SCHEDULE OF INVESTMENTS
| Thornburg California Limited Term Municipal Fund | December 31, 2023 (Unaudited) |
| ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
| LONG-TERM MUNICIPAL BONDS — 96.8% | |||
| Alameda County Joint Powers Authority (Alameda County Medical Center Highland Hospital), Series A, 5.00% due 12/1/2024 | $2,500,000 | $ 2,504,652 | |
| Apple Valley Public Financing Authority (Insured: BAM), Series A, 4.00% due 6/1/2028 | 460,000 | 487,430 | |
| 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 | 5,565,381 |
| a | Series E, 4.28% (MUNIPSA + 0.41%) due 4/1/2056 (put 4/1/2028) | 1,000,000 | 988,741 |
| California (Cedars-Sinai Medical Center Obligated Group) HFFA, Series A, 5.00% due 8/15/2033 | 1,000,000 | 1,068,386 | |
| California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2033 | 770,000 | 803,595 | |
| a | California (Kaiser Foundation Hospitals) HFFA, Series C, 5.00% due 6/1/2041 (put 11/1/2029) | 4,000,000 | 4,481,928 |
| California (Providence St. Joseph Health Obligated Group) HFFA, | |||
| a | Series B, 5.00% due 10/1/2039 (put 10/1/2027) | 300,000 | 317,979 |
| a | Series B-2, 4.00% due 10/1/2036 (put 10/1/2024) | 930,000 | 932,694 |
| California (St. Joseph Health System) HFFA, Series A, 5.00% due 7/1/2024 | 1,000,000 | 1,000,765 | |
| California (Stanford Health Care Obligated Group) HFFA, | |||
| Series A, | |||
| a | 3.00% due 8/15/2054 (put 8/15/2025) | 3,000,000 | 3,006,909 |
| 5.00% due 8/15/2033 | 1,500,000 | 1,828,921 | |
| a | California Community Choice Financing Authority (Guaranty: Deutsche Bank AG) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | 5,000,000 | 5,285,195 |
| a | California Community Choice Financing Authority (Guaranty: Goldman Sachs Group, Inc.), Series G, 5.25% due 11/1/2054 | 3,000,000 | 3,249,426 |
| 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 | 2,465,576 |
| a | Series A-1, 5.00% due 12/1/2053 (put 8/1/2029) | 500,000 | 529,714 |
| California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), | |||
| a | Series B-1, 4.00% due 2/1/2052 (put 8/1/2031) | 4,500,000 | 4,549,666 |
| a | Series E-1, 5.00% due 2/1/2054 (put 3/1/2031) | 7,000,000 | 7,558,740 |
| California Educational Facilities Authority (Art Center College of Design), Series A, 5.00% due 12/1/2033 | 375,000 | 415,223 | |
| a | California Housing Finance Agency, Series A-2, 3.60% due 8/1/2063 (put 8/1/2026) | 2,500,000 | 2,511,587 |
| a | California Housing Finance Agency (Del Sur Family Housing LP), Series V, 5.00% due 5/1/2054 (put 11/1/2026) | 3,500,000 | 3,628,303 |
| 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 | 859,057 |
| a | California Infrastructure & Economic Development Bank (J Paul Getty Trust), Series B-2, 3.00% due 10/1/2047 (put 10/1/2026) | 925,000 | 928,792 |
| California Municipal Finance Authority (Aldersly; Insured: California Mtg Insurance), | |||
| Series B, | |||
| 3.75% due 11/15/2028 | 2,990,000 | 3,009,172 | |
| 4.00% due 11/15/2028 | 595,000 | 599,427 | |
| California Municipal Finance Authority (Ararat Home of Los Angeles, Inc.; Insured: California Mtg Insurance), 5.00% due 5/15/2033 - 5/15/2034 | 200,000 | 227,270 | |
| California Municipal Finance Authority (Biola University), 5.00% due 10/1/2024 - 10/1/2027 | 1,470,000 | 1,507,553 | |
| California Municipal Finance Authority (CHF-Davis II LLC; Insured: BAM) (Green Bond), 5.00% due 5/15/2024 - 5/15/2029 | 1,845,000 | 1,945,066 | |
| California Municipal Finance Authority (CHF-Davis II LLC; Insured: BAM-TCRS), 5.00% due 5/15/2028 | 2,100,000 | 2,257,254 | |
