,229 | |||
Consumer Staples Distribution & Retail — 6.0% | |||
Consumer Staples Distribution & Retail — 6.0% | |||
Alimentation Couche-Tard, Inc. | 214,996 | 10,918,774 | |
Costco Wholesale Corp. | 17,590 | 9,937,646 | |
Seven & i Holdings Co. Ltd. | 325,700 | 12,760,797 | |
33,617,217 | |||
Financial Services — 4.6% | |||
Capital Markets — 1.9% | |||
Hong Kong Exchanges & Clearing Ltd. | 276,264 | 10,322,483 | |
Financial Services — 2.7% | |||
Edenred SE | 112,706 | 7,063,712 | |
Fidelity National Information Services, Inc. | 148,601 | 8,213,177 | |
25,599,372 | |||
Food, Beverage & Tobacco — 4.5% |
40 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Food Products — 4.5% | |||
Danone SA | 146,176 | $ 8,076,500 | |
Nestle SA | 151,605 | 17,181,955 | |
25,258,455 | |||
Health Care Equipment & Services — 2.1% | |||
Health Care Equipment & Supplies — 2.1% | |||
Alcon, Inc. | 154,060 | 11,939,713 | |
11,939,713 | |||
Household & Personal Products — 5.6% | |||
Personal Care Products — 5.6% | |||
a | BellRing Brands, Inc. | 102,059 | 4,207,893 |
Estee Lauder Cos., Inc. Class A | 37,770 | 5,459,653 | |
Kenvue, Inc. | 262,257 | 5,266,120 | |
L’Oreal SA | 39,024 | 16,222,696 | |
31,156,362 | |||
Insurance — 3.8% | |||
Insurance — 3.8% | |||
AIA Group Ltd. | 1,412,500 | 11,516,882 | |
NN Group NV | 305,137 | 9,820,130 | |
21,337,012 | |||
Materials — 2.7% | |||
Chemicals — 2.7% | |||
Linde plc | 19,709 | 7,378,503 | |
OCI NV | 274,486 | 7,658,387 | |
15,036,890 | |||
Media & Entertainment — 1.3% | |||
Entertainment — 1.3% | |||
NetEase, Inc. ADR | 72,133 | 7,224,841 | |
7,224,841 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 11.0% | |||
Biotechnology — 1.3% | |||
a | BioMarin Pharmaceutical, Inc. | 83,246 | 7,365,606 |
Life Sciences Tools & Services — 0.6% | |||
Lonza Group AG | 7,209 | 3,351,888 | |
Pharmaceuticals — 9.1% | |||
Novartis AG | 100,227 | 10,278,373 | |
Novo Nordisk AS Class B | 210,140 | 19,180,679 | |
Pfizer, Inc. | 193,795 | 6,428,180 | |
Roche Holding AG | 55,042 | 15,060,107 | |
61,664,833 | |||
Semiconductors & Semiconductor Equipment — 2.3% | |||
Semiconductors & Semiconductor Equipment — 2.3% | |||
a | ARM Holdings plc ADR | 50,000 | 2,676,000 |
Disco Corp. | 15,900 | 2,934,435 | |
a | Enphase Energy, Inc. | 46,744 | 5,616,292 |
NVIDIA Corp. | 3,363 | 1,462,871 | |
12,689,598 | |||
Software & Services — 5.1% | |||
Software — 5.1% | |||
Constellation Software, Inc. | 6,276 | 12,956,631 | |
SAP SE | 120,737 | 15,677,875 | |
28,634,506 | |||
Technology Hardware & Equipment — 0.5% | |||
Electronic Equipment, Instruments & Components — 0.5% | |||
Keyence Corp. | 7,500 | 2,785,399 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 41 |
Thornburg Better World International Fund | September 30, 2023
Issuer-Description | SHARES | VALUE | |
2,785,399 | |||
Telecommunication Services — 3.9% | |||
Diversified Telecommunication Services — 1.8% | |||
Orange SA | 893,777 | $ 10,262,112 | |
Wireless Telecommunication Services — 2.1% | |||
Vodafone Group plc Sponsored ADR | 1,238,734 | 11,743,198 | |
22,005,310 | |||
Transportation — 2.9% | |||
Ground Transportation — 2.9% | |||
Canadian Pacific Kansas City Ltd. | 221,649 | 16,492,902 | |
16,492,902 | |||
Utilities — 2.4% | |||
Electric Utilities — 2.4% | |||
Enel SpA | 1,270,062 | 7,814,940 | |
Iberdrola SA | 505,414 | 5,661,428 | |
13,476,368 | |||
Total Common Stock (Cost $506,273,466) | 497,651,382 | ||
Exchange-Traded Funds — 0.5% | |||
KraneShares Global Carbon Strategy ETF | 73,697 | 2,662,673 | |
Total Exchange-Traded Funds (Cost $2,682,570) | 2,662,673 | ||
Warrant — 0.0% | |||
Software & Services — 0.0% | |||
Software — 0.0% | |||
a,c | Constellation Software, Inc., 3/31/2040 | 6,276 | 1 |
1 | |||
Total Warrants (Cost $0) | 1 | ||
Short-Term Investments — 10.8% | |||
d | Thornburg Capital Management Fund | 6,008,152 | 60,081,518 |
Total Short-Term Investments (Cost $60,081,518) | 60,081,518 | ||
Total Investments — 100.1% (Cost $569,037,554) | $560,395,574 | ||
Liabilities Net of Other Assets — (0.1)% | (300,969) | ||
Net Assets — 100.0% | $560,094,605 |
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, 2023, the aggregate value of these securities in the Fund’s portfolio was $16,021,229, representing 2.86% of the Fund’s net assets. |
c | Security currently fair valued by the Valuation and Pricing Committee. |
d | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ADR | American Depositary Receipt |
42 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
COUNTRY EXPOSURE * (percent of equity holdings) | |
United States | 25.1% |
Japan | 14.4% |
France | 12.4% |
China | 8.7% |
Canada | 8.1% |
Switzerland | 7.0% |
Netherlands | 4.8% |
Hong Kong | 4.4% |
Denmark | 3.8% |
Germany | 3.1% |
United Kingdom | 3.0% |
Singapore | 2.3% |
Italy | 1.5% |
Spain | 1.1% |
India | 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 | 43 |
Thornburg International Growth Fund | September 30, 2023
Issuer-Description | SHARES | VALUE | |
Common Stock — 96.7% | |||
Automobiles & Components — 2.4% | |||
Automobiles — 2.4% | |||
Ferrari NV | 66,638 | $ 19,694,195 | |
19,694,195 | |||
Banks — 2.8% | |||
Banks — 2.8% | |||
HDFC Bank Ltd. | 1,229,290 | 22,587,716 | |
22,587,716 | |||
Capital Goods — 3.4% | |||
Trading Companies & Distributors — 3.4% | |||
Ashtead Group plc | 324,162 | 19,783,412 | |
Diploma plc | 220,687 | 8,088,576 | |
27,871,988 | |||
Commercial & Professional Services — 1.7% | |||
Professional Services — 1.7% | |||
Wolters Kluwer NV | 112,832 | 13,676,787 | |
13,676,787 | |||
Consumer Discretionary Distribution & Retail — 4.2% | |||
Broadline Retail — 4.2% | |||
B&M European Value Retail SA | 1,269,243 | 9,081,010 | |
a | MercadoLibre, Inc. | 13,390 | 16,976,913 |
Prosus NV | 283,978 | 8,382,582 | |
34,440,505 | |||
Consumer Durables & Apparel — 3.8% | |||
Textiles, Apparel & Luxury Goods — 3.8% | |||
Brunello Cucinelli SpA | 87,294 | 6,649,609 | |
LVMH Moet Hennessy Louis Vuitton SE | 32,480 | 24,600,806 | |
31,250,415 | |||
Consumer Services — 2.5% | |||
Hotels, Restaurants & Leisure — 2.5% | |||
a | Booking Holdings, Inc. | 4,751 | 14,651,846 |
Yum China Holdings, Inc. | 106,211 | 5,918,077 | |
20,569,923 | |||
Consumer Staples Distribution & Retail — 1.3% | |||
Consumer Staples Distribution & Retail — 1.3% | |||
Raia Drogasil SA | 1,942,444 | 10,673,385 | |
10,673,385 | |||
Energy — 1.5% | |||
Oil, Gas & Consumable Fuels — 1.5% | |||
TotalEnergies SE | 187,228 | 12,334,066 | |
12,334,066 | |||
Financial Services — 7.5% | |||
Capital Markets — 1.8% | |||
Deutsche Boerse AG | 87,443 | 15,133,921 | |
Financial Services — 5.7% | |||
a,b | Adyen NV | 5,809 | 4,334,103 |
a | Dlocal Ltd. Class A | 110,706 | 2,122,234 |
Mastercard, Inc. Class A | 61,549 | 24,367,864 | |
Visa, Inc. Class A | 67,464 | 15,517,395 | |
61,475,517 | |||
Food, Beverage & Tobacco — 11.2% | |||
Beverages — 5.1% | |||
Diageo plc | 563,015 | 20,841,594 |
44 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Kweichow Moutai Co. Ltd. Class A | 84,543 | $ 20,817,877 | |
Food Products — 6.1% | |||
Nestle SA | 444,536 | 50,380,909 | |
92,040,380 | |||
Health Care Equipment & Services — 1.1% | |||
Health Care Equipment & Supplies — 1.1% | |||
Hoya Corp. | 89,700 | 9,198,692 | |
9,198,692 | |||
Household & Personal Products — 5.3% | |||
Personal Care Products — 5.3% | |||
Beiersdorf AG | 174,233 | 22,500,989 | |
L’Oreal SA | 51,355 | 21,348,825 | |
43,849,814 | |||
Insurance — 1.9% | |||
Insurance — 1.9% | |||
Aon plc Class A | 48,444 | 15,706,514 | |
15,706,514 | |||
Materials — 5.3% | |||
Chemicals — 1.9% | |||
Air Liquide SA | 92,834 | 15,688,097 | |
Containers & Packaging — 1.3% | |||
SIG Group AG | 427,552 | 10,574,946 | |
Metals & Mining — 2.1% | |||
Teck Resources Ltd. Class B | 395,572 | 17,025,687 | |
43,288,730 | |||
Media & Entertainment — 3.4% | |||
Interactive Media & Services — 3.4% | |||
Hemnet Group AB | 265,357 | 4,685,107 | |
Tencent Holdings Ltd. | 585,800 | 22,905,517 | |
27,590,624 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 16.8% | |||
Biotechnology — 2.3% | |||
CSL Ltd. | 120,292 | 19,397,308 | |
Life Sciences Tools & Services — 4.4% | |||
a | ICON plc ADR | 75,728 | 18,648,020 |
Lonza Group AG | 37,065 | 17,233,696 | |
Pharmaceuticals — 10.1% | |||
AstraZeneca plc | 268,603 | 36,383,752 | |
Novo Nordisk AS Sponsored ADR | 511,530 | 46,518,538 | |
138,181,314 | |||
Semiconductors & Semiconductor Equipment — 13.2% | |||
Semiconductors & Semiconductor Equipment — 13.2% | |||
a | Advanced Micro Devices, Inc. | 85,236 | 8,763,966 |
ASML Holding NV | 57,743 | 34,132,380 | |
BE Semiconductor Industries NV | 126,492 | 12,437,232 | |
Disco Corp. | 48,600 | 8,969,406 | |
SK Hynix, Inc. | 170,661 | 14,506,311 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,807,000 | 29,276,529 | |
108,085,824 | |||
Software & Services — 4.0% | |||
Information Technology Services — 4.0% | |||
a | Globant SA | 55,969 | 11,073,467 |
Nomura Research Institute Ltd. | 647,400 | 16,865,151 | |
a | Shopify, Inc. Class A | 89,030 | 4,858,367 |
32,796,985 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 45 |
Thornburg International Growth Fund | September 30, 2023
Issuer-Description | SHARES | VALUE | |
Technology Hardware & Equipment — 2.4% | |||
Electronic Equipment, Instruments & Components — 2.4% | |||
Keyence Corp. | 52,900 | $ 19,646,346 | |
19,646,346 | |||
Telecommunication Services — 1.0% | |||
Diversified Telecommunication Services — 1.0% | |||
b | Cellnex Telecom SA | 238,404 | 8,310,176 |
8,310,176 | |||
Total Common Stock (Cost $618,949,644) | 793,269,896 | ||
Short-Term Investments — 3.1% | |||
c | Thornburg Capital Management Fund | 2,557,516 | 25,575,164 |
Total Short-Term Investments (Cost $25,575,164) | 25,575,164 | ||
Total Investments — 99.8% (Cost $644,524,808) | $818,845,060 | ||
Other Assets Less Liabilities — 0.2% | 1,459,718 | ||
Net Assets — 100.0% | $820,304,778 |
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, 2023, the aggregate value of these securities in the Fund’s portfolio was $12,644,279, representing 1.54% 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 | 22.5% |
United Kingdom | 11.9% |
France | 9.3% |
Netherlands | 8.1% |
China | 7.3% |
Japan | 6.9% |
Denmark | 5.9% |
Germany | 4.7% |
Taiwan | 3.7% |
Switzerland | 3.5% |
Brazil | 3.5% |
Italy | 3.3% |
India | 2.8% |
Canada | 2.8% |
South Korea | 1.8% |
Spain | 1.1% |
Sweden | 0.6% |
Uruguay | 0.3% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
46 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Thornburg Developing World Fund | September 30, 2023
Issuer-Description | SHARES | VALUE | |
Common Stock — 94.6% | |||
Automobiles & Components — 3.8% | |||
Automobile Components — 1.0% | |||
Zhejiang Shuanghuan Driveline Co. Ltd. Class A, | 2,492,000 | $ 9,716,823 | |
Automobiles — 2.8% | |||
Tata Motors Ltd. | 3,568,254 | 27,113,853 | |
36,830,676 | |||
Banks — 10.0% | |||
Banks — 10.0% | |||
Bank Rakyat Indonesia Persero Tbk PT | 56,119,367 | 18,972,740 | |
Grupo Financiero Banorte SAB de CV Class O | 2,479,939 | 20,785,809 | |
HDFC Bank Ltd. | 1,443,959 | 26,532,173 | |
Saudi National Bank | 1,932,353 | 16,899,620 | |
SCB X PCL | 4,739,925 | 13,342,734 | |
96,533,076 | |||
Capital Goods — 1.5% | |||
Machinery — 1.5% | |||
Shenzhen Inovance Technology Co. Ltd. Class A | 1,544,698 | 14,061,647 | |
14,061,647 | |||
Consumer Discretionary Distribution & Retail — 9.2% | |||
Broadline Retail — 7.6% | |||
a | Alibaba Group Holding Ltd. | 2,448,122 | 26,760,386 |
a | MercadoLibre, Inc. | 15,018 | 19,041,022 |
Naspers Ltd. Class N | 166,997 | 26,685,562 | |
Specialty Retail — 1.6% | |||
China Tourism Group Duty Free Corp. Ltd. Class A | 682,298 | 9,899,045 | |
K Car Co. Ltd. | 705,055 | 5,648,173 | |
88,034,188 | |||
Consumer Services — 8.9% | |||
Hotels, Restaurants & Leisure — 8.9% | |||
Americana Restaurants International plc | 26,092,131 | 29,150,110 | |
a,b | Meituan Class B | 1,211,468 | 17,728,913 |
Yum China Holdings, Inc. | 680,289 | 38,379,977 | |
85,259,000 | |||
Consumer Staples Distribution & Retail — 6.8% | |||
Consumer Staples Distribution & Retail — 6.8% | |||
BIM Birlesik Magazalar AS | 946,795 | 9,485,734 | |
a,b | Dino Polska SA | 250,970 | 20,394,023 |
Raia Drogasil SA | 2,230,120 | 12,254,113 | |
Wal-Mart de Mexico SAB de CV | 6,199,707 | 23,400,759 | |
65,534,629 | |||
Energy — 5.1% | |||
Oil, Gas & Consumable Fuels — 5.1% | |||
a | PRIO SA | 2,962,226 | 27,721,421 |
PTT Exploration & Production PCL | 2,477,479 | 11,634,711 | |
Reliance Industries Ltd. | 342,831 | 9,669,018 | |
49,025,150 | |||
Financial Services — 6.5% | |||
Capital Markets — 2.8% | |||
East Money Information Co. Ltd. Class A | 5,806,028 | 12,082,560 | |
Saudi Tadawul Group Holding Co. | 287,801 | 14,810,381 | |
Consumer Finance — 1.5% | |||
SBI Cards & Payment Services Ltd. | 1,529,323 | 14,585,809 | |
Financial Services — 2.2% | |||
Chailease Holding Co. Ltd. | 3,779,038 | 21,189,445 | |
62,668,195 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 47 |
Thornburg Developing World Fund | September 30, 2023
Issuer-Description | SHARES | VALUE | |
Food, Beverage & Tobacco — 4.8% | |||
Beverages — 4.8% | |||
Kweichow Moutai Co. Ltd. Class A | 57,797 | $ 14,231,939 | |
Varun Beverages Ltd. | 2,817,576 | 32,231,648 | |
46,463,587 | |||
Health Care Equipment & Services — 4.2% | |||
Health Care Providers & Services — 4.2% | |||
Max Healthcare Institute Ltd. | 4,233,439 | 28,918,378 | |
a | Oncoclinicas do Brasil Servicos Medicos SA | 5,208,973 | 11,896,631 |
40,815,009 | |||
Insurance — 3.0% | |||
Insurance — 3.0% | |||
AIA Group Ltd. | 3,560,092 | 29,027,369 | |
29,027,369 | |||
Materials — 2.5% | |||
Construction Materials — 1.0% | |||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A | 2,587,119 | 9,450,146 | |
Metals & Mining — 1.5% | |||
First Quantum Minerals Ltd. | 608,354 | 14,372,965 | |
23,823,111 | |||
Media & Entertainment — 4.2% | |||
Interactive Media & Services — 4.2% | |||
Tencent Holdings Ltd. | 1,041,309 | 40,716,492 | |
40,716,492 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 1.0% | |||
Biotechnology — 1.0% | |||
Imeik Technology Development Co. Ltd. Class A | �� 174,022 | 9,298,344 | |
9,298,344 | |||
Real Estate Management & Development — 2.4% | |||
Real Estate Management & Development — 2.4% | |||
Corp. Inmobiliaria Vesta SAB de CV ADR | 340,000 | 11,175,800 | |
b | Macrotech Developers Ltd. | 1,239,692 | 11,869,753 |
23,045,553 | |||
Semiconductors & Semiconductor Equipment — 8.8% | |||
Semiconductors & Semiconductor Equipment — 8.8% | |||
SK Hynix, Inc. | 256,286 | 21,784,500 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 3,844,767 | 62,291,883 | |
84,076,383 | |||
Technology Hardware & Equipment — 5.9% | |||
Electronic Equipment, Instruments & Components — 2.0% | |||
Hon Hai Precision Industry Co. Ltd. | 5,887,100 | 18,966,819 | |
Technology Hardware, Storage & Peripherals — 3.9% | |||
Samsung Electronics Co. Ltd. | 743,724 | 37,698,771 | |
56,665,590 | |||
Telecommunication Services — 1.0% | |||
Diversified Telecommunication Services — 1.0% | |||
a | Converge Information & Communications Technology Solutions, Inc. | 58,574,534 | 9,939,118 |
9,939,118 | |||
Transportation — 3.8% | |||
Ground Transportation — 2.5% | |||
a | Grab Holdings Ltd. Class A | 1,459,829 | 5,167,794 |
Localiza Rent a Car SA | 1,627,793 | 18,964,013 | |
Transportation Infrastructure — 1.3% | |||
Salik Co. PJSC | 13,599,718 | 12,255,501 |
48 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
36,387,308 | |||
Utilities — 1.2% | |||
Independent Power and Renewable Electricity Producers — 1.2% | |||
China Longyuan Power Group Corp. Ltd. Class H | 12,972,187 | $ 11,297,520 | |
11,297,520 | |||
Total Common Stock (Cost $819,984,368) | 909,501,945 | ||
Preferred Stock — 1.3% | |||
Utilities — 1.3% | |||
Electric Utilities — 1.3% | |||
Centrais Eletricas Brasileiras SA Class B, 3.702% | 1,518,374 | 12,188,557 | |
12,188,557 | |||
Total Preferred Stock (Cost $13,816,593) | 12,188,557 | ||
Rights — 0.0% | |||
Transportation — 0.0% | |||
Ground Transportation — 0.0% | |||
a | Localiza Rent a Car SA | 11,936 | 37,994 |
37,994 | |||
Total Rights (Cost $0) | 37,994 | ||
Short-Term Investments — 3.2% | |||
c | Thornburg Capital Management Fund | 3,114,036 | 31,140,363 |
Total Short-Term Investments (Cost $31,140,363) | 31,140,363 | ||
Total Investments — 99.1% (Cost $864,941,324) | $952,868,859 | ||
Other Assets Less Liabilities — 0.9% | 8,372,887 | ||
Net Assets — 100.0% | $961,241,746 |
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, 2023, the aggregate value of these securities in the Fund’s portfolio was $49,992,689, representing 5.20% 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 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 49 |
Thornburg Developing World Fund | September 30, 2023
COUNTRY EXPOSURE * (percent of equity holdings) | |
China | 23.2% |
India | 16.4% |
Taiwan | 11.1% |
Brazil | 11.1% |
South Korea | 7.1% |
Mexico | 6.0% |
United Arab Emirates | 4.5% |
Saudi Arabia | 3.4% |
Hong Kong | 3.1% |
South Africa | 2.9% |
Thailand | 2.7% |
Poland | 2.2% |
Indonesia | 2.0% |
Zambia | 1.6% |
Philippines | 1.1% |
Turkey | 1.0% |
Singapore | 0.6% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
50 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Thornburg Small/Mid Cap Core Fund | September 30, 2023
Issuer-Description | SHARES | VALUE | |
Common Stock — 99.3% | |||
Banks — 2.0% | |||
Banks — 2.0% | |||
Pinnacle Financial Partners, Inc. | 147,453 | $ 9,885,249 | |
9,885,249 | |||
Capital Goods — 15.7% | |||
Building Products — 2.3% | |||
a | Builders FirstSource, Inc. | 92,134 | 11,469,761 |
Construction & Engineering — 5.3% | |||
AECOM | 124,373 | 10,327,934 | |
Arcosa, Inc. | 84,789 | 6,096,329 | |
a | MYR Group, Inc. | 74,393 | 10,025,201 |
Electrical Equipment — 1.7% | |||
Vertiv Holdings Co. Class A | 229,936 | 8,553,619 | |
Machinery — 4.1% | |||
a | Chart Industries, Inc. | 53,408 | 9,032,361 |
ITT, Inc. | 114,067 | 11,168,300 | |
Trading Companies & Distributors — 2.3% | |||
Applied Industrial Technologies, Inc. | 72,547 | 11,216,492 | |
77,889,997 | |||
Commercial & Professional Services — 8.3% | |||
Commercial Services & Supplies — 6.6% | |||
a | Casella Waste Systems, Inc. Class A | 227,501 | 17,358,326 |
a | Clean Harbors, Inc. | 91,334 | 15,285,658 |
Professional Services — 1.7% | |||
TransUnion | 117,092 | 8,406,035 | |
41,050,019 | |||
Consumer Discretionary Distribution & Retail — 3.5% | |||
Distributors — 1.8% | |||
Pool Corp. | 25,294 | 9,007,194 | |
Specialty Retail — 1.7% | |||
Group 1 Automotive, Inc. | 30,330 | 8,149,974 | |
17,157,168 | |||
Consumer Durables & Apparel — 4.2% | |||
Leisure Products — 1.3% | |||
a | YETI Holdings, Inc. | 136,529 | 6,583,428 |
Textiles, Apparel & Luxury Goods — 2.9% | |||
a | Deckers Outdoor Corp. | 27,899 | 14,342,597 |
20,926,025 | |||
Consumer Services — 1.6% | |||
Hotels, Restaurants & Leisure — 1.6% | |||
Wyndham Hotels & Resorts, Inc. | 115,147 | 8,007,322 | |
8,007,322 | |||
Consumer Staples Distribution & Retail — 3.1% | |||
Consumer Staples Distribution & Retail — 3.1% | |||
a | BJ’s Wholesale Club Holdings, Inc. | 217,450 | 15,519,407 |
15,519,407 | |||
Energy — 6.3% | |||
Energy Equipment & Services — 4.3% | |||
Liberty Energy, Inc. Class A | 428,861 | 7,942,506 | |
TechnipFMC plc | 664,884 | 13,523,740 | |
Oil, Gas & Consumable Fuels — 2.0% | |||
Matador Resources Co. | 162,167 | 9,645,693 | |
31,111,939 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 51 |
Thornburg Small/Mid Cap Core Fund | September 30, 2023
Issuer-Description | SHARES | VALUE | |
Equity Real Estate Investment Trusts (REITs) — 3.3% | |||
Residential REITs — 1.3% | |||
Independence Realty Trust, Inc. | 474,304 | $ 6,673,457 | |
Retail REITs — 2.0% | |||
Kite Realty Group Trust | 450,605 | 9,651,959 | |
16,325,416 | |||
Financial Services — 8.4% | |||
Capital Markets — 4.4% | |||
LPL Financial Holdings, Inc. | 68,336 | 16,240,050 | |
PJT Partners, Inc. Class A | 69,963 | 5,557,861 | |
Financial Services — 4.0% | |||
a | Repay Holdings Corp. Class A | 1,484,065 | 11,264,053 |
Walker & Dunlop, Inc. | 118,664 | 8,809,616 | |
41,871,580 | |||
Food, Beverage & Tobacco — 2.3% | |||
Food Products — 2.3% | �� | ||
Lamb Weston Holdings, Inc. | 71,437 | 6,605,065 | |
a | SunOpta, Inc. | 1,408,885 | 4,747,942 |
11,353,007 | |||
Health Care Equipment & Services — 7.9% | |||
Health Care Equipment & Supplies — 3.4% | |||
CONMED Corp. | 82,051 | 8,274,843 | |
a | Envista Holdings Corp. | 311,427 | 8,682,585 |
Health Care Providers & Services — 4.5% | |||
a | Acadia Healthcare Co., Inc. | 122,267 | 8,596,593 |
a | PetIQ, Inc. Class A | 679,301 | 13,382,230 |
38,936,251 | |||
Insurance — 5.1% | |||
Insurance — 5.1% | |||
Assurant, Inc. | 110,187 | 15,820,650 | |
a | Ryan Specialty Holdings, Inc. Class A | 194,283 | 9,403,297 |
25,223,947 | |||
Materials — 4.7% | |||
Chemicals — 2.1% | |||
Sensient Technologies Corp. | 176,183 | 10,303,182 | |
Containers & Packaging — 2.6% | |||
Crown Holdings, Inc. | 147,506 | 13,051,331 | |
23,354,513 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 4.0% | |||
Biotechnology — 1.6% | |||
a | BioMarin Pharmaceutical, Inc. | 90,031 | 7,965,943 |
Life Sciences Tools & Services — 2.4% | |||
a | Avantor, Inc. | 569,471 | 12,004,449 |
19,970,392 | |||
Real Estate Management & Development — 1.5% | |||
Real Estate Management & Development — 1.5% | |||
DigitalBridge Group, Inc. | 422,737 | 7,431,716 | |
7,431,716 | |||
Semiconductors & Semiconductor Equipment — 2.7% | |||
Semiconductors & Semiconductor Equipment — 2.7% | |||
Entegris, Inc. | 101,702 | 9,550,835 | |
a | MaxLinear, Inc. | 174,615 | 3,885,184 |
13,436,019 | |||
Software & Services — 7.1% |
52 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Software — 7.1% | |||
a | Agilysys, Inc. | 182,996 | $ 12,107,016 |
a | Aspen Technology, Inc. | 49,247 | 10,059,192 |
a | CCC Intelligent Solutions Holdings, Inc. | 992,106 | 13,244,615 |
35,410,823 | |||
Technology Hardware & Equipment — 4.0% | |||
Communications Equipment — 1.4% | |||
a | Harmonic, Inc. | 729,085 | 7,021,088 |
Electronic Equipment, Instruments & Components — 1.0% | |||
a | IPG Photonics Corp. | 47,961 | 4,869,960 |
Technology Hardware, Storage & Peripherals — 1.6% | |||
a | Pure Storage, Inc. Class A | 216,219 | 7,701,721 |
19,592,769 | |||
Transportation — 1.5% | |||
Ground Transportation — 1.5% | |||
a | XPO, Inc. | 99,595 | 7,435,763 |
7,435,763 | |||
Utilities — 2.1% | |||
Electric Utilities — 2.1% | |||
PNM Resources, Inc. | 231,979 | 10,348,583 | |
10,348,583 | |||
Total Common Stock (Cost $466,902,819) | 492,237,905 | ||
Short-Term Investments — 0.5% | |||
b | Thornburg Capital Management Fund | 222,257 | 2,222,573 |
Total Short-Term Investments (Cost $2,222,573) | 2,222,573 | ||
Total Investments — 99.8% (Cost $469,125,392) | $494,460,478 | ||
Other Assets Less Liabilities — 0.2% | 1,150,660 | ||
Net Assets — 100.0% | $495,611,138 |
Footnote Legend | |
a | Non-income producing. |
b | Investment in Affiliates. |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 53 |
Thornburg Small/Mid Cap Growth Fund | September 30, 2023
Issuer-Description | SHARES | VALUE | |
Common Stock — 99.2% | |||
Automobiles & Components — 1.7% | |||
Automobile Components — 1.7% | |||
a | Fox Factory Holding Corp. | 47,180 | $ 4,674,594 |
4,674,594 | |||
Capital Goods — 14.2% | |||
Construction & Engineering — 5.9% | |||
Arcosa, Inc. | 54,457 | 3,915,458 | |
a | MYR Group, Inc. | 44,008 | 5,930,518 |
a | WillScot Mobile Mini Holdings Corp. | 145,622 | 6,056,419 |
Electrical Equipment — 2.6% | |||
Vertiv Holdings Co. Class A | 187,671 | 6,981,361 | |
Machinery — 3.2% | |||
a | Chart Industries, Inc. | 51,038 | 8,631,547 |
Trading Companies & Distributors — 2.5% | |||
Applied Industrial Technologies, Inc. | 44,727 | 6,915,242 | |
38,430,545 | |||
Commercial & Professional Services — 7.5% | |||
Commercial Services & Supplies — 5.9% | |||
a | Casella Waste Systems, Inc. Class A | 130,080 | 9,925,104 |
Tetra Tech, Inc. | 38,960 | 5,923,089 | |
Professional Services — 1.6% | |||
TransUnion | 62,368 | 4,477,398 | |
20,325,591 | |||
Consumer Discretionary Distribution & Retail — 3.4% | |||
Distributors — 2.0% | |||
Pool Corp. | 14,819 | 5,277,046 | |
Specialty Retail — 1.4% | |||
a | Floor & Decor Holdings, Inc. Class A | 42,887 | 3,881,273 |
9,158,319 | |||
Consumer Durables & Apparel — 4.1% | |||
Leisure Products — 2.1% | |||
a | YETI Holdings, Inc. | 117,320 | 5,657,171 |
Textiles, Apparel & Luxury Goods — 2.0% | |||
a | On Holding AG Class A | 192,049 | 5,342,803 |
10,999,974 | |||
Consumer Services — 2.1% | |||
Hotels, Restaurants & Leisure — 2.1% | |||
Churchill Downs, Inc. | 49,618 | 5,757,673 | |
5,757,673 | |||
Consumer Staples Distribution & Retail — 1.5% | |||
Consumer Staples Distribution & Retail — 1.5% | |||
a | Grocery Outlet Holding Corp. | 139,717 | 4,030,835 |
4,030,835 | |||
Energy — 3.0% | |||
Energy Equipment & Services — 3.0% | |||
TechnipFMC plc | 396,121 | 8,057,101 | |
8,057,101 | |||
Financial Services — 3.1% | |||
Capital Markets — 1.2% | |||
Tradeweb Markets, Inc. Class A | 41,111 | 3,297,102 | |
Financial Services — 1.9% | |||
a | Shift4 Payments, Inc. Class A | 93,274 | 5,164,582 |
8,461,684 |
54 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES | VALUE | |
Food, Beverage & Tobacco — 5.3% | |||
Beverages — 2.9% | |||
a | Celsius Holdings, Inc. | 44,805 | $ 7,688,538 |
Food Products — 2.4% | |||
a | Freshpet, Inc. | 99,444 | 6,551,371 |
14,239,909 | |||
Health Care Equipment & Services — 7.3% | |||
Health Care Equipment & Supplies — 6.4% | |||
a | AtriCure, Inc. | 114,033 | 4,994,646 |
a | Inspire Medical Systems, Inc. | 25,028 | 4,966,556 |
a | Shockwave Medical, Inc. | 36,573 | 7,281,684 |
Health Care Providers & Services — 0.9% | |||
a | Surgery Partners, Inc. | 87,468 | 2,558,439 |
19,801,325 | |||
Insurance — 2.8% | |||
Insurance — 2.8% | |||
a | Ryan Specialty Holdings, Inc. Class A | 155,475 | 7,524,990 |
7,524,990 | |||
Materials — 1.4% | |||
Chemicals — 1.4% | |||
a | Livent Corp. | 199,611 | 3,674,838 |
3,674,838 | |||
Media & Entertainment — 2.2% | |||
Entertainment — 2.2% | |||
a | Liberty Media Corp.-Liberty Formula One Class C | 97,461 | 6,071,820 |
6,071,820 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 9.7% | |||
Biotechnology — 4.9% | |||
a | BioMarin Pharmaceutical, Inc. | 79,987 | 7,077,250 |
a | Cytokinetics, Inc. | 108,166 | 3,186,570 |
a | Prothena Corp. plc | 28,271 | 1,364,076 |
a | Sarepta Therapeutics, Inc. | 13,655 | 1,655,259 |
Life Sciences Tools & Services — 4.8% | |||
a | Avantor, Inc. | 308,529 | 6,503,791 |
a | Repligen Corp. | 39,710 | 6,314,287 |
26,101,233 | |||
Semiconductors & Semiconductor Equipment — 7.0% | |||
Semiconductors & Semiconductor Equipment — 7.0% | |||
a | Credo Technology Group Holding Ltd. | 187,447 | 2,858,567 |
Monolithic Power Systems, Inc. | 9,536 | 4,405,632 | |
a | Onto Innovation, Inc. | 49,006 | 6,249,245 |
a | Rambus, Inc. | 94,030 | 5,245,934 |
18,759,378 | |||
Software & Services — 13.0% | |||
Software — 13.0% | |||
a | Agilysys, Inc. | 86,907 | 5,749,767 |
Bentley Systems, Inc. Class B | 203,168 | 10,190,907 | |
a | CCC Intelligent Solutions Holdings, Inc. | 621,171 | 8,292,633 |
a | Clearwater Analytics Holdings, Inc. Class A | 138,833 | 2,685,030 |
a | Kinaxis, Inc. | 35,311 | 3,982,285 |
a | Monday.com Ltd. | 26,286 | 4,185,257 |
35,085,879 | |||
Technology Hardware & Equipment — 6.1% | |||
Communications Equipment — 2.4% | |||
a | Calix, Inc. | 141,680 | 6,494,612 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 55 |
Thornburg Small/Mid Cap Growth Fund | September 30, 2023
Issuer-Description | SHARES | VALUE | |
Electronic Equipment, Instruments & Components — 1.5% | |||
a | Teledyne Technologies, Inc. | 9,990 | $ 4,081,714 |
Technology Hardware, Storage & Peripherals — 2.2% | |||
a | Pure Storage, Inc. Class A | 163,589 | 5,827,040 |
16,403,366 | |||
Transportation — 3.8% | |||
Air Freight & Logistics — 1.4% | |||
a | GXO Logistics, Inc. | 65,595 | 3,847,147 |
Ground Transportation — 2.4% | |||
a | Saia, Inc. | 15,863 | 6,323,785 |
10,170,932 | |||
Total Common Stock (Cost $253,987,057) | 267,729,986 | ||
Short-Term Investments — 1.2% | |||
b | Thornburg Capital Management Fund | 333,179 | 3,331,787 |
Total Short-Term Investments (Cost $3,331,787) | 3,331,787 | ||
Total Investments — 100.4% (Cost $257,318,844) | $271,061,773 | ||
Liabilities Net of Other Assets — (0.4)% | (1,200,810) | ||
Net Assets — 100.0% | $269,860,963 |
Footnote Legend | |
a | Non-income producing. |
b | Investment in Affiliates. |
56 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Thornburg Investment Income Builder Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Common Stock — 81.0% | |||
Automobiles & Components — 1.2% | |||
Automobiles — 1.2% | |||
Mercedes-Benz Group AG | 1,089,600 | $ 75,903,942 | |
Stellantis NV | 3,305,200 | 63,633,443 | |
139,537,385 | |||
Banks — 9.0% | |||
Banks — 9.0% | |||
BNP Paribas SA | 6,677,600 | 426,629,347 | |
Citigroup, Inc. | 4,289,773 | 176,438,364 | |
JPMorgan Chase & Co. | 1,664,855 | 241,437,272 | |
Regions Financial Corp. | 10,976,144 | 188,789,677 | |
1,033,294,660 | |||
Capital Goods — 1.2% | |||
Aerospace & Defense — 1.2% | |||
BAE Systems plc | 10,930,100 | 133,064,754 | |
133,064,754 | |||
Consumer Discretionary Distribution & Retail — 1.3% | |||
Specialty Retail — 1.3% | |||
Home Depot, Inc. | 505,482 | 152,736,441 | |
152,736,441 | |||
Consumer Staples Distribution & Retail — 2.7% | |||
Consumer Staples Distribution & Retail — 2.7% | |||
BIM Birlesik Magazalar AS | 2,799,600 | 28,048,585 | |
Tesco plc | 87,778,330 | 282,953,798 | |
311,002,383 | |||
Energy — 10.8% | |||
Oil, Gas & Consumable Fuels — 10.8% | |||
a,b | Drillco Holdings Luxembourg SA | 147,823 | 2,839,680 |
Enbridge, Inc. | 3,309,521 | 109,769,130 | |
Eni SpA | 6,517,900 | 105,129,865 | |
Equinor ASA | 4,622,100 | 151,734,460 | |
a | LUKOIL PJSC | 314,000 | 226,080 |
a,b,c | Malamute Energy, Inc. | 12,439 | 12,439 |
Petroleo Brasileiro SA Sponsored ADR | 7,310,155 | 109,579,223 | |
Shell plc | 3,953,500 | 125,704,711 | |
TC Energy Corp. | 2,370,000 | 81,503,921 | |
TotalEnergies SE | 8,359,100 | 550,674,548 | |
1,237,174,057 | |||
Equity Real Estate Investment Trusts (REITs) — 0.3% | |||
Residential REITs — 0.3% | |||
Elme Communities | 2,354,592 | 32,116,635 | |
32,116,635 | |||
Financial Services — 6.1% | |||
Capital Markets — 4.1% | |||
CME Group, Inc. | 1,606,027 | 321,558,726 | |
MidCap Financial Investment Corp. | 2,937,783 | 40,394,516 | |
c | SLR Investment Corp. | 4,307,900 | 66,298,581 |
UBS Group AG | 1,582,472 | 39,226,842 | |
Financial Services — 1.3% | |||
Equitable Holdings, Inc. | 5,403,873 | 153,415,954 | |
Mortgage Real Estate Investment Trusts — 0.7% | |||
c | Chimera Investment Corp. | 14,843,587 | 81,045,985 |
701,940,604 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 57 |
Thornburg Investment Income Builder Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Food, Beverage & Tobacco — 0.5% | |||
Food Products — 0.5% | |||
Nestle SA | 490,300 | $ 55,567,512 | |
55,567,512 | |||
Health Care Equipment & Services — 0.6% | |||
Health Care Equipment & Supplies — 0.6% | |||
Medtronic plc | 882,915 | 69,185,219 | |
69,185,219 | |||
Insurance — 4.6% | |||
Insurance — 4.6% | |||
Assicurazioni Generali SpA | 7,232,347 | 148,072,527 | |
AXA SA | 1,809,000 | 53,896,093 | |
Legal & General Group plc | 5,776,100 | 15,680,508 | |
NN Group NV | 9,502,716 | 305,822,990 | |
523,472,118 | |||
Materials — 6.1% | |||
Chemicals — 2.4% | |||
LyondellBasell Industries NV Class A | 1,867,909 | 176,890,982 | |
OCI NV | 1,907,500 | 53,220,833 | |
Solvay SA | 406,700 | 45,083,782 | |
Metals & Mining — 3.7% | |||
BHP Group Ltd. | 4,713,000 | 134,087,375 | |
Glencore plc | 50,289,400 | 288,321,680 | |
a,b | MMC Norilsk Nickel PJSC | 351,400 | 2,073,260 |
699,677,912 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 9.2% | |||
Biotechnology — 1.3% | |||
AbbVie, Inc. | 977,267 | 145,671,419 | |
Pharmaceuticals — 7.9% | |||
AstraZeneca plc | 1,405,300 | 190,355,605 | |
Merck & Co., Inc. | 1,997,740 | 205,667,333 | |
Novartis AG | 1,323,708 | 135,747,496 | |
Pfizer, Inc. | 6,539,421 | 216,912,595 | |
Roche Holding AG | 576,400 | 157,709,488 | |
1,052,063,936 | |||
Semiconductors & Semiconductor Equipment — 7.7% | |||
Semiconductors & Semiconductor Equipment — 7.7% | |||
Broadcom, Inc. | 441,884 | 367,020,013 | |
QUALCOMM, Inc. | 1,857,277 | 206,269,183 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 18,565,000 | 300,785,149 | |
874,074,345 | |||
Software & Services — 0.3% | |||
Information Technology Services — 0.3% | |||
HCL Technologies Ltd. | 2,092,600 | 31,171,812 | |
31,171,812 | |||
Technology Hardware & Equipment — 3.5% | |||
Communications Equipment — 1.0% | |||
Cisco Systems, Inc. | 2,053,251 | 110,382,774 | |
Technology Hardware, Storage & Peripherals — 2.5% | |||
Samsung Electronics Co. Ltd. | 5,604,000 | 284,062,250 | |
394,445,024 | |||
Telecommunication Services — 10.0% | |||
Diversified Telecommunication Services — 7.4% | |||
Deutsche Telekom AG | 3,434,800 | 72,149,502 | |
Koninklijke KPN NV | 24,526,000 | 80,876,031 |
58 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Orange SA | 51,501,480 | $ 591,326,397 | |
Singapore Telecommunications Ltd. | 56,090,000 | 99,296,123 | |
Wireless Telecommunication Services — 2.6% | |||
Vodafone Group plc | 315,984,524 | 296,166,216 | |
1,139,814,269 | |||
Transportation — 0.4% | |||
Air Freight & Logistics — 0.4% | |||
Deutsche Post AG | 1,146,100 | 46,693,412 | |
46,693,412 | |||
Utilities — 5.5% | |||
Electric Utilities — 4.2% | |||
Endesa SA | 8,664,557 | 176,570,636 | |
Enel SpA | 50,085,971 | 308,188,773 | |
Multi-Utilities — 1.3% | |||
E.ON SE | 4,564,400 | 54,047,978 | |
Engie SA | 5,846,972 | 89,820,271 | |
628,627,658 | |||
Total Common Stock (Cost $7,691,182,694) | 9,255,660,136 | ||
Preferred Stock — 0.3% | |||
Banks — 0.1% | |||
Banks — 0.1% | |||
d,e,f | First Horizon Bank 6.393% (TSFR3M + 1.11%), 10/31/2023 | 12,000 | 8,023,957 |
8,023,957 | |||
Energy — 0.2% | |||
Oil, Gas & Consumable Fuels — 0.2% | |||
e | Crestwood Equity Partners LP 9.25%, 12/31/2049 | 2,166,596 | 21,037,647 |
21,037,647 | |||
Financial Services — 0.0% | |||
Capital Markets — 0.0% | |||
e,f | Morgan Stanley Series A, 6.27% (TSFR3M + 0.96%), 10/31/2023 | 120,000 | 2,596,800 |
2,596,800 | |||
Total Preferred Stock (Cost $34,858,652) | 31,658,404 | ||
Asset Backed Securities — 1.6% | |||
Auto Receivables — 0.9% | |||
American Credit Acceptance Receivables Trust, | |||
d | Series 2019-4 Class F, 5.37% due 9/14/2026 | $ 5,000,000 | 4,990,090 |
d | Series 2020-1 Class F, 4.75% due 11/13/2026 | 5,460,000 | 5,426,966 |
Carvana Auto Receivables Trust, | |||
d | Series 2019-4A Class R, due 10/15/2026 | 32,000 | 9,074,128 |
d | Series 2021-P1 Class R, due 12/10/2027 | 24,000 | 2,832,677 |
d | Series 2021-P2 Class R, due 5/10/2028 | 8,000 | 1,810,541 |
d | Series 2021-P4 Class R, due 9/11/2028 | 17,500 | 5,633,173 |
d | Series 2022-P1 Class R, due 1/10/2029 | 24,000 | 7,377,880 |
CPS Auto Receivables Trust, | |||
d | Series 2019-A Class E, 5.81% due 3/16/2026 | 651,182 | 650,986 |
d | Series 2020-A Class E, 4.09% due 12/15/2025 | 1,924,519 | 1,902,647 |
d | Series 2020-C Class F, 6.67% due 11/15/2027 | 3,000,000 | 2,957,280 |
d | CPS Auto Securitization Trust, Series 2021-1A Class A, 7.86% due 6/16/2026 | 14,000,000 | 13,984,809 |
d | Credit Suisse ABS Trust Series 2020-AT1 Class CERT, due 6/15/2026 | 40,000 | �� 442,840 |
d | DT Auto Owner Trust, Series 2020-1A Class E, 3.48% due 2/16/2027 | 4,500,000 | 4,370,061 |
d | FHF Trust, Series 2022-2A Class A, 6.14% due 12/15/2027 | 4,952,190 | 4,896,950 |
Flagship Credit Auto Trust, | |||
d | Series 2018-4 Class R, due 3/16/2026 | 53,000 | 2,476,958 |
d | Series 2019-1 Class R, due 6/15/2026 | 6,000 | 101,779 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 59 |
Thornburg Investment Income Builder Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d | Series 2019-2 Class R, due 12/15/2026 | $ 33,000 | $ 1,506,882 |
d | Series 2019-3 Class R, due 12/15/2026 | 60,000 | 3,586,025 |
d | Series 2019-4 Class R, due 3/15/2027 | 60,000 | 3,606,719 |
JPMorgan Chase Bank NA - CACLN, | |||
d | Series 2020-1 Class R, 33.784% due 1/25/2028 | 1,811,224 | 2,038,732 |
d | Series 2020-2 Class R, 31.355% due 2/25/2028 | 3,321,074 | 3,835,262 |
d | Series 2021-1 Class R, 28.348% due 9/25/2028 | 3,663,120 | 4,311,833 |
d | Santander Consumer Auto Receivables Trust Series 2020-AA Class R, due 1/16/2029 | 45,588 | 6,137,643 |
d | United Auto Credit Securitization Trust Series 2022-1 Class R, due 11/10/2028 | 37,000 | 5,299,477 |
d | Veros Automobile Receivables Trust, Series 2020-1 Class D, 5.64% due 2/16/2027 | 5,000,000 | 4,884,465 |
104,136,803 | |||
Other Asset Backed — 0.7% | |||
d | Amur Equipment Finance Receivables VIII LLC, Series 2020-1A Class E, 7.00% due 1/20/2027 | 5,536,361 | 5,534,150 |
d | Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046 | 8,200,000 | 6,972,278 |
d,f | Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-HP1 Class CERT, due 12/15/2026 | 400,000 | 3,256,564 |
d | Consumer Loan Underlying Bond Credit Trust, Series 2020-P1 Class C, 4.61% due 3/15/2028 | 346,254 | 344,827 |
d | FAT Brands Fazoli’s Native I LLC, Series 2021-1 Class A2, 7.00% due 7/25/2051 | 14,187,000 | 12,430,244 |
a,d | Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2 Class R, due 6/20/2051 | 42,000 | 2,857,047 |
d | LendingPoint Asset Securitization Trust, Series 2020-REV1 Class C, 7.699% due 10/15/2028 | 25,750,000 | 25,512,290 |
d | LP LMS Asset Securitization Trust, Series 2021-2A Class A, 1.75% due 1/15/2029 | 915,760 | 902,089 |
Marlette Funding Trust, | |||
d | Series 2021-1A Class R, due 6/16/2031 | 9,550 | 360,101 |
d | Series 2021-2A Class R, due 9/15/2031 | 26,000 | 1,037,805 |
d | Series 2021-3A Class R, due 12/15/2031 | 21,881 | 2,126,594 |
Mosaic Solar Loan Trust, | |||
d | Series 2020-2A Class R, due 8/20/2046 | 4,036,698 | 1,730,589 |
d | Series 2021-1A Class R, due 12/20/2046 | 6,980,231 | 804,681 |
d | Series 2021-2A Class R, due 4/22/2047 | 10,000,000 | 1,280,465 |
d,f | Oportun Funding LLC Series 2022-1 Class CERT, due 6/15/2029 | 11,604 | 1,826,503 |
Prosper Pass-Thru Trust II, | |||
d | Series 2019-ST1 Class CERT, due 7/15/2025 | 38,500,000 | 460,893 |
d | Series 2019-ST2 Class R1, due 11/15/2025 | 17,477,134 | 1,458,537 |
d | Series 2019-ST2 Class R2, due 11/15/2025 | 8,738,067 | 729,227 |
d | Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048 | 5,000,000 | 4,525,237 |
Upstart Pass-Through Trust, | |||
d | Series 2020-ST6 Class A, 3.00% due 1/20/2027 | 1,554,381 | 1,523,333 |
d | Series 2021-ST4 Class CERT, due 7/20/2027 | 1,375,000 | 235,788 |
d | Series 2021-ST8 Class CERT, due 10/20/2029 | 4,150,000 | 1,328,573 |
d | Series 2021-ST9 Class CERT, due 11/20/2029 | 1,415,000 | 314,737 |
d | Upstart Structured Pass-Through Trust, Series 2022-4A Class A, 7.01% due 11/15/2030 | 4,834,021 | 4,825,396 |
82,377,948 | |||
Student Loan — 0.0% | |||
d | SoFi Professional Loan Program Trust Series 2021-B Class R1, due 2/15/2047 | 23,000 | 800,545 |
800,545 | |||
Total Asset Backed Securities (Cost $198,709,250) | 187,315,296 | ||
Corporate Bonds — 8.5% | |||
Automobiles & Components — 0.1% | |||
Construction & Engineering — 0.1% | |||
d,g | IHS Netherlands Holdco BV, 8.00% due 9/18/2027 | 9,995,000 | 8,370,613 |
Trading Companies & Distributors — 0.0% | |||
d | LKQ Corp., 6.25% due 6/15/2033 | 5,840,000 | 5,648,740 |
14,019,353 | |||
Banks — 0.1% | |||
Banks — 0.1% | |||
Bank of New York Mellon Corp., | |||
e,f | Series F, 4.625% (TSFR3M + 3.39%) due 9/20/2026 | 1,935,000 | 1,747,731 |
e,f | Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026 | 4,500,000 | 3,651,795 |
KeyBank NA, 5.00% due 1/26/2033 | 10,250,000 | 8,629,167 |
60 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
14,028,693 | |||
Capital Goods — 0.2% | |||
Aerospace & Defense — 0.2% | |||
d | BWX Technologies, Inc., 4.125% due 6/30/2028 | $ 7,500,000 | $ 6,639,375 |
TransDigm, Inc., | |||
d | 6.25% due 3/15/2026 | 10,000,000 | 9,863,100 |
d | 6.75% due 8/15/2028 | 6,345,000 | ��� 6,253,442 |
22,755,917 | |||
Commercial & Professional Services — 0.3% | |||
Commercial Services & Supplies — 0.3% | |||
d | ACCO Brands Corp., 4.25% due 3/15/2029 | 7,500,000 | 6,265,575 |
g | Cimpress plc, 7.00% due 6/15/2026 | 11,859,000 | 11,102,514 |
CoreCivic, Inc., 8.25% due 4/15/2026 | 20,726,000 | 21,034,196 | |
d | VT Topco, Inc., 8.50% due 8/15/2030 | 1,000,000 | 990,080 |
39,392,365 | |||
Consumer Services — 0.4% | |||
Hotels, Restaurants & Leisure — 0.4% | |||
Marriott International, Inc., | |||
4.50% due 10/1/2034 | 4,497,000 | 3,802,348 | |
Series- II, 2.75% due 10/15/2033 | 2,500,000 | 1,881,575 | |
d | Nathan’s Famous, Inc., 6.625% due 11/1/2025 | 5,000,000 | 4,979,300 |
d | SeaWorld Parks & Entertainment, Inc., 8.75% due 5/1/2025 | 24,785,000 | 25,175,364 |
d | Six Flags Entertainment Corp., 7.25% due 5/15/2031 | 4,912,000 | 4,615,315 |
40,453,902 | |||
Consumer Staples Distribution & Retail — 0.1% | |||
Consumer Staples Distribution & Retail — 0.1% | |||
d | KeHE Distributors LLC/KeHE Finance Corp., 8.625% due 10/15/2026 | 5,168,000 | 5,159,473 |
d | U.S. Foods, Inc., 7.25% due 1/15/2032 | 3,975,000 | 3,970,985 |
9,130,458 | |||
Energy — 2.0% | |||
Energy Equipment & Services — 0.0% | |||
d,e,g | Odebrecht Oil & Gas Finance Ltd. (Guaranty: Odebrecht Oleo e Gas SA), Zero coupon due 10/30/2023 | 2,337,727 | 53,534 |
b,d,g,h | Schahin II Finance Co. SPV Ltd., 5.875% due 9/25/2023 | 11,396,734 | 101,317 |
Oil, Gas & Consumable Fuels — 2.0% | |||
d | CITGO Petroleum Corp., 7.00% due 6/15/2025 | 10,750,000 | 10,591,223 |
g | Energian Israel Finance Ltd., 8.50% due 9/30/2033 | 3,565,000 | 3,561,649 |
f | Energy Transfer LP, 8.651% (TSFR3M + 3.28%) due 11/1/2066 | 13,820,000 | 11,408,825 |
f | Enterprise TE Partners LP, Series 1, 8.449% (SOFR + 3.13%) due 6/1/2067 | 7,000,000 | 6,463,940 |
Kinder Morgan Energy Partners LP, | |||
5.00% due 3/1/2043 | 10,000,000 | 8,060,300 | |
5.80% due 3/15/2035 | 10,000,000 | 9,384,000 | |
Kinder Morgan, Inc., | |||
5.30% due 12/1/2034 | 23,630,000 | 21,642,008 | |
5.55% due 6/1/2045 | 5,000,000 | 4,296,900 | |
ONEOK Partners LP, 4.90% due 3/15/2025 | 9,544,000 | 9,373,926 | |
Petroleos Mexicanos, | |||
g | 5.95% due 1/28/2031 | 12,070,000 | 8,629,809 |
g | 6.50% due 6/2/2041 | 5,648,000 | 3,371,912 |
g | 6.70% due 2/16/2032 | 3,000,000 | 2,226,240 |
Petroleos Mexicanos (EUR), 3.75% due 2/21/2024 | 2,000,000 | 2,083,227 | |
e | Summit Midstream Partners LP, Series A, 13.101% (SOFR + 7.78%) due 10/30/2023 | 16,097,000 | 11,765,780 |
Sunoco LP/Sunoco Finance Corp., 5.875% due 3/15/2028 | 5,000,000 | 4,784,600 | |
Transcontinental Gas Pipe Line Co. LLC, 7.85% due 2/1/2026 | 32,700,000 | 34,000,479 | |
Williams Cos., Inc., | |||
4.55% due 6/24/2024 | 69,318,000 | 68,572,831 | |
5.75% due 6/24/2044 | 14,198,000 | 12,827,893 | |
233,200,393 | |||
Equity Real Estate Investment Trusts (REITs) — 0.3% |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 61 |
Thornburg Investment Income Builder Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Diversified REITs — 0.3% | |||
d | Iron Mountain, Inc., 7.00% due 2/15/2029 | $ 7,500,000 | $ 7,311,300 |
d | SBA Tower Trust, 2.836% due 1/15/2050 | 5,000,000 | 4,785,704 |
Trust Fibra Uno, | |||
d,g | 4.869% due 1/15/2030 | 1,618,000 | 1,368,019 |
d,g | 5.25% due 1/30/2026 | 11,637,000 | 11,164,305 |
Vornado Realty LP, 2.15% due 6/1/2026 | 8,186,500 | 6,953,040 | |
Real Estate Management & Development — 0.0% | |||
d | Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | 3,000,000 | 2,766,300 |
Retail REITs — 0.0% | |||
Retail Opportunity Investments Partnership LP, 6.75% due 10/15/2028 | 5,000,000 | 4,930,500 | |
39,279,168 | |||
Financial Services — 0.5% | |||
Capital Markets — 0.3% | |||
Blue Owl Credit Income Corp., 7.75% due 9/16/2027 | 2,500,000 | 2,478,950 | |
d | Burford Capital Global Finance LLC, 9.25% due 7/1/2031 | 7,500,000 | 7,573,200 |
d | Compass Group Diversified Holdings LLC, 5.25% due 4/15/2029 | 6,272,000 | 5,483,798 |
d,g | FORESEA Holding SA, 7.50% due 6/15/2030 | 1,520,371 | 1,415,253 |
d | LPL Holdings, Inc., 4.00% due 3/15/2029 | 1,000,000 | 870,670 |
d | StoneX Group, Inc., 8.625% due 6/15/2025 | 17,784,000 | 18,001,498 |
Financial Services — 0.2% | |||
Antares Holdings LP, | |||
d | 3.75% due 7/15/2027 | 3,000,000 | 2,572,500 |
d | 7.95% due 8/11/2028 | 3,000,000 | 2,979,750 |
d | 8.50% due 5/18/2025 | 11,500,000 | 11,579,695 |
d | United Wholesale Mortgage LLC, 5.50% due 11/15/2025 | 5,000,000 | 4,756,100 |
57,711,414 | |||
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 | 10,443,000 | 9,399,744 |
Food Products — 0.1% | |||
d | Darling Ingredients, Inc., 6.00% due 6/15/2030 | 4,050,000 | 3,837,415 |
d | Post Holdings, Inc., 5.50% due 12/15/2029 | 10,000,000 | 9,062,400 |
Tobacco — 0.5% | |||
d,g | Imperial Brands Finance plc, 6.125% due 7/27/2027 | 5,000,000 | 4,975,100 |
d,g | JT International Financial Services BV, 6.875% due 10/24/2032 | 5,000,000 | 5,292,650 |
d | Vector Group Ltd., 10.50% due 11/1/2026 | 44,464,000 | 44,531,141 |
77,098,450 | |||
Health Care Equipment & Services — 0.1% | |||
Health Care Providers & Services — 0.1% | |||
Tenet Healthcare Corp., 4.875% due 1/1/2026 | 7,184,000 | 6,888,019 | |
6,888,019 | |||
Household & Personal Products — 0.1% | |||
Household Durables — 0.1% | |||
Newell Brands, Inc., | |||
5.20% due 4/1/2026 | 3,700,000 | 3,486,547 | |
6.625% due 9/15/2029 | 6,300,000 | 6,018,138 | |
9,504,685 | |||
Insurance — 0.8% | |||
Insurance — 0.8% | |||
d,g | DaVinciRe Holdings Ltd., 4.75% due 5/1/2025 | 5,000,000 | 4,843,400 |
f | Enstar Finance LLC, 5.75% (5-Yr. CMT + 5.468%) due 9/1/2040 | 1,632,000 | 1,433,451 |
g | Enstar Group Ltd., 3.10% due 9/1/2031 | 8,354,000 | 6,289,225 |
Fidelity National Financial, Inc., 3.40% due 6/15/2030 | 10,000,000 | 8,477,000 | |
Horace Mann Educators Corp., 7.25% due 9/15/2028 | 10,000,000 | 9,994,300 | |
d | MetLife, Inc., 9.25% due 4/8/2068 | 12,000,000 | 13,567,680 |
d,f,g | QBE Insurance Group Ltd., 7.50% (USSW10 + 6.03%) due 11/24/2043 | 40,000,000 | 39,968,800 |
62 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Stewart Information Services Corp., 3.60% due 11/15/2031 | $ 8,101,000 | $ 5,942,894 | |
90,516,750 | |||
Materials — 0.4% | |||
Chemicals — 0.1% | |||
d,g | Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | 3,000,000 | 2,648,790 |
OCP SA, | |||
d,g | 3.75% due 6/23/2031 | 2,000,000 | 1,578,660 |
d,g | 4.50% due 10/22/2025 | 5,000,000 | 4,812,450 |
Containers & Packaging — 0.1% | |||
d | Matthews International Corp., Class C, 5.25% due 12/1/2025 | 14,969,000 | 14,348,535 |
d | Silgan Holdings, Inc., 1.40% due 4/1/2026 | 2,500,000 | 2,219,150 |
Metals & Mining — 0.1% | |||
d | Cleveland-Cliffs, Inc., 6.75% due 3/15/2026 | 5,000,000 | 4,989,500 |
d | Compass Minerals International, Inc., 6.75% due 12/1/2027 | 3,000,000 | 2,842,920 |
Trading Companies & Distributors — 0.1% | |||
d | Windsor Holdings III LLC, 8.50% due 6/15/2030 | 7,470,000 | 7,374,533 |
40,814,538 | |||
Media & Entertainment — 0.2% | |||
Media — 0.2% | |||
d | CCO Holdings LLC/CCO Holdings Capital Corp., 4.75% due 2/1/2032 | 8,000,000 | 6,400,480 |
Sirius XM Radio, Inc., | |||
d | 3.125% due 9/1/2026 | 5,000,000 | 4,466,700 |
d | 5.00% due 8/1/2027 | 7,500,000 | 6,850,050 |
d,g | Telenet Finance Luxembourg Notes Sarl, 5.50% due 3/1/2028 | 10,000,000 | 9,033,200 |
26,750,430 | |||
Real Estate Management & Development — 0.0% | |||
Real Estate Management & Development — 0.0% | |||
d | Greystar Real Estate Partners LLC, 7.75% due 9/1/2030 | 2,490,000 | 2,451,505 |
2,451,505 | |||
Semiconductors & Semiconductor Equipment — 0.1% | |||
Semiconductors & Semiconductor Equipment — 0.1% | |||
d | Qorvo, Inc., 3.375% due 4/1/2031 | 9,800,000 | 7,767,480 |
7,767,480 | |||
Software & Services — 0.5% | |||
Information Technology Services — 0.0% | |||
d | Science Applications International Corp., 4.875% due 4/1/2028 | 5,000,000 | 4,540,200 |
Internet Software & Services — 0.3% | |||
d | Arches Buyer, Inc., 4.25% due 6/1/2028 | 6,500,000 | 5,548,140 |
d | Cogent Communications Group, Inc., 7.00% due 6/15/2027 | 10,000,000 | 9,534,600 |
Prosus NV, | |||
d,g | 3.061% due 7/13/2031 | 11,800,000 | 8,768,698 |
d,g | 3.832% due 2/8/2051 | 5,000,000 | 2,759,700 |
d,g | 4.027% due 8/3/2050 | 5,000,000 | 2,862,500 |
Software — 0.2% | |||
d | Fair Isaac Corp., 4.00% due 6/15/2028 | 7,000,000 | 6,255,130 |
d | GoTo Group, Inc., 5.50% due 9/1/2027 | 5,655,000 | 3,098,657 |
d | MSCI, Inc., 3.625% due 9/1/2030 | 3,000,000 | 2,513,340 |
d | Open Text Holdings, Inc., 4.125% due 2/15/2030 | 10,000,000 | 8,371,600 |
54,252,565 | |||
Technology Hardware & Equipment — 0.1% | |||
Electronic Equipment, Instruments & Components — 0.0% | |||
Vontier Corp., | |||
2.40% due 4/1/2028 | 4,375,000 | 3,632,650 | |
2.95% due 4/1/2031 | 1,457,000 | 1,121,074 | |
Office Electronics — 0.0% | |||
CDW LLC/CDW Finance Corp., 4.25% due 4/1/2028 | 5,000,000 | 4,560,750 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 63 |
Thornburg Investment Income Builder Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Technology Hardware, Storage & Peripherals — 0.1% | |||
d,g | Lenovo Group Ltd., 5.831% due 1/27/2028 | $ 5,000,000 | $ 4,906,450 |
14,220,924 | |||
Telecommunication Services — 1.3% | |||
Diversified Telecommunication Services — 1.0% | |||
g | Deutsche Telekom International Finance BV (Guaranty: Deutsche Telekom AG), 8.75% due 6/15/2030 | 26,150,000 | 29,944,626 |
g | Telefonica Emisiones SA (Guaranty: Telefonica SA), 7.045% due 6/20/2036 | 85,390,000 | 87,867,164 |
Wireless Telecommunication Services — 0.3% | |||
Digicel International Finance Ltd./Digicel International Holdings Ltd., | |||
b,d,g,h | due 12/31/2026 | 10,003,281 | 195,564 |
d,g | 8.75% due 5/25/2024 | 36,785,955 | 33,110,799 |
151,118,153 | |||
Transportation — 0.1% | |||
Passenger Airlines — 0.1% | |||
American Airlines Pass Through Trust, | |||
Series 2016-3 Class B, 3.75% due 4/15/2027 | 9,478,714 | 8,856,057 | |
Series 2019-1 Class B, 3.85% due 8/15/2029 | 6,762,929 | 5,956,855 | |
14,812,912 | |||
Utilities — 0.1% | |||
Electric Utilities — 0.1% | |||
d,g | AES Espana BV, 5.70% due 5/4/2028 | 2,000,000 | 1,793,140 |
g | Comision Federal de Electricidad, 5.00% due 9/29/2036 | 9,884,000 | 8,415,732 |
10,208,872 | |||
Total Corporate Bonds (Cost $968,664,305) | 976,376,946 | ||
Other Government — 0.1% | |||
d,g | Finance Department Government of Sharjah, 6.50% due 11/23/2032 | 4,786,000 | 4,750,679 |
d,g | Nigeria Government International Bond, 7.625% due 11/28/2047 | 6,000,000 | 3,982,860 |
Total Other Government (Cost $8,317,496) | 8,733,539 | ||
Mortgage Backed — 1.7% | |||
d,f | Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-6 Class A3, 4.30% due 7/25/2067 | 4,558,364 | 3,947,263 |
d,f | Barclays Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A3, 4.53% due 2/25/2062 | 15,464,722 | 13,682,359 |
f | Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 6.053% due 8/25/2033 | 24,047 | 24,047 |
Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,f | Series 2019-1 Class B4, 3.892% due 3/25/2050 | 1,021,382 | 793,696 |
d,f | Series 2019-1 Class B5, 3.892% due 3/25/2050 | 477,826 | 289,958 |
d,f | Series 2019-1 Class B6, 3.892% due 3/25/2050 | 745,503 | 297,140 |
d,f | Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, Series 2016-SH2 Class M4, 3.75% due 12/25/2045 | 723,944 | 613,383 |
CIM Trust, Whole Loan Securities Trust CMO, | |||
d,f,i | Series 2020-J1 Class AIO1, 0.443% due 7/25/2050 | 57,485,556 | 905,599 |
d,f,i | Series 2020-J1 Class AIO2, 0.50% due 7/25/2050 | 51,272,423 | 994,634 |
d,f,i | Series 2020-J1 Class AIOS, 0.20% due 6/25/2050 | 70,213,112 | 463,912 |
d,f | Series 2020-J1 Class B4, 3.443% due 7/25/2050 | 1,349,503 | 1,028,845 |
d,f | Series 2020-J1 Class B5, 3.443% due 7/25/2050 | 678,852 | 370,401 |
d,f | Series 2020-J1 Class B6, 3.443% due 7/25/2050 | 1,294,844 | 448,616 |
d,f,i | Series 2020-J2 Class AX1, 0.259% due 1/25/2051 | 106,093,823 | 1,052,811 |
d,f,i | Series 2020-J2 Class AXS, 0.21% due 1/25/2051 | 113,013,458 | 938,769 |
d,f | Series 2020-J2 Class B4, 2.759% due 1/25/2051 | 491,000 | 178,011 |
d,f | Series 2020-J2 Class B5, 2.759% due 1/25/2051 | 164,000 | 57,977 |
d,f | Series 2020-J2 Class B6, 2.759% due 1/25/2051 | 655,000 | 167,104 |
d,f | Series 2023-I1 Class M1, 7.143% due 4/25/2058 | 5,000,000 | 4,744,860 |
Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
f | Series 2004-HYB2 Class B1, 4.655% due 3/25/2034 | 182,557 | 156,475 |
d,f | Series 2020-EXP1 Class B1, 4.467% due 5/25/2060 | 2,150,000 | 1,612,128 |
d,f | Series 2020-EXP1 Class B2, 4.467% due 5/25/2060 | 1,450,000 | 967,085 |
d,f | Series 2020-EXP1 Class B3, 4.467% due 5/25/2060 | 725,000 | 413,958 |
d,i | Series 2020-EXP1 Class XS, due 5/25/2060 | 37,557,644 | 1,510,418 |
d,f | Series 2020-EXP2 Class B5, 3.862% due 8/25/2050 | 585,000 | 296,473 |
64 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,f | Series 2020-EXP2 Class B6, 3.862% due 8/25/2050 | $ 1,400,000 | $ 561,637 |
d,f | Series 2021-J1 Class B4, 2.611% due 4/25/2051 | 379,000 | 144,034 |
d,f | Series 2021-J1 Class B5, 2.611% due 4/25/2051 | 615,000 | 200,455 |
d,f | Series 2021-J1 Class B6, 2.611% due 4/25/2051 | 459,574 | 118,361 |
d,f | Series 2021-J3 Class B4, 2.859% due 9/25/2051 | 1,033,000 | 378,104 |
d,f | Series 2021-J3 Class B6, 2.859% due 9/25/2051 | 590,000 | 161,594 |
CSMC Trust, Whole Loan Securities Trust CMO, | |||
d,f | Series 2020-AFC1 Class M1, 2.841% due 2/25/2050 | 3,808,500 | 2,725,164 |
d,f,i | Series 2021-AFC1 Class AIOS, 0.25% due 3/25/2056 | 84,775,553 | 686,487 |
d,f | Series 2021-AFC1 Class B3, 4.339% due 3/25/2056 | 215,000 | 137,358 |
d,f,i | Series 2021-AFC1 Class XS, 3.299% due 3/25/2056 | 84,775,553 | 14,381,303 |
d,f | Series 2022-NQM5 Class A3, 5.169% due 5/25/2067 | 3,814,739 | 3,680,485 |
d | DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | 3,025,000 | 2,385,583 |
Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,f,i | Series 2020-2 Class AX1, 0.668% due 8/25/2050 | 107,361,205 | 2,563,227 |
d,f,i | Series 2020-2 Class AX2, 0.50% due 8/25/2050 | 18,401,152 | 352,408 |
d,f | Series 2020-2 Class B4, 3.668% due 8/25/2050 | 834,648 | 597,428 |
d,f | Series 2020-2 Class B5, 3.668% due 8/25/2050 | 2,503,943 | 1,756,976 |
d,f | Series 2020-2 Class B6C, 3.607% due 8/25/2050 | 3,338,591 | 1,575,889 |
d,f,i | Series 2021-13IN Class AX1, 0.184% due 12/30/2051 | 170,017,062 | 1,321,968 |
d,f,i | Series 2021-13IN Class AX17, 0.18% due 12/30/2051 | 14,094,679 | 125,297 |
d,f,i | Series 2021-13IN Class AX4, 0.50% due 12/30/2051 | 12,861,394 | 331,664 |
d,f | Series 2021-13IN Class B4, 3.364% due 12/30/2051 | 2,408,694 | 1,552,676 |
d,f | Series 2021-13IN Class B5, 3.364% due 12/30/2051 | 472,104 | 278,525 |
d,f | Series 2021-13IN Class B6C, 3.158% due 12/30/2051 | 4,142,954 | 2,030,379 |
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 | 2,806,709 |
GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
d,f,i | Series 2020-INV1 Class A11X, 3.412% due 10/25/2050 | 1,425,322 | 210,880 |
d,f,i | Series 2020-INV1 Class A12X, 2.924% due 10/25/2050 | 17,065,757 | 2,164,230 |
d,f,i | Series 2020-INV1 Class AIOS, 0.19% due 10/25/2050 | 91,340,989 | 634,902 |
d,f,i | Series 2020-INV1 Class AX1, due 10/25/2050 | 61,704,446 | 617 |
d,f,i | Series 2020-INV1 Class AX2, 0.424% due 10/25/2050 | 3,075,695 | 35,870 |
d,f,i | Series 2020-INV1 Class AX4, 0.926% due 10/25/2050 | 3,311,248 | 84,732 |
d,f | Series 2020-INV1 Class B4, 3.85% due 10/25/2050 | 1,880,981 | 1,343,817 |
d,f | Series 2020-INV1 Class B5, 3.85% due 10/25/2050 | 1,885,433 | 1,424,921 |
d,f | Series 2020-INV1 Class B6, 3.85% due 10/25/2050 | 4,402,312 | 2,492,926 |
d,f,i | Series 2020-INV1 Class BX, 0.35% due 10/25/2050 | 21,467,614 | 248,458 |
d | Houston Galleria Mall Trust, CMBS, Series 2015-HGLR Class A1A2, 3.087% due 3/5/2037 | 8,033,750 | 7,525,084 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,f | Series 2016-5 Class B5, 6.87% due 12/25/2046 | 1,999,979 | 1,670,879 |
d,f,i | Series 2020-3 Class AX1, 0.144% due 8/25/2050 | 14,845,333 | 51,827 |
d,f,i | Series 2020-4 Class A11X, (5.14% - TSFR1M) due 11/25/2050 | 2,866,395 | 117,901 |
d,f,i | Series 2020-4 Class A3X, 0.50% due 11/25/2050 | 12,994,325 | 241,858 |
d,f,i | Series 2020-4 Class AX1, 0.097% due 11/25/2050 | 47,996,356 | 139,746 |
d,f,i | Series 2020-4 Class AX3, 3.50% due 11/25/2050 | 1,327,937 | 173,898 |
d,f,i | Series 2020-4 Class AX4, 0.55% due 11/25/2050 | 3,064,654 | 62,722 |
d,f | Series 2020-4 Class B4, 3.647% due 11/25/2050 | 1,938,649 | 1,511,862 |
d,f | Series 2020-4 Class B5, 3.647% due 11/25/2050 | 894,904 | 593,350 |
d,f | Series 2020-4 Class B6, 3.078% due 11/25/2050 | 1,582,548 | 580,731 |
d,f | Series 2020-7 Class B4, 3.505% due 1/25/2051 | 2,365,597 | 1,796,844 |
d,f | Series 2020-7 Class B5, 3.505% due 1/25/2051 | 1,657,781 | 819,232 |
d,f | Series 2020-7 Class B6, 3.505% due 1/25/2051 | 2,289,984 | 773,993 |
d,f | Series 2021-11 Class B5, 3.026% due 1/25/2052 | 3,707,295 | 2,188,545 |
d,f | Series 2021-11 Class B6, 2.922% due 1/25/2052 | 4,257,287 | 1,699,519 |
d,f | Series 2022-2 Class B4, 3.131% due 8/25/2052 | 3,249,534 | 2,002,362 |
d,f | Series 2022-2 Class B5, 3.131% due 8/25/2052 | 1,726,014 | 882,023 |
d,f | Series 2022-2 Class B6, 2.978% due 8/25/2052 | 1,802,416 | 514,538 |
d,f | Series 2022-3 Class B4, 3.113% due 8/25/2052 | 2,667,671 | 1,625,737 |
d,f | Series 2022-3 Class B5, 3.113% due 8/25/2052 | 1,697,873 | 637,915 |
d,f | Series 2022-3 Class B6, 2.219% due 8/25/2052 | 1,442,801 | 412,757 |
Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, | |||
d,f,i | Series 2021-INV2 Class AX1, 0.125% due 8/25/2051 | 102,218,774 | 496,333 |
d,f,i | Series 2021-INV2 Class AX4, 0.70% due 8/25/2051 | 7,003,848 | 262,180 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 65 |
Thornburg Investment Income Builder Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,f | Series 2021-INV2 Class B5, 3.325% due 8/25/2051 | $ 315,108 | $ 192,555 |
d,f | Series 2021-INV2 Class B6, 3.136% due 8/25/2051 | 1,523,275 | 633,023 |
d,f,i | Series 2021-INV3 Class AX1, 0.166% due 10/25/2051 | 122,612,498 | 827,168 |
d,f,i | Series 2021-INV3 Class AX4, 0.55% due 10/25/2051 | 9,929,885 | 259,123 |
d,f | Series 2021-INV3 Class B5, 3.216% due 10/25/2051 | 440,472 | 266,525 |
d,f | Series 2021-INV3 Class B6, 3.014% due 10/25/2051 | 1,924,920 | 815,761 |
f | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 4.765% due 8/25/2034 | 928,823 | 906,452 |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
d,f,i | Series 2021-INV1 Class AX1, 0.751% due 6/25/2051 | 100,219,283 | 3,550,418 |
d,f | Series 2021-INV1 Class B5, 3.251% due 6/25/2051 | 1,090,192 | 660,539 |
d,f | Series 2021-INV1 Class B6, 2.805% due 6/25/2051 | 1,955,469 | 914,274 |
d | NYC Commercial Mortgage Trust, CMBS, Series 2021-909 Class A, 2.941% due 4/10/2043 | 5,000,000 | 3,517,480 |
d,f | Onslow Bay Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2021-NQM4 Class A1, 1.957% due 10/25/2061 | 19,319,773 | 14,944,566 |
d,f | PRPM LLC, Whole Loan Securities Trust CMO, Series 2022-NQM1 Class A1, 5.50% due 8/25/2067 | 9,225,443 | 9,002,293 |
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 | 1,339,269 |
d,f | Saluda Grade Alternative Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-FIG1 Class C, due 9/25/2050 | 18,163,801 | 6,360,854 |
d,f | Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-7 Class B3, 3.724% due 10/25/2047 | 2,059,889 | 1,735,880 |
SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,f,i | Series 2019-3 Class AIOS, 0.375% due 9/25/2059 | 54,013,818 | 254,383 |
d,f | Series 2019-3 Class B2, 5.663% due 9/25/2059 | 7,910,000 | 5,881,887 |
d,f | Series 2019-3 Class B3, 5.935% due 9/25/2059 | 3,366,214 | 2,564,491 |
a,d,f | Series 2019-3 Class C, due 9/25/2059 | 950 | 950 |
d | Series 2019-3 Class XS1, due 9/25/2059 | 53,387,893 | 534 |
d | Series 2019-3 Class XS2, due 9/25/2059 | 53,387,893 | 2,114,817 |
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 | 8,144,587 |
d,f | Visio Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class M1, 5.928% due 8/25/2057 | 5,351,000 | 4,707,186 |
Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
d,f,i | Series 2020-3 Class AIO1, 0.183% due 6/25/2050 | 165,540,107 | 1,148,964 |
d,f | Series 2020-3 Class B5, 3.183% due 6/25/2050 | 1,046,000 | 448,985 |
d,f | Series 2020-3 Class B6, 3.183% due 6/25/2050 | 1,912,755 | 616,966 |
d,f,i | Series 2021-INV1 Class AIO2, 0.50% due 8/25/2051 | 183,683,093 | 4,645,529 |
d,f | Series 2021-INV1 Class B4, 3.315% due 8/25/2051 | 3,365,113 | 2,224,682 |
d,f | Series 2021-INV1 Class B5, 3.315% due 8/25/2051 | 2,595,944 | 1,612,330 |
d,f | Series 2021-INV1 Class B6, 3.315% due 8/25/2051 | 2,002,218 | 722,563 |
Total Mortgage Backed (Cost $204,165,222) | 193,247,856 | ||
Loan Participations — 0.2% | |||
Commercial & Professional Services — 0.1% | |||
Commercial Services & Supplies — 0.1% | |||
j | Imagefirst Holdings LLC, 10.29% - 10.468% (SOFR + 4.75%) due 4/27/2028 | 4,566,548 | 4,526,591 |
Professional Services — 0.0% | |||
j | VT Topco, Inc., 9.661% (SOFR + 4.25%) due 8/10/2030 | 1,000,000 | 999,170 |
5,525,761 | |||
Media & Entertainment — 0.0% | |||
Media — 0.0% | |||
k | Simon & Schuster, Inc., due 9/27/2030 | 1,500,000 | 1,488,750 |
1,488,750 | |||
Semiconductors & Semiconductor Equipment — 0.1% | |||
Information Technology Services — 0.1% | |||
j | Xperi Corporation, 8.931% (SOFR + 3.50%) due 6/8/2028 | 8,167,432 | 8,143,583 |
8,143,583 | |||
Software & Services — 0.0% | |||
Information Technology Services — 0.0% | |||
j | Vericast Corp., 13.402% (SOFR + 7.75%) due 6/16/2026 | 36,168 | 32,867 |
Software — 0.0% | |||
j | GoTo Group, Inc., 10.269% (SOFR + 4.75%) due 8/31/2027 | 2,961,929 | 1,952,859 |
1,985,726 | |||
Total Loan Participations (Cost $17,261,464) | 17,143,820 |
66 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Short-Term Investments — 5.4% | |||
c | Thornburg Capital Management Fund | 61,652,320 | $ 616,523,198 |
Total Short-Term Investments (Cost $616,523,198) | 616,523,198 | ||
Total Investments — 98.8% (Cost $9,739,682,281) | $11,286,659,195 | ||
Other Assets Less Liabilities — 1.2% | 142,854,205 | ||
Net Assets — 100.0% | $11,429,513,400 |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2023 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Swiss Franc | SSB | Sell | 16,500,000 | 10/17/2023 | 18,052,467 | $ 1,110,228 | $ — |
Swiss Franc | SSB | Sell | 1,913,000 | 10/17/2023 | 2,092,992 | 95,344 | — |
Swiss Franc | SSB | Buy | 3,119,800 | 10/17/2023 | 3,413,339 | — | (157,028) |
Swiss Franc | SSB | Buy | 3,069,400 | 10/17/2023 | 3,358,196 | — | (147,574) |
Euro | SSB | Sell | 738,779,900 | 10/17/2023 | 781,521,890 | 23,812,105 | — |
Euro | BBH | Sell | 738,779,900 | 10/17/2023 | 781,521,890 | 23,977,223 | — |
Great Britain Pound | SSB | Sell | 301,035,700 | 10/17/2023 | 367,324,540 | 27,706,848 | — |
Total | $ 76,701,748 | $ (304,602) | |||||
Net unrealized appreciation (depreciation) | $ 76,397,146 |
* | Counterparties include State Street Bank and Trust Company (“SSB”) and Brown Brothers Harriman & Co. (“BBH”). |
Footnote Legend | |
a | Security currently fair valued by the Valuation and Pricing Committee. |
b | Non-income producing. |
c | Investment in Affiliates. |
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, 2023, the aggregate value of these securities in the Fund’s portfolio was $885,060,003, representing 7.74% 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, 2023. |
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 | Interest only. |
j | The stated coupon rate represents the greater of the SOFR or the SOFR floor rate plus a spread at September 30, 2023. |
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 SOFR plus a premium which was determined at the time of purchase. |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 67 |
Thornburg Investment Income Builder Fund | September 30, 2023
To simplify the listings of securities, abbreviations are used per the table below:
ABS | Asset Backed Securities |
ADR | American Depositary Receipt |
ARM | Adjustable Rate Mortgage |
CMBS | Commercial Mortgage-Backed Securities |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Rate |
EUR | Denominated in Euro |
SOFR | Secured Overnight Financing Rate |
SPV | Special Purpose Vehicle |
TSFR1M | Term SOFR 1 Month |
TSFR3M | Term SOFR 3 Month |
USSW10 | USD 10 Year Swap Rate |
COUNTRY EXPOSURE * (percent of net assets) | |
United States | 37.6% |
France | 15.0% |
United Kingdom | 8.1% |
Netherlands | 5.0% |
Italy | 4.9% |
Australia | 4.1% |
Taiwan | 2.6% |
South Korea | 2.5% |
Germany | 2.4% |
Spain | 2.3% |
Canada | 1.9% |
Switzerland | 1.5% |
Norway | 1.3% |
Brazil | 1.0% |
Singapore | 0.9% |
Belgium | 0.5% |
Mexico | 0.3% |
Jamaica | 0.3% |
India | 0.3% |
Turkey | 0.2% |
China | 0.2% |
Nigeria | 0.1% |
Ireland | 0.1% |
Guatemala | 0.1% |
Morocco | 0.1% |
Japan | 0.1% |
Bermuda | 0.0%** |
United Arab Emirates | 0.0%** |
Luxembourg | 0.0%** |
Israel | 0.0%** |
Russian Federation | 0.0%** |
Dominican Republic | 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, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT/ NOTIONAL AMOUNT | VALUE | |
Common Stock — 50.5% | |||
Banks — 2.4% | |||
Banks — 2.4% | |||
BNP Paribas SA | 6,525 | $ 416,879 | |
HDFC Bank Ltd. | 40,640 | 746,744 | |
JPMorgan Chase & Co. | 5,242 | 760,195 | |
1,923,818 | |||
Capital Goods — 2.2% | |||
Aerospace & Defense — 0.6% | |||
L3Harris Technologies, Inc. | 2,560 | 445,747 | |
Electrical Equipment — 1.0% | |||
Vertiv Holdings Co. Class A | 22,612 | 841,166 | |
Machinery — 0.6% | |||
Otis Worldwide Corp. | 6,060 | 486,679 | |
1,773,592 | |||
Consumer Discretionary Distribution & Retail — 3.0% | |||
Broadline Retail — 2.1% | |||
a | Amazon.com, Inc. | 9,760 | 1,240,691 |
a | MercadoLibre, Inc. | 338 | 428,544 |
Specialty Retail — 0.9% | |||
Home Depot, Inc. | 2,406 | 726,997 | |
2,396,232 | |||
Consumer Durables & Apparel — 0.8% | |||
Textiles, Apparel & Luxury Goods — 0.8% | |||
LVMH Moet Hennessy Louis Vuitton SE | 898 | 680,158 | |
680,158 | |||
Consumer Services — 2.0% | |||
Diversified Consumer Services — 0.8% | |||
Service Corp. International | 11,227 | 641,511 | |
Hotels, Restaurants & Leisure — 1.2% | |||
Wyndham Hotels & Resorts, Inc. | 5,417 | 376,698 | |
Yum China Holdings, Inc. | 11,350 | 640,335 | |
1,658,544 | |||
Consumer Staples Distribution & Retail — 0.5% | |||
Consumer Staples Distribution & Retail — 0.5% | |||
Costco Wholesale Corp. | 727 | 410,726 | |
410,726 | |||
Energy — 4.5% | |||
Energy Equipment & Services — 0.8% | |||
Liberty Energy, Inc. Class A | 32,680 | 605,234 | |
Oil, Gas & Consumable Fuels — 3.7% | |||
Chesapeake Energy Corp. | 9,283 | 800,473 | |
Enbridge, Inc. | 19,134 | 634,630 | |
Shell plc | 17,809 | 566,252 | |
TotalEnergies SE | 15,289 | 1,007,197 | |
3,613,786 | |||
Financial Services — 4.9% | |||
Capital Markets — 1.9% | |||
Charles Schwab Corp. | 17,608 | 966,679 | |
CME Group, Inc. | 2,781 | 556,812 | |
Consumer Finance — 0.3% | |||
SBI Cards & Payment Services Ltd. | 26,865 | 256,223 | |
Financial Services — 2.7% |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 69 |
Thornburg Summit Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT/ NOTIONAL AMOUNT | VALUE | |
Mastercard, Inc. Class A | 2,211 | $ 875,357 | |
Visa, Inc. Class A | 5,747 | 1,321,868 | |
3,976,939 | |||
Food, Beverage & Tobacco — 2.3% | |||
Beverages — 1.1% | |||
Kweichow Moutai Co. Ltd. Class A | 3,500 | 861,841 | |
Food Products — 1.2% | |||
Nestle SA | 8,838 | 1,001,643 | |
1,863,484 | |||
Health Care Equipment & Services — 0.8% | |||
Health Care Equipment & Supplies — 0.8% | |||
Medtronic plc | 8,377 | 656,422 | |
656,422 | |||
Insurance — 1.3% | |||
Insurance — 1.3% | |||
NN Group NV | 31,736 | 1,021,350 | |
1,021,350 | |||
Materials — 1.3% | |||
Chemicals — 0.7% | |||
Linde plc | 1,601 | 596,132 | |
Metals & Mining — 0.6% | |||
Glencore plc | 76,743 | 439,987 | |
1,036,119 | |||
Media & Entertainment — 2.6% | |||
Entertainment — 0.5% | |||
Nintendo Co. Ltd. | 8,649 | 360,568 | |
Interactive Media & Services — 2.1% | |||
a | Alphabet, Inc. Class A | 13,124 | 1,717,407 |
2,077,975 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 6.5% | |||
Biotechnology — 2.5% | |||
a | BioMarin Pharmaceutical, Inc. | 18,889 | 1,671,299 |
a | Sarepta Therapeutics, Inc. | 3,284 | 398,086 |
Life Sciences Tools & Services — 0.5% | |||
a | Repligen Corp. | 2,541 | 404,044 |
Pharmaceuticals — 3.5% | |||
AstraZeneca plc | 3,658 | 495,496 | |
Merck & Co., Inc. | 5,273 | 542,855 | |
Novo Nordisk AS Class B | 7,212 | 658,281 | |
Pfizer, Inc. | 12,340 | 409,318 | |
Roche Holding AG | 2,647 | 724,249 | |
5,303,628 | |||
Semiconductors & Semiconductor Equipment — 6.4% | |||
Semiconductors & Semiconductor Equipment — 6.4% | |||
a | Advanced Micro Devices, Inc. | 3,874 | 398,325 |
ASML Holding NV | 1,516 | 896,120 | |
Broadcom, Inc. | 829 | 688,551 | |
NVIDIA Corp. | 2,898 | 1,260,601 | |
SK Hynix, Inc. | 9,016 | 766,367 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 73,000 | 1,182,726 | |
5,192,690 | |||
Software & Services — 5.1% | |||
Information Technology Services — 1.4% | |||
HCL Technologies Ltd. | 26,881 | 400,425 |
70 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT/ NOTIONAL AMOUNT | VALUE | |
Nomura Research Institute Ltd. | 27,100 | $ 705,971 | |
Software — 3.7% | |||
a | Crowdstrike Holdings, Inc. Class A | 2,918 | 488,415 |
Microsoft Corp. | 4,524 | 1,428,453 | |
SAP SE | 5,082 | 659,905 | |
a | ServiceNow, Inc. | 755 | 422,015 |
4,105,184 | |||
Technology Hardware & Equipment — 2.0% | |||
Electronic Equipment, Instruments & Components — 0.8% | |||
Keyence Corp. | 1,719 | 638,413 | |
Technology Hardware, Storage & Peripherals — 1.2% | |||
Apple, Inc. | 5,824 | 997,127 | |
1,635,540 | |||
Telecommunication Services — 1.5% | |||
Diversified Telecommunication Services — 0.5% | |||
Deutsche Telekom AG | 19,597 | 411,643 | |
Wireless Telecommunication Services — 1.0% | |||
KDDI Corp. | 25,500 | 781,006 | |
1,192,649 | |||
Transportation — 0.4% | |||
Ground Transportation — 0.4% | |||
Canadian Pacific Kansas City Ltd. | 3,950 | 293,919 | |
293,919 | |||
Total Common Stock (Cost $37,065,851) | 40,812,755 | ||
Asset Backed Securities — 5.1% | |||
Auto Receivables — 2.1% | |||
b | ACC Auto Trust, Series 2022-A Class A, 4.58% due 7/15/2026 | $ 144,110 | 142,697 |
CarMax Auto Owner Trust, Series 2021-1 Class A3, 0.34% due 12/15/2025 | 236,604 | 230,523 | |
b | Credit Suisse ABS Trust Series 2020-AT1 Class CERT, due 6/15/2026 | 5,883 | 65,131 |
b | Exeter Automobile Receivables Trust, Series 2019-3A Class D, 3.11% due 8/15/2025 | 114,796 | 113,609 |
Flagship Credit Auto Trust, | |||
b | Series 2019-4 Class R, due 3/15/2027 | 5,000 | 300,560 |
b | Series 2022-1 Class A, 1.79% due 10/15/2026 | 242,500 | 237,076 |
b | Foursight Capital Automobile Receivables Trust, Series 2022-2 Class A2, 4.49% due 3/16/2026 | 157,946 | 157,362 |
b | GLS Auto Receivables Issuer Trust, Series 2022-1A Class A, 1.98% due 8/15/2025 | 61,847 | 61,668 |
Harley-Davidson Motorcycle Trust, Series 2021-B Class A3, 0.56% due 11/16/2026 | 312,074 | 302,726 | |
b | Westlake Automobile Receivables Trust, Series 2020-3A Class C, 1.24% due 11/17/2025 | 75,997 | 75,519 |
1,686,871 | |||
Other Asset Backed — 2.9% | |||
b | Amur Equipment Finance Receivables IX LLC, Series 2021-1A Class F, 6.09% due 2/20/2029 | 600,000 | 564,209 |
b | Aqua Finance Trust, Series 2019-A Class B, 3.47% due 7/16/2040 | 163,047 | 149,174 |
b,c | ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | 162,565 | 100,784 |
b | Foundation Finance Trust, Series 2019-1A Class A, 3.86% due 11/15/2034 | 15,193 | 14,948 |
b,d | Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2 Class R, due 6/20/2051 | 2,000 | 136,050 |
b | LendingPoint Pass-Through Trust, Series 2022-ST1 Class A, 2.50% due 3/15/2028 | 100,686 | 96,977 |
Marlette Funding Trust, | |||
b | Series 2021-1A Class R, due 6/16/2031 | 1,200 | 45,248 |
b | Series 2021-2A Class R, due 9/15/2031 | 1,150 | 45,903 |
b | Series 2021-3A Class R, due 12/15/2031 | 1,200 | 116,627 |
b | Mosaic Solar Loan Trust Series 2021-2A Class R, due 4/22/2047 | 1,150,000 | 147,253 |
Pagaya AI Debt Trust, | |||
b | Series 2022-1 Class A, 2.03% due 10/15/2029 | 202,493 | 198,284 |
b,e | Series 2023-5 Class AB, 7.277% due 4/15/2031 | 200,000 | 201,037 |
b,e | SBA Tower Trust, Series 2014-2A Class C, 3.869% due 10/15/2049 | 30,000 | 29,198 |
b | Sierra Timeshare Receivables Funding LLC, Series 2019-1A Class A, 3.20% due 1/20/2036 | 11,436 | 11,205 |
b | SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 100,000 | 90,086 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 71 |
Thornburg Summit Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT/ NOTIONAL AMOUNT | VALUE | |
Upstart Pass-Through Trust, | |||
b | Series 2021-ST4 Class CERT, due 7/20/2027 | $ 500,000 | $ 85,741 |
b | Series 2021-ST7 Class A, 1.85% due 9/20/2029 | 72,234 | 71,243 |
Upstart Securitization Trust, | |||
b,f | Series 2018-2 Class CERT, due 12/22/2025 | 8,000 | 93,553 |
b | Series 2020-1 Class C, 4.899% due 4/22/2030 | 151,589 | 150,374 |
2,347,894 | |||
Student Loan — 0.1% | |||
b | SMB Private Education Loan Trust, Series 2020-B Class A1A, 1.29% due 7/15/2053 | 121,926 | 108,411 |
108,411 | |||
Total Asset Backed Securities (Cost $4,788,053) | 4,143,176 | ||
Corporate Bonds — 13.5% | |||
Automobiles & Components — 0.8% | |||
Automobiles — 0.4% | |||
b | Hyundai Capital America, 0.875% due 6/14/2024 | 300,000 | 289,146 |
Construction & Engineering — 0.2% | |||
b,c | IHS Netherlands Holdco BV, 8.00% due 9/18/2027 | 200,000 | 167,496 |
Trading Companies & Distributors — 0.2% | |||
b | LKQ Corp., 6.25% due 6/15/2033 | 200,000 | 193,450 |
650,092 | |||
Banks — 0.1% | |||
Banks — 0.1% | |||
e,g | Bank of New York Mellon Corp., Series F, 4.625% (TSFR3M + 3.39%) due 9/20/2026 | 100,000 | 90,322 |
90,322 | |||
Capital Goods — 0.8% | |||
Aerospace & Defense — 0.5% | |||
b | TransDigm, Inc., 6.75% due 8/15/2028 | 400,000 | 394,228 |
Machinery — 0.3% | |||
b | Regal Rexnord Corp., 6.05% due 2/15/2026 | 250,000 | 246,795 |
641,023 | |||
Commercial Services — 0.3% | |||
Food Products — 0.3% | |||
b | Darling Global Finance BV (EUR), 3.625% due 5/15/2026 | 200,000 | 205,274 |
205,274 | |||
Consumer Services — 0.3% | |||
Hotels, Restaurants & Leisure — 0.3% | |||
b | Six Flags Entertainment Corp., 7.25% due 5/15/2031 | 250,000 | 234,900 |
234,900 | |||
Energy — 0.5% | |||
Oil, Gas & Consumable Fuels — 0.5% | |||
c | Ecopetrol SA, 8.875% due 1/13/2033 | 171,000 | 167,043 |
Petroleos Mexicanos, | |||
c | 5.95% due 1/28/2031 | 120,000 | 85,798 |
c | 6.50% due 6/2/2041 | 200,000 | 119,402 |
372,243 | |||
Equity Real Estate Investment Trusts (REITs) — 0.6% | |||
Diversified REITs — 0.3% | |||
Extra Space Storage LP, 5.70% due 4/1/2028 | 250,000 | 246,740 | |
Service Properties Trust, 4.95% due 2/15/2027 | 40,000 | 33,803 | |
Real Estate Management & Development — 0.3% | |||
b | Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | 250,000 | 230,525 |
511,068 |
72 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT/ NOTIONAL AMOUNT | VALUE | |
Financial Services — 1.4% | |||
Capital Markets — 1.1% | |||
Blue Owl Technology Finance Corp., | |||
2.50% due 1/15/2027 | $ 168,000 | $ 141,054 | |
b | 4.75% due 12/15/2025 | 11,000 | 10,177 |
b | Burford Capital Global Finance LLC, 9.25% due 7/1/2031 | 250,000 | 252,440 |
b | Compass Group Diversified Holdings LLC, 5.00% due 1/15/2032 | 250,000 | 202,988 |
b,h | GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV (GBP), 8.50% due 1/15/2031 | 250,000 | 311,976 |
Financial Services — 0.3% | |||
e | Truist Financial Corp., 6.047% (SOFR + 2.05%) due 6/8/2027 | 200,000 | 197,734 |
1,116,369 | |||
Food, Beverage & Tobacco — 0.3% | |||
Tobacco — 0.3% | |||
b | Vector Group Ltd., 10.50% due 11/1/2026 | 251,000 | 251,379 |
251,379 | |||
Industrials — 0.6% | |||
Transportation Infrastructure — 0.6% | |||
Penske Truck Leasing Co. LP/PTL Finance Corp., | |||
b | 6.05% due 8/1/2028 | 250,000 | 246,918 |
b | 6.20% due 6/15/2030 | 200,000 | 197,046 |
443,964 | |||
Insurance — 1.0% | |||
Insurance — 1.0% | |||
c | Pentair Finance Sarl, 5.90% due 7/15/2032 | 400,000 | 390,644 |
b | Principal Life Global Funding II, 5.50% due 6/28/2028 | 250,000 | 244,297 |
Reinsurance Group of America, Inc., 6.00% due 9/15/2033 | 200,000 | 192,920 | |
827,861 | |||
Materials — 1.3% | |||
Chemicals — 0.5% | |||
FMC Corp., 5.15% due 5/18/2026 | 200,000 | 194,232 | |
b,c | NOVA Chemicals Corp., 5.25% due 6/1/2027 | 250,000 | 216,877 |
Metals & Mining — 0.8% | |||
b | Compass Minerals International, Inc., 6.75% due 12/1/2027 | 500,000 | 473,820 |
b,c | POSCO, 5.625% due 1/17/2026 | 200,000 | 199,048 |
1,083,977 | |||
Media & Entertainment — 0.7% | |||
Media — 0.7% | |||
b | CCO Holdings LLC/CCO Holdings Capital Corp.,4.25% due 2/1/2031 - 1/15/2034 | 750,000 | 582,497 |
582,497 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.1% | |||
Life Sciences Tools & Services — 0.1% | |||
b | Avantor Funding, Inc. (EUR), 2.625% due 11/1/2025 | 100,000 | 101,022 |
101,022 | |||
Semiconductors & Semiconductor Equipment — 0.7% | |||
Semiconductors & Semiconductor Equipment — 0.7% | |||
Intel Corp., 4.875% due 2/10/2026 | 200,000 | 197,492 | |
b | Qorvo, Inc., 3.375% due 4/1/2031 | 200,000 | 158,520 |
b,c | SK Hynix, Inc., 6.25% due 1/17/2026 | 200,000 | 199,830 |
555,842 | |||
Software & Services — 0.9% | |||
Internet Software & Services — 0.3% | |||
b | Prosus NV (EUR), 1.288% due 7/13/2029 | 285,000 | 228,142 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 73 |
Thornburg Summit Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT/ NOTIONAL AMOUNT | VALUE | |
Software — 0.6% | |||
b | GoTo Group, Inc., 5.50% due 9/1/2027 | $ 239,000 | $ 130,960 |
b | Open Text Holdings, Inc., 4.125% due 2/15/2030 | 400,000 | 334,864 |
693,966 | |||
Technology Hardware & Equipment — 1.3% | |||
Electronic Equipment, Instruments & Components — 0.4% | |||
Arrow Electronics, Inc., 6.125% due 3/1/2026 | 300,000 | 298,440 | |
Office Electronics — 0.2% | |||
CDW LLC/CDW Finance Corp., 3.25% due 2/15/2029 | 250,000 | 213,355 | |
Technology Hardware, Storage & Peripherals — 0.7% | |||
Dell International LLC/EMC Corp., 4.90% due 10/1/2026 | 250,000 | 243,990 | |
b,c | Lenovo Group Ltd., 5.831% due 1/27/2028 | 300,000 | 294,387 |
1,050,172 | |||
Telecommunication Services — 0.3% | |||
Diversified Telecommunication Services — 0.3% | |||
AT&T, Inc., 5.539% due 2/20/2026 | 250,000 | 248,198 | |
248,198 | |||
Utilities — 1.5% | |||
Electric Utilities — 1.5% | |||
AEP Texas, Inc., 5.40% due 6/1/2033 | 300,000 | 285,807 | |
American Electric Power Co., Inc., 5.699% due 8/15/2025 | 250,000 | 248,508 | |
Black Hills Corp., 6.15% due 5/15/2034 | 250,000 | 243,260 | |
b | ITC Holdings Corp., 5.40% due 6/1/2033 | 200,000 | 189,896 |
System Energy Resources, Inc., 6.00% due 4/15/2028 | 260,000 | 254,077 | |
1,221,548 | |||
Total Corporate Bonds (Cost $11,114,387) | 10,881,717 | ||
Other Government — 0.5% | |||
c | Panama Bonos del Tesoro, Series DOM, 6.375% due 7/25/2033 | 100,000 | 95,007 |
U.K. Gilts (GBP), 1.625% due 10/22/2028 | 275,000 | 295,398 | |
Total Other Government (Cost $404,259) | 390,405 | ||
U.S. Treasury Securities — 11.7% | |||
United States Treasury Inflationary Indexed Bonds, 0.125%, 2/15/2052 | 549,030 | 301,873 | |
United States Treasury Notes, | |||
0.875%, 9/30/2026 | 1,000,000 | 892,344 | |
1.125%, 2/15/2031 | 1,200,000 | 946,313 | |
3.375%, 5/15/2033 | 1,600,000 | 1,451,250 | |
3.50%, 2/15/2033 - 2/15/2039 | 1,550,000 | 1,373,711 | |
3.875%, 8/15/2033 | 500,000 | 472,422 | |
4.125%, 11/15/2032 | 550,000 | 530,492 | |
United States Treasury Notes Inflationary Index, | |||
0.125%, 7/15/2024 - 1/15/2031 | 3,075,618 | 2,661,695 | |
1.125%, 1/15/2033 | 225,757 | 203,940 | |
1.25%, 4/15/2028 | 611,448 | 581,308 | |
Total U.S. Treasury Securities (Cost $9,894,043) | 9,415,348 | ||
Mortgage Backed — 9.6% | |||
b,e | Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1, 3.805% due 1/25/2049 | 35,486 | 32,849 |
b | BXP Trust, CMBS, Series 2021-601L Class A, 2.618% due 1/15/2044 | 325,000 | 239,159 |
b | Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | 245,000 | 194,545 |
Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
b,e | Series 2021-J1 Class B4, 2.611% due 4/25/2051 | 100,000 | 38,004 |
b,e | Series 2021-J1 Class B5, 2.611% due 4/25/2051 | 100,000 | 32,594 |
b,e | Series 2021-J1 Class B6, 2.611% due 4/25/2051 | 99,907 | 25,731 |
COMM Mortgage Trust, CMBS, Series 2015-LC23 Class ASB, 3.598% due 10/10/2048 | 242,792 | 235,932 | |
b | DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | 250,000 | 197,156 |
74 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT/ NOTIONAL AMOUNT | VALUE | |
b,e | Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class A1, 2.206% due 1/25/2067 | $ 253,865 | $ 198,245 |
Federal Home Loan Mtg Corp., Pool SE9046, 3.00% due 12/1/2051 | 259,512 | 213,800 | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool SD1669, 2.50% due 1/1/2052 | 282,474 | 224,237 | |
Pool SD8205, 2.50% due 4/1/2052 | 484,874 | 384,914 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | 68,739 | 58,534 | |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool CB1388, 2.50% due 8/1/2051 | 573,210 | 456,989 | |
Pool FS2122, 3.00% due 3/1/2052 | 272,969 | 226,579 | |
h | Pool FS5447, 2.50% due 9/1/2052 | 372,603 | 296,709 |
Pool MA4512, 2.50% due 1/1/2052 | 786,260 | 625,232 | |
Pool MA4548, 2.50% due 2/1/2052 | 564,207 | 448,552 | |
Pool MA4579, 3.00% due 4/1/2052 | 229,272 | 189,938 | |
Pool MA4599, 3.00% due 5/1/2052 | 559,694 | 463,607 | |
Pool MA4623, 2.50% due 6/1/2052 | 564,212 | 447,897 | |
Pool MA4653 3.00% due 7/1/2052 | 543,845 | 450,416 | |
b,e | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class B3, 4.031% due 12/25/2049 | 114,837 | 96,376 |
b,e | GCAT Trust, Whole Loan Securities Trust CMO, Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 221,763 | 197,474 |
b | Houston Galleria Mall Trust, CMBS, Series 2015-HGLR Class A1A2, 3.087% due 3/5/2037 | 215,000 | 201,387 |
Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, | |||
b,e | Series 2021-NQM2 Class A1, 1.073% due 9/25/2056 | 215,219 | 162,035 |
b,e | Series 2021-NQM3 Class A1, 1.595% due 11/25/2056 | 327,678 | 259,160 |
b,e | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 43,604 | 41,549 |
b,e | MFRA Trust, Whole Loan Securities Trust CMO, Series 2022-CHM1 Class A1, 3.875% due 9/25/2056 | 281,136 | 259,054 |
b,e | New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | 366,512 | 322,660 |
b | One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | 250,000 | 199,146 |
Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, Series 2019-1 Class MA, 3.50% due 7/25/2058 | 45,204 | 41,360 | |
b | SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041 | 250,000 | 194,995 |
b,e | TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2018-2 Class B3, 3.676% due 7/25/2048 | 158,342 | 135,245 |
Total Mortgage Backed (Cost $8,468,630) | 7,792,060 | ||
Loan Participations — 0.2% | |||
Commercial & Professional Services — 0.2% | |||
Commercial Services & Supplies — 0.2% | |||
i | Imagefirst Holdings LLC, 10.29% - 10.468% (SOFR + 4.75%) due 4/27/2028 | 198,983 | 197,242 |
197,242 | |||
Total Loan Participations (Cost $196,109) | 197,242 | ||
Exchange-Traded Funds — 3.2% | |||
Invesco DB Agriculture Fund | 19,822 | 424,389 | |
Invesco DB Base Metals Fund | 34,412 | 659,334 | |
a | SPDR Gold Shares Fund | 5,318 | 911,771 |
a | United States Oil Fund LP | 7,509 | 607,178 |
Total Exchange-Traded Funds (Cost $2,083,364) | 2,602,672 | ||
Total Long-Term Investments — 94.3% (Cost $74,014,696) | 76,235,375 | ||
Short-Term Investments — 5.7% | |||
j | Thornburg Capital Management Fund | 464,159 | 4,641,593 |
Total Short-Term Investments (Cost $4,641,593) | 4,641,593 | ||
Total Investments — 100.0% (Cost $78,656,289) | $80,876,968 | ||
Liabilities Net of Other Assets — (0.0)% | (30,111) | ||
Net Assets — 100.0% | $80,846,857 |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 75 |
Thornburg Summit Fund | September 30, 2023
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2023 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Euro | SSB | Buy | 2,193,820 | 10/31/2023 | 2,322,086 | $ — | $ (100,657) |
Japanese Yen | MSC | Buy | 246,842,000 | 10/31/2023 | 1,659,174 | — | (116,432) |
Total | — | $ (217,089) | |||||
Net unrealized appreciation (depreciation) | $ (217,089) |
* | Counterparties include State Street Bank and Trust Company (“SSB”) and Morgan Stanely & Co. Inc. ("MSC"). |
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, 2023, the aggregate value of these securities in the Fund’s portfolio was $13,426,189, representing 16.61% 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, 2023. |
f | Interest only. |
g | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
h | When-issued security. |
i | The stated coupon rate represents the greater of the SOFR or the SOFR floor rate plus a spread at September 30, 2023. |
j | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ABS | Asset Backed Securities |
CMBS | Commercial Mortgage-Backed Securities |
CMO | Collateralized Mortgage Obligation |
EUR | Denominated in Euro |
GBP | Denominated in Pound Sterling |
Mtg | Mortgage |
SOFR | Secured Overnight Financing Rate |
TSFR3M | Term SOFR 3 Month |
UMBS | Uniform Mortgage Backed Securities |
76 | Thornburg Equity Funds Annual Report | See notes to financial statements. |
COUNTRY EXPOSURE * (percent of net assets) | |
United States | 71.1% |
Netherlands | 3.5% |
Japan | 3.1% |
France | 2.6% |
China | 2.5% |
Canada | 1.8% |
India | 1.7% |
Taiwan | 1.5% |
South Korea | 1.4% |
Germany | 1.3% |
United Kingdom | 1.0% |
Denmark | 0.8% |
Australia | 0.6% |
Brazil | 0.5% |
Mexico | 0.3% |
Nigeria | 0.2% |
Colombia | 0.2% |
Ireland | 0.1% |
Panama | 0.1% |
Other Assets Less Liabilities | 5.7% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
See notes to financial statements. | Thornburg Equity Funds Annual Report | 77 |
September 30, 2023
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 | $ 739,799,964 | $ 1,870,814,063 | $ 508,956,036 | $ 618,949,644 | $ 833,800,961 |
Non-controlled affiliated issuers | 28,657,059 | 204,881,109 | 60,081,518 | 25,575,164 | 31,140,363 |
Investments at value | |||||
Non-affiliated issuers | 1,002,247,146 | 2,136,527,322 | 500,314,056 | 793,269,896 | 921,728,496 |
Non-controlled affiliated issuers | 28,657,059 | 204,881,109 | 60,081,518 | 25,575,164 | 31,140,363 |
Foreign currency at value (a) | 651 | 36,478 | 20,337 | 33,859 | 7,487,354 |
Unrealized appreciation on forward currency contracts | 5,281,237 | 13,266,654 | - | - | - |
Receivable for investments sold | - | 43,220,286 | - | - | - |
Receivable for fund shares sold | 401,864 | 2,618,214 | 3,970,331 | 222,897 | 4,465,630 |
Dividends receivable | 1,697,572 | 4,478,072 | 668,708 | 1,142,144 | 1,302,308 |
Tax reclaims receivable | 1,005,214 | 7,226,610 | 750,216 | 1,704,662 | 160,133 |
Prepaid expenses and other assets | 85,327 | 54,123 | 59,598 | 32,149 | 21,455 |
Total Assets | 1,039,376,070 | 2,412,308,868 | 565,864,764 | 821,980,771 | 966,305,739 |
Liabilities | |||||
Unrealized depreciation on forward currency contracts | - | 4,268,893 | - | - | - |
Payable for investments purchased | - | 38,411,367 | 4,978,351 | - | - |
Payable for fund shares redeemed | 690,737 | 2,757,040 | 199,234 | 350,628 | 731,390 |
Payable to investment advisor and other affiliates | 893,941 | 1,659,541 | 343,209 | 687,008 | 650,533 |
Deferred taxes payable | 3,088,683 | - | - | - | 3,122,684 |
Accounts payable and accrued expenses | 273,746 | 1,483,695 | 249,365 | 638,357 | 559,386 |
Total Liabilities | 4,947,107 | 48,580,536 | 5,770,159 | 1,675,993 | 5,063,993 |
Net Assets | $ 1,034,428,963 | $ 2,363,728,332 | $ 560,094,605 | $ 820,304,778 | $ 961,241,746 |
NET ASSETS CONSIST OF | |||||
Net capital paid in on shares of beneficial interest | $ 720,195,402 | $ 2,042,010,291 | $ 610,042,973 | $ 654,078,924 | $ 1,059,284,041 |
Distributable earnings (accumulated loss) | 314,233,561 | 321,718,041 | (49,948,368) | 166,225,854 | (98,042,295) |
Net Assets | $ 1,034,428,963 | $ 2,363,728,332 | $ 560,094,605 | $ 820,304,778 | $ 961,241,746 |
September 30, 2023
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 | $ 284,350,959 | $ 371,072,649 | $ 40,586,779 | $ 86,982,380 | $ 83,388,726 |
Shares outstanding | 8,713,202 | 16,485,941 | 2,520,201 | 4,029,007 | 4,236,929 |
Net asset value and redemption price per share | $ 32.63 | $ 22.51 | $ 16.10 | $ 21.59 | $ 19.68 |
Maximum offering price per share (net asset value, plus 4.50% of offering price) | $ 34.17 | $ 23.57 | $ 16.86 | $ 22.61 | $ 20.61 |
Class C Shares: | |||||
Net assets applicable to shares outstanding | 39,916,135 | 12,360,372 | 6,176,748 | 8,572,325 | 11,620,411 |
Shares outstanding | 1,295,006 | 642,431 | 396,075 | 445,946 | 631,612 |
Net asset value and redemption price per share* | 30.82 | 19.24 | 15.59 | 19.22 | 18.40 |
Class I Shares: | |||||
Net assets applicable to shares outstanding | 626,941,554 | 1,390,996,354 | 513,331,078 | 627,050,080 | 802,285,334 |
Shares outstanding | 19,103,444 | 59,300,546 | 30,857,618 | 27,912,892 | 39,691,182 |
Net asset value and redemption price per share | 32.82 | 23.46 | 16.64 | 22.46 | 20.21 |
Class R3 Shares: | |||||
Net assets applicable to shares outstanding | 2,760,938 | 110,275,033 | - | 4,508,355 | - |
Shares outstanding | 85,736 | 4,913,829 | - | 212,565 | - |
Net asset value and redemption price per share | 32.20 | 22.44 | - | 21.21 | - |
Class R4 Shares: | |||||
Net assets applicable to shares outstanding | 5,023,074 | 82,599,252 | - | 7,083,245 | - |
Shares outstanding | 155,235 | 3,712,006 | - | 331,350 | - |
Net asset value and redemption price per share | 32.36 | 22.25 | - | 21.38 | - |
Class R5 Shares: | |||||
Net assets applicable to shares outstanding | 17,591,805 | 101,451,121 | - | 12,978,662 | 3,206,340 |
Shares outstanding | 535,202 | 4,329,971 | - | 576,113 | 159,162 |
Net asset value and redemption price per share | 32.87 | 23.43 | - | 22.53 | 20.15 |
Class R6 Shares: | |||||
Net assets applicable to shares outstanding | 57,844,498 | 294,973,551 | - | 73,129,731 | 60,740,935 |
Shares outstanding | 1,754,509 | 12,636,721 | - | 3,228,857 | 2,997,656 |
