SCHEDULE OF INVESTMENTS
Thornburg New Mexico Intermediate Municipal Fund | December 31, 2023 (Unaudited) |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
LONG-TERM MUNICIPAL BONDS — 98.3% | |||
Albuquerque Bernalillo County Water Utility Authority (2005 NMFA Loan & Joint Water & Sewer System Improvements), Series A, 5.00% due 7/1/2026 | $2,000,000 | $ 2,021,458 | |
Albuquerque Bernalillo County Water Utility Authority (2007 NMFA Loan & Joint Water & Sewer System Improvements), 5.00% due 7/1/2031 - 7/1/2032 | 2,500,000 | 2,576,369 | |
Albuquerque Municipal School District No. 12 (Bernalillo & Sandoval Counties School Facilities) (State Aid Withholding) GO, | |||
5.00% due 8/1/2034 | 1,260,000 | 1,399,691 | |
Series 2017, 5.00% due 8/1/2031 | 1,000,000 | 1,063,900 | |
Albuquerque Municipal School District No. 12 (State Aid Withholding) GO, | |||
Series 2017, 5.00% due 8/1/2028 | 600,000 | 638,025 | |
Series A, 5.00% due 8/1/2032 | 1,100,000 | 1,275,930 | |
City of Albuquerque (City Infrastructure Improvements) GRT, Series A, 5.00% due 7/1/2033 - 7/1/2034 | 2,300,000 | 2,387,468 | |
City of Albuquerque GO, Series A, 5.00% due 7/1/2025 | 500,000 | 516,740 | |
City of Albuquerque GRT, | |||
Series B, 5.00% due 7/1/2040 | 500,000 | 572,775 | |
Series C, 4.00% due 7/1/2032 | 1,215,000 | 1,256,240 | |
City of Albuquerque Refuse Removal & Disposal Revenue, 5.00% due 7/1/2030 | 40,000 | 46,332 | |
City of Albuquerque Transportation Infrastructure GRT, 4.00% due 7/1/2031 | 800,000 | 850,651 | |
a | City of Farmington (Public Service Co. of New Mexico), Series D, 3.90% due 6/1/2040 (put 6/1/2028) | 2,035,000 | 2,004,797 |
City of Las Cruces (Joint Utility System), | |||
4.00% due 6/1/2028 | 475,000 | 490,284 | |
Series A, 4.00% due 6/1/2025 | 750,000 | 764,089 | |
City of Roswell (Joint Water & Sewer Improvement; Insured: BAM), 5.00% due 6/1/2026 - 6/1/2036 | 2,050,000 | 2,164,789 | |
City of Roswell GRT, 4.00% due 8/1/2029 - 8/1/2030 | 460,000 | 481,740 | |
City of Santa Fe (El Castillo Retirement Residences Obligated Group), 4.50% due 5/15/2027 | 2,680,000 | 2,606,908 | |
City of Santa Fe (Public Facilities) GRT, Series A, 5.00% due 6/1/2034 - 6/1/2038 | 1,870,000 | 2,065,107 | |
City of Santa Fe Gasoline Tax GRT, 5.00% due 6/1/2024 - 6/1/2028 | 1,175,000 | 1,243,908 | |
County of Bernalillo (Government Services) GRT, | |||
5.25% due 4/1/2027 | 215,000 | 224,198 | |
Series B, 5.70% due 4/1/2027 | 2,085,000 | 2,210,106 | |
County of Bernalillo (Government Services; Insured: AMBAC) GRT, 5.25% due 10/1/2025 | 3,850,000 | 4,018,045 | |
County of Bernalillo (Government Services; Insured: Natl-Re) GRT, Series B, 5.70% due 4/1/2027 | 565,000 | 599,357 | |
County of McKinley (Insured: BAM) GRT, 4.00% due 6/1/2043 | 750,000 | 757,379 | |
County of San Juan (County Capital Improvements) GRT, Series B, 5.00% due 6/15/2028 - 6/15/2030 | 2,645,000 | 2,670,046 | |
County of Sandoval GO, 5.00% due 8/1/2029 | 235,000 | 261,705 | |
County of Santa Fe (County Buildings & Facilities) GRT, Series A, 5.00% due 6/1/2026 | 25,000 | 25,828 | |
County of Santa Fe (County Correctional System; Insured: AGM), 6.00% due 2/1/2027 | 775,000 | 810,910 | |
County of Santa Fe GO, | |||
4.25% due 7/1/2038 | 1,065,000 | 1,138,016 | |
5.00% due 7/1/2024 | 825,000 | 834,285 | |
Guam Power Authority, Series A, 5.00% due 10/1/2042 | 1,750,000 | 1,852,438 | |
Guam Waterworks Authority (Water & Wastewater System), 5.00% due 7/1/2035 - 7/1/2037 | 2,200,000 | 2,290,641 | |
Hobbs School District No. 16 (State Aid Withholding) GO, | |||
5.00% due 9/15/2028 - 9/15/2030 | 1,355,000 | 1,493,174 | |
Series A, 5.00% due 9/15/2028 (pre-refunded 9/15/2024) | 1,000,000 | 1,014,573 | |
Lea County Public School District No. 8 Eunice (State Aid Withholding) GO, 5.00% due 9/15/2032 - 9/15/2033 (pre-refunded 9/15/2029) | 2,185,000 | 2,483,126 | |
New Mexico Educational Assistance Foundation AMT, Series 1A, 5.00% due 9/1/2029 | 2,600,000 | 2,829,713 | |