| California Municipal Finance Authority (Congregational Homes, Inc. Obligated Group), Series B-1, 2.75% due 11/15/2027 | 520,000 | 508,911 | |
| California Municipal Finance Authority (Palomar Health Obligated Group; Insured: AGM) COP, Series A, 5.00% due 11/1/2027 - 11/1/2032 | 500,000 | 566,962 | |
| California Municipal Finance Authority (Republic Services, Inc.) AMT, | |||
| Series A, | |||
| a | 4.375% due 9/1/2053 (put 9/1/2033) | 3,000,000 | 3,164,553 |
| a | 4.70% due 7/1/2041 (put 4/1/2024) | 2,450,000 | 2,450,000 |
| a | Series B, 4.20% due 7/1/2051 (put 1/16/2024) | 3,000,000 | 3,000,321 |
| a | California Municipal Finance Authority (Waste Management of California, Inc.; Guaranty: Waste Management Holdings) AMT, 4.50% due 10/1/2045 (put 3/1/2024) | 3,000,000 | 2,998,191 |
| California Municipal Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, | |||
| a | Series A, 4.125% due 10/1/2041 (put 10/1/2025) | 750,000 | 750,861 |
| a | Series B, 4.80% due 11/1/2041 (put 6/2/2025) | 1,000,000 | 1,008,834 |
| California Pollution Control Financing Authority (Guaranty: Waste Management, Inc.) AMT, Series A1, 3.375% due 7/1/2025 | 2,000,000 | 1,998,564 | |
| a,b | California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 4.25% due 7/1/2043 (put 2/15/2024) | 2,750,000 | 2,742,044 |
| 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 | 1,117,862 |
| California State Public Works Board, Series C, 5.00% due 9/1/2033 | 1,500,000 | 1,861,026 | |
| California State Public Works Board (Correctional & Rehabilitation Facilities), Series A, 5.00% due 9/1/2024 | 3,580,000 | 3,635,465 | |
| a | California State University, Series B-3, 3.125% due 11/1/2051 (put 11/1/2026) | 4,200,000 | 4,236,645 |
| California Statewide Communities Development Authority (CHF-Irvine LLC), | |||
| 5.00% due 5/15/2024 - 5/15/2027 | 1,500,000 | 1,521,862 | |
| Series A, 5.00% due 5/15/2027 | 500,000 | 525,067 | |
| California Statewide Communities Development Authority (CHF-Irvine LLC; Insured: BAM), 5.00% due 5/15/2032 | 2,420,000 | 2,785,439 | |
| California Statewide Communities Development Authority (Cottage Health System) ETM, 5.00% due 11/1/2024 | 200,000 | 203,550 | |
| a | California Statewide Communities Development Authority (Kaiser Foundation Hospitals), Series 2004-M-R, 5.00% due 4/1/2038 (put 11/1/2029) | 2,800,000 | 3,152,957 |
| California Statewide Communities Development Authority (Methodist Hospital of Southern California Obligated Group), 5.00% due 1/1/2024 - 1/1/2031 | 660,000 | 671,105 | |
| California Statewide Communities Development Authority (Odd Fellows Home of California; Insured: California Mtg Insurance), Series A, 5.00% due 4/1/2026 - 4/1/2033 | 2,345,000 | 2,630,675 | |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg California Limited Term Municipal Fund | December 31, 2023 (Unaudited) |
| ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
| California Statewide Communities Development Authority (Southern California Edison Co.), | |||
| Series A, 1.75% due 9/1/2029 | $2,500,000 | $ 2,207,900 | |
| Series D, 4.50% due 11/1/2033 | 3,500,000 | 3,810,726 | |
| Calipatria (Educational Facilities; Insured: BAM) USD GO, Series B, Zero Coupon due 8/1/2025 | 1,380,000 | 1,286,200 | |
| Chino Basin Regional Financing Authority, Series B, 4.00% due 11/1/2025 | 650,000 | 664,438 | |
| City of Chula Vista (Police Facility Project) COP, 5.00% due 10/1/2024 | 1,700,000 | 1,729,245 | |
| City of Chula Vista Redevelopment Successor Agency (Insured: AGM), 5.00% due 10/1/2032 | 1,070,000 | 1,138,881 | |