Net asset value and redemption price per share | 32.97 | 23.34 | - | 22.65 | 20.26 |
(a) | Cost of foreign currency is $651; $36,700; $20,472; $34,069; $7,473,690 respectively. |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
September 30, 2023
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 | $ 466,902,819 | $ 253,987,057 | $ 8,914,205,044 | $ 74,014,696 |
Non-controlled affiliated issuers | 2,222,573 | 3,331,787 | 825,477,237 | 4,641,593 |
Investments at value | ||||
Non-affiliated issuers | 492,237,905 | 267,729,986 | 10,522,778,992 | 76,235,375 |
Non-controlled affiliated issuers | 2,222,573 | 3,331,787 | 763,880,203 | 4,641,593 |
Cash | - | - | 1,148,299 | 6,087 |
Foreign currency at value (a) | - | - | 26,106 | 81 |
Unrealized appreciation on forward currency contracts | - | - | 76,701,748 | - |
Receivable for investments sold | 9,827,011 | 975,977 | 5,705,824 | 1,484,789 |
Receivable for fund shares sold | 20,301 | 15,302 | 10,521,268 | 29,000 |
Dividends receivable | 142,039 | 15,845 | 30,240,048 | 75,788 |
Tax reclaims receivable | - | - | 40,927,360 | 55,135 |
Principal and interest receivable | - | - | 22,071,633 | 245,057 |
Prepaid expenses and other assets | 41,430 | 32,656 | 241,149 | 11,447 |
Total Assets | 504,491,259 | 272,101,553 | 11,474,242,630 | 82,784,352 |
Liabilities | ||||
Unrealized depreciation on forward currency contracts | - | - | 304,602 | 217,089 |
Payable for investments purchased | 7,511,251 | 1,419,245 | 1,478,695 | 1,613,265 |
Payable for fund shares redeemed | 479,924 | 326,565 | 7,101,095 | 27,198 |
Payable to investment advisor and other affiliates | 510,383 | 275,769 | 9,535,858 | 13,023 |
Deferred taxes payable | - | - | 725,804 | - |
Accounts payable and accrued expenses | 378,563 | 219,011 | 2,115,528 | 66,920 |
Dividends payable | - | - | 23,467,648 | - |
Total Liabilities | 8,880,121 | 2,240,590 | 44,729,230 | 1,937,495 |
Net Assets | $ 495,611,138 | $ 269,860,963 | $ 11,429,513,400 | $ 80,846,857 |
NET ASSETS CONSIST OF | ||||
Net capital paid in on shares of beneficial interest | $ 519,724,001 | $ 366,152,979 | $ 10,145,819,236 | $ 80,164,029 |
Distributable earnings (accumulated loss) | (24,112,863) | (96,292,016) | 1,283,694,164 | 682,828 |
Net Assets | $ 495,611,138 | $ 269,860,963 | $ 11,429,513,400 | $ 80,846,857 |
September 30, 2023
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 | $ 276,511,906 | $ 132,659,031 | $ 3,888,315,758 | $ 5,978,172 |
Shares outstanding | 4,556,879 | 5,463,894 | 174,117,261 | 529,197 |
Net asset value and redemption price per share | $ 60.68 | $ 24.28 | $ 22.33 | $ 11.30 |
Maximum offering price per share (net asset value, plus 4.50% of offering price) | $ 63.54 | $ 25.42 | $ 23.38 | $ 11.83 |
Class C Shares: | ||||
Net assets applicable to shares outstanding | 4,519,911 | 3,742,565 | 493,452,865 | - |
Shares outstanding | 88,000 | 213,162 | 22,128,515 | - |
Net asset value and redemption price per share* | 51.36 | 17.56 | 22.30 | - |
Class I Shares: | ||||
Net assets applicable to shares outstanding | 196,753,785 | 110,877,793 | 6,799,321,328 | 74,868,685 |
Shares outstanding | 3,095,467 | 3,953,868 | 302,178,125 | 6,624,581 |
Net asset value and redemption price per share | 63.56 | 28.04 | 22.50 | 11.30 |
Class R3 Shares: | ||||
Net assets applicable to shares outstanding | 12,641,165 | 13,868,370 | 19,995,294 | - |
Shares outstanding | 209,571 | 583,077 | 895,826 | - |
Net asset value and redemption price per share | 60.32 | 23.78 | 22.32 | - |
Class R4 Shares: | ||||
Net assets applicable to shares outstanding | 2,287,983 | 861,175 | 10,181,495 | - |
Shares outstanding | 37,312 | 35,331 | 455,483 | - |
Net asset value and redemption price per share | 61.32 | 24.37 | 22.35 | - |
Class R5 Shares: | ||||
Net assets applicable to shares outstanding | 2,896,388 | 7,852,029 | 18,323,029 | - |
Shares outstanding | 45,650 | 280,490 | 814,961 | - |
Net asset value and redemption price per share | 63.45 | 27.99 | 22.48 | - |
Class R6 Shares: | ||||
Net assets applicable to shares outstanding | - | - | 199,923,631 | - |
Shares outstanding | - | - | 8,912,646 | - |
Net asset value and redemption price per share | - | - | 22.43 | - |
(a) | Cost of foreign currency is $0; $0; $26,102; $81 respectively. |
* | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Year Ended September 30, 2023
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 | $ 33,459,443 | $ 61,517,672 | $ 10,783,167 | $ 13,502,280 | $ 25,570,326 |
Non-controlled affiliated issuers | 1,676,295 | 7,012,861 | 1,635,449 | 1,055,268 | 1,270,512 |
Non-cash dividend | - | 6,441,085 | - | - | - |
Dividend taxes withheld | (970,859) | (4,845,066) | (767,636) | (1,092,708) | (2,545,192) |
Interest income | 8,750 | 75,014 | 5,266 | 8,424 | - |
Foreign withholding tax claims | 255,371 | 1,875,445 | 92,276 | 213,552 | - |
Adjusted for: IRS compliance fees for foreign withholding tax claims | - | (4,006,086) | - | - | - |
Total Income | 34,429,000 | 68,070,925 | 11,748,522 | 13,686,816 | 24,295,646 |
EXPENSES | |||||
Investment management fees | 8,599,007 | 19,015,895 | 4,879,196 | 7,949,490 | 9,806,233 |
Administration fees | 896,223 | 2,162,781 | 443,471 | 825,142 | 915,547 |
Distribution and service fees | |||||
Class A Shares | 685,352 | 976,947 | 102,015 | 234,061 | 231,393 |
Class C Shares | 576,483 | 149,245 | 55,876 | 106,029 | 152,196 |
Class R3 Shares | 14,866 | 585,166 | - | 23,434 | - |
Class R4 Shares | 13,243 | 218,795 | - | 18,650 | - |
Transfer agent fees | |||||
Class A Shares | 260,149 | 198,550 | 58,745 | 112,887 | 146,389 |
Class C Shares | 70,798 | 13,520 | 10,939 | 16,329 | 21,525 |
Class I Shares | 474,268 | 1,257,310 | 502,166 | 509,108 | 846,526 |
Class R3 Shares | 12,855 | 314,550 | - | 20,437 | - |
Class R4 Shares | 30,629 | 255,161 | - | 42,412 | - |
Class R5 Shares | 25,330 | 306,100 | - | 77,509 | 13,511 |
Class R6 Shares | 10,406 | 27,203 | - | 12,968 | 22,003 |
Registration and filing fees | |||||
Class A Shares | 29,378 | 29,322 | 31,370 | 17,628 | 16,681 |
Class C Shares | 16,167 | 15,714 | 27,364 | 15,101 | 16,261 |
Class I Shares | 31,885 | 52,666 | 59,860 | 23,704 | 58,579 |
Class R3 Shares | 15,521 | 15,474 | - | 15,401 | - |
Class R4 Shares | 15,521 | 15,276 | - | 15,407 | - |
Class R5 Shares | 15,508 | 15,258 | - | 15,348 | 16,377 |
Class R6 Shares | 15,882 | 17,582 | - | 15,265 | 16,496 |
Custodian fees | 193,584 | 784,208 | 175,423 | 187,968 | 1,183,209 |
Professional fees | 75,923 | 247,905 | 93,460 | 81,054 | 70,905 |
Trustee and officer fees | 64,285 | 155,046 | 32,331 | 62,809 | 66,268 |
Other expenses | 69,375 | 240,465 | 60,052 | 105,245 | 101,050 |
Total Expenses | 12,212,638 | 27,070,139 | 6,532,268 | 10,503,386 | 13,701,149 |
Less: | |||||
Expenses reimbursed | (367,505) | (917,061) | (991,562) | (714,110) | (924,979) |
Investment management fees waived | (382,816) | (3,328,062) | (723,624) | (82,789) | (1,495,345) |
Net Expenses | 11,462,317 | 22,825,016 | 4,817,082 | 9,706,487 | 11,280,825 |
Net Investment Income (Loss) | $ 22,966,683 | $ 45,245,909 | $ 6,931,440 | $ 3,980,329 | $ 13,014,821 |
Year Ended September 30, 2023
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* | $ 48,262,116 | $ 42,920,124 | $ 2,697,618 | $ 33,236,199 | $ (77,875,873) |
Forward currency contracts | (5,829,090) | 168,438 | - | - | - |
Foreign currency transactions | (139,844) | (213,624) | (140,422) | (124,489) | (234,828) |
Net realized gain (loss) | 42,293,182 | 42,874,938 | 2,557,196 | 33,111,710 | (78,110,701) |
Net change in unrealized appreciation (depreciation) on: | |||||
Non-affiliated issuers investments** | 121,718,126 | 436,081,120 | 65,750,294 | 135,946,743 | 141,865,652 |
Forward currency contracts | (354,080) | 8,997,761 | - | - | - |
Foreign currency translations | 86,614 | 406,249 | 43,220 | 131,282 | 115,063 |
Change in net unrealized appreciation (depreciation) | 121,450,660 | 445,485,130 | 65,793,514 | 136,078,025 | 141,980,715 |
Net Realized and Unrealized Gain (Loss) | 163,743,842 | 488,360,068 | 68,350,710 | 169,189,735 | 63,870,014 |
Change in Net Assets Resulting from Operations | $ 186,710,525 | $ 533,605,977 | $ 75,282,150 | $ 173,170,064 | $ 76,884,835 |
* Net of foreign capital gain taxes | $ 368,317 | $ - | $ - | $ 5 | $ (1) |
** Net of change in deferred taxes | $ 158,510 | $ - | $ - | $ - | $ (2,937,901) |
Year Ended September 30, 2023
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 | $ 4,865,060 | $ 514,235 | $ 564,439,414 | $ 1,035,926 |
Non-controlled affiliated issuers | 267,248 | 110,994 | 41,131,295 | 256,921 |
Dividend taxes withheld | (3,575) | - | (27,285,046) | (78,467) |
Interest income | - | - | 99,934,061 | 1,197,434 |
Foreign withholding tax claims | - | - | 9,792,258 | 12,342 |
Adjusted for: IRS compliance fees for foreign withholding tax claims | - | - | (8,309,515) | - |
Total Income | 5,128,733 | 625,229 | 679,702,467 | 2,424,156 |
EXPENSES | ||||
Investment management fees | 4,643,246 | 2,484,219 | 76,344,323 | 545,720 |
Administration fees | 470,875 | 251,021 | 9,669,840 | 64,301 |
Distribution and service fees | ||||
Class A Shares | 740,038 | 353,739 | 9,592,791 | 9,558 |
Class C Shares | 63,395 | 46,824 | 5,622,605 | - |
Class R3 Shares | 67,850 | 71,234 | 104,268 | - |
Class R4 Shares | 6,767 | 2,728 | 28,399 | - |
Transfer agent fees | ||||
Class A Shares | 334,540 | 192,497 | 2,484,819 | 5,775 |
Class C Shares | 20,723 | 17,611 | 234,260 | - |
Class I Shares | 170,035 | 64,937 | 4,319,303 | 36,301 |
Class R3 Shares | 43,327 | 43,871 | 51,785 | - |
Class R4 Shares | 12,568 | 6,584 | 27,883 | - |
Class R5 Shares | 26,856 | 27,657 | 76,778 | - |
Class R6 Shares | - | - | 21,462 | - |
Registration and filing fees | ||||
Class A Shares | 27,299 | 26,741 | 66,601 | 18,968 |
Class C Shares | 17,473 | 15,565 | 25,918 | - |
Class I Shares | 17,260 | 16,052 | 121,288 | 19,610 |
Class R3 Shares | 15,884 | 15,210 | 15,918 | - |
Class R4 Shares | 16,074 | 15,461 | 15,639 | - |
Class R5 Shares | 16,101 | 17,834 | 16,004 | - |
Class R6 Shares | - | - | 16,640 | - |
Custodian fees | 39,534 | 36,923 | 779,620 | 84,783 |
Professional fees | 64,363 | 55,651 | 446,023 | 68,806 |
Trustee and officer fees | 35,908 | 20,946 | 664,590 | 4,727 |
Other expenses | 15,909 | 37,331 | 720,025 | 43,300 |
Total Expenses | 6,866,025 | 3,820,636 | 111,466,782 | 901,849 |
Less: | ||||
Expenses reimbursed | (443,751) | (314,198) | (134,614) | (145,384) |
Investment management fees waived | - | - | - | (244,844) |
Net Expenses | 6,422,274 | 3,506,438 | 111,332,168 | 511,621 |
Net Investment Income (Loss) | $ (1,293,541) | $ (2,881,209) | $ 568,370,299 | $ 1,912,535 |
Year Ended September 30, 2023
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* | $ (21,084,111) | $ (16,541,317) | $ 168,983,076 | $ 447,335 |
Non-controlled affiliated issuers | - | - | (18,514,037) | - |
Options purchased | - | - | - | 3,058 |
Forward currency contracts | - | - | (132,955,718) | (70,484) |
Foreign currency transactions | (706) | 70 | (136,383) | (10,350) |
Net realized gain (loss) | (21,084,817) | (16,541,247) | 17,376,938 | 369,559 |
Net change in unrealized appreciation (depreciation) on: | ||||
Non-affiliated issuers investments** | 73,412,671 | 59,027,788 | 1,483,356,742 | 5,157,283 |
Non-controlled affiliated issuers | - | - | 37,339,963 | - |
Forward currency contracts | - | - | (26,735,485) | (43,995) |
Foreign currency translations | - | - | 3,692,152 | 6,788 |
Change in net unrealized appreciation (depreciation) | 73,412,671 | 59,027,788 | 1,497,653,372 | 5,120,076 |
Net Realized and Unrealized Gain (Loss) | 52,327,854 | 42,486,541 | 1,515,030,310 | 5,489,635 |
Change in Net Assets Resulting from Operations | $ 51,034,313 | $ 39,605,332 | $ 2,083,400,609 | $ 7,402,170 |
* Net of foreign capital gain taxes | $ - | $ - | $ - | $ - |
** Net of change in deferred taxes | $ - | $ - | $ (725,804) | $ 17 |
THORNBURG GLOBAL OPPORTUNITIES FUND | THORNBURG INTERNATIONAL EQUITY FUND | |||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 22,966,683 | $ 9,655,415 | $ 45,245,909 | $ 45,024,621 |
Net realized gain (loss) | 42,293,182 | 40,008,544 | 42,874,938 | (31,319,415) |
Net change in unrealized appreciation (depreciation) | 121,450,660 | (245,776,411) | 445,485,130 | (861,255,347) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 186,710,525 | (196,112,452) | 533,605,977 | (847,550,141) |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (9,456,995) | (35,940,962) | (6,396,784) | (71,630,114) |
Class C Shares | (1,959,214) | (13,819,339) | (180,196) | (3,618,672) |
Class I Shares | (22,157,893) | (79,676,826) | (27,585,467) | (255,342,551) |
Class R3 Shares | (100,397) | (482,303) | (1,851,400) | (19,948,636) |
Class R4 Shares | (189,199) | (784,298) | (1,536,366) | (13,551,778) |
Class R5 Shares | (660,145) | (2,624,395) | (2,007,059) | (20,223,366) |
Class R6 Shares | (2,165,798) | (7,791,346) | (6,118,423) | (44,109,955) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 25,050,330 | 29,863,763 | (48,099,827) | 7,250,330 |
Class C Shares | (35,106,383) | (17,418,699) | (4,907,521) | (3,502,879) |
Class I Shares | 94,529,948 | 30,696,403 | (150,959,707) | 15,624,909 |
Class R3 Shares | (347,655) | (10,925) | (14,278,178) | 3,097,926 |
Class R4 Shares | (381,691) | 296,505 | (4,541,851) | 5,287,546 |
Class R5 Shares | (642,889) | 1,038,704 | (5,295,441) | (16,546,986) |
Class R6 Shares | 2,091,987 | 9,155,545 | (4,922,712) | 48,306,156 |
Net Increase (Decrease) in Net Assets | 235,214,531 | (283,610,625) | 254,925,045 | (1,216,458,211) |
NET ASSETS | ||||
Beginning of Year | 799,214,432 | 1,082,825,057 | 2,108,803,287 | 3,325,261,498 |
End of Year | $ 1,034,428,963 | $ 799,214,432 | $ 2,363,728,332 | $ 2,108,803,287 |
THORNBURG BETTER WORLD INTERNATIONAL FUND | THORNBURG INTERNATIONAL GROWTH FUND | |||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 6,931,440 | $ 3,393,785 | $ 3,980,329 | $ 6,137,633 |
Net realized gain (loss) | 2,557,196 | (42,878,412) | 33,111,710 | (30,287,813) |
Net change in unrealized appreciation (depreciation) | 65,793,514 | (99,167,998) | 136,078,025 | (561,023,660) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 75,282,150 | (138,652,625) | 173,170,064 | (585,173,840) |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (110,786) | (5,765,352) | (255,104) | (10,325,457) |
Class C Shares | - | (780,125) | - | (1,922,046) |
Class I Shares | (3,365,207) | (42,774,823) | (5,140,255) | (99,259,528) |
Class R3 Shares | - | - | (7,298) | (497,684) |
Class R4 Shares | - | - | (24,867) | (657,230) |
Class R5 Shares | - | - | (170,516) | (2,277,399) |
Class R6 Shares | - | - | (626,086) | (6,805,277) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | 1,010,983 | 11,651,032 | (14,839,351) | (6,281,463) |
Class C Shares | 1,007,401 | 1,343,528 | (4,338,314) | (7,027,788) |
Class I Shares | 102,433,867 | 210,904,868 | (228,228,192) | (290,734,058) |
Class R3 Shares | - | - | (570,566) | (259,124) |
Class R4 Shares | - | - | (800,493) | 1,098,706 |
Class R5 Shares | - | - | (12,274,626) | (924,557) |
Class R6 Shares | - | - | (6,278,518) | 3,330,404 |
Net Increase (Decrease) in Net Assets | 176,258,408 | 35,926,503 | (100,384,122) | (1,007,716,341) |
NET ASSETS | ||||
Beginning of Year | 383,836,197 | 347,909,694 | 920,688,900 | 1,928,405,241 |
End of Year | $ 560,094,605 | $ 383,836,197 | $ 820,304,778 | $ 920,688,900 |
THORNBURG DEVELOPING WORLD FUND | THORNBURG SMALL/MID CAP CORE FUND | |||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 13,014,821 | $ 21,627,644 | $ (1,293,541) | $ (1,630,048) |
Net realized gain (loss) | (78,110,701) | (65,584,058) | (21,084,817) | (19,690,191) |
Net change in unrealized appreciation (depreciation) | 141,980,715 | (377,472,251) | 73,412,671 | (143,639,039) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 76,884,835 | (421,428,665) | 51,034,313 | (164,959,278) |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (1,251,706) | - | (136,460) | (122,071,650) |
Class C Shares | (41,004) | - | - | (4,832,240) |
Class I Shares | (13,972,476) | - | (1,088,874) | (87,917,194) |
Class R3 Shares | - | - | (15,650) | (6,082,568) |
Class R4 Shares | - | - | (6,736) | (1,155,007) |
Class R5 Shares | (57,870) | - | (29,855) | (3,628,978) |
Class R6 Shares | (1,105,768) | - | - | - |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (10,748,385) | 1,023,278 | (44,442,447) | 51,894,406 |
Class C Shares | (6,854,299) | (13,423,005) | (3,590,500) | (2,381,118) |
Class I Shares | (19,576,461) | 186,186,571 | (29,769,151) | 26,723,681 |
Class R3 Shares | - | - | (2,018,695) | 175,122 |
Class R4 Shares | - | - | (806,342) | 473,412 |
Class R5 Shares | 593,489 | (537,878) | (3,866,821) | (2,667,211) |
Class R6 Shares | 2,710,356 | 2,994,134 | - | - |
Net Increase (Decrease) in Net Assets | 26,580,711 | (245,185,565) | (34,737,218) | (316,428,623) |
NET ASSETS | ||||
Beginning of Year | 934,661,035 | 1,179,846,600 | 530,348,356 | 846,776,979 |
End of Year | $ 961,241,746 | $ 934,661,035 | $ 495,611,138 | $ 530,348,356 |
THORNBURG SMALL/MID CAP GROWTH FUND | THORNBURG INVESTMENT INCOME BUILDER FUND | |||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ (2,881,209) | $ (4,731,095) | $ 568,370,299 | $ 572,565,616 |
Net realized gain (loss) | (16,541,247) | (91,058,919) | 17,376,938 | 558,281,672 |
Net change in unrealized appreciation (depreciation) | 59,027,788 | (125,609,457) | 1,497,653,372 | (2,378,483,248) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 39,605,332 | (221,399,471) | 2,083,400,609 | (1,247,635,960) |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | - | (116,662,505) | (198,693,407) | (201,637,382) |
Class C Shares | - | (9,000,446) | (25,228,489) | (34,382,021) |
Class I Shares | - | (96,903,886) | (340,484,174) | (322,622,375) |
Class R3 Shares | - | (9,133,414) | (1,007,983) | (1,161,653) |
Class R4 Shares | - | (677,509) | (558,366) | (614,910) |
Class R5 Shares | - | (6,929,696) | (1,414,560) | (1,874,171) |
Class R6 Shares | - | - | (9,645,525) | (7,073,144) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (34,425,116) | 33,337,901 | 1,283,935 | 122,948,703 |
Class C Shares | (2,503,123) | (3,334,612) | (165,858,454) | (242,851,475) |
Class I Shares | (18,693,030) | 24,438,534 | 742,990,448 | 372,237,215 |
Class R3 Shares | (2,165,143) | 6,084,629 | (2,989,507) | (1,166,777) |
Class R4 Shares | (407,355) | 427,757 | (1,677,122) | (534,461) |
Class R5 Shares | (2,576,183) | 541,093 | (15,865,894) | (4,004,205) |
Class R6 Shares | - | - | 43,901,859 | 44,998,660 |
Net Increase (Decrease) in Net Assets | (21,164,618) | (399,211,625) | 2,108,153,370 | (1,525,373,956) |
NET ASSETS | ||||
Beginning of Year | 291,025,581 | 690,237,206 | 9,321,360,030 | 10,846,733,986 |
End of Year | $ 269,860,963 | $ 291,025,581 | $ 11,429,513,400 | $ 9,321,360,030 |
THORNBURG SUMMIT FUND | ||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income (loss) | $ 1,912,535 | $ 1,571,118 |
Net realized gain (loss) | 369,559 | (1,543,670) |
Net change in unrealized appreciation (depreciation) | 5,120,076 | (9,351,210) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 7,402,170 | (9,323,762) |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (110,469) | (6,137) |
Class I Shares | (1,952,484) | (10,896,644) |
FUND SHARE TRANSACTIONS | ||
Class A Shares† | 5,450,972 | 565,061 |
Class I Shares | 13,513,853 | 13,738,449 |
Net Increase (Decrease) in Net Assets | 24,304,042 | (5,923,033) |
NET ASSETS | ||
Beginning of Year | 56,542,815 | 62,465,848 |
End of Year | $ 80,846,857 | $ 56,542,815 |
† | Effective date of this class of shares was January 26, 2022. |
September 30, 2023
September 30, 2023
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, 2023
September 30, 2023
September 30, 2023
September 30, 2023
GLOBAL OPPORTUNITIES FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 1,002,247,146 | $ 1,002,247,146 | $ — | $ — |
Short-Term Investments | 28,657,059 | 28,657,059 | — | — |
Total Investments in Securities | $ 1,030,904,205 | $ 1,030,904,205 | $ — | $ — |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 5,281,237 | $ — | $ 5,281,237 | $ — |
Total Assets | $ 1,036,185,442 | $ 1,030,904,205 | $ 5,281,237 | $ — |
INTERNATIONAL EQUITY FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 2,136,527,321 | $ 2,136,527,321 | $ — | $ — |
Warrant | 1 | — | — | 1 |
Short-Term Investments | 204,881,109 | 204,881,109 | — | — |
Total Investments in Securities | $ 2,341,408,431 | $ 2,341,408,430 | $ — | $ 1 |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 13,266,654 | $ — | $ 13,266,654 | $ — |
Total Assets | $ 2,354,675,085 | $ 2,341,408,430 | $ 13,266,654 | $ 1(a) |
Liabilities | ||||
Other Financial Instruments | ||||
Forward Currency Contracts | $ (4,268,893) | $ — | $ (4,268,893) | $ — |
Total Other Financial Instruments | $ (4,268,893) | $ — | $ (4,268,893) | $ — |
Total Liabilities | $ (4,268,893) | $ — | $ (4,268,893) | $— |
(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, 2023 is not presented. |
September 30, 2023
BETTER WORLD INTERNATIONAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 497,651,382 | $ 497,651,382 | $ — | $ — |
Exchange-Traded Funds | 2,662,673 | 2,662,673 | — | — |
Warrant | 1 | — | — | 1 |
Short-Term Investments | 60,081,518 | 60,081,518 | — | — |
Total Investments in Securities | $ 560,395,574 | $ 560,395,573 | $ — | $ 1 |
Total Assets | $ 560,395,574 | $ 560,395,573 | $ — | $1(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, 2023 is not presented. |
INTERNATIONAL GROWTH FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 793,269,896 | $ 793,269,896 | $ — | $ — |
Short-Term Investments | 25,575,164 | 25,575,164 | — | — |
Total Investments in Securities | $ 818,845,060 | $ 818,845,060 | $ — | $ — |
Total Assets | $ 818,845,060 | $ 818,845,060 | $ — | $ — |
DEVELOPING WORLD FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 909,501,945 | $ 909,501,945 | $ — | $ — |
Preferred Stock | 12,188,557 | 12,188,557 | — | — |
Rights | 37,994 | 37,994 | — | — |
Short-Term Investments | 31,140,363 | 31,140,363 | — | — |
Total Investments in Securities | $ 952,868,859 | $ 952,868,859 | $ — | $ — |
Total Assets | $ 952,868,859 | $ 952,868,859 | $ — | $ — |
SMALL/MID CAP CORE FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 492,237,905 | $ 492,237,905 | $ — | $ — |
Short-Term Investments | 2,222,573 | 2,222,573 | — | — |
Total Investments in Securities | $ 494,460,478 | $ 494,460,478 | $ — | $ — |
Total Assets | $ 494,460,478 | $ 494,460,478 | $ — | $ — |
SMALL/MID CAP GROWTH FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 267,729,986 | $ 267,729,986 | $ ��� — | $ — |
Short-Term Investments | 3,331,787 | 3,331,787 | — | — |
Total Investments in Securities | $ 271,061,773 | $ 271,061,773 | $ — | $ — |
Total Assets | $ 271,061,773 | $ 271,061,773 | $ — | $— |
September 30, 2023
INCOME BUILDER FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 9,255,660,136 | $ 9,250,508,677 | $ — | $ 5,151,459 |
Preferred Stock | 31,658,404 | 23,634,447 | 8,023,957 | — |
Asset Backed Securities | 187,315,296 | — | 184,458,249 | 2,857,047 |
Corporate Bonds | 976,376,946 | — | 976,376,946 | — |
Other Government | 8,733,539 | — | 8,733,539 | — |
Mortgage Backed | 193,247,856 | — | 193,246,906 | 950 |
Loan Participations | 17,143,820 | — | 17,143,820 | — |
Short-Term Investments | 616,523,198 | 616,523,198 | — | — |
Total Investments in Securities | $ 11,286,659,195 | $ 9,890,666,322 | $ 1,387,983,417 | $ 8,009,456 |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 76,701,748 | $ — | $ 76,701,748 | $ — |
Total Assets | $ 11,363,360,943 | $ 9,890,666,322 | $ 1,464,685,165 | $ 8,009,456(a) |
Liabilities | ||||
Other Financial Instruments | ||||
Forward Currency Contracts | $ (304,602) | $ — | $ (304,602) | $ — |
Total Other Financial Instruments | $ (304,602) | $ — | $ (304,602) | $ — |
Total Liabilities | $ (304,602) | $ — | $ (304,602) | $— |
(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, 2023 is not presented. |
SUMMIT FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 40,812,755 | $ 40,812,755 | $ — | $ — |
Asset Backed Securities | 4,143,176 | — | 4,007,126 | 136,050 |
Corporate Bonds | 10,881,717 | — | 10,881,717 | — |
Other Government | 390,405 | — | 390,405 | — |
U.S. Treasury Securities | 9,415,348 | 9,415,348 | — | — |
Mortgage Backed | 7,792,060 | — | 7,792,060 | — |
Loan Participations | 197,242 | — | 197,242 | — |
Exchange-Traded Funds | 2,602,672 | 2,602,672 | — | — |
Short-Term Investments | 4,641,593 | 4,641,593 | — | — |
Total Investments in Securities | $ 80,876,968 | $ 57,472,368 | $ 23,268,550 | $ 136,050 |
Total Assets | $ 80,876,968 | $ 57,472,368 | $ 23,268,550 | $ 136,050(a) |
Liabilities | ||||
Other Financial Instruments | ||||
Forward Currency Contracts | $ (217,089) | $ — | $ (217,089) | $ — |
Total Other Financial Instruments | $ (217,089) | $ — | $ (217,089) | $ — |
Total Liabilities | $ (217,089) | $ — | $ (217,089) | $— |
(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, 2023 is not presented. |
September 30, 2023
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 |
Effective Management Fee | |
Global Opportunities Fund | 0.848% |
International Equity Fund | 0.777 |
Better World International Fund | 0.972 |
International Growth Fund | 0.852 |
Developing World Fund | 0.947 |
Small/Mid Cap Core Fund | 0.872 |
Small/Mid Cap Growth Fund | 0.875 |
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 |
September 30, 2023
Commissions | CDSC fees | |
Global Opportunities Fund | $ 6,147 | $ 35 |
International Equity Fund | 2,938 | 47 |
Better World International Fund | 2,452 | 76 |
International Growth Fund | 2,468 | — |
Developing World Fund | 1,916 | 265 |
Small/Mid Cap Core Fund | 3,879 | 77 |
Small/Mid Cap Growth Fund | 1,827 | 509 |
Income Builder Fund | 261,842 | 25,626 |
Summit Fund | 5,557 | — |
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 | — | — | 0.99 | 1.50 | 1.40 | 0.99 | 0.89 |
Developing World Fund | — | 2.33 | 1.04 | — | — | 1.04 | 0.94 |
Small/Mid Cap Core Fund | — | — | 0.95 | 1.31 | 1.21 | 0.95 | — |
Small/Mid Cap Growth Fund | — | 2.34 | 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 | — | — | — | — |
September 30, 2023
Contractual: | Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Global Opportunities Fund | $ — | $ — | $ 198,365 | $ 26,529 | $ 34,920 | $ 31,463 | $ 76,228 | $ 367,505 |
International Equity Fund | — | — | — | 245,378 | 163,260 | 204,981 | 303,442 | 917,061 |
Better World International Fund | — | 27,041 | 964,521 | — | — | — | — | 991,562 |
International Growth Fund | — | — | 277,875 | 34,815 | 45,019 | 89,801 | 96,432 | 543,942 |
Developing World Fund | — | — | 802,682 | — | — | 29,502 | 92,795 | 924,979 |
Small/Mid Cap Core Fund | — | — | 269,808 | 83,575 | 29,434 | 45,034 | — | 427,851 |
Small/Mid Cap Growth Fund | — | 13,066 | 156,874 | 67,121 | 21,030 | 51,162 | — | 309,253 |
Income Builder Fund | — | — | — | 28,078 | 4,931 | 44,415 | 57,190 | 134,614 |
Summit Fund | 28,566 | — | 116,818 | — | — | — | — | 145,384 |
Voluntary: | Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Global Opportunities Fund | $ 103,508 | $ 21,707 | $ 226,385 | $ 1,121 | $ 1,999 | $ 6,765 | $ 21,331 | $ 382,816 |
International Equity Fund | 531,469 | 20,287 | 1,958,562 | 159,167 | 119,049 | 141,482 | 398,046 | 3,328,062 |
Better World International Fund | 58,793 | 8,057 | 656,774 | — | — | — | — | 723,624 |
International Growth Fund | 8,308 | 940 | 233,679 | 416 | 662 | 2,108 | 6,844 | 252,957 |
Developing World Fund | 133,561 | 21,936 | 1,246,245 | — | — | 4,922 | 88,681 | 1,495,345 |
Small/Mid Cap Core Fund | — | 15,900 | — | — | — | — | — | 15,900 |
Small/Mid Cap Growth Fund | — | 4,945 | — | — | — | — | — | 4,945 |
Summit Fund | 12,944 | — | 231,900 | — | — | — | — | 244,844 |
Percentage of Direct Investments | |
Global Opportunities Fund | 5.54% |
International Equity Fund | 1.83 |
Better World International Fund | 7.38 |
International Growth Fund | 3.80 |
Developing World Fund | 3.55 |
Small/Mid Cap Core Fund | 7.47 |
Small/Mid Cap Growth Fund | 7.68 |
Income Builder Fund | 1.62 |
Summit Fund | 51.17 |
Purchases | Sales | Realized gains/(losses) | |
Small/Mid Cap Core Fund | $ 3,628,671 | $ 3,501,380 | $ 1,033,189 |
Small/Mid Cap Growth Fund | 3,501,380 | 3,628,671 | (1,003,339) |
GLOBAL OPPORTUNITIES FUND | Market Value 9/30/22 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/23 | Dividend Income |
Thornburg Capital Mgmt. Fund | $ 67,253,606 | $ 222,348,982 | $ (260,945,529) | $ - | $ - | $ 28,657,059 | $ 1,676,295 |
September 30, 2023
INTERNATIONAL EQUITY FUND | Market Value 9/30/22 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/23 | Dividend Income |
Thornburg Capital Mgmt. Fund | $201,533,193 | $ 797,300,685 | $ (793,952,769) | $ - | $ - | $204,881,109 | $ 7,012,861 |
BETTER WORLD INTERNATIONAL FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 21,444,036 | $ 250,165,919 | $ (211,528,437) | $ - | $ - | $ 60,081,518 | $ 1,635,449 |
INTERNATIONAL GROWTH FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 45,852,069 | $ 296,861,561 | $ (317,138,466) | $ - | $ - | $ 25,575,164 | $ 1,055,268 |
DEVELOPING WORLD FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 37,261,633 | $ 356,874,117 | $ (362,995,387) | $ - | $ - | $ 31,140,363 | $ 1,270,512 |
SMALL/MID CAP CORE FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 3,867,931 | $ 106,226,491 | $ (107,871,849) | $ - | $ - | $ 2,222,573 | $ 267,248 |
SMALL/MID CAP GROWTH FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 4,533,328 | $ 70,656,271 | $ (71,857,812) | $ - | $ - | $ 3,331,787 | $ 110,994 |
INCOME BUILDER FUND | |||||||
Chimera Investment Corp | $ 90,396,363 | $ - | $ (14,951,051) | $(18,514,037) | $24,114,710 | $ 81,045,985 | $13,672,925 |
Malamute Energy, Inc. | 12,439 | - | - | - | - | 12,439 | - |
SLR Investment Corp | 53,073,328 | - | - | - | 13,225,253 | 66,298,581 | 7,064,973 |
Thornburg Capital Mgmt. Fund | 519,970,522 | 1,808,628,345 | (1,712,075,669) | - | - | 616,523,198 | 20,393,397 |
Total | $663,452,652 | $1,808,628,345 | $(1,727,026,720) | $(18,514,037) | $37,339,963 | $763,880,203 | $41,131,295 |
SUMMIT FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 1,326,366 | $ 39,371,600 | $ (36,056,373) | $ - | $ - | $ 4,641,593 | $ 256,921 |
September 30, 2023
Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Global Opportunities Fund | $ 778,460,648 | $ 289,163,302 | $ (31,438,508) | $ 257,724,794 |
International Equity Fund | 2,086,175,728 | 339,088,055 | (74,857,592) | 264,230,463 |
Better World International Fund | 569,048,734 | 27,910,672 | (36,563,832) | (8,653,160) |
International Growth Fund | 648,661,120 | 186,435,405 | (16,251,465) | 170,183,940 |
Developing World Fund | 872,446,521 | 174,076,551 | (93,654,213) | 80,422,338 |
Small/Mid Cap Core Fund | 471,395,864 | 82,036,784 | (58,972,170) | 23,064,614 |
Small/Mid Cap Growth Fund | 259,554,223 | 35,362,989 | (23,855,439) | 11,507,550 |
Income Builder Fund | 9,894,059,592 | 2,209,600,962 | (740,604,214) | 1,468,996,748 |
Summit Fund | 78,961,839 | 5,268,234 | (3,570,194) | 1,698,040 |
Deferred Tax Basis | |
Late-Year Ordinary Losses | |
Small/Mid Cap Core Fund | $ 1,302,272 |
Small/Mid Cap Growth Fund | 2,132,450 |
Cumulative Capital Losses | ||
Short-Term | Long-Term | |
Better World International Fund | $ 48,636,367 | $ — |
International Growth Fund | 8,719,523 | — |
Developing World Fund | 157,418,334 | 36,615,339 |
Small/Mid Cap Core Fund | 7,744,956 | 38,130,248 |
Small/Mid Cap Growth Fund | 40,215,296 | 65,451,819 |
Income Builder Fund | 250,083,277 | — |
Summit Fund | 1,049,460 | — |
Utilized Capital Loss Carryforwards | |
Income Builder Fund | $ 1,761,135 |
Summit Fund | 281,774 |
Distributable Earnings | Net Capital Paid | |
Global Opportunities Fund | $ (4,848,941) | $ 4,848,941 |
International Equity Fund | (5,797,018) | 5,797,018 |
Small/Mid Cap Core Fund | 1,629,438 | (1,629,438) |
Small/Mid Cap Growth Fund | 3,882,419 | (3,882,419) |
Summit Fund | (938) | 938 |
September 30, 2023
Undistributed Tax Basis Ordinary Investment Income | Undistributed tax basis capital gains | |
Global Opportunities Fund | $ 27,582,677 | $ 32,031,810 |
International Equity Fund | 47,630,569 | 9,939,844 |
Better World International Fund | 7,367,481 | — |
International Growth Fund | 4,802,954 | — |
Developing World Fund | 18,708,676 | — |
Income Builder Fund | 88,413,402 | — |
Summit Fund | 60,097 | — |
DISTRIBUTIONS FROM: | ||||
ORDINARY INCOME | CAPITAL GAINS | |||
2023 | 2022 | 2023 | 2022 | |
Global Opportunities Fund | $ 12,565,759 | $ 15,778,960 | $ 24,123,882 | $ 125,340,509 |
International Equity Fund | 45,675,695 | 193,817,050 | — | 234,608,023 |
Better World International Fund | 3,475,993 | 31,313,003 | — | 18,007,297 |
International Growth Fund | 6,224,126 | 9,898,518 | — | 111,846,103 |
Developing World Fund | 16,428,824 | — | — | — |
Small/Mid Cap Core Fund | 1,277,575 | 70,922,563 | — | 154,765,074 |
Small/Mid Cap Growth Fund | — | 7,963,421 | — | 231,344,035 |
Income Builder Fund | 577,032,504 | 569,365,656 | — | — |
Summit Fund | 2,062,953 | 9,193,382 | — | 1,709,399 |
September 30, 2023
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
GLOBAL OPPORTUNITIES FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 1,973,169 | $ 62,289,387 | 974,446 | $ 32,677,548 |
Shares issued to shareholders in reinvestment of dividends | 286,501 | 8,832,745 | 932,299 | 33,290,506 |
Shares repurchased | (1,435,099) | (46,071,802) | (1,066,676) | (36,104,291) |
Net increase (decrease) | 824,571 | $ 25,050,330 | 840,069 | $ 29,863,763 |
Class C Shares | ||||
Shares sold | 70,051 | $ 2,092,029 | 91,768 | $ 2,937,754 |
Shares issued to shareholders in reinvestment of dividends | 66,415 | 1,933,568 | 402,531 | 13,579,745 |
Shares repurchased | (1,282,660) | (39,131,980) | (1,061,887) | (33,936,198) |
Net increase (decrease) | (1,146,194) | $ (35,106,383) | (567,588) | $ (17,418,699) |
Class I Shares | ||||
Shares sold | 6,841,982 | $ 213,696,940 | 3,320,142 | $ 113,814,310 |
Shares issued to shareholders in reinvestment of dividends | 667,251 | 20,667,164 | 2,086,899 | 74,888,020 |
Shares repurchased | (4,395,367) | (139,834,156) | (4,751,990) | (158,005,927) |
Net increase (decrease) | 3,113,866 | $ 94,529,948 | 655,051 | $ 30,696,403 |
Class R3 Shares | ||||
Shares sold | 10,289 | $ 322,839 | 16,133 | $ 526,960 |
Shares issued to shareholders in reinvestment of dividends | 3,300 | 100,393 | 13,696 | 482,287 |
Shares repurchased | (24,277) | (770,887) | (30,694) | (1,020,172) |
Net increase (decrease) | (10,688) | $ (347,655) | (865) | $ (10,925) |
Class R4 Shares | ||||
Shares sold | 31,219 | $ 985,890 | 21,583 | $ 717,640 |
Shares issued to shareholders in reinvestment of dividends | 4,888 | 149,433 | 17,674 | 625,825 |
Shares repurchased | (47,011) | (1,517,014) | (31,449) | (1,046,960) |
Net increase (decrease) | (10,904) | $ (381,691) | 7,808 | $ 296,505 |
Class R5 Shares | ||||
Shares sold | 165,294 | $ 5,364,183 | 138,723 | $ 4,670,479 |
Shares issued to shareholders in reinvestment of dividends | 18,221 | 565,110 | 63,528 | 2,282,290 |
Shares repurchased | (203,337) | (6,572,182) | (170,169) | (5,914,065) |
Net increase (decrease) | (19,822) | $ (642,889) | 32,082 | $ 1,038,704 |
Class R6 Shares | ||||
Shares sold | 79,117 | $ 2,576,009 | 101,369 | $ 3,757,080 |
Shares issued to shareholders in reinvestment of dividends | 65,982 | 2,052,294 | 210,743 | 7,594,896 |
Shares repurchased | (78,043) | (2,536,316) | (64,288) | (2,196,431) |
Net increase (decrease) | 67,056 | $ 2,091,987 | 247,824 | $ 9,155,545 |
September 30, 2023
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
INTERNATIONAL EQUITY FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 958,627 | $ 21,441,973 | 2,041,060 | $ 52,169,489 |
Shares issued to shareholders in reinvestment of dividends | 272,209 | 5,792,603 | 2,401,673 | 64,165,504 |
Shares repurchased | (3,414,315) | (75,334,403) | (4,666,655) | (109,084,663) |
Net increase (decrease) | (2,183,479) | $ (48,099,827) | (223,922) | $ 7,250,330 |
Class C Shares | ||||
Shares sold | 38,922 | $ 720,919 | 67,920 | $ 1,516,672 |
Shares issued to shareholders in reinvestment of dividends | 9,319 | 170,731 | 147,243 | 3,385,937 |
Shares repurchased | (301,230) | (5,799,171) | (398,808) | (8,405,488) |
Net increase (decrease) | (252,989) | $ (4,907,521) | (183,645) | $ (3,502,879) |
Class I Shares | ||||
Shares sold | 7,966,745 | $ 184,784,897 | 12,619,730 | $ 312,476,672 |
Shares issued to shareholders in reinvestment of dividends | 1,155,316 | 25,578,700 | 8,538,732 | 237,811,796 |
Shares repurchased | (15,936,850) | (361,323,304) | (22,012,027) | (534,663,559) |
Net increase (decrease) | (6,814,789) | $ (150,959,707) | (853,565) | $ 15,624,909 |
Class R3 Shares | ||||
Shares sold | 767,878 | $ 17,159,971 | 912,200 | $ 20,606,533 |
Shares issued to shareholders in reinvestment of dividends | 86,320 | 1,835,166 | 740,732 | 19,783,311 |
Shares repurchased | (1,487,151) | (33,273,315) | (1,592,391) | (37,291,918) |
Net increase (decrease) | (632,953) | $ (14,278,178) | 60,541 | $ 3,097,926 |
Class R4 Shares | ||||
Shares sold | 1,086,901 | $ 23,264,851 | 1,113,079 | $ 25,625,006 |
Shares issued to shareholders in reinvestment of dividends | 60,137 | 1,265,884 | 420,162 | 11,128,522 |
Shares repurchased | (1,308,585) | (29,072,586) | (1,327,502) | (31,465,982) |
Net increase (decrease) | (161,547) | $ (4,541,851) | 205,739 | $ 5,287,546 |
Class R5 Shares | ||||
Shares sold | 910,913 | $ 21,417,736 | 767,101 | $ 18,825,543 |
Shares issued to shareholders in reinvestment of dividends | 87,952 | 1,945,490 | 717,832 | 19,976,446 |
Shares repurchased | (1,230,400) | (28,658,667) | (2,284,897) | (55,348,975) |
Net increase (decrease) | (231,535) | $ (5,295,441) | (799,964) | $ (16,546,986) |
Class R6 Shares | ||||
Shares sold | 2,065,947 | $ 47,957,012 | 2,573,099 | $ 61,671,850 |
Shares issued to shareholders in reinvestment of dividends | 243,087 | 5,347,922 | 1,437,278 | 39,828,164 |
Shares repurchased | (2,559,868) | (58,227,646) | (2,268,264) | (53,193,858) |
Net increase (decrease) | (250,834) | $ (4,922,712) | 1,742,113 | $ 48,306,156 |
September 30, 2023
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
BETTER WORLD INTERNATIONAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 670,874 | $ 10,677,311 | 1,582,515 | $ 28,147,344 |
Shares issued to shareholders in reinvestment of dividends | 7,172 | 109,299 | 294,897 | 5,729,841 |
Shares repurchased | (609,070) | (9,775,627) | (1,303,757) | (22,226,153) |
Net increase (decrease) | 68,976 | $ 1,010,983 | 573,655 | $ 11,651,032 |
Class C Shares | ||||
Shares sold | 125,030 | $ 1,989,268 | 109,442 | $ 1,929,300 |
Shares issued to shareholders in reinvestment of dividends | - | - | 41,038 | 780,125 |
Shares repurchased | (63,960) | (981,867) | (80,971) | (1,365,897) |
Net increase (decrease) | 61,070 | $ 1,007,401 | 69,509 | $ 1,343,528 |
Class I Shares | ||||
Shares sold | 13,217,836 | $ 219,934,154 | 19,799,712 | $ 351,052,279 |
Shares issued to shareholders in reinvestment of dividends | 207,000 | 3,245,758 | 2,124,211 | 42,507,949 |
Shares repurchased | (7,435,794) | (120,746,045) | (10,767,532) | (182,655,360) |
Net increase (decrease) | 5,989,042 | $ 102,433,867 | 11,156,391 | $ 210,904,868 |
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
INTERNATIONAL GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 578,109 | $ 12,679,011 | 962,327 | $ 24,783,568 |
Shares issued to shareholders in reinvestment of dividends | 11,150 | 232,369 | 318,951 | 9,348,439 |
Shares repurchased | (1,288,447) | (27,750,731) | (1,660,999) | (40,413,470) |
Net increase (decrease) | (699,188) | $ (14,839,351) | (379,721) | $ (6,281,463) |
Class C Shares | ||||
Shares sold | 8,990 | $ 174,379 | 37,981 | $ 909,671 |
Shares issued to shareholders in reinvestment of dividends | - | - | 68,485 | 1,812,795 |
Shares repurchased | (233,053) | (4,512,693) | (447,856) | (9,750,254) |
Net increase (decrease) | (224,063) | $ (4,338,314) | (341,390) | $ (7,027,788) |
Class I Shares | ||||
Shares sold | 3,789,292 | $ 84,031,408 | 10,967,456 | $ 282,718,001 |
Shares issued to shareholders in reinvestment of dividends | 221,806 | 4,795,444 | 2,988,849 | 90,890,906 |
Shares repurchased | (14,293,232) | (317,055,044) | (26,337,373) | (664,342,965) |
Net increase (decrease) | (10,282,134) | $ (228,228,192) | (12,381,068) | $ (290,734,058) |
Class R3 Shares | ||||
Shares sold | 38,644 | $ 837,250 | 38,455 | $ 901,733 |
Shares issued to shareholders in reinvestment of dividends | 351 | 7,201 | 17,128 | 493,619 |
Shares repurchased | (68,867) | (1,415,017) | (69,584) | ��� (1,654,476) |
Net increase (decrease) | (29,872) | $ (570,566) | (14,001) | $ (259,124) |
September 30, 2023
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
INTERNATIONAL GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R4 Shares | ||||
Shares sold | 53,972 | $ 1,179,309 | 117,683 | $ 2,910,598 |
Shares issued to shareholders in reinvestment of dividends | 545 | 11,257 | 11,821 | 343,404 |
Shares repurchased | (92,569) | (1,991,059) | (89,929) | (2,155,296) |
Net increase (decrease) | (38,052) | $ (800,493) | 39,575 | $ 1,098,706 |
Class R5 Shares | ||||
Shares sold | 140,396 | $ 3,239,664 | 210,329 | $ 5,124,797 |
Shares issued to shareholders in reinvestment of dividends | 7,816 | 169,448 | 74,090 | 2,260,498 |
Shares repurchased | (688,032) | (15,683,738) | (327,159) | (8,309,852) |
Net increase (decrease) | (539,820) | $ (12,274,626) | (42,740) | $ (924,557) |
Class R6 Shares | ||||
Shares sold | 184,989 | $ 4,241,064 | 235,553 | $ 6,055,870 |
Shares issued to shareholders in reinvestment of dividends | 25,612 | 557,839 | 210,948 | 6,463,441 |
Shares repurchased | (477,558) | (11,077,421) | (371,500) | (9,188,907) |
Net increase (decrease) | (266,957) | $ (6,278,518) | 75,001 | $ 3,330,404 |
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
DEVELOPING WORLD FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 831,891 | $ 16,932,746 | 1,354,097 | $ 32,648,557 |
Shares issued to shareholders in reinvestment of dividends | 60,652 | 1,196,665 | - | - |
Shares repurchased | (1,423,791) | (28,877,796) | (1,352,523) | (31,625,279) |
Net increase (decrease) | (531,248) | $ (10,748,385) | 1,574 | $ 1,023,278 |
Class C Shares | ||||
Shares sold | 46,605 | $ 859,875 | 115,696 | $ 2,715,472 |
Shares issued to shareholders in reinvestment of dividends | 2,206 | 40,950 | - | - |
Shares repurchased | (409,111) | (7,755,124) | (702,621) | (16,138,477) |
Net increase (decrease) | (360,300) | $ (6,854,299) | (586,925) | $ (13,423,005) |
Class I Shares | ||||
Shares sold | 13,630,885 | $ 284,495,601 | 19,508,504 | $ 457,205,551 |
Shares issued to shareholders in reinvestment of dividends | 680,314 | 13,735,542 | - | - |
Shares repurchased | (15,447,650) | (317,807,604) | (11,471,300) | (271,018,980) |
Net increase (decrease) | (1,136,451) | $ (19,576,461) | 8,037,204 | $ 186,186,571 |
Class R5 Shares | ||||
Shares sold | 64,298 | $ 1,260,653 | 25,218 | $ 621,172 |
Shares issued to shareholders in reinvestment of dividends | 2,871 | 57,789 | - | - |
Shares repurchased | (35,359) | (724,953) | (45,654) | (1,159,050) |
Net increase (decrease) | 31,810 | $ 593,489 | (20,436) | $ (537,878) |
September 30, 2023
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
DEVELOPING WORLD FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R6 Shares | ||||
Shares sold | 402,990 | $ 8,389,832 | 456,652 | $ 11,372,017 |
Shares issued to shareholders in reinvestment of dividends | 50,092 | 1,013,358 | - | - |
Shares repurchased | (322,162) | (6,692,834) | (350,216) | (8,377,883) |
Net increase (decrease) | 130,920 | $ 2,710,356 | 106,436 | $ 2,994,134 |
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
SMALL/MID CAP CORE FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 80,057 | $ 4,815,941 | 217,480 | $ 15,364,294 |
Shares issued to shareholders in reinvestment of dividends | 2,209 | 130,588 | 1,546,880 | 116,587,733 |
Shares repurchased | (823,989) | (49,388,976) | (1,122,476) | (80,057,621) |
Net increase (decrease) | (741,723) | $ (44,442,447) | 641,884 | $ 51,894,406 |
Class C Shares | ||||
Shares sold | 3,207 | $ 164,823 | 3,664 | $ 220,812 |
Shares issued to shareholders in reinvestment of dividends | - | - | 74,225 | 4,803,824 |
Shares repurchased | (73,298) | (3,755,323) | (118,480) | (7,405,754) |
Net increase (decrease) | (70,091) | $ (3,590,500) | (40,591) | $ (2,381,118) |
Class I Shares | ||||
Shares sold | 101,666 | $ 6,454,179 | 171,464 | $ 13,046,450 |
Shares issued to shareholders in reinvestment of dividends | 16,489 | 1,017,848 | 1,089,536 | 85,936,055 |
Shares repurchased | (595,212) | (37,241,178) | (978,338) | (72,258,824) |
Net increase (decrease) | (477,057) | $ (29,769,151) | 282,662 | $ 26,723,681 |
Class R3 Shares | ||||
Shares sold | 25,100 | $ 1,501,124 | 24,799 | $ 1,702,857 |
Shares issued to shareholders in reinvestment of dividends | 266 | 15,650 | 81,262 | 6,082,567 |
Shares repurchased | (59,406) | (3,535,469) | (105,446) | (7,610,302) |
Net increase (decrease) | (34,040) | $ (2,018,695) | 615 | $ 175,122 |
Class R4 Shares | ||||
Shares sold | 5,518 | $ 336,921 | 11,684 | $ 827,543 |
Shares issued to shareholders in reinvestment of dividends | 107 | 6,387 | 14,252 | 1,084,494 |
Shares repurchased | (18,697) | (1,149,650) | (20,168) | (1,438,625) |
Net increase (decrease) | (13,072) | $ (806,342) | 5,768 | $ 473,412 |
Class R5 Shares | ||||
Shares sold | 9,468 | $ 593,423 | 11,303 | $ 807,519 |
Shares issued to shareholders in reinvestment of dividends | 484 | 29,855 | 46,107 | 3,628,979 |
Shares repurchased | (69,751) | (4,490,099) | (97,834) | (7,103,709) |
Net increase (decrease) | (59,799) | $ (3,866,821) | (40,424) | $ (2,667,211) |
September 30, 2023
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
SMALL/MID CAP GROWTH FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 195,052 | $ 4,608,839 | 479,005 | $ 15,626,745 |
Shares issued to shareholders in reinvestment of dividends | - | - | 3,054,719 | 110,183,728 |
Shares repurchased | (1,697,313) | (39,033,955) | (3,145,771) | (92,472,572) |
Net increase (decrease) | (1,502,261) | $ (34,425,116) | 387,953 | $ 33,337,901 |
Class C Shares | ||||
Shares sold | 5,569 | $ 94,146 | 33,600 | $ 727,603 |
Shares issued to shareholders in reinvestment of dividends | - | - | 334,608 | 8,877,148 |
Shares repurchased | (154,543) | (2,597,269) | (555,269) | (12,939,363) |
Net increase (decrease) | (148,974) | $ (2,503,123) | (187,061) | $ (3,334,612) |
Class I Shares | ||||
Shares sold | 134,409 | $ 3,559,163 | 850,566 | $ 47,437,538 |
Shares issued to shareholders in reinvestment of dividends | - | - | 2,318,105 | 95,714,556 |
Shares repurchased | (842,729) | (22,252,193) | (3,340,551) | (118,713,560) |
Net increase (decrease) | (708,320) | $ (18,693,030) | (171,880) | $ 24,438,534 |
Class R3 Shares | ||||
Shares sold | 67,079 | $ 1,543,065 | 78,566 | $ 2,122,092 |
Shares issued to shareholders in reinvestment of dividends | - | - | 257,207 | 9,092,273 |
Shares repurchased | (164,259) | (3,708,208) | (181,644) | (5,129,736) |
Net increase (decrease) | (97,180) | $ (2,165,143) | 154,129 | $ 6,084,629 |
Class R4 Shares | ||||
Shares sold | 4,685 | $ 107,643 | 11,058 | $ 326,875 |
Shares issued to shareholders in reinvestment of dividends | - | - | 13,941 | 504,087 |
Shares repurchased | (21,567) | (514,998) | (12,824) | (403,205) |
Net increase (decrease) | (16,882) | $ (407,355) | 12,175 | $ 427,757 |
Class R5 Shares | ||||
Shares sold | 63,782 | $ 1,783,353 | 46,825 | $ 1,617,763 |
Shares issued to shareholders in reinvestment of dividends | - | - | 159,882 | 6,590,335 |
Shares repurchased | (163,354) | (4,359,536) | (231,439) | (7,667,005) |
Net increase (decrease) | (99,572) | $ (2,576,183) | (24,732) | $ 541,093 |
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
INCOME BUILDER FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 17,596,421 | $ 385,599,031 | 20,452,673 | $ 471,778,955 |
Shares issued to shareholders in reinvestment of dividends | 8,296,992 | 183,332,988 | 8,182,741 | 184,957,591 |
Shares repurchased | (25,830,307) | (567,648,084) | (23,393,696) | (533,787,843) |
Net increase (decrease) | 63,106 | $ 1,283,935 | 5,241,718 | $ 122,948,703 |
September 30, 2023
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
INCOME BUILDER FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class C Shares | ||||
Shares sold | 2,870,931 | $ 63,315,846 | 3,169,422 | $ 73,205,279 |
Shares issued to shareholders in reinvestment of dividends | 1,113,980 | 24,504,174 | 1,480,354 | 33,671,970 |
Shares repurchased | (11,575,054) | (253,678,474) | (15,161,446) | (349,728,724) |
Net increase (decrease) | (7,590,143) | $ (165,858,454) | (10,511,670) | $ (242,851,475) |
Class I Shares | ||||
Shares sold | 64,411,465 | $ 1,435,919,240 | 43,401,332 | $ 1,001,318,903 |
Shares issued to shareholders in reinvestment of dividends | 14,007,229 | 312,275,940 | 13,008,019 | 295,975,824 |
Shares repurchased | (45,547,584) | (1,005,204,732) | (40,351,846) | (925,057,512) |
Net increase (decrease) | 32,871,110 | $ 742,990,448 | 16,057,505 | $ 372,237,215 |
Class R3 Shares | ||||
Shares sold | 73,395 | $ 1,622,458 | 109,253 | $ 2,539,813 |
Shares issued to shareholders in reinvestment of dividends | 44,819 | 988,379 | 50,372 | 1,139,554 |
Shares repurchased | (255,363) | (5,600,344) | (214,599) | (4,846,144) |
Net increase (decrease) | (137,149) | $ (2,989,507) | (54,974) | $ (1,166,777) |
Class R4 Shares | ||||
Shares sold | 59,372 | $ 1,302,050 | 74,259 | $ 1,699,300 |
Shares issued to shareholders in reinvestment of dividends | 21,972 | 485,428 | 23,766 | 538,409 |
Shares repurchased | (155,126) | (3,464,600) | (123,516) | (2,772,170) |
Net increase (decrease) | (73,782) | $ (1,677,122) | (25,491) | $ (534,461) |
Class R5 Shares | ||||
Shares sold | 172,160 | $ 3,781,989 | 319,714 | $ 7,363,065 |
Shares issued to shareholders in reinvestment of dividends | 50,269 | 1,114,795 | 58,724 | 1,342,082 |
Shares repurchased | (922,962) | (20,762,678) | (539,290) | (12,709,352) |
Net increase (decrease) | (700,533) | $ (15,865,894) | (160,852) | $ (4,004,205) |
Class R6 Shares | ||||
Shares sold | 1,979,752 | $ 43,778,848 | 2,015,040 | $ 45,266,210 |
Shares issued to shareholders in reinvestment of dividends | 397,853 | 8,855,951 | 282,496 | 6,359,945 |
Shares repurchased | (393,241) | (8,732,940) | (286,739) | (6,627,495) |
Net increase (decrease) | 1,984,364 | $ 43,901,859 | 2,010,797 | $ 44,998,660 |
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
SUMMIT FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 579,948 | $ 6,585,955 | 55,966 | $ 640,846 |
Shares issued to shareholders in reinvestment of dividends | 9,556 | 110,469 | 561 | 6,137 |
Shares repurchased | (109,451) | (1,245,452) | (7,383) | (81,922) |
Net increase (decrease) | 480,053 | $ 5,450,972 | 49,144 | $ 565,061 |
September 30, 2023
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
SUMMIT FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class I Shares | ||||
Shares sold | 1,638,376 | $ 18,606,705 | 932,567 | $ 11,328,129 |
Shares issued to shareholders in reinvestment of dividends | 153,205 | 1,755,389 | 858,759 | 10,674,300 |
Shares repurchased | (601,699) | (6,848,241) | (740,432) | (8,263,980) |
Net increase (decrease) | 1,189,882 | $ 13,513,853 | 1,050,894 | $ 13,738,449 |
Purchases | Sales | |
Global Opportunities Fund | $ 289,356,930 | $ 165,531,422 |
International Equity Fund | 992,279,509 | 1,288,626,481 |
Better World International Fund | 445,589,101 | 372,083,700 |
International Growth Fund | 335,200,693 | 578,608,425 |
Developing World Fund | 373,003,568 | 395,224,898 |
Small/Mid Cap Core Fund | 198,719,796 | 288,429,521 |
Small/Mid Cap Growth Fund | 128,765,955 | 191,490,038 |
Income Builder Fund | 3,134,038,056 | 2,753,723,889 |
Summit Fund | 70,150,812 | 53,578,952 |
September 30, 2023
September 30, 2023
Type of Derivative(a) | Counter Party | Asset Derivatives | Liability Derivatives | Net Amount | |
Global Opportunities Fund | Forward currency contracts | SSB | $ 3,394,959 | $ — | $ 3,394,959 |
Forward currency contracts | BBH | 1,886,278 | — | 1,886,278 | |
$ 5,281,237 | $ — | $ 5,281,237 | |||
International Equity Fund | Forward currency contracts | BBH | 13,266,654 | (4,268,893) | 8,997,761 |
$ 13,266,654 | $ (4,268,893) | $ 8,997,761 | |||
Income Builder Fund | Forward currency contracts | SSB | 52,724,525 | (304,602) | 52,419,923 |
Forward currency contracts | BBH | 23,977,223 | — | 23,977,223 | |
$ 76,701,748 | $ (304,602) | $ 76,397,146 | |||
Summit Fund | Forward currency contracts | SSB | — | (100,657) | (100,657) |
Forward currency contracts | MSC | — | (116,432) | (116,432) | |
$ — | $ (217,089) | $ (217,089) |
(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(1) | Gain (Loss) | Appreciation (Depreciation) | |||
Global Opportunities Fund | Forward currency contracts | $ (5,829,090) | $ (354,080) | ||
International Equity Fund | Forward currency contracts | 168,438 | 8,997,761 | ||
Income Builder Fund | Forward currency contracts | (132,955,718) | (26,735,485) | ||
Summit Fund | Forward currency contracts | (70,484) | (43,995) | ||
Summit Fund | Purchased Options | 3,058 | - |
(1) | 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 purchased option contracts is Net realized gain (loss) on: options purchased. |
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) | ||||||||||
2023 | $ 27.76 | 0.67 | 5.35 | 6.02 | (0.36) | (0.79) | — | (1.15) | $ 32.63 | |
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 | |
CLASS C SHARES | ||||||||||
2023 | $ 26.21 | 0.40 | 5.06 | 5.46 | (0.06) | (0.79) | — | (0.85) | $ 30.82 | |
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 | |
CLASS I SHARES | ||||||||||
2023 | $ 27.91 | 0.78 | 5.37 | 6.15 | (0.45) | (0.79) | — | (1.24) | $ 32.82 | |
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 | |
CLASS R3 SHARES | ||||||||||
2023 | $ 27.37 | 0.61 | 5.28 | 5.89 | (0.27) | (0.79) | — | (1.06) | $ 32.20 | |
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 | |
CLASS R4 SHARES | ||||||||||
2023 | $ 27.53 | 0.64 | 5.30 | 5.94 | (0.32) | (0.79) | — | (1.11) | $ 32.36 | |
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 | |
CLASS R5 SHARES | ||||||||||
2023 | $ 27.95 | 0.79 | 5.37 | 6.16 | (0.45) | (0.79) | — | (1.24) | $ 32.87 | |
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 | |
CLASS R6 SHARES | ||||||||||
2023 | $ 28.03 | 0.82 | 5.40 | 6.22 | (0.49) | (0.79) | — | (1.28) | $ 32.97 | |
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 |
(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 2023 would have been: Class A, 2.07%; Class C, 1.28%; Class I, 2.38%; Class R3, 1.91%; Class R4, 1.97%; Class R5, 2.41%; Class R6, 2.52%, 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) | |||||||
2023 | 2.09 | 1.29 | 1.33 | 21.93 | 17.07 | $ 284,351 | |
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 | |
CLASS C SHARES | |||||||
2023 | 1.31 | 2.09 | 2.13 | 20.99 | 17.07 | $ 39,916 | |
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 | |
CLASS I SHARES | |||||||
2023 | 2.41 | 0.99 | 1.06 | 22.32 | 17.07 | $ 626,942 | |
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 | |
CLASS R3 SHARES | |||||||
2023 | 1.94 | 1.50 | 2.43 | 21.76 | 17.07 | $ 2,761 | |
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 | |
CLASS R4 SHARES | |||||||
2023 | 2.00 | 1.40 | 2.10 | 21.82 | 17.07 | $ 5,023 | |
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 | |
CLASS R5 SHARES | |||||||
2023 | 2.43 | 0.99 | 1.20 | 22.32 | 17.07 | $ 17,592 | |
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 | |
CLASS R6 SHARES | |||||||
2023 | 2.54 | 0.85 | 1.02 | 22.50 | 17.07 | $ 57,844 | |
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 |
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) | ||||||||||
2023 | $ 18.19 | 0.38 | 4.30 | 4.68 | (0.36) | — | — | (0.36) | $ 22.51 | |
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 | |
CLASS C SHARES | ||||||||||
2023 | $ 15.61 | 0.15 | 3.69 | 3.84 | (0.21) | — | — | (0.21) | $ 19.24 | |
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 | |
CLASS I SHARES | ||||||||||
2023 | $ 18.98 | 0.44 | 4.48 | 4.92 | (0.44) | — | — | (0.44) | $ 23.46 | |
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 | |
CLASS R3 SHARES | ||||||||||
2023 | $ 18.17 | 0.32 | 4.29 | 4.61 | (0.34) | — | — | (0.34) | $ 22.44 | |
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 | |
CLASS R4 SHARES | ||||||||||
2023 | $ 18.03 | 0.36 | 4.25 | 4.61 | (0.39) | — | — | (0.39) | $ 22.25 | |
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 | |
CLASS R5 SHARES | ||||||||||
2023 | $ 18.96 | 0.44 | 4.47 | 4.91 | (0.44) | — | — | (0.44) | $ 23.43 | |
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 | |
CLASS R6 SHARES | ||||||||||
2023 | $ 18.89 | 0.48 | 4.46 | 4.94 | (0.49) | — | — | (0.49) | $ 23.34 | |
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 |
(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 2023 would have been: Class A, 1.77%; Class C, 0.87%; Class I, 1.99%; Class R3, 1.51%; Class R4, 1.72%; Class R5, 1.98%; Class R6, 2.18%, 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) | The total return based on the NAV which reflects adjustments in accordance with U.S. GAAP is 26.15%. |
+ | 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) | |||||||
2023 | 1.68 | 1.10 | 1.23 | 25.83 | 43.13 | $ 371,073 | |
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 | |
CLASS C SHARES | |||||||
2023 | 0.77 | 1.98 | 2.12 | 24.70 | 43.13 | $ 12,360 | |
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 | |
CLASS I SHARES | |||||||
2023 | 1.90 | 0.88 | 1.01 | 26.09 (f) | 43.13 | $ 1,390,996 | |
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 | |
CLASS R3 SHARES | |||||||
2023 | 1.42 | 1.36 | 1.71 | 25.47 | 43.13 | $ 110,275 | |
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 | |
CLASS R4 SHARES | |||||||
2023 | 1.62 | 1.16 | 1.48 | 25.68 | 43.13 | $ 82,599 | |
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 | |
CLASS R5 SHARES | |||||||
2023 | 1.90 | 0.90 | 1.23 | 26.03 | 43.13 | $ 101,451 | |
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 | |
CLASS R6 SHARES | |||||||
2023 | 2.09 | 0.70 | 0.94 | 26.29 | 43.13 | $ 294,974 | |
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 |
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) | ||||||||||
2023 | $ 13.48 | 0.14 | 2.52 | 2.66 | (0.04) | — | — | (0.04) | $ 16.10 | |
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 | |
CLASS C SHARES | ||||||||||
2023 | $ 13.11 | 0.02 | 2.46 | 2.48 | — | — | — | — | $ 15.59 | |
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 | |
CLASS I SHARES | ||||||||||
2023 | $ 13.93 | 0.24 | 2.61 | 2.85 | (0.14) | — | — | (0.14) | $ 16.64 | |
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 |
(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 2023 would have been: Class A, 0.85%; Class C, 0.12%; Class I, 1.42%, 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) | |||||||
2023 | 0.87 | 1.46 | 1.60 | 19.79 | 80.23 | $ 40,587 | |
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 | |
CLASS C SHARES | |||||||
2023 | 0.14 | 2.19 | 2.82 | 18.92 | 80.23 | $ 6,177 | |
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 | |
CLASS I SHARES | |||||||
2023 | 1.44 | 0.90 | 1.26 | 20.49 | 80.23 | $ 513,331 | |
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 |
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) | ||||||||||
2023 | $ 18.22 | 0.02 | 3.41 | 3.43 | (0.06) | — | — | (0.06) | $ 21.59 | |
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 | |
CLASS C SHARES | ||||||||||
2023 | $ 16.33 | (0.16) | 3.05 | 2.89 | — | — | — | — | $ 19.22 | |
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 | |
CLASS I SHARES | ||||||||||
2023 | $ 18.97 | 0.11 | 3.53 | 3.64 | (0.15) | — | — | (0.15) | $ 22.46 | |
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 | |
CLASS R3 SHARES | ||||||||||
2023 | $ 17.90 | (0.01) | 3.35 | 3.34 | (0.03) | — | — | (0.03) | $ 21.21 | |
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 | |
CLASS R4 SHARES | ||||||||||
2023 | $ 18.06 | 0.02 | 3.37 | 3.39 | (0.07) | — | — | (0.07) | $ 21.38 | |
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 | |
CLASS R5 SHARES | ||||||||||
2023 | $ 19.03 | 0.11 | 3.55 | 3.66 | (0.16) | — | — | (0.16) | $ 22.53 | |
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 | |
CLASS R6 SHARES | ||||||||||
2023 | $ 19.13 | 0.14 | 3.56 | 3.70 | (0.18) | — | — | (0.18) | $ 22.65 | |
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 |
(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 2023 would have been: Class A, 0.08%; Class C, (0.83)%; Class I, 0.45%; Class R3, (0.05)%; Class R4, 0.05%; Class R5, 0.48%; Class R6, 0.58%, 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) | |||||||
2023 | 0.10 | 1.37 | 1.38 | 18.82 | 37.24 | $ 86,983 | |
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 | |
CLASS C SHARES | |||||||
2023 | (0.81) | 2.27 | 2.28 | 17.70 | 37.24 | $ 8,572 | |
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 | |
CLASS I SHARES | |||||||
2023 | 0.47 | 0.99 | 1.06 | 19.23 | 37.24 | $ 627,050 | |
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 | |
CLASS R3 SHARES | |||||||
2023 | (0.03) | 1.50 | 2.25 | 18.69 | 37.24 | $ 4,508 | |
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 | |
CLASS R4 SHARES | |||||||
2023 | 0.08 | 1.40 | 2.01 | 18.78 | 37.24 | $ 7,083 | |
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 | |
CLASS R5 SHARES | |||||||
2023 | 0.50 | 0.99 | 1.38 | 19.25 | 37.24 | $ 12,979 | |
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 | |
CLASS R6 SHARES | |||||||
2023 | 0.60 | 0.89 | 1.02 | 19.38 | 37.24 | $ 73,130 | |
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 |
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) | ||||||||||
2023 | $ 18.43 | 0.18 | 1.34 | 1.52 | (0.27) | — | — | (0.27) | $ 19.68 | |
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 | |
CLASS C SHARES | ||||||||||
2023 | $ 17.18 | 0.01 | 1.26 | 1.27 | (0.05) | — | — | (0.05) | $ 18.40 | |
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 | |
CLASS I SHARES | ||||||||||
2023 | $ 18.93 | 0.27 | 1.37 | 1.64 | (0.36) | — | — | (0.36) | $ 20.21 | |
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 | |
CLASS R5 SHARES | ||||||||||
2023 | $ 18.87 | 0.27 | 1.37 | 1.64 | (0.36) | — | — | (0.36) | $ 20.15 | |
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 | |
CLASS R6 SHARES | ||||||||||
2023 | $ 18.98 | 0.29 | 1.37 | 1.66 | (0.38) | — | — | (0.38) | $ 20.26 | |
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 |
(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) | |||||||
2023 | 0.87 | 1.45 | 1.60 | 8.24 | 37.64 | $ 83,389 | |
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 | |
CLASS C SHARES | |||||||
2023 | 0.04 | 2.27 | 2.42 | 7.36 | 37.64 | $ 11,621 | |
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 | |
CLASS I SHARES | |||||||
2023 | 1.31 | 1.04 | 1.28 | 8.66 | 37.64 | $ 802,285 | |
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 | |
CLASS R5 SHARES | |||||||
2023 | 1.31 | 1.04 | 2.05 | 8.69 | 37.64 | $ 3,206 | |
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 | |
CLASS R6 SHARES | |||||||
2023 | 1.40 | 0.94 | 1.24 | 8.75 | 37.64 | $ 60,741 | |
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 |
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) | ||||||||||
2023 | $ 55.35 | (0.24) | 5.60 | 5.36 | (0.03) | — | — | (0.03) | $ 60.68 | |
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 | |
CLASS C SHARES | ||||||||||
2023 | $ 47.29 | (0.70) | 4.77 | 4.07 | — | — | — | — | $ 51.36 | |
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 | |
CLASS I SHARES | ||||||||||
2023 | $ 58.01 | 0.01 | 5.86 | 5.87 | (0.32) | — | — | (0.32) | $ 63.56 | |
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 | |
CLASS R3 SHARES | ||||||||||
2023 | $ 55.03 | (0.21) | 5.57 | 5.36 | (0.07) | — | — | (0.07) | $ 60.32 | |
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 | |
CLASS R4 SHARES | ||||||||||
2023 | $ 55.96 | (0.15) | 5.65 | 5.50 | (0.14) | — | — | (0.14) | $ 61.32 | |
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 | |
CLASS R5 SHARES | ||||||||||
2023 | $ 57.90 | 0.02 | 5.84 | 5.86 | (0.31) | — | — | (0.31) | $ 63.45 | |
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 |
(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) | |||||||
2023 | (0.40) | 1.36 | 1.36 | 9.68 | 37.54 | $ 276,512 | |
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 | |
CLASS C SHARES | |||||||
2023 | (1.36) | 2.34 | 2.59 | 8.61 | 37.54 | $ 4,520 | |
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 | |
CLASS I SHARES | |||||||
2023 | 0.01 | 0.95 | 1.08 | 10.13 | 37.54 | $ 196,754 | |
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 | |
CLASS R3 SHARES | |||||||
2023 | (0.34) | 1.31 | 1.93 | 9.74 | 37.54 | $ 12,641 | |
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 | |
CLASS R4 SHARES | |||||||
2023 | (0.24) | 1.21 | 2.30 | 9.83 | 37.54 | $ 2,288 | |
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 | |
CLASS R5 SHARES | |||||||
2023 | 0.03 | 0.95 | 1.75 | 10.13 | 37.54 | $ 2,896 | |
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 |
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) | ||||||||||
2023 | $ 21.17 | (0.28) | 3.39 | 3.11 | — | — | — | — | $ 24.28 | |
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 | |
CLASS C SHARES | ||||||||||
2023 | $ 15.45 | (0.36) | 2.47 | 2.11 | — | — | — | — | $ 17.56 | |
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 | |
CLASS I SHARES | ||||||||||
2023 | $ 24.34 | (0.20) | 3.90 | 3.70 | — | — | — | — | $ 28.04 | |
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 | |
CLASS R3 SHARES | ||||||||||
2023 | $ 20.75 | (0.28) | 3.31 | 3.03 | — | — | — | — | $ 23.78 | |
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 | |
CLASS R4 SHARES | ||||||||||
2023 | $ 21.24 | (0.27) | 3.40 | 3.13 | — | — | — | — | $ 24.37 | |
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 | |
CLASS R5 SHARES | ||||||||||
2023 | $ 24.30 | (0.20) | 3.89 | 3.69 | — | — | — | — | $ 27.99 | |
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 |
(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) | |||||||
2023 | (1.20) | 1.42 | 1.42 | 14.69 | 45.46 | $ 132,659 | |
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 | |
CLASS C SHARES | |||||||
2023 | (2.12) | 2.34 | 2.72 | 13.66 | 45.46 | $ 3,743 | |
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 | |
CLASS I SHARES | |||||||
2023 | (0.73) | 0.95 | 1.09 | 15.20 | 45.46 | $ 110,878 | |
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 | |
CLASS R3 SHARES | |||||||
2023 | (1.24) | 1.46 | 1.93 | 14.60 | 45.46 | $ 13,868 | |
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 | |
CLASS R4 SHARES | |||||||
2023 | (1.14) | 1.36 | 3.29 | 14.74 | 45.46 | $ 861 | |
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 | |
CLASS R5 SHARES | |||||||
2023 | (0.73) | 0.95 | 1.55 | 15.19 | 45.46 | $ 7,852 | |
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 |
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) | ||||||||||
2023 | $ 19.22 | 1.11 | 3.14 | 4.25 | (1.14) | — | — | (1.14) | $ 22.33 | |
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 | |
CLASS C SHARES | ||||||||||
2023 | $ 19.19 | 0.94 | 3.15 | 4.09 | (0.98) | — | — | (0.98) | $ 22.30 | |
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 | |
CLASS I SHARES | ||||||||||
2023 | $ 19.36 | 1.19 | 3.15 | 4.34 | (1.20) | — | — | (1.20) | $ 22.50 | |
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 | |
CLASS R3 SHARES | ||||||||||
2023 | $ 19.21 | 1.02 | 3.15 | 4.17 | (1.06) | — | — | (1.06) | $ 22.32 | |
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 | |
CLASS R4 SHARES | ||||||||||
2023 | $ 19.24 | 1.06 | 3.13 | 4.19 | (1.08) | — | — | (1.08) | $ 22.35 | |
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 | |
CLASS R5 SHARES | ||||||||||
2023 | $ 19.35 | 1.09 | 3.22 | 4.31 | (1.18) | — | — | (1.18) | $ 22.48 | |
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 | |
CLASS R6 SHARES | ||||||||||
2023 | $ 19.30 | 1.21 | 3.13 | 4.34 | (1.21) | — | — | (1.21) | $ 22.43 | |
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 |
(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 2023 would have been: Class A, 5.05%; Class C, 4.25%; Class I, 5.34%; Class R3, 4.63%; Class R4, 4.81%; Class R5, 4.88%; Class R6, 5.45%, 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) | |||||||
2023 | 5.07 | 1.13 | 1.13 | 22.29 | 26.28 | $ 3,888,316 | |
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 | |
CLASS C SHARES | |||||||
2023 | 4.26 | 1.86 | 1.86 | 21.46 | 26.28 | $ 493,453 | |
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 | |
CLASS I SHARES | |||||||
2023 | 5.35 | 0.88 | 0.88 | 22.61 | 26.28 | $ 6,799,321 | |
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 | |
CLASS R3 SHARES | |||||||
2023 | 4.65 | 1.50 | 1.63 | 21.87 | 26.28 | $ 19,995 | |
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 | |
CLASS R4 SHARES | |||||||
2023 | 4.82 | 1.40 | 1.44 | 21.96 | 26.28 | $ 10,181 | |
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 | |
CLASS R5 SHARES | |||||||
2023 | 4.91 | 0.99 | 1.16 | 22.44 | 26.28 | $ 18,323 | |
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 | |
CLASS R6 SHARES | |||||||
2023 | 5.47 | 0.80 | 0.83 | 22.70 | 26.28 | $ 199,924 | |
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 |
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(e)(f) | ||||||||||
2023 | $ 10.31 | 0.29 | 0.99 | 1.28 | (0.29) | — | — | (0.29) | $ 11.30 | |
2022 | $ 12.06 | 0.18 | (1.74) | (1.56) | (0.19) | — | — | (0.19) | $ 10.31 | |
CLASS I SHARES | ||||||||||
2023 | $ 10.31 | 0.30 | 1.01 | 1.31 | (0.32) | — | — | (0.32) | $ 11.30 | |
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 (i) | $ 10.00 | 0.11 | 0.43 | 0.54 | (0.07) | — | — | (0.07) | $ 10.47 |
(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 2023 would have been: Class A, 2.57%; Class I, 2.61%. |
(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 After Expense Reductions ratios for 2021, 2020 and 2019 would have been 0.99%, 0.99% and 0.99% respectively. |
(c) | 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. |
(d) | Not annualized for periods less than one year. |
(e) | Effective date of this class of shares was January 26, 2022. |
(f) | Sales loads are not reflected in computing total return. |
(g) | Annualized. |
(h) | Due to the size of net assets and fixed expenses, ratios may appear disproportionate. |
(i) | 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) (%)(a) | Expenses, After Expense Reductions (%)(b) | Expenses, Before Expense Reductions (%)(c) | Total Return (%)(d) | Portfolio Turnover Rate (%)(d) | Net Assets at End of YEAR (Thousands) | |
CLASS A SHARES(e)(f) | |||||||
2023 | 2.58 | 0.94 | 2.03 | 12.39 | 80.17 | $ 5,978 | |
2022 | 2.40 (g) | 0.99 (g) | 9.32 (g)(h) | (13.02) | 128.69 | $ 507 | |
CLASS I SHARES | |||||||
2023 | 2.63 | 0.69 | 1.20 | 12.66 | 80.17 | $ 74,869 | |
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 (i) | 1.78 (g) | 1.72 (g) | 2.44 (g) | 5.45 | 53.38 | $ 35,489 |
Thornburg Equity Funds
September 30, 2023 (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 9/30/23 | Expenses Paid During Period 4/1/23-9/30/23 | Ending Account Value 9/30/23 | Expenses Paid During Period† 4/1/23-9/30/23 | Annualized Expense Ratio | ||
GLOBAL OPPORTUNITIES FUND | ||||||
CLASS A SHARES | $1,018.73 | $ 6.58 | $1,018.55 | $ 6.58 | 1.30% | |
CLASS C SHARES | $1,014.81 | $10.66 | $1,014.49 | $10.66 | 2.11% | |
CLASS I SHARES | $1,020.52 | $ 5.01 | $1,020.10 | $ 5.01 | 0.99% | |
CLASS R3 SHARES | $1,018.02 | $ 7.59 | $1,017.55 | $ 7.59 | 1.50% | |
CLASS R4 SHARES | $1,018.56 | $ 7.08 | $1,018.05 | $ 7.08 | 1.40% | |
CLASS R5 SHARES | $1,020.49 | $ 5.01 | $1,020.10 | $ 5.01 | 0.99% | |
CLASS R6 SHARES | $1,021.37 | $ 4.31 | $1,020.81 | $ 4.31 | 0.85% | |
INTERNATIONAL EQUITY FUND | ||||||
CLASS A SHARES | $ 982.55 | $ 5.32 | $1,019.70 | $ 5.42 | 1.07% | |
CLASS C SHARES | $ 977.65 | $10.01 | $1,014.94 | $10.20 | 2.02% | |
CLASS I SHARES | $ 983.23 | $ 4.38 | $1,020.66 | $ 4.46 | 0.88% | |
CLASS R3 SHARES | $ 980.77 | $ 6.75 | $1,018.25 | $ 6.88 | 1.36% | |
CLASS R4 SHARES | $ 981.91 | $ 5.76 | $1,019.25 | $ 5.87 | 1.16% | |
CLASS R5 SHARES | $ 983.22 | $ 4.47 | $1,020.56 | $ 4.56 | 0.90% | |
CLASS R6 SHARES | $ 983.98 | $ 3.48 | $1,021.56 | $ 3.55 | 0.70% | |
BETTER WORLD INTERNATIONAL FUND | ||||||
CLASS A SHARES | $ 981.71 | $ 7.25 | $1,017.75 | $ 7.38 | 1.46% | |
CLASS C SHARES | $ 978.05 | $10.86 | $1,014.09 | $11.06 | 2.19% | |
CLASS I SHARES | $ 984.62 | $ 4.48 | $1,020.56 | $ 4.56 | 0.90% |
September 30, 2023 (Unaudited)
Actual | Hypothetical * | |||||
Ending Account Value 9/30/23 | Expenses Paid During Period 4/1/23-9/30/23 | Ending Account Value 9/30/23 | Expenses Paid During Period† 4/1/23-9/30/23 | Annualized Expense Ratio | ||
INTERNATIONAL GROWTH FUND | ||||||
CLASS A SHARES | $ 941.16 | $ 6.67 | $1,018.20 | $ 6.93 | 1.37% | |
CLASS C SHARES | $ 936.65 | $11.17 | $1,013.54 | $11.61 | 2.30% | |
CLASS I SHARES | $ 942.91 | $ 4.82 | $1,020.10 | $ 5.01 | 0.99% | |
CLASS R3 SHARES | $ 941.00 | $ 7.30 | $1,017.55 | $ 7.59 | 1.50% | |
CLASS R4 SHARES | $ 941.44 | $ 6.81 | $1,018.05 | $ 7.08 | 1.40% | |
CLASS R5 SHARES | $ 943.08 | $ 4.82 | $1,020.10 | $ 5.01 | 0.99% | |
CLASS R6 SHARES | $ 943.76 | $ 4.34 | $1,020.61 | $ 4.51 | 0.89% | |
DEVELOPING WORLD FUND | ||||||
CLASS A SHARES | $ 950.73 | $ 7.19 | $1,017.70 | $ 7.44 | 1.47% | |
CLASS C SHARES | $ 946.99 | $11.08 | $1,013.69 | $11.46 | 2.27% | |
CLASS I SHARES | $ 953.31 | $ 5.09 | $1,019.85 | $ 5.27 | 1.04% | |
CLASS R5 SHARES | $ 953.63 | $ 5.09 | $1,019.85 | $ 5.27 | 1.04% | |
CLASS R6 SHARES | $ 953.42 | $ 4.60 | $1,020.36 | $ 4.76 | 0.94% | |
SMALL/MID CAP CORE FUND | ||||||
CLASS A SHARES | $1,025.69 | $ 6.91 | $1,018.25 | $ 6.88 | 1.36% | |
CLASS C SHARES | $1,020.66 | $11.85 | $1,013.34 | $11.81 | 2.34% | |
CLASS I SHARES | $1,027.81 | $ 4.83 | $1,020.31 | $ 4.81 | 0.95% | |
CLASS R3 SHARES | $1,026.02 | $ 6.65 | $1,018.50 | $ 6.63 | 1.31% | |
CLASS R4 SHARES | $1,026.61 | $ 6.15 | $1,019.00 | $ 6.12 | 1.21% | |
CLASS R5 SHARES | $1,027.86 | $ 4.83 | $1,020.31 | $ 4.81 | 0.95% | |
SMALL/MID CAP GROWTH FUND | ||||||
CLASS A SHARES | $1,049.26 | $ 7.24 | $1,018.00 | $ 7.13 | 1.41% | |
CLASS C SHARES | $1,044.61 | $11.99 | $1,013.34 | $11.81 | 2.34% | |
CLASS I SHARES | $1,051.76 | $ 4.89 | $1,020.31 | $ 4.81 | 0.95% | |
CLASS R3 SHARES | $1,048.96 | $ 7.50 | $1,017.75 | $ 7.38 | 1.46% | |
CLASS R4 SHARES | $1,049.52 | $ 6.99 | $1,018.25 | $ 6.88 | 1.36% | |
CLASS R5 SHARES | $1,051.86 | $ 4.89 | $1,020.31 | $ 4.81 | 0.95% | |
INCOME BUILDER FUND | ||||||
CLASS A SHARES | $1,032.06 | $ 5.71 | $1,019.45 | $ 5.67 | 1.12% | |
CLASS C SHARES | $1,028.56 | $ 9.36 | $1,015.84 | $ 9.30 | 1.84% | |
CLASS I SHARES | $1,033.16 | $ 4.49 | $1,020.66 | $ 4.46 | 0.88% | |
CLASS R3 SHARES | $1,030.29 | $ 7.63 | $1,017.55 | $ 7.59 | 1.50% | |
CLASS R4 SHARES | $1,030.75 | $ 7.13 | $1,018.05 | $ 7.08 | 1.40% | |
CLASS R5 SHARES | $1,032.66 | $ 5.04 | $1,020.10 | $ 5.01 | 0.99% | |
CLASS R6 SHARES | $1,033.58 | $ 4.08 | $1,021.06 | $ 4.05 | 0.80% | |
SUMMIT FUND | ||||||
CLASS A SHARES | $1,001.10 | $ 4.72 | $1,020.36 | $ 4.76 | 0.94% | |
CLASS I SHARES | $1,002.32 | $ 3.46 | $1,021.61 | $ 3.50 | 0.69% |
* | 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, 2023 (Unaudited)
TAXABLE ORDINARY | LONG TERM CAPITAL GAIN | |
Global Opportunities Fund | $ 12,565,759 | $ 28,972,823 |
International Equity Fund | 45,675,695 | 5,797,018 |
Better World International Fund | 3,475,993 | — |
International Growth Fund | 6,224,126 | — |
Developing World Fund | 16,428,824 | — |
Small/Mid Cap Core Fund | 1,277,575 | — |
Income Builder Fund | 577,032,504 | — |
Summit Fund | 2,062,953 | — |
QUALIFIED DIVIDEND INCOME | DIVIDENDS RECEIVED DEDUCTION | |
Global Opportunities Fund | 99.68 % | 43.30 % |
International Equity Fund | 100.00 | 5.65 |
Better World International Fund | 82.90 | 3.12 |
International Growth Fund | 100.00 | 12.06 |
Developing World Fund | 91.30 | 1.97 |
Income Builder Fund | 91.60 | 16.46 |
Summit Fund | 49.94 | 15.31 |
FOREIGN SOURCE INCOME | FOREIGN TAX CREDIT | |
Global Opportunities Fund | $ 26,957,946 | $ 736,756 |
International Equity Fund | 64,623,948 | 2,894,657 |
Better World International Fund | 10,711,294 | 596,352 |
International Growth Fund | 14,641,184 | 878,878 |
Developing World Fund | 28,233,315 | 2,407,811 |
Income Builder Fund | 435,732,137 | 17,142,289 |
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
• | Thornburg Global Opportunities Fund – the Trustees considered that the Fund outperformed its Morningstar category for the three-, five-, and ten-year periods, that the Fund outperformed its benchmark index for the three- and ten-year periods, and that the Fund generated a significant positive return in the one-year period despite underperforming its Morningstar category and index in that period. The Trustees considered that the Fund’s performance ranked in the first decile of its Morningstar category for the three-year period, and that its performance ranked favorably to the performance of a selected peer group of funds over all periods during the last ten years. 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 over time. |
• | Thornburg International Equity Fund – the Trustees considered that the Fund outperformed its Morningstar category and its primary benchmark index for the year-to-date, one-, three-, five-, and ten-year periods and, in the case of the primary benchmark index, since the Fund’s inception. The Trustees noted that the Fund’s performance ranked in the first decile of its Morningstar category for the five-year period, and that its performance ranked favorably to the performance of a selected peer group of funds over all periods during the last ten years. 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 over time. |
September 30, 2023 (Unaudited)
• | Thornburg Better World International Fund – the Trustees considered that the Fund outperformed its benchmark index and its Morningstar category in all periods since the Fund’s inception, ranked in the top decile of its Morningstar category for the three-year period and in the top percentile of its Morningstar category for the five-year period, and has delivered positive total returns in five of the seven calendar years since its inception. The Trustees noted that the Fund’s performance ranked favorably to the performance of a selected peer group of funds over all periods since the Fund’s inception. The Trustees also considered the contribution of the Advisor’s security selection and other factors to the Fund’s investment performance, noted explanations from the Advisor about its process for evaluating environmental, social, and governance characteristics and the potential for those characteristics to contribute positively to an investment, and observed the Advisor’s success in achieving the Fund’s investment objective over time. |
• | Thornburg International Growth Fund – The Trustees considered that the Fund outperformed its Morningstar category and benchmark index for the year-to-date and one-year periods, generated positive returns in longer periods, and that its underperformance in certain longer periods relative to its Morningstar category and benchmark index was not significant. The Trustees observed that steps the Advisor has taken in recent years with respect to the management of the Fund, including changes in the composition of the Fund’s investment team, appear to have had a positive effect on the Fund’s recent investment performance. The Trustees noted that the Fund’s performance ranked favorably to the performance of a selected peer group of funds over the last year, and the Trustees 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 over time. |
• | Thornburg Developing World Fund – the Trustees considered that the Fund outperformed its Morningstar category and benchmark index for the five-year period, performed generally in line with its category and benchmark for the ten-year period, and outperformed the benchmark 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 more recent periods and steps the Advisor is taking to remediate the Fund’s underperformance, and the Trustees noted improvements in the Fund’s performance for the year-to-date compared to other recent 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 over time.• |
• | 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 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 since the commencement of the Fund’s current investment strategies, and steps the Advisor is taking to remediate the Fund’s underperformance, including enhancements to the Fund’s investment team. The Trustees also considered explanations from the Advisor indicating that a significant portion of the Fund’s underperformance versus its current benchmark index was attributable to a small period of time in early 2021, and that since that time the Fund’s performance has been more competitive with its benchmark. The Trustees also noted that, notwithstanding recent underperformance, the Advisor has generally had success in achieving the Fund’s investment objectives over time. |
• | 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 since the commencement of the Fund’s current investment strategies, and steps the Advisor is taking to remediate the Fund’s underperformance, including enhancements to the Fund’s investment team. The Trustees also considered explanations from the Advisor indicating that a significant portion of the Fund’s underperformance versus its current benchmark index was attributable to a small period of time in early 2021, and that since that time the Fund’s performance has been more competitive with its benchmark, including specifically an improvement in the Fund’s performance for the year-to-date and one-year periods. The Trustees also noted that, notwithstanding recent underperformance, the Advisor has generally had success in achieving the Fund’s investment objectives over time. |
• | 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 its benchmark index for the three-year period, and the Trustees noted that the Fund’s underperformance versus its benchmark in other periods was not significant. The Trustees observed that, over most periods in the last ten years, the Fund’s performance ranked favorably to the performance of a selected peer group of funds and that, consistent with its primary investment objective. 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 over time, including particularly the Fund’s ability to continue to generate current income for its shareholders. |
• | 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 the one- and three-year periods and since the Fund’s inception. The Trustees noted that the Fund ranked in the fifth percentile of its Morningstar category for the three-year period and that its performance has ranked favorably to the performance of a selected peer group of funds over all periods since the Fund’s inception. The Trustees also |
September 30, 2023 (Unaudited)
• | Thornburg Global Opportunities Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one representative share class of the Fund was lower than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class of the Fund was higher than those median and average levels but within the range of total expenses for the Morningstar category. Peer group data showed that the Fund’s management fee and the total expense level for a representative share class of the Fund, while both higher than median levels for the peer group, were within the range of the management fees and total expenses for that peer group. |
• | Thornburg International Equity Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one representative share class of the Fund was lower than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class of the Fund was higher than those median and average levels but within the range of total expenses for the Morningstar category. Peer group data showed that the Fund’s management fee and the total expense level for a representative share class of the Fund, while both higher than median levels for the peer group, were within the range of the management fees and total expenses for that peer group. |
• | Thornburg Better World International Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one representative share class of the Fund was lower than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class of the Fund was higher than those median and average levels but within the range of total expenses for the Morningstar category. Peer group data showed that the Fund’s management fee and the total expense level for a representative share class of the Fund were both equal to the median levels for one peer group and were within the range of the management fees and the total expense levels for a second peer group. |
• | Thornburg International Growth Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one representative share class of the Fund was lower than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class of the Fund was higher than those median and average levels but within the range of total expenses for the Morningstar category. Peer group data showed that the Fund’s management fee and the total expense level for a representative share class of the Fund, while both higher than median levels for the peer group, were within the range of the management fees and total expenses for that peer group. |
• | Thornburg Developing World Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one representative share class of the Fund was lower than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class of the Fund was higher than those median and average levels but within the range of total expenses for the Morningstar category. Peer group data showed that the Fund’s management fee and the total expense level of a representative share class of the Fund were both lower than the median levels for 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 representative share class of the Fund was lower than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class of the Fund was higher than those median |
September 30, 2023 (Unaudited)
• | Thornburg Small/Mid Cap Growth Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one representative share class of the Fund was lower than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class of the Fund was higher than those median and average levels but within the range of total expenses for the Morningstar category. Peer group data showed that the Fund’s management fee was lower than the median level for the peer group and that the total expense level of one representative share class of the Fund was equal to the median level for the peer group. |
• | Thornburg Investment Income Builder Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one representative share class of the Fund was lower than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class of the Fund was higher than those median and average levels but within the range of total expenses for the Morningstar category. Peer group data showed that the Fund’s management fee was higher than the median level for the peer group but within the range of management fees paid by funds in the peer group. Peer group data also showed that the total expense level for a 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 the level of total expense for two representative share classes of the Fund were lower than the median and average levels charged to funds in the applicable Morningstar category. Peer group data showed that the Fund’s management fee and the total expense level of a representative share class of the Fund were both lower than the median levels for the peer group. |
September 30, 2023 (Unaudited)
September 30, 2023 (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, 77 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, 68 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, 62 Trustee since 2012, Member of 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, 74 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, 60 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, 59 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, 69 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, 64 Trustee since 1996, Chair of Operations Risk Oversight Committee, Member of Audit Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambé LLC, Santa Fe, NM (manufacturing and design company). | None |
ADVISORY TRUSTEE | ||
Lisa Black, 64(6) Trustee since 2023 | Until 2019, Senior Managing Director, Chief Investment Officer and Head, Taxable Fixed Income, Nuveen LLC, New York, NY; Managing Director, TIAA-CREF, New York, NY (1996-2012). | None |
September 30, 2023 (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, 60 President since 2023, Chief Financial Officer 2019-2023, Treasurer 2016-2019, Secretary 2018-2019(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016, and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011- 2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Randy Dry, 49 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, 57 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, 56 Chief Financial Officer since 2023 ,Treasurer since 2019(7) | 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, 43 Vice President since 2014 | Co-Head of Investments since 2019, and Portfolio Manager and Managing Director since 2013, of Thornburg Investment Management, Inc. | Not applicable |
Jeff Klingelhofer, 42 Vice President since 2016 | Co-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, 52 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, 46 Assistant Treasurer since 2022 | Senior Manager, Fund Administration of Thornburg Investment Management, Inc. since 2010. | Not applicable |
Natasha Rippel, 41 Secretary since 2021(7) | 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 22 separate investment “Funds” or “series.” Thornburg Investment Management, Inc. is the investment advisor to, and manages, the 22 Funds of the Trust. Each Trustee oversees the 22 Funds of the Trust. |