New Mexico Finance Authority, Series D, 5.00% due 6/1/2040 | 845,000 | 926,154 | |
New Mexico Finance Authority (Public Project Revolving Fund), | |||
Series B, | |||
4.00% due 6/1/2029 - 6/1/2030 | 2,425,000 | 2,475,919 | |
5.00% due 6/1/2043 | 1,000,000 | 1,135,621 | |
Series D, | |||
4.00% due 6/1/2033 - 6/1/2034 | 5,245,000 | 5,431,585 | |
5.00% due 6/15/2029 | 300,000 | 326,516 | |
New Mexico Finance Authority (State Highway Infrastructure), Series A, 5.00% due 6/15/2026 - 6/15/2027 | 2,415,000 | 2,439,476 | |
New Mexico Finance Authority (State of New Mexico Department of Transportation), Series A, 5.00% due 6/15/2025 - 6/15/2026 | 1,230,000 | 1,295,604 | |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), | |||
Series A, 5.00% due 7/1/2033 - 7/1/2034 | 735,000 | 694,391 | |
Series LA, 5.00% due 7/1/2032 | 575,000 | 548,235 | |
New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), | |||
5.00% due 8/1/2031 (pre-refunded 8/1/2025) | 600,000 | 618,937 | |
Series A, | |||
4.00% due 8/1/2036 - 8/1/2037 | 3,965,000 | 4,038,023 | |
5.00% due 8/1/2039 | 1,440,000 | 1,554,921 | |
New Mexico Institute of Mining & Technology (Campus Buildings Acquisition & Improvements; Insured: AGM), 4.00% due 12/1/2040 | 700,000 | 710,151 | |
New Mexico Mortgage Finance Authority (Collateralized: GNMA, FNMA, FHLMC), |
SCHEDULE OF INVESTMENTS, Continued
Thornburg New Mexico Intermediate Municipal Fund | December 31, 2023 (Unaudited) |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
Series A, 4.25% due 9/1/2043 | $ 995,000 | $ 995,371 | |
Series B, 4.55% due 9/1/2043 | 1,500,000 | 1,543,370 | |
Series C, | |||
2.85% due 7/1/2031 | 370,000 | 370,257 | |
4.55% due 9/1/2043 | 2,245,000 | 2,307,561 | |
Series F, 2.85% due 7/1/2039 | 775,000 | 670,426 | |
a | New Mexico Mortgage Finance Authority (JLG Central 217 LLLP), 0.53% due 11/1/2024 (put 5/1/2024) | 500,000 | 495,115 |
a | New Mexico Mortgage Finance Authority (JLG SAF 2023 LLLP), 5.00% due 2/1/2042 (put 6/1/2025) | 1,000,000 | 1,010,191 |
New Mexico Municipal Energy Acquisition Authority (Guaranty: Royal Bank of Canada), | |||
Series A, | |||
4.00% due 11/1/2024 | 1,500,000 | 1,507,827 | |
a | 5.00% due 11/1/2039 (put 5/1/2025) | 1,000,000 | 1,021,496 |
Regents of New Mexico State University (Campus Buildings Acquisition & Improvements), | |||
Series A, | |||
4.50% due 6/1/2034 - 6/1/2036 | 4,500,000 | 4,710,960 | |
5.00% due 4/1/2032 - 4/1/2036 | 4,510,000 | 4,834,670 | |
Rio Rancho Public School District No. 94 (State Aid Withholding) GO, Series A, 5.00% due 8/1/2026 | 1,085,000 | 1,150,666 | |
Santa Fe Public School District (State Aid Withholding) GO, 5.00% due 8/1/2032 - 8/1/2033 | 2,450,000 | 2,838,071 | |
State of New Mexico GO, 5.00% due 3/1/2025 | 2,040,000 | 2,092,457 | |
State of New Mexico Severance Tax Permanent Fund, | |||
5.00% due 7/1/2028 | 465,000 | 516,383 | |
Series A, 5.00% due 7/1/2025 - 7/1/2029 | 1,500,000 | 1,601,131 | |
Town of Silver City (Insured: BAM) GRT, 5.00% due 6/1/2037 | 610,000 | 665,828 | |
University of New Mexico, Series A, 4.00% due 6/1/2032 | 385,000 | 398,555 | |
University of New Mexico (Insured: AGM), 4.375% due 6/1/2043 | 1,005,000 | 1,058,416 | |
TOTAL LONG-TERM MUNICIPAL BONDS — 98.3% (Cost $102,251,959) | $103,925,025 | ||
Total Investments — 98.3% (Cost $102,251,959) | $103,925,025 | ||
Other Assets Less Liabilities — 1.7% | 1,802,993 | ||
Net Assets — 100.0% | $105,728,018 |
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. |
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. |
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. |
NOTES TO SCHEDULE OF INVESTMENTS
Thornburg New Mexico Intermediate Municipal Fund | December 31, 2023 (Unaudited) |
NOTE 1 – ORGANIZATION
Thornburg New Mexico Intermediate Municipal Fund (the “Fund”) is a non-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 three classes of shares of beneficial interest: Class A, Class D, 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.