| City of Colton Redevelopment Successor Agency (Multiple Redevelopment Project Areas; Insured: BAM), 5.00% due 8/1/2025 | 950,000 | 980,637 | |
| City of Fresno (Fresno Airport Revenue; Insured: BAM) AMT, Series A, 5.00% due 7/1/2030 - 7/1/2033 | 3,255,000 | 3,693,560 | |
| City of Los Angeles, 5.00% due 6/27/2024 | 4,700,000 | 4,748,025 | |
| City of Los Angeles Department of Airports AMT, | |||
| Series B, 5.00% due 5/15/2030 - 5/15/2032 | 4,600,000 | 4,969,946 | |
| Series C, 5.00% due 5/15/2031 | 400,000 | 429,428 | |
| Series D, 5.00% due 5/15/2033 | 5,435,000 | 6,131,772 | |
| City of Menlo Park Community Development Successor Agency (Las Pulgas Community Development Project; Insured: AGM), 5.00% due 10/1/2025 | 600,000 | 621,479 | |
| City of Rialto Redevelopment Agency (Merged Project Area; Insured: BAM), Series A, 5.00% due 9/1/2024 | 500,000 | 507,059 | |
| a | City of San Jose (Allied 1510 Parkmoor LP), Series F-2, 5.00% due 6/1/2027 (put 6/1/2026) | 2,000,000 | 2,061,634 |
| 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 | 4,406,189 | |
| City of Stockton Redevelopment Successor Agency (Redevelopment of Midtown, North & South Stockton & Waterfront Areas; Insured: AGM), Series A, 5.00% due 9/1/2027 | 1,000,000 | 1,057,634 | |
| City of Victorville Electric Revenue, Series A, 5.00% due 5/1/2028 - 5/1/2032 | 1,090,000 | 1,243,483 | |
| Commerce CDC Successor Agency (Multiple Redevelopment Project Areas; Insured: AGM), Series A, 5.00% due 8/1/2027 | 1,760,000 | 1,863,863 | |
| County of Sacramento CA Airport System Revenue AMT, Series C, 5.00% due 7/1/2027 | 1,925,000 | 2,047,673 | |
| Downey Public Financing Authority (Public Capital Improvements), 5.00% due 12/1/2027 | 320,000 | 352,203 | |
| Elk Grove Finance Authority (Poppy Ridge CFD No. 2003-1 & East Franklin CFD No. 2002-1), 5.00% due 9/1/2025 | 750,000 | 777,663 | |
| Fremont Union High School District GO, 5.00% due 8/1/2025 | 500,000 | 520,853 | |
| Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2027 | 1,230,000 | 1,300,965 | |
| Guam Waterworks Authority (Water & Wastewater System), 5.00% due 7/1/2025 - 7/1/2027 | 1,735,000 | 1,787,208 | |
| Hacienda La Puente (Educational Facilities; Insured: AGM) USD COP, Series C, 5.00% due 6/1/2025 | 1,300,000 | 1,340,602 | |
| Indian Wells Redevelopment Successor Agency (Insured: Natl-Re), Series A, 5.00% due 9/1/2029 | 500,000 | 531,003 | |
| Indio Finance Authority (Insured: BAM), Series A, 5.00% due 11/1/2028 - 11/1/2032 | 1,815,000 | 2,108,476 | |
| Jurupa Public Financing Authority (Insured: AGM), 5.00% due 9/1/2030 - 9/1/2033 | 1,525,000 | 1,804,376 | |
| Lammersville Joint (Insured: BAM) USD, 5.00% due 9/1/2028 - 9/1/2032 | 4,055,000 | 4,703,252 | |
| Lodi Public Financing Authority (Lodi Electric System Revenue; Insured: AGM), 5.00% due 9/1/2031 | 1,405,000 | 1,549,604 | |
| Long Beach Bond Finance Authority (Guaranty: Merrill Lynch & Co.), Series A, 5.00% due 11/15/2024 | 3,000,000 | 3,033,411 | |
| Los Angeles (Educational Facilities & Information Technology Infrastructure) USD GO, Series D, 5.00% due 7/1/2024 | 3,000,000 | 3,035,151 | |
| a | Los Angeles County Development Authority (2111 Firestone LP), Series E, 5.00% due 7/1/2043 (put 7/1/2026) | 2,605,000 | 2,684,098 |
| 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 | 2,503,592 |
| 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 | 3,824,611 |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Series A, 4.00% due 7/1/2033 | 1,200,000 | 1,206,192 | |
| Los Angeles Department of Water & Power, | |||
| Series A 5.00% due 7/1/2034 | 1,500,000 | 1,536,580 | |