(3) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(4) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc. the investment advisor to the 22 Funds of the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares of the Trust. |
(5) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(6) | As of September 30, 2023, Ms. Black served as an Advisory Trustee in a non-voting capacity. Ms. Black was elected as an independent Trustee effective October 2, 2023. |
(7) | The Trust’s president, chief financial officer, secretary and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
■ | Thornburg Global Opportunities Fund |
■ | 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 | |
9 | |
Schedule of Investments | |
13 | |
17 | |
35 | |
44 | |
72 | |
74 | |
76 | |
78 | |
94 | |
102 | |
103 | |
105 | |
110 | |
112 |
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 | 0.74% | -3.43% | -0.38% | 0.12% | 3.91% |
With sales charge | -1.54% | -4.17% | -0.68% | -0.03% | 3.87% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 0.37% | -3.77% | -0.72% | -0.20% | 2.76% |
With sales charge | -0.12% | -3.77% | -0.72% | -0.20% | 2.76% |
Class C2 Shares (Incep: 10/1/20) | |||||
Without sales charge | 0.37% | -3.78% | - | - | -3.78% |
With sales charge | -0.27% | -3.78% | - | - | -3.78% |
Class I Shares (Incep: 7/5/96) | 0.96% | -3.19% | -0.12% | 0.41% | 3.21% |
Class R3 Shares (Incep: 7/1/03) | 0.70% | -3.50% | -0.47% | 0.04% | 1.52% |
Class R4 Shares (Incep: 2/1/14) | 0.61% | -3.51% | -0.48% | - | -0.01% |
Class R5 Shares (Incep: 5/1/12) | 0.94% | -3.22% | -0.16% | 0.37% | 0.33% |
Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged ( Since 11/16/87) | 1.33% | -3.17% | 0.68% | 0.81% | 4.63% |
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 | 3.06% | -1.97% | 1.30% | 1.61% | 4.21% |
With sales charge | 0.78% | -2.72% | 0.99% | 1.46% | 4.16% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 2.83% | -2.19% | 1.07% | 1.39% | 3.87% |
With sales charge | 2.33% | -2.19% | 1.07% | 1.39% | 3.87% |
Class C2 Shares (Incep: 10/1/20) | |||||
Without sales charge | 2.59% | -2.44% | - | - | -2.44% |
With sales charge | 1.94% | -2.44% | - | - | -2.44% |
Class I Shares (Incep: 7/5/96) | 3.36% | -1.72% | 1.59% | 1.93% | 4.34% |
Class R3 Shares (Incep: 7/1/03) | 2.93% | -2.18% | 1.09% | 1.44% | 2.87% |
Class R4 Shares (Incep: 2/1/14) | 2.84% | -2.21% | 1.07% | - | 1.32% |
Class R5 Shares (Incep: 5/1/12) | 3.44% | -1.69% | 1.58% | 1.86% | 1.99% |
Class R6 Shares (Incep: 4/10/17) | 3.43% | -1.64% | 1.65% | - | 1.66% |
Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged (Since 10/1/92) | 2.20% | -2.93% | 1.02% | 1.27% | 4.11% |
Bloomberg U.S. Aggregate Bond Total Return Index Value USD (Since 10/1/92) | 0.64% | -5.21% | 0.10% | 1.13% | 4.35% |
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 | 4.77% | 1.42% | 2.27% | - | 1.72% |
With sales charge | 2.40% | 0.65% | 1.96% | - | 1.56% |
Class I Shares (Incep: 12/30/13) | 4.98% | 1.62% | 2.47% | - | 1.91% |
ICE BofA U.S. Treasury Bill Index (Since 12/30/13) | 4.53% | 1.67% | 1.73% | - | 1.15% |
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 | 4.39% | 0.24% | 2.50% | 2.95% | 4.81% |
With sales charge | -0.33% | -1.30% | 1.56% | 2.48% | 4.51% |
Class C Shares (Incep: 12/19/07) | |||||
Without sales charge | 3.69% | -0.50% | 1.75% | 2.26% | 4.15% |
With sales charge | 2.69% | -0.50% | 1.75% | 2.26% | 4.15% |
Class I Shares (Incep: 12/19/07) | 4.90% | 0.66% | 2.90% | 3.33% | 5.17% |
Class R3 Shares (Incep: 5/1/12) | 4.15% | -0.01% | 2.24% | 2.78% | 3.35% |
Class R4 Shares (Incep: 2/1/14) | 4.24% | -0.01% | 2.25% | - | 2.63% |
Class R5 Shares (Incep: 5/1/12) | 4.90% | 0.63% | 2.90% | 3.31% | 3.85% |
Class R6 Shares (Incep: 4/10/17) | 4.97% | 0.71% | 2.98% | - | 3.17% |
Bloomberg U.S. Universal Total Return Index Value Unhedged (Since 12/19/07) | 1.61% | -4.68% | 0.34% | 1.43% | 2.76% |
Thornburg Limited Term U.S. Government Fund | September 30, 2023 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 173 |
Effective Duration | 3.8 Yrs |
Average Maturity | 5.1 Yrs |
Annualized Distribution Yield | 2.26% |
SEC Yield | 2.74% |
2% | 6% | 10% | 10% | 19% | 14% | 1% | 11% | 4% | 3% | 20% |
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, 2023 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 758 |
Effective Duration | 3.6 Yrs |
Average Maturity | 4.6 Yrs |
Annualized Distribution Yield | 3.20% |
SEC Yield | 4.16% |
2% | 11% | 13% | 11% | 13% | 12% | 5% | 8% | 4% | 8% | 13% |
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, 2023 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 307 |
Effective Duration | 0.5 Yrs |
Average Maturity | 0.6 Yrs |
Annualized Distribution Yield | 4.88% |
SEC Yield | 4.60% |
16% | 60% | 21% | 2% |
THORNBURG ULTRA SHORT INCOME FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | TLDAX | 885-216-812 |
Class I | TLDIX | 885-216-796 |
Thornburg Strategic Income Fund | September 30, 2023 (Unaudited)
PORTFOLIO COMPOSITION | |
Corporate/Convertible Bonds | 46.6% |
Asset Backed Securities | 12.1% |
Bank Loans | 1.0% |
Common & Preferred Stock | 0.3% |
U.S. Treasury Securities | 12.1% |
U.S. Government Agencies | 0.1% |
Other Fixed Income | 19.2% |
Other Assets Less Liabilities | 8.6% |
Annualized Distribution Yield | 4.19% |
SEC Yield | 4.28% |
TOP TEN INDUSTRY GROUPS | |
Utilities | 5.8% |
Financial Services | 5.6% |
Insurance | 4.7% |
Materials | 3.6% |
Software & Services | 3.3% |
Energy | 3.2% |
Equity Real Estate Investment Trusts (REITs) | 2.2% |
Technology Hardware & Equipment | 1.8% |
Capital Goods | 1.6% |
Commercial & Professional Services | 1.6% |
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, 2023
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
U.S. Treasury Securities — 23.5% | |||
United States Treasury Inflation Indexed Bonds, 1.75% due 1/15/2028 | $ 1,532,034 | $ 1,488,170 | |
United States Treasury Notes, | |||
0.125% due 12/15/2023 | 4,300,000 | 4,254,312 | |
3.375% due 5/15/2033 | 4,880,000 | 4,426,312 | |
3.50% due 2/15/2033 | 1,700,000 | 1,560,016 | |
3.875% due 8/15/2033 | 1,350,000 | 1,275,539 | |
4.00% due 2/28/2030 | 3,000,000 | 2,893,125 | |
4.375% due 10/31/2024 | 4,600,000 | 4,547,891 | |
United States Treasury Notes Inflationary Index, | |||
0.125% due 4/15/2027 - 7/15/2031 | 20,568,907 | 17,929,499 | |
0.25% due 1/15/2025 | 402,652 | 387,323 | |
0.50% due 4/15/2024 - 1/15/2028 | 813,795 | 774,565 | |
0.625% due 1/15/2024 | 399,562 | 395,743 | |
0.75% due 7/15/2028 | 529,104 | 492,322 | |
Total U.S. Treasury Securities (Cost $41,866,223) | 40,424,817 | ||
U.S. Government Agencies — 7.3% | |||
a | Durrah MSN 35603 (Guaranty: Export-Import Bank of the United States), 1.684% due 1/22/2025 | 195,812 | 190,273 |
HNA Group LLC (Guaranty: Export-Import Bank of the United States), 2.291% due 6/30/2027 | 1,045,135 | 982,926 | |
a | MSN 41079 and 41084 Ltd. (Guaranty: Export-Import Bank of the United States), 1.717% due 7/13/2024 | 144,519 | 141,448 |
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a | 2.29% due 2/15/2024 | 26,250 | 25,401 |
a | 2.46% due 12/15/2025 | 625,000 | 590,188 |
a,b | 5.92% (TSFR3M + 0.61%) due 4/15/2025 | 612,500 | 588,790 |
Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), | |||
a | 2.06% due 1/15/2026 | 875,000 | 826,280 |
a | 2.512% due 1/15/2026 | 1,318,750 | 1,251,335 |
Small Business Administration Participation Certificates, | |||
Series 2005-20H Class 1, 5.11% due 8/1/2025 | 19,337 | 18,746 | |
Series 2007-20D Class 1, 5.32% due 4/1/2027 | 58,079 | 56,385 | |
Series 2007-20F Class 1, 5.71% due 6/1/2027 | 37,377 | 36,474 | |
Series 2007-20I Class 1, 5.56% due 9/1/2027 | 126,324 | 123,043 | |
Series 2007-20K Class 1, 5.51% due 11/1/2027 | 103,944 | 101,205 | |
Series 2008-20G Class 1, 5.87% due 7/1/2028 | 206,627 | 202,476 | |
Series 2011-20G Class 1, 3.74% due 7/1/2031 | 370,684 | 347,220 | |
Series 2011-20K Class 1, 2.87% due 11/1/2031 | 639,734 | 586,366 | |
Series 2014-20H Class 1, 2.88% due 8/1/2034 | 407,056 | 368,492 | |
Series 2015-20B Class 1, 2.46% due 2/1/2035 | 386,438 | 345,057 | |
Series 2015-20G Class 1, 2.88% due 7/1/2035 | 778,348 | 703,517 | |
Series 2015-20I Class 1, 2.82% due 9/1/2035 | 798,999 | 704,738 | |
Series 2017-20I Class 1, 2.59% due 9/1/2037 | 1,731,234 | 1,536,201 | |
Series 2017-20K Class 1, 2.79% due 11/1/2037 | 863,696 | 774,943 | |
Thirax 1 LLC (Guaranty: Export-Import Bank of the United States), 0.968% due 1/14/2033 | 1,204,902 | 981,838 | |
Ulani MSN 35940 LLC (Guaranty: Export-Import Bank of the United States), 2.227% due 5/16/2025 | 729,167 | 690,747 | |
a,b | Washington Aircraft 2 Co DAC (Guaranty: Export-Import Bank of the United States), 6.091% (TSFR3M + 0.69%) due 6/26/2024 | 259,852 | 259,577 |
Total U.S. Government Agencies (Cost $13,603,843) | 12,433,666 | ||
Mortgage Backed — 65.3% | |||
b,c | Federal Agricultural Mortgage Corp. Mtg Trust, Whole Loan Securities Trust CMO, Seies 2021-1 Class A, 2.18% due 1/25/2051 | 4,268,490 | 3,278,539 |
Federal Home Loan Mtg Corp., | |||
b | 5.444% (H15T1Y + 2.15%) due 2/1/2046 | 1,404,344 | 1,418,645 |
Pool D98887, 3.50% due 1/1/2032 | 209,301 | 195,523 | |
Pool E09025, 2.50% due 3/1/2028 | 36,187 | 33,967 | |
Pool G13804, 5.00% due 3/1/2025 | 13,321 | 13,192 | |
Pool G15227, 3.50% due 12/1/2029 | 595,706 | 567,140 | |
Pool G16710, 3.00% due 11/1/2030 | 956,077 | 896,721 | |
Pool J11371, 4.50% due 12/1/2024 | 14,754 | 14,578 | |
Pool J21208, 2.50% due 11/1/2027 | 665,600 | 629,378 | |
Pool J37586, 3.50% due 9/1/2032 | 155,828 | 146,656 | |
Pool RE6097, 2.00% due 5/1/2051 | 2,114,335 | 1,549,019 | |
Pool RE6119, 2.50% due 12/1/2051 | 1,841,409 | 1,429,120 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 13 |
Thornburg Limited Term U.S. Government Fund | September 30, 2023
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Pool SE9046, 3.00% due 12/1/2051 | $ 2,162,602 | $ 1,781,664 | |
Pool T61943, 3.50% due 8/1/2045 | 89,847 | 78,158 | |
Pool T65457, 3.00% due 1/1/2048 | 425,283 | 354,470 | |
Federal Home Loan Mtg Corp., CMO REMIC, | |||
Series 3704 Class DC, 4.00% due 11/15/2036 | 15,838 | 15,747 | |
Series 3922 Class PQ, 2.00% due 4/15/2041 | 76,323 | 71,857 | |
b | Series 4105 Class FG, 5.828% (SOFR30A + 0.51%) due 9/15/2042 | 492,995 | 475,910 |
Series 4120 Class TC, 1.50% due 10/15/2027 | 353,323 | 329,390 | |
Series 4120 Class UE, 2.00% due 10/15/2027 | 409,122 | 385,451 | |
Federal Home Loan Mtg Corp., Multifamily Structured Pass Through Certificates, CMBS, | |||
Series K042 Class A1, 2.267% due 6/25/2024 | 433,527 | 426,943 | |
Series K043 Class A2, 3.062% due 12/25/2024 | 1,357,000 | 1,315,344 | |
b | Series K047 Class A2, 3.329% due 5/25/2025 | 1,250,000 | 1,207,472 |
Series K055 Class A1, 2.263% due 4/25/2025 | 31,394 | 30,626 | |
b | Series K061 Class A2, 3.347% due 11/25/2026 | 290,000 | 274,618 |
b | Series K069 Class A2, 3.187% due 9/25/2027 | 180,000 | 167,245 |
Series K071 Class A2, 3.286% due 11/25/2027 | 2,000,000 | 1,859,195 | |
Series K072 Class A2, 3.444% due 12/25/2027 | 120,000 | 112,132 | |
Series K073 Class A2, 3.35% due 1/25/2028 | 3,000,000 | 2,790,868 | |
Series K095 Class A2, 2.785% due 6/25/2029 | 577,000 | 510,033 | |
Series K729 Class A2, 3.136% due 10/25/2024 | 3,500,000 | 3,412,493 | |
b | Series K730 Class A2, 3.59% due 1/25/2025 | 181,347 | 176,741 |
Series KHG1 Class A3, 3.341% due 12/25/2027 | 300,000 | 279,492 | |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, | |||
Series 2017-4 Class MT, 3.50% due 6/25/2057 | 597,970 | 513,763 | |
Series 2018-4 Class MA, 3.50% due 3/25/2058 | 753,259 | 691,317 | |
Series 2022-1 Class MTU, 3.25% due 11/25/2061 | 1,046,820 | 866,354 | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool QD9898, 3.00% due 4/1/2052 | 1,620,949 | 1,341,921 | |
Pool RA6808, 3.00% due 2/1/2052 | 2,178,968 | 1,809,584 | |
Pool RC1280, 3.00% due 3/1/2035 | 489,811 | 446,338 | |
Pool RC1826, 2.00% due 2/1/2036 | 1,384,005 | 1,187,468 | |
Pool RD5043, 2.00% due 12/1/2030 | 1,956,867 | 1,766,969 | |
Pool SB8010, 2.50% due 10/1/2034 | 559,262 | 495,302 | |
Pool SB8030, 2.00% due 12/1/2034 | 852,384 | 732,531 | |
Pool SD1669, 2.50% due 1/1/2052 | 2,377,728 | 1,887,521 | |
Pool ZS4730, 3.50% due 8/1/2047 | 789,944 | 690,342 | |
Pool ZS7299, 3.00% due 10/1/2030 | 502,648 | 470,894 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
Series 2015-SC02 Class 2A, 3.50% due 9/25/2045 | 196,788 | 175,309 | |
Series 2016-SC01 Class 1A, 3.00% due 7/25/2046 | 794,160 | 682,502 | |
Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | 242,506 | 216,099 | |
Series 2016-SC02 Class 2A, 3.50% due 10/25/2046 | 165,262 | 145,719 | |
Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | 1,412,873 | 1,170,304 | |
Series 2017-SC01 Class 2A, 3.50% due 12/25/2046 | 473,551 | 407,414 | |
Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | 309,784 | 263,793 | |
Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | 145,363 | 127,019 | |
Federal National Mtg Assoc., | |||
b | Pool 895572, 6.07% (RFUCCT1Y + 1.82%) due 6/1/2036 | 64,081 | 64,899 |
Pool BF0130, 3.50% due 8/1/2056 | 333,985 | 287,995 | |
Pool BF0144, 3.50% due 10/1/2056 | 470,909 | 414,590 | |
b | Pool BH4524, 2.143% (5-Yr. CMT + 1.150%) due 6/1/2046 | 1,469,091 | 1,340,536 |
b | Pool BM6885, 1.614% (2.21% - SOFR30A) due 12/1/2051 | 509,256 | 446,843 |
Pool BM6983, 3.00% due 3/1/2052 | 1,887,315 | 1,517,568 | |
b | Pool CB2214, 1.553% (2.20% - SOFR30A) due 11/1/2051 | 550,566 | 483,463 |
Federal National Mtg Assoc., CMBS, | |||
b | Series 2015-SB5 Class A10, 3.15% due 9/25/2035 | 293,742 | 284,830 |
b | Series 2018-SB47 Class A5H, 6.126% (SOFR30A + 0.81%) due 1/25/2038 | 403,971 | 397,953 |
Federal National Mtg Assoc., CMO REMIC, | |||
b | Series 2009-17 Class AH, 0.541% due 3/25/2039 | 193,299 | 139,036 |
Series 2011-70 Class CA, 3.00% due 8/25/2026 | 601,978 | 581,299 | |
b | Series 2013-81 Class FW, 5.729% (SOFR30A + 0.41%) due 1/25/2043 | 860,422 | 833,447 |
b | Series 2013-92 Class FA, 5.979% (SOFR30A + 0.66%) due 9/25/2043 | 593,351 | 569,825 |
14 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool AE0704, 4.00% due 1/1/2026 | $ 223,680 | $ 218,772 | |
Pool AJ1752, 3.50% due 9/1/2026 | 284,694 | 275,794 | |
Pool AK6768, 3.00% due 3/1/2027 | 409,580 | 390,658 | |
Pool AL6582, 3.50% due 4/1/2030 | 387,503 | 368,394 | |
Pool AL7801, 2.50% due 11/1/2030 | 1,437,953 | 1,322,011 | |
Pool AL9445, 3.00% due 7/1/2031 | 11,240 | 10,530 | |
Pool AL9821, 2.50% due 1/1/2032 | 1,745,146 | 1,595,881 | |
Pool AS9749, 4.00% due 6/1/2047 | 296,988 | 269,000 | |
Pool AU2669, 2.50% due 10/1/2028 | 456,592 | 428,162 | |
Pool AZ3778, 3.00% due 4/1/2030 | 884,953 | 831,620 | |
Pool BM4153, 3.00% due 6/1/2033 | 1,155,461 | 1,054,290 | |
Pool BM4864, 3.50% due 5/1/2033 | 734,962 | 694,616 | |
Pool BP9589, 2.50% due 8/1/2035 | 1,672,584 | 1,477,570 | |
Pool CA0942, 2.50% due 12/1/2032 | 765,586 | 695,864 | |
Pool CA4102, 3.50% due 8/1/2029 | 569,267 | 530,987 | |
Pool CA5271, 2.50% due 3/1/2035 | 1,036,171 | 921,916 | |
Pool CA5282, 3.00% due 3/1/2035 | 2,175,430 | 1,986,299 | |
Pool CA6862, 2.00% due 9/1/2035 | 1,247,753 | 1,078,419 | |
Pool CA7470, 2.00% due 10/1/2035 | 2,241,244 | 1,937,082 | |
Pool CA7535, 1.50% due 10/1/2030 | 2,204,272 | 1,935,357 | |
Pool CA7891, 1.50% due 11/1/2035 | 1,283,037 | 1,093,027 | |
Pool FM1523, 2.50% due 8/1/2029 | 537,190 | 486,514 | |
Pool FM2831, 2.50% due 5/1/2032 | 1,297,942 | 1,186,841 | |
Pool FM3494, 2.50% due 4/1/2048 | 1,142,020 | 930,263 | |
Pool FM5458, 1.50% due 12/1/2035 | 1,284,625 | 1,071,186 | |
Pool FS0898, 3.00% due 2/1/2052 | 4,889,219 | 4,056,051 | |
Pool FS0916, 3.00% due 3/1/2052 | 2,693,245 | 2,229,237 | |
Pool MA2353, 3.00% due 8/1/2035 | 623,447 | 557,071 | |
Pool MA3465, 4.00% due 9/1/2038 | 349,866 | 325,343 | |
Pool MA3557, 4.00% due 1/1/2029 | 420,701 | 399,511 | |
Pool MA3681, 3.00% due 6/1/2034 | 310,475 | 282,869 | |
Pool MA3826, 3.00% due 11/1/2029 | 646,864 | 592,261 | |
Pool MA3896, 2.50% due 1/1/2035 | 93,759 | 83,037 | |
Pool MA3953, 2.50% due 3/1/2030 | 365,677 | 329,015 | |
Pool MA4148, 2.00% due 10/1/2030 | 459,407 | 414,825 | |
Pool MA4390, 2.00% due 7/1/2031 | 3,266,967 | 2,949,388 | |
Pool MA4579, 3.00% due 4/1/2052 | 2,292,716 | 1,899,377 | |
Pool MA4598, 2.50% due 5/1/2052 | 1,168,815 | 927,858 | |
Government National Mtg Assoc., | |||
b | Pool 751392, 5.00% due 2/20/2061 | 174,907 | 171,652 |
b | Pool 894205, 2.625% (H15T1Y + 1.50%) due 8/20/2039 | 81,128 | 78,313 |
b | Pool MA0100, 3.875% (H15T1Y + 1.50%) due 5/20/2042 | 160,980 | 158,809 |
Pool MA0907, 2.00% due 4/20/2028 | 425,372 | 383,133 | |
Government National Mtg Assoc., CMBS, Series 2022-147 Class B, 2.20% due 10/16/2063 | 1,250,000 | 898,654 | |
Government National Mtg Assoc., CMO, | |||
Series 2016-H04 Class HA, 2.25% due 7/20/2065 | 1,388,163 | 1,335,778 | |
Series 2017-186 Class VA, 3.00% due 2/20/2031 | 1,845,126 | 1,759,978 | |
Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, | |||
b | Series 2017-3 Class HA, 3.25% due 7/25/2056 | 916,444 | 825,157 |
b | Series 2017-4 Class HT, 3.25% due 6/25/2057 | 2,659,220 | 2,311,227 |
b | Series 2018-1 Class HA, 3.00% due 5/25/2057 | 1,169,651 | 1,046,384 |
b | Series 2018-2 Class HA, 3.00% due 11/25/2057 | 646,103 | 584,751 |
Series 2018-3 Class HA, 3.00% due 8/25/2057 | 883,021 | 793,221 | |
b | Series 2018-3 Class MA, 3.50% due 8/25/2057 | 972,190 | 895,521 |
Series 2018-4 Class HA, 3.00% due 3/25/2058 | 1,090,344 | 976,144 | |
Series 2019-1 Class MA, 3.50% due 7/25/2058 | 2,071,835 | 1,895,657 | |
Series 2019-2 Class MA, 3.50% due 8/25/2058 | 1,848,484 | 1,683,296 | |
Series 2019-3 Class MA, 3.50% due 10/25/2058 | 734,489 | 673,002 | |
Series 2019-4 Class MA, 3.00% due 2/25/2059 | 1,109,750 | 991,467 | |
Series 2020-1 Class MA, 2.50% due 8/25/2059 | 1,651,540 | 1,457,736 | |
Series 2020-2 Class MA, 2.00% due 11/25/2059 | 1,621,876 | 1,401,297 | |
Series 2020-3 Class MA, 2.00% due 5/25/2060 | 527,441 | 453,987 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 15 |
Thornburg Limited Term U.S. Government Fund | September 30, 2023
Issuer-Description | PRINCIPAL AMOUNT | VALUE | |
Series 2020-3 Class MT, 2.00% due 5/25/2060 | $ 645,581 | $ 490,485 | |
Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, | |||
Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 1,942,059 | 1,690,959 | |
Series 2020-2 Class A1D, 1.75% due 9/25/2030 | 1,942,059 | 1,675,139 | |
Total Mortgage Backed (Cost $126,544,309) | 112,147,717 | ||
Asset Backed Securities — 0.5% | |||
Other Asset Backed — 0.5% | |||
Federal National Mtg Assoc., Grantor Trust, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 992,583 | 909,197 | |
909,197 | |||
Total Asset Backed Securities (Cost $992,583) | 909,197 | ||
Corporate Bonds — 1.8% | |||
Utilities — 1.8% | |||
Electric Utilities — 1.8% | |||
c | Caledonia Generating LLC, 1.95% due 2/28/2034 | 3,767,350 | 3,084,981 |
3,084,981 | |||
Total Corporate Bonds (Cost $3,658,366) | 3,084,981 | ||
Short-Term Investments — 0.3% | |||
Federal Agricultural Mortgage Corp. Discount Notes, due 10/2/2023 | 455,000 | 455,000 | |
Total Short-Term Investments (Cost $454,934) | 455,000 | ||
Total Investments — 98.7% (Cost $187,120,258) | $169,455,378 | ||
Other Assets Less Liabilities — 1.3% | 2,293,659 | ||
Net Assets — 100.0% | $171,749,037 |
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, 2023. |
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, 2023, the aggregate value of these securities in the Fund’s portfolio was $6,363,520, representing 3.71% of the Fund’s net assets. |
To simplify the listings of securities, abbreviations are used per the table below:
CMBS | Commercial Mortgage-Backed Securities |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Rate |
DAC | Designated Activity Company |
H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year |
Mtg | Mortgage |
REMIC | Real Estate Mortgage Investment Conduit |
RFUCCT1Y | Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year |
SOFR30A | Secured Overnight Financing Rate 30-Day Average |
TSFR3M | Term SOFR 3 Month |
UMBS | Uniform Mortgage Backed Securities |
16 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Thornburg Limited Term Income Fund | September 30, 2023
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
U.S. Treasury Securities — 15.0% | |||
United States Treasury Inflation Indexed Bonds, 1.75% due 1/15/2028 | $ 5,928,242 | $ 5,758,511 | |
United States Treasury Notes, | |||
0.125% due 1/15/2024 | 10,000,000 | 9,849,609 | |
2.50% due 2/28/2026 | 8,700,000 | 8,226,258 | |
2.875% due 5/15/2032 | 145,498,000 | 127,719,963 | |
3.375% due 5/15/2033 | 122,416,000 | 111,035,138 | |
3.625% due 5/15/2026 | 5,000,000 | 4,846,484 | |
3.875% due 8/15/2033 | 75,150,000 | 71,005,008 | |
4.125% due 11/15/2032 | 46,188,000 | 44,549,769 | |
4.25% due 5/31/2025 | 3,000,000 | 2,955,117 | |
4.375% due 10/31/2024 | 19,520,000 | 19,298,875 | |
United States Treasury Notes Inflationary Index, | |||
0.125% due 4/15/2027 - 7/15/2031 | 343,457,204 | 303,108,594 | |
0.25% due 1/15/2025 | 21,647,686 | 20,823,572 | |
0.50% due 4/15/2024 - 1/15/2028 | 29,399,573 | 27,982,336 | |
0.625% due 1/15/2024 - 7/15/2032 | 115,898,108 | 102,711,992 | |
0.75% due 7/15/2028 | 89,073,053 | 82,880,929 | |
1.125% due 1/15/2033 | 30,318,193 | 27,388,197 | |
1.25% due 4/15/2028 | 23,540,748 | 22,380,373 | |
1.375% due 7/15/2033 | 22,031,628 | 20,377,981 | |
Total U.S. Treasury Securities (Cost $1,052,167,185) | 1,012,898,706 | ||
U.S. Government Agencies — 0.4% | |||
Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
a,b | 5.92% (TSFR3M + 0.61%) due 4/15/2025 | 1,813,000 | 1,742,819 |
b | 6.50% due 1/23/2029 | 10,007,000 | 8,097,664 |
Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), | |||
b | 2.06% due 1/15/2026 | 375,000 | 354,120 |
b | 2.512% due 1/15/2026 | 1,625,000 | 1,541,930 |
Santa Rosa Leasing LLC (Guaranty: Export-Import Bank of the United States), 1.693% due 8/15/2024 | 315,116 | 307,827 | |
Small Business Administration Participation Certificates, | |||
Series 2008-20D Class 1, 5.37% due 4/1/2028 | 263,839 | 256,108 | |
Series 2009-20E Class 1, 4.43% due 5/1/2029 | 146,641 | 139,878 | |
Series 2009-20K Class 1, 4.09% due 11/1/2029 | 1,158,162 | 1,096,596 | |
Series 2011-20E Class 1, 3.79% due 5/1/2031 | 1,441,316 | 1,352,220 | |
Series 2011-20F Class 1, 3.67% due 6/1/2031 | 288,031 | 269,386 | |
Series 2011-20G Class 1, 3.74% due 7/1/2031 | 1,482,738 | 1,388,880 | |
Series 2011-20I Class 1, 2.85% due 9/1/2031 | 2,745,501 | 2,510,619 | |
Series 2011-20K Class 1, 2.87% due 11/1/2031 | 2,490,165 | 2,282,428 | |
Series 2012-20D Class 1, 2.67% due 4/1/2032 | 2,129,866 | 1,933,924 | |
Series 2012-20J Class 1, 2.18% due 10/1/2032 | 1,807,642 | 1,619,733 | |
Series 2012-20K Class 1, 2.09% due 11/1/2032 | 1,243,858 | 1,114,742 | |
Total U.S. Government Agencies (Cost $29,573,188) | 26,008,874 | ||
Other Government — 0.2% | |||
b,c | Bermuda Government International Bond, 2.375% due 8/20/2030 | 6,800,000 | 5,476,924 |
Carpintero Finance Ltd. (Guaranty: Export Credits Guarantee Department), | |||
b,c | 2.004% due 9/18/2024 | 1,317,353 | 1,284,077 |
b,c | 2.581% due 11/11/2024 | 1,553,476 | 1,522,210 |
b,c | Finance Department Government of Sharjah, 6.50% due 11/23/2032 | 3,828,000 | 3,799,749 |
b,c | Khadrawy Ltd. (Guaranty: Export Credits Guarantee Department), 2.471% due 3/31/2025 | 1,173,677 | 1,137,880 |
b | Sharjah Sukuk Program Ltd., 4.226% due 3/14/2028 | 2,000,000 | 1,872,680 |
Total Other Government (Cost $16,758,316) | 15,093,520 | ||
Mortgage Backed — 22.7% | |||
Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2020-2 Class A3, 5.00% due 1/26/2065 | 4,899,402 | 4,638,656 |
a,c | Series 2023-1 Class A1, 4.75% due 9/26/2067 | 14,307,101 | 13,509,485 |
a,c | Series 2023-2 Class A1, 4.65% due 10/25/2067 | 5,221,873 | 4,882,192 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 17 |
Thornburg Limited Term Income Fund | September 30, 2023
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2019-1 Class A1, 3.805% due 1/25/2049 | $ 4,364,784 | $ 4,040,449 |
a,c | Series 2019-1 Class A3, 4.208% due 1/25/2049 | 2,284,272 | 2,125,832 |
a,c | Series 2019-2 Class A1, 3.347% due 4/25/2049 | 1,820,812 | 1,633,767 |
a,c | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 4,356,974 | 3,900,869 |
c | Series 2020-1 Class A2, 2.927% due 3/25/2055 | 6,518,000 | 5,427,223 |
c | Series 2020-1 Class A3, 3.328% due 3/25/2055 | 4,500,000 | 3,583,176 |
c | Series 2020-1 Class M1, 4.277% due 3/25/2055 | 3,189,000 | 2,492,616 |
a,c | Series 2021-1R Class A1, 1.175% due 10/25/2048 | 8,974,514 | 7,010,524 |
c | Series 2022-1 Class M1, 3.65% due 12/25/2056 | 7,338,000 | 4,840,980 |
a,c,d | BPR Trust, CMBS, Series 2023-BRK2 Class A, 7.146% due 11/5/2028 | 4,250,000 | 4,249,785 |
c | BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 644,273 | 630,762 |
a,c | Bunker Hill Loan Depositary Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A3, 3.253% due 2/25/2055 | 3,285,000 | 2,942,075 |
c | Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | 4,600,000 | 3,652,693 |
Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, | |||
a,c | Series 2016-SH1 Class M3, 3.75% due 4/25/2045 | 1,867,837 | 1,618,252 |
a,c | Series 2016-SH2 Class M3, 3.75% due 12/25/2045 | 2,308,305 | 2,016,970 |
CHNGE Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2022-1 Class A1, 3.007% due 1/25/2067 | 14,191,373 | 12,504,053 |
a,c | Series 2022-2 Class M1, 4.609% due 3/25/2067 | 14,163,000 | 11,221,271 |
a,c | Series 2023-1 Class A1, 7.065% due 3/25/2058 | 8,296,268 | 8,213,955 |
a,c | CIM Trust, Whole Loan Securities Trust CMO, Series 2018-INV1 Class A4, 4.00% due 8/25/2048 | 747,606 | 657,992 |
Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
a | Series 2004-HYB2 Class B1, 4.655% due 3/25/2034 | 50,660 | 43,422 |
a,c | Series 2014-A Class A, 4.00% due 1/25/2035 | 493,431 | 457,801 |
a,c | Series 2014-J1 Class B4, 3.627% due 6/25/2044 | 1,489,969 | 1,114,891 |
a,c | Series 2021-J2 Class A7A, 2.50% due 7/25/2051 | 23,001,630 | 19,111,218 |
CSMC Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2013-HYB1 Class B3, 6.653% due 4/25/2043 | 86,239 | 85,123 |
a,c | Series 2021-AFC1 Class-A1, 0.83% due 3/25/2056 | 8,978,912 | 6,816,831 |
a,c | Series 2021-NQM3 Class A1, 1.015% due 4/25/2066 | 11,221,149 | 9,001,977 |
a,c | Series 2021-NQM8 Class-A1, 1.841% due 10/25/2066 | 15,509,869 | 12,538,187 |
a,c | Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | 11,953,492 | 11,244,747 |
c | DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | 2,920,000 | 2,302,778 |
a,c | Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 0.715% due 5/25/2065 | 3,346,217 | 3,010,601 |
Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2019-2 Class A1, 2.739% due 11/25/2059 | 3,466,172 | 3,151,874 |
a,c | Series 2021-2 Class A1, 0.931% due 6/25/2066 | 10,583,090 | 7,914,125 |
a,c | Series 2022-1 Class A1, 2.206% due 1/25/2067 | 18,362,872 | 14,339,704 |
Federal Home Loan Mtg Corp., | |||
a | Pool 1L0322, 3.071% (H15T1Y + 2.07%) due 2/1/2048 | 2,554,650 | 2,554,339 |
a | Pool 760025, 3.661% (5-Yr. CMT + 1.310%) due 10/1/2047 | 3,342,733 | 3,171,748 |
a | Pool 841097, 3.10% (5-Yr. CMT + 1.300%) due 9/1/2048 | 5,228,521 | 4,899,299 |
a | Pool 841362, 1.719% (2.15% - SOFR30A) due 2/1/2052 | 6,420,931 | 5,629,330 |
a | Pool 841377, 1.953% (2.23% - SOFR30A) due 4/1/2052 | 6,790,405 | 5,877,391 |
a | Pool 841463, 2.152% (2.18% - SOFR30A) due 7/1/2052 | 15,234,030 | 12,748,628 |
Pool D98887, 3.50% due 1/1/2032 | 700,635 | 654,511 | |
Pool G16710, 3.00% due 11/1/2030 | 259,326 | 243,226 | |
Pool RE6097, 2.00% due 5/1/2051 | 26,742,105 | 19,591,987 | |
Pool SE9046, 3.00% due 12/1/2051 | 23,239,464 | 19,145,885 | |
Federal Home Loan Mtg Corp., CMO REMIC, | |||
Series 3195 Class PD, 6.50% due 7/15/2036 | 197,451 | 202,754 | |
Series 3919 Class VB, 4.00% due 8/15/2024 | 23,874 | 23,782 | |
Series 3922 Class PQ, 2.00% due 4/15/2041 | 114,485 | 107,786 | |
Series 4120 Class TC, 1.50% due 10/15/2027 | 458,793 | 427,716 | |
Federal Home Loan Mtg Corp., Multifamily Structured Pass Through Certificates, CMBS, Series K071 Class A2, 3.286% due 11/25/2027 | 4,420,000 | 4,108,820 | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool RA6808, 3.00% due 2/1/2052 | 12,040,976 | 9,999,759 | |
Pool RA7373, 3.00% due 5/1/2052 | 5,700,608 | 4,734,927 | |
d | Pool SD0674, 2.50% due 9/1/2051 | 13,180,616 | 10,491,691 |
Pool SD1374, 3.00% due 3/1/2052 | 14,501,589 | 12,011,631 | |
Pool SD1669, 2.50% due 1/1/2052 | 26,235,478 | 20,826,607 | |
Pool SD8205, 2.50% due 4/1/2052 | 25,227,258 | 20,026,516 |
18 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Pool SD8219, 2.50% due 6/1/2052 | $ 24,521,493 | $ 19,466,248 | |
d | Pool SD8367, 5.50% due 10/1/2053 | 6,960,000 | 6,724,765 |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | 929,605 | 828,381 | |
Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | 8,532,571 | 7,067,657 | |
Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | 554,196 | 484,261 | |
Federal National Mtg Assoc., | |||
a | Pool BH4523, 1.863% (5-Yr. CMT + 1.150%) due 4/1/2047 | 5,511,250 | 5,054,415 |
a | Pool BH4524, 2.143% (5-Yr. CMT + 1.150%) due 6/1/2046 | 10,275,148 | 9,376,005 |
a | Pool BM6929, 1.924% (2.13% - SOFR30A) due 7/1/2051 | 4,686,210 | 4,174,318 |
Pool BM7067, 2.50% due 6/1/2051 | 3,415,065 | 2,653,657 | |
a | Pool BO9998, 2.738% (H15T1Y + 2.03%) due 3/1/2048 | 4,167,862 | 3,851,982 |
a | Pool BU9934, 1.844% (2.37% - SOFR30A) due 2/1/2052 | 9,333,451 | 7,950,926 |
a | Pool CB2214, 1.553% (2.20% - SOFR30A) due 11/1/2051 | 5,546,743 | 4,870,710 |
Federal National Mtg Assoc., CMO REMIC, | |||
a | Series 2009-17 Class AH, 0.541% due 3/25/2039 | 322,165 | 231,727 |
Series 2012-129 Class LA, 3.50% due 12/25/2042 | 1,268,641 | 1,118,271 | |
a | Series 2013-81 Class FW, 5.729% (SOFR30A + 0.41%) due 1/25/2043 | 3,126,316 | 3,028,303 |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool AE0704, 4.00% due 1/1/2026 | 581,787 | 569,022 | |
Pool AS9749, 4.00% due 6/1/2047 | 8,528 | 7,724 | |
Pool BM4324, 3.50% due 7/1/2033 | 2,335,678 | 2,194,809 | |
Pool BP9550, 2.50% due 7/1/2035 | 8,272 | 7,307 | |
Pool BP9589, 2.50% due 8/1/2035 | 675,396 | 596,649 | |
Pool CB1810, 3.00% due 10/1/2051 | 13,820,690 | 11,447,644 | |
Pool FS0898, 3.00% due 2/1/2052 | 31,837,705 | 26,412,268 | |
d | Pool FS5447, 2.50% due 9/1/2052 | 43,221,991 | 34,418,260 |
Pool MA3465, 4.00% due 9/1/2038 | 3,137,596 | 2,917,675 | |
Pool MA3953, 2.50% due 3/1/2030 | 2,457,350 | 2,210,980 | |
Pool MA4390, 2.00% due 7/1/2031 | 1,208,778 | 1,091,274 | |
Pool MA4493, 2.50% due 12/1/2051 | 19,843,084 | 15,782,870 | |
Pool MA4579, 3.00% due 4/1/2052 | 28,613,099 | 23,704,225 | |
Pool MA4599, 3.00% due 5/1/2052 | 53,525,920 | 44,336,768 | |
Pool MA5138, 5.50% due 9/1/2053 | 4,970,298 | 4,802,311 | |
Pool MA5139, 6.00% due 9/1/2053 | 4,473,383 | 4,414,704 | |
a,c | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 1,485,020 | 1,309,795 |
GCAT Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2019-NQM3 Class A1, 2.686% due 11/25/2059 | 3,897,779 | 3,601,457 |
a,c | Series 2021-CM1 Class A, 1.469% due 4/25/2065 | 9,431,493 | 8,508,073 |
a,c | Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 20,549,763 | 18,299,030 |
a,c | Series 2021-NQM4 Class A1, 1.093% due 8/25/2066 | 12,565,580 | 9,371,140 |
GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2020-PJ2 Class B3, 3.534% due 7/25/2050 | 5,118,766 | 4,089,448 |
a | Series 2023-CCM1 Class A1, 6.65% due 8/25/2053 | 13,285,985 | 13,268,682 |
a,c | GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, Series 2023-PJ2 Class A4, 5.50% due 5/25/2053 | 3,776,516 | 3,590,627 |
a,c | Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, Series 2022-1 A Class A1, 5.082% due 7/25/2067 | 5,515,372 | 5,342,917 |
c | Houston Galleria Mall Trust, CMBS, Series 2015-HGLR Class A1A2, 3.087% due 3/5/2037 | 8,033,750 | 7,525,084 |
Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2021-NQM3 Class A1, 1.595% due 11/25/2056 | 16,056,213 | 12,698,823 |
a,c | Series 2021-NQM4 Class A1, 2.091% due 1/25/2057 | 21,310,103 | 17,050,951 |
a,c | Series 2022- NQM1 Class A1, 2.493% due 2/25/2067 | 36,801,051 | 31,394,381 |
a,c | Series 2022-NQM2 Class A1, 3.638% due 3/25/2067 | 22,211,843 | 19,761,199 |
a,c | Series 2022-NQM4 Class A1, 4.767% due 6/25/2067 | 27,236,885 | 25,556,319 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2014-IVR3 Class B4, 4.854% due 9/25/2044 | 1,940,616 | 1,873,491 |
a,c | Series 2018-3 Class B2, 3.711% due 9/25/2048 | 2,409,022 | 2,099,718 |
a,c | Series 2018-6 Class B2, 3.891% due 12/25/2048 | 984,775 | 849,032 |
a,c | Series 2019-5 Class B3, 4.457% due 11/25/2049 | 7,888,641 | 6,886,512 |
a,c | Series 2019-HYB1 Class B3, 4.737% due 10/25/2049 | 5,542,030 | 4,833,772 |
a,c | Series 2019-INV2 Class B3A, 3.731% due 2/25/2050 | 9,146,222 | 6,843,732 |
a,c | Series 2021-LTV2 Class A1, 2.52% due 5/25/2052 | 35,507,960 | 27,493,409 |
a,c | Series 2022- LTV1 Class A1, 3.25% due 7/25/2052 | 13,206,089 | 10,706,258 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 19 |
Thornburg Limited Term Income Fund | September 30, 2023
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
a,c | Series 2022-2 Class A6A, 2.50% due 8/25/2052 | $ 31,444,022 | $ 27,113,980 |
a,c | Series 2022-DSC1 Class A1, 4.75% due 1/25/2063 | 8,972,839 | 8,110,495 |
a | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 4.765% due 8/25/2034 | 126,199 | 123,159 |
a,c | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 1,144,616 | 1,090,650 |
MFA Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2020-NQM3 Class A1, 1.014% due 1/26/2065 | 3,012,109 | 2,638,941 |
a,c | Series 2021-AEI1 Class A4, 2.50% due 8/25/2051 | 16,125,623 | 13,467,372 |
a,c | Series 2021-INV1 Class A1, 0.852% due 1/25/2056 | 3,816,593 | 3,395,475 |
a,c | Series 2021-INV2 Class A1, 1.906% due 11/25/2056 | 23,389,910 | 19,195,755 |
a,c | Series 2022-INV1 Class A3, 4.25% due 4/25/2066 | 4,995,000 | 3,839,856 |
a,c | Series 2022-NQM1 Class A3, 4.20% due 12/25/2066 | 13,129,000 | 10,433,909 |
a,c | MFRA Trust, Whole Loan Securities Trust CMO, Series 2022-CHM1 Class A1, 3.875% due 9/25/2056 | 18,853,710 | 17,372,828 |
a,c | Mill City Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 6.05% due 10/25/2067 | 14,038,299 | 13,770,067 |
Morgan Stanley Bank of America Merrill Lynch Trust, CMBS, Series 2015-C22 Class A4, 3.306% due 4/15/2048 | 1,100,000 | 1,046,767 | |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2017-2A Class A3, 4.00% due 3/25/2057 | 2,896,431 | 2,665,199 |
a,c | Series 2017-3A Class A1, 4.00% due 4/25/2057 | 3,526,365 | 3,271,001 |
a,c | Series 2017-4A Class A1, 4.00% due 5/25/2057 | 3,799,214 | 3,457,243 |
a,c | Series 2017-5A Class A1, 6.934% (TSFR1M + 1.61%) due 6/25/2057 | 272,273 | 270,500 |
a,c | Series 2017-6A Class A1, 4.00% due 8/27/2057 | 1,680,908 | 1,556,299 |
a,c | Series 2018-1A Class A1A, 4.00% due 12/25/2057 | 2,054,261 | 1,907,672 |
a,c | Series 2018-2A Class A1, 4.50% due 2/25/2058 | 3,614,929 | 3,405,558 |
a,c | Series 2018-RPL1 Class A1, 3.50% due 12/25/2057 | 2,115,516 | 1,968,689 |
a,c | Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | 40,020,334 | 35,232,032 |
c | NYC Commercial Mortgage Trust, CMBS, Series 2021-909 Class A, 2.941% due 4/10/2043 | 4,900,000 | 3,447,130 |
a,c | OBX Trust, Whole Loan Securities Trust CMO, Series 2021-NQM2 Class A1, 1.101% due 5/25/2061 | 17,752,026 | 13,156,175 |
c | One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | 7,655,652 | 6,098,367 |
a,c | Onslow Bay Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2021-NQM4 Class A1, 1.957% due 10/25/2061 | 45,783,511 | 35,415,255 |
PRKCM Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2021-AFC1 Class A1, 1.51% due 8/25/2056 | 29,695,298 | 22,648,722 |
a,c | Series 2021-AFC2 Class A1, 2.071% due 11/25/2056 | 16,739,508 | 13,468,194 |
a,c | PRPM Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A1, 4.40% due 4/25/2067 | 32,063,042 | 29,817,180 |
RAMP Trust, Whole Loan Securities Trust CMO, Series 2003-SL1 Class A31, 7.125% due 4/25/2031 | 284,533 | 284,533 | |
a,c | Rate Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-J1 Class A9, 2.50% due 1/25/2052 | 50,125,199 | 40,880,654 |
a,c | RCKT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class B3, 3.474% due 2/25/2050 | 3,077,484 | 2,533,703 |
Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, | |||
a | Series 2017-1 Class HA, 3.00% due 1/25/2056 | 4,391,210 | 3,937,476 |
a | Series 2017-3 Class HA, 3.25% due 7/25/2056 | 7,647,905 | 6,886,096 |
a | Series 2017-4 Class HT, 3.25% due 6/25/2057 | 7,128,298 | 6,195,469 |
a | Series 2018-1 Class HA, 3.00% due 5/25/2057 | 4,649,364 | 4,159,376 |
a | Series 2018-2 Class HA, 3.00% due 11/25/2057 | 10,337,650 | 9,356,010 |
Series 2018-3 Class HA, 3.00% due 8/25/2057 | 12,715,499 | 11,422,378 | |
a | Series 2018-3 Class MA, 3.50% due 8/25/2057 | 8,228,248 | 7,579,347 |
Series 2018-4 Class HA, 3.00% due 3/25/2058 | 10,723,294 | 9,600,159 | |
Series 2019-1 Class MA, 3.50% due 7/25/2058 | 20,872,799 | 19,097,883 | |
Series 2019-2 Class MA, 3.50% due 8/25/2058 | 22,142,612 | 20,163,856 | |
Series 2019-3 Class MA, 3.50% due 10/25/2058 | 10,368,048 | 9,500,103 | |
Series 2019-4 Class MA, 3.00% due 2/25/2059 | 17,121,509 | 15,296,613 | |
Series 2020-1 Class MA, 2.50% due 8/25/2059 | 2,838,303 | 2,505,234 | |
Series 2020-2 Class MA, 2.00% due 11/25/2059 | 21,428,427 | 18,514,099 | |
Series 2020-3 Class MA, 2.00% due 5/25/2060 | 12,136,420 | 10,446,239 | |
Series 2020-3 Class MT, 2.00% due 5/25/2060 | 3,737,914 | 2,839,906 | |
Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, | |||
Series 2019-2 Class A1C, 2.75% due 9/25/2029 | 15,354,047 | 13,885,181 | |
Series 2019-3 Class A1C, 2.75% due 11/25/2029 | 2,583,543 | 2,315,486 | |
Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 22,632,805 | 19,706,481 | |
Series 2020-2 Class A1D, 1.75% due 9/25/2030 | 30,429,285 | 26,247,030 | |
Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a | Series 2013-6 Class B4, 3.513% due 5/25/2043 | 716,584 | 463,708 |
a | Series 2013-7 Class B4, 3.507% due 6/25/2043 | 432,927 | 289,227 |
a,c | Series 2023-3 Class A1, 6.00% due 9/25/2053 | 4,343,583 | 4,221,095 |
SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2019-3 Class A1, 2.703% due 9/25/2059 | 345,988 | 335,399 |
20 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
a,c | Series 2019-3 Class A3, 3.082% due 9/25/2059 | $ 601,244 | $ 581,720 |
a,c | Series 2020-2 Class A1, 1.381% due 5/25/2065 | 9,276,073 | 8,019,738 |
a,c | Series 2020-2 Class A2, 1.587% due 5/25/2065 | 1,802,336 | 1,560,303 |
a,c | Series 2020-2 Class A3, 1.895% due 5/25/2065 | 615,337 | 537,596 |
a,c | Series 2021-2 Class A1, 1.737% due 12/25/2061 | 14,892,205 | 11,393,268 |
a,c | Shellpoint Asset Funding Trust, Whole Loan Securities Trust CMO, Series 2013-1 Class A1, 3.75% due 7/25/2043 | 884,399 | 802,080 |
a,c | Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2021-5 Class A1, 1.92% due 9/25/2066 | 41,527,018 | 31,319,177 |
a | Structured Asset Securities Corp., Mortgage Pass-Through Certificates, Whole Loan Securities Trust CMO, Series 2003-9A Class 2A2, 6.01% due 3/25/2033 | 291,290 | 291,290 |
Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2016-5 Class A1, 2.50% due 10/25/2056 | 475,770 | 469,441 |
a,c | Series 2017-1 Class A1, 2.75% due 10/25/2056 | 190,563 | 188,435 |
a,c | Series 2018-1 Class A1, 3.00% due 1/25/2058 | 274,025 | 263,163 |
a,c | Series 2018-2 Class A1, 3.25% due 3/25/2058 | 12,100,109 | 11,558,728 |
a,c | Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 7,396,757 | 7,156,769 |
a,c | TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 4.35% due 6/25/2057 | 24,127,103 | 22,167,941 |
Verus Securitization Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2020-1 Class M1, 3.021% due 1/25/2060 | 5,000,000 | 4,163,169 |
a,c | Series 2021-R1 Class A1, 0.82% due 10/25/2063 | 5,846,672 | 5,186,968 |
a,c | Vista Point Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1, 1.475% due 4/25/2065 | 4,314,519 | 3,848,395 |
a,c | WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2015-3 Class B4, 3.842% due 3/20/2045 | 1,053,184 | 930,370 |
Total Mortgage Backed (Cost $1,734,050,588) | 1,527,640,917 | ||
Asset Backed Securities — 14.2% | |||
Auto Receivables — 2.1% | |||
c | ACC Auto Trust, Series 2022-A Class A, 4.58% due 7/15/2026 | 4,166,229 | 4,125,366 |
c | ACC Trust, Series 2022-1 Class A, 1.19% due 9/20/2024 | 422,369 | 421,324 |
ACM Auto Trust, | |||
c | Series 2023-1A Class A, 6.61% due 1/22/2030 | 1,948,512 | 1,945,404 |
c | Series 2023-2A Class A, 7.97% due 6/20/2030 | 9,490,281 | 9,496,383 |
American Credit Acceptance Receivables Trust, | |||
c | Series 2020-2 Class C, 3.88% due 4/13/2026 | 1,450,014 | 1,447,186 |
c | Series 2020-2 Class D, 5.65% due 5/13/2026 | 4,250,000 | 4,246,219 |
Arivo Acceptance Auto Loan Receivables Trust, | |||
c | Series 2019-1 Class B, 3.37% due 6/15/2025 | 1,166,757 | 1,165,626 |
c | Series 2021-1A Class A, 1.19% due 1/15/2027 | 1,412,789 | 1,381,675 |
c | Avid Automobile Receivables Trust, Series 2023-1 Class A, 6.63% due 7/15/2026 | 5,079,071 | 5,084,952 |
BOF URSA VI Funding Trust I, | |||
c | Series 2023-CAR1 Class B, 6.029% due 10/27/2031 | 3,484,229 | 3,429,520 |
c | Series 2023-CAR2 Class B, 6.029% due 10/27/2031 | 9,175,597 | 9,031,560 |
c | BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | 11,835,351 | 11,769,676 |
Carvana Auto Receivables Trust, | |||
c | Series 2023-N1 Class A, 6.36% due 4/12/2027 | 6,920,839 | 6,918,881 |
c | Series 2023-N3 Class A, 6.41% due 9/10/2027 | 4,637,000 | 4,636,154 |
c | Credito Real USA Auto Receivables Trust, Series 2021-1A Class A, 1.35% due 2/16/2027 | 864,727 | 857,485 |
c | DT Auto Owner Trust, Series 2019-4A Class D, 2.85% due 7/15/2025 | 2,855,611 | 2,831,728 |
c | Exeter Automobile Receivables Trust, Series 2019-3A Class D, 3.11% due 8/15/2025 | 540,218 | 534,632 |
FHF Trust, | |||
c | Series 2021-1A Class A, 1.27% due 3/15/2027 | 5,743,129 | 5,529,657 |
c | Series 2021-2A Class A, 0.83% due 12/15/2026 | 4,603,800 | 4,417,795 |
c | Series 2023-1A Class A2, 6.57% due 6/15/2028 | 4,950,823 | 4,915,891 |
c | Flagship Credit Auto Trust, Series 2019-2 Class D, 3.53% due 5/15/2025 | 2,342,332 | 2,317,979 |
Lendbuzz Securitization Trust, | |||
c | Series 2021-1A Class A, 1.46% due 6/15/2026 | 8,663,839 | 8,326,731 |
c | Series 2022-1A Class A, 4.22% due 5/17/2027 | 7,394,795 | 7,170,296 |
c | Series 2023-2A Class A2, 7.09% due 10/16/2028 | 4,800,000 | 4,794,007 |
c | Lobel Automobile Receivables Trust, Series 2023-1 Class A, 6.97% due 7/15/2026 | 4,792,615 | 4,791,067 |
b,c | Oscar U.S. Funding XII LLC, Series 2021-1A Class A3, 0.70% due 4/10/2025 | 7,103,340 | 7,020,747 |
c | Research-Driven Pagaya Motor Asset Trust, Series 2023-3A Class A, 7.13% due 1/26/2032 | 16,850,000 | 16,866,080 |
c | Tricolor Auto Securitization Trust, Series 2023-1A Class A, 6.48% due 8/17/2026 | 3,792,018 | 3,784,248 |
139,258,269 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 21 |
Thornburg Limited Term Income Fund | September 30, 2023
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Credit Card — 1.2% | |||
c | Avant Credit Card Master Trust, Series 2021-1A Class A, 1.37% due 4/15/2027 | $ 11,900,000 | $ 11,052,361 |
c | Continental Finance Credit Card ABS Master Trust, Series 2020-1A Class A, 2.24% due 12/15/2028 | 17,500,000 | 17,001,201 |
Mercury Financial Credit Card Master Trust, | |||
c | Series 2022-1A Class A, 2.50% due 9/21/2026 | 32,350,000 | 30,966,911 |
c | Series 2023-1A Class A, 8.04% due 9/20/2027 | 14,600,000 | 14,652,448 |
c,d | Mission Lane Credit Card Master Trust, Series 2023-B Class A, 7.79% due 11/15/2028 | 5,000,000 | 4,999,286 |
78,672,207 | |||
Other Asset Backed — 7.9% | |||
c | Affirm Asset Securitization Trust, Series 2020-Z1 Class A, 3.46% due 10/15/2024 | 19,751 | 19,730 |
c | AFG ABS I LLC, Series 2023-1 Class A2, 6.30% due 9/16/2030 | 9,999,904 | 9,974,919 |
c | Amur Equipment Finance Receivables X LLC, Series 2022-1A Class A2, 1.64% due 10/20/2027 | 19,452,665 | 18,705,315 |
Aqua Finance Trust, | |||
c | Series 2020-AA Class A, 1.90% due 7/17/2046 | 15,237,224 | 13,797,858 |
c | Series 2020-AA Class C, 3.97% due 7/17/2046 | 6,300,000 | 5,411,037 |
c | Series 2021-A Class A, 1.54% due 7/17/2046 | 10,937,544 | 9,560,563 |
a,b,c | Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1 Class A, 6.763% (SOFR30A + 1.45%) due 1/15/2037 | 20,000,000 | 19,774,990 |
c | Bankers Healthcare Group Securitization Trust, Series 2020-A Class A, 2.56% due 9/17/2031 | 869,286 | 855,977 |
BHG Securitization Trust, | |||
c | Series 2021-B Class A, 0.90% due 10/17/2034 | 5,328,566 | 5,125,852 |
c | Series 2022-A Class A, 1.71% due 2/20/2035 | 16,827,817 | 16,115,743 |
c | BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A Class A, 2.94% due 5/25/2029 | 779,147 | 749,726 |
b,c | CFG Investments Ltd., Series 2023-1 Class A, 8.56% due 7/25/2034 | 5,000,000 | 5,107,005 |
c | CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | 3,721,003 | 3,494,651 |
c | CP EF Asset Securitization I LLC, Series 2022-1A Class A, 5.96% due 4/15/2030 | 7,766,924 | 7,647,221 |
c | Dext ABS LLC, Series 2021-1 Class A, 1.12% due 2/15/2028 | 10,009,415 | 9,689,454 |
c | Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049 | 36,000,000 | 30,768,203 |
c | Diamond Issuer, Series 2021-1A Class A, 2.305% due 11/20/2051 | 27,894,000 | 23,742,885 |
c | Diamond Resorts Owner Trust, Series 2019-1A Class A, 2.89% due 2/20/2032 | 3,319,884 | 3,156,948 |
b,c | ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | 3,251,309 | 2,015,694 |
Entergy New Orleans Storm Recovery Funding I LLC, Series 2015-1 Class A, 2.67% due 6/1/2027 | 1,928,983 | 1,900,496 | |
c | ExteNet LLC, Series 2019-1A Class A2, 3.204% due 7/25/2049 | 9,855,000 | 9,472,530 |
Federal National Mtg Assoc., Grantor Trust, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 17,866,494 | 16,365,543 | |
Foundation Finance Trust, | |||
c | Series 2019-1A Class A, 3.86% due 11/15/2034 | 2,313,081 | 2,275,858 |
c | Series 2020-1A Class A, 3.54% due 7/16/2040 | 3,988,866 | 3,838,313 |
c | Series 2020-1A Class B, 4.62% due 7/16/2040 | 3,000,000 | 2,797,510 |
c | Series 2021-1A Class A, 1.27% due 5/15/2041 | 13,549,745 | 11,875,571 |
c | Series 2021-2A Class A, 2.19% due 1/15/2042 | 10,055,956 | 8,946,998 |
Goldman Home Improvement Trust Issuer Trust, | |||
c | Series 2021-GRN2 Class A, 1.15% due 6/25/2051 | 10,580,851 | 9,726,462 |
c | Series 2022-GRN1 Class A, 4.50% due 6/25/2052 | 5,010,629 | 4,794,605 |
c | Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | 17,666,000 | 14,592,096 |
GoodLeap Sustainable Home Solutions Trust, | |||
c | Series 2021-3CS Class A, 2.10% due 5/20/2048 | 15,204,439 | 11,083,165 |
c | Series 2021-4GS Class A, 1.93% due 7/20/2048 | 10,064,356 | 7,208,776 |
a,b,c | Greystone Commercial Real Estate Notes Ltd., Series 2021-FL3 Class A, 6.467% (TSFR1M + 1.13%) due 7/15/2039 | 13,382,000 | 13,152,253 |
HERO Funding Trust, | |||
c | Series 2015-1A Class A, 3.84% due 9/21/2040 | 2,170,621 | 1,929,702 |
c | Series 2017-2A Class A1, 3.28% due 9/20/2048 | 444,315 | 374,229 |
Hilton Grand Vacations Trust, | |||
c | Series 2019-AA Class A, 2.34% due 7/25/2033 | 3,306,153 | 3,117,487 |
c | Series 2020-AA Class A, 2.74% due 2/25/2039 | 683,635 | 638,382 |
c | HIN Timeshare Trust, Series 2020-A Class A, 1.39% due 10/9/2039 | 3,240,213 | 2,904,218 |
c | InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | 8,769,319 | 7,351,356 |
LendingPoint Asset Securitization Trust, | |||
c | Series 2020-REV1 Class A, 2.731% due 10/15/2028 | 1,208,655 | 1,207,058 |
c | Series 2022-B Class A, 4.77% due 10/15/2029 | 3,362,366 | 3,328,333 |
LendingPoint Pass-Through Trust, | |||
c | Series 2022-ST1 Class A, 2.50% due 3/15/2028 | 2,209,057 | 2,127,668 |
c | Series 2022-ST3 Class A, 4.00% due 5/15/2028 | 4,554,790 | 4,419,850 |
c | LL ABS Trust, Series 2021-1A Class A, 1.07% due 5/15/2029 | 2,751,364 | 2,706,268 |
22 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
c | Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | $ 15,960,683 | $ 12,016,235 |
c | Marlette Funding Trust, Series 2022-3A Class A, 5.18% due 11/15/2032 | 2,579,372 | 2,569,312 |
Mosaic Solar Loan Trust, | |||
c | 2020-1A Class A, 2.10% due 4/20/2046 | 3,529,343 | 2,941,348 |
c | Series 2019-1A Class A, 4.37% due 12/21/2043 | 1,080,461 | 976,676 |
c | Oportun Funding LLC, Series 2022-1 Class A, 3.25% due 6/15/2029 | 3,769,739 | 3,749,611 |
c | Oportun Funding XIII LLC, Series 2019-A Class B, 3.87% due 8/8/2025 | 2,203,300 | 2,158,482 |
c | Oportun Funding XIV LLC, Series 2021-A Class A, 1.21% due 3/8/2028 | 3,756,522 | 3,589,959 |
c | Oportun Issuance Trust, Series 2022-A Class A, 5.05% due 6/9/2031 | 22,026,000 | 21,449,283 |
Pagaya AI Debt Selection Trust, | |||
c | Series 2021-3 Class A, 1.15% due 5/15/2029 | 1,471,677 | 1,466,575 |
c | Series 2021-HG1 Class A, 1.22% due 1/16/2029 | 4,412,437 | 4,251,513 |
Pagaya AI Debt Trust, | |||
c | Series 2022-1 Class A, 2.03% due 10/15/2029 | 13,671,636 | 13,387,492 |
c | Series 2022-2 Class A, 4.97% due 1/15/2030 | 6,254,313 | 6,183,415 |
c | Series 2023-1 Class A, 7.556% due 7/15/2030 | 5,368,262 | 5,388,450 |
a,c | Series 2023-5 Class AB, 7.277% due 4/15/2031 | 4,900,000 | 4,925,417 |
c | Pawnee Equipment Receivables LLC, Series 2021-1 Class A2, 1.10% due 7/15/2027 | 3,515,914 | 3,412,024 |
c | Post Road Equipment Finance, Series 2022-1A Class A1, 3.76% due 8/16/2027 | 4,388,023 | 4,355,406 |
c | Prosper Marketplace Issuance Trust, Series 2023-1A Class A, 7.06% due 7/16/2029 | 2,600,000 | 2,600,774 |
c | Reach Financial LLC, Series 2023-1A Class A, 7.05% due 2/18/2031 | 2,389,743 | 2,395,181 |
c | Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048 | 12,300,000 | 11,132,084 |
a,c | SBA Tower Trust, Series 2014-2A Class C, 3.869% due 10/15/2049 | 4,610,000 | 4,486,816 |
c | SCF Equipment Leasing LLC, Series 2019-2A Class C, 3.11% due 6/21/2027 | 3,000,000 | 2,892,582 |
c | Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | 14,745,535 | 13,722,029 |
c | Sierra Timeshare Receivables Funding LLC, Series 2019-1A Class A, 3.20% due 1/20/2036 | 560,392 | 549,043 |
c | SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 22,691,403 | 20,812,062 |
c | SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 6,000,000 | 5,405,149 |
c | Stack Infrastructure Issuer LLC, Series 2021-1A Class A2, 1.877% due 3/26/2046 | 7,500,000 | 6,645,236 |
Upstart Pass-Through Trust, | |||
c | Series 2020-ST2 Class A, 3.50% due 3/20/2028 | 231,688 | 228,598 |
c | Series 2020-ST3 Class A, 3.35% due 4/20/2028 | 1,122,968 | 1,110,057 |
c | Series 2021-ST4 Class A, 2.00% due 7/20/2027 | 1,377,001 | 1,298,860 |
c | Series 2021-ST5 Class A, 2.00% due 7/20/2027 | 1,783,281 | 1,687,706 |
c | Series 2021-ST6 Class A, 1.85% due 8/20/2027 | 2,237,772 | 2,098,553 |
c | Series 2021-ST8 Class A, 1.75% due 10/20/2029 | 3,097,334 | 3,011,698 |
Upstart Securitization Trust, | |||
c | Series 2021-4 Class A, 0.84% due 9/20/2031 | 911,931 | 903,459 |
c | Series 2023-1 Class A, 6.59% due 2/20/2033 | 2,637,070 | 2,622,341 |
Upstart Structured Pass-Through Trust, | |||
c | Series 2022-1A Class A, 3.40% due 4/15/2030 | 21,589,672 | 21,052,303 |
c | Series 2022-4A Class A, 7.01% due 11/15/2030 | 4,737,341 | 4,728,888 |
536,053,115 | |||
Student Loan — 3.0% | |||
College Avenue Student Loans LLC, | |||
a,c | Series 2021-A Class A1, 6.534% (TSFR1M + 1.21%) due 7/25/2051 | 8,065,636 | 7,917,058 |
c | Series 2021-A Class A2, 1.60% due 7/25/2051 | 1,865,195 | 1,583,370 |
a,c | Series 2021-C Class A1, 6.334% (TSFR1M + 1.01%) due 7/26/2055 | 13,181,920 | 12,741,292 |
Commonbond Student Loan Trust, | |||
c | Series 18-CGS Class A1, 3.87% due 2/25/2046 | 1,597,287 | 1,513,091 |
c | Series 2020-1 Class A, 1.69% due 10/25/2051 | 11,381,496 | 9,620,772 |
c | Series 2021-AGS Class A, 1.20% due 3/25/2052 | 9,045,698 | 7,389,672 |
c | Series 2021-BGS Class A, 1.17% due 9/25/2051 | 10,432,366 | 8,458,602 |
c | Navient Private Education Loan Trust, Series 2017-A Class A2A, 2.88% due 12/16/2058 | 338,191 | 336,276 |
Navient Private Education Refi Loan Trust, | |||
a,c | Series 2019-D Class A2B, 6.497% (TSFR1M + 1.16%) due 12/15/2059 | 7,865,340 | 7,780,909 |
c | Series 2021-A Class A, 0.84% due 5/15/2069 | 2,967,305 | 2,553,960 |
c | Series 2022-BA Class A, 4.16% due 10/15/2070 | 20,873,116 | 19,488,710 |
Navient Student Loan Trust, | |||
a | Series 2014-1 Class A3, 5.939% (SOFR30A + 0.62%) due 6/25/2031 | 4,305,501 | 4,177,581 |
a,c | Series 2019-BA Class A2B, 6.427% (TSFR1M + 1.09%) due 12/15/2059 | 1,185,790 | 1,173,960 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 23 |
Thornburg Limited Term Income Fund | September 30, 2023
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Nelnet Student Loan Trust, | |||
a,c | Series 2013-1A Class A, 6.029% (SOFR30A + 0.71%) due 6/25/2041 | $ 2,596,432 | $ 2,517,415 |
a,c | Series 2015-2A Class A2, 6.029% (SOFR30A + 0.71%) due 9/25/2042 | 19,790,925 | 19,036,867 |
a,c | Series 2015-3A Class A2, 6.029% (SOFR30A + 0.71%) due 2/27/2051 | 1,141,673 | 1,132,885 |
a,c | Series 2021-CA Class AFL, 6.179% (TSFR1M + 0.85%) due 4/20/2062 | 11,061,176 | 10,871,262 |
a,c | Series 2021-DA Class AFL, 6.129% (TSFR1M + 0.80%) due 4/20/2062 | 16,018,820 | 15,679,235 |
a,c | Pennsylvania Higher Education Assistance Agency, Student Loan Trust, Series 2012-1A Class A1, 5.979% (SOFR30A + 0.66%) due 5/25/2057 | 616,390 | 603,656 |
a,b,c | Prodigy Finance DAC, Series 2021-1A Class A, 6.684% (TSFR1M + 1.36%) due 7/25/2051 | 1,992,472 | 1,980,451 |
SLM Student Loan Trust, | |||
a | Series 2011-2 Class A2, 6.629% (SOFR30A + 1.31%) due 10/25/2034 | 8,268,673 | 8,295,742 |
a | Series 2013-6 Class A3, 6.079% (SOFR30A + 0.76%) due 6/26/2028 | 22,978,971 | 22,429,174 |
SMB Private Education Loan Trust, | |||
a,c | Series 2017-B Class A2B, 6.197% (TSFR1M + 0.86%) due 10/15/2035 | 718,185 | 712,418 |
a,c | Series 2021-D Class A1B, 6.047% (TSFR1M + 0.71%) due 3/17/2053 | 6,584,893 | 6,434,992 |
a,c | Series 2021-E Class A1B, 6.077% (TSFR1M + 0.74%) due 2/15/2051 | 19,984,498 | 19,564,591 |
a,c | Towd Point Asset Trust, Series 2021-SL1 Class A2, 6.139% (TSFR1M + 0.81%) due 11/20/2061 | 5,454,202 | 5,403,645 |
199,397,586 | |||
Total Asset Backed Securities (Cost $1,012,720,876) | 953,381,177 | ||
Corporate Bonds — 44.5% | |||
Automobiles & Components — 0.9% | |||
Automobile Components — 0.1% | |||
b | Aptiv plc/Aptiv Corp., 2.396% due 2/18/2025 | 5,434,000 | 5,168,929 |
Automobiles — 0.7% | |||
a,c | Daimler Truck Finance North America LLC, 6.094% (SOFR + 0.75%) due 12/13/2024 | 10,414,000 | 10,396,296 |
Hyundai Capital America, | |||
c | 0.875% due 6/14/2024 | 8,710,000 | 8,394,872 |
c | 1.00% due 9/17/2024 | 8,872,000 | 8,452,621 |
c | 1.80% due 10/15/2025 - 1/10/2028 | 9,765,000 | 8,622,934 |
c | 2.375% due 10/15/2027 | 3,500,000 | 3,032,505 |
c | 3.00% due 2/10/2027 | 2,105,000 | 1,905,236 |
b,c | Hyundai Capital Services, Inc., 1.25% due 2/8/2026 | 2,970,000 | 2,661,268 |
b,c | Kia Corp., 2.375% due 2/14/2025 | 4,800,000 | 4,573,872 |
Trading Companies & Distributors — 0.1% | |||
c | LKQ Corp., 6.25% due 6/15/2033 | 5,840,000 | 5,648,740 |
58,857,273 | |||
Banks — 1.4% | |||
Banks — 1.4% | |||
a,b,c | DNB Bank ASA, 5.896% (SOFRINDX + 1.95%) due 10/9/2026 | 7,500,000 | 7,471,350 |
FNB Corp., 5.15% due 8/25/2025 | 5,748,000 | 5,552,855 | |
KeyBank NA, 5.00% due 1/26/2033 | 12,100,000 | 10,186,627 | |
a,b,c | NBK SPC Ltd., 1.625% (SOFR + 1.05%) due 9/15/2027 | 13,033,000 | 11,546,717 |
a | PNC Financial Services Group, Inc., 5.068% (SOFR + 1.93%) due 1/24/2034 | 2,374,000 | 2,151,105 |
Santander Holdings USA, Inc., | |||
3.244% due 10/5/2026 | 6,823,000 | 6,178,704 | |
3.45% due 6/2/2025 | 4,453,000 | 4,227,723 | |
4.40% due 7/13/2027 | 4,940,000 | 4,583,233 | |
Sumitomo Mitsui Trust Bank Ltd., | |||
b,c | 0.85% due 3/25/2024 | 1,550,000 | 1,512,583 |
b,c | 5.65% due 3/9/2026 | 3,800,000 | 3,783,584 |
Synchrony Bank, 5.40% due 8/22/2025 | 7,250,000 | 6,974,355 | |
U.S. Bancorp, | |||
a | 4.653% (SOFR + 1.23%) due 2/1/2029 | 7,881,000 | 7,371,020 |
a | 5.775% (SOFR + 2.02%) due 6/12/2029 | 7,380,000 | 7,187,456 |
Wells Fargo & Co., | |||
a | 3.908% (SOFR + 1.32%) due 4/25/2026 | 8,792,000 | 8,469,158 |
a | 4.808% (SOFR + 1.98%) due 7/25/2028 | 3,448,000 | 3,289,530 |
a | 5.574% (SOFR + 1.74%) due 7/25/2029 | 4,450,000 | 4,340,886 |
94,826,886 |
24 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Capital Goods — 0.5% | |||
Aerospace & Defense — 0.1% | |||
Boeing Co., 2.196% due 2/4/2026 | $ 6,256,000 | $ 5,747,199 | |
Industrial Conglomerates — 0.0% | |||
Trane Technologies Co. LLC, 6.391% due 11/15/2027 | 3,000,000 | 3,031,770 | |
Machinery — 0.4% | |||
Flowserve Corp., 3.50% due 10/1/2030 | 5,914,000 | 4,924,824 | |
b | nVent Finance Sarl, 4.55% due 4/15/2028 | 7,023,000 | 6,575,495 |
Regal Rexnord Corp., | |||
c | 6.05% due 2/15/2026 | 4,906,000 | 4,843,105 |
c | 6.30% due 2/15/2030 | 5,891,000 | 5,708,733 |
Westinghouse Air Brake Technologies Corp., 4.15% due 3/15/2024 | 3,853,000 | 3,815,433 | |
34,646,559 | |||
Commercial & Professional Services — 0.3% | |||
Commercial Services & Supplies — 0.3% | |||
Avery Dennison Corp., 5.75% due 3/15/2033 | 5,724,000 | 5,595,954 | |
Equifax, Inc., | |||
2.35% due 9/15/2031 | 9,240,000 | 7,013,807 | |
5.10% due 6/1/2028 | 4,590,000 | 4,422,511 | |
Quanta Services, Inc., 0.95% due 10/1/2024 | 5,296,000 | 5,010,281 | |
22,042,553 | |||
Commercial Services — 0.2% | |||
Commercial Services & Supplies — 0.2% | |||
b,c | Element Fleet Management Corp., 6.271% due 6/26/2026 | 11,400,000 | 11,352,006 |
11,352,006 | |||
Consumer Discretionary Distribution & Retail — 0.2% | |||
Specialty Retail — 0.2% | |||
Advance Auto Parts, Inc., | |||
1.75% due 10/1/2027 | 4,763,000 | 3,866,603 | |
3.90% due 4/15/2030 | 6,584,000 | 5,344,365 | |
Tractor Supply Co., 5.25% due 5/15/2033 | 1,265,000 | 1,191,061 | |
10,402,029 | |||
Consumer Durables & Apparel — 0.0% | |||
Household Durables — 0.0% | |||
b,c | Panasonic Holdings Corp., 2.679% due 7/19/2024 | 2,000,000 | 1,947,080 |
1,947,080 | |||
Consumer Services — 0.1% | |||
Hotels, Restaurants & Leisure — 0.1% | |||
Warnermedia Holdings, Inc., 6.412% due 3/15/2026 | 10,000,000 | 9,998,900 | |
9,998,900 | |||
Energy — 1.8% | |||
Energy Equipment & Services — 0.0% | |||
b,c,e,f | Schahin II Finance Co. SPV Ltd., 5.875% due 9/25/2023 | 3,997,362 | 35,537 |
Oil, Gas & Consumable Fuels — 1.8% | |||
c | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 9,092,000 | 8,624,853 |
c | El Paso Natural Gas Co. LLC, 3.50% due 2/15/2032 | 4,068,000 | 3,308,138 |
c | Florida Gas Transmission Co. LLC, 2.30% due 10/1/2031 | 10,778,000 | 8,201,519 |
Galaxy Pipeline Assets Bidco Ltd., | |||
b,c | 1.75% due 9/30/2027 | 30,294,383 | 27,974,439 |
b,c | 2.16% due 3/31/2034 | 8,906,484 | 7,434,509 |
b,c,e,f | Gazprom PJSC via Gaz Finance plc, 3.50% due 7/14/2031 | 32,475,000 | 19,566,512 |
c | Gray Oak Pipeline LLC, 3.45% due 10/15/2027 | 12,955,000 | 11,481,110 |
Kinder Morgan, Inc., 5.20% due 6/1/2033 | 7,878,000 | 7,285,496 | |
c | Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029 | 16,535,000 | 15,089,180 |
b,c | TMS Issuer Sarl, 5.78% due 8/23/2032 | 10,700,000 | 10,703,745 |
119,705,038 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 25 |
Thornburg Limited Term Income Fund | September 30, 2023
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Equity Real Estate Investment Trusts (REITs) — 2.0% | |||
Diversified REITs — 2.0% | |||
American Tower Corp., | |||
1.45% due 9/15/2026 | $ 4,969,000 | $ 4,382,310 | |
1.50% due 1/31/2028 | 1,793,000 | 1,485,339 | |
2.40% due 3/15/2025 | 12,850,000 | 12,180,258 | |
3.65% due 3/15/2027 | 6,380,000 | 5,915,536 | |
Crown Castle, Inc., | |||
1.05% due 7/15/2026 | 2,722,000 | 2,387,983 | |
5.00% due 1/11/2028 | 7,301,000 | 7,041,158 | |
Digital Realty Trust LP, 4.45% due 7/15/2028 | 4,880,000 | 4,566,070 | |
Extra Space Storage LP, | |||
3.90% due 4/1/2029 | 4,920,000 | 4,412,600 | |
5.70% due 4/1/2028 | 3,245,000 | 3,202,685 | |
Realty Income Corp., 5.05% due 1/13/2026 | 6,146,000 | 6,060,325 | |
SBA Tower Trust, | |||
c | 1.631% due 5/15/2051 | 26,000,000 | 22,486,680 |
c | 1.84% due 4/15/2027 | 8,140,000 | 6,973,516 |
c | 2.836% due 1/15/2050 | 12,661,000 | 12,118,358 |
c | 6.599% due 1/15/2028 | 7,950,000 | 7,970,779 |
Service Properties Trust, | |||
4.35% due 10/1/2024 | 10,161,000 | 9,749,784 | |
4.65% due 3/15/2024 | 4,233,000 | 4,166,500 | |
5.25% due 2/15/2026 | 4,020,000 | 3,662,823 | |
Sun Communities Operating LP, 2.30% due 11/1/2028 | 13,878,000 | 11,510,968 | |
Vornado Realty LP, | |||
2.15% due 6/1/2026 | 7,000,000 | 5,945,310 | |
3.40% due 6/1/2031 | 2,916,000 | 2,102,990 | |
138,321,972 | |||
Financial Services — 8.0% | |||
Capital Markets — 1.9% | |||
Blackstone Private Credit Fund, 2.625% due 12/15/2026 | 2,313,000 | 1,989,851 | |
Blue Owl Capital Corp., 2.625% due 1/15/2027 | 1,835,000 | 1,576,375 | |
Blue Owl Capital Corp. III, 3.125% due 4/13/2027 | 16,243,000 | 13,884,029 | |
Blue Owl Credit Income Corp., | |||
3.125% due 9/23/2026 | 19,056,000 | 16,745,650 | |
4.70% due 2/8/2027 | 4,870,000 | 4,421,911 | |
Blue Owl Technology Finance Corp., | |||
2.50% due 1/15/2027 | 10,556,000 | 8,862,923 | |
c | 3.75% due 6/17/2026 | 12,276,000 | 10,869,539 |
c | 4.75% due 12/15/2025 | 17,883,000 | 16,544,279 |
Hercules Capital, Inc., | |||
2.625% due 9/16/2026 | 14,120,000 | 12,266,609 | |
3.375% due 1/20/2027 | 7,458,000 | 6,515,458 | |
b,c | LSEGA Financing plc, 1.375% due 4/6/2026 | 9,720,000 | 8,681,418 |
Main Street Capital Corp., 3.00% due 7/14/2026 | 8,163,000 | 7,211,765 | |
Nasdaq, Inc., 5.55% due 2/15/2034 | 4,632,000 | 4,418,882 | |
Sixth Street Specialty Lending, Inc., 3.875% due 11/1/2024 | 14,960,000 | 14,510,452 | |
Financial Services — 5.7% | |||
Antares Holdings LP, | |||
c | 2.75% due 1/15/2027 | 7,360,000 | 6,223,616 |
c | 3.75% due 7/15/2027 | 8,520,000 | 7,305,900 |
c | 3.95% due 7/15/2026 | 14,391,000 | 12,950,893 |
b | Banco Santander SA, 5.147% due 8/18/2025 | 10,000,000 | 9,780,600 |
Bank of America Corp., | |||
a | 0.976% (SOFR + 0.69%) due 4/22/2025 | 9,525,000 | 9,227,820 |
a | 1.197% (SOFR + 1.01%) due 10/24/2026 | 3,035,000 | 2,741,728 |
a | 1.734% (SOFR + 0.96%) due 7/22/2027 | 3,632,000 | 3,218,497 |
a | 3.841% (SOFR + 1.11%) due 4/25/2025 | 7,305,000 | 7,201,342 |
a | 4.948% (SOFR + 2.04%) due 7/22/2028 | 6,007,000 | 5,771,105 |
BNP Paribas SA, | |||
a,b,c | 1.323% (SOFR + 1.00%) due 1/13/2027 | 7,000,000 | 6,268,080 |
26 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
a,b,c | 2.159% (SOFR + 1.22%) due 9/15/2029 | $ 3,650,000 | $ 3,007,673 |
a,b,c | 2.219% (SOFR + 2.07%) due 6/9/2026 | 4,800,000 | 4,477,200 |
a | Charles Schwab Corp., 6.394% (SOFRINDX + 1.05%) due 3/3/2027 | 29,648,000 | 29,274,139 |
Citigroup, Inc., | |||
a | 1.462% (SOFR + 0.77%) due 6/9/2027 | 7,328,000 | 6,475,387 |
a | 3.07% (SOFR + 1.28%) due 2/24/2028 | 9,000 | 8,163 |
a | 3.106% (SOFR + 2.84%) due 4/8/2026 | 4,265,000 | 4,071,668 |
3.40% due 5/1/2026 | 2,425,000 | 2,278,263 | |
a | 4.412% (SOFR + 3.91%) due 3/31/2031 | 7,315,000 | 6,563,164 |
a | 6.01% (SOFR + 0.67%) due 5/1/2025 | 5,753,000 | 5,737,064 |
Deutsche Bank AG, | |||
b | 0.898% due 5/28/2024 | 10,952,000 | 10,569,556 |
a,b | 2.552% (SOFR + 1.32%) due 1/7/2028 | 4,940,000 | 4,312,175 |
Goldman Sachs Group, Inc., | |||
a | 1.757% (SOFR + 0.73%) due 1/24/2025 | 3,991,000 | 3,927,344 |
a | 5.789% (SOFR + 0.50%) due 7/16/2024 | 14,450,000 | 13,799,461 |
a | 5.844% (SOFR + 0.50%) due 9/10/2024 | 6,506,000 | 6,493,899 |
a | 6.021% (SOFR + 0.70%) due 1/24/2025 | 6,322,000 | 6,307,396 |
a | 6.164% (SOFR + 0.82%) due 9/10/2027 | 10,881,000 | 10,682,313 |
HSBC Holdings plc, | |||
a,b | 1.589% (SOFR + 1.29%) due 5/24/2027 | 6,100,000 | 5,377,272 |
a,b | 1.645% (SOFR + 1.54%) due 4/18/2026 | 3,025,000 | 2,810,407 |
a,b | 2.013% (SOFR + 1.73%) due 9/22/2028 | 9,550,000 | 8,102,888 |
a,b | 2.099% (SOFR + 1.93%) due 6/4/2026 | 6,800,000 | 6,328,760 |
a,b | 2.206% (SOFR + 1.29%) due 8/17/2029 | 3,500,000 | 2,886,415 |
a,b | 2.251% (SOFR + 1.10%) due 11/22/2027 | 3,430,000 | 3,026,049 |
a,b | 4.18% (SOFR + 1.51%) due 12/9/2025 | 5,400,000 | 5,252,310 |
a,b | 5.21% (SOFR + 2.61%) due 8/11/2028 | 2,330,000 | 2,242,322 |
a,b | 5.923% (SOFR + 0.58%) due 11/22/2024 | 1,585,000 | 1,582,020 |
JPMorgan Chase & Co., | |||
a | 1.04% (TSFR3M + 0.70%) due 2/4/2027 | 4,690,000 | 4,171,802 |
a | 1.045% (SOFR + 0.80%) due 11/19/2026 | 5,982,000 | 5,376,263 |
a | 3.54% (TSFR3M + 1.64%) due 5/1/2028 | 3,040,000 | 2,794,702 |
a | 6.263% (SOFR + 0.92%) due 2/24/2026 | 10,418,000 | 10,423,105 |
a,b | Lloyds Banking Group plc, 3.87% (H15T1Y + 3.50%) due 7/9/2025 | 3,500,000 | 3,431,295 |
Mitsubishi UFJ Financial Group, Inc., | |||
a,b | 0.953% (H15T1Y + 0.55%) due 7/19/2025 | 14,075,000 | 13,492,013 |
a,b | 1.538% (H15T1Y + 0.75%) due 7/20/2027 | 4,800,000 | 4,250,640 |
a,b | 1.64% (H15T1Y + 0.67%) due 10/13/2027 | 3,750,000 | 3,304,275 |
a,b | 2.309% (H15T1Y + 0.95%) due 7/20/2032 | 2,750,000 | 2,105,895 |
a,b | 4.788% (H15T1Y + 1.70%) due 7/18/2025 | 4,550,000 | 4,496,264 |
a,b | 5.017% (H15T1Y + 1.95%) due 7/20/2028 | 1,250,000 | 1,207,813 |
a,b | 5.354% (H15T1Y + 1.90%) due 9/13/2028 | 5,000,000 | 4,888,050 |
Morgan Stanley, | |||
a | 0.791% (SOFR + 0.51%) due 1/22/2025 | 11,785,000 | 11,553,071 |
a | 1.164% (SOFR + 0.56%) due 10/21/2025 | 9,635,000 | 9,095,151 |
a,b | NatWest Group plc, 1.642% (H15T1Y + 0.90%) due 6/14/2027 | 3,000,000 | 2,647,740 |
Societe Generale SA, | |||
a,b,c | 1.792% (H15T1Y + 1.00%) due 6/9/2027 | 4,933,000 | 4,345,825 |
b,c | 2.625% due 1/22/2025 | 4,000,000 | 3,803,040 |
b,c | 3.875% due 3/28/2024 | 8,000,000 | 7,899,280 |
a,b,c | 6.368% (SOFR + 1.05%) due 1/21/2026 | 6,400,000 | 6,358,080 |
Sumitomo Mitsui Financial Group, Inc., | |||
b | 1.402% due 9/17/2026 | 11,650,000 | 10,248,621 |
b | 5.852% due 7/13/2030 | 5,000,000 | 4,920,200 |
a,b,c | UBS AG, 5.791% (SOFR + 0.45%) due 8/9/2024 | 2,800,000 | 2,794,512 |
UBS Group AG, | |||
a,b,c | 1.494% (H15T1Y + 0.85%) due 8/10/2027 | 7,121,000 | 6,208,230 |
a,b,c | 4.49% (H15T1Y + 1.60%) due 8/5/2025 | 9,800,000 | 9,630,166 |
a,b,c | 4.751% (H15T1Y + 1.75%) due 5/12/2028 | 7,800,000 | 7,364,292 |
Western Union Co., 2.85% due 1/10/2025 | 7,256,000 | 6,943,557 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 27 |
Thornburg Limited Term Income Fund | September 30, 2023
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Insurance — 0.4% | |||
c | Five Corners Funding Trust III, 5.791% due 2/15/2033 | $ 5,900,000 | $ 5,791,322 |
c | Global Atlantic Fin Co., 4.40% due 10/15/2029 | 27,285,000 | 22,567,151 |
536,894,385 | |||
Food, Beverage & Tobacco — 0.9% | |||
Beverages — 0.6% | |||
b,c | Becle SAB de CV, 2.50% due 10/14/2031 | 28,038,000 | 21,406,452 |
Constellation Brands, Inc., 5.00% due 2/2/2026 | 2,750,000 | 2,700,995 | |
Huntington Ingalls Industries, Inc., 2.043% due 8/16/2028 | 17,717,000 | 14,855,705 | |
Food Products — 0.1% | |||
a | General Mills, Inc., 6.58% (TSFR3M + 1.27%) due 10/17/2023 | 2,475,000 | 2,475,693 |
Ingredion, Inc., 2.90% due 6/1/2030 | 6,225,000 | 5,194,700 | |
Tobacco — 0.2% | |||
BAT Capital Corp., | |||
2.726% due 3/25/2031 | 2,950,000 | 2,270,644 | |
3.557% due 8/15/2027 | 1,538,000 | 1,404,671 | |
6.343% due 8/2/2030 | 2,879,000 | 2,835,470 | |
BAT International Finance plc, | |||
b | 1.668% due 3/25/2026 | 4,764,000 | 4,289,934 |
b | 4.448% due 3/16/2028 | 3,000,000 | 2,793,300 |
60,227,564 | |||
Health Care Equipment & Services — 0.9% | |||
Health Care Equipment & Supplies — 0.2% | |||
b,c | Olympus Corp., 2.143% due 12/8/2026 | 14,061,000 | 12,530,179 |
Health Care Providers & Services — 0.7% | |||
Centene Corp., 3.00% due 10/15/2030 | 9,314,000 | 7,510,996 | |
c | Highmark, Inc., 1.45% due 5/10/2026 | 20,542,000 | 18,281,147 |
Humana, Inc., 5.70% due 3/13/2026 | 11,996,000 | 11,943,098 | |
c | IQVIA, Inc., 5.70% due 5/15/2028 | 4,800,000 | 4,663,536 |
Laboratory Corp. of America Holdings, 1.55% due 6/1/2026 | 8,355,000 | 7,474,383 | |
62,403,339 | |||
Household & Personal Products — 0.1% | |||
Household Products — 0.1% | |||
b,c | Kimberly-Clark de Mexico SAB de CV, 3.80% due 4/8/2024 | 3,900,000 | 3,843,450 |
3,843,450 | |||
Industrials — 0.3% | |||
Aerospace & Defense — 0.0% | |||
Teledyne Technologies, Inc., 2.25% due 4/1/2028 | 3,027,000 | 2,604,612 | |
Transportation Infrastructure — 0.3% | |||
Penske Truck Leasing Co. LP/PTL Finance Corp., | |||
c | 5.55% due 5/1/2028 | 9,819,000 | 9,507,050 |
c | 5.75% due 5/24/2026 | 2,480,000 | 2,443,296 |
c | 6.05% due 8/1/2028 | 3,053,000 | 3,015,357 |
c | 6.20% due 6/15/2030 | 2,400,000 | 2,364,552 |
19,934,867 | |||
Insurance — 8.4% | |||
Insurance — 8.4% | |||
c | American National Group LLC, 6.144% due 6/13/2032 | 25,662,000 | 23,215,385 |
Arthur J Gallagher & Co., 5.50% due 3/2/2033 | 4,712,000 | 4,515,792 | |
b,c | Ascot Group Ltd., 4.25% due 12/15/2030 | 12,308,000 | 9,080,965 |
c | Belrose Funding Trust, 2.33% due 8/15/2030 | 9,685,000 | 7,256,680 |
Brighthouse Financial Global Funding, | |||
c | 1.55% due 5/24/2026 | 7,538,000 | 6,674,371 |
c | 2.00% due 6/28/2028 | 10,733,000 | 8,863,419 |
a,c | 6.053% (SOFR + 0.76%) due 4/12/2024 | 7,247,000 | 7,205,620 |
Brighthouse Financial, Inc., 5.625% due 5/15/2030 | 10,707,000 | 10,006,334 |
28 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
CNO Global Funding, | |||
c | 1.65% due 1/6/2025 | $ 5,359,000 | $ 5,022,776 |
c | 1.75% due 10/7/2026 | 9,414,000 | 8,272,741 |
b,c | DaVinciRe Holdings Ltd., 4.75% due 5/1/2025 | 11,510,000 | 11,149,507 |
Enstar Group Ltd., | |||
b | 3.10% due 9/1/2031 | 10,106,000 | 7,608,201 |
b | 4.95% due 6/1/2029 | 16,116,000 | 14,863,303 |
Equitable Financial Life Global Funding, | |||
c | 1.00% due 1/9/2026 | 8,665,000 | 7,700,239 |
c | 1.40% due 7/7/2025 - 8/27/2027 | 16,048,000 | 14,386,072 |
c | 1.80% due 3/8/2028 | 6,800,000 | 5,691,192 |
F&G Global Funding, | |||
c | 1.75% due 6/30/2026 | 16,912,000 | 14,890,847 |
c | 2.00% due 9/20/2028 | 18,124,000 | 14,737,168 |
c | 2.30% due 4/11/2027 | 11,752,000 | 10,232,466 |
Fairfax Financial Holdings Ltd., | |||
b | 3.375% due 3/3/2031 | 5,261,000 | 4,272,248 |
b | 4.625% due 4/29/2030 | 9,447,000 | 8,475,093 |
b | 5.625% due 8/16/2032 | 15,746,000 | 14,698,261 |
b,c | Fidelis Insurance Holdings Ltd., 4.875% due 6/30/2030 | 17,531,000 | 13,691,360 |
Fidelity National Financial, Inc., 3.40% due 6/15/2030 | 14,931,000 | 12,657,009 | |
First American Financial Corp., | |||
2.40% due 8/15/2031 | 2,261,000 | 1,676,283 | |
4.00% due 5/15/2030 | 4,316,000 | 3,657,508 | |
GA Global Funding Trust, | |||
c | 1.625% due 1/15/2026 | 1,940,000 | 1,730,907 |
c | 2.25% due 1/6/2027 | 9,479,000 | 8,306,827 |
c | 3.85% due 4/11/2025 | 11,960,000 | 11,492,603 |
a,c | 5.844% (SOFR + 0.50%) due 9/13/2024 | 6,888,000 | 6,784,956 |
Globe Life, Inc., 4.80% due 6/15/2032 | 3,410,000 | 3,122,332 | |
c | Guardian Life Global Funding, 5.55% due 10/28/2027 | 9,750,000 | 9,760,627 |
Horace Mann Educators Corp., | |||
4.50% due 12/1/2025 | 6,533,000 | 6,188,254 | |
7.25% due 9/15/2028 | 4,920,000 | 4,917,196 | |
Jackson National Life Global Funding, | |||
c | 3.25% due 1/30/2024 | 5,000,000 | 4,950,700 |
c | 5.25% due 4/12/2028 | 8,153,000 | 7,580,578 |
c | 5.50% due 1/9/2026 | 12,660,000 | 12,354,261 |
Mercury General Corp., 4.40% due 3/15/2027 | 2,901,000 | 2,701,701 | |
Metropolitan Life Global Funding I, | |||
c | 3.30% due 3/21/2029 | 4,000,000 | 3,547,880 |
a,c | 5.599% (SOFR + 0.32%) due 1/7/2024 | 14,683,000 | 14,679,036 |
a,c | Nationwide Mutual Insurance Co., 7.961% (SOFR + 2.64%) due 12/15/2024 | 16,096,000 | 16,113,545 |
New York Life Global Funding, | |||
c | 4.55% due 1/28/2033 | 4,892,000 | 4,472,707 |
a,c | 5.824% (SOFR + 0.48%) due 6/9/2026 | 22,760,000 | 22,513,054 |
Pacific Life Global Funding II, | |||
a,c | 5.964% (SOFR + 0.62%) due 6/4/2026 | 13,475,000 | 13,268,024 |
a,c | 6.145% (SOFRINDX + 0.80%) due 3/30/2025 | 653,000 | 653,039 |
c | Protective Life Corp., 3.40% due 1/15/2030 | 16,787,000 | 14,067,674 |
Protective Life Global Funding, | |||
c | 1.618% due 4/15/2026 | 14,716,000 | 13,165,081 |
c | 3.218% due 3/28/2025 | 4,000,000 | 3,827,400 |
Reinsurance Group of America, Inc., 6.00% due 9/15/2033 | 12,295,000 | 11,859,757 | |
Reliance Standard Life Global Funding II, | |||
c | 1.512% due 9/28/2026 | 10,762,000 | 9,336,035 |
c | 2.75% due 5/7/2025 | 13,490,000 | 12,671,831 |
c | 5.243% due 2/2/2026 | 3,922,000 | 3,810,262 |
c | RGA Global Funding, 2.70% due 1/18/2029 | 11,803,000 | 10,014,609 |
c | Sammons Financial Group, Inc., 4.45% due 5/12/2027 | 7,950,000 | 7,276,635 |
c | Security Benefit Global Funding, 1.25% due 5/17/2024 | 37,488,000 | 36,136,932 |
Stewart Information Services Corp., 3.60% due 11/15/2031 | 22,401,000 | 16,433,374 | |
Willis North America, Inc., |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 29 |
Thornburg Limited Term Income Fund | September 30, 2023
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
4.65% due 6/15/2027 | $ 14,331,000 | $ 13,719,353 | |
5.35% due 5/15/2033 | 9,835,000 | 9,173,301 | |
567,131,311 | |||
Materials — 1.4% | |||
Chemicals — 0.2% | |||
b,c | LG Chem Ltd., 4.375% due 7/14/2025 | 5,000,000 | 4,859,850 |
b,c | OCP SA, 5.625% due 4/25/2024 | 8,555,000 | 8,502,473 |
b,e,f | Phosagro OAO Via Phosagro Bond Funding DAC, 3.05% due 1/23/2025 | 2,525,000 | 2,129,812 |
Construction Materials — 0.0% | |||
Vulcan Materials Co., 5.80% due 3/1/2026 | 1,095,000 | 1,090,620 | |
Containers & Packaging — 0.7% | |||
Amcor Finance USA, Inc., 5.625% due 5/26/2033 | 6,132,000 | 5,883,899 | |
b,c | CCL Industries, Inc., 3.05% due 6/1/2030 | 9,810,000 | 8,116,402 |
c | Graphic Packaging International LLC, 1.512% due 4/15/2026 | 6,873,000 | 6,068,996 |
c | Silgan Holdings, Inc., 1.40% due 4/1/2026 | 14,004,000 | 12,430,791 |
Sonoco Products Co., 1.80% due 2/1/2025 | 11,725,000 | 11,063,475 | |
Metals & Mining — 0.5% | |||
b | AngloGold Ashanti Holdings plc, 3.375% due 11/1/2028 | 23,500,000 | 19,824,600 |
b,c,e,f | Metalloinvest Finance DAC, 3.375% due 10/22/2028 | 12,700,000 | 6,902,704 |
b,c | Newcrest Finance Pty Ltd., 3.25% due 5/13/2030 | 2,961,000 | 2,511,076 |
b,c | POSCO, 5.625% due 1/17/2026 | 4,700,000 | 4,677,628 |
94,062,326 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.7% | |||
Biotechnology — 0.4% | |||
Amgen, Inc., | |||
5.25% due 3/2/2033 | 4,699,000 | 4,490,646 | |
5.507% due 3/2/2026 | 7,240,000 | 7,186,641 | |
Bio-Rad Laboratories, Inc., 3.30% due 3/15/2027 | 5,320,000 | 4,905,306 | |
Illumina, Inc., 5.80% due 12/12/2025 | 5,600,000 | 5,561,976 | |
b | Royalty Pharma plc, 1.75% due 9/2/2027 | 7,532,000 | 6,423,064 |
Pharmaceuticals — 0.3% | |||
c | Bayer U.S. Finance II LLC, 4.25% due 12/15/2025 | 2,500,000 | 2,406,375 |
Cigna Group, 5.685% due 3/15/2026 | 11,172,000 | 11,111,560 | |
Viatris, Inc., 2.30% due 6/22/2027 | 4,935,000 | 4,236,056 | |
46,321,624 | |||
Semiconductors & Semiconductor Equipment — 2.0% | |||
Semiconductors & Semiconductor Equipment — 2.0% | |||
b | Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50% due 1/15/2028 | 12,245,000 | 11,122,746 |
Broadcom, Inc., | |||
c | 3.187% due 11/15/2036 | 6,583,000 | 4,721,064 |
c | 4.00% due 4/15/2029 | 2,060,000 | 1,856,699 |
4.15% due 11/15/2030 | 2,980,000 | 2,639,952 | |
4.75% due 4/15/2029 | 3,575,000 | 3,368,687 | |
Microchip Technology, Inc., | |||
0.972% due 2/15/2024 | 15,694,000 | 15,408,369 | |
4.25% due 9/1/2025 | 10,634,000 | 10,291,054 | |
Micron Technology, Inc., | |||
5.327% due 2/6/2029 | 7,690,000 | 7,387,629 | |
6.75% due 11/1/2029 | 9,900,000 | 10,064,142 | |
Qorvo, Inc., | |||
c | 1.75% due 12/15/2024 | 9,528,000 | 8,974,423 |
c | 3.375% due 4/1/2031 | 14,210,000 | 11,262,846 |
4.375% due 10/15/2029 | 930,000 | 817,963 | |
b,c | Renesas Electronics Corp., 1.543% due 11/26/2024 | 19,196,000 | 18,094,917 |
SK Hynix, Inc., | |||
b,c | 1.00% due 1/19/2024 | 6,800,000 | 6,692,424 |
b,c | 1.50% due 1/19/2026 | 10,200,000 | 9,162,762 |
b,c | 2.375% due 1/19/2031 | 6,588,000 | 4,959,578 |
b,c | 6.25% due 1/17/2026 | 3,000,000 | 2,997,450 |
Skyworks Solutions, Inc., 1.80% due 6/1/2026 | 3,574,000 | 3,179,359 |
30 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
133,002,064 | |||
Software & Services — 2.4% | |||
Information Technology Services — 1.4% | |||
Block Financial LLC, 2.50% due 7/15/2028 | $ 10,392,000 | $ 8,825,718 | |
Booz Allen Hamilton, Inc., 5.95% due 8/4/2033 | 3,880,000 | 3,771,244 | |
DXC Technology Co., 2.375% due 9/15/2028 | 26,644,000 | 21,661,572 | |
b | Genpact Luxembourg Sarl, 3.375% due 12/1/2024 | 4,350,000 | 4,178,610 |
b | Genpact Luxembourg Sarl/Genpact USA, Inc., 1.75% due 4/10/2026 | 5,335,000 | 4,800,219 |
Global Payments, Inc., | |||
1.50% due 11/15/2024 | 5,624,000 | 5,338,582 | |
2.15% due 1/15/2027 | 3,516,000 | 3,098,756 | |
Kyndryl Holdings, Inc., | |||
2.05% due 10/15/2026 | 10,562,000 | 9,204,889 | |
2.70% due 10/15/2028 | 22,750,000 | 18,691,627 | |
Leidos, Inc., 2.30% due 2/15/2031 | 8,489,000 | 6,513,525 | |
c | Wipro IT Services LLC, 1.50% due 6/23/2026 | 10,647,000 | 9,514,266 |
Internet Software & Services — 0.3% | |||
Prosus NV, | |||
b,c | 3.061% due 7/13/2031 | 7,816,000 | 5,808,148 |
b,c | 3.257% due 1/19/2027 | 6,400,000 | 5,671,744 |
b,c | 4.193% due 1/19/2032 | 13,254,000 | 10,564,896 |
Software — 0.7% | |||
Fidelity National Information Services, Inc., | |||
1.15% due 3/1/2026 | 1,611,000 | 1,442,312 | |
4.70% due 7/15/2027 | 7,167,000 | 6,937,154 | |
c | Infor, Inc., 1.75% due 7/15/2025 | 12,382,000 | 11,394,288 |
c | MSCI, Inc., 3.625% due 9/1/2030 | 10,700,000 | 8,964,246 |
b,c | Open Text Corp., 6.90% due 12/1/2027 | 9,723,000 | 9,741,863 |
VMware, Inc., 4.50% due 5/15/2025 | 4,543,000 | 4,435,603 | |
160,559,262 | |||
Technology Hardware & Equipment — 2.0% | |||
Communications Equipment — 0.4% | |||
Motorola Solutions, Inc., | |||
2.30% due 11/15/2030 | 1,582,000 | 1,225,591 | |
5.60% due 6/1/2032 | 24,026,000 | 22,944,590 | |
Electronic Equipment, Instruments & Components — 1.0% | |||
Arrow Electronics, Inc., 6.125% due 3/1/2026 | 7,556,000 | 7,516,709 | |
Avnet, Inc., 6.25% due 3/15/2028 | 9,844,000 | 9,802,163 | |
b | Flex Ltd., 4.875% due 5/12/2030 | 2,507,000 | 2,331,761 |
TD SYNNEX Corp., 1.75% due 8/9/2026 | 28,691,000 | 25,190,411 | |
Trimble, Inc., 4.75% due 12/1/2024 | 17,000,000 | 16,708,280 | |
Vontier Corp., | |||
1.80% due 4/1/2026 | 5,272,000 | 4,723,026 | |
2.40% due 4/1/2028 | 5,266,000 | 4,372,465 | |
Office Electronics — 0.2% | |||
CDW LLC/CDW Finance Corp., 3.25% due 2/15/2029 | 16,381,000 | 13,979,873 | |
Technology Hardware, Storage & Peripherals — 0.4% | |||
Dell International LLC/EMC Corp., 4.90% due 10/1/2026 | 6,976,000 | 6,808,297 | |
Lenovo Group Ltd., | |||
b,c | 5.831% due 1/27/2028 | 10,065,000 | 9,876,684 |
b | 5.875% due 4/24/2025 | 10,600,000 | 10,565,974 |
136,045,824 | |||
Telecommunication Services — 0.9% | |||
Diversified Telecommunication Services — 0.8% | |||
AT&T, Inc., | |||
2.55% due 12/1/2033 | 1,016,000 | 745,765 | |
5.539% due 2/20/2026 | 31,242,000 | 31,016,745 | |
NBN Co. Ltd., | |||
b,c | 1.45% due 5/5/2026 | 20,000,000 | 17,967,600 |
b,c,d | 5.75% due 10/6/2028 | 5,000,000 | 5,021,200 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 31 |
Thornburg Limited Term Income Fund | September 30, 2023
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Wireless Telecommunication Services — 0.1% | |||
T-Mobile USA, Inc., | |||
2.25% due 2/15/2026 | $ 4,275,000 | $ 3,937,745 | |
2.625% due 4/15/2026 | 4,847,000 | 4,481,633 | |
63,170,688 | |||
Transportation — 0.2% | |||
Air Freight & Logistics — 0.2% | |||
Ryder System, Inc., 5.65% due 3/1/2028 | 4,959,000 | 4,904,054 | |
c | TTX Co., 4.15% due 1/15/2024 | 6,000,000 | 5,964,780 |
Diversified Consumer Services — 0.0% | |||
University of Chicago, Series 12-B, 3.065% due 10/1/2024 | 183,000 | 175,988 | |
11,044,822 | |||
Utilities — 8.9% | |||
Electric Utilities — 7.5% | |||
AEP Texas, Inc., | |||
5.40% due 6/1/2033 | 4,350,000 | 4,144,201 | |
Series I, 2.10% due 7/1/2030 | 12,187,000 | 9,614,934 | |
c | Alexander Funding Trust, 1.841% due 11/15/2023 | 38,072,000 | 37,810,065 |
Allegion U.S. Holding Co., Inc., 5.411% due 7/1/2032 | 10,832,000 | 10,165,074 | |
c | Alliant Energy Finance LLC, 1.40% due 3/15/2026 | 5,240,000 | 4,642,692 |
Ameren Corp., 3.50% due 1/15/2031 | 5,200,000 | 4,461,964 | |
American Electric Power Co., Inc., | |||
2.031% due 3/15/2024 | 3,898,000 | 3,822,808 | |
2.30% due 3/1/2030 | 14,211,000 | 11,404,754 | |
Series M, 0.75% due 11/1/2023 | 9,667,000 | 9,620,598 | |
Appalachian Power Co., | |||
3.40% due 6/1/2025 | 3,000,000 | 2,876,640 | |
Series BB, 4.50% due 8/1/2032 | 6,337,000 | 5,675,037 | |
Avangrid, Inc., | |||
3.15% due 12/1/2024 | 8,870,000 | 8,546,866 | |
3.20% due 4/15/2025 | 9,395,000 | 8,983,969 | |
Black Hills Corp., | |||
1.037% due 8/23/2024 | 22,410,000 | 21,418,357 | |
2.50% due 6/15/2030 | 5,490,000 | 4,385,522 | |
5.95% due 3/15/2028 | 1,484,000 | 1,483,955 | |
6.15% due 5/15/2034 | 3,340,000 | 3,249,954 | |
c | Caledonia Generating LLC, 1.95% due 2/28/2034 | 18,035,561 | 14,768,834 |
a | CenterPoint Energy, Inc., 5.991% (SOFRINDX + 0.65%) due 5/13/2024 | 2,289,000 | 2,288,474 |
Comision Federal de Electricidad, | |||
b,c | 3.348% due 2/9/2031 | 8,740,000 | 6,842,284 |
b,c | 4.688% due 5/15/2029 | 6,125,000 | 5,509,744 |
b | 5.00% due 9/29/2036 | 17,791,200 | 15,148,317 |
Consolidated Edison, Inc., Series A, 0.65% due 12/1/2023 | 12,309,000 | 12,205,727 | |
Dominion Energy, Inc., | |||
5.375% due 11/15/2032 | 15,885,000 | 15,166,680 | |
Series B, 3.60% due 3/15/2027 | 17,076,000 | 15,910,905 | |
DTE Energy Co., 4.875% due 6/1/2028 | 8,813,000 | 8,509,304 | |
Duke Energy Corp., 4.50% due 8/15/2032 | 10,750,000 | 9,666,507 | |
Enel Finance International NV, | |||
b,c | 1.375% due 7/12/2026 | 12,250,000 | 10,824,590 |
b,c | 1.875% due 7/12/2028 | 19,235,000 | 15,971,975 |
b,c | 2.25% due 7/12/2031 | 5,957,000 | 4,508,198 |
b,c | 5.00% due 6/15/2032 | 3,073,000 | 2,791,575 |
b,c | 7.50% due 10/14/2032 | 4,000,000 | 4,268,760 |
Entergy Louisiana LLC, 0.62% due 11/17/2023 | 3,963,000 | 3,938,865 | |
Entergy Mississippi LLC, 3.25% due 12/1/2027 | 4,727,000 | 4,213,033 | |
Entergy Texas, Inc., | |||
1.50% due 9/1/2026 | 8,640,000 | 7,525,354 | |
3.45% due 12/1/2027 | 9,000,000 | 8,168,850 | |
Evergy Metro, Inc., 4.95% due 4/15/2033 | 4,663,000 | 4,372,775 | |
c | Evergy Missouri West, Inc., 5.15% due 12/15/2027 | 9,711,000 | 9,477,159 |
32 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Georgia Power Co., 4.70% due 5/15/2032 | $ 14,681,000 | $ 13,596,074 | |
ITC Holdings Corp., | |||
c | 2.95% due 5/14/2030 | 14,800,000 | 12,258,692 |
c | 4.95% due 9/22/2027 | 12,703,000 | 12,359,130 |
c | 5.40% due 6/1/2033 | 5,000,000 | 4,747,400 |
c | Jersey Central Power & Light Co., 4.30% due 1/15/2026 | 5,914,000 | 5,693,763 |
Kentucky Utilities Co., Series KENT, 5.45% due 4/15/2033 | 4,920,000 | 4,806,840 | |
c | Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | 15,653,000 | 12,043,888 |
Louisville Gas & Electric Co., Series LOU, 5.45% due 4/15/2033 | 4,771,000 | 4,670,332 | |
c | Metropolitan Edison Co., 5.20% due 4/1/2028 | 1,475,000 | 1,436,797 |
c | Midland Cogeneration Venture LP, 6.00% due 3/15/2025 | 420,677 | 415,250 |
a | Mississippi Power Co., Series A, 5.645% (SOFR + 0.30%) due 6/28/2024 | 6,780,000 | 6,746,507 |
NextEra Energy Capital Holdings, Inc., | |||
5.749% due 9/1/2025 | 7,416,000 | 7,394,049 | |
6.051% due 3/1/2025 | 4,701,000 | 4,708,381 | |
Northern States Power Co., 3.30% due 6/15/2024 | 2,500,000 | 2,455,350 | |
Pacific Gas & Electric Co., 3.25% due 2/16/2024 | 20,160,000 | 19,923,523 | |
c | Pennsylvania Electric Co., 5.15% due 3/30/2026 | 980,000 | 961,713 |
Public Service Co. of Oklahoma, Series J, 2.20% due 8/15/2031 | 2,405,000 | 1,859,907 | |
Puget Energy, Inc., | |||
2.379% due 6/15/2028 | 8,825,000 | 7,541,315 | |
4.10% due 6/15/2030 | 4,742,000 | 4,126,773 | |
c | Vistra Operations Co. LLC, 4.875% due 5/13/2024 | 25,918,000 | 25,624,867 |
WEC Energy Group, Inc., 2.20% due 12/15/2028 | 11,412,000 | 9,680,343 | |
Xcel Energy, Inc., 5.45% due 8/15/2033 | 7,262,000 | 6,934,992 | |
Gas Utilities — 1.4% | |||
c | Brooklyn Union Gas Co., 4.632% due 8/5/2027 | 9,700,000 | 9,185,803 |
c | KeySpan Gas East Corp., 5.994% due 3/6/2033 | 14,757,000 | 14,204,793 |
Northwest Natural Gas Co., 5.75% due 3/15/2033 | 7,311,000 | 6,990,266 | |
Piedmont Natural Gas Co., Inc., 5.40% due 6/15/2033 | 4,945,000 | 4,717,036 | |
Southern Co. Gas Capital Corp., 5.15% due 9/15/2032 | 12,206,000 | 11,501,470 | |
Southwest Gas Corp., | |||
2.20% due 6/15/2030 | 5,120,000 | 4,017,613 | |
4.05% due 3/15/2032 | 13,150,000 | 11,369,095 | |
5.45% due 3/23/2028 | 3,462,000 | 3,407,300 | |
5.80% due 12/1/2027 | 4,828,000 | 4,819,551 | |
a | Spire Missouri, Inc., 5.844% (SOFR + 0.50%) due 12/2/2024 | 24,347,000 | 24,289,541 |
598,873,654 | |||
Total Corporate Bonds (Cost $3,265,109,495) | 2,995,615,476 | ||
Long-Term Municipal Bonds — 0.2% | |||
Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, Series B, 5.50% due 9/1/2031 | 5,035,000 | 4,933,555 | |
Los Angeles Community College District GO, 1.806% due 8/1/2030 | 12,115,000 | 9,870,296 | |
New Jersey Transportation Trust Fund Authority, ETM, Series B, 2.631% due 6/15/2024 | 860,000 | 842,020 | |
Total Long-Term Municipal Bonds (Cost $16,763,470) | 15,645,871 | ||
Preferred Stock — 0.4% | |||
Financial Services — 0.4% | |||
Capital Markets — 0.4% | |||
a,g | Gabelli Dividend & Income Trust, Series J, 1.70% due 3/26/2028 | 1,162 | 26,471,813 |
26,471,813 | |||
Total Preferred Stock (Cost $29,019,196) | 26,471,813 | ||
Short-Term Investments — 1.8% | |||
h | Thornburg Capital Management Fund | 12,275,167 | 122,751,672 |
Total Short-Term Investments (Cost $122,751,672) | 122,751,672 | ||
Total Investments — 99.4% (Cost $7,278,913,986) | $6,695,508,026 | ||
Other Assets Less Liabilities — 0.6% | 38,652,418 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 33 |
Thornburg Limited Term Income Fund | September 30, 2023
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Net Assets — 100.0% | $6,734,160,444 |
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, 2023. |
b | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
c | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2023, the aggregate value of these securities in the Fund’s portfolio was $3,149,924,787, representing 46.78% of the Fund’s net assets. |
d | When-issued security. |
e | Bond in default. |
f | Non-income producing. |
g | Security currently fair valued by the Valuation and Pricing Committee. |
h | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ABS | Asset Backed Securities |
CMBS | Commercial Mortgage-Backed Securities |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Rate |
DAC | Designated Activity Company |
ETM | Escrowed to Maturity |
GO | General Obligation |
H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year |
ISD | Independent School District |
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 |
TSFR1M | Term SOFR 1 Month |
TSFR3M | Term SOFR 3 Month |
UMBS | Uniform Mortgage Backed Securities |
34 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Thornburg Ultra Short Income Fund | September 30, 2023
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
U.S. Treasury Securities — 17.4% | |||
United States Treasury Bill, | |||
5.335% due 11/16/2023 | $6,000,000 | $ 5,960,288 | |
5.535% due 3/28/2024 | 5,000,000 | 4,868,577 | |
5.543% due 2/15/2024 | 6,000,000 | 5,879,838 | |
United States Treasury Notes, | |||
0.125% due 12/15/2023 | 3,000,000 | 2,968,125 | |
0.50% due 11/30/2023 | 3,000,000 | 2,976,094 | |
1.625% due 10/31/2023 | 2,000,000 | 1,994,219 | |
1.75% due 6/30/2024 | 3,000,000 | 2,917,969 | |
2.00% due 5/31/2024 | 2,750,000 | 2,687,480 | |
2.125% due 7/31/2024 | 3,000,000 | 2,917,852 | |
2.25% due 1/31/2024 - 4/30/2024 | 5,980,000 | 5,895,308 | |
4.25% due 5/31/2025 | 3,000,000 | 2,955,117 | |
5.00% due 8/31/2025 | 2,000,000 | 1,995,781 | |
United States Treasury Notes Inflationary Index, 0.625% due 1/15/2024 | 1,899,558 | 1,881,401 | |
Total U.S. Treasury Securities (Cost $45,936,331) | 45,898,049 | ||
U.S. Government Agencies — 0.0% | |||
a,b | Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), 5.92% (TSFR3M + 0.61%) due 4/15/2025 | 17,500 | 16,822 |
Small Business Administration Participation Certificates, | |||
Series 2005-20K Class 1, 5.36% due 11/1/2025 | 4,001 | 3,892 | |
Series 2009-20E Class 1, 4.43% due 5/1/2029 | 14,664 | 13,988 | |
Total U.S. Government Agencies (Cost $36,266) | 34,702 | ||
Mortgage Backed — 1.6% | |||
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2019-1 Class A1, 3.805% due 1/25/2049 | 20,278 | 18,771 |
a,c | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 19,110 | 17,109 |
c | BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 7,280 | 7,127 |
a,c | COLT Mortgage Pass-Through Certificates, Whole Loan Securities Trust CMO, Series 2021-1R Class A1, 0.857% due 5/25/2065 | 245,111 | 202,818 |
a,c | CSMC Trust, CMBS, Series 2021-BPNY Class A, 9.162% (TSFR1M + 3.83%) due 8/15/2026 | 300,000 | 258,157 |
a,c | CSMC Trust, Whole Loan Securities Trust CMO, Series 2020-NQM1 Class A1, 1.208% due 5/25/2065 | 94,516 | 82,411 |
Federal National Mtg Assoc., UMBS Collateral, Pool MA3557, 4.00% due 1/1/2029 | 28,134 | 26,717 | |
a,c | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 11,512 | 10,153 |
GCAT Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2021-CM1 Class A, 1.469% due 4/25/2065 | 222,976 | 201,145 |
a,c | Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 140,061 | 124,721 |
c | Houston Galleria Mall Trust, CMBS, Series 2015-HGLR Class A1A2, 3.087% due 3/5/2037 | 750,000 | 702,513 |
a,c | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 65,407 | 62,323 |
a,c | MFRA Trust, Whole Loan Securities Trust CMO, Series 2022-CHM1 Class A1, 3.875% due 9/25/2056 | 527,131 | 485,727 |
a,c | New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2017-5A Class A1, 6.934% (TSFR1M + 1.61%) due 6/25/2057 | 14,330 | 14,237 |
a,c | Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1, 1.654% due 5/25/2060 | 272,983 | 263,505 |
Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, | |||
a | Series 2017-3 Class HA, 3.25% due 7/25/2056 | 27,493 | 24,755 |
a | Series 2018-1 Class HA, 3.00% due 5/25/2057 | 19,494 | 17,440 |
a | Series 2018-2 Class HA, 3.00% due 11/25/2057 | 73,840 | 66,829 |
a,c | SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class A1, 2.703% due 9/25/2059 | 624,494 | 605,380 |
Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, | |||
a,c | Series 2016-5 Class A1, 2.50% due 10/25/2056 | 3,193 | 3,150 |
a,c | Series 2018-2 Class A1, 3.25% due 3/25/2058 | 21,930 | 20,949 |
a,c | Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 777,880 | 752,642 |
a,c | Verus Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-INV3 Class A1B, 3.192% due 11/25/2059 | 241,880 | 231,870 |
Total Mortgage Backed (Cost $4,444,348) | 4,200,449 | ||
Asset Backed Securities — 25.3% | |||
Auto Receivables — 12.6% | |||
c | ACC Auto Trust, Series 2022-A Class A, 4.58% due 7/15/2026 | 169,762 | 168,097 |
c | ACC Trust, Series 2022-1 Class A, 1.19% due 9/20/2024 | 28,257 | 28,187 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 35 |
Thornburg Ultra Short Income Fund | September 30, 2023
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
ACM Auto Trust, | |||
c | Series 2023-1A Class A, 6.61% due 1/22/2030 | $ 531,412 | $ 530,565 |
c | Series 2023-2A Class A, 7.97% due 6/20/2030 | 747,584 | 748,064 |
American Credit Acceptance Receivables Trust, | |||
c | Series 2019-4 Class D, 2.97% due 12/12/2025 | 147,700 | 147,514 |
c | Series 2022-3 Class A, 4.12% due 2/13/2026 | 76,195 | 76,109 |
Arivo Acceptance Auto Loan Receivables Trust, | |||
c | Series 2021-1A Class A, 1.19% due 1/15/2027 | 376,706 | 368,410 |
c | Series 2022-1A Class A, 3.93% due 5/15/2028 | 978,255 | 956,850 |
BOF URSA VI Funding Trust I, | |||
c | Series 2023-CAR1 Class B, 6.029% due 10/27/2031 | 253,328 | 249,350 |
c | Series 2023-CAR2 Class B, 6.029% due 10/27/2031 | 718,847 | 707,563 |
c | BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | 1,122,899 | 1,116,668 |
Capital One Prime Auto Receivables Trust, Series 2022-1 Class A2, 2.71% due 6/16/2025 | 308,988 | 306,748 | |
CarMax Auto Owner Trust, | |||
Series 2020-4 Class A3, 0.50% due 8/15/2025 | 620,250 | 609,470 | |
Series 2021-1 Class A3, 0.34% due 12/15/2025 | 542,686 | 528,740 | |
Series 2021-3 Class A3, 0.55% due 6/15/2026 | 1,583,319 | 1,520,154 | |
Carvana Auto Receivables Trust, | |||
c | Series 2019-1A Class E, 5.64% due 1/15/2026 | 444,993 | 444,136 |
Series 2021-N3 Class A1, 0.35% due 6/12/2028 | 170,138 | 168,462 | |
Series 2021-N4 Class A1, 0.83% due 9/11/2028 | 187,210 | 184,122 | |
c | Series 2022-N1 Class A1, 2.31% due 12/11/2028 | 431,232 | 423,089 |
c | Series 2023-N1 Class A, 6.36% due 4/12/2027 | 592,157 | 591,990 |
c | Series 2023-N3 Class A, 6.41% due 9/10/2027 | 725,000 | 724,868 |
c | CPS Auto Receivables Trust, Series 2023-A Class A, 5.54% due 3/16/2026 | 1,098,060 | 1,095,138 |
c | Credito Real USA Auto Receivables Trust, Series 2021-1A Class A, 1.35% due 2/16/2027 | 33,330 | 33,051 |
Drive Auto Receivables Trust, Series 2021-3 Class B, 1.11% due 5/15/2026 | 264,229 | 262,685 | |
DT Auto Owner Trust, | |||
c | Series 2022-1A Class A, 1.58% due 4/15/2026 | 316,343 | 314,833 |
c | Series 2022-2A Class A, 2.88% due 6/15/2026 | 499,270 | 495,734 |
c | Enterprise Fleet Financing LLC, Series 2022-2 Class A2, 4.65% due 5/21/2029 | 1,310,937 | 1,291,416 |
Exeter Automobile Receivables Trust, | |||
c | Series 2019-3A Class D, 3.11% due 8/15/2025 | 400,442 | 396,301 |
c | Series 2019-4A Class D, 2.58% due 9/15/2025 | 537,184 | 528,802 |
Series 2021-1A Class C, 0.74% due 1/15/2026 | 185,938 | 184,649 | |
FHF Trust, | |||
c | Series 2021-1A Class A, 1.27% due 3/15/2027 | 28,918 | 27,843 |
c | Series 2021-2A Class A, 0.83% due 12/15/2026 | 59,290 | 56,895 |
c | Series 2022-2A Class A, 6.14% due 12/15/2027 | 934,375 | 923,953 |
c | First Investors Auto Owner Trust, Series 2021-2A Class A, 0.48% due 3/15/2027 | 941,349 | 917,753 |
Flagship Credit Auto Trust, | |||
c | Series 2021-1 Class B, 0.68% due 2/16/2027 | 357,205 | 355,235 |
c | Series 2022-1 Class A, 1.79% due 10/15/2026 | 808,332 | 790,252 |
GLS Auto Receivables Issuer Trust, | |||
c | Series 2021-2A Class C, 1.08% due 6/15/2026 | 612,484 | 598,963 |
c | Series 2022-2A Class A2, 3.55% due 1/15/2026 | 267,430 | 265,647 |
Honda Auto Receivables Owner Trust, Series 2020-3 Class A3, 0.37% due 10/18/2024 | 89,125 | 88,374 | |
Hyundai Auto Receivables Trust, Series 2020-A Class A4, 1.72% due 6/15/2026 | 2,100,000 | 2,071,099 | |
Lendbuzz Securitization Trust, | |||
c | Series 2021-1A Class A, 1.46% due 6/15/2026 | 143,669 | 138,078 |
c | Series 2022-1A Class A, 4.22% due 5/17/2027 | 621,411 | 602,546 |
c | Series 2023-2A Class A1, 5.835% due 5/15/2024 | 286,477 | 286,434 |
c | Lobel Automobile Receivables Trust, Series 2023-1 Class A, 6.97% due 7/15/2026 | 1,369,214 | 1,368,772 |
c | OneMain Direct Auto Receivables Trust, Series 2021-1A Class A, 0.87% due 7/14/2028 | 1,050,000 | 1,001,372 |
b,c | Oscar U.S. Funding XIV LLC, Series 2022-1A Class A2, 1.60% due 3/10/2025 | 710,152 | 705,671 |
b,c | Oscar U.S. Funding XV LLC, Series 2023-1A Class A2, 6.07% due 9/10/2026 | 1,320,000 | 1,316,510 |
c | Research-Driven Pagaya Motor Asset Trust, Series 2023-3A Class A, 7.13% due 1/26/2032 | 1,300,000 | 1,301,241 |
c | Santander Consumer Auto Receivables Trust, Series 2020-AA Class C, 3.71% due 2/17/2026 | 444,231 | 443,357 |
Santander Drive Auto Receivables Trust, | |||
Series 2020-4 Class D, 1.48% due 1/15/2027 | 698,497 | 679,992 | |
Series 2021-3 Class C, 0.95% due 9/15/2027 | 677,141 | 666,987 | |
Series 2022-3 Class A3, 3.40% due 12/15/2026 | 557,199 | 551,577 |
36 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Toyota Auto Receivables Owner Trust, Series 2020-D Class A3, 0.35% due 1/15/2025 | $ 143,921 | $ 143,178 | |
c | United Auto Credit Securitization Trust, Series 2022-2 Class A, 4.39% due 4/10/2025 | 143,827 | 143,689 |
c | Veros Auto Receivables Trust, Series 2022-1 Class A, 3.47% due 12/15/2025 | 1,283,279 | 1,272,437 |
World Omni Auto Receivables Trust, | |||
Series 2020-B Class A3, 0.63% due 5/15/2025 | 316,679 | 314,420 | |
Series 2020-C Class A3, 0.48% due 11/17/2025 | 763,968 | 750,276 | |
Series 2022-A Class A2, 1.15% due 4/15/2025 | 110,401 | 110,224 | |
33,094,540 | |||
Credit Card — 0.5% | |||
c | Mercury Financial Credit Card Master Trust, Series 2023-1A Class A, 8.04% due 9/20/2027 | 700,000 | 702,515 |
c,d | Mission Lane Credit Card Master Trust, Series 2023-B Class A, 7.79% due 11/15/2028 | 500,000 | 499,928 |
1,202,443 | |||
Other Asset Backed — 10.7% | |||
c | ACHV ABS Trust, Series 2023-1PL Class A, 6.42% due 3/18/2030 | 151,940 | 151,900 |
Affirm Asset Securitization Trust, | |||
c | Series 2020-Z1 Class A, 3.46% due 10/15/2024 | 12,826 | 12,812 |
c | Series 2020-Z2 Class A, 1.90% due 1/15/2025 | 8,226 | 8,168 |
c | Series 2021-Z2 Class A, 1.17% due 11/16/2026 | 341,005 | 330,563 |
c | AFG ABS I LLC, Series 2023-1 Class A1, 5.462% due 2/15/2024 | 517,812 | 517,510 |
Aqua Finance Trust, | |||
c | Series 2017-A Class A, 3.72% due 11/15/2035 | 175,026 | 174,434 |
c | Series 2020-AA Class A, 1.90% due 7/17/2046 | 841,253 | 761,785 |
c | Bankers Healthcare Group Securitization Trust, Series 2020-A Class A, 2.56% due 9/17/2031 | 15,805 | 15,563 |
c | BHG Securitization Trust, Series 2021-B Class A, 0.90% due 10/17/2034 | 67,450 | 64,884 |
c | BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A Class A, 2.94% due 5/25/2029 | 37,740 | 36,315 |
c | CCG Receivables Trust, Series 2022-1 Class A2, 3.91% due 7/16/2029 | 551,004 | 540,376 |
c | CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | 1,026,483 | 964,042 |
c | Crossroads Asset Trust, Series 2022-A Class A, 6.35% due 4/21/2031 | 1,242,543 | 1,241,018 |
Dell Equipment Finance Trust, | |||
c | Series 2021-2 Class A3, 0.53% due 12/22/2026 | 853,196 | 841,852 |
c | Series 2022-1 Class A2, 2.11% due 8/23/2027 | 41,498 | 41,416 |
c | Dext ABS LLC, Series 2021-1 Class A, 1.12% due 2/15/2028 | 953,278 | 922,805 |
c | Diamond Resorts Owner Trust, Series 2019-1A Class A, 2.89% due 2/20/2032 | 28,497 | 27,098 |
Foundation Finance Trust, | |||
c | Series 2017-1A Class B, 4.14% due 7/15/2033 | 412,873 | 408,680 |
c | Series 2019-1A Class A, 3.86% due 11/15/2034 | 391,970 | 385,663 |
c | Series 2020-1A Class A, 3.54% due 7/16/2040 | 211,911 | 203,912 |
a,b,c | Greystone Commercial Real Estate Notes Ltd., Series 2021-FL3 Class A, 6.467% (TSFR1M + 1.13%) due 7/15/2039 | 100,000 | 98,283 |
c | Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033 | 38,148 | 35,971 |
c | Kubota Credit Owner Trust, Series 2021-1A Class A3, 0.62% due 8/15/2025 | 445,314 | 433,103 |
LendingPoint Asset Securitization Trust, | |||
c | Series 2020-REV1 Class A, 2.731% due 10/15/2028 | 3,608 | 3,603 |
c | Series 2022-B Class A, 4.77% due 10/15/2029 | 74,990 | 74,230 |
c | Series 2022-C Class A, 6.56% due 2/15/2030 | 439,911 | 439,417 |
LendingPoint Pass-Through Trust, | |||
c | Series 2022-ST1 Class A, 2.50% due 3/15/2028 | 167,810 | 161,628 |
c | Series 2022-ST2 Class A, 3.25% due 4/15/2028 | 159,238 | 153,786 |
c | Series 2022-ST3 Class A, 4.00% due 5/15/2028 | 204,511 | 198,452 |
c | LL ABS Trust, Series 2021-1A Class A, 1.07% due 5/15/2029 | 142,759 | 140,420 |
c | LP LMS Asset Securitization Trust, Series 2021-2A Class A, 1.75% due 1/15/2029 | 34,977 | 34,455 |
Mariner Finance Issuance Trust, | |||
c | Series 2019-AA Class A, 2.96% due 7/20/2032 | 23,579 | 23,526 |
c | Series 2019-AA Class B, 3.51% due 7/20/2032 | 490,000 | 485,028 |
Marlette Funding Trust, | |||
c | Series 2019-4A Class C, 3.76% due 12/17/2029 | 268,980 | 266,617 |
c | Series 2021-2A Class B, 1.06% due 9/15/2031 | 538,704 | 534,817 |
c | Series 2022-3A Class A, 5.18% due 11/15/2032 | 184,241 | ��� 183,522 |
c | Series 2023-2A Class A, 6.04% due 6/15/2033 | 882,784 | 881,147 |
c | Mosaic Solar Loan Trust, Series 2018-1A Class C, Zero coupon due 6/22/2043 | 127,889 | 119,286 |
c | NMEF Funding LLC, Series 2022-A Class A2, 2.58% due 10/16/2028 | 1,142,083 | 1,119,571 |
c | Oportun Funding LLC, Series 2022-1 Class A, 3.25% due 6/15/2029 | 100,573 | 100,036 |
c | Oportun Funding XIII LLC, Series 2019-A Class B, 3.87% due 8/8/2025 | 851,943 | 834,613 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 37 |
Thornburg Ultra Short Income Fund | September 30, 2023
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
c | Oportun Funding XIV LLC, Series 2021-A Class A, 1.21% due 3/8/2028 | $ 971,514 | $ 928,438 |
Pagaya AI Debt Selection Trust, | |||
c | Series 2021-1 Class B, 2.13% due 11/15/2027 | 425,436 | 420,577 |
c | Series 2021-3 Class A, 1.15% due 5/15/2029 | 27,299 | 27,205 |
c | Series 2021-HG1 Class A, 1.22% due 1/16/2029 | 794,239 | 765,272 |
Pagaya AI Debt Trust, | |||
c | Series 2022-1 Class A, 2.03% due 10/15/2029 | 545,043 | 533,715 |
c | Series 2023-1 Class A, 7.556% due 7/15/2030 | 370,225 | 371,617 |
c | Pawnee Equipment Receivables LLC, Series 2021-1 Class A2, 1.10% due 7/15/2027 | 1,965,189 | 1,907,121 |
c | Post Road Equipment Finance, Series 2022-1A Class A1, 3.76% due 8/16/2027 | 62,340 | 61,876 |
Prosper Marketplace Issuance Trust, | |||
c | Series 2019-4A Class C, 4.95% due 2/17/2026 | 64,595 | 64,550 |
c | Series 2023-1A Class A, 7.06% due 7/16/2029 | 1,500,000 | 1,500,446 |
PSNH Funding LLC 3, Series 2018-1 Class A1, 3.094% due 2/1/2026 | 4,548 | 4,502 | |
c | Reach Financial LLC, Series 2023-1A Class A, 7.05% due 2/18/2031 | 1,417,644 | 1,420,870 |
a,c | SBA Tower Trust, Series 2014-2A Class C, 3.869% due 10/15/2049 | 548,000 | 533,357 |
c | SoFi Consumer Loan Program Trust, Series 2021-1 Class A, 0.49% due 9/25/2030 | 50,417 | 50,093 |
c | SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 291,255 | 267,133 |
c | SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 660,000 | 594,566 |
c | Theorem Funding Trust, Series 2022-3A Class A, 7.60% due 4/15/2029 | 578,513 | 578,444 |
Upstart Pass-Through Trust, | |||
c | Series 2020-ST1 Class A, 3.75% due 2/20/2028 | 28,957 | 28,733 |
c | Series 2020-ST2 Class A, 3.50% due 3/20/2028 | 50,415 | 49,743 |
c | Series 2020-ST3 Class A, 3.35% due 4/20/2028 | 19,278 | 19,057 |
c | Series 2020-ST6 Class A, 3.00% due 1/20/2027 | 686,180 | 672,474 |
c | Series 2021-ST4 Class A, 2.00% due 7/20/2027 | 296,129 | 279,325 |
c | Series 2021-ST8 Class A, 1.75% due 10/20/2029 | 236,650 | 230,107 |
Upstart Securitization Trust, | |||
c | Series 2020-2 Class A, 2.309% due 11/20/2030 | 207,668 | 203,840 |
c | Series 2020-3 Class C, 6.25% due 11/20/2030 | 883,998 | 874,153 |
c | Series 2021-4 Class A, 0.84% due 9/20/2031 | 140,670 | 139,363 |
c | Series 2023-1 Class A, 6.59% due 2/20/2033 | 187,248 | 186,202 |
c | Verdant Receivables LLC, Series 2023-1A Class A1, 5.822% due 8/12/2024 | 1,506,823 | 1,506,245 |
Verizon Owner Trust, Series 2020-B Class A, 0.47% due 2/20/2025 | 21,822 | 21,765 | |
28,213,096 | |||
Student Loan — 1.5% | |||
Laurel Road Prime Student Loan Trust, | |||
c | Series 2017-C Class A2B, 2.81% due 11/25/2042 | 309,238 | 306,409 |
c | Series 2019-A Class A2FX, 2.73% due 10/25/2048 | 269,534 | 262,000 |
a | National Collegiate Student Loan Trust, Series 2006-4 Class A4, 5.744% (SOFR + 0.31%) due 5/25/2032 | 254,048 | 241,859 |
Navient Private Education Loan Trust, | |||
c | Series 2017-A Class A2A, 2.88% due 12/16/2058 | 212,719 | 211,514 |
a,c | Series 2017-A Class A2B, 6.347% (TSFR1M + 1.01%) due 12/16/2058 | 7,521 | 7,515 |
a,c | Series 2018-BA Class A2B, 6.167% (TSFR1M + 0.83%) due 12/15/2059 | 45,190 | 44,731 |
c | Navient Private Education Refi Loan Trust, Series 2018-CA Class A2, 3.52% due 6/16/2042 | 371,927 | 367,552 |
a,c | Navient Student Loan Trust, Series 2019-BA Class A2B, 6.427% (TSFR1M + 1.09%) due 12/15/2059 | 296,447 | 293,490 |
Nelnet Student Loan Trust, | |||
a,c | Series 2012-2A Class A, 6.229% (SOFR30A + 0.91%) due 12/26/2033 | 65,198 | 64,444 |
a,c | Series 2015-3A Class A2, 6.029% (SOFR30A + 0.71%) due 2/27/2051 | 22,720 | 22,545 |
a,c | Series 2021-DA Class AFL, 6.129% (TSFR1M + 0.80%) due 4/20/2062 | 140,379 | 137,403 |
a,c | Pennsylvania Higher Education Assistance Agency, Student Loan Trust, Series 2012-1A Class A1, 5.979% (SOFR30A + 0.66%) due 5/25/2057 | 11,207 | 10,975 |
a,b,c | Prodigy Finance DAC, Series 2021-1A Class A, 6.684% (TSFR1M + 1.36%) due 7/25/2051 | 71,160 | 70,730 |
SLM Student Loan Trust, | |||
a | Series 2013-4 Class A, 5.979% (SOFR30A + 0.66%) due 6/25/2027 | 21,798 | 21,215 |
a | Series 2013-6 Class A3, 6.079% (SOFR30A + 0.76%) due 6/26/2028 | 135,600 | 132,355 |
SMB Private Education Loan Trust, | |||
a,c | Series 2016-A Class A2B, 6.947% (TSFR1M + 1.61%) due 5/15/2031 | 172,355 | 172,417 |
a,c | Series 2016-B Class A2B, 6.897% (TSFR1M + 1.56%) due 2/17/2032 | 211,537 | 211,517 |
a,c | Series 2017-A Class A2B, 6.347% (TSFR1M + 1.01%) due 9/15/2034 | 194,730 | 193,089 |
a,c | Series 2017-B Class A2B, 6.197% (TSFR1M + 0.86%) due 10/15/2035 | 398,991 | 395,788 |
38 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
a,c | Series 2018-B Class A2B, 6.167% (TSFR1M + 0.83%) due 1/15/2037 | $ 511,223 | $ 505,290 |
a,c | Series 2018-C Class A2B, 6.197% (TSFR1M + 0.86%) due 11/15/2035 | 124,954 | 123,125 |
Towd Point Asset Trust, | |||
a,c | Series 2018-SL1 Class A, 6.034% (TSFR1M + 0.71%) due 1/25/2046 | 41,863 | 41,790 |
a,c | Series 2021-SL1 Class A2, 6.139% (TSFR1M + 0.81%) due 11/20/2061 | 130,934 | 129,721 |
3,967,474 | |||
Total Asset Backed Securities (Cost $66,592,707) | 66,477,553 | ||
Corporate Bonds — 48.1% | |||
Automobiles & Components — 1.3% | |||
Automobiles — 1.3% | |||
Hyundai Capital America, | |||
c | 0.80% due 1/8/2024 | 1,259,000 | 1,240,656 |
c | 5.80% due 6/26/2025 | 500,000 | 497,865 |
c | Mercedes-Benz Finance North America LLC, 5.50% due 11/27/2024 | 1,000,000 | 998,290 |
a | Toyota Motor Credit Corp., 5.995% (SOFRINDX + 0.65%) due 12/29/2023 | 600,000 | 600,318 |
3,337,129 | |||
Banks — 1.0% | |||
Banks — 1.0% | |||
HSBC USA, Inc., 3.75% due 5/24/2024 | 750,000 | 737,843 | |
c | National Securities Clearing Corp., 5.15% due 5/30/2025 | 2,000,000 | 1,981,080 |
2,718,923 | |||
Capital Goods — 2.0% | |||
Aerospace & Defense — 0.7% | |||
c | L3Harris Technologies, Inc., 6.355% due 8/23/2024 | 2,000,000 | 1,892,817 |
Industrial Conglomerates — 0.9% | |||
Lennox International, Inc., | |||
1.35% due 8/1/2025 | 1,000,000 | 919,690 | |
3.00% due 11/15/2023 | 1,425,000 | 1,419,414 | |
Machinery — 0.4% | |||
a | Caterpillar Financial Services Corp., 5.587% (SOFR + 0.25%) due 5/17/2024 | 950,000 | 949,601 |
5,181,522 | |||
Commercial & Professional Services — 2.8% | |||
Automobiles — 1.1% | |||
Daimler Truck Finance North America LLC, | |||
a,c | 5.945% (SOFR + 0.60%) due 12/14/2023 | 2,100,000 | 2,098,320 |
a,c | 6.27% (SOFR + 1.00%) due 4/5/2024 | 945,000 | 945,161 |
Commercial Services & Supplies — 1.7% | |||
Avery Dennison Corp., 0.85% due 8/15/2024 | 2,557,000 | 2,444,083 | |
Quanta Services, Inc., 0.95% due 10/1/2024 | 2,050,000 | 1,939,402 | |
7,426,966 | |||
Consumer Discretionary Distribution & Retail — 0.7% | |||
Broadline Retail — 0.4% | |||
Dollar General Corp., 4.25% due 9/20/2024 | 1,000,000 | 982,810 | |
Specialty Retail — 0.3% | |||
Advance Auto Parts, Inc., 5.90% due 3/9/2026 | 750,000 | 724,200 | |
1,707,010 | |||
Consumer Services — 0.9% | |||
Hotels, Restaurants & Leisure — 0.9% | |||
a | Starbucks Corp., 5.762% (SOFRINDX + 0.42%) due 2/14/2024 | 949,000 | 947,586 |
Warnermedia Holdings, Inc., 6.412% due 3/15/2026 | 1,500,000 | 1,499,835 | |
2,447,421 | |||
Consumer Staples Distribution & Retail — 0.9% | |||
Consumer Staples Distribution & Retail — 0.9% | |||
c | 7-Eleven, Inc., 0.80% due 2/10/2024 | 2,513,000 | 2,464,801 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 39 |
Thornburg Ultra Short Income Fund | September 30, 2023
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
2,464,801 | |||
Energy — 2.7% | |||
Oil, Gas & Consumable Fuels — 2.7% | |||
Energy Transfer LP/Regency Energy Finance Corp., 4.50% due 11/1/2023 | $1,500,000 | $ 1,496,655 | |
c | Kinder Morgan, Inc., 5.625% due 11/15/2023 | 1,750,000 | 1,748,057 |
PDC Energy, Inc., 5.75% due 5/15/2026 | 1,250,000 | 1,246,712 | |
Plains All American Pipeline LP/PAA Finance Corp., 3.85% due 10/15/2023 | 355,000 | 354,535 | |
Spectra Energy Partners LP, 4.75% due 3/15/2024 | 1,500,000 | 1,491,255 | |
Williams Cos., Inc., 4.30% due 3/4/2024 | 750,000 | 744,368 | |
7,081,582 | |||
Equity Real Estate Investment Trusts (REITs) — 1.2% | |||
Diversified REITs — 1.2% | |||
American Tower Corp., 2.40% due 3/15/2025 | 1,000,000 | 947,880 | |
Crown Castle, Inc., 1.35% due 7/15/2025 | 1,218,000 | 1,121,875 | |
c | SBA Tower Trust, 2.836% due 1/15/2050 | 1,000,000 | 957,141 |
3,026,896 | |||
Financial Services — 3.6% | |||
Capital Markets — 1.2% | |||
Ares Capital Corp., 4.20% due 6/10/2024 | 1,250,000 | 1,227,487 | |
Sixth Street Specialty Lending, Inc., 3.875% due 11/1/2024 | 2,000,000 | 1,939,900 | |
Financial Services — 2.4% | |||
a | Bank of America Corp., 0.976% (SOFR + 0.69%) due 4/22/2025 | 1,250,000 | 1,211,000 |
a | Citigroup, Inc., 0.776% (SOFR + 0.69%) due 10/30/2024 | 1,250,000 | 1,244,150 |
a,b | Deutsche Bank AG, Series E, 5.842% (SOFR + 0.50%) due 11/8/2023 | 150,000 | 149,970 |
a | Goldman Sachs Group, Inc., 5.808% (SOFR + 0.49%) due 10/21/2024 | 1,000,000 | 997,370 |
a | JPMorgan Chase & Co., 0.768% (SOFR + 0.49%) due 8/9/2025 | 1,500,000 | 1,428,570 |
a | Morgan Stanley, 5.79% (SOFR + 0.46%) due 1/25/2024 | 1,250,000 | 1,249,625 |
9,448,072 | |||
Food, Beverage & Tobacco — 1.1% | |||
Beverages — 0.3% | |||
Constellation Brands, Inc., 5.00% due 2/2/2026 | 700,000 | 687,526 | |
Food Products — 0.5% | |||
b,c | Danone SA, 2.589% due 11/2/2023 | 1,350,000 | 1,345,910 |
Tobacco — 0.3% | |||
BAT Capital Corp., 3.222% due 8/15/2024 | 870,000 | 849,259 | |
2,882,695 | |||
Health Care Equipment & Services — 1.0% | |||
Health Care Equipment & Supplies — 0.7% | |||
Baxter International, Inc., | |||
a | 5.604% (SOFRINDX + 0.26%) due 12/1/2023 | 1,000,000 | 998,780 |
a | 5.784% (SOFRINDX + 0.44%) due 11/29/2024 | 1,000,000 | 993,530 |
Health Care Providers & Services — 0.3% | |||
Humana, Inc., 5.70% due 3/13/2026 | 750,000 | 746,692 | |
2,739,002 | |||
Industrials — 1.5% | |||
Aerospace & Defense — 0.7% | |||
Teledyne Technologies, Inc., 0.95% due 4/1/2024 | 2,000,000 | 1,947,960 | |
Transportation Infrastructure — 0.8% | |||
Penske Truck Leasing Co. LP/PTL Finance Corp., | |||
c | 2.70% due 11/1/2024 | 1,000,000 | 961,020 |
c | 3.90% due 2/1/2024 | 1,000,000 | 991,780 |
3,900,760 | |||
Insurance — 7.0% | |||
Insurance — 7.0% | |||
b | Aon Global Ltd., 3.50% due 6/14/2024 | 1,375,000 | 1,349,755 |
a,c | Brighthouse Financial Global Funding, 6.053% (SOFR + 0.76%) due 4/12/2024 | 1,500,000 | 1,491,435 |
40 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
c | Equitable Financial Life Global Funding, 0.80% due 8/12/2024 | $ 969,000 | $ 923,040 |
c | F&G Global Funding, 0.90% due 9/20/2024 | 1,631,000 | 1,540,952 |
c | Fairfax U.S., Inc., 4.875% due 8/13/2024 | 850,000 | 834,862 |
c | Five Corners Funding Trust, 4.419% due 11/15/2023 | 1,500,000 | 1,496,790 |
a,c | Jackson National Life Global Funding, 6.495% (SOFR + 1.15%) due 6/28/2024 | 840,000 | 839,966 |
Lincoln National Corp., 3.35% due 3/9/2025 | 1,250,000 | 1,200,538 | |
a,c | Metropolitan Life Global Funding I, 5.599% (SOFR + 0.32%) due 1/7/2024 | 1,037,000 | 1,036,720 |
a,c | Nationwide Mutual Insurance Co., 7.961% (SOFR + 2.64%) due 12/15/2024 | 1,375,000 | 1,376,499 |
a,c | Pacific Life Global Funding II, 6.145% (SOFRINDX + 0.80%) due 3/30/2025 | 235,000 | 235,014 |
c | Principal Life Global Funding II, 0.50% due 1/8/2024 | 1,500,000 | 1,473,975 |
Reliance Standard Life Global Funding II, | |||
c | 2.50% due 10/30/2024 | 1,000,000 | 956,890 |
c | 5.243% due 2/2/2026 | 850,000 | 825,784 |
c | Security Benefit Global Funding, 1.25% due 5/17/2024 | 1,400,000 | 1,349,544 |
Willis North America, Inc., 3.60% due 5/15/2024 | 1,500,000 | 1,475,625 | |
18,407,389 | |||
Materials — 1.6% | |||
Chemicals — 0.5% | |||
FMC Corp., 4.10% due 2/1/2024 | 1,525,000 | 1,512,327 | |
Construction Materials — 0.3% | |||
Vulcan Materials Co., 5.80% due 3/1/2026 | 751,000 | 747,996 | |
Containers & Packaging — 0.8% | |||
Ball Corp., 4.00% due 11/15/2023 | 2,053,000 | 2,046,082 | |
4,306,405 | |||
Media & Entertainment — 0.7% | |||
Media — 0.7% | |||
c | Cox Communications, Inc., 3.15% due 8/15/2024 | 2,000,000 | 1,948,360 |
1,948,360 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 1.7% | |||
Biotechnology — 0.1% | |||
Amgen, Inc., 5.507% due 3/2/2026 | 250,000 | 248,157 | |
Pharmaceuticals — 1.6% | |||
a,c | Bayer U.S. Finance II LLC, 6.681% (TSFR3M + 1.27%) due 12/15/2023 | 1,500,000 | 1,500,360 |
Cigna Group, 5.685% due 3/15/2026 | 500,000 | 497,295 | |
McKesson Corp., 5.25% due 2/15/2026 | 686,000 | 678,344 | |
Mylan, Inc., 4.20% due 11/29/2023 | 1,673,000 | 1,667,379 | |
4,591,535 | |||
Semiconductors & Semiconductor Equipment — 2.2% | |||
Semiconductors & Semiconductor Equipment — 2.2% | |||
b | Broadcom Corp./Broadcom Cayman Finance Ltd., 3.625% due 1/15/2024 | 1,455,000 | 1,444,495 |
Microchip Technology, Inc., 0.972% due 2/15/2024 | 1,000,000 | 981,800 | |
c | Qorvo, Inc., 1.75% due 12/15/2024 | 1,250,000 | 1,177,375 |
b,c | Renesas Electronics Corp., 1.543% due 11/26/2024 | 1,500,000 | 1,413,960 |
b,c | SK Hynix, Inc., 1.00% due 1/19/2024 | 700,000 | 688,926 |
5,706,556 | |||
Software & Services — 0.4% | |||
Information Technology Services — 0.4% | |||
b | Genpact Luxembourg Sarl, 3.375% due 12/1/2024 | 1,000,000 | 960,600 |
960,600 | |||
Technology Hardware & Equipment — 2.3% | |||
Electronic Equipment, Instruments & Components — 1.4% | |||
Arrow Electronics, Inc., 6.125% due 3/1/2026 | 900,000 | 895,320 | |
TD SYNNEX Corp., 1.25% due 8/9/2024 | 1,731,000 | 1,650,232 | |
Trimble, Inc., 4.75% due 12/1/2024 | 1,250,000 | 1,228,550 | |
Technology Hardware, Storage & Peripherals — 0.9% | |||
Hewlett Packard Enterprise Co., | |||
4.45% due 10/2/2023 | 1,000,000 | 1,000,000 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 41 |
Thornburg Ultra Short Income Fund | September 30, 2023
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
5.90% due 10/1/2024 | $1,250,000 | $ 1,248,687 | |
6,022,789 | |||
Telecommunication Services — 1.3% | |||
Diversified Telecommunication Services — 1.1% | |||
c | AT&T, Inc., 6.126% due 3/19/2024 | 1,000,000 | 973,083 |
b | British Telecommunications plc, 4.50% due 12/4/2023 | 1,075,000 | 1,071,904 |
b,c | NTT Finance Corp., 4.142% due 7/26/2024 | 500,000 | 492,805 |
b,c | Videotron Ltd., 5.375% due 6/15/2024 | 502,000 | 497,452 |
Wireless Telecommunication Services — 0.2% | |||
T-Mobile USA, Inc., 2.25% due 2/15/2026 | 500,000 | 460,555 | |
3,495,799 | |||
Transportation — 0.3% | |||
Air Freight & Logistics — 0.3% | |||
Ryder System, Inc., 3.875% due 12/1/2023 | 750,000 | 746,573 | |
746,573 | |||
Utilities — 9.9% | |||
Electric Utilities — 9.9% | |||
c | 3M Co., 6.114% due 3/8/2024 | 1,500,000 | 1,461,244 |
c | Alexander Funding Trust, 1.841% due 11/15/2023 | 431,000 | 428,035 |
American Electric Power Co., Inc., 2.031% due 3/15/2024 | 2,500,000 | 2,451,775 | |
Arizona Public Service Co., 3.35% due 6/15/2024 | 1,979,000 | 1,940,192 | |
c | Avangrid, Inc., 5.85% due 12/14/2023 | 1,250,000 | 1,235,611 |
b,c | BASF SE, 5.828% due 12/18/2023 | 519,000 | 512,737 |
Black Hills Corp., 1.037% due 8/23/2024 | 988,000 | 944,281 | |
a | CenterPoint Energy, Inc., 5.991% (SOFRINDX + 0.65%) due 5/13/2024 | 589,000 | 588,865 |
Cleveland Electric Illuminating Co., 5.50% due 8/15/2024 | 1,000,000 | 996,420 | |
DTE Energy Co., 4.22% due 11/1/2024 | 907,000 | 890,329 | |
c | Jersey Central Power & Light Co., 4.70% due 4/1/2024 | 1,000,000 | 991,960 |
b,c | LVMH Moet Hennessy Louis Vuitton SE, 5.863% due 3/21/2024 | 2,000,000 | 1,947,062 |
a | Mississippi Power Co., Series A, 5.645% (SOFR + 0.30%) due 6/28/2024 | 750,000 | 746,295 |
NextEra Energy Capital Holdings, Inc., | |||
4.255% due 9/1/2024 | 750,000 | 737,888 | |
a | 5.741% (SOFRINDX + 0.40%) due 11/3/2023 | 1,113,000 | 1,112,911 |
a | 6.365% (SOFRINDX + 1.02%) due 3/21/2024 | 375,000 | 374,985 |
c | Niagara Mohawk Power Corp., 3.508% due 10/1/2024 | 1,750,000 | 1,704,202 |
Oncor Electric Delivery Co. LLC, 2.75% due 6/1/2024 | 500,000 | 489,545 | |
Public Service Enterprise Group, Inc., 0.841% due 11/8/2023 | 1,390,000 | 1,382,855 | |
c | Southern California Edison Co., 5.907% due 10/16/2023 | 1,250,000 | 1,247,031 |
Southern Co., Series 21-A, 0.60% due 2/26/2024 | 1,250,000 | 1,223,262 | |
b,c | TELUS Corp., 5.915% due 12/20/2023 | 1,250,000 | 1,234,167 |
Vistra Operations Co. LLC, | |||
c | 3.55% due 7/15/2024 | 500,000 | 487,915 |
c | 4.875% due 5/13/2024 | 1,000,000 | 988,690 |
26,118,257 | |||
Total Corporate Bonds (Cost $127,032,042) | 126,667,042 | ||
Long-Term Municipal Bonds — 0.0% | |||
New Jersey Transportation Trust Fund Authority, ETM, Series B, 2.631% due 6/15/2024 | 25,000 | 24,477 | |
Total Long-Term Municipal Bonds (Cost $25,000) | 24,477 | ||
Short-Term Investments — 7.2% | |||
e | Thornburg Capital Management Fund | 1,896,870 | 18,968,697 |
Total Short-Term Investments (Cost $18,968,697) | 18,968,697 | ||
Total Investments — 99.6% (Cost $263,035,391) | $262,270,969 | ||
Other Assets Less Liabilities — 0.4% | 974,191 |
42 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/PRINCIPAL AMOUNT | VALUE | |
Net Assets — 100.0% | $263,245,160 |
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, 2023. |
b | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
c | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2023, the aggregate value of these securities in the Fund’s portfolio was $114,414,752, representing 43.46% of the Fund’s net assets. |
d | When-issued security. |
e | Investment in Affiliates. |
To simplify the listings of securities, abbreviations are used per the table below:
ABS | Asset Backed Securities |
CMBS | Commercial Mortgage-Backed Securities |
CMO | Collateralized Mortgage Obligation |
DAC | Designated Activity Company |
ETM | Escrowed to Maturity |
Mtg | Mortgage |
SOFR | Secured Overnight Financing Rate |
SOFR30A | Secured Overnight Financing Rate 30-Day Average |
SOFRINDX | Secured Overnight Financing Rate Index |
TSFR1M | Term SOFR 1 Month |
TSFR3M | Term SOFR 3 Month |
UMBS | Uniform Mortgage Backed Securities |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 43 |
Thornburg Strategic Income Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Common Stock — 0.0% | |||
Energy — 0.0% | |||
Oil, Gas & Consumable Fuels — 0.0% | |||
a,b | Drillco Holdings Luxembourg SA | 19,278 | $ 370,331 |
a,b | Malamute Energy, Inc. | 847 | 847 |
��� | 371,178 | ||
Total Common Stock (Cost $1,740,793) | 371,178 | ||
Preferred Stock — 0.3% | |||
Banks — 0.0% | |||
Banks — 0.0% | |||
c,d | AgriBank FCB 6.875% (SOFR + 4.58%), 1/1/2024 | 40,000 | 4,079,800 |
4,079,800 | |||
Energy — 0.1% | |||
Oil, Gas & Consumable Fuels — 0.1% | |||
c | Crestwood Equity Partners LP 9.25%, 12/31/2049 | 653,920 | 6,349,563 |
6,349,563 | |||
Financial Services — 0.2% | |||
Capital Markets — 0.2% | |||
a,d | Gabelli Dividend & Income Trust Series J, 1.70%, 3/26/2028 | 525 | 11,960,157 |
11,960,157 | |||
Total Preferred Stock (Cost $22,413,947) | 22,389,520 | ||
Asset Backed Securities — 12.1% | |||
Auto Receivables — 3.4% | |||
e | ACC Auto Trust, Series 2022-A Class A, 4.58% due 7/15/2026 | $ 1,947,218 | 1,928,120 |
e | ACC Trust, Series 2022-1 Class A, 1.19% due 9/20/2024 | 158,433 | 158,041 |
ACM Auto Trust, | |||
e | Series 2023-1A Class A, 6.61% due 1/22/2030 | 1,948,512 | 1,945,404 |
e | Series 2023-2A Class A, 7.97% due 6/20/2030 | 9,490,281 | 9,496,383 |
Arivo Acceptance Auto Loan Receivables Trust, | |||
e | Series 2019-1 Class B, 3.37% due 6/15/2025 | 657,884 | 657,246 |
e | Series 2021-1A Class A, 1.19% due 1/15/2027 | 578,339 | 565,602 |
e | Series 2021-1A Class C, 3.77% due 3/15/2027 | 900,000 | 858,860 |
e | Series 2021-1A Class D, 5.83% due 1/18/2028 | 850,000 | 802,750 |
e | Avid Automobile Receivables Trust, Series 2023-1 Class A, 6.63% due 7/15/2026 | 5,079,071 | 5,084,952 |
BOF URSA VI Funding Trust I, | |||
e | Series 2023-CAR1 Class B, 6.029% due 10/27/2031 | 3,485,009 | 3,430,288 |
e | Series 2023-CAR2 Class B, 6.029% due 10/27/2031 | 9,174,820 | 9,030,795 |
e | BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | 11,835,351 | 11,769,676 |
Carvana Auto Receivables Trust, | |||
e | Series 2019-4A Class R, due 10/15/2026 | 8,000 | 2,268,532 |
e | Series 2020-P1 Class R, due 9/8/2027 | 20,000 | 2,084,470 |
Series 2021-N3 Class A1, 0.35% due 6/12/2028 | 108,957 | 107,883 | |
e | Series 2021-N4 Class R, due 9/12/2028 | 11,650 | 1,077,625 |
e | Series 2021-P1 Class R, due 12/10/2027 | 23,500 | 2,773,662 |
e | Series 2021-P2 Class R, due 5/10/2028 | 7,500 | 1,697,382 |
e | Series 2021-P3 Class R, due 9/11/2028 | 9,000 | 2,778,773 |
e | Series 2021-P4 Class R, due 9/11/2028 | 8,250 | 2,655,639 |
e | Series 2022-N1 Class E, 6.01% due 12/11/2028 | 6,000,000 | 5,481,343 |
e | Series 2022-P1 Class R, due 1/10/2029 | 24,000 | 7,377,880 |
e | Series 2022-P1 Class XS, due 1/10/2029 | 463,227,976 | 2,317,252 |
e | Series 2023-N1 Class A, 6.36% due 4/12/2027 | 6,920,839 | 6,918,881 |
e | Series 2023-N3 Class A, 6.41% due 9/10/2027 | 4,638,000 | 4,637,154 |
CPS Auto Receivables Trust, | |||
e | Series 2020-A Class F, 6.93% due 3/15/2027 | 3,500,000 | 3,484,898 |
44 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e | Series 2020-B Class D, 4.75% due 4/15/2026 | $ 344,499 | $ 343,588 |
e | Series 2020-C Class F, 6.67% due 11/15/2027 | 1,000,000 | 985,760 |
e | CPS Auto Securitization Trust, Series 2021-1A Class A, 7.86% due 6/16/2026 | 10,000,000 | 9,989,150 |
e | Credit Suisse ABS Trust Series 2020-AT1 Class CERT, due 6/15/2026 | 10,000 | 110,710 |
e | Credito Real USA Auto Receivables Trust, Series 2021-1A Class A, 1.35% due 2/16/2027 | 870,282 | 862,993 |
e | Exeter Automobile Receivables Trust, Series 2019-3A Class D, 3.11% due 8/15/2025 | 3,925,356 | 3,884,764 |
FHF Trust, | |||
e | Series 2021-2A Class A, 0.83% due 12/15/2026 | 1,650,510 | 1,583,825 |
e | Series 2022-2A Class A, 6.14% due 12/15/2027 | 4,952,190 | 4,896,950 |
e | Series 2023-1A Class A2, 6.57% due 6/15/2028 | 4,950,823 | 4,915,891 |
e | First Investors Auto Owner Trust, Series 2022-1A Class E, 5.41% due 6/15/2029 | 5,000,000 | 4,660,585 |
Flagship Credit Auto Trust, | |||
e | Series 2018-4 Class R, due 3/16/2026 | 13,000 | 607,556 |
e | Series 2019-1 Class E, 5.06% due 6/15/2026 | 2,500,000 | 2,460,006 |
e | Series 2019-1 Class R, due 6/15/2026 | 24,000 | 407,115 |
e | Series 2019-2 Class R, due 12/15/2026 | 33,000 | 1,506,882 |
e | Series 2019-3 Class R, due 12/15/2026 | 31,000 | 1,852,780 |
e | Series 2019-4 Class R, due 3/15/2027 | 26,000 | 1,562,912 |
e | Series 2022-1 Class E, 5.37% due 6/15/2029 | 6,120,000 | 5,458,863 |
e | Foursight Capital Automobile Receivables Trust, Series 2021-1 Class F, 4.06% due 8/15/2028 | 3,130,000 | 2,974,775 |
e | GLS Auto Receivables Issuer Trust, Series 2020-2A Class C, 4.57% due 4/15/2026 | 1,737,553 | 1,724,839 |
JPMorgan Chase Bank NA - CACLN, | |||
e | Series 2020-1 Class R, 33.784% due 1/25/2028 | 1,811,224 | 2,038,732 |
e | Series 2020-2 Class R, 31.355% due 2/25/2028 | 10,679,676 | 12,333,168 |
e | Series 2021-1 Class R, 28.348% due 9/25/2028 | 3,245,803 | 3,820,611 |
e | Series 2021-2 Class G, 8.482% due 12/26/2028 | 3,950,000 | 3,707,115 |
Lendbuzz Securitization Trust, | |||
e | Series 2021-1A Class A, 1.46% due 6/15/2026 | 2,311,190 | 2,221,262 |
e | Series 2022-1A Class A, 4.22% due 5/17/2027 | 11,520,966 | 11,171,201 |
e | Series 2023-2A Class A2, 7.09% due 10/16/2028 | 4,800,000 | 4,794,007 |
e | Lobel Automobile Receivables Trust, Series 2023-1 Class A, 6.97% due 7/15/2026 | 4,791,884 | 4,790,337 |
e,f | Oscar U.S. Funding XV LLC, Series 2023-1A Class A2, 6.07% due 9/10/2026 | 2,860,000 | 2,852,438 |
e | Research-Driven Pagaya Motor Asset Trust, Series 2023-3A Class A, 7.13% due 1/26/2032 | 16,850,000 | 16,866,080 |
Santander Consumer Auto Receivables Trust, | |||
e | Series 2020-AA Class R, due 1/16/2029 | 25,000 | 3,365,822 |
e | Series 2021-AA Class F, 5.79% due 8/15/2028 | 3,000,000 | 2,800,149 |
e | Series 2021-AA Class R, due 8/15/2028 | 28,500 | 1,358,478 |
e | Skopos Auto Receivables Trust, Series 2019-1A Class D, 5.24% due 4/15/2025 | 1,003,605 | 1,002,648 |
e | Tricolor Auto Securitization Trust, Series 2023-1A Class A, 6.48% due 8/17/2026 | 3,792,018 | 3,784,248 |
United Auto Credit Securitization Trust, | |||
e | Series 2021-1 Class F, 4.30% due 9/10/2027 | 6,125,000 | 5,994,757 |
e | Series 2022-1 Class R, due 11/10/2028 | 37,000 | 5,299,477 |
e | Veros Automobile Receivables Trust, Series 2020-1 Class D, 5.64% due 2/16/2027 | 7,000,000 | 6,838,252 |
237,218,217 | |||
Credit Card — 0.7% | |||
e | Avant Credit Card Master Trust, Series 2021-1A Class A, 1.37% due 4/15/2027 | 3,000,000 | 2,786,309 |
e | Continental Credit Card ABS LLC, Series 2019-1A Class C, 6.16% due 8/15/2026 | 6,440,000 | 6,206,912 |
Continental Finance Credit Card ABS Master Trust, | |||
e | Series 2020-1A Class A, 2.24% due 12/15/2028 | 3,000,000 | 2,914,492 |
e | Series 2020-1A Class B, 3.66% due 12/15/2028 | 3,700,000 | 3,455,571 |
e | Genesis Private Label Amortizing Trust, Series 2020-1 Class D, 6.63% due 7/20/2030 | 1,004,605 | 995,896 |
Mercury Financial Credit Card Master Trust, | |||
e | Series 2022-1A Class A, 2.50% due 9/21/2026 | 12,500,000 | 11,965,576 |
e | Series 2023-1A Class A, 8.04% due 9/20/2027 | 14,600,000 | 14,652,448 |
e,g | Mission Lane Credit Card Master Trust, Series 2023-B Class A, 7.79% due 11/15/2028 | 8,000,000 | 7,998,858 |
50,976,062 | |||
Other Asset Backed — 6.7% | |||
d,e | 321 Henderson Receivables I LLC, Series 2006-3A Class A1, 5.647% (TSFR1M + 0.31%) due 9/15/2041 | 557,432 | 542,339 |
e | ACHV ABS Trust, Series 2023-1PL Class A, 6.42% due 3/18/2030 | 362,254 | 362,159 |
e | Affirm Asset Securitization Trust, Series 2021-Z2 Class A, 1.17% due 11/16/2026 | 618,072 | 599,146 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 45 |
Thornburg Strategic Income Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
AFG ABS I LLC, | |||
e | Series 2023-1 Class A1, 5.462% due 2/15/2024 | $ 2,071,248 | $ 2,070,041 |
e | Series 2023-1 Class A2, 6.30% due 9/16/2030 | 9,999,904 | 9,974,918 |
e | Amur Equipment Finance Receivables IX LLC, Series 2021-1A Class F, 6.09% due 2/20/2029 | 8,152,000 | 7,665,714 |
Amur Equipment Finance Receivables VIII LLC, | |||
e | Series 2020-1A Class E, 7.00% due 1/20/2027 | 2,237,613 | 2,236,719 |
e | Series 2020-1A Class F, 7.00% due 12/20/2027 | 6,301,302 | 6,291,518 |
Aqua Finance Trust, | |||
e | Series 2019-A Class D, 6.07% due 7/16/2040 | 15,407,940 | 13,708,893 |
e | Series 2020-AA Class A, 1.90% due 7/17/2046 | 3,123,404 | 2,828,356 |
e | Series 2020-AA Class D, 7.15% due 7/17/2046 | 2,550,000 | 2,168,209 |
e | Series 2021-A Class A, 1.54% due 7/17/2046 | 5,361,441 | 4,686,463 |
d,e,f | Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1 Class A, 6.763% (SOFR30A + 1.45%) due 1/15/2037 | 20,000,000 | 19,774,990 |
e | Arm Master Trust LLC Agricultural Loan Backed Notes, Series 2021-T1 Class A, 2.43% due 11/15/2027 | 12,550,000 | 11,821,455 |
BHG Securitization Trust, | |||
e | Series 2021-A Class C, 3.69% due 11/17/2033 | 2,200,000 | 1,779,570 |
e | Series 2021-B Class A, 0.90% due 10/17/2034 | 2,023,506 | 1,946,526 |
e | Series 2022-A Class A, 1.71% due 2/20/2035 | 8,607,579 | 8,243,347 |
d,e,f | Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A Class A, 4.213% due 12/16/2041 | 4,380,246 | 4,032,761 |
e,f | CFG Investments Ltd., Series 2023-1 Class A, 8.56% due 7/25/2034 | 7,400,000 | 7,558,368 |
e | CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | 1,283,104 | 1,205,052 |
d,e | Consumer Lending Receivables Trust Clrt Series 2019-A Class CERT, due 4/15/2026 | 310,000 | 909,441 |
d,e | Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-HP1 Class CERT, due 12/15/2026 | 100,000 | 814,141 |
e | CP EF Asset Securitization I LLC, Series 2022-1A Class A, 5.96% due 4/15/2030 | 7,715,144 | 7,596,240 |
e | Crossroads Asset Trust, Series 2022-A Class A, 6.35% due 4/21/2031 | 6,865,048 | 6,856,626 |
e | Dext ABS LLC, Series 2021-1 Class A, 1.12% due 2/15/2028 | 5,719,666 | 5,536,831 |
e | Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049 | 15,300,000 | 13,076,486 |
e | Diamond Issuer, Series 2021-1A Class A, 2.305% due 11/20/2051 | 10,983,000 | 9,348,537 |
e | Diamond Resorts Owner Trust, Series 2019-1A Class A, 2.89% due 2/20/2032 | 926,148 | 880,694 |
e,f | ECAF I Ltd., Series 2015-1A Class B1, 5.802% due 6/15/2040 | 4,600,060 | 1,173,015 |
e | ExteNet LLC, Series 2019-1A Class A2, 3.204% due 7/25/2049 | 5,000,000 | 4,805,951 |
e | FAT Brands Fazoli’s Native I LLC, Series 2021-1 Class A2, 7.00% due 7/25/2051 | 11,313,000 | 9,912,127 |
Foundation Finance Trust, | |||
e | Series 2019-1A Class A, 3.86% due 11/15/2034 | 971,570 | 955,935 |
e | Series 2019-1A Class C, 5.66% due 11/15/2034 | 575,000 | 524,084 |
e | Series 2020-1A Class A, 3.54% due 7/16/2040 | 2,260,381 | 2,175,066 |
e | Series 2020-1A Class C, 5.75% due 7/16/2040 | 4,025,000 | 3,571,886 |
e | Series 2021-1A Class A, 1.27% due 5/15/2041 | 1,499,612 | 1,314,324 |
e | Series 2021-1A Class D, 4.96% due 5/15/2041 | 2,345,000 | 2,067,238 |
e | Series 2021-2A Class A, 2.19% due 1/15/2042 | 1,607,239 | 1,429,994 |
e | Series 2021-2A Class D, 5.73% due 1/15/2042 | 3,750,000 | 3,233,319 |
Goldman Home Improvement Trust Issuer Trust, | |||
e | Series 2021-GRN2 Class A, 1.15% due 6/25/2051 | 5,631,265 | 5,176,549 |
a,e | Series 2021-GRN2 Class R, due 6/20/2051 | 41,500 | 2,823,035 |
e | Series 2022-GRN1 Class A, 4.50% due 6/25/2052 | 2,505,314 | 2,397,303 |
e | Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | 10,084,921 | 8,330,134 |
GoodLeap Sustainable Home Solutions Trust, | |||
e | Series 2021-3CS Class C, 3.50% due 5/20/2048 | 4,251,628 | 2,670,886 |
e | Series 2021-4GS Class A, 1.93% due 7/20/2048 | 3,856,075 | 2,761,983 |
d,e,f | Greystone Commercial Real Estate Notes Ltd., Series 2021-FL3 Class A, 6.467% (TSFR1M + 1.13%) due 7/15/2039 | 14,000,000 | 13,759,642 |
e | HERO Funding Trust, Series 2017-2A Class A1, 3.28% due 9/20/2048 | 888,631 | 748,459 |
e | Hilton Grand Vacations Trust, Series 2019-AA Class A, 2.34% due 7/25/2033 | 979,130 | 923,256 |
InStar Leasing III LLC, | |||
e | Series 2021-1A Class A, 2.30% due 2/15/2054 | 4,349,582 | 3,646,273 |
e | Series 2021-1A Class C, 5.29% due 2/15/2054 | 5,500,370 | 4,696,909 |
LendingPoint Asset Securitization Trust, | |||
e | Series 2020-REV1 Class A, 2.731% due 10/15/2028 | 156,343 | 156,137 |
e | Series 2020-REV1 Class C, 7.699% due 10/15/2028 | 4,000,000 | 3,963,074 |
e | Series 2021-A Class D, 5.73% due 12/15/2028 | 9,000,000 | 8,583,363 |
e | Series 2021-B Class D, 6.12% due 2/15/2029 | 5,000,000 | 4,600,775 |
e | Series 2022-A Class E, 7.02% due 6/15/2029 | 6,000,000 | 4,768,971 |
e | Series 2022-B Class A, 4.77% due 10/15/2029 | 1,670,712 | 1,653,801 |
e | Series 2022-C Class A, 6.56% due 2/15/2030 | 2,815,432 | 2,812,271 |
46 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e | LendingPoint Pass-Through Trust, Series 2022-ST3 Class A, 4.00% due 5/15/2028 | $ 559,715 | $ 543,133 |
LL ABS Trust, | |||
e | Series 2020-1A Class C, 6.54% due 1/17/2028 | 2,896,115 | 2,891,826 |
e | Series 2021-1A Class A, 1.07% due 5/15/2029 | 778,688 | 765,925 |
Loanpal Solar Loan Ltd., | |||
e,h | Series 2021-1GS Class R, due 1/20/2048 | 13,252,480 | 1,347,206 |
e | Series 2021-2GS Class C, 3.50% due 3/20/2048 | 3,123,899 | 1,988,269 |
LP LMS Asset Securitization Trust, | |||
e | Series 2021-2A Class A, 1.75% due 1/15/2029 | 1,596,220 | 1,572,391 |
e | Series 2021-2A Class D, 6.61% due 1/15/2029 | 2,947,000 | 2,556,598 |
Marlette Funding Trust, | |||
e | Series 2018-1A Class CERT, due 3/15/2028 | 58,592 | 219,767 |
e | Series 2019-4A Class C, 3.76% due 12/17/2029 | 1,075,922 | 1,066,469 |
e | Series 2021-1A Class R, due 6/16/2031 | 9,520 | 358,970 |
e | Series 2021-2A Class R, due 9/15/2031 | 16,347 | 652,500 |
e | Series 2021-3A Class R, due 12/15/2031 | 50,946 | 4,951,393 |
e | Series 2022-3A Class A, 5.18% due 11/15/2032 | 2,763,612 | 2,752,834 |
e | Series 2023-2A Class A, 6.04% due 6/15/2033 | 9,710,620 | 9,692,613 |
Mosaic Solar Loan Trust, | |||
e | Series 2020-2A Class D, 5.42% due 8/20/2046 | 853,857 | 760,238 |
e | Series 2020-2A Class R, due 8/20/2046 | 1,016,997 | 436,001 |
e | Series 2021-1A Class R, due 12/20/2046 | 7,062,351 | 814,148 |
e | Series 2021-2A Class R, due 4/22/2047 | 9,930,000 | 1,271,502 |
e | Series 2021-3A Class R, due 6/20/2052 | 12,320,000 | 996,971 |
e | Netcredit Combined Receivables LLC, Series 2023-A Class A, 7.78% due 12/20/2027 | 5,784,792 | 5,701,817 |
Oportun Funding LLC, | |||
e | Series 2022-1 Class A, 3.25% due 6/15/2029 | 1,664,650 | 1,655,762 |
d,e | Series 2022-1 Class CERT, due 6/15/2029 | 11,000 | 1,731,432 |
e | Oportun Funding XIII LLC, Series 2019-A Class B, 3.87% due 8/8/2025 | 4,721,524 | 4,625,482 |
e | Oportun Funding XIV LLC, Series 2021-A Class A, 1.21% due 3/8/2028 | 9,639,366 | 9,211,958 |
e | Oportun Issuance Trust, Series 2022-A Class A, 5.05% due 6/9/2031 | 10,588,000 | 10,310,770 |
Pagaya AI Debt Selection Trust, | |||
e | Series 2021-1 Class B, 2.13% due 11/15/2027 | 3,606,957 | 3,565,763 |
e | Series 2021-3 Class A, 1.15% due 5/15/2029 | 496,350 | 494,629 |
e | Series 2021-HG1 Class A, 1.22% due 1/16/2029 | 3,882,945 | 3,741,332 |
Pagaya AI Debt Trust, | |||
e | Series 2022-1 Class A, 2.03% due 10/15/2029 | 8,943,430 | 8,757,555 |
e | Series 2022-2 Class A, 4.97% due 1/15/2030 | 2,923,323 | 2,890,184 |
e | Series 2023-1 Class A, 7.556% due 7/15/2030 | 5,368,262 | 5,388,450 |
d,e | Series 2023-5 Class AB, 7.277% due 4/15/2031 | 7,900,000 | 7,940,978 |
e | Post Road Equipment Finance, Series 2022-1A Class A1, 3.76% due 8/16/2027 | 2,183,222 | 2,166,993 |
Prosper Marketplace Issuance Trust, | |||
d,e | Series 2019-2A Class CERT, due 9/15/2025 | 16,385 | 227,617 |
d,e | Series 2019-3A Class CERT, due 7/15/2025 | 101,327,127 | 524,571 |
e | Series 2019-4A Class C, 4.95% due 2/17/2026 | 420,547 | 420,253 |
e | Series 2023-1A Class A, 7.06% due 7/16/2029 | 2,600,000 | 2,600,774 |
Prosper Pass-Thru Trust II, | |||
e | Series 2019-ST1 Class CERT, due 7/15/2025 | 13,363,728 | 159,981 |
e | Series 2019-ST2 Class R1, due 11/15/2025 | 6,385,267 | 532,876 |
e | Series 2019-ST2 Class R2, due 11/15/2025 | 3,193,133 | 266,480 |
e | Reach Financial LLC, Series 2023-1A Class A, 7.05% due 2/18/2031 | 2,389,743 | 2,395,181 |
e | Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048 | 12,100,000 | 10,951,074 |
d,e | SBA Tower Trust, Series 2014-2A Class C, 3.869% due 10/15/2049 | 4,607,000 | 4,483,896 |
e | SCF Equipment Leasing LLC, Series 2019-2A Class C, 3.11% due 6/21/2027 | 7,300,000 | 7,038,616 |
e | Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | 6,054,418 | 5,634,173 |
e | Sierra Timeshare Receivables Funding LLC, Series 2023-1A Class D, 9.80% due 1/20/2040 | 2,997,211 | 2,999,245 |
e | SolarCity LMC Series I LLC, Series 2013-1 Class A, 4.80% due 11/20/2038 | 960,816 | 957,533 |
e | SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 3,530,362 | 3,237,971 |
e | SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 3,300,000 | 2,972,832 |
e | Stack Infrastructure Issuer LLC, Series 2021-1A Class A2, 1.877% due 3/26/2046 | 7,500,000 | 6,645,236 |
e | Theorem Funding Trust, Series 2022-3A Class A, 7.60% due 4/15/2029 | 5,206,617 | 5,205,998 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 47 |
Thornburg Strategic Income Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Upstart Pass-Through Trust, | |||
e | Series 2020-ST1 Class A, 3.75% due 2/20/2028 | $ 455,040 | $ 451,514 |
e | Series 2020-ST2 Class A, 3.50% due 3/20/2028 | 440,208 | 434,337 |
e | Series 2020-ST3 Class A, 3.35% due 4/20/2028 | 578,353 | 571,703 |
e | Series 2020-ST5 Class A, 3.00% due 12/20/2026 | 2,627,786 | 2,573,627 |
e | Series 2021-ST1 Class A, 2.75% due 2/20/2027 | 1,695,885 | 1,631,091 |
e | Series 2021-ST2 Class A, 2.50% due 4/20/2027 | 1,921,204 | 1,840,985 |
e | Series 2021-ST4 Class A, 2.00% due 7/20/2027 | 1,776,776 | 1,675,948 |
e | Series 2021-ST5 Class A, 2.00% due 7/20/2027 | 1,783,281 | 1,687,706 |
e | Series 2021-ST6 Class A, 1.85% due 8/20/2027 | 1,416,240 | 1,328,131 |
e | Series 2021-ST8 Class A, 1.75% due 10/20/2029 | 508,102 | 494,054 |
e | Series 2021-ST8 Class CERT, due 10/20/2029 | 5,400,000 | 1,728,745 |
e | Series 2021-ST9 Class CERT, due 11/20/2029 | 1,414,000 | 314,515 |
Upstart Securitization Trust, | |||
e,h | Series 2018-2 Class CERT, due 12/22/2025 | 84,500 | 988,151 |
e | Series 2020-1 Class C, 4.899% due 4/22/2030 | 3,261,571 | 3,235,411 |
e | Series 2020-3 Class C, 6.25% due 11/20/2030 | 4,983,540 | 4,928,035 |
e | Series 2021-3 Class CERT, due 7/20/2031 | 7,165 | 372,577 |
e | Series 2021-4 Class A, 0.84% due 9/20/2031 | 562,681 | 557,454 |
e | Series 2021-4 Class CERT, due 9/20/2031 | 4,706 | 316,863 |
e | Series 2023-1 Class A, 6.59% due 2/20/2033 | 2,637,070 | 2,622,341 |
Upstart Structured Pass-Through Trust, | |||
e | Series 2022-1A Class A, 3.40% due 4/15/2030 | 9,427,187 | 9,192,543 |
e | Series 2022-4A Class A, 7.01% due 11/15/2030 | 4,834,021 | 4,825,396 |
e | Verdant Receivables LLC, Series 2023-1A, Class A2 6.24% due 1/13/2031 | 10,000,000 | 9,961,634 |
472,960,227 | |||
Student Loan — 1.3% | |||
College Avenue Student Loans LLC, | |||
d,e | Series 2021-A Class A1, 6.534% (TSFR1M + 1.21%) due 7/25/2051 | 2,797,793 | 2,746,254 |
e | Series 2021-A Class A2, 1.60% due 7/25/2051 | 266,456 | 226,196 |
d,e | Series 2021-C Class A1, 6.334% (TSFR1M + 1.01%) due 7/26/2055 | 5,356,949 | 5,177,883 |
e | Series 2021-C Class R, due 7/26/2055 | 38,750 | 9,190,359 |
Commonbond Student Loan Trust, | |||
e | Series 18-CGS Class A1, 3.87% due 2/25/2046 | 435,624 | 412,661 |
e | Series 2020-1 Class A, 1.69% due 10/25/2051 | 1,625,928 | 1,374,396 |
e | Series 2021-BGS Class A, 1.17% due 9/25/2051 | 2,649,490 | 2,148,216 |
National Collegiate Student Loan Trust, | |||
d | Series 2004-2 Class B, 5.974% (SOFR + 0.54%) due 12/26/2033 | 10,843,797 | 10,521,055 |
d | Series 2006-1 Class A5, 5.784% (SOFR + 0.35%) due 3/25/2033 | 11,378,659 | 10,688,689 |
d | Series 2006-4 Class A4, 5.744% (SOFR + 0.31%) due 5/25/2032 | 3,932,397 | 3,743,719 |
d | Series 2007-2 Class A4, 5.724% (SOFR + 0.29%) due 1/25/2033 | 2,136,406 | 1,977,031 |
d,e | Navient Private Education Refi Loan Trust, Series 2019-D Class A2B, 6.497% (TSFR1M + 1.16%) due 12/15/2059 | 3,277,225 | 3,242,046 |
Nelnet Student Loan Trust, | |||
d,e | Series 2015-2A Class A2, 6.029% (SOFR30A + 0.71%) due 9/25/2042 | 1,796,259 | 1,727,819 |
d,e | Series 2021-CA Class AFL, 6.179% (TSFR1M + 0.85%) due 4/20/2062 | 3,135,900 | 3,082,059 |
d,e | Series 2021-DA Class AFL, 6.129% (TSFR1M + 0.80%) due 4/20/2062 | 3,743,444 | 3,664,086 |
d,e,f | Prodigy Finance DAC, Series 2021-1A Class A, 6.684% (TSFR1M + 1.36%) due 7/25/2051 | 711,597 | 707,304 |
SLM Student Loan Trust, | |||
d | Series 2008-2 Class A3, 6.066% (SOFR90A + 1.01%) due 4/25/2023 | 154,051 | 151,481 |
b,d,i | Series 2008-5 Class A4, 7.016% (SOFR90A + 1.96%) due 7/25/2023 | 659,492 | 660,492 |
d | Series 2011-2 Class A2, 6.629% (SOFR30A + 1.31%) due 10/25/2034 | 3,096,417 | 3,106,554 |
d | Series 2012-1 Class A3, 6.379% (SOFR30A + 1.06%) due 9/25/2028 | 1,554,343 | 1,504,313 |
d | Series 2013-6 Class A3, 6.079% (SOFR30A + 0.76%) due 6/26/2028 | 1,668,922 | 1,628,991 |
SMB Private Education Loan Trust, | |||
e | Series 2021-A Class R, due 1/15/2053 | 2,742 | 7,924,387 |
d,e | Series 2021-D Class A1B, 6.047% (TSFR1M + 0.71%) due 3/17/2053 | 2,409,107 | 2,354,265 |
e | Series 2022-A Class D, 4.75% due 11/16/2054 | 6,000,000 | 5,563,950 |
e | SoFi Professional Loan Program Trust Series 2021-B Class R1, due 2/15/2047 | 90,000 | 3,132,566 |
d,e | Towd Point Asset Trust, Series 2021-SL1 Class A2, 6.139% (TSFR1M + 0.81%) due 11/20/2061 | 2,356,819 | 2,334,972 |
88,991,744 | |||
Total Asset Backed Securities (Cost $902,595,389) | 850,146,250 |
48 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Corporate Bonds — 46.3% | |||
Automobiles & Components — 0.8% | |||
Automobile Components — 0.1% | |||
e | LKQ European Holdings BV (EUR), 4.125% due 4/1/2028 | $ 6,600,000 | $ 6,784,704 |
e | Real Hero Merger Sub 2, Inc., 6.25% due 2/1/2029 | 4,616,000 | 3,601,495 |
Automobiles — 0.4% | |||
d,e | Daimler Truck Finance North America LLC, 6.094% (SOFR + 0.75%) due 12/13/2024 | 4,099,000 | 4,092,032 |
Hyundai Capital America, | |||
e | 0.875% due 6/14/2024 | 2,950,000 | 2,843,269 |
e | 1.00% due 9/17/2024 | 7,143,000 | 6,805,350 |
e | 1.80% due 10/15/2025 - 1/10/2028 | 1,933,000 | 1,732,212 |
e | 2.375% due 10/15/2027 | 1,345,000 | 1,165,348 |
e | 3.00% due 2/10/2027 | 2,750,000 | 2,489,025 |
e | 5.50% due 3/30/2026 | 3,000,000 | 2,961,510 |
e | 5.80% due 6/26/2025 | 4,500,000 | 4,480,785 |
e,f | Hyundai Capital Services, Inc., 1.25% due 2/8/2026 | 830,000 | 743,722 |
Construction & Engineering — 0.2% | |||
e,f | IHS Netherlands Holdco BV, 8.00% due 9/18/2027 | 18,475,000 | 15,472,443 |
Trading Companies & Distributors — 0.1% | |||
e | LKQ Corp., 6.25% due 6/15/2033 | 5,840,000 | 5,648,740 |
58,820,635 | |||
Banks — 1.3% | |||
Banks — 1.3% | |||
d,e,f | Bank Leumi Le-Israel BM, 7.129% (5-Yr. CMT + 3.466%) due 7/18/2033 | 8,239,000 | 8,068,453 |
Bank of New York Mellon Corp., | |||
c,d | Series F, 4.625% (TSFR3M + 3.39%) due 9/20/2026 | 1,935,000 | 1,747,731 |
c,d | Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026 | 12,675,000 | 10,285,889 |
d,e,f | DNB Bank ASA, 5.896% (SOFRINDX + 1.95%) due 10/9/2026 | 6,900,000 | 6,873,642 |
d | Fifth Third Bancorp, 6.339% (SOFR + 2.34%) due 7/27/2029 | 2,402,000 | 2,371,206 |
FNB Corp., 5.15% due 8/25/2025 | 3,170,000 | 3,062,378 | |
KeyBank NA, 5.00% due 1/26/2033 | 12,100,000 | 10,186,627 | |
e,f | Macquarie Bank Ltd., 3.624% due 6/3/2030 | 2,800,000 | 2,278,612 |
d,e,f | NBK SPC Ltd., 1.625% (SOFR + 1.05%) due 9/15/2027 | 5,177,000 | 4,586,615 |
d | PNC Financial Services Group, Inc., 5.068% (SOFR + 1.93%) due 1/24/2034 | 2,274,000 | 2,060,494 |
Santander Holdings USA, Inc., | |||
3.244% due 10/5/2026 | 1,815,000 | 1,643,610 | |
3.45% due 6/2/2025 | 1,185,000 | 1,125,051 | |
e,f | Sumitomo Mitsui Trust Bank Ltd., 5.65% due 3/9/2026 | 5,800,000 | 5,774,944 |
Synchrony Bank, 5.40% due 8/22/2025 | 6,660,000 | 6,406,787 | |
U.S. Bancorp, | |||
d | 4.653% (SOFR + 1.23%) due 2/1/2029 | 7,808,000 | 7,302,744 |
d | 5.775% (SOFR + 2.02%) due 6/12/2029 | 6,950,000 | 6,768,674 |
Wells Fargo & Co., | |||
d | 4.808% (SOFR + 1.98%) due 7/25/2028 | 3,350,000 | 3,196,034 |
d | 5.574% (SOFR + 1.74%) due 7/25/2029 | 10,000,000 | 9,754,800 |
93,494,291 | |||
Capital Goods — 1.6% | |||
Aerospace & Defense — 1.0% | |||
Boeing Co., 2.196% due 2/4/2026 | 2,832,000 | 2,601,673 | |
e | BWX Technologies, Inc.,4.125% due 6/30/2028 - 4/15/2029 | 16,461,000 | 14,422,537 |
e | L3Harris Technologies, Inc., 6.355% due 8/23/2024 | 20,000,000 | 18,928,167 |
Spirit AeroSystems, Inc., | |||
e | 7.50% due 4/15/2025 | 6,676,000 | 6,557,368 |
e | 9.375% due 11/30/2029 | 2,490,000 | 2,534,098 |
TransDigm, Inc., | |||
e | 6.25% due 3/15/2026 | 12,244,000 | 12,076,380 |
e | 6.75% due 8/15/2028 | 11,165,000 | 11,003,889 |
Industrial Conglomerates — 0.2% | |||
Lennox International, Inc., 3.00% due 11/15/2023 | 12,343,000 | 12,294,615 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 49 |
Thornburg Strategic Income Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Machinery — 0.4% | |||
e,f | ATS Corp., 4.125% due 12/15/2028 | $ 9,620,000 | $ 8,516,394 |
Flowserve Corp., 3.50% due 10/1/2030 | 4,053,000 | 3,375,095 | |
nVent Finance Sarl, | |||
f | 2.75% due 11/15/2031 | 4,097,000 | 3,122,979 |
f | 4.55% due 4/15/2028 | 3,000,000 | 2,808,840 |
Regal Rexnord Corp., | |||
e | 6.05% due 2/15/2026 | 4,350,000 | 4,294,233 |
e | 6.30% due 2/15/2030 | 6,000,000 | 5,814,360 |
Westinghouse Air Brake Technologies Corp., 4.15% due 3/15/2024 | 3,854,000 | 3,816,424 | |
112,167,052 | |||
Commercial & Professional Services — 1.4% | |||
Commercial Services & Supplies — 1.2% | |||
e | ACCO Brands Corp., 4.25% due 3/15/2029 | 16,611,000 | 13,876,995 |
Avery Dennison Corp., 5.75% due 3/15/2033 | 17,120,000 | 16,737,026 | |
f | Cimpress plc, 7.00% due 6/15/2026 | 12,141,000 | 11,366,526 |
e | Clean Harbors, Inc., 6.375% due 2/1/2031 | 1,000,000 | 972,060 |
CoreCivic, Inc., 8.25% due 4/15/2026 | 11,650,000 | 11,823,235 | |
Equifax, Inc., | |||
2.35% due 9/15/2031 | 9,394,000 | 7,130,704 | |
5.10% due 6/1/2028 | 4,667,000 | 4,496,701 | |
Quanta Services, Inc., 0.95% due 10/1/2024 | 13,381,000 | 12,659,095 | |
e | VT Topco, Inc., 8.50% due 8/15/2030 | 1,450,000 | 1,435,616 |
Professional Services — 0.2% | |||
Gartner, Inc., | |||
e | 3.625% due 6/15/2029 | 7,155,000 | 6,130,905 |
e | 4.50% due 7/1/2028 | 3,749,000 | 3,420,550 |
Verisk Analytics, Inc., 5.75% due 4/1/2033 | 6,750,000 | 6,689,655 | |
96,739,068 | |||
Commercial Services — 0.4% | |||
Commercial Services & Supplies — 0.3% | |||
e,f | Element Fleet Management Corp., 6.271% due 6/26/2026 | 17,735,000 | 17,660,335 |
Food Products — 0.1% | |||
e | Darling Global Finance BV (EUR), 3.625% due 5/15/2026 | 9,700,000 | 9,955,768 |
27,616,103 | |||
Consumer Discretionary Distribution & Retail — 0.3% | |||
Broadline Retail — 0.1% | |||
MercadoLibre, Inc., 3.125% due 1/14/2031 | 9,965,000 | 7,846,939 | |
Specialty Retail — 0.2% | |||
Advance Auto Parts, Inc., | |||
1.75% due 10/1/2027 | 1,792,000 | 1,454,746 | |
3.90% due 4/15/2030 | 2,996,000 | 2,431,913 | |
5.90% due 3/9/2026 | 5,850,000 | 5,648,760 | |
Tractor Supply Co., 5.25% due 5/15/2033 | 4,695,000 | 4,420,577 | |
21,802,935 | |||
Consumer Durables & Apparel — 0.4% | |||
Household Durables — 0.2% | |||
e | CD&R Smokey Buyer, Inc., 6.75% due 7/15/2025 | 13,833,000 | 13,321,594 |
Leisure Products — 0.2% | |||
e | Vista Outdoor, Inc., 4.50% due 3/15/2029 | 16,065,000 | 13,444,156 |
26,765,750 | |||
Consumer Services — 1.5% | |||
Hotels, Restaurants & Leisure — 1.5% | |||
Hyatt Hotels Corp., 5.75% due 4/23/2030 | 4,475,000 | 4,327,638 | |
Marriott International, Inc., | |||
Series GG, 3.50% due 10/15/2032 | 8,825,000 | 7,218,321 | |
Series- II, 2.75% due 10/15/2033 | 2,359,000 | 1,775,454 | |
e | Nathan’s Famous, Inc., 6.625% due 11/1/2025 | 19,271,000 | 19,191,218 |
50 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e | Papa John’s International, Inc., 3.875% due 9/15/2029 | $ 12,568,000 | $ 10,366,086 |
e | SeaWorld Parks & Entertainment, Inc., 8.75% due 5/1/2025 | 15,990,000 | 16,241,842 |
e | Six Flags Entertainment Corp., 7.25% due 5/15/2031 | 8,888,000 | 8,351,165 |
e | TKC Holdings, Inc., 6.875% due 5/15/2028 | 8,650,000 | 7,664,679 |
Warnermedia Holdings, Inc., 6.412% due 3/15/2026 | 13,000,000 | 12,998,570 | |
e | WMG Acquisition Corp. (EUR), 2.25% due 8/15/2031 | 19,018,000 | 15,640,865 |
103,775,838 | |||
Consumer Staples Distribution & Retail — 0.5% | |||
Consumer Staples Distribution & Retail — 0.5% | |||
e | 7-Eleven, Inc., 0.80% due 2/10/2024 | 5,236,000 | 5,135,574 |
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, | |||
e | 5.875% due 2/15/2028 | 13,948,000 | 13,416,581 |
e | 6.50% due 2/15/2028 | 4,725,000 | 4,667,922 |
e | KeHE Distributors LLC/KeHE Finance Corp., 8.625% due 10/15/2026 | 3,567,000 | 3,561,114 |
e | U.S. Foods, Inc., 7.25% due 1/15/2032 | 7,960,000 | 7,951,960 |
34,733,151 | |||
Energy — 3.1% | |||
Energy Equipment & Services — 0.2% | |||
e | Enviva Partners LP/Enviva Partners Finance Corp., 6.50% due 1/15/2026 | 17,644,000 | 14,389,035 |
c,e,f | Odebrecht Oil & Gas Finance Ltd. (Guaranty: Odebrecht Oleo e Gas SA), Zero coupon due 10/30/2023 | 304,899 | 6,982 |
b,e,f,i | Schahin II Finance Co. SPV Ltd., 5.875% due 9/25/2023 | 10,461,182 | 93,000 |
Oil, Gas & Consumable Fuels — 2.9% | |||
e | Chesapeake Energy Corp., 5.50% due 2/1/2026 | 8,550,000 | 8,284,095 |
e | CITGO Petroleum Corp., 7.00% due 6/15/2025 | 12,200,000 | 12,019,806 |
e | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 725,000 | 687,749 |
e | Columbia Pipelines Operating Co. LLC, 5.927% due 8/15/2030 | 11,960,000 | 11,779,165 |
Delek Logistics Partners LP/Delek Logistics Finance Corp., 6.75% due 5/15/2025 | 10,848,000 | 10,629,847 | |
f | Ecopetrol SA, 8.875% due 1/13/2033 | 15,431,000 | 15,073,927 |
e | El Paso Natural Gas Co. LLC, 3.50% due 2/15/2032 | 1,989,000 | 1,617,475 |
f | Energian Israel Finance Ltd., 8.50% due 9/30/2033 | 6,400,000 | 6,393,984 |
d | Energy Transfer LP, 8.651% (TSFR3M + 3.28%) due 11/1/2066 | 1,200,000 | 990,636 |
e | Florida Gas Transmission Co. LLC, 2.30% due 10/1/2031 | 3,985,000 | 3,032,386 |
Galaxy Pipeline Assets Bidco Ltd., | |||
e,f | 1.75% due 9/30/2027 | 7,512,511 | 6,937,203 |
e,f | 2.16% due 3/31/2034 | 3,867,930 | 3,228,677 |
e,f | 2.625% due 3/31/2036 | 6,630,000 | 5,146,206 |
b,e,f,i | Gazprom PJSC via Gaz Finance plc, 3.50% due 7/14/2031 | 16,000,000 | 9,640,160 |
e | Gray Oak Pipeline LLC, 3.45% due 10/15/2027 | 6,730,000 | 5,964,328 |
e | Gulfstream Natural Gas System LLC, 4.60% due 9/15/2025 | 5,000,000 | 4,819,300 |
Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035 | 4,450,000 | 4,175,880 | |
Kinder Morgan, Inc., 5.20% due 6/1/2033 | 3,846,000 | 3,556,742 | |
e | Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029 | 5,487,000 | 5,007,217 |
MPLX LP, 4.95% due 9/1/2032 | 4,675,000 | 4,258,411 | |
Parkland Corp., | |||
e,f | 4.50% due 10/1/2029 | 1,825,000 | 1,568,514 |
e,f | 5.875% due 7/15/2027 | 3,726,000 | 3,538,060 |
Petroleos Mexicanos, | |||
f | 5.95% due 1/28/2031 | 8,312,000 | 5,942,914 |
f | 6.84% due 1/23/2030 | 4,450,000 | 3,472,869 |
f | 8.75% due 6/2/2029 | 6,500,000 | 5,769,725 |
Petroleos Mexicanos (EUR), 3.75% due 2/21/2024 | 4,466,000 | 4,651,845 | |
e,f | Petrorio Luxembourg Trading Sarl, 6.125% due 6/9/2026 | 800,000 | 770,320 |
d,e | Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00% due 10/15/2026 | 848,000 | 814,911 |
c | Summit Midstream Partners LP, Series A, 13.101% (SOFR + 7.78%) due 10/30/2023 | 2,114,000 | 1,545,186 |
Sunoco LP/Sunoco Finance Corp., | |||
4.50% due 4/30/2030 | 2,500,000 | 2,165,225 | |
5.875% due 3/15/2028 | 17,500,000 | 16,746,100 | |
Tennessee Gas Pipeline Co. LLC, 7.00% due 3/15/2027 | 2,251,000 | 2,319,588 | |
e,f | TMS Issuer Sarl, 5.78% due 8/23/2032 | 10,700,000 | 10,703,745 |
e,f | Var Energi ASA, 7.50% due 1/15/2028 | 5,000,000 | 5,133,150 |
Williams Cos., Inc., 4.30% due 3/4/2024 | 11,067,000 | 10,983,887 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 51 |
Thornburg Strategic Income Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
213,858,250 | |||
Equity Real Estate Investment Trusts (REITs) — 2.0% | |||
Diversified REITs — 1.6% | |||
American Tower Corp., | |||
1.45% due 9/15/2026 | $ 1,842,000 | $ 1,624,515 | |
3.65% due 3/15/2027 | 2,830,000 | 2,623,976 | |
5.80% due 11/15/2028 | 5,000,000 | 4,961,150 | |
Crown Castle, Inc., | |||
1.05% due 7/15/2026 | 2,636,000 | 2,312,536 | |
5.00% due 1/11/2028 | 7,100,000 | 6,847,311 | |
Digital Realty Trust LP, 4.45% due 7/15/2028 | 4,800,000 | 4,491,216 | |
Extra Space Storage LP, 5.70% due 4/1/2028 | 3,257,000 | 3,214,529 | |
e | Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032 | 6,085,000 | 5,002,113 |
Iron Mountain, Inc., | |||
e | 4.875% due 9/15/2029 | 2,000,000 | 1,754,700 |
e | 7.00% due 2/15/2029 | 7,985,000 | 7,784,097 |
Realty Income Corp., 4.70% due 12/15/2028 | 4,503,000 | 4,289,288 | |
Retail Opportunity Investments Partnership LP (Guaranty: Retail Opportunity Investments Corp.), 5.00% due 12/15/2023 | 1,500,000 | 1,495,800 | |
SBA Tower Trust, | |||
e | 1.631% due 5/15/2051 | 13,500,000 | 11,675,776 |
e | 1.84% due 4/15/2027 | 3,400,000 | 2,912,771 |
e | 1.884% due 7/15/2050 | 2,420,000 | 2,188,066 |
e | 6.599% due 1/15/2028 | 15,000,000 | 15,039,205 |
Service Properties Trust, | |||
4.35% due 10/1/2024 | 2,295,000 | 2,202,121 | |
4.65% due 3/15/2024 | 900,000 | 885,861 | |
4.95% due 2/15/2027 | 2,850,000 | 2,408,478 | |
5.25% due 2/15/2026 | 700,000 | 637,805 | |
Sun Communities Operating LP, | |||
2.30% due 11/1/2028 | 5,153,000 | 4,274,104 | |
5.70% due 1/15/2033 | 6,095,000 | 5,751,547 | |
e,f | Trust Fibra Uno, 5.25% due 1/30/2026 | 12,784,000 | 12,264,714 |
Vornado Realty LP, | |||
2.15% due 6/1/2026 | 9,336,500 | 7,929,770 | |
3.40% due 6/1/2031 | 957,000 | 690,179 | |
Real Estate Management & Development — 0.2% | |||
e | Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | 13,774,000 | 12,701,006 |
Retail REITs — 0.2% | |||
Retail Opportunity Investments Partnership LP, 6.75% due 10/15/2028 | 14,970,000 | 14,761,917 | |
142,724,551 | |||
Financial Services — 5.4% | |||
Capital Markets — 1.8% | |||
e,f | B3 SA - Brasil Bolsa Balcao, 4.125% due 9/20/2031 | 11,627,000 | 9,627,621 |
Blackstone Private Credit Fund, 2.625% due 12/15/2026 | 2,995,000 | 2,576,569 | |
Blue Owl Capital Corp., 2.625% due 1/15/2027 | 3,989,000 | 3,426,790 | |
Blue Owl Capital Corp. III, 3.125% due 4/13/2027 | 6,070,000 | 5,188,454 | |
Blue Owl Credit Income Corp., | |||
3.125% due 9/23/2026 | 7,087,000 | 6,227,772 | |
4.70% due 2/8/2027 | 1,910,000 | 1,734,261 | |
7.75% due 9/16/2027 | 2,030,000 | 2,012,908 | |
Blue Owl Technology Finance Corp., | |||
2.50% due 1/15/2027 | 3,547,000 | 2,978,097 | |
e | 3.75% due 6/17/2026 | 3,540,000 | 3,134,422 |
e | 4.75% due 12/15/2025 | 6,409,000 | 5,929,222 |
e | Burford Capital Global Finance LLC, 9.25% due 7/1/2031 | 12,500,000 | 12,622,000 |
d | Citigroup Global Markets Holdings, Inc., 6.40% due 1/29/2035 | 4,108,000 | 2,534,266 |
Compass Group Diversified Holdings LLC, | |||
e | 5.00% due 1/15/2032 | 800,000 | 649,560 |
e | 5.25% due 4/15/2029 | 9,633,000 | 8,422,421 |
e,f | FORESEA Holding SA, 7.50% due 6/15/2030 | 198,293 | 184,583 |
e,g | GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV (GBP), 8.50% due 1/15/2031 | 150,000 | 187,186 |
52 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e | GTP Acquisition Partners I LLC, Series 2015-2 Class A, 3.482% due 6/15/2050 | $ 2,000,000 | $ 1,910,460 |
Hercules Capital, Inc., | |||
2.625% due 9/16/2026 | 5,218,000 | 4,533,085 | |
3.375% due 1/20/2027 | 4,157,000 | 3,631,638 | |
LPL Holdings, Inc., | |||
e | 4.00% due 3/15/2029 | 16,905,000 | 14,718,676 |
e | 4.625% due 11/15/2027 | 3,515,000 | 3,255,453 |
e,f | LSEGA Financing plc, 2.00% due 4/6/2028 | 2,065,000 | 1,748,580 |
Main Street Capital Corp., 3.00% due 7/14/2026 | 2,258,000 | 1,994,875 | |
Nasdaq, Inc., 5.55% due 2/15/2034 | 10,156,000 | 9,688,723 | |
Sixth Street Specialty Lending, Inc., 3.875% due 11/1/2024 | 4,054,000 | 3,932,177 | |
e | StoneX Group, Inc., 8.625% due 6/15/2025 | 13,286,000 | 13,448,488 |
Consumer Finance — 0.2% | |||
e | FirstCash, Inc., 5.625% due 1/1/2030 | 17,215,000 | 15,461,308 |
Financial Services — 3.2% | |||
Antares Holdings LP, | |||
e | 2.75% due 1/15/2027 | 1,630,000 | 1,378,328 |
e | 3.75% due 7/15/2027 | 6,480,000 | 5,556,600 |
e | 3.95% due 7/15/2026 | 9,451,000 | 8,505,238 |
e | 7.95% due 8/11/2028 | 5,000,000 | 4,966,250 |
e | 8.50% due 5/18/2025 | 2,750,000 | 2,769,057 |
f | Banco Santander SA, 5.147% due 8/18/2025 | 9,500,000 | 9,291,570 |
Bank of America Corp., | |||
d | 0.976% (SOFR + 0.69%) due 4/22/2025 | 9,500,000 | 9,203,600 |
d | 1.734% (SOFR + 0.96%) due 7/22/2027 | 1,290,000 | 1,143,134 |
d | 3.841% (SOFR + 1.11%) due 4/25/2025 | 2,535,000 | 2,499,028 |
d | 4.948% (SOFR + 2.04%) due 7/22/2028 | 4,900,000 | 4,707,577 |
BNP Paribas SA, | |||
d,e,f | 2.159% (SOFR + 1.22%) due 9/15/2029 | 1,350,000 | 1,112,427 |
e,f | 3.375% due 1/9/2025 | 5,000,000 | 4,827,750 |
d | Charles Schwab Corp., 6.394% (SOFRINDX + 1.05%) due 3/3/2027 | 20,000,000 | 19,747,800 |
Citigroup, Inc., | |||
d | 1.462% (SOFR + 0.77%) due 6/9/2027 | 5,881,000 | 5,196,746 |
d | 3.07% (SOFR + 1.28%) due 2/24/2028 | 3,071,000 | 2,785,274 |
d | 6.01% (SOFR + 0.67%) due 5/1/2025 | 3,971,000 | 3,960,000 |
Deutsche Bank AG, | |||
f | 0.898% due 5/28/2024 | 3,667,000 | 3,538,948 |
d,f | 2.552% (SOFR + 1.32%) due 1/7/2028 | 4,760,000 | 4,155,052 |
Goldman Sachs Group, Inc., | |||
d | 1.757% (SOFR + 0.73%) due 1/24/2025 | 2,692,000 | 2,649,063 |
d | 5.789% (SOFR + 0.50%) due 7/16/2024 | 5,092,000 | 4,862,758 |
d | 5.844% (SOFR + 0.50%) due 9/10/2024 | 3,687,000 | 3,680,142 |
d | 6.021% (SOFR + 0.70%) due 1/24/2025 | 2,610,000 | 2,603,971 |
d | 6.164% (SOFR + 0.82%) due 9/10/2027 | 3,687,000 | 3,619,675 |
HSBC Holdings plc, | |||
d,f | 1.589% (SOFR + 1.29%) due 5/24/2027 | 3,500,000 | 3,085,320 |
d,f | 1.645% (SOFR + 1.54%) due 4/18/2026 | 3,750,000 | 3,483,975 |
d,f | 2.206% (SOFR + 1.29%) due 8/17/2029 | 3,500,000 | 2,886,415 |
d,f | 2.251% (SOFR + 1.10%) due 11/22/2027 | 1,350,000 | 1,191,011 |
d,f | 4.18% (SOFR + 1.51%) due 12/9/2025 | 2,600,000 | 2,528,890 |
d,f | 5.21% (SOFR + 2.61%) due 8/11/2028 | 2,329,000 | 2,241,360 |
d,f | 5.923% (SOFR + 0.58%) due 11/22/2024 | 715,000 | 713,656 |
JPMorgan Chase & Co., | |||
d | 1.04% (TSFR3M + 0.70%) due 2/4/2027 | 1,896,000 | 1,686,511 |
d | 3.54% (TSFR3M + 1.64%) due 5/1/2028 | 3,880,000 | 3,566,923 |
d | 4.323% (SOFR + 1.56%) due 4/26/2028 | 2,434,000 | 2,306,653 |
d | 6.263% (SOFR + 0.92%) due 2/24/2026 | 7,590,000 | 7,593,719 |
Mitsubishi UFJ Financial Group, Inc., | |||
d,f | 0.962% (H15T1Y + 0.45%) due 10/11/2025 | 9,714,000 | 9,181,964 |
d,f | 2.309% (H15T1Y + 0.95%) due 7/20/2032 | 7,000,000 | 5,360,460 |
d,f | 5.017% (H15T1Y + 1.95%) due 7/20/2028 | 1,750,000 | 1,690,938 |
d,f | 5.475% (H15T1Y + 1.53%) due 2/22/2031 | 2,000,000 | 1,936,360 |
d | Morgan Stanley, 4.679% (SOFR + 1.67%) due 7/17/2026 | 1,560,000 | 1,520,282 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 53 |
Thornburg Strategic Income Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,f | NatWest Group plc, 1.642% (H15T1Y + 0.90%) due 6/14/2027 | $ 2,000,000 | $ 1,765,160 |
Societe Generale SA, | |||
d,e,f | 1.792% (H15T1Y + 1.00%) due 6/9/2027 | 1,667,000 | 1,468,577 |
e,f | 2.625% due 1/22/2025 | 3,000,000 | 2,852,280 |
e,f | 3.875% due 3/28/2024 | 2,000,000 | 1,974,820 |
d,e,f | 6.368% (SOFR + 1.05%) due 1/21/2026 | 2,600,000 | 2,582,970 |
f | Sumitomo Mitsui Financial Group, Inc., 5.852% due 7/13/2030 | 14,550,000 | 14,317,782 |
d | Truist Financial Corp., 6.047% (SOFR + 2.05%) due 6/8/2027 | 6,250,000 | 6,179,187 |
UBS Group AG, | |||
d,e,f | 1.494% (H15T1Y + 0.85%) due 8/10/2027 | 2,679,000 | 2,335,606 |
d,e,f | 4.49% (H15T1Y + 1.60%) due 8/5/2025 | 5,200,000 | 5,109,884 |
d,e,f | 4.751% (H15T1Y + 1.75%) due 5/12/2028 | 3,600,000 | 3,398,904 |
e | United Wholesale Mortgage LLC, 5.50% due 11/15/2025 | 12,301,000 | 11,700,957 |
Western Union Co., 2.85% due 1/10/2025 | 2,338,000 | 2,237,326 | |
Insurance — 0.2% | |||
e | Five Corners Funding Trust III, 5.791% due 2/15/2033 | 8,760,000 | 8,598,641 |
e | Global Atlantic Fin Co., 4.40% due 10/15/2029 | 7,275,000 | 6,017,080 |
376,033,194 | |||
Food, Beverage & Tobacco — 1.4% | |||
Beverages — 0.4% | |||
e,f | Becle SAB de CV, 2.50% due 10/14/2031 | 10,661,000 | 8,139,460 |
e,f | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | 16,417,000 | 14,776,942 |
Constellation Brands, Inc., 5.00% due 2/2/2026 | 2,763,000 | 2,713,763 | |
Huntington Ingalls Industries, Inc., 2.043% due 8/16/2028 | 6,445,000 | 5,404,133 | |
Food Products — 0.3% | |||
Darling Ingredients, Inc., | |||
e | 5.25% due 4/15/2027 | 3,700,000 | 3,528,727 |
e | 6.00% due 6/15/2030 | 1,000,000 | 947,510 |
d | General Mills, Inc., 6.58% (TSFR3M + 1.27%) due 10/17/2023 | 2,530,000 | 2,530,708 |
Post Holdings, Inc., | |||
e | 5.50% due 12/15/2029 | 8,247,000 | 7,473,761 |
e | 5.625% due 1/15/2028 | 8,445,000 | 7,994,713 |
Tobacco — 0.7% | |||
Altria Group, Inc., 2.45% due 2/4/2032 | 9,890,000 | 7,442,818 | |
BAT Capital Corp., | |||
2.726% due 3/25/2031 | 7,615,000 | 5,861,342 | |
6.343% due 8/2/2030 | 6,880,000 | 6,775,974 | |
7.75% due 10/19/2032 | 4,862,000 | 5,135,488 | |
e,f | Imperial Brands Finance plc, 6.125% due 7/27/2027 | 5,000,000 | 4,975,100 |
e | Vector Group Ltd., 10.50% due 11/1/2026 | 14,927,000 | 14,949,540 |
98,649,979 | |||
Health Care Equipment & Services — 1.4% | |||
Health Care Equipment & Supplies — 0.2% | |||
e | Hologic, Inc., 3.25% due 2/15/2029 | 9,957,000 | 8,414,163 |
e,f | Olympus Corp., 2.143% due 12/8/2026 | 5,510,000 | 4,910,126 |
Health Care Providers & Services — 1.2% | |||
Centene Corp., | |||
2.625% due 8/1/2031 | 3,950,000 | 3,024,357 | |
3.375% due 2/15/2030 | 6,697,000 | 5,588,111 | |
4.625% due 12/15/2029 | 5,775,000 | 5,209,281 | |
Charles River Laboratories International, Inc., | |||
e | 3.75% due 3/15/2029 | 4,567,000 | 3,926,752 |
e | 4.25% due 5/1/2028 | 4,480,000 | 4,023,891 |
e | Highmark, Inc., 1.45% due 5/10/2026 | 8,000,000 | 7,119,520 |
Humana, Inc., 5.70% due 3/13/2026 | 11,996,000 | 11,943,098 | |
e | IQVIA, Inc., 5.70% due 5/15/2028 | 5,000,000 | 4,857,850 |
IQVIA, Inc. (EUR), | |||
e | 2.25% due 3/15/2029 | 9,460,000 | 8,377,028 |
e | 2.875% due 6/15/2028 | 5,000,000 | 4,719,247 |
Tenet Healthcare Corp., |
54 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
6.125% due 6/15/2030 | $ 4,500,000 | $ 4,227,165 | |
e | 6.75% due 5/15/2031 | 16,224,000 | 15,658,107 |
Universal Health Services, Inc., | |||
1.65% due 9/1/2026 | 6,179,000 | 5,444,193 | |
2.65% due 10/15/2030 | 4,646,000 | 3,612,823 | |
101,055,712 | |||
Household & Personal Products — 1.1% | |||
Household Durables — 0.2% | |||
Newell Brands, Inc., | |||
5.20% due 4/1/2026 | 2,129,000 | 2,006,178 | |
6.625% due 9/15/2029 | 9,300,000 | 8,883,918 | |
Household Products — 0.8% | |||
e | Energizer Holdings, Inc., 4.75% due 6/15/2028 | 7,268,000 | 6,294,524 |
e | Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00% due 12/31/2026 | 4,585,000 | 4,159,833 |
Prestige Brands, Inc., | |||
e | 3.75% due 4/1/2031 | 6,386,000 | 5,140,347 |
e | 5.125% due 1/15/2028 | 12,321,000 | 11,476,765 |
Scotts Miracle-Gro Co., | |||
4.375% due 2/1/2032 | 13,166,000 | 9,943,885 | |
5.25% due 12/15/2026 | 2,000,000 | 1,876,820 | |
Spectrum Brands, Inc., | |||
e | 3.875% due 3/15/2031 | 9,098,000 | 7,373,838 |
e | 5.50% due 7/15/2030 | 5,705,000 | 5,190,409 |
Spectrum Brands, Inc. (EUR), 4.00% due 10/1/2026 | 2,900,000 | 2,943,384 | |
e | Spectrum Brands, Inc.(EUR), 4.00% due 10/1/2026 | 2,000,000 | 2,029,920 |
Personal Care Products — 0.1% | |||
e | Edgewell Personal Care Co., 5.50% due 6/1/2028 | 9,892,000 | 9,159,003 |
76,478,824 | |||
Industrials — 0.5% | |||
Aerospace & Defense — 0.2% | |||
Teledyne Technologies, Inc., | |||
0.95% due 4/1/2024 | 10,824,000 | 10,542,359 | |
2.25% due 4/1/2028 | 1,909,000 | 1,642,618 | |
Transportation Infrastructure — 0.3% | |||
Penske Truck Leasing Co. LP/PTL Finance Corp., | |||
e | 3.90% due 2/1/2024 | 2,845,000 | 2,821,614 |
e | 5.55% due 5/1/2028 | 9,940,000 | 9,624,206 |
e | 5.75% due 5/24/2026 | 2,480,000 | 2,443,296 |
e | 6.05% due 8/1/2028 | 3,053,000 | 3,015,357 |
e | 6.20% due 6/15/2030 | 2,400,000 | 2,364,552 |
32,454,002 | |||
Insurance — 4.7% | |||
Insurance — 4.7% | |||
e | American National Group LLC, 6.144% due 6/13/2032 | 12,684,000 | 11,474,708 |
Arthur J Gallagher & Co., 5.50% due 3/2/2033 | 8,212,000 | 7,870,052 | |
e,f | Ascot Group Ltd., 4.25% due 12/15/2030 | 6,889,000 | 5,082,773 |
Brighthouse Financial Global Funding, | |||
e | 1.55% due 5/24/2026 | 2,089,000 | 1,849,663 |
e | 2.00% due 6/28/2028 | 4,823,000 | 3,982,882 |
d,e | 6.053% (SOFR + 0.76%) due 4/12/2024 | 4,500,000 | 4,474,305 |
Brighthouse Financial, Inc., 5.625% due 5/15/2030 | 6,750,000 | 6,308,280 | |
e | Corebridge Global Funding, 5.75% due 7/2/2026 | 8,940,000 | 8,834,508 |
e,f | DaVinciRe Holdings Ltd., 4.75% due 5/1/2025 | 7,678,000 | 7,437,525 |
d | Enstar Finance LLC, 5.75% (5-Yr. CMT + 5.468%) due 9/1/2040 | 3,304,000 | 2,902,035 |
Enstar Group Ltd., | |||
f | 3.10% due 9/1/2031 | 7,975,000 | 6,003,899 |
f | 4.95% due 6/1/2029 | 4,726,000 | 4,358,648 |
Equitable Financial Life Global Funding, | |||
e | 1.00% due 1/9/2026 | 3,000,000 | 2,665,980 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 55 |
Thornburg Strategic Income Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
e | 1.40% due 8/27/2027 | $ 4,620,000 | $ 3,882,509 |
e | 1.80% due 3/8/2028 | 5,919,000 | 4,953,848 |
F&G Annuities & Life, Inc., 7.40% due 1/13/2028 | 11,590,000 | 11,595,679 | |
F&G Global Funding, | |||
e | 1.75% due 6/30/2026 | 7,973,000 | 7,020,147 |
e | 2.00% due 9/20/2028 | 8,458,000 | 6,877,454 |
e | 2.30% due 4/11/2027 | 4,200,000 | 3,656,940 |
Fairfax Financial Holdings Ltd., | |||
f | 3.375% due 3/3/2031 | 1,520,000 | 1,234,331 |
f | 4.625% due 4/29/2030 | 4,673,000 | 4,192,242 |
f | 4.85% due 4/17/2028 | 1,105,000 | 1,044,236 |
f | 5.625% due 8/16/2032 | 10,603,000 | 9,897,476 |
e | Fairfax U.S., Inc., 4.875% due 8/13/2024 | 1,187,000 | 1,165,860 |
e,f | Fidelis Insurance Holdings Ltd., 4.875% due 6/30/2030 | 4,409,000 | 3,443,341 |
Fidelity National Financial, Inc., 3.40% due 6/15/2030 | 5,137,000 | 4,354,635 | |
First American Financial Corp., | |||
2.40% due 8/15/2031 | 2,261,000 | 1,676,283 | |
4.00% due 5/15/2030 | 1,457,000 | 1,234,706 | |
GA Global Funding Trust, | |||
e | 1.625% due 1/15/2026 | 610,000 | 544,254 |
e | 2.25% due 1/6/2027 | 2,971,000 | 2,603,606 |
e | 3.85% due 4/11/2025 | 5,860,000 | 5,630,991 |
d,e | 5.844% (SOFR + 0.50%) due 9/13/2024 | 5,322,000 | 5,242,383 |
Globe Life, Inc., 4.80% due 6/15/2032 | 3,038,000 | 2,781,714 | |
e | Guardian Life Global Funding, 5.55% due 10/28/2027 | 4,545,000 | 4,549,954 |
Horace Mann Educators Corp., 7.25% due 9/15/2028 | 10,000,000 | 9,994,300 | |
e,f | Intact Financial Corp., 5.459% due 9/22/2032 | 5,922,000 | 5,609,259 |
Jackson Financial, Inc., 5.17% due 6/8/2027 | 2,788,000 | 2,688,385 | |
Jackson National Life Global Funding, | |||
e | 5.25% due 4/12/2028 | 6,697,000 | 6,226,804 |
e | 5.50% due 1/9/2026 | 17,000,000 | 16,589,450 |
Mercury General Corp., 4.40% due 3/15/2027 | 9,408,000 | 8,761,670 | |
d,e | Nationwide Mutual Insurance Co., 7.961% (SOFR + 2.64%) due 12/15/2024 | 6,178,000 | 6,184,734 |
e | New York Life Global Funding, 4.55% due 1/28/2033 | 4,400,000 | 4,022,876 |
d,e | Pacific Life Global Funding II, 5.964% (SOFR + 0.62%) due 6/4/2026 | 4,533,000 | 4,463,373 |
f | Pentair Finance Sarl, 5.90% due 7/15/2032 | 9,193,000 | 8,977,976 |
Principal Life Global Funding II, | |||
e | 0.50% due 1/8/2024 | 9,485,000 | 9,320,435 |
e | 5.50% due 6/28/2028 | 6,400,000 | 6,254,016 |
e | Protective Life Corp., 3.40% due 1/15/2030 | 4,902,000 | 4,107,925 |
Reinsurance Group of America, Inc., 6.00% due 9/15/2033 | 12,295,000 | 11,859,757 | |
Reliance Standard Life Global Funding II, | |||
e | 1.512% due 9/28/2026 | 4,000,000 | 3,470,000 |
e | 2.75% due 5/7/2025 | 2,900,000 | 2,724,115 |
e | 5.243% due 2/2/2026 | 9,630,000 | 9,355,641 |
f | RenaissanceRe Holdings Ltd., 5.75% due 6/5/2033 | 9,395,000 | 8,831,488 |
e | RGA Global Funding, 2.70% due 1/18/2029 | 9,687,000 | 8,219,226 |
e | Sammons Financial Group, Inc., 4.45% due 5/12/2027 | 2,000,000 | 1,830,600 |
e | Security Benefit Global Funding, 1.25% due 5/17/2024 | 2,404,000 | 2,317,360 |
Stewart Information Services Corp., 3.60% due 11/15/2031 | 16,620,000 | 12,192,432 | |
Willis North America, Inc., | |||
2.95% due 9/15/2029 | 3,000,000 | 2,556,960 | |
5.35% due 5/15/2033 | 9,835,000 | 9,173,301 | |
326,559,930 | |||
Materials — 3.6% | |||
Chemicals — 0.9% | |||
FMC Corp., 5.15% due 5/18/2026 | 4,860,000 | 4,719,837 | |
International Flavors & Fragrances, Inc. (EUR), 1.80% due 9/25/2026 | 13,400,000 | 12,816,030 | |
e,f | NOVA Chemicals Corp., 5.25% due 6/1/2027 | 9,300,000 | 8,067,843 |
e,f | Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030 | 12,383,000 | 10,933,322 |
56 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
OCP SA, | |||
e,f | 3.75% due 6/23/2031 | $ 7,800,000 | $ 6,156,774 |
e,f | 4.50% due 10/22/2025 | 4,800,000 | 4,619,952 |
e,f | 5.625% due 4/25/2024 | 4,710,000 | 4,681,081 |
b,f,i | Phosagro OAO Via Phosagro Bond Funding DAC, 3.05% due 1/23/2025 | 933,000 | 786,976 |
e,f | SNF Group SACA, 3.125% due 3/15/2027 | 8,405,000 | 7,412,874 |
Construction Materials — 0.1% | |||
Vulcan Materials Co., 5.80% due 3/1/2026 | 4,595,000 | 4,576,620 | |
Containers & Packaging — 1.5% | |||
Amcor Finance USA, Inc., 5.625% due 5/26/2033 | 9,565,000 | 9,178,000 | |
e,f | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance plc, 3.25% due 9/1/2028 | 16,310,000 | 13,594,874 |
Ball Corp., | |||
2.875% due 8/15/2030 | 14,300,000 | 11,329,032 | |
3.125% due 9/15/2031 | 5,414,000 | 4,240,245 | |
6.00% due 6/15/2029 | 1,000,000 | 972,500 | |
e | Berry Global, Inc. (EUR), 1.00% due 1/15/2025 | 4,019,000 | 4,054,395 |
e | Graphic Packaging International LLC,3.50% due 3/15/2028 - 3/1/2029 | 8,150,000 | 7,157,321 |
e | Matthews International Corp., Class C, 5.25% due 12/1/2025 | 15,091,000 | 14,465,478 |
e | OI European Group BV (EUR), 6.25% due 5/15/2028 | 3,000,000 | 3,233,473 |
Sealed Air Corp., | |||
e | 1.573% due 10/15/2026 | 13,352,000 | 11,612,635 |
e | 5.00% due 4/15/2029 | 8,460,000 | 7,614,254 |
e | Silgan Holdings, Inc., 1.40% due 4/1/2026 | 20,082,000 | 17,825,988 |
Metals & Mining — 1.0% | |||
f | AngloGold Ashanti Holdings plc, 3.375% due 11/1/2028 | 15,715,000 | 13,257,174 |
e | Cleveland-Cliffs, Inc., 6.75% due 3/15/2026 | 16,150,000 | 16,116,085 |
e | Compass Minerals International, Inc., 6.75% due 12/1/2027 | 11,123,000 | 10,540,600 |
b,e,f,i | Metalloinvest Finance DAC, 3.375% due 10/22/2028 | 7,500,000 | 4,076,400 |
e,f | POSCO, 5.625% due 1/17/2026 | 4,650,000 | 4,627,866 |
Stillwater Mining Co., | |||
e | 4.00% due 11/16/2026 | 9,328,000 | 8,079,074 |
e | 4.50% due 11/16/2029 | 3,050,000 | 2,338,465 |
e,f,g | WE Soda Investments Holding plc, 9.50% due 10/6/2028 | 12,000,000 | 12,090,000 |
Trading Companies & Distributors — 0.1% | |||
e | Windsor Holdings III LLC, 8.50% due 6/15/2030 | 7,470,000 | 7,374,534 |
248,549,702 | |||
Media & Entertainment — 0.8% | |||
Media — 0.8% | |||
CCO Holdings LLC/CCO Holdings Capital Corp., | |||
e | 4.25% due 2/1/2031 - 1/15/2034 | 11,548,000 | 8,901,088 |
e | 4.75% due 3/1/2030 - 2/1/2032 | 9,273,000 | 7,761,747 |
e | Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.875% due 8/15/2027 | 3,880,000 | 3,431,976 |
e | News Corp., 5.125% due 2/15/2032 | 4,980,000 | 4,351,275 |
e | Sirius XM Radio, Inc., 5.00% due 8/1/2027 | 21,775,000 | 19,887,979 |
e,f | Telenet Finance Luxembourg Notes Sarl, 5.50% due 3/1/2028 | 14,200,000 | 12,827,144 |
57,161,209 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.8% | |||
Biotechnology — 0.3% | |||
Amgen, Inc., | |||
5.25% due 3/2/2033 | 5,000,000 | 4,778,300 | |
5.507% due 3/2/2026 | 6,800,000 | 6,749,884 | |
Bio-Rad Laboratories, Inc., 3.30% due 3/15/2027 | 2,505,000 | 2,309,735 | |
Illumina, Inc., 5.80% due 12/12/2025 | 5,579,000 | 5,541,119 | |
f | Royalty Pharma plc, 1.75% due 9/2/2027 | 4,086,000 | 3,484,418 |
Life Sciences Tools & Services — 0.2% | |||
e | Avantor Funding, Inc. (EUR), 2.625% due 11/1/2025 | 11,000,000 | 11,112,460 |
Pharmaceuticals — 0.3% | |||
a,b,i | Atlas U.S. Royalty LLC Participation Rights, Zero coupon due 3/15/2027 | 5,450,000 | 545 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 57 |
Thornburg Strategic Income Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Bayer U.S. Finance II LLC, | |||
e | 4.25% due 12/15/2025 | $ 2,500,000 | $ 2,406,375 |
d,e | 6.681% (TSFR3M + 1.27%) due 12/15/2023 | 4,096,000 | 4,096,983 |
Cigna Group, 5.685% due 3/15/2026 | 16,515,000 | 16,425,653 | |
56,905,472 | |||
Real Estate Management & Development — 0.0% | |||
Real Estate Management & Development — 0.0% | |||
e | Greystar Real Estate Partners LLC, 7.75% due 9/1/2030 | 2,490,000 | 2,451,505 |
2,451,505 | |||
Semiconductors & Semiconductor Equipment — 1.2% | |||
Semiconductors & Semiconductor Equipment — 1.2% | |||
f | Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50% due 1/15/2028 | 1,628,000 | 1,478,794 |
Broadcom, Inc., | |||
e | 3.187% due 11/15/2036 | 4,861,000 | 3,486,115 |
e | 4.00% due 4/15/2029 | 940,000 | 847,231 |
4.75% due 4/15/2029 | 476,000 | 448,530 | |
Microchip Technology, Inc., | |||
0.972% due 2/15/2024 | 5,137,000 | 5,043,507 | |
4.25% due 9/1/2025 | 11,300,000 | 10,935,575 | |
Micron Technology, Inc., | |||
4.663% due 2/15/2030 | 1,186,000 | 1,080,114 | |
5.327% due 2/6/2029 | 2,031,000 | 1,951,141 | |
6.75% due 11/1/2029 | 9,820,000 | 9,982,816 | |
Qorvo, Inc., | |||
e | 1.75% due 12/15/2024 | 8,500,000 | 8,006,150 |
e | 3.375% due 4/1/2031 | 12,907,000 | 10,230,088 |
4.375% due 10/15/2029 | 1,452,000 | 1,277,077 | |
e,f | Renesas Electronics Corp., 1.543% due 11/26/2024 | 15,515,000 | 14,625,059 |
SK Hynix, Inc., | |||
e,f | 1.00% due 1/19/2024 | 2,800,000 | 2,755,704 |
e,f | 1.50% due 1/19/2026 | 4,400,000 | 3,952,564 |
e,f | 2.375% due 1/19/2031 | 2,812,000 | 2,116,930 |
e,f | 6.25% due 1/17/2026 | 6,800,000 | 6,794,220 |
Skyworks Solutions, Inc., 1.80% due 6/1/2026 | 1,160,000 | 1,031,913 | |
86,043,528 | |||
Software & Services — 3.1% | |||
Information Technology Services — 1.0% | |||
Block Financial LLC, 2.50% due 7/15/2028 | 3,605,000 | 3,061,654 | |
Booz Allen Hamilton, Inc., 5.95% due 8/4/2033 | 7,440,000 | 7,231,457 | |
DXC Technology Co., 2.375% due 9/15/2028 | 11,657,000 | 9,477,141 | |
f | Genpact Luxembourg Sarl, 3.375% due 12/1/2024 | 8,939,000 | 8,586,803 |
f | Genpact Luxembourg Sarl/Genpact USA, Inc., 1.75% due 4/10/2026 | 1,626,000 | 1,463,010 |
Global Payments, Inc., | |||
1.50% due 11/15/2024 | 2,230,000 | 2,116,827 | |
2.15% due 1/15/2027 | 1,394,000 | 1,228,574 | |
5.30% due 8/15/2029 | 4,441,000 | 4,234,183 | |
e,g | GTCR W-2 Merger Sub LLC, 7.50% due 1/15/2031 | 3,000,000 | 3,003,780 |
Kyndryl Holdings, Inc., | |||
2.05% due 10/15/2026 | 3,968,000 | 3,458,152 | |
2.70% due 10/15/2028 | 8,296,000 | 6,816,077 | |
Leidos, Inc., 2.30% due 2/15/2031 | 2,220,000 | 1,703,384 | |
e | Science Applications International Corp., 4.875% due 4/1/2028 | 15,749,000 | 14,300,722 |
e | Wipro IT Services LLC, 1.50% due 6/23/2026 | 3,953,000 | 3,532,440 |
Internet Software & Services — 0.7% | |||
e | Arches Buyer, Inc., 4.25% due 6/1/2028 | 19,319,000 | 16,489,926 |
e | Cogent Communications Group, Inc., 7.00% due 6/15/2027 | 9,567,000 | 9,121,752 |
eBay, Inc., 5.90% due 11/22/2025 | 3,650,000 | 3,655,037 | |
Prosus NV, | |||
e,f | 3.061% due 7/13/2031 | 656,000 | 487,480 |
e,f | 4.193% due 1/19/2032 | 11,494,000 | 9,161,982 |
58 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Prosus NV (EUR), | |||
e | 1.288% due 7/13/2029 | $ 8,715,000 | $ 6,976,330 |
e | 2.031% due 8/3/2032 | 7,000,000 | 5,186,964 |
Professional Services — 0.2% | |||
e | Korn Ferry, 4.625% due 12/15/2027 | 15,003,000 | 13,802,760 |
Software — 1.2% | |||
e | Fair Isaac Corp., 4.00% due 6/15/2028 | 16,087,000 | 14,375,182 |
Fidelity National Information Services, Inc., | |||
1.15% due 3/1/2026 | 2,000,000 | 1,790,580 | |
4.70% due 7/15/2027 | 12,167,000 | 11,776,804 | |
e | GoTo Group, Inc., 5.50% due 9/1/2027 | 6,873,000 | 3,766,060 |
e | Infor, Inc., 1.75% due 7/15/2025 | 2,250,000 | 2,070,518 |
MSCI, Inc., | |||
e | 3.875% due 2/15/2031 | 9,973,000 | 8,452,915 |
e | 4.00% due 11/15/2029 | 6,289,000 | 5,523,251 |
Open Text Corp., | |||
e,f | 3.875% due 2/15/2028 | 7,761,000 | 6,778,768 |
e,f | 6.90% due 12/1/2027 | 9,150,000 | 9,167,751 |
e | Open Text Holdings, Inc.,4.125% due 2/15/2030 - 12/1/2031 | 12,327,000 | 10,019,509 |
Oracle Corp., 6.15% due 11/9/2029 | 6,753,000 | 6,855,578 | |
VMware, Inc., 4.50% due 5/15/2025 | 4,040,000 | 3,944,495 | |
219,617,846 | |||
Technology Hardware & Equipment — 1.8% | |||
Communications Equipment — 0.2% | |||
Motorola Solutions, Inc., | |||
2.30% due 11/15/2030 | 337,000 | 261,077 | |
5.60% due 6/1/2032 | 13,595,000 | 12,983,089 | |
Electronic Equipment, Instruments & Components — 1.0% | |||
Arrow Electronics, Inc., 6.125% due 3/1/2026 | 18,910,000 | 18,811,668 | |
Avnet, Inc., 6.25% due 3/15/2028 | 14,700,000 | 14,637,525 | |
Flex Ltd., | |||
f | 4.875% due 5/12/2030 | 4,671,000 | 4,344,497 |
f | 6.00% due 1/15/2028 | 3,886,000 | 3,864,899 |
e,f | Sensata Technologies BV, 5.875% due 9/1/2030 | 2,375,000 | 2,213,453 |
TD SYNNEX Corp., 1.75% due 8/9/2026 | 13,683,000 | 12,013,537 | |
Trimble, Inc., 4.75% due 12/1/2024 | 6,525,000 | 6,413,031 | |
Vontier Corp., | |||
1.80% due 4/1/2026 | 1,533,000 | 1,373,369 | |
2.40% due 4/1/2028 | 5,241,000 | 4,351,707 | |
2.95% due 4/1/2031 | 6,127,000 | 4,714,359 | |
Office Electronics — 0.2% | |||
CDW LLC/CDW Finance Corp., | |||
3.25% due 2/15/2029 | 5,238,000 | 4,470,214 | |
4.25% due 4/1/2028 | 8,103,000 | 7,391,151 | |
Technology Hardware, Storage & Peripherals — 0.4% | |||
Dell International LLC/EMC Corp., 4.90% due 10/1/2026 | 3,464,000 | 3,380,725 | |
HP, Inc., 4.75% due 1/15/2028 | 11,941,000 | 11,444,135 | |
Lenovo Group Ltd., | |||
e,f | 5.831% due 1/27/2028 | 3,885,000 | 3,812,312 |
f | 5.875% due 4/24/2025 | 10,993,000 | 10,957,713 |
127,438,461 | |||
Telecommunication Services — 1.2% | |||
Diversified Telecommunication Services — 0.8% | |||
AT&T, Inc., | |||
5.539% due 2/20/2026 | 22,242,000 | 22,081,635 | |
e | 6.126% due 3/19/2024 | 9,000,000 | 8,757,750 |
f | British Telecommunications plc, 4.50% due 12/4/2023 | 8,483,000 | 8,458,569 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 59 |
Thornburg Strategic Income Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Videotron Ltd., | |||
e,f | 5.125% due 4/15/2027 | $ 7,150,000 | $ 6,757,036 |
e,f | 5.375% due 6/15/2024 | 6,000,000 | 5,945,640 |
e,f | Virgin Media Secured Finance plc, 5.50% due 5/15/2029 | 1,800,000 | 1,605,510 |
Wireless Telecommunication Services — 0.4% | |||
Digicel International Finance Ltd./Digicel International Holdings Ltd., | |||
b,e,f,i | due 12/31/2026 | 1,111,755 | 21,735 |
e,f | 8.75% due 5/25/2024 | 4,866,916 | 4,380,836 |
T-Mobile USA, Inc., | |||
2.25% due 2/15/2026 | 2,232,000 | 2,055,918 | |
2.625% due 4/15/2026 | 2,708,000 | 2,503,871 | |
3.375% due 4/15/2029 | 10,090,000 | 8,870,119 | |
5.375% due 4/15/2027 | 2,965,000 | 2,916,997 | |
Vmed O2 UK Financing I plc, | |||
e,f | 4.25% due 1/31/2031 | 7,818,000 | 6,225,082 |
e,f | 4.75% due 7/15/2031 | 1,500,000 | 1,214,055 |
81,794,753 | |||
Transportation — 0.2% | |||
Air Freight & Logistics — 0.2% | |||
Ryder System, Inc., | |||
5.25% due 6/1/2028 | 6,533,000 | 6,363,403 | |
5.65% due 3/1/2028 | 7,244,000 | 7,163,737 | |
Passenger Airlines — 0.0% | |||
American Airlines Pass Through Trust, Series 2016-3 Class B, 3.75% due 4/15/2027 | 668,058 | 624,173 | |
e | British Airways Pass Through Trust, Series 2020-1 Class A, 4.25% due 5/15/2034 | 954,222 | 856,548 |
15,007,861 | |||
Utilities — 5.8% | |||
Electric Utilities — 4.6% | |||
AEP Texas, Inc., | |||
5.40% due 6/1/2033 | 5,106,000 | 4,864,435 | |
Series I, 2.10% due 7/1/2030 | 3,800,000 | 2,998,010 | |
e,f | AES Espana BV, 5.70% due 5/4/2028 | 15,177,000 | 13,607,243 |
e | Alexander Funding Trust, 1.841% due 11/15/2023 | 18,263,000 | 18,137,351 |
Allegion U.S. Holding Co., Inc., 5.411% due 7/1/2032 | 7,922,000 | 7,434,242 | |
e | Alliant Energy Finance LLC, 1.40% due 3/15/2026 | 1,500,000 | 1,329,015 |
American Electric Power Co., Inc., | |||
2.031% due 3/15/2024 | 3,302,000 | 3,238,304 | |
5.699% due 8/15/2025 | 4,750,000 | 4,721,642 | |
Appalachian Power Co., | |||
Series AA, 2.70% due 4/1/2031 | 4,705,000 | 3,780,938 | |
Series BB, 4.50% due 8/1/2032 | 3,327,000 | 2,979,462 | |
Black Hills Corp., | |||
1.037% due 8/23/2024 | 8,226,000 | 7,861,999 | |
2.50% due 6/15/2030 | 1,000,000 | 798,820 | |
5.95% due 3/15/2028 | 5,387,000 | 5,386,838 | |
6.15% due 5/15/2034 | 6,135,000 | 5,969,600 | |
e | Boston Gas Co., 3.757% due 3/16/2032 | 6,140,000 | 5,143,048 |
d | CenterPoint Energy, Inc., 5.991% (SOFRINDX + 0.65%) due 5/13/2024 | 2,500,000 | 2,499,425 |
Comision Federal de Electricidad, | |||
e,f | 3.348% due 2/9/2031 | 3,020,000 | 2,364,267 |
e,f | 4.688% due 5/15/2029 | 5,000,000 | 4,497,750 |
f | 5.00% due 9/29/2036 | 6,636,400 | 5,650,563 |
Dominion Energy, Inc., 5.375% due 11/15/2032 | 5,000,000 | 4,773,900 | |
DTE Energy Co., 4.875% due 6/1/2028 | 12,452,000 | 12,022,904 | |
Enel Finance International NV, | |||
e,f | 1.375% due 7/12/2026 | 2,750,000 | 2,430,010 |
e,f | 1.875% due 7/12/2028 | 16,900,000 | 14,033,084 |
e,f | 2.25% due 7/12/2031 | 3,843,000 | 2,908,344 |
e,f | 5.00% due 6/15/2032 | 1,927,000 | 1,750,525 |
e,f | 7.50% due 10/14/2032 | 2,400,000 | 2,561,256 |
Entergy Texas, Inc., |
60 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
1.50% due 9/1/2026 | $ 5,866,000 | $ 5,109,227 | |
3.45% due 12/1/2027 | 3,000,000 | 2,722,950 | |
Evergy Metro, Inc., 4.95% due 4/15/2033 | 4,663,000 | 4,372,775 | |
e | Evergy Missouri West, Inc., 3.75% due 3/15/2032 | 4,100,000 | 3,423,500 |
Eversource Energy, | |||
5.125% due 5/15/2033 | 4,950,000 | 4,611,767 | |
5.45% due 3/1/2028 | 5,181,000 | 5,126,859 | |
Georgia Power Co., 4.70% due 5/15/2032 | 9,808,000 | 9,083,189 | |
ITC Holdings Corp., | |||
e | 4.95% due 9/22/2027 | 4,910,000 | 4,777,086 |
e | 5.40% due 6/1/2033 | 19,800,000 | 18,799,704 |