| Series A, 5.00% due 7/1/2033 | 1,000,000 | 1,024,809 | |
| Los Angeles USD COP, Series A, 5.00% due 10/1/2033 | 3,000,000 | 3,705,774 | |
| Los Angeles USD GO, Series A, 5.00% due 7/1/2024 | 4,600,000 | 4,652,537 | |
| Milpitas Redevelopment Successor Agency (Redevelopment Project Area No. 1), 5.00% due 9/1/2025 | 2,300,000 | 2,385,643 | |
| Moreno Valley Public Financing Authority (Public Improvements), 5.00% due 11/1/2024 | 1,455,000 | 1,482,852 | |
| Norman Y Mineta San Jose International Airport SJC AMT, Series A, 5.00% due 3/1/2025 | 1,575,000 | 1,605,270 | |
| a | Northern California Energy Authority (Commodity Supply Revenue; Guaranty: Goldman Sachs Group, Inc.), Series A, 4.00% due 7/1/2049 (put 7/1/2024) | 2,000,000 | 2,002,468 |
| Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2025 | 1,300,000 | 1,347,068 | |
| Peralta Community College District GO, | |||
| 5.00% due 8/1/2031 - 8/1/2033 | 2,065,000 | 2,512,600 | |
| Series A, 5.00% due 8/1/2025 | 585,000 | 607,834 | |
| Pittsburg Redevelopment Successor Agency (Insured: AGM), Series A, 5.00% due 9/1/2024 - 9/1/2029 | 3,735,000 | 3,849,104 | |
| Poway Redevelopment Successor Agency (Paguay Redevelopment Project), Series A, 5.00% due 6/15/2025 | 4,665,000 | 4,814,425 | |
| Rancho Cucamonga Redevelopment Project Successor Agency (Rancho Redevelopment Project Area; Insured: AGM), 5.00% due 9/1/2024 | 2,000,000 | 2,028,234 | |
| Rancho Santa Fe Community Services District Financing Authority, Series A, 5.00% due 9/1/2025 | 1,745,000 | 1,809,363 | |
| Richmond County Redevelopment Successor Agency (Joint Powers Financing Authority & Harbour Redevelopment Project; Insured: BAM), Series A, 5.00% due 9/1/2024 | 450,000 | 455,804 | |
| Riverside County Public Financing Authority (Capital Facilities Project) ETM, 5.00% due 11/1/2025 | 1,000,000 | 1,037,896 | |
| Riverside County Redevelopment Successor Agency (Insured: AGM), Series B, 5.00% due 10/1/2030 | 500,000 | 518,818 | |
| Riverside County Redevelopment Successor Agency (Insured: BAM), Series B, 5.00% due 10/1/2030 | 750,000 | 778,120 | |
| Rosemead CDC Successor Agency (Rosemead Merged Project Area; Insured: BAM), 5.00% due 10/1/2024 - 10/1/2026 | 1,770,000 | 1,839,863 | |
| Sacramento (Insured: AGM) USD GO, Series C-1, 5.00% due 8/1/2027 | 500,000 | 518,011 | |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg California Limited Term Municipal Fund | December 31, 2023 (Unaudited) |
| ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
| 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 | $ 2,948,098 | |
| Sacramento County Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District), 5.00% due 12/1/2031 - 12/1/2032 | 1,825,000 | 2,227,505 | |
| a | Sacramento Municipal Utility District, Series B, 5.00% due 8/15/2049 (put 10/15/2025) | 1,145,000 | 1,173,699 |
| San Diego (Educational System Capital Projects) USD GO, Series R-3, 5.00% due 7/1/2024 | 3,000,000 | 3,003,918 | |
| San Diego County Regional Airport Authority, Series A, 5.00% due 7/1/2033 | 500,000 | 570,136 | |
| San Diego County Regional Airport Authority AMT, | |||
| Series B, 5.00% due 7/1/2030 - 7/1/2033 | 5,380,000 | 6,111,177 | |
| Series C, 5.00% due 7/1/2031 - 7/1/2033 | 2,560,000 | 2,867,163 | |
| San Francisco City & County Airport Comm-San Francisco International Airport AMT, Series A, 5.00% due 5/1/2032 | 3,000,000 | 3,347,232 | |
| San Marcos Redevelopment Successor Agency, Series A, 5.00% due 10/1/2033 | 1,000,000 | 1,041,788 | |
| San Mateo County Transit District Sales Tax Revenue, Series A, 5.00% due 6/1/2029 | 1,000,000 | 1,037,683 | |