e | Metropolitan Edison Co., 5.20% due 4/1/2028 | 1,475,000 | 1,436,798 |
e | Mid-Atlantic Interstate Transmission LLC, 4.10% due 5/15/2028 | 945,000 | 877,603 |
e | Midland Cogeneration Venture LP, 6.00% due 3/15/2025 | 77,759 | 76,756 |
e | Monongahela Power Co., 3.55% due 5/15/2027 | 3,305,000 | 3,055,175 |
e | New York State Electric & Gas Corp., 5.65% due 8/15/2028 | 15,000,000 | 14,867,100 |
NextEra Energy Capital Holdings, Inc., | |||
d | 5.741% (SOFRINDX + 0.40%) due 11/3/2023 | 2,500,000 | 2,499,800 |
5.749% due 9/1/2025 | 7,416,000 | 7,394,049 | |
6.051% due 3/1/2025 | 4,700,000 | 4,707,379 | |
Niagara Mohawk Power Corp., | |||
e | 3.508% due 10/1/2024 | 2,236,000 | 2,177,484 |
e | 4.278% due 12/15/2028 | 10,186,000 | 9,470,332 |
Oklahoma Gas & Electric Co., 5.40% due 1/15/2033 | 7,669,000 | 7,403,653 | |
Pacific Gas & Electric Co., | |||
3.25% due 2/16/2024 | 8,680,000 | 8,578,184 | |
3.75% due 2/15/2024 | 9,367,000 | 9,274,079 | |
e | Pennsylvania Electric Co., 5.15% due 3/30/2026 | 5,230,000 | 5,132,408 |
Puget Energy, Inc., | |||
2.379% due 6/15/2028 | 2,980,000 | 2,546,529 | |
4.10% due 6/15/2030 | 1,950,000 | 1,697,007 | |
4.224% due 3/15/2032 | 3,655,000 | 3,114,901 | |
Southern Co., | |||
3.25% due 7/1/2026 | 6,725,000 | 6,304,620 | |
5.113% due 8/1/2027 | 6,096,000 | 5,976,945 | |
System Energy Resources, Inc., 6.00% due 4/15/2028 | 2,212,000 | 2,161,611 | |
e | Toledo Edison Co., 2.65% due 5/1/2028 | 3,933,000 | 3,352,371 |
e | Vistra Operations Co. LLC, 4.875% due 5/13/2024 | 12,188,000 | 12,050,154 |
Xcel Energy, Inc., 5.45% due 8/15/2033 | 7,100,000 | 6,780,287 | |
Gas Utilities — 1.1% | |||
e | Brooklyn Union Gas Co., 4.632% due 8/5/2027 | 5,142,000 | 4,869,423 |
e,f | ENN Clean Energy International Investment Ltd., 3.375% due 5/12/2026 | 9,524,000 | 8,730,556 |
e | KeySpan Gas East Corp., 5.994% due 3/6/2033 | 14,587,000 | 14,041,154 |
NiSource, Inc., 5.25% due 3/30/2028 | 3,444,000 | 3,375,396 | |
Northwest Natural Gas Co., 5.75% due 3/15/2033 | 7,310,000 | 6,989,310 | |
Piedmont Natural Gas Co., Inc., 5.40% due 6/15/2033 | 4,945,000 | 4,717,035 | |
Southern Co. Gas Capital Corp., 5.15% due 9/15/2032 | 6,950,000 | 6,548,846 | |
Southwest Gas Corp., | |||
2.20% due 6/15/2030 | 7,880,000 | 6,183,357 | |
4.05% due 3/15/2032 | 5,870,000 | 5,075,026 | |
5.45% due 3/23/2028 | 680,000 | 669,256 | |
5.80% due 12/1/2027 | 4,610,000 | 4,601,932 | |
d | Spire Missouri, Inc., 5.844% (SOFR + 0.50%) due 12/2/2024 | 12,345,000 | 12,315,866 |
Multi-Utilities — 0.1% | |||
e,f,g | Aegea Finance Sarl, 9.00% due 1/20/2031 | 2,000,000 | 2,014,260 |
402,836,674 | |||
Total Corporate Bonds (Cost $3,464,084,362) | 3,241,536,276 | ||
Convertible Bonds — 0.3% | |||
Equity Real Estate Investment Trusts (REITs) — 0.2% |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 61 |
Thornburg Strategic Income Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Diversified REITs — 0.2% | |||
e | Radius Global Infrastructure, Inc., 2.50% due 9/15/2026 | $ 11,200,000 | $ 11,173,456 |
11,173,456 | |||
Media & Entertainment — 0.1% | |||
Media — 0.1% | |||
Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00% due 10/15/2029 | 15,486,000 | 8,347,728 | |
8,347,728 | |||
Total Convertible Bonds (Cost $20,601,346) | 19,521,184 | ||
Long-Term Municipal Bonds — 0.1% | |||
California Health Facilities Financing Authority, 7.875% due 2/1/2026 | 1,255,000 | 1,256,726 | |
City of Detroit GO, | |||
Series B, | |||
2.189% due 4/1/2024 | 275,000 | 268,529 | |
2.511% due 4/1/2025 | 465,000 | 435,759 | |
New Jersey Transportation Trust Fund Authority, ETM, Series B, 2.631% due 6/15/2024 | 1,565,000 | 1,532,281 | |
New York Transportation Development Corp., 4.248% due 9/1/2035 | 2,530,000 | 2,386,617 | |
Total Long-Term Municipal Bonds (Cost $6,086,701) | 5,879,912 | ||
Other Government — 0.7% | |||
Finance Department Government of Sharjah, | |||
e,f | 3.625% due 3/10/2033 | 14,382,000 | 11,328,701 |
e,f | 6.50% due 11/23/2032 | 4,786,000 | 4,750,679 |
Indonesia Treasury Bond (IDR), | |||
Series FR75, 7.50% due 5/15/2038 | 36,895,000,000 | 2,487,208 | |
Series FR79, 8.375% due 4/15/2039 | 44,919,000,000 | 3,313,834 | |
Series FR83, 7.50% due 4/15/2040 | 44,090,000,000 | 2,974,955 | |
Nigeria Government International Bond, | |||
e,f | 7.625% due 11/28/2047 | 10,000,000 | 6,638,100 |
e,f | 8.25% due 9/28/2051 | 4,300,000 | 2,971,902 |
f | Panama Bonos del Tesoro, Series DOM, 6.375% due 7/25/2033 | 12,710,000 | 12,075,390 |
Total Other Government (Cost $49,402,536) | 46,540,769 | ||
U.S. Treasury Securities — 12.1% | |||
United States Treasury Inflation Indexed Bonds, | |||
0.125%, 2/15/2051 | 11,740,700 | 6,539,487 | |
0.25%, 2/15/2050 | 21,662,487 | 12,761,963 | |
1.50%, 2/15/2053 | 26,515,231 | 21,943,140 | |
1.75%, 1/15/2028 | 106,034,262 | 102,998,397 | |
United States Treasury Notes, | |||
0.625%, 5/15/2030 | 11,841,000 | 9,163,824 | |
1.125%, 8/31/2028 | 60,000,000 | 50,812,500 | |
1.25%, 6/30/2028 | 50,000,000 | 42,816,407 | |
1.375%, 11/15/2040 | 9,700,000 | 5,738,156 | |
1.75%, 8/15/2041 | 38,350,000 | 23,884,859 | |
2.50%, 2/15/2045 | 11,700,000 | 7,945,031 | |
2.75%, 8/15/2032 | 64,434,000 | 55,795,817 | |
2.875%, 5/15/2032 | 98,451,000 | 86,421,518 | |
3.375%, 5/15/2033 | 42,739,000 | 38,765,609 | |
3.50%, 2/15/2033 | 72,219,000 | 66,272,217 | |
4.125%, 11/15/2032 | 46,188,000 | 44,549,769 | |
United States Treasury Notes Inflationary Index, | |||
0.125%, 4/15/2025 - 7/15/2030 | 121,060,819 | 110,310,950 | |
0.625%, 7/15/2032 | 28,865,096 | 25,152,328 | |
1.25%, 4/15/2028 | 77,930,067 | 74,088,722 | |
1.625%, 10/15/2027 | 61,450,518 | 59,656,506 | |
Total U.S. Treasury Securities (Cost $878,918,101) | 845,617,200 |
62 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
U.S. Government Agencies — 0.1% | |||
c,d,e | Farm Credit Bank of Texas, Series 4, 5.70% (5-Yr. CMT + 5.42%), 9/15/2025 | $ 9,580,000 | $ 8,908,823 |
Total U.S. Government Agencies (Cost $9,785,202) | 8,908,823 | ||
Mortgage Backed — 18.4% | |||
Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2022-1 Class B1, 4.024% due 12/25/2066 | 4,575,000 | 2,506,269 |
d,e | Series 2022-6 Class A3, 4.30% due 7/25/2067 | 4,558,364 | 3,947,263 |
d,e | Series 2023-1 Class A1, 4.75% due 9/26/2067 | 14,307,101 | 13,509,485 |
d,e | Series 2023-2 Class A1, 4.65% due 10/25/2067 | 7,120,736 | 6,657,534 |
Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-1 Class A1, 3.805% due 1/25/2049 | 811,110 | 750,838 |
d,e | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 1,541,184 | 1,379,847 |
d,e | Series 2021-1R Class A1, 1.175% due 10/25/2048 | 3,153,207 | 2,463,157 |
d,e | Barclays Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A3, 4.53% due 2/25/2062 | 15,464,722 | 13,682,359 |
d | Bear Stearns ARM Trust, Whole Loan Securities Trust CMO, Series 2003-6 Class 2B1, 6.053% due 8/25/2033 | 24,047 | 24,047 |
d,e,g | BPR Trust, CMBS, Series 2023-BRK2 Class A, 7.146% due 11/5/2028 | 4,250,000 | 4,249,785 |
e | BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 801,520 | 784,711 |
e | BXP Trust, CMBS, Series 2021-601L Class A, 2.618% due 1/15/2044 | 6,760,000 | 4,974,503 |
d,e | Cascade MH Asset Trust, Whole Loan Securities Trust CMO, Series 2021-MH1 Class B3, 7.711% due 2/25/2046 | 1,936,119 | 1,423,750 |
e | Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | 4,720,000 | 3,747,980 |
Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-1 Class B4, 3.892% due 3/25/2050 | 713,111 | 554,144 |
d,e | Series 2019-1 Class B5, 3.892% due 3/25/2050 | 367,926 | 223,268 |
d,e | Series 2019-1 Class B6, 3.892% due 3/25/2050 | 521,093 | 207,695 |
d,e | Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, Series 2016-SH2 Class M4, 3.75% due 12/25/2045 | 2,461,411 | 2,085,501 |
CHNGE Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2022-1 Class A1, 3.007% due 1/25/2067 | 3,601,871 | 3,173,618 |
d,e | Series 2022-1 Class B2, 4.547% due 1/25/2067 | 4,700,000 | 3,072,496 |
d,e | Series 2022-2 Class B2, 4.622% due 3/25/2067 | 7,015,000 | 4,442,013 |
d,e | Series 2023-1 Class A1, 7.065% due 3/25/2058 | 12,444,402 | 12,320,933 |
CIM Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2018-INV1 Class A4, 4.00% due 8/25/2048 | 168,001 | 147,863 |
d,e,h | Series 2020-J1 Class AIO1, 0.443% due 7/25/2050 | 14,371,493 | 226,401 |
d,e,h | Series 2020-J1 Class AIO2, 0.50% due 7/25/2050 | 12,818,106 | 248,658 |
d,e,h | Series 2020-J1 Class AIOS, 0.20% due 6/25/2050 | 17,553,225 | 115,978 |
d,e | Series 2020-J1 Class B4, 3.443% due 7/25/2050 | 337,609 | 257,389 |
d,e | Series 2020-J1 Class B5, 3.443% due 7/25/2050 | 169,713 | 92,600 |
d,e | Series 2020-J1 Class B6, 3.443% due 7/25/2050 | 324,200 | 112,323 |
d,e,h | Series 2020-J2 Class AX1, 0.259% due 1/25/2051 | 106,093,823 | 1,052,811 |
d,e,h | Series 2020-J2 Class AXS, 0.21% due 1/25/2051 | 113,013,129 | 938,766 |
d,e | Series 2020-J2 Class B4, 2.759% due 1/25/2051 | 491,000 | 178,011 |
d,e | Series 2020-J2 Class B5, 2.759% due 1/25/2051 | 164,000 | 57,977 |
d,e | Series 2020-J2 Class B6, 2.759% due 1/25/2051 | 654,523 | 166,982 |
d,e | Series 2023-I1 Class M1, 7.143% due 4/25/2058 | 10,705,000 | 10,158,746 |
d,e | Series 2023-I2 Class A1, 6.639% due 12/25/2067 | 14,432,947 | 14,414,911 |
Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
d | Series 2004-HYB2 Class B1, 4.655% due 3/25/2034 | 22,820 | 19,559 |
d,e | Series 2014-A Class A, 4.00% due 1/25/2035 | 379,942 | 352,507 |
d,e | Series 2020-EXP1 Class B1, 4.467% due 5/25/2060 | 1,180,900 | 885,470 |
d,e | Series 2020-EXP1 Class B2, 4.467% due 5/25/2060 | 770,600 | 513,955 |
d,e | Series 2020-EXP1 Class B3, 4.467% due 5/25/2060 | 386,242 | 220,535 |
e,h | Series 2020-EXP1 Class XS, due 5/25/2060 | 20,576,870 | 827,519 |
d,e | Series 2020-EXP2 Class B5, 3.862% due 8/25/2050 | 153,000 | 77,539 |
d,e | Series 2020-EXP2 Class B6, 3.862% due 8/25/2050 | 372,000 | 149,235 |
d,e | Series 2021-J1 Class B4, 2.611% due 4/25/2051 | 375,000 | 142,514 |
d,e | Series 2021-J1 Class B5, 2.611% due 4/25/2051 | 616,000 | 200,781 |
d,e | Series 2021-J1 Class B6, 2.611% due 4/25/2051 | 453,829 | 116,881 |
d,e | Series 2021-J2 Class B4, 2.769% due 7/25/2051 | 2,281,541 | 810,182 |
d,e | Series 2021-J2 Class B5, 2.769% due 7/25/2051 | 623,000 | 214,421 |
d,e | Series 2021-J2 Class B6, 2.769% due 7/25/2051 | 1,247,350 | 303,851 |
d,e | Series 2021-J3 Class B4, 2.859% due 9/25/2051 | 1,032,000 | 377,737 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 63 |
Thornburg Strategic Income Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
d,e | Series 2021-J3 Class B5, 2.859% due 9/25/2051 | $ 173,000 | $ 62,988 |
d,e | Series 2021-J3 Class B6, 2.859% due 9/25/2051 | 590,214 | 161,653 |
d,e,h | Series 2022-INV1 Class A5IX, 0.294% due 11/27/2051 | 204,409,760 | 2,820,078 |
d,e | Series 2022-INV1 Class B4, 3.294% due 11/27/2051 | 1,331,777 | 866,146 |
d,e | Series 2022-INV1 Class B6, 3.294% due 11/27/2051 | 3,357,429 | 1,234,694 |
d,e | Series 2022-J1 Class B4, 2.906% due 2/25/2052 | 700,598 | 264,880 |
d,e | Series 2022-J1 Class B5, 2.906% due 2/25/2052 | 527,000 | 176,590 |
d,e | Series 2022-J1 Class B6, 2.906% due 2/25/2052 | 1,404,735 | 372,506 |
d,e | Cross Mortgage Trust, Whole Loan Securities Trust CMO, Series 2023-H1 Class A1, 6.615% due 3/25/2068 | 9,809,125 | 9,787,549 |
d,e | CSMC Trust, CMBS, Series 2021-BPNY Class A, 9.162% (TSFR1M + 3.83%) due 8/15/2026 | 13,600,000 | 11,703,105 |
CSMC Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2013-HYB1 Class B3, 6.653% due 4/25/2043 | 75,421 | 74,445 |
d,e | Series 2019-AFC1 Class B2, 5.223% due 7/25/2049 | 2,366,448 | 1,869,922 |
d,e | Series 2019-RP10 Class A1, 3.064% due 12/26/2059 | 12,312,175 | 12,155,270 |
d,e,h | Series 2021-AFC1 Class AIOS, 0.25% due 3/25/2056 | 53,111,315 | 430,079 |
d,e | Series 2021-AFC1 Class B3, 4.339% due 3/25/2056 | 146,228 | 93,421 |
d,e,h | Series 2021-AFC1 Class XS, 3.299% due 3/25/2056 | 53,111,315 | 9,009,790 |
d,e | Series 2021-NQM3 Class A1, 1.015% due 4/25/2066 | 2,550,261 | 2,045,904 |
d,e | Series 2021-NQM3 Class B2, 4.128% due 4/25/2066 | 2,650,000 | 1,536,574 |
d,e | Series 2021-NQM8 Class B2, 4.217% due 10/25/2066 | 3,478,650 | 2,176,216 |
d,e | Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | 5,793,038 | 5,449,558 |
d,e | Series 2022-NQM5 Class A3, 5.169% due 5/25/2067 | 3,814,739 | 3,680,485 |
e | DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | 3,020,000 | 2,381,640 |
d,e | Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 0.715% due 5/25/2065 | 772,204 | 694,754 |
Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-2 Class A1, 2.739% due 11/25/2059 | 1,014,040 | 922,091 |
d,e | Series 2021-2 Class A1, 0.931% due 6/25/2066 | 2,939,747 | 2,198,368 |
d,e | Series 2022-1 Class B2, 3.882% due 1/25/2067 | 6,901,000 | 3,815,187 |
Federal Home Loan Mtg Corp., | |||
d | Pool 1L0322, 3.071% (H15T1Y + 2.07%) due 2/1/2048 | 2,679,924 | 2,679,598 |
d | Pool 760025, 3.661% (5-Yr. CMT + 1.310%) due 10/1/2047 | 3,450,923 | 3,274,404 |
d | Pool 841097, 3.10% (5-Yr. CMT + 1.300%) due 9/1/2048 | 5,313,015 | 4,978,473 |
d | Pool 841355, 1.908% (2.15% - SOFR30A) due 11/1/2051 | 5,795,798 | 5,138,559 |
d | Pool 841362, 1.719% (2.15% - SOFR30A) due 2/1/2052 | 6,421,079 | 5,629,460 |
d | Pool 841377, 1.953% (2.23% - SOFR30A) due 4/1/2052 | 6,790,405 | 5,877,391 |
d | Pool 841463, 2.152% (2.18% - SOFR30A) due 7/1/2052 | 17,339,772 | 14,510,822 |
Pool RE6097, 2.00% due 5/1/2051 | 12,686,008 | 9,294,111 | |
d,h | Federal Home Loan Mtg Corp., Multifamily Structured Pass Through Certificates, CMBS, Series KIR1 Class X, 1.17% due 3/25/2026 | 32,968,862 | 689,647 |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool RA7373, 3.00% due 5/1/2052 | 3,266,061 | 2,712,792 | |
g | Pool SD0674, 2.50% due 9/1/2051 | 13,635,441 | 10,853,729 |
Pool SD1374, 3.00% due 3/1/2052 | 8,303,791 | 6,878,010 | |
Pool SD1588, 5.00% due 9/1/2052 | 5,767,390 | 5,467,130 | |
Pool SD1626, 5.00% due 10/1/2052 | 8,000,616 | 7,612,794 | |
Pool SD8205, 2.50% due 4/1/2052 | 19,917,615 | 15,811,486 | |
Pool SD8206, 3.00% due 4/1/2052 | 72,965,499 | 60,447,511 | |
Pool SD8212, 2.50% due 5/1/2052 | 20,003,073 | 15,879,326 | |
Pool SD8219, 2.50% due 6/1/2052 | 11,457,567 | 9,095,524 | |
Pool SD8242, 3.00% due 9/1/2052 | 47,628,349 | 39,440,594 | |
g | Pool SD8367, 5.50% due 10/1/2053 | 17,500,000 | 16,908,532 |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-SC01 Class M1, 3.645% due 12/25/2046 | 291,060 | 278,981 |
d,e | Series 2017-SC02 Class M1, 3.868% due 5/25/2047 | 149,537 | 139,777 |
Federal National Mtg Assoc., | |||
d | Pool BH4523, 1.863% (5-Yr. CMT + 1.150%) due 4/1/2047 | 5,518,578 | 5,061,136 |
d | Pool BH4524, 2.143% (5-Yr. CMT + 1.150%) due 6/1/2046 | 10,342,404 | 9,437,376 |
d | Pool BM6885, 1.614% (2.21% - SOFR30A) due 12/1/2051 | 7,701,771 | 6,757,869 |
Pool BM6899, 2.50% due 1/1/2052 | 10,903,958 | 8,461,443 | |
d | Pool BM6929, 1.924% (2.13% - SOFR30A) due 7/1/2051 | 7,670,051 | 6,832,225 |
d | Pool BO9998, 2.738% (H15T1Y + 2.03%) due 3/1/2048 | 4,234,752 | 3,913,803 |
d | Pool BU9934, 1.844% (2.37% - SOFR30A) due 2/1/2052 | 15,733,026 | 13,402,559 |
d | Pool CB2214, 1.553% (2.20% - SOFR30A) due 11/1/2051 | 8,608,610 | 7,559,399 |
Federal National Mtg Assoc., CMO REMIC, Series 1994-37 Class L, 6.50% due 3/25/2024 | 25 | 25 |
64 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool BV2784, 2.50% due 2/1/2052 | $ 4,135,643 | $ 3,284,203 | |
Pool BW8669, 5.00% due 9/1/2052 | 5,173,941 | 4,879,986 | |
Pool CB1810, 3.00% due 10/1/2051 | 7,913,899 | 6,555,064 | |
Pool CB3880, 5.00% due 6/1/2052 | 3,110,545 | 2,948,605 | |
Pool FS2122, 3.00% due 3/1/2052 | 45,494,751 | 37,763,141 | |
Pool FS2239, 2.50% due 7/1/2052 | 23,513,541 | 18,666,091 | |
g | Pool FS5447, 2.50% due 9/1/2052 | 40,402,036 | 32,172,692 |
Pool MA4493, 2.50% due 12/1/2051 | 15,313,953 | 12,180,472 | |
Pool MA4512, 2.50% due 1/1/2052 | 42,886,902 | 34,103,578 | |
Pool MA4578, 2.50% due 4/1/2052 | 11,556,032 | 9,173,690 | |
Pool MA4598, 2.50% due 5/1/2052 | 15,423,689 | 12,244,008 | |
Pool MA4599, 3.00% due 5/1/2052 | 60,045,806 | 49,737,342 | |
Pool MA4623, 2.50% due 6/1/2052 | 44,703,743 | 35,487,812 | |
Pool MA4730, 3.00% due 9/1/2052 | 21,771,003 | 18,028,366 | |
Pool MA5138, 5.50% due 9/1/2053 | 9,841,190 | 9,508,576 | |
Pool MA5139, 6.00% due 9/1/2053 | 9,046,174 | 8,927,512 | |
First Republic Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e,h | Series 2020-1 Class A2IO, 1.246% due 4/25/2050 | 120,764,432 | 2,248,416 |
d,e | Series 2020-1 Class B3, 2.886% due 4/25/2050 | 1,412,249 | 1,110,606 |
d,e | Series 2020-1 Class B4, 2.886% due 4/25/2050 | 1,325,000 | 829,070 |
d,e | Series 2020-1 Class B5, 2.886% due 4/25/2050 | 470,000 | 282,801 |
d,e | Series 2020-1 Class B6, 2.886% due 4/25/2050 | 755,000 | 344,505 |
Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 230,236 | 203,069 |
d,e | Series 2018-3INV Class B4, 4.461% due 5/25/2048 | 5,265,189 | 4,234,288 |
d,e | Series 2019-2 Class B3, 4.031% due 12/25/2049 | 3,576,470 | 3,001,528 |
d,e,h | Series 2020-2 Class AX1, 0.668% due 8/25/2050 | 26,325,323 | 628,512 |
d,e,h | Series 2020-2 Class AX2, 0.50% due 8/25/2050 | 4,511,455 | 86,401 |
d,e | Series 2020-2 Class B4, 3.668% due 8/25/2050 | 205,380 | 147,008 |
d,e | Series 2020-2 Class B5, 3.668% due 8/25/2050 | 613,325 | 430,360 |
d,e | Series 2020-2 Class B6C, 3.607% due 8/25/2050 | 819,783 | 386,956 |
d,e,h | Series 2021-13IN Class AX1, 0.184% due 12/30/2051 | 169,706,583 | 1,319,554 |
d,e,h | Series 2021-13IN Class AX17, 0.18% due 12/30/2051 | 14,030,063 | 124,723 |
d,e,h | Series 2021-13IN Class AX4, 0.50% due 12/30/2051 | 12,832,032 | 330,907 |
d,e | Series 2021-13IN Class B4, 3.364% due 12/30/2051 | 2,574,461 | 1,659,531 |
d,e | Series 2021-13IN Class B5, 3.364% due 12/30/2051 | 469,324 | 276,885 |
d,e | Series 2021-13IN Class B6C, 3.158% due 12/30/2051 | 4,090,752 | 2,004,796 |
d,e | FREMF Mortgage Trust, CMBS, Series 2016-KF24 Class B, 10.426% (SOFR30A + 5.11%) due 10/25/2026 | 307,592 | 292,065 |
GCAT Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-NQM3 Class A1, 2.686% due 11/25/2059 | 706,599 | 652,881 |
d,e | Series 2021-CM1 Class A, 1.469% due 4/25/2065 | 3,378,428 | 3,047,653 |
d,e | Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 7,936,795 | 7,067,510 |
d,e | Series 2021-NQM1 Class M1, 2.316% due 1/25/2066 | 6,112,000 | 3,483,445 |
d,e | Series 2021-NQM4 Class A1, 1.093% due 8/25/2066 | 3,880,356 | 2,893,886 |
d | GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, Series 2023-CCM1 Class A1, 6.65% due 8/25/2053 | 13,285,985 | 13,268,682 |
GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
d,e,h | Series 2020-INV1 Class A11X, 3.412% due 10/25/2050 | 950,215 | 140,586 |
d,e,h | Series 2020-INV1 Class A12X, 2.924% due 10/25/2050 | 11,377,401 | 1,442,849 |
d,e,h | Series 2020-INV1 Class AIOS, 0.19% due 10/25/2050 | 60,894,222 | 423,270 |
d,e,h | Series 2020-INV1 Class AX1, due 10/25/2050 | 41,136,297 | 411 |
d,e,h | Series 2020-INV1 Class AX2, 0.424% due 10/25/2050 | 2,050,463 | 23,914 |
d,e,h | Series 2020-INV1 Class AX4, 0.926% due 10/25/2050 | 2,207,299 | 56,483 |
d,e | Series 2020-INV1 Class B4, 3.85% due 10/25/2050 | 1,254,298 | 896,100 |
d,e | Series 2020-INV1 Class B5, 3.85% due 10/25/2050 | 1,257,267 | 950,183 |
d,e | Series 2020-INV1 Class B6, 3.85% due 10/25/2050 | 2,935,442 | 1,662,272 |
d,e,h | Series 2020-INV1 Class BX, 0.35% due 10/25/2050 | 14,311,121 | 165,631 |
d,e,h | Series 2020-PJ3 Class A11X, 3.50% due 10/25/2050 | 2,441,190 | 309,150 |
d,e | Series 2023-PJ2 Class A4, 5.50% due 5/25/2053 | 7,175,380 | 6,822,191 |
d,e | Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class B3, 5.469% due 5/25/2065 | 14,305,000 | 12,167,360 |
d,e | Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, Series 2022-1 A Class A1, 5.082% due 7/25/2067 | 5,515,372 | 5,342,917 |
e | Houston Galleria Mall Trust, CMBS, Series 2015-HGLR Class A1A2, 3.087% due 3/5/2037 | 16,067,500 | 15,050,167 |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 65 |
Thornburg Strategic Income Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2021-NQM3 Class B2, 4.143% due 11/25/2056 | $ 5,408,000 | $ 3,185,692 |
d,e | Series 2021-NQM4 Class A1, 2.091% due 1/25/2057 | 4,279,137 | 3,423,886 |
d,e | Series 2021-NQM4 Class B2, 4.10% due 1/25/2057 | 2,500,000 | 1,449,270 |
d,e | Series 2022- NQM1 Class A1, 2.493% due 2/25/2067 | 16,689,819 | 14,237,815 |
d,e | Series 2022-NQM2 Class B2, 4.20% due 3/25/2067 | 15,600,000 | 8,854,424 |
d,e | Series 2022-NQM4 Class A1, 4.767% due 6/25/2067 | 13,268,419 | 12,449,733 |
d,e | Series 2022-NQM4 Class A3, 5.04% due 6/25/2067 | 4,018,956 | 3,712,047 |
d,e | Series 2022-NQM6 Class A1, 6.819% due 10/25/2067 | 8,975,505 | 8,910,160 |
JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2015-4 Class B4, 3.539% due 6/25/2045 | 830,166 | 471,263 |
d,e | Series 2016-5 Class B4, 6.87% due 12/25/2046 | 1,630,300 | 1,515,603 |
d,e | Series 2016-5 Class B5, 6.87% due 12/25/2046 | 1,235,587 | 1,032,269 |
d,e | Series 2017-5 Class B6, 3.542% due 10/26/2048 | 3,020,511 | 2,036,877 |
d,e | Series 2019-8 Class B4, 4.158% due 3/25/2050 | 3,343,232 | 2,689,589 |
d,e,h | Series 2020-3 Class AX1, 0.144% due 8/25/2050 | 9,731,940 | 33,975 |
d,e,h | Series 2020-4 Class A11X, (5.14% - TSFR1M) due 11/25/2050 | 1,910,930 | 78,601 |
d,e,h | Series 2020-4 Class A3X, 0.50% due 11/25/2050 | 8,662,884 | 161,239 |
d,e,h | Series 2020-4 Class AX1, 0.097% due 11/25/2050 | 31,997,571 | 93,164 |
d,e,h | Series 2020-4 Class AX3, 3.50% due 11/25/2050 | 885,238 | 115,925 |
d,e,h | Series 2020-4 Class AX4, 0.55% due 11/25/2050 | 2,043,103 | 41,815 |
d,e | Series 2020-4 Class B4, 3.647% due 11/25/2050 | 1,293,053 | 1,008,392 |
d,e | Series 2020-4 Class B5, 3.647% due 11/25/2050 | 596,293 | 395,361 |
d,e | Series 2020-4 Class B6, 3.078% due 11/25/2050 | 1,054,996 | 387,141 |
d,e | Series 2020-7 Class B4, 3.505% due 1/25/2051 | 612,820 | 465,482 |
d,e | Series 2020-7 Class B5, 3.505% due 1/25/2051 | 427,484 | 211,251 |
d,e | Series 2020-7 Class B6, 3.505% due 1/25/2051 | 588,627 | 198,950 |
d,e | Series 2020-LTV1 Class B3A, 3.773% due 6/25/2050 | 2,715,252 | 2,070,744 |
d,e | Series 2021-11 Class B5, 3.026% due 1/25/2052 | 2,329,481 | 1,375,173 |
d,e | Series 2021-11 Class B6, 2.922% due 1/25/2052 | 2,679,248 | 1,069,562 |
d,e | Series 2021-LTV2 Class A1, 2.52% due 5/25/2052 | 13,736,960 | 10,636,372 |
d,e | Series 2022- LTV1 Class A1, 3.25% due 7/25/2052 | 17,574,370 | 14,247,651 |
d,e | Series 2022-2 Class B4, 3.131% due 8/25/2052 | 3,250,498 | 2,002,957 |
d,e | Series 2022-2 Class B5, 3.131% due 8/25/2052 | 1,728,906 | 883,501 |
d,e | Series 2022-2 Class B6, 2.978% due 8/25/2052 | 1,813,305 | 517,647 |
d,e | Series 2022-3 Class B4, 3.113% due 8/25/2052 | 2,668,638 | 1,626,326 |
d,e | Series 2022-3 Class B5, 3.113% due 8/25/2052 | 1,697,873 | 637,915 |
d,e | Series 2022-3 Class B6, 2.219% due 8/25/2052 | 1,443,529 | 412,966 |
d,e | Series 2022-DSC1 Class A1, 4.75% due 1/25/2063 | 8,971,903 | 8,109,649 |
d,e | Series 2023-1 Class A2, 5.50% due 6/25/2053 | 7,293,480 | 6,933,978 |
d,e | Series 2023-3 Class A4B, 5.50% due 10/25/2053 | 9,238,026 | 8,905,358 |
d,e | JPMorgan Wealth Management, Whole Loan Securities Trust CMO, Series 2021-CL1 Class M1, 6.615% (SOFR30A + 1.30%) due 3/25/2051 | 4,275,071 | 4,068,230 |
d,e | Legacy Mortgage Asset Trust, Whole Loan Securities Trust CMO, Series 2019-GS7 Class A1, 6.25% due 11/25/2059 | 2,092,075 | 2,072,597 |
Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, | |||
d,e,h | Series 2021-INV2 Class AX1, 0.125% due 8/25/2051 | 102,218,774 | 496,333 |
d,e,h | Series 2021-INV2 Class AX4, 0.70% due 8/25/2051 | 7,003,847 | 262,180 |
d,e | Series 2021-INV2 Class B5, 3.325% due 8/25/2051 | 316,066 | 193,141 |
d,e | Series 2021-INV2 Class B6, 3.136% due 8/25/2051 | 1,522,312 | 632,623 |
d,e,h | Series 2021-INV3 Class AX1, 0.166% due 10/25/2051 | 121,652,321 | 820,691 |
d,e,h | Series 2021-INV3 Class AX4, 0.55% due 10/25/2051 | 9,895,347 | 258,222 |
d,e | Series 2021-INV3 Class B5, 3.216% due 10/25/2051 | 437,600 | 264,787 |
d,e | Series 2021-INV3 Class B6, 3.014% due 10/25/2051 | 1,923,953 | 815,351 |
d | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 4.765% due 8/25/2034 | 50,479 | 49,264 |
d,e | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 436,044 | 415,486 |
MFA Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2020-NQM3 Class M1, 2.654% due 1/26/2065 | 800,000 | 634,745 |
d,e | Series 2021-INV1 Class A1, 0.852% due 1/25/2056 | 4,568,941 | 4,064,811 |
d,e | Series 2021-INV2 Class A1, 1.906% due 11/25/2056 | 9,161,186 | 7,518,450 |
d,e | Series 2022-INV1 Class A3, 4.25% due 4/25/2066 | 4,950,000 | 3,805,263 |
d,e | Series 2022-NQM3 Class A1, 5.57% due 9/25/2067 | 8,895,497 | 8,711,418 |
d,e | MFRA Trust, Whole Loan Securities Trust CMO, Series 2022-CHM1 Class A1, 3.875% due 9/25/2056 | 8,082,671 | 7,447,811 |
d,e | Mill City Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 6.05% due 10/25/2067 | 19,002,773 | 18,639,684 |
66 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-3A Class A1, 4.00% due 4/25/2057 | $ 887,136 | $ 822,893 |
d,e | Series 2017-4A Class A1, 4.00% due 5/25/2057 | 723,660 | 658,522 |
d,e | Series 2017-5A Class A1, 6.934% (TSFR1M + 1.61%) due 6/25/2057 | 429,904 | 427,105 |
d,e | Series 2017-6A Class A1, 4.00% due 8/27/2057 | 387,902 | 359,146 |
d,e | Series 2018-1A Class A1A, 4.00% due 12/25/2057 | 733,665 | 681,312 |
d,e,h | Series 2021-INV1 Class AX1, 0.751% due 6/25/2051 | 103,145,309 | 3,654,077 |
d,e | Series 2021-INV1 Class B5, 3.251% due 6/25/2051 | 1,189,128 | 720,483 |
d,e | Series 2021-INV1 Class B6, 2.805% due 6/25/2051 | 2,091,411 | 977,833 |
d,e | Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | 18,693,015 | 16,456,457 |
e | NYC Commercial Mortgage Trust, CMBS, Series 2021-909 Class A, 2.941% due 4/10/2043 | 4,450,000 | 3,130,557 |
d,e | OBX Trust, Whole Loan Securities Trust CMO, Series 2021-NQM2 Class A1, 1.101% due 5/25/2061 | 5,917,342 | 4,385,392 |
e | One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | 16,994,348 | 13,537,419 |
d,e | Onslow Bay Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2021-NQM4 Class A1, 1.957% due 10/25/2061 | 16,042,423 | 12,409,413 |
PRKCM Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2021-AFC1 Class A1, 1.51% due 8/25/2056 | 4,580,252 | 3,493,376 |
d,e | Series 2021-AFC1 Class B2, 3.95% due 8/25/2056 | 2,729,000 | 1,458,510 |
d,e | PRPM LLC, Whole Loan Securities Trust CMO, Series 2022-NQM1 Class A1, 5.50% due 8/25/2067 | 9,225,443 | 9,002,293 |
PRPM Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2022-INV1 Class A1, 4.40% due 4/25/2067 | 27,482,607 | 25,557,583 |
d,e | Series 2022-INV1 Class A3, 4.442% due 4/25/2067 | 9,233,399 | 8,380,122 |
d,e | Rate Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-J1 Class A9, 2.50% due 1/25/2052 | 13,074,212 | 10,662,947 |
d,e | Saluda Grade Alternative Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-FIG1 Class C, due 9/25/2050 | 4,844,507 | 1,696,517 |
Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, Series 2020-2 Class MA, 2.00% due 11/25/2059 | 2,948,866 | 2,547,812 | |
Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 6,103,613 | 5,314,442 | |
Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2015-4 Class B4, 3.129% due 11/25/2030 | 1,686,000 | 1,436,125 |
d,e | Series 2016-3 Class B3, 3.617% due 11/25/2046 | 2,617,202 | 1,933,496 |
d,e | Series 2017-7 Class B3, 3.724% due 10/25/2047 | 1,322,449 | 1,114,435 |
d,e | Series 2018-7 Class B4, 4.25% due 9/25/2048 | 1,802,000 | 1,175,804 |
d,e | Series 2021-9 Class A1, 2.50% due 1/25/2052 | 13,760,868 | 10,326,918 |
d,e | Series 2023-3 Class A1, 6.00% due 9/25/2053 | 8,721,291 | 8,475,352 |
SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2019-3 Class A1, 2.703% due 9/25/2059 | 110,129 | 106,758 |
d,e,h | Series 2019-3 Class AIOS, 0.375% due 9/25/2059 | 13,503,486 | 63,596 |
d,e | Series 2019-3 Class B2, 5.663% due 9/25/2059 | 1,978,000 | 1,470,844 |
d,e | Series 2019-3 Class B3, 5.935% due 9/25/2059 | 842,000 | 641,463 |
e | Series 2019-3 Class XS1, due 9/25/2059 | 13,347,004 | 133 |
e | Series 2019-3 Class XS2, due 9/25/2059 | 13,347,004 | 528,706 |
d,e | Series 2020-2 Class A3, 1.895% due 5/25/2065 | 1,140,412 | 996,333 |
d,e | Series 2021-2 Class A1, 1.737% due 12/25/2061 | 6,439,872 | 4,926,818 |
d,e | Series 2022-1 Class B2, 3.976% due 3/27/2062 | 4,204,000 | 2,370,171 |
d,e | Shellpoint Co-Originator Trust, Whole Loan Securities Trust CMO, Series 2016-1 Class B4, 3.559% due 11/25/2046 | 2,662,816 | 1,970,544 |
d,e | Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2021-5 Class A1, 1.92% due 9/25/2066 | 16,027,972 | 12,088,103 |
TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2018-2 Class B3, 3.676% due 7/25/2048 | 2,497,518 | 2,133,215 |
d,e | Series 2018-2 Class B4, 3.676% due 7/25/2048 | 2,040,000 | 1,082,469 |
Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, | |||
d,e | Series 2017-1 Class A1, 2.75% due 10/25/2056 | 111,837 | 110,588 |
d,e | Series 2018-2 Class A1, 3.25% due 3/25/2058 | 1,535,129 | 1,466,445 |
d,e | TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 4.35% due 6/25/2057 | 11,574,996 | 10,635,087 |
d,e | Visio Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class M1, 5.928% due 8/25/2057 | 10,000,000 | 8,796,835 |
d,e | Vista Point Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A2, 1.986% due 4/25/2065 | 1,099,289 | 988,352 |
Wells Fargo Commercial Mortgage Trust, CMBS, Series 2016-C34 Class A2, 2.603% due 6/15/2049 | 1,257,056 | 1,200,373 | |
Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
d,e,h | Series 2021-INV1 Class AIO2, 0.50% due 8/25/2051 | 92,041,928 | 2,327,832 |
d,e | Series 2021-INV1 Class B4, 3.315% due 8/25/2051 | 1,649,867 | 1,090,730 |
d,e | Series 2021-INV1 Class B5, 3.315% due 8/25/2051 | 1,323,931 | 822,288 |
d,e | Series 2021-INV1 Class B6, 3.315% due 8/25/2051 | 1,020,696 | 368,350 |
Total Mortgage Backed (Cost $1,393,457,026) | 1,286,785,521 | ||
Loan Participations — 1.0% |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 67 |
Thornburg Strategic Income Fund | September 30, 2023
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Commercial & Professional Services — 0.2% | |||
Commercial Services & Supplies — 0.1% | |||
Imagefirst Holdings LLC, | |||
j | 10.54% - 10.718% (SOFR + 5.00%), due 4/27/2028 | $ 6,234,375 | $ 6,179,824 |
j | 10.29% - 10.468% (SOFR + 4.75%), due 4/27/2028 | 1,790,845 | 1,775,175 |
Professional Services — 0.1% | |||
k | GTCR W Merger Sub LLC, due 9/20/2030 | 3,000,000 | 2,997,810 |
j | VT Topco, Inc., 9.661% (SOFR + 4.25%) due 8/10/2030 | 3,000,000 | 2,997,510 |
13,950,319 | |||
Consumer Durables & Apparel — 0.1% | |||
Textiles, Apparel & Luxury Goods — 0.1% | |||
j | Hanesbrands, Inc., 9.066% (SOFR + 3.75%) due 3/8/2030 | 4,975,000 | 4,863,062 |
4,863,062 | |||
Consumer Services — 0.0% | |||
Hotels, Restaurants & Leisure — 0.0% | |||
j | TKC Holdings, Inc., 10.931% (SOFR + 5.50%) due 5/15/2028 | 4,529,044 | 4,320,708 |
4,320,708 | |||
Household & Personal Products — 0.1% | |||
Household Products — 0.1% | |||
j | Energizer Holdings, Inc., 7.688% (SOFR + 2.25%) due 12/22/2027 | 4,607,217 | 4,587,636 |
4,587,636 | |||
Media & Entertainment — 0.3% | |||
Media — 0.3% | |||
j | ABG Intermediate Holdings 2 LLC, 8.916% (SOFR + 3.50%) due 12/21/2028 | 9,216,900 | 9,195,517 |
j | DirecTV Financing LLC, 10.431% (SOFR + 5.00%) due 8/2/2027 | 8,528,000 | 8,324,266 |
k | Simon & Schuster, Inc., due 9/27/2030 | 3,500,000 | 3,473,750 |
20,993,533 | |||
Semiconductors & Semiconductor Equipment — 0.1% | |||
Information Technology Services — 0.1% | |||
j | Xperi Corporation, 8.931% (SOFR + 3.50%) due 6/8/2028 | 9,354,839 | 9,327,523 |
9,327,523 | |||
Software & Services — 0.2% | |||
Information Technology Services — 0.0% | |||
j | Vericast Corp., 13.402% (SOFR + 7.75%) due 6/16/2026 | 9,581 | 8,707 |
Internet Software & Services — 0.1% | |||
j | Titan AcquisitionCo New Zealand Ltd., 9.652% (SOFR + 4.00%) due 10/18/2028 | 7,348,100 | 7,191,953 |
Software — 0.1% | |||
j | GoTo Group, Inc., 10.269% (SOFR + 4.75%) due 8/31/2027 | 6,641,270 | 4,378,722 |
11,579,382 | |||
Total Loan Participations (Cost $70,481,328) | 69,622,163 | ||
Short-Term Investments — 8.2% | |||
l | Thornburg Capital Management Fund | 57,014,119 | 570,141,195 |
Total Short-Term Investments (Cost $570,141,195) | 570,141,195 | ||
Total Investments — 99.6% (Cost $7,389,707,926) | $6,967,459,991 | ||
Other Assets Less Liabilities — 0.4% | 29,544,703 | ||
Net Assets — 100.0% | $6,997,004,694 |
68 | Thornburg Taxable Fixed Income Funds Annual Report | See notes to financial statements. |
Outstanding Forward Currency Contracts To Buy Or Sell At September 30, 2023 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Euro | SSB | Sell | 90,242,300 | 3/25/2024 | 96,208,510 | $ 770,288 | $ — |
Net unrealized appreciation (depreciation) | $ 770,288 |
* | 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, 2023. |
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, 2023, the aggregate value of these securities in the Fund’s portfolio was $3,302,432,003, representing 47.20% of the Fund’s net assets. |
f | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
g | When-issued security. |
h | Interest only. |
i | Bond in default. |
j | The stated coupon rate represents the greater of the SOFR or the SOFR floor rate plus a spread at September 30, 2023. |
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 SOFR 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:
ABS | Asset Backed Securities |
ARM | Adjustable Rate Mortgage |
CMBS | Commercial Mortgage-Backed Securities |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Rate |
DAC | Designated Activity Company |
ETM | Escrowed to Maturity |
EUR | Denominated in Euro |
FCB | Farm Credit Bank |
GBP | Denominated in Pound Sterling |
GO | General Obligation |
H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year |
IDR | Denominated in Indonesian Rupiah |
Mtg | Mortgage |
REMIC | Real Estate Mortgage Investment Conduit |
SOFR | Secured Overnight Financing Rate |
SOFR30A | Secured Overnight Financing Rate 30-Day Average |
SOFR90A | Secured Overnight Financing Rate 90-Day Average |
SOFRINDX | Secured Overnight Financing Rate Index |
SPV | Special Purpose Vehicle |
TSFR1M | Term SOFR 1 Month |
TSFR3M | Term SOFR 3 Month |
UMBS | Uniform Mortgage Backed Securities |
COUNTRY EXPOSURE * (percent of net assets) | |
United States | 79.9% |
Canada | 1.8% |
United Kingdom | 0.9% |
Japan | 0.9% |
Mexico | 0.8% |
China | 0.6% |
United Arab Emirates | 0.4% |
Australia | 0.4% |
Cayman Islands | 0.4% |
Nigeria | 0.4% |
Bermuda | 0.4% |
Italy | 0.3% |
France | 0.3% |
South Korea | 0.3% |
Brazil | 0.3% |
See notes to financial statements. | Thornburg Taxable Fixed Income Funds Annual Report | 69 |
Thornburg Strategic Income Fund | September 30, 2023
COUNTRY EXPOSURE * (percent of net assets) | |
Germany | 0.3% |
Morocco | 0.2% |
Colombia | 0.2% |
Guatemala | 0.2% |
Russian Federation | 0.2% |
Israel | 0.2% |
Dominican Republic | 0.2% |
Ireland | 0.2% |
Belgium | 0.2% |
Turkey | 0.2% |
Panama | 0.2% |
Norway | 0.2% |
Switzerland | 0.2% |
Saudi Arabia | 0.1% |
South Africa | 0.1% |
Spain | 0.1% |
Indonesia | 0.1% |
Kuwait | 0.1% |
Jamaica | 0.1% |
India | 0.0%** |
Luxembourg | 0.0%** |
Netherlands | 0.0%** |
Other Assets Less Liabilities | 8.6% |
* | 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, 2023
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 | $ 187,120,258 | $ 7,156,162,314 | $ 244,066,694 | $ 6,819,566,731 |
Non-controlled affiliated issuers | - | 122,751,672 | 18,968,697 | 570,141,195 |
Investments at value | ||||
Non-affiliated issuers | 169,455,378 | 6,572,756,354 | 243,302,272 | 6,397,318,796 |
Non-controlled affiliated issuers | - | 122,751,672 | 18,968,697 | 570,141,195 |
Cash | 2,114,058 | 79,702,902 | 4,189,491 | 60,356,306 |
Foreign currency at value (a) | - | - | 145 | 10,323 |
Unrealized appreciation on forward currency contracts | - | - | - | 770,288 |
Receivable for investments sold | - | 177,000 | - | 264,755 |
Receivable for fund shares sold | 55,282 | 9,562,046 | 921,163 | 29,969,143 |
Dividends receivable | - | 796,874 | 124,101 | 2,755,842 |
Principal and interest receivable | 578,661 | 40,466,259 | 1,241,847 | 53,035,208 |
Prepaid expenses and other assets | 43,412 | 83,792 | 12,901 | 140,499 |
Total Assets | 172,246,791 | 6,826,296,899 | 268,760,617 | 7,114,762,355 |
Liabilities | ||||
Payable for investments purchased | - | 65,698,169 | 1,956,026 | 95,691,343 |
Payable for fund shares redeemed | 196,769 | 19,479,830 | 3,477,232 | 16,421,082 |
Payable to investment advisor and other affiliates | 90,042 | 2,531,661 | 4,868 | 2,543,249 |
Deferred taxes payable | - | - | - | 24,591 |
Accounts payable and accrued expenses | 128,903 | 2,290,847 | 75,317 | 1,233,043 |
Dividends payable | 82,040 | 2,135,948 | 2,014 | 1,833,416 |
Total Liabilities | 497,754 | 92,136,455 | 5,515,457 | 117,746,724 |
Commitments and contingencies | ||||
Unrealized depreciation on unfunded commmitments | - | - | - | (10,937) |
Net Assets | $ 171,749,037 | $ 6,734,160,444 | $ 263,245,160 | $ 6,997,004,694 |
NET ASSETS CONSIST OF | ||||
Net capital paid in on shares of beneficial interest | $ 217,235,118 | $ 7,607,857,212 | $ 264,580,375 | $ 7,481,310,705 |
Accumulated loss | (45,486,081) | (873,696,768) | (1,335,215) | (484,306,011) |
Net Assets | $ 171,749,037 | $ 6,734,160,444 | $ 263,245,160 | $ 6,997,004,694 |
September 30, 2023
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 | $ 43,326,162 | $ 533,550,950 | $ 28,233,617 | $ 271,826,479 |
Shares outstanding | 3,775,353 | 43,065,370 | 2,320,822 | 24,660,017 |
Net asset value and redemption price per share | $ 11.48 | $ 12.39 | $ 12.17 | $ 11.02 |
Maximum offering price per share (net asset value, plus 2.25% of offering price) | $ 11.74 | $ 12.68 | $ 12.45 | $ 11.54 * |
Class C Shares: | ||||
Net assets applicable to shares outstanding | 3,310,724 | 140,715,517 | - | 93,062,058 |
Shares outstanding | 286,873 | 11,376,174 | - | 8,457,308 |
Net asset value and redemption price per share** | 11.54 | 12.37 | - | 11.00 |
Class C2 Shares: | ||||
Net assets applicable to shares outstanding | 575,593 | 6,732,963 | - | - |
Shares outstanding | 49,856 | 544,275 | - | - |
Net asset value and redemption price per share** | 11.55 | 12.37 | - | - |
Class I Shares: | ||||
Net assets applicable to shares outstanding | 119,323,868 | 5,769,043,810 | 235,011,543 | 6,427,624,370 |
Shares outstanding | 10,398,988 | 465,530,085 | 19,332,259 | 584,515,571 |
Net asset value and redemption price per share | 11.47 | 12.39 | 12.16 | 11.00 |
Class R3 Shares: | ||||
Net assets applicable to shares outstanding | 2,821,370 | 37,395,225 | - | 669,836 |
Shares outstanding | 245,563 | 3,016,327 | - | 60,834 |
Net asset value and redemption price per share | 11.49 | 12.40 | - | 11.01 |
Class R4 Shares: | ||||
Net assets applicable to shares outstanding | 930,591 | 18,774,290 | - | 2,805,943 |
Shares outstanding | 81,132 | 1,515,952 | - | 254,900 |
Net asset value and redemption price per share | 11.47 | 12.38 | - | 11.01 |
Class R5 Shares: | ||||
Net assets applicable to shares outstanding | 1,460,729 | 70,593,634 | - | 62,907,582 |
Shares outstanding | 127,202 | 5,698,247 | - | 5,718,739 |
Net asset value and redemption price per share | 11.48 | 12.39 | �� - | 11.00 |
Class R6 Shares: | ||||
Net assets applicable to shares outstanding | - | 157,354,055 | - | 138,108,426 |
Shares outstanding | - | 12,676,143 | - | 12,520,829 |
Net asset value and redemption price per share | - | 12.41 | - | 11.03 |
(a) | Cost of foreign currency is $0; $0; $141; $10,328 respectively. |
* | 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, 2023
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 | $ - | $ 617,313 | $ - | $ 1,081,753 |
Non-controlled affiliated issuers | - | 6,908,820 | 1,440,147 | 28,369,998 |
Interest income | 5,646,081 | 261,951,092 | 10,960,549 | 269,957,097 |
Total Income | 5,646,081 | 269,477,225 | 12,400,696 | 299,408,848 |
EXPENSES | ||||
Investment management fees | 747,234 | 23,173,375 | 639,674 | 32,839,049 |
Administration fees | 176,227 | 6,486,795 | 226,180 | 5,251,554 |
Distribution and service fees | ||||
Class A Shares | 127,805 | 1,446,507 | 65,901 | 692,153 |
Class C Shares | 22,452 | 880,850 | - | 889,172 |
Class C2 Shares | 4,650 | 53,509 | - | - |
Class R3 Shares | 16,412 | 223,736 | - | 3,174 |
Class R4 Shares | 2,444 | 45,830 | - | 6,335 |
Transfer agent fees | ||||
Class A Shares | 61,551 | 536,442 | 60,107 | 382,123 |
Class C Shares | 8,212 | 116,828 | - | 66,281 |
Class C2 Shares | 3,441 | 8,975 | - | - |
Class I Shares | 118,611 | 6,560,469 | 208,893 | 5,506,373 |
Class R3 Shares | 8,358 | 42,029 | - | 5,020 |
Class R4 Shares | 5,682 | 70,234 | - | 14,094 |
Class R5 Shares | 8,639 | 250,647 | - | 104,741 |
Class R6 Shares | - | 40,160 | - | 22,643 |
Registration and filing fees | ||||
Class A Shares | 14,927 | 28,377 | 23,081 | 36,343 |
Class C Shares | 14,854 | 17,773 | - | 23,097 |
Class C2 Shares | 6,777 | 21,114 | - | - |
Class I Shares | 21,334 | 145,999 | 37,020 | 240,205 |
Class R3 Shares | 14,668 | 16,121 | - | 16,058 |
Class R4 Shares | 15,013 | 15,939 | - | 15,872 |
Class R5 Shares | 15,200 | 16,125 | - | 16,055 |
Class R6 Shares | - | 17,498 | - | 18,149 |
Custodian fees | 64,188 | 374,426 | 85,353 | 388,548 |
Professional fees | 51,959 | 147,299 | 50,599 | 167,466 |
Trustee and officer fees | 13,699 | 487,787 | 17,541 | 392,814 |
Other expenses | 34,519 | 813,883 | 28,250 | 559,035 |
Total Expenses | 1,578,856 | 42,038,727 | 1,442,599 | 47,656,354 |
Less: | ||||
Expenses reimbursed | (89,732) | (3,262,478) | (555,237) | (6,987,964) |
Investment management fees waived | - | - | (53,851) | (2,928,325) |
Net Expenses | 1,489,124 | 38,776,249 | 833,511 | 37,740,065 |
Net Investment Income (Loss) | $ 4,156,957 | $ 230,700,976 | $ 11,567,185 | $ 261,668,783 |
Year Ended September 30, 2023
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 | $ (6,846,424) | $ (159,239,739) | $ 81,945 | $ (24,981,443) |
Forward currency contracts | - | - | - | (2,885,992) |
Foreign currency transactions | - | 256 | - | 9,929 |
Net realized gain (loss) | (6,846,424) | (159,239,483) | 81,945 | (27,857,506) |
Net change in unrealized appreciation (depreciation) on: | ||||
Non-affiliated issuers investments* | 5,340,615 | 180,031,593 | 955,939 | 8,949,764 |
Forward currency contracts | - | - | - | 572,160 |
Foreign currency translations | - | 59 | 6 | 6,198 |
Change in net unrealized appreciation (depreciation) | 5,340,615 | 180,031,652 | 955,945 | 9,528,122 |
Net Realized and Unrealized Gain (Loss) | (1,505,809) | 20,792,169 | 1,037,890 | (18,329,384) |
Change in Net Assets Resulting from Operations | $ 2,651,148 | $ 251,493,145 | $ 12,605,075 | $ 243,339,399 |
* Net of change in deferred taxes | $ - | $ - | $ - | $ (17,688) |
THORNBURG LIMITED TERM U.S. GOVERNMENT FUND | THORNBURG LIMITED TERM INCOME FUND | |||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 4,156,957 | $ 3,351,500 | $ 230,700,976 | $ 173,410,217 |
Net realized gain (loss) | (6,846,424) | (3,914,810) | (159,239,483) | (112,711,590) |
Net change in unrealized appreciation (depreciation) | 5,340,615 | (25,443,104) | 180,031,652 | (918,159,951) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,651,148 | (26,006,414) | 251,493,145 | (857,461,324) |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (1,074,414) | (1,077,301) | (16,933,118) | (12,209,248) |
Class C Shares | (80,233) | (89,707) | (4,699,291) | (4,274,325) |
Class C2 Shares | (13,629) | (5,977) | (201,735) | (138,924) |
Class I Shares | (3,285,693) | (3,332,395) | (200,761,802) | (162,307,895) |
Class R3 Shares | (68,173) | (73,375) | (1,202,278) | (840,905) |
Class R4 Shares | (20,131) | (23,597) | (501,476) | (192,235) |
Class R5 Shares | (38,667) | (37,478) | (2,746,692) | (2,585,649) |
Class R6 Shares | - | - | (5,444,781) | (3,874,795) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (13,232,202) | (27,886,841) | (66,492,152) | (142,969,791) |
Class C Shares | (2,484,963) | (3,412,668) | (81,423,823) | (108,485,863) |
Class C2 Shares | 356,417 | (393,489) | (2,919,625) | (2,056,363) |
Class I Shares | (35,246,726) | (43,028,059) | (1,136,009,720) | (1,058,145,415) |
Class R3 Shares | (606,847) | (3,567,935) | (12,461,630) | 3,797,881 |
Class R4 Shares | (201,923) | (677,402) | 786,251 | 8,552,330 |
Class R5 Shares | (523,625) | 38,259 | (41,358,252) | (9,631,811) |
Class R6 Shares | - | - | (23,831,523) | 73,435,426 |
Net Increase (Decrease) in Net Assets | (53,869,661) | (109,574,379) | (1,344,708,502) | (2,279,388,906) |
NET ASSETS | ||||
Beginning of Year | 225,618,698 | 335,193,077 | 8,078,868,946 | 10,358,257,852 |
End of Year | $ 171,749,037 | $ 225,618,698 | $ 6,734,160,444 | $ 8,078,868,946 |
THORNBURG ULTRA SHORT INCOME FUND | THORNBURG STRATEGIC INCOME FUND | |||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 11,567,185 | $ 1,768,496 | $ 261,668,783 | $ 146,720,630 |
Net realized gain (loss) | 81,945 | (408,939) | (27,857,506) | (32,329,695) |
Net change in unrealized appreciation (depreciation) | 955,945 | (1,856,585) | 9,528,122 | (489,494,142) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,605,075 | (497,028) | 243,339,399 | (375,103,207) |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (1,413,188) | (283,888) | (11,128,378) | (12,129,707) |
Class C Shares | - | - | (2,985,734) | (2,428,639) |
Class I Shares | (10,148,755) | (1,662,348) | (239,667,614) | (139,146,370) |
Class R3 Shares | - | - | (24,114) | (23,381) |
Class R4 Shares | - | - | (96,895) | ��� (67,012) |
Class R5 Shares | - | - | (2,489,823) | (2,091,728) |
Class R6 Shares | - | - | (5,679,657) | (4,010,518) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (6,040,854) | 23,598,176 | (50,739,155) | (11,367,670) |
Class C Shares | - | - | 12,663,012 | (9,033,972) |
Class I Shares | 88,353,098 | 105,217,615 | 2,266,443,833 | 1,386,260,132 |
Class R3 Shares | - | - | 27,510 | (105,090) |
Class R4 Shares | - | - | 770,776 | 166,961 |
Class R5 Shares | - | - | 22,511,555 | (17,150,444) |
Class R6 Shares | - | - | 28,836,792 | 44,974,373 |
Net Increase (Decrease) in Net Assets | 83,355,376 | 126,372,527 | 2,261,781,507 | 858,743,728 |
NET ASSETS | ||||
Beginning of Year | 179,889,784 | 53,517,257 | 4,735,223,187 | 3,876,479,459 |
End of Year | $ 263,245,160 | $ 179,889,784 | $ 6,997,004,694 | $ 4,735,223,187 |
September 30, 2023
September 30, 2023
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, 2023
September 30, 2023
September 30, 2023
LIMITED TERM U.S. GOVERNMENT FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
U.S. Treasury Securities | $ 40,424,817 | $ 40,424,817 | $ — | $ — |
U.S. Government Agencies | 12,433,666 | — | 12,433,666 | — |
Mortgage Backed | 112,147,717 | — | 112,147,717 | — |
Asset Backed Securities | 909,197 | — | 909,197 | — |
Corporate Bonds | 3,084,981 | — | 3,084,981 | — |
Short-Term Investments | 455,000 | — | 455,000 | — |
Total Investments in Securities | $ 169,455,378 | $ 40,424,817 | $ 129,030,561 | $ — |
Total Assets | $ 169,455,378 | $ 40,424,817 | $ 129,030,561 | $ — |
LIMITED TERM INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
U.S. Treasury Securities | $ 1,012,898,706 | $ 1,012,898,706 | $ — | $ — |
U.S. Government Agencies | 26,008,874 | — | 26,008,874 | — |
Other Government | 15,093,520 | — | 15,093,520 | — |
Mortgage Backed | 1,527,640,917 | — | 1,527,640,917 | — |
Asset Backed Securities | 953,381,177 | — | 953,381,177 | — |
Corporate Bonds | 2,995,615,476 | — | 2,995,615,476 | — |
Long-Term Municipal Bonds | 15,645,871 | — | 15,645,871 | — |
Preferred Stock | 26,471,813 | — | — | 26,471,813 |
Short-Term Investments | 122,751,672 | 122,751,672 | — | — |
Total Investments in Securities | $ 6,695,508,026 | $ 1,135,650,378 | $ 5,533,385,835 | $ 26,471,813 |
Total Assets | $ 6,695,508,026 | $ 1,135,650,378 | $ 5,533,385,835 | $ 26,471,813(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, 2023 is not presented. |
September 30, 2023
ULTRA SHORT INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
U.S. Treasury Securities | $ 45,898,049 | $ 45,898,049 | $ — | $ — |
U.S. Government Agencies | 34,702 | — | 34,702 | — |
Mortgage Backed | 4,200,449 | — | 4,200,449 | — |
Asset Backed Securities | 66,477,553 | — | 66,477,553 | — |
Corporate Bonds | 126,667,042 | — | 126,667,042 | — |
Long-Term Municipal Bonds | 24,477 | — | 24,477 | — |
Short-Term Investments | 18,968,697 | 18,968,697 | — | — |
Total Investments in Securities | $ 262,270,969 | $ 64,866,746 | $ 197,404,223 | $ — |
Total Assets | $ 262,270,969 | $ 64,866,746 | $ 197,404,223 | $ — |
STRATEGIC INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 371,178 | $ — | $ — | $ 371,178 |
Preferred Stock | 22,389,520 | 6,349,563 | 4,079,800 | 11,960,157 |
Asset Backed Securities | 850,146,250 | — | 847,323,215 | 2,823,035 |
Corporate Bonds | 3,241,536,276 | — | 3,241,535,731 | 545 |
Convertible Bonds | 19,521,184 | — | 19,521,184 | — |
Long-Term Municipal Bonds | 5,879,912 | — | 5,879,912 | — |
Other Government | 46,540,769 | — | 46,540,769 | — |
U.S. Treasury Securities | 845,617,200 | 845,617,200 | — | — |
U.S. Government Agencies | 8,908,823 | — | 8,908,823 | — |
Mortgage Backed | 1,286,785,521 | — | 1,286,785,521 | — |
Loan Participations | 69,622,163 | — | 69,622,163 | — |
Short-Term Investments | 570,141,195 | 570,141,195 | — | — |
Total Investments in Securities | $ 6,967,459,991 | $ 1,422,107,958 | $ 5,530,197,118 | $ 15,154,915 |
Other Financial Instruments | ||||
Forward Currency Contracts | $ 770,288 | $ — | $ 770,288 | $ — |
Total Assets | $ 6,968,230,279 | $ 1,422,107,958 | $ 5,530,967,406 | $15,154,915 |
STRATEGIC INCOME FUND | COMMON STOCK | PREFERRED STOCK | ASSET BACKED SECURITIES | CORPORATE BONDS | TOTAL (e) | ||||
Beginning Balance 9/30/2022 | $ 847 | $ 10,286,816 | $ 41,039,192 | $ 745 | $ 51,327,600 | ||||
Accrued Discounts (Premiums) | – | – | (620,125) | – | (620,125) | ||||
Net Realized Gain (Loss)(a) | (212) | – | – | (2,000,000) | (2,000,212) | ||||
Gross Purchases | – | 2,593,750 | – | – | 2,593,750 | ||||
Gross Sales | – | – | – | – | – | ||||
Net Change in Unrealized Appreciation (Depreciation)(b)(c) | (1,370,463) | (920,409) | (185,593) | 1,999,800 | (476,665) | ||||
Transfers into Level 3(d) | 1,741,005 | – | – | – | 1,741,005 | ||||
Transfers out of Level 3(d) | – | – | (37,410,439) | – | (37,410,439) | ||||
Ending Balance 9/30/2023 | $ 371,177 | $ 11,960,157 | $ 2,823,035 | $ 545 | $ 15,154,914 |
(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, 2023. |
(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, 2023. |
(c) | The net change in unrealized appreciation (depreciation) attributable to securities owned at September 30, 2023, which were valued using significant unobservable inputs, was $(2,476,465). 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, 2023. |
(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, 2023. Transfers into or out of Level 3 are based on the beginning market value of the period in which they occurred. |
(e) | Level 3 investments represent 0.22% of total net assets at the year ended September 30, 2023. Significant fluctuations of the unobservable inputs applied to portfolio securities characterized as Level 3 investments could be expected to increase or decrease the fair value of these portfolio securities. |
September 30, 2023
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 | 0.316 |
Ultra Short Income Fund | 0.250 |
Strategic Income Fund | 0.553 |
Administrative Services Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Commissions | CDSC fees | |
Limited Term U.S. Government Fund | $ 347 | $ 155 |
Limited Term Income Fund | 7,223 | 1,933 |
Ultra Short Income Fund | 1,057 | — |
Strategic Income Fund | 26,812 | 14,319 |
September 30, 2023
Class A | Class C | Class C2 | Class I | Class R3 | Class R4 | Class R5 | Class R6 | |
Limited Term U.S. Government Fund | —% | 1.24% | 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 | 1.05 | — | — | 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 | $ — | $ 10,282 | $ 9,919 | $ — | $ 24,872 | $ 18,798 | $ 21,814 | $ — | $ 85,685 |
Limited Term Income Fund | — | — | 16,850 | 2,897,786 | 30,918 | 29,380 | 213,954 | 73,590 | 3,262,478 |
Ultra Short Income Fund | 112,385 | — | — | 442,852 | — | — | — | — | 555,237 |
Strategic Income Fund | 100,642 | 32,131 | — | 8,589,487 | 20,470 | 21,223 | 151,357 | 197,655 | 9,112,965 |
Voluntary: | Class A | Class C | Class C2 | Class I | Class R3 | Class R4 | Class R5 | Class R6 | Total |
Limited Term U.S. Government Fund | $ — | $ 4,047 | $ — | $ — | $ — | $ — | $ — | $ — | $ 4,047 |
Ultra Short Income Fund | 6,960 | — | — | 46,891 | — | — | — | — | 53,851 |
Strategic Income Fund | 37,404 | 12,025 | — | 728,842 | 86 | 344 | 7,573 | 17,050 | 803,324 |
September 30, 2023
Percentage of Direct Investments | |
Limited Term U.S. Government Fund | 16.02% |
Limited Term Income Fund | 0.12 |
Ultra Short Income Fund | 1.24 |
Strategic Income Fund | 0.18 |
LIMITED TERM INCOME FUND | Market Value 9/30/22 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 9/30/23 | Dividend Income |
Thornburg Capital Mgmt. Fund | $118,768,589 | $2,028,583,612 | $(2,024,600,529) | $- | $- | $122,751,672 | $ 6,908,820 |
ULTRA SHORT INCOME FUND | |||||||
Thornburg Capital Mgmt. Fund | $ 23,148,493 | $ 286,014,101 | $ (290,193,897) | $- | $- | $ 18,968,697 | $ 1,440,147 |
STRATEGIC INCOME FUND | |||||||
Thornburg Capital Mgmt. Fund | $465,780,083 | $2,429,515,689 | $(2,325,154,577) | $- | $- | $570,141,195 | $28,369,998 |
Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Limited Term U.S. Government Fund | $ 187,442,201 | $ 16,118 | $ (18,002,941) | $ (17,986,823) |
Limited Term Income Fund | 7,281,012,906 | 3,234,957 | (588,739,837) | (585,504,880) |
Ultra Short Income Fund | 263,035,547 | 259,360 | (1,023,938) | (764,578) |
Strategic Income Fund | 7,390,781,485 | 38,333,633 | (460,884,839) | (422,551,206) |
September 30, 2023
Cumulative Capital Losses | ||
Short-Term | Long-Term | |
Limited Term U.S. Government Fund | $ 6,001,461 | $ 21,456,202 |
Limited Term Income Fund | 118,812,794 | 168,477,437 |
Ultra Short Income Fund | 491,499 | 143,617 |
Strategic Income Fund | 22,479,214 | 43,210,307 |
Utilized Capital Loss Carryforwards | |
Ultra Short Income Fund | $ 23,029 |
Undistributed Tax Basis Ordinary Investment Income | Undistributed tax basis capital gains | |
Limited Term U.S. Government Fund | $ 40,445 | $ — |
Limited Term Income Fund | 1,234,292 | — |
Ultra Short Income Fund | 66,488 | — |
Strategic Income Fund | 5,986,085 | — |
DISTRIBUTIONS FROM: | ||||
ORDINARY INCOME | CAPITAL GAINS | |||
2023 | 2022 | 2023 | 2022 | |
Limited Term U.S. Government Fund | $ 4,580,940 | $ 4,639,830 | $ — | $ — |
Limited Term Income Fund | 232,491,173 | 186,423,976 | — | — |
Ultra Short Income Fund | 11,561,943 | 1,946,236 | — | — |
Strategic Income Fund | 262,072,215 | 159,716,804 | — | 180,551 |
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
LIMITED TERM U.S. GOVERNMENT FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 484,272 | $ 5,696,911 | 439,668 | $ 5,516,825 |
Shares issued to shareholders in reinvestment of dividends | 87,114 | 1,024,639 | 79,599 | 989,124 |
Shares repurchased | (1,694,530) | (19,953,752) | (2,726,703) | (34,392,790) |
Net increase (decrease) | (1,123,144) | $ (13,232,202) | (2,207,436) | $ (27,886,841) |
September 30, 2023
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
LIMITED TERM U.S. GOVERNMENT FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class C Shares | ||||
Shares sold | 38,665 | $ 452,840 | 81,326 | $ 1,021,762 |
Shares issued to shareholders in reinvestment of dividends | 6,392 | 75,633 | 6,821 | 85,080 |
Shares repurchased | (255,356) | (3,013,436) | (358,755) | (4,519,510) |
Net increase (decrease) | (210,299) | $ (2,484,963) | (270,608) | $ (3,412,668) |
Class C2 Shares | ||||
Shares sold | 55,309 | $ 651,242 | 11,803 | $ 153,582 |
Shares issued to shareholders in reinvestment of dividends | 1,151 | 13,629 | 476 | 5,972 |
Shares repurchased | (26,208) | (308,454) | (44,406) | (553,043) |
Net increase (decrease) | 30,252 | $ 356,417 | (32,127) | $ (393,489) |
Class I Shares | ||||
Shares sold | 1,955,400 | $ 23,052,895 | 1,985,296 | $ 25,069,718 |
Shares issued to shareholders in reinvestment of dividends | 211,345 | 2,484,791 | 211,124 | 2,621,823 |
Shares repurchased | (5,162,638) | (60,784,412) | (5,638,164) | (70,719,600) |
Net increase (decrease) | (2,995,893) | $ (35,246,726) | (3,441,744) | $ (43,028,059) |
Class R3 Shares | ||||
Shares sold | 39,410 | $ 466,739 | 51,864 | $ 652,234 |
Shares issued to shareholders in reinvestment of dividends | 5,733 | 67,500 | 5,705 | 71,072 |
Shares repurchased | (97,420) | (1,141,086) | (341,529) | (4,291,241) |
Net increase (decrease) | (52,277) | $ (606,847) | (283,960) | $ (3,567,935) |
Class R4 Shares | ||||
Shares sold | 17,318 | $ 204,243 | 14,871 | $ 186,632 |
Shares issued to shareholders in reinvestment of dividends | 1,705 | 20,038 | 1,896 | 23,544 |
Shares repurchased | (36,415) | (426,204) | (72,332) | (887,578) |
Net increase (decrease) | (17,392) | $ (201,923) | (55,565) | $ (677,402) |
Class R5 Shares | ||||
Shares sold | 11,488 | $ 135,557 | 29,321 | $ 364,596 |
Shares issued to shareholders in reinvestment of dividends | 3,166 | 37,252 | 2,380 | 29,481 |
Shares repurchased | (58,727) | (696,434) | (28,658) | (355,818) |
Net increase (decrease) | (44,073) | $ (523,625) | 3,043 | $ 38,259 |
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
LIMITED TERM INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 7,767,621 | $ 97,211,011 | 10,541,439 | $ 140,150,366 |
Shares issued to shareholders in reinvestment of dividends | 1,109,321 | 13,922,644 | 817,718 | 10,693,958 |
Shares repurchased | (14,188,210) | (177,625,807) | (22,180,526) | (293,814,115) |
Net increase (decrease) | (5,311,268) | $ (66,492,152) | (10,821,369) | $ (142,969,791) |
September 30, 2023
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
LIMITED TERM INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class C Shares | ||||
Shares sold | 535,634 | $ 6,695,779 | 950,042 | $ 12,643,799 |
Shares issued to shareholders in reinvestment of dividends | 333,115 | 4,173,355 | 289,804 | 3,782,337 |
Shares repurchased | (7,384,523) | (92,292,957) | (9,476,803) | (124,911,999) |
Net increase (decrease) | (6,515,774) | $ (81,423,823) | (8,236,957) | $ (108,485,863) |
Class C2 Shares | ||||
Shares sold | 13,644 | $ 172,557 | 80,061 | $ 1,062,877 |
Shares issued to shareholders in reinvestment of dividends | 16,098 | 201,734 | 10,679 | 138,920 |
Shares repurchased | (263,643) | (3,293,916) | (246,744) | (3,258,160) |
Net increase (decrease) | (233,901) | $ (2,919,625) | (156,004) | $ (2,056,363) |
Class I Shares | ||||
Shares sold | 149,123,931 | $ 1,871,085,459 | 220,666,997 | $ 2,925,215,365 |
Shares issued to shareholders in reinvestment of dividends | 14,369,488 | 180,390,754 | 11,080,794 | 144,940,625 |
Shares repurchased | (254,623,845) | (3,187,485,933) | (314,030,159) | (4,128,301,405) |
Net increase (decrease) | (91,130,426) | $ (1,136,009,720) | (82,282,368) | $ (1,058,145,415) |
Class R3 Shares | ||||
Shares sold | 1,022,834 | $ 12,778,746 | 2,265,150 | $ 30,239,348 |
Shares issued to shareholders in reinvestment of dividends | 95,094 | 1,194,229 | 64,069 | 834,682 |
Shares repurchased | (2,100,002) | (26,434,605) | (2,074,866) | (27,276,149) |
Net increase (decrease) | (982,074) | $ (12,461,630) | 254,353 | $ 3,797,881 |
Class R4 Shares | ||||
Shares sold | 400,976 | $ 5,039,463 | 1,013,644 | $ 12,974,366 |
Shares issued to shareholders in reinvestment of dividends | 10,075 | 126,436 | 5,897 | 76,820 |
Shares repurchased | (349,159) | (4,379,648) | (344,863) | (4,498,856) |
Net increase (decrease) | 61,892 | $ 786,251 | 674,678 | $ 8,552,330 |
Class R5 Shares | ||||
Shares sold | 1,748,755 | $ 21,951,346 | 6,131,927 | $ 82,049,887 |
Shares issued to shareholders in reinvestment of dividends | 209,812 | 2,631,955 | 188,604 | 2,462,116 |
Shares repurchased | (5,242,828) | (65,941,553) | (7,096,207) | (94,143,814) |
Net increase (decrease) | (3,284,261) | $ (41,358,252) | (775,676) | $ (9,631,811) |
Class R6 Shares | ||||
Shares sold | 4,137,670 | $ 52,080,541 | 12,325,073 | $ 165,456,777 |
Shares issued to shareholders in reinvestment of dividends | 407,058 | 5,118,693 | 281,783 | 3,678,103 |
Shares repurchased | (6,413,880) | (81,030,757) | (7,278,342) | (95,699,454) |
Net increase (decrease) | (1,869,152) | $ (23,831,523) | 5,328,514 | $ 73,435,426 |
September 30, 2023
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
ULTRA SHORT INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 1,453,234 | $ 17,630,385 | 2,494,229 | $ 30,419,140 |
Shares issued to shareholders in reinvestment of dividends | 115,522 | 1,403,778 | 23,169 | 282,740 |
Shares repurchased | (2,064,019) | (25,075,017) | (580,148) | (7,103,704) |
Net increase (decrease) | (495,263) | $ (6,040,854) | 1,937,250 | $ 23,598,176 |
Class I Shares | ||||
Shares sold | 20,384,068 | $ 247,111,472 | 12,647,567 | $ 154,631,056 |
Shares issued to shareholders in reinvestment of dividends | 834,289 | 10,131,349 | 135,441 | 1,651,088 |
Shares repurchased | (13,912,802) | (168,889,723) | (4,182,562) | (51,064,529) |
Net increase (decrease) | 7,305,555 | $ 88,353,098 | 8,600,446 | $ 105,217,615 |
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
STRATEGIC INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 8,657,794 | $ 96,602,148 | 10,115,056 | $ 119,485,988 |
Shares issued to shareholders in reinvestment of dividends | 934,483 | 10,441,785 | 945,131 | 11,115,435 |
Shares repurchased | (14,202,566) | (157,783,088) | (12,099,708) | (141,969,093) |
Net increase (decrease) | (4,610,289) | $ (50,739,155) | (1,039,521) | $ (11,367,670) |
Class C Shares | ||||
Shares sold | 3,206,423 | $ 35,705,220 | 1,857,127 | $ 21,894,946 |
Shares issued to shareholders in reinvestment of dividends | 251,686 | 2,809,155 | 195,252 | 2,294,880 |
Shares repurchased | (2,322,708) | (25,851,363) | (2,831,455) | (33,223,798) |
Net increase (decrease) | 1,135,401 | $ 12,663,012 | (779,076) | $ (9,033,972) |
Class I Shares | ||||
Shares sold | 359,137,452 | $ 4,001,961,036 | 238,941,841 | $ 2,788,013,156 |
Shares issued to shareholders in reinvestment of dividends | 20,114,084 | 224,360,437 | 11,042,043 | 128,768,898 |
Shares repurchased | (176,222,506) | (1,959,877,640) | (131,451,156) | (1,530,521,922) |
Net increase (decrease) | 203,029,030 | $ 2,266,443,833 | 118,532,728 | $ 1,386,260,132 |
Class R3 Shares | ||||
Shares sold | 9,122 | $ 102,123 | 3,768 | $ 44,038 |
Shares issued to shareholders in reinvestment of dividends | 2,099 | 23,424 | 1,941 | 22,789 |
Shares repurchased | (8,829) | (98,037) | (14,779) | (171,917) |
Net increase (decrease) | 2,392 | $ 27,510 | (9,070) | $ (105,090) |
Class R4 Shares | ||||
Shares sold | 87,654 | $ 981,829 | 80,230 | $ 956,587 |
Shares issued to shareholders in reinvestment of dividends | 7,454 | 83,223 | 5,139 | 60,387 |
Shares repurchased | (26,458) | (294,276) | (71,761) | (850,013) |
Net increase (decrease) | 68,650 | $ 770,776 | 13,608 | $ 166,961 |
September 30, 2023
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
STRATEGIC INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class R5 Shares | ||||
Shares sold | 2,698,674 | $ 30,030,333 | 1,459,940 | $ 16,964,830 |
Shares issued to shareholders in reinvestment of dividends | 220,858 | 2,464,408 | 175,916 | 2,072,320 |
Shares repurchased | (895,507) | (9,983,186) | (3,144,440) | (36,187,594) |
Net increase (decrease) | 2,024,025 | $ 22,511,555 | (1,508,584) | $ (17,150,444) |
Class R6 Shares | ||||
Shares sold | 4,613,451 | $ 51,669,559 | 5,402,932 | $ 64,663,323 |
Shares issued to shareholders in reinvestment of dividends | 339,635 | 3,799,157 | 249,143 | 2,924,729 |
Shares repurchased | (2,379,658) | (26,631,924) | (1,939,475) | (22,613,679) |
Net increase (decrease) | 2,573,428 | $ 28,836,792 | 3,712,600 | $ 44,974,373 |
Purchases | Sales | |
Limited Term U.S. Government Fund | $ 72,217,820 | $ 91,221,101 |
Limited Term Income Fund | 2,677,721,515 | 3,251,017,032 |
Ultra Short Income Fund | 192,798,467 | 43,476,029 |
Strategic Income Fund | 3,737,933,418 | 1,171,577,644 |
September 30, 2023
Type of Derivative(a) | Counter Party | Asset Derivatives | Liability Derivatives | Net Amount | |
Strategic Income Fund | Forward currency contracts | SSB | $ 770,288 | $ — | $ 770,288 |
(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 | $ (2,885,992) | $ 572,160 |
(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) | ||||||||||
2023 | $ 11.64 | 0.22 | (0.13) | 0.09 | (0.25) | — | — | (0.25) | $ 11.48 | |
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 | |
CLASS C SHARES | ||||||||||
2023 | $ 11.71 | 0.19 | (0.14) | 0.05 | (0.22) | — | — | (0.22) | $ 11.54 | |
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 | |
CLASS C2 SHARES | ||||||||||
2023 | $ 11.71 | 0.20 | (0.14) | 0.06 | (0.22) | — | — | (0.22) | $ 11.55 | |
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 | ||||||||||
2023 | $ 11.64 | 0.26 | (0.14) | 0.12 | (0.29) | — | — | (0.29) | $ 11.47 | |
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 | |
CLASS R3 SHARES | ||||||||||
2023 | $ 11.65 | 0.22 | (0.13) | 0.09 | (0.25) | — | — | (0.25) | $ 11.49 | |
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 | |
CLASS R4 SHARES | ||||||||||
2023 | $ 11.64 | 0.22 | (0.15) | 0.07 | (0.24) | — | — | (0.24) | $ 11.47 | |
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 | |
CLASS R5 SHARES | ||||||||||
2023 | $ 11.65 | 0.25 | (0.14) | 0.11 | (0.28) | — | — | (0.28) | $ 11.48 | |
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 |
(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) | |||||||
2023 | 1.89 | 0.95 | 0.95 | 0.74 | 38.65 | $ 43,326 | |
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 | |
CLASS C SHARES | |||||||
2023 | 1.57 | 1.24 | 1.56 | 0.37 | 38.65 | $ 3,311 | |
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 | |
CLASS C2 SHARES | |||||||
2023 | 1.69 | 1.24 | 2.63 | 0.37 | 38.65 | $ 576 | |
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 | |||||||
2023 | 2.18 | 0.65 | 0.65 | 0.96 | 38.65 | $ 119,323 | |
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 | |
CLASS R3 SHARES | |||||||
2023 | 1.86 | 0.99 | 1.75 | 0.70 | 38.65 | $ 2,821 | |
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 | |
CLASS R4 SHARES | |||||||
2023 | 1.85 | 0.99 | 2.91 | 0.61 | 38.65 | $ 931 | |
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 | |
CLASS R5 SHARES | |||||||
2023 | 2.16 | 0.67 | 2.01 | 0.94 | 38.65 | $ 1,461 | |
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 |
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) | ||||||||||
2023 | $ 12.38 | 0.36 | 0.02 | 0.38 | (0.37) | — | — | (0.37) | $ 12.39 | |
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 | |
CLASS C SHARES | ||||||||||
2023 | $ 12.36 | 0.33 | 0.02 | 0.35 | (0.34) | — | — | (0.34) | $ 12.37 | |
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 | |
CLASS C2 SHARES | ||||||||||
2023 | $ 12.36 | 0.30 | 0.02 | 0.32 | (0.31) | — | — | (0.31) | $ 12.37 | |
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 | ||||||||||
2023 | $ 12.38 | 0.40 | 0.02 | 0.42 | (0.41) | — | — | (0.41) | $ 12.39 | |
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 | |
CLASS R3 SHARES | ||||||||||
2023 | $ 12.38 | 0.33 | 0.03 | 0.36 | (0.34) | — | — | (0.34) | $ 12.40 | |
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 | |
CLASS R4 SHARES | ||||||||||
2023 | $ 12.37 | 0.34 | 0.01 | 0.35 | (0.34) | — | — | (0.34) | $ 12.38 | |
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 | |
CLASS R5 SHARES | ||||||||||
2023 | $ 12.37 | 0.40 | 0.02 | 0.42 | (0.40) | — | — | (0.40) | $ 12.39 | |
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 | |
CLASS R6 SHARES | ||||||||||
2023 | $ 12.40 | 0.41 | 0.01 | 0.42 | (0.41) | — | — | (0.41) | $ 12.41 | |
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 |
(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%. |
+ | 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) | |||||||
2023 | 2.90 | 0.78 | 0.78 | 3.06 | 37.65 | $ 533,551 | |
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 | |
CLASS C SHARES | |||||||
2023 | 2.64 | 1.01 | 1.01 | 2.83 | 37.65 | $ 140,716 | |
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 | |
CLASS C2 SHARES | |||||||
2023 | 2.43 | 1.24 | 1.44 | 2.59 | 37.65 | $ 6,733 | |
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 | |||||||
2023 | 3.18 | 0.49 | 0.54 | 3.36 | 37.65 | $ 5,769,043 | |
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 | |
CLASS R3 SHARES | |||||||
2023 | 2.66 | 0.99 | 1.06 | 2.93 | 37.65 | $ 37,395 | |
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 | |
CLASS R4 SHARES | |||||||
2023 | 2.71 | 0.99 | 1.15 | 2.84 | 37.65 | $ 18,774 | |
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 | |
CLASS R5 SHARES | |||||||
2023 | 3.15 | 0.49 | 0.74 | 3.44 | 37.65 | $ 70,594 | |
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 | |
CLASS R6 SHARES | |||||||
2023 | 3.25 | 0.42 | 0.46 | 3.43 | 37.65 | $ 157,354 | |
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 |
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) | ||||||||||
2023 | $ 12.13 | 0.52 | 0.05 | 0.57 | (0.53) | — | — | (0.53) | $ 12.17 | |
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 | |
CLASS I SHARES | ||||||||||
2023 | $ 12.12 | 0.55 | 0.04 | 0.59 | (0.55) | — | — | (0.55) | $ 12.16 | |
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 |
(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) | |||||||
2023 | 4.29 | 0.50 | 0.86 | 4.77 | 29.46 | $ 28,234 | |
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 | |
CLASS I SHARES | |||||||
2023 | 4.56 | 0.30 | 0.52 | 4.98 | 29.46 | $ 235,011 | |
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 |
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) | ||||||||||
2023 | $ 10.99 | 0.45 | 0.03 | 0.48 | (0.45) | — | — | (0.45) | $ 11.02 | |
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 | |
CLASS C SHARES | ||||||||||
2023 | $ 10.97 | 0.37 | 0.03 | 0.40 | (0.37) | — | — | (0.37) | $ 11.00 | |
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 | |
CLASS I SHARES | ||||||||||
2023 | $ 10.96 | 0.49 | 0.04 | 0.53 | (0.49) | — | — | (0.49) | $ 11.00 | |
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 | |
CLASS R3 SHARES | ||||||||||
2023 | $ 10.98 | 0.42 | 0.03 | 0.45 | (0.42) | — | — | (0.42) | $ 11.01 | |
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 | |
CLASS R4 SHARES | ||||||||||
2023 | $ 10.97 | 0.42 | 0.04 | 0.46 | (0.42) | — | — | (0.42) | $ 11.01 | |
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 | |
CLASS R5 SHARES | ||||||||||
2023 | $ 10.96 | 0.50 | 0.03 | 0.53 | (0.49) | — | — | (0.49) | $ 11.00 | |
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 | |
CLASS R6 SHARES | ||||||||||
2023 | $ 10.99 | 0.50 | 0.04 | 0.54 | (0.50) | — | — | (0.50) | $ 11.03 | |
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 |
(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) | |||||||
2023 | 4.00 | 1.02 | 1.07 | 4.39 | 22.34 | $ 271,826 | |
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 | |
CLASS C SHARES | |||||||
2023 | 3.31 | 1.72 | 1.77 | 3.69 | 22.34 | $ 93,062 | |
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 | |
CLASS I SHARES | |||||||
2023 | 4.44 | 0.60 | 0.77 | 4.90 | 22.34 | $ 6,427,625 | |
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 | |
CLASS R3 SHARES | |||||||
2023 | 3.78 | 1.25 | 4.49 | 4.15 | 22.34 | $ 670 | |
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 | |
CLASS R4 SHARES | |||||||
2023 | 3.81 | 1.25 | 2.10 | 4.24 | 22.34 | $ 2,806 | |
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 | |
CLASS R5 SHARES | |||||||
2023 | 4.46 | 0.60 | 0.88 | 4.90 | 22.34 | $ 62,908 | |
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 | |
CLASS R6 SHARES | |||||||
2023 | 4.52 | 0.53 | 0.70 | 4.97 | 22.34 | $ 138,108 | |
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 |
Thornburg Taxable Fixed Income Funds
September 30, 2023 (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 9/30/23 | Expenses Paid During Period 4/1/23-9/30/23 | Ending Account Value 9/30/23 | Expenses Paid During Period† 4/1/23-9/30/23 | Annualized Expense Ratio | ||
LIMITED TERM U.S. GOVERNMENT FUND | ||||||
CLASS A SHARES | $ 975.77 | $4.75 | $1,020.26 | $4.86 | 0.96% | |
CLASS C SHARES | $ 973.78 | $6.14 | $1,018.85 | $6.28 | 1.24% | |
CLASS C2 SHARES | $ 973.78 | $6.14 | $1,018.85 | $6.28 | 1.24% | |
CLASS I SHARES | $ 976.44 | $3.22 | $1,021.81 | $3.29 | 0.65% | |
CLASS R3 SHARES | $ 974.86 | $4.90 | $1,020.10 | $5.01 | 0.99% | |
CLASS R4 SHARES | $ 974.80 | $4.90 | $1,020.10 | $5.01 | 0.99% | |
CLASS R5 SHARES | $ 976.40 | $3.32 | $1,021.71 | $3.40 | 0.67% | |
LIMITED TERM INCOME FUND | ||||||
CLASS A SHARES | $ 993.29 | $3.85 | $1,021.21 | $3.90 | 0.77% | |
CLASS C SHARES | $ 992.07 | $4.99 | $1,020.05 | $5.06 | 1.00% | |
CLASS C2 SHARES | $ 990.90 | $6.19 | $1,018.85 | $6.28 | 1.24% | |
CLASS I SHARES | $ 993.88 | $2.45 | $1,022.61 | $2.48 | 0.49% | |
CLASS R3 SHARES | $ 992.20 | $4.94 | $1,020.10 | $5.01 | 0.99% | |
CLASS R4 SHARES | $ 991.38 | $4.94 | $1,020.10 | $5.01 | 0.99% | |
CLASS R5 SHARES | $ 994.67 | $2.45 | $1,022.61 | $2.48 | 0.49% | |
CLASS R6 SHARES | $ 994.27 | $2.10 | $1,022.96 | $2.13 | 0.42% | |
ULTRA SHORT INCOME FUND | ||||||
CLASS A SHARES | $1,025.13 | $2.54 | $1,022.56 | $2.54 | 0.50% | |
CLASS I SHARES | $1,026.15 | $1.52 | $1,023.56 | $1.52 | 0.30% |
September 30, 2023 (Unaudited)
Actual | Hypothetical * | |||||
Ending Account Value 9/30/23 | Expenses Paid During Period 4/1/23-9/30/23 | Ending Account Value 9/30/23 | Expenses Paid During Period† 4/1/23-9/30/23 | Annualized Expense Ratio | ||
STRATEGIC INCOME FUND | ||||||
CLASS A SHARES | $ 998.30 | $5.06 | $1,020.00 | $5.11 | 1.01% | |
CLASS C SHARES | $ 994.12 | $8.65 | $1,016.39 | $8.74 | 1.73% | |
CLASS I SHARES | $1,000.24 | $3.01 | $1,022.06 | $3.04 | 0.60% | |
CLASS R3 SHARES | $ 997.20 | $6.26 | $1,018.80 | $6.33 | 1.25% | |
CLASS R4 SHARES | $ 997.20 | $6.26 | $1,018.80 | $6.33 | 1.25% | |
CLASS R5 SHARES | $1,000.24 | $3.01 | $1,022.06 | $3.04 | 0.60% | |
CLASS R6 SHARES | $1,000.64 | $2.66 | $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, 2023 (Unaudited)
TAXABLE ORDINARY | |
Limited Term U.S. Government Fund | $ 4,580,940 |
Limited Term Income Fund | 232,491,173 |
Ultra Short Income Fund | 11,561,943 |
Strategic Income Fund | 262,072,215 |
QUALIFIED DIVIDEND INCOME | DIVIDENDS RECEIVED DEDUCTION | |
Strategic Income Fund | 0.12 % | 0.11 % |
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
• | Thornburg Limited Term U.S. Government Fund – the Trustees considered that the Fund outperformed its benchmark index for the year-to-date, one-, and three-year periods, that the Fund outperformed its Morningstar category for the year-to-date, ten, and fifteen-year periods, and that the Fund’s underperformance versus its benchmark index or Morningstar category in other periods was not significant. The Trustees also noted that the Fund has experienced positive total returns in seven of the last ten calendar years and has met both its primary and secondary investment objectives over time. |
• | 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, and outperformed its Morningstar category for each of those periods except the three-year period. The Trustees also noted that the Fund has experienced positive total returns in seven of the last ten calendar years and has met both its primary and secondary investment objectives over time. |
• | 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 outperformed its benchmark index in each of those periods and since the Fund’s inception. The Trustees also noted that the Fund has experienced positive total returns in each calendar year since the Fund’s inception and has met its investment objective over time. |
• | Thornburg Strategic Income Fund – the Trustees considered that the Fund outperformed its benchmark index in all periods since the Fund’s inception, outperformed an additional benchmark index in all periods since the Fund’s inception except the year-to-date period, and outperformed its Morningstar category for the year-to-date, one-, three-, five-, and ten-year periods. The Trustees also noted that the Fund has experienced positive total returns in eight of the last ten calendar years and has met both its primary and secondary investment objectives over time. |
September 30, 2023 (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 representative share class of the Fund was lower than the median and higher than the average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class was higher than such median and average levels but within the range of total expenses for the category. Peer group data showed that the Fund’s management fee and the total expense level for a representative share class of the Fund, while both higher than the median levels for the peer group, were within the range of the management fees and total expenses for that 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 representative share class of the Fund was lower than the median and higher than the average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class was higher than such median and average levels but within the range of total expenses for the category. Peer group data showed that the Fund’s management fee and the total expense level for a representative share class of the Fund, while both higher than the median levels for the peer group, were within the range of the management fees and total expenses for that peer group. |
• | Thornburg Ultra Short Income Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one representative share class of the Fund was lower than the median and higher than the average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class was higher than such median and average levels but within the range of total expenses for the category. Peer group data showed that the Fund’s management fee and the total expense level for a representative share class of the Fund were both lower than the median levels for 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 representative share class of the Fund was lower than the median and higher than the average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class was lower than the average level and higher than, but still within the range of, the median level for the category. Peer group data showed that the Fund’s management fee and the total expense level for a representative share class of the Fund were both lower than the median levels for the peer group. |
September 30, 2023 (Unaudited)
September 30, 2023 (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, 77 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, 68 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, 62 Trustee since 2012, Member of 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, 74 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, 60 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, 59 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, 69 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, 64 Trustee since 1996, Chair of Operations Risk Oversight Committee, Member of Audit Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambé LLC, Santa Fe, NM (manufacturing and design company). | None |
ADVISORY TRUSTEE | ||
Lisa Black, 64(6) Trustee since 2023 | Until 2019, Senior Managing Director, Chief Investment Officer and Head, Taxable Fixed Income, Nuveen LLC, New York, NY; Managing Director, TIAA-CREF, New York, NY (1996-2012). | None |
September 30, 2023 (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, 60 President since 2023, Chief Financial Officer 2019-2023, Treasurer 2016-2019, Secretary 2018-2019(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016, and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011- 2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Randy Dry, 49 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, 57 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, 56 Chief Financial Officer since 2023 ,Treasurer since 2019(7) | 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, 43 Vice President since 2014 | Co-Head of Investments since 2019, and Portfolio Manager and Managing Director since 2013, of Thornburg Investment Management, Inc. | Not applicable |
Jeff Klingelhofer, 42 Vice President since 2016 | Co-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, 52 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, 46 Assistant Treasurer since 2022 | Senior Manager, Fund Administration of Thornburg Investment Management, Inc. since 2010. | Not applicable |
Natasha Rippel, 41 Secretary since 2021(7) | 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 22 separate investment “Funds” or “series.” Thornburg Investment Management, Inc. is the investment advisor to, and manages, the 22 Funds of the Trust. Each Trustee oversees the 22 Funds of the Trust. |
(3) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(4) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc. the investment advisor to the 22 Funds of the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares of the Trust. |
(5) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(6) | As of September 30, 2023, Ms. Black served as an Advisory Trustee in a non-voting capacity. Ms. Black was elected as an independent Trustee effective October 2, 2023. |
(7) | The Trust’s president, chief financial officer, secretary and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
■ | Thornburg Global Opportunities Fund |
■ | 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 | |
12 | |
Schedule of Investments | |
19 | |
23 | |
38 | |
42 | |
44 | |
46 | |
54 | |
60 | |
64 | |
66 | |
70 | |
84 | |
98 | |
99 | |
101 | |
106 | |
108 |
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 | 2.29% | -0.58% | 0.28% | 0.32% |
With sales charge | - | -1.32% | -0.03% | 0.17% |
Class I Shares (Incep: 12/30/13) | 2.50% | -0.38% | 0.46% | 0.51% |
ICE BofA 1-3 Year U.S. Municipal Securities Index (Since 12/30/13) | 2.17% | -0.31% | 0.95% | 0.86% |
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 | 1.91% | -1.72% | 0.40% | 0.82% | 4.12% |
With sales charge | -0.42% | -2.47% | 0.10% | 0.67% | 4.08% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 1.66% | -1.97% | 0.15% | 0.57% | 2.59% |
With sales charge | 1.17% | -1.97% | 0.15% | 0.57% | 2.59% |
Class C2 Shares (Incep: 10/1/20) | |||||
Without sales charge | 1.39% | -2.24% | - | - | -2.24% |
With sales charge | 0.75% | -2.24% | - | - | -2.24% |
Class I Shares (Incep: 7/5/96) | 2.14% | -1.49% | 0.63% | 1.09% | 3.11% |
ICE BofA 1-10 Year U.S. Municipal Securities Index (Since 9/28/84) | 2.20% | -1.32% | 1.11% | 1.46% | - |
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 | 1.89% | -1.55% | 0.16% | 0.73% | 3.53% |
With sales charge | -0.40% | -2.30% | -0.14% | 0.58% | 3.49% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 1.69% | -1.80% | -0.11% | 0.47% | 2.48% |
With sales charge | 1.19% | -1.80% | -0.11% | 0.47% | 2.48% |
Class C2 Shares (Incep: 10/1/20) | |||||
Without sales charge | 1.69% | -1.83% | - | - | -1.83% |
With sales charge | 1.04% | -1.83% | - | - | -1.83% |
Class I Shares (Incep: 4/1/97) | 2.23% | -1.30% | 0.43% | 1.02% | 2.91% |
ICE BofA 1-10 Year U.S. Municipal Securities Index (Since 2/19/87) | 2.20% | -1.32% | 1.11% | 1.46% | - |
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 | 1.35% | -2.20% | 0.23% | 1.10% | 3.53% |
With sales charge | -0.70% | -2.87% | -0.18% | 0.89% | 3.46% |
Class D Shares (Incep: 6/1/99) | 1.18% | -2.44% | -0.03% | 0.84% | 2.38% |
Class I Shares (Incep: 2/1/07) | 1.76% | -1.87% | 0.54% | 1.42% | 2.44% |
ICE BofA 3-15 Year U.S. Municipal Securities Index (Since 6/18/91) | 2.79% | -1.80% | 1.28% | 2.06% | - |
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 | 1.75% | -1.60% | 0.45% | 1.13% | 2.99% |
With sales charge | -0.30% | -2.25% | 0.04% | 0.93% | 2.91% |
Class I Shares (Incep: 2/1/10) | 2.07% | -1.29% | 0.77% | 1.45% | 2.22% |
ICE BofA 3-15 Year U.S. Municipal Securities Index (Since 9/5/97) | 2.79% | -1.80% | 1.28% | 2.06% | 4.05% |
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 | 2.31% | -1.48% | 0.90% | 1.58% | 3.97% |
With sales charge | 0.28% | -2.13% | 0.49% | 1.38% | 3.91% |
Class C Shares (Incep: 9/1/94) | |||||
Without sales charge | 1.93% | -1.86% | 0.51% | 1.23% | 3.16% |
With sales charge | 1.34% | -1.86% | 0.51% | 1.23% | 3.16% |
Class C2 Shares (Incep: 10/1/20) | |||||
Without sales charge | 1.93% | -1.87% | - | - | -1.87% |
With sales charge | 1.29% | -1.87% | - | - | -1.87% |
Class I Shares (Incep: 7/5/96) | 2.55% | -1.25% | 1.14% | 1.85% | 3.67% |
ICE BofA 3-15 Year U.S. Municipal Securities Index (Since 7/22/91) | 2.79% | -1.80% | 1.28% | 2.06% | - |
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 | 2.51% | -2.06% | 0.44% | 1.77% | 3.85% |
With sales charge | 0.43% | -2.71% | 0.04% | 1.57% | 3.71% |
Class C Shares (Incep: 4/1/09) | |||||
Without sales charge | 2.03% | -2.52% | -0.05% | 1.35% | 3.46% |
With sales charge | 1.44% | -2.52% | -0.05% | 1.35% | 3.46% |
Class I Shares (Incep: 4/1/09) | 2.74% | -1.85% | 0.65% | 2.03% | 4.12% |
ICE BofA U.S. Municipal Master Index (Since 4/1/09) | 2.95% | -2.21% | 1.09% | 2.41% | 3.46% |
Thornburg Short Duration Municipal Fund | September 30, 2023 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 147 |
Effective Duration | 1.4 Yrs |
Average Maturity | 1.7 Yrs |
Annualized Distribution Yield | 2.88% |
SEC Yield | 3.03% |
6% | 36% | 16% | 20% | 17% | 4% |
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, 2023 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 1,000 |
Effective Duration | 3.2 Yrs |
Average Maturity | 4.1 Yrs |
Annualized Distribution Yield | 2.72% |
SEC Yield | 2.99% |
4% | 16% | 14% | 10% | 10% | 7% | 8% | 7% | 8% | 10% | 6% |
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, 2023 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 197 |
Effective Duration | 2.9 Yrs |
Average Maturity | 3.9 Yrs |
Annualized Distribution Yield | 2.57% |
SEC Yield | 2.84% |
1% | 22% | 18% | 9% | 9% | 6% | 5% | 5% | 8% | 8% | 8% |
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, 2023 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 113 |
Effective Duration | 4.4 Yrs |
Average Maturity | 7.6 Yrs |
Annualized Distribution Yield | 2.40% |
SEC Yield | 2.78% |
2% | 3% | 10% | 13% | 8% | 6% | 7% | 3% | 3% | 8% | 39% |
THORNBURG NEW MEXICO INTERMEDIATE MUNICIPAL FUND | NASDAQ SYMBOLS | CUSIPS |
Class A | THNMX | 885-215-301 |
Class D | THNDX | 885-215-624 |
Class I | THNIX | 885-215-285 |
Thornburg New York Intermediate Municipal Fund | September 30, 2023 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 49 |
Effective Duration | 4.7 Yrs |
Average Maturity | 9.3 Yrs |
Annualized Distribution Yield | 2.72% |
SEC Yield | 2.89% |
1% | 14% | 6% | 0% | 4% | 3% | 7% | 8% | 0% | 8% | 49% |
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, 2023 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 472 |
Effective Duration | 5.2 Yrs |
Average Maturity | 9.7 Yrs |
Annualized Distribution Yield | 3.25% |
SEC Yield | 3.30% |
4% | 5% | 5% | 3% | 3% | 5% | 3% | 7% | 8% | 7% | 49% |
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, 2023 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 268 |
Effective Duration | 5.9 Yrs |
Average Maturity | 11.2 Yrs |
Annualized Distribution Yield | 3.39% |
SEC Yield | 3.47% |
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, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 92.9% | |||
Alabama — 2.8% | |||
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 | $ 1,203,650 |
Chatom (Powersouth Energy Cooperative Projects; Insured: AGM) IDB, 5.00% due 8/1/2025 | 425,000 | 432,773 | |
a | Chatom (PowerSouth Energy Cooperative; SPA National Rural Utilities Cooperative Finance) IDB, Series A, 4.00% due 8/1/2037 (put 2/1/2024) | 1,500,000 | 1,479,015 |
a | City of Mobile Alabama (Alabama Power Co.) IDB, Series C, 3.78% due 6/1/2034 (put 6/16/2026) | 1,000,000 | 981,610 |
Arizona — 0.7% | |||
Arizona (Banner Health Obligated Group) HFA, | |||
Series B, | |||
a | 4.23% (MUNIPSA + 0.25%) due 1/1/2046 (pre-refunded 11/4/2025) | 155,000 | 144,503 |
a | 4.23% (MUNIPSA + 0.25%) due 1/1/2046 (put 11/4/2026) | 845,000 | 829,671 |
California — 2.7% | |||
California (PIH Health, Inc. Obligated Group) HFFA, Series A, 5.00% due 6/1/2027 | 365,000 | 373,857 | |
County of Riverside, Series A, 3.70% due 10/19/2023 | 1,750,000 | 1,749,797 | |
Rancho Santa Fe Community Services District Financing Authority, Series A, 5.00% due 9/1/2025 | 1,745,000 | 1,761,434 | |
Colorado — 3.0% | |||
Colorado (Adventhealth Obligation Group) HFA, | |||
Series C, | |||
a | 5.00% due 11/15/2036 (pre-refunded 11/15/2023) | 265,000 | 265,229 |
a | 5.00% due 11/15/2036 (put 11/15/2023) | 735,000 | 735,378 |
Colorado (Northern Colorado Medical Center) HFA ETM, 5.00% due 5/15/2025 | 565,000 | 572,960 | |
a | E-470 Public Highway Authority, Series B, 3.908% (SOFR + 0.35%) due 9/1/2039 (put 9/1/2024) | 2,000,000 | 1,981,332 |
Interlocken Metropolitan District (Insured: AGM) GO, Series A-1, 5.00% due 12/1/2023 | 750,000 | 750,650 | |
Connecticut — 0.8% | |||
City of New Haven (Insured: AGM) GO, Series B, 5.00% due 2/1/2026 - 2/1/2027 | 1,150,000 | 1,171,369 | |
District of Columbia — 1.4% | |||
a | District of Columbia Housing Finance Agency (Benning Corridor Titleholder LLC), 4.00% due 9/1/2040 (put 9/1/2025) | 2,000,000 | 1,979,896 |
Florida — 4.5% | |||
a | Broward County Housing Finance Authority (Pinnacle 441 Phase 2 LLC), 4.05% due 9/1/2056 (put 3/1/2026) | 500,000 | 491,444 |
City of Orlando (Senior Tourist Development; Insured: AGM), Series A, 5.00% due 11/1/2025 | 1,000,000 | 1,019,041 | |
County of Manatee (Public Utilities System Improvements), 5.00% due 10/1/2026 | 370,000 | 376,706 | |
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 | 768,314 | |
a | Florida Housing Finance Corp. (Hampton Point Preservation Ltd.), Series E, 5.00% due 5/1/2026 (put 5/1/2025) | 1,000,000 | 1,003,477 |
a | Miami-Dade County Housing Finance Authority (Fairfield Miami Gardens LP), Series B, 4.05% due 9/1/2026 (put 9/1/2025) | 1,000,000 | 985,071 |
a | Miami-Dade County Housing Finance Authority (Quail Roost Transit Village I Ltd.), 5.00% due 9/1/2026 (put 9/1/2025) | 1,000,000 | 1,018,415 |
Orange County (AdventHealth Obligated Group) HFA, | |||
Series C, | |||
a | 5.00% due 11/15/2052 (pre-refunded 11/15/2026) | 55,000 | 57,084 |
a | 5.00% due 11/15/2052 (put 11/15/2026) | 820,000 | 839,642 |
Georgia — 7.0% | |||
a | Bartow County Development Authority (Georgia Power Co.), 3.95% due 12/1/2032 (put 3/8/2028) | 1,300,000 | 1,268,548 |
a | Development Authority of Burke County (Georgia Power Co.), Series REMK, 3.80% due 10/1/2032 (put 5/21/2026) | 1,000,000 | 976,869 |
a | Development Authority of Burke County (Georigia Power Co.), 2.925% due 11/1/2048 (put 3/12/2024) | 1,025,000 | 1,015,731 |
Main Street Natural Gas, Inc. (Guaranty: Citigroup Global Markets), Series A, 5.00% due 6/1/2024 | 550,000 | 549,762 | |
Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2024 | 1,500,000 | 1,496,969 | |
a | Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), Series C, 4.00% due 8/1/2048 (put 12/1/2023) | 1,650,000 | 1,646,959 |
Private Colleges & Universities Authority (Corp. of Mercer University), 5.00% due 10/1/2023 - 10/1/2026 | 1,170,000 | 1,187,101 | |
Savannah (International Paper Co.) EDA, Series B, 1.90% due 8/1/2024 | 2,000,000 | 1,959,854 | |
Guam — 0.2% | |||
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2024 | 350,000 | 350,076 | |
Hawaii — 0.7% | |||
a | City & County of Honolulu (Komohale Maunakea Venture LP), 5.00% due 6/1/2027 (put 6/1/2026) | 1,000,000 | 1,022,235 |
Illinois — 11.2% | |||
Chicago Park District GO, Series A, 5.00% due 1/1/2027 | 825,000 | 837,343 | |
City of Chicago (Water System), 5.00% due 11/1/2024 - 11/1/2027 | 1,560,000 | 1,578,013 | |
a | City of Chicago Heights (Olympic Village LLC), 2.875% due 8/1/2027 (put 8/1/2025) | 1,500,000 | 1,458,454 |
Clinton Bond Fayette Etc Counties Community College District No. 501 Kaskaskia (Insured: AGM) GO, 5.00% due 12/1/2027 | 220,000 | 227,704 | |
Cook County (Capital Improvement Plan) GO, Series A, 5.00% due 11/15/2024 | 1,000,000 | 1,010,887 | |
Cook County Community College District No. 508 (City Colleges of Chicago) GO, 5.00% due 12/1/2023 | 500,000 | 500,039 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 19 |
Thornburg Short Duration Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
a | Illinois (Collateralized: GNMA, FNMA, FHLMC) HDA, Series G, 3.50% due 10/1/2054 (put 6/4/2024) | $2,000,000 | $ 1,993,200 |
a | Illinois (Anchor Senior Living 2021 LP) HDA, Series A, 4.00% due 11/1/2042 (put 5/1/2025) | 2,000,000 | 1,982,768 |
a | Illinois (South Shore IL Preservation LP) HDA, 4.00% due 6/1/2026 (put 6/1/2025) | 550,000 | 545,821 |
Illinois Finance Authority (NorthShore University HealthSystem Obligated Group), Series A, 5.00% due 8/15/2027 | 500,000 | 522,531 | |
Illinois Finance Authority (Washington & Jane Smith Community-Orland Park), 4.00% due 10/15/2023 - 10/15/2024 | 420,000 | 416,826 | |
Southern Illinois University (Insured: BAM), Series A, 5.00% due 4/1/2024 - 4/1/2026 | 1,170,000 | 1,180,723 | |
State of Illinois (State Facilities Improvements) GO, Series D, 5.00% due 11/1/2024 | 1,000,000 | 1,008,086 | |
State of Illinois GO, | |||
Series A, 5.00% due 3/1/2024 | 800,000 | 801,923 | |
Series B, 5.00% due 3/1/2025 - 9/1/2027 | 1,995,000 | 2,040,376 | |
Indiana — 1.4% | |||
City of Rockport (AEP Generating Co.; Guaranty: American Electric Power Co.), Series A, 3.125% due 7/1/2025 | 1,000,000 | 979,449 | |
a | Indiana Finance Authority (Republic Services, Inc.), Series B, 3.95% due 5/1/2028 (put 12/1/2023) | 1,000,000 | 1,000,000 |
Iowa — 2.5% | |||
a | PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 3,600,000 | 3,582,227 |
Kansas — 0.9% | |||
Kansas Independent College Finance Authority (Ottawa University), Series B, 7.30% due 5/1/2024 | 1,350,000 | 1,367,504 | |
Kentucky — 1.0% | |||
County of Boone (Duke Energy Kentucky, Inc.), Series A, 3.70% due 8/1/2027 | 1,000,000 | 975,438 | |
a | Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), Series C-1, 4.00% due 12/1/2049 (put 6/1/2025) | 450,000 | 443,494 |
Louisiana — 3.3% | |||
City of Shreveport Water & Sewer Revenue (Insured: BAM), Series C, 5.00% due 12/1/2023 | 860,000 | 860,337 | |
a | Louisiana Offshore Terminal Authority (Loop LLC), Series A, 1.65% due 9/1/2027 (put 12/1/2023) | 1,500,000 | 1,491,688 |
a | Plaquemines Port Harbor & Terminal District (International Marine Terminals Partnership; LOC Wells Fargo Bank NA), Series A, 4.00% due 3/15/2025 (put 3/15/2024) | 1,500,000 | 1,492,539 |
a | State of Louisiana Gasoline & Fuels Tax Revenue, Series A, 4.217% (SOFR + 0.50%) due 5/1/2043 (put 5/1/2026) | 985,000 | 924,271 |
Massachusetts — 1.7% | |||
a,b | Massachusetts (Mass General Brigham, Inc.) DFA, Series T-1, 4.58% (MUNIPSA + 0.60%) due 7/1/2049 (put 1/29/2026) | 2,500,000 | 2,493,042 |
Michigan — 1.2% | |||
a | Michigan Finance Authority (Bronson Health Care Group Obligated Group), Series B, 5.00% due 11/15/2044 (put 11/16/2026) | 1,730,000 | 1,758,962 |
Minnesota — 1.0% | |||
a | City of Mounds View Multifamily Housing Revenue (Sherman Forbes Project), Series A, 4.05% due 11/1/2026 (put 11/1/2024) | 1,000,000 | 994,607 |
Dakota County Community Development Agency (Eagan AH I LLLP), 4.125% due 6/1/2024 | 420,000 | 418,687 | |
Mississippi — 1.0% | |||
a | County of Jackson GO, 3.75% due 11/1/2024 (put 2/1/2024) | 1,500,000 | 1,498,207 |
Montana — 0.7% | |||
City of Forsyth (NorthWestern Corp.), 3.875% due 7/1/2028 | 1,000,000 | 966,050 | |
Nebraska — 1.2% | |||
a | Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 3/1/2050 (put 1/1/2024) | 1,000,000 | 999,122 |
Central Plains Energy Project (Guaranty: Royal Bank of Canada), 4.00% due 8/1/2024 | 250,000 | 247,640 | |
Gretna Public Schools GO, Series B, 5.00% due 12/15/2027 | 500,000 | 512,565 | |
Nevada — 1.4% | |||
a | County of Clark (Nevada Power Co.), 3.75% due 1/1/2036 (put 3/31/2026) | 1,000,000 | 1,001,090 |
a | Nevada Housing Division (Fairfield Woodcreek LLC), 5.00% due 12/1/2025 (put 12/1/2024) | 1,000,000 | 1,002,514 |
New Jersey — 1.6% | |||
City of Jersey (Municipal Utilities Authority Water Fund), Series B, 4.00% due 5/3/2024 | 1,000,000 | 998,912 | |
Essex County Improvement Authority, 5.00% due 7/3/2024 | 500,000 | 503,015 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), Series A, 5.00% due 6/15/2024 | 150,000 | 150,804 | |
Township of Springfield /Burlington County GO, 4.75% due 9/5/2024 | 600,000 | 602,407 | |
New Mexico — 2.7% | |||
a | City of Farmington (Public Service Co. of New Mexico), Series E, 1.15% due 6/1/2040 (put 6/1/2024) | 1,500,000 | 1,463,769 |
Las Cruces School District No. 2 (State Aid Withholding) GO, 5.00% due 8/1/2026 | 1,000,000 | 1,033,524 | |
New Mexico Municipal Energy Acquisition Authority (Guaranty: Royal Bank of Canada), Series A, 4.00% due 11/1/2023 - 5/1/2024 | 1,400,000 | 1,398,455 | |
New York — 4.3% | |||
City of Plattsburgh GO, Series B, 4.75% due 11/17/2023 | 1,680,000 | 1,679,120 | |
Metropolitan Transportation Authority, Series A, 5.00% due 11/15/2023 | 2,065,000 | 2,065,190 | |
a | Metropolitan Transportation Authority (Green Bond), Series A, 5.00% due 11/15/2048 (put 11/15/2024) | 500,000 | 503,518 |
a | New York City Housing Development Corp., Series F-2A, 3.40% due 11/1/2062 (put 12/22/2026) | 1,100,000 | 1,079,716 |
20 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Oneida County Local Development Corp. (Utica College), 5.00% due 7/1/2025 | $ 355,000 | $ 357,284 | |
a | Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue), Series B2, 5.00% due 5/15/2050 (put 5/15/2026) | 500,000 | 512,747 |
North Dakota — 1.4% | |||
a | North Dakota Housing Finance Agency, Series B, 4.18% (MUNIPSA + 0.20%) due 1/1/2043 (put 7/1/2024) | 2,000,000 | 1,979,356 |
Ohio — 1.9% | |||
Akron, Bath and Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.00% due 11/15/2027 | 735,000 | 749,433 | |
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 | 2,065,448 |
Oklahoma — 1.8% | |||
Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, 5.00% due 9/1/2027 | 1,000,000 | 1,021,679 | |
Rogers County Educational Facilities Authority (School District No. 2 Catoosa), 5.00% due 9/1/2026 | 1,500,000 | 1,534,767 | |
Pennsylvania — 2.8% | |||
a | Bethlehem Area School District Authority (State Aid Withholding), Series B, 3.914% (SOFR + 0.35%) due 7/1/2031 (put 11/1/2025) | 1,850,000 | 1,786,512 |
a | Montgomery County (Constellation Energy Generation LLC) IDA, Series A, 4.10% due 4/1/2053 (put 4/3/2028) | 1,015,000 | 1,003,248 |
Northeastern Pennsylvania Hospital and Education Authority (King’s College), 5.00% due 5/1/2024 - 5/1/2026 | 1,260,000 | 1,267,696 | |
South Carolina — 1.0% | |||
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 | 1,493,704 |
Tennessee — 2.4% | |||
Health Educational and Housing Facility Board of the City of Memphis (Memphis Towers TC LP), 3.40% due 12/1/2023 | 1,000,000 | 997,499 | |
Johnson City Health & Educational Facilities Board (Ballad Health Obligated Group), Series A, 5.00% due 7/1/2024 | 500,000 | 501,425 | |
a | Knox County Health Educational & Housing Facility Board (Gleason Partners LP), 3.95% due 12/1/2027 (put 12/1/2025) | 2,000,000 | 1,991,788 |
Texas — 13.3% | |||
Boerne School District (Insured: PSF-GTD) ISD GO, | |||
a | 2.80% due 12/1/2051 (put 12/1/2023) | 1,800,000 | 1,795,781 |
a | 3.125% due 2/1/2053 (put 2/1/2027) | 1,000,000 | 982,960 |
Cameron County Housing Finance Corp. (Sunland Country LP), 3.95% due 2/1/2024 | 1,000,000 | 995,965 | |
a | City of Dallas Housing Finance Corp. (Ash Creek Housing LLC), 5.00% due 7/1/2026 (put 12/1/2025) | 500,000 | 504,979 |
City of Georgetown Utility System Revenue (Insured: BAM), 5.00% due 8/15/2024 - 8/15/2026 | 1,505,000 | 1,533,339 | |
a | Denton (Insured: PSF-GTD) ISD GO, Series B, 2.00% due 8/1/2044 (pre-refunded 8/1/2024) | 135,000 | 132,695 |
a | Dickinson (Insured: PSF-GTD) ISD GO, 3.50% due 8/1/2037 (put 8/1/2025) | 1,000,000 | 991,047 |
a | Grand Parkway Transportation Corp., 5.00% due 10/1/2052 (put 4/1/2028) | 1,000,000 | 1,053,716 |
Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center), Series A, 5.00% due 5/15/2027 | 2,000,000 | 2,069,484 | |
a | Houston (Insured: PSF-GTD) ISD GO, Series C, 4.00% due 6/1/2039 (put 6/1/2025) | 1,000,000 | 1,002,935 |
a | Houston Housing Finance Corp. (Temenos Permanent Affordable LLC), 4.08% due 8/1/2024 (put 2/1/2024) | 1,000,000 | 995,747 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series A, 5.00% due 5/15/2024 | 750,000 | 754,719 | |
a | North East (Insured: PSF-GTD) ISD GO, 3.60% due 8/1/2052 (put 8/1/2024) | 1,000,000 | 997,447 |
a | Northside (Insured: PSF-GTD) ISD GO, Series B, 3.00% due 8/1/2053 (put 8/1/2026) | 1,000,000 | 980,972 |
Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2025 - 12/15/2026 | 1,125,000 | 1,119,275 | |
a | Texas State Affordable Housing Corp. (Eden Court Senior Housing LP), 5.00% due 4/1/2043 (put 4/1/2026) | 1,000,000 | 1,009,383 |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2025 | 240,000 | 240,374 | |
a | Travis County Housing Finance Corp. (Austin Gateway Apartments LP), 4.125% due 6/1/2045 (put 6/1/2027) | 2,000,000 | 1,985,318 |
Utah — 0.7% | |||
a | County of Utah (Intermountain Healthcare Obligated Group), Series B, 5.00% due 5/15/2060 (put 8/1/2024) | 1,000,000 | 1,007,965 |
Virginia — 1.0% | |||
a | Halifax County IDA, Series A, 1.65% due 12/1/2041 (put 5/31/2024) | 500,000 | 491,443 |
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2025 - 1/1/2027 | 900,000 | 905,521 | |
Washington — 1.0% | |||
Washington State Housing Finance Commission (Eastside Retirement Association Obligated Group), Series B-2, 4.00% due 7/1/2026 | 1,450,000 | 1,424,470 | |
Wisconsin — 4.7% | |||
County of Waushara GO, Series A, 4.50% due 6/1/2027 | 1,260,000 | 1,271,300 | |
a | Public Finance Authority (Duke Energy Progress LLC), Series A-1, 3.30% due 10/1/2046 (put 10/1/2026) | 2,000,000 | 1,968,534 |
Public Finance Authority (Renown Regional Medical Center), Series A, 5.00% due 6/1/2027 | 350,000 | 358,015 | |
Public Finance Authority (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 4.00% due 10/1/2025 - 10/1/2026 | 590,000 | 571,559 | |
Racine USD, Series B, 4.125% due 4/1/2025 | 1,500,000 | 1,500,301 | |
Village of Kimberly, 4.00% due 6/1/2024 | 1,115,000 | 1,113,650 | |
Total Long-Term Municipal Bonds — 92.9% (Cost $135,829,748) | 134,060,459 | ||
Short-Term Municipal Bonds — 3.3% | |||
Florida — 0.4% | |||
a | County of Manatee (Florida Power & Light Co.), 4.70% due 9/1/2024 (put 10/2/2023) | 500,000 | 500,000 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 21 |
Thornburg Short Duration Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Illinois — 0.7% | |||
a | Phoenix Realty Special Account-U LP (LOC Northern Trust Co.), 4.57% due 4/1/2025 (put 10/6/2023) | $1,000,000 | $ 1,000,000 |
New York — 1.9% | |||
a | City of New York (LOC Mizhiho Bank Ltd.) GO, Series G6, 4.59% due 4/1/2042 (put 10/2/2023) | 2,800,000 | 2,800,000 |
Texas — 0.3% | |||
a | Port of Port Arthur Navigation District (Motiva Enterprises LLC), 5.15% due 4/1/2040 (put 10/2/2023) | 400,000 | 400,000 |
Total Short-Term Municipal Bonds — 3.3% (Cost $4,700,000) | 4,700,000 | ||
Total Investments — 96.2% (Cost $140,529,748) | $138,760,459 | ||
Other Assets Less Liabilities — 3.8% | 5,547,900 | ||
Net Assets — 100.0% | $144,308,359 |
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, 2023. |
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, 2023, the aggregate value of these securities in the Fund’s portfolio was $2,493,042, representing 1.73% of the Fund’s net assets. |
To simplify the listings of securities, abbreviations are used per the table below:
AGM | Insured by Assured Guaranty Municipal Corp. |
BAM | Insured by Build America Mutual Insurance Co. |
DFA | Development Finance Authority/Agency |
EDA | Economic Development 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 |
HDA | Housing Development Authority |
HFA | Health Facilities Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority/Agency |
IDB | Industrial Development Board |
ISD | Independent School District |
LOC | Letter of Credit |
MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index |
PSF-GTD | Guaranteed by Permanent School Fund |
SOFR | Secured Overnight Financing Rate |
SPA | Stand-by Purchase Agreement |
USD | Unified School District |
22 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Thornburg Limited Term Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 95.1% | |||
Alabama — 3.4% | |||
Alabama Special Care Facilities Financing Authority-Birmingham (Children’s Hospital of Alabama Obligated Group), 5.00% due 6/1/2033 | $ 2,500,000 | $ 2,508,288 | |
a,b | Black Belt Energy Gas District (Guaranty: Canadian Imperial Bank), Series E, 5.00% due 5/1/2053 (put 6/1/2028) | 1,750,000 | 1,768,118 |
Black Belt Energy Gas District (Guaranty: Goldman Sachs Group, Inc.), | |||
b | Series A, 5.25% due 1/1/2054 (put 10/1/2030) | 8,000,000 | 8,075,840 |
b | Series F, 5.50% due 11/1/2053 (put 12/1/2028) | 4,825,000 | 4,910,581 |
b | Black Belt Energy Gas District (Guaranty: Morgan Stanley Group), Series A-1, 4.00% due 12/1/2049 (put 12/1/2025) | 4,500,000 | 4,403,596 |
Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), | |||
Series D1, | |||
4.00% due 6/1/2024 - 6/1/2026 | 1,120,000 | 1,098,588 | |
b | 4.00% due 7/1/2052 (put 6/1/2027) | 14,500,000 | 14,074,903 |
b | Black Belt Energy Gas District (Guaranty: Royal Bank Of Canada), 4.00% due 6/1/2051 (put 12/1/2031) | 7,750,000 | 7,257,821 |
b | Chatom (PowerSouth Energy Cooperative; SPA National Rural Utilities Cooperative Finance) IDB, Series A, 4.00% due 8/1/2037 (put 2/1/2024) | 3,000,000 | 2,958,030 |
b | City of Mobile Alabama (Alabama Power Co.) IDB, Series C, 3.78% due 6/1/2034 (put 6/16/2026) | 2,000,000 | 1,963,220 |
b | Energy Southeast A Cooperative District (Guaranty: Morgan Stanley Group), 5.50% due 11/1/2053 (put 1/1/2031) | 17,830,000 | 18,203,449 |
b | Selma (International Paper Co.) IDB, Series A, 2.00% due 11/1/2033 (put 10/1/2024) | 6,025,000 | 5,887,003 |
b | Southeast Energy Authority A Cooperative District, Series B-1, 5.00% due 1/1/2054 (put 6/1/2030) | 10,000,000 | 10,095,530 |
b | Southeast Energy Authority A Cooperative District (Guaranty: Goldman Sachs & Co.), Series B-1, 5.00% due 5/1/2053 (put 8/1/2028) | 5,000,000 | 4,985,155 |
Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), | |||
b | Series A, 5.50% due 1/1/2053 (put 12/1/2029) | 3,500,000 | 3,573,679 |
b | Series B, 4.00% due 12/1/2051 (put 12/1/2031) | 7,780,000 | 7,196,251 |
Troy University (Insured: BAM), Series A, 5.00% due 11/1/2028 | 1,000,000 | 1,019,328 | |
Water Works Board of the City of Birmingham, 5.00% due 1/1/2029 | 2,230,000 | 2,353,047 | |
Arizona — 1.2% | |||
Arizona (Banner Health Obligated Group) HFA, | |||
Series B, | |||
b | 4.23% (MUNIPSA + 0.25%) due 1/1/2046 (pre-refunded 11/4/2025) | 630,000 | 587,335 |
b | 4.23% (MUNIPSA + 0.25%) due 1/1/2046 (put 11/4/2026) | 3,370,000 | 3,308,865 |
Arizona (Scottsdale Lincoln Hospitals) HFA, Series A, 5.00% due 12/1/2024 | 1,760,000 | 1,775,036 | |
Arizona Board of Regents (University of Arizona), 5.00% due 8/1/2024 | 550,000 | 554,587 | |
Arizona Board of Regents (University of Arizona) COP, Series B, 5.00% due 6/1/2028 | 780,000 | 822,903 | |
b | Chandler (Intel Corp.) IDA, 3.80% due 12/1/2035 (put 6/15/2028) | 7,500,000 | 7,249,372 |
County of Pinal (Detention and Training Facilities), Series A, 5.00% due 8/1/2024 - 8/1/2025 | 2,200,000 | 2,235,151 | |
County of Pinal (Hunt Highway (Phases III-V), Ironwood Drive, Public Safety Radio & Court Buildings), 5.00% due 8/1/2025 | 3,000,000 | 3,025,332 | |
b | Maricopa County (Banner Health Obligated Group) IDA, Series A-3, 5.00% due 1/1/2053 (put 11/1/2030) | 6,000,000 | 6,473,568 |
Maricopa County Pollution Control Corp. (Public Service Co. of New Mexico), | |||
b | Series A, 3.00% due 1/1/2038 (put 6/1/2024) | 1,555,000 | 1,525,887 |
b | Series B, 0.875% due 6/1/2043 (put 10/1/2026) | 1,700,000 | 1,478,055 |
Northern Arizona University (Insured: BAM), Series B, 5.00% due 6/1/2030 | 525,000 | 562,499 | |
Salt River Project Agricultural Improvement and Power District (Salt River Electric System), Series A, 5.00% due 1/1/2029 | 1,405,000 | 1,484,353 | |
State of Arizona COP ETM, Series A, 5.00% due 10/1/2025 | 3,375,000 | 3,448,413 | |
California — 2.9% | |||
Alameda County Joint Powers Authority (Alameda County Medical Center Highland Hospital), Series A, 5.00% due 12/1/2023 | 3,200,000 | 3,205,078 | |
b | Bay Area Toll Authority (San Francisco Bay Area Toll Bridge), Series E, 4.39% (MUNIPSA + 0.41%) due 4/1/2056 (put 4/1/2028) | 1,500,000 | 1,442,003 |
California (PIH Health, Inc. Obligated Group) HFFA, Series A, 5.00% due 6/1/2028 - 6/1/2030 | 2,950,000 | 3,075,280 | |
b | California Community Choice Financing Authority (Guaranty: Deutsche Bank A.G.) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | 10,955,000 | 10,928,303 |
b | California Community Choice Financing Authority (Guaranty: Goldman Sachs Group, Inc.) (Green Bond), Series A, 4.00% due 10/1/2052 (put 12/1/2027) | 1,000,000 | 967,378 |
California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), | |||
b | Series A-1, 4.00% due 5/1/2053 (put 8/1/2028) | 5,425,000 | 5,218,210 |
b | Series B-1, 5.00% due 7/1/2053 (put 8/1/2029) | 8,285,000 | 8,334,602 |
b | Series E-1, 5.00% due 2/1/2054 (put 3/1/2031) | 6,695,000 | 6,787,719 |
b | 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 | 2,936,508 |
California Municipal Finance Authority (CHF-Davis II LLC; Insured: BAM) (Green Bond), 5.00% due 5/15/2029 - 5/15/2031 | 1,195,000 | 1,257,651 | |
California Municipal Finance Authority (CHF-Davis II LLC; Insured: BAM-TCRS), 5.00% due 5/15/2028 | 2,905,000 | 3,012,200 | |
California Statewide Communities Development Authority (CHF-Irvine LLC; Insured: BAM), 5.00% due 5/15/2030 | 2,000,000 | 2,113,494 | |
b | 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 | 5,547,517 |
California Statewide Communities Development Authority (Southern California Edison Co.), Series A, 1.75% due 9/1/2029 | 2,000,000 | 1,689,808 | |
Lammersville USD (Insured: BAM), 5.00% due 9/1/2029 - 9/1/2030 | 2,215,000 | 2,380,896 | |
Long Beach Bond Finance Authority (Guaranty: Merrill Lynch & Co.), Series A, 5.00% due 11/15/2024 | 2,000,000 | 2,009,348 | |
Los Angeles (Educational Facilities and Information Technology Infrastructure) USD GO, Series D, 5.00% due 7/1/2024 | 5,640,000 | 5,702,897 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 23 |
Thornburg Limited Term Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Los Angeles County Redevelopment Refunding Authority Successor Agency (Bunker Hill Project), Series C, 5.00% due 12/1/2023 - 12/1/2024 | $12,025,000 | $ 12,109,142 | |
Los Angeles USD GO, Series A, 5.00% due 7/1/2024 | 1,500,000 | 1,515,779 | |
Santa Fe Springs CDC Successor Agency (Consolidated Redevelopment Project; Insured: Natl-Re), Series A, Zero Coupon due 9/1/2024 | 7,000,000 | 6,745,179 | |
Colorado — 1.6% | |||
City & County of Denver (Buell Theatre Property) COP, Series A, 5.00% due 12/1/2023 | 1,720,000 | 1,721,921 | |
City & County of Denver School District No. 1 (Eastbridge Elementary and Conservatory Green K-8 Schools) COP, Series C, 5.00% due 12/15/2023 | 1,180,000 | 1,181,416 | |
Colorado (Adventhealth Obligation Group) HFA, | |||
b | Series A-2, 5.00% due 11/15/2057 (put 11/15/2033) | 9,930,000 | 10,546,852 |
Series C, | |||
b | 5.00% due 11/15/2036 (pre-refunded 11/15/2023) | 265,000 | 265,228 |
b | 5.00% due 11/15/2036 (put 11/15/2023) | 735,000 | 735,378 |
b | Colorado (Adventist Health System/Sunbelt Obligated Group) HFA, Series C, 5.00% due 11/15/2036 (put 11/15/2026) | 1,410,000 | 1,454,267 |
Colorado (CommonSpirit Health Obligated Group) HFA, | |||
5.00% due 11/1/2029 - 11/1/2032 | 4,550,000 | 4,723,525 | |
b | Series B-2, 5.00% due 8/1/2049 (put 8/1/2026) | 5,150,000 | 5,236,984 |
b | Colorado (Intermountain Healthcare Obligated Group) HFA, Series B, 5.00% due 5/15/2062 (put 8/17/2026) | 1,515,000 | 1,554,428 |
County of El Paso (Judicial Complex; Insured: AGM) COP, 5.00% due 12/1/2024 - 12/1/2028 | 2,200,000 | 2,282,478 | |
County of El Paso (Pikes Peak Regional Development Center) COP, 5.00% due 12/1/2023 | 1,330,000 | 1,331,486 | |
b | E-470 Public Highway Authority, Series B, 3.908% (SOFR + 0.35%) due 9/1/2039 (put 9/1/2024) | 2,000,000 | 1,981,332 |
El Paso County Falcon School District No. 49 COP, 5.00% due 12/15/2023 - 12/15/2024 | 1,600,000 | 1,608,951 | |
Interlocken Metropolitan District (Insured: AGM) GO, Series A-1, 5.00% due 12/1/2024 - 12/1/2026 | 2,375,000 | 2,423,796 | |
Regional Transportation District (Denver Transit Partners LLC), Series A, 5.00% due 7/15/2024 - 7/15/2032 | 3,195,000 | 3,327,247 | |
Sierra Ridge Metropolitan District No. 2 (Insured: AGM) GO, 4.00% due 12/1/2025 - 12/1/2032 | 560,000 | 556,843 | |
State of Colorado COP, Series A, 5.00% due 9/1/2024 - 9/1/2028 | 4,610,000 | 4,755,716 | |
b | University of Colorado Hospital Authority (University of Colorado Health Obligated Group), Series C, 5.00% due 11/15/2047 (put 11/15/2024) | 1,360,000 | 1,367,222 |
Connecticut — 2.5% | |||
City of Hartford (Various Public Improvements; Insured: AGM) GO, Series A, 5.00% due 7/1/2024 - 7/1/2025 | 1,820,000 | 1,844,610 | |
City of New Haven (Insured: AGM) GO, Series B, 5.00% due 2/1/2028 - 2/1/2030 | 1,470,000 | 1,519,928 | |
State of Connecticut (Educational Facilities) GO, Series B, 5.00% due 6/15/2024 - 6/15/2025 | 25,400,000 | 25,718,509 | |
State of Connecticut (Various Capital Projects) GO, Series B, 5.00% due 5/15/2027 | 16,615,000 | 17,171,337 | |
State of Connecticut GO, | |||
Series B, 5.00% due 2/15/2024 | 7,000,000 | 7,022,617 | |
Series C, 5.00% due 6/15/2026 - 6/15/2028 | 10,705,000 | 11,214,732 | |
Series E, 5.00% due 9/15/2028 | 2,560,000 | 2,722,852 | |
Series F, 5.00% due 11/15/2031 | 2,500,000 | 2,540,530 | |
State of Connecticut Special Tax Revenue, Series D, 5.00% due 11/1/2032 | 500,000 | 544,886 | |
State of Connecticut Special Tax Revenue (Transportation Infrastructure Purposes), Series A, 5.00% due 8/1/2026 | 1,200,000 | 1,225,726 | |
State of Connecticut Special Tax Revenue (Transportation Infrastructure Purposes; Insured: BAM), Series A, 5.00% due 9/1/2031 | 2,000,000 | 2,057,358 | |
University of Connecticut, Series A, 5.00% due 5/1/2032 | 1,000,000 | 1,099,469 | |
Delaware — 0.1% | |||
Delaware State (Beebe Medical Center, Inc.) HFA, 5.00% due 6/1/2031 | 1,200,000 | 1,209,404 | |
Delaware Transportation Authority, 5.00% due 9/1/2029 | 2,665,000 | 2,844,832 | |
District of Columbia — 0.1% | |||
b | District of Columbia Housing Finance Agency (Benning Corridor Titleholder LLC), 4.00% due 9/1/2040 (put 9/1/2025) | 1,000,000 | 989,948 |
Washington Metropolitan Area Transit Authority, 5.00% due 7/1/2027 - 7/1/2028 | 1,650,000 | 1,726,950 | |
Florida — 4.7% | |||
b | Broward County Housing Finance Authority (Pinnacle 441 Phase 2 LLC), 4.05% due 9/1/2056 (put 3/1/2026) | 2,150,000 | 2,113,209 |
Broward County School Board (Educational Facilities) COP, | |||
Series A, 5.00% due 7/1/2025 - 7/1/2027 | 7,300,000 | 7,436,606 | |
Series B, 5.00% due 7/1/2025 | 5,000,000 | 5,090,510 | |
Broward County School Board COP, | |||
Series A, 5.00% due 7/1/2029 - 7/1/2030 | 4,345,000 | 4,420,092 | |
Series B, 5.00% due 7/1/2029 | 1,005,000 | 1,027,527 | |
Central Florida Expressway Authority, 5.00% due 7/1/2026 | 575,000 | 591,944 | |
City of Jacksonville, | |||
Series B, 5.00% due 10/1/2029 | 1,350,000 | 1,402,765 | |
Series C, 5.00% due 10/1/2023 | 1,105,000 | 1,105,000 | |
City of Miami (Stormwater Management Utility System), 5.00% due 9/1/2027 - 9/1/2028 | 1,700,000 | 1,785,692 | |
City of Orlando (Senior Tourist Development; Insured: AGM), Series A, 5.00% due 11/1/2025 - 11/1/2027 | 2,775,000 | 2,854,132 | |
County of Manatee (Public Utilities Improvements), 5.00% due 10/1/2024 - 10/1/2025 | 970,000 | 984,249 | |
County of Miami-Dade (Miami International Airport), Series B, 5.00% due 10/1/2025 | 2,500,000 | 2,520,630 | |
County of Miami-Dade (Transit System), 5.00% due 7/1/2025 | 3,700,000 | 3,758,001 |
24 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
County of Miami-Dade Aviation Revenue, Series A, 5.00% due 10/1/2032 | $ 500,000 | $ 531,924 | |
County of Miami-Dade Water & Sewer System Revenue, Series A, 5.00% due 10/1/2031 | 1,200,000 | 1,232,536 | |
County of Polk (Water and Wastewater Utility Systems), 5.00% due 10/1/2023 | 1,420,000 | 1,420,000 | |
Duval County Public Schools (Insured: AGM) COP, Series A, 5.00% due 7/1/2031 - 7/1/2033 | 4,450,000 | 4,735,754 | |
b | Florida Housing Finance Corp. (Hampton Point Preservation Ltd.), Series E, 5.00% due 5/1/2026 (put 5/1/2025) | 1,625,000 | 1,630,650 |
Florida Insurance Assistance Interlocal Agency, Inc., Series A-1, 5.00% due 9/1/2027 - 9/1/2028 | 11,000,000 | 11,222,125 | |
Florida State Board of Governors (Florida State University Student Health Fee Revenue), Series A, 5.00% due 7/1/2030 | 1,010,000 | 1,092,843 | |
Hillsborough County School Board (Master Lease Program) COP, 5.00% due 7/1/2027 - 7/1/2028 | 5,200,000 | 5,396,542 | |
JEA Electric System, Series III B, 5.00% due 10/1/2032 | 2,110,000 | 2,189,404 | |
JEA Electric System ETM, Series A, 5.00% due 10/1/2023 | 1,395,000 | 1,395,000 | |
Lee County School Board (School Facilities Improvements) COP, 5.00% due 8/1/2024 | 2,000,000 | 2,015,998 | |
Manatee County School District (School Facilities Improvements; Insured: AGM), 5.00% due 10/1/2025 - 10/1/2027 | 2,900,000 | 2,986,826 | |
Marion County School Board (Insured: BAM) COP, Series B, 5.00% due 6/1/2024 | 3,065,000 | 3,084,009 | |
Miami-Dade County Expressway Authority (Toll System), Series B, 5.00% due 7/1/2024 - 7/1/2025 | 5,350,000 | 5,374,005 | |
Miami-Dade County School Board (Educational Facilities Improvements) COP, | |||
b | Series A, 5.00% due 5/1/2031 (pre-refunded 5/1/2024) | 2,550,000 | 2,560,042 |
Series C, 5.00% due 5/1/2025 | 15,000,000 | 15,221,445 | |
Orange County (AdventHealth Obligated Group) HFA, | |||
Series C, | |||
b | 5.00% due 11/15/2052 (pre-refunded 11/15/2026) | 210,000 | 217,958 |
b | 5.00% due 11/15/2052 (put 11/15/2026) | 3,575,000 | 3,660,632 |
Palm Beach County (Jupiter Medical Center Obligated Group) HFA, Series A, 5.00% due 11/1/2028 - 11/1/2031 | 675,000 | 674,796 | |
Palm Beach County School Board (Educational Facilities) COP, Series B, 5.00% due 8/1/2024 | 4,595,000 | 4,631,755 | |
Palm Beach County School District COP, | |||
Series C, 5.00% due 8/1/2025 - 8/1/2026 | 3,185,000 | 3,254,703 | |
Series D, 5.00% due 8/1/2031 | 2,000,000 | 2,028,174 | |
Pasco County School Board COP, Series A, 5.00% due 8/1/2032 | 750,000 | 823,883 | |
Reedy Creek Improvement District (Walt Disney World Resort Complex Utility Systems), Series 1, 5.00% due 10/1/2023 | 750,000 | 750,000 | |
Reedy Creek Improvement District (Walt Disney World Resort Complex Utility Systems) GO, Series A, 5.00% due 6/1/2024 - 6/1/2025 | 2,850,000 | 2,891,111 | |
School Board of Miami-Dade County COP, | |||
Series B, 5.00% due 8/1/2026 | 10,665,000 | 10,948,817 | |
Series C, 5.00% due 2/1/2033 | 5,220,000 | 5,324,750 | |
State of Florida GO, | |||
Series A, 4.00% due 7/1/2031 | 2,500,000 | 2,520,360 | |
Series C, 4.00% due 6/1/2031 | 1,540,000 | 1,552,360 | |
Town of Davie (Nova Southeastern University, Inc.), 5.00% due 4/1/2032 | 400,000 | 409,571 | |
Volusia County Educational Facilities Authority (Embry-Riddle Aeronautical University, Inc.), Series B, 5.00% due 10/15/2023 - 10/15/2025 | 1,750,000 | 1,762,905 | |
Volusia County School Board (University High School, River Springs Middle School) COP, Series B, 5.00% due 8/1/2024 | 1,000,000 | 1,007,999 | |
Georgia — 5.7% | |||
b | Bartow County Development Authority (Georgia Power Co.), 3.95% due 12/1/2032 (put 3/8/2028) | 3,000,000 | 2,927,418 |
City of Atlanta (Airport Passenger Facility), | |||
Series A, 5.00% due 1/1/2024 - 1/1/2025 | 3,850,000 | 3,856,454 | |
Series B, 5.00% due 1/1/2025 | 1,645,000 | 1,648,030 | |
City of Atlanta (Atlantic Station Project), 5.00% due 12/1/2023 - 12/1/2024 | 2,000,000 | 2,011,034 | |
City of Atlanta (Water & Wastewater System), 5.00% due 11/1/2023 - 11/1/2025 | 2,130,000 | 2,148,706 | |
Development Authority of Burke County (Georgia Power Co.), | |||
Series 1995, 2.20% due 10/1/2032 | 1,225,000 | 954,957 | |
b | Series REMK, 3.80% due 10/1/2032 (put 5/21/2026) | 2,100,000 | 2,051,425 |
b | Development Authority of Monroe County (Georgia Power Co.), Series 1, 3.875% due 6/1/2042 (put 3/6/2026) | 2,000,000 | 1,959,328 |
Gwinnett County School District GO, 4.00% due 2/1/2032 | 2,000,000 | 2,010,916 | |
b | Main Street Natural Gas, Inc., Series E-1, 5.00% due 12/1/2053 (put 6/1/2031) | 25,250,000 | 25,368,473 |
Main Street Natural Gas, Inc. (Guaranty: Citigroup Global Markets), | |||
b | Series A, 5.00% due 6/1/2053 (put 6/1/2030) | 1,925,000 | 1,905,411 |
Series C, | |||
4.00% due 12/1/2023 | 750,000 | 748,271 | |
b | 4.00% due 5/1/2052 (put 12/1/2028) | 34,660,000 | 32,965,611 |
Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), | |||
b | Series B, 5.00% due 12/1/2052 (put 6/1/2029) | 16,700,000 | 16,593,304 |
b | Series D, 5.00% due 12/1/2054 (put 12/1/2030) | 29,575,000 | 29,509,136 |
Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2028 | 2,350,000 | 2,333,959 | |
Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), | |||
b | Series A, 4.00% due 7/1/2052 (put 9/1/2027) | 28,305,000 | 27,449,736 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 25 |
Thornburg Limited Term Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
b | Series B, 5.00% due 7/1/2053 (put 3/1/2030) | $ 3,500,000 | $ 3,532,655 |
b | Series C, 5.00% due 9/1/2053 (put 9/1/2030) | 7,250,000 | 7,318,019 |
Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2024 | 830,000 | 830,102 | |
Private Colleges & Universities Authority (Corp. of Mercer University), 5.00% due 10/1/2030 - 10/1/2032 | 350,000 | 372,279 | |
Savannah (International Paper Co.) EDA, Series B, 1.90% due 8/1/2024 | 2,000,000 | 1,959,854 | |
State of Georgia GO, Series A, 4.00% due 2/1/2033 | 500,000 | 501,684 | |
Guam — 0.3% | |||
Government of Guam (Various Capital Projects), Series D, 5.00% due 11/15/2024 | 4,500,000 | 4,512,204 | |
Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2023 - 10/1/2026 | 4,330,000 | 4,339,903 | |
Idaho — 0.1% | |||
Idaho (Trinity Health Credit Group) HFA, Series D, 5.00% due 12/1/2023 - 12/1/2024 | 3,000,000 | 3,013,136 | |
Illinois — 10.8% | |||
Chicago Midway International Airport, Series B, 5.00% due 1/1/2024 | 17,060,000 | 17,064,230 | |
Chicago O’Hare International Airport (2016 Airport Projects), Series C, 5.00% due 1/1/2027 | 1,750,000 | 1,792,933 | |
Chicago Park District (Capital Improvement Plan) GO, | |||
Series A, 5.00% due 1/1/2025 | 610,000 | 614,502 | |
Series B, 5.00% due 1/1/2024 | 1,340,000 | 1,340,689 | |
Series D, 5.00% due 1/1/2024 | 1,760,000 | 1,760,905 | |
Chicago Park District GO, Series A, 5.00% due 1/1/2024 - 1/1/2032 | 1,705,000 | 1,728,541 | |
Chicago Park District GO ETM, | |||
Series A, 5.00% due 1/1/2024 | 1,150,000 | 1,152,312 | |
Series D, 5.00% due 1/1/2024 | 1,060,000 | 1,062,131 | |
Chicago Waterworks Revenue, 5.00% due 11/1/2028 | 1,250,000 | 1,275,150 | |
City of Chicago (Chicago O’Hare International Airport Customer Facility Charge Revenue; Insured: BAM), 5.00% due 1/1/2031 - 1/1/2033 | 5,400,000 | 5,734,402 | |
City of Chicago (Chicago O’Hare International Airport), Series C, 5.00% due 1/1/2031 | 500,000 | 511,528 | |
City of Chicago (Water System), | |||
5.00% due 11/1/2024 - 11/1/2027 | 8,250,000 | 8,391,529 | |
Series 2017-2, 5.00% due 11/1/2023 - 11/1/2024 | 1,650,000 | 1,656,587 | |
Series A-1, 5.00% due 11/1/2024 | 4,000,000 | 4,025,984 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2028 | 2,000,000 | 2,071,540 | |
b | City of Chicago Heights (Olympic Village LLC), 2.875% due 8/1/2027 (put 8/1/2025) | 14,799,000 | 14,389,112 |
City of Chicago Wastewater Transmission Revenue, | |||
Series B, 5.00% due 1/1/2033 | 2,710,000 | 2,777,747 | |
Series C, 5.00% due 1/1/2024 - 1/1/2026 | 8,180,000 | 8,221,005 | |
City of Chicago Wastewater Transmission Revenue, ETM, Series C, 5.00% due 1/1/2024 - 1/1/2025 | 3,070,000 | 3,081,654 | |
City of Joliet (Rock Run Crossing Project; Insured: BAM) GO, 5.00% due 12/15/2031 - 12/15/2032 | 2,030,000 | 2,206,991 | |
Clinton Bond Fayette Etc Counties Community College District No. 501 Kaskaskia (Insured: AGM) GO, 5.00% due 12/1/2032 | 975,000 | 1,032,281 | |
Cook County (Capital Improvement Plan) GO, Series A, 5.00% due 11/15/2024 | 1,500,000 | 1,516,331 | |
Cook County Community College District No. 508 (City Colleges of Chicago) GO, | |||
5.00% due 12/1/2023 - 12/1/2024 | 4,425,000 | 4,425,563 | |
5.25% due 12/1/2025 - 12/1/2026 | 3,365,000 | 3,368,505 | |
Cook County Community High School District No. 233 Homewood-Flossmoor GO, 4.00% due 12/1/2025 | 1,000,000 | 1,001,094 | |
Cook County Sales Tax Revenue, 5.00% due 11/15/2028 | 2,250,000 | 2,336,168 | |
Cook County School District No.170 (Insured: AGM) GO, Series D, 5.00% due 12/1/2024 | 1,190,000 | 1,199,923 | |
County of Cook Sales Tax Revenue, Series A, 5.00% due 11/15/2030 | 1,650,000 | 1,740,031 | |
DuPage Cook & Will Counties Community College District No. 502 GO, 5.00% due 6/1/2024 | 5,000,000 | 5,028,180 | |
DuPage County Forest Preserve District GO, 5.00% due 11/1/2023 - 11/1/2030 | 8,340,000 | 8,526,009 | |
b | Illinois (Collateralized: GNMA, FNMA, FHLMC) HDA, Series G, 3.50% due 10/1/2054 (put 6/4/2024) | 2,200,000 | 2,192,520 |
b | Illinois (Anchor Senior Living 2021 LP) HDA, Series A, 4.00% due 11/1/2042 (put 5/1/2025) | 2,000,000 | 1,982,768 |
b | Illinois (South Shore IL Preservation LP) HDA, 4.00% due 6/1/2026 (put 6/1/2025) | 1,750,000 | 1,736,703 |
b | Illinois Finance Authority, Series REMK, 3.875% due 5/1/2040 (put 9/1/2028) | 2,500,000 | 2,465,317 |
Illinois Finance Authority (Advocate Aurora Health Obligated Group), Series B, 4.00% due 5/1/2041 | 4,745,000 | 4,751,724 | |
Illinois Finance Authority (Advocate Health Care), 5.00% due 8/1/2024 | 800,000 | 806,219 | |
Illinois Finance Authority (Ascension Health Credit Group), Series C, 5.00% due 2/15/2033 | 1,500,000 | 1,554,447 | |
Illinois Finance Authority (Carle Foundation Obligated Group), | |||
Series A, 5.00% due 2/15/2027 | 3,000,000 | 3,077,757 | |
b | Series B, 5.00% due 8/15/2053 (put 8/15/2031) | 10,330,000 | 10,786,059 |
Illinois Finance Authority (NorthShore University HealthSystem Obligated Group), Series A, 5.00% due 8/15/2027 - 8/15/2028 | 3,500,000 | 3,681,705 | |
Illinois Finance Authority (Northwestern Memorial Healthcare Obligated Group), Series A, 5.00% due 7/15/2032 | 800,000 | 863,129 | |
Illinois Finance Authority (Rush Obligated Group), Series B, 5.00% due 11/15/2033 | 805,000 | 814,047 | |
Illinois Finance Authority (Rush University Medical Center), Series A, 5.00% due 11/15/2024 - 11/15/2029 | 5,445,000 | 5,526,433 |
26 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Illinois Finance Authority (University of Chicago Medical Center Obligated Group), | |||
c | Series A, 5.00% due 8/15/2029 | $ 2,500,000 | $ 2,547,717 |
b | Series B-1, 5.00% due 8/15/2052 (put 8/15/2025) | 10,000,000 | 10,161,090 |
Illinois State Toll Highway Authority, | |||
Series A, 5.00% due 12/1/2032 | 3,000,000 | 3,060,039 | |
Series C, 5.00% due 1/1/2025 - 1/1/2029 | 3,500,000 | 3,547,436 | |
Series D, 5.00% due 1/1/2024 | 3,000,000 | 3,005,295 | |
Kane McHenry Cook & DeKalb Counties Unit School District No. 300 GO, 5.00% due 1/1/2024 | 7,150,000 | 7,159,788 | |
Knox & Warren Counties Community Unit School District No. 205 Galesburg GO, Series B, 5.00% due 12/1/2030 | 1,875,000 | 1,956,261 | |
McHenry County Conservation District GO, 5.00% due 2/1/2025 | 2,000,000 | 2,025,116 | |
Metropolitan Water Reclamation District of Greater Chicago (Green Bond) GO, Series E, 5.00% due 12/1/2025 | 1,000,000 | 1,022,818 | |
Metropolitan Water Reclamation District of Greater Chicago GO, Series A, 5.00% due 12/1/2031 | 1,500,000 | 1,534,290 | |
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 | 1,678,742 | |
Peoria Metropolitan Airport Authority GO, Series D, 5.00% due 12/1/2027 | 2,000,000 | 2,068,470 | |
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 | 7,615,012 | |
Rock Island Henry Mercer Etc Counties Community College District No. 503 (Black Hawk College; Insured: BAM) GO, 5.00% due 12/1/2033 | 1,000,000 | 1,087,891 | |
Sales Tax Securitization Corp., Series A, 5.00% due 1/1/2028 - 1/1/2029 | 6,445,000 | 6,693,761 | |
Sangamon County School District No. 186 Springfield (Insured: AGM) GO, | |||
4.00% due 2/1/2032 | 1,250,000 | 1,251,261 | |
Series B, 5.00% due 2/1/2030 | 1,570,000 | 1,657,912 | |
Southern Illinois University (Insured: BAM), Series A, 5.00% due 4/1/2027 - 4/1/2032 | 4,060,000 | 4,220,395 | |
State of Illinois (State Facilities Improvements) GO, Series D, 5.00% due 11/1/2024 | 3,650,000 | 3,679,514 | |
State of Illinois GO, | |||
5.50% due 5/1/2024 - 5/1/2030 | 2,435,000 | 2,520,201 | |
Series A, 5.00% due 10/1/2024 - 3/1/2032 | 9,525,000 | 9,956,020 | |
Series B, | |||
4.00% due 11/1/2033 | 1,000,000 | 964,167 | |
5.00% due 3/1/2029 - 12/1/2032 | 2,500,000 | 2,620,297 | |
Series D, 5.00% due 11/1/2023 - 11/1/2028 | 38,960,000 | 40,128,739 | |
State of Illinois Sales Tax Revenue, | |||
Series B, 5.00% due 6/15/2026 - 6/15/2029 | 20,000,000 | 20,567,295 | |
Series C, 5.00% due 6/15/2024 - 6/15/2028 | 1,500,000 | 1,521,404 | |
State of Illinois Sales Tax Revenue (Insured: BAM-Natl-Re), 6.00% due 6/15/2026 | 235,000 | 246,274 | |
University of Illinois (University of Illinois Auxiliary Facilities System), Series A, 4.00% due 4/1/2032 | 11,465,000 | 11,489,868 | |
Village of Tinley Park GO, 5.00% due 12/1/2024 | 870,000 | 870,941 | |
Will & Kendall Counties Plainfield Community Consolidated School District 202 (Capital Improvements; Insured: BAM) GO, Series A, 5.00% due 1/1/2024 - 1/1/2025 | 13,075,000 | 13,191,562 | |
Indiana — 1.2% | |||
Avon Community School Building Corp. (Educational Facilities; Insured: State Intercept), 5.00% due 7/15/2024 - 7/15/2027 | 2,930,000 | 3,005,276 | |
City of Rockport (AEP Generating Co.; Guaranty: American Electric Power Co.), Series A, 3.125% due 7/1/2025 | 3,000,000 | 2,938,347 | |
Clark-Pleasant Community School Building Corp. (Insured: State Intercept), 5.00% due 7/15/2033 | 955,000 | 1,026,753 | |
Columbus Multi School Building Corp. (Bartholomew Consolidated School Corp.; Insured: State Intercept), 4.00% due 1/15/2024 | 570,000 | 569,217 | |
Indiana Finance Authority (CWA Authority, Inc. Wastewater System Project), Series A, 5.00% due 10/1/2023 - 10/1/2024 | 1,500,000 | 1,505,513 | |
Indiana Finance Authority (Department of Transportation), Series C, 5.00% due 6/1/2029 | 8,040,000 | 8,514,344 | |
b | Indiana Finance Authority (Indiana University Health, Inc. Obligated Group), Series B-3, 5.00% due 10/1/2055 (put 7/1/2032) | 12,800,000 | 13,912,550 |
b | Indiana Finance Authority (Republic Services, Inc.), Series B, 3.95% due 5/1/2028 (put 12/1/2023) | 4,000,000 | 4,000,000 |
Mount Vernon of Hancock County Multi-School Building Corp. (Insured: State Intercept), 5.00% due 1/15/2031 | 500,000 | 532,027 | |
Noblesville Redevelopment Authority, 5.00% due 1/15/2028 | 300,000 | 316,135 | |
Iowa — 1.7% | |||
b | PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 52,000,000 | 51,743,276 |
Kansas — 0.8% | |||
b | Kansas (AdventHealth Obligated Group) DFA, Series B, 5.00% due 11/15/2054 (put 11/15/2031) | 8,220,000 | 8,700,779 |
Kansas DFA, Series SRF, 5.00% due 5/1/2026 | 765,000 | 790,050 | |
Kansas Independent College Finance Authority (Ottawa University), Series B, 7.30% due 5/1/2024 | 3,000,000 | 3,038,898 | |
Seward County No. 480 USD GO, | |||
Series B, | |||
5.00% due 9/1/2024 - 9/1/2026 | 4,020,000 | 4,093,553 | |
5.00% due 9/1/2027 (pre-refunded 9/1/2025) | 2,100,000 | 2,146,878 | |
Unified Government of Wyandotte County/Kansas City (Utility Systems Improvement), Series A, 5.00% due 9/1/2024 | 600,000 | 606,060 | |
Wyandotte County No. 500 (General Improvement) USD GO, Series A, 5.00% due 9/1/2025 - 9/1/2026 | 5,675,000 | 5,814,748 | |
Kentucky — 2.0% |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 27 |
Thornburg Limited Term Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
County of Boone (Duke Energy Kentucky, Inc.), Series A, 3.70% due 8/1/2027 | $ 5,000,000 | $ 4,877,190 | |
b | County of Owen (American Water/Kentucky-American Water Co. Obligated Group), 3.875% due 6/1/2040 (put 9/1/2028) | 2,350,000 | 2,317,399 |
Kentucky (Norton Healthcare, Inc.; Insured: Natl-Re) EDFA, Series B, Zero Coupon due 10/1/2023 | 4,195,000 | 4,195,000 | |
Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), | |||
b | Series A-1, 4.00% due 8/1/2052 (put 8/1/2030) | 10,910,000 | 10,259,153 |
b | Series C, 4.00% due 2/1/2050 (put 2/1/2028) | 14,730,000 | 14,190,543 |
Kentucky State Property & Building Commission, Series A, 5.00% due 6/1/2030 - 6/1/2032 | 3,000,000 | 3,199,723 | |
Kentucky State Property & Building Commission (Insured: AGM), Series A, 5.00% due 11/1/2029 | 750,000 | 791,501 | |
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group), | |||
Series A, 5.00% due 10/1/2027 - 10/1/2033 | 7,320,000 | 7,503,783 | |
b | Series C, 5.00% due 10/1/2047 (put 10/1/2026) | 8,500,000 | 8,642,205 |
b | Series D, 5.00% due 10/1/2047 (put 10/1/2029) | 4,075,000 | 4,233,514 |
Louisiana — 1.5% | |||
City of Shreveport (Insured: AGM) GO, Series A, 5.00% due 3/1/2024 - 3/1/2032 | 5,800,000 | 5,981,217 | |
City of Shreveport (Water and Sewer System; Insured: BAM), | |||
Series A, 5.00% due 12/1/2023 - 12/1/2024 | 8,735,000 | 8,746,031 | |
Series C, 5.00% due 12/1/2024 - 12/1/2026 | 2,420,000 | 2,455,455 | |
East Baton Rouge Sewerage Commission (Wastewater System Improvements), Series B, 5.00% due 2/1/2024 - 2/1/2025 | 1,700,000 | 1,712,016 | |
Louisiana Local Govt Environmental Facilities & Community Development Authority (Louisiana Community & Technical College System; Insured: BAM), 5.00% due 10/1/2027 | 4,390,000 | 4,557,237 | |
b | Louisiana Offshore Terminal Authority (Loop LLC), Series A, 1.65% due 9/1/2027 (put 12/1/2023) | 6,150,000 | 6,115,923 |
Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), | |||
Series A, 5.00% due 5/15/2031 | 875,000 | 911,992 | |
b | Series B, 5.00% due 5/15/2050 (put 5/15/2025) | 2,800,000 | 2,820,583 |
Plaquemines Port Harbor & Terminal District (International Marine Terminals Partnership; LOC Wells Fargo Bank NA), | |||
b | Series A, 4.00% due 3/15/2025 (put 3/15/2024) | 2,500,000 | 2,487,565 |
b | Series B, 4.00% due 3/15/2025 (put 3/15/2024) | 5,000,000 | 5,001,935 |
b | State of Louisiana Gasoline & Fuels Tax Revenue, Series A, 4.217% (SOFR + 0.50%) due 5/1/2043 (put 5/1/2026) | 2,950,000 | 2,768,121 |
Maine — 0.0% | |||
Maine Governmental Facilities Authority (Augusta & Machias Courthouses), Series A, 5.00% due 10/1/2023 | 1,445,000 | 1,445,000 | |
Maryland — 0.2% | |||
Maryland Health & Higher Educational Facilities Authority (UPMC Obligated Group), Series B, 5.00% due 4/15/2024 | 500,000 | 502,212 | |
State of Maryland GO, | |||
Series A, 4.00% due 8/1/2030 | 2,500,000 | 2,529,432 | |
Series B, 5.00% due 8/1/2024 | 2,500,000 | 2,525,090 | |
Massachusetts — 0.9% | |||
Massachusetts (CareGroup Healthcare System) DFA, Series I, 5.00% due 7/1/2027 | 2,350,000 | 2,389,811 | |
Massachusetts (Insured: BHAC-CR FGIC), 5.50% due 1/1/2029 | 8,300,000 | 9,072,165 | |
b,c | Massachusetts (Mass General Brigham, Inc.) DFA, Series T-1, 4.58% (MUNIPSA + 0.60%) due 7/1/2049 (put 1/29/2026) | 3,750,000 | 3,739,564 |
Massachusetts (Mount Auburn Hospital Health Records System) DFA, Series H-1, 5.00% due 7/1/2024 - 7/1/2025 | 10,265,000 | 10,319,260 | |
Massachusetts (Simmons University) DFA ETM, Series J, 5.25% due 10/1/2023 | 595,000 | 595,000 | |
Michigan — 1.6% | |||
Board of Governors of Wayne State University (Educational Facilities and Equipment), Series A, 5.00% due 11/15/2023 - 11/15/2025 | 1,445,000 | 1,458,346 | |
Michigan Finance Authority (Beaumont Health Credit Group), 5.00% due 8/1/2025 (pre-refunded 8/1/2024) | 8,000,000 | 8,077,464 | |
Michigan Finance Authority (BHSH System Obligated Group), Series A, 5.00% due 4/15/2028 - 4/15/2032 | 7,000,000 | 7,502,535 | |
b | Michigan Finance Authority (Bronson Health Care Group Obligated Group), Series B, 5.00% due 11/15/2044 (put 11/16/2026) | 7,000,000 | 7,117,187 |
Michigan Finance Authority (Great Lakes Water Authority Water Supply System Revenue; Insured: AGM), Series D2, 5.00% due 7/1/2027 | 3,000,000 | 3,011,526 | |
Michigan Finance Authority (Henry Ford Health System), 5.00% due 11/15/2027 | 1,500,000 | 1,533,078 | |
Michigan Finance Authority (McLaren Health Care Corp. Obligated Group), Series A, 5.00% due 5/15/2032 | 1,000,000 | 1,005,447 | |
Michigan Finance Authority (Trinity Health Credit Group), | |||
5.00% due 12/1/2023 - 12/1/2024 | 3,500,000 | 3,513,646 | |
Series A, 5.00% due 12/1/2025 - 12/1/2028 | 3,000,000 | 3,094,356 | |
Michigan State Building Authority, Series I, 5.00% due 10/15/2032 | 1,250,000 | 1,295,851 | |
Michigan State Building Authority (Higher Education Facilities Program) ETM, Series I-A, 5.00% due 10/15/2023 | 7,715,000 | 7,715,625 | |
Royal Oak Hospital Finance Authority (William Beaumont Hospital), Series D, 5.00% due 9/1/2024 (pre-refunded 3/1/2024) | 2,000,000 | 2,008,664 | |
Wayne County Airport Authority (Insured: BAM-TCRS), Series A, 5.00% due 12/1/2032 | 800,000 | 864,942 | |
Minnesota — 0.2% | |||
Dakota County Community Development Agency (Eagan AH I LLLP), 4.125% due 6/1/2024 | 2,515,000 | 2,507,136 | |
Minnesota Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), | |||
Series F, | |||
1.90% due 1/1/2029 | 160,000 | 144,474 | |
1.95% due 7/1/2029 | 375,000 | 336,778 |
28 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Minnesota Municipal Gas Agency (Guaranty: Royal Bank of Canada), Series A, 4.00% due 6/1/2025 | $ 700,000 | $ 689,543 | |
St. Paul Housing and Redevelopment Authority (HealthPartners), Series A, 5.00% due 7/1/2024 - 7/1/2025 | 850,000 | 858,142 | |
Mississippi — 0.2% | |||
Biloxi Public School District (Insured: BAM), 5.00% due 4/1/2025 | 1,350,000 | 1,367,558 | |
b | County of Warren, Series A, 1.375% due 5/1/2034 (put 6/16/2025) | 1,625,000 | 1,515,353 |
Mississippi Development Bank (Jackson Public School District; Insured: BAM), 5.00% due 10/1/2024 - 10/1/2028 | 2,400,000 | 2,461,404 | |
Missouri — 0.5% | |||
b | 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) | 9,265,000 | 9,645,560 |
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 | 4,051,343 | |
Montana — 0.1% | |||
City of Forsyth (NorthWestern Corp.), 3.875% due 7/1/2028 | 1,000,000 | 966,050 | |
Montana Facility Finance Authority (Billings Clinic Obligated Group), Series A, 5.00% due 8/15/2031 | 1,000,000 | 1,081,472 | |
Nebraska — 0.7% | |||
b | Central Plains Energy Project (Guaranty: Bank Of Montreal), Series A-1, 5.00% due 5/1/2054 (put 11/1/2029) | 8,500,000 | 8,560,478 |
b | Central Plains Energy Project (Guaranty: Goldman Sachs & Co.), Series 1, 5.00% due 5/1/2053 (put 10/1/2029) | 2,575,000 | 2,563,129 |
Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), | |||
b | 5.00% due 3/1/2050 (put 1/1/2024) | 1,000,000 | 999,122 |
Series A, 5.00% due 9/1/2031 | 1,215,000 | 1,219,913 | |
Douglas County Hospital Authority No. 3 (Nebraska Methodist Health System), 5.00% due 11/1/2023 - 11/1/2025 | 5,310,000 | 5,359,100 | |
Gretna Public Schools GO, Series B, 5.00% due 12/15/2027 | 3,000,000 | 3,075,390 | |
Nevada — 2.4% | |||
Carson City (Carson Tahoe Regional Healthcare), Series A, 5.00% due 9/1/2025 - 9/1/2027 | 1,565,000 | 1,575,240 | |
City of Las Vegas GO, Series C, 5.00% due 9/1/2031 | 1,000,000 | 1,021,746 | |
Clark County School District (Insured: AGM) GO, Series B, 5.00% due 6/15/2031 | 1,650,000 | 1,751,322 | |
Clark County School District (Insured: BAM) GO, Series B, 5.00% due 6/15/2029 - 6/15/2031 | 4,400,000 | 4,688,925 | |
Clark County School District GO, Series C, 4.00% due 6/15/2030 | 2,015,000 | 2,018,208 | |
b | County of Clark (Nevada Power Co.), 3.75% due 1/1/2036 (put 3/31/2026) | 1,000,000 | 1,001,090 |
County of Clark GO, 4.00% due 11/1/2033 | 2,550,000 | 2,486,706 | |
Las Vegas Valley Water District GO, | |||
Series A, 5.00% due 6/1/2024 - 6/1/2026 | 34,960,000 | 35,519,453 | |
Series B, 5.00% due 12/1/2025 | 20,000,000 | 20,379,520 | |
New Hampshire — 0.2% | |||
d | New Hampshire Business Finance Authority (The United Illuminating Co.), Series A, 4.50% due 10/1/2033 | 7,000,000 | 6,876,415 |
New Jersey — 4.8% | |||
City of Jersey (Municipal Utilities Authority Water Fund), Series B, 4.00% due 5/3/2024 | 5,375,000 | 5,369,152 | |
Essex County Improvement Authority, 5.00% due 7/3/2024 | 3,500,000 | 3,521,102 | |
Essex County Improvement Authority (County Correctional Facilities & Gibraltar Facilities; Insured: Natl-Re) GO, 5.50% due 10/1/2024 | 5,000,000 | 5,072,105 | |
New Jersey (Middlesex Water Co.) EDA, Series A, 5.00% due 10/1/2023 | 1,500,000 | 1,500,000 | |
New Jersey (New Jersey Transit Corp.) (State Aid Withholding) EDA, Series B, 5.00% due 11/1/2024 | 8,000,000 | 8,070,088 | |
New Jersey (New Jersey Transit Corp.) EDA, | |||
Series A, 5.00% due 11/1/2029 - 11/1/2032 | 3,630,000 | 3,869,213 | |
Series B, 5.00% due 11/1/2023 | 2,500,000 | 2,501,240 | |
New Jersey (School Facilities Construction) EDA, | |||
5.00% due 6/15/2028 - 6/15/2029 | 5,090,000 | 5,332,981 | |
Series UU, 5.00% due 6/15/2028 (pre-refunded 6/15/2024) | 7,930,000 | 7,991,949 | |
New Jersey (State of New Jersey Department of the Treasury) EDA, Series DDD, 5.00% due 6/15/2033 (pre-refunded 6/15/2027) | 1,500,000 | 1,574,168 | |
New Jersey Health Care Facilities Financing Authority, 5.00% due 7/1/2024 (pre-refunded 1/1/2024) | 65,000 | 65,125 | |
New Jersey Health Care Facilities Financing Authority (Virtua Health Obligated Group), 5.00% due 7/1/2024 | 935,000 | 936,690 | |
New Jersey Transportation Trust Fund Authority, | |||
Series 2014-BB-2, 5.00% due 6/15/2030 | 1,200,000 | 1,271,641 | |
Series A, 5.00% due 12/15/2032 - 6/15/2033 | 4,100,000 | 4,301,416 | |
Series BB1, 5.00% due 6/15/2033 | 1,425,000 | 1,480,148 | |
New Jersey Transportation Trust Fund Authority (Transportation System), Series D, 5.00% due 6/15/2032 | 6,380,000 | 6,459,125 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), | |||
Series A, 5.00% due 6/15/2028 | 4,240,000 | 4,334,552 | |
Series A-1, 5.00% due 6/15/2024 - 6/15/2027 | 34,285,000 | 35,053,032 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements; Insured: AMBAC), Series B, 5.25% due 12/15/2023 | 3,545,000 | 3,549,857 | |
New Jersey Transportation Trust Fund Authority (Transportation System), | |||
Series A, 5.00% due 12/15/2025 - 6/15/2032 | 25,965,000 | 27,095,012 | |
Series BB-1, 5.00% due 6/15/2031 | 2,500,000 | 2,614,035 | |
State of New Jersey (COVID-19 GO Emergency Bonds) GO, Series A, 5.00% due 6/1/2024 - 6/1/2029 | 8,000,000 | 8,468,557 | |
State of New Jersey GO, 5.00% due 6/1/2027 | 2,200,000 | 2,297,979 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 29 |
Thornburg Limited Term Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
New Mexico — 2.0% | |||
City of Farmington (Public Service Co. of New Mexico), | |||
b | Series A, 0.875% due 6/1/2040 (put 10/1/2026) | $ 3,000,000 | $ 2,685,972 |
b | Series B, 3.00% due 6/1/2040 (put 6/1/2024) | 5,000,000 | 4,938,565 |
b | Series C, 1.15% due 6/1/2040 (put 6/1/2024) | 6,000,000 | 5,855,076 |
b | Series D, 3.90% due 6/1/2040 (put 6/1/2028) | 2,000,000 | 1,936,720 |
Las Cruces School District No. 2 (State Aid Withholding) GO, 5.00% due 8/1/2027 | 1,000,000 | 1,046,338 | |
Lea County Public School District No. 8 Eunice (State Aid Withholding) GO, | |||
4.00% due 9/15/2027 | 1,000,000 | 1,008,876 | |
5.00% due 9/15/2026 | 650,000 | 672,836 | |
New Mexico Finance Authority, Series A, 5.00% due 6/1/2024 | 550,000 | 554,335 | |
New Mexico Finance Authority (The Public Project Revolving Fund Program), Series A, 5.00% due 6/15/2031 | 1,000,000 | 1,019,343 | |
New Mexico Finance Authority (The Public Project Revolving Fund), Series C, 5.00% due 6/1/2029 | 1,900,000 | 1,942,324 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), | |||
Series A, 5.00% due 8/1/2032 | 1,000,000 | 1,061,047 | |
b | Series B, 5.00% due 8/1/2049 (put 8/1/2025) | 3,650,000 | 3,696,464 |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group) ETM, 5.00% due 8/1/2024 - 8/1/2025 | 1,780,000 | 1,801,901 | |
New Mexico Hospital Equipment Loan Council (San Juan Regional Medical Center, Inc.), 5.00% due 6/1/2030 - 6/1/2031 | 1,215,000 | 1,234,460 | |
b | New Mexico Mortgage Finance Authority (JLG Central 217 LLLP), 0.53% due 11/1/2024 (put 5/1/2024) | 10,500,000 | 10,210,357 |
b | New Mexico Mortgage Finance Authority (JLG NM ABQ 2023 LLLP), 5.00% due 2/1/2042 (put 9/1/2025) | 3,000,000 | 3,017,901 |
b | New Mexico Mortgage Finance Authority (JLG SAF 2023 LLLP), 5.00% due 2/1/2042 (put 6/1/2025) | 4,050,000 | 4,064,949 |
Santa Fe Public School District (State Aid Withholding) GO, 5.00% due 8/1/2032 | 500,000 | 538,738 | |
Santa Fe Public School District GO, 4.00% due 8/1/2024 | 1,250,000 | 1,250,765 | |
State of New Mexico Severance Tax Permanent Fund, Series A, 5.00% due 7/1/2025 | 11,705,000 | 11,941,125 | |
New York — 5.7% | |||
City of New York (City Budget Financial Management) GO, Series J, 5.00% due 8/1/2024 | 20,145,000 | 20,324,754 | |
City of New York GO, | |||
Series A-1, 5.00% due 9/1/2033 | 1,300,000 | 1,418,641 | |
Series B-1, 5.00% due 8/1/2032 | 2,000,000 | 2,179,748 | |
Series C, 5.00% due 8/1/2025 - 8/1/2026 | 4,250,000 | 4,363,585 | |
Series C-1, 5.00% due 8/1/2032 | 1,000,000 | 1,071,900 | |
Series F-1, 5.00% due 8/1/2033 | 1,000,000 | 1,096,014 | |
City of Plattsburgh GO, Series B, 4.75% due 11/17/2023 | 7,000,000 | 6,996,332 | |
City of Yonkers (Insured: AGM) GO, Series A, 5.00% due 2/15/2029 | 850,000 | 902,473 | |
County of Suffolk (Insured: BAM) GO, Series D, 5.00% due 10/15/2025 | 750,000 | 765,683 | |
Metropolitan Transportation Authority, | |||
Series A-1, 5.00% due 11/15/2025 | 1,265,000 | 1,278,873 | |
Series B, | |||
4.00% due 11/15/2026 | 1,660,000 | 1,651,863 | |
5.00% due 11/15/2028 | 1,230,000 | 1,261,062 | |
Series C-1, | |||
5.00% due 11/15/2027 | 1,070,000 | 1,087,821 | |
5.25% due 11/15/2028 - 11/15/2029 | 16,100,000 | 16,457,012 | |
Series D-1, 5.00% due 11/15/2028 - 11/15/2029 | 4,990,000 | 5,077,070 | |
Series F, 5.00% due 11/15/2025 | 1,055,000 | 1,070,687 | |
Metropolitan Transportation Authority (Green Bond), | |||
Series A2, 5.00% due 11/15/2027 | 3,450,000 | 3,533,663 | |
Series B, 5.00% due 11/15/2025 - 11/15/2027 | 6,650,000 | 6,780,752 | |
Series C-1, 5.00% due 11/15/2024 - 11/15/2026 | 6,840,000 | 6,951,288 | |
b | New York City Housing Development Corp., Series F-2A, 3.40% due 11/1/2062 (put 12/22/2026) | 2,500,000 | 2,453,900 |
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
Series A, 5.00% due 11/1/2031 - 11/1/2032 | 8,980,000 | 9,693,836 | |
Series A1, 5.00% due 8/1/2031 - 8/1/2032 | 8,500,000 | 8,701,091 | |
Series B, 5.00% due 11/1/2032 | 2,500,000 | 2,742,550 | |
Series C-1, 5.00% due 5/1/2032 | 1,000,000 | 1,079,411 | |
Series F5, 5.00% due 2/1/2029 | 3,500,000 | 3,730,688 | |
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 | 2,588,343 | |
New York State Authority (State of New York Personal Income Tax Revenue), | |||
Series A, 5.00% due 3/15/2030 | 6,500,000 | 6,972,699 | |
Series A1, 5.00% due 3/15/2030 | 5,000,000 | 5,363,615 | |
New York State Dormitory Authority (Insured: BAM), Series A, 5.00% due 10/1/2032 | 3,500,000 | 3,764,918 | |
New York State Dormitory Authority (School Districts Financing Program; Insured: AGC) (State Aid Withholding), Series B, 5.25% due 10/1/2023 | 140,000 | 140,000 |
30 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
New York State Dormitory Authority (School Districts Financing Program; Insured: AGM) (State Aid Withholding), Series A, 5.00% due 10/1/2023 - 10/1/2024 | $ 4,500,000 | $ 4,514,332 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), | |||
Series A, 5.00% due 3/15/2030 | 750,000 | 790,118 | |
Series A1, 5.00% due 3/15/2031 | 4,545,000 | 4,918,208 | |
Series E, 5.00% due 3/15/2033 | 2,000,000 | 2,176,404 | |
New York State Dormitory Authority (State of New York Sales Tax Revenue), | |||
Series A, 5.00% due 3/15/2033 | 500,000 | 517,859 | |
Series E, 5.00% due 3/15/2029 | 4,135,000 | 4,394,699 | |
New York State Thruway Authority (Governor Thomas E. Dewey Thruway), Series K, 5.00% due 1/1/2024 - 1/1/2025 | 3,000,000 | 3,029,594 | |
New York State Urban Development Corp. (State of New York Personal Income Tax Revenue), Series C-2, 5.00% due 3/15/2032 | 4,715,000 | 4,931,588 | |
Oneida County Local Development Corp. (Utica College), 5.00% due 7/1/2032 | 500,000 | 507,807 | |
State of New York Mortgage Agency, | |||
Series 223, | |||
1.85% due 4/1/2026 | 400,000 | 379,081 | |
1.90% due 10/1/2026 | 815,000 | 765,485 | |
1.95% due 4/1/2027 | 1,000,000 | 930,388 | |
2.00% due 10/1/2027 | 775,000 | 714,448 | |
2.30% due 10/1/2030 | 1,110,000 | 962,407 | |
Triborough Bridge & Tunnel Authority, Series A, 5.00% due 11/15/2033 | 750,000 | 765,935 | |
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) (Green Bond), | |||
b | Series A2, 2.00% due 5/15/2045 (put 5/15/2024) | 1,000,000 | 984,931 |
Series D, 5.00% due 11/15/2029 - 11/15/2031 | 3,000,000 | 3,258,440 | |
Series E, 5.00% due 11/15/2032 | 2,000,000 | 2,205,062 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2024 - 7/1/2028 | 1,100,000 | 1,110,917 | |
North Carolina — 1.3% | |||
b | Charlotte-Mecklenburg Hospital Authority (Atrium Health Obligated Group), Series D, 5.00% due 1/15/2049 (put 12/1/2031) | 7,000,000 | 7,581,644 |
Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), Series A, 5.00% due 1/15/2024 | 2,855,000 | 2,856,196 | |
City of Charlotte (Equipment Acquisition & Public Facilities) ETM COP, Series C, 5.00% due 12/1/2023 - 12/1/2025 | 4,435,000 | 4,481,879 | |
b | Columbus County Industrial Facilities & Pollution Control Financing Authority (International Paper Co.), Series B, 2.00% due 11/1/2033 (put 10/1/2024) | 1,100,000 | 1,074,806 |
County of Buncombe (Primary, Middle School & Community College Facilities), Series A, 5.00% due 6/1/2024 | 600,000 | 604,891 | |
County of Dare (Educational Facility Capital Projects), Series A, 5.00% due 6/1/2024 | 700,000 | 700,395 | |
County of Randolph, | |||
Series B, 5.00% due 10/1/2023 | 550,000 | 550,000 | |
Series C, 5.00% due 10/1/2023 | 400,000 | 400,000 | |
North Carolina Housing Finance Agency, Series 51, 3.85% due 7/1/2032 | 1,500,000 | 1,408,026 | |
North Carolina Turnpike Authority, 5.00% due 1/1/2024 - 1/1/2029 | 12,765,000 | 13,027,001 | |
North Carolina Turnpike Authority ETM, Series B, 5.00% due 2/1/2024 | 2,000,000 | 2,003,046 | |
State of North Carolina, 5.00% due 3/1/2033 | 5,000,000 | 5,330,835 | |
Ohio — 3.0% | |||
Akron, Bath and Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.00% due 11/15/2028 - 11/15/2032 | 2,880,000 | 2,963,057 | |
Cincinnati City School District (Educational Facilities; Insured: Natl-Re) GO, 5.25% due 12/1/2023 | 2,690,000 | 2,694,344 | |
City of Cleveland (Parks & Recreation Facilities), Series A3, 5.00% due 10/1/2023 | 630,000 | 630,000 | |
City of Cleveland (Public Facilities Improvements), Series B1, 5.00% due 10/1/2025 - 10/1/2028 | 2,855,000 | 2,981,853 | |
City of Cleveland (Public Facilities), Series A-1, 5.00% due 10/1/2023 | 1,155,000 | 1,155,000 | |
County of Allen Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.), | |||
b | Series B-1, 5.00% due 10/1/2049 (put 8/3/2027) | 2,665,000 | 2,752,209 |
b | Series B-2, 5.00% due 10/1/2051 (put 6/4/2030) | 10,590,000 | 11,216,102 |
County of Cuyahoga (Convention Hotel Project) COP, 5.00% due 12/1/2023 - 12/1/2024 | 17,160,000 | 17,227,912 | |
County of Cuyahoga (Musical Arts Association), 5.00% due 1/1/2030 - 1/1/2032 | 820,000 | 867,669 | |
County of Franklin GO, 5.00% due 12/1/2030 | 2,500,000 | 2,574,180 | |
County of Hamilton Sales Tax Revenue, Series A, 4.00% due 12/1/2031 | 1,100,000 | 1,074,391 | |
Franklin County Convention Facilities Authority (Greater Columbus Convention Center) ETM, 5.00% due 12/1/2024 | 1,000,000 | 1,011,007 | |
Northeast Ohio Medical University (Insured: BAM), 5.00% due 12/1/2029 - 12/1/2032 | 1,175,000 | 1,227,532 | |
b | Ohio Air Quality Development Authority (Duke Energy Corp.), Series B, 4.00% due 9/1/2030 (put 6/1/2027) | 4,025,000 | 3,926,098 |
b | Ohio Air Quality Development Authority (Ohio Valley Electric Corp.), Series B, 1.375% due 2/1/2026 (put 11/1/2024) | 800,000 | 765,633 |
Ohio Turnpike & Infrastructure Commission, Series A, 5.00% due 2/15/2027 - 2/15/2028 | 14,555,000 | 15,269,722 | |
Ohio Water Development Authority, Series A, 5.00% due 12/1/2030 | 1,000,000 | 1,037,495 | |
State of Ohio (Cleveland Clinic Health System Obligated Group), Series A, 5.00% due 1/1/2026 - 1/1/2032 | 1,800,000 | 1,863,242 | |
State of Ohio Department of Administrative Services, Series A-2, 4.00% due 4/1/2032 | 1,000,000 | 1,000,917 | |
State of Ohio GO, Series V, 5.00% due 5/1/2026 - 5/1/2028 | 14,110,000 | 14,842,382 | |
Youngstown City School District (Educational Facilities) (State Aid Withholding) GO, 4.00% due 12/1/2023 | 1,700,000 | 1,699,254 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 31 |
Thornburg Limited Term Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Oklahoma — 3.1% | |||
Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, Series A, 5.00% due 9/1/2032 - 9/1/2033 | $11,000,000 | $ 11,540,415 | |
Canadian County Educational Facilities Authority (Yukon Public Schools Project) ISD, 5.00% due 9/1/2027 - 9/1/2029 | 10,850,000 | 11,250,330 | |
Cleveland County Educational Facilities Authority (Moore Public Schools) ISD, 4.00% due 6/1/2030 - 6/1/2031 | 9,240,000 | 9,371,083 | |
Cleveland County Educational Facilities Authority (Norman Public Schools) ISD, | |||
5.00% due 6/1/2024 | 4,250,000 | 4,274,319 | |
Series A, 5.00% due 6/1/2028 - 6/1/2033 | 15,850,000 | 16,851,769 | |
Clinton Public Works Authority, 5.00% due 10/1/2029 - 10/1/2032 | 4,295,000 | 4,553,026 | |
Cushing Educational Facilities Authority (Payne County No. 67 Cushing) ISD, 5.00% due 9/1/2032 | 14,000,000 | 14,909,286 | |
Muskogee Industrial Trust (Muskogee County No. 20) ISD, 5.00% due 9/1/2024 - 9/1/2027 | 2,250,000 | 2,258,736 | |
Oklahoma (INTEGRIS Health) DFA, Series A, 5.00% due 8/15/2024 - 8/15/2025 | 2,225,000 | 2,238,094 | |
Oklahoma County Finance Authority (Midwest City Public Service) ISD, 5.00% due 10/1/2023 - 10/1/2026 | 2,490,000 | 2,510,702 | |
Rogers County Educational Facilities Authority (School District No. 2 Catoosa), 5.00% due 9/1/2029 - 9/1/2032 | 12,000,000 | 12,645,209 | |
Oregon — 0.5% | |||
b | Oregon Health & Science University (Oregon Health & Science University Obligated Group), Series B2, 5.00% due 7/1/2046 (put 2/1/2032) | 11,780,000 | 12,749,670 |
Tri-County Metropolitan Transportation District of Oregon, Series A, 5.00% due 10/1/2028 | 2,845,000 | 2,985,987 | |
Pennsylvania — 6.3% | |||
Allegheny County Higher Education Building Authority (Duquesne University of the Holy Spirit), Series A, 5.00% due 3/1/2024 - 3/1/2025 | 1,645,000 | 1,662,727 | |
Allegheny County Hospital Development Authority (UPMC Obligated Group), Series A, 5.00% due 7/15/2025 - 7/15/2031 | 3,670,000 | 3,795,070 | |
Allegheny County Sanitary Authority (2015 Capital Project), 5.00% due 12/1/2023 - 12/1/2024 | 19,150,000 | 19,219,180 | |
Allegheny County Sanitary Authority (2015 Capital Project; Insured: BAM), 5.00% due 12/1/2025 | 1,000,000 | 1,023,354 | |
Allegheny County Sanitary Authority (Insured: BAM), 5.00% due 12/1/2029 | 2,830,000 | 2,902,725 | |
Bethlehem Area School District Authority (State Aid Withholding), | |||
b | Series A, 3.914% (SOFR + 0.35%) due 1/1/2030 (put 11/1/2025) | 2,990,000 | 2,894,990 |
b | Series C, 3.914% (SOFR + 0.35%) due 1/1/2032 (put 11/1/2025) | 2,990,000 | 2,901,227 |
City of Philadelphia (Insured: AGM) GO, 5.00% due 8/1/2025 - 8/1/2027 | 28,685,000 | 29,410,148 | |
City of Philadelphia (Pennsylvania Gas Works), | |||
Series 13, 5.00% due 8/1/2024 - 8/1/2025 | 5,950,000 | 5,986,520 | |
Series 14, 5.00% due 10/1/2023 - 10/1/2031 | 2,200,000 | 2,225,573 | |
City of Philadelphia (Pennsylvania Gas Works; Insured: AGM), Series A, 5.00% due 8/1/2030 - 8/1/2032 | 1,750,000 | 1,873,012 | |
City of Philadelphia Airport Revenue, Series A, 5.00% due 7/1/2030 | 750,000 | 801,614 | |
City of Philadelphia IDA, 5.00% due 5/1/2024 - 5/1/2028 | 2,975,000 | 3,065,348 | |
City of Philadelphia Water & Wastewater Revenue, Series B, 5.00% due 7/1/2032 | 2,500,000 | 2,549,065 | |
Commonwealth Financing Authority (Pennsylvania Department of Community & Economic Development; Insured: AGM), Series B-1, 5.00% due 6/1/2025 | 3,000,000 | 3,043,845 | |
Commonwealth of Pennsylvania (Capital Facilities) GO, Series D, 5.00% due 8/15/2024 - 8/15/2025 | 20,325,000 | 20,709,066 | |
Commonwealth of Pennsylvania GO, 5.00% due 7/15/2030 | 12,930,000 | 13,842,043 | |
County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2023 - 11/15/2024 | 6,600,000 | 6,642,315 | |
Geisinger Authority (Geisinger Health System Obligated group), | |||
b | Series B, 5.00% due 4/1/2043 (put 2/15/2027) | 4,115,000 | 4,181,050 |
b | Series C, 5.00% due 4/1/2043 (put 4/1/2030) | 3,475,000 | 3,603,509 |
Hempfield Area School District (Insured: AGM) (State Aid Withholding) GO, Series B, 5.00% due 3/15/2027 | 1,410,000 | 1,455,790 | |
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 | 4,779,521 | |
Lancaster County Solid Waste Management Authority (Harrisburg Resource Recovery Facility) ETM, Series A, 5.00% due 12/15/2023 | 2,680,000 | 2,682,873 | |
Luzerne County (Insured: AGM) IDA GO, 5.00% due 12/15/2023 - 12/15/2027 | 4,045,000 | 4,095,375 | |
Monroeville Finance Authority (UPMC Obligated Group), Series B, 5.00% due 2/15/2030 - 2/15/2031 | 2,500,000 | 2,638,029 | |
b | Montgomery County (Constellation Energy Generation LLC) IDA, Series A, 4.10% due 4/1/2053 (put 4/3/2028) | 5,000,000 | 4,942,110 |
Montgomery County Higher Education and Health Authority (Thomas Jefferson University Obligated Group), 5.00% due 9/1/2033 | 700,000 | 724,244 | |
Northeastern Pennsylvania Hospital and Education Authority (King’s College), 5.00% due 5/1/2027 - 5/1/2029 | 3,825,000 | 3,893,813 | |
Pennsylvania (UPMC Obligated Group) EDFA, | |||
5.00% due 3/15/2026 | 220,000 | 225,148 | |
Series A, 5.00% due 10/15/2033 | 1,150,000 | 1,214,604 | |
b | Pennsylvania (Waste Management Obligated Group; Guaranty: Waste Management, Inc.) EDFA, 0.95% due 12/1/2033 (put 12/1/2026) | 1,000,000 | 876,865 |
Pennsylvania Higher Educational Facilities Authority (University of Pennsylvania Health System), Series A, 5.00% due 8/15/2027 | 1,000,000 | 1,044,020 | |
Pennsylvania Turnpike Commission, Series B, 5.00% due 12/1/2032 | 500,000 | 542,168 | |
Philadelphia Gas Works Co. (Insured: AGM), Series A, 5.00% due 8/1/2025 | 460,000 | 468,413 | |
Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2025 - 4/1/2027 | 3,365,000 | 3,432,354 | |
Pittsburgh Water and Sewer Authority (Insured: AGM), Series B, 5.00% due 9/1/2033 | 1,000,000 | 1,084,601 | |
Plum Borough School District (Insured: BAM) (State Aid Withholding) GO, Series A, 5.00% due 9/15/2024 | 1,885,000 | 1,885,243 | |
School District of Philadelphia (State Aid Withholding) GO, | |||
Series A, 5.00% due 9/1/2024 - 9/1/2028 | 1,900,000 | 1,941,663 | |
Series F, 5.00% due 9/1/2024 | 620,000 | 623,352 |
32 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
School District of Philadelphia (State Aid Withholding; Insured: BAM-TCRS) GO, Series F, 5.00% due 9/1/2025 | $ 500,000 | $ 509,605 | |
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 | 4,304,608 | |
State Public School Building Authority (Insured: BAM), Series A, 4.00% due 10/1/2033 | 2,325,000 | 2,271,325 | |
State Public School Building Authority (School District of Philadelphia; Insured: AGM) (State Aid Withholding), Series A, 5.00% due 6/1/2030 | 3,550,000 | 3,654,842 | |
University of Pittsburgh-of the Commonwealth System of Higher Education, Series A, 4.00% due 4/15/2026 | 6,000,000 | 6,038,544 | |
Rhode Island — 0.3% | |||
Rhode Island Clean Water Finance Agency (Public Drinking Water Supply or Treatment Facilities), Series B, 5.00% due 10/1/2023 | 2,380,000 | 2,380,000 | |
Rhode Island Housing and Mortgage Finance Corp, Series 76-A, 5.00% due 10/1/2029 | 180,000 | 185,759 | |
State of Rhode Island and Providence Plantations (Information Technology) COP, Series C, 5.00% due 11/1/2024 | 3,010,000 | 3,044,395 | |
State of Rhode Island and Providence Plantations (Kent County Courthouse) COP, Series A, 5.00% due 10/1/2023 | 1,500,000 | 1,500,000 | |
State of Rhode Island and Providence Plantations (Training School) COP, Series B, 5.00% due 10/1/2023 | 1,705,000 | 1,705,000 | |
South Carolina — 0.5% | |||
Beaufort-Jasper Water & Sewer Authority (Waterworks & Sewer System), Series B, 5.00% due 3/1/2025 | 1,000,000 | 1,016,939 | |
Berkeley County School District (School Facility Equipment Acquisition), 5.00% due 12/1/2024 | 2,000,000 | 2,026,260 | |
City of Charleston Public Facilities Corp. (City of Charleston Project), Series A, 5.00% due 9/1/2025 | 930,000 | 947,479 | |
County of Charleston (South Aviation Avenue Construction), 5.00% due 12/1/2023 | 2,460,000 | 2,462,140 | |
b | Patriots Energy Group Financing Agency (Guaranty: Goldman Sachs Group, Inc.), Series A1, 5.25% due 10/1/2054 (put 8/1/2031) | 2,000,000 | 2,009,984 |
SCAGO Educational Facilities Corp. (School District of Pickens County), 5.00% due 12/1/2023 - 12/1/2029 | 5,010,000 | 5,069,615 | |
South Dakota — 0.1% | |||
South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group), 5.00% due 9/1/2028 | 1,500,000 | 1,549,923 | |
South Dakota Health & Educational Facilities Authority (Sanford Health), 5.00% due 11/1/2024 - 11/1/2025 | 1,405,000 | 1,424,291 | |
Tennessee — 1.4% | |||
Health Educational and Housing Facility Board of the City of Memphis (Memphis Towers TC LP), 3.40% due 12/1/2023 | 1,750,000 | 1,745,623 | |
b | Knox County Health Educational & Housing Facility Board (Gleason Partners LP), 3.95% due 12/1/2027 (put 12/1/2025) | 1,500,000 | 1,493,841 |
Shelby County Health Educational & Housing Facilities Board (Methodist Le Bonheur Obligated Group), Series A, 5.00% due 5/1/2029 | 1,990,000 | 2,045,666 | |
b | Tennessee Energy Acquisition Corp. (Guaranty: Goldman Sachs Group, Inc.), Series A-1, 5.00% due 5/1/2053 (put 5/1/2028) | 1,000,000 | 997,995 |
b | 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) | 32,090,000 | 32,021,296 |
Tennessee HDA, | |||
Series 2A, | |||
3.80% due 1/1/2032 | 400,000 | 377,984 | |
3.875% due 1/1/2033 | 500,000 | 470,445 | |
3.90% due 7/1/2033 | 500,000 | 469,274 | |
3.95% due 1/1/2034 | 1,000,000 | 937,643 | |
Texas — 14.5% | |||
Amarillo Junior College District GO, 5.00% due 2/15/2030 | 2,325,000 | 2,503,118 | |
Arlington Higher Education Finance Corp (Riverwalk Education Foundation, Inc.) (Insured: PSF-GTD), 5.00% due 8/15/2029 | 555,000 | 586,199 | |
Arlington Higher Education Finance Corp. (Riverwalk Education Foundation, Inc.) (Insured: PSF-GTD), 5.00% due 8/15/2026 - 8/15/2032 | 940,000 | 989,902 | |
Bexar County Hospital District (University Health System) GO, 5.00% due 2/15/2026 | 1,000,000 | 1,024,799 | |
b | Bexar County Housing Finance Corp. (Culebra Road Apartments LP), 4.05% due 3/1/2028 (put 3/1/2026) | 2,500,000 | 2,460,492 |
Boerne School District (Insured: PSF-GTD) ISD GO, | |||
b | 2.80% due 12/1/2051 (put 12/1/2023) | 4,000,000 | 3,990,624 |
b | 3.125% due 2/1/2053 (put 2/1/2027) | 4,800,000 | 4,718,208 |
a | Central Texas Turnpike System, Series C, 5.00% due 8/15/2031 | 1,650,000 | 1,646,749 |
City of Austin Water & Wastewater System Revenue, Series A, 5.00% due 11/15/2032 | 1,000,000 | 1,025,800 | |
City of Beaumont (Waterworks & Sewer System Improvements; Insured: AGM), Series A, 5.00% due 9/1/2024 | 2,500,000 | 2,500,730 | |
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2025 | 3,000,000 | 3,041,394 | |
City of Dallas (Trinity River Corridor Infrastructure) GO, | |||
5.00% due 2/15/2024 - 2/15/2026 | 20,640,000 | 20,711,383 | |
Series A, 5.00% due 2/15/2024 | 5,235,000 | 5,242,633 | |
b | City of Dallas Housing Finance Corp. (Ash Creek Housing LLC), 5.00% due 7/1/2026 (put 12/1/2025) | 1,500,000 | 1,514,935 |
City of Georgetown Utility System Revenue (Insured: BAM), 5.00% due 8/15/2028 - 8/15/2029 | 1,300,000 | 1,380,779 | |
City of Houston (Airport System), | |||
Series B, 5.00% due 7/1/2025 - 7/1/2028 | 9,105,000 | 9,397,714 | |
Series D, 5.00% due 7/1/2027 | 3,355,000 | 3,492,313 | |
City of Houston (Combined Utility System), | |||
Series C, 5.00% due 5/15/2024 | 7,250,000 | 7,295,276 | |
Series D, 5.00% due 11/15/2023 - 11/15/2024 | 10,000,000 | 10,062,915 | |
City of Houston (Public Improvements) GO, Series A, 5.00% due 3/1/2027 - 3/1/2028 | 4,375,000 | 4,536,862 | |
City of Houston Combined Utility System Revenue, Series B, 4.00% due 11/15/2031 | 1,725,000 | 1,706,177 | |
City of Houston GO, Series A, 5.00% due 3/1/2031 | 2,635,000 | 2,781,142 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 33 |
Thornburg Limited Term Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
City of Irving GO, Series A, 5.00% due 9/15/2029 | $ 1,000,000 | $ 1,048,691 | |
City of Laredo (Sports Venues; Insured: AGM) ETM, 5.00% due 3/15/2024 | 300,000 | 301,178 | |
City of Lubbock Electric Light & Power System Revenue, 5.00% due 4/15/2025 | 725,000 | 732,760 | |
City of Lubbock GO, Series A, 5.00% due 2/15/2026 - 2/15/2027 | 1,500,000 | 1,550,903 | |
City of Mansfield GO, Series A, 5.00% due 2/15/2031 - 2/15/2033 | 1,500,000 | 1,636,782 | |
City of McAllen (International Toll Bridge System; Insured: AGM), Series A, 5.00% due 3/1/2024 - 3/1/2027 | 3,015,000 | 3,055,058 | |
City of Port Arthur (CTFS Obligation; Insured: BAM) GO, 5.00% due 2/15/2033 | 1,025,000 | 1,096,110 | |
City of San Antonio (Public Facilities Corp.), 5.00% due 9/15/2027 - 9/15/2032 | 4,155,000 | 4,464,363 | |
City of San Antonio Electric & Gas Systems Revenue, | |||
4.00% due 2/1/2032 | 4,100,000 | 4,079,545 | |
b | Series A, 1.75% due 2/1/2033 (put 12/1/2024) | 6,995,000 | 6,813,263 |
City of San Antonio Electric & Gas Systems Revenue (CPS Energy), 5.25% due 2/1/2024 | 7,000,000 | 7,020,636 | |
Clear Creek (Insured: PSF-GTD) ISD GO, | |||
b | 3.60% due 2/15/2035 (put 8/15/2025) | 1,500,000 | 1,494,009 |
Series A, 4.00% due 2/15/2033 | 5,000,000 | 5,004,150 | |
Clifton Higher Education Finance Corp. (Idea Public Schools; Insured: PSF-GTD), | |||
4.00% due 8/15/2028 | 2,000,000 | 1,998,388 | |
Series T, 5.00% due 8/15/2026 | 400,000 | 410,050 | |
Clifton Higher Education Finance Corp. (YES Prep Public Schools, Inc.; Insured: PSF-GTD), 5.00% due 4/1/2027 - 4/1/2029 | 1,700,000 | 1,765,909 | |
Conroe (Insured: PSF-GTD) ISD GO, Series A, 4.00% due 2/15/2033 | 1,050,000 | 1,052,024 | |
Cotulla (Insured: PSF-GTD) ISD GO, 5.00% due 2/15/2029 - 2/15/2033 | 5,025,000 | 5,405,272 | |
County of Bexar GO, 4.00% due 6/15/2033 | 2,750,000 | 2,753,322 | |
County of Harris (Harris County Toll Road Revenue), Series B, 5.00% due 8/15/2031 | 1,350,000 | 1,365,783 | |
County of Harris (Harris Toll Road Revenue), Series A, 5.00% due 8/15/2031 | 2,500,000 | 2,567,550 | |
County of Harris (Tax Road) GO, Series A, 5.00% due 10/1/2028 | 3,205,000 | 3,367,429 | |
County of Hays GO, 5.00% due 2/15/2024 - 2/15/2025 | 1,800,000 | 1,811,153 | |
County of La Salle (Insured: AGM) GO, 5.00% due 3/1/2024 - 3/1/2028 | 17,100,000 | 17,579,104 | |
Cypress-Fairbanks (Insured: PSF-GTD) ISD GO, 5.00% due 2/15/2028 | 2,955,000 | 3,005,468 | |
Dallas County Utility & Reclamation District GO, 5.00% due 2/15/2026 | 1,000,000 | 1,018,637 | |
Dallas Fort Worth International Airport, 5.00% due 11/1/2023 | 1,000,000 | 1,000,475 | |
b | Denton (Insured: PSF-GTD) ISD GO, Series B, 2.00% due 8/1/2044 (pre-refunded 8/1/2024) | 340,000 | 334,194 |
b | Dickinson (Insured: PSF-GTD) ISD GO, 3.50% due 8/1/2037 (put 8/1/2025) | 1,000,000 | 991,047 |
b | El Paso Housing Finance Corp. (Columbia Housing Partners LP), 4.50% due 3/1/2026 (put 3/1/2025) | 2,000,000 | 2,000,230 |
Franklin (Insured: PSF-GTD) ISD GO, 4.00% due 2/15/2032 | 2,000,000 | 1,989,472 | |
Frisco (Insured: PSF-GTD) ISD GO, 5.00% due 8/15/2033 | 1,465,000 | 1,550,256 | |
b | Grand Parkway Transportation Corp., 5.00% due 10/1/2052 (put 4/1/2028) | 4,000,000 | 4,214,864 |
Gulf Coast Waste Disposal Authority (Bayport Area Wastewater Treatment System; Insured: AGM), 5.00% due 10/1/2023 - 10/1/2025 | 1,850,000 | 1,873,374 | |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group), | |||
Series A, | |||
4.00% due 12/1/2031 | 825,000 | 825,204 | |
5.00% due 12/1/2023 - 12/1/2025 | 6,245,000 | 6,311,928 | |
b | Series B, 5.00% due 6/1/2050 (put 12/1/2028) | 2,250,000 | 2,385,180 |
b | Series C-3, 5.00% due 6/1/2032 (put 12/1/2026) | 1,300,000 | 1,335,875 |
Harris County Cultural Education Facilities Finance Corp. (TECO Project), 5.00% due 11/15/2023 - 11/15/2027 | 1,350,000 | 1,397,723 | |
b | Harris County Cultural Education Facilities Finance Corp. (Texas Children’s Hospital Obligated Group), Series B, 5.00% due 10/1/2051 (put 10/1/2031) | 2,125,000 | 2,297,289 |
Harris County-Houston Sports Authority (Insured: AGM), Series A, 5.00% due 11/15/2023 - 11/15/2024 | 17,905,000 | 18,045,339 | |
Hays Consolidated (Insured: PSF-GTD) ISD GO, 5.00% due 2/15/2033 | 1,250,000 | 1,367,886 | |
b | Houston (Insured: PSF-GTD) ISD GO, Series C, 4.00% due 6/1/2039 (put 6/1/2025) | 3,000,000 | 3,008,805 |
b | Houston Housing Finance Corp. (Summerdale Apartments LP), 5.00% due 8/1/2041 (put 8/1/2026) | 3,500,000 | 3,553,784 |
b | Houston Housing Finance Corp. (Sunset Gardens Preservation LP), 4.00% due 10/1/2025 (put 10/1/2024) | 6,000,000 | 5,965,944 |
b | Houston Housing Finance Corp. (Temenos Permanent Affordable LLC), 4.08% due 8/1/2024 (put 2/1/2024) | 1,450,000 | 1,443,833 |
Humble (Insured: PSF-GTD) ISD GO, 4.00% due 2/15/2033 | 1,605,000 | 1,613,105 | |
b | Jacksboro (Insured: PSF-GTD) ISD GO, 4.00% due 2/15/2048 (put 8/15/2028) | 2,500,000 | 2,530,902 |
Keller (Insured: PSF-GTD) ISD GO, 5.00% due 8/15/2027 (pre-refunded 2/15/2025) | 5,795,000 | 5,868,428 | |
b | Lakeside Place PFC (Brookside Gardens Apartments LLC), 4.15% due 11/1/2026 (put 11/1/2025) | 5,000,000 | 4,962,595 |
Laredo Community College District (School Facilities Improvements) GO, 5.00% due 8/1/2024 | 715,000 | 720,588 | |
Leander (Insured: PSF-GTD) ISD GO, Series A, 5.00% due 2/15/2029 | 1,940,000 | 2,070,572 | |
Llano (Insured: PSF-GTD) ISD GO, 5.00% due 2/15/2031 - 2/15/2032 | 2,200,000 | 2,283,955 | |
Lower Colorado River Authority, Series D, 5.00% due 5/15/2026 - 5/15/2027 | 2,200,000 | 2,238,881 | |
Lower Colorado River Authority (LCRA Transmission Services Corp.), | |||
Series A, | |||
5.00% due 5/15/2031 - 5/15/2032 | 900,000 | 964,978 |
34 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
5.25% due 5/15/2033 | $ 350,000 | $ 382,141 | |
Lubbock Electric Light & Power System Revenue, 5.00% due 4/15/2032 | 1,000,000 | 1,051,636 | |
Metropolitan Transit Authority of Harris County, | |||
5.00% due 11/1/2023 - 11/1/2028 | 14,475,000 | 15,049,030 | |
Series D, 5.00% due 11/1/2023 - 11/1/2027 | 5,605,000 | 5,734,786 | |
North East (Insured: PSF-GTD) ISD GO, | |||
b | 2.20% due 8/1/2049 (put 8/1/2024) | 3,000,000 | 2,958,537 |
b | 3.60% due 8/1/2052 (put 8/1/2024) | 5,000,000 | 4,987,235 |
Northside (Insured: PSF-GTD) ISD GO, | |||
4.00% due 6/15/2033 | 1,500,000 | 1,485,698 | |
b | Series B, 3.00% due 8/1/2053 (put 8/1/2026) | 7,400,000 | 7,259,193 |
Pecos Barstow Toyah (Insured: PSF-GTD) ISD GO, 5.00% due 2/15/2031 - 2/15/2033 | 5,500,000 | 5,771,154 | |
Prosper (Insured: PSF-GTD) ISD GO, 5.00% due 2/15/2033 | 1,000,000 | 1,088,033 | |
Round Rock (Educational Facilities Improvements; Insured: PSF-GTD) ISD GO, 5.00% due 8/1/2028 - 8/1/2029 (pre-refunded 8/1/2025) | 5,820,000 | 5,925,476 | |
San Antonio (Insured: PSF-GTD) ISD GO, 5.00% due 8/15/2033 | 2,080,000 | 2,281,352 | |
b | San Antonio Housing Trust Finance Corp. (Arbors at West Avenue LP), 1.45% due 3/1/2026 (put 3/1/2025) | 3,500,000 | 3,352,930 |
b | San Antonio Housing Trust Public Facility Corp. (PV Country Club Village LP), 4.00% due 8/1/2026 (put 8/1/2025) | 4,000,000 | 3,924,392 |
d | Southwest (Insured: PSF-GTD) ISD GO, 5.00% due 2/1/2032 - 2/1/2033 | 2,600,000 | 2,813,775 |
State of Texas GO, | |||
5.00% due 10/1/2027 | 1,875,000 | 1,884,292 | |
Series A, 4.00% due 10/1/2033 | 2,500,000 | 2,501,455 | |
Stephen F Austin State University, 5.00% due 10/15/2024 | 1,445,000 | 1,462,321 | |
Tarrant County College District GO, 5.00% due 8/15/2032 | 2,500,000 | 2,744,440 | |
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health Obligated Group), | |||
b | Series A, 5.00% due 7/1/2053 (put 7/1/2032) | 7,520,000 | 7,844,488 |
Series B, 5.00% due 7/1/2032 | 2,150,000 | 2,212,879 | |
Tarrant County Hospital District GO, 5.00% due 8/15/2025 - 8/15/2027 | 2,880,000 | 2,974,291 | |
Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2023 - 12/15/2032 | 69,565,000 | 68,599,677 | |
Texas Public Finance Authority (Texas Southern University; Insured: BAM), 5.00% due 5/1/2032 - 5/1/2033 | 1,700,000 | 1,782,459 | |
b | Texas State Affordable Housing Corp. (FC Juniper Creek Housing LP), 3.75% due 7/1/2044 (put 7/1/2026) | 2,000,000 | 1,949,848 |
Texas State Technical College (Insured: AGM), | |||
Series A, | |||
5.00% due 8/1/2031 - 8/1/2032 | 4,250,000 | 4,583,259 | |
5.25% due 8/1/2033 | 2,300,000 | 2,529,246 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2024 | 1,000,000 | 1,001,452 | |
Texas Woman’s University, Series A, 5.00% due 7/1/2031 - 7/1/2033 | 4,275,000 | 4,650,023 | |
Walnut Creek Special Utility District (Water System Improvements; Insured: BAM), 5.00% due 1/10/2024 | 750,000 | 750,945 | |
Utah — 0.1% | |||
b | County of Utah (Intermountain Healthcare Obligated Group), Series B, 5.00% due 5/15/2060 (put 8/1/2026) | 1,740,000 | 1,788,475 |
Utah Telecommunication Open Infrastructure Agency, | |||
5.00% due 6/1/2031 | 600,000 | 639,454 | |
5.25% due 6/1/2033 | 500,000 | 544,289 | |
Virginia — 1.2% | |||
b | Halifax County IDA, Series A, 1.65% due 12/1/2041 (put 5/31/2024) | 3,000,000 | 2,948,658 |
b | Roanoke (Carilion Clinic Obligated Group) EDA, Series D, 5.00% due 7/1/2053 (put 7/1/2030) | 12,960,000 | 13,851,959 |
Virginia Commonwealth Transportation Board, | |||
4.00% due 5/15/2032 | 1,000,000 | 1,007,241 | |
5.00% due 9/15/2028 | 3,945,000 | 4,157,560 | |
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2024 - 1/1/2033 | 5,650,000 | 5,747,072 | |
b | Wise County (Virginia Electric and Power Co.) IDA, Series A, 1.20% due 11/1/2040 (put 5/31/2024) | 6,705,000 | 6,524,361 |
Washington — 0.7% | |||
Clark County Public Utility District No. 1, 5.00% due 1/1/2028 | 500,000 | 525,806 | |
Energy Northwest (Nine Canyon Wind Project Phase I-III), 5.00% due 7/1/2025 | 850,000 | 864,162 | |
King County School District No. 414 (State Aid Withholding) GO, 4.00% due 12/1/2033 | 2,000,000 | 1,967,450 | |
Marysville School District No. 25 (Snohomish County Educational Facilities) (State Aid Withholding) GO, 5.00% due 12/1/2023 | 1,700,000 | 1,701,030 | |
Skagit County Public Hospital District No. 1 (Skagit Regional Health) ETM, Series A, 5.00% due 12/1/2023 | 750,000 | 750,811 | |
State of Washington (State and Local Agency Real and Personal Property Projects) COP, Series A, 5.00% due 7/1/2027 | 4,970,000 | 5,179,943 | |
State of Washington GO, | |||
Series 2021A, 5.00% due 6/1/2024 - 6/1/2030 | 1,150,000 | 1,210,250 | |
Series C, 5.00% due 2/1/2032 | 1,200,000 | 1,222,685 | |
Series R, 5.00% due 7/1/2032 | 4,000,000 | 4,070,764 | |
Washington Health Care Facilities Authority (Providence St. Joseph Health Obligated Group), Series B, 5.00% due 10/1/2031 | 2,500,000 | 2,524,942 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 35 |
Thornburg Limited Term Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Wisconsin — 2.0% | |||
City of Milwaukee (Insured: AGM) GO, Series N3, 5.00% due 4/1/2031 - 4/1/2032 | $ 6,550,000 | $ 6,863,535 | |
County of Waushara GO, Series A, 4.50% due 6/1/2027 | 4,000,000 | 4,035,872 | |
b | Public Finance Authority (Duke Energy Progress LLC), Series A-1, 3.30% due 10/1/2046 (put 10/1/2026) | 11,920,000 | 11,732,463 |
Public Finance Authority (Moses H Cone Memorial Hospital Obligated Group), Series A, 5.00% due 10/1/2033 | 8,000,000 | 8,726,976 | |
Public Finance Authority (National Senior Communities Obligated Group), 4.00% due 1/1/2024 - 1/1/2032 | 6,645,000 | 6,405,795 | |
b | Public Finance Authority (Providence St. Joseph Health Obligated Group), Series C, 4.00% due 10/1/2041 (put 10/1/2030) | 4,000,000 | 3,846,628 |
b | Public Finance Authority (St. John’s College), 3.00% due 10/1/2045 (put 10/1/2026) | 1,500,000 | 1,416,247 |
Racine USD, Series B, 4.125% due 4/1/2025 | 1,500,000 | 1,500,301 | |
Village of Kimberly, 4.00% due 6/1/2024 | 6,000,000 | 5,992,734 | |
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group), | |||
b | Series B1, 5.00% due 8/15/2054 (put 7/1/2027) | 1,375,000 | 1,409,628 |
b | Series B-4, 5.00% due 8/15/2054 (put 1/29/2025) | 2,680,000 | 2,714,797 |
Wisconsin Health & Educational Facilities Authority (Marquette University), 5.00% due 10/1/2023 | 235,000 | 235,000 | |
Wisconsin Housing EDA, | |||
Series B, | |||
b | 0.40% due 5/1/2045 (put 11/1/2023) | 250,000 | 249,169 |
b | 0.50% due 11/1/2050 (put 11/1/2024) | 1,500,000 | 1,430,178 |
b | 3.75% due 5/1/2054 (put 11/1/2026) | 3,000,000 | 2,939,100 |
WPPI Energy, Series A, 5.00% due 7/1/2024 - 7/1/2028 | 1,325,000 | 1,354,816 | |
Total Long-Term Municipal Bonds — 95.1% (Cost $2,884,336,511) | 2,832,010,596 | ||
Short-Term Municipal Bonds — 3.3% | |||
California — 0.1% | |||
b | California Public Finance Authority (Sharp Healthcare Obligated Group; LOC Barclays Bank plc), Series C, 3.50% due 8/1/2052 (put 10/2/2023) | 1,200,000 | 1,200,000 |
b | Regents of the University of California Medical Center Pooled Revenue, Series B1, 3.50% due 5/15/2032 (put 10/2/2023) | 1,320,000 | 1,320,000 |
Florida — 0.0% | |||
b,c | JPMorgan Chase Putters/Drivers Trust (LOC JP Morgan Chase Bank NA), Series 5032, 4.75% due 12/15/2034 (put 10/2/2023) | 700,000 | 700,000 |
New Mexico — 0.1% | |||
b | New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA JP Morgan Chase Bank NA), Series B, 4.60% due 8/1/2034 (put 10/2/2023) | 3,500,000 | 3,500,000 |
New York — 1.0% | |||
b | City of New York (SPA JP Morgan Chase Bank NA) GO, Series 1, 4.75% due 3/1/2040 (put 10/2/2023) | 1,650,000 | 1,650,000 |
Metropolitan Transportation Authority (LOC Barclays Bank plc), | |||
b | Series 2012G-1, 4.80% due 11/1/2032 (put 10/2/2023) | 10,350,000 | 10,350,000 |
b | Series E 1, 4.80% due 11/15/2050 (put 10/2/2023) | 1,000,000 | 1,000,000 |
b | New York City Municipal Water Finance Authority (New York City Water & Sewer System; SPA JP Morgan Chase Bank NA), Series AA-1, 4.75% due 6/15/2050 (put 10/2/2023) | 9,200,000 | 9,200,000 |
New York City Transitional Finance Authority Future Tax Secured Revenue (SPA JP Morgan Chase Bank NA), | |||
b | Series A4, 4.75% due 8/1/2039 (put 10/2/2023) | 3,300,000 | 3,300,000 |
b | Series C4, 4.75% due 11/1/2036 (put 10/2/2023) | 3,250,000 | 3,250,000 |
Ohio — 0.0% | |||
b | Ohio Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group; SPA Barclays Bank plc), Series B4, 4.77% due 1/1/2043 (put 10/2/2023) | 500,000 | 500,000 |
Texas — 1.9% | |||
b | Port of Port Arthur Navigation District (Motiva Enterprises LLC), 5.15% due 4/1/2040 (put 10/2/2023) | 56,200,000 | 56,200,000 |
Wisconsin — 0.2% | |||
b,c | Deutsche Bank Spears/Lifers Trust (LOC Deutsche Bank A.G.), Series 2023-XF1532, 4.43% due 4/1/2049 (put 10/6/2023) | 5,000,000 | 5,000,000 |
Total Short-Term Municipal Bonds — 3.3% (Cost $97,170,000) | 97,170,000 | ||
Total Investments — 98.4% (Cost $2,981,506,511) | $2,929,180,596 | ||
Other Assets Less Liabilities — 1.6% | 48,898,118 | ||
Net Assets — 100.0% | $2,978,078,714 |
Footnote Legend | |
a | Segregated as collateral for a when-issued security. |
b | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2023. |
36 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