| Santa Clara County Financing Authority (Multiple Facilities Projects), Series P, 5.00% due 5/15/2025 | 6,755,000 | 6,972,592 | |
| Santa Margarita Water District (Talega Community Facilities), Series A, 5.00% due 9/1/2027 | 350,000 | 376,717 | |
| Semitropic Water Storage Improvement District (Irrigation Water System; Insured: AGM), Series A, 5.00% due 12/1/2025 | 1,110,000 | 1,158,484 | |
| State of California GO, 5.00% due 8/1/2027 - 8/1/2033 | 2,640,000 | 2,876,394 | |
| Stockton Public Financing Authority (Stockton Water Revenue; Insured: BAM) (Green Bond), Series A, 5.00% due 10/1/2024 - 10/1/2027 | 2,130,000 | 2,258,235 | |
| Temecula Valley Financing Authority (Educational Facilities; Insured: BAM) USD, 5.00% due 9/1/2025 | 300,000 | 307,103 | |
| Temecula Valley Financing Authority (Insured: BAM) USD, 5.00% due 9/1/2027 | 2,220,000 | 2,273,171 | |
| Torrance USD GO, 4.25% due 8/1/2033 | 1,320,000 | 1,389,894 | |
| Tulare Public Financing Authority (Insured: BAM), 5.00% due 4/1/2027 - 4/1/2028 | 1,055,000 | 1,111,518 | |
| Tustin (Community Facilities District No. 97-1) USD, Series A, 5.00% due 9/1/2031 | 450,000 | 463,764 | |
| Tustin (Community Facilities; Insured: BAM) USD, Series A, 5.00% due 9/1/2033 | 1,500,000 | 1,545,786 | |
| Vallejo City (Insured: BAM) USD GO, 5.00% due 8/1/2032 | 460,000 | 545,363 | |
| Ventura County Public Financing Authority (Office Building Purchase & Improvements), Series B, 5.00% due 11/1/2024 | 1,060,000 | 1,061,273 | |
| TOTAL LONG-TERM MUNICIPAL BONDS — 96.8% (Cost $266,208,653) | $271,890,094 | ||
| SHORT-TERM MUNICIPAL BONDS — 0.8% | |||
| a | California Public Finance Authority (Sharp Healthcare Obligated Group; LOC Barclays Bank plc), Series B, 4.00% due 8/1/2052 (put 1/2/2024) | 1,450,000 | 1,450,000 |
| a | Regents of the University of California Medical Center Pooled Revenue, Series B-1 3.95% due 5/15/2032 (put 1/2/2024) | 900,000 | 900,000 |
| TOTAL SHORT-TERM MUNICIPAL BONDS — 0.8% (Cost $2,350,000) | $2,350,000 | ||
| Total Investments — 97.6% (Cost $268,558,653) | $274,240,094 | ||
| Other Assets Less Liabilities — 2.4% | 6,656,644 | ||
| Net Assets — 100.0% | $280,896,738 | ||
| 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 December 31, 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 December 31, 2023, the aggregate value of these securities in the Fund’s portfolio was $3,601,101, representing 1.28% of the Fund’s net assets. |
Portfolio Abbreviations
To simplify the listings of securities, abbreviations are used per the table below:
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. |
| TCRS | Transferable Custodial Receipts |
| USD | Unified School District |
| VA | Veterans Affairs |
NOTES TO SCHEDULE OF INVESTMENTS
| Thornburg California Limited Term Municipal Fund | December 31, 2023 (Unaudited) |
NOTE 1 – ORGANIZATION
Thornburg California Limited Term Municipal Fund (the “Fund”) is a diversified series of Thornburg Investment Trust (the “Trust”). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987 and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is currently one of twenty-four separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers four classes of shares of beneficial interest: Class A, Class C, Class C2 and Institutional Class (“Class I”).
NOTE 2 – SECURITY VALUATION
Valuation of the Fund’s portfolio investment securities is performed by Thornburg Investment Management, Inc., the Trust’s investment advisor (the "Advisor"), which has been designated by the Trustees of the Trust (the "Trustees") as the Fund’s "valuation designee," as that term is defined in rule 2a-5 under the 1940 Act. The Advisor performs this valuation function under the supervision of the Trustees and in accordance with policies and procedures that have been adopted by the Advisor and approved by the Trustees (the “Valuation Policy and Procedures”).
In its capacity as the Fund’s valuation designee, the Advisor makes good faith determinations of the fair value of portfolio securities for which market quotations are not readily available, and otherwise complies with and administers the Valuation Policy and Procedures. The Advisor performs those functions in significant measure through its Valuation and Pricing Committee (the “Committee”), though the Advisor may also obtain the assistance of others, including professional pricing service providers selected and approved by the Committee. In accordance with the Valuation Policy and Procedures, the Committee: assesses and manages the material risks associated with determining the fair value of those Fund investments for which market quotations are not readily available; selects and applies methodologies for determining and calculating such fair values; periodically reviews and tests the appropriateness and accuracy of those methodologies; monitors for circumstances that may necessitate the use of fair value; and approves, monitors, and evaluates pricing services engaged to provide evaluated prices for the Fund’s investments. The Committee provides reports on its activities to the Trustees’ Audit Committee, which is responsible for overseeing the Committee’s and the Advisor’s work in discharging the functions under the Valuation Policy and Procedures.
In those instances when the Committee assists in calculating a fair value for a portfolio investment, the Committee seeks to determine the price that the Fund would reasonably expect to receive upon a sale of the investment in an orderly transaction between market participants on the valuation date. The Committee customarily utilizes quotations from securities broker dealers in calculating valuations, but also may utilize prices obtained from pricing service providers or other methods selected by the Committee. Because fair values calculated by the Committee are estimates, the calculation of a fair value for an investment may differ from the price that would be realized by the Fund upon a sale of the investment, and the difference could be material to the Fund’s financial statements. The Committee’s calculation of a fair value for an investment may also differ from the prices obtained by other persons (including other mutual funds) for the investment.
Valuation of Securities: Debt obligations held by the Fund which are not listed or traded on exchanges or for which no reported market exists are ordinarily valued at the valuation obtained from a pricing service provider approved by the Committee.
In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Fund, the Committee may calculate a fair value for the obligation using alternative methods selected and approved by the Committee. Additionally, in cases when the Committee believes that a valuation obtained from a pricing service provider is stale, does not reflect material factors affecting the valuation of the investment, is significantly different than the value the Fund is likely to obtain if it sought a bid for the investment, or is otherwise unreliable, the Committee may calculate a fair value for the obligation using an alternative method selected and approved by the Committee.