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, 2023, the aggregate value of these securities in the Fund’s portfolio was $11,987,281, representing 0.40% of the Fund’s net assets. |
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 |
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 |
HDA | Housing Development Authority |
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 |
SOFR | Secured Overnight Financing Rate |
SPA | Stand-by Purchase Agreement |
TCRS | Transferable Custodial Receipts |
USD | Unified School District |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 37 |
Thornburg California Limited Term Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
LONG-TERM MUNICIPAL BONDS — 94.2% | |||
Alameda County Joint Powers Authority (Alameda County Medical Center Highland Hospital), Series A, 5.00% due 12/1/2024 | $2,500,000 | $ 2,504,517 | |
Apple Valley Public Financing Authority (Insured: BAM), Series A, 4.00% due 6/1/2028 | 460,000 | 466,669 | |
Bay Area Toll Authority (San Francisco Bay Area Toll Bridge), | |||
a | Series A, 2.95% due 4/1/2047 (put 4/1/2026) | 5,600,000 | 5,428,018 |
a | Series E, 4.39% (MUNIPSA + 0.41%) due 4/1/2056 (put 4/1/2028) | 3,500,000 | 3,364,672 |
California (Cedars-Sinai Medical Center Obligated Group) HFFA, Series A, 5.00% due 8/15/2033 | 1,000,000 | 1,027,994 | |
California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2033 | 770,000 | 772,592 | |
a | California (Kaiser Foundation Hospitals) HFFA, Series C, 5.00% due 6/1/2041 (put 11/1/2029) | 3,000,000 | 3,207,057 |
California (Providence St. Joseph Health Obligated Group) HFFA, | |||
a | Series B, 5.00% due 10/1/2039 (put 10/1/2027) | 300,000 | 304,797 |
a | Series B-2, 4.00% due 10/1/2036 (put 10/1/2024) | 930,000 | 929,316 |
California (St. Joseph Health System) HFFA, Series A, 5.00% due 7/1/2024 | 1,000,000 | 999,989 | |
California (Stanford Health Care Obligated Group) HFFA, | |||
Series A, | |||
a | 3.00% due 8/15/2054 (put 8/15/2025) | 3,000,000 | 2,952,477 |
5.00% due 8/15/2033 | 1,500,000 | 1,681,318 | |
a | California Community Choice Financing Authority (Guaranty: Deutsche Bank A.G.) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | 5,000,000 | 4,987,815 |
California Community Choice Financing Authority (Guaranty: Goldman Sachs Group, Inc.) (Green Bond), | |||
a | Series A, 4.00% due 10/1/2052 (put 12/1/2027) | 2,440,000 | 2,360,402 |
a | Series A-1, 5.00% due 12/1/2053 (put 8/1/2029) | 500,000 | 502,372 |
California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), | |||
Series B-1, | |||
a | 4.00% due 2/1/2052 (put 8/1/2031) | 4,500,000 | 4,240,255 |
a | 5.00% due 7/1/2053 (put 8/1/2029) | 2,000,000 | 2,011,974 |
a | Series E-1, 5.00% due 2/1/2054 (put 3/1/2031) | 5,000,000 | 5,069,245 |
California Educational Facilities Authority (Art Center College of Design), Series A, 5.00% due 12/1/2033 | 375,000 | 384,681 | |
a | California Housing Finance Agency, Series A-2, 3.60% due 8/1/2063 (put 8/1/2026) | 2,500,000 | 2,464,987 |
a,b | California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) AMT, Series A, 3.65% due 1/1/2050 (put 1/31/2024) | 860,000 | 853,252 |
a | California Infrastructure & Economic Development Bank (J Paul Getty Trust), Series B-2, 3.00% due 10/1/2047 (put 10/1/2026) | 815,000 | 797,751 |
California Municipal Finance Authority (Aldersly; Insured: California Mtg Insurance), | |||
Series B, | |||
3.75% due 11/15/2028 | 2,990,000 | 2,987,399 | |
4.00% due 11/15/2028 | 595,000 | 597,763 | |
California Municipal Finance Authority (Biola University Residential Hall and Parking Structure) ETM, 5.00% due 10/1/2023 | 125,000 | 125,000 | |
California Municipal Finance Authority (Biola University), 5.00% due 10/1/2023 - 10/1/2027 | 1,880,000 | 1,881,990 | |
California Municipal Finance Authority (CHF-Davis II LLC; Insured: BAM) (Green Bond), | |||
4.00% due 5/15/2032 | 600,000 | 587,184 | |
5.00% due 5/15/2024 - 5/15/2028 | 1,500,000 | 1,528,590 | |
California Municipal Finance Authority (CHF-Davis II LLC; Insured: BAM-TCRS), 5.00% due 5/15/2028 | 2,100,000 | 2,177,494 | |
California Municipal Finance Authority (Congregational Homes, Inc. Obligated Group), | |||
Series B, 2.125% due 11/15/2026 | 615,000 | 584,276 | |
Series B-1, 2.75% due 11/15/2027 | 520,000 | 481,683 | |
California Municipal Finance Authority (Palomar Health Obligated Group; Insured: AGM) COP, Series A, 5.00% due 11/1/2027 - 11/1/2032 | 500,000 | 536,249 | |
California Municipal Finance Authority (Republic Services, Inc.) AMT, | |||
Series A, | |||
a | 4.10% due 7/1/2041 (put 4/1/2024) | 2,450,000 | 2,450,000 |
a | 4.375% due 9/1/2053 (put 9/1/2033) | 1,500,000 | 1,447,089 |
a | Series B, 4.20% due 7/1/2051 (put 1/16/2024) | 3,000,000 | 2,984,532 |
a | California Municipal Finance Authority (Waste Management of California, Inc.; Guaranty: Waste Management Holdings) AMT, 4.25% due 10/1/2045 (put 12/1/2023) | 3,750,000 | 3,740,891 |
a | California Municipal Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, Series A, 4.125% due 10/1/2041 (put 10/1/2025) | 750,000 | 739,574 |
California Pollution Control Financing Authority (Guaranty: Waste Management, Inc.) AMT, Series A1, 3.375% due 7/1/2025 | 2,000,000 | 1,950,452 | |
a,b | California Pollution Control Financing Authority (Republic Services, Inc.), Series B, 3.75% due 8/1/2024 (put 11/1/2023) | 1,000,000 | 1,000,000 |
a,b | California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 4.25% due 7/1/2043 (put 2/15/2024) | 2,750,000 | 2,749,609 |
a | California Pollution Control Financing Authority (Waste Management, Inc.) AMT, Series A, 2.50% due 7/1/2031 (put 5/1/2024) | 1,125,000 | 1,109,306 |
c | California State Public Works Board, Series C, 5.00% due 9/1/2033 | 1,500,000 | 1,652,566 |
California State Public Works Board (Correctional and Rehabilitation Facilities), Series A, 5.00% due 9/1/2024 | 3,580,000 | 3,626,024 | |
California State Public Works Board (Laboratory Facility and San Diego Courthouse), Series I, 5.00% due 11/1/2024 | 4,000,000 | 4,002,752 | |
California State Public Works Board (Laboratory Facility and San Diego Courthouse) ETM, Series I, 5.00% due 11/1/2023 | 3,000,000 | 3,001,965 | |
a | California State University, Series B-3, 3.125% due 11/1/2051 (put 11/1/2026) | 4,200,000 | 4,107,445 |
California Statewide Communities Development Authority (CHF-Irvine LLC), |
38 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
5.00% due 5/15/2024 - 5/15/2027 | $1,500,000 | $ 1,505,690 | |
Series A, 5.00% due 5/15/2027 | 500,000 | 507,604 | |
California Statewide Communities Development Authority (CHF-Irvine LLC; Insured: BAM), 5.00% due 5/15/2032 | 2,420,000 | 2,573,573 | |
California Statewide Communities Development Authority (Cottage Health System), 5.00% due 11/1/2025 (pre-refunded 11/1/2024) | 135,000 | 136,974 | |
California Statewide Communities Development Authority (Cottage Health System) ETM, 5.00% due 11/1/2023 - 11/1/2024 | 350,000 | 352,898 | |
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 | 2,958,676 |
California Statewide Communities Development Authority (Methodist Hospital of Southern California Obligated Group), 5.00% due 1/1/2024 - 1/1/2031 | 660,000 | 663,344 | |
California Statewide Communities Development Authority (Odd Fellows Home of California; Insured: California Mtg Insurance), 5.00% due 4/1/2026 - 4/1/2033 | 2,345,000 | 2,513,169 | |
California Statewide Communities Development Authority (Southern California Edison Co.), | |||
Series A, 1.75% due 9/1/2029 | 500,000 | 422,452 | |
a | Series D, 2.625% due 11/1/2033 (put 12/1/2023) | 4,895,000 | 4,878,842 |
Calipatria (Educational Facilities; Insured: BAM) USD GO, Series B, Zero Coupon due 8/1/2025 | 1,380,000 | 1,258,479 | |
Chino Basin Regional Financing Authority, Series B, 4.00% due 11/1/2025 | 650,000 | 655,298 | |
City of Chula Vista (Police Facility Project) COP, 5.00% due 10/1/2024 | 1,700,000 | 1,722,061 | |
City of Chula Vista Financing Authority (Infrastructure, Facilities and Equipment), 5.00% due 5/1/2027 | 1,000,000 | 1,050,639 | |
City of Chula Vista Redevelopment Successor Agency (Insured: AGM), 5.00% due 10/1/2032 | 1,070,000 | 1,111,994 | |
City of Colton Redevelopment Successor Agency (Multiple Redevelopment Project Areas; Insured: BAM), 5.00% due 8/1/2025 | 950,000 | 971,972 | |
City of Fresno (Fresno Airport Revenue; Insured: BAM) AMT, Series A, 5.00% due 7/1/2030 - 7/1/2033 | 3,255,000 | 3,414,398 | |
City of Los Angeles, 5.00% due 6/27/2024 | 4,700,000 | 4,752,015 | |
City of Los Angeles Department of Airports AMT, | |||
Series B, 5.00% due 5/15/2030 - 5/15/2032 | 4,600,000 | 4,756,174 | |
Series C, 5.00% due 5/15/2031 | 400,000 | 413,866 | |
Series D, 5.00% due 5/15/2029 | 4,000,000 | 4,183,832 | |
City of Menlo Park Community Development Successor Agency (Las Pulgas Community Development Project; Insured: AGM), 5.00% due 10/1/2025 | 600,000 | 615,235 | |
City of Rialto Redevelopment Agency (Merged Project Area; Insured: BAM), Series A, 5.00% due 9/1/2024 | 500,000 | 505,031 | |
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 | 4,160,043 | |
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 | 2,063,983 | |
City of Victorville Electric Revenue, Series A, 5.00% due 5/1/2028 - 5/1/2032 | 1,090,000 | 1,161,962 | |
Commerce CDC Successor Agency (Multiple Redevelopment Project Areas; Insured: AGM), Series A, 5.00% due 8/1/2027 | 1,760,000 | 1,820,516 | |
County of Riverside, Series A, 3.70% due 10/19/2023 | 1,000,000 | 999,884 | |
County of Sacramento CA Airport System Revenue AMT, Series C, 5.00% due 7/1/2027 | 1,925,000 | 1,981,389 | |
Dinuba (CAP APPREC; Insured: AGM) USD GO, Zero Coupon due 8/1/2030 | 460,000 | 343,813 | |
Downey Public Financing Authority (Public Capital Improvements), 5.00% due 12/1/2025 - 12/1/2027 | 1,445,000 | 1,507,535 | |
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 | 761,345 | |
Fremont Union High School District GO, 5.00% due 8/1/2025 | 500,000 | 513,208 | |
Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2027 | 1,230,000 | 1,246,120 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2025 - 7/1/2027 | 1,735,000 | 1,744,064 | |
Hacienda La Puente (Educational Facilities; Insured: AGM) USD COP, Series C, 5.00% due 6/1/2025 | 1,300,000 | 1,327,860 | |
Indian Wells Redevelopment Agency Successor Agency (Insured: Natl-Re), Series A, 5.00% due 9/1/2029 | 500,000 | 517,033 | |
Indio Finance Authority (Insured: BAM), Series A, 5.00% due 11/1/2028 - 11/1/2032 | 1,815,000 | 1,975,471 | |
Jurupa Public Financing Authority (Insured: AGM), 5.00% due 9/1/2030 - 9/1/2033 | 1,525,000 | 1,661,013 | |
Lammersville Joint USD (Insured: BAM), 5.00% due 9/1/2028 - 9/1/2032 | 4,055,000 | 4,387,271 | |
Lodi Public Financing Authority (Lodi Electric System Revenue; Insured: AGM), 5.00% due 9/1/2031 | 1,405,000 | 1,489,618 | |
Long Beach Bond Finance Authority (Guaranty: Merrill Lynch & Co.), Series A, 5.00% due 11/15/2024 | 3,000,000 | 3,014,022 | |
Los Angeles (Educational Facilities and Information Technology Infrastructure) USD GO, Series D, 5.00% due 7/1/2024 | 3,000,000 | 3,033,456 | |
a | Los Angeles County Development Authority (2111 Firestone LP), Series E, 5.00% due 7/1/2043 (put 7/1/2026) | 2,430,000 | 2,473,339 |
a | Los Angeles County Development Authority (Century Wlava 2 LP), Series C, 3.75% due 12/1/2046 (put 12/1/2026) | 2,500,000 | 2,459,980 |
a | Los Angeles County Development Authority (VA Building 402 LP), Series F, 3.375% due 1/1/2046 (put 7/1/2026) | 3,855,000 | 3,750,179 |
Los Angeles Department of Water & Power Water System Revenue, Series A, 5.00% due 7/1/2027 | 1,565,000 | 1,657,476 | |
Los Angeles USD COP, Series A, 5.00% due 10/1/2033 | 3,000,000 | 3,294,729 | |
Los Angeles USD GO, Series A, 5.00% due 7/1/2024 | 4,600,000 | 4,648,387 | |
Milpitas Redevelopment Successor Agency (Redevelopment Project Area No. 1), 5.00% due 9/1/2025 | 2,300,000 | 2,353,001 | |
Moreno Valley Public Financing Authority (Public Improvements), 5.00% due 11/1/2024 | 1,455,000 | 1,475,652 | |
Norman Y Mineta San Jose International Airport SJC AMT, Series A, 5.00% due 3/1/2025 | 1,575,000 | 1,587,296 | |
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 | 1,989,790 |
Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2025 | 1,300,000 | 1,328,759 | |
Peralta Community College District GO, | |||
5.00% due 8/1/2031 - 8/1/2033 | 2,065,000 | 2,294,492 | |
Series A, 5.00% due 8/1/2025 | 585,000 | 599,506 | |
Pittsburg Redevelopment Successor Agency (Insured: AGM), Series A, 5.00% due 9/1/2024 - 9/1/2029 | 3,735,000 | 3,803,222 | |
Poway Redevelopment Successor Agency (Paguay Redevelopment Project), Series A, 5.00% due 6/15/2025 | 4,665,000 | 4,750,710 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 39 |
Thornburg California Limited Term Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
Rancho Cucamonga Redevelopment Project Successor Agency (Rancho Redevelopment Project Area; Insured: AGM), 5.00% due 9/1/2024 | $2,000,000 | $ 2,020,122 | |
Richmond County Redevelopment Successor Agency (Joint Powers Financing Authority & Harbour Redevelopment Project; Insured: BAM), Series A, 5.00% due 9/1/2024 | 450,000 | 453,308 | |
Riverside County Public Financing Authority (Capital Facilities Project) ETM, 5.00% due 11/1/2025 | 1,000,000 | 1,030,121 | |
Riverside County Redevelopment Successor Agency (Insured: AGM), Series B, 5.00% due 10/1/2030 | 500,000 | 513,712 | |
Riverside County Redevelopment Successor Agency (Insured: BAM), Series B, 5.00% due 10/1/2030 | 750,000 | 770,503 | |
Riverside Financing Authority (Educational Facilities; Insured: BAM) USD, 5.00% due 9/1/2024 - 9/1/2025 | 350,000 | 355,754 | |
Rosemead CDC Successor Agency (Rosemead Merged Project Area; Insured: BAM), 5.00% due 10/1/2023 - 10/1/2026 | 2,220,000 | 2,262,182 | |
Sacramento (Insured: AGM) USD GO, Series C-1, 5.00% due 8/1/2027 | 500,000 | 511,572 | |
Sacramento City Schools Joint Power Financing Authority (Sacramento City USD Educational Facility Sublease; Insured: BAM), Series A, 5.00% due 3/1/2024 - 3/1/2025 | 2,940,000 | 2,947,137 | |
Sacramento County Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District), 5.00% due 12/1/2031 - 12/1/2032 | 1,825,000 | 2,054,073 | |
a | Sacramento Municipal Utility District, Series B, 5.00% due 8/15/2049 (put 10/15/2025) | 1,050,000 | 1,074,042 |
San Diego (Educational System Capital Projects) USD GO, Series R-3, 5.00% due 7/1/2024 | 3,000,000 | 3,009,030 | |
San Diego County Regional Airport Authority, Series A, 5.00% due 7/1/2033 | 500,000 | 538,274 | |
San Diego County Regional Airport Authority AMT, Series C, 5.00% due 7/1/2031 - 7/1/2033 | 2,560,000 | 2,671,045 | |
San Francisco City & County Airport Comm-San Francisco International Airport AMT, Series A, 5.00% due 5/1/2032 | 3,000,000 | 3,142,959 | |
San Marcos Redevelopment Agency Successor Agency, Series A, 5.00% due 10/1/2033 | 1,000,000 | 1,017,218 | |
San Mateo County Transit District Sales Tax Revenue, Series A, 5.00% due 6/1/2029 | 1,000,000 | 1,026,664 | |
Santa Clara County Financing Authority (Multiple Facilities Projects), Series P, 5.00% due 5/15/2025 | 6,755,000 | 6,910,162 | |
Santa Margarita Water District (Talega Community Facilities), Series A, 5.00% due 9/1/2027 | 950,000 | 996,950 | |
Semitropic Water Storage Improvement District (Irrigation Water System; Insured: AGM), Series A, 5.00% due 12/1/2023 - 12/1/2027 | 2,335,000 | 2,381,975 | |
State of California GO, 5.00% due 8/1/2027 - 9/1/2030 | 2,340,000 | 2,444,831 | |
Stockton Public Financing Authority (Stockton Water Revenue; Insured: BAM) (Green Bond), Series A, 5.00% due 10/1/2023 - 10/1/2027 | 2,630,000 | 2,702,232 | |
Temecula Valley Financing Authority (Educational Facilities; Insured: BAM) USD, 5.00% due 9/1/2025 | 300,000 | 304,298 | |
Temecula Valley Financing Authority (Insured: BAM) USD, 5.00% due 9/1/2027 | 2,220,000 | 2,252,317 | |
Torrance USD GO, 4.25% due 8/1/2033 | 1,320,000 | 1,348,067 | |
Tulare Public Financing Authority (Insured: BAM), 5.00% due 4/1/2027 - 4/1/2028 | 1,055,000 | 1,084,928 | |
Tustin (Community Facilities District No. 97-1) USD, Series A, 5.00% due 9/1/2031 | 450,000 | 455,247 | |
Tustin (Community Facilities; Insured: BAM) USD, Series A, 5.00% due 9/1/2033 | 1,500,000 | 1,525,965 | |
Vallejo City (Insured: BAM) USD GO, 5.00% due 8/1/2032 | 460,000 | 505,753 | |
Ventura County Public Financing Authority (Office Building Purchase and Improvements), Series B, 5.00% due 11/1/2023 - 11/1/2024 | 1,560,000 | 1,561,214 | |
TOTAL LONG-TERM MUNICIPAL BONDS — 94.2% (Cost $264,271,688) | $259,333,978 | ||
SHORT-TERM MUNICIPAL BONDS — 3.8% | |||
a | Los Angeles Department of Water & Power Water System Revenue (SPA Barclays Bank plc), Series B-4, 3.30% due 7/1/2035 (put 10/2/2023) | 4,000,000 | 4,000,000 |
a,b | Tender Option Bond Trust Receipts/Certificates (LOC Barclays Bank plc), Series 2022-XF3028, 5.10% due 4/1/2043 (put 10/2/2023) | 6,400,000 | 6,400,000 |
TOTAL SHORT-TERM MUNICIPAL BONDS — 3.8% (Cost $10,400,000) | $ 10,400,000 | ||
Total Investments — 98.0% (Cost $274,671,688) | $269,733,978 | ||
Other Assets Less Liabilities — 2.0% | 5,598,400 | ||
Net Assets — 100.0% | $275,332,378 |
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, 2023. |
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, 2023, the aggregate value of these securities in the Fund’s portfolio was $11,002,861, representing 4.00% of the Fund’s net assets. |
c | When-issued security. |
40 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
To simplify the listings of securities, abbreviations are used per the table below:
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 |
Mtg | Mortgage |
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 |
TCRS | Transferable Custodial Receipts |
USD | Unified School District |
VA | Veterans Affairs |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 41 |
Thornburg New Mexico Intermediate Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
LONG-TERM MUNICIPAL BONDS — 97.0% | |||
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 | $ 2,016,542 | |
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 | 1,535,384 | |
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 | 1,324,063 | |
Series 2017, 5.00% due 8/1/2031 | 1,000,000 | 1,034,910 | |
Albuquerque Municipal School District No. 12 (State Aid Withholding) GO, | |||
Series 2017, 5.00% due 8/1/2026 - 8/1/2028 | 1,150,000 | 1,189,601 | |
Series A, 5.00% due 8/1/2032 - 8/1/2035 | 1,600,000 | 1,716,194 | |
City of Albuquerque (City Infrastructure Improvements) GO, Series A, 5.00% due 7/1/2026 | 870,000 | 899,415 | |
City of Albuquerque (City Infrastructure Improvements) GRT, Series A, 5.00% due 7/1/2033 - 7/1/2034 | 2,300,000 | 2,346,131 | |
City of Albuquerque GO, Series A, 5.00% due 7/1/2025 | 500,000 | 509,998 | |
City of Albuquerque GRT, Series C, 4.00% due 7/1/2032 | 1,215,000 | 1,220,565 | |
City of Albuquerque Refuse Removal & Disposal Revenue, 5.00% due 7/1/2030 | 40,000 | 43,273 | |
City of Albuquerque Transportation Infrastructure GRT, 4.00% due 7/1/2031 | 800,000 | 808,970 | |
a | City of Farmington (Public Service Co. of New Mexico), Series D, 3.90% due 6/1/2040 (put 6/1/2028) | 2,000,000 | 1,936,720 |
City of Las Cruces (Joint Utility System), | |||
4.00% due 6/1/2028 | 475,000 | 479,208 | |
Series A, 4.00% due 6/1/2025 | 750,000 | 752,485 | |
City of Roswell (Joint Water and Sewer Improvement; Insured: BAM), 5.00% due 6/1/2026 - 6/1/2036 | 2,050,000 | 2,096,250 | |
City of Roswell GRT, 4.00% due 8/1/2029 - 8/1/2030 | 460,000 | 465,275 | |
City of Santa Fe (El Castillo Retirement Residences), 4.50% due 5/15/2027 | 2,680,000 | 2,524,364 | |
City of Santa Fe (Public Facilities) GRT, | |||
5.00% due 6/1/2029 | 950,000 | 958,153 | |
Series A, 5.00% due 6/1/2034 - 6/1/2038 | 1,870,000 | 1,949,243 | |
City of Santa Fe Gasoline Tax GRT, 5.00% due 6/1/2024 - 6/1/2028 | 1,555,000 | 1,602,716 | |
County of Bernalillo (Government Services) GRT, | |||
5.25% due 4/1/2027 | 215,000 | 220,962 | |
Series B, 5.70% due 4/1/2027 | 2,085,000 | 2,173,840 | |
County of Bernalillo (Government Services; Insured: AMBAC) GRT, 5.25% due 10/1/2023 - 10/1/2025 | 5,125,000 | 5,233,786 | |
County of Bernalillo (Government Services; Insured: Natl-Re) GRT, Series B, 5.70% due 4/1/2027 | 565,000 | 588,858 | |
County of McKinley (Insured: BAM) GRT, 4.00% due 6/1/2043 | 750,000 | 665,699 | |
County of San Juan (County Capital Improvements) GRT, Series B, 5.00% due 6/15/2028 - 6/15/2030 | 2,645,000 | 2,659,689 | |
County of Sandoval GO, 5.00% due 8/1/2027 - 8/1/2029 | 670,000 | 706,783 | |
County of Santa Fe (County Buildings & Facilities) GRT, Series A, 5.00% due 6/1/2025 - 6/1/2026 | 1,275,000 | 1,299,998 | |
County of Santa Fe (County Correctional System; Insured: AGM), 6.00% due 2/1/2027 | 775,000 | 800,604 | |
County of Santa Fe GO, 5.00% due 7/1/2024 | 825,000 | 832,161 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2035 - 7/1/2037 | 2,200,000 | 2,195,570 | |
Hobbs School District No. 16 (State Aid Withholding) GO, | |||
5.00% due 9/15/2028 - 9/15/2030 | 1,355,000 | 1,435,342 | |
Series A, 5.00% due 9/15/2028 (pre-refunded 9/15/2024) | 1,000,000 | 1,010,670 | |
Lea County Public School District No. 8 Eunice (State Aid Withholding) GO, 5.00% due 9/15/2032 - 9/15/2033 | 2,185,000 | 2,331,202 | |
New Mexico Educational Assistance Foundation AMT, Series 1A, 5.00% due 9/1/2029 | 2,600,000 | 2,674,394 | |
New Mexico Finance Authority (State Highway Infrastructure), Series A, 5.00% due 6/15/2026 - 6/15/2027 | 2,415,000 | 2,434,202 | |
New Mexico Finance Authority (State of New Mexico Department of Transportation), Series A, 5.00% due 6/15/2025 - 6/15/2026 | 2,730,000 | 2,818,520 | |
New Mexico Finance Authority (The Public Project Revolving Fund), | |||
Series B, 4.00% due 6/1/2029 - 6/1/2030 | 2,425,000 | 2,434,140 | |
Series C, 5.00% due 6/1/2029 | 600,000 | 613,366 | |
Series D, | |||
4.00% due 6/1/2033 - 6/1/2034 | 5,245,000 | 5,252,707 | |
5.00% due 6/15/2029 | 300,000 | 314,999 | |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), | |||
Series A, 5.00% due 7/1/2033 - 7/1/2034 | 735,000 | 646,840 | |
Series LA, 5.00% due 7/1/2032 | 575,000 | 514,097 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), | |||
5.00% due 8/1/2031 (pre-refunded 8/1/2025) | 600,000 | 612,755 | |
Series A, | |||
4.00% due 8/1/2036 - 8/1/2037 | 3,965,000 | 3,655,749 | |
5.00% due 8/1/2039 | 1,440,000 | 1,473,352 | |
New Mexico Institute of Mining and Technology (Campus Buildings Acquisition & Improvements; Insured: AGM), 4.00% due 12/1/2035 - 12/1/2040 | 1,910,000 | 1,774,337 | |
New Mexico Mortgage Finance Authority (Collateralized: GNMA, FNMA, FHLMC), |
42 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
Series A, 4.25% due 9/1/2043 | $ 995,000 | $ 855,729 | |
Series B, 4.55% due 9/1/2043 | 1,500,000 | 1,377,413 | |
Series C, | |||
2.85% due 7/1/2031 | 370,000 | 343,563 | |
4.55% due 9/1/2043 | 2,245,000 | 2,055,942 | |
Series F, 2.85% due 7/1/2039 | 775,000 | 600,018 | |
a | New Mexico Mortgage Finance Authority (JLG Central 217 LLLP), 0.53% due 11/1/2024 (put 5/1/2024) | 500,000 | 486,208 |
a | New Mexico Mortgage Finance Authority (JLG SAF 2023 LLLP), 5.00% due 2/1/2042 (put 6/1/2025) | 1,000,000 | 1,003,691 |
New Mexico Municipal Energy Acquisition Authority (Guaranty: Royal Bank of Canada), | |||
Series A, | |||
4.00% due 11/1/2024 | 1,500,000 | 1,492,545 | |
a | 5.00% due 11/1/2039 (put 5/1/2025) | 1,000,000 | 1,004,892 |
Regents of New Mexico State University (Campus Buildings Acquisition & Improvements), | |||
Series A, | |||
4.50% due 6/1/2034 - 6/1/2036 | 4,500,000 | 4,538,341 | |
5.00% due 4/1/2032 - 4/1/2036 | 4,510,000 | 4,661,017 | |
Rio Rancho Public School District No. 94 (State Aid Withholding) GO, Series A, 5.00% due 8/1/2026 | 1,085,000 | 1,116,270 | |
Santa Fe Public School District (State Aid Withholding) GO, 5.00% due 8/1/2032 - 8/1/2034 | 2,800,000 | 3,011,201 | |
State of New Mexico GO, 5.00% due 3/1/2025 | 2,040,000 | 2,073,578 | |
State of New Mexico Severance Tax Permanent Fund, | |||
5.00% due 7/1/2028 | 465,000 | 493,974 | |
Series A, 5.00% due 7/1/2025 - 7/1/2029 | 1,500,000 | 1,557,179 | |
Town of Silver City (Insured: BAM) GRT, 5.00% due 6/1/2037 | 610,000 | 629,380 | |
University of New Mexico, Series A, 4.00% due 6/1/2032 | 385,000 | 385,536 | |
University of New Mexico (Insured: AGM), 4.375% due 6/1/2043 | 1,005,000 | 937,022 | |
Village of Los Ranchos de Albuquerque (Albuquerque Academy), 5.00% due 9/1/2029 - 9/1/2032 | 1,330,000 | 1,369,819 | |
TOTAL LONG-TERM MUNICIPAL BONDS — 97.0% (Cost $108,304,309) | $104,777,400 | ||
SHORT-TERM MUNICIPAL BONDS — 1.8% | |||
a | New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA JP Morgan Chase Bank NA), Series B, 4.60% due 8/1/2034 (put 10/2/2023) | 2,000,000 | 2,000,000 |
TOTAL SHORT-TERM MUNICIPAL BONDS — 1.8% (Cost $2,000,000) | $ 2,000,000 | ||
Total Investments — 98.8% (Cost $110,304,309) | $106,777,400 | ||
Other Assets Less Liabilities — 1.2% | 1,248,874 | ||
Net Assets — 100.0% | $108,026,274 |
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, 2023. |
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 | 43 |
Thornburg New York Intermediate Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
LONG-TERM MUNICIPAL BONDS — 97.8% | |||
City of Long Beach (Insured: BAM) GO, Series B, 5.25% due 7/15/2042 | $ 500,000 | $ 512,397 | |
City of New York (City Budget Financial Management) GO, Series G, 5.00% due 8/1/2030 | 1,000,000 | 1,003,816 | |
City of New York GO, Series A, 5.00% due 8/1/2043 | 800,000 | 825,678 | |
Dutchess County Local Development Corp. (Tompkins Terrace Housing LP; Collateralized: FNMA), 5.00% due 10/1/2040 | 500,000 | 475,389 | |
Guam Waterworks Authority (Water and Wastewater System), 5.00% due 7/1/2028 - 7/1/2036 | 1,500,000 | 1,501,163 | |
Hudson Yards Infrastructure Corp. (Hudson Yards Subway Station), Series A, 5.00% due 2/15/2035 | 1,000,000 | 1,036,089 | |
Long Island Power Authority (Electric System Capital Improvements; Insured: AGC), Series C, 5.25% due 9/1/2029 | 645,000 | 696,844 | |
Metropolitan Transportation Authority, | |||
Series A-1, 5.00% due 11/15/2040 | 205,000 | 205,104 | |
Series D-1, 5.00% due 11/15/2031 | 1,000,000 | 1,016,685 | |
Monroe County (Monroe Community College Association, Inc.; Insured: AGM) IDC, 5.00% due 1/15/2028 - 1/15/2029 | 550,000 | 551,358 | |
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 | 1,418,887 | |
New York City Housing Development Corp., Series G, 4.60% due 11/1/2043 | 250,000 | 230,723 | |
New York City Housing Development Corp. (CSA Preservation Partners LLC), Series A, 4.45% due 8/1/2043 | 200,000 | 181,558 | |
New York City Municipal Water Finance Authority (New York City Water & Sewer System), | |||
Series AA-2, 4.00% due 6/15/2042 | 350,000 | 324,364 | |
Series EE, 4.00% due 6/15/2042 | 250,000 | 230,475 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
Series A, 5.00% due 11/1/2036 | 1,000,000 | 1,050,679 | |
Series A1, 5.00% due 8/1/2038 | 1,000,000 | 1,027,474 | |
Series C, 5.00% due 11/1/2026 | 500,000 | 503,191 | |
New York State Dormitory Authority (Barnard College), | |||
Series A, | |||
4.00% due 7/1/2024 | 200,000 | 199,233 | |
5.00% due 7/1/2041 | 250,000 | 248,818 | |
New York State Dormitory Authority (Insured: AGM) (State Aid Withholding), Series H, 5.00% due 10/1/2024 | 155,000 | 155,038 | |
New York State Dormitory Authority (School District Financing Program) (State Aid Withholding), Series C, 5.00% due 10/1/2023 | 575,000 | 575,000 | |
New York State Dormitory Authority (School District Financing Program; Insured: AGM) (State Aid Withholding), Series A, 5.00% due 10/1/2028 | 200,000 | 201,538 | |
New York State Dormitory Authority (State Aid Withholding), Series A, 5.00% due 10/1/2032 - 10/1/2033 | 450,000 | 468,265 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), | |||
Series A, 4.00% due 3/15/2040 - 3/15/2042 | 750,000 | 693,793 | |
Series E, 4.00% due 3/15/2039 | 350,000 | 327,934 | |
New York State Dormitory Authority (State of New York Sales Tax Revenue), Series A-1, 4.00% due 3/15/2043 | 500,000 | 446,644 | |
New York State Energy Research & Development Authority (New York State Electric & Gas Corp.), Series C, 4.00% due 4/1/2034 | 300,000 | 282,868 | |
a | New York State Environmental Facilities Corp. (Waste Management, Inc.) AMT, 4.125% due 5/1/2030 (put 11/1/2023) | 500,000 | 499,091 |
New York State Housing Finance Agency (Insured: SONYMA), Series C-1, 4.50% due 11/1/2043 | 250,000 | 230,078 | |
Oneida County Local Development Corp. (Utica College), 5.00% due 7/1/2024 | 290,000 | 290,847 | |
Port Authority of New York & New Jersey AMT, | |||
Series 186, 5.00% due 10/15/2037 | 500,000 | 501,391 | |
Series 238, 5.00% due 7/15/2040 | 400,000 | 402,698 | |
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) | 1,250,000 | 1,266,075 | |
Tompkins County Development Corp. (Ithaca College), 5.00% due 7/1/2027 - 7/1/2034 | 610,000 | 619,474 | |
Triborough Bridge & Tunnel Authority, Series A, 5.00% due 11/15/2033 | 250,000 | 255,312 | |
Triborough Bridge & Tunnel Authority (MTA Bridges and Tunnels), | |||
Series A, | |||
5.00% due 11/15/2028 (pre-refunded 5/15/2024) | 1,000,000 | 1,007,498 | |
5.00% due 11/15/2029 | 1,000,000 | 1,008,503 | |
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series A, 5.00% due 9/1/2033 | 645,000 | 670,675 | |
West Seneca Central School District (Facilities Improvements; Insured: BAM) (State Aid Withholding) GO, 5.00% due 11/15/2023 | 1,300,000 | 1,300,959 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2034 | 200,000 | 202,491 | |
TOTAL LONG-TERM MUNICIPAL BONDS — 97.8% (Cost $25,202,783) | $24,646,097 | ||
Total Investments — 97.8% (Cost $25,202,783) | $24,646,097 | ||
Other Assets Less Liabilities — 2.2% | 562,992 | ||
Net Assets — 100.0% | $25,209,089 |
44 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on September 30, 2023. |
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. |
FNMA | Collateralized by Federal National Mortgage Association |
GO | General Obligation |
IDC | Industrial Development Corp. |
SONYMA | State of New York Mortgage Agency |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 45 |
Thornburg Intermediate Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 93.9% | |||
Alabama — 3.9% | |||
a | Black Belt Energy Gas District (Guaranty: Goldman Sachs Group, Inc.), Series A, 5.25% due 1/1/2054 (put 10/1/2030) | $ 5,215,000 | $ 5,264,438 |
a | Energy Southeast A Cooperative District (Guaranty: Morgan Stanley Group), 5.50% due 11/1/2053 (put 1/1/2031) | 10,000,000 | 10,209,450 |
a | Southeast Energy Authority A Cooperative District, Series B-1, 5.00% due 1/1/2054 (put 6/1/2030) | 5,000,000 | 5,047,765 |
Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), | |||
a | Series A, 5.50% due 1/1/2053 (put 12/1/2029) | 6,000,000 | 6,126,306 |
a | Series B, 4.00% due 12/1/2051 (put 12/1/2031) | 1,220,000 | 1,128,461 |
UAB Medicine Finance Authority (University Hospital), Series B, 5.00% due 9/1/2032 | 6,000,000 | 6,192,792 | |
Alaska — 0.1% | |||
State of Alaska International Airports System AMT, Series C, 5.00% due 10/1/2029 | 750,000 | 772,267 | |
Arizona — 0.6% | |||
Arizona (Scottsdale Lincoln Hospitals) HFA, Series A, 5.00% due 12/1/2031 | 2,500,000 | 2,521,437 | |
Arizona Board of Regents (University of Arizona SPEED), 5.00% due 8/1/2029 | 1,000,000 | 1,008,757 | |
Salt Verde Financial Corp. (Gas Supply Acquisition; Guaranty: Citigroup Global Markets), 5.25% due 12/1/2028 | 770,000 | 777,055 | |
Yavapai County (Waste Management, Inc.) IDA AMT, 1.30% due 6/1/2027 | 750,000 | 651,665 | |
Arkansas — 0.1% | |||
County of Pulaski (Arkansas Children’s Hospital), 5.00% due 3/1/2042 - 3/1/2043 | 1,000,000 | 1,002,591 | |
California — 4.5% | |||
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 | 3,659,244 | |
California (Adventist Health System/West) HFFA, Series A, 5.00% due 3/1/2026 | 2,815,000 | 2,815,073 | |
California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2032 - 8/15/2033 | 950,000 | 953,263 | |
a | California Community Choice Financing Authority (Guaranty: Deutsche Bank A.G.) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | 2,000,000 | 1,995,126 |
California Infrastructure and Economic Development Bank (King City Joint Union High School District), 5.75% due 8/15/2029 | 1,500,000 | 1,501,084 | |
California Municipal Finance Authority (CHF-Davis II LLC; Insured: BAM) (Green Bond), 4.00% due 5/15/2041 | 500,000 | 437,265 | |
a,b | California Pollution Control Financing Authority (Republic Services, Inc.) AMT, Series A2, 4.10% due 11/1/2042 (put 10/16/2023) | 2,500,000 | 2,500,000 |
a | California Pollution Control Financing Authority (Waste Management, Inc.) AMT, Series A, 2.50% due 11/1/2038 (put 5/1/2024) | 2,000,000 | 1,972,134 |
City of Los Angeles Department of Airports AMT, | |||
Series A, 4.75% due 5/15/2040 | 1,500,000 | 1,464,931 | |
Series C, 5.00% due 5/15/2033 | 2,000,000 | 2,083,204 | |
Series D, 5.00% due 5/15/2041 | 4,000,000 | 4,012,044 | |
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 | 5,218,460 | |
Delano Financing Authority (City of Delano Police Station and Woollomes Avenue Bridge), Series A, 5.00% due 12/1/2025 | 1,965,000 | 1,965,949 | |
Franklin-McKinley School District (Insured: Natl-Re) GO, 5.25% due 8/1/2027 | 1,000,000 | 1,057,838 | |
Fresno (Educational Facilities and Improvements; Insured: Natl-Re) USD GO, Series A, 6.00% due 8/1/2026 | 785,000 | 806,668 | |
M-S-R Energy Authority (Guaranty: Citigroup Global Markets), Series B, 6.125% due 11/1/2029 | 2,225,000 | 2,307,608 | |
North City West School Facilities Financing Authority (Carmel Valley Schools; Insured: AGM), Series A, 5.00% due 9/1/2024 | 1,080,000 | 1,080,619 | |
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 | 3,076,422 | |
Colorado — 1.1% | |||
Colorado (CommonSpirit Health Obligated Group) HFA, | |||
5.00% due 11/1/2041 | 1,500,000 | 1,470,142 | |
Series A-2, 5.00% due 8/1/2038 | 1,000,000 | 1,009,811 | |
Colorado School of Mines (Insured: AGM) (Green Bond), Series A, 5.00% due 12/1/2039 - 12/1/2043 | 1,310,000 | 1,342,825 | |
Denver City & County Housing Authority (Three Towers Rehabilitation; Insured: AGM) AMT, 5.20% due 11/1/2027 | 1,335,000 | 1,334,932 | |
State of Colorado COP, Series A, 5.00% due 9/1/2030 - 9/1/2032 | 3,950,000 | 4,138,459 | |
Connecticut — 2.4% | |||
City of Hartford (Various Public Improvements; Insured: AGM) GO, Series A, 5.00% due 7/1/2031 | 1,700,000 | 1,734,974 | |
State of Connecticut (Various Capital Projects) GO, Series B, 5.00% due 5/15/2027 | 1,000,000 | 1,033,484 | |
State of Connecticut GO, | |||
Series A, 5.00% due 4/15/2033 - 4/15/2035 | 12,415,000 | 12,977,458 | |
Series C, 5.00% due 6/15/2028 - 6/15/2029 | 1,890,000 | 2,003,812 | |
Series E, 5.00% due 9/15/2033 | 2,650,000 | 2,791,659 | |
District of Columbia — 1.7% | |||
Metropolitan Washington Airports Authority (Dulles Toll Road Revenue; Insured: AGC), Series B, Zero Coupon due 10/1/2023 - 10/1/2024 | 9,890,000 | 9,700,395 | |
Washington Convention & Sports Authority, Series A, 5.00% due 10/1/2028 | 1,105,000 | 1,160,743 | |
Washington Metropolitan Area Transit Authority, 5.00% due 7/1/2032 - 7/1/2037 | 3,325,000 | 3,413,817 | |
Florida — 6.2% | |||
Broward County School Board (Educational Facilities) COP, Series B, 5.00% due 7/1/2032 | 2,000,000 | 2,043,560 | |
City of Lakeland (Electric Power System Smart Grid Project), 5.25% due 10/1/2036 | 2,770,000 | 3,122,571 | |
City of Lakeland (Electric Power System Smart Grid Project; Insured: AGM), 5.25% due 10/1/2027 | 3,680,000 | 3,893,032 | |
City of Orlando (Senior Tourist Development; Insured: AGM), Series A, 5.00% due 11/1/2032 - 11/1/2037 | 3,430,000 | 3,521,855 |
46 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
County of Broward (Airport System Improvements) AMT, 5.00% due 10/1/2037 | $ 1,000,000 | $ 1,001,274 | |
County of Broward Airport System Revenue AMT, | |||
5.00% due 10/1/2042 | 2,850,000 | 2,838,825 | |
Series P-1, 5.00% due 10/1/2023 | 1,875,000 | 1,875,000 | |
County of Broward Port Facilities Revenue AMT, | |||
5.00% due 9/1/2037 - 9/1/2041 | 2,050,000 | 2,087,956 | |
Series B, 4.00% due 9/1/2039 | 1,500,000 | 1,366,925 | |
County of Manatee (Public Utilities System Improvements), 5.00% due 10/1/2033 | 1,535,000 | 1,554,206 | |
County of Miami-Dade (Miami International Airport), Series B, 5.00% due 10/1/2028 - 10/1/2031 | 5,335,000 | 5,387,461 | |
County of Miami-Dade Aviation Revenue AMT, | |||
Series A, 5.00% due 10/1/2032 - 10/1/2035 | 4,000,000 | 3,959,251 | |
Series B, 5.00% due 10/1/2040 | 2,500,000 | 2,482,875 | |
County of Miami-Dade Seaport Department AMT, Series A, 5.00% due 10/1/2041 - 10/1/2042 | 3,050,000 | 3,014,404 | |
Miami-Dade County (Nicklaus Children’s Hospital) HFA, 5.00% due 8/1/2035 - 8/1/2037 | 3,405,000 | 3,447,280 | |
Miami-Dade County Educational Facilities Authority (University of Miami; Insured: AMBAC), Series B, 5.25% due 4/1/2024 | 1,000,000 | 1,005,593 | |
Orange County (Presbyterian Retirement Communities Inc Obligated Group) HFA, 5.00% due 8/1/2040 | 1,000,000 | 964,519 | |
Orange County Convention Center (Tourist Development), Series A, 5.00% due 10/1/2031 | 2,000,000 | 2,078,852 | |
Palm Beach County (Boca Raton Regional Hospital) HFA, 5.00% due 12/1/2025 (pre-refunded 12/1/2024) | 500,000 | 506,044 | |
Palm Beach County (Jupiter Medical Center Obligated Group) HFA, Series A, 5.00% due 11/1/2040 - 11/1/2041 | 715,000 | 664,611 | |
Palm Beach County Housing Finance Authority (Collateralized: FNMA), 4.85% due 6/1/2041 | 1,347,353 | 1,236,757 | |
School Board of Miami-Dade County COP, Series A, 5.00% due 5/1/2030 | 3,250,000 | 3,300,918 | |
School District of Manatee County (School Facilities Improvement; Insured: AGM), 5.00% due 10/1/2032 | 2,250,000 | 2,328,538 | |
Georgia — 3.4% | |||
Athens-Clarke County Unified Government Development Authority (UGAREF Bolton Commons LLC), 5.00% due 6/15/2024 - 6/15/2028 | 2,320,000 | 2,321,459 | |
a | Main Street Natural Gas, Inc., Series E-1, 5.00% due 12/1/2053 (put 6/1/2031) | 8,000,000 | 8,037,536 |
a | Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), Series D, 5.00% due 12/1/2054 (put 12/1/2030) | 5,000,000 | 4,988,865 |
Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2036 - 5/15/2038 | 10,535,000 | 10,184,242 | |
a | Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), Series A, 4.00% due 7/1/2052 (put 9/1/2027) | 2,000,000 | 1,939,568 |
Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2034 | 2,295,000 | 2,353,695 | |
Guam — 0.1% | |||
Guam Waterworks Authority (Water and Wastewater System), 5.25% due 7/1/2024 | 1,000,000 | 999,683 | |
Hawaii — 0.2% | |||
State of Hawaii Airports System Revenue AMT, Series A, 5.00% due 7/1/2034 | 2,000,000 | 2,055,938 | |
Idaho — 0.4% | |||
Idaho Housing & Finance Association (Collateralized: GNMA, FNMA, FHLMC), Series C, 4.65% due 7/1/2043 | 3,500,000 | 3,267,341 | |
Illinois — 16.8% | |||
Chicago Board of Education Dedicated Capital Improvement Tax, 5.50% due 4/1/2042 - 4/1/2043 | 2,375,000 | 2,414,263 | |
Chicago O’Hare International Airport, Series C, 5.00% due 1/1/2038 | 250,000 | 253,118 | |
Chicago O’Hare International Airport (2016 Airport Projects), Series C, 5.00% due 1/1/2030 | 765,000 | 784,705 | |
Chicago O’Hare International Airport (2017 Airport Projects), Series B, 5.00% due 1/1/2034 - 1/1/2035 | 9,100,000 | 9,329,735 | |
Chicago Park District (Capital Improvement Plan) GO, | |||
Series B, 5.00% due 1/1/2025 | 1,000,000 | 1,001,080 | |
Series D, 5.00% due 1/1/2028 | 3,450,000 | 3,454,523 | |
Chicago Park District GO, | |||
Series A, | |||
5.00% due 1/1/2027 - 1/1/2029 | 1,355,000 | 1,356,776 | |
5.00% due 1/1/2027 - 1/1/2029 (pre-refunded 1/1/2024) | 2,585,000 | 2,589,271 | |
Series B, | |||
5.00% due 1/1/2030 | 1,215,000 | 1,216,654 | |
5.00% due 1/1/2030 (pre-refunded 1/1/2024) | 2,285,000 | 2,288,775 | |
City of Chicago (Chicago O’Hare International Airport Customer Facility Charge Revenue; Insured: BAM), 5.25% due 1/1/2043 | 1,500,000 | 1,549,293 | |
City of Chicago (Chicago O’Hare International Airport) AMT, Series A, 5.00% due 1/1/2028 | 1,475,000 | 1,478,906 | |
City of Chicago (Midway Airport), | |||
Series B, | |||
5.00% due 1/1/2032 - 1/1/2033 | 9,805,000 | 9,821,651 | |
5.25% due 1/1/2034 | 4,700,000 | 4,703,224 | |
City of Chicago (Midway Airport) AMT, Series A, 5.00% due 1/1/2034 | 1,365,000 | 1,343,615 | |
City of Chicago (Wastewater Transmission System), Series C, 5.00% due 1/1/2033 | 500,000 | 505,311 | |
City of Chicago (Wastewater Transmission System; Insured: AGM-CR), Series B, 5.00% due 1/1/2034 | 1,375,000 | 1,406,764 | |
City of Chicago (Water System), Series A-1, 5.00% due 11/1/2024 | 1,000,000 | 1,006,496 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2036 - 11/1/2037 | 5,500,000 | 5,648,248 | |
City of Chicago (Water System; Insured: BHAC-CR AMBAC), 5.75% due 11/1/2030 | 1,230,000 | 1,298,522 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 47 |
Thornburg Intermediate Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
City of Chicago GO, | |||
Series A, | |||
5.625% due 1/1/2031 | $ 1,585,000 | $ 1,645,352 | |
6.00% due 1/1/2038 | 7,500,000 | 7,722,105 | |
City of Chicago Wastewater Transmission Revenue, | |||
Series C, | |||
5.00% due 1/1/2028 - 1/1/2029 | 3,880,000 | 3,915,927 | |
5.00% due 1/1/2028 - 1/1/2029 (pre-refunded 1/1/2025) | 3,985,000 | 4,036,463 | |
City of Joliet (Rock Run Crossing Project; Insured: BAM) GO, 5.50% due 12/15/2042 | 2,750,000 | 2,961,821 | |
County of Cook Sales Tax Revenue, | |||
5.00% due 11/15/2038 | 435,000 | 440,726 | |
Series A, 5.00% due 11/15/2036 - 11/15/2038 | 3,160,000 | 3,239,222 | |
Illinois Finance Authority (Ascension Health Credit Group), | |||
Series C, | |||
4.00% due 2/15/2033 | 800,000 | 796,763 | |
5.00% due 2/15/2041 | 1,000,000 | 1,015,001 | |
Illinois Finance Authority (Carle Foundation Obligated Group), Series A, 5.00% due 8/15/2034 | 1,700,000 | 1,814,942 | |
Illinois Finance Authority (Rush University Medical Center), Series A, 5.00% due 11/15/2033 | 1,000,000 | 1,011,239 | |
Illinois Finance Authority (Silver Cross Hospital & Medical Centers), Series C, 5.00% due 8/15/2035 | 1,500,000 | 1,484,950 | |
Illinois Finance Authority (Silver Cross Hospital and Medical Centers), Series C, 5.00% due 8/15/2024 | 1,000,000 | 1,003,556 | |
Illinois State Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | 5,550,000 | 5,524,537 | |
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 | 6,473,245 | |
Regional Transportation Authority (Insured: AGM), Series A, 5.75% due 6/1/2034 | 1,100,000 | 1,258,397 | |
Sales Tax Securitization Corp., | |||
Series A, | |||
4.00% due 1/1/2038 | 2,000,000 | 1,847,206 | |
5.00% due 1/1/2029 - 1/1/2040 | 3,500,000 | 3,592,553 | |
Sales Tax Securitization Corp. (Insured: BAM-TCRS), Series B, 5.00% due 1/1/2038 | 3,075,000 | 3,128,447 | |
Southern Illinois University (Insured: BAM), Series A, 5.00% due 4/1/2037 - 4/1/2042 | 2,040,000 | 2,047,021 | |
State of Illinois GO, | |||
5.00% due 2/1/2039 | 670,000 | 642,533 | |
Series A, 5.00% due 12/1/2034 - 5/1/2040 | 11,810,000 | 11,973,761 | |
Series B, 5.25% due 5/1/2043 | 2,500,000 | 2,536,732 | |
Series D, 5.00% due 11/1/2027 - 11/1/2028 | 4,250,000 | 4,389,622 | |
State of Illinois Sales Tax Revenue, Series B, 5.00% due 6/15/2030 - 6/15/2031 | 9,280,000 | 9,540,532 | |
State of Illinois Sales Tax Revenue (Insured: BAM-Natl-Re), Series B, 5.00% due 6/15/2032 | 2,885,000 | 2,958,074 | |
Tazewell County School District (Insured: Natl-Re) GO Partial ETM, 9.00% due 12/1/2024 | 1,205,000 | 1,271,115 | |
Will County School District No. 114 Manhattan (Insured: BAM) GO, | |||
5.25% due 1/1/2040 - 1/1/2041 | 1,000,000 | 1,047,859 | |
5.50% due 1/1/2043 | 2,000,000 | 2,122,818 | |
Indiana — 3.7% | |||
Brownsburg 1999 School Building Corp. (Brownsburg Community School Corp.; Insured: State Intercept), 5.00% due 1/15/2042 | 1,000,000 | 1,023,125 | |
a | City of Mount Vernon AMT, 4.25% due 9/1/2055 (put 9/1/2028) | 2,000,000 | 1,998,516 |
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 | 251,015 |
Indiana (Ascension Health Credit Group) HFFA, Series A-1, 5.00% due 11/15/2034 - 11/15/2036 | 8,325,000 | 8,448,506 | |
Indiana Finance Authority (CWA Authority, Inc.), Series A, 5.00% due 10/1/2035 | 500,000 | 540,226 | |
Indiana Finance Authority (Ohio Valley Electric Corp.), Series A, 4.25% due 11/1/2030 | 8,000,000 | 7,804,464 | |
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 | 2,042,829 | |
Indiana Finance Authority (Southern Indiana Gas & Electric Co.) AMT, | |||
a | Series A, 4.00% due 3/1/2038 (put 8/1/2028) | 1,500,000 | 1,453,289 |
a | Series B, 4.00% due 5/1/2043 (put 8/1/2028) | 2,500,000 | 2,422,147 |
Indiana Municipal Power Agency, Series C, 5.00% due 1/1/2036 | 1,000,000 | 1,019,366 | |
IPS Multi-School Building Corp. (Indianapolis Board of School Commissioners; Insured: State Intercept), 5.50% due 7/15/2042 | 1,000,000 | 1,066,327 | |
Mount Vernon of Hancock County Multi-School Building Corp. (Insured: State Intercept), 5.50% due 1/15/2042 | 1,000,000 | 1,059,271 | |
Noblesville Redevelopment Authority, 5.50% due 7/15/2041 | 1,000,000 | 1,074,099 | |
c | Silver Creek School Building Corp. (Insured: State Intercept), 5.25% due 1/15/2042 | 2,000,000 | 2,074,734 |
Iowa — 1.3% | |||
a | Iowa Finance Authority (Iowa Fertilizer Co. LLC; Guaranty: OCI NV), 5.00% due 12/1/2050 (put 12/1/2042) | 2,000,000 | 1,917,538 |
Iowa Finance Authority (UnityPoint Health), Series C, 5.00% due 2/15/2030 - 2/15/2032 | 4,100,000 | 4,111,164 | |
a | PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 5,350,000 | 5,323,587 |
Kentucky — 1.5% | |||
Kentucky (Baptist Healthcare System Obligated Group) EDFA, Series B, 5.00% due 8/15/2041 | 5,000,000 | 4,938,020 | |
a | Kentucky (Republic Services, Inc.) EDFA AMT, Series A, 4.30% due 4/1/2031 (put 12/1/2023) | 2,000,000 | 2,000,000 |
48 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
a | Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), Series C, 4.00% due 2/1/2050 (put 2/1/2028) | $ 2,000,000 | $ 1,926,754 |
Kentucky State Property & Building Commission, | |||
Series A, | |||
4.00% due 11/1/2035 | 1,000,000 | 947,978 | |
5.25% due 6/1/2039 | 3,000,000 | 3,154,416 | |
Louisiana — 1.6% | |||
East Baton Rouge Sewerage Commission, Series B, 5.00% due 2/1/2030 - 2/1/2032 (pre-refunded 2/1/2025) | 6,825,000 | 6,928,242 | |
Jefferson Sales Tax District (Insured: AGM), Series B, 5.00% due 12/1/2034 | 1,000,000 | 1,030,327 | |
Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series A, 5.00% due 5/15/2035 - 5/15/2037 | 1,925,000 | 1,971,871 | |
Parish of Lafourche (Roads, Highways and Bridges), 5.00% due 1/1/2024 - 1/1/2025 | 3,685,000 | 3,712,893 | |
Maine — 0.1% | |||
Maine Health & Higher Educational Facilities Authority (Insured: AGM), Series A, 5.00% due 7/1/2041 - 7/1/2043 | 625,000 | 647,263 | |
Massachusetts — 0.3% | |||
Massachusetts (CareGroup Healthcare System) DFA, Series I, 5.00% due 7/1/2036 | 1,750,000 | 1,768,345 | |
Massachusetts Bay Transportation Authority Assessment Revenue (Transportation Capital Program), Series A, 5.25% due 7/1/2030 | 1,000,000 | 1,111,624 | |
Michigan — 1.3% | |||
Board of Governors of Wayne State University (Educational Facilities and Equipment), Series A, 5.00% due 11/15/2031 | 1,010,000 | 1,022,476 | |
Detroit City School District (School Building & Site Improvement; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2026 | 3,150,000 | 3,258,051 | |
Detroit City School District (School Building & Site; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1,100,000 | 1,154,346 | |
Kalamazoo Hospital Finance Authority (Bronson Healthcare), Series A, 5.25% due 5/15/2026 | 110,000 | 110,055 | |
Michigan Finance Authority (BHSH System Obligated Group), Series A, 5.00% due 4/15/2036 | 2,000,000 | 2,111,884 | |
Michigan Finance Authority (Government Loan Program), Series F, 5.00% due 4/1/2026 | 1,000,000 | 1,000,656 | |
Michigan State Housing Development Authority, Series B, 2.95% due 12/1/2039 | 2,000,000 | 1,530,330 | |
c | Wayne County Airport Authority (Insured: AMG) AMT, Series B, 5.50% due 12/1/2043 | 675,000 | 706,601 |
Mississippi — 0.6% | |||
Mississippi Development Bank (Jackson Public School District; Insured: BAM), 5.25% due 10/1/2037 - 10/1/2038 | 5,250,000 | 5,437,376 | |
Montana — 0.2% | |||
c | Montana Board of Housing, Series B, 4.80% due 12/1/2043 | 2,000,000 | 1,891,288 |
Nebraska — 0.1% | |||
Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 9/1/2031 | 1,000,000 | 1,004,044 | |
Nevada — 0.1% | |||
Carson City (Carson Tahoe Regional Healthcare), Series A, 5.00% due 9/1/2032 | 730,000 | 736,950 | |
New Jersey — 4.5% | |||
Essex County Improvement Authority (County Correctional Facilities & Gibraltar Facilities; Insured: Natl-Re) GO, 5.50% due 10/1/2024 | 2,500,000 | 2,536,052 | |
New Jersey (New Jersey Transit Corp.) EDA, Series A, 5.25% due 11/1/2042 | 4,000,000 | 4,154,800 | |
New Jersey (School Facilities Construction) EDA, 5.00% due 6/15/2038 | 1,765,000 | 1,804,607 | |
New Jersey (School Facilities Construction; Insured: AMBAC) EDA, Series N-1, 5.50% due 9/1/2026 | 3,000,000 | 3,118,833 | |
New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N1, 5.50% due 9/1/2027 | 1,700,000 | 1,792,426 | |
New Jersey Health Care Facilities Financing Authority, 5.00% due 7/1/2027 - 7/1/2028 (pre-refunded 1/1/2024) | 185,000 | 185,355 | |
New Jersey Health Care Facilities Financing Authority (Virtua Health Obligated Group), 5.00% due 7/1/2027 - 7/1/2028 | 2,815,000 | 2,820,276 | |
New Jersey Transportation Trust Fund Authority, | |||
Series A, 5.00% due 12/15/2032 - 12/15/2035 | 5,300,000 | 5,463,932 | |
Series AA, | |||
5.00% due 6/15/2035 - 6/15/2040 | 1,800,000 | 1,856,806 | |
5.25% due 6/15/2043 | 1,600,000 | 1,634,539 | |
Series BB-1, 5.00% due 6/15/2034 | 2,000,000 | 2,070,590 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), | |||
Series A, 5.00% due 6/15/2031 | 1,000,000 | 1,024,897 | |
Series A-1, 5.00% due 6/15/2024 | 1,000,000 | 1,005,016 | |
New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), | |||
Series AA, 5.00% due 6/15/2038 | 3,500,000 | 3,569,933 | |
Series CC, 5.00% due 6/15/2042 | 3,750,000 | 3,811,935 | |
New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 12/15/2034 - 12/15/2039 | 2,000,000 | 2,043,990 | |
New Mexico — 0.4% | |||
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Series A, 5.00% due 8/1/2036 - 8/1/2037 | 1,955,000 | 2,022,164 | |
New Mexico Institute of Mining and Technology (Campus Buildings Acquisition & Improvements; Insured: AGM), 4.00% due 12/1/2040 | 700,000 | 628,271 | |
Village of Los Ranchos de Albuquerque (Albuquerque Academy), 4.00% due 9/1/2040 | 825,000 | 711,244 | |
New York — 7.7% | |||
Build NYC Resource Corp. (Kipp NYC Public Charter Schools), 5.00% due 7/1/2042 | 2,300,000 | 2,138,625 | |
City of Long Beach (Insured: BAM) GO, Series B, 5.25% due 7/15/2042 | 1,000,000 | 1,024,794 | |
City of New York (City Budget Financial Management) GO, |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 49 |
Thornburg Intermediate Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Series G, 5.00% due 8/1/2027 | $ 4,530,000 | $ 4,545,900 | |
Series J, 5.00% due 8/1/2030 - 8/1/2031 | 9,000,000 | 9,093,097 | |
City of New York GO, | |||
Series A, 5.00% due 8/1/2039 | 1,000,000 | 1,029,250 | |
Series D-1, 5.25% due 5/1/2040 - 5/1/2041 | 2,500,000 | 2,644,225 | |
Dutchess County Local Development Corp. (Tompkins Terrace Housing LP; Collateralized: FNMA), 5.00% due 10/1/2040 | 3,100,000 | 2,947,415 | |
Erie County (City of Buffalo School District) (State Aid Withholding) IDA, Series A, 5.00% due 5/1/2027 | 5,000,000 | 5,003,945 | |
Metropolitan Transportation Authority, | |||
Series D, 5.00% due 11/15/2030 - 11/15/2035 | 8,295,000 | 8,498,819 | |
Series D-1, 5.00% due 11/15/2031 | 2,285,000 | 2,323,125 | |
Metropolitan Transportation Authority (Green Bond), Series A1, 5.00% due 11/15/2035 - 11/15/2036 | 1,820,000 | 1,827,969 | |
New York City Housing Development Corp. (CSA Preservation Partners LLC), Series A, 4.45% due 8/1/2043 | 1,500,000 | 1,361,687 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
Series A, 5.00% due 11/1/2036 | 1,230,000 | 1,292,335 | |
Series A2, 5.00% due 5/1/2039 | 1,000,000 | 1,028,142 | |
Series A-3, 4.00% due 8/1/2042 | 2,500,000 | 2,264,885 | |
Series F1, 5.00% due 2/1/2037 | 200,000 | 211,162 | |
New York State Dormitory Authority (Cornell University) (Green Bond), Series D, 5.00% due 7/1/2036 | 500,000 | 565,713 | |
New York State Dormitory Authority (Insured: BAM), Series A, 5.00% due 10/1/2042 | 5,000,000 | 5,119,930 | |
New York State Thruway Authority, Series N-1, 5.00% due 1/1/2035 | 250,000 | 266,009 | |
New York State Thruway Authority (State of New York Personal Income Tax Revenue), 5.00% due 3/15/2041 | 1,500,000 | 1,555,446 | |
New York State Urban Development Corp. (State of New York Personal Income Tax Revenue), Series A, 5.00% due 3/15/2042 | 2,500,000 | 2,591,768 | |
Port Authority of New York & New Jersey AMT, | |||
Series 186, 5.00% due 10/15/2037 | 3,000,000 | 3,008,346 | |
Series 223, 5.00% due 7/15/2033 | 750,000 | 775,702 | |
State of New York Mortgage Agency (Insured: SONYMA) AMT, | |||
Series 248, 4.05% due 10/1/2031 | 2,035,000 | 1,872,933 | |
Series 253, 4.70% due 10/1/2038 | 1,000,000 | 910,029 | |
Triborough Bridge & Tunnel Authority, Series D, 5.00% due 11/15/2033 | 250,000 | 270,611 | |
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue), Series A, 4.00% due 5/15/2040 | 1,500,000 | 1,358,490 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2029 | 250,000 | 254,492 | |
Western Nassau County Water Authority (Green Bond), Series A, 4.00% due 4/1/2040 - 4/1/2041 | 475,000 | 435,712 | |
Yonkers (New Community School Project) (State Aid Withholding) IDA, 4.00% due 5/1/2041 | 250,000 | 225,986 | |
North Carolina — 0.9% | |||
Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), Series A, 5.00% due 1/15/2028 | 2,190,000 | 2,191,463 | |
Greater Asheville Regional Airport Authority (Insured: AGM) AMT, 5.25% due 7/1/2042 - 7/1/2043 | 1,450,000 | 1,466,188 | |
North Carolina Medical Care Commission (Plantation Village Obligated Group), Series A, 4.00% due 1/1/2041 | 1,020,000 | 800,765 | |
North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2030 (pre-refunded 6/1/2025) | 3,000,000 | 3,058,140 | |
Ohio — 3.3% | |||
Cincinnati City School District (School Improvement Project) COP, 5.00% due 12/15/2031 (pre-refunded 12/15/2024) | 3,075,000 | 3,112,973 | |
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 | 5,188,822 | |
City of Cleveland (Various Municipal Capital Improvements) GO, 5.00% due 12/1/2024 | 1,000,000 | 1,000,539 | |
City of Cleveland GO, 5.00% due 12/1/2026 | 15,000 | 15,011 | |
City of Cleveland Income Tax Revenue, Series A, 5.00% due 10/1/2033 - 10/1/2035 | 1,450,000 | 1,519,075 | |
Cleveland-Cuyahoga County Port Authority (County Administration Offices), 5.00% due 7/1/2025 | 1,780,000 | 1,811,892 | |
County of Cuyahoga (Musical Arts Association), 5.00% due 1/1/2037 | 350,000 | 361,307 | |
County of Hamilton (Cincinnati Children’s Hospital Medical Center), 5.00% due 5/15/2028 - 5/15/2031 | 8,085,000 | 8,130,314 | |
Greene County Vocational School District (School Facilities Construction and Improvement) GO, 5.00% due 12/1/2033 | 770,000 | 815,094 | |
Northeast Ohio Medical University (Insured: BAM), | |||
5.00% due 12/1/2038 - 12/1/2041 | 2,420,000 | 2,428,461 | |
Series B, 4.00% due 12/1/2042 | 1,310,000 | 1,117,293 | |
Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group), 5.25% due 1/1/2037 | 840,000 | 848,796 | |
Ohio Housing Finance Agency (Collateralized: GNMA, FNMA, FHLMC), Series B, 4.80% due 9/1/2043 | 1,000,000 | 980,617 | |
Polaris Career Center COP, 5.00% due 11/1/2041 | 1,150,000 | 1,150,768 | |
Oklahoma — 0.9% | |||
Clinton Public Works Authority, 5.00% due 10/1/2039 | 3,335,000 | 3,373,466 | |
Oklahoma County Finance Authority (Oklahoma County ISD No. 4 Choctaw-Nicoma Park), 4.00% due 9/1/2038 | 5,000,000 | 4,437,285 | |
Oregon — 0.2% | |||
a | County of Gilliam (Guaranty: Waste Management, Inc.) AMT, 3.95% due 7/1/2038 (put 5/1/2024) | 1,500,000 | 1,493,827 |
Salem Hospital Facility Authority (Capital Manor, Inc. Obligated Group), 4.00% due 5/15/2040 | 500,000 | 394,935 | |
Pennsylvania — 7.0% | |||
City of Philadelphia (Pennsylvania Gas Works), |
50 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Series 13, 5.00% due 8/1/2032 - 8/1/2034 | $ 2,300,000 | $ 2,320,141 | |
Series 14, 5.00% due 10/1/2034 | 500,000 | 509,130 | |
City of Philadelphia (Philadelphia Gas Works), Series 15, 5.00% due 8/1/2036 - 8/1/2042 | 4,985,000 | 5,022,675 | |
City of Philadelphia Airport Revenue (Insured: AGM) AMT, 4.00% due 7/1/2038 - 7/1/2041 | 3,410,000 | 3,003,069 | |
City of Philadelphia Airport Revenue AMT, | |||
Series B, 5.00% due 7/1/2030 - 7/1/2037 | 3,175,000 | 3,205,787 | |
Series C, 5.00% due 7/1/2032 | 1,380,000 | 1,409,982 | |
City of Pittsburgh (Capital Projects) GO, 5.00% due 9/1/2035 - 9/1/2036 | 1,215,000 | 1,253,890 | |
County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2029 | 3,000,000 | 3,070,428 | |
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 | 3,005,988 | |
Monroeville Financing Authority (University of Pittsburgh Medical Center), 5.00% due 2/15/2026 | 3,490,000 | 3,568,466 | |
a | Montgomery County (Constellation Energy Generation LLC) IDA AMT, Series C, 4.45% due 10/1/2034 (put 4/3/2028) | 1,000,000 | 976,819 |
Pennsylvania (Pennsylvania Department of Transportation) EDFA AMT, 5.50% due 6/30/2043 | 6,000,000 | 6,180,120 | |
Pennsylvania (Presbyterian Homes Obligated Group) EDFA, Series B-2, 5.00% due 7/1/2042 | 1,250,000 | 1,127,748 | |
Pennsylvania (UPMC Obligated Group) EDFA, | |||
Series A, | |||
4.00% due 10/15/2037 | 1,000,000 | 906,394 | |
5.00% due 2/15/2036 | 1,000,000 | 1,037,824 | |
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 | 5,166,350 | |
Pennsylvania Turnpike Commission (Highway Improvements), Series A-1, 5.00% due 12/1/2035 - 12/1/2036 | 1,750,000 | 1,807,276 | |
Philadelphia Authority for Industrial Development (Thomas Jefferson University), Series A, 5.00% due 9/1/2032 - 9/1/2034 | 5,000,000 | 5,065,352 | |
Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2032 - 4/1/2036 | 11,125,000 | 11,391,228 | |
School District of Philadelphia (State Aid Witholding) GO, Series A, 4.00% due 9/1/2041 | 1,000,000 | 868,565 | |
Rhode Island — 0.4% | |||
State of Rhode Island and Providence Plantations (Training School Project) COP, Series B, 5.00% due 10/1/2024 | 3,595,000 | 3,596,812 | |
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 | 2,012,511 | |
a | Patriots Energy Group Financing Agency (Guaranty: Goldman Sachs Group, Inc.), Series A1, 5.25% due 10/1/2054 (put 8/1/2031) | 2,000,000 | 2,009,984 |
a | South Carolina Jobs-EDA (Guaranty: International Paper Co.) AMT, Series A, 4.00% due 4/1/2033 (put 4/1/2026) | 2,000,000 | 1,964,226 |
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 | 1,833,212 | |
Tennessee — 2.2% | |||
Memphis-Shelby County Airport Authority AMT, Series A, 5.00% due 7/1/2026 - 7/1/2033 | 2,320,000 | 2,367,093 | |
Shelby County Health Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare), Series A, 5.00% due 5/1/2027 - 5/1/2035 | 3,560,000 | 3,637,099 | |
a | Tennessee Energy Acquisition Corp. (Guaranty: Goldman Sachs Group, Inc.), Series A-1, 5.00% due 5/1/2053 (put 5/1/2028) | 5,000,000 | 4,989,975 |
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) | 6,785,000 | 6,770,473 |
Tennessee Housing Development Agency, Series 2A, 4.45% due 7/1/2043 | 1,000,000 | 913,963 | |
Texas — 9.7% | |||
Calallen (Insured: PSF-GTD) ISD GO, 5.00% due 2/15/2043 | 750,000 | �� 778,414 | |
Celina (Insured: PSF-GTD) ISD GO, 5.00% due 2/15/2042 - 2/15/2043 | 1,250,000 | 1,303,611 | |
City of Austin Airport System Revenue AMT, 5.00% due 11/15/2035 - 11/15/2042 | 3,575,000 | 3,596,842 | |
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2025 - 2/15/2034 | 9,720,000 | 9,861,889 | |
City of Dallas (Trinity River Corridor Infrastructure) GO, 5.00% due 2/15/2028 | 1,000,000 | 1,003,628 | |
City of Galveston (Galveston Island Convention Center; Insured: AGM), Series B, 5.00% due 9/1/2024 | 575,000 | 575,262 | |
City of Houston Airport System Revenue AMT, | |||
Series A, | |||
4.00% due 7/1/2041 | 1,310,000 | 1,123,050 | |
5.00% due 7/1/2033 - 7/1/2041 | 2,500,000 | 2,493,758 | |
City of Houston Airport System Revenue AMT; (Insured: AGM), Series A, 5.25% due 7/1/2042 | 1,000,000 | 1,024,116 | |
City of McAllen (International Toll Bridge Revenue; Insured: AGM), Series A, 5.00% due 3/1/2028 - 3/1/2032 | 6,120,000 | 6,276,450 | |
City of McKinney Waterworks & Sewer System Revenue, 5.00% due 3/15/2041 - 3/15/2042 | 900,000 | 926,560 | |
City of New Braunfels Utility System Revenue, 5.00% due 7/1/2042 | 1,750,000 | 1,824,251 | |
City of Port Arthur (CTFS Obligation; Insured: BAM) GO, | |||
4.00% due 2/15/2040 - 2/15/2042 | 1,750,000 | 1,556,656 | |
5.00% due 2/15/2039 - 2/15/2043 | 2,350,000 | 2,385,679 | |
City of San Antonio (Airport System Capital Improvements) AMT, 5.00% due 7/1/2024 - 7/1/2025 | 3,225,000 | 3,225,630 | |
City of San Antonio (Public Facilities Corp.), 5.00% due 9/15/2040 | 2,000,000 | 2,089,388 | |
City of San Antonio (Water System), Series A, 5.00% due 5/15/2037 | 500,000 | 517,144 | |
Corpus Christi (Insured: PSF-GTD) ISD GO, 4.00% due 8/15/2043 | 1,500,000 | 1,332,780 | |
County of Bexar GO, 4.00% due 6/15/2036 | 1,000,000 | 965,702 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 51 |
Thornburg Intermediate Municipal Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Crosby (Insured: PSF-GTD) ISD GO, 4.00% due 2/15/2042 | $ 1,000,000 | $ 907,240 | |
Greater Texas Cultural Education Facilities Finance Corp. (County of Fort Bend), Series A, 5.00% due 3/1/2034 | 1,185,000 | 1,266,982 | |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), | |||
5.00% due 7/1/2040 | 5,000,000 | 5,054,110 | |
Series A, 5.00% due 12/1/2028 | 3,000,000 | 3,035,550 | |
Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center), Series A, 5.00% due 5/15/2029 | 2,100,000 | 2,211,846 | |
Hays Consolidated (Insured: PSF-GTD) ISD GO, 4.00% due 2/15/2043 | 1,000,000 | 913,212 | |
Lower Colorado River Authority (LCRA Transmission Services Corp.), | |||
Series A, | |||
5.00% due 5/15/2039 | 500,000 | 511,494 | |
5.25% due 5/15/2042 | 1,410,000 | 1,466,709 | |
Matagorda County Navigation District No. 1 (AEP Texas, Inc.) AMT, 4.25% due 5/1/2030 | 2,000,000 | 1,933,522 | |
a | Mission Economic Development Corp. (Republic Services, Inc.) AMT, 4.125% due 1/1/2026 (put 11/1/2023) | 2,000,000 | 2,000,000 |
a | Mission Economic Development Corp. (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, Series A, 4.25% due 6/1/2048 (put 6/3/2024) | 1,100,000 | 1,095,032 |
Newark Higher Education Finance Corp. (Hughen Center, Inc.; Insured: PSF-GTD), Series A, 5.00% due 8/15/2042 | 600,000 | 613,340 | |
North Texas Tollway Authority, Series A, 4.125% due 1/1/2040 | 1,500,000 | 1,383,109 | |
North Texas Tollway Authority (NTTA System), Series A, 5.00% due 1/1/2037 | 1,750,000 | 1,788,152 | |
Pecos Barstow Toyah (Insured: PSF-GTD) ISD GO, 5.00% due 2/15/2043 | 1,000,000 | 1,010,082 | |
Stephen F Austin State University (Financing System), Series A, 5.00% due 10/15/2030 - 10/15/2033 | 1,265,000 | 1,346,676 | |
Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health Obligated Group), Series B, 5.00% due 7/1/2036 | 1,185,000 | 1,205,069 | |
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas Obligated Group), 5.00% due 10/1/2040 | 3,520,000 | 3,622,428 | |
Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2029 | 1,000,000 | 988,279 | |
Texas Public Finance Authority (Texas Southern University; Insured: BAM), 5.25% due 5/1/2040 | 500,000 | 511,782 | |
Texas State Technical College (Insured: AGM), Series A, 5.50% due 8/1/2042 | 2,000,000 | 2,130,228 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2024 - 8/15/2034 | 5,600,000 | 5,621,461 | |
Waco Educational Finance Corp. (Baylor University Issue), 4.00% due 3/1/2041 | 850,000 | 785,615 | |
Utah — 0.1% | |||
Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2039 | 500,000 | 497,491 | |
Utah Telecommunication Open Infrastructure Agency, 5.50% due 6/1/2040 | 500,000 | 530,175 | |
Virginia — 0.7% | |||
Virginia Housing Development Authority, Series D, 4.50% due 8/1/2043 | 2,000,000 | 1,842,526 | |
a | Virginia Small Business Financing Authority (Pure Salmon Virginia LLC) AMT, 3.50% due 11/1/2052 (put 11/1/2023) | 4,000,000 | 3,996,496 |
Washington — 1.1% | |||
Clark County Public Utility District No. 1, 5.00% due 1/1/2040 - 1/1/2041 | 1,000,000 | 1,044,073 | |
King County Public Hospital District No. 2 (EvergreenHealth Medical Center) GO, 5.00% due 12/1/2030 (pre-refunded 12/1/2024) | 600,000 | 607,596 | |
State of Washington (Acquisition and Improvements of Real and Personal Property) COP, Series A, 5.00% due 7/1/2030 | 4,415,000 | 4,619,300 | |
State of Washington GO, Series 2021A, 5.00% due 6/1/2040 | 2,225,000 | 2,316,565 | |
Washington State Housing Finance Commission (Eastside Retirement Association Obligated Group), Series A, 5.00% due 7/1/2043 | 1,000,000 | 947,219 | |
Wisconsin — 1.6% | |||
Public Finance Authority (National Senior Community Obligated Group), 4.00% due 1/1/2042 | 1,375,000 | 1,103,202 | |
Public Finance Authority (Texas Biomedical Research Institute), Series A, 4.00% due 6/1/2040 - 6/1/2041 | 525,000 | 443,971 | |
Racine (Insured: AGM) USD GO, 5.00% due 4/1/2039 - 4/1/2042 | 3,850,000 | 3,982,833 | |
Wisconsin Housing (Collateralized: GNMA, FNMA, FHLMC) EDA, Series A, 4.85% due 9/1/2043 | 5,000,000 | 4,900,000 | |
WPPI Energy, Series A, 5.00% due 7/1/2029 - 7/1/2036 | 2,980,000 | 3,117,634 | |
Total Long-Term Municipal Bonds — 93.9% (Cost $826,687,345) | 811,782,131 | ||
Short-Term Municipal Bonds — 4.8% | |||
Alabama — 0.2% | |||
a | City of Mobile Alabama (Alabama Power Co.) IDB, Series 1ST, 4.75% due 6/1/2034 (put 10/2/2023) | 1,000,000 | 1,000,000 |
a | Columbia (Alabama Power Co.) IDB, Series B, 4.75% due 12/1/2037 (put 10/2/2023) | 500,000 | 500,000 |
Colorado — 0.7% | |||
a | Colorado Educational & Cultural Facilities Authority (Michael Ann Russell Jewish Community Center, Inc.; LOC TD Bank NA), Series B-5, 4.60% due 1/1/2039 (put 10/2/2023) | 5,850,000 | 5,850,000 |
Florida — 0.3% | |||
City of Gainesville Utilities System Revenue (SPA Barclays Bank plc), | |||
a | Series A, 4.63% due 10/1/2026 (put 10/2/2023) | 1,525,000 | 1,525,000 |
a | Series B, 4.60% due 10/1/2042 (put 10/2/2023) | 700,000 | 700,000 |
a | Series C, 4.60% due 10/1/2026 (put 10/2/2023) | 690,000 | 690,000 |
52 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Iowa — 0.1% | |||
a | Iowa Finance Authority (Iowa Health System Obligated Group; LOC JP Morgan Chase Bank NA), Series F, 4.55% due 7/1/2041 (put 10/2/2023) | $ 1,000,000 | $ 1,000,000 |
Kentucky — 1.6% | |||
a | County of Meade (Nucor Corp.) AMT, Series A-1, 5.22% due 7/1/2060 - 8/1/2061 (put 10/2/2023) | 13,950,000 | 13,950,000 |
Mississippi — 0.2% | |||
a | Mississippi Business Finance Corp. (Chevron USA, Inc.; Guaranty: Chevron Corp.), Series C, 4.65% due 11/1/2035 (put 10/2/2023) | 1,285,000 | 1,285,000 |
New Mexico — 0.4% | |||
a | New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group; SPA JP Morgan Chase Bank NA), Series B, 4.60% due 8/1/2034 (put 10/2/2023) | 3,865,000 | 3,865,000 |
New York — 0.2% | |||
a | New York State Housing Finance Agency (LOC Landesbank Hessen-Thrgn), Series A, 4.60% due 11/1/2046 (put 10/2/2023) | 1,800,000 | 1,800,000 |
Texas — 1.1% | |||
a | Port of Port Arthur Navigation District (Motiva Enterprises LLC), 5.15% due 4/1/2040 (put 10/2/2023) | 9,400,000 | 9,400,000 |
Total Short-Term Municipal Bonds — 4.8% (Cost $41,565,000) | 41,565,000 | ||
Total Investments — 98.7% (Cost $868,252,345) | $853,347,131 | ||
Other Assets Less Liabilities — 1.3% | 11,125,993 | ||
Net Assets — 100.0% | $864,473,124 |
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, 2023. |
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, 2023, the aggregate value of these securities in the Fund’s portfolio was $2,500,000, representing 0.29% of the Fund’s net assets. |
c | When-issued security. |
To simplify the listings of securities, abbreviations are used per the table below:
AGC | Insured by Assured Guaranty Corp. |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMBAC | Insured by American Municipal Bond Assurance Corp. |
AMT | Alternative Minimum Tax |
BAM | Insured by Build America Mutual Insurance Co. |
BHAC-CR | Berkshire Hathaway Assurance Corp. Custodial Receipts |
COP | Certificates of Participation |
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 |
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 |
SPA | Stand-by Purchase Agreement |
TCRS | Transferable Custodial Receipts |
USD | Unified School District |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 53 |
Thornburg Strategic Municipal Income Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 97.2% | |||
Alabama — 2.2% | |||
Alabama Housing Finance Authority, Series 2023-04FN Class PT, 5.23% due 10/1/2041 | $1,500,000 | $ 1,487,837 | |
a | Black Belt Energy Gas District (Guaranty: Royal Bank Of Canada), 4.00% due 6/1/2051 (put 12/1/2031) | 1,000,000 | 936,493 |
a | Energy Southeast A Cooperative District (Guaranty: Morgan Stanley Group), 5.50% due 11/1/2053 (put 1/1/2031) | 2,000,000 | 2,041,890 |
a | Southeast Energy Authority A Cooperative District, Series B-1, 5.00% due 1/1/2054 (put 6/1/2030) | 1,000,000 | 1,009,553 |
a | Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series A, 5.50% due 1/1/2053 (put 12/1/2029) | 1,000,000 | 1,021,051 |
Arizona — 3.9% | |||
Arizona (Scottsdale Lincoln Hospitals) HFA, Series A, 5.00% due 12/1/2031 | 2,500,000 | 2,521,438 | |
Chandler (Intel Corp.) IDA AMT, | |||
a | 4.10% due 12/1/2037 (put 6/15/2028) | 850,000 | 829,145 |
a | Series 2022-2, 5.00% due 9/1/2052 (put 9/1/2027) | 1,215,000 | 1,227,253 |
City of Phoenix Civic Improvement Corp. (Phoenix Airport Revenue) AMT, Series B, 5.00% due 7/1/2044 | 1,000,000 | 998,950 | |
a | Coconino County Pollution Control Corp. (Nevada Power Co.) AMT, Series A, 4.125% due 9/1/2032 (put 3/31/2026) | 1,000,000 | 977,937 |
b | County of Pima (La Posada at Park Centre, Inc. Obligated Group) IDA, Series A, 5.75% due 11/15/2023 - 11/15/2024 | 600,000 | 597,798 |
County of Pima (TMC HealthCare Obligated Group) IDA, Series A, 4.00% due 4/1/2041 | 1,000,000 | 853,814 | |
a | Maricopa County Pollution Control Corp. (Public Service Co. of New Mexico), Series A, 0.875% due 6/1/2043 (put 10/1/2026) | 3,000,000 | 2,608,332 |
Yavapai County (Waste Management, Inc.) IDA AMT, 1.30% due 6/1/2027 | 1,000,000 | 868,886 | |
California — 6.3% | |||
Benicia (Benicia High School; Insured: AGM) USD GO, Series C, Zero Coupon due 8/1/2026 | 830,000 | 736,081 | |
California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2036 | 500,000 | 495,343 | |
California (Community Program Developmental Disabilities; Insured: California Mtg Insurance) HFFA, Series A, 6.25% due 2/1/2026 | 820,000 | 821,360 | |
a | California Community Choice Financing Authority (Guaranty: Deutsche Bank A.G.) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | 3,700,000 | 3,690,983 |
California Educational Facilities Authority (University of Redlands), Series A, 5.00% due 10/1/2044 | 500,000 | 475,635 | |
a,b | California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) AMT, Series A, 3.65% due 1/1/2050 (put 1/31/2024) | 860,000 | 853,252 |
California Municipal Finance Authority (Greenfield Commons Eah LP; Collateralized: FNMA), Series A, 5.28% due 9/1/2046 | 1,400,000 | 1,353,106 | |
b | California Pollution Control Financing Authority (Poseidon Resources (Channelside) LP Desalination Project) AMT, 5.00% due 11/21/2045 | 1,000,000 | 942,231 |
California Pollution Control Financing Authority (Republic Services, Inc.) AMT, | |||
a,b | 4.25% due 7/1/2043 (put 2/15/2024) | 1,000,000 | 999,858 |
a,b | Series A2, 4.10% due 11/1/2042 (put 10/16/2023) | 1,000,000 | 1,000,000 |
b | California School Finance Authority, Series A, 5.00% due 10/1/2042 | 1,000,000 | 926,910 |
California Statewide Communities Development Authority (Methodist Hospital of Southern California Obligated Group), 5.00% due 1/1/2030 | 175,000 | 178,279 | |
Calipatria (Educational Facilities; Insured: BAM) USD GO, Series B, Zero Coupon due 8/1/2025 | 670,000 | 611,000 | |
City of Long Beach Airport System Revenue (Insured: AGM) AMT, | |||
Series C, | |||
5.00% due 6/1/2042 | 750,000 | 771,122 | |
5.25% due 6/1/2047 | 500,000 | 516,351 | |
County of El Dorado (El Dorado Hills Development-Community Facilities), 5.00% due 9/1/2026 | 625,000 | 625,458 | |
Daly City Housing (Franciscan Country Club Mobile Home Park Acquisition) DFA, Series A, 5.25% due 12/15/2023 | 330,000 | 330,083 | |
M-S-R Energy Authority (Guaranty: Citigroup Global Markets), Series A, 6.50% due 11/1/2039 | 1,245,000 | 1,415,794 | |
Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2035 (pre-refunded 8/1/2025) | 1,000,000 | 1,025,474 | |
Union Elementary School District (Santa Clara County District Schools; Insured: Natl-Re) GO, Series D, Zero Coupon due 9/1/2027 | 905,000 | 787,458 | |
Colorado — 3.3% | |||
City & County of Denver Airport System Revenue AMT, Series A, 5.00% due 11/15/2036 - 11/15/2039 | 1,565,000 | 1,598,913 | |
Colorado (CommonSpirit Health Obligated Group) HFA, 5.50% due 11/1/2047 | 1,000,000 | 1,015,260 | |
Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2039 - 11/1/2044 | 3,015,000 | 3,066,667 | |
Denver Convention Center Hotel Authority, 5.00% due 12/1/2028 | 1,000,000 | 1,007,609 | |
Public Authority for Colorado Energy (Natural Gas Purchase; Guaranty: Merrill Lynch & Co.), 6.50% due 11/15/2038 | 260,000 | 294,950 | |
Regional Transportation District (Denver Transit Partners LLC), Series A, 5.00% due 7/15/2032 | 1,215,000 | 1,270,046 | |
Village Metropolitan District GO, 5.00% due 12/1/2040 | 1,000,000 | 880,439 | |
Wild Plum Metropolitan District GO, Series A, 5.00% due 12/1/2049 (pre-refunded 12/1/2024) | 595,000 | 602,793 | |
Connecticut — 2.2% | |||
Connecticut Housing Finance Authority, Series B, 4.65% due 11/15/2048 | 850,000 | 778,041 | |
State of Connecticut GO, | |||
Series A, 5.00% due 4/15/2035 | 2,000,000 | 2,076,930 | |
Series E, 5.00% due 9/15/2033 | 1,350,000 | 1,422,166 | |
University of Connecticut (Insured: AGM), Series A, 5.00% due 4/15/2028 | 1,975,000 | 2,091,608 | |
Delaware — 0.3% | |||
Delaware State (Beebe Medical Center, Inc.) HFA, 4.00% due 6/1/2035 | 1,080,000 | 955,584 | |
District of Columbia — 1.3% | |||
Metropolitan Washington Airports Authority (Dulles Toll Road; Insured: AGC), Series B, Zero Coupon due 10/1/2027 | 1,500,000 | 1,286,729 |
54 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Metropolitan Washington Airports Authority Aviation Revenue AMT, Series A, 4.00% due 10/1/2040 - 10/1/2041 | $2,750,000 | $ 2,388,783 | |
Florida — 5.8% | |||
b | Capital Trust Agency, Inc. (Southeastern University Obligated Group), Series A, 6.25% due 5/1/2048 | 3,000,000 | 2,771,313 |
b | Charlotte County (Town & Country Utilities Projects) IDA AMT, 5.00% due 10/1/2029 | 390,000 | 388,104 |
City of Pompano Beach (John Knox Village of Florida, Inc. Obligated Group), | |||
4.00% due 9/1/2040 | 1,000,000 | 783,751 | |
Series A, 4.00% due 9/1/2036 | 500,000 | 417,459 | |
County of Broward Airport System Revenue AMT, 5.00% due 10/1/2042 | 2,000,000 | 1,992,158 | |
a | County of Escambia (International Paper Co.), Series B, 2.00% due 11/1/2033 (put 10/1/2024) | 775,000 | 757,249 |
County of Miami-Dade Aviation Revenue AMT, Series A, 5.00% due 10/1/2035 | 1,840,000 | 1,815,651 | |
County of Miami-Dade Seaport Department AMT, Series A, 5.25% due 10/1/2052 | 500,000 | 494,218 | |
Florida Development Finance Corp. (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), Series A, 5.00% due 6/15/2056 | 1,000,000 | 847,299 | |
Lee County (Cypress Cove at Healthpark Florida Obligated Group) IDA, Series B-1, 3.75% due 10/1/2027 | 1,000,000 | 941,139 | |
Miami-Dade County School Board (District School Facilities and Infrastructure) COP, Series A, 5.00% due 8/1/2027 | 1,100,000 | 1,100,721 | |
Orange County (Presbyterian Retirement Communities Inc Obligated Group) HFA, 5.00% due 8/1/2040 | 2,000,000 | 1,929,038 | |
Orange County Convention Center (Tourist Development), Series A, 5.00% due 10/1/2031 | 1,000,000 | 1,039,426 | |
Palm Beach County (Jupiter Medical Center Obligated Group) HFA, Series A, 5.00% due 11/1/2047 | 250,000 | 224,508 | |
Volusia County Educational Facilities Authority (Embry-Riddle Aeronautical University, Inc.), Series B, 5.00% due 10/15/2030 | 1,500,000 | 1,521,543 | |
Georgia — 4.2% | |||
City of Atlanta (Airport Passenger Facility) (Green Bond) AMT, Series E, 5.00% due 7/1/2040 | 100,000 | 100,637 | |
a | Main Street Natural Gas, Inc., Series E-1, 5.00% due 12/1/2053 (put 6/1/2031) | 3,000,000 | 3,014,076 |
Main Street Natural Gas, Inc. (Guaranty: Citigroup Global Markets), | |||
a | Series A, 5.00% due 6/1/2053 (put 6/1/2030) | 1,000,000 | 989,824 |
a | Series C, 4.00% due 5/1/2052 (put 12/1/2028) | 1,500,000 | 1,426,671 |
Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), | |||
Series A, 4.00% due 12/1/2023 | 1,000,000 | 997,694 | |
a | Series D, 5.00% due 12/1/2054 (put 12/1/2030) | 1,000,000 | 997,773 |
Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2036 | 3,700,000 | 3,570,359 | |
a | Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), Series A, 4.00% due 7/1/2052 (put 9/1/2027) | 1,250,000 | 1,212,230 |
Guam — 0.3% | |||
Guam Waterworks Authority (Water and Wastewater System), | |||
5.00% due 7/1/2028 | 500,000 | 499,978 | |
5.25% due 7/1/2024 | 500,000 | 499,842 | |
Hawaii — 0.7% | |||
State of Hawaii Airports System Revenue AMT, Series A, 5.00% due 7/1/2033 | 2,000,000 | 2,064,452 | |
Illinois — 15.5% | |||
Chicago Board of Education Dedicated Capital Improvement Tax, | |||
5.50% due 4/1/2042 | 500,000 | 508,877 | |
5.75% due 4/1/2048 | 1,000,000 | 1,030,004 | |
Chicago Park District GO, | |||
Series A, | |||
5.00% due 1/1/2035 | 685,000 | 685,866 | |
5.00% due 1/1/2035 (pre-refunded 1/1/2024) | 1,315,000 | 1,317,172 | |
City of Chicago (Chicago O’Hare International Airport) AMT, Series A, 5.00% due 1/1/2028 - 1/1/2042 | 2,000,000 | 1,998,806 | |
City of Chicago (Midway Airport) AMT, Series A, 5.00% due 1/1/2026 - 1/1/2034 | 2,500,000 | 2,488,194 | |
City of Chicago (Wastewater Transmission System), Series C, 5.00% due 1/1/2030 | 1,500,000 | 1,516,462 | |
City of Chicago (Water System; Insured: AGM), Series 2017-2, 5.00% due 11/1/2037 | 1,500,000 | 1,535,472 | |
City of Chicago GO, | |||
Series A, | |||
5.00% due 1/1/2039 | 1,000,000 | 976,749 | |
5.625% due 1/1/2031 | 500,000 | 519,039 | |
6.00% due 1/1/2038 | 3,330,000 | 3,428,615 | |
Illinois Finance Authority (Advocate Health Care Network), 5.00% due 8/1/2029 (pre-refunded 8/1/2024) | 2,195,000 | 2,213,530 | |
Illinois Finance Authority (Plymouth Place Obligated Group), Series A, 6.625% due 5/15/2052 | 1,000,000 | 934,698 | |
Illinois Finance Authority (Silver Cross Hospital & Medical Centers), Series C, 5.00% due 8/15/2035 | 2,355,000 | 2,331,372 | |
Illinois Finance Authority (Southern Illinois Healthcare), 5.00% due 3/1/2032 - 3/1/2034 | 700,000 | 711,848 | |
Illinois Finance Authority (Washington & Jane Smith Community-Orland Park), 4.00% due 10/15/2025 | 175,000 | 170,512 | |
Illinois State Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | 1,000,000 | 995,412 | |
Illinois State University (Insured: AGM), Series A, 5.00% due 4/1/2025 - 4/1/2036 | 1,515,000 | 1,567,999 | |
Kane, Cook, & DuPage Counties School District No. 46 GO, | |||
Series A, 5.00% due 1/1/2031 | 2,255,000 | 2,260,123 | |
Series D, 5.00% due 1/1/2028 | 1,000,000 | 1,002,166 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 55 |
Thornburg Strategic Municipal Income Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Metropolitan Pier & Exposition Authority, Series A, 5.00% due 6/15/2050 | $1,500,000 | $ 1,448,348 | |
Metropolitan Water Reclamation District of Greater Chicago (Various Capital Improvement Projects) GO, Series C, 5.25% due 12/1/2032 | 40,000 | 44,514 | |
Sales Tax Securitization Corp., | |||
Series A, | |||
4.00% due 1/1/2038 | 1,000,000 | 923,603 | |
5.00% due 1/1/2029 | 1,000,000 | 1,038,500 | |
State of Illinois GO, | |||
5.00% due 2/1/2039 | 600,000 | 575,403 | |
5.50% due 5/1/2039 | 375,000 | 386,799 | |
5.75% due 5/1/2045 | 1,600,000 | 1,662,590 | |
Series A, 5.50% due 3/1/2042 | 1,000,000 | 1,031,418 | |
Series D, 5.00% due 11/1/2028 | 3,000,000 | 3,097,557 | |
State of Illinois Sales Tax Revenue (Insured: BAM-Natl-Re), Series B, 5.00% due 6/15/2032 - 6/15/2035 | 4,500,000 | 4,590,110 | |
State of Illinois Sales Tax Revenue (Insured: BAM-TCRS), Series B, 4.75% due 6/15/2043 | 2,005,000 | 1,937,873 | |
Will County School District No. 114 Manhattan (Insured: Natl-Re) ETM GO, Series C, Zero Coupon due 12/1/2023 | 115,000 | 114,198 | |
Will County School District No. 114 Manhattan (Insured: Natl-Re) GO, Series C, Zero Coupon due 12/1/2023 | 455,000 | 451,721 | |
Indiana — 0.9% | |||
Indiana Finance Authority (Ohio Valley Electric Corp.), Series A, 4.25% due 11/1/2030 | 1,300,000 | 1,268,225 | |
a | Indiana Finance Authority (Southern Indiana Gas & Electric Co.) AMT, Series B, 4.00% due 5/1/2043 (put 8/1/2028) | 1,500,000 | 1,453,289 |
Iowa — 1.3% | |||
a | Iowa Finance Authority (Iowa Fertilizer Co. LLC; Guaranty: OCI NV), 5.00% due 12/1/2050 (put 12/1/2042) | 1,650,000 | 1,581,969 |
Iowa Higher Education Loan Authority (Des Moines University Osteopathic Medical Center), 5.00% due 10/1/2047 | 750,000 | 686,662 | |
a | PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 1,650,000 | 1,641,854 |
Kansas — 1.4% | |||
a | Kansas (AdventHealth Obligated Group) DFA, Series B, 5.00% due 11/15/2054 (put 11/15/2031) | 1,500,000 | 1,587,734 |
Kansas Independent College Finance Authority (Ottawa University), Series B, 7.30% due 5/1/2024 | 500,000 | 506,483 | |
Unified Government of Wyandotte County/Kansas City (Utility System Improvement), Series A, 5.00% due 9/1/2031 - 9/1/2032 | 2,000,000 | 2,021,228 | |
Kentucky — 3.1% | |||
b | City of Henderson (Guaranty: Pratt Industries, Inc.) AMT, Series B, 4.45% due 1/1/2042 | 1,000,000 | 906,565 |
Kentucky (Baptist Healthcare System Obligated Group) EDFA, Series B, 5.00% due 8/15/2041 | 1,500,000 | 1,481,406 | |
a | Kentucky (Republic Services, Inc.) EDFA AMT, Series A, 4.30% due 4/1/2031 (put 12/1/2023) | 1,000,000 | 1,000,000 |
Kentucky Higher Education Student Loan Corp. AMT, Series A-1, 5.00% due 6/1/2029 | 500,000 | 512,050 | |
a | Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), Series A-1, 4.00% due 8/1/2052 (put 8/1/2030) | 5,500,000 | 5,171,892 |
Louisiana — 1.4% | |||
City of New Orleans (Water System Facilities Improvement), 5.00% due 12/1/2034 (pre-refunded 12/1/2024) | 400,000 | 405,253 | |
Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), 5.00% due 5/15/2046 | 3,000,000 | 2,933,292 | |
New Orleans Aviation Board (Louis Armstrong New Orleans International Airport CFC Revenue; Insured: AGM), 5.00% due 1/1/2029 | 700,000 | 734,264 | |
Massachusetts — 0.2% | |||
Massachusetts (Jordan Hospital and Milton Hospital) DFA, Series H-1, 5.00% due 7/1/2032 - 7/1/2033 | 555,000 | 561,875 | |
Michigan — 5.6% | |||
City of Detroit GO, | |||
5.00% due 4/1/2024 | 400,000 | 401,151 | |
Series A, 5.00% due 4/1/2032 | 300,000 | 302,890 | |
Detroit City School District (School Building & Site; Insured: AGM Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1,000,000 | 1,049,405 | |
Detroit Downtown Development Authority (Catalyst Development Project; Insured: AGM), Series A, 5.00% due 7/1/2024 | 850,000 | 846,586 | |
Gerald R Ford International Airport Authority AMT, 5.00% due 1/1/2041 | 1,845,000 | 1,876,821 | |
Kalamazoo Hospital Finance Authority (Bronson Methodist Hospital), Series A, 5.25% due 5/15/2041 | 140,000 | 140,008 | |
Michigan Finance Authority (BHSH System Obligated Group), Series A, 4.00% due 4/15/2042 | 1,000,000 | 883,197 | |
Michigan Finance Authority (State Department of Human Services Office Buildings), Series F, 5.00% due 4/1/2031 | 1,000,000 | 1,000,713 | |
Michigan Finance Authority (Trinity Health Corp. Obligated Group), Series 2017-MI, 5.00% due 12/1/2027 | 165,000 | ��� 172,059 | |
Michigan State Hospital Finance Authority (Ascension Health Credit Group), Series F-4, 5.00% due 11/15/2047 | 2,250,000 | 2,282,706 | |
Michigan State Housing Development Authority, | |||
Series A, 4.90% due 12/1/2048 | 1,400,000 | 1,343,072 | |
Series B, 2.95% due 12/1/2039 | 3,000,000 | 2,295,495 | |
Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport), Series B, 5.00% due 12/1/2031 - 12/1/2034 | 2,615,000 | 2,638,563 | |
Wayne State University (Educational Facilities and Equipment), Series A, 5.00% due 11/15/2033 | 1,250,000 | 1,265,425 | |
Nebraska — 1.1% | |||
Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 9/1/2031 | 1,500,000 | 1,506,066 | |
Douglas County Hospital Authority No. 3 (Nebraska Methodist Health System), 5.00% due 11/1/2029 - 11/1/2030 | 1,750,000 | 1,783,289 | |
Nevada — 1.1% | |||
Carson City (Carson Tahoe Regional Healthcare), Series A, 5.00% due 9/1/2037 | 1,000,000 | 977,814 |
56 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
City of Las Vegas Special Improvement District No. 814 (Summerlin Vlg 21 & 24A), 4.00% due 6/1/2039 - 6/1/2044 | $1,035,000 | $ 796,207 | |
a,b | State of Nevada Department of Business & Industry (Republic Services, Inc.) AMT, Series 2001, 4.125% due 12/1/2026 (put 12/1/2023) | 1,500,000 | 1,489,445 |
New Hampshire — 0.6% | |||
New Hampshire Business Finance Authority (Presbyterian Homes Obligated Group), Series A, 5.25% due 7/1/2048 | 400,000 | 363,392 | |
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 | 1,228,602 |
New Jersey — 4.4% | |||
Camden County Improvement Authority (KIPP Cooper Norcross Obligated Group), 6.00% due 6/15/2052 | 1,000,000 | 1,020,442 | |
New Jersey (New Jersey Transit Corp.) EDA, Series A, 5.00% due 11/1/2033 | 500,000 | 521,436 | |
New Jersey (School Facilities Construction) EDA, 5.00% due 6/15/2035 - 6/15/2038 | 1,250,000 | 1,285,100 | |
New Jersey (School Facilities Construction; Insured: Natl-Re) EDA, Series N1, 5.50% due 9/1/2027 | 1,000,000 | 1,054,368 | |
New Jersey Transportation Trust Fund Authority, Series A, 5.00% due 12/15/2035 | 2,000,000 | 2,060,700 | |
New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), Series A-1, 5.00% due 6/15/2027 | 3,000,000 | 3,072,681 | |
New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), Series AA, 5.00% due 6/15/2038 | 1,500,000 | 1,529,971 | |
New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 12/15/2034 | 700,000 | 723,467 | |
South Jersey Transportation Authority, Series A, 5.25% due 11/1/2052 | 1,500,000 | 1,532,796 | |
New Mexico — 1.6% | |||
a | City of Farmington (Public Service Co. of New Mexico), Series D, 3.90% due 6/1/2040 (put 6/1/2028) | 750,000 | 726,270 |
City of Santa Fe (El Castillo Retirement Residences Obligated Group), | |||
5.00% due 5/15/2034 | 1,465,000 | 1,290,155 | |
Series A, 5.00% due 5/15/2049 | 1,450,000 | 1,109,576 | |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Series A, 5.00% due 7/1/2034 | 375,000 | 328,414 | |
a | New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Series B, 5.00% due 8/1/2049 (put 8/1/2025) | 1,250,000 | 1,265,913 |
New York — 2.3% | |||
Build NYC Resource Corp. (Kipp NYC Public Charter Schools), 5.25% due 7/1/2052 | 1,000,000 | 958,680 | |
City of New York (City Budget Financial Management) GO, Series J, 5.00% due 8/1/2031 | 1,500,000 | 1,515,784 | |
Dutchess County Local Development Corp. (Tompkins Terrace Housing LP; Collateralized: FNMA), 5.00% due 10/1/2040 | 1,000,000 | 950,779 | |
Metropolitan Transportation Authority (Green Bond), Series A1, 5.00% due 11/15/2030 | 1,045,000 | 1,066,995 | |
Port Authority of New York & New Jersey AMT, Series 186, 5.00% due 10/15/2037 | 500,000 | 501,391 | |
State of New York Mortgage Agency (Insured: SONYMA) AMT, | |||
Series 248, | |||
4.10% due 4/1/2032 | 770,000 | 706,355 | |
4.125% due 10/1/2032 | 210,000 | 191,612 | |
4.20% due 4/1/2033 | 845,000 | 771,220 | |
North Carolina — 1.2% | |||
Greater Asheville Regional Airport Authority (Insured: AGM) AMT, Series A, 5.25% due 7/1/2039 | 1,000,000 | 1,022,312 | |
North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2029 (pre-refunded 6/1/2025) | 1,500,000 | 1,529,070 | |
North Carolina Turnpike Authority, 5.00% due 1/1/2029 - 1/1/2030 | 1,000,000 | 1,038,829 | |
Ohio — 1.8% | |||
Akron, Bath and Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.25% due 11/15/2030 | 1,420,000 | 1,451,798 | |
Buckeye Tobacco Settlement Financing Authority, Series B-2, 5.00% due 6/1/2055 | 1,000,000 | 861,220 | |
County of Hamilton (Life Enriching Communities Obligated Group), Series A, 5.50% due 1/1/2043 | 500,000 | 470,889 | |
Northeast Ohio Medical University (Insured: BAM), | |||
5.00% due 12/1/2043 | 775,000 | 768,570 | |
Series B, 4.00% due 12/1/2038 | 550,000 | 481,273 | |
a | Ohio Air Quality Development Authority (Ohio Valley Electric Corp.), Series B, 1.375% due 2/1/2026 (put 11/1/2024) | 200,000 | 191,408 |
Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group), 5.25% due 1/1/2038 | 1,105,000 | 1,106,991 | |
Oregon — 1.2% | |||
a | County of Gilliam (Guaranty: Waste Management, Inc.) AMT, 3.95% due 7/1/2038 (put 5/1/2024) | 1,000,000 | 995,885 |
a | Oregon Health & Science University (Oregon Health & Science University Obligated Group), Series B2, 5.00% due 7/1/2046 (put 2/1/2032) | 1,900,000 | 2,056,398 |
Yamhill County Hospital Authority (Friendsview Manor Obligated Group), Series B-3, 1.75% due 11/15/2026 | 340,000 | 308,885 | |
Pennsylvania — 5.7% | |||
City of Philadelphia (Thomas Jefferson University) IDA, Series A, 5.00% due 9/1/2035 | 1,500,000 | 1,511,670 | |
City of Philadelphia Airport Revenue AMT, Series B, 5.00% due 7/1/2042 | 1,000,000 | 965,222 | |
City of Philadelphia IDA, 5.00% due 5/1/2024 | 1,000,000 | 1,005,242 | |
City of Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2038 | 1,360,000 | 1,371,223 | |
Coatesville School District (Insured: AGM) (State Aid Withholding) GO, 5.00% due 8/1/2025 | 500,000 | 507,839 | |
Commonwealth Financing Authority, 5.00% due 6/1/2029 | 1,000,000 | 1,039,797 | |
County of Luzerne (Insured: AGM) GO, Series A, 5.00% due 11/15/2029 | 1,000,000 | 1,023,476 | |
a | Montgomery County (Constellation Energy Generation LLC) IDA AMT, Series C, 4.45% due 10/1/2034 (put 4/3/2028) | 500,000 | 488,410 |
Northeastern Pennsylvania Hospital and Education Authority (King’s College), 5.00% due 5/1/2030 - 5/1/2031 | 2,230,000 | 2,272,832 | |
Pennsylvania (Pennsylvania Department of Transportation) EDFA AMT, 5.75% due 6/30/2048 | 1,000,000 | 1,035,720 |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 57 |
Thornburg Strategic Municipal Income Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Pennsylvania (Presbyterian Homes Obligated Group) EDFA, 4.00% due 7/1/2033 - 7/1/2046 | $2,800,000 | $ 2,356,135 | |
a | Pennsylvania (Waste Management Obligated Group; Guaranty: Waste Management, Inc.) EDFA, 0.95% due 12/1/2033 (put 12/1/2026) | 1,500,000 | 1,315,297 |
Pennsylvania Turnpike Commission (Highway Improvements), Series A-1, 5.00% due 12/1/2037 | 750,000 | 768,950 | |
Philadelphia Gas Works Co., Series 15, 5.00% due 8/1/2047 | 1,000,000 | 977,028 | |
School District of Philadelphia (State Aid Witholding) GO, Series A, 5.00% due 9/1/2038 | 100,000 | 101,466 | |
Rhode Island — 0.1% | |||
Pawtucket Housing Authority, 5.50% due 9/1/2024 | 250,000 | 250,231 | |
South Carolina — 1.4% | |||
a | Patriots Energy Group Financing Agency (Guaranty: Goldman Sachs Group, Inc.), Series A1, 5.25% due 10/1/2054 (put 8/1/2031) | 3,000,000 | 3,014,976 |
a | South Carolina Jobs-EDA (Guaranty: International Paper Co.) AMT, Series A, 4.00% due 4/1/2033 (put 4/1/2026) | 1,000,000 | 982,113 |
Tennessee — 1.0% | |||
Shelby County Health, Educational and Housing Facility (Methodist Le Bonheur Healthcare), Series A, 5.00% due 5/1/2036 | 1,000,000 | 1,012,240 | |
Tennessee Energy Acquisition Corp. (The Gas Project; Guaranty: Goldman Sachs Group, Inc.), Series A, 5.25% due 9/1/2024 | 500,000 | 501,046 | |
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) | 1,500,000 | 1,496,788 |
Texas — 7.1% | |||
City of Austin Airport System Revenue AMT, 5.00% due 11/15/2038 | 2,000,000 | 2,009,286 | |
City of Dallas (Public Improvements) GO, 5.00% due 2/15/2031 | 1,930,000 | 1,959,045 | |
City of Houston (Combined Utility System), Series D, 5.00% due 11/15/2028 | 2,500,000 | 2,530,337 | |
City of Houston Airport System Revenue AMT, Series A, 4.00% due 7/1/2040 | 1,500,000 | 1,303,208 | |
a | Denton (Insured: PSF-GTD) ISD GO, Series B, 2.00% due 8/1/2044 (pre-refunded 8/1/2024) | 65,000 | 63,890 |
Greater Texas Cultural Education Facilities Finance Corp. (Fort County Bend), Series A, 4.00% due 3/1/2040 - 3/1/2041 | 2,000,000 | 1,815,675 | |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group), Series A, 5.00% due 7/1/2052 | 1,500,000 | 1,510,813 | |
Matagorda County Navigation District No. 1 (AEP Texas, Inc.) AMT, 4.25% due 5/1/2030 | 1,350,000 | 1,305,127 | |
a | Mission Economic Development Corp. (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, Series A, 4.25% due 6/1/2048 (put 6/3/2024) | 1,000,000 | 995,484 |
Newark Higher Education Finance Corp. (Hughen Center, Inc.; Insured: PSF-GTD), Series A, 5.00% due 8/15/2052 | 500,000 | 501,964 | |
North Texas Tollway Authority (NTTA System), Series A, 5.00% due 1/1/2034 | 750,000 | 822,368 | |
Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2029 | 1,435,000 | 1,418,180 | |
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC) AMT, 5.50% due 12/31/2058 | 850,000 | 868,394 | |
Texas State Technical College (Insured: AGM), Series A, 5.75% due 8/1/2047 | 545,000 | 584,813 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2034 | 3,000,000 | 3,016,221 | |
U. S. Virgin Islands — 0.2% | |||
Matching Fund Special Purpose Securitization Corp., Series A, 5.00% due 10/1/2025 | 500,000 | 498,650 | |
Utah — 0.7% | |||
Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2039 - 4/15/2049 | 1,200,000 | 1,158,282 | |
Utah Transit Authority (Integrated Mass Transit System), Series A, 5.00% due 6/15/2033 (pre-refunded 6/15/2025) | 1,000,000 | 1,019,665 | |
Virginia — 1.5% | |||
Henrico County (Westminster-Canterbury Corp. Obligated Group) EDA, Series A, 5.00% due 10/1/2052 | 1,000,000 | 916,700 | |
a | Roanoke (Carilion Clinic Obligated Group) EDA, Series D, 5.00% due 7/1/2053 (put 7/1/2030) | 1,000,000 | 1,068,824 |
Virginia Housing Development Authority, Series D, 4.70% due 8/1/2048 | 1,500,000 | 1,379,852 | |
a | Virginia Small Business Financing Authority (Pure Salmon Virginia LLC) AMT, 3.50% due 11/1/2052 (put 11/1/2023) | 1,000,000 | 999,124 |
Washington — 1.9% | |||
Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group), Series A2, 5.00% due 8/1/2044 | 1,000,000 | 970,406 | |
Washington Higher Education Facilities Authority (Seattle Pacific University), Series A, 5.00% due 10/1/2038 - 10/1/2040 | 3,340,000 | 3,094,056 | |
Washington State Housing Finance Commission (Eastside Retirement Association Obligated Group), | |||
Series A, 5.00% due 7/1/2048 | 1,000,000 | 921,381 | |
Series B-1, 4.75% due 7/1/2027 | 700,000 | 700,155 | |
West Virginia — 0.5% | |||
a | West Virginia (Kentucky Power Co.) EDA AMT, Series A, 4.70% due 4/1/2036 (put 6/17/2026) | 1,550,000 | 1,547,890 |
Wisconsin — 1.9% | |||
a | Public Finance Authority (Duke Energy Progress LLC) AMT, Series B, 4.00% due 10/1/2046 (put 10/1/2030) | 1,000,000 | 992,942 |
Public Finance Authority (National Senior Communities Obligated Group), 4.00% due 1/1/2027 | 870,000 | 845,823 | |
Public Finance Authority (National Senior Community Obligated Group), 4.00% due 1/1/2047 | 1,000,000 | 765,466 | |
Public Finance Authority (Texas Biomedical Research Institute), Series A, 4.00% due 6/1/2039 | 245,000 | 209,711 | |
Public Finance Authority (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 4.00% due 10/1/2035 - 10/1/2046 | 2,800,000 | 2,200,180 | |
Wisconsin Health & Educational Facilities Authority (HOPE Christian Schools Obligated Group), 4.00% due 12/1/2056 | 750,000 | 455,061 | |
Total Long-Term Municipal Bonds — 97.2% (Cost $293,363,872) | 285,176,590 | ||
Short-Term Municipal Bonds — 3.6% |
58 | Thornburg Municipal Funds Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Kentucky — 1.6% | |||
County of Meade (Nucor Corp.) AMT, | |||
a | Series A-1, 5.22% due 8/1/2061 (put 10/2/2023) | $4,050,000 | $ 4,050,000 |
a | Series A-2, 5.22% due 7/1/2060 (put 10/2/2023) | 550,000 | 550,000 |
New York — 2.0% | |||
a | City of New York (SPA Barclays Bank plc) GO, Series B-5, 4.80% due 10/1/2046 (put 10/2/2023) | 3,000,000 | 3,000,000 |
a | Metropolitan Transportation Authority (LOC Barclays Bank plc), Series 2012G-1, 4.80% due 11/1/2032 (put 10/2/2023) | 3,000,000 | 3,000,000 |
Total Short-Term Municipal Bonds — 3.6% (Cost $10,600,000) | 10,600,000 | ||
Total Investments — 100.8% (Cost $303,963,872) | �� | $295,776,590 | |
Liabilities Net of Other Assets — (0.8)% | (2,285,993) | ||
Net Assets — 100.0% | $293,490,597 |
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, 2023. |
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, 2023, the aggregate value of these securities in the Fund’s portfolio was $10,875,476, representing 3.71% of the Fund’s net assets. |
To simplify the listings of securities, abbreviations are used per the table below:
AGC | Insured by Assured Guaranty Corp. |
AGM | Insured by Assured Guaranty Municipal Corp. |
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 |
FNMA | Collateralized by Federal National Mortgage Association |
GO | General Obligation |
HFA | Health Facilities Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority/Agency |
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 |
SPA | Stand-by Purchase Agreement |
TCRS | Transferable Custodial Receipts |
USD | Unified School District |
See notes to financial statements. | Thornburg Municipal Funds Annual Report | 59 |
September 30, 2023
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 | $ 140,529,748 | $ 2,981,506,511 | $ 274,671,688 | $ 110,304,309 |
Investments at value | 138,760,459 | 2,929,180,596 | 269,733,978 | 106,777,400 |
Cash | 153,221 | 389,207 | 5,948,176 | 49,454 |
Receivable for investments sold | 4,025,815 | 31,391,690 | 4,520,000 | - |
Receivable for fund shares sold | - | 4,258,191 | 241,157 | 2,669 |
Principal and interest receivable | 1,644,252 | 36,308,972 | 3,257,220 | 1,416,370 |
Prepaid expenses and other assets | 10,250 | 53,159 | 12,833 | 9,978 |
Total Assets | 144,593,997 | 3,001,581,815 | 283,713,364 | 108,255,871 |
Liabilities | ||||
Payable for investments purchased | - | 13,658,587 | 7,249,235 | - |
Payable for fund shares redeemed | 33,335 | 6,566,380 | 791,312 | 73,809 |
Payable to investment advisor and other affiliates | 40,406 | 1,344,837 | 119,464 | 77,333 |
Accounts payable and accrued expenses | 69,082 | 1,308,646 | 137,320 | 68,295 |
Dividends payable | 142,815 | 624,651 | 83,655 | 10,160 |
Total Liabilities | 285,638 | 23,503,101 | 8,380,986 | 229,597 |
Net Assets | $ 144,308,359 | $ 2,978,078,714 | $ 275,332,378 | $ 108,026,274 |
NET ASSETS CONSIST OF | ||||
Net capital paid in on shares of beneficial interest | $ 153,300,098 | $ 3,272,273,429 | $ 297,787,472 | $ 116,104,506 |
Accumulated loss | (8,991,739) | (294,194,715) | (22,455,094) | (8,078,232) |
Net Assets | $ 144,308,359 | $ 2,978,078,714 | $ 275,332,378 | $ 108,026,274 |
September 30, 2023
THORNBURG SHORT DURATION MUNICIPAL FUND | THORNBURG LIMITED TERM MUNICIPAL FUND | THORNBURG CALIFORNIA LIMITED TERM MUNICIPAL FUND | THORNBURG NEW MEXICO INTERMEDIATE MUNICIPAL FUND | |
NET ASSET VALUE | ||||
Class A Shares: | ||||
Net assets applicable to shares outstanding | $ 13,585,101 | $ 611,337,886 | $ 67,312,364 | $ 46,699,315 |
Shares outstanding | 1,155,438 | 46,364,741 | 5,357,201 | 3,887,379 |
Net asset value and redemption price per share | $ 11.76 | $ 13.19 | $ 12.56 | $ 12.01 |
Maximum offering price per share (net asset value, plus 2.25% of offering price) | $ 12.03 | $ 13.49 | $ 12.85 | $ 12.26 * |
Class C Shares: | ||||
Net assets applicable to shares outstanding | - | 59,651,534 | 2,897,049 | - |
Shares outstanding | - | 4,515,887 | 230,378 | - |
Net asset value and redemption price per share** | - | 13.21 | 12.58 | - |
Class C2 Shares: | ||||
Net assets applicable to shares outstanding | - | 3,516,213 | 140,972 | - |
Shares outstanding | - | 266,135 | 11,212 | - |
Net asset value and redemption price per share** | - | 13.21 | 12.57 | - |
Class D Shares: | ||||
Net assets applicable to shares outstanding | - | - | - | 8,890,553 |
Shares outstanding | - | - | - | 739,744 |
Net asset value and redemption price per share | - | - | - | 12.02 |
Class I Shares: | ||||
Net assets applicable to shares outstanding | 130,723,258 | 2,303,573,081 | 204,981,993 | 52,436,406 |
Shares outstanding | 11,122,806 | 174,687,587 | 16,297,232 | 4,367,000 |
Net asset value and redemption price per share | 11.75 | 13.19 | 12.58 | 12.01 |
* | 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, 2023
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | THORNBURG STRATEGIC MUNICIPAL INCOME FUND | |
ASSETS | |||
Investment in securities, at cost | $ 25,202,783 | $ 868,252,345 | $ 303,963,872 |
Investments at value | 24,646,097 | 853,347,131 | 295,776,590 |
Cash | 356,504 | 4,840,829 | - |
Receivable for investments sold | - | 10,437,543 | 55,000 |
Receivable for fund shares sold | 89,545 | 2,595,028 | 493,631 |
Principal and interest receivable | 347,373 | 11,591,784 | 4,059,899 |
Prepaid expenses and other assets | 7,147 | 55,220 | 21,677 |
Total Assets | 25,446,666 | 882,867,535 | 300,406,797 |
Liabilities | |||
Payable for investments purchased | - | 15,642,003 | 4,385,589 |
Payable for fund shares redeemed | 163,693 | 1,819,777 | 2,255,562 |
Payable to investment advisor and other affiliates | 7,253 | 433,038 | 119,970 |
Accounts payable and accrued expenses | 57,348 | 166,773 | 142,832 |
Dividends payable | 9,283 | 332,820 | 12,247 |
Total Liabilities | 237,577 | 18,394,411 | 6,916,200 |
Net Assets | $ 25,209,089 | $ 864,473,124 | $ 293,490,597 |
NET ASSETS CONSIST OF | |||
Net capital paid in on shares of beneficial interest | $ 27,107,931 | $ 916,854,469 | $ 324,787,589 |
Accumulated loss | (1,898,842) | (52,381,345) | (31,296,992) |
Net Assets | $ 25,209,089 | $ 864,473,124 | $ 293,490,597 |
September 30, 2023
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | THORNBURG STRATEGIC MUNICIPAL INCOME FUND | |
NET ASSET VALUE | |||
Class A Shares: | |||
Net assets applicable to shares outstanding | $ 13,096,054 | $ 262,957,299 | $ 60,908,307 |
Shares outstanding | 1,128,485 | 20,677,755 | 4,550,197 |
Net asset value and redemption price per share | $ 11.60 | $ 12.72 | $ 13.39 |
Maximum offering price per share (net asset value, plus 2.00% of offering price) | $ 11.84 | $ 12.98 | $ 13.66 |
Class C Shares: | |||
Net assets applicable to shares outstanding | - | 16,306,287 | 4,998,148 |
Shares outstanding | - | 1,280,748 | 372,985 |
Net asset value and redemption price per share** | - | 12.73 | 13.40 |
Class C2 Shares: | |||
Net assets applicable to shares outstanding | - | 1,501,488 | - |
Shares outstanding | - | 117,913 | - |
Net asset value and redemption price per share** | - | 12.73 | - |
Class I Shares: | |||
Net assets applicable to shares outstanding | 12,113,035 | 583,708,050 | 227,584,142 |
Shares outstanding | 1,043,715 | 45,959,081 | 16,986,463 |
Net asset value and redemption price per share | 11.61 | 12.70 | 13.40 |
** | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Year Ended September 30, 2023
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 | $ 5,209,358 | $ 107,604,219 | $ 9,556,052 | $ 3,377,745 |
EXPENSES | ||||
Investment management fees | 689,618 | 10,472,320 | 1,596,256 | 582,650 |
Administration fees | 152,451 | 3,035,368 | 282,330 | 103,036 |
Distribution and service fees | ||||
Class A Shares | 32,670 | 1,720,237 | 181,407 | 127,052 |
Class C Shares | - | 370,422 | 21,802 | - |
Class C2 Shares | - | 28,055 | 922 | - |
Class D Shares | - | - | - | 49,490 |
Transfer agent fees | ||||
Class A Shares | 28,394 | 435,167 | 38,736 | 35,678 |
Class C Shares | - | 31,175 | 6,382 | - |
Class C2 Shares | - | 6,060 | 3,318 | - |
Class D Shares | - | - | - | 9,109 |
Class I Shares | 34,272 | 2,387,484 | 165,329 | 26,133 |
Registration and filing fees | ||||
Class A Shares | 20,856 | 47,007 | 10,183 | 9,829 |
Class C Shares | - | 12,099 | 6,137 | - |
Class C2 Shares | - | 19,958 | 6,225 | - |
Class D Shares | - | - | - | 6,538 |
Class I Shares | 31,200 | 75,735 | 13,326 | 7,484 |
Custodian fees | 52,031 | 219,269 | 55,400 | 39,124 |
Professional fees | 48,422 | 90,296 | 50,304 | 47,683 |
Trustee and officer fees | 11,697 | 245,164 | 22,534 | 7,878 |
Other expenses | 12,152 | 252,725 | 25,914 | 10,896 |
Total Expenses | 1,113,763 | 19,448,541 | 2,486,505 | 1,062,580 |
Less: | ||||
Expenses reimbursed | (219,071) | (18,553) | (531,530) | (62,783) |
Investment management fees waived | - | - | (185,376) | - |
Net Expenses | 894,692 | 19,429,988 | 1,769,599 | 999,797 |
Net Investment Income (Loss) | $ 4,314,666 | $ 88,174,231 | $ 7,786,453 | $ 2,377,948 |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) | (1,499,341) | (65,366,632) | (6,411,427) | (2,676,994) |
Net change in unrealized appreciation (depreciation) | 1,661,186 | 62,076,109 | 6,686,800 | 2,278,602 |
Net Realized and Unrealized Gain (Loss) | 161,845 | (3,290,523) | 275,373 | (398,392) |
Change in Net Assets Resulting from Operations | $ 4,476,511 | $ 84,883,708 | $ 8,061,826 | $ 1,979,556 |
Year Ended September 30, 2023
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | THORNBURG STRATEGIC MUNICIPAL INCOME FUND | |
INVESTMENT INCOME | |||
Interest income | $ 907,469 | $ 34,283,640 | $ 12,033,659 |
EXPENSES | |||
Investment management fees | 136,866 | 4,282,063 | 2,280,964 |
Administration fees | 24,204 | 792,130 | 268,869 |
Distribution and service fees | |||
Class A Shares | 36,059 | 692,001 | 157,087 |
Class C Shares | - | 114,948 | 37,198 |
Class C2 Shares | - | 9,718 | - |
Transfer agent fees | |||
Class A Shares | 18,336 | 148,160 | 56,366 |
Class C Shares | - | 14,318 | 8,739 |
Class C2 Shares | - | 4,254 | - |
Class I Shares | 18,937 | 383,317 | 256,365 |
Registration and filing fees | |||
Class A Shares | 9,614 | 46,939 | 24,246 |
Class C Shares | - | 16,952 | 17,947 |
Class C2 Shares | - | 14,143 | - |
Class I Shares | 9,575 | 60,985 | 27,357 |
Custodian fees | 28,424 | 93,523 | 59,601 |
Professional fees | 46,547 | 57,479 | 53,181 |
Trustee and officer fees | 1,775 | 59,028 | 20,027 |
Other expenses | 5,612 | 52,988 | 22,547 |
Total Expenses | 335,949 | 6,842,946 | 3,290,494 |
Less: | |||
Expenses reimbursed | (70,780) | (1,303,768) | (673,640) |
Investment management fees waived | (35,613) | - | (641,482) |
Net Expenses | 229,556 | 5,539,178 | 1,975,372 |
Net Investment Income (Loss) | $ 677,913 | $ 28,744,462 | $ 10,058,287 |
REALIZED AND UNREALIZED GAIN (LOSS) | |||
Net realized gain (loss) | (342,396) | (12,731,956) | (10,961,557) |
Net change in unrealized appreciation (depreciation) | 212,562 | 6,007,875 | 8,710,314 |
Net Realized and Unrealized Gain (Loss) | (129,834) | (6,724,081) | (2,251,243) |
Change in Net Assets Resulting from Operations | $ 548,079 | $ 22,020,381 | $ 7,807,044 |
THORNBURG SHORT DURATION MUNICIPAL FUND | THORNBURG LIMITED TERM MUNICIPAL FUND | |||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 4,314,666 | $ 1,494,141 | $ 88,174,231 | $ 81,855,713 |
Net realized gain (loss) | (1,499,341) | (3,498,912) | (65,366,632) | (134,960,930) |
Net change in unrealized appreciation (depreciation) | 1,661,186 | (4,388,542) | 62,076,109 | (304,697,072) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,476,511 | (6,393,313) | 84,883,708 | (357,802,289) |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (374,436) | (112,895) | (16,547,402) | (13,360,683) |
Class C Shares | - | - | (1,596,072) | (1,485,783) |
Class C2 Shares | - | - | (81,757) | (53,216) |
Class I Shares | (3,940,027) | (1,381,252) | (69,956,736) | (67,125,973) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (6,545,486) | 4,479,162 | (142,496,782) | (144,311,223) |
Class C Shares | - | - | (31,507,397) | (45,234,960) |
Class C2 Shares | - | - | (1,181,993) | (293,602) |
Class I Shares | (18,282,140) | (23,194,614) | (856,389,436) | (990,458,748) |
Net Increase (Decrease) in Net Assets | (24,665,578) | (26,602,912) | (1,034,873,867) | (1,620,126,477) |
NET ASSETS | ||||
Beginning of Year | 168,973,937 | 195,576,849 | 4,012,952,581 | 5,633,079,058 |
End of Year | $ 144,308,359 | $ 168,973,937 | $ 2,978,078,714 | $ 4,012,952,581 |
THORNBURG CALIFORNIA LIMITED TERM MUNICIPAL FUND | THORNBURG NEW MEXICO INTERMEDIATE MUNICIPAL FUND | |||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 7,786,453 | $ 6,448,964 | $ 2,377,948 | $ 2,202,141 |
Net realized gain (loss) | (6,411,427) | (6,550,583) | (2,676,994) | (577,678) |
Net change in unrealized appreciation (depreciation) | 6,686,800 | (26,787,872) | 2,278,602 | (13,363,891) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 8,061,826 | (26,889,491) | 1,979,556 | (11,739,428) |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (1,638,746) | (1,196,853) | (972,353) | (911,306) |
Class C Shares | (85,110) | (80,015) | - | - |
Class C2 Shares | (2,826) | (1,787) | - | - |
Class D Shares | - | - | (164,159) | (146,529) |
Class I Shares | (6,049,751) | (5,172,330) | (1,247,241) | (1,137,193) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (11,698,219) | (15,733,474) | (6,615,029) | (10,340,532) |
Class C Shares | (3,111,724) | (3,035,388) | - | - |
Class C2 Shares | 12,376 | (6,688) | - | - |
Class D Shares | - | - | (1,477,519) | (1,313,907) |
Class I Shares | (72,022,974) | (64,598,345) | (4,924,956) | (2,243,160) |
Net Increase (Decrease) in Net Assets | (86,535,148) | (116,714,371) | (13,421,701) | (27,832,055) |
NET ASSETS | ||||
Beginning of Year | 361,867,526 | 478,581,897 | 121,447,975 | 149,280,030 |
End of Year | $ 275,332,378 | $ 361,867,526 | $ 108,026,274 | $ 121,447,975 |
THORNBURG NEW YORK INTERMEDIATE MUNICIPAL FUND | THORNBURG INTERMEDIATE MUNICIPAL FUND | |||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||||
OPERATIONS | ||||
Net investment income (loss) | $ 677,913 | $ 777,003 | $ 28,744,462 | $ 23,492,905 |
Net realized gain (loss) | (342,396) | (504,497) | (12,731,956) | (14,517,395) |
Net change in unrealized appreciation (depreciation) | 212,562 | (3,062,592) | 6,007,875 | (90,410,124) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 548,079 | (2,790,086) | 22,020,381 | (81,434,614) |
DIVIDENDS TO SHAREHOLDERS | ||||
From distributable earnings | ||||
Class A Shares | (335,662) | (386,248) | (8,456,757) | (7,123,328) |
Class C Shares | - | - | (512,526) | (575,688) |
Class C2 Shares | - | - | (40,311) | (34,430) |
Class I Shares | (342,326) | (390,755) | (19,698,247) | (15,786,512) |
FUND SHARE TRANSACTIONS | ||||
Class A Shares | (2,041,154) | (6,758,106) | (7,187,354) | (22,336,360) |
Class C Shares | - | - | (5,698,642) | (9,114,503) |
Class C2 Shares | - | - | 1,826 | (149,000) |
Class I Shares | (2,455,088) | (4,178,192) | 32,482,766 | (42,613,169) |
Net Increase (Decrease) in Net Assets | (4,626,151) | (14,503,387) | 12,911,136 | (179,167,604) |
NET ASSETS | ||||
Beginning of Year | 29,835,240 | 44,338,627 | 851,561,988 | 1,030,729,592 |
End of Year | $ 25,209,089 | $ 29,835,240 | $ 864,473,124 | $ 851,561,988 |
THORNBURG STRATEGIC MUNICIPAL INCOME FUND | ||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income (loss) | $ 10,058,287 | $ 7,973,037 |
Net realized gain (loss) | (10,961,557) | (10,503,946) |
Net change in unrealized appreciation (depreciation) | 8,710,314 | (36,267,654) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 7,807,044 | (38,798,563) |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class A Shares | (1,982,075) | (1,335,667) |
Class C Shares | (164,395) | (177,079) |
Class I Shares | (7,913,674) | (6,466,334) |
FUND SHARE TRANSACTIONS | ||
Class A Shares | 5,667,489 | (983,259) |
Class C Shares | (3,326,832) | (2,031,617) |
Class I Shares | (7,458,735) | (25,189,694) |
Net Increase (Decrease) in Net Assets | (7,371,178) | (74,982,213) |
NET ASSETS | ||
Beginning of Year | 300,861,775 | 375,843,988 |
End of Year | $ 293,490,597 | $ 300,861,775 |
September 30, 2023
September 30, 2023
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, 2023
September 30, 2023
SHORT DURATION MUNICIPAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 134,060,459 | $ — | $ 134,060,459 | $ — |
Short-Term Municipal Bonds | 4,700,000 | — | 4,700,000 | — |
Total Investments in Securities | $ 138,760,459 | $ — | $ 138,760,459 | $ — |
Total Assets | $ 138,760,459 | $ — | $ 138,760,459 | $ — |
LIMITED TERM MUNICIPAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 2,832,010,596 | $ — | $ 2,832,010,596 | $ — |
Short-Term Municipal Bonds | 97,170,000 | — | 97,170,000 | — |
Total Investments in Securities | $ 2,929,180,596 | $ — | $ 2,929,180,596 | $ — |
Total Assets | $ 2,929,180,596 | $ — | $ 2,929,180,596 | $ — |
LIMITED TERM CALIFORNIA FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 259,333,978 | $ — | $ 259,333,978 | $ — |
Short-Term Municipal Bonds | 10,400,000 | — | 10,400,000 | — |
Total Investments in Securities | $ 269,733,978 | $ — | $ 269,733,978 | $ — |
Total Assets | $ 269,733,978 | $ — | $ 269,733,978 | $ — |
INTERMEDIATE NEW MEXICO FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 104,777,400 | $ — | $ 104,777,400 | $ — |
Short-Term Municipal Bonds | 2,000,000 | — | 2,000,000 | — |
Total Investments in Securities | $ 106,777,400 | $ — | $ 106,777,400 | $ — |
Total Assets | $ 106,777,400 | $ — | $ 106,777,400 | $— |
September 30, 2023
INTERMEDIATE NEW YORK FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 24,646,097 | $ — | $ 24,646,097 | $ — |
Total Investments in Securities | $ 24,646,097 | $ — | $ 24,646,097 | $ — |
Total Assets | $ 24,646,097 | $ — | $ 24,646,097 | $ — |
INTERMEDIATE MUNICIPAL FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 811,782,131 | $ — | $ 811,782,131 | $ — |
Short-Term Municipal Bonds | 41,565,000 | — | 41,565,000 | — |
Total Investments in Securities | $ 853,347,131 | $ — | $ 853,347,131 | $ — |
Total Assets | $ 853,347,131 | $ — | $ 853,347,131 | $ — |
STRATEGIC MUNICIPAL INCOME FUND | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 285,176,590 | $ — | $ 285,176,590 | $ — |
Short-Term Municipal Bonds | 10,600,000 | — | 10,600,000 | — |
Total Investments in Securities | $ 295,776,590 | $ — | $ 295,776,590 | $ — |
Total Assets | $ 295,776,590 | $ — | $ 295,776,590 | $— |
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, 2023
Effective Management Fee | |
Short Duration Municipal Fund | 0.400% |
Limited Term Municipal Fund | 0.305 |
Limited Term California Fund | 0.500 |
Intermediate New Mexico Fund | 0.500 |
Intermediate New York Fund | 0.500 |
Intermediate Municipal Fund | 0.478 |
Strategic Municipal Income Fund | 0.750 |
Administrative Services Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Commissions | CDSC fees | |
Short Duration Municipal Fund | $ 17 | $ — |
Limited Term Municipal Fund | 4,926 | 3,211 |
Limited Term California Fund | 164 | — |
Intermediate New Mexico Fund | (47) | — |
Intermediate New York Fund | (80) | — |
Intermediate Municipal Fund | 1,082 | 1,135 |
Strategic Municipal Income Fund | 1,914 | 403 |
September 30, 2023
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 | 0.99 | — | — | 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 | $ 59,101 | $ — | $ — | $ — | $ 159,970 | $ 219,071 |
Limited Term Municipal Fund | — | — | 18,553 | — | — | 18,553 |
Limited Term California Fund | 113,846 | 15,106 | 9,839 | — | 392,739 | 531,530 |
Intermediate New Mexico Fund | 14,529 | — | — | 9,605 | 38,649 | 62,783 |
Intermediate New York Fund | 30,825 | — | — | — | 39,955 | 70,780 |
Intermediate Municipal Fund | 406,030 | 41,984 | 20,001 | — | 835,753 | 1,303,768 |
Strategic Municipal Income Fund | 249,886 | 35,895 | — | — | 844,053 | 1,129,834 |
Voluntary: | Class A | Class C | Class C2 | Class I | Total | |
Limited Term California Fund | $ 42,195 | $ 2,533 | $ 84 | $ 140,564 | $ 185,376 | |
Intermediate New York Fund | 18,778 | — | — | 16,835 | 35,613 | |
Strategic Municipal Income Fund | 38,320 | 3,776 | — | 143,192 | 185,288 |
Percentage of Direct Investments | |
Short Duration Municipal Fund | 76.47% |
Limited Term Municipal Fund | 5.29 |
Limited Term California Fund | — |
Intermediate New Mexico Fund | 17.82 |
Intermediate New York Fund | — |
Intermediate Municipal Fund | 0.28 |
Strategic Municipal Income Fund | 8.99 |
September 30, 2023
Purchases | Sales | Realized gains/(losses) | |
Short Duration Municipal Fund | $ 27,534,532 | $ 53,089,556 | $ (982,147) |
Limited Term Municipal Fund | 119,079,937 | 76,874,146 | (1,277,777) |
Limited Term California Fund | 8,413,644 | 40,681,984 | (1,371,336) |
Intermediate New Mexico Fund | 7,428,593 | 10,708,258 | (620,503) |
Intermediate New York Fund | 1,847,496 | 1,335,284 | (107,946) |
Intermediate Municipal Fund | 75,220,836 | 19,351,362 | (1,897,180) |
Strategic Municipal Income Fund | 16,880,698 | 54,374,681 | (4,476,962) |
Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Short Duration Municipal Fund | $ 140,529,771 | $ 46,967 | $ (1,816,279) | $ (1,769,312) |
Limited Term Municipal Fund | 2,982,611,214 | 3,932,915 | (57,363,533) | (53,430,618) |
Limited Term California Fund | 274,665,796 | 187,189 | (5,119,007) | (4,931,818) |
Intermediate New Mexico Fund | 110,310,009 | 131,925 | (3,664,534) | (3,532,609) |
Intermediate New York Fund | 25,202,783 | 37,445 | (594,131) | (556,686) |
Intermediate Municipal Fund | 868,550,450 | 1,825,199 | (17,028,518) | (15,203,319) |
Strategic Municipal Income Fund | 304,119,054 | 1,109,938 | (9,452,402) | (8,342,464) |
Cumulative Capital Losses | ||
Short-Term | Long-Term | |
Short Duration Municipal Fund | $ 3,947,201 | $ 3,275,445 |
Limited Term Municipal Fund | 118,299,539 | 122,061,930 |
Limited Term California Fund | 7,102,984 | 10,423,994 |
Intermediate New Mexico Fund | 743,719 | 3,795,743 |
Intermediate New York Fund | 564,813 | 768,060 |
Intermediate Municipal Fund | 17,165,976 | 20,086,313 |
Strategic Municipal Income Fund | 11,135,633 | 11,816,023 |
September 30, 2023
Distributable Earnings | Net Capital Paid | |
Intermediate New York Fund | $ 1,365 | $ (1,365) |
Undistributed net tax exempt income | Undistributed Tax Basis Ordinary Income | Undistributed tax basis capital gains | |
Short Duration Municipal Fund | $ 143,033 | $ — | $ — |
Limited Term Municipal Fund | 222,022 | — | — |
Limited Term California Fund | 87,359 | — | — |
Intermediate New Mexico Fund | 4,001 | — | — |
Intermediate Municipal Fund | 407,080 | — | — |
Strategic Municipal Income Fund | 9,375 | — | — |
DISTRIBUTIONS FROM: | ||||
TAX EXEMPT INCOME | ORDINARY INCOME | |||
2023 | 2022 | 2023 | 2022 | |
Short Duration Municipal Fund | $ 4,276,444 | $ 1,488,827 | $ 38,019 | $ 5,320 |
Limited Term Municipal Fund | 87,245,566 | 81,798,485 | 936,401 | 227,169 |
Limited Term California Fund | 7,574,144 | 6,450,972 | 202,289 | 13 |
Intermediate New Mexico Fund | 2,353,508 | 2,195,028 | 30,245 | — |
Intermediate New York Fund | 672,810 | 776,157 | 5,178 | 846 |
Intermediate Municipal Fund | 28,003,870 | 23,484,103 | 703,971 | 35,855 |
Strategic Municipal Income Fund | 9,726,714 | 7,927,587 | 333,430 | 51,493 |
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
SHORT DURATION MUNICIPAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 770,467 | $ 9,099,088 | 975,910 | $ 11,645,880 |
Shares issued to shareholders in reinvestment of dividends | 30,366 | 360,159 | 9,210 | 110,214 |
Shares repurchased | (1,348,494) | (16,004,733) | (606,198) | (7,276,932) |
Net increase (decrease) | (547,661) | $ (6,545,486) | 378,922 | $ 4,479,162 |
Class I Shares | ||||
Shares sold | 5,612,475 | $ 66,530,697 | 2,429,963 | $ 29,269,579 |
Shares issued to shareholders in reinvestment of dividends | 240,300 | 2,849,344 | 115,191 | 1,381,236 |
Shares repurchased | (7,389,911) | (87,662,181) | (4,427,949) | (53,845,429) |
Net increase (decrease) | (1,537,136) | $ (18,282,140) | (1,882,795) | $ (23,194,614) |
September 30, 2023
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
LIMITED TERM MUNICIPAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 6,556,278 | $ 88,290,088 | 5,797,108 | $ 81,289,680 |
Shares issued to shareholders in reinvestment of dividends | 1,121,568 | 15,086,727 | 875,385 | 12,136,291 |
Shares repurchased | (18,280,941) | (245,873,597) | (17,127,910) | (237,737,194) |
Net increase (decrease) | (10,603,095) | $ (142,496,782) | (10,455,417) | $ (144,311,223) |
Class C Shares | ||||
Shares sold | 371,585 | $ 5,009,348 | 563,525 | $ 7,949,052 |
Shares issued to shareholders in reinvestment of dividends | 113,301 | 1,526,706 | 102,454 | 1,423,360 |
Shares repurchased | (2,822,351) | (38,043,451) | (3,913,035) | (54,607,372) |
Net increase (decrease) | (2,337,465) | $ (31,507,397) | (3,247,056) | $ (45,234,960) |
Class C2 Shares | ||||
Shares sold | 40,364 | $ 540,715 | 53,307 | $ 765,370 |
Shares issued to shareholders in reinvestment of dividends | 6,067 | 81,756 | 3,845 | 53,211 |
Shares repurchased | (133,724) | (1,804,464) | (80,465) | (1,112,183) |
Net increase (decrease) | (87,293) | $ (1,181,993) | (23,313) | $ (293,602) |
Class I Shares | ||||
Shares sold | 63,184,332 | $ 850,921,981 | 94,507,639 | $ 1,312,091,500 |
Shares issued to shareholders in reinvestment of dividends | 4,723,244 | 63,533,966 | 4,500,680 | 62,501,234 |
Shares repurchased | (131,709,944) | (1,770,845,383) | (170,819,676) | (2,365,051,482) |
Net increase (decrease) | (63,802,368) | $ (856,389,436) | (71,811,357) | $ (990,458,748) |
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
LIMITED TERM CALIFORNIA FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 432,078 | $ 5,528,145 | 472,185 | $ 6,236,465 |
Shares issued to shareholders in reinvestment of dividends | 111,835 | 1,428,549 | 79,155 | 1,037,091 |
Shares repurchased | (1,457,276) | (18,654,913) | (1,745,136) | (23,007,030) |
Net increase (decrease) | (913,363) | $ (11,698,219) | (1,193,796) | $ (15,733,474) |
Class C Shares | ||||
Shares sold | 12,919 | $ 164,839 | 63,476 | $ 850,420 |
Shares issued to shareholders in reinvestment of dividends | 5,392 | 68,954 | 5,128 | 67,292 |
Shares repurchased | (261,563) | (3,345,517) | (298,997) | (3,953,100) |
Net increase (decrease) | (243,252) | $ (3,111,724) | (230,393) | $ (3,035,388) |
Class C2 Shares | ||||
Shares sold | 789 | $ 9,993 | 16,391 | $ 213,745 |
Shares issued to shareholders in reinvestment of dividends | 221 | 2,825 | 137 | 1,781 |
Shares repurchased | (34) | (442) | (17,170) | (222,214) |
Net increase (decrease) | 976 | $ 12,376 | (642) | $ (6,688) |
September 30, 2023
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
LIMITED TERM CALIFORNIA FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class I Shares | ||||
Shares sold | 6,688,914 | $ 85,430,741 | 13,576,399 | $ 177,388,306 |
Shares issued to shareholders in reinvestment of dividends | 416,213 | 5,322,522 | 330,827 | 4,341,694 |
Shares repurchased | (12,736,859) | (162,776,237) | (18,811,651) | (246,328,345) |
Net increase (decrease) | (5,631,732) | $ (72,022,974) | (4,904,425) | $ (64,598,345) |
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
INTERMEDIATE NEW MEXICO FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 131,430 | $ 1,630,549 | 79,250 | $ 1,025,276 |
Shares issued to shareholders in reinvestment of dividends | 72,302 | 890,105 | 64,939 | 829,879 |
Shares repurchased | (743,503) | (9,135,683) | (943,150) | (12,195,687) |
Net increase (decrease) | (539,771) | $ (6,615,029) | (798,961) | $ (10,340,532) |
Class D Shares | ||||
Shares sold | 4,130 | $ 51,433 | 24,057 | $ 319,190 |
Shares issued to shareholders in reinvestment of dividends | 11,529 | 142,000 | 10,163 | 129,833 |
Shares repurchased | (135,532) | (1,670,952) | (137,795) | (1,762,930) |
Net increase (decrease) | (119,873) | $ (1,477,519) | (103,575) | $ (1,313,907) |
Class I Shares | ||||
Shares sold | 357,813 | $ 4,431,166 | 418,154 | $ 5,424,025 |
Shares issued to shareholders in reinvestment of dividends | 94,857 | 1,167,329 | 83,165 | 1,061,908 |
Shares repurchased | (855,053) | (10,523,451) | (681,266) | (8,729,093) |
Net increase (decrease) | (402,383) | $ (4,924,956) | (179,947) | $ (2,243,160) |
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
INTERMEDIATE NEW YORK FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 55,967 | $ 661,805 | 60,466 | $ 754,981 |
Shares issued to shareholders in reinvestment of dividends | 24,387 | 289,441 | 27,034 | 332,386 |
Shares repurchased | (252,591) | (2,992,400) | (641,631) | (7,845,473) |
Net increase (decrease) | (172,237) | $ (2,041,154) | (554,131) | $ (6,758,106) |
Class I Shares | ||||
Shares sold | 375,693 | $ 4,462,151 | 432,284 | $ 5,255,005 |
Shares issued to shareholders in reinvestment of dividends | 23,831 | 282,778 | 26,531 | 326,107 |
Shares repurchased | (609,238) | (7,200,017) | (793,699) | (9,759,304) |
Net increase (decrease) | (209,714) | $ (2,455,088) | (334,884) | $ (4,178,192) |
September 30, 2023
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
INTERMEDIATE MUNICIPAL FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 5,073,658 | $ 66,223,527 | 2,771,579 | $ 37,472,279 |
Shares issued to shareholders in reinvestment of dividends | 589,411 | 7,682,624 | 477,930 | 6,487,897 |
Shares repurchased | (6,218,714) | (81,093,505) | (4,878,348) | (66,296,536) |
Net increase (decrease) | (555,645) | $ (7,187,354) | (1,628,839) | $ (22,336,360) |
Class C Shares | ||||
Shares sold | 291,664 | $ 3,802,556 | 210,096 | $ 2,891,699 |
Shares issued to shareholders in reinvestment of dividends | 34,603 | 451,628 | 36,564 | 497,930 |
Shares repurchased | (762,674) | (9,952,826) | (919,240) | (12,504,132) |
Net increase (decrease) | (436,407) | $ (5,698,642) | (672,580) | $ (9,114,503) |
Class C2 Shares | ||||
Shares sold | 41,998 | $ 551,057 | 17,957 | $ 243,106 |
Shares issued to shareholders in reinvestment of dividends | 3,098 | 40,438 | 2,533 | 34,418 |
Shares repurchased | (45,707) | (589,669) | (31,386) | (426,524) |
Net increase (decrease) | (611) | $ 1,826 | (10,896) | $ (149,000) |
Class I Shares | ||||
Shares sold | 23,818,200 | $ 310,040,322 | 22,442,021 | $ 300,224,364 |
Shares issued to shareholders in reinvestment of dividends | 1,202,918 | 15,662,375 | 962,305 | 13,065,184 |
Shares repurchased | (22,496,384) | (293,219,931) | (26,450,592) | (355,902,717) |
Net increase (decrease) | 2,524,734 | $ 32,482,766 | (3,046,266) | $ (42,613,169) |
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
STRATEGIC MUNICIPAL INCOME FUND | SHARES | AMOUNT | SHARES | AMOUNT |
Class A Shares | ||||
Shares sold | 1,778,612 | $ 24,523,113 | 903,718 | $ 13,143,587 |
Shares issued to shareholders in reinvestment of dividends | 140,576 | 1,937,301 | 90,311 | 1,306,251 |
Shares repurchased | (1,513,130) | (20,792,925) | (1,076,456) | (15,433,097) |
Net increase (decrease) | 406,058 | $ 5,667,489 | (82,427) | $ (983,259) |
Class C Shares | ||||
Shares sold | 68,747 | $ 942,034 | 225,997 | $ 3,341,511 |
Shares issued to shareholders in reinvestment of dividends | 11,464 | 158,006 | 12,014 | 173,935 |
Shares repurchased | (320,725) | (4,426,872) | (385,315) | (5,547,063) |
Net increase (decrease) | (240,514) | $ (3,326,832) | (147,304) | $ (2,031,617) |
Class I Shares | ||||
Shares sold | 9,311,440 | $ 128,025,135 | 13,498,846 | $ 193,988,220 |
Shares issued to shareholders in reinvestment of dividends | 572,986 | 7,901,463 | 445,270 | 6,452,588 |
Shares repurchased | (10,444,002) | (143,385,333) | (15,748,721) | (225,630,502) |
Net increase (decrease) | (559,576) | $ (7,458,735) | (1,804,605) | $ (25,189,694) |
September 30, 2023
Purchases | Sales | |
Short Duration Municipal Fund | $ 79,294,578 | $ 107,911,388 |
Limited Term Municipal Fund | 1,207,607,385 | 2,164,644,449 |
Limited Term California Fund | 136,736,194 | 219,152,169 |
Intermediate New Mexico Fund | 52,949,060 | 60,341,850 |
Intermediate New York Fund | 10,713,002 | 12,190,548 |
Intermediate Municipal Fund | 356,582,298 | 334,515,987 |
Strategic Municipal Income Fund | 139,748,482 | 139,206,876 |
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) | ||||||||||
2023 | $ 11.77 | 0.27 | — | 0.27 | (0.28) | — | — | (0.28) | $ 11.76 | |
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 | |
CLASS I SHARES | ||||||||||
2023 | $ 11.76 | 0.30 | (0.01) | 0.29 | (0.30) | — | — | (0.30) | $ 11.75 | |
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 |
(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. |
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) | |||||||
2023 | 2.29 | 0.70 | 1.06 | 2.29 | 56.32 | $ 13,585 | |
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 | |
CLASS I SHARES | |||||||
2023 | 2.52 | 0.50 | 0.60 | 2.50 | 56.32 | $ 130,723 | |
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 |
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) | ||||||||||
2023 | $ 13.26 | 0.32 | (0.06) | 0.26 | (0.33) | — | — | (0.33) | $ 13.19 | |
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 | |
CLASS C SHARES | ||||||||||
2023 | $ 13.28 | 0.29 | (0.07) | 0.22 | (0.29) | — | — | (0.29) | $ 13.21 | |
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 | |
CLASS C2 SHARES | ||||||||||
2023 | $ 13.28 | 0.26 | (0.07) | 0.19 | (0.26) | — | — | (0.26) | $ 13.21 | |
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 | ||||||||||
2023 | $ 13.26 | 0.35 | (0.06) | 0.29 | (0.36) | — | — | (0.36) | $ 13.19 | |
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 |
(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) | |||||||
2023 | 2.40 | 0.74 | 0.74 | 1.91 | 37.26 | $ 611,338 | |
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 | |
CLASS C SHARES | |||||||
2023 | 2.15 | 0.98 | 0.98 | 1.66 | 37.26 | $ 59,652 | |
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 | |
CLASS C2 SHARES | |||||||
2023 | 1.89 | 1.24 | 1.67 | 1.39 | 37.26 | $ 3,516 | |
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 | |||||||
2023 | 2.62 | 0.51 | 0.51 | 2.14 | 37.26 | $ 2,303,573 | |
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 |
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) | ||||||||||
2023 | $ 12.61 | 0.29 | (0.05) | 0.24 | (0.29) | — | — | (0.29) | $ 12.56 | |
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 | |
CLASS C SHARES | ||||||||||
2023 | $ 12.62 | 0.25 | (0.04) | 0.21 | (0.25) | — | — | (0.25) | $ 12.58 | |
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 | |
CLASS C2 SHARES | ||||||||||
2023 | $ 12.61 | 0.26 | (0.05) | 0.21 | (0.25) | — | — | (0.25) | $ 12.57 | |
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 | ||||||||||
2023 | $ 12.62 | 0.32 | (0.04) | 0.28 | (0.32) | — | — | (0.32) | $ 12.58 | |
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 |
(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) | |||||||
2023 | 2.26 | 0.74 | 0.96 | 1.89 | 45.63 | $ 67,312 | |
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 | |
CLASS C SHARES | |||||||
2023 | 1.95 | 1.02 | 1.42 | 1.69 | 45.63 | $ 2,897 | |
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 | |
CLASS C2 SHARES | |||||||
2023 | 2.00 | 1.02 | 8.02 (c) | 1.69 | 45.63 | $ 141 | |
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 | |||||||
2023 | 2.50 | 0.49 | 0.71 | 2.23 | 45.63 | $ 204,982 | |
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 |
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) | ||||||||||
2023 | $ 12.08 | 0.24 | (0.07) | 0.17 | (0.24) | — | — | (0.24) | $ 12.01 | |
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 | |
CLASS D SHARES | ||||||||||
2023 | $ 12.08 | 0.20 | (0.05) | 0.15 | (0.21) | — | — | (0.21) | $ 12.02 | |
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 | |
CLASS I SHARES | ||||||||||
2023 | $ 12.07 | 0.27 | (0.05) | 0.22 | (0.28) | — | — | (0.28) | $ 12.01 | |
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 |
(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) | |||||||
2023 | 1.91 | 0.99 | 1.02 | 1.35 | 48.90 | $ 46,699 | |
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 | |
CLASS D SHARES | |||||||
2023 | 1.65 | 1.24 | 1.34 | 1.18 | 48.90 | $ 8,891 | |
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 | |
CLASS I SHARES | |||||||
2023 | 2.23 | 0.67 | 0.74 | 1.76 | 48.90 | $ 52,436 | |
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 |
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) | ||||||||||
2023 | $ 11.68 | 0.28 | (0.08) | 0.20 | (0.28) | — | — | (0.28) | $ 11.60 | |
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 | |
CLASS I SHARES | ||||||||||
2023 | $ 11.68 | 0.31 | (0.06) | 0.25 | (0.32) | — | — | (0.32) | $ 11.61 | |
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 |
(a) | Not annualized for periods less than one year. |
(b) | Sales loads are not reflected in computing total return. |
(c) | The total return based on the NAV which reflects the adjustments in accordance with U.S. GAAP is 1.66%. |
+ | 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) | |||||||
2023 | 2.33 | 0.99 | 1.33 | 1.75 (c) | 42.70 | $ 13,096 | |
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 | |
CLASS I SHARES | |||||||
2023 | 2.64 | 0.67 | 1.11 | 2.07 | 42.70 | $ 12,113 | |
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 |
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) | ||||||||||
2023 | $ 12.82 | 0.40 | (0.10) | 0.30 | (0.40) | — | — | (0.40) | $ 12.72 | |
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 | |
CLASS C SHARES | ||||||||||
2023 | $ 12.83 | 0.35 | (0.10) | 0.25 | (0.35) | — | — | (0.35) | $ 12.73 | |
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 | |
CLASS C2 SHARES | ||||||||||
2023 | $ 12.83 | 0.35 | (0.10) | 0.25 | (0.35) | — | — | (0.35) | $ 12.73 | |
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 | ||||||||||
2023 | $ 12.80 | 0.43 | (0.10) | 0.33 | (0.43) | — | — | (0.43) | $ 12.70 | |
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 |
(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) | |||||||
2023 | 3.06 | 0.77 | 0.92 | 2.31 | 39.98 | $ 262,957 | |
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 | |
CLASS C SHARES | |||||||
2023 | 2.68 | 1.14 | 1.36 | 1.93 | 39.98 | $ 16,306 | |
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 | |
CLASS C2 SHARES | |||||||
2023 | 2.70 | 1.14 | 2.48 | 1.93 | 39.98 | $ 1,501 | |
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 | |||||||
2023 | 3.30 | 0.53 | 0.67 | 2.55 | 39.98 | $ 583,709 | |
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 |
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) | ||||||||||
2023 | $ 13.48 | 0.44 | (0.09) | 0.35 | (0.44) | — | — | (0.44) | $ 13.39 | |
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 | |
CLASS C SHARES | ||||||||||
2023 | $ 13.49 | 0.37 | (0.09) | 0.28 | (0.37) | — | — | (0.37) | $ 13.40 | |
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 | |
CLASS I SHARES | ||||||||||
2023 | $ 13.49 | 0.47 | (0.09) | 0.38 | (0.47) | — | — | (0.47) | $ 13.40 | |
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 |
(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) | |||||||
2023 | 3.15 | 0.81 | 1.27 | 2.51 | 48.80 | $ 60,908 | |
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 | |
CLASS C SHARES | |||||||
2023 | 2.65 | 1.28 | 1.92 | 2.03 | 48.80 | $ 4,998 | |
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 | |
CLASS I SHARES | |||||||
2023 | 3.37 | 0.59 | 1.01 | 2.74 | 48.80 | $ 227,585 | |
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 |
Thornburg Municipal Funds
September 30, 2023 (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 9/30/23 | Expenses Paid During Period 4/1/23-9/30/23 | Ending Account Value 9/30/23 | Expenses Paid During Period† 4/1/23-9/30/23 | Annualized Expense Ratio | ||
SHORT DURATION MUNICIPAL FUND | ||||||
CLASS A SHARES | $998.28 | $3.51 | $1,021.56 | $3.55 | 0.70% | |
CLASS I SHARES | $999.27 | $2.51 | $1,022.56 | $2.54 | 0.50% | |
LIMITED TERM MUNICIPAL FUND | ||||||
CLASS A SHARES | $981.64 | $3.68 | $1,021.36 | $3.75 | 0.74% | |
CLASS C SHARES | $980.54 | $4.82 | $1,020.21 | $4.91 | 0.97% | |
CLASS C2 SHARES | $978.48 | $6.15 | $1,018.85 | $6.28 | 1.24% | |
CLASS I SHARES | $982.78 | $2.53 | $1,022.51 | $2.59 | 0.51% | |
LIMITED TERM CALIFORNIA FUND | ||||||
CLASS A SHARES | $984.79 | $3.68 | $1,021.36 | $3.75 | 0.74% | |
CLASS C SHARES | $984.20 | $5.07 | $1,019.95 | $5.16 | 1.02% | |
CLASS C2 SHARES | $983.43 | $5.07 | $1,019.95 | $5.16 | 1.02% | |
CLASS I SHARES | $986.83 | $2.44 | $1,022.61 | $2.48 | 0.49% | |
INTERMEDIATE NEW MEXICO FUND | ||||||
CLASS A SHARES | $972.11 | $4.89 | $1,020.10 | $5.01 | 0.99% | |
CLASS D SHARES | $971.69 | $6.13 | $1,018.85 | $6.28 | 1.24% | |
CLASS I SHARES | $974.45 | $3.32 | $1,021.71 | $3.40 | 0.67% | |
INTERMEDIATE NEW YORK FUND | ||||||
CLASS A SHARES | $979.35 | $4.91 | $1,020.10 | $5.01 | 0.99% | |
CLASS I SHARES | $980.93 | $3.33 | $1,021.71 | $3.40 | 0.67% |
September 30, 2023 (Unaudited)
Actual | Hypothetical * | |||||
Ending Account Value 9/30/23 | Expenses Paid During Period 4/1/23-9/30/23 | Ending Account Value 9/30/23 | Expenses Paid During Period† 4/1/23-9/30/23 | Annualized Expense Ratio | ||
INTERMEDIATE MUNICIPAL FUND | ||||||
CLASS A SHARES | $979.08 | $3.82 | $1,021.21 | $3.90 | 0.77% | |
CLASS C SHARES | $976.54 | $5.65 | $1,019.35 | $5.77 | 1.14% | |
CLASS C2 SHARES | $976.55 | $5.65 | $1,019.35 | $5.77 | 1.14% | |
CLASS I SHARES | $980.19 | $2.63 | $1,022.41 | $2.69 | 0.53% | |
STRATEGIC MUNICIPAL INCOME FUND | ||||||
CLASS A SHARES | $973.65 | $4.01 | $1,021.01 | $4.10 | 0.81% | |
CLASS C SHARES | $971.38 | $6.33 | $1,018.65 | $6.48 | 1.28% | |
CLASS I SHARES | $974.75 | $2.92 | $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, 2023 (Unaudited)
TAX EXEMPT | TAXABLE ORDINARY | |
Short Duration Municipal Fund | $ 4,276,444 | $ 38,019 |
Limited Term Municipal Fund | 87,245,566 | 936,401 |
Limited Term California Fund | 7,574,144 | 202,289 |
Intermediate New Mexico Fund | 2,353,508 | 30,245 |
Intermediate New York Fund | 672,810 | 5,178 |
Intermediate Municipal Fund | 28,003,870 | 703,971 |
Strategic Municipal Income Fund | 9,726,714 | 333,430 |
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
• | Thornburg Short Duration Municipal Fund – the Trustees considered that the Fund outperformed its Morningstar category over the year-to-date period, outperformed its benchmark index over that period and over the one-year period, and that the degree of the Fund’s underperformance in other periods was not significant. The Trustees observed that the Fund has delivered positive total returns in seven of the nine calendar years since its inception and has met its investment objective over time. |
• | Thornburg Limited Term Municipal Fund – the Trustees considered that the Fund outperformed its Morningstar category over the ten- and fifteen-year periods, that the Fund’s underperformance versus its Morningstar category in other periods was not significant, and that a representative share class of the Fund has delivered positive total returns in eight 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 over time. |
• | Thornburg California Limited Term Municipal Fund – the Trustees considered that the Fund outperformed its Morningstar category over the year-to-date, one-, ten-, and fifteen-year periods, and that underperformance in other periods relative to its Morningstar category and its benchmark index was not significant. The Trustees also considered that the Fund has delivered positive total returns in seven of the last ten calendar years and has met both its primary and secondary investment objectives over time. |
• | 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 seven of the last ten calendar years and has met both its primary and secondary investment objectives over time. |
• | Thornburg New York Intermediate Municipal Fund – the Trustees noted that the Fund’s underperformance relative to its Morningstar category and benchmark index over most periods was not significant, that the Fund delivered positive total returns in seven of the last ten calendar years, and that the Fund has met both its primary and secondary investment objectives over time. |
• | Thornburg Intermediate Municipal Fund – the Trustees considered that the Fund has outperformed its Morningstar category over the one-, three-, five-, ten-, and fifteen-year periods, and has outperformed its benchmark index over the year-to-date and three-year periods and performed comparably to the benchmark index in other periods. The Trustees also considered that the Fund has delivered positive total returns in seven of the last ten calendar years and has met both its primary and secondary investment objectives over time. |
• | Thornburg Strategic Municipal Income Fund – the Trustees considered that the Fund outperformed its Morningstar category for the year-to-date, three-, and ten-year periods, outperformed its benchmark index over the three-year period and since the Fund’s inception, and that the Fund’s underperformance versus its Morningstar category or benchmark index in other periods was not significant. The Trustees observed that the Fund delivered positive total returns in seven of the last ten calendar years, and that the Fund has met its investment objective over time. |
September 30, 2023 (Unaudited)
• | Thornburg Short Duration Municipal Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one representative share class of the Fund was lower than the median and higher than the average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class was higher than such median and average levels but within the range of total expenses for the category. Peer group data showed that the Fund’s management fee and the total expense level for a representative share class of the Fund, while both higher than the median levels for the peer group, were within the range of the management fees and total expenses for that 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 representative share class of the Fund was lower than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class was higher than such median and average levels but within the range of total expenses for the category. Peer group data showed that the Fund’s management fee and the total expense level for a representative share class of the Fund, while both higher than the median levels for the peer group, were within the range of the management fees and total expenses for that peer group. |
• | Thornburg California Limited Term Municipal Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one representative share class of the Fund was lower than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class was higher than such median and average levels but within the range of total expenses for the category. Peer group data showed that the Fund’s management fee was lower than the median level for the peer group, and that the total expense level of one representative share class of the Fund was equal to the median total expense level for 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 representative share class of the Fund was lower than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class was higher than such median and average levels but within the range of total expenses for the category. Peer group data showed that the Fund’s management fee and the total expense level for a representative share class of the Fund, while both higher than the median levels for the peer group, were within the range of the management fees and total expenses for that peer group. |
• | Thornburg New York Intermediate Municipal Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one representative share class of the Fund was equal to the median level and lower than the average level charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class was higher than such median and average levels but within the range of total expenses for the category. Peer group data showed that the Fund’s management fee was lower than the median level for the peer group, and that the total expense level of one representative share class was higher than the median level, but within the range of, the total expenses of the peer group. |
• | Thornburg Intermediate Municipal Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one representative share class of the Fund was lower than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class was higher than such median and average levels but within the range of total expenses for the category. Peer group data showed that the Fund’s management fee and the total expense level for a representative share class of the Fund, while both higher than the median levels for the peer group, were within the range of the management fees and total expenses for that peer group. |
• | Thornburg Strategic Municipal Income Fund – Comparative fee and expense data considered by the Trustees showed that the level of total expense for one representative share class of the Fund was lower than the median and average levels charged to funds in the applicable Morningstar category, and that the level of total expense for a second representative share class was higher than such median and average levels but within the range of total expenses for the category. Peer group data showed that the Fund’s management fee was lower than the median level for the peer group, and that the total expense level of one representative share class was higher than the median level, but within the range of, the total expenses of the peer group. |
September 30, 2023 (Unaudited)
September 30, 2023 (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, 77 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, 68 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, 62 Trustee since 2012, Member of 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, 74 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, 60 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, 59 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, 69 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, 64 Trustee since 1996, Chair of Operations Risk Oversight Committee, Member of Audit Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambé LLC, Santa Fe, NM (manufacturing and design company). | None |
ADVISORY TRUSTEE | ||
Lisa Black, 64(6) Trustee since 2023 | Until 2019, Senior Managing Director, Chief Investment Officer and Head, Taxable Fixed Income, Nuveen LLC, New York, NY; Managing Director, TIAA-CREF, New York, NY (1996-2012). | None |
September 30, 2023 (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, 60 President since 2023, Chief Financial Officer 2019-2023, Treasurer 2016-2019, Secretary 2018-2019(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016, and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011- 2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Randy Dry, 49 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, 57 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, 56 Chief Financial Officer since 2023 ,Treasurer since 2019(7) | 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, 43 Vice President since 2014 | Co-Head of Investments since 2019, and Portfolio Manager and Managing Director since 2013, of Thornburg Investment Management, Inc. | Not applicable |
Jeff Klingelhofer, 42 Vice President since 2016 | Co-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, 52 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, 46 Assistant Treasurer since 2022 | Senior Manager, Fund Administration of Thornburg Investment Management, Inc. since 2010. | Not applicable |
Natasha Rippel, 41 Secretary since 2021(7) | 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 22 separate investment “Funds” or “series.” Thornburg Investment Management, Inc. is the investment advisor to, and manages, the 22 Funds of the Trust. Each Trustee oversees the 22 Funds of the Trust. |
(3) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(4) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc. the investment advisor to the 22 Funds of the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares of the Trust. |
(5) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(6) | As of September 30, 2023, Ms. Black served as an Advisory Trustee in a non-voting capacity. Ms. Black was elected as an independent Trustee effective October 2, 2023. |
(7) | The Trust’s president, chief financial officer, secretary and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
■ | Thornburg Global Opportunities Fund |
■ | 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 |
4 | |
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18 | |
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22 | |
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SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class I | N/A | 885-216-739 |
Fund Overview
• | The Fund generated positive total returns and outpaced its benchmark, the FTSE 1-Month Treasury Bill Local Currency Index (the “Index”), during the 12-month period ended September 30, 2023. |
• | Over the period, the Fund accomplished its goal of "safety of capital" by providing a share price of $10.00 that has not fluctuated since the Fund’s inception. |
• | As of September 30, 2023, the Fund has matched or outperformed its benchmark for all standard time periods since the Fund’s 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) | 4.99% | 2.00% | 1.91% | 1.55% |
FTSE 1-Month Treasury Bill Local Currency Index (Since 7/31/15) | 4.61% | 1.74% | 1.68% | 1.31% |
Annualized Distribution Yield | 5.47% |
SEC Yield | 5.53% |
FINAL VALUE |
Thornburg Capital Management Fund | September 30, 2023
ISSUER-DESCRIPTION | Shares/Principal Amount | VALUE | |
U.S. Treasury Securities — 3.1% | |||
United States Treasury Bill, | |||
5.358% due 10/12/2023 | $25,000,000 | $ 24,959,705 | |
5.372% due 10/12/2023 | 2,700,000 | 2,695,637 | |
5.368% due 10/24/2023 | 25,000,000 | 24,915,747 | |
Total U.S. Treasury Securities (Cost $52,571,089) | 52,571,089 | ||
Commercial Paper — 84.1% | |||
Ameren Corp., 5.643% due 10/20/2023 | 42,000,000 | 41,877,197 | |
a | American Electric Power Co., Inc., 5.595% due 10/10/2023 | 5,000,000 | 4,993,125 |
American Honda Finance Corp., | |||
5.591% due 10/5/2023 | 29,000,000 | 28,982,310 | |
5.579% due 10/11/2023 | 1,000,000 | 998,478 | |
5.591% due 10/11/2023 | 5,000,000 | 4,992,375 | |
5.62% due 10/19/2023 | 5,000,000 | 4,986,200 | |
Arizona Public Service Co., | |||
5.491% due 10/2/2023 | 10,000,000 | 9,998,497 | |
5.491% due 10/3/2023 | 25,000,000 | 24,992,486 | |
AutoZone, Inc., | |||
a | 5.45% due 10/3/2023 | 2,000,000 | 1,999,403 |
a | 5.515% due 10/10/2023 | 25,100,000 | 25,065,927 |
Avangrid, Inc., | |||
a | 5.548% due 10/3/2023 | 2,000,000 | 1,999,394 |
a | 5.541% due 10/6/2023 | 32,000,000 | 31,975,778 |
a | 5.581% due 10/24/2023 | 5,000,000 | 4,982,494 |
BASF SE, | |||
a,b | 5.526% due 10/2/2023 | 2,500,000 | 2,499,622 |
a,b | 5.591% due 10/2/2023 | 1,411,000 | 1,410,784 |
a,b | 5.541% due 10/26/2023 | 34,000,000 | 33,871,556 |
BAT International Finance plc, | |||
a,b | 5.478% due 10/3/2023 | 20,000,000 | 19,994,000 |
a,b | 5.499% due 10/3/2023 | 8,000,000 | 7,997,591 |
Baxter International, Inc., | |||
a | 5.558% due 10/4/2023 | 1,860,000 | 1,859,152 |
a | 5.559% due 10/4/2023 | 29,000,000 | 28,986,781 |
a | 5.554% due 10/5/2023 | 5,000,000 | 4,996,961 |
a | 5.555% due 10/10/2023 | 2,000,000 | 1,997,265 |
a | 5.556% due 10/10/2023 | 1,000,000 | 998,633 |
a | Berkshire Hathaway Energy Co., 5.55% due 10/11/2023 | 11,000,000 | 10,983,347 |
Canadian National Railway Co., | |||
a,b | 5.497% due 10/12/2023 | 1,000,000 | 998,350 |
a,b | 5.499% due 10/12/2023 | 20,000,000 | 19,967,000 |
a,b | 5.53% due 10/19/2023 | 2,000,000 | 1,994,570 |
a,b | Canadian Pacific Railway Co., 5.558% due 10/11/2023 | 5,000,000 | 4,992,403 |
CenterPoint Energy, Inc., | |||
a | 5.571% due 10/11/2023 | 1,000,000 | 998,481 |
a | 5.571% due 10/12/2023 | 37,000,000 | 36,938,159 |
Cintas Corp. No. 2, | |||
a | 5.417% due 10/2/2023 | 28,000,000 | 27,995,847 |
a | 5.485% due 10/11/2023 | 11,000,000 | 10,983,500 |
a | 5.487% due 10/16/2023 | 15,000,000 | 14,968,500 |
a | Consolidated Edison Co. of New York, Inc., 5.491% due 10/2/2023 | 21,700,000 | 21,696,739 |
Diageo Capital plc, | |||
a,b | 5.55% due 10/19/2023 | 35,254,000 | 35,157,933 |
a,b | 5.58% due 10/19/2023 | 4,040,000 | 4,028,930 |
a | Dollar General Corp., 5.406% due 10/2/2023 | 18,000,000 | 17,997,335 |
a | Dover Corp., 5.469% due 10/3/2023 | 20,000,000 | 19,994,011 |
DTE Electric Co., 5.532% due 10/16/2023 | 5,000,000 | 4,988,667 | |
a | Duke Energy Corp., 5.482% due 10/4/2023 | 6,113,000 | 6,110,249 |
Electricite de France SA, | |||
a,b | 5.565% due 10/6/2023 | 11,822,000 | 11,813,019 |
a,b | 5.527% due 10/13/2023 | 15,000,000 | 14,972,800 |
See notes to financial statements. | Annual Report | 5 |
Thornburg Capital Management Fund | September 30, 2023
ISSUER-DESCRIPTION | Shares/Principal Amount | VALUE | |
a | Evergy Missouri West, Inc., 5.588% due 10/10/2023 | $ 7,770,000 | $ 7,759,316 |
a | Fiserv, Inc., 5.558% due 10/16/2023 | 13,700,000 | 13,670,857 |
a | Hitachi America Capital Ltd., 5.511% due 10/6/2023 | 39,000,000 | 38,970,587 |
a | HP, Inc., 5.532% due 10/5/2023 | 38,000,000 | 37,976,989 |
Intercontinental Exchange, Inc., | |||
a | 5.552% due 10/6/2023 | 2,000,000 | 1,998,481 |
a | 5.588% due 10/11/2023 | 24,000,000 | 23,963,333 |
a | 5.652% due 10/24/2023 | 13,000,000 | 12,953,904 |
a | Johnson Controls International plc, 5.537% due 10/10/2023 | 38,000,000 | 37,948,225 |
Keurig Dr Pepper, Inc., | |||
a | 5.535% due 10/3/2023 | 2,000,000 | 1,999,394 |
a | 5.584% due 10/16/2023 | 37,000,000 | 36,915,362 |
a | Marriott International, Inc., 5.547% due 10/20/2023 | 1,000,000 | 997,124 |
McCormick & Co., Inc., | |||
a | 5.554% due 10/3/2023 | 1,000,000 | 999,697 |
a | 5.558% due 10/3/2023 | 38,000,000 | 37,988,473 |
a | 5.588% due 10/10/2023 | 1,000,000 | 998,628 |
a | 5.554% due 10/11/2023 | 2,000,000 | 1,996,967 |
Mitsubishi HC Finance America LLC, | |||
5.68% due 10/10/2023 | 1,000,000 | 998,605 | |
5.681% due 10/10/2023 | 13,000,000 | 12,981,865 | |
5.704% due 10/13/2023 | 5,187,000 | 5,177,318 | |
5.67% due 10/16/2023 | 21,000,000 | 20,951,262 | |
Mondelez International, Inc., | |||
a | 5.562% due 10/2/2023 | 22,000,000 | 21,996,657 |
a | 5.572% due 10/3/2023 | 17,000,000 | 16,994,824 |
a | NextEra Energy Capital Holdings, Inc., 5.612% due 10/3/2023 | 17,562,000 | 17,556,614 |
Oglethorpe Power Corp., | |||
a | 5.651% due 10/6/2023 | 30,000,000 | 29,976,875 |
a | 5.698% due 10/6/2023 | 1,000,000 | 999,222 |
a | 5.748% due 10/6/2023 | 1,257,000 | 1,256,014 |
a | 5.698% due 10/13/2023 | 1,000,000 | 998,133 |
a | 5.699% due 10/13/2023 | 5,000,000 | 4,990,667 |
ONE Gas, Inc., | |||
a | 5.552% due 10/2/2023 | 4,400,000 | 4,399,331 |
a | 5.578% due 10/4/2023 | 10,000,000 | 9,995,425 |
a | 5.571% due 10/17/2023 | 5,050,000 | 5,037,700 |
a | 5.605% due 10/17/2023 | 3,200,000 | 3,192,164 |
Oracle Corp., | |||
a | 5.56% due 10/4/2023 | 1,000,000 | 999,545 |
a | 5.584% due 10/5/2023 | 1,000,000 | 999,390 |
a | 5.602% due 10/20/2023 | 40,000,000 | 39,883,889 |
Penske Truck Leasing Co. LP, | |||
5.565% due 10/6/2023 | 4,900,000 | 4,896,271 | |
5.615% due 10/16/2023 | 22,000,000 | 21,949,400 | |
PPG Industries, Inc., 5.615% due 10/23/2023 | 20,000,000 | 19,935,600 | |
Ryder System, Inc., 5.662% due 10/10/2023 | 39,000,000 | 38,945,790 | |
Sempra, | |||
a | 5.605% due 10/4/2023 | 500,000 | 499,770 |
a | 5.633% due 10/18/2023 | 25,000,000 | 24,934,715 |
a | 5.633% due 10/19/2023 | 14,000,000 | 13,961,290 |
a | Sherwin-Williams Co., 5.514% due 10/19/2023 | 25,000,000 | 24,932,250 |
Sony Capital Corp., | |||
a | 5.582% due 10/2/2023 | 8,000,000 | 7,998,778 |
a | 5.532% due 10/3/2023 | 30,000,000 | 29,990,917 |
a | 5.53% due 10/4/2023 | 1,912,000 | 1,911,132 |
Southern California Edison Co., | |||
a | 5.639% due 10/2/2023 | 10,000,000 | 9,998,458 |
a | 5.638% due 10/11/2023 | 28,000,000 | 27,956,833 |
Spire, Inc., | |||
a | 5.631% due 10/12/2023 | 15,500,000 | 15,473,809 |
a | 5.682% due 10/12/2023 | 3,309,000 | 3,303,358 |
6 | Annual Report | See notes to financial statements. |
ISSUER-DESCRIPTION | Shares/Principal Amount | VALUE | |
a | 5.611% due 10/17/2023 | $ 9,500,000 | $ 9,476,736 |
a | 5.612% due 10/19/2023 | 2,500,000 | 2,493,113 |
a | Stanley Black & Decker, Inc., 5.704% due 10/27/2023 | 15,000,000 | 14,939,333 |
a | Starbucks Corp., 5.488% due 10/18/2023 | 38,000,000 | 37,908,800 |
TELUS Corp., | |||
a,b | 5.57% due 10/17/2023 | 7,500,000 | 7,481,767 |
a,b | 5.514% due 10/20/2023 | 5,000,000 | 4,985,697 |
a,b | Tyco Electronics Group SA, 5.529% due 10/2/2023 | 37,000,000 | 36,994,399 |
Tyson Foods, Inc., | |||
a | 5.484% due 10/10/2023 | 1,000,000 | 998,650 |
a | 5.50% due 10/16/2023 | 37,000,000 | 36,916,596 |
a | Waste Management, Inc., 5.542% due 10/3/2023 | 40,000,000 | 39,987,889 |
Total Commercial Paper (Cost $1,455,430,037) | 1,455,430,037 | ||
Repurchase Agreement — 4.6% | |||
Bank of New York Tri-Party Repurchase Agreement, 5.42% dated 9/29/2023 due 10/2/2023, repurchase price $80,036,133 collateralized by 15 corporate debt securities, having an average coupon of 4.72%, a minimum credit rating of BBB-, maturity dates from 11/1/2026 to 5/15/2052, and having an aggregate market value of $85,149,087 at 9/30/2023 | 80,000,000 | 80,000,000 | |
Total Repurchase Agreements (Cost $80,000,000) | 80,000,000 | ||
Mutual Fund — 0.0% | |||
c | State Street Institutional Treasury Money Market Fund Premier Class, 5.28% | 13,330 | 13,329 |
Total Mutual Fund (Cost $13,329) | 13,329 | ||
Total Investments — 91.8% (Cost $1,588,014,455) | $1,588,014,455 | ||
Other Assets Less Liabilities — 8.2% | 142,372,285 | ||
Net Assets — 100.0% | $1,730,386,740 |
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, 2023, the aggregate value of these securities in the Fund’s portfolio was $1,207,777,716, representing 69.80% 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, 2023. |
See notes to financial statements. | Annual Report | 7 |
Thornburg Capital Management Fund | September 30, 2023
ASSETS | |
Investment in securities, at cost | $ 1,588,014,455 |
Investments at value | 1,588,014,455 |
Cash | 227,366,759 |
Dividends receivable | 2,691 |
Principal and interest receivable | 1,574,301 |
Total Assets | 1,816,958,206 |
Liabilities | |
Payable for investments purchased | 86,483,757 |
Accounts payable and accrued expenses | 87,709 |
Total Liabilities | 86,571,466 |
Net Assets | $ 1,730,386,740 |
NET ASSETS CONSIST OF | |
Net capital paid in on shares of beneficial interest | $ 1,730,348,428 |
Distributable earnings | 38,312 |
Net Assets | $ 1,730,386,740 |
NET ASSET VALUE | |
Class I Shares: | |
Net assets applicable to shares outstanding | $ 1,730,386,740 |
Shares outstanding | 173,037,212 |
Net asset value and redemption price per share | $ 10.00 |
Thornburg Capital Management Fund | Year Ended September 30, 2023
INVESTMENT INCOME | |
Interest income | $ 71,014,997 |
Dividend income | 58,630 |
Total Income | 71,073,627 |
EXPENSES | |
Transfer agent fees | 5,195 |
Custodian fees | 79,440 |
Professional fees | 32,470 |
Officer fees | 9,049 |
Other expenses | 20,944 |
Total Expenses | 147,098 |
Net Investment Income (Loss) | $ 70,926,529 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) | 42,197 |
Net Realized and Unrealized Gain (Loss) | 42,197 |
Change in Net Assets Resulting from Operations | $ 70,968,726 |
Thornburg Capital Management Fund
Year Ended September 30, 2023 | Year Ended September 30, 2022 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 70,926,529 | $ 16,891,756 |
Net realized gain (loss) | 42,197 | 9,153 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 70,968,726 | 16,900,909 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Class I Shares | (71,182,725) | (16,654,159) |
FUND SHARE TRANSACTIONS | ||
Class I Shares | 201,697,890 | (531,456,557) |
Net Increase (Decrease) in Net Assets | 201,483,891 | (531,209,807) |
NET ASSETS | ||
Beginning of Year | 1,528,902,849 | 2,060,112,656 |
End of Year | $ 1,730,386,740 | $ 1,528,902,849 |
Thornburg Capital Management Fund | September 30, 2023
Thornburg Capital Management Fund | September 30, 2023
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
U.S. Treasury Securities | $ 52,571,089 | $ — | $ 52,571,089 | $ — |
Commercial Paper | 1,455,430,037 | — | 1,455,430,037 | — |
Repurchase Agreement | 80,000,000 | — | 80,000,000 | — |
Mutual Fund | 13,329 | 13,329 | — | — |
Total Investments in Securities | $ 1,588,014,455 | $ 13,329 | $ 1,588,001,126 | $ — |
Total Assets | $ 1,588,014,455 | $ 13,329 | $ 1,588,001,126 | $— |
Thornburg Capital Management Fund | September 30, 2023
Cost of investments for tax purposes | $ 1,588,014,455 |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ - |
2023 | 2022 | |
Distributions from: | ||
Ordinary income | $ 71,182,725 | $ 16,654,159 |
Total | $ 71,182,725 | $ 16,654,159 |
YEAR ENDED September 30, 2023 | YEAR ENDED September 30, 2022 | |||
SHARES | AMOUNT | SHARES | AMOUNT | |
Class I Shares | ||||
Shares sold | 882,916,619 | $ 8,829,166,189 | 1,043,716,043 | $ 10,437,160,430 |
Shares issued to shareholders in reinvestment of dividends | 7,118,272 | 71,182,724 | 1,665,416 | 16,654,160 |
Shares repurchased | (869,865,102) | (8,698,651,023) | (1,098,527,115) | (10,985,271,147) |
Net increase (decrease) | 20,169,789 | $ 201,697,890 | (53,145,656) | $ (531,456,557) |
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) | ||||||||
2023 | $ 10.00 | 0.49 | — (c) | 0.49 | (0.49) | — | (0.49) | $ 10.00 |
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 |
(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) | |||||||
2023 | 4.88 | 0.01 | 0.01 | 4.99 | — (d) | $ 1,730,387 | |
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 |
Thornburg Capital Management Fund
Thornburg Capital Management Fund | September 30, 2023 (Unaudited)
BEGINNING ACCOUNT VALUE 4/1/23 | ENDING ACCOUNT VALUE 9/30/23 | EXPENSES PAID DURING PERIOD† 4/1/23—9/30/23 | |
CLASS I SHARES | |||
Actual | $1,000.00 | $1,027.10 | $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, 2023 (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, 77 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, 68 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, 62 Trustee since 2012, Member of 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, 74 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, 60 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, 59 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, 69 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, 64 Trustee since 1996, Chair of Operations Risk Oversight Committee, Member of Audit Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambé LLC, Santa Fe, NM (manufacturing and design company). | None |
ADVISORY TRUSTEE | ||
Lisa Black, 64(6) Trustee since 2023 | Until 2019, Senior Managing Director, Chief Investment Officer and Head, Taxable Fixed Income, Nuveen LLC, New York, NY; Managing Director, TIAA-CREF, New York, NY (1996-2012). | 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, 60 President since 2023, Chief Financial Officer 2019-2023, Treasurer 2016-2019, Secretary 2018-2019(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016, and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011- 2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Randy Dry, 49 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, 57 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, 56 Chief Financial Officer since 2023 ,Treasurer since 2019(7) | 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, 43 Vice President since 2014 | Co-Head of Investments since 2019, and Portfolio Manager and Managing Director since 2013, of Thornburg Investment Management, Inc. | Not applicable |
Jeff Klingelhofer, 42 Vice President since 2016 | Co-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, 52 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, 46 Assistant Treasurer since 2022 | Senior Manager, Fund Administration of Thornburg Investment Management, Inc. since 2010. | Not applicable |
Natasha Rippel, 41 Secretary since 2021(7) | 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 22 separate investment “Funds” or “series.” Thornburg Investment Management, Inc. is the investment advisor to, and manages, the 22 Funds of the Trust. Each Trustee oversees the 22 Funds of the Trust. |
(3) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(4) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc. the investment advisor to the 22 Funds of the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares of the Trust. |
(5) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(6) | As of September 30, 2023, Ms. Black served as an Advisory Trustee in a non-voting capacity. Ms. Black was elected as an independent Trustee effective October 2, 2023. |
(7) | The Trust’s president, chief financial officer, secretary and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
September 30, 2023 (Unaudited)
September 30, 2023 (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 |
Thornburg Managed Account Fund |
Thornburg Municipal Managed Account Fund |
4 | |
6 | |
Schedule of Investments | |
7 | |
9 | |
10 | |
11 | |
12 | |
16 | |
18 | |
19 | |
20 | |
22 | |
24 |
Fund Overview
FINAL VALUE |
SINCE INCEPTION | |
Class I Shares (Incep: 5/15/23) | -1.74% |
ICE BofA U.S. Municipal Master Index | -4.01% |
Thornburg Municipal Managed Account Fund | September 30, 2023 (Unaudited)
KEY PORTFOLIO ATTRIBUTES | |
Number of Bonds | 33 |
Effective Duration | 6.4 Yrs |
Average Maturity | 13.0 Yrs |
Annualized Distribution Yield | 4.77% |
SEC Yield | 4.75% |
SHARE CLASS | NASDAQ SYMBOL | CUSIP |
Class I | THMMX | 885-216-333 |
Thornburg Municipal Managed Account Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 96.6% | |||
Alabama — 2.9% | |||
a | Black Belt Energy Gas District (Guaranty: Goldman Sachs Group, Inc.), Series D-1, 5.50% due 6/1/2049 (put 2/1/2029) | $150,000 | $ 152,843 |
Arizona — 2.8% | |||
a | Chandler (Intel Corp.) IDA AMT, 4.10% due 12/1/2037 (put 6/15/2028) | 150,000 | 146,320 |
California — 2.7% | |||
California Municipal Finance Authority (Greenfield Commons Eah LP; Collateralized: FNMA), Series A, 5.28% due 9/1/2046 | 150,000 | 144,976 | |
Connecticut — 2.6% | |||
Connecticut Housing Finance Authority, Series B, 4.65% due 11/15/2048 | 150,000 | 137,302 | |
Florida — 10.0% | |||
b | Capital Trust Agency, Inc. (Southeastern University Obligated Group), Series A, 6.25% due 5/1/2048 | 100,000 | 92,377 |
County of Broward Airport System Revenue AMT, 5.00% due 10/1/2042 | 150,000 | 149,412 | |
County of Miami-Dade Aviation Revenue AMT, Series A, 5.00% due 10/1/2035 | 150,000 | 148,015 | |
Florida Development Finance Corp. (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), Series A, 5.00% due 6/15/2042 | 150,000 | 141,382 | |
Georgia — 7.6% | |||
Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), | |||
a | Series B, 5.00% due 7/1/2053 (put 3/1/2030) | 150,000 | 151,400 |
a | Series C, 5.00% due 9/1/2053 (put 9/1/2030) | 250,000 | 252,345 |
Illinois — 2.8% | |||
City of Chicago (Chicago O’Hare International Airport) AMT, Series A, 5.00% due 1/1/2028 | 150,000 | 150,397 | |
Iowa — 2.7% | |||
a | Iowa Finance Authority (Iowa Fertilizer Co. LLC; Guaranty: OCI NV), 5.00% due 12/1/2050 (put 12/1/2042) | 150,000 | 143,815 |
Kansas — 2.9% | |||
Kansas Independent College Finance Authority (Ottawa University), Series B, 7.30% due 5/1/2024 | 150,000 | 151,945 | |
Kentucky — 5.7% | |||
a | County of Owen (American Water/Kentucky-American Water Co. Obligated Group), 3.875% due 6/1/2040 (put 9/1/2028) | 150,000 | 147,919 |
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group), Series A, 5.00% due 10/1/2033 | 150,000 | 153,240 | |
Michigan — 5.0% | |||
City of Detroit GO, Series C, 6.00% due 5/1/2043 | 250,000 | 264,227 | |
New Hampshire — 3.0% | |||
New Hampshire Business Finance Authority (Presbyterian Homes Obligated Group), Series A, 5.25% due 7/1/2048 | 175,000 | 158,984 | |
New Mexico — 7.5% | |||
a | City of Farmington (Public Service Co. of New Mexico), Series D, 3.90% due 6/1/2040 (put 6/1/2028) | 250,000 | 242,090 |
New Mexico Educational Assistance Foundation AMT, Series 1A, 5.00% due 9/1/2029 | 150,000 | 154,292 | |
New York — 2.5% | |||
Metropolitan Transportation Authority, Series B, 5.00% due 11/15/2038 | 130,000 | 130,001 | |
Pennsylvania — 2.8% | |||
Northeastern Pennsylvania Hospital and Education Authority (King’s College), 5.00% due 5/1/2031 | 145,000 | 147,672 | |
South Dakota — 2.8% | |||
South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group), 5.00% due 9/1/2040 | 150,000 | 150,672 | |
Tennessee — 2.7% | |||
Tennessee Housing Development Agency, Series 2A, 4.70% due 7/1/2053 | 150,000 | 141,444 | |
Texas — 13.8% | |||
Clifton Higher Education Finance Corp. (YES Prep Public Schools, Inc.; Insured: PSF-GTD), 4.25% due 4/1/2048 | 150,000 | 129,960 | |
Matagorda County Navigation District No. 1 (AEP Texas, Inc.) AMT, 4.25% due 5/1/2030 | 150,000 | 145,014 | |
a | Mission Economic Development Corp. (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, Series A, 4.25% due 6/1/2048 (put 6/3/2024) | 150,000 | 149,323 |
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC) AMT, 5.50% due 12/31/2058 | 150,000 | 153,246 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2034 | 150,000 | 150,811 | |
Utah — 2.7% | |||
Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2049 | 150,000 | 143,893 | |
Virginia — 3.5% | |||
Virginia Housing Development Authority, Series D, 4.70% due 8/1/2048 | 200,000 | 183,980 | |
Washington — 2.9% | |||
Washington State Housing Finance Commission (Eastside Retirement Association Obligated Group), Series B-1, 4.75% due 7/1/2027 | 155,000 | 155,034 | |
West Virginia — 4.7% | |||
a | West Virginia (Kentucky Power Co.) EDA AMT, Series A, 4.70% due 4/1/2036 (put 6/17/2026) | 250,000 | 249,660 |
Total Long-Term Municipal Bonds — 96.6% (Cost $5,279,189) | 5,113,991 |
See notes to financial statements. | Annual Report | 7 |
Thornburg Municipal Managed Account Fund | September 30, 2023
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Short-Term Municipal Bonds — 1.9% | |||
Kentucky — 1.9% | |||
a | County of Meade (Nucor Corp.) AMT, Series A-2, 5.22% due 7/1/2060 (put 10/2/2023) | $100,000 | $ 100,000 |
Total Short-Term Municipal Bonds — 1.9% (Cost $100,000) | 100,000 | ||
Total Investments — 98.5% (Cost $5,379,189) | $5,213,991 | ||
Other Assets Less Liabilities — 1.5% | 78,754 | ||
Net Assets — 100.0% | $5,292,745 |
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, 2023. |
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, 2023, the aggregate value of these securities in the Fund’s portfolio was $92,377, representing 1.75% of the Fund’s net assets. |
To simplify the listings of securities, abbreviations are used per the table below:
AMT | Alternative Minimum Tax |
EDA | Economic Development Authority |
FNMA | Collateralized by Federal National Mortgage Association |
GO | General Obligation |
IDA | Industrial Development Authority/Agency |
PSF-GTD | Guaranteed by Permanent School Fund |
8 | Annual Report | See notes to financial statements. |
Thornburg Municipal Managed Account Fund | September 30, 2023
ASSETS | |
Investment in securities, at cost | $ 5,379,189 |
Investments at value | 5,213,991 |
Cash | 11,472 |
Receivable from investment advisor | 19,740 |
Principal and interest receivable | 56,946 |
Prepaid expenses and other assets | 36,339 |
Total Assets | 5,338,488 |
Liabilities | |
Accounts payable and accrued expenses | 45,743 |
Total Liabilities | 45,743 |
Net Assets | $ 5,292,745 |
NET ASSETS CONSIST OF | |
Net capital paid in on shares of beneficial interest | $ 5,468,656 |
Distributable earnings | (175,911) |
Net Assets | $ 5,292,745 |
NET ASSET VALUE | |
Class I Shares: | |
Net assets applicable to shares outstanding | $ 5,292,745 |
Shares outstanding | 547,020 |
Net asset value and redemption price per share | $ 9.68 |
Thornburg Municipal Managed Account Fund | Period Ended September 30, 2023*
INVESTMENT INCOME | |
Interest income | $ 80,674 |
EXPENSES | |
Transfer agent fees | |
Class I Shares | 869 |
Registration and filing fees | |
Class I Shares | 460 |
Custodian fees | 2,070 |
Professional fees | 44,390 |
Trustee and officer fees | 276 |
Other expenses | 25,570 |
Total Expenses | 73,635 |
Less: | |
Expenses reimbursed | (73,635) |
Net Expenses | - |
Net Investment Income (Loss) | $ 80,674 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) | (10,731) |
Net change in unrealized appreciation (depreciation) | (165,198) |
Net Realized and Unrealized Gain (Loss) | (175,929) |
Change in Net Assets Resulting from Operations | $ (95,255) |
* | The Fund commenced operations on May 15, 2023. |
Thornburg Municipal Managed Account Fund
Period Ended September 30, 2023* | |
INCREASE (DECREASE) IN NET ASSETS FROM | |
OPERATIONS | |
Net investment income | $ 80,674 |
Net realized gain (loss) | (10,731) |
Net change in unrealized appreciation (depreciation) | (165,198) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (95,255) |
DIVIDENDS TO SHAREHOLDERS | |
From distributable earnings | |
Class I Shares | (80,656) |
FUND SHARE TRANSACTIONS | |
Class I Shares | 5,468,656 |
Net Increase (Decrease) in Net Assets | 5,292,745 |
NET ASSETS | |
Beginning of Period | — |
End of Period | $ 5,292,745 |
* | The Fund commenced operations on May 15, 2023. |
September 30, 2023
September 30, 2023
September 30, 2023
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
Long-Term Municipal Bonds | $ 5,113,991 | $ — | $ 5,113,991 | $ — |
Short-Term Municipal Bonds | 100,000 | — | 100,000 | — |
Total Investments in Securities | $ 5,213,991 | $ — | $ 5,213,991 | $ — |
Total Assets | $ 5,213,991 | $ — | $ 5,213,991 | $— |
September 30, 2023
Cost of investments for tax purposes | $ 5,379,171 |
Gross unrealized appreciation on a tax basis | 61 |
Gross unrealized depreciation on a tax basis | (165,241) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ (165,180) |
PERIOD ENDED September 30, 2023* | ||
SHARES | AMOUNT | |
Class I Shares | ||
Shares sold | 538,878 | $ 5,388,000 |
Shares issued to shareholders in reinvestment of dividends | 8,142 | 80,656 |
Net increase | 547,020 | $ 5,468,656 |
* The Fund commenced operations on May 15, 2023. |
Thornburg Municipal Managed Account 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 I SHARES | ||||||||||
2023 (b) | $ 10.00 | 0.15 | (0.32) | (0.17) | (0.15) | — | — | (0.15) | $ 9.68 |
(a) | Not annualized for periods less than one year. |
(b) | The Fund commenced operations on May 15, 2023. |
(c) | Annualized. |
+ | 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 SHARES | |||||||
2023 (b) | 4.00 (c) | — (c) | 3.65 (c) | (1.74) | 39.98 | $ 5,293 |
Thornburg Municipal Managed Account Fund
Thornburg Municipal Managed Account Fund | September 30, 2023 (Unaudited)
BEGINNING ACCOUNT VALUE 5/16/23 | ENDING ACCOUNT VALUE 9/30/23 | EXPENSES PAID DURING PERIOD‡ 5/16/23—9/30/23 | |
CLASS I SHARES | |||
Actual | $1,000.00 | $ 982.63 | $0.00 |
Hypothetical* | $1,000.00 | $1,018.90 | $0.00 |
* | Hypothetical assumes a rate of return of 5% per year before expenses. |
‡ | Expenses are equal to the annualized expense ratio for each class (I: 0.00%) multiplied by the average account value over the period, multiplied by 138/365 to reflect the accrual period from 5/16/2023 to 9/30/2023. |
September 30, 2023 (Unaudited)
September 30, 2023 (Unaudited)
September 30, 2023 (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, 77 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, 68 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, 62 Trustee since 2012, Member of 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, 74 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, 60 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, 59 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, 69 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, 64 Trustee since 1996, Chair of Operations Risk Oversight Committee, Member of Audit Committee | Real estate broker, Santa Fe Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambé LLC, Santa Fe, NM (manufacturing and design company). | None |
ADVISORY TRUSTEE | ||
Lisa Black, 64(6) Trustee since 2023 | Until 2019, Senior Managing Director, Chief Investment Officer and Head, Taxable Fixed Income, Nuveen LLC, New York, NY; Managing Director, TIAA-CREF, New York, NY (1996-2012). | None |
September 30, 2023 (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, 60 President since 2023, Chief Financial Officer 2019-2023, Treasurer 2016-2019, Secretary 2018-2019(7) | Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. and Thornburg Securities Corporation since 2016, and Secretary of Thornburg Securities Corporation since 2018; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011- 2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | Not applicable |
Randy Dry, 49 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, 57 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, 56 Chief Financial Officer since 2023 ,Treasurer since 2019(7) | 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, 43 Vice President since 2014 | Co-Head of Investments since 2019, and Portfolio Manager and Managing Director since 2013, of Thornburg Investment Management, Inc. | Not applicable |
Jeff Klingelhofer, 42 Vice President since 2016 | Co-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, 52 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, 46 Assistant Treasurer since 2022 | Senior Manager, Fund Administration of Thornburg Investment Management, Inc. since 2010. | Not applicable |
Natasha Rippel, 41 Secretary since 2021(7) | 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 22 separate investment “Funds” or “series.” Thornburg Investment Management, Inc. is the investment advisor to, and manages, the 22 Funds of the Trust. Each Trustee oversees the 22 Funds of the Trust. |
(3) | The Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee sooner dies, resigns, retires or is removed. |
(4) | Mr. Thornburg is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder of Thornburg Investment Management, Inc. the investment advisor to the 22 Funds of the Trust, and is the sole director and controlling shareholder of Thornburg Securities Corporation, the distributor of shares of the Trust. |
(5) | Mr. McMahon is considered an “interested” Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist of Thornburg Investment Management, Inc. |
(6) | As of September 30, 2023, Ms. Black served as an Advisory Trustee in a non-voting capacity. Ms. Black was elected as an independent Trustee effective October 2, 2023. |
(7) | The Trust’s president, chief financial officer, secretary and treasurer each serves a one-year term or until the election and qualification of a successor; each other officer serves at the pleasure of the Trustees. |
■ | Thornburg Global Opportunities Fund |
■ | 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 | TH6071 |
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, 2022 | Year Ended September 30, 2023 | |||||||
Thornburg Investment Trust | $ | 782,000 | $ | 844,627 |
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, 2022 | Year Ended September 30, 2023 | |||||||
Thornburg Investment Trust | $ | 120,000 | $ | 92,083 |
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, 2022 | Year Ended September 30, 2023 | |||||||
Thornburg Investment Trust | $ | 410,878 | $ | 707,661 |
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, 2022 | Year Ended September 30, 2023 | |||||||
Thornburg Investment Trust | $ | 1,640 | $ | 0 |
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. The figure shown under All Other Fees for the year ended September 30, 2023 includes amounts from out of pocket expenses during the 2022 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, 2023, 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, Summit Fund, and Municipal Managed Account Fund.
By: | /s/ Nimish Bhatt | |
Nimish Bhatt | ||
President and principal executive officer | ||
Date: | 11/17/2023 |
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/ Nimish Bhatt | |
Nimish Bhatt | ||
President and principal executive officer | ||
Date: | 11/17/2023 | |
By: | /s/ Curtis Holloway | |
Curtis Holloway | ||
Treasurer and principal financial officer | ||
Date: | 11/17/2023